Item C: Capstone Student Housing Development Proposal

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A combination wall/ fence is to be located along the north alley and no direct pedestrian access is located along the northern boundary of the site. Residents will have access to the public north alley, the surface parking area and the Olive and Willamette rights of way. It is conceivable a resident could walk on to the Olive Plaza parking area as the space is not gated. However, the residents will be notified that being on the Olive Plaza property is not allowed as it is private property and the residents are to show the utmost respect and well behaved manner to the Olive Plaza residents. 32.What are the chances of Capstone selling? Capstone’s chances of selling are high from a perspective of Capstone’s respective ownership interest in the project. However, Capstone’s continued management of the project is high if or when the property is sold in the future. 33.Will there be 24/7 management of the property? Students will have personnel on site 24/7 to respond to complaints and emergencies. As well, the surrounding property owners will have access to a 24/7 response # in the case issues extend beyond the property limits. 34.What will happen if management changes or staff is reduced? If Capstone is relieved of their management duty based on the property being sold or for some other cause then a new qualified operator will be hired by the owner having student housing management experience. In the case, the new owner, or operator makes changes to the management staffing then it will be done to assure an optimum operations balance. 35.Will units only be available to students? No, but marketing will focus on that demographic. Design and Construction: 36.How many jobs will be created? Capstone is assuming approximately 380 jobs on average will be created during construction, with an estimated $89 million investment in labor and materials for the completion of the two phase project. Capstone estimates seven permanent and twenty five part- time operations jobs, and $500K spent on local services on an annual basis. 37.What will be done to contain dust and noise and particularly for Olive Plaza? Capstone has prepared and signed mitigation measures that address noise and dust with Olive Plaza (see Attachment C to the AIS). Capstone anticipates planned and approved closures and rerouting of the current Right of Way areas during construction done in accordance with City requirements 38.What is the design and character of the project? The five story buildings have a contemporary urban character with pedestrian and bike way edges running through and surrounding the development. The buildings conceal the parking structure from the primary street edge locations.