OED Pre-Bid Welton Street Site Meeting

OED Pre-Bid Welton Street Site Meeting

November 10, 2019 0 By Luis Garrison


Come on. Come on. Good afternoon. Thank you Mark and everybody My name is John Hersey. I’m a senior associate transit-oriented Development at RTD my Peers Julie Stern Mitchell king are happy to see you this afternoon and explain a little bit about this request for qualifications before we before Julie and Rachel again The weeds we welcome Rick Padilla the City’s director of housing development as well as a bill sirois RTD senior manager for Transit oriented communities to say a few words about the project Well, they script me a few talking points But for those of you that have visited with me before I tend to go off script So I’ll do that this time as well on a channel Paul, Washington. This was really Paul, Washington and Mira Hancock’s vision two years ago in RTD and Julie and Rachel and Bill they’ve really worked on Very very hard over the last couple of years to make this happen, and this is I mean the legislature some of the changes They made in construction defects what the city of Denver did locally with their construction defects ordinance in the Bellagio decision? I think I’ll help bring all of this together where we’re at today. We’re really excited about working with all of you I see some really familiar faces that we’ve worked with great Developers that are going to great things in Denver in the past and this is exciting it is we all know condominium Development particularly below the $400,000 mark has been virtually non-existent in our city for several years now. I mean all of you have done great work and building multifamily Land Trust models single-family detached, but still a small portion of really how great the need is so again Paul? Washington Mary Hancock Channeling them this is really this is a Pilot for one we intend on doing this in several other sites So really what we do here today is we’re really going to set the benchmark for what we hope to do throughout The City and we know other cities and in our along the front range are looking at what we’re doing right now We’ve reached far and wide across the country try to put together this model, and I know we have a lot of local developers We’ve had an interest from out-of-state developers So this is the beginning The team will walk you through some of what we’re looking for the timelines around that and we’re just thrilled so I want to thank All of you for really joining us this afternoon. We’re excited about getting this rolling so with that bill Let me turn it over to you. Thank you all Thanks, Rick, and I don’t have any scripted words, so I don’t know what I’m saying Thanks, and thanks you all for coming. This has kind of been a long journey for us at RTD this Site was actually part of the original Tod pilot program that was established in 2009 You know we spent a long time Looking at this site talking with the city trying to strategize what you know was the best option I think you know in in the meantime. We did all that You see all the stuff that’s happening around us in terms of disk. This is a level investment that we’re seeing in five points today And I think we’re you know looking at this as a way to shore up You know the the affordability in the community and really set kind of a bar With you know kind of in eum’s which is an area like Rick said that We’ve been challenged with with implementing here because of construction defects and other things So we’re really excited RTD to you know to be a part of this and it like you said it’s it’s we’ve been it’s been a quite a conversation with the city and we’re Just excited that you know we you were all here to come and and hopefully bid on this project. Thanks Thank you Rick and bill the other point that I missed was a please sign in if you haven’t signed in please do so we’d love to be able to get a hold of you for need the project so as Bill referenced RTD owns two parcels in five points which together comprise about 0.4 3 acres in The five Points Historic Cultural district an important point about the district is that it carries? specific design Standards and guidelines and also the adjacent Curtis Park Historic district requires a Limit on the Height allowance on the Northwest Boundary of the property so along the alley at 29th Street and Walton Street The property is zoned for Cm x 5 so it can go up to 5 stories we have modeled it We financially and we’ve designed it as well So we know it can happen we got about 50 units and 60 parking spaces out of it So we’re excited to have your help in delivering the project one other point I should mention about the five points historic Cultural district any proposal will also be the approval of the City’s Landmark Preservation commission A little history about the project walk with me down Memory lane in 1993 RTD acquired the property and in order to relocate parking that parallel parking from Welton Street and during the Central Corridor construction of the light rail light rail corridor there in 2010 RTD approved as bill noted RTD the board directors approved the Tod pilot program which included the welding corridor as well as three stations across the district of pilot program was designed for RTD to learn how to be performed in Metro Denver This project is a capstone to that effort In 2013 the five points business district office. I think I’ll tracey you somewhere in the back five points business district office Published report the vision plan implementation and revitalization strategy Which called for less parking? Greater cultural active and and greater housing affordability in the neighborhood So with that our TV and 2016 late last year the rTD board of directors