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dor v L Met Covnc SAC, O,i, ,f ? REQUEST FOR COUNCIL ACTION • Date: October 4, 2001 Item No.: Department Approval: Administrator Approval: Agenda Section: Zoning Name: Michael P. Gaffron Title: Planning Director Item Description: #2640/2641 Dunbar Development Corp., 2060 Wayzata Blvd. - Status Update (Final Council Approvals Scheduled for Oct. 22) - Review Senior Housing Final Building/Site/Landscaping Plans The Dunbar senior housing/office building project approval process is nearly complete,and final Council actions are tentatively scheduled for the October 22 meeting. In order that Council have as much time as possible to review the final documents, plans and conditions of approval, this item is placed on Council's agenda for discussion October 8 to identify any remaining issues or concerns. This will allow staff 2 weeks to address any outstanding items so that final approvals can be efficiently handled on October 22. List of Exhibits A - Draft Development Agreement B - Draft PUD 2A (Office) Developers Agreement C - Draft PUD 2B (Senior Housing) Developers Agreement D - Draft Preliminary Plat Approval Resolution E - Draft Final Plat Approval and General Development Plan Approval Resolution F - Draft Rezoning and PUD No. 2 Ordinance G - Miller Johnson Steichen Kinnard - Housing revenue Bonds Summary of Terms H - Senior Housing Building Floor Plans and Elevations I - Site Plan, Grading & Erosion Control Plan, Utility Plan J - Senior Housing Landscape Plan Project Staging Planned. Dunbar has had difficulty finding tenants for the office building. As a result, he is splitting the project into 2 phases: Phase 1, the senior housing building, will be commenced late this fall. Phase 2,the office building,will not commence until at least sometime in 2002. Most site work for the office will be delayed as well. Dunbar is also considering whether a senior assisted living project might be more feasible than the office on Lot 1,and whether additional acreage might be added to the site... HUD Financing No Longer Proposed. The HUD programs which Dunbar originally intended to make use of, ha\e not been funded by the Feds and there is no relief on the immediate horizon. As of mid August, his plan has been to find private financing for the $8 million Senior Housing Revenue Bonds. We have received information that Miller Johnson Steichen Kinnard, Inc. will be underwriting the Bonds. Their summary of terms is attached as Exhibit G.