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