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THE CITY OF ASPEN MEMORANDUM TO: Mayor and City Council FROM: Chris Everson, Affordable Housing Project Manager THRU: Barry Crook, Assistant City Manager DATE OF MEMO: March 18, 2011 MEETING DATE: March 22, 2011 RE: Proposed Presales Program for Burlingame Phase II REQUEST OF COUNCIL: Direction Requested PREVIOUS COUNCIL ACTION: On November 23, 2010, Aspen City Council directed staff to create an RFP for the presale of housing at Burlingame Phase II. On January 3, 2011, Aspen City Council reviewed and approved the release of the Burlingame Phase II presales RFP. BACKGROUND: Staff released the Burlingame Phase II presales RFP January 4, 2011. Per usual City procurement process, the RFP was advertised on the City's website as well as in Roaring Fork Valley and Denver publications. The RFP was also circulated via direct email to dozens of real estate sales and marketing organizations within the Roaring Fork Valley and Front Range areas. Representatives from approximately six organizations attended a pre - submittal conference which was held in Council Chambers. DISCUSSION: On February 4, 2011, only 1 response to the RFP was received from JBS Real Estate of Carbondale. Staff received feedback that the program described in the RFP was too complex to respond to and for that reason received a very low response rate. An evaluation committee consisting of 7 staff members and 1 citizen volunteer performed a comprehensive evaluation of the lone proposal and interviewed John Bender of JBS Real Estate. The committee agreed: 1. that the proposing firm, a 1- person brokerage, did not have sufficient resources in -house to adequately staff the effort 2. that the proposing firm did not propose a hands -on approach that the presales effort will require and rather proposed to manage a further outsourced effort 3. that the proposing firm was not bringing enough value to the program to be in the best interests of the City of Aspen 4. that a shared effort among APCHA and City of Aspen staff would bring more value and expertise to the program than would be achieved by hiring JBS Real Estate Page 1 of 3 THE CITY OF ASPEN Instead of recommending to hire JBS Real Estate, the evaluation committee is instead recommending that the City utilize a shared effort between APCHA and City staff. The evaluation committee has produced a comprehensive set of exhibits that describe the proposed program. Those exhibits are attached to this memo. In summary, City staff will support APCHA to get the operation up and running then APCHA will manage the operation. APCHA and City Capital Asset Department staff will report together to City Council at appropriate milestones throughout the program, and the terms of the buyer presales agreements will be designed so that City Council may of course discontinue the program if deemed necessary. The primary supporting rationale for the proposed shared effort between APCHA and City staff is that APCHA now has Teresa Pollack on staff full -time. At the time the RFP was released, Teresa was not on staff with APCHA. Teresa is an experienced real estate sales and marketing professional and a licensed Colorado real estate broker who has a verified, successful local work history. Greg Hunter of Morris & Fyrwald, who often advises the City on real estate matters, has confidence in this proposed plan and in Teresa's abilities from his prior direct work experience with Teresa. The committee's recommendation to reject the lone proposal is also supported by the following language in the RFP: "6.1.1 The City of Aspen reserves the right to reject any or all Proposals or accept what is, in its sole judgment, the Proposal which is in the City's best interest." FINANCIAL /BUDGET IMPACTS: So that the Council may see what expenditures would be incurred in the event that the program is discontinued at some point during the process, the estimated budget for the proposed effort is subtotaled cumulatively to various milestones in the table below and includes all foreseen expenses such as staff time, advertising, direct mail marketing, marketing collateral, legal and other support services, computer hardware and software, website and contingency: Up to End of Aug Up to Nov 2011 Up to End of Up to End of Up to End of 2011 Election 2011 2012 2013 $214,772 $267,973 $298,570 $351,760 $412,416 In addition to the above estimated budget, the proposed presales program includes buyer incentives (further described within the exhibits) which may potentially total $175,000 if 82 units (half of Phase II) are pre -sold utilizing the proposed buyer incentives. The estimated budget also includes additional services from Rider Levett Bucknall (Owner's Agent) and OZ Architecture as needed to support the effort. The associated contract addenda for those additional services will be presented to Council for consent at a later date. Page 2 of 3 1 4 1 E 1 THE CITY OF ASPEN The above estimated budget for the proposed staff approach plus the proposed buyer incentives totals to $587,416 and fits within the 2011 Burlingame Phase II budget (carried over from budget savings in 2010) and is 8% lower than total of $641,272 proposed JBS Real Estate (which did not include additional staff time that would be necessary to properly