approved the sale of the property contingent upon three important Factors First the housing units must be for sale second 25% of those units must be sold at a price Affordable to households better than 80 percent of the area median income and Julia will detail those those numbers later And then third any developer will have to show proof of financing the developer will have to secure financing before our TV will sell the property and Then early this year March April spring of 2017 RTD and oad hosted a hope it hosts an open house in April and as well as distribute an online survey For folks to try to gauge interest in the site what what the property should do for the neighborhood? a Few few highlights from that work The project for me project should replace existing parking that’s on there. I believe it’s 48 spaces. I’m not mistaken Also, the project should look attractive I think the site’s location in the historic Cultural district and Its design standards and guidelines and approval by the Landmark Commission will be enough to meet that threshold There’s also a strong preference for commercial on Walton Street on the ground Floor along, Welton Street 71 percent of Respondents want to see grocery store 61 percent of respondents would like to see a restaurant or a bar 54 percent would like to see retail and there are other has included in the RFQ there other Other interest as well and finally the project should welcome families Survey respondents had the option of selecting studios beige not 25% one bedrooms Significantly more for two-bedroom and about 11% for three-bedroom We’ll turn it over to Julie now to speak about what we hope to gain from the RFQ. Thank you Great. Thank you, John So John gave a little bit of background on Kind of how RtD came into this partnership and what this site meant to rTD how it fit in with our tD’s goals I’m gonna start off by saying just a little bit about Where the idea came from within oh Edie and how this fits into what oh Edie does before I? dive into the specifics of the project So within the city of Denver’s office of economic development We worked in numerous areas including business development Workforce development Small business opportunity we also work in housing affordable housing development, so we are a gap financier for affordable housing development projects historically our model has been more that developers put together projects and come to us when they know what their gap is and Have everything put together except that gap and then we step in with Gap financing This is a little bit of a new model for us Where we are working with a partner in this case to? Get site control and then seek a developer to deliver a specific outcome So we’re really excited about what this new partnership could mean for us and as rick said Hope that this will serve as a pilot that we can replicate throughout the city in terms of our history of investing in Affordable housing, and we’ve actually done quite a lot of investment along the Wellton corridor and this was a I would say a signature effort for A recent Former Executive, Director Paul, Washington this is This image shows all kinds of investments that we’ve made along the Wellton corridor, but I’ve called out with Red stars here investments in affordable rental most of these affordable rental units are serving households at or below 60% of area median income and We’re proposing to serve a higher income bracket with this project and you can see that with the red dot where this project fits in So why are we looking at serving households at a higher income? Start on the left side left side of this slide this chart here. I hope it’s big enough shows what has happened to For sale housing prices in the city and County of Denver over the past six years or so So the top line shows you single-family home prices The bottom Line shows you condo prices and then those numbers are the most recent of the most recent 12 months of sales for each So you can see in each category housing prices have literally doubled in the last six years if you move over to the right side of the slide here a couple of those key numbers that John promised I would get into the affordable price for a homebuyer earning eighty percent of median income the way we calculate it is just shy of a hundred seventy thousand dollars for a one-bedroom home or About two hundred eighteen thousand dollars for a two-bedroom home And just to kind of help you ground this and what kind of folks were thinking about Those incomes are up there area median income as many of you know varies with household size so the area median income for a one-person household 80% is $47,000 and then for a four-person household that goes up to sixty-seven thousand one hundred dollars obviously, there’s a huge discrepancy between those prices on the right side that are affordable and the prices that the Market is offering today I What were especially focused on is if you look at? Condo prices where they were in December 2011 all the way at the beginning of the graph Condos were affordable to households making eighty percent of median income and now they are far far out of reach So that’s just kind of a little bit on why as rick said You know we have partners in the room who are doing great work building for sale affordable housing? But we also believe that condo specifically are an affordable or an important type that needs to be added to the affordable mix This is all within the context of construction defects In Colorado which makes it very challenging And we’ve heard costly to build condos This is just a kind of a quick graphical representation. I think this is my last graph. Sorry Of what has happened to Condo construction over the last Decade or so