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Additionally, the broker representing the City on several land -sale transactions, CBRE, has stated that it is unlikely <br />that a structured parking ramp will be feasible in our current market without subsidy. <br />Below is a summary of the potential outcomes of this policy change (in The COR-1 Sub -District): <br />1. Reduced guarantee, but ultimate goal of previously forecasted households. <br />2. Reduced guarantee, but ultimate goal of shared, structured parking. <br />3. Predominance of one (1) to two (2) story buildings rather that two (2) to four (4) story buildings as originally <br />planned. <br />Staff is still working on the format of the Ordinance This case will be revised on Monday, October 6 with <br />additional materials. <br />Funding Source: <br />The ordinance is being prepared as part of normal Staff duties. <br />Recommendation: <br />Staff recommends that the City Council adopt the ordinance that allows densities to more incrementally and <br />organically build. The ordinance would allow a response to current market conditions, build incrementally, but not <br />necessitate a major amendment to the Development Plan. <br />Action: <br />Motion to recommend that the City Council adopt Ordinance # 14-14 amending Minimum Floor Area Ratio <br />requirements in the COR-1 Sub -District. <br />Attachments <br />MSU Mankato <br />CBRE Memo <br />Form Review <br />Inbox Reviewed By Date <br />Tim Gladhill (Originator) Tim Gladhill 10/03/2014 10:03 AM <br />Form Started By: Tim Gladhill Started On: 09/25/2014 09:41 AM <br />Final Approval Date: 10/03/2014 <br />