support an outsourced effort); yet the proposed staff approach includes a higher level of hands -on care and oversight than was proposed by JBS Real Estate. While the primary reason for the presales program is to measure the immediate demand for housing at Burlingame Phase II, there is an additional fiscal rationale for the proposed program as estimated above and including the proposed presales buyer incentives: The Burlingame Phase II IPD team has estimated that if the City can develop 82 units in the first Phase II mobilization instead of only 52 units in the first Phase II mobilization, there is the potential to save over $3 million on future project costs. The investment of funds for the proposed presales effort as well as the proposed buyer incentives would be far outweighed by this savings, and a properly -run presales effort with the right buyer incentives provides the best opportunity to achieve that savings. ENVIRONMENTAL IMPACTS: N/A RECOMMENDED ACTION: If Council can agree in general to the proposed staff approach, City Capital Asset Department and APCHA staff could begin working immediately to get a Reservation List opened perhaps within the first week of April. A Council decision on the proposed presales policies in Exhibit C is not be immediately needed to start a Reservation List since no deposits would be collected until a Reservation Agreement containing appropriate terms could be drafted and approved. Therefore a discussion of the proposed presales policies shown in Exhibit C could be tabled until a work session on April 4 unless Council would rather have that discussion at present. ALTERNATIVES: The evaluation conmuttee does not recommend the alternative of hiring JBS Real Estate for an outsourced approach to presales. In the event that Council cannot approve the proposed staff approach, other alternatives may be explored. CITY MANAGER COMMENTS: ATTACHMENTS: Exhibit A: Teresa Pollack Resume Exhibit B: Detailed Work Plan for the Proposed Staff Approach Exhibit C: Evaluation Committee Recommended Presales Policies Exhibit D: Detailed Budget Estimate for the Proposed Staff Approach Exhibit E: PowerPoint Summary Slides Page 3 of 3 Exhibit A: Teresa Pollack Resume (Page 1 of 2) Teresa Pollock P.O. Box 2016 (0162 Original Rd) Fax: 970-927-0365 Basalt, CO 81621 Cell: 970- 618 -2894 Email: bulldog @sopris.net AREAS OF STRENGTH • Strong computer literacy and experience in all Microsoft programs including but not limited to: Outlook, Word, Office, Excel, Access, Power Point, Pad, Smart Phones, and Publisher, MAC operating systems. • Strong experience in RE sales and the development of contracts, including contract knowledge, negotiation, execution and closing skills in real estate — including experience with leases. • Extensive client and customer service skills & training. • Marketing and public relations experience, teaching & presentation skills, multi- media, multi- project management skills. Experience in coordination of special events both large and small. • Experience in human resources in the areas of administration, employee service, forms, benefits, insurance, and confidential record keeping. • Ability to adapt and excel in new learning environments. • Desire for extended learning and teaching. Proven and dependable employee. • Exemplary communication and public relation skills. EDUCATION Bachelor of Science, University of Nebraska - August 1988 Major: Development & Behavioral Psychology, Minor: Public Administration Certificate of Occupational Completion /RE Business Certificate Colorado Mountain College — October 2006 State of CO Brokers License Real Estate Sales (Currently licensed & insured until 2012 through DORA) PROFESSIONAL EXPERIENCE City of Aspen — Pitkin County— Housing Office (APCHA) Administrative Assistant — Full -time February 2011 — Present Hired full time on 2/22/11. Responsible for administration duties, helping the public /perspective clients with questions, sales & rentals of employee housing, developing forms and formats, pre - qualifying clients for housing products, creating and tracking databases, and helping with special projects /events. City of Aspen Human Resources Department Administrative Assistant — Part-time May 2010 — February 2011 Worked part time as an assistant to Alissa Farrell, Amy Leach, Adamo Bussaco and Ada Christensen. Responsible for reception duties, helping employees with questions, forms and formats, filing, file scanning, office supply /storage maintenance, creating and tracking databases, and helping with special HR projects /events. Morris & Fyrwald Sotheby's Realty Apr. 2006 — Dec. 2010 Real Estate Broker /Licensed RE Assistant — Full -time Employed for the first 2 years as an Executive Assistant to several top producing Brokers before going out on my own as a licensed broker. Responsible for client interaction, file maintenance, contract creation, new business development, property leasing, deadline tracking, scheduling, open houses, showings, accounting of all expenses, licensing, compliance tracking, security, leasing of properties. Closed $6 million in transactions as an independent broker. Teresa Pollock, Resume Exhibit A: Teresa Pollack Resume (Page 2 of 2) Aspen Performance Group Oct. 2008 — April 2009 Office Administrative Assistant — Regular, Part-time Processed time sensitive stock reports, responsible for filing & shipping to corporate locations, office management, coordinated special projects for owner. Part time, flexible position while working as a broker. City of Aspen Parks Department April. 