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Our Mistionc To work together to reipoiibly grew our comma nityr, and to provide quality, cert-oliBcdwe, and efficient government services. <br />CC Regular Session <br />Meeting Date: 06/09/2015 <br />Submitted For: Patrick Brama, Administrative Services <br />By: Patrick Brama, Administrative Services <br />7. 5. <br />Information <br />Title: <br />Consider Dominium Development & Acquisitions, LLC Letter of Intent (portions may be closed to the public) <br />Purpose/Background: <br />PURPOSE <br />Consider attached Letter of Intent (LOI) from Dominium Development & Acquisitions, LLC. <br />BACKGROUND <br />Dominium is a national affordable housing development and management company (click here for a link to <br />Dominium website: http://www.dominiumapartments.com/about-dominium.html). Dominium is considered by <br />many within the real estate industry to be a quality/ respected development company with a solid track record of <br />quality projects; including property management services long term. <br />Over the past 30-45 days, staff has discussed the opportunity of a potential senior independent living project located <br />in The COR with Dominium. On April 27, 2015 Dominium submitted a LOI for 4.94 acres of City owned land <br />located between Coborn's and the future Common Bond Project. Dominium is offering the City's asking price <br />($5.00 per square foot). The proposed project is valued by Dominum at $24.1M, includes 124 units, and is <br />anticipated to look similar to a recently completed senior independent living project in Saint Anthony Village <br />(http://www.landingsatsilverlakevillage.com/). Staff has reviewed COR development standards with Dominium; <br />and, the concept plan Dominium has outlined appears to generally comply with site layout standards at this point. <br />Below is additional discussion on permitted uses for the site and a recommendation for further Planning <br />Commission review. <br />After the original LOI was submitted on April 27, it was reviewed by Staff within the context of the City's adopted <br />Policy for the Sale of City of Land. Comments were submitted to Dominium; attached is an amended and updated <br />LOI. It is Staffs opinion, the major topic of discussion for the EDA and City Council is the requested City financial <br />assistance. <br />Notification: <br />NA <br />Observations/Alternatives: <br />