Title
University Corners Transformational Projects 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 a group of developers led by the Swerdlow Group for the Transformational Projects Incentive Program for the University Corners project in February 2013. The application was revised and resubmitted in April 2013 and July 2013. The developer also provided supplemental information in August 2013.
The final revised application of University Corners project as presented to the CRA Board at its November 18, 2013 meeting consisted of 78,330 square feet of retail, 500 residential rental units, 142 hotel units, approximately 1,131 parking spaces and common areas and courtyards. The developers indicated that they would meet affordable housing and green building requirements. The final incentive request from the developers was for $48,786,336 ($24,182,156 Net Present Value) over 20 years to assist the project.
CRA staff prepared a report containing its review and analysis of the application which was discussed at the November 18, 2013 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 ...
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