2005 - Apr. 2006 Administrative Assistant Coordinated daily office tasks for 5 supervisors. Responsible for office reception, extensive customer service with the public, HR duties, special projects, tree /parks use permits, and public meetings for the Parks Dept. Agenda West Program Account Coordinator Dec. 2001 - March 2005 Medical event planner for a large pharmaceutical based company. Provided daily office operations, design management, and logistical arrangements in conjunction with detailed attendee management, assisted with final billings, traveled to events. Laid off due to company closure nationwide. TP Office Services, Basalt, CO Dec. 1997 - Nov. 2001 Owner /Operator of Office Services Provided contractual services to local small businesses while raising my two small children. Clients included Forsythe Investments, and Gallegos Corporation plus others in the valley. Aspen Skiing Company Sept. 1991 - Nov. 1997 Group /Hotel Sales, HR/Risk Management Assistant Responsible for high level of customer & client service, room sales /group sales, confidential record keeping, legal documentation, risk & OSHA safety modification requirements, employee /client relations, injury claims administration, employee orientation planning, reception, and highly confidential case management. REFERENCES Greg Hunter and Patti Hunter Morris and Fyrwald Sotheby's Realty — Aspen Managing Broker and Office Manager for Brokers PH: 970.925.6060 Alissa Farrell City of Aspen Human Resources Department Director of Human Resources PH: 970.920.5241 Karma Borgquist City of Aspen Parks Department Previous Manager at City of Aspen Parks Department PH: 970.920.5120 Michele Higgs McKinley Realty Previous Manager at Agenda West PH: 970.379.5076 Teresa Pollock, Resume Exhibit B: Detailed Work Plan for the Proposed Staff Approach (Page 1 of 8) REVISED: Burlingame Ranch Phase II — Presales Program Work Plan PART 1: RESERVATION LIST PHASE Draft 14 March 2011 Goal: Set up sales office at APCHA and marketing materials. Initial outreach to potential- buyers with enough information to convince them to sign up on the reservation list. Buyer Experience: 1. Buyer sees advertisements in local media or 2. Buyer receives direct email marketing or 3. Buyer receives direct mail marketing or 4. Buyer receives marketing phone call. 5. Buyer visits presales website to better understand program or 6. Buyer calls APCHA to better understand program or 7. Buyer visits APCHA office to better understand program. 8. Buyer signs up on reservation list via website, APCHA must follow -up on qualification process or 9. Buyer calls APCHA and asks to be put on the list, APCHA must follow -up on qualification process or 10. Buyer visits APCHA and signs up on the list. APCHA must follow -up on qualification process. 11. During APCHA qualification process, buyer pays APCHA qualification fee of $40 Deliverables for this Phase 1. Presales sales and marketing administrator desk, phone, computer at APCHA 2. Collateral materials 3. Prospective buyer database (excel file) email, mail and phone information to be manually scribed from APCHA qualification packet paper files 4. Advertising plan (tactical plan for newspaper ads, direct email, mail and phone) 5. Presales web -page to be set up on City website (with link from APCHA website and City home page) 6. Reservation list (excel file) 7. Summary reports (template for progress reporting) Schedule: 3/22 Council work session — confirm approach 4/5 Council work session — confirm policy decisions 3/23 -4/8 Design of collateral materials, direct mail, advertisements, website, policy documentation, forms 3/23 -4/8 Prospective buyer database (excel file) email, mail and phone information to be manually scribed from APCHA qualification packet paper files 4/11 RESERVATION LIST IS OPEN (an initial basic ad is placed in local papers) 4/11 — 4/15 Meetings to approve collateral materials, direct mail, advertisements, website, policy documentation, forms 4/18 — 4/22 Production of collateral materials, direct mail, advertisements, website, policy documentation, forms 4/20 Website up & running; first round of direct e-mail marketing is sent 4/22 More 'official-looking' designed ads begin running 4/29 First round of direct mail marketing is sent 5/11 Month 1 Progress Report generated, sent to City staff sand City Council Page 1 of 8 Exhibit B: Detailed Work Plan for the Proposed Staff Approach (Page 2 of 8) REVISED: Burlingame Ranch Phase II — Presales Program Work Plan PART 1: RESERVATION LIST PHASE Draft 14 March 2011 RESERVATION LIST PHASE WORK TASK ASSIGNMENTS DELIVERABLE TASK RESPONSIBILITY 1. Well- defined presales program a. Identify all required program & policy decisions Chris leads Scott S, Barry, Cindy, Tom, Teresa support b. Review and make program & policy recommendations Chris leads Scott S, Barry, Cindy, Tom, Teresa support c. Confirm program & policy decisions Council d. Excel file of contact name, address, phone #, email Teresa leads Chris, Scott S, Cindy, support e. Identify core message