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HomeMy WebLinkAboutcoa.lu.su.715 E Hyman Ave.A84-94 ~. ~\ CASELOAD SUMMARY SHEET City of Aspen DATE RECEIVED: ~/12/94~ PARCEL ID AND CASE NO. DATE COMPLETE: \~ \"kf'1;'_ 2737-182-27-002 A84-94 STAFF MEMBER: LL PROJECT NAME: Kraut Propertv SUbdivision Amendment Project Address: 715 E. Hvman Ave. Legal Address: APPLICANT: Aspen/Pitkin Housina Authoritv. Applicant Address: 530 E. Main st.. Aspen REPRESENTATIVE: Jim Curtis Representative Address/Phone: Dave Tolen 300 E. Hvman Ave. Aspen, CO 81611 920-1395 -------------------------------------------------------------- -------------------------------------------------------------- FEES: PLANNING ENGINEER HOUSING ENV. HEALTH TOTAL $ $ $ $ $ o # APPS RECEIVED # PLATS RECEIVED 1 1 o TYPE OF APPLICATION: STAFF APPROVAL: 1 STEP: ~ 2 STEP: P&Z Meeting Dat~U, QQ., PUBLIC HEARING: YES ~.. .... VESTED RIGHTS: YES ~ CC Meeting Date PUBLIC HEARING: YES VESTED RIGHTS: YES NO NO DRC Meeting Date --------------------------------------------------------------- --------------------------------------------------------------- REFERRALS: City Attorney Parks Dept. School District .~~' City Engineer Bldg Inspector Rocky Mtn NatGas Housing Dir. Fire Marshal CDOT Aspen Water Holy Cross Clean Air Board City Electric Mtn. Bell Open Space Board Envir.Hlth. ACSD Other Zoning Energy Center Other DATE REFERRED:~ INITIALS: 7'VJ DUE: (J 10/ ;~;~~=;~;;~;~7================b~;;=;~;;;b7=7l=r~1:==~;~;~~~7~ _ City Atty _ Housing _ City Engineer _ Open Space _Zoning _Env. Health Other: FILE STATUS AND LOCATION: ,;-'" --. MEMORANDUM TO: Aspen Planning and Zoning Commission Leslie Lamont, Deputy Director Community Development Kraut Property Affordable Housing - Special Review for On-Site Parking Amendment FROM: RE: DATE: December 6, 1994 ----------------------------------------------------------------- ----------------------------------------------------------------- SUMMARY: The Housing Office has requested to amend the approved on-site parking plan for the property to add three parking spaces in the garage. As part of the review and approval of the affordable housing development on the Kraut property, the Planning and Zoning Commission approved Special Review for the parking program. Parking is established by Special Review from the Commission in the affordable housing zone district. APPLICANT: Aspen/Pitkin County Housing Office represented by Jim Curtis LOCATION: 715 East Hyman Avenue, Aspen ZONING: Affordable Housing APPLICANT's REQUEST: The Commission approved the parking plan in November of 1993. The project consists of 27 affordable studio and one bedroom deed restricted housing units. The garage was approved for 55 cars: 27 spaces for residents and 28 spaces to be leased or sold to the public. Through fine tuning the design of the garage, the applicant is now able to add three more spaces to the garage. The applicant requests to amend the approved parking plan to provide 31 spaces for lease or sale to the pUblic while continuing to provide the 27 residential spaces totalling 58 spaces in the garage. Please see submitted application and garage plan, exhibit A. REFERRAL COMMENTS: Please see Attachment B. STAFF COMMENTS: The applicant has redesigned the garage and has "resized" the compact parking spaces in order to gain three additional spaces in the garage. Although the Code does not provide direction with respect to an acceptable level of compact spaces verses standard spaces, chuck Roth has provided some comparisons with" Boulder. Please see his referral comments, exhibit B. Staff expressed some concern with the high number of compact spaces in the garage. There are not many "true" compact cars in this 1/10 /-', r-, community. Large, 4-wheel drive, jeep type automobiles appear to be the norm. In response to staff'scornments, Jim Curtis prepared an extensive review of the dimensions of automobiles commonly found in the valley and the proposed dimensions of the compact and standard spaces provided in the garage. In addition, compact spaces will only be provided for Kraut residents in an attempt to reduce the turnover rate and the homeowners association will have the flexibility to assign spaces to meet resident needs with respect to the size of their car. Staff supports the amended parking plan for the following reasons: * Three additional spaces will be provided in an area that is losing 50 existing leased spaces. * The addition of the three spaces for lease or sale purposes should not pose a problem for the permanent residences. During the original review, a larger garage for public parking was discouraged because of security concerns and the detrimental mix of land uses for the permanent residences. * Because the compact spaces will be resident parking, the anticipated turnover and use of those spaces should be lower than the public spaces. In addition, the homeowner's association could assign spaces for tenants depending upon the size of their car. * The ability to lease or sell three more spaces in the garage will further reduce the pUblic subsidy for the affordable housing. RECOMMENDATION: Staff recommends approval of the amendment to the approved parking plan for 715 East Hyman Avenue with the following condition: 1. Storage space number 2 must be occupied by the owner of parking space number 1 to ensure convenient access to the storage unit. RECOMMENDED MOTION: "I move to approve the amendment to the on- site parking plan for 715 East Hyman Avenue with condition as outlined in staff's memo dated December 6, 1994." ATTACHMENTS: A. Application and Amended Garage Plan B. Referral Comments 2 1r1 r-, "-.. APPLICATION SUMMARY This application is to amend the Special Review Approval for parking for the Kraut Housing and Parking Project. The applicant request to increase the parking in the I-level garage from 55 to 58 spaces by redesigning 14 "larger than normal" compact parking spaces into the garage as shown on the attached drawing. The 14 compact spaces would represent 24% of the total 58 parking spaces in the garage. As construction on the project proceeds, the applicant is continually looking for ways to increase revenues or decrease costs in order to reduce the public subsidy of the project. By allowing the 3 additional spaces in the garage to be sold or leased to the public, at an estimated price of $25,000 per space, this would generate an additional $75,000 revenue for the project. It is believed the "larger" compact spaces will function effectively and efficiently given an enclosed parking garage without snow problems. The Kraut Project is located at 715 East Hyman Avenue south of the Aspen Athletic Club Building. The project was approved on January 24, 1994 (Ord. NO. 65, 1993) and construction started June 21, 1994. The project consist of 27 affordable housing studio and I-bedroom units, a I-level 55 car garage and 1 handicapped parking space in the alley. The 55 car garage was approved with 27 spaces for the residential units (1 space per bedroom) and 28 spaces for sale or lease to the public as determined by Council at a later date. The request to permit some "larger than normal" compact spaces is supported by the following reasons. 1. The additional 3 sale or leased spaces are estimated to generate up to $75,000 additional revenue for the project, thereby reducing the public subsidy of the project. 2. The compact spaces are "larger than normal" compact spaces and only slightly smaller than the City Code standard. These standards are listed below for easy comparison. City Code Kraut Smallest* Rio Grande Garage City of Denver Std. Standard Spaces Compact Spaces Compact Spaces Compact Spaces Width 8'-6" x 7'-11" x 7'-9" x 7'-6" x Length 18'-0" 16'-6" 15'-0" 15'-0" * The proposed smallest compact spaces are 7'-11" x 16'-6" while most of the proposed compact spaces are larger. 1 ~~ ,~ ,-., 3. The parking garage is enclosed and not subject to snow stacking and removal problems. 4. The spaces will be assigned and signed, and will have low turnover usage and repetitive users. The low-activity spaces will not function like high-activity municipal garage spaces with high turnover usage and many users. 5. The extra public spaces will help replace some of the 50 leased spaces that previously used the lot. 6. The City has approved compact spaces previously in the Rio Grande Garage. 7. The parking for the project is established by Special Review which allows for variations in the parking standards based on the merits of the proposal. CAR SIZES AND PARKING SPACE COMPARISON To feel comfortable with the request, the applicant measured various "larger, mid and compact" cars and trucks in town. The measurements were from front to back bumpers and side mirror to side mirror. The car sizes are compared below against the smallest space proposed for Kraut. LARGER CARS/TRUCKS Isuzu Trooper Ford Blazer Jeep Cherokee Ford Tarus Stationwagon Audi 5000 Range Rover Volvo 740 Stationwagon Jeep Grand Wagoneer Toyota Land Cruiser Accura Legend Ford Explorer 4x4 Volkswagon Vanagon Ford 150 Truck Suburban Silverado Ford Bronco WIDTH 6'-0" 6'-1 " 6'-5" 6'-6" 6'-7" 6'-8" 6'-8" 6'.9" 6'-9" 6'-9" 6'-10" 1'-0" 1'-2" 7'-6" 1'-8" LENGTH KRAUT SMALLEST SF ACE WIDTH LENGTH 14'-7" 14'-9" 14'-0" 16'-1 " 16'-1 " 15'-3" 16'-3" 15'-3" 15'-6" 15'-10" 15'-5" 14'-9" 18'-6" 18'-2" 14'-5" 1'-11" 16'-6" 2 1/11. ~ MID TO COMPACT CARS/TRUCKS Ford Tams Subaru Legacy cn Jeep Toyota Camry Honda Prelude Honda Civic Volkswagon Quantum Subaru DL Honda Accord Volkswagen Fox Suzuki Sidekick Saab 900 Turbo GEO Metro Volkswagen GTI 6'-5" 6'.5" 6'.5" 6'.4" 6'-3" 6'.2" 6'.0" 6'.0" 6'.0" 6'-0" 6'-0" 5' .11" 5'.11" 5'.9" ~ 15'.5" 14'.10" 13'.0" 15'.0" 14'.4" 12'-11" 15'-0" 14'-4" 13'.8" 13'.7" 13'.2" 15'.0" 12'-0" 12'.9" Virtually all of the larger cars can fit the smallest proposed space acknowledging that some of the fits are tight. As expected, the mid to compact cars can fit easily. In reviewing the car measurements, it is important to highlight the following points: 1. All of the 31 leased or sale spaces to the public are proposed to be full size standard spaces (8'.6" x 18'-0") to accommodate the largest cars and trucks.. 2. All of the 14 "larger" compact spaces are proposed to be allocated to the residential units. It is reasonable to believe that the residential units will have a mix of compact, mid and larger cars, and as shown, virtually all of the larger cars can still fit the smallest proposed space. 3. The condominium and Homeowners' Association documents for the residential units will be written to allow for a switch of assigned residential spaces, if necessary, to match larger cars to larger spaces after people move.in and subsequently after units are resold. The decision to switch spaces will be solely at the determination of the Board of Directors of the Homeowners' Association to make the parking operate smoothly. 3 ~o . ~ 1""\ (9AOqv) 1331:US lVNIElIl:!O Hlnos : -. . . . ~ , . ~ . " . . . , N. . . . .::I .'. .'. .', ~ " i!,'" .~ .:; ".. , t~ . b Q a.. ~ Q:j ; ,,'. I ~t! t; w ; f" . '" z_ <~ ~~ ~ "'~ . l- E . . . , , ~,. . . ~ N ; . ;; Z ; , . , ! ! I! ; . ~ , . ; . . I ! I ~ IJ ! .l I ., f ! . '" ii ff . ~ lrI- = , <. 'ib . . . I I2J I2J .1 . 3\ I""".., ~ MEMORANDUM To: Leslie Lamont, Planning Office From: Chuck Roth, Engineering Department C-'f?.. Date: November 3, 1994 Re: Kraut Property Subdivision Amendment Having reviewed the above referenced application, the Engineering Department has the following comments: City Code does not provide for allowable percentages of compact car sized spaces. I checked with the City of Boulder. Their code pennits 40% compact spaces for lots of 5- 49 spaces, 50% for 50-100 spaces, and 60% for more than 100 spaces. Based on that, the Engineering Department recommends approval of compact car sized spaces. There is some disagreement about how many spaces are compact size. If the number is 14, the percentage is 24%. If the number is 17, the percentage is 29%. If the three spaces that are sold or leased are full sized, the percentages of the remaining spaces are still under the Boulder guidelines. City Code does not regulate other design standards of parking garages. The aisle widths do not meet two-way traffic aisle widths as specified in the "Traffic Engineering Handbook." The aisles may need to function as one-way aisles. This infonnation is provided for the applicant's benefit. cc: Cris Caruso, Jim Curtis M...."" ~'J- ,~, r-, MEMORANDUM TO: Leslie Lamont, Planning Office FROM: Jim Curtis, Kraut Project Manager DATE: November 15, 1994 RE: Kraut Property Subdivision Amendment Response to Engineering Department Referral Comments I wish to respond to Chuck Roth's, Engineering Department referral comments which are attached. 1. The number of compact spaces proposed. Fourteen (14) compact spaces are proposed based on being less than the 8'-6" width standard of the City Code. Three (3) additional spaces meet the 8' -6" width standard but not the 18'-0" length standard of the City Code for a total of 17 spaces. The 14 spaces equal 24% of the total 58 spaces, the 17 spaces equal 29% of the total 58 spaces. The width measurement was felt to be the more critical measurement, but we agree that 17 spaces technically do not meet the 8'-6" x 18'-0" standard of the City Code. 2. The aisle widths proposed. The aisle widths (driving lanes) proposed are 22'-0" typical. The aisle width specified in the "Traffic Engineering Handbook" referenced by Chuck Roth is 25'-0". The applicant feels very comfortable with the 22'-0" aisle widths for the following reasons: A. The "Traffic Engineering Handbook" width of 25'-0" is for unprotected open air public parking where weather is a consideration and the standard is a conservative engineering standard to cover all situations nationwide. The Kraut Garage has been designed based on its specific size and operational characteristics, and to be cost efficient. The garage will be well lit, not subject to problem weather conditions and will have relatively low turnover usage compared to open air municipal parking or even municipal garage parking. '})?J r""'. ,.-., Memorandum Leslie Lamont November 15, 1994 Page 2 B. The City of Denver "Off-Street Parking Standards" uses between 18 and 23 feet aisle widths, depending on stal1 widths, for open air public parking. The "New Metric Handbook" recommends between 20 and 24 aisle widths for open air public parking. Again, both of these standards are for open air public parking and not an enclosed garage which can have a narrower aisle width. C. We field measured the fol1owing garages: 1. Rio Grande Garage 24'-0" aisles typical 2. Ritz Garage 21'-0" to 21'-11" aisles 3. Little Nel1 Garage 18'-9" to 20'.1" aisles The Kraut Garage at 22'-0" aisles is most comparable to the Ritz Garage which functions quite wel1 in speaking to the parking attendants at the Ritz. The Kraut Garage is slightly less than the Rio Grande Garage which is expected because the Rio Grande is a large 350:1: car municipal garage. The Little Nel1 at 18' to 20' aisles was felt to be a little tight in speaking with the parking attendants. In summary, the applicant feels very comfortable with the 22'-0" aisle widths given the experience of the Ritz Garage, and the specific size and operating characteristics of the Kraut Garage. cc: Chuck Roth ~~ " r'\ r'\ CURTIS '&?j\SSOCIATES September 28, 1994 Ms. Leslie Lamont Aspen/Pitkin Planning Office 130 South Galena Street Aspen, Colorado 81611 Re: Alley Encroachments Alley South of Kraut Housing Project 715 East Hyman Avenue Dear Leslie, During the construction of the above referenced project, it has come to my attention there are several encroachments in the alley south of the project. These encroachments are shown on the attached map and include several Spruce trees, various utility fixtures, old fence line and miscellaneous sheds, trash boxes, etc. behind the Bell Mountain Lodge and Buckhorn Lodge. I bring this to your attention for two reasons; 1. It may be impossible (extremely tight) for trash and delivery trucks to pass through the alley once the Kraut Project is completed. Therefore, prior to the occupancy of the project, it should be verified that trucks can pass through or the encroachments should be removed. 2. It is the responsibility of the Bell Mountain Lodge owner to remove the encroachments and pave the entire alley under the representations of the GMQS Application for the Bell Mountain Lodge, attached. The City may wish to notifY the current owner of the Bell Mountain Lodge of these commitments so they are not overlooked. ' I would appreciate if you would communicate this matter to Bob Gish and Jack Reid so they are also informed. Please feel free to give me a call on any questions or if you wish me to follow-up on this matter in any fashion. Respectfully, 11M ~~ \fC- cc: Ron Sales, Marcal Construction. 117 South Monarch Street Aspen, Colorado 81611 303/920-1395 1"""'1 .~ 'tl - . ,\ ,.;.. i , , I 0"I\J\\I:'\(...,- fl, C v '. \!\J ,\J,,-, I j k!-- ....... c.o.=:-- , . ('". .1../ , \ f(;ft1-r-;, 2737-192").].403 BELL MOUNTAIN LODGE ASPEN, COLORADO TOURIST ACCOMODATlONS GMQS APPLICATION AUGUST 1, 1992 / / ... I....' ~ F. Traffic and Parking The proposed development will have no adverse impact upon the eXisting street system. According to the 1987 Transportation Element Of the Aspen Area Comprehensive Plan, existing peak traffic levels on Spring Street and Cooper Avenue were thirteen hundred (1,300) and thirty-nine hundred (3,900) vehicles per day, respectively. Both of these figures are substantially below allowable capacity levels. Given the proximity of the project to the commercial core area, Aspen Mountain and the City's public transportation routes, traffic increases on the surrounding streets should be minimal. As the circulation Map at the end of this section illustrates, all municipal bus routes currently pass through the intersection of Spring street and Cooper Avenue. For a more detailed analysis, see the engineering report by Schmueser Gordon Meyer, Appendix B, Exhibit 1. ~ In order to enhance traffic circulation, the Appl~cant ..... propos.. to _. signiHcant '""rov'..nts to the ad;ac~t :11.y. -- .. ,"' ._~ .. __.._~..w...~"__....._....,.~.".~"_.~_.,._..,.~...._,,,....__~'" As noted previously, the existing Bell Mountain Lodge encroaches --"',,~.....__._..- .. ---'-."~-"--"~-"'-"-""_W_W'_"_''''_''._'_ into the alley, as do numerous trees and various utility .," .. ------------.-....,....,.,--'--.---~- ...........~..".'w.:................~~.;.__..-,........~,__".......".._. fixtures. The Applicant will relocate the existing utilities ,-......-----... .._......"_.....,..."".._~,.._.. onto the project sJ:1=~,,_,!:F.an_splant the existing trees to the ...........'''-.-.................-........, .." ........ _.~.^""._-""'..,--~-,....."'''~..,......_".......'"...".~.,'~.~,',.....: ...."....._.-"...,...... . extent practicable, and pave the entire alley. The existing curb cut on Cooper Avenue which serves the eXisting lOdge will also be removed, and new curb and gutter installed as required. The elimination of the curb cut on Cooper Avenue will significantly redUce mid-block turning movements and, in conjunction with the 19 r-... ~ KRAUT PROPERTY HOUSING AND PARKING PROJECT 715 EAST HYMAN A VENUE SPECIAL REVIEW AMENDMENT FOR INCREASED PARKING IN THE PARKING GARAGE Submitted To: Leslie Lamont Aspen Planning Office 130 South Galena Street Aspen, Colorado 81611 (303) 920-5090 Applicant: Dave Tolen, Executive Director Aspen/Pitkin County Housing Authority 503 East Main Street Aspen, Colorado 81611 (303) 920.5050 Project Manager: Jim Curtis Curtis & Associates 300 East Hyman Avenue Aspen, Colorado 81611 (303) 920.1395 "'-- October 12, 1994 r'\ ..... _...,--_... ...... --'-""-'--' r'\ ASPEN/PITKIN PLANNING OFFICE 130 S. Galena Street Aspen, Colorado 8l61l (303) 920-5090 FAX# (303) 920-5197 October 18, 1994 Jim Curtis 300 E. Hyman Ave. Aspen, CO 8l61l Re: Kraut Property Subdivision Amendment Case A84-94 Dear Jim, The Planning Office has completed its preliminary review of the captioned application. We have determined that this application is complete. We have scheduled this application for review by the Aspen Planning and Zoning Commission on Tuesday, November 22, 1994 at a meeting to begin at 4:30 p.m. Should this date be inconvenient for you please contact me within 3 working days of the date of this letter. After that the agenda date will be considered final and changes to the schedule or tabling of the application will only be allowed for unavoidable technical problems. The Friday before the meeting date, we will call to inform you that a copy of the memo pertaining to the application is available at the Planning Office. If you have any questions, please call Leslie Lamont, the planner assigned to your case, at 920- 5101. Sincerely, ~ff Administrative Assistant forau:apz.no.ph .'. .' ..,.. ~<'..":". ~..'.;..., .. c,.' _.... ...._ .. . '-.."''''," ""...-.......-" /....\ ~, ASPEN/PITKIN COMMuNITY DEVELOPMENT DEPARTMENT 130 South Galena Street Aspen, Colorado 81611 Phone 920-5090 FAX 920-5439 MEMORANDUM TO: FROM: RE: City Engineer Leslie Lamont, Planner Kraut Property Subdivision Amendment Parcel ID No. 2737-182-27-002 October 18, 1994 DATE: Attached for your review and comments is an application submitted by the Aspen/Pitkin Housing Authority. Please return your comments to me no later than November 4. Thank you. ( ( '~.^ " " .' h I c f.{ . ......, ~,e /7j-1...7 . ~ Roger seconded the motion with all in favor. MOTION Sara: I move to recommend to Council approval of GMQS exemption for the development of 3 dwelling units on Parcel 2--one free market, one resident occupied and one category 3 with the conditions outlined in the staff memo dated December 6, 1994. Roger seconded the motion with all in favor. KRAUT PROPERTY SPECIAL REVIEW Leslie made presentation as attached in record. Jim Curtis: The l-level garage was approved at 55 spaces and we are proposing to go up to 58 with the 3 additional spaces being available for the public. As the proj ect is under cons'truction and on a continual basis we are looking for ways to increase revenues and decrease costs to help reduce the public subsidy amount on the project. And by potentially adding the 3 additional spaces for either lease or sale that can generate up to an additional $75,000 to reduce the subsidy on the project. Roger: I don't have any conceptual problem at all with this. I think it is an excellent idea. Three more lease spaces in this area is great. Curtis: We will condominiumize all of the spaces and then the 31 that go to the public will be either leased or sold based on Council decision. MOTION Jasmine: I will entertain a motion to approve the amendment to the on-site parking plan for 715 East Hyman Avenue with condition as outlined in staff's memo dated December 6, 1994. Roger: So move. And add it is an increase in spaces from 55 to 58 total spaces. Sara seconded the motion with all in favor. --:.- I i ""' .,... .... .., Submitted to: "'" ,.... !"" Prepared by: ,.... .... ~ "" .... .... Technical Assistance: .. { Date: .... ,.., .... ... i ~ , , KRAUT PROPERTY DEVELOPMENT ANALYSIS Aspen City' Council Ms. Amy Margerum, City Manager Aspen City Hall 130 S. Galena Street Aspen, Colorado 8i611 303-920-5205 Mr. Jonathan Rose Mfordab1e Housing Construction Corp. 55A Katonah Avenue Katonah, New York 10536 914-232-1396 Mr.'Harry Teague Harry,Teague Architects 412 N. Mill Street , Aspen, Colorado 81611 303-925"2556 Mr. Jim Curtis Curtis & Associates ,117 S.Monarch Aspen, Colorado 81611, 303-920-1395 , Shaw Construction Company , The Aspen Appraisal Group Chen-NorthemEngineers November 19, 1992 ,.... - ,. - .... ,... - - - - - - - ... ,'- C. - D. - .... ..., KRAUT PROPERTY DEVELOPMENT ANALYSIS In August,1992, City Council contracted with Jonathan Rose, Hany Teague and Jim Curtis to analyze development alternatives for the Kraut Property. The objective was to prepare a framework for City Council to evaluate the competing uses for the property, Le. affordable housing, affordable neighborhood commercial and public parking. The consulting team has examined the following: 1. 