Resolution No. 5278 - Laserfiche WebLink

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promote transparency,-ir define a sense of place, fit the neighborhood, and employ high-quality materials and color. 2.6 .6 Historic and Existing Housing SensitiyU. The projectadjacent one historic locale, but it is not affected by the Ferry St. Manor redevelopment. The project includes no direct,r o demolitions,to any of •- -r resources. No historic structures or existing housing a demolished or r ^r from the property prior r the date application. 2.6.7 Project Need. The project's pro -forma and financial information was analyzed by Johnson Economics, an independent, real estate economics consultant who found that the project as proposed could not be built but for the benefit of the tax exemption. The financial information Ferry St. Manor submitted in their application is based on projections prior to finalizing financing, construction, and tenanting. It includes assumptions regarding rents, vacancy rates, operating costs, lender underwriting criteria, interest rates, and reasonable rate of return. Johnson Economics, the Review Panel, and staff reviewed the assumptions. The Johnson Economics analysis concludes that the project would not be viable without the availability of the MUPTE, using the reasonable assumptions outlined and concludes that MUPTE is critical to the success of the project from a financial feasibility perspective. See Section 4 below for the Review Panel's conclusions. 2.6.8 Public Benefit beyond Period of Exemption. The public benefits of the project that will extend beyond the period of the tax exemption include Green Building (energy performance), Project Design and Compatibility, and Compact Urban Development. 2.7 A neighborhood engagement meeting on Ferry St. Manor was held on December 18, 2018. As the West University Neighborhood is not currently active, the applicant provided notice of the meeting to adjacent property owners and tenants. 2.7.1 Future Neighborhood Engagement. Prior to completing final drawings, Ferry St. Manor will hold another neighborhood engagement meeting. Before submitting for permits, Ferry St. Manor will submit the design to staff to review conformance with the design attached to the MUPTE resolution (should City Council approve the MUPTE). Staff will also give interested parties an opportunity to review and comment on that final design. 3. A display ad soliciting recommendations or comments from the public regarding this project was published in the Register -Guard on April 14, 2019. The period for comment expired on May 14, 2019 and resulted in 21 written comments. Additional comments were submitted to staff or directly to City Council after the official comment period. All 21 comments received as of August 14 will be provided to City Council with the materials for the September 11 work session. Page 3 of 4 Report and Recommendation