for outreach Chris leads Scott S, Cindy, Teresa support f. Provide imagery for collateral Chris leads Scott S support g. Document policies Chris leads Scott S support 2. Project office a. Print stock of collateral materials for office Chris leads Scott S + OZ support b. Staff office and phones for agreed hours of operation Teresa leads c. Make presentations to buyers in office Teresa leads d. All administrative / operational tasks related to presales Teresa leads office (rent, utilities, services, backup, etc.) 3. Collateral materials a. Recommend specific collateral materials and content Chris leads Barry, Scott S, Cindy, Teresa support b. Identify recommended quantities, printers and costs Chris leads c. Review and comment on collateral materials Tom, Cindy and Teresa d. Approve collateral materials plan Barry and Scott M e. Design collateral materials Chris leads Scott S + OZ support f. Print collateral materials Chris leads Scott S + OZ support Page 2 of 8 Exhibit B: Detailed Work Plan for the Proposed Staff Approach (Page 3 of 8) REVISED: Burlingame Ranch Phase II — Presales Program Work Plan PART 1: RESERVATION LIST PHASE Draft 14 March 2011 DELIVERABLE TASK RESPONSIBILITY g. All administrative / operational tasks related to collateral Chris leads materials (retain, pay and manage designers & printers, Scott S support deliveries, etc.) 4. Advertising plan a. Identify prospective outlets Cindy leads Teresa and Chris support b. Recommend advertising plan (content, schedule, costs) Cindy leads Teresa and Chris support c. Approve advertising plan Barry, Scott M and Chris d. Compose advertisements Cindy leads Teresa and Chris support e. Place advertisements Cindy leads Teresa support f. All administrative / operational tasks related to Teresa advertising plan (proofs, invoices, monitoring, etc.) 5. Direct mail and calls a. Review information on prospective buyers (APCHA Cindy and Teresa qualified buyers, and buyers from prior bid processes) b. Identify other potential sources of prospective buyers Cindy and Teresa c. Evaluate, cull and build upon APCHA and other Teresa information sources to develop a targeted database of prospective buyers with comprehensive data d. Propose direct mail plan (recipients, schedule, cost) Cindy e. Approve direct mail plan Barry, Scott M and Chris f. Print direct mail materials Cindy and Teresa g. Address and mail direct mail materials Teresa h. Propose script for calls Cindy and Teresa i. Approve script Barry, Scott M and Chris j. Make calls and solicit buyers Cindy and Teresa k. All administrative / operational tasks related to above Teresa 6. Website a. Propose website content & design (incl. costs) Chris leads Scott S + OZ support Page 3 of 8 Exhibit B: Detailed Work Plan for the Proposed Staff Approach (Page 4 of 8) REVISED: Burlingame Ranch Phase II — Presales Program Work Plan PART 1: RESERVATION LIST PHASE Draft 14 March 2011 DELIVERABLE TASK RESPONSIBILITY b. Review and comment on website Tom, Cindy + Teresa c. Approve website plan Barry, Scott M + Chris d. Create website Chris leads Scott S support e. Manage & update website Chris leads Scott S support f. All administrative / operational tasks related to above Chris leads Scott support 7. Prospective buyer database / reservation list a. Propose specific information to be collected from Cindy and Teresa prospective buyers for the database b. Develop a system (software, files, templates, etc.) to Cindy and Teresa efficiently collect, manage and secure buyer information c. Propose a reporting plan to update COA on status of the Cindy and Teresa database and reservation list (content and frequency) d. Approve buyer info collection & reporting plan Barry, Scott M + Chris e. Make contact with buyers (office / phone / email other) to Cindy + Teresa facilitate buyers being placed on reservation list f. Plan and host weekend events to solicit buyers Cindy + Teresa g. Facilitate buyer qualification through APCHA Cindy + Teresa h. Manage database and reservation list Cindy + Teresa 8. Summary reports a. Develop and distribute progress reports as agreed Chris leads Scott, Cindy and Teresa support b. Develop City Council report and presentation Chris leads Scott, Cindy and Teresa support c. Make presentations to City Council Chris leads Scott, Cindy and Teresa support Page 4 of 8 Exhibit B: Detailed Work Plan for the Proposed Staff Approach (Page 5 of 8) Burlingame Ranch Phase II — Presales Program Work Plan PART 2: RESERVATION AGREEMENT PHASE Draft 14 March 2011 Goal: Convert potential buyers on the reservation list to signed reservation agreements and to collect refundable deposits. During this time, it is expected that outreach will continue to bring new potential buyers into the process as well. Buyer Experience: 1. Buyer sees Council authorize reservation agreement phase 2. Buyer receives instructions from APCHA via phone, email or mail 3. Buyer visits mortgage lender and completes prequalification process 4. Buyer goes to presales office, provides documentation of mortgage prequalification, writes $500 (refundable) check and signs reservation agreement 5. Buyer locks in place in line for selecting unit 6. Buyer locks in price, including incentives (outreach described in prior phase continues to solicit new buyers) PPM Deliverables: 