we’ve just seemed very very few new Condos come online This does end in 2015 and we’re seeing a slight uptick But it’s really been at the high end of the market and not solving that problem of creating entry level affordability So that’s what we’re looking for a partner to help us solve so John went into some a quick overview of what we’re Looking for a partner to develop on the site, but again we are looking for a project where at least 25% of units must be affordable to income qualified Buyers at 80% of area median income we would love to see projects that offer more than 25% of units but we’re also looking for the best bang for our buck, so The project that delivers the greatest public benefit for the amount of public resources that are being requested I’ve also called out here a couple points from the Community Feedback We received again both at a meeting that we held in april as well as through an online survey and encourage you to review The RFQ Proposal guidelines closely I’ll say that a couple times at various points going forward from here, but there’s much more detail on what we heard from the community and kind of Directly in the words that we heard, but just try to highlight a few key things here, so One piece of Feedback we heard was as john alluded to The affordable unit should be primarily the higher bedroom count units So it was more important to the community to see Affordable two or three bedrooms and affordable studios in the project that they felt the studios in one bedrooms Could be market rate, but it was really important to get those larger units affordable As John also talked about the project must meet the five points cultural historical district design guidelines The Community Feedback includes several examples of projects along the corridor that the community felt were well designed As well as a couple projects that the community shamed that we won’t shame here today the project should include below-grade parking is something we heard from the community and The design Guidelines strongly encourage an activated grounds floor and that was also really Important to the Community and we do have a couple More detailed responses about what kind of ground floor activation that community was interested in Finally we’re looking for a project that meets sustainable design benchmarks So I’m now going to transition into talking about exactly what we’re looking for in your response to the RFQ We have kind of two sections to our required application materials and One thing I don’t think I’ve mentioned yet. Is that even though this is an RFQ not an RFP This is not the first stage in a two-stage procurement So we are expecting to make a final selection from the responses that are submitted in response to the RFQ that said this is a little bit of a hybrid between an RFQ and an RFP, so In the first part of the required application materials. We’re really I want to hear about your experience and What you’ve done that you are bringing to the project so it’s kind of more of a traditional RFQ point of view and the second part we’re going to be asking more about your vision your specific vision for the site So I’m just going to walk through piece by piece here There’s five parts or five requirements in the first part about your experience One is your experience and success developing condominiums and we will give preference to respondents that Have experienced developing condominiums in a construction defects context we recognize that very few Denver Developers have had the opportunity to do so But that experience is really valuable to us we’re also looking for a partner who has Experience and success developing income restricted income qualified housing so as those of you who have done that work know there is kind of a whole layer of knowledge that goes along with Marketing finding and selling qualifying and selling to qualified Buyers So we’re looking for to learn about the experience that respondents have in that area Third we we know that there will need to be some subsidy to make this project work In the RFQ we have not offered a specific amount of subsidy but we are prepared to make attractive financing available and We’re looking for someone who has experience working with partners like us Thank you at all in mit. We’re not always easy to work with so that experience is Gonna be really valuable to us And then fourth and fifth these are just kind of basic, but we’re looking for We wonder what the development teams experience is we’re hoping to get responses from multidisciplinary teams so that included developer a contractor and an architect and that is kind of tied to What it takes to successfully handle construction defects having those tight relationships is? We found in our research really key ingredient to success And then finally access to capital we we want to know that you’ll be able to pull it off We will take questions at the end of the presentation if you can hold is it a clarifying question We have not yet finalized the numeric weighting between those five areas I don’t want to get too deep into this outside of the qa, but I’ll just say briefly We did some pretty extensive research And that was part of the reason that it was such a long journey to get to this RFQ and we found that a critical element to success building condos Are kind of certain approaches? to construction that are different from Other multi-family residential construction, and so we’re looking for someone Who if they haven’t had that experience directly can show how they’re gonna bring that knowledge in? and if if you’d like to follow up, let’s do that in the Q&A the second part of the required materials is really more looking to the future so how what are you envisioning