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REgUKST FOR COUNCIL ACTION <br />••• * <br />ocroaaioi <br />Dale: <br />Item No.: ^ <br />DeiMrtmcnl Approval: Adrelnlitrator Approval: <br />Name: Michael P. CialTroiV^j^^^ <br />TUk: Planning Dircclor <br />Agenda Section: <br />Zoning <br />Item Description: /^2640/2(hI I Dunbar Development Corp., 2060 Wor/ata Blvd. <br />- Status Update (Final Council Approvals Scheduled for Oct. 22) <br />- Review Senior Housing Final Duilding^Sitc/Landscaping Plans <br />The Dunbar senior housing / office building project approval process is nearly complete, and final <br />Council actions are tentatively scheduled for the October 22 meeting. In order that Council hav e <br />as much time as possible to review the final documents, plans and conditions of approval, this <br />item is placed on Councifs agenda for discussion October 8 to identify any remaining issues or <br />concerns, fhis will allow .staff 2 weeks to address any outstanding items so that final approvals <br />can be cfllcicnlly handled on October 22. <br />List ofEshibils <br />A - Draft Development Agreement <br />B • Draft PUD 2A (Oflice) I>cvelopers Agreement <br />C - Draft PUD 2B (Senior Housing) Developers Agreement <br />D - Draft Preliminary Plat Approval Resolution <br />E • Draft Final Plat Approval and General Development Plan Approval Resolution <br />F - Draft Rezoning and PUD No. 2 Ordinance <br />G - Miller Johnson Stcichcn Kinnard - Housing revenue Bonds Summary of Terms <br />H - Senior Housing Building Floor Plans and Elcv^ations <br />I - Site Plan. Grading & l:rosion Control Plan. Utility Plan <br />J - Senior Housing Landscape Plan <br />Project Staging Planned. Dunbar has had difficulty finding tenants for the oftlcc building. As a <br />result, he is splitting the project into 2 phases: Phase 1. the senior housing building, will be <br />commenced late this fall. Phase 2. the oflice building, will not commence until at least sometime in <br />2002. Most site work for the oftice will be delayed as well. Dunbar is also looking at other potential <br />options fur the oflice site. <br />HUD Financing No Longer Proposed. Although Dunbar originally planned to use I lUD financing <br />for this project, he concluded that the anticipated delay's in completing the HUD process would <br />adversely affect the project schedule. Instead, he has obtained private financing through Miller <br />Johnson Steichen Kinnard. Inc. for underwriting the S8 million Senior Housing Re\*cnue Bonds. <br />Their summary of tciins is attached as Exhibit G.