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Item A: URA - Review of Responses to the 10th & Charnelton Request for Proposals
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Item A: URA - Review of Responses to the 10th & Charnelton Request for Proposals
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6/9/2010 1:10:29 PM
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10/16/2006 9:41:59 AM
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Agenda Item Summary
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10/16/2006
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<br />th <br />the Library. Additional retail/commercial space, particularly on the corner of 10 Avenue and Olive <br />Street may be possible given initial discussions with TK Partners. A limited amount of public space is <br />proposed. <br /> <br />Sustainable Development <br />TK Partners is proposing to incorporate LEED standards. Sun shading with roof overhangs, green roof <br />components, low E windows, insulation exceeding code requirements, central hot water facility, and <br />energy efficient appliances are cited as potential sustainable building features. <br /> <br />Timeliness <br />TK Partners is anticipating a project completion date of 2009. Given the developers experience in more <br />complex projects, and their relatively simple financing strategy for this project, it appears that it may be <br />possible for the project to move forward in accordance with the proposed timeline. <br /> <br />Financial Feasibility <br />TK Partners is proposing a financing structure which includes 20% equity and conventional construction <br />financing through Bank of America. Equity would be provided by KemperCo -10% and <br />ScanlanKemperBard Company (SKB)-90%. SKB is a major real estate investment banking firm located <br />in Portland and originally co-founded by Thomas Kemper. Although Kemper is no longer a principal, <br />SKB has been a primary source of equity for several of Kemper’s projects. SKB has significant real <br />estate holdings throughout the West Coast. <br /> <br />Net Financial Cost/Benefit <br />Income: TK Partners has proposed a purchase price of $192,000. Assuming 10-years of property tax <br />exemption would be available for a majority of the project, urban renewal tax increment revenue from <br />the project would likely be limited to the 3,575 square feet of retail use. <br /> <br />Cost: TK Partners is proposing that URA contribute land value of approximately $778,000 to the <br />project. TK Partners has also indicated that they would seek property tax exemptions under the Multi- <br />Unit Property Tax Exemption (MUPTE) or Vertical Housing Development Zone. <br /> <br />Proposal Strengths <br />• Developer experience with similar projects <br />• Dense housing use which incorporates ownership and mix of unit types <br />• Desirable urban design features <br />• Timeliness <br />• Financial capacity and feasibility <br />• Potential to stimulate other investment <br />• Subsidy limited to land write-down and tax exemption <br />• Sustainable building features proposed <br />• Overall responsiveness to the RFP objectives <br /> <br />Proposal Weaknesses <br />• Demand/marketability of proposed ownership housing is unknown <br />• Quality of design is not fully known at this time <br /> <br /> <br /> L:\CMO\2006 Council Agendas\M061016\S0610161-URASpecMeet.doc <br /> <br />
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