2. 3. 4. 5. 6. Identified the development alternatives Examined the architectural bulk and massing of the alternatives Prepared economic proformas of the alternatives Evaluated fmancing alternatives Evaluated public policy issues Evaluated implementation options The next step is for City Council to review the development options', solicit P&Z, neighborhood and public input; and decide upon a development and implementation plan. The consulting team has consciously not recommended a preferred development alternative because it wishes to have a dialogue with Council concerning the alternatives and the implementation strategy. From these discussion, it is hoped a consensus decision will be formed. The fmdings of the consulting team are outlined herein. The ProDertv: The Kraut Property is located at the southwest comer of East Hyman Avenue and South Original Street across from the A:spen Athletic Club. The property is vacant and presently leased as private parking. The property is 15,000 sq. ft and zoned AH (Affordable Housing). The maximum building development is 1:1.1 FAR(Floor Area Ratio) or 16,500 sq.ft FAR. DeveloDment Alternatives: The following development alternatives were examined based on prior Council discussions conceming the uses for the property: A. 100% Affordable Housing . 27 units plus 1 level of underground parking @ 42 cars . Housing either rental or sale Mixed Use Commercial and Affordable Housing . 6,700 sq. ft of commercial and 16 units of housing . 1 level of underground parking @ 41 cars plus 12 surface alleyway parking - Commercial and housing either rental or sale Mixed Use Commercial and Affordable Housing with Live and Work Layout . 6,700 sq.ft. of commercial and 16 units of housing including 6 units of live and work . 1 level of underground parking @ 41 cars plus 12 surface alleyway parking - Commercial and housing rental only 2nd Level Underground Parking . This parking can go with any development option @ 42 cars B. 2 - - - The development alternatives are summarized below and described in detailed later. - \ A. 100% Affordable Housinl! Maximum FAR Unit Count - - - Building Height Parking Per Code Parking Provided - Parking Design - ~ B. Mixed Use Commercial and Affordable Housinl! - 16,500 sq.ft. FAR (15,000 sq. ft parcel @ 1:1.1 FAR) - 27 Units total a. 10 Studios b. li1-Bedrooms 27 . 480-500 sq. ft. gross - 544-768 sq. ft. gross - 3 levels, varies between 25' & 30' height - By special review - 1 carlbedroom @ 27 units - Leased underground parking - Surface alleyway - 1 level underground - Maximum FAR Commercial Sq. Ft Unit Count ... - Building Height Parking Per Code ... Parking Provided - - Parking Design - - - = 27 cars = 15 cars 42 cars = 0 cars = ~ cars 42 cars - 16,500 sq. ft FAR (15,000 sq. ft. parcel @ 1:1.1 FAR) - 6,700 sq. ft net leasable - street level - 16 Units total a. 9 Studios b. II-Bedrooms 16 - 512 sq. ft. gross - 576-742 sq. ft. gross - 3 levels, varies between 25' & 30' height - Residential - By special review - Commercial - 4/1,000 sq. ft net leasable - Residential - 1 carlbedroom @ 16 units - Commercial - 6,700 sq. ft. @ 4/1,000 sq.ft - Leased underground parking - Surface Alleyway - 1 level underground 3 = 16 cars = 27 cars = 10 cars = 53 cars = 12 cars = 41 cars = 53 cars ... - - C. Mixed Use Commercial and Mfordable Housin!!: with Live & Work Lavout ,... Maximum FAR Commercial Sq., Ft - .... ,... Building Height Parking Per Code ... Parking Provided - ,. Parking Design .,.. - 16.500 sq. ft FAR (15.000 sq. ft parcel @ 1:1.1 FAR) - 6.700 sq. ft net leasable - street level 16 Units totals ' a. 6 Studios - 520-528 sq. ft. gross b. 4 I-Bedroom - 621-768 sq. ft. gross c. 5 Studio/Comrn. Lofts - 336-384 sq. ft. gross d. I1-Bedroom/Comm. Loft - 550 sq. ft gross 16 - 3 levels, varies between 25' & 30' height . Residential - By special review - Commercial - 4/1.000 sq. ft net leasable - Residential - 1 car/bedroom @ 16 units - Commercial - 6.700 sq. ft. @ 4/1,000 sq. ft - Leased underground parking = 16 cars = 27 cars = 10 cars = 53 cars - Surface Alleyway - 1 level underground = 12 cars = 41 cars = 53 cars - D. 2nd Level UnderlrrOund Parkin!!: 1. Assume 42 cars under any development 81ternative. - ,... Development Subsidv: Development profonnas have been run for the alternatives and are summarized below. The profonnas and their assumptions are given in the detailed descriptions of the alternatives. - The development subsidy analysis does not include the cost of the land at $1.100.000. The subsidy is only the additional subsidy to develop the project The subsidy may come from the City or other potential outside sources of funds. - - ,... ,... 4 ... - - , - - - - a. Comm. Rental - $25 sq. ft. & 16 Rental Units 4. 2nd Level Underground Parkin!!: - 42 cars @ $150 month year leasing - 42 cars @ $175 month year leasing $ 901.600 562.000 474.000 * These three alternatives Dav for themselves and recaDture some of the land cost. 5 ,""'1 - tiiioloiL Public Policv Issues: Presented below is a brief outline of the key public policy issues involved in evaluating the use of the site.' The consulting team has tried to outline the summary points of each issue for Council's review. Affordable Housinsr - Rental vs Ownership 1. The existing total inventory of affordable housing units (1,300t units) illustrate a greater need for ownership vs rental units as shown in Attachment A. Within the ownership inventory (443 units), there is a need for Studio and I-Bedroom units for single living and a need for family type larger units as shown in Attachment B. Therefore, the Studio & I-Bedroom mix for Kraut is well suited ' to address the Studio and I-Bedroom need for single living. - A. ,... ... 2. ,... 3. - ,-" - -- - 5. - ,.. B. - ,... - 2. ,... - Mixed Use vs 100% Affordable Housinsr 1. The Final Draft of the Aspen Area Community Plan has recommended the property be developed as a mixed-use project under a public/private partnership. The plan also recommended public parking be developed on the site and/or the Bell Mountain Lodge or City Market site. Many of the policy issues and details of commercial development and leasing or sale are unresolved. This evaluation will hopefully resolve many of these issues as commercial development is discussed. The property was purchased with Housing/Day Care funds. If commercial and 2nd level public parking are developed, the Housing/Day Care fund should be reimbursed for the pro rata land cost of these uses. The $1,100,000 cost of the property would be allocated as follows based on each uses pro rata share of the total development cost: $ $495.000 (45%) residential, $ $297.000 (27%) commercial, 1-$308.000 (28%) 2nd level parking. 4. Is this an appropriate comer site for commercial development given that Cooper Street and Spring Street are more heavily commercial streets with City Market, Bell Mountain Lodge, Dustin-Hannah Building, etc.? If the objective is to encourage a mixed-use development pattern for the block, a mixed-use project on Kraut might encourage this. The mixed-use project results in approximately 1,550 less square footage on the 3rd level of the building than the 100% residential scheme as described later. This will generally make the mixed-use project appear slightly smaller and less tall than the 100% residential scheme. Investment Tax Credits can only be used for rental housing. As the profonnas show, the Tax Credits provide an additional direct subsidy to the project and 6 .... - ~ .... .... jIjiiIlIi. - C. ,... - - .... ... - 4. ,- 5. .... 6. .... - - - would reduce the projected rents by approximately 12%. In the Mixed Use Commercial Bulk Sale and Residential Rental with Tax Credits scheme which produces a $175,100 recapture ofland cost, the Investment Tax Credits are valued at $775,071. 3. The rental housing with the Investment Tax Credits generally serves Income Category Mid to High #2. The rental housing without the Tax Credits or the sale housing generally serves Income Categories high #2 to Low #3. 4. Based on its location, is this a more appropriate site for ownership or rental housing? It is felt it would be easier to rent 27 units vs sell 27 units. Under a mixed use program with only 16 units, it would probably be no difference between renting and selling the units. Mixed Use Commercial 1. Is the objective to provide for locallv owned business opporturiities or locallv servicinE businesses or a combination of both? Locally owned businesses would control ownership without concern for the type of businesses. Locally servicing businesses would control the type of businesses and uses under zoning provisions and/or commercial covenants without concern for ownership. 2. The commercial profonnas are assuming a low to moderate market rental rate of $25/sq. ft These rates are not below market or subsidized rates. The rates are based on allowing office uses, providing on-site parldng and not having excessively restrictive use, ownership or leasing restrictions. Is an objective of the commercial use to provide subsidized below market rental rates or simply provide more available neighborhood commercial space at moderate market rates? 3. Should office uses be pennitted within the mixed use commercial? If not, the $25/sq. ft rental rate of the proforinas would be reduced to $20-24/sq. ft. and the development subsidy would increase. Should commercial uses be pennitted that compete with the same type of existing commercial uses? If so, should their rents be subsidized at below market rates to accomplish what public purpose? The commercial square footage under a bulk sale subsidizes the affordable housing by approximately ~ 616.000 . To what level does Council wish to control or be involved in the commercial space? Council could control the space under City ownership with a long term master lease to a private property manager and/or bulk sale the commercial space to a developer controlled by its zoning or a commercial covenant. 7 r- ,... - ,... ... ... ,IIIIOll. - ,... - - .... - - -, - "'" "'" - D. 2nd Level Parkintr I. What is the public objective: a. Provideparking for local residents and workers. This can be accomplished by yearly leasing of the spaces as assumed in the proformas. This should also ease the parking congestion in the area especially if surrounding users were given priority to lease the spaces. However, the City .would be subsiding a specific group of people vs a general public subsidy. b. Provide open public parking for residents and guests. This would recommend operating the 2nd level garage as a mini-municipal garage. Is it economically feasible to do this at 42 cars? How would the garage be managed? 2. Since the City already owns the land, this is a near-term opportunity to provide additional public parking. What other near-term or long-term opportunities does the City have to provide additional public parking? How does the Kraut Property development fit into the recommendations coming from the Transportation Implementation COmmittee? 3. The parking has been designed to be connected to other adjoining potential future parking. However, this flexibility is limited by the entrance point to the parking, the utility lines in the alleyway and the uncertainty of future adjoining parking especially on a 2nd level below grade. 4. How will the parking be paid for? Are funds available? E. Asoen Area Communitv Plan Recommendations The Final Draft of the Aspen Area Community Plan made the following recommendations for the Kraut Property specifically and/or for the general public policy issues involved. I. The property be developed as a mixed-use project under a public/private partnership. Public parking also be developed on the site and/or the Bell Mountain Lodge or City Market site. 2. Growth Action Plan Comments. a. Give a higher priority to on-site housing in the commercial core., b. Study GMQS incentives for local serving neighborhood commercial uses. Ensure that projects which receive such incentives are pennanently 8 I"'" ,... ,... 3. ,... restricted as local serving uses. Transportation Action Plan Comments. a. Pursue the construction of a public parking facility beneath the Kraut Property or the Bell Mountain Lodge/City Market site. - 4. Housing Action Plan Comments. a. ""r b. ~ ,... ,- d. - e. .--, Public resowces should emphasize year-round pennanent resident affordable housing over seasonal affordable employee housing. Ownership housing should be emphasi7.ed. but should not exclude rental housing. Promote quality over quantity in affordable housing archi~, planning, environment and construction, while acknowledging this will increase costs and the required subsidies. c. Encourage government agencies to be the catalyst for the acquisition of employee housing property to be used for affordable housing, but not the owner developer or property manager. Revise zone district requirements to promote more on-site affordable housing on upper levels of buildings for in-town sites. Revise the downtown zone districts to encourage, where possible, alley structures for housing, businesses, and offices. "'" 5. Commercial/Retail Action Plan Comments. a. Developments which include locally oriented businesses should be encouraged via a menu of options. ,... b. Create an acceptable, enforceable definition of "locally" serving uses. .... c. - Zone additional areas for NC & sa development within the City, specifically to include the "super block" bounded by Durant, Hyman, Original and Spring Streets. d. Rezone the superblock area to NC & SCL - e. f. ,... - - Halt the erosion of locally serving businesses through change in use. Study locations for a neighborhood office zone district. This concept can incorporate vertical zoning and alley uses. 9 - ,.... ,.... - - ... - - ,...... - 2. - 3. "... - 4. ,... Imolementation Strategy: A probable development schedule is outlined below: DATES Nov 30, 92 Feb I, 93 March I, 93 April IS, 93 June I, 93 Sept I, 93 March I, 94 May I, 94 May I, 94 Dee I, 94 MONTHS Council Presentations Council Decisions Council Advertises RFP RFP Submittals Council Awards RFP Subdivision Application Subdivision Approvals Building Pennits Start Construction Building Occupancy 2 1 1.5 1.5 3 6 2 1 24 Maihs RFP Recommendations: The development schedule is based on Council proceeding with the project under a RFP (Request for Proposals) fonnat. The RFP fonnat is recommended for the following reasons: 1. The Housing Office does not have the staff to handle this level of complicated project. The project will easily require 1 three-quarter to full-time project manager over an 18 month period. It is not recommended the Housing Office staff up to handle this one project. The RFP and bidding process will hopefully give Council the opportunity to negotiate a more favorable deal than the profonnas' herein. The profonnas should only be used as a guideline to evaluate different bids. The RFP process will allow experimenting with a public-private partnership. It is felt a successful public-private partnership is an arrangement the community would like to encourage. An RFP objective would be to shift all the construction risk, cost overrun risk and market risk to the private partner and not the City. Public-Private Partnershio Issues: Key questions for a public-private partnership are as follows. The Council may answer these questions differently based on the preferred development alternative. - 1. ~- - - - Will the developer or City be the "fee title" owner of the commercial space, the residential units, if rental, and/or the 2nd level of parking? This is the threshold decision which will guide most other decisions. The profonnas herein are based on the develooer beinl! the fee owner and assuming all subdivision approval, construction, fmancial and market risks of the project. 10 -, t- - - - ~ - .- - .- ',- ,"" - ,'- 4. - 5. - - - - 2. What will be the developer's respclDsibilities? a. b. c. d. e. f. Asswne all the pre-development costs and process the subdivision approvals. Provide construction fmancing and permanent financing with City assistance.. Project and construction management. Be financially responsible for any cost ovemms. Leasing of the commercial space and rental units. Property management of the commercial space, residential units and 2nd level parking. RFP Format: It is recommended the RFP process be flexible to encourage the best project bid and public-private partnership possible. The following format is suggested. 1. Council selects a preferred development concept (100% Housing, Mixed Use, Mixed Use with Uve & Work, 2nd Level Parking) for the RFP but still allow bidders to submit variations on the preferred development concept and other proposals. This would allow Council to examine variations on the proposals examined herein. 2. Council identifies its key criteria in evaluating the RFP's. Criteria might be: a. Least cost to public and/or recapture of land cost b. An experienced bidder with a track record of quality projects c. Fmancial strength of bidder to arrange financing, cover cost overruns, etc.' d. Property management capability if rental housing 3. Council appoints a sub-committee to prepare the RFP and evaluate the RFP's. committee would be: a. Frank: Peters b. Tom Baker c. Private Citizen d. Leslie Lamont Suggested - Housing Office Representative - Housing Office - With development experience but not a bidder - Pllllining OffICe liaison, non-recommending member This committee would recommend back to the Council on awarding the RFP and a proposed development contract. Council would select a developer and finalize the partnership obligations, responsibilities and contract. An alternative would be for Council to select its preferred development alternative and asswne the pre-development costs to take the alternative through the subdivision approval process. Once the project was approved, Council could then go out for a RFP to develop the approved project. The downside of this approach is that Council would lose the flexibility to consider RFP variations and the selected developer may wish to make changes in the approved plan. 11 ,... ".. INDIVIDUAL DEVELOPMENT DESCRIPrIONS ,... 100% AFFORDABLE HOUSING ~ Proiect DescriDtion: The project is a mix of 27 Studio and I Bedroom units built around a central courtyard. All units have single loaded entraI1ces and good sun exposure. Only 6 of the 27 units are on the 3rd level to allow variation in the roof line of the building. The predominate mass of the building will read as a 2 story structure. A laundry/commons room is provided. Individual locked storage closets are provided in the parking garage. The underground parking garage is designed to be either I or 2 levels. - - Proforma AssumDtions: The actual profonnas are attached as appendixes. The key asSwnptions of the proformas are highlighted below. - A. The rental prices are outlined below: Income - Rent Catee:orv - a. 10 Studios -480 sq. ft .$1.05 sq. it = $504/mon High #2 b. 4 I-Bedrooms -544 sq. ft -$1.05 sq. it = $571 High #2 ,... c. 7 I-Bedrooms -640 sq. ft -$1.05 sq. ft = $672 Low #3 d. 2 I-Bedrooms -660 sq. ft -$1.05 sq. it = $693 Low #3 e. ..! I-Bedrooms -768 sq. ft -$1.05 sq. it = $806 Mid #3 - 27 , B. The rental prices with Investment Tax Credits are outlined below. ,- Income Rent Catee:orv a. 10 Studios -480 sq. ft -$1.08 sq. it = $518/mon High #2 l"'"' b. 4 I-Bedrooms -544 sq. ft -$ .95 sq. ft = $518 Mid #2 c. 7 I-Bedrooms -640 sq. ft -$ .87 sq. ft = $555 Mid #2 d. 2 I-Bedrooms -660 sq. ft -$ .84 sq. ft = $555 Mid #2 - e. ..1 I-Bedrooms -768 sq. ft -$ .72 sq. ft = $555 Mid #2 27 ,- C. The sales prices are outlined below: Sales Income Price Catee:orv - ,... 10 Studios -480 sq. ft -$115 sq. ft = $55.200 High #2 a. b. 4 I-Bedrooms -544 sq. ft -$115 sq. ft = $62.560 High #2 c. 7 I-Bedrooms -640 sq. ft -$115 sq. ft = $73.600 Low #3 ,.- d. 2 I-Bedrooms -660 sq. ft -$115 sq. ft = $75,900 Low #3 e. ..1 I-Bedrooms -768 sq. ft -$115 sq. ft = $88,320 Mid #3 - 27 ,... 12 - MIA .- ,... - ~ ... F. - G. ,... - - \ - l"'" 1. ,- 2. ,.. - - - - ... D. Rental and sales prices have been escalated at 5%/year for 2 years to adjust for the estimated 2 years time frame to develop the project. E. Development Costs. Estimates provided by Shaw Construction. Construction Costs Parking Garage 5% cont. & 5% enc. Sub-Total Soft and Fin costs Total -$1,203,000 - 467,000 - 167.000 - 1,837,000 - 975.000 - 2,812,000 16,500 sq. ft. 42 cars - $73/sq. ft. - $l1,119/car 16,500 sq. ft. - $170/sq. ft. Construction costs have been escalated at 5% with a 5% contingency to adjust for the estimated 2 years time frame to develop the project. Parking. 15 of the 42 parking spaces in the garage are leased for $175/month under year leases to the pubic or sold for $20,ooo/space. The lease amount and sales price were reviewed with the Aspen Appraisal Group. The balance of the 27 spaces are assigned to the 27 Residential Units at 1 space/bedroom. H. Construction fmancing at 9% interest and J.i points. Pennanent financing at 10.5% interest and 2.00 points. I. Project Administration Fee Project Developer Fee = $ 60,000 = $281,000 = 10% Total Development Cost Summary Points: A mix of studios and 1 bedroom units is felt to be most appropriate for this in-town site. This will accommodate single living for individuals and couples. The in-town site is not felt to be appropriate for larger family type units. The proposed rents ($1.05/sq. ft.) and sale prices ($ 115/sq. ft.) are generally high Category #2 and low Category #3. The proposed rents with Investment Tax Credits ($0.93/sq. ft. avg.) are generally Mid Category #2 and are approximately 12% lower than the rents without the Tax Credits. 13 I'"' ,... - ,... - -- ,- ,... 5. ,- - ,... ,- - JI<<< ,... .... I'" """ ,... 3. Parking for the project is a big concern for the neighborhood. Parking at 1 car/bedroom may be felt to be insufficient However, additional parking for the residential units will reduce the extra revenue from leasing parking to the public. Also, by leasing parking to the public it should help alleviate some of the parking congestion already existing in the neighborhood especially if the surrounding businesses are given a priority to lease the garage spaces. 4. The layout of the residential units result in approximately 2,120 square footage less on the ground floor and 1,550 square footage more on the 3rd level than the mixed use commercial scheme. The conceptual plans for the two schemes illustrate why this occurs. This will make the residential scheme generally appear slightly larger and faller than the mixed use conunercial scherne. The soft costs of the proforma are higher than the standard Housing Office development costs. A big component of the soft costs is the Project Administration Fee ($60,000) and 10% Developer Fee ($281,000). These fees will vary based on how Council decides to stIUcture the public-private partnership. The proforma fees assume the private developer will own the project and be responsible for full project management, subdivision approvals, arrange for construction and pennanent financing, pay for development cost overruns, assume market risk for leasing commercial and residential space, and provide for property management If the project is bid under an RFP, these costs may be reduced by the competitive bidding and/or how the public-private partnership is stIUctured. 