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The compensation for Landform has been calculated, less Site Improvement Costs, at roughly $152,000. <br />Landform has been involved in discussing these calculations, per the Landform Services Agreement. Per <br />the Landform Services Agreement, 20% of compensation is due at signing of the PA with that 20% not to <br />exceed the earnest money/down payment, which is $5,000. Staff is waiting for Site Improvements costs <br />to be provided to fully calculate out Landform's compensation. Staff is proposing, per the Landform <br />Services Agreement, paying Landform it's compensation in the amount of $5,000 with the remainder of <br />the initial 20% due at closing along with the 60% due at that time. The remaining 20% is due at <br />Certificate of Occupancy. Below is the compensation calculator —again, the only remaining item to be <br />added to the calculation is Site Improvement Costs. <br />Landform Incentive Compensation <br />Project: CommonBond <br />Project Narrative: CommonBond, a regional affordable <br />housing developer, is proposing the construction of an <br />affordable housing complex within The COR. <br />CommonBond and CBRE identified parcel #47 between <br />Coborn's and The Residence for the location. <br />CommonBond is proposing a 47 unit apartment complex. <br />Incentive Fee Calculation <br />A Net Land Sale Price <br />B Building Value <br />Building Subsidies <br />C Site Improvement Costs <br />Site Subsidies <br />D Development Soft Costs (no more than 20% of A to C) <br />Soft Cost Subsidies <br />Max of 20% of A through C <br />Total Development Capital Costs (DCC) <br />Total Incentive Fee (2% of DCC) <br />Payment Schedule <br />At Purchase Agreement (20%) <br />At Closing (60%) <br />At Occupancy (20%) <br />Total Payment <br />Alternatives: <br />Please see above diagram. <br />$ 435,000.00 <br />$ 5,927,040.00 <br />$ 1,880,903.00 <br />$ 1,272,408.00 <br />$ 7,634,448.00 <br />$ 30,537.79 <br />$ 91,613.38 <br />$ 30,537.79 <br />Recommendation: <br />City Attorney Langel and Staff feel the Agreement presented is reasonable and recommends a motion to <br />authorize entering into a PA with CommonBond including payment to Landform Professional Services, <br />per the Landform Services Agreement between the City of Ramsey HRA and Landform Professional <br />Services, in the amount of $5,000. <br />