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39.How about the sustainability features? <br /> <br />EWEB will be working as the consultant to successfully implement the Earth Advantage program. In <br />addition, the project supports alternate modes of transportation including electric vehicles, car <br />sharing, a bus stop on site, increased covered and secure bike storage and “park once” concept. <br />General Questions: <br />40.What will be the impact on the property value of neighboring properties? <br /> <br />Staff has not done an analysis of property value impacts to neighboring properties. Capstone <br />assumes that the surrounding C-3 properties will increase in value based on the improvement of the <br />infrastructure and the increased residents in the down town. <br /> <br />41.Is this a “done deal”? <br /> <br />Both the Multi-Unit Property Tax Exemption (MUPTE) and the alley vacation must be reviewed and <br />approved by the City Council. There are a number of opportunities to provide public comment on the <br />project, the MUPTE, or the alley vacation. It is anticipated the Council will take action on these two <br />items at a work session in late April or early May. <br /> <br />42.How much certainty is there in your demographics to ensure Phase 2? <br /> <br />Capstone states that the economic performance assumptions within the pro forma are valid. The <br />market share of the existing students, the new student growth and demand is adequate to meet the <br />amount of the phase 2 supply. The leasing of phase 2 will be achievable with in the targeted 2013 -14 <br />lease up duration. <br /> <br />43.What will be the economic impact on downtown? <br /> <br />After both phases are constructed, Capstone estimates over $5,000,000 in annual student <br />expenditures in the area, based on monthly expenditures estimated at $350 per resident. Capstone <br />estimates over $700,000 in annual utility service provided and $500,000 in annual salaries paid to full <br />and part- time employees. <br /> <br />44.Has Capstone talked to Olive Plaza and nearby organizations? <br /> <br />Capstone has been in conversation with DNA, Olive Plaza, the Tate residents, the Sustainability <br />Commission, the City Club forum, all surrounding land owners, Look Me In the Eye, the Methodist <br />Church, JWN, and down town merchants. <br /> <br />