HomeMy WebLinkAboutcoa.lu.su.715 E Hyman Ave.A84-94
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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
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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
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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:
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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
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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
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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
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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.
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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.
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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"
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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.
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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
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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.
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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
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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 ~~
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cc: Ron Sales, Marcal Construction.
117 South Monarch Street Aspen, Colorado 81611 303/920-1395
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2737-192").].403
BELL MOUNTAIN LODGE
ASPEN, COLORADO
TOURIST ACCOMODATlONS GMQS APPLICATION
AUGUST 1, 1992
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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.
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As noted previously, the existing Bell Mountain Lodge encroaches
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into the alley, as do numerous trees and various utility
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fixtures. The Applicant will relocate the existing utilities
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onto the project sJ:1=~,,_,!:F.an_splant the existing trees to the
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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
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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
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October 12, 1994
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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
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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.
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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.
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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
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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.
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The development alternatives are summarized below and described in detailed later.
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A. 100% Affordable Housinl!
Maximum FAR
Unit Count
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Building Height
Parking Per Code
Parking Provided
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Parking Design
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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
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Maximum FAR
Commercial Sq. Ft
Unit Count
...
-
Building Height
Parking Per Code
...
Parking Provided
-
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Parking Design
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= 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
...
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C. Mixed Use Commercial and Mfordable Housin!!: with Live & Work Lavout
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Maximum FAR
Commercial Sq., Ft
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Building Height
Parking Per Code
...
Parking Provided
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Parking Design
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- 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.
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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.
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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
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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.
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A.
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2.
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3.
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B.
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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
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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
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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
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3.
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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.
~
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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.
,...
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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
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- 2.
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3.
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- 4.
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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.
~-
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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
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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
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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
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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
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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
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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.
-
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...
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.
-
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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.
-
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,...
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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
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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
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...
-
-
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-
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,...
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,...
,...
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
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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
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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
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-
-
-
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.
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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
-
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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
-
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,...
-
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-
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-
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-
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-
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-
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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""
-
~
-
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-
-
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
-
,...
,.,....
-
,...
,.....
"'"'
-
,...
~
-
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-
,..
-
,...
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
...
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-
-
-
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...
-
-
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...
,-
-
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-
,...
...
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
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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
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Development Summary_ Sources or Funds
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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
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,... 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
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- 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
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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
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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
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Kraut Property
2nd Level Parking
Additional 42 Spaces (84 TotaO
Preliminary Project Data and Proforma Assumptions
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Development Summary_ Sources of Funds
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Tots! Development Cost
Estimsted Permanent Loan Available
Otb.. Sources of Funds
$1,105,000
$543,000
$562,000
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Unit Data
Monthly Rent
Per Unit
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No. of Units
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42 Parldng Spaces
42
165
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Subtotal
42
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0
Income! Expense Projection
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Rents! Income 0
Parldng Income 83,349
Mise Income Q..
- Subtotal $83,349
Vacancy Allowance BJ31. 10.00%
Total Revenue 75,014 $I,786perunit
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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
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Debt SOlViee $57015 10.5% effective inteIest_
- Balance S14,248
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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
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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
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Kraut Property
2nd LevelParklng
Additional 42 Spaces (84 Total)
PreUmlnary Project Data and Proforma Assumptlona
Page lof4
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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
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Unit Data
No, or Units
Monthly Rent
Per Unit
Extention
Notes
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42 Parlting Spaces
42
193
8,103 $17Sperspaee
es. 5% per year
8,103
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Subtotal
42
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Income! Expense Projection
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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
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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
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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
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'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
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Submitted To:
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Applicant:
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Date:
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corrections:
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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
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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
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MAPS AND ILLUSTRATIONS
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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
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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
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PROJECT CONSULTING TEAM
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Proiect Managers & Planners
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Jim Curtis
Curtis & Associates
300 East Hyman Avenue
Aspen, Colorado 81611
303-920-1395
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Jonathan Rose
Affordable Housing Development Company
33 Kotonah Avenue
Kotonah, New York 10536
914-232-1396
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Architects
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Harry Teague
Harry Teague Architects
412 N, Mill Street
Aspen, Colorado 81611
303-920-2556
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Housing Office Coordination
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Dave Tolen
AspenlPitkin County Housing Office
305 E. Main Street
Aspen, Colorado 81611
303-920-5050
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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.