for the site and How would you plan to approach the project? The first part is really just describing what what you would build on the parcel? We’d you know want to know details like how many residential units would be provided bedroom counts amI levels How the project will meet the design guidelines of the five points historic cultural district? How the projects will meet sustainable design guidelines? One thing we want to note here is Jeff I’m Gonna embarrass you Jeff with studio architecture Jeff Dawson Is has partnered with RTD and? Early on in the process did some architectural work? Kind of helping us understand what the yield of the site would be that’s include that works included as an appendix to the RFQ So we’re not asking respondents to do full-blown architectural work And in this section respondents can feel free to kind of just respond to the work that’s already been done But you don’t have to provide full drawings to respond to this RFQ On project financing, this is where you’re gonna tell us How much a public investment you’re looking for as well as what other? Private financing you’ll be leveraging so We’ll want to know What what you’re asked from the city would be what terms you’re looking at and again. We haven’t prescribed a specific amount of financing but we are looking for The proposal that is going to make the best use of what public financing is included There’s a part of the RFQ that outlines other financing opportunities that may be available in addition to oe dS financing one is that this project is located within an Urban Redevelopment area and May be able to access tif financing Any respondent who plans to access to financing must talk to Dura before? submitting their response and actually victor Caesar who will be the contact from durrës in the back here and Can answer some questions about – financing in the Q&A section? We are also have also attacked with Chafa about this project the Colorado housing and finance Authority Many of you may have worked with them on the tax credit side and many of you know that they also provide construction financing They are also willing to meet with respondents to discuss potential construction Financing which we did identify as a barrier specific to condo construction So that’s a potentially great resource but again if you’re considering bringing in Chafa construction financing you must talk to Chafa and There is contact information in the RFQ proposal guidelines The third part of the kind what you will do with the site is the implementation strategy and here We’re really looking for you to explain to us how You’ll handle the timelines to closing how you’ll handle all the moving pieces of public financing private financing entitlements We included in an appendix information about the post selection requirements So kind of what process the selected partner can expect once they’re selected and so we encourage you to Review that if it’s unclear submit questions Before the question deadline and we can address them in the Addendum, but we want to see that the respondents really engaged with that in the homestretch here The fourth piece is your strategy for dealing with construction defects so how you are going to bring in some of those? strategies that we’ve identified as being really critical to being successful in Condo development And then finally your community engagement strategy, so we did the first step of gathering community input with a community meeting and a survey but we Really want the selected developer to continue that conversation with the community? And for the community to be able to have continued input as the plans and the design for the site are finalized So we’re looking for respondents to let us know how they are planning to do that So just a short list of requirements. Yes We’re focused primarily on kind of the neighborhood the iMmediate community But if a respondent had a vision for engaging the community more broadly with an eye towards Replication that that would be very interesting to us So with that I will turn it over to Rachel. Who’s just going to walk through kind of the process how we are looking for you to answer all these questions, and when This day’s hi. My name is Rachel King I am with the office of economic development, and I’ll be serving as the RFQ coordinator for this RFQ, so Given that we wanted to go over a couple of the key items for Timeline Milestones Process that way we get in your applications, and they are complete and on time So obviously today. We’re on our pretty bit meeting a couple of weeks from Now we have our RFQ questions deadline Keep in mind this is just for the substantive question so any questions you have on the RFQ guidelines themselves Along those lines that is your deadline for those questions Keep in mind. We have a hard deadline of 4:00 p.m.. Mountain Daylight time We have to do this because we have to give our staff both with oed and RTD Enough time to turn those questions around into answers for your addendum now as I said these are just your substantive questions if you’re having technical issues or Questions regarding the y’s type system those will be answered through the entire process of the application being open so don’t worry about that, and if you can’t upload a document or anything like that those questions will be accepted all the way until October 17th But as I said we have our questions, then our addendum is published about a week later with those answers from oad and RTD Now keep in mind that this is one of our planned addendums But it’s always possible that if we have to change the RFQ That an additional addendum may be posted this has happened in the past before That’s why it’s so important for you to sign in those