14 ,.-. ,.. <- + - ~ ~ "'" ~n~ - ~ - ~ II II - ~&; ~~~ ,.. i.i~ . . . . .... \ \~ I <<- - ^ ,..., - ~ \t>~ '-I '"' " .-. ,... ,,"" ,.. - I ... - + - Ii "";~ + - i ~ i ~ ~ ~ ~ ~ if ~ ,'" ,.. - + ... ~~ h - ()~ .L~ 11 Il - ~Q\ ~ ~~ ~ t"- ji, () \k - I ;--- l)~ I I ~'t . ~ Q ~ftr ,... G!. ~i f ~ ~ Ii - rL :::. ~l ~ - ~ ,- I I I ... ,- 1* i~ ~~ I. IL " _I i ~l - _! _I ~ ... '" + . . + lk- ~Jl~~~~ ~ ~~\D ~ ~ II , IL 1/\ t~ Ul @l~ l-' 'It III ~ ~~ I~ ~ ~~ 0 \} IJ) ~~~i j : :>~ r.2'r)"",,< ItJ ~" ... - - _..1 t-- '-' '-1'-' '"' " \b 'Z ~ \) ~, ~ ~ ~ + 1""\ - "'" ,..., - - -- .... .... ... - ,- """ - - I ~i I LL ~ \) ~ ~ "'! i~ ,~ () IL 'OJ- ~ ~ " ~ ~ o Ur -& .Q ~~ r- or () Ui . " ~ i~ " .... ~ i ~ ~ . ~ ~~~~ ~ -ll- . ~ II L\ ~ lti \) ~ ~ 11\ ~ ~ ~ i r->-ijI r'rll'\ i--i- ,-," '- 4) z' -1/\ Z ~ 5m r. i! ! ~< II!:. '~ ~ ~ ~~ i ,.. ~ - - - - - - - ,- ,... ;- - - ,- - - + ,... - + . ~ ~, , ~ ------- t ~ ~ t- ~ " ~ ~ ~ ~ '" ~ ~ Ji ~ ~ ~ - ft\ .- ~ ~ ~ - ~ \{\ .. ~ - -- "- ~ ...A ...~ ~ ~ ~ ~ ~ ~ 10. ~ ~, 'It- f ~ z ~ z ~ ~ L Z ~ 1/1 Z ~ ~ ~ ~ 1:. { ~ ).. ~ i ::::. ..J < ~ I- ::> =>1 ~ ::Jt. ,- ... , , ,- MIXED USE COMMERCIAL & RESIDENTIAL Proiection Description: The project is a mix of 6,700 sq. it. commercial space on the street level and 16 residential units above. The commercial space would be for neighborhood commercial and offices. The commercial space income would help subsidize the affordable housing above. The residential units are a mix of studio and 1 bedroom units built around a central courtyard. Only 5 studios of the 16 units are on the 3rd level to allow variation in the roofline of the building. The predominate mass of the building will read as a 2 story structure. A laundry/commons room is provided. Individual locked storage closets are provided in the underground parking. The underground parking garage is designed to be either 1 or 2 levels. Shon term commercial parking is provided by 12 parking spaces in the alleyway as well as 15 commercial parking spaces in the garage. - ,... - ... Proforma Assumptions: The actual profonnas are attached as appendixes. The key assumptions of the profonnas are highlighted below. A. The rental prices are outlined below: 9 2 3 1 -1 16 B. The rental prices with Investment Tax Credits are outlined below. - ... a. b. c. d. e. Studios I-Bedrooms I-Bedrooms I-Bedrooms I-Bedrooms -512 sq. ft -$1.05 sq. it. -576 sq. ft .$1.05 sq. it. -608 sq. ft -$1.05 sq. it. -720 sq. ft -$1.05 sq. it. -742 sq. ft -$1.05 sq. it. - ... ,... - a. 9 Studios -512 sq. it. -$1.01 sq. it. b. 2 1.Bedrooms -576 sq. ft -$ .96 sq. ft c. 3 I-Bedrooms -608 sq. ft -$ .91 sq. ft d. 1 I-Bedrooms -720 sq. ft -$ .77 sq. ft e. -1 I-Bedrooms -742 sq. ft. -$ .75 sq. ft 16 C. The sales prices are outlined below: a. 9 Studios -512 sq. ft. -$115 sq. ft. b. 2 I-Bedrooms -576 sq. ft -$115 sq. ft C. 3 I-Bedrooms -608 sq. ft. -$115 sq. ft <i 1 I-Bedrooms -720 sq. ft -$115 sq. ft. e. -1 I-Bedrooms -742 sq. ft. -$115 sq. ft 16 15 - - - - - ,... Rent = $538/mon =$605 = $638 = $756 = $779 Rent = $518/mon = $518 = $555 = $555 = $555 Sales Price = $58,800 = $66,240 = $69,920 = $82,800 = $85,330 Income Catel!:orv High #2 High #2 High #2 Mid #3 Mid #3 Income Catel!:orv High #2 Mid #2 Mid #2 Mid #2 Mid #2 Income Catel!:orv a. High #2 High #2 Low #3 Mid #3 Mid #3 ,.. - ~ - .... E. - F. ,... - - - D. The Mixed Use profonnas use the residential unit mix and square footages of the Live and Work alternative in all the profonnas to simplify running the proformas. Because both Mixed Use alternatives have the same amount of residential and commercial square footage, the income generation of the residential space under either alternative is the same and is interchangeable. Rental and sales prices have been escalated at 5%/year for 2 years to adjust for the estimated 2 years time frame to develop the project. Commercial rent is estimated at $25/sq. it. triple net lease. The market range is $25 to $28/sq. ft triple net lease based on a review by the Aspen Appraisal Group. The rent is based on neighborhood commercial and office uses with on-site parking. If professional office uses are not permitted or on-site parking not provided, the rents would be reduced to a $20 to $24/sq. it. range. Also, the rent assume no unique City leasing conditions i.e. must be hardware store, discount store, etc. The bulk sales of the commercial space is estimated at $225/sq. ft The market range is $225 to $255 sq. it. based on a review by the Aspen Appraisal Group. Bulk sale of the commercial space assumes fInishing to interior dry wall and then the developer/puzehaser would lease, partition and fInish the tenant space. Also, the same, use, parking and market assumptions above would apply to the bulk sale of the commercial space. G. Development Costs. - Construction Costs Residential $688,000 9,240 sq. ft $74/sq. it. ,... Commercial 414,000 7,260 sq. ft $57/sq. it. Parking Garage 475,000 41 cars, $ll,585/car 5% cont & 5% enc. 157.700 - Sub-Total $1,734,700 Soft & Fin Costs $1,083.300 Total $2,818,000 16,500 sq. ft $l71/sq. it. ,... H. Construction costs have been escalated at 5% with a 5% contingency to adjust for the estimated time frame to develop the project - -' - .- - 16 .... ""'! - - ,... J. - ,... K. ,... ,... ,... ,... ,... ,... ""'! ,... - ,... ,... ,- I. Parking. 10 of the 41 parking spaces in the garage are leased for $175/month under year leases to the public or sold for $20,00/space. Parking is allocated as follows: 16 Residential Units -16 garage spaces 6,700 sq. ft. commercial space -15 garage spaces and 12 surface spaces Leased to public -10 e:arae:e maces -41 + 12 = 53 total spaces Construction fInancing at 10% interest and 1.25 points. Permanent financing at 10.5% and 2.00 points. Project Administration Fee = Project Developer Fee = $ 60,000 $282,000 = 10% Total Development Cost 17 - ... - - ... - - ... ... ... ... ... ... ,... ... ... ... ,... ,... Summary Points: 1. The layout of the commercial space results in approximately 2,120 square footage more on the ground floor and approximately 1,550 square footage less on the 3rd level than the 100% residential scheme. This will make the Mixed Use scheme generally appear smaller and less tall than the 100% residential scheme. 2. The commercial space generates approximately 2 times more revenue per square foot than the residential space. Commercial rent is estimated at $25/sq.it/yr compared to residential rent at $12.60/sq. ft/yr ($1.05 sq. it/mon). Additionally, the cost to construct and operate commercial space is less than residential space. 3. Commercial rent at $25/sq. ft is the low to moderate end of the market rents. It is not a below market or subsidized rent The bulk sale of the commercial space at $225/sq. ft is the low to moderate end of the market It is not a below market or subsidized sale. The bulk sale of the commercial space "throws-off' approximately $616,000 to subsidize the cost of the affordable housing. 4. In the Mixed Use scheme with Investment Tax Credits, the 16 units of affordable housing receive 2 sources of subsidies; the Investment Tax Credit subsidy and the Commercial Space subsidy. 5. If the Mixed Use scenario competed under the GMP competition, its minimum employee mitigation requirement would be 12 employees. The 12 employees could be housed on- site in 8 units (4 studios and 4 I-bedroom). The Mixed Use scenario provides 16 units which is 8 more than what would be required under the GMP competition. 6. The soft costs of the profonna are'higher than the standard Housing Office development costs. A big component of the soft costs is the Project Administration Fee ($60,000) and 10% Developer Fee ($282,000). These fees will vary based on how the Council decides to structure the' public-private partnership. The profonna fees assume the private developer will own the project and be responsible for full project management, subdivision approvals, arrange for construction and pennanent financing, pay for development costs, overruns, assume marlcet risk for leasing commercial and residential space and provide for property management If the project is bid under an RFP, these costs may be reduced by the competitive bidding and/or how the public-private partnership is structured. 18 ,... - ~ ~ ,- ~ + , I. ,... ~ ~ ID !"'" '!L Q) ~ ~ - i - - r- lI\ '-' ,... - ,... - - """'"" ,... - II ~ ,... ,... + - ,... - , a".. .'. ... " ~ ....... ":: I ~ ....~ . ~::\ ~/ :''':,",:': 3 + ~ Z ~ :I:. i i ,~~ ~ ~lLfn,S X if ~ ~ I"'" - ,.... ,... ,... .- ,... ... ,... .- ... ,... .- ,... ,... ,... - + ,... --L I H~ < ~ -l Ik \"l (/It' i~ _t-- : f I r-------- f r i 1 . ., I,El Iii I I L_ a: ()- {l'" ~~ n Ql.U; <Q\ ')0' 1-\\ ~1f\ ~I.\' ~\\' i~ - J~ i~ ......\r' ~~ - ~ ~i ...... !i - I' I I I ~ H ~ II.: () . -~ ~~ ~i\ 1'\ n: y~ ~~ + + Ii)~ T ~ ~\tI.~ \II <:> - \\\ 't ~..- ~ \k\k ~ ~~ ~ lIt)~ ,,~ ~ tli IlIL Il~ t is\~ \1'1;. &~~ Ij) ~~ ~i""~ ~ iP ~H 1\ I~ 1 ~n I - '- '-i ""~ ~ :z. z~ ~III ~ n ~t ~Q ~U1 ~ ~ ~ ~ \b z ~ 1:. ). I I- :::. ~ It. - ... - .... ------------ Ii J iL .. II- II- ~ \II Q\ ~ \"-- ~ -" ~ " :: ~ - .' 't-ri ~~. ~ ~Js: ~~ ~~ ~~ ~ ~\}{ ~ i ~ =-~ J ~~ ~ ~ '-\~ ~ ~ ",..., I D-i - . , I ~ o-L~- - ~ ot- J <. - ~ II- ~ - \11 III ~t'( ,~ "'" ~~ ,... \t' ,... " o - ~ '<A ,... tJ ,.. .. ~ - 1- ..} <- Q \I: oc. 1\\ III ~: ,... I~ ,... ,.. ... I I I ~ z ~ ~ ~~ ; ~,~ ~ ~~ ~ ~lfi ~ ~)( <( \!l~ ~ ,~ .... - - ,... + + - ~ ~ .- - ~ ~ ~ "'It" ---- - - - --- 11\ ~ Ii. ..... 't" ~ ,... ~ ~ t .!) ~ z - . . ~ t'" ~ ..-- ~ - 4) .- \l\ ~ t: - ~ ~ ~ - ~ ~ t ~ t ~ '7- m .... '~ ~ lL t 4: ~ ~~ '~ ~ - * ~~ ~~ ~ ~ '$. - ~~ i~ i - ~ ~ - ~, ~i , t Ii ~ - - . ~ ~ ~ ~.~ ~ ~~ ii ~ ~~ - + ~ - ... ... ... + -l- I .- t ... ~ ~ ~ t ~. :l \\' ~ ~ ; ... ~ f 't i . - . ... ~ t -!\ ~ ?; .lI. ~ "- ~ ~ :: a - ~ G.l \ll . . ~ ~ ~ .- ~ \) ~ z tIJ ... - ~ !~ l , tl ~~ ~ ~ ~- ~~ ~ '" &:; ~ .. ~ ~~ ... . . ~J i ~ " m~ i5 "'" ,... ~ -~ "- jl l~ If ~ - ~~ s ~- ~ ~. ~ ~ ~?; ~x <. I'"" H_~ "'" ~ ~~ i ... + ... - - "'" MIXED USE COMMERCIAL AND RESIDENTIAL WITH LIVE AND WORK LAYOUT .... .... Proiect Description: The project is a mix of 6,700 sq. ft commeIcial space on the street level with 16 residential units above. Six of the commercial and residential spaces are designed as live and work spaces where the operator of the commercial space would live in a studio loft above the commercial space. This is modeled on an artist live/work loft concept and would be suitable for that use as well as small commercial or office operations. The commercial space income would help subsidize the affordable housing above. The balance of the residential units are studio and 1 bedroom units built around a central courtyard. Only 5 of the 16 units are on the 3rd level to allow variation in the roof line of the building. The predominate mass of the building will read as a 2 story structure. A laundry/common room is provided. Individuallocked storage closets are provided in the parking garage. The underground parking garage is designed to be either 1 or 2 levels. - - - .... Proforma Assumptions: The actual profonnas are attached as appendixes. The key assumptions of the proformas are highlighted below. A. The rental prices are outlined below: - .... a. 6 b. 2 c. 2 d. 2 e. 3 f. 1 Studios -525 sq. ft .$1.05 sq. it l-Bedrooms .621 sq. it -$1.05 sq. it l-Bedrooms -740 sq. ft -$1.05 sq. it Studio/Corom. Lofts -336 sq. ft .$1.05 sq. it Studio/Corom. Lofts -384 sq. ft -$1.05 sq. it l-BdrmlCorom.Loft -550 sq. ft -$1.05 sq. it Rent = $55 limon = $652 = $777 = $353 = $403 = $566 Income Catel!:orv Low #3 Low #3 Low #3 Low #2 Mid #2 Mid #2 .... - "'" B. Commercial rent is estimated at $25/sq. ft triple net lease. the market range is $25 to $28/sq. ft triple net lease based on a review by the Aspen Appraisal Group. The rent is , based on neighborhood commercial and office uses with on-site parking. If professional offices uses are not pennitted or on-site parking not provided, the rents would be reduce to a $20 to $24/sq. it range. Also, the rent assume no unique City leasing conditions i.e. must be hardware store, discount store, etc. - .... C. The Live and Work proforma is only based on renting the commercial and residential spaces as a combination and not selling the combined package. Investment Tax Credits would not be possible for the rental units because of combining the residential and commercial spaces,' and the income levels of individuals who could afford the combined spaces would be too high for Investment Tax Credits. - - D. The other proforma assumptions for these alternatives are the same as the Mixed Use Commercial alternative. - 19 - - ,.,. - - .- ... - - ... - - ,.. - ... ... - - - - SUmmary Points: L The Housing Office has rio experience with this type of development therefore it has no feel for the demand/marketability of this product. 2. The total cost estimate for the live/work arrangement is $1,800 - 2,000 month or $21,600 to $24,000 year. The rent for the 640 sq. it. commercial space is $1,333 month and for the 384 sq. f( residential loft space is $403/month plus utilities for the 2 spaces. To support the $21,600 to $24,000 year cost at 30% of one's income would require an income of $72,000 to $80,000 year, at 40% would require an income of $54,000 to $60,000 year. 3. The Uve and Work arrangement can not take advantage of Investtnent Tax Credits which eliminates a source of subsidy finding. 4. The Uve and Work arrangement is perceived to ,encourage artist living and promoting the arts. Is this in-town location an appropriate location for this concept? Is this a concept for the Red Brick School site or future development in the Rio Grande area? 5. The layout of the Live and Work plan results in approximately 1,400 square footage less on the 3rd level than the 100% residential scheme. This will make the Live and Work scheme generally appear smaller and less tall than the 100% residential scheme. 20 ,... ,... ,... ~i ..... - ~ , , ~ . , ,... ~ III -Ul ~() .- ~~ .... !~ ,... -~ ,...." - ~t - - ,... ,... - ,... - - , I-"lI I -L I ,... - ~ ~ ~ ~ z t ~ it :r , >- ~ 1- ~i i t@ ~ ~~ ~ ... ... - ... - "'" ... ... ... - ... ... ... ... .... I'"" ..... , - , ... ... .... Ii I I ~ rn ~ I I I I I L__ \) ~ ~~ ~ ~ \ ~ ~ ~~ ~ - ~~~ 01- ~ ~~ ~ \) ~ i~ ~ ~~ l ~ ~ ~ ~ I I : I I I & b~ () ~ ' , ~~ n IL VI ~ -~ -L t~~&~~ ~ Ii) ~ \ll U\'t" ~ 11\ 1\ Ui~~ ' ill\,;- ~, ~.~ t" ~ m~it~ ~f~hn 2~i~__z \II \" I I .1.::> ,)..% ^f'1"~'\5 ~ ~'v'-'", i ~ !l ~ 1 :z.~ <(Ih ~ ~~ ~ Q" ~ ~m "- '~ ~ ~~ ~ \,)~ 1L ,'- ~ ,... .... ~ I ~~ <( I~ · '1"10 r ~ - o::J ~~ ll' * T ~ ..-._~~ _ 1t" - Iw ~1- ~ ~~ ~ \ t .... So- ]~~ ~ ~ 8s ~ crL_- ~~ ,~ - t~ l I I~ t ~!i I i 4- I ,-. I \tI I ~~ l ~~ * I ~'~i ~ - " I 8 ~ I 0 i I I - I t~ t I - - +'t" \Y t" ~1- ~ I \,.J"'''''-.J ~~ i I - I:i) I i D ~ ~ - ~ z 1ft ~ I ~ ~ \\ - :D ".2"""_j :c I I i 1= ' , ~ ~ ! i ~ ...} ,;.- < ~rr ~ I~ -V5 "- "" 0 h "Il.\ n I &: 11\ ~ ~ i s - - < ..~ s. ~ ~ .... - - - - - ... - ... .... "" - ,... - - - ,... .... r"" ,... + . ..- , - , I + + II ~ I ..-- j: I ~ I 1 ---- --- 11\ ~ - ~ " ~ t ~ . . ~ ~ ~ ~ 4,\ ..-- ~ ~ 1: ~ ~ ~ , ~ ~ t ~ .~ ~ ~ ~ t ~ -* ~ mm 't - ~ ~ ~. , t I r----r-- . I ~ ~ ~ '~ ~ I ~. I ~ ~ -q- ~ :t -b t 'Z ~ ,~ ,~~ ~ ~ ~~ tt ~ ~~ i~ i ~I d: ~ ~~ ~~ ~ ~ - - - ,J, - - - ... - ,- - - - .... ..... ~ - , - + --L . III i t 111 ~ ~ ~ ~ \!' ~ ~ li\ f 1" . . . ~ ~ t ~ ~ ~ ~ \Q t- ($) . . ~ ~ ~ ~ \) ~ t . ~ ,~ ~ ~ ~ ~ ~ I ~ . . . ~ " 'I"" ~ .~ 1 ,........--- I . .t. ~ ~. ~ t. I .. ~ ~ ~ . -'- Z 1II ~ ~ ~\I) ~ ~ ~~ ~~ ~ ~ lb2 1: ~a: ~ 9l~ ~~ i ~.~!i [f ~~ Q1) !; ~\ Z i~ ~ ,..,,::> ~~ ~ ~ ~ ~, ~ ~ Z .It. "- ~ + - - 2nd Level Parkin!!: .." Proiect Descrintion: Approximately 42 cars can be acconunodated in the 2nd level parking garage under any alternative. For this analysis, it is assumed the parking spaces will be leased to the public on a yearly lease. It is not assumed the spaces will be operated like the municipal parking garage being open to the public and guest for short and long term use. This assumption is made for the following reasons: - - 1. It is unclear to the consultants the specific objective of the 2nd level of parking. Is it primarily for permanent residents and workers wanting leased parking, for traffic entering town from Hwy 82, or simply more open public parking operated like a mini-municipal garage. ... 2. The proformas provide Council with a preliminary evaluation of the costs and revenues associated with the 2nd level of parking. More detailed analysis can be provided if directed by Council. - - - A. Proformas Assumntions: Development Cost. ..... Construction Cost 5% cont & 5% enc Sub-total Soft & Fin. Costs Total $ 775,000 77.500 $ 852,500 $ 252.500 $ 1,105,000 42 cars - $20.3oo/car 42 cars - $26.3oo/car ".., - Hard construction cost for the 2nd level of parking is approximately 75% higher than the 1st level, Le. $1l,585/car 1st level vs $20,3oo/car 2nd level. Shaw Construction provided the estimates. One major item for the additional cost is the added cost of excavation and shoring requIred on the 2nd level which is not required on the 1 st level. Construction costs have been escalated at 5% with a 5% contingency to adjust for the estimated 2 years time frame to develop the project Revenues. The 42 spaces are assumed to be leased to the public at $150/month under year leases. This figure is approximately 15% less than the lease of $175/month estimated for the "extra" parking in the 1 st level of the garage. This discount is an adjustment for the greater number of spaces to be leased, 42 vs 10 . 15. At this preliminary stage, it is not known if the market for "parking spaces" can absorb a total of' 52 to 57 spaces between the 1st and 2nd level of the garage under year leases. The $150/month and $175/month parking rates have been escalated at 5%/year for 2 years to adjust for the estimated 2 years time frame to develop the project ,...' .... ,- - 21 - - - ~ - D. - E. - ... ..., 2. - -, ,... - 4. ,- - - .... """ - - - Construction fmancing at 10% interest and 1.25 points. Permanent financing at 10.5% interest and 2.00 points. Project Administration Fee Project Developer Fee = $ -0- = 111,000 10% Total Development Cost Summary Points: 1. Under the lower lease rate of $150/month, the parking requires a development subsidy of approximately $562,000. Using the higher lease rate of $175/month the parking still requires a development subsidy of approximately $474,000. The parking has been designed to be connected to other adjoining potential future parking. However, this flexibility is limited by the entrance point to the parking, the utility lines in the alleyway, and the uncertainty of future adjoining parking especially on a 2nd level below grade. 3. Since the City already owns the land, this is a year-term opportunity to provide additional public parking. What other near-term or long-term opportunities does the City have to provide additional public parking? How does the Kraut Property development fit into the recommendations coming from the Transportation Implementation Committee? The consultants are unclear concerning the public objective and therefore the preferred operation of the 2nd level of parking. Once Council reviews this preliminary analysis, more detailed research and proformas can be done as directed. 22 - ,- ATTACHMENT A 11/09/92 ,- I .~ ASPEN/PITKIN COUNTY HOUSING OFFICE INVENTORY OF DEED-RESTRICTED AFFORDABLE HOUSING UNITS - Notes ,.. Includes all public or private units with some form of affordable housing deed-restriction or covenant. 2. Includes units in Aspen and Pitkin County up valley from Aspen Village and excludes units in Snowmass Village. 1. ,'" - .... - - - ,-- - !"" N ." C- * ~ ~ .Q C .-i 0 * * ci ;:: '" MO 100 NO .<= "IIIi(. -IJ '<I'.-i 100 00 ! 0 '<I' '<1'0-1 No-I E-< ... Ql * .-i Ul M dP .... .,-1 Ql '<I'N 00 ..ClIO 0 iii 00 0-1 .... ::E::= c: :> iij - 1:: .CD CD - Qli dP g>~ .-i.-i '<I' dP 5~ tJl.,-I r- COIO i:: 10 0-1 N ZlB .... 00 .,-1'" '" 0 E-< CIlr... . E.g C) 1:: ~ CD r.:I <<Sc:"ffi 1-0 Iii CI) a; .... 0 10 > c: Co 8: 8,- 0 Ql 0 <1>.0 '" - r.:I Ql 0 N * O'! 0 t,?j:l, l.< l.< 0-10-1 '<I'r- c::> '" Z>< .dOO 10 M .9 III 'E - HE-< E-<Ql ,g '0 :> 00 III -:>iij III ::>E-< 0;01:: E-< OH Ul ~ ~ 2:! Z :=Z -IJ i-cu - r.:I ::> i:: 10 CD c: CD ~>< "OCOCi; ~ Ql 0 * Ol ",'15 III III 10 00 0 * .5 af (.) C) < -IJ ~~ CO '<I' NM "'- '" < l.< r- 0'<1' :::J= Q) E-< 000 '" Ql 0-1 N 0>'0 ~ ~H III ,cc::> 000 < .!!! 8. 0 r...>< i 0.6 r....:I Ul 'E!<15 ~~ 10 o E c: JIfIiii ::l 10 ietn .... 0 * * _CD ~ '0 >. 0 i:: Ql 0 10 * O~ CD '0 .,-1 i::l.< Mo-I o-IN 0'<1' E =.. H '"000 r- ON 0-1 ....~0 C) o U - Z 0 Ql 0-1 '; g..!!. H 00 III E e i:: 'a. 8: 0 o~ 0C:(ij C) ,c:>- o c: - Ul ~Ut!! 0 o~ ~.6 tij .... * 0'0 'c E.g. 00 010 o-IN No-I . :::J il.. g ::l N ON 010 ~ '" 'C'c -IJ 0-1 0-1 mc:a. .... 00 ..... .~ ca >. ~ .... c: "2 ,.... Q. CD 0 OJ 0: a. CD So~(ij ..., .- - _:a.E~ o :::J rn 'c (/) Q,:t::= :::J (Qi=c_ Ul Ul Ul 2'a:J:::JS (Q(/)(I)C: j:l, -IJ -IJ -IJ EQ)(J)Q) ... H .,-1 .... .:I .... gga:: := i:: i:: < i:: E--~ " 0 0 00 ::l* .:I ::>* Z ::>* CI)..EE ~ < 0 r.:I E-< 00 Sil ~ z < ,.- r.:I r.:I 15 "':N(I'j-tti- ~ 00 Z ... -- - - - ,... - ... ~ "'" - - - - '-' - r- ... ...., ,.. Kraut Property All Reslclentla1 Alternative- Rental . 27 Units- 1 Level or Parldna Preliminary Project Data and Proforma Assumptions Development Summary- Sources or Funds Total Development Cost Estimated Permanent Loan Available Other Sources of Funds $2,802,000 $I,:ZSO,ooo $1,522,000 Unit Data I BR- 768sf I BR- 640 sf 1 BR w!loft- 660 sf Studio- 480 sf Studio- 544 sf 42 Parking Spaces No. of Units 4 7 2 10 4 Monthly Rent Per Unit 889 741 764 556 630 193 Subtotal 27 Schedule Design Start Construction Start Rental Start Steady State 12m Jul-93 Apr-94 Qct-94 Jan-9S Income! Expense Projection Rental Income Parking Income Mise Income Subtotal Vacancy Allowance Total Revenue 220,152 34,729 ~ $257,881 l2.:l22. 4% forresid; 10'1> rorplllking 245,482 $9,092 pe:- Operating Expenses Real Estate Tax Reserves Accounting Total Expense 58,263 $2,100 pe:- 9,180 $340pe:- 4,050 $150 pe: unit ~ $77.493 $2,870 pe:- Net Income $167,989 Available rorDebt Debt Service $134.400 105%effectiveintereSltale Balance $33,589 Kraut- all resid rental Page1of4 $103,778 pe:unit $47,407 pe:unit 1.25 debt coverage; 10.5% $56,370 per unit Extention Note. 3,556 . Rental prices at $1.05 psr 5,186 estimate as of Oct '92 1,528 escalated by S%/yr 5,557 2,519 2,894 15 spaCes for rent- allocated 1 per residential unit 21,240 MmIlIIi o 9 IS 18 . City responsible for approv als . 6 month construction' duration . 