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' CommonBond Project <br /> February 8, 2010 <br /> Page 2 <br /> 3. If all of the property, ours included, would be rezoned and to what density. The City of <br /> Orono would rezone the property to RPUD. This zoning designation would allow up to 15 units <br /> per acre. The City is currently working with CommonBond to detertnine a rezoning timeline. <br /> 4. Does Orono intend to get an appraisal on their land? At this point in time the City of <br /> Orono is not intending to obtain an appraisal for the land. <br /> 5. We understand that there are some time constraints on the project, what are they? The <br /> time constraints related to the project are associated with the funding applications CommonBond <br /> is submitting in February and June. The City will not have a problem providing the appropriate <br /> material needed for the applications. <br /> Additional questions for consideration: <br /> - Use of the site for affordable housing or housing in general? <br /> - If so, at what density? <br /> - Is Council ready to make initial commitments such as the letter of intent? <br /> - Future use/guiding/density of immediately adjacent properties? <br /> - Conceptually, a single larger building versus multiple smaller buildings? Consensus on the <br /> general layout of Option B? <br /> - Level of City participation in any project that may be proposed? Financial or otherwise? <br /> - What process do you want to use in establishing a value or selling price for the property? Or in <br /> the alternative, is there a consensus as to whether the property should be provided to Common <br /> Bond at no cost? <br /> - Development Fees Consideration? (Park, Stormwater, Utility Connection) <br /> - Other considerations? Concerns? Issues? <br />