Title
University Corners Transformational Incentive Program Application (B)
Explanation
University Corners is a proposed mixed use development for the northwest corner of University Avenue and Northwest 13th Street. The project covers three City blocks extending northward towards Northwest 3rd Avenue and westward towards Northwest 14th Street. The CRA received an application for this project in February 2013. The application was revised and resubmitted in April 2013 and in July 2013. The developer also provided supplemental information in August 2013.
CRA staff prepared a report containing its review and analysis of the application which was discussed at the November 18th CRA Board meeting. At that time CRA staff recommended rejecting the application because it did not satisfactorily meet several program requirements including, affordable housing, Green Building requirements, and did not provide all of the requested application materials needed for analysis such as individual cost breakdowns, and property deeds, leases or letters of intent from tenants. Additionally the applicant requested more funding than it was eligible to receive and did not demonstrate a “but for” gap that could be verified.
CRA staff also recommended that the applicant enter into discussions with the CRA to discuss ways that the CRA could assist with public infrastructure elements of this private development project.
Following the November 18, 2013 CRA Board meeting, the CRA staff and its consultants have had frequent interactions and meetings with the development team to discuss the project and to identify project components where costs could be reduced, revenues could be increased and to identify alternative sources of financing that could potentially assist this project. A detailed analysis of the actual parking needs was performed as part of the CRA’s analysis.
At the March 17, 2014 meeting, CRA staff provided an update on the discussions to date and propos...
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