Agenda Packet 10-17-18 Work Session

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3 The panel also discussed the applicant’s proposed plan for bicycles, parking and circulation. these lots. They will lease additional spaces across the street from the County (estimated 75 spaces). They will offer valet services for Gordon Lofts residents and anticipate residents with less than average car usage (e.g. utilizing car sharing services). 6. Historic and Existing Housing Sensitivity Overall Concerns The Panel agreed that the project does not impact historic locales or existing housing. None. 7. Project Need Overall Concerns Overall, the Panel concluded that the exemption is needed for the project. Based on PNW Economics’ analysis, the majority concluded that the project demonstrates need for a 10-year MUPTE. Two Panel members questioned some of the assumptions and figures in PNW Economics’ analysis, and concluded that a 3-year MUPTE would be appropriate for this project. It was challenging for this committee to confirm the many assumptions and data within the pro- forma and the consultant’s pro-forma analysis, for items such as rents, lease-up period, loan duration and amortization, contingencies, etc. In some light, the project clearly demonstrates financial need, yet in other light less so, based on the varying assumptions that could be made for all of the numbers. Commercial Exemption Overall Concerns The Panel concluded that the commercial portion of the building provides a public benefit to the community in its contribution to the urban environment and should be included in the exemption. Additionally, the market for retail downtown has not been strong. The Panel noted that the exemption will support the ground floor retail in this project as the retail market stabilizes. None. Overall majority recommendation to City Manager: Provide ten-year MUPTE and include the commercial portion of the project in the exemption. October 17, 2018, Work Session – Item 2