sign-in sheets give us the email that Will give you a heads up that those addendums are being posted to the website And again, they will be posted to the oed funding opportunities page So then after we get out the Addendum regarding the questions We have about a month for our developers to process those questions and answers Work those into their applications and our RFQ submission deadline again This is for whites eyes is on October 17th. This is a very hard deadline if You start your application on October 17th. I can pretty much guarantee you it’s not going to be submitted on time, so If you’re submitting it at 5:00 p.m.. Mountain daylight time the application won’t go through if you’re submitting at up 4:30. It won’t go through 4:01 won’t go through I cannot stress that enough We’ve had to Not we’ve had to turn away except his people submitted them too late before in the past So keep that in mind. Don’t try to submit your application at 3:50 p.m.. On October 17th, okay? And then we are anticipating a large amount of material to come in so to be kind to our staff with oed and RTD We have a little bit of time for us to process that information Make some selections regarding a selected finalists, and then we’re looking in probably early December again these are tentative to schedule those interviews with the selected finalists as well as Get out a conditional selection letter So diving into that timeline a little bit further we again. We have our submission deadline That’s in about mid-october And then we have the evaluations of the proposals on our end as well as the review of those evaluations And then that’s where those selected finalists come through and we schedule those interviews The reason why it is a conditional letter of selection is because of those post selection requirements, that Julie alluded to earlier So not only do we anticipate that most of the developers would be interested in applying for oe d financing? We also have to as oe d exercise our option Through that option agreement So those two processes will take some time on the back end of the selection and then both of those do have to go through City council and be approved before we can move on to the next step so ideally Both of those processes would would culminate and going through City council around the same timeframe So we wouldn’t have to go and then go again So that is our vision for that, and we’ll hopefully make that work out But after we get City council approval Then we have the assignment and the assumption of the option agreement between oed and the developer And then finally the developer can close on the acquisition with RTD so Going into the documents a little bit we have RFQ guidelines and again these are all required for you to read through We can’t stress that enough if you’re just relying on this and a couple of pieces of information here and there It’s quite likely that your application will not have all the required materials in it And that’s extremely important that you go over all of those that’s inclusive of the appendix A we have post-election requirements appendix D is the option agreement those are items that are very important for you to review So our guidelines and application checklist just to remind you all the pieces that you have to upload a wise hive a wise hive guide as far as Logging in creating an account getting through the application And then the link itself which is embedded in the guidelines is that our funding opportunities website? Oh, no, Edie if you’re not familiar with that It’s a little bit Tricky to get to the funding opportunities page if you’re just at the oed site to make sure you scroll down that’s on the bottom right Corner And that’ll bring you to the to the funding opportunities if you don’t see this when you log in Or when you go to the oed funding opportunity site It’s probably just because there’s another one that was posted on top of it. Just scroll down. It’s all still there This meeting will also be published on this website there’ll be a link to the video And this is again where the addendums will be posted for the RFQ as well So why is high if if you’re not familiar with wise hive this is the main? Application system that oad uses to collect our applications for rFQS and rFPS Again there is a wise type guide. That’s on the website that you can follow But it’s pretty user friendly once you get in log in or create an account You’ll know you’re at the right place. You’ll see this information a little blurb about the RFQ you’ll see the required Documents that you need to get through the application, and then this is just one webpage So your scroll down you’ll enter in all the information you need to enter The required documents are marked with a little red asterisks the only Exception to that that I can’t stress enough is the diversity and inclusiveness e-form if you’ve done business with the city before you understand You have to use the link fill out the e form and then enter the oed proposals email as the confirmation email for that e-form if you follow the instructions on the application This will be easy. Just follow the applicator or the the instructions and you’ll submit it You’ll also get a confirmation email. So you’ll know that it will have gone through That’s important because we can’t control that with the wise type system If you don’t submit that the application will be non-responsive, and then we can accept the application So along those lines just a couple of key reminders, please Pay attention to the application requirements if you’re uploading a document Into wise hive and it’s not the document We asked for that’s going to cause the application become non-responsive same thing with things like diversity and