1. Reservation agreement form 2. Buyer instructions 3. Signed reservation agreements and refundable deposits 4. Continued outreach & office operation 5. Summary reports - - Schedule: 6/14 Council update; decision on reservation agreement phase 6/15 — 6/17 Internal meetings to confirm all details 6/20 — 6/24 Buyers on reservation list receive instructions about process, details and schedule 7/11 COA starts accepting reservation agreements, 9am 7/11 — 8/21 Buyers sign reservation agreements (6 weeks) 8/9 Council update 8/22 Council update; decision on ballot question Work Plan: DELIVERABLE TASK RESPONSIBILITY 1. Reservation agreement form a. Draft initial reservation agreement (with legal support) Chris leads Scott S, COA Law and Mike C support b. Review and comment on reservation agreement Tom, Cindy + Teresa c. Edit and finalize reservation agreement Chris leads Scott S, COA Law and Mike C support 2. Buyer instructions a. Draft initial buyer instructions (requirements, schedule, Chris leads policies, incentives, contact info for questions, etc.) Scott S support Page 5 of 8 Exhibit B: Detailed Work Plan for the Proposed Staff Approach (Page 6 of 8) Burlingame Ranch Phase II — Presales Program Work Plan PART 2: RESERVATION AGREEMENT PHASE Draft 14 March 2011 DELIVERABLE TASK RESPONSIBILITY b. Review and comment on buyer instructions Tom, Cindy + Teresa c. Edit and finalize buyer instructions Chris d. Print and send buyer instructions; follow up to confirm Teresa receipt e. All administrative / operational tasks related to above Teresa 3. Signed reservation agreements and refundable deposits a. Work with COA to establish deposit escrow accounts Cindy leads Chris support b. Meet with buyers, confirm APCHA and mortgage Cindy + Teresa prequalification, collect buyer deposits, assign priority for unit selection, confirm unit price and incentives, and facilitate process to execute reservation agreements c. Receive buyer deposits and deposit in escrow account Cindy + Teresa d. Execute reservation agreements Cindy + Teresa e. All administrative / operational tasks related to above Teresa 4. Continued outreach efforts & office operation a. Staff office and phones for agreed hours of operation Cindy + Teresa b. Make presentations to buyers in office Cindy + Teresa c. Create and place advertisements Cindy + Teresa d. Print, address and mail direct mail materials Teresa e. Make calls and solicit buyers Cindy + Teresa f. Manage & update website Chris g. Manage database and reservation list Teresa 5. Summary Reports a. Develop and distribute progress reports as agreed Cindy + Teresa b. Develop City Council report and presentation Chris leads Cindy + Teresa support c. Make presentations to City Council Chris leads Cindy + Teresa support Page 6 of 8 Exhibit B: Detailed Work Plan for the Proposed Staff Approach (Page 7 of 8) Burlingame Ranch Phase II — Presales Program Work Plan PART 3: PRESALES AGREEMENT PHASE Draft 14 March 2011 Goal: Convert potential buyers with Reservation Agreements to signed Presales Agreements and to collect non- refundable deposits. During this time, it is expected that outreach will continue to bring new potential buyers into the process as well. Buyer Experience: 1. Buyer sees successful vote on funding 2. Buyer receives instructions from APCHA via phone, email or mail 3. Buyer visits mortgage lender and verifies continued prequalification 4. Buyer goes to presales office, provides verification of continued mortgage prequalification, writes $1,500 (non - refundable) check and signs presales agreement 5. Buyer selects unit 6. Buyer chooses finish upgrade options, write a check for finish option upgrades (outreach described in prior phase continues to solicit new buyers) PPM Deliverables: 1. Presales agreement form 2. Buyer instructions 3. Signed Presales agreements and non- refundable deposits 4. Continued outreach & office operation 5. Summary reports Schedule: Nov 2011 Ongoing after election Work Plan: DELIVERABLE TASK RESPONSIBILITY 1. Presales agreement form a. Draft initial reservation agreement (with legal support) Chris leads Scott S, COA Law and Mike C support b. Review and comment on reservation agreement Tom, Cindy + Teresa c. Edit and finalize reservation agreement Chris leads Scott S, COA Law and Mike C support 2. Buyer instructions a. Draft initial buyer instructions (requirements, schedule, Chris leads policies, incentives, contact info for questions, etc.) Scott S supports b. Review and comment on buyer instructions Tom, Cindy + Teresa c. Edit and finalize buyer instructions Chris d. Print and send buyer instructions; follow up to confirm Teresa receipt e. All administrative / operational tasks related to above Teresa Page 7 of 8 Exhibit B: Detailed Work Plan for the Proposed Staff Approach (Page 8 of 8) Burlingame Ranch Phase II — Presales Program Work Plan PART 3: PRESALES AGREEMENT PHASE Draft 14 March 2011 DELIVERABLE TASK RESPONSIBILITY 3. Signed presales agreements and non - refundable deposits a. Work with COA to establish deposit escrow accounts Cindy leads Chris support b. Meet with buyers, confirm APCHA and mortgage Cindy + Teresa prequalification, collect buyer deposits, unit selection, confirm unit price and incentives, and facilitate process to execute presales agreements c. Receive buyer