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(9) it include? <br />The proposed apartment complex will feature tuck -under heated and secured parking on half of the first <br />floor, quality entrance area (fire place, couches, chandeliers), high quality detached garages, a small <br />park (including a playground), a community garden, a mix of 1-2-3 bedroom apartments, a full size <br />workout facility, quality community grills/ patios/ seating, community room/ game room, and quality <br />interior design (granite counter tops, granite window sills, wood blinds, vinyl plank wood floors, stainless <br />steel appliances, quality solid -wood cabinetry design, full-size in -unit washer/ dryers, triple pane high <br />energy efficiency windows, garbage shoots). The proposed project will front The Draw Park along <br />Ramsey Parkway, and will comply with the City's zoning regulations (i.e. architecture). <br />PSD LLC has indicated a strong desire to not move away from the quality -design proposed for this <br />project in order to save money upfront; and has communicated to Staff their desire to make this <br />building a long-term quality project. <br />(10) Why. ! "t tell PSD LUC t hiply add renr w t, <br />This alternative does exist. The City could tell PSD, no we will not participate, and you will need to add <br />equity to the project to move forward. However, based on attached analysis from Ehlers, by not <br />providing the requested assistance, this project will make a very low rate of return, in comparison to <br />other projects (5.9% or less). It is very unlikely PSD LLC (or any developer) would invest in a project with <br />said rate of return. <br />(11) 11 V' e" the timmIn y ifthis re request WAf rk with cV INTI" true V eIrIV11meInt reggi A V"V1�N w <br />Due to the approaching winter, PSD LLC would like to move forward with this project as quickly as <br />possible. Their goal is to get the foundation and footings in this fall; and continue working on the project <br />through the winter. <br />Based on preliminary input from Ehlers, this project (like F&C) is classified as a housing project and is <br />exempt from State Statute related to the required public hearing process for business subsidies (which <br />can take 2-3 months). Therefore, Staff would fall back on the City's meeting schedule, and "housing <br />assistance policy," to develop a timeline. <br />Remaining process (assuming the project went forward): <br />3. Ehlers present report/recommendation to EDA, special meeting—EDA provide feedback (09/17) <br />4. Ehlers present report/recommendation to CC—CC provide feedback (09/22) <br />5. PSD LLC begins construction (09/23) with a non -formal commitment from City; or waits for the <br />formal commitment from the City (i.e. step 6 below) <br />6. If the Council decides to move forward, a formal "housing assistance" subsidy agreement would <br />need to be negotiated, drafted, approved, and executed by the EDA (10/01 or 10/08) and by the <br />City Council (10/13) <br />NOTE: this timeline is preliminary. Changes may occur; details need to be confirmed by various parties. <br />PSD LLC will need to attain all needed permits before construction (i.e. building permit); which may <br />delay the above timeline. By PSD moving forward with construction before step #6 is completed, they <br />are taking on additional risk. <br />REVIE Df;l;'(.I MEM !2H`4MJES k RI C;!"I'(IR,. !75'/11/ (715 <br />Page 3 of 4 <br />