inclusiveness even though They’re small they’re required by executive orders from the city And we don’t have a say in that so Please make sure to get those key items in there, so that we can review your application materials second again awareness of those addendums Yes, we’ll be publishing an addendum with the questions that we receive not only from the meeting But in the oed proposals box as well however It’s always possible that we need to change something in the RFQ that will be posted as an Addendum only and again I can’t stress enough sign into that sign-in sheet in the back of the room and that Way you’ll get notice of those addendums when they’re published Finally please get in your written questions To this oh, Edie proposals box if they come to my email. I can’t answer them if they come to Julie’s email She can’t answer them if they come to John’s email He can’t answer them, and we can’t answer them by phone. So please write them down send them to oh edie proposals And by that 4 p.m.. Deadline that just makes sure that we’re treating everyone the same way We’re getting everyone the answers that they need on time and in sufficient detail And finally that hard deadline 4 p.m. Mountain Daylight on October 17th for your proposals in the y’s type system And that’s a final note if we get anything that’s outside of y 5 we cannot accept it with exception of that diversity and inclusiveness So everything must be uploaded in y’s hive for us to consider it as part of your application package Anything else we are not allowed to consider so again, please send all of your questions Whether they’re substantive for the rFQ itself or whether there are technical questions Regarding the y’s hive system. Please send them to that. We do proposals Box. I Think that’s it for us, so we will go ahead and start accepting your questions And we do have some mics as well that are Lovely housing staff will pass around But we want to make sure to get your questions on on tape for those who are watching from out of state Sit down to all those applicants or people potential applicants who signed up Yes, so all of the questions have to be answered in the addendum format That way everyone who is either on an email list or not has access to those answers But if you’re on the email distribution list then you will get notice than it Addendum is published on the website, and you can have access to those I Know you have more requests. Yes You’d mentioned the opportunity for tif financing which could be if someone wanted to go through with that how would that work with the timing? With regard to going to City council because I know it’s a long process I’m gonna ask Victor cesar to answer that hayley. Can you bring up the mic? Yeah, that’s sort of where we want to sit down and meet with you Just so you understand that when you develop your construction timeline that it is Gonna take a few months to get through City Council Luckily it’s already an existing urban renewal area so we don’t have to do a blight study but We still have to amend the current route of element plan and so to create the new tax increment area just for this spot so that’s sort of why we want to meet and just to confirm that you actually have a gap in the first place, so Give preference to a project that had more than the 25% Ami, or more than 25% restricted for sale units. Just curious if there was a benefit for trying to get more Yes, there, definitely is a possibility. We would give preference to a project that provided a greater proportion of affordable units Of course we’ll look at that in relationship to how much oh Eadie investment is requested How do you want to have the income restricted units deeded that you can put a deed restriction on them for life? Or is it a time time delay, or has it work? We are contemplating that there will be a deed restriction although if there’s another way of securing the affordability that a respondent wants to propose We could consider that In terms of the length of the restriction that will be one of the factors that we consider When we’re looking at the public benefit that we get for the amount of subsidy requested so someone asked during the presentation about the The five aspects of the proposal if they would be weighted and you said you’re working on that will that be published before October 17th, and if so how much before good question we I understand why it would be fair to respondents to make that available and We would need to discuss it, but we could consider including that and either the planned Addendum or an additional addendum Subtle different question may be but in this whole endeavor this whole process is that any? Thing in place are being played will be in place that will give some kind of preference our priority to local residents to participate in this our local businesses and currently existing businesses in that type of thing that’s a great question and it’s something that we’ve discussed in general that would fall under the category of public benefits that a respondent could propose I will also say that kind of within a different area of the oed housing a Group we are doing research into local preference policies and trying to understand how preference for neighborhood residents can fit in with fair housing We did also receive some written questions So just read those and we can try our best to answer them The first one is how does the Gap plan on being addressed? so as as I said got kind of going through the Requirements. We are not offering a specific amount of subsidy in the RFQ we are prepared to make attractive financing available, so We expect that oh, Edie will be part of filling the gap it may be that tiff could Be another source of financing that