3 month rentup +s.OO% of parking income . opetating expense includes tenant processing! referral rees 11/6/92 Kraut Property All Residential Alternative- Rental 27 Unlts- 1 Level of Parklnl! Preliminary Project Data and Proforma Assumptions Page20f4 Acquisition Cost Subdivision Approvals and Pees 50,000 Total 50,000 Hard Costs Parlcing- I level Fmished Resid Space Courtyanl Declc 13,775 sf 16,500 sf 6,503 sf 33.90 psf 66.97 psf 15.07 psf Subtotal 10% Extentinn ~ 467,000 . Based on Shaw ConslIUction 1,105,000 10/14192 estimate 2U!!l!l 1.670.000 167 000 5'1'0 contingency; 5'1'0 escalation $1,837,000 S68.037/WIit Contingency and Esca1ation for 1994 stan Total Hard CO$ts Soft Costs ArcbltectlEngineer 129,000 7.0'1'0 of HanI Costs Building Permit! Impact Fees Road Impact Pees Utility Service Pees Parle Impact Pees Building Pennit Total: o none 54,000 $2,000 1 unit 41,860 $I,550/unit o none $96,000 . estimates per Tun Curtis Contractor Bonding $18,000 l'1'oofHanlCosts Legal! Accounting General Legal Accounting Appraisal Lender Legal Total: 35.000 35le general legal allowance 6,000 allowance 7,500 allowance 8.000 for const and penn loans $57,000 Lender ReviewlInsp $2,250 $250 per month Project Administration! Fee $60,009 SOle proj adm; I Ole prcdev OH RIE Taxes $0 Advertising! Promotion $5,000 allowance Brokerage Fees $0 covered in operating expenses Project Contingency $56,000 :1.00'1'0 of TOe Kraut- all resid rental 11/6/92 ... Kraut Property All Residential Alternative- Rental 27 Units- 1 Level of Parldne: Prellmlnary l'roject Data and Proforma Assumptions - ,- Construction Loan Fees """ Permanent Loan Fee ,... Operating Expenses During Rentup 3 months of expenses Operating Income o months of income - Insurance - Interest Carry Developer Fee .... TDC Estimate ~ ... - ,.. .... ,... ... -.. - - Kraut- all resid rental r- $14,000 0.50% of TOe $26,000 2.00% of penn. loan $14,000 $2.100/writ $0 $0.00 psf lannum $20,000 allowance $138,000 allowance based on calculation below $280,000 10.00% of TOe $2,802,000 $103,778 per writ Page 3 of 4 11/6/92 Kraut Propeny All Residential Alternative- Rental 27 Units- I Level of Parlcin~ Preliminary Project Data and Profonna Assumptions Page4of4 Kraut- all resid rental 11/6/92 - ;- ~ ... ... ... ".. - ... - - .... - ,- - ,... '""",", - r-: Kraut Property All Resldeutlal Alteruatlve- ReJda\- LlHll'C '1,7 UnIts- 1 Level or Parldntli PreUmlnary Project Data aud proforma AssumptlOllS Developmeut Summary- Sources or Funds Total Development Cost Estimated Permanent Loan Available UHTC Estimate Other Sources of Funds $2,812,000 $939,000 $1,202,000 $671,000 Uult Data I BR- 768sf I BR- 640 sf 1 BR w/loft- 660 sf Studio- 480 sf Studio- 544 sf 42 Patking Spaces Subtotal Scbedule , Design Start Construction Start Rental Start Steady State Income! Expense ProJectlou Rental Income Patking Income Mise Income Subtotal V8&atlCY Allowance Total Revenue Operating Expenses Real Estate Tax Reserves Accounting Total Expense Net Income Debt Service Balance No. of Uults 4 7 2 10 4 Monthly Reot Per Unit 555 SS5 555 518 518 193 27 !WI Jul-93 Apr-94 Oct-94 Jan-95 173,564 34,729 illl!!.. $211 ,293 ~ 4% for",sid; 10% forplll!dng 200,758 $7.435 per unit 58,263 $2,IOOperunit 9,180 $340perunit 4,050 $150perunit 2.QQ!!.. $77 493 $2,870 per unit $123,265 Avai1ableforDebt $98595 10.5% effective intercsuate $24.670 Kraut- llHTC all resid rental Page 1 of4 $104.148 per unit $34.778 per unit 1.25 debt coverage; 10.5% 45% of 95% ofTDC Extontlon Notes 2,218 . Rental prices as per HUD 3.882 estimate as of Oct '92 1.109 esealated by 5%/yr 5,182 2,073 2.894 15 spaces for rent- allocated I per resiclential unit 17,358 Mlm1I1I o 9 15 18 . City ~ible for approvals . 6 month construction duration . 3 month n:n1Up +5.00% of parking income . opezaIing expense in<llldes- processing!..renal fees 11/6/92 Kraut Property All Resldentlal Alternative- Renlal- LlHTc 27 Units- 1 Level 01 Parkin!! Preliminary Project Data and Proforma Assumptions Page20f4 Acquisition Cost Subdivision Approvals and Fees SO,OOO TolaI 50,000 Hard Costs Parlcing, 1 level Finished Resid Spac< Courtyard Deck 13,775 sf 16,500 sf 6,503 sf 33.90 psf 66.97 psf 15.G7 psf Subrotal 10% Rrlpntfon ~ 467,000 . Based on Shaw Construction 1,105,000 10/14192 estimate 2l!..2Q:Q.. 1,670,000 167 000 5% c:ontingency; 5% escalation $1,837,000 $68,0371 unit Contingency and Escalation for 1994 stan TolaI Hard Costs Sort Costs ArchitectlEngineer 129,000 7.0% of Hard Costs Building Permit! Impact Fees Road Impact Fees Utility Service Fees Park Impact Fees Building Pennit TolaI: o none 54,000 $2,000 1 unit 41,860 $1,550 1 unit o none $96,000 . estimates per Jim Curtis Contractor Bonding $18,000 1 % of Hartl Costs Legal! Accounting General Legal" Accounting Appraisal Lender Legal TolaI: 50,000 35k genera1legal; 15,000 for LUITC 6,000 allowance 7,500 allowance 8,000 for const and penn loans $72,000 Lender ReviewlIusp $2,2.50 $250 pee month Project Admlnlstradoul Fee $60,000 SOk proj adm; 10k predev OH RIE Taxes $0 Advertlslngl Promotion $5,000 allowance Brokerage Fees $0 covered in operating expenses Project Contingency $56,000 2oo%ofTDC Kraut- L1HTC all resid rental 11/6/92 - "'" ,... - ,.... - ... - - - - l"" - ~ - - - /"> -. Kraut Property All Residential Alternative- Rental- UHl'C 27 Units- 1 Level or ParklnlZ Prenmlnary Project Data and proforma Assumptions CoDStr1lctlon Loan Fees Permanent Loan Fee Operating Expenses During Rentnp 3 months of expenses Operating Income o months of income Insurance Interest Carry Developer Fee TOC Estimate Kraut- L1HTC all resld rental $14,000 0.50% ofTDC $19,000 2.00% of perm. loan $14,000 $2,100 I UIIit $0 $0.00 psf lannum $20,000 allowance $139,000 allowance based on calculation below $281,000 10.00% of TDC $2,812,000 $104,148 per lII1it Page 3 of 4 11/6/92 Kraut I'ropcrty All Residenlia1 A1tcmativc- Reatal- LIHTC 27 Units- 1 Level of Parldn~ Pn:liminary Project Data and Profonna Assumptions Page 4 of 4 Interest Computallon! Cash Flow Analysis 0cl-93 Jan-94 Apr-94 Jul-94 Oct-94 Jan-95 Opening Hal Qlrl Qtr2 Qlr3 Qtr4 Qlr5 Qlr6 Totals intereslrate 9.00% 225'110 225'110 225'110 225'110 225% 225% Acqulsillon Cost 50 0 0 0 0 0 0 50 Hard Costs 0 0 0 919 735 184 0 1.837 Soft Costs Architecl/ Engineer 26 39 39 13 13 0 0 129 Permil/ Fees 0 0 0 96 0 0 0 96 COOlr.lctor Bonding 0 0 0 18 0 0 0 18 Legal! AccollDling 14 22 22 7 4 4 0 72 Lender Review/losp 0 0 0 1 1 1 0 2 Project Admio/ Fee 12 6 6 12 12 12 0 60 RIE Taxes 0 0 0 0 0 0 0 0 Advertising! Promo 0 0 0 0 3 3 0 5 Brokerage Fees 0 0 0 0 0 0 0 0 Project Contingency 0 0 14 14 14 14 0 56 Constr Loan Fees 0 0 14 0 0 0 0 14 Penn Loan Fees 0 0 19 0 0 0 0 19 OperatingExJlC'lSes 0 0 0 0 0 14 0 14 Operating Income 0 0 0 0 0 0 0 0 Insurance 0 0 20 0 0 0 0 20 Developer Fee 0 56 56 56 56 56 0 281 Toial Soft Costs 52 123 190 217 102 103 0 786 Sales Income % of Units Sold 0% 0% 0.00% Number of Units 0 0 0 0 0 0 0 0 Gross Sales Income 0 0 0 0 0 0 0 0 Net Before Interest (102) (123) (190) (1,136) (837) (287) 0 (2.673) Interest Expense (2) (4) (7) (22) (45) (59) 0 (139) Net Income (104) (230) (427) (1,585) (2,467) (2.812) (2,812) Total Dev. Cost 104 230 427 1,585 2.467 2.812 2,812 Kraut- lIHTC all resid rental 1 1/6/92 - I"" - DRAFl' - Kraut PI upel ty AU Residential Alternatlve- Sales 27 Units- 1 Level of Parklll2 Prellmlnary ProJed Data and Proforma Assumptions Page 1 of 4 - Development Summary Total Development Cost $2,837,000 $106,926 p....mit ".. Projected Sellout Value 2.340.000 $86667 nerunit Net Income From Development ($547,000) ($20,259) per unit i~ - Unit Data 1 BR. 768sf I BR. 640 sf I BR w/loft. 660 sf Studio- 480 sf Studio- S44 sf 42 Parlcing Spaces No. of Units 4 7 2 10 4 Unit Value 97;373 81,144 83,680 60,858 68,972 22,050 Sellout Value Notes 389,491 . Sales prices at $115 pst 568,008 escalated 5% per year 167;360 for2y.... 608,580 275,890 330,750 . 15 excess spaces at@$20,OOO ,... Subtotal 27 86,670 2,340,078 - - Schedule Dam MlIII1bI Design Start JuI-93 0 . City responsible for approvals ConstrUction Start Apr-94 9 . 6 month constrUction dUI1llion Closings Start Qct-94 15 ,- Close Out Apr-95 21 I"" - ~ - ~ - - 11/6/92 Kraut- all resid sale ,... '. DRAFT - Kraut Property AU ResldenUaI Alternative- Sales 27 Unlts-I Level or Parkln2 PreUmlnary Project Data and Proforma AssumptlOllS Page2of4 Acquisition Cost Subdivision Approvals and Fees 50,000 Total 50,000 Hard Costs Parldng- 1levc1 Finished Resid SpllC< Courtyard Deck 13,775 sf 16,500 sf 6,503 sf 33.90 psf 66.97 psf 15.Q7 psf Subtotal 10% Rxtl"ntion ~ 467,000 . Based on Shaw Construction 1,105,000 10/14m estimate 2UlQ!!. 1,670,000 167 000 5% contingency; 5% escalation $1,837,000 $68,037/ unit Contingency and Escalation for 1994 start Total Hard Costs Sort Costs ArchltectlEnglneer 129,000 7.0% of Hard Costs Building Permit! Impact Fees Road Impact Fees Utility Service Fees Park Impact Fees Building Pennit Total: o none 54,000 $2,000 / unit 42,000 $1,550/ unit o none $96,000 . estimates per Jim Curtis Contractor Bonding $18,000 1 % of Hard Costs Legal! Accounting General Legal Accounting Appraisal Lender Legal Total: 55,000 35k general; 20k condo plan 6,000 allowance 7,500 allowance 8,000 allowance $77,000 Lender RevlewiInsp $3,000 $250 per monlh Project Administration! Fee $60,000, 50k proj adm: 10k predev OH RIE Taxes Through Closeout $0 Advertising! Promotion $10,000 IOk general Brokerage Fees $47,000 2.00% of gross sellout Project Contingency $58,000 2.00% of TOe Kraut- all resjd sale 1 1/6/92 - ,... ,.,.... - ,... ,..... "'"' - ,... ~ - ,. - ,.. - ,... r- - ,.., Construction Loan Fees End Loan Fee DRAFt' - Kraut Property AU ResldenUaI Alternative- Sales 1,7 Units- 1 Level of Parldnsz PreUmlury Project Data and Proforma Assuntptlons OperaUng Expenses 3 ntonths of expenses OperaUng Income o months of in<;ome Insurance Interest Carry Developer Fee TDC EstImate Kraut- all resld sale $14,000 0.50% ofTDC $1,1,000 1.IlO% of 90% sales $14,000 $1,.100 I unit $0 $0.00 psf lannum $20,000 allowance $144,000 allowance based on calculation below $289,000 10.00% of TDC $2,887,000 $106.926 ~ unit Page3of4 11/6/92 . Kraut- all resfd sale DRAFT - Kraut i'ropcny All Residential A1temalivo- Sales 27 Units-! LevcIofParIcin~ Preliminary Project Data and Profonna Asswnptions Pagc4of4 11/6/92 ... ,.. ... - - - "'" ..... ... - - "" ... ,- - ".. - ,... ... Kraut Property Mixed Use Alternative- Rental 16 Units; 6704 sf Commercial-I Level of Parking- 42 SlIaces PreUmlnary Project Data and Proforma Assumptions Development Summary- Sources of Funds Page I of 4 Total Development Cost Estimated Permanent Loan Available Oth.. Sources of Funds $z,ll57,000 I/'l~( <l"'" $~ 1.25 debt coverage; 10.5% 40 I (#J $683,000 Unit Data I BR. 740sf I BR- 621 sf Studio- 525 sf 1 BR 10ft- 550 sf Studio 10ft- 384 sf Studio loft- 336 sf Parking- 42 spaces Commercial SublOtaI No. of Units 2 2 6 1 3 2 16 Schedule Design Start Construction Start Rental Start Steady State Income' Expense Projection Monthly Rent Per Unit 857 719 608 637 445 389 193 ~ 12m. Jul-93 Apr-94 Oct-94 Apr-95 Rental Income 299,328 Parlcing Income 0 ~ 1 1&0 6O;WT' Mise Income ~ SublOtaI '3.1:;/ ~ $~ Vacancy Allowance 1&, ~ 1<l;:.. Jid:I1. 4.00% resid: comm Total Revenue ;:o~/;;;I4' ~ ' Operating Expenses 39>/ 1UP ~ $2,100 per unit Real Estate Tax 5,440 $340 per unit Resc:ves 2,400 $ISOpcrunit Accounting ~ TotalExpensc '5z,/~ ~~ Net Income ::::'""/04e> ~ Available for Debt Debt Service '1,""" "'18 ;/</;; ...; Extentlon Notes 1,713 . Rental prices at $1.05 psf 1,438 estimate as of Oct '92 3,647 escalated by 5%/yr 637 640 sf conunercial 1,334 640 sf conunercial 778'512sfconunercial 1,4~ s.et6" ~orleasc-a1loW 1 penesunit-\O"F ----' W2lL at $2S psf net net net- esc 5%/yr Z",674-:J>>8fJIJ MlmlIIa o 9 15 21 . City "'sponsible for approvals . 6 month construction duration 1090 of parking income commercial owner expense, parking cxpeose- S90 of rent Balance 151, 3:70 ~ $2~0 10.5% effective interest rate Kraut" MU rental 11/16/92 Kraut Property Mixed Use Alternative- Rental 16 Units; 6704 sf Commercial. 1 Level or Parklnl!: 42 Spaces Prellminary Project Data and Prororma AssumptlOllS Page2of4 Acquisition Cost Subdivision Approvals and Fees 50.000 Total 50,000 Hard Costs Parking, I level Finished Resid Spa<:< Commercial Space Utility Space CoUrtyard Deck 13.980 sf 8,692 sf 6,704 sf 1,245 sf 5.910 sf 33.98 psf 69.03 psf Extpntion ~ 475,000 . Based on Shaw Construction 600,000 10/14/92 estimate 349,000 65.000 W!ll!!. 1,577.000 ] 57 700 5% contingency; 5% escalation $1,734,700 $108,419/unit Contingency and Esca1ation for 1994 stan Total Hard Costs 14.89 psf Subtotal 10% Soft Costs Archltect/Englneer 121,000 7.0% of Hard Costs Bulldlng Permit! Impact Fees Road bnpact Fees Utility Service Fees Park Impact Fces Building Permit Total: o none 54,000 allowance 33,475 allowance 6,500 $94,000 . estimates per Tun Curtis Contractor Bonding $17,000 1% of Hard Costs LegaVAccountlng General Legal Accounting Appraisal Lender Legal Total: 40,000 allowance 6,000 allowance 7,500 allowance 8,000 . $62,000 Lender RevlewlInsp $3,000 $250 per month $60,000 50k proj adm; 10k predev OH $0 Project Administration! Fee R/ETaxes AdvertJsingl Promotion $7,500 Brokerage Fees $28,000 15% 1st yrs =t- commercial; none =id Project Contingency $57,000 200% ofTDC Kraut- MU rental 11/16/92 - ,.,. - - :I>'" - :I>'" - - - - ,... - ,.. - ,... - - i - Construction Loan Fees Permanent Loan Fee Kraut Property Mixed Use Alternative. Rental 16 Units; 6704 sf Commerclal-1 Level of ParkInS!: 42 Spaces PreUmlnary Project Data and Proforma Assumptions $36,000 1.25% of TDC $43,000 2.00% of pmi1. loan Operating Expenses During Rentup 6 ,months of expenses $25,000 $2,100 perIl:Sid unit+25Opsf commetcial Operating Income o months of income Insurance Interest Carry Developer Fee TDC Estimate Kraut- MU rental $0 $0.00 psf lannum $20,000 allowance $213,000 allowance based on calculation below $286,000 10.00% ofTDC $2,857,000 Page30f4 11/16/92 Kraut i'ropcrty Mixed Use Alternative- Rental 16 Units; 6704 sf Commercial- 1 Level of Parlcin2- 42 Spaces Prcliminary ProjectDala and Profonna Assumptions Page4of4 Interest Computation! Cash Flow Analysis Oct-93 1811-94 Apr-94 ]ul-94 Oct,94 ]811-95 Opeoiog Ba!. Qtrt Qtr2 Qtr3 Qtr4 QtrS Qtr6 Totals interest rate 10.00% 250% 250% 250% 250% 250% 250% Acquisition Cost 50 0 0 0 0 0 0 50 Hard Costs 0 0 0 g67 694 173 0 1,735 Soft Costs Architect! Engineer 24 36 36 12 12 0 0 121 PelIllit! Fees 0 0 0 94 0 0 0 94 Conttactor Bonding 0 0 0 17 0 0 0 17 Legal! Accounting 12 19 19 3 3 3 3 62 Lender Reviewl Insp 0 0 0 1 1 1 1 3 Projcct Admin! Fee 12 6 6 9 9 9 9 60 RlETaxcs 0 0 0 0 0 0 0 0 Advertising! Promo 0 0 0 0 4 2 2 8 Brokerage Fees 0 0 0 0 0 14 14 28 Project Contingency 0 0 11 11 11 11 11 57 Constr Loan Fees 0 0 36 0 0 0 0 36 Perm Loan Fees 0 0 43 0 0 0 0 43 Operating Expenses 0 0 0 0 0 13 13 25 Operating Income 0 0 0 0 0 0 0 0 Insurance 0 0 20 0 0 0 0 20 Developer Fee 0 0 57 57 57 57 57 286 Total Soft Costs 49 61 229 205 97 110 109 860 Sales Income % of Units Sold 0% 0% 0.00% Number of Units 0 0 0 0 0 0 0 0 Gross Sales Income 0 0 0 0 0 0 0 0 Net Before Interest (99) (61) (229) (1,072) (791) (284) (109) (2,644) Interest Expense (2) (3) (7) (23) (47) (62) (68) (213) Net Income (101) (165) (400) (1.496) (2.334) (2,680) (2,857) Total Dev, Cost 101 165 400 1.496 2.334 2,680 2,857 Kraut- MU rental 11/16/92 - ".. .... Kraut Property MIxed Use Alternative. Rental LIHTC . 16 Units; 6704 sf CommercIal. 1 Level of Parkin!!:. 42 Spaces PreUmlnary Project Data and Proforma Assumptions Page lof4 ,.... Development Summary. Sources or Funds "'" Total Development Cost Estimated Permanent Loan Available LIHTC Estimate Other Sources of Funds $2,868,000 $1,839,000 $788,824 $240,176 1.25 debt coverage; 10.5% 45% of 95% ofTDC estimate for Resid only- 649& of TOe .... .... Unit Data 1 BR- 740sf 1 BR- 621 sf Swdio- 525 sf 1 BR loft. 550 sf Studio loft- 384 sf Studio loft- 336 sf Parking- 42 spaces Comm=ia1 Subtotal No. of Units 2 2 6 I 3 2 Montbly Rent Per Unit 555 555 518 555 518 518 193 ~ Exuntion Nous 1,110 . Rental prices as per HUD 1,110 estimate as of Oct '92 3.108 escalated by 5%/yr 555 1,554 1,036 1,929 10 fori.... ll.J2B.. at $25 psf net net net- esc 5%/yr 25.801 - ,.,-. 16 ,... .... Scbedule Design Start Construction Start Rental Start Steady State 12m Jul-93 Apr-94 Oct-94 Apr-95 Mlln.Ibs o 9 15 21 . City =JXlIlSible for approvals . 6 month consttuction duration ~ Income! Expense Projection .... Rental Income Parking Income Mise Income Subtotal Vacancy Allowance Total Revenue 286,455 23.153 :um. $312.608 u.m 4.OO'l&resid& comm 109&ofparlCngincome 298,714 "... - Operating Expenses Real Estate Tax Reserves ACC01Dlling Total Expense 43,511 S2,1OOperunit oollllllerdal owner expense, parking expense-S9& of rem 5,440 S340perunit 2,400 S1S0 per unit 2.!!QQ.. $57351 ,... Net Income $241,363 Available for Debt .... Debt Service $193 095, 10.5% effective interest rate Balance $48,268 .... Kraut- MU rental-L1HTC 11/13/92 ,/"", Kraut Property Mixed Use AlteI'J!lltlve- Rental LmTC . 16 Units; 6704 sf Commercial- 1 Level of Parklnl![- 42 Spaces Prellmlnary Project Data and Proforma Assumptions Pagc20f4 Acquisition Cast Subdivision Approvals and Fees 50.000 Total 50.000 Hard Costs Parking- 1 level Finished Resid Sp8C< Commeroial Space Utility Spaee Courtyard Deck Contingency and Escalation for 1994 stan Total Hard Costs 14.89 psf Subtotal 10% Rnentlnn Nma. 475.000 . Based on Shaw Construction 600.000 10/14192 eslimatc 349.000 65.000 ~ 1,577,000 ]57.700 5% contingency; 5% <$(".1.,;"" $1,734,700 5108,419/unit '13,980 sf 8,692 sf 6,704 sf 1,245 sf 5,910 sf 33.98 psf 69.03 psf Sort Costs Archltect/Englneer 121,000 7.0% of Hard Costs Building Permit! Impact Fees Road hnpact Fees Utility Service Fees Park hnpact Fees Building Pannit Total: o none 54.000 ailowance 33,475 allowance 6,500 594,000 . estimates per Jim Curtis Contractor Bonding $17,000 l%ofHardCasts LegaV Accounting General Legal Accounting Appraisal Lender Legal Total: 55,000 allowance includes $151: for UHl'C 6.000 allowance 7,500 allowance 8.000 $77,000 Lender Revlewllnsp $3,000 $250 per month Project Administration! Fee $60,000 50k proj adm; 10k prcdev OH RlETaxes $0 Advertising! Promotion $7,500 Brokerage Fees 528,000 15% 1st yrs rent- conun=ial; nODe resid Project Contingency $57,000 2.00% ofTDC Kraut- MU rental-LIHTC 11/13"/92 - ,- - Kraut Property MIxed Use Alternative- Rental LIHTC . 16 Units; 6704 sf Commercial- 1 Level of Parking. 42 Spaces PreUmInary Project Dale and Proforma AsslUDptiOns - Construction Loan Fe.. $36,000 1.25% ofTOC Permanent Loan Fee $37,000 2.00% of perm. loan ,... Operating Expenses During Renlup 6 months of expenses $25,000 $2.100 pe....sid unit+2.5Opsf commercial .- Operating Income o months of income $0 $0.00 psf /8IUlwn - Insurance $20,000 allowance Interest Carry $214,000 allowance based on calculation below - Developer Fee $287,000 10.00% ofTOC TDC Estimate $2,868,000 ,.... .- ,... ".. - - - ~...... ~ ,.... Kraut- MU rental-LIHTC ,~ Page 3 of 4 11/13/92 Kraut Property Mixed Use Altcma1ive- Rental LIHTC 16 Units; 6704 sfCommacial-l Level ofParkin~- 42 Spaces Preliminary Project Da/a and Proforma Assumptions Page 4 of 4 Interest Computation! Cash Flow Analysis Oct-93 lan-94 Apr-94 lul-94 Oct-94 lan-95 OpeaiogBaL Qtrl QtrZ Qtr3 Qtr4 Qtr5 Qtr6 Totals interest rate 10.00% 250% 250% 250% 2.SO% 250% 250% Acquisition Cosl 50 0 0 0 0 0 0 50 Hard Costs 0 0 0 867 694 173 0 1,735 Soft Costs Architect! Engineer 24 36 36 12 12 0 0 121 Pennit! Fees 0 0 0 94 0 0 0 94 Contractor Bonding 0 0 0 17 0 0 0 17 Legal! Ae<:omuing 15 23 23 4 4 4 4 77 Lender Reviewl Insp 0 0 0 1 1 1 1 3 Project Admin! Fee 12 6 6 9 9 9 9 60 RlETaxes 0 0 0 0 0 0 0 0 Advertising! Promo 0 0 0 0 4 2 2 8 Brokerage Fees 0 0 0 0 0 14 14 28 Project Contingency 0 0 11 11 11 11 11 57 Constr Loan Fees 0 0 36 0 0 0 0 36 Penn Loan Fees 0 0 37 0 0 0 0 37 Operating Expenses 0 0 0 0 0 13 13 25 Operating Income 0 0 0 0 0 0 0 0 Insurance 0 0 20 0 0 0 0 20 Developer Fee 0 0 57 57 57 57 57 287 Total Soft Costs 52 65 227 206 98 111 110 870 Sales Income % of Units Sold 0% 0% 0.00% Number of Units 0 0 0 0 0 0 0 0 Gross Sales Income 0 0 0 0 0 0 0 0 Net Before Interest (102) (65) (227) (1,073) (792) (285) (110) (2,654) Inlerest Expense (2) (3) (7) (24) (47) (62) (69) (214) Net Income (104) (172) (407) (1.503) (2.343) (2.690) (2,869) Total Dev. Cost 104 172 407 10503 2.343 2.690 2.869 Kraut- MU rental-lIHTC 11/13/92 - ,- - Kraut Property MIxed Use Alternative- Residential Sale; CommerCial Rental 16 Units; 6704 sf Commerclal-1 Level of Parking- 42 Spaces PreUmlnary Project Data and Proforma AssumpllollS Page I of4 - Development Summary- Sou..... or Funds - Total Development Cost Residential Sellout Value Parlcing Sales Value Estimated Perm Loan Available- Commercial Net Income from Development $2,788,000 $1,266,000 $221,000 $1,352,000 $51,000 10 spaces only 4% vacancy; 1.25 debt coverage; 10.5% 1- "'"" Sales Price Unit Data No. of Units Per Unit Extentlon Notes JIj,OO I BR- 740sf 2 93,g23 187,646 . Sales prices at $115 psf rcsid 1 BR-621 sf 2 78,735 157,470 as of Oct 92 - Studio- 525 sf 6 66.563 399,381 esc 5% per year I BR loft- 550 sf I 69,733 69,733 Studio loft. 384 sf 3 48,686 146,059 ,... Studio 10ft- 336 sf 2 42,601 85,201 Parldng- 42 spaces 22,050 220,500 10 spaces for sale, includes esc CommCICial ~ !!. at $25 psf net net net- csc 5%/yr Subtotal 16 1.265,990 - Schedule 12m Mlm!b1 .- Design Start Iul-93 0 . City "'sponsible for approvals ~ Construction Start Apr-94 9 . 6 month CODSln1ction duration Sales Start Oct-94 15 . 3 month sellout ,... Project Closeout Ian-95 18 - - - - - , Kraut- MU resid sale; comm rent 11/13/92 - Kraut Property MIxed Use A1ternaUve- Residential Sale; Commercial Rental 16 Units; 6704 sf Commercial-I Level of Parklnl!~ 42 Spaces Preliminary Project Data and Proforma AssumpUODS Page2of4 AcqulslUon Cost Subdivision Approvals and Fees 50,000 Total 50,000 Hard Costs Parlcing- 1 level Finished Resid Sp""" Connnercial Space Utility Space Courtyazd Deck Contingency and Esc.l.ri"" for 1994 start Total Hard Costs 14.89 psf Subtotal 10% Rxtention ~ 475,000 . Based on Shaw Construction 600,000 10/14192estimate 349,000 6S,OOO J!l!..l1QQ. 1,577,000 157 700 5% contingency; 5% escalation $1,734,700 SI08,419/unit 13,980 sf 8,692 sf 6,704 sf 1,245 sf 5,910 sf 33.98 pst 69.03 pst Soft Costs Archkectn&nglneer Ul,OOO 7.0% of Hazd Costs Building Permit! Impact Fees Road Impact Fees Utility S"",icc Fees Park Impact Fees Building Pennit Total: o none S4,OOO allowance 33,475 allowance 6,500 $94,000 . estimates per Jim Curtis Contractor Bonding $17,000 l%ofHazdCosts Legal! Accounting General Legal Aeeounting Appraisal Lender Legal Total: 60,000 allowance 6,000 allowance 7,500 allowance 8,000 $82,000 Lender RevlewlInsp $2,250 $250 per month Project AdmlnlstraUonl Fee $60,000 50k proj adm; 10k predev OH R1ETaxes $0 AdverUslngl PromoUon $7,500 allowance Brokerage Fees $53,000 2% sellout; 15% of frrst yrs rent for commercial Project Contingency $56,000 2.00% of TDC Kraut- MU resid sale; comm rent 11/13/92 - - - Kraut Property MIxed Use Alternative- Residential Sale; C9mmeri:1a1 Rental 16 Units; 6704 sf C9mmerclal. 1 Level9r Parklnll. 42 Spac.. PreUmlnary Project Data and Pror9rma Assumpll9DS - Cclnstruc:ll9n Lc>an Fe.. $35,000 1.25% of me Permanent Lc>an Fee $27,000 200% 9fpcnn. loan - Operallng Expenses DurlDg Sell9ut 3 months of expenses $13,000 $2.100 per resid unit+$2.5Opsf commen:ial - Operallng Inc9me o months 9f income $0 $0.00 psf lannwn ,.., Insurance $20,000 alklwance Interest Carry $137,000 all9wance based on calculation below - Developer Fee $279,000 10.00% of me TDC Estimate $2,788,000 - - - ,... - - - ,... - , - Kraut- MU resid sale; comm rent Page30f4 11/13/92 Kraut Property Mixed Use Alternative- Residential Sale;t:OI1llttelcial Rental 16 Units; 6704 sf Commercial- 1 Level of Parkin2- 42 Spaces Preliminary Project Data and Proforma AssmnptiotlS Page4of4 Interest Computatlonl Cash F1,ow Analysis Oct-93 Jan-94 Apr-94 Jul-94 Oct-94 Jan-95 OpeniagBaL Qtrl Qtr2 Qlr3 Qtr4 QtrS Qtr6 Totals inteIest rate 10.00'1. 