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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 />