deposits and deposit in escrow account Cindy + Teresa d. Execute presales agreements Cindy + Teresa e. Review finish upgrade options with customer Cindy + Teresa f. Document finish upgrade selections Cindy + Teresa g. Collect funds for finish upgrade selections Cindy + Teresa h. All administrative / operational tasks related to above Teresa 4. Continued outreach efforts & office operation a. Staff office and phones for agreed hours of operation Cindy + Teresa b. Make presentations to buyers in office Cindy + Teresa c. Create and place advertisements Cindy + Teresa d. Print, address and mail direct mail materials Cindy + Teresa e. Make calls and solicit buyers Cindy + Teresa f. Manage & update website Chris g. Manage database and reservation list Cindy + Teresa 5. Summary Reports a. Develop and distribute progress reports as agreed Cindy + Teresa b. Develop City Council report and presentation Chris leads Cindy + Teresa support c. Make presentations to City Council Chris leads Cindy + Teresa support CLOSING CLOSINGS DATES WOULD ONLY BE ESTABLISHED UPON SUBSTANTIAL COMPLETION OF HOUSING UNITS (UPON DRYWALL INSTALLATION) AND APCHA WOULD HANDLE CLOSINGS PER USUAL APCHA PROCESS FOR 2% COMMISSION IN ADDITION TO PRESALES PROCESS COSTS Page 8 of 8 Exhibit C: Evaluation Committee Recommended Presales Policies (Page 1 of 3j Burlingame Phase II Presales Policy Recommendations Revised 3/16/2011 by CE per Evaluation Committee Meeting on 3/15/2011 Item # Issue Policy Options Considered (bold item is recommended) 1 When should buyers be required to qualify with APCHA? 1) Reservation List 2) Reservation Agreement _ 2 When should City begin signing people up to the 1) Immediately upon Council ok Reservation List (see work plan)? - 1) As soon as the Reservation Agreement finalized and escrow account is set up When should City begin accepting signed Reservation 2 ) After Council approves # of people 3 Agreements (see work plan) and associated deposits? on Reservation List 3) After Council decides to put the funding question on the ballot 4) After a successful public vote on funding 1) Immediately upon Council ok 2) After Council approves # of people When should City begin accepting signed Presales on Reservation List 4 Agreements (see work plan) and associated deposits? 3) After Council decides to put the funding question on the ballot 4) After a successful public vote on funding 5 When should buyers be required to pregualifv for mortgage? 1) Reservation Agreement 2) Presales Agreement 6 When should buyers be required to get pre - approved for 1) Reservation Agreement mortgage? 2) Presales Agreement 7 What deposit amount required for the Reservation List? $0 ($40 APCHA qual. fee only) 8 What deposit amount required for the Reservation $500 Agreement? 9 What deposit amount required for the Presales Agreement? +$1,500 ($2,000 total per APCHA) 1) Any reason Under what circumstances is the Reservation Agreement 2) Buyer not qualified for mortgage 10 deposit refundable? 3) City discontinues presales program 4) both 2 and 3 1) Any reason 11 Under what circumstances is the Presales Agreement 2) Buyer not qualified for mortgage deposit refundable? 3) Public vote fails 4) both 2 and 3 12 Transactions will be closed by... j) APCHA _ Is it appropriate to offer incentives to buyers if those 1) Yes 13 incentives may result in construction cost efficiencies due to 2) ¥e scale? 1) Reservation List 14 What milestone establishes a buyer's position in line to 2) Reservation Agreement choose a unit? 3) Presales Agreement 4) Closing 1) Disregard category and go by 15 In what order should buyers of different income categories chronological only receive priority for position in line to select their unit? 2) Chronological order establishes priority within each category Exhibit C: Evaluation Committee Recommended Presales Policies (Page 2 of 3) 16 Should the buyers position in line for unit selection be 1) Transferrable transferrable or non- transferrable? 2) Non - transferrable 1) Reservation List 17 When does buyer select their unit? 2) Reservation Agreement 3) Presales Agreement 4) Closing 1) Upon signing Presales Agreement 18 Up to what milestone can a buyer change the selection of 2) Up until final sales contract, but their unit? only if other buyers are unaffected 3) Both 1 and 2 1) Reservation List 19 What milestone locks -in the year of the buyer's sale price? 2) Reservation Agreement 3) Presales Agreement 4) Closing 1) Reservation List 20 What milestone locks -in the buyer's income category? 2) Reservation Agreement 3) Presales Agreement 4) Final Sales Contract 1) Reservation List 21 What milestone locks -in the number of people in the buyer's 2) Reservation Agreement household? 3) Presales Agreement 4) Final Sales Contract 1) None 2) Two packages only: basic or 22 What type of finish - upgrades should be offered to buyers? upgraded 3) A fixed menu of multiple choices 4) Full customization 1) Reservation List 23 If finish - upgrades are to be offered, when should buyers pay 2) Reservation Agreement the full, unsubsidized upgrade fee? 3) Presales Agreement 4) Closing 1) At no point should credits be offered 24 The City should offer a credit toward a finish - upgrade as an 2) Council decides to put the issue incentive if buyers sign up before... on the ballot 3) 30 Days before the election 4) Election vote on funding 1) Less than $500; 2) $500, If the City should offer a credit toward a finish - upgrade as an 3) $1,000; 4) $1,500 25 incentive, the amount of the credit should be... 5) $2,000; 6) more than $2,000 7) 0.8% of Sales Price (avg.