2.50% 2.50% 2.50% 2.50% 2.50% 0.00'1. Acquisition Cost 50 0 0 0 0 0 0 50 HardCosts 0 0 0 867 694 173 0 1,735 Soft Costs Architect/ Engineer 24 36 36 12 12 0 0 121 Pem1it/ Fees 0 0 0 94 0 0 0 94 C=ror Bonding 0 0 0 17 0 0 0 17 Legall Accounting 16 25 25 5 5 5 0 82 Lendcc Review/lnsp 0 0 0 1 I I 0 2 Project Admin! Fee 12 6 6 12 12 12 0 60 RlETaxes 0 0 0 0 0 0 0 0 Advertising! Promo 0 0 0 0 4 4 0 8 Brokc:age Fees 0 0 0 0 0 53 0 53 Project Contingency 0 0 14 14 14 14 0 56 Coast< Loan Fees 0 0 35 0 0 0 0 35 Perm Loan Fees 0 0 27 0 0 0 0 27 Operating Expenses 0 0 0 0 0 13 0 13 Operating Income 0 0 0 0 0 0 0 0 Insurar.:c 0 0 20 0 0 0 0 20 Developer Fee 0 56 56 56 56 56 0 279 Total Soft Costs 53 123 219 211 104 158 0 867 Sales Income % of Units Sold 100% 0% 100.00% Numbcc of Units 0 0 0 0 0 16 0 16 Gross Sales Income 0 0 0 0 0 1,266 0 1,266 Net Before Interest (103) (123) (219) (1,Q78) (798) 935 0 (1,385) Interest Expense (2) (4) (9) (25) (49) (49) 0 (137) Net Income (105) (231) (459) (1.562) (2.409) (1.523) (1,523) Total Dev. Cost 105 231 459 1.562 2.409 2,789 2,789 Kraut- MU resid sale; comm rent 11/13/92 - - ,... Kraut Property Mixed Use Alternative-Commercial Sale; Residential Rent 16 Units; 6704 sf Commercial- 1 Level of Parkln!!- 42 Spaces PreUmlnary Project Data and Proforma Assumptions Page 1 of4 - Development Summary- Sources of Funds ,.... Total Developmmt Cost Estimated Permanent Loan Available LlliTC Estimate Commen:ial Sales Proceeds Otha Sources of Funds $2,801,000 $650,000 1.25 debt coverage; 10.5% $0 $1,663,011 Sales price at $22S psf + esc $487,989 .... -- Unit Data 1 BR- 740sf 1 BR. 621 sf SlUdio- 525 sf 1 BR 10ft- 550 sf SlUdio 10ft- 384 sf SlUdio 10ft- 336 sf Parlcing- 42 spaces Commercial Subtotal No. of Units 2 2 6 1 3 2 Monthly Rent Per Unit 857 719 608 637 445 389 193 .6..1O.4..i.f Extenllon Noles 1,714 . Rental prices at $1.05 psf 1,438 estimate as of Oct '92 3,648 escalated by 5%/yr 637 1,335 778 1,929 10 for lease I!. 11,479 ,... ,.. 16 - ,... Scbedule Design Slatt Consuuction Slatt Rental Slatt Steady State I2a1l Iul-93 Apr-94 Oct-94 Apr-95 Mlln!Ila o 9 15 21 . City responsible for approvals . 6 monili construction duration ,- Income! Expense Projection ,... Rental Income Parking Income Mise Income Subtotal V8J:8nI:'j AllowlUlCC Total Revenue 114,600 23,153 ~ $140,753 L2li. 4.00% resid &: comm 10.. of parldng income 133,733 - - Operating Expenses Real Estate Tax Reserves Accounting Total Expense 34,642 $2,100 per unit c:ommet<:ial owner expense, parking expense- 5.. of rent 5,440 $340 per unit 2,400 $150 per unit ~ !t48482 - Net Income $85,251 Available for Debt - Debt Se:vice $6R 7S0 10.5% effective intel:OSt rate Balance $17,001 .... Kraut- MU com sale; resld rent 11/13/92 - Kraut Property Mixed Use Alternative- Commercial Sale; Residential Rent 16 Units; 6704 sf Commercial- 1 Level of Parking- 42 Spaces Preliminary Project Data and Proforma Assumptions Pagc2of4 Acquisition Cost Subdivision Approvais and Fees 50,000 Total 50,000 Hard Costs Parldng- I leve! Finished Resid Spac< Commereial Space Utility Space Courtyard Deck Contingency and Esc!21"t'nn for 1994 start Total Hard Costs 14.89 psf Subtotal 10'10 Rxtentlnn ~ 475,000 . Based on Shaw ConslrUCtion 600,000 10/14192 estimate 349,000 65,000 .8BJl!lll.. 1,577,000 157700 5% contingency; 5% escalation $1,734,700 SI08,419/uni. 13,980 sf 8,692 sf 6,704 sf 1,245 sf 5,910 sf 33.98 psf 69.03 psf Soft Costs ArchltectlEnglneer 121,000 7.0% of Hard Costs BuildIng Permltl Impact Fees Road Impact Fees Utility Service Fees Park Impact Fees Building Pennit Total: o none 54,000 allowance 33,475 allowance 6,500 $94,000 . estimates per Jim Curtis Contractor Bonding $17,000 1% of Hard Costs LegaV Accounting Genera! Legal Accounting Appraisal Lender Legal Total: 60,000 allowanee includes: $20k for condo plan 6,000 aIlowanee 7,500 allowmlee 8,000 $82,000 Lender RevlewlInsp $3,000 .$250 JlO'" month Project Administration! Fee $60,000 SOk proj adm; 10k predev OH RIE Taxes $0 Advertlsing/ Promotion $7,500 Brokerage Fees $33,000 200% of gross se!1out none for residential Project Contingency $56,000 200% ofTDC Kraut- MU com sale; resid rent 1 1/13/92 ,... ,"', ,... Kraut Property Mixed Use Alternative- Commercial Sale; Residential Rent 16 Units; 6704 sf'Commerclal-l Level of Parking- 42 Spac.. Preu.mtnary Project Data and Proforma Assumptions - Construction Loan Fees $3$,000 1.25% ofTDC Permanent Loan Fee $13,000 200'10 of penn. loan - Operating Expenses During Rentop 6 months of expenses $25,000 $2,100 per resid unit+2.5Opsf commen:ial ,... Operating Income o months of income $0 $0.00 psf launwn ,... Insurance $20,000 allowance $170,000 allowance hased on calculation below Interest Carry ,... Developer Fee $280,000 10.00'10 ofTDC TDC Estimate $2,801,000 ,... - ,... ,... - - ,... - - ,... Kraut- MU com sale; resid rent - Page 3 of 4 I 1/13/92 Kraut Property Mixed Use Alternative- Commercia! Sale; Residentia! Rent 16 Units; 6704 sf Commercia!- I Level of Parkin~- 42 Spaces Preliminary Project Data and Proforma Asswnptions Page4of4 Interest Computation! Cash Flow Analysis Oct-93 Jan-94 Apr-94 Jul-94 Oct-94 Jan-95 Opening BaL Qtrl Qtr2 QtrJ Qtr4 QtrS Qtr6 Totals interest _ 10.00% 2.50'10 2.50'10 2.50'10 2.50% 2.50'10 2.50% Acquisition Cost 50 0 0 0 0 0 0 50 Hard Costs 0 0 0 867 694 173 0 1,735 Soft Costs Architectl Engineer 24 36 36 12 12 0 0 121 Permitl Fees 0 0 0 94 0 0 0 94 Contractor Bonding 0 0 0 17 0 0 0 17 Legal! Accounting 16 25 25 4 4 4 4 82 Lender Review/lnsp 0 0 0 I I I I 3 Project Admin! Fee 12 6 6 9 9 9 9 60 RlETaxes 0 0 0 0 0 0 0 0 Advertising/ Promo 0 0 0 0 4 2 2 8 Brokerage Fees 0 0 0 0 0 17 17 33 Project Contingency 0 0 11 11 11 11 11 56 Constr Loan Fees 0 0 35 0 0 0 0 35 Penn Loan Fees 0 0 13 0 0 0 0 13 Operating Expenses 0 0 0 0 0 13 13 2S Operating Income 0 0 0 0 0 0 0 0 Insurance 0 0 20 0 0 0 0 20 Developer Fee 0 0 56 56 56 56 56 280 Total Soft Costs 53 67 202 204 97 112 112 847 Sales Income % of Comm Sold 50% 50% 100.00% Nwnba of Units 0 0 0 0 0 0 0 0 Gross Sales Income 0 0 0 0 0 832 832 1.663 Net Before Interest (103) (67) (202) (1,072) (791) 546 720 (968) Interest Expense (2) (3) (7) (23) (47) (51) (37) (170) Net Income (105) (175) (384) (1,478) (2.316) (1,821) (1,138) Total Dev, Cost 105 175 384 1.478 2.316 2,653 2.801 Kraut- MU com sale; resld rent 11/13/92 .- - ,... Kraut Property Mixed Use Alternative- Commercial Sale; Resldenilal UHTC 16 Units; 6704 sf Commercial- 1 Level of Parking- 42 Spaces Preliminary Project Data and Proforma Assumptions Pagclof4 - Development Summary- Sources of Funds .... Total Development Cost Estimated Permartent Loan Available LlliTC Estimate Commercia! Sales Proceeds Other Sources of Funds S2,818,OOO $555,000 1.25 debt coverage; 10.5% $775,071 45% of 95% of TDC estimate for Resid onIy- 64% of TDC $1,663,011 Sales price at S225 psf + esc ($175,082) ,... ,... ,... Unit Data 1 BR. 740sf I BR- 621 sf SlUdio- 525 sf I BR loft- 550 sf SU1dio loft- 384 sf SU1dio loft- 336 sf Parldng- 42 spaces Commen:ial Subtotal No. of Units 2 2 6 I 3 2 Monthly Rent Per Unit 555 555 518 555 518 518 193 ~ Extontion Notes 1,110 . Rental prices as JlO'" HUD 1,110 estimate as of Oct '92 3,108 escalated by S%/yr 555 1,SS4 1,036 1,929 10 for lease Q. 10,402 - 16 - - Schedule Design Start ConslrUCtion Start Rental Start Steady State I2a1c Jul-93 Apr-94 Oct-94 Apr-95 Msm1bi o 9 15 21 . City responsible for approvais . 6 month construction duration ,... Incomel Expense Projection - - Rental Income Parldng Income Mise Income Subtotal Vacancy Allowance Total Revenue 101,676 23,153 MQQ. S127,829 ~ 4.00%resid&comm 10%ofpaltinginc:ome 121.326 - Operating Expenses Rea! Estate Tax Reserves Accounting Total Expense 34,642 $2,I00pennit COIIUIIeZ<:ialownerexpense.paltingexpense-5%ofmlt 5,440 $340perunit 2,400 5150 per unit ~ 548 482 - Net Income S72,844 Available for Debt - Debt Service SS827'; 10.5% effective interest rate Balance S14,569 .... Kraut- MU com sale; resid lIHTC 11/13/92 - Kraut Property Mixed Use Alternative- ComlDerclal Sale; ResldenfiaJ LIHTC 16 Units; 6704 sf Commercial-I Level of Parking- 42 Spaces Preliminary Project Data and Proforma Assumptions Page 2of4 Acquisition Cost Subdivision Approvals and Fees 50,000 Total 50,000 Hard Costs Parldng- I level Finished Resid Spac< Commereial Space Utility Space Courtyard Deck Contingency and Escalation for 1994 start Total Hard Costs 14.89 psf Subtotal 10'10 F.ytention .Nma 475,000 . Based on Shaw ConslrUCtion 600,000 10/14192 estimate 349,000 65,000 .8BJl!lll.. 1,577,000 157.700 5% contingency; 5% esca!ation $1,734,700 $108,419/onit 13,980 sf 8,692 sf 6,704 sf 1,245 sf 5,910 sf 33.98 psf 69.03 pst Soft Costs ArchltectlEnglneer 121,000 7.0% of Hard Costs Building Permltl Impact Fees Road Impact Fees Utility Service Fees Park Impac. Fees Building Pennit Total: o none 54,000 allowance 33,475 allowance 6,500 594,000 . estimates per Tun Curtis Contractor Bonding $17,000 1% of Hard Costs LegaV Accounting Genera! Legal AccoWlting Appraisal Lender Legal Total: 75,000 allowance includes: 51Sk for LllITC, 520k for condo plan 6,000 allowance 7,500 allowanCe 8,000 $97,000 Lender Revlewllnsp $3,000, $250 JlO'" month Project Administration! Fee R1ETaxes $60,000 SOk proj adm; 10k predev OH $0 Advertlsing/ Promotion $7,500 Brokerage Fees $33,000 200'10 of gross sellout none for residential Project Contingency $56,000 200'10 of TDC Kraut- MU com sale; resid L1HTC 11/13/92 - - ,... - ,- ,... - ,.., - - - - - - ,... ;- - - Krant Property Mixed Use Alterna,tive_ Commercial Sale; ResldenOal LlHTC 16 Units; 6704 sf Commercial-I Level of Parking- 42 Spacl!s PreUmlnary Project Data ancl P....forma AssltDlptlons Construction Loan Fees $35,000 1.2S%ofTDC Permanent Loan Fee $11,000 200'10 of penn. loan Operating Expenses During Rentop 6 months of expenses $25,000 $2,100 pe<resid unit+2.5Opsf commen:ial Operating Income o months of income $0 $0.00 psf launwn Insurance $20,000 aliQwance Interest Carry $172,000 allowance based on calculation below Developer Fee $282,000 10.00'10 of TDC $2,818,000 TDC Estimate Kraut-MU com sale; resid LIHTC Page3of4 11/13/92 Kraut Property Mixed Use Alternative- Commercia! Sa!e;'Residential UHTC 16 Units; 6704 sf Cormnen:ia1- I Level of Parkin~- 42 Spaces I'teliminary Project Dats and Profonna Asswnptions Page4of4 Interest Computation! Cash Flow Analysis Oct-93 Jan-94 Apr-94 Jul-94 Oct-94 Jan-95 Openiog Bal. Qtrl QtrZ QtrJ Qtr4 QtrS Qtr6 Totals interest tate 10.00'10 2.50'10 2.50'10 2.50'10 2.50% 2.50'10 2.50'10 Acquisition Cost SO 0 0 0 0 0 0 50 Hard Costs 0 0 0 867 694 173 0 1,735 Soft Costs Architect/ Engineer 24 36 36 12 12 0 0 121 Pennitl Fees 0 0 0 94 0 0 0 94 Contractor Bonding 0 0 0 17 0 0 0 17 Legal! Accounting 19 29 29 5 5 5 5 97 Lender Review/lnsp 0 0 0 I I I I 3 Project Admin! Fee 12 6 6 ,9 9 9 9 60 RIE Taxes 0 0 0 0 0 0 0 0 Advertising! Promo 0 0 0 0 4 2 2 8 Brokerage Fees 0 0 0 0 0 17 17 33 Project Contingency 0 0 11 11 11 11 11 56 Constr Loan Fees 0 0 35 0 0 0 0 35 Penn Loan Fees 0 0 11 0 0 0 0 11 Operating Expenses 0 0 0 0 0 13 13 25 Operating Income 0 0 0 0 0 0 0 0 Insurance 0 0 20 0 0 0 0 20 Developer Fee 0 0 56 56 56 56 56 282 Total Soft Costs 56 71 205 205 98 113 113 862 Sales Income % of Comm Sold 50% 50'10 100.00'10 NumherofUnits 0 0 0 0 0 0 0 0 Gross Sales Income 0 0 0 0 0 832' 832 1,663 Net Before lnterest (106) (71) (205) (1,073) (792) S4S 719 (983) Interest Expense (2) (4) (7) (23) (47) (51) (37) (172) Net Income (108) (183) (395) (1,491) (2.330) (1,837) (1,155) Total Dev. Cost 108 183 395 1,491 2.330 2,668 2,818 Kraut- MU com sale; resid L1HTC 11/13/92 ... - - Kraut Property Mixed Use Alternative_ Residential and Commercial Sale 16 Units; 6704 sf Commercial_ 1 Level of Parking- 42 Spaces PreUmlnary Project Data and Proforma Assumptions Page lof4 - Development Summary_ Sources or Funds - Tola! Development Cost Residential Sellout Value Parlcing Sales Value Conunen:ia! Sales Value Net Income from Development $2,737,000 $1,045,000 $221,000 10 spaces only SI,663,ooo $192,000 ,... ,... Sales Price Unit Data No. of Units Per Unit Extention Notes Il5.00 1 BR- 740sf 2 93,823 187,646 . Sales prices at SI1S psfresid 1 BR- 621 sf 2 78,735 157,470 as of Oct 92 - Studio- 525 sf 6 66,563 399.381 esc 5% per year 1 BR loft- 550 sf 1 69,733 69,733 SDldio loft- 384 sf 3' , 48,686 146,059 - SDldio loft- 336 sf 2 42,601 85,201 Parldng- 42 spaces 22.050 220,500 10 spaees for sale- includes esc Commen:ial ~ 1.663 011 . Sales price at $225 psf+esc Subtotal 16 2,929,001 - - Schedule 12m M.2IUb.5 Design Start Jul-93 0 . City responsible for approvals Construction Start Apr-94 9 . 6 month construction duration Sales Start Oct-94 15 . 3 month sellout - Project Closeout Jan-9S 18 - - - - - ~ . Kraut- MU sale 11/7/92 Kraut Property Mixed Use Alternative- Residential and Commercial Sale 16 UnIts; 6704 sf Commerclal- 1 Level of Parking- 42 Spaces Preliminary Project Data and proforma Assumptions Page 2of4 Acquisition Cost Subdivision Approvals and Fees 50,000 Total 50,000 Contingency and E....,.ri"" for 1994 start Total Hard Costs 14.89 psf Subtotal 10'10 Frlenrion ~ 475,000 . Based on Shaw ConstrUction 600,000 10/14/92 estimate 349,000 65,000 Wl!ll!. 1,577,000 157 700 5% contingency; 5% escalation SI,734,7oo 5108,4191 unit Hard Costs Puking- 11eve! Fmished Resld Spac< Commen:ial Space Utility Space Courtyard Dec:l< 13,980 sf 8,692 sf 6,704 sf 1,245 sf 5,910 sf 33.98 psf 69.03 psf Soft Costs Archltec:tlEnglneer 121,000 7.0% of Hard Costs Bullcllng Permltl Impact Fees Road Impact Fees Utility Service Fees Park Impact Fees Bui1ding Permit Total: o none 54,000 allowance 33,475 allowance 6,500 $94,000 . estimates per Tun Curtis Contractor Bonding $17,000 1% of Hard Costs LegaVAccountiag Total: 60,000 allowance 6,000 allowance 7,500 allowance 8,000 $82,000 Genera! Legal Accounting Appraisal Lender Legal Lender RevlewlInsp $2,250 S250 pe< month Project Administration! Fee $60,000 SOk proj adm; 10k predev OH R/ETaxes so Advertlsing/ Promotion $7,500 allowance Brokerage Fees $59,000 2% sellout Project Contingency $55,000 200% ofTDC 11/7/92 Kraut- MU sale ,... - - - - ,... -. ,... - - - ,... - - - .. . Kraut Property Mixed Use Alternative- Residential and Commercial Sale 16 Units; 6704 sf Commercial. 1 Level of ParkIng- 42 Spaces Preliminary Project Data and Proronna Assumptions Construction Loan Fees $34,000 1.25% ofTDC Permanent Loan Fee $0 0.00% of penn. loan Operating Expenses During Sellout 3 mouths of expenses $13,000 $2.100 per sesid unit+S2.5Opsf commen:ial Operating Income o months of income $0 $0.00 psf launwn Insurance $20,000 al10wanee Interest Carry S114,ooo allowance based on calculation below Developer Fee $274,000 10.00'10 ofTDC TDC Estimate S2, 737,000 Kraut- MU sale Page3of4 11/7/92 Kraut Prope<ty Mixed Use Alternative- Residential and Commercial Sale 16 Units; 6704 s('Commercial- I Level of Parkin~- 42 Spaces Preliminary Project Data and ProfOIlDa Asswnptions Page 4 of 4 Interest Computation! Cash Flow Analysis Oct-93 Jan-94 Apr-94 Jul-94 Oct-94 Jan-9S Opening BaL Qtrl Qtr2 QtrJ Qtr4 QtrS Qtr6 Totals interest rate 10.00'10 2.50% 2.50'10 2.50'10 2.50% 2.50'10 0.00% Acquisition Cost 50 0 0 0 0 0 0 50 Hard Costs 0 0 0 867 694 173 0 1,735 Soft Costs Architect! Engineer 24 36 36 12 12 0 0 121 Pennit/ Fees 0 0 0 94 0 0 0 94 Contractor Bonding 0 0 0 17 0 0 0 17 Legal! Accounting 16 25 25 5 5 5 0 82 Lender Review/lnsp 0 0 0 1 I I 0 2 Project Admin! Fee 12 6 6 12 12 12 0 60 RlETaxes 0 0 0 0 0 0 0 0 Advertising! Promo 0 0 0 0 4 4 0 8 Brokerage Fees 0 0 0 0 0 59 0 59 Project Contingency 0 0 14 14 14 14 0 55 Canstr Loan Fees 0 0 34 0 0 0 0 34 Penn Loan Fees 0 0 0 0 0 0 0 0 Ope<ating Expenses 0 0 0 0 0 13 0 13 Operating Income 0 0 0 0 0 0 0 0 Insurance 0 0 20 0 0 0 0 20 Developer Fee 0 55 55 55 55 55 0 274 Total Soft Costs 53 122 189 210 103 163 0 839 Sales Income % of Units Sold 100'10 0% 100.00% Nwnber of Units 0 0 0 0 0 16 0 16 Gross Sales Income 0 0 0 0 0 2,929 0 2,929 Net Before Interest (103) (122) (189) (1.077) (796) 2,593 0 306 Interest Expense (2) (4) (8) (24) (48) (27) 0 (114) Net Income (105) (230) (428) (1,529) (2,374) 192 192 Total Dev. Cost 105 230 428 1,529 2.374 2,737 2,737 11/7/92 Kraut- MU sale - - Kraut Property 2nd Level Parking Additional 42 Spaces (84 TotaO Preliminary Project Data and Proforma Assumptions - - Development Summary_ Sources of Funds - Tots! Development Cost Estimsted Permanent Loan Available Otb.. Sources of Funds $1,105,000 $543,000 $562,000 ,., Unit Data Monthly Rent Per Unit - No. of Units - 42 Parldng Spaces 42 165 - Subtotal 42 - - 0 Income! Expense Projection - Rents! Income 0 Parldng Income 83,349 Mise Income Q.. - Subtotal $83,349 Vacancy Allowance BJ31. 10.00% Total Revenue 75,014 $I,786perunit - Operaring Expenses 3,751 5.00% Rea! Estate Tax 0 Reserves 0 - Accounting . Q.. Tots! Expense $3.751 S89 per unit Net Income $71,263 Availahle for Debt - Debt SOlViee $57015 10.5% effective inteIest_ - Balance S14,248 . Kraut- 2nd Level Parking Page lof4 S26,310perunit S12,929 per unit 1.25 debt COVerage; 10.5% S13,381 pe< unit Extention Notes 6,946 $150 per space escS% per year 6,946 11/12/92 Kraut Property 2nd Level Parking Additional 42 Spaces (84 Total) Preliminary Project Data and Proforma Assumptions Page 2of4 Acquisition Cost Subdivision Approvais and Fees o Total o Hard Costs Parlcing- 2nd level 14,080 sf . 55.04 psf Rdentlon ~ 775,000 . Based on Shaw ConslrUCtion 10/14192 estimate Contingency and Escalation for 1994 start Total Hard Costs Subtotal 10% 775,000 :z:ullll.. 5% contingency; 5% escalation $852,500 $20,298 1 unit Soft Costs Arch1tectlEnglneer 34,000 4.0'10 of Hard Costs Building Permltl Impact Fees Road Impact Fees Utility Service Fees Park Impact Fees Building Pennit Total: o none o SO 1 unit o SO/uni. o none $0 . estimates per Jim Curtis Contractor Bonding $9,000 1 % of Hard Costs LegaV Accounting Genera! Legs! Accounting Appraisal Lender Legal Total: $0 Lender Revlew/Insp so Project Administration! Fee $0, R1ETaxes $0 Advertlsing/ Promotion SO alIowanee Brokerage Fees $0 covered in operating expenses Project Contingency $22,000 2.00% of TDC 11/12/92 Kraut- 2nd Level Parking - - - - - ,... - - - - - - - - - - - .. Construction Loan Fees Permanent Loan Fee Kraut Property 2nd Level Parking Addlllonal 42 SP.ces (84 Total) PreUmlnary Project Data and Proforma Assumptions $11,000 1.00'10 of me Sl1,ooo 2.00% of penn. loan Operating Expenses During Rentop 3 months of expenses $0 $0 I unit Operating Income o months of income Insurance Interest Carry Developer Fee TDC Estimate Kraut- 2nd Level Parking SO $0.00 psf launom $2,000 a1lowanee $52,000 allowance based on caIculalion below $111,000 10.00'10 of TDC $1,105,000 $26,310 pe<unit Page 3 of4 11/12/92 Kraut Property , 2nd Leve! Parldng Additional 42 Spaces (84 Total) Prelintinary Project DaUl and Proforma Assumptions Page 4 of 4 lnterest Computation! Cash Flow Analysis Oct-93 Jan-94 Apr-94 Jul-94 Oct-94 Jan-95 Opening BaL Qtr! QtrZ Qtr3 Qtr4 Qtr5 Qtr6 Totals interest rate 9.00'10 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% Acquisition Cost 0 0 0 0 0 0 0 0 Hard Costs 0 0 0 426 341 85 0 853 Soft Costs ArchiteCtI Engineer 7 10 10 3 3 0 0 34 Permitl Fees 0 0 0 0 0 0 0 0 Contractor Bonding 0 0 0 9 0 0 0 9 Legal! Accounting 0 0 0 0 0 0 0 0 Lender Review/lnsp 0 0 0 0 0 0 0 0 Project Admin! Fee 0 0 0 0 0 0 0 0 RlETaxes 0 0 0 0 0 0 0 0 Advertising! Promo 0 0 0 0 0 0 0 0 Brokerage Fees 0 0 0 0 0 0 0 0 Project Contingency 0 0 6 6 6 6 0 22 Constr Loan Fees 0 0 11 0 0 0 0 11 Penn Loan Fees 0 0 11 0 0 0 0 11 Ope<ating Expenses 0 0 0 0 0 0 0 0 Ope<ating Income 0 0 0 0 0 0 0 0 Insurance 0 0 2 0 0 0 0 2 Developer Fee 0 22 22 22 22 22 0 111 Total Soft CoslS 7 32 62 40 31 28 0 200 Sales Income % of Units Sold 0% 0% 0,00% Nwnber of Units 0 0 0 0 0 0 0 0 Gross Sales Income 0 0 0 0 0 0 0 0 Net Before Interest (7) (32) (62) (466) (372) (113) 0 (1,053) Interest Expense (2) (1) (2) (8) (17) (23) 0 (52) Net Income (9) (42) (105) (579) (969) (1,105) (1,105) Total Dev. Cost 9 42 105 579 969 1,105 1.105 11/12/92 Kraut- 2nd Level Parking - - - Kraut Property 2nd LevelParklng Additional 42 Spaces (84 Total) PreUmlnary Project Data and Proforma Assumptlona Page lof4 - Development Summary_ Sonrces of Funds - Total Development Cost Estinuued Pernumem Loan Available Other Sources of Funds $1,107,000 $633,000 $474,000 $26.357 pe< unit $15,071 pe<unit 1,25 debt cov....ge; 10.5% $11.286 pe< unit ,... - Unit Data No, or Units Monthly Rent Per Unit Extention Notes - 42 Parlting Spaces 42 193 8,103 $17Sperspaee es. 5% per year 8,103 - Subtotal 42 - - 0 Income! Expense Projection - Rental Income 0 Parlting Income 97,241 Mise Income Q. - Subtotal $97.241 Vacaucy AUowance ~ 10.00'10 Total Revenue 87.516 52,084 per unit - Operating Expenses 4.376 5.00% Rea! Estate Tax 0 Reserves 0 - Aecounting Q. Total Expense $4376 $104 per unit Net Income $83,141 AvailableforDebt Debt Service 566 465 10.5% effective intaat_ - Balanee 516,676 . Kraut- 2nd Level Parking 1 'I 1 2/92 Kraut Property 2nd Lev~ Parking Additional 42 Spaces (84 Total) Preliminary Project Data and Proforma Assumptions Acquisition Cost Subdivision Approvais and Fees Hard Costs Parldng- 2nd leve! Contingency and Escalation for 1994 start Total Hard Costs Soft Costs ArchltectlEnglneer Building Pennitl Impact Fees Road Impact Fees Utility Serviee Fees Park Impaa Fees Building Permit Contractor Bonding LegaV Accounting General Legal Accounting Appraisal Lender Legal Lender RevlewlInsp Project Administration! Fee , R1ETaxes Advertlsing/ Promotion Brokerage Fees Project Contingency Kraut- 2nd Level Parking Page 20f4 o Total o 14,080 sf _ 55.04 psf F.xtentlon ~ 775,000 . Based on Shaw Construction 10/14192 estimate Subtotal 10% 775,000 :u.m 5% contingency; 5% escalation $852,500 $20,298 1 unit 34,000 4.0% of Hard Costs Total: o none o $0 I unit o $0 I unit o none $0 . estimates per Jim Curtis $9,000 1% of Hard Costs Total: $0 $0 $0 $0 $0 allowance $0 covered in operating expenses $22,000 200% of TDC 11/12/92 - ... - - - - - ... ... - - .... ... ... - .. 'Construction Loan Fees Permanent Loan Fee Kraut Property 2nd Level Parking Additional 42 Spaces (84 Totan PreUmlnary Project Data and Proforma Assumptions Page30f4 $11,000 1.00'10 ofTDC $13.000 2.00'10 of penn. loan OperatiDg Expenses During Rentop 3 months of expenses $0 $0 I unit Operating Income o months of income Insurance Interest Carry Developer Fee TDC Estimate Kraut- 2nd Level Parking $0 $0.00 psf lannwn $2,000 allowance $52,000 allowance based on c:aIcu1ation below $111.000 10.00'10 ofTDC $1,107,000 $26.357 perunit 11/12/92 Kraut Property 2nd Level Paridng Additiona142 Spaces (84 Total) Pre!intinary Project Data and Proforma Asswnptions Page40f4 lnterest Computation! Cash Flow Analysis Oct-93 Jan-94 Apr-94 Jul-94 Oct-94 Jan-9S Opening BaL Qtrl Qtr2 Qtr3 Qtr4 Qtr5 Qtr6 Totals int.ereSf. rate 9.00'10 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% Acquisition Cost 0 0 0 0 0 0 0 0 Hard Costs 0 0 0 426 341 85 0 853 Soft Costs Architect! Engineer 7 10 10 3 3 0 0 34 Permit! Fees 0 0 0 0 0 0 0 0 Contractor Bonding 0 0 0 9 0 0 0 9 Legal! Accounting 0 0 0 0 0 0 0 0 Lender Review/lnsp 0 0 0 0 0 0 0 0 Project Admin! Fee 0 0 0 0 0 0 0 0 RlETaxes 0 0 0 0 0 0 0 0 Advertising! Promo 0 0 0 0 0 0 0 0 Brokerage Fees 0 0 0 0 0 0 0 0 Project Contingency 0 0 6 6 6 6 0 22 Constr Loan Fees 0 0 11 0 0 0 0 \1 Perm Loan Fees 0 0 13 0 0 0 0 13 Operating Expenses 0 0 0 0 0 0 0 0 Operating Income 0 0 0 0 0 0 0 0 Insurance 0 0 2 0 0 0 0 2 Develope< Fee 0 22 22 22 22 22 0 111 Total Soft Costs 7 32 64 40 31 28 0 202 Sales Income % of Units Sold 0% 0% 0.00% Number of Units 0 0 0 0 0 0 0 0 Gross Sales Income 0 0 0 0 0 0 0 0 Net Before lnterest (7) (32) (64) (466) (372) (113) 0 (1,055) Interest Expense (2) (1) (2) (8) (17) (23) 0 (52) Net Income (9) (42) (107) (581) (971) (1,107) (1,107) Total Dev. Cost 9 42 107 581 971 1,107 1,107 1 1/12/92 Kraut- 2nd Level Parking -. '" - -. "'" "" "" ~ "'" "'" "'" Submitted To: """ ,-. """ ~ """ Applicant: -. "" -. """ """ Date: "" "" corrections: "" ..-.. .