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is attractive and marketable (unlike the recently reviewed "triangle piece"). Staff believes the sale and development of this property is not a matter of "if' but rather "when." Aeon (project proposal) Attached to this case is detailed background information on Aeon, the proposed project (including a project budget), example projects Aeon has completed in the past, and background information on what income restricted projects really mean. Also attached is a site concept layout and concept design (both are very preliminary). Notification: NA Observations/Alternatives: PA SUMMARY (1) Policy Compliance The attached PA is a hybrid version of the City's adopted "template PA" and the previously reviewed "Common Bond PA." It appears to be in compliance with City's Land Sale Policies. Staff and the City Attorney are currently making final suggested edits to the PA (which will be ready for Council review) --at this point staff has no major concerns/ edits. The proposed offer is considered market rate, and therefore eliminates any discussion of a business/ housing subsidy. (2) Offer Price $300,000 ($306,000 asking price). (3) Earnest Money $15,000 to become non-refundable after inspection period (5% of offer price). (4) Inspection Period 7 months, 12/24/2016. (5) Agreement Term (Closing Date) No later than 09/29/2017. NOTE: the term of this agreement is long, much like Common Bond, due to the many funding partners contemplated, and subsequent application processes. (6) Architectural Review Staff will be adding a clause that requires city approval of the architectural design and layout of the proposed project. This will add a layer, above and beyond our standard zoning process, to ensure a quality project. CONSIDERATIONS (1) Development Fees (54 units/ phase 1 only) Parks-$126,290, Trails-$39,150, Water-$90,612, Sewer-$65,664, Storm-$24,786. Does not include SAC/WAC or building permit fees. This is an informal estimation, changes will occur. (2) Tax Base (54 units) 40-60K annually in total property taxes. This project is located within TIF District 14, which is a benefit to the City, as it will generate dollars for TIF 14, which can be used for various public improvements contemplated for The COR. NOTE: the city is able to pull about 60% of total property taxes for TIF. This is an informal estimation, changes will occur. (3) Workforce Housing Over the past two years, staff has received strong and consistent feedback from local employers help is needed to address shortages in workforce. Anecdotally, local businesses have suggested the City consider affordable housing options to help retain and attract workforce.