11-25-2002 Council Packet - Laserfiche WebLink

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Dahlstrom Development LLC #02-2789/02-2840 *Stonebay* Final Development Plan Review October 18,2002 Page 10 Other potential funding methods the City might consider may include a variety of as yet unexplored affordability grant programs. At its October 14 meeting the City Council directed staff to obtain from the developer financial information regarding the project to enable an evaluation of the feasibility ofa more aggressive affordability effort. Please review Ron Moorse ’s letter of October 18, 2002 (Exhibit E). Pcclarations/Covenants. Applicant has provided 5 separate Declaration documents which create the various associations and govern the various ‘communities ’ to be created within the Stonebay development. The Master Declaration was included in the PC’ work session packet, and staff will be happy to provide you with copies of the individual community declarations if you would like to review them. These will be reviewed by the City Attorney. Staff has not yet had a chance to review them in any detail. Similar Developments for Comparison . Applicants have provided listing information for various types of similar housing units available in the western metro area, for Planning Commission to use as a comparison (Exhibit C-6). Developer Quali fications Information . Applicants have provided information regarding their backgrounds in the development industry (Exhibit B-4). Market Analysis- Applicants have provided a market analysis by Max field research regarding the market viability of the proposed housing development (Exhibit B-3). The study makes the following conclusions and recommendations; The proposed Orono development plan offers a strong housing mix for its intended target markets at price points that fail well within the average range of those currently selling in the area. I he site location offers prospective buyers convenient access, a strong residential character, and substantial open space and natural amenities. I he proposed Orono development will attract a di. ersc mix of target markets ranging from young households through and including seniors, all of whom will be looking for housing products that offer greater flexibility, but do not sacrifice amenities. In rev iewing the proposed product types, we suggest that you consider increasing the average size of the condominium units and that the pricing on these units could also increase and still be very marketable." i