- -. -. -. -. -. -. KRAUT PROPERTY AFFORDABLE HOUSING PROJECT SUBDIVISION APPLICATION Ms. Leslie Lamont City of Aspen Planning Office 130 South Galena Street Aspen, Colorado 8161 I 303-920-5090 City of Aspen and AspenlPitkin County Housing Office C/O Mr. Tom Baker Executive Director 503 East Main Street Aspen, Colorado 816Il 303-920-5050 October I I, 1993 October 26, 1993 "'" <'fI'. .~ - Page TABLE OF CONTENTS No. A. Application Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " 1 B. Compliance With Aspen Area Community Plan ............. 3 C. Property Description . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . " 4 D. Project Description. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 4 E. Project Review Requirements ....................... 9 _ 14 1. Subdivision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 9 2. Special Review ................................ 12 3. Exemption From GMQS .......................... 13 4. Condominumization ............................. 14 5. Vested Property Rights ........................... 14 F. Code Amendment To AH Zoning For Municipal Parking ..... 14 G. Encroachment Permit For East Hyman Avenue . . . . .. . . . . . .. 16 - - ~ - - - .,-" ."..,., - """ MAPS AND ILLUSTRATIONS - Vicinity Map Zoning Map Existing Site Conditions Perspective Site Plan Floor Plans Elevations Sections Studio Unit (Typical) I-Bedroom Unit (Typical) Streetscape Alternatives A & B -, -. -, ".-., - -, - - APPENDIX A. Improvement Survey B. Engineering Report C. Utility Service Letters D. George Vicenzi Consent Letter E. AH Rezoning Ordinance F. Permission To Represent G. Warranty Deed H. Title Insurance Commitment I. List Of Adjacent Property Owners J. Pre-Application Conference Summary -. -, -, -, """ ,-. .-, ,-. -. - - - - - PROJECT CONSULTING TEAM -, - Proiect Managers & Planners - Jim Curtis Curtis & Associates 300 East Hyman Avenue Aspen, Colorado 81611 303-920-1395 - - - "" Jonathan Rose Affordable Housing Development Company 33 Kotonah Avenue Kotonah, New York 10536 914-232-1396 "" ,-. "" - Architects - Harry Teague Harry Teague Architects 412 N, Mill Street Aspen, Colorado 81611 303-920-2556 - - - - - Housing Office Coordination "" Dave Tolen AspenlPitkin County Housing Office 305 E. Main Street Aspen, Colorado 81611 303-920-5050 '"" - - '"" - - - .-., "'" The Kraut property is located at the southwest corner of East Hyman Avenue and Original Street as shown on the Vicinity Map in the Illustrations section herein. The property is the vacant lot south of the Aspen Athletic Club and currently is used for leased parking for approximately 50 cars. The property was purchased by the City of Aspen in 1991 for affordable housing. The property is 15,000 sq. ft, and is zoned Affordable Housing (AH). The project is for 27 studio and I-bedroom affordable housing units with underground parking. To permit the maximum planning flexibility possible, 2 levels of underground parking for up to 146 cars is being requested for approval as part of this application. The final size of the underground garage will be established by City Council based on the City's transportation, parking and financial objectives. At a minimum the garage will be 27 spaces for the residential units at I space per bedroom. Any additional public parking will be optional at the discretion of Council, and Council is not committing to build any more than 27 spaces as part of this application. On a preliminary basis, any additional public parking would be leased under year leases or sold to the public, and not operated for short-term municipal parking like the Rio Grande garage to minimize the operational cost of the garage. The garage would have a gated entrance operated by an electronic card, and not a manned booth. The final operational and use plans of the garage will be decided by City Council. Access into the garage is proposed off East Hyman Avenue. ~ "'" "'" "'" 1fIII>... "'" "'" "'" "" "" "" "'" 3. 4. 5. 6. 7. "" "'" "'" ""' .- "'" "" "" ..~ ""' ""' "" "" ,..-." "" ,.., "'" "'" ... ... A. APPLICATION SUMMARY This application is for the following: Code Section I. 2. Subdivision Special Review a. Building Height b. Open Space c. Parking Exemption From GMQS Condominumization Vested Property Rights Code Amendment To AH Zoning For Municipal Parking Encroachment Permit For East Hyman Avenue Sec. 7-1004 Sec. 7-401 Sec. 5-206.2 D. 7 Sec. 5-206.2 D. 9 Sec. 5-206.2 E. Sec. 8-104 C. (c.) Sec. 7-1007 Sec. 6-207 Sec. 7-1102 Sec. 19-46 I The project is a mix of 13 studios and 14 I-bedroom units. The studios range in size from 475 _ 525 sq. ft. net liveable and the I-bedrooms from 601 - 725 sq. ft. net liveable. The units will either be sale or rental. Council has stated a preference for sale units but wish to remain flexible on this decision at this time. The units will be a mix of Category #2 and #3 price and income restrictions. Final sales prices or rents, and the final mix of Category #2 and #3 units will be set once excavation, garage and foundation work is completed. Ground breaking is scheduled for July, 1994. Occupancy is estimated for the Fal1/Winter 1995. The project has been designed to make the units feel and live like individual townhomes versus a standard apartment building. The project is built around a central courtyard to give all the units a single loaded entrance and good sun exposure. All the units have some private outside space either as a patio, deck or terrace. Only 6 of the 27 units are on the 3rd level to allow a variation in the roof line of the building. The 3rd level roof line is broken so it is not a solid mass like the adjacent Aspen Athletic Club building. The building will read as an interesting mix of 2 and 3 level facades. The units have individual locked storage closets of a minimum of25 sq, ft. in the garage plus as much in-unit storage space as possible. The units will also be plumbed for individual washers and dryers for sales units, as well as a common laundry room in the garage if the units are rental. The building height is requested to go from 25' to a maximum of 30' by Special Review. Under Special Review up to a 30' building height is pennitted. The maximum building height is 29' at the northwest comer of the building, the lowest topographic point on the property. The average 3rd level building height high point across the property is only 26'9". The maximum 30' building height is requested to have higher 9'0" ceiling heights in the 1st level units to make them feel more spacious and open, The 3rd level units will have vaulted ceilings to make them feel more spacious and open. Achieving the higher ceiling heights is important to make the units feel more open, liveable and attractive. To minimize the building height request and still achieve the higher ceiling heights, the building has been sunk an average of 3'6" below grade. To sink the building farther, it is felt will negatively impact the liveability of the lower units by reducing the amount of light into the lower units, The preliminary exterior material is proposed to be horizontal and vertical siding with colored metal roofs. Preliminary exterior colors are proposed to be buff and green. Both the exterior materials and colors will be refined and subject to change based on more detailed project cost estimating and comments from the subdivision review process. Final exterior materials and colors will be decided at the final project approvals before City Council. 2 "'" "'" "'" - The project is consistent with the goals and objectives of the Aspen Area Community Plan and is only a small part of the community's on-going commitment to promote affordable housing. The project is also consistent with the goals and objectives of the 1993 Aspen/Pitkin County Affordable Housing Guidelines. The Guidelines identify a housing demand for family oriented sales units and entry level studio and I-bedroom units either sales or rental. The project with its convenient downtown location is well suited for studio and I-bedroom units. The need for entry level singles, couples and non-roommate housing is reflected in the 151 applications for the 3 "carriage/studio" units at the West Hopkins affordable housing project. The studio and I-bedroom mix for the project has been recommended by the Housing Office and will help diversify the existing inventory of affordable housing in the community. "'" - ...., - """ "'" - - "'" B. COMPLIANCE WITH ASPEN AREA COMMUNITY PLAN "'" The Aspen Area Community Plan was adopted by the City of Aspen and Pitkin County in January, 1993. The plan was created by citizens of the community over a 2 year period and represents the Community Character and Vision for the future of the Aspen Area. One of the major goals of the plan is promoting a balanced community where local residents have the opportunity to live, work and participate in the community. This community balance is commonly referred to as the affordable housing problem. Since 1987 the community has experienced a major displacement of its working residents down valley. In the decade preceding 1987 approximately 65% of the work force who worked in the community also lived in the community. This percentage has fallen to approximately 45% today and the community is becoming more and more a commuter community. The affordable housing objectives of the community plan are summarized by the following: "'" "'" """ - "'" "'" - ,.-.. I. To encourage a more balanced pennanent year-round community. "'" 2. To establish a sustainable "critical mass" of residents who have the opportunity to live and work in the community. "'" "'" 3. To promote local housing opportunities for 60% of the work force up valley of Aspen Village. "'" 4. To provide opportunities for residents and workers to become a pennanent part of the social fabric of the community. - - "'" "'" 3 "'" "' 5. To view affordable housing as an investment in people and community values, rather than simply bricks and mortar. C. PROPERTY DESCRIPTION The Kraut property is 15,000 sq. ft.; is Lots E, F, G, H and I, Block 105, Townsite of Aspen; and is zoned Affordable Housing (AH). The property is vacant and used for leased parking for approximately 50 cars. The property is flat and has no trees. Sewer, electric, telephone, gas and cable TV utilities are in the alleyway and water lines are in East Hyman Avenue and Original Street. The property is easily buildable and has no environmental problems. D. PROJECT DESCRIPTION The architectural drawings for the project are given in the Illustrations section herein. Full size scaled drawings have been submitted to the Planning Office separately. The project has been designed to make the units feel and live like individual townhomes versus a standard apartment building. Many design elements have been incorporated into the project to accomplish this goal as follows: 1. Each unit has as a private entrance. There are no double loaded corridors. 2. Each unit has some private outside space either as a small patio, deck or terrace. The 1st level units have small private entrances sunken below street level for privacy, the 2nd level units have small private terraces facing the central courtyard, and the 3rd level units have small roof decks. 3. The project is built around a south facing central courtyard to give each unit good light and sun exposure. 4. Many of the units have three or four exposed exterior walls for light and ventilation, and all the units have at least two exposed exterior walls. 5. The 1st level units have higher ceiling heights of 9'0" to make them feel more spacious and open. The 3rd level units have vaulted ceilings to make them feel more spacious and open. The 2nd level units open directly onto the central courtyard. 4 ,.... - ~, 6. The building has been sunk an average of 3'6" to allow the 1st level units to have higher ceiling heights; to create small private entrances for the lower level units; and to reduce the building height Special Review request. - "'" ,.-... 7. Only 6 of the 27 units are on the 3rd level to allow a variation in the roof line of the building. .-, - 8. The corners of most of the units have been angled to have a bay window character. "'" ","" 9. The units have individual locked storage closets of a minimum of 25 sq. ft. in the garage plus as much in-unit storage space as possible. ""', "'"' 10. The units will be plumbed for individual washers and dryers for sales units, as well as a common laundry room in the garage if the units are rental. - "...." The project unit mix has been recommended by the Housing Office and is given below: Net Preliminary Liveable Housing Sa. Ft. Catel!ory 9 Studios 475 sq, ft. @ Cat. #2 Sale or rental 2 Studios 506 sq, ft. @ Cat. #3 Sale or rental ..l Studios 525 sq. ft. @ Cat. #3 Sale or rental 13 4 I-Bedroom 601 sq. ft. @ Cat. #2 Sale or rental 6 I-Bedroom 701 sq. ft. @ Cat. #3 Sale or rental ...i I-Bedroom 725 sq, ft. @ Cat. #3 Sale or rental 14 - - - - - - - - - - '""' The net liveable square footages shown above are based on interior living area, measured interior wall to interior wall, including interior storage area and partitions, and excluding individual garage storage which is also provided as part of the project. "'" "'" "" The preliminary exterior material is proposed to be horizontal and vertical siding with colored metal roofs. Preliminary exterior colors are proposed to be buff " " 5 " , and green. Both the exterior materials and colors will be refined and subject to change based on more detailed project cost estimating and comments from the subdivision review process. Final exterior materials and colors will be decided at the final project approvals before City Council. Two alternative streetscapes for the project are given in the Illustrations section herein. The streetscape is the City owned R.O.W. between the curb line and the property line, and is a critical space to enhance the liveability of the project. It is recommended Streetscape Alternative A be approved. This streetscape is based on changing the angled parking on the south side of East Hyman Avenue to parallel parking consistent with the parallel parking on the north side of East Hyman Avenue and the parallel parking on both sides of Original Street. This will allow the curb line on the south side of East Hyman Avenue to be pulled north up to 9' allowing for a greater distance between the curb line and the building line from 18'8" to about 27'8" '. This additional space will create a more pedestrian friendly streets cape with more street trees and planting area, and greatly improve the liveability of the project. The additional area for street trees and plantings will make the downtown greener as well as soften the bulk and mass of the building. The parallel parking will also eliminate headlights pointing directly into the lower units making them more liveable and less impacted by the automobile. There are currently 15 _ 16 angled spaces that would be reduced to about 8 parallel spaces. The loss of the angled spaces could be replaced in the garage at the discretion of City Council based on the final size of the garage. The recommended Streetscape Alternative A would make the streetscape more pedestrian friendly, the project more liveable, the downtown greener, the on-street parking consistent for the area and would simply emphasize people over the automobile. All of these objectives are consistent with and encouraged by the Aspen Area Community Plan. An AH zoning comparison ofthe project is given in Table 1 on the following page. 6 --.. ~ .... .... TABLE 1 ~, AFFORDABLE HOUSING ZONING DIMENSIONAL REOUlREMENTS .... .... Criterion .... Principal Front Yard Secondary Front Yard Minimum Rear Yard Minimum Side Yard Minimum Distance Between Bldgs. Maximum Height Minimum Lot size .... .... ,--. .... .... .... Minimum Lot Area/Unit .... Studio .... .... One Bedroom ,..... .... Minimum Lot Area Total .... Maximum FAR .... .... Maximum Floor Area (15,000 sq, ft. lot) ~ Minimum Open Space % of Site - ,..... Open Space - Sq. Ft. .... Off-Street Parking .... .... .... - ,..... "'"' AH Zone Requirements 10' 6'8" 10' 5' 5' 30' (by Spec, Rev) 3,000 sq. ft. Kraut Prooosed 10' 6'8" 10' 5' nla 30' 15,000 sq. ft. 300 sq, ft. 13 units = per unit 3,900 sq. ft, 400 sq, ft. 14 units = per unit 5,600 sq. ft. 9,500 sq. ft, 15,000 sq. ft. Ll:1 FAR 1.1:1 FAR 16,500 sq, ft. 16,500 sq. ft. By Special Review By Special Review By Special Review 7 41% 6095 sq. ft. 27 spaces (1 spacelbedroom) Parking Garage The architectural drawings for the parking garage are given in the Illustrations section herein. Full size scaled drawing have been submitted to the Planning Office separately. To permit the maximum planning flexibility possible, 2 levels of underground parking for up to 146 cars is being requested for approval as part of this application. The final size of the garage will be established by City Council based on the City's transportation, parking and financial objectives. At a minimum the garage will be 27 spaces for the residential units at 1 space per bedroom. Any additional public parking will be optional at the discretion of Council, and Council is not committing to build any more than 27 spaces as part of this application. On a preliminary basis, any additional parking would be leased under year leases or sold to the public, and not operated for short-term municipal parking like the Rio Grande garage to minimize the operational cost of the garage. The garage would have a gated entrance operated by an electronic card, and not a manned booth. Access to the garage is proposed off East Hyman Avenue. Access off the alleyway was examined and found to be impractical due to the following: I. The grade of the ramp from the alleyway getting down to the garage IS simply too steep with up to a 30% grade. 2. The turning movements into and out of the garage from the alleyway would be much tighter. 3. More neighbors are directly impacted along the alley, especially the Hanna- Dustin building and the potential Superblock development. 4. The public convenience of access off the street is much better especially if the garage is larger than 27 cars, The 146 car 2 level garage extends under the adjoining A-Frame property owned by George Vicenzi. George has consented to his property being part of the application per his consent letter in Appendix D. The 146 car garage also extends into East Hyman Avenue by approximately 10 feet. It is necessary to extend into the street to have an efficient garage layout of double loaded parking aisles. An 8 "'" fIII\I!'I'>.. / ~ "'" encroachment permit will be required from the City. There are 15 - 16 on-street parking spaces that will be removed during construction and replaced after construction either as angled or parallel spaces. East Hyman Avenue traffic will not need to be closed during construction. No utilities will be necessary to relocate. The Streets and Engineering Departments have no problems with extending under the street as long as two-way traffic is maintained during construction. "'" "'" -. ,... Construction Schedule -. The project is scheduled to begin construction in July, 1994. The construction schedule is dependent on if a 1 or 2 level garage is built. Occupancy is estimated for the FalUWinter 1995. "'" ,~ -. The construction and occupancy schedule may also vary based on the Superblock evaluation by the City. The Superblock proposal is to use the Kraut Property as an interim location for a temporary City Market during the construction of the Superblock garage. "'" -. -. E. PROJECT REVIEW REQUIREMENTS -. 1. Subdivision -. -. Pursuant to Section 3-101 of the Land Use Code, land to be used for condominiums, apartments or any other multiple dwelling units is subject to the City's review and approval as a subdivision. Such developments are reviewed pursuant to the provisions of Section 7-1004.C of the Code. The review criteria and the development's compliance are summarized below: '"" "'" '"" '"" 1. The proposed development shall be consistent with the Aspen Area Community Plan. -. -. The 1993 Aspen Area Community Plan specifically identifies the Kraut Property as a potential site for affordable housing, The property was rezoned to Affordable Housing (AH) in August, 1992. The proposed project is consistent with the Aspen Area Community Plan and the Affordable Housing zoning. .- .- "'" 2. The proposed development shall be consistent with the existing land uses in the area. The proposed subdivision shall not adversely affect the future development of the surrounding area. -. "'" '"" 9 -. .- \J' qy(J The proposed development is consistent with the existing land uses in the area ~) and is compatible development for the area based on the Aspen Area Community N Plan and the Affordable Housing zoning. The existing land uses in the area are a ,Ory \ mix of offices, neighborhood commercial and residential. Affordable housing on ~ 'q '2V this downtown location is well suited for the existing mixed-use area. The proposed Q(' 1e, ?t development does not adversely affect the future development of the surrounding x.~./ '" area because the development is consistent with the Affordable Housing zoning of c" the property. ,1ZJ "~ '-CC~- )") 3. The proposed subdivision shall be in compliance with all applicable requirements of the Land Use Code. The proposed development has been designed to comply with all applicable requirements of the Affordable Housing zone district and all other applicable requirements of the Land Use Code. 4. The proposed development shall not be located on land that is unsuitable for development because of flooding, drainage, rock or soil creep, mudflow, rockslide, avalanche or snowslide, steep topography or other condition that will be harmful to the health, safety or welfare of the proposed residents. No natural hazards affect the development of the property. The property is platted city lots surrounded by existing development. No adverse affect upon the health, safety or welfare of the project's residents is anticipated. 5. The proposed subdivision shall not be designed to create spatial patterns that cause inefficiencies, duplication or premature extension of public facilities and unnecessary public costs. No governmental inefficiencies, duplication of facilities or unnecessary public costs will result from the proposed development. All required utilities are available in the immediate site area, Improvements to the street and public right-of-way, including sidewalks, curb and gutter, are proposed to be installed at the project's expense. The improvements generally required under subdivision regulations and the design standards to be followed in regard to these improvements are summarized as follows: a. Water. The project will be served by the City of Aspen water system as stated in the Engineering Report by Schmueser, Gordon, Meyer; Engineers 10 .- .- .- .- in Appendix B, A 10" watermain exists in East Hyman Avenue and an 8" watermain exists in Original Street. Water service will comply with the rules and regulations of the Aspen Water Department. .- .- b. Sewer. The project will be served by the Aspen Sanitation District sewer system as stated in the Engineering Report by Schmueser, Gordon, Meyer; Engineers in Appendix B. An 8" sewer line exists in the alley south of the property. Sewer service will comply with the rules and regulations of the Aspen Sanitation District. ,- .- .- -- c. Electric, telephone, gas and cable TV. The project will be served by the existing utility lines in the alley south of the site as stated in the Engineering Report by Schmueser, Gordon, Meyer; Engineers in Appendix B. The utility services will comply with the rules and regulations of the respective utility companies. .