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Developer Proposals Matrix
Dakota | Womens/Hope | R.A.L. | Horton | |
---|---|---|---|---|
Propsed Use | 40 age-restricted
residential rental
apartments (studios
& 1 bedrooms).
80% affordable,
20% market rate |
28 residential rental
apartments (1 & 2
bedrooms). Low
income and market
rate |
20 residential condo
units (2 & 3
bedrooms). Market
rate: ($850,000 - $1.2M) |
Mixed use: 11,000sf
office and 21 rental
apartments (15
1bdrm, 6 2bdrm).
Office: market rate;
apartments: market
($1,900-$4,900) |
Legal | Sale | Long term ground lease (minimum 50 years) |
Sale | Sale |
Purchase Price | $250,000 | Annual rental
payments TDB |
$250,000 + revenue
share of 15% of
sales over $700/psf |
$300,000 +
required property
relocations and
enhancements
valued at $175,000 |
Long Term
Management |
Property
management
company; Dakota
would retain
ownership at least
15 years |
Hope Partnership to
manage |
Managed by
homeowner
association |
Property
management
company; Horton
Group to retain
ownership |
Annual Tax
Revenues
(Estimates by
Developers) |
$40,000/$6 per
household* |
TBD | $375,000/$52 per
household* |
$170,000/$23 per
household* |
Community
Space |
Gymnasium (shared
with residents) |
Theatre (shared
with residents) |
None | None |
Parking | 43 spaces | 50 spaces | 33 spaces | 63 spaces |
Financing Factors | Financing
contingency for
state funding and
tax credits |
Financing
contingency for
state funding,
brownfield grants,
and tax credits |
Self financed; no
contingencies |
Conventional
financing
contingency. Phased
construction (3
years) |
Demolition &
Land use |
No demolition.
Land: Building
footprint, parking
and access drive |
No demolition.
Land: Building
foodprint, parking
and access drive.
Septic under fields. |
No demolition.
Land: Building
foodprint, parking
and access drive |
No demolition.
Land: Building
footprint, parking
and access drive.
Relocation of
basketball court, 1
ballfield, and
reconfiguration of
Chamber and Youth
Services parking
and septic for
additional parking |