Agenda - Council - 08/08/2023 - Laserfiche WebLink

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completely built out. We have included a photo of a row of completed homes from the neighborhood for reference. Development Timeline: We would move as quickly as possible through the needed approvals and develop the property as soon as all approvals are in place. It is likely that Phase I would not be able to develop until 2024, Then we would expect to develop Phase 2 and Phase 3 in 2025 and 2026, respectively. Pha_sinz Multiple factors can affect the desired size and timing of the development and home building phases. We are planning on building the neighborhood in 3 Phases. Included with this narrative is a proposed development phasing plan. Right of Re -Entry: We understand the desire that the City would like to see this neighborhood built and built in a timely manner. To help meet this desire, a Right of Re -Entry has been negotiated on previous development opportunities with the City. In discussion with Staff, the idea of requiring 10 homes per year for four years to be built in this new neighborhood to be included in a Right of Re -Entry in principle we are willing to agree to a Re=Entry Agreement and to the proposed building timeline. We look forward to discussing the details. As you know the Housing Market is going through some tremendous changes as Interest Rates continue to increase. We expect our homes to be priced in the !Mid to Upper $ 300,000 and depending on the options that a Buyer might select some homes could sell for over $ 400,000. We encourage feedback and input as we put the finishing touches on this neighborhood plan. Thank you, David Patter Vice President of Land Centra Homes, LLC CENTRA HOMES ,„