- - -- d. Easements. Easements to accommodate the utility services will be provided in compliance with the applicable provisions of Section 7- 1004.C.4.b. of the Code or as may be required by the utility companies. Easements will be depicted on the project's fmal subdivision plat. .- -- ,"'" - e. Sidewalks, curb and gutter. Sidewalks, curb and gutter will be installed along Original Street and East Hyman Avenue in accordance with the street- scape alternative approved as part of this application. .- - f. Fire protection. Fire protection for the project will be provided by the Aspen Volunteer Fire Department. Response time is estimated to be between one (1) and three (3) minutes. Three fire hydrants are located within 350 feet of the site, The building shall conform to Uniform Building Code standards regarding sprinkling, fire-wall separation, fire alarms, smoke detectors and extinguishers . - - ."""'" - g. Drainage. Drainage will be handled in compliance with the recommendations of the Engineering Report by Schmueser, Gordon, Meyer; Engineers in Appendix B. - - - h. Roads. The project will not over burden the surrounding road network. The project is consistent with the level of development permitted by the Affordable Housing zoning of the property. The project's convenient in-town location should result in minimal daily automobile use. Any road, curb and gutter damage during construction will be repaired as a cost of the project. - ,,-., - 11 ,..., - - i. Final Plat. The Land Use Code requires preparation of a final plat prior to City Council review of the subdivision application. The applicant will submit a preliminary Final Plat and Subdivisions Improvements Agreement prior to City Council review of the application. 2. Special Review In the Affordable Housing (AH) Zone District, building height, open space and parking requirements are set by Special Review. The applicant proposes the following standards for each of these items. a. Building Height. The AH standard is 25' increasable up to 30'. The project proposes a maximum 30' building height as measured by the Co e. The increase from 25' to a maximum 30' is requested to make the units ore liveable for the residents and is compatible with the surrounding buildin . The maximum building height is 29' at the northwest comer of the building, the lowest topographic point on the property. The average 3rd level building I - height high points across the property is only 26'9". The 30' building height is requested to have higher 9'0" ceiling heights in the 1st level units to mak",-' them feel more spacious and open. In speaking with employees interested in, the project and in examining other affordable studio and I-bedroom units, it became apparent the smaller units need a very open and spacious feel to be successful and attractive. Two key elements to accomplish this is having ample light into the units and having higher ceiling heights. The higher ceiling heights are a key factor in giving the 1st level units a spacious feel and making the project not feel like small standard apartments. The 3rd level units will have vaulted ceilings to make them feel more spacious and open. To minimize the building height request and still achieve the higher ceiling heights, the building has been sunk an average 3'6" below grade. To sink the building further, it is felt would negatively impact the liveability to the lower units by reducing the amount of light into the lower units. Only 6 of the 27 units are on the 3rd level to allow a variation in the building roof line. The 3rd level roof line is broken up so it is not a solid mass like the adjacent Aspen Athletic Club building. The building will read as an interesting mix of 2 and 3 level facades. The maximum 30' and 3 story building height is felt to be compatible with the surrounding buildings. The Aspen Athletic Club Building is 3 stories 12 - - .'-'" "", with an approximate 34' building height; the Hanna-Dustin building is 3 stories with an approximate 36Y2' building height; the Superblock proposal is calling for 3 story buildings with up to 35' building heights and the 700 East Hyman Avenue townhomes are 3 stories with an approximate 25' building height. ,- - - b. Open Space. There is no specific open space standard in the AH zone. However, the project has retained 41 % of the site as open space and yard space. The project has consciously created key open space to make it more liveable anfi not seem like a standard apartment building. The central courtyard/is the main open space feature. The courtyard permits a single 10lJ,ded entrance into each unit; gives each unit some southern sun exposure; provides a visual break between the buildings; and creates a social meeting place for the residents. The building is back 22' from the curb line of Original Street and 18'8" from East Hyman Avenue. The streetscape will be landscaped in accordance with the approved Streetscape Alternative herein. The lower level units have also been designed with small entrance areas which are sunk an average of 2' below the sidewalk grade to create the feel of individual entrances and to give some privacy from the sidewalks. ...... - - - - '"" '"" - - c. Parking. The AH standard is a maximum of 1 space/bedroom or 2 spaces/dwelling unit whichever is less, The project will provide 27 parking spaces for the 27 residential units at 1 space/bedroom in the underground garage. Any additional municipal parking will be established by City Council based on the City's transportation, parking and financial objectives. '"" - '"" ,- 3. Growth Management Exemption - Pursuant to Section 8-104.C.1.C of the Code, the applicant requests City Council approval of an exemption from the Growth Management Quota System for deed-restricted affordable housing. The review criteria for exemption include the City's need for affordable housing; the development's compliance with the adopted housing plan; the number, type and location of the proposed units; and the proposed price categories. '"" - - ....., The 1993 Aspen Area Community Plan addresses the need for affordable housing in the Aspen area. The 1993 AspenlPitkin County Housing Guidelines identifies a preference for entry level studio and I-bedroom units either sales or rental. The project is designed to address the need for studios and I-bedroom units in a well-located downtown site. The project is 13 studios and 14 I-bedroom units - '"" ,~ - - 13 '"" ,- which will be a mix of Category #2 determined by City Council. and #3 units. either for sale ~~r or rental, as 4. Condominiumization In conformance with Section 7-1007 of the Code, the applicant requests City Council approval of condominiumization to permit the flexibility for sales units. In accordance with the regulations, the applicant will record a condominium map and declaration which meets the requirements of the City Engineering Department. The condominium map and declaration will be provided for review upon substantial completion of construction. Prior to conveyance of individual units, the condominium map and declarations shall be recorded in the Pitkin County Clerk and Recorder's Office. The units shall be 100% deed restricted and will therefore not require payment of an impact fee. If Council decides to retain ownership of the project as a rental project, condominiumization will not be necessary. 5. Vested Prol'ertv Rights The applicant requests vested property rights status pursuant to Section 6-207 of the Code. The applicant understands that final approval must be granted by ordinance by the City Council and that no specific submission requirements or review criteria other than a public hearing are required to confer vested property rights. F. CODE AMENDMENT TO AH ZONING FOR MUNICIPAL PARKING The applicant request the City of Aspen to amend the Affordable Housing (AR) zone district, Section 5-206.2, to permit municipal parking as a "Permitted Use" and to review said parking under Section 5-206.:2(E)(2) by Special Review. Section 7-1102 of the Code establishes the following standards to review proposed Code amendments. 1. Whether the proposed amendment is in conflict with any applicable portions of this chapter. The proposed amendment is not felt to be in conflict with any applicable portiorisoLthe Code. (~ n \, ;1"%'"'.. i;' ""-"i \"',. (I \,j}t\ 4~' ,i 1.1 '"...t/ ,,:!- '" (~)(~/ 14 / l-;/':-) ,I' ,y p.-... I / i .I ./ /"-,. , ,-......-' -. -. -. -. -. "...., -. -. -. '"'" ,~ ,-.. ,-. -. "'" '"'" -. ~ i ,CJ '""'~1b -. ~C-, '", f. J ~-l ~ ~~ ~ ~ ~-" (~t: -. ~-y-~ coo, (' """'" ~--." '"'" -. 1"", ~ ~ ',~ti ~' b ~ -. -. I"" -. ,-. -. ,-. 2. Whether the proposed amendment is consistent with all elements of the Aspen Area Community Plan. The Aspen Area Community Plan under the Transportation Action Plan recommended municipal parking under the Kraut Property. Municipal parking was also recommended in this general location as Phase II of the 1987 Transportation Plan and more recently in the 1993 Aspen Transportation Implementation Plan, None of the plans specify the amount of municipal parking which shall be determined by the City Council based on the City's transportation, parking and financial objectives. 3. Whether the proposed amendment is compatible with surrounding zone districts and land uses, considering existing land use and neighborhood characteristics. The proposed amendment is felt to be compatible with the existing land uses and neighborhood characteristics. The property is currently used for leased parking of approximately 50 cars and this location has been identified in various adopted transportation and parking plans as a recommended location for municipal parking. 4. The effect of the proposed amendment on traffic generation and road safety. The proposed amendment will have minimal effect on traffic generation and road safety. The property is currently used for leased parking of approximately 50 cars and any additional municipal parking beyond this amount is likely to simply replace existing on-street municipal parking. Provision of underground municipal parking will result in positive benefits to the community and the surrounding neighborhood by potentially reducing parking congestion presently occurring in the area, 5. Whether and the extent to which the proposed amendment would result in demands on public facilities, and whether and the extent to which the proposed amendment would exceed the capacity of such public facilities, including but not limited to transportation facilities, water supply, parks, drainage, schools, and emergency medical facilities. The proposed amendment will not exceed the capacity of the applicable public facilities. The property is currently used for leased parking for approximately 50 cars and this location has been identified in various adopted transportation and parking plans as a recommended location for municipal parking. 15 6. Whether and the extent to which the proposed amendment would result in significantly adverse impacts on the natural environment. The proposed amendment will not result in adverse impacts on the natural environment. 7, Whether the proposed amendment is consistent and compatible with the community character in the City of Aspen. The proposed amendment is consistent and compatible with the community character in that this location has been identified in various adopted transportation and parking plans as a recommended location for municipal parking. 8. Whether there have been changed conditions affecting the subject parcel or the surrounding neighborhood which support the proposed amendment. The proposed amendment is supported by the various adopted transportation and parking plans which have identified this location as a recommended location for municipal parking. 9. Whether the proposed amendment would be in conflict with the public interest, and is in harmony with the purpose and intent of this chapter. The proposed amendment would not be in conflict with the public interest and is in harmony with the City Code because the property is currently used for leased parking and this location has been identified in various adopted transportation and parking plans as a recommended location for municipal parking. G. ENCROACHMENT PERMIT FOR EAST HYMAN AVENUE The applicant requests an Encroachment Permit for East Hyman Avenue to permit the construction of underground parking, at the discretion of City Council, beneath the street under Section 19-46 of the Code. 16 .- ,- ,- .- ,- ~ "" ,- ,,,,,,,",, "" ,*, ,- "" -- "" ""' ""' .- -- -- - -- "'" - "'" "'" ,-, "" MAPS AND ILLUSTRATIONS """ ""' "'" ""' - - - - - "'" - I - ]1 I - ~ ~ _J "'" - - -~5l -, - Athie Chob ,...,.,. - J' , , , , - I, EntnncelO I JJ ~:'Prnp<rty - 3tH m T b_ - (6 ~)' - J1 : - _.J - - - Patio ,..., Buildi - - """ - """ - - ~ 9 = --,^, -=-t ~ I' I <( ~~:Bm~) d __I' 1~~_~"",!~~__~ I Hannah-Dustin . I Building , 'D ~-- ORIGINAL STREET :'." I ~ II I ~ '01 ~ ;; " I ' I II~~~~I I : I " ____--1 ~ ~._- ___.....1 8 ORIGINAL STREET I H.W.Y.82 Buckhorn Lod" "l I City Market . , q' " I ' I l-'~ I ~HI ~tPlOPerth1 I ':" ....', l ~ 5! ~ -----: BeIlMou lain \ Lodge ____.1ll Parking Lo< L. J L.___ I ~ . > . 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I~ '. ~ Ira'-- " . . . ~ ~ ih i ,; i iH ! . !I; . t.ili : i . i ~ I! .' j I ! '" - tl.i , ! ; .b hi ! i H' i ~ I ! 1 ! " ! - . ! , I ! Ul I ? . I I '" 0- l , L " z i , i i ., ! I , . ! , - . l , " z I . I I '" '" . . '" I . '. ..J j ! . " . " . :1 ! . . I . ~ ~ ;; - - (303) 945.1 004 FAX (303) 945.5948 ENGINEERS SURVEYORS -5 G M_ SCHMUESER -==- GORDON MEYER APPENDIX B "'"' 1001 Grand Avenue, SUite 2E Glenwood Springs, CO 81601 - "" September 13, 1993 ........, .--.. "......, Mr. Jim Curtis Curtis & Associates 300 East Hyman Avenue Crystal Palace Building, 2nd Floor Aspen, CO 816111 - "'"' - RE: Kraut Property Affordable Housing Project, Engineering Report "" Dear Jim: - ."""". This letter comprises an Engineering Report for the proposed Kraut property affordable housing project in Aspen, Colorado. My comments are based on our meeting of September 9, 1993, conversations with project architect Harry Teague Architects, and discussions and site visits with the utility companies. - ~ fiI"'. Introduction ,,,,", ,- The Kraut property affordable housing project is located at the southwest corner of Original Street and East Hyman Avenue, The property is 15,000 square feet and zoned Affordable Housing (AH). The project proposal is for a total of 27 units comprised of 13 studios and 14 I-bedroom units and underground parking. """ ...-.... """ Utilities "'"' The Kraut property is located in an area of Aspen that is well-served by existing utilities, Specifically, utility availability is as follows: "'"' "" 1. ~ - The project is served by the City of Aspen water system, A 10" watermain exists in East Hyman Avenue and an 8" watermain exists in South Original Street. Service to this property would consist of the extension of water services only. These services would be sized to provide domestic water as well as a source for fire sprinkler systems if required. Fire hydrants already exist on adjoining corners to provide fire protection for the property. Adequate capacity is availabe within the water system to provide service to this property, - "'"' """'" """ .-, 2. ~ -An 8" sewerline exists in the alley south the property between East - "'"' September 13, 1993 Mr, Jim Curtis Pagel 3. Hyman Avenue and East Cooper Avenue. This sewerline currently serves all of the property in the general area of the project. Sewer service will be provided to the project by the extension of service lines sized as necessary. Sewer service is provided by the Aspen Consolidated Sanitation District (ACSD). Capacity is currently available within the ACSD system to accomodate this project. Miscellaneous Utilities - Electrical power, telephone, cable TV and natural gas utilities are all available to this project in adjoining streets and/or alleys. All primary utilities are currently undergrounded adjacent to this property. All utility systems do have the ability to provide this service to this project. Service will be provided by secondary service connections from the respective utilities, The utilities which will provide service to the project are the City of Aspen electric system, U.S, West Communications, TCl and Rocky Mountain Natural Gas, 4. Site Drainage - There are no off-site drainage impacts on this property. The immediately adjoining properties drain either to curb and gutter sections in adjacent streets or are routed down the alley, On-site drainage can be controlled and directed to the same drainage conveyance features to provide positive drainage away from any of the structures on the property, The City of Aspen engineering department may require that facilities be constructed to maintain historical surface run-off characteristics and/or historical groundwater recharge characteristics, If that is the case, it will probably be necessary to construct a number of drywells or detention areas on the property in order to satisfy these requirements. It should be pointed out however that these types of facilities are not compatable with development in a downtown urban environment where the project is located. Prior to construction of such facilities, it is recommended that the existing drainage conveyance facilities be analyzed to determine if any increases in surface runoff or decrease in groundwater recharge can be accomodated by the existing facilities, and if not, what improvements would be required in order to accomodate any changes. I hope this information will be sufficient for the submission of the subdivision application for the Kraut affordable housing project. If you require additional information or comment, feel free to contact me. SCHMUESER GORDON MEYER, INC, , i i I~ I- i- I~ \- - 1- - - - - September 13, 1993 Mr. Jim Curtis Page3 1"""'-, ......... - Sincerely, - - SCHMUESER GORDON MEYER, INC. - , - - D W. Gordon, P esident i ' \\\'~ i-" - - - "'" - .-, ,., - '""' - - '""' '""' - - """ '""' - ".... SCHMUESER GORDON MEYER, INC. ,.-. ""' - - APPENDIX C ,......, - - "'" .""""'. - -- Utility Service Letters - Submitted to the Planning Office separately. "'" -- -- -. -- - ,--. -. "'" ...., "'" -- -- -. .~ ""' "'" "'" ""' - - -. "'" "'" - APPENDIX D "'" ,..." .- October 11, 1993 -. Ms. Leslie Lamont AspenlPitkin Planning Office 130 South Galena Street Aspen, Colorado 81611 "'" "'" ""' Re: Consent Letter Kraut Property Subdivision Application -. -. Dear Ms. Lamont, -. I am the owner of Lots C and D, Block 105, Original Aspen Townsite, commonly referred to as the A-Frame Property. I hereby consent to include said property in the Kraut Property Subdivision Application for underground parking purposes only. This consent does not commit me in any manner to enter into a parking partnership with the City of Aspen, but only that said property may be included in the subdivision application for subdivision approvals at this time. .- -. "..,. ,~ ,.., Please feel fee to give me a call on any questions. "'" Sincerely, ...--' ~ / . ,y;.' ~ "'" ""' George Vicenzi "'" ,~ "'" ......, "'" "'" "'" "'" '"""". "'" ...-..... 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"'"' "'" "'" "'" "'" "'" "'" "'" "'" ,,,,", "'" "'" "'" APPENDIX E ORDINANCE NO. 39 (SERIES OF 1992) AN ORDINANCE OF THE ASPEN CITY COUNCIL GRANTING A REZONING FROM OFFICE (0) TO AFFORDABLE HOUSING (AH) LOST E, F, G, & I, BLOCK 105, ON THE CORNER OF EAST HYMAN AVENUE ANP ORIGINAL STREET, ASPEN COLORADO WHEREAS, pursuant to Section 24-7-1102 of the Municipal Code the applicant, the Aspen Pitkin County Housing Authority, has submitted an application for a map amendment for the rezoning of Lots E, F, G, & I, Block 105, on the corner of East Hyman Avenue and Original Street, from 0 (office) to AH (affordable housing); and WHEREAS, a duly noticed Public Hearing was held by the Aspen Planning and Zoning Commission (hereinafter "Commission") on December 17, 1991 to consider the map amendment at which time the Commission tabled review of the application pending a worksession with the City Council and interested neighbors; and WHEREAS, staff met with interested neighbors on March 5, 1992 to discuss neighborhood concerns with regard to the rezoning; and WHEREAS,the Commission held a public hearing March 17, 1992 to reconsider the rezoning of the parcel from Office to Affordable Housing; and WHEREAS,the Commission considered the representations made by the applicant and interested public and found that the rezoning application complies with Section 24-7-1102 and is consistent with the goals of the City to provide scatter site affordable housing throughout the City and within walking distance of the downtown, that the site is consistent with the 1973 Aspen Area Comprehensive Plan and the 1992 draft Community Plan that identifies this site as a multi-use site, is not in conflict with any applicable portions of Chapter 24, is compatible with surrounding zone districts and land uses, is consistent and compatible with the community character in the City of Aspen, and is in harmony with the purpose and intest of Chapter 24 of the Municipal Code; and WHEREAS, the Commission recommends to the City Council approval of rezoning the parcel from Office to Affordable Housing; and WHEREAS, the Aspen City Council concurs with the finding as made by the Commission as set forth above and having considered the Planning and Zoning Commission's recommendation for a map amendment does wish to grant the requested map amendment for the southwest corner of East Hyman Avenue and Original Street, Aspen Colorado. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO; section 1; That it does hereby grant rezoning of the southwest corner of East Hyman Avenue and original street, Lots E, F, G, & I, Block 105, Aspen colorado from 0 (office) to AH (affordable housing). section 2: The Official Zone District Map for the city of Aspen, colorado, shall be and is hereby amended to reflect those rezoning actions as set forth in section 1 above and such amendments shall be promptly entered on the Official Map in accordance with Section 24-5-l03B of the Municipal Code. section 3: That the city Clerk be and hereby is directed, upon the adoption of this ordinance, to record a copy of this ordinance in the office ot the pitkin county Clerk and Recorder. section 4; If any section, subsection, sentence, clause, phrase or portion of this ordinance is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such provision and such holding shall not affect the validity of the remaining portions thereof. section 5: This ordinance shall not affect any existing litigation and shall not operate as an abatement of any action or proceeding now pending under or by virtue of the ordinances repealed or amended as herein provided, and the same shall be conducted and concluded under such prior ordinances. section 6: A PUbl~' h aring on the ordinance shall be held on the ~7 day of 1992 at 5:00 P.M. in the City council Chambers, Aspen city Ha , spen colorado, fifteen (15) days prior to which hearing a public notice of the same shall be published one in a newspaper of general circulation within the city of Aspen. INTRODUCED, READ AND ORDERED PUBLISHED aSJrovided by law, city council of the City of Aspen on the __~ day of hYl/ ,1992. ~ 17~ John Bennett, Mayor by the - (1#1'. ""' "'" ,..., ""' """ """ ~ """ """ ""' ""' """ - - ""' "'" - """ ""' """ ,- ""' - - ""' - ""' - "" - ATTEST; ~fl-~d-(~ Kathryn SC/Koch, City Clerk () FINALLY, adopted, A A }'.