The financing details, costs, and developers' fees are all part of the packet provided to the CD Committee for today's vote. It is also online currently at:
http://www.ci.minneapolis.mn.us/council/2004-meetings/20040514/Docs/10_F inal_report_term_sheet_4_29.pdf I'm sure that link will break, so if it does, it is available on the CD Committee's agenda schedule on the city's web site. Of note: Ryan Companies is deferring its developer fee of $1.75 million to help finance the deal. Sherman Associates does not defer its fee and collects total developer fees of $5.5 million as follows: $2.3 million for building 82 owner-occupied units in the Sears Building, which are predicted to sell for $218,000 per unit on average (all 1 to 2 bedroom loft style homes); and $3.2 million for building 221 units of rental housing in the Sears Building, with 177 of the units predicted to be available to those making 60 percent or less of the Metropolitan Median Income (MMI). My understanding is that the rental housing is intended to also be senior housing. PPL is building 60 units of owner-occupied housing along the perimeter of the parking ramp. Units are predicted to sell for $172,000 per unit on average. PPL is proposing a $600,000 developer fee, which it is not deferring. Gregory Luce Project 504 Residing in St. Paul The List Manager wrote: Council committee approves Sears deal: >From the story: Goodman said she looked hard at the numbers before taking the vote Tuesday and then asked herself three questions: Is there anyone who can do this better? Would we like the result? Can anyone do this less expensively? She said she didn't think anyone could do it cheaper or better and that she didn't want to see the historic building torn down and replaced by big-box retail. "This is something not only that we can live with but that we can be proud of," she said. http://www.startribune.com/stories/462/4759109.html REMINDERS: 1. Think a member has violated the rules? Email the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
