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Item B: Core Campus Housing
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CC Agenda - 05/29/13 Work Session
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Item B: Core Campus Housing
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5/24/2013 1:58:55 PM
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5/24/2013 1:54:22 PM
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City Council
City_Council_Document_Type
Agenda Item Summary
CMO_Meeting_Date
5/29/2013
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<br />The property tax estimate is based on two key assumptions: <br />1.The current tax rate stays the same for the 10 year period. <br /> <br />2.Assessed value increases annually by 3%, which would mean that there is no significant <br /> <br />change in the way assessed value is calculated; also the property will be reassessed <br />when the exemption expires. <br /> <br />Core Campus states in the application that the MUPTE also allows for higher quality finishes and <br />building to LEED standard. Examples of the finishes include stainless steel appliances and <br />granite counter tops, which allow the project to position itself for the possibility of converting <br />the structure to a non-student focus in the future as added flexibility and to mitigate vacancy <br />risk. (Shared walls between bedrooms can be removed to provide larger master suites and <br />reduce the bedroom count to accommodate a more typical market rate renter.) Construction is <br />steel and concrete ($140 per square foot hard costs building only; $130 per square foot hard <br />costs building and parking). <br /> <br /> <br />
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