--, 1992_ passed and approved this / 0 day of John ~tt,/~~- ATTEST: ~lj~ 4~~id-j~ athryn S.~ch, City Clerk / ..... ,- APPENDIX F ,.... - ,,,,,,,,", - October 11, 1993 ""' Ms. Leslie Lamont Aspen/Pitkin Planning Office 130 South Galena Street Aspen, Colorado 81611 ,.... - ,.... RE: Pennission to Represent Kraut Property Subdivision Application ,.... ,^"", Dear Ms. Lamont: "'"' Please consider this letter authorization for the Curtis/ AHDC Partnership of Mr. Jim Curtis and Jonathan Rose to represent the AspenJPitkin County Housing Office and the City of Aspen in the processing of the subdivision application for the Kraut Affordable Housing Project. Mr, Curtis and Mr. Rose are hereby authorized to act on our behalf with respect to all matters reasonably pertaining to the application. ,.... ,.... "'"' -- Should you have any questions, or if I can be of any further assistance, please do not hesitate to call. - """ Sincerely, Sincerely, ,- ~6Jw r1~ I )?~;(U( Am}! argerum ' City--Manager City of Aspen 130 South Galena Street Aspen, Colorado 81611 303-920-5199 -- - Tom Baker Executive Director APCHA 503 E. Main Street Aspen, Colorado 81611 303-920-5050 - - ,.... -- ,.... ,..,."" ~, ,.... ,.... -- -. _&.......t.. ,..... '~'J.8 Silvia Dav ~~t,~~ . Rec $10.00 8K 1 1 ,1n Cnty Clerk:. Doc ... PG 192 $.()(J EXEMPT "" ,/ Q ,.., ...0 -"'- , :i:} Recorded at ~ - . C 0.. Reception No. ~~t:.:l Q P'~ e:::... .;:: "~RJ::CORDING REQUESTED BY: . ,~ '" ,: WHEN RECORDED RETURN TO. l: ~:~. Edward M. Caswall, Esq. ~. .0 Aspen City Attorney <;J 130 South Galena Street '-':) Aspen, Colorado 81611 " E-<':' "'0 :::~2i ~ ~ I" ELAINE KRAUT A/KJA ELAINE M. KRAUT, as Granlor(s), for one million one :;j:<: ,:t hundred thousand and no/ 100 ($1,100,000.00) dollars and other good and valuable consideration, " 2 e; in hand paid, hereby sells and conveys to CITY OF ASPEN, A COLORADO MUNICIPAL o L. "', CORPORATION, as Grantee(s), whose address is 130 South Galena Street, Aspen, Colorado ~ ~ ~81611, the following real property in the County of Pitkin, .~tate of Colorado; to wit: ~ ~i ~;::- ::..;0:.:; "'" o'c1ock_,M. -. Recorder -. APPENDIX G -. -. """ GENERAL WARRANTY DEED """ """ """ - '1(1 iJ UJ LOTS I AND 2, KRAUT LOT SPLIT, ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT BOOK 24 AT PAGE 5, ALSO KNOWN AS LOTS E, F, G, H AND I, BLOCK 105, CITY AND TOWNSITE OF ASPEN, COUNTY OF PITKIN, STATE OF COLORADO ':~~'t('>:~ .,,;... ,- ""'" ~, with all its appunenanees and Warrants titie to the same SUBJECT TO AND EXCEPTING: ....... 1- (j ,"\ , " l- 1. Taxes for the year 1990 due and payable in 1991 and all subsequent years not yet due or payable. ."" 2. - Reservations and exceptions as contained in Deeds from the City of Aspen, recorded December 10, 1887 in Book 59 at Page ISO, and recorded January 28, 1889 in Book 59 at Page 540 as follows: ""'" "" Provided, that no titie shall be hereby acquired to any mine of gold, silver, cinnabar or copper or to any valid mining claim or possession held under existing laws -. ./ ...... 3. The mineral rights as conveyed to Edward 1. Smart by Deed recorded October 25, 1984 in Book 475 at Page 676. - 4. Terms, conditions, restrictions, reservations, provisions and Obligations as set forth in curb, gutter and sidewalk Improvement Agreement recorded in Book 616 at Page 574. "" \ \' 5. Terms, conditions, restrictions, reservations, provisions and obligations as set fom in Statement of Exemption form Subdivision recorded in Book 616 at Page 576. ...... 6. Terms, conditions, restrictions, reservations, provisions and obligations as set fonh in Ordinance No. 10 (Series of 1990) recorded in Book 627 at Page 827. "" "" 7. Easements, right of ways and other matters as shown on Plat of said Lot Split recorded in Plat Book 24 at Page 5. "" /' 8. Existing parking leases installed by Sy KeIly (Double K Parking) and master lease agreement between Sy KeIly and Grantor. Signed this ...J..!::day of January, 1991. '" "" " -t~J kj,au;!- Elaine Kraut a/k/a Elaine M. Kraut " " '"", --........... _.- , /. /' _~'V""'.Ltr'T't<:..- ~ ~ ., "....~~6~F's-r9~ S.ilYia.eViS. Pitkin Cnty Clerk, ce $.00 STATE OF COLORADO ) ) ss. COUNTY OF p[TKlN ) ...)h The foregoing General Warranty Deed was acknowledged before me this l - day of January, [991 by Elaine Kraut alkfa Elaine M. Kraut. ,- Witness my hand and official seal. Joy S. HigenstNotary Pubflc My commISsiOn expires 4122/94 601 East HoPkIns AsPen. Colorado 81611 J~ s Notary PJblic ,....... dl ./ ....0,)' iO";" " . (l .:,/ ;~~"""""".,:.i,..;...... C-,lAA,-:'; v: ')\,9r",.... ' 0/ \~: ~ . \- \"l1nC'\,' "',, ..,~ .1',.,........., .... . .'!\I.... .......:', ......, My commission expires: '-. \. I m.jb:kta",tU03.rc ,;: - 2- ~:::.t:: y;:.~;~, :f~i.~;:: ~~....~. .-, -- COMMITMENT SOiEOOLE A -- MR JAMES aJRI'IS aJRI'IS AND JlS.SCX:IATES 117 SCXJl'H MJNARCH STREEI' ASPEN CD 81611 APPENDIX H "..." .- .- 1. Effective Date; PL/dw August 2, 1993 at 7:00 AM Order No. 402992-C Q..1staIer Reference CI'lY OF ASP -- 2. ALTA Owner's Policy P:LUJ;JC~~ Insured: 1lBDunt; $ .- TO BE DE:TEEMrNED .- -- -- 3. ALTA Loan Policies Proposed Insured: 1lBDunt: $ .- .- .- """ Proposed Insured: 1lBDunt: $ """ ,....." .- 4. 'Ibe estate or interest in the land described or referred to in this Camd tment and =ver:ed herein is: i""" FEE SIMPLE .- -- .- and title thereto is at the effective date hereof vested in; -- CI'lY OF ASPEN, a Col.orado municipal corporation .- .- -- CMner's Pranium: $ len:'ler's Pranium: $ Add'l Lender Olg: $ Add'l Q1arges: $ Tax Certificate; $ Endorsenent Olg; $ TBD Charges: $ issued by: Aspen Ti tie Corporation 600 E. Hopkins Avenue, #102 ASPEN CD 81611 FAX (303) 920-4052 (303) 920-4050 Denver 595-8463 -. -. .- 138.00 .- TOTAL 0lARGES: $ 138.00 ~ FIRST AMERICAN TITLE INSURAN:E CXMPANY ,-. COMMITMENT SOIEOOLE A (a:ntinued) Plat id No. 24/5 Order No. 402992-C 5 - 'Ihe land referred to in the Ccmni tnEnt is =vering the land in the State of Col=ado, County of Pitkin, described as follows: Lots 1 and 2, KRAlJr rm SPLIT, a=rdin;J to the Plat t:hereof filed March 20, 1990, in Plat Beak 24 at Page 5. FIRST AMERICAN TITLE INSl.JRAN::E CXMPANY """" """" COMMITMENT "'" SCHEIXJLE B Order No. 402992-G "'" Secti.cn 1 "'" ~ ,- THE FOI..I.CMlNG ARE THE ~ TO BE CXM'LIED WI'IH: ,- "'" Itan (a) Paynent to = f= the a=unt of the grantors or nortgagors of the full consideraticn f= the estate or interest to be insured. "'" Itan (b) Proper inst:rulrent(s) creating the estate = interest to be insured must be executed an:! duly filed f= record, to wit: ,- 1. Deed fran CITY OF ASPEN, a Colorado municipal uJLflOraticn to A BUYER TO BE Dm'ER-lINED. "'" - lUI'E: Duly executed real property transfer declaration, executed by either the Grantor = Grantee, to a=npany the Deed l1El1.tioned above, pursuant to Article 14 of ~ Bill No. 1288 - ORA 39-14-102. "'" _ 2. Eviderce satisfactory to the Canpany = its duly autlDrized agent either (a) that the "real estate transfer taxes" :iJnposed by Qrdinarx:le No. 20 (Series of "'" 1979), an:! by Qrdinarx:le No. 13, (Series of 1990), of the City of Aspen, Colorado have been paid, an:l that the liens :iJnposed thereby have been fully "'" satisfied, = (b) that Certificates of Exemption have been issued pursuant to the provisions thereof_ "'" "'" A CERI'IFICATE OF TAXES WE LISTIOO E'J\OI TAXIOO JURISDIcrION SHALL BE OBrAINED FRQVl THE cx:xJNIY TREI\SlJRER OR THE cx:xJNIY TREI\SlJRER' S At1l'HORIZED AGENr PURSUANT TO 1983 C.R_S_, 39-1-102 (14_5) AT A CHARGE OF $10.00 E'J\OI TO THE aJS'IU-1ER_ "'" "'" THE a:MPANY RESERVES THE RIGHT TO 0JNI:XX:l' AN ADDITIONAL SE'AROi OF THE REXDRIl5 IN THE OFFICE OF THE CLERK AND REXXlRDER FOR PITKIN CXXJN'l"l, <XlIDAADQ FOR JUI:G1ENI' LIENS, TAX LIENS OR OI'HER SIMILAR OR DISSIMILAR INVOliJNl'ARY MATl'ERS AF'F'&:TIN3 THE GRANl'EE OR GRANTEES, AND ro MAKE SOCH ADDITIONAL RmJIREMENI'S AS IT DEEM> NEx::.ESSARY, AFTER THE IDENl'ITY OF THE GRANl'EE OR GRANTEES HAS BEEN DISCT (lSF.!) ro THE a:MPANY. ,- "'" """ """" lUI'E; THIS o:::MIJI'IMENT IS ISSUED uroN THE EXPRESS 1IGREEMENl' AND UNDERSTANDIN3 THAT THE APPLICABLE PREMlUt"S, 0JAr0ES AND FEES SHALL BE PAID BY THE APPLICANT IF THE APPLICANT AND/OR ITS DESIGNEE OR N:MINEE CIJ:SES THE TRlINSI\Cl'ION <XlNI'EMPIATED BY OR <Jl'HERNISE RELIES uroN THE o:::MIJI'IMENT, ALL IN ACCX:JRDAl'CE WITH THE RULES AND SCHEIXlLES OF RATES ON FILE WITH THE <XlIDAADQ DEPARIMENl' OF INSURAN:E . "'" """ "'" "... .,.,.., ,""'" ,-. FIRST AMERICAN TITLE INSURAl'K:E a:MPANY "'" COMMITMENT SOIEOOLE B Section 2 EXCEPl'IOOS Order No. 402992-c '!be policy or policies to be issued will ccntain exa:pticns to the following matters unless the same are disposed of to the satisfaction of the Catpany; 1trq loss or damage, in::l~ attorney fees, by reason of the matters sI'xJwn below; 1. 1trq facts, rights, interests, or claims which are IXlt sI'xJwn by the public rec:xmls but which could ascerta.i.ra:1 by an inspection of said lan:i or by Il1i3king ~ of persons in possession thereof. 2. Easements or claims of easatents, IXlt sI'xJwn by the public records. 3. Discreparcies, =rrlicts in I:x:lun:Jary linas, srortage in area, en:::roac.I1nents, an:i any other facts which a =rrect survey MJuld disclose an:i which are IXlt sI'xJwn by the public records. 4. !my lien, or right to a lien for services, lator or material heretofore or hereafter furnished, inp:>sed by law arx:l IXlt sI'xJwn by the public records. 5. I:efects, liens, erx::umbraoces, adverse claims or other matters, if any, created, first appearing in the public records = attaching subsequent to the effective date J-ereof, but prior to the date the prq:osed insured acquires of record f= value the estate or interest or lIOrtgage trerean =vered by this Ccmoi:trnent. 6. Taxes due arx:l payable; arx:l any tax, special assessmants, charge or lien i.rnpose<:J for water = sewer service, = for any other special taxing district. 7. Unpatented mining claims; reservations or exceptions in patents or in Acts auth::lrizing the issuance thereof; water rights, claims or title to water. 8. 1trq mine of gold, silver, cinnabar or =wer, or any valid mining claim or possession h3ld uOOer existing laws, as resexved by M. G. Miller, County arx:l Probate Judge of Pitkin County, Colorado, in the Deed to L.M. Bailey recorded Decanber 10, 1887, in Bcx:lk 59 at Page 150 arx:l in deed to D.M. Van Haverbough recorded January 28, 1889, in Bcx:lk 59 at Page 540. 9. Easement arx:l right of way to excavate for, anstruct, install, maintain, inspect, repair, replace, operate arx:l raIDve electrical arx:l cx:mnuni.cation equiplEIlt, as granted by District Court in arx:l for the County of Pitkin to City of Aspen by instrulIEnt recorded February 1, 1977, in Bcx:lk 324 at Page 165 arx:l re-recorded O:::tober 26, 1976, in Bcx:lk 318 at Page 510. 10. Curb, Gutter an:i Sidewalk Impr:ovenents Agreement between Michael Luzich arx:l Elaine Kraut recorded March 20, 1990, in Bcx:lk 616 at Page 574. 11. Statemant of Exemption fran SuI:xlivision between Michael Luzich arx:l E1a.ina Kraut recorded March 20, 1990, in Bcx:lk 616 at Page 576. (Continued) FIRST AMERICAN TITLE INSURAN::E CXMPANY "'" "'" ,~ 12. ,.... 13. ,.... 14. "'" - ,.... 15. - - - ,- - - ,.... - ,- - ,,.-.., - - - ,...., "'" "'" "'" - -, ,,.....,, ~ ,"""" .- EXCEPTIctlS (coo.tinued) Order No. 402992 -C Ord:i.rla=e No. 10, Series of 1990 by tOO City of Aspen recorded August 21, 1990, in Book 627 at Page 827. Electric Transfonner Easenent as slu.m. on tOO Plat of said Subdivision. My am all leases am 't:er1aOCies ioc:1udir.q but =t limited to exist~ ~ leases bet\reen Sy Kelly (Double K. Par~) am Elaine Kraut a/k/a, Elaine M. Kraut as evide=ed in D=ed to City of Aspen recorded JanuaIy 7, 1991, in Book 637 at Page 192. Arq am all unredeered tax sales. l'UI'E: Upon receipt of a Certificate of Taxes Due evi~ that t:h:re are = exis~ open tax sales, the above exception will =t appear on the policies to be issued hereurxler. FIRST AMERICAN TITLE INSURAlCE <XMPANY - """ APPENDIX I """ Order No. A93-028 """ ""' """ ADJACENT OWNERSHIP CERTIFICATE ,-, """ ASPEN TITLE CORPORATION, a corporation organized and existing under and by virtue of the laws of the State of Colorado, ,-, HEREBY CERTIFIES -. """ That it has made a careful and diligent search of the records in the office of the Clerk and Recorder for pitkin County, Colorado, and has determined that those persons, firms or entities set forth on the Exhibit "A" attached hereto and by this reference incorporated herein and made a part hereof, reflect the apparent owners of lots, tracts, parcels and condominium units lying within 300 feet of the following real described property situate, lying and being in the County of pitkin, State of Colorado, to-wit: """ """ - ,-. 300 feet from Lots E, F, G, H and I, Block 105, Townsite of Aspen -. -. .AIJIlot.. "'" -. This certificate has been prepared for the use and benefit of the above named applicant and the City or Town of Aspen in the County of Pitkin, State of Colorado. THE LIABILITY OF THE COMPANY HEREUNDER IS EXPRESSLY LIMITED TO THE AMOUNT OF THE FEE PAID FOR THIS CERTIFICATE PLUS $250.00. -. - DATE: September 24, 1993 ,-. -. (SEAL) ASPEN TITLE CORORATION, a Colorado Corporation ,.-.., - ", ~RV:Y"""L ~ "(,10<---c> ,-, "".,.... """ - -. -. Carlos Olivares Monika S. de Olivares 826 E. Hyman Aspen, CO 81611 Robin Michael Maloy 835 East Hyman Ave., #E Aspen, CO 81611 M B Joint Venture cIa Fred Martell 3 Quail Run Old Westbury, NY 11568 John and Joan Antonelli 2300 Sunrise Key Blvd. Ft. Lauderdale, FL 33304 Michael and Gloria Goldman 1603 West loa Road Tucson, AZ 85704 Richard and Dorothy Simmons cIa Code Hennlsy & Simmons 303 West Madison, 17th Floor Chicago, IL 60606 Sylvia Bringolf-Smith George A. Smith 250 S. Original, Unit E Aspen, CO 81611 Herbert and Harriet Davis 1050 George St., Apt. 9M New Brunswich, NJ 08901 Simon and Nora Kelly Trust 0018 Lupine Drive Aspen, CO 81611 Madeline Ueb Schulte Trust 800 East Hyman Avenue, Unit A Aspen, CO 81611 Susan and Annond Chaput 3426 Westcliff Road South Ft. Worth, 1)( 76109 Frank D, Ross 520 E. Durant, #204 Aspen, CO 81611 Jon Chapman, Trustee 800 East Hyman Avenue Aspen, CO 81611 John Hayes 1112 Waters Avenue Aspen, CO 81611 Francis P, Hoffman, Trustee Francis P. Hoffman Revocable Trust 210 Inverness lane Scherville, IN 46375 Colin Chapman 6Z1 Rio Grande Place Aspen, CO 81611 Kathleen & Walter B. Smith, Jr, 6527 Lange Circle Dallas, 1)( 75214 Donald H, Wm 1412 Grand Avenue Glenwood Springs, CO 81601 Candice L Lavigne P.O. Box 7695 Aspen, CO 81612 Usa Clawson 835 East Hyman, #J Aspen, CO 81611 Stanley L Seligman 3026 Patterson Rd. Grand Junction, CO 81504 Robert C. Blitz John O. Antonelli 3423 Q Street, N,W. Washington, D.C. 20007 DLR Financial Corporation 2907 Lucern Court Arlington, 1)( 76012 Karen Bernice Kiefer Trust cIa Walter J. Kiefer, Jr. P.O, Box 70136 Seattle, WA 98107 Skyler S, DeBoer Box 6381 Soowmass Village, CO 81615 W. R, Walton P,O, Box 665 Aspen, CO 81612 Spring Street PO c/o GUIfco, Ud. 616 East Hyman Ave. Aspen, CO 81611 Natalie Ferry P.O. Box 166 Glencoe, IL 60022 Galen and Mary Lou Martin 5001 Hopewell Road Louisville, KY 40299 Frank J. Woods III 205 S, Mill St., Suite 301A Aspen, CO 81611 Adrian C, Dorworth P.O, Box 2694 Aspen, CO 81612 Spring Street PO cIa Vincenzi P.O. Box 2238 Aspen, CO 81611 Wilber A. Haber 20409 Kishwaukee Valley Rd. Marengo, IL 60152 ,.... Joyce Edward One N. Franklin, Suite 2300 ,.... Chicago, IL 60606 - ,-, Florence W. Hellinger 1849 Wycliff Drive ,.... Orlando, FL 32803 ,-, Max and Helen Nalterer MOVED ,.... C/o Reinmax Ud, Box 5069, Station F ,.... Ottawa Ontario, Canada K2C-3H3 ,-, ,.... Nancy Weil 1404 23rd Avenue Court - Greeley, CO 80631 ,--. "" Ethel Caro Golen 455 City Front Plaza, Suite 3000 -, Chicago, IL 60611 - .- Don and Marian Willoughby 12322 Rip Van Winkle "" Houston. TX n024 .""""'^ ,.... Matthew and George Kellner 570 Dover Drive ,-, Walnut Creek, CA 94596 ,,<llIIIIrtt.. Richard G, Benter "" Robert N, Rivers clo Richard G. Benter "" 7 La Quinta Irvine, CA 91715 ,-. ,.... Manutea Knight Alan A. Storey ,-. 100 PoIoke Place Honolulu, Hawaii 96822 - Paige Vrtousek - Arden Moore 1656 Maiden Street ,-. San Diego, CA 92109 - ,.... William and Carolyn King 409 Buckingham Road ~. Pittsburgh, PA 15215 William F. Carr, Trustee P.O. Box 341 Carbondale, CO 81623 Toby and Janet Mazzie 1425 Sierra VISta Aspen, CO 81611 Fred and Barbara Martell 3 Quail Run Old Westbury, NY 11568 Gfeg Shelwin 1020 E. Hopkins, #26 Aspen, CO 81611 Robert Baum 35 MayIIower Drive TenafIy, NJ 17670 312009 Ontario LImited 180 Steeles Ave. West, #206 Thomhln, Ontario CANADA L4J 21.1 757253 Ontario Umiled Ontario CorporatiOn C/o L.andawn Shopping Centers 11 Polson Street Toronto, CANADA MSA 1M Ronald and Dana Cohen 6500 Rock Spring Drive Bethesda, MD 20817 Stephen and Elissa Salzman 1501 Beacon St., Apt. 1902 Brookline, MA 02146 Catharine Black Peterson 2309 Gadd Road Cockeysville, MD 21030 Red River Valley II'1VlISlITl8nlS Co. 408 St Peter St, Suite 440 St Paul, MN 55102 Peter and Rochelle Bennan 10021 Ormond Road Potomac, MD 20854 Dennis Chookaszian C/o CNA Insurance CNA Plaza, 40 South Chicago, IL 60685 Bruce V, Michelson Trust 7701 Forsyth St Louis, MO 63105 Tamara & James Hunting 182 EastwoOd Drive Aspen, CO 81611 Mason and Brenda Simpson 25 Saddlebach Road Tequesla, FL 33469 Phyllis M. Coors Panorama Estates Route 5, Box 763 Golden, CO 80401 Patty K Landers P.O, Box 4680 Aspen, CO 81612 Joel and Elaine Gershman 250 S. 18th Street Philadelphia, PA 19103 Michael and Gail Craig 6519 S8ask:Ie Walk Long Beach, CA 90808 Ajae Umited Partnership 1501 North Pierce Suite 112 Utt\e Rock, AI< nJ.07 Annette and Gerald Krans P.O, Box 1069 WIchita, KS 67201 Dasha Belkova 650 N. Rio Vista Blvd. Ft. Lauderdale, FL 33301 Alan and Karen Berkowitz P.O, Box 35 Brooklandville, MD 21022 Neligh C. Coates, Jr. Coates, Reid & Waldron 720 East Hyman Avenue Aspen, CO 81611 John A. Elmore II P.O. Box 381 Wrightsville Beach, NC 28480 W. C. Mears P.O. Box 102 Boca Raton, FL 33429 Athletic Club Mgt. Sys. 720 East Hyman Avenue Aspen, CO 81611 Weston T. Anson P.O. Box 8472 La Jolla. CA 92038 MKOG III Aspen, Inc. 41 0-17th Street Denver, CO 80202 John and Gale Gates 811 E. Hopkins Avenue Aspen, CO 81611 Wallace Currie Wallace Currie Family Trust Dallas, TX 75225 W, R. Walton P,O, Box 665 Aspen, CO 81612 Raymond & Jessie Bates 819 E, Hopkins Avenue Aspen, CO 81611 John E. Correia 6730 E. Northwest Highway Dallas, TX 75231 Mr, & Mrs. Kapelli Bell Mtn, Lodge 720 East Cooper Aspen, CO 81611 Stephen A. Abrams Trust 12840 W. Sunset Blvd. Los Angeles, CA 90049 Kenneth Schnitzer, Jr, 4023 Oak Lawn Dallas, TX 75219 Christen L Traver 981 E. Briarwood Circle N Uttleton, CO 80122 Jeffrey 0, SWartz 3476 Glen Erin Of. MilrsiS1l3ugy, Ontario CANADA L5l 3R4 Gale D. Spence P.O. Box 9806 Aspen, CO 81612 John & Bonnie Hendricks 254 N. Laurel Ave. Des Plaines, IL 80016 Dennis L Thompson 8848 J Red Oak Blvd, Charlotte, NC 28217 Yvonne and Raymond K1ika 32415 Burlwood Drive Solon, OH 44139 Robert Kopp & Martin Cerise P,O, Box 100 Aspen, CO 81612 Mlkl 980 Cemetery Lane Aspen, CO 81611 James and Julia Price 32670 Woodsdale Lane SOlon,OH 44139 Ronald Krajian & Nancy McNaughton 617 E, Cooper Ave" #114 Aspen, CO 81611 Harris Cahn 7 Northgate Road Mendham, NJ 07945 Herron-Gray Partnership Box GG Aspen, CO 81612 Dr. Jack Crandall dba Patio Building Co. P,O, Box 1066 Aspen, CO 81612 Laurence Wolf 22750 Woodward Ave. #204 Detroit,MI48220 Joseph and Anna Marie Carrillo 236 Henry Street Brooklyn Heights, NY 11201 Theodore F. Okle 10800 Paramount Blvd, Downey, CA 90241 Harold Horiuchi 6205 W. Jefferson Ave. Denver, CO 80234 "" FrederiCk Karsten Barbara Hearst Patricia Seifert 5305 Wriley Road 131 Treascre Hill Rd. P.O. Box 2262 -, Bethesda, MD 20816 South Kent, CT 06875 Aspen, CO 81612 "" "" Nickolas pasquarella Michael C. Kravitz 805 E. Cooper Avenue 6406 Brentfield Drive John R. Vavrek ,... Aspen. CO 81611 Dallas, TX 75248 819 E. Hyman Ave., #4 Aspen, CO 81611 .- - William Mclaughlin Frank Daly P.O. Box 45088 Michael Daniel Productions Penelope Somple .- Dallas, TX 75260 1555 N. Aster 3035 Calla Drive Chicago.IL 60610 Santa Cruz, CA 95062 - - Craig Schubiner Edward M. Sullivan. Jr. 1800 Maddy Lane P.O. Box 1324 Patty Landers ,""'" Keego Harbor. MI 48320 Aspen, CO 81612 P.O. Box 1479 Jackson. WY 83001 - - City Market Inc. S.J. Glauser P.O. Box 729 C/o Michael Herron * - Grand Junction. CO 81502 230 Halmor Drive Sarasota, FL 34247 - - Bell Mtn. Co. Michael Game 720 East cooper Ave. P.O. Box 3835 * - Aspen. CO 81611 Aspen, CO 81612 - ...... Gregory Boelens Christopher T. Hoke P.O. Box 2360 5721 N. Country Club Terrace * - Aspen. CO 81612 Edmond. OK 73034 "'" - Candice L Annan Judith Taylor P.O. Box 7695 533 East Hopkins 'B' * "" Aspen. CO 81612 Aspen. CO 81611 !f1I', - Phyllis J. Hess Sawyer Smith P.O. Box 8582 835 E. Hyman Ave.. #6 * - Aspen, CO 81612 Aspen. CO 81611 "" "" George Smith Edwin J. Smart P.O. Box 7975 P.O. Box 799 * "'" Aspen. CO 81612 Aspen. CO 81612 "'" - AngUS Anderson Ted Koutsoubos * P.O. Box 557 419 East Hyman Ave. "". Aspen, CO 81612 Aspen. CO 81611 APPLl:CANT'S CITY OF ASPEN PRE-APPLICATION CO~NCE SUMMARY 1 " . i/3 - - "'" APPENDIX J PROJECT: """ """ """ OWNER'S NAME: "" ,...... 1. Type of Application. "'" 2. "" "'" ,..... "'" 3. Areas types Policy Area/ Referral Aaent requested to respond, "'" """ . comments - "'" . Y^'0' ~. ~LSVJ ~~,~);, ~~~ iOQ~' ~ Review is: (P&Z only) (CC only) 5. Public Hearing: ~ (NO) 6. Number of copies of the application to be s~itted: ~ 7. What fee was applicant requested to submit: <:S) \ ro6Jr'l 8. Anticipated date of sUbmissi~n: d J. I) '" "" "..., ~ ~ ,.... ,""", C;&Z then t~ "" ""' ""' - ,... "" 9. COMMENTS/UNIQUE CONCERNS: ,.... frm.pre_app .-., ~, ,.... ~1 lAND lEE AWLrCATIaf RBI AdENDIX J-l 1) 2) Project Name -'<RAUT AFFORnARI F 80us I NG PRO.JFrT Project I.ccati.at -S.W C:ORNFR EA>;T 8YMAN AVFNIIF ;~n OR T('; T NA I STRFFT lOT>; F...F '~~HJ:. R~ 0rl< l.Q5JoWN>; TTF OF A~p Cin:ticat:e sL.....l:; allL , lat:; & hlodc: J1I~, legal descript:iQl iibere -""'l-.date) 3) PI: iL Za1in:J A H 5) 1IR?1icant's Name, Alh. 4) Iat: Size 1 C; .nnn c::o. lOT, un 1.o.M-RAk'J:O. t)r)'~ Fl1~T MATN ~TR-=J:T. A~PJ:M - & lb:n! # AC::PI=N/PTI<TTN rOllNTV HOIIC::IN(.; OI=I=TrE, 6) ~ ~on rn 81hl1- ~0~-Q?Q-C;050 d..c.Uve's Name, Alh. & lb:n! # .ITM rIJRTT~. r'IRTTC: - R. Ac::c::()rI.!ITES, - FAC::T HYMAN AVJ:NIII=. AC::PI=N. rn R1F;1l- ~n~-q?n-nQC; 7) Type of 1IR?licatic:n (pl-- r chedt all tiIat iIIIIly): _ ODti.tiaJal Use L ~"l Review _ a.~ SPA _ F:inal. SPA _ a.~ 1'(1) _ F:inal. 1'(1) - <b1ceptual Hist:ari.c DeIr. _ F:inal. H:ist:ar:ic DeIr. _ Min:r H:ist:ar:ic DeIr ~ _ H:ist:ar:ic "'->litiaJ. _ 8040 Gr:eenline _ SL.."""" Hu:gin - !bmt:ain visor Plane -L !':lVrli:visi.a:1 _ H:ist:ar:ic Desi.grati.cn L Q!QS Allotment -X- Vested Rigb:t:s L ~ -L TexI:./Map Am.:.aL...d.. - Iat: Split/Iat: Line -L Q!QS El--.!.~ ilY} .l\djostment 8) De:sc:ripl::Un of Ex::istiJq tl;es CJ'II~ am type of exist:i.n;J stnx:t:ur:es; ~ _ sq. ft.; J'II~ of bah.YYlS:o; any pt'eYi.cu; ag;B:'OYals grant:ed to the lIL""-' Ly) . V.!lr^~IT I ^f\lD "9101) FOD L..E^'}IOD P^~KING FQ~ ^PPf.;>QXIM^TEI..Y 50 Cll.~~. PRFVTOII>; APPROVAl GRANTED FOR KRAUT LOT SPLIT RECEIVED IN PlAT BOOK 74 AT PAGF 5. 9) De:sc:ripl::Un of Del/PJ'!."'-iL 1IR?licati.at 27 STUDIO & I-BEDROOM AFFORDABLE HOUSING UNITS AND UP TO 2 LEVELS OF UNDERGROUND PARKING FOR 146 CARS. 10) Have }'al all _-+-'I the follcwing? -'i.Es.. .~ ." ....... to At-h..1 d.. 2, KinilIua !':l,hni=i.-." O:nt:ents -'L.Es... ~ 1........ to At;h>.1..-d.. 3, ~if'ic !':l,hni=i.-." O:nt:ents ...lE..S... .~ l' ....... to At;h>.1...-.L 4, Review SLa..Ja...l:. fOl:' Yc::ur 1IR?licati.cn