= $2,000) 8) N /A, Credits should not be offered If the City should offer a credit toward a finish - upgrade as an 1) Yes 26 incentive, a buyer who chooses to purchase a basic - finished 2) No unit should be allowed to take the same credit at closing. 3) N /A, Credits should not be offered 27 During the presales agreement period, buyers may tour the 1) Whenever they want construction site to view progress... 2) By appointment only 28 Should the City sell units to qualified employer 1) Yes organizations? 2) No If the City should sell to qualified employer organizations, 1) Unsubsidized 29 units should be sold... 2) Subsidized 3) N /A, do not sell to employers If the City should sell to qualified employer organizations, 1) Sell units to their employees 30 those employers may... 2) Rent units to their employees 3) Both 1 and 2 Exhibit C: Evaluation Committee Recommended Presales Policies (Page 3 of 3) 4) N /A, do not sell to employers 1) Require sale of unit back to employer upon release of employee 2) Receive right of first refusal for 31 If the City should sell to employer organizations, those next available unit, employee employers may... keeps unit upon employee's release (per City Manager) 3) Both 1 and 2 4) N /A, do not sell to employers 32 Should the City sell units to developers seeking mitigation 1) Yes credit? 2) No If the City sells units to developers seeking mitigation credit, 1) Unsubsidized 33 the units should be sold... 2) Subsidized 3) N /A, do not sell as mitigation credit : 1 „» t -; .., ....:. 1 c, �. » »» j � CI O � Z. v, o i wbMav, a ' m 0 .ry cd O al v M W qq L wo w °w aaUca ii) Z7 »S 8 » »» N m 4 a.ri &._. of r a a) Ely rd 1 e !!! 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W THE an of ASPEN MEMORANDUM TO: Mayor and City Council FROM: Chris Everson, Affordable Housing Project Manager THRU: Scott Miller, Capital Asset Director DATE OF MEMO: March 18, 2011 MEETING DATE: March 22, 2011 RE: Single Family Homes for Burlingame Phase II REQUEST OF COUNCIL: Direction Requested PREVIOUS COUNCIL ACTION: At the November 23, 2010 Aspen City Council work session, Council suggested that the Burlingame Phase II Integrated Project Delivery (IPD) team should report back to Council and propose standardized options that would allow purchasers of single family residences at Burlingame Phase II to upgrade the size of their single family residence during the pre -sales process if those buyers were willing to fully fund the upgrades. Council provided this direction after hearing from a member of the public who was in attendance and stated that the home sizes proposed would not meet the needs of his family. BACKGROUND: The original idea for the single family lots in Burlingame Phase I was that owners would purchase lots and owner - develop single family residences. Lot sales were expected to subsidize the rest of the development. Instead, due to the fmancial problems that lot owners experienced during development of their single family residences, the owner - development of the single family residences in Phase I ended up being later subsidized by the City. The increased density agreement that was created in 2009 between the City of Aspen and the existing Burlingame HOA netted the addition of 22 additional units to the project and requires the addition of six single family residences in Burlingame Phase II. At the November 23, 2010 Council work session, the IPD team proposed to design six single family residences per the Burlingame HOA density agreement with each home to be approximately 1,650 square feet livable area plus a 2 -car garage, resulting in homes with three bedrooms plus a den, 2.5 baths and a two -car garage. The IPD team estimated the total cost for the City to develop each of those homes would be approximately $750,000. At the same Council work session, Council discussed at length whether the City should continue to propose that each of the six single family residences should be Category RO and be sold at a price equal to the City's total cost to develop each home and thus be unsubsidized. There was no firm resolution on the topic, and the IPD team was instructed to return with options that would allow purchasers of single family residences at Burlingame Phase II to upgrade the size of their single family residence during the pre -sales process if those buyers were willing to fully fund the upgrades. Page 1 of 3 THE CRY or ASPEN DISCUSSION: Before his departure from Council, Dwayne Romero met with staff and agreed from conceptual sketches that, from his point of view as a developer, the team was taking the correct approach to designing the single family home upgrade options. While the IPD team was conceptualizing the single family home upgrade options, it became clear that the site conditions for single family residences #3 & 4 were considerably different from the site conditions at single family residences #1, 2, 5 & 6. The sloping site at single family residences #3 & 4 make it impossible to offer the same options