08-26-2002 Council Packet - Laserfiche WebLink

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c CITY of ORONO Municipal Offices StrNtMdrus: 2750 Kelley Parkway Orono. MN 55356 Maltini Mdrass: P.O. Box 66 Crystal Bay. MN 55323 0066 Mr. Terry Dahlstrom Dahlstrom Development LLC 7745 Polaris Lane Maple Grove, MN 55311 Dear Mr. Dahlstrom: Before the concept review phase of the Orono Village development proposal can be completed, two issues need to be addressed. The first is the feasibility of the development proposal, and the capability of the developer to successfully complete the development. The second is the housing affordability issue. The adequate review of these issues will require additional review time by the The City needs to have a level of comfort and assurance regarding the developer’s ability to successfully complete and service the project. As part of providing this assurance, please provide the following information: -A list of other projects, particularly those of a scale similar to the Orono Village proposal, that you have successfully developed. Please include the following information regarding these developments; -The number and types of units -The timeframe for total build-out -The financing used, and the financial institutions that provided the financing -A list of financial institutions with which you have existing banking relationships -How is this project to be financed? -What financing commitments are in place for this project? -Provide a pro-forma for the project showing its financial feasibility -Provide a market study showing the market feasibility of the project, particularly for the "lofi ” units. -Provide information regarding the organization and staff that is in place to service the homeowners both during the construction phase and during the warranty period. The issue that was first raised at the August 12 Council meeting, and was reinforced by the filing Triephone (952) 24M600 • rai(952)24M4li A