Minutes - Council - 08/22/2017 - Laserfiche WebLink

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the grassroots concept helps to build a sense of community between the residents. He stated that while they are based in Washington, they would hire local contractors, builders, and architects. He stated that they are not attempting to rebuild the wheel and would instead use local expertise. He hoped that the welcome they received from the EDA and Planning Commission would continue with the Council. Councilmember Kuzma asked for more information on the financial stability and how the project would be funded. Mr. James replied that of the 20 communities that have been built or under construction have been privately financed. He stated that they have a portfolio that would support private financing and they would use their own equity. He estimated 18 months to construct and about 12 months to stabilize at which point they would get permanent funding and noted that they have substantial relationships with lenders such as USBank. Councilmember Shryock stated that this is a timely product and agreed that there is a needed niche in the market. She stated that she agrees with Concept C and appreciates that the residents would have access to the park and the other residents in the community would also have access to that park, that has always been desired. Mr. James stated that Concept C was their clear choice as well, mostly because of the view of the park that would be provided to residents. He stated that they also like that Concept C did not have a building along Sunwood, noting that if his building was placed along Sunwood that could create a canyon affect along the roadway. He stated that he much prefers the building setback with the ability for commercial and retail buildings to fill in on Sunwood. Councilmember LeTourneau stated that he is happy that Mr. James is here and believes that the project is worthy and likes the idea of 55 plus housing. He stated that he likes that Mr. James understands the needs in the market and the gap that this project would fill. He stated that he would prefer the building to be along the roadway to understand why the early concept for The COR was to have building on the roadway and not parking lots. He stated that he does like the integration of retail but is unsure of the awkward visual that could create. Mr. James stated that these are conceptual plans and not the actual concept of the developer. He stated that their intent would be to park within a garage structure under the building and therefore would shoot for less surface parking than what is shown. He stated that they like the idea of a central park and having that open on all sides. Councilmember LeTourneau stated that he is more concerned with the retail space and parking along Sunwood that would be proposed. He stated that Concept D aligns more with his perception. Community Development Director Gladhill confirmed that these concepts were developed by economic development staff in order to discuss possible locations and not from the developer. City Council/August 22,2017 Page 13 of 15