Agenda - Economic Development Authority - 09/14/2017

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Economic Development Authority (EDA) Meeting Date: 09/14/2017 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services Title: Inland Group Purchase Agreement 4. 2. Purpose/Background: Inland Group (http://inlandconstruction.com/) is a development company based out of Washington. One of their subsidiaries is Affinity Living Communities(http://affinitvforliving.com/). Affinity specializes in senior, independent living, market rate, multi -unit, apartment projects. Inland Group (Affinity) is interested in a 175-unit project in The COR, located on 3-5 acres of city -owned land. PURPOSE The purpose of this case is to consider the attached purchase agreement. PROCESS (1) Site Selection, August 2017 (completed) (2) Purchase Agreement, September/ October 2017 (this step) (3) Bolton & Menk Infrastructure Analysis November 2017 (4) Entitlement Process, January --April 2018 (5) Construction, 2018/2019 We are currently on Step 2. Please see September EDA/ Planning Commission/ and September 22 City Council meeting for details on site selection, including the five alternatives that were originally considered. Summarizing input from all boards and the developer in September, it generally appears Concept Layout C (attached) is the most desired site layout. The attached purchase agreement generally reflects Concept Layout C. Notes RE the Concept Site Layouts Concept layouts were drafted by staff, not the developer. The purpose of the initial concept layouts was to identify site location options for the developer and to create context for a discussion RE this proposed project. The purpose of the initial concept layout options was not for Inland (or the city) to commit to a specific detailed design/ layout. Moving forward, Inland will be taking over the process of laying out sites. It is likely the layout Inland creates will have differences from what staff had originally drafted (number of parking stalls, number of units, layout of building, location of amenities, location of access points, etc.). What will remain the same is the site location, proposed use, and general orientation. Lastly, the purpose of the city developing site concept layouts is also to show an 'example' of how adjacent/ remnant parcels could layout. The purpose of the exercise is not to decide on, or lock in, a specific layout for adjacent/ remnant parcels. The actual use and layout of adjacent/ remnant parcels will be determined on a case -by -case basis, in the future, and will be measured against the city's zoning code, vision for The COR, and policy position of the City Council (as we are property owner); and will also be driven by market factors.