as can be offered at single family residences #1, 2, 5 & 6. Additional development advice was sought from both Dwayne Romero and Scott Miller who agreed that single family residences #3 & 4 should take advantage of the sloping site and utilize a walk -out basement as an integral part of the home rather than fighting the sloping site which would be a costly and futile construction effort. The IPD team has since further developed the plans and proposes the following: SFRs #1, 2, 5 & 6 SFRs #1, 2, 5 & 6 SFRs #3/4 Without Optional Basement With Optional Basement Basement Included Living Area 1,615 Sq Ft Living Area: 1,615 Sq Ft Living Area: 2,212 Sq Ft Garage: 476 Sq Ft Basement: 797 Sq Ft (Includes Finished Basement) Gross: 2,091 Sq Ft Garage: 476 Sq Ft Garage: 484 Sq Ft Gross: 2,888 Sq Ft Gross: 2,696 Sq Ft The attached exhibits illustrate the proposed plans. The IPD team's current recommendation on the optional basement for single family residences #1, 2, 5 & 6 is that the basements should be offered unfinished with plumbing, electrical and drywall roughed in per the proposed plans, and owners could finish basements on their own schedule and with no assistance from the City. Alternatively, the optional basements could be offered — if Council wishes — as a finished basement thus cost estimates are provided below for all possible options. FINANCIAL /BUDGET IMPACTS: These six single family residences (SFRs) are still currently proposed as Category RO units and thus are intended to be sold unsubsidized. In addition, when shared infrastructure costs are allocated the total cost to develop the Phase II single family residences, the effect is that some subsidy is shifted from the multifamily units into the total cost to develop the single family residences — thus lowering the subsidy of the multifamily units. Range of Total Cost to Develop Phase II Single Family Residences (Based on Current Estimates) SFRs #1, 2, 5 & 6 SFRs #1, 2, 5 & 6 SFRs #1, 2, 5 & 6 SFRs #3/4 Without Basement W/ Unfinished Basement W/ Finished Basement Basement Included $0.8 — 1.0 million $0.9 — 1.1 million $1.0 — 1.2 million $0.9 — 1.2 million The above estimates have been rounded to the nearest $100,000 for simplicity and include the general contractor's estimated construction cost for the single family homes, plus allocated site Page 2 of 3 [14-1 The Cm or ASS costs to develop the Phase II site, shared infrastructure and mitigation costs allocated from Phase I, planning and design fees, land acquisition costs plus 15% contingency on all future costs. Given the level of contingency included, these estimates may be approximately 10 -15% lower when finalized. Since these single family residences are proposed to be Category RO, the final sales price of each single family residence would be equal to the City's total cost to develop. The current estimates shown above are not intended to be used as the final measure of the total cost to develop and more detailed design and estimating will be pursued upon Council direction. The range of costs for each home results from what methodology the City chooses for allocating shared infrastructure costs. If shared costs are allocated on an average per unit basis, this results in the low end of the range and shifts less subsidy from the multifamily units into the cost the single family residences. If shared costs are allocated on a per square foot basis, this results in the high end of the range and shifts more subsidy from the multifamily units into the cost the single family residences. Staff believes that the square footage method is a truer reflection of the City's total cost to develop the single family residences and recognizes that this would cause the sales prices for the single family residences to be at the higher end of the range. An altemative method would be to allocate shared costs on a per bedroom basis which would cause costs to fall within the range. RECOMMENDED ACTION: Staff requests that Council approve the proposed design modifications so that the IPD team may get this information into the final draft of the Burlingame Phase II PUD Application. ALTERNATIVES: Since the sloping site at single family residences #3 & 4 causes the need to create a walk -out basement, single family residences #3 & 4 are larger than the 1,650 square feet originally proposed. This change might relieve the need for offering basement options for single family residences #1, 2, 5 & 6. Council could instruct the IPD team to eliminate the basement option for single family residences #1, 2, 5 & 6, or Council could let the presales process run its course with the basement option offered for single family residences #1, 2, 5 & 6. CITY MANAGER COMMENTS: ATTACHMENTS: Exhibit A: Site plan for identifying location of each single family residence Exhibit B: Proposed plans & renderings for single family residences #1 & 2 Exhibit C: Proposed plans & renderings for single family residences #3 & 4 Exhibit D: Proposed plans & renderings for single family residences #5 & 6 Exhibit E: PowerPoint summary slides Page 3 of 3 ADJACENT TO PHASE ,. I. ;r ,.—< -..yap .ono –`.rtr ?iitt • ... , . sips .„,„.„... , .., .. , .., . . ... ....., • 1 W R Ai U J L a) w E .4-6 m i - ro �' 7 U m LL o o ° .. 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