Planning Commission Minutes 2019 02 14

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Planning Commission Meeting Minutes February 14, 2019 Page 5 of 17 Hsu asked about the connection between the three loans and the concurrent construction requirement. McClure responded that it helped with flexibility with balancing multiple lenders and equity requirements. They did not intend to bring the final commercial building to market immediately, just because the general ability to execute both properties next existed to begin with due to the availability of capital and the loan timelines. Williams asked what had changed financially between 2016 and now. McClure replied that construction prices had gone up, but it had always been their intention to build the Foundry building first. Williams asked if, under the original PUD, McClure would have had to come forward with an amendment. McClure replied that he had always intended to build the Foundry before building E and had misunderstood the original language. Williams asked if this property was included in the mill levy. McClure confirmed. Williams asked about the subdivision agreement and if it was just for the residential. McClure replied that it was for the entirety of the property. Williams asked if there was an HOA associated with the subdivision agreement. McClure replied that they intended to have one HOA for the condos and a property management group for the commercial buildings. Williams asked for confirmation that all the proposed properties would be paying into the metro district at different rates. McClure confirmed. Hsu asked which residential building would be built last. McClure replied that buildings A and B would be built first and in tandem, if they could get the equity in the loan package. He intended to build all 32 units as age -restricted units if possible. Hoefner asked which residential building would be built last. McClure replied that it would be building D. Williams asked what triggers existed to build the second building.