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530,000 sq ft
<br />540 Housing Units
<br />8,400 sq ft Child Care
<br />19,000 Entertainment
<br />28,000 Retail
<br />Not commited
<br />147 BMR Units
<br />Only 27% of total units
<br />$ 5,140,000
<br />$ 1,151,304
<br />$ 4,490,479
<br />$ 1,548,511
<br />TBD
<br />TBD
<br />1% of Constuction Value
<br />12
<br />Not Determined
<br />' • i
<br />Key Assumptions
<br />Project Financed 35% Equity 65% Debt
<br />Debt Cost 5% as per recent Grestar Public Financings
<br />Facilities Refurbished every 10 years for 5% of cost
<br />Cost to Build: Office $1,000 sgft Housing $508K per unit
<br />Nexus Model Housing Demand: 2624 units
<br />Including Land Annual Cost Per Includes Finaniccng
<br />Accquisition Costs
<br />Reccent Greystar 100% of refurbs every
<br />Financings 10 years
<br />$ 530,000,000 5% $ 424,000,000 $
<br />No Investment after See Enclosed Analysis See Enclosed Analysis
<br />initial Deal
<br />185,500,000 $ 1,765,047,923 $ 1,708,072,923
<br />$ 471,883,950 5% $ 377,507,160 $165,159,383 $ 1,303,832,813 $ 1,205,916,893
<br />$ 1,001,883,950 $ 801,507,160 $350,659,383 $ 3,068,880,735 $ 2 913 989 816
<br />Developer gains over 20OX Community Benefits!
<br />Issues
<br />1- A more comprehensive financial analysis needs to be completed
<br />2 -It appears the developer is not providing nearly enough community benefits
<br />3 -The amount of office space significantly adds to the jobs housing imbalance; the 27% BMR is not adequate and the amout of office sopace is far too large
<br />* the 27% BMR is not adequate and the amout of office sopace is far too large
<br />4 -There is insufficient open space to support this density of housing and offices
<br />5- There needs to be a binding agreement to securec the developer's commitments
<br />6- Should the properties be sold within the next ten years the City should benefit for any gain above xx %
<br />7- Should the developer sell to a non-profit entity a signigican amount of any gain should revert to the city
<br />8- Tranportation impacts are imense. At least $100M should be added to the community benefits
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