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range of jobs available in the area and pay ranges. He thought this is a very good value today <br />versus the higher end housing. He stated this will help get that balance. <br />Member Williams thought this has the potential to be a great project but she has concerns about <br />the speculative nature of a portion of the property being proposed. She stated she was still not <br />understanding what the future use of the property is and thought this was a policy discussion <br />with the Council. She indicated she would like to hear from the EDA whether or not selling this <br />property is more important than not selling what could potentially be there in the future. <br />Member Williams stated one of the points about the City owning the property is that they can <br />manage the concentration of work force housing. The key element is that this is City owned <br />property and the use of the property can be directed by the City and by this body; and there is a <br />speculative portion of this specific agreement. <br />Chairperson Steffen thought the concentration is an issue and wondered if anyone knew how <br />much was too much because he did not know the answer to that. He asked Aeon staff if they <br />knew how much workforce housing in a community or development was the right amount. <br />Mr. Lenhoff stated they would want to dig into some of the stats a little more. He thought from a <br />broader scale, as part of a much larger development, there would likely be thousands of homes <br />throughout the COR. Aeon is talking about fifty-four and Common Bond is roughly fifty, out of <br />potentially thousands, he would not look at this as a concentration. He stated there does need to <br />be a range of housing and over the long term they are flexible in continuing discussions. He <br />stated part of the reason they are talking about fifty to sixty apartments is that is what they have <br />funding for in order to build. To show more than that today would not be accurate. He noted <br />they could do either a split of the property or come up with a conceptual design of the adjoining <br />property and rough timelines; but he could not commit to exactly what it would look like. <br />Member Riley stated one thing he liked is there is no City participation or subsidy. <br />Chairperson Steffen asked if the green space could be worked into the purchase agreement. <br />Member Williams stated typically the purchase agreement requires a timeline for developing the <br />site and when there is no proposal for portions of the site, it becomes speculative and they do not <br />know what that timing is. She stated she was going to assume that Aeon is not interested in <br />committing to timing of construction on the site. <br />Economic Dev. Mgr/Assistant City Administrator Brama thought they could work with Aeon <br />and come up with a couple of alternatives as far as trying to satisfy that concern. He reviewed a <br />couple of options with the EDA and noted he would work with Aeon and get the information <br />ready for the Council meeting on Tuesday. <br />Member Williams stated for her this is not a deal breaker but something the EDA should <br />consider on all properties. <br />Economic Development Authority/May 5, 2016 <br />Page 6 of 9 <br />