can help make a project feasible But we’re really looking to the creativity of respondents to propose how the project comes together yeah, absolutely so The oed housing team has a set of term sheets that we use to guide our investment in affordable housing across all different types of affordable housing so we have Investment products for different kinds of rental projects we have an investment product specifically for for sale projects And would encourage respondents to look at that as a starting point for proposing. Oh Eadie investment There is a link to the term sheets in the RFQ proposal guidelines we are open to proposals that go outside of the term sheets knowing that this is a pilot and This is not our the typical project that we see but that’s it That’s a good place that we would suggests we would suggest starting to get a sense of what kinds of investments. We typically make I Have a couple of questions Do we have any? Indications as to what RTD would be willing to sell the land for since that would be a big component to the financing The RTD board of directors resolution acquires a fair market value for sale property okay? My second question is since there’s already some drawings that have been Created for this land are those set in stone? Or is there some flexibility with that if we can figure out cheaper ways to do to build? yeah, by all means the renderings were a test a pilot and it’s in their own way to know that the project could perform but We expect a developer to come up with his or her own designs as well as financial model. Thank you Follow-up on that on the on the fair market value has rTD done an appraisal and is that appraisal publicly available? Well, we are we to propose to you what we believe to be a fair market value No, we have done an appraisal and it’s it’s noted in the RFQ the the value of the property came back at 1.8 million point point four three point four three acres regarding the first floor space Does that have to be defined at RFQ just uh? Is it going to be a grocery is it going to? Any developers welcome to propose whatever he or she would like to propose and and it need not be a ground floor commercial That’s just what the residents the community prefers But if a developer would rather proposed residential on the ground floor then Then by all means, but no it does not need to be Defined in the in the RFQ proposal I follow-up question to the 1.8 million Fair market value is that Based on the fact that there would be some affordable housing in this development, or is that based on this being a market rate development? It’s primarily based on Comps a comprable development in five points Seeing no other questions. I will ask one as well With the city consider a light egg application with the project converting to tenant ownership at the end of 15 years We at this point would not consider that We’re looking for a project that can provide affordable units to residents today You know the way that the market has performed You know nobody has a crystal ball there will likely be a need for affordable homeownership in 15 years But the problem exists today I’ve got one that I think would be for Victor Well, Jeff. Do you want to ask this one about the status of tif funds, so I freeze it, right? Well tif funds be available there’s a chance that it could be available it sort of depends on what your Gap and your paycheck is it’s an existing urban renewal area and luckily for this area We start individual tif class so you’d have access to a full 25 years of property and sales tax increment but The Sorta we’d have to do a tif capacity analysis just so depending on what your vision is and what the project is We’ll determine sort of how much tif the site generates I can’t confirm that since our tD owns it the current base is zero which sort of works in your favor Since we’ll be starting at zero. So you’d get all the anchor mat but It’s more of a rTD question So you’d only be able to use the tip that you generate is there any tif available from surrounding sites? This is a spot specific tif area another written question We got is are there any specific? Users slated for occupancy of the commercial space if not is the developer holding the commercial Condo under a separate financing structure So again no we don’t have a specific user in mind for the commercial space there are some ideas from the community We’re not necessarily looking for a respondent to define exactly how the commercial space would be used And we’re being pretty non-prescriptive in terms of financing, so if a respondent wanted to propose financing the commercial space separately that’s Something we’d be open to considering Is a commercial retail area weighted in the RFP qualifications? It is to the extent that We need a project that’s going to meet the design guidelines and the design guidelines asked for an activated first floor So we want to make sure that respondents are reading and reviewing those and addressing the guidelines Thank you, I Have one last written question here are there any fees that are anticipated being waived impact tab taxes permits Etc No, not at this time those are all controlled by separate agencies within the City and in general the fees actually pay for something that We need to cover out the city needs to cover in its budget somehow, so we typically think of our you know that can be part those cost can be part of what creates a gap that might cut Leaves you and ask for oed investment, but we’re not currently contemplating any specific fee waivers for this project and question nope Okay I’ll just say thank you so much for your time and interest and Hopefully after today you are interested in responding and we’re really excited to get responses