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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.
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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.
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B.
COMPLIANCE WITH ASPEN AREA COMMUNITY PLAN
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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:
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I. To encourage a more balanced pennanent year-round community.
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2.
To establish a sustainable "critical mass" of residents who have the
opportunity to live and work in the community.
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3.
To promote local housing opportunities for 60% of the work force up valley
of Aspen Village.
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4.
To provide opportunities for residents and workers to become a pennanent
part of the social fabric of the community.
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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.
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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.
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7.
Only 6 of the 27 units are on the 3rd level to allow a variation in the roof line
of the building.
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8.
The corners of most of the units have been angled to have a bay window
character.
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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.
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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.
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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
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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
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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.
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The preliminary exterior material is proposed to be horizontal and vertical
siding with colored metal roofs. Preliminary exterior colors are proposed to be buff
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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.
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TABLE 1
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AFFORDABLE HOUSING ZONING
DIMENSIONAL REOUlREMENTS
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Criterion
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Principal Front Yard
Secondary Front Yard
Minimum Rear Yard
Minimum Side Yard
Minimum Distance Between Bldgs.
Maximum Height
Minimum Lot size
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Minimum Lot Area/Unit
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Studio
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One Bedroom
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Minimum Lot Area Total
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Maximum FAR
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Maximum Floor Area
(15,000 sq, ft. lot)
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Minimum Open Space
% of Site
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Off-Street Parking
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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
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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.
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Construction Schedule
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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.
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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.
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E. PROJECT REVIEW REQUIREMENTS
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1. Subdivision
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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:
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1. The proposed development shall be consistent with the Aspen Area
Community Plan.
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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.
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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.
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\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.
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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
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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.
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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.
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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.
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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.
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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.
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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 .
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g. Drainage. Drainage will be handled in compliance with the
recommendations of the Engineering Report by Schmueser, Gordon, Meyer;
Engineers in Appendix B.
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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.
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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
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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.
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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.
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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.
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3.
Growth Management Exemption
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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.
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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
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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.
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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.
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(303) 945.1 004
FAX (303) 945.5948
ENGINEERS
SURVEYORS
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SCHMUESER -==-
GORDON MEYER
APPENDIX B
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1001 Grand Avenue, SUite 2E
Glenwood Springs, CO 81601
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September 13, 1993
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Mr. Jim Curtis
Curtis & Associates
300 East Hyman Avenue
Crystal Palace Building, 2nd Floor
Aspen, CO 816111
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RE: Kraut Property Affordable Housing Project, Engineering Report
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Dear Jim:
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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.
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Introduction
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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.
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Utilities
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The Kraut property is located in an area of Aspen that is well-served by existing utilities,
Specifically, utility availability is as follows:
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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,
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2. ~ -An 8" sewerline exists in the alley south the property between East
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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,
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September 13, 1993
Mr. Jim Curtis
Page3
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Sincerely,
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SCHMUESER GORDON MEYER, INC.
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D W. Gordon,
P esident
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SCHMUESER GORDON MEYER, INC.
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APPENDIX C
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Utility Service Letters - Submitted to the Planning Office separately.
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APPENDIX D
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October 11, 1993
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Ms. Leslie Lamont
AspenlPitkin Planning Office
130 South Galena Street
Aspen, Colorado 81611
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Re: Consent Letter
Kraut Property Subdivision Application
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Dear Ms. Lamont,
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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.
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Please feel fee to give me a call on any questions.
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Sincerely,
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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
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ATTEST;
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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 /
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APPENDIX F
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October 11, 1993
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Ms. Leslie Lamont
Aspen/Pitkin Planning Office
130 South Galena Street
Aspen, Colorado 81611
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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.
,....
,....
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Should you have any questions, or if I can be of any further assistance, please
do not hesitate to call.
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Sincerely,
Sincerely,
,-
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r1~ I )?~;(U(
Am}! argerum '
City--Manager
City of Aspen
130 South Galena Street
Aspen, Colorado 81611
303-920-5199
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Tom Baker
Executive Director
APCHA
503 E. Main Street
Aspen, Colorado 81611
303-920-5050
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Silvia Dav ~~t,~~ . Rec $10.00 8K
1 1 ,1n Cnty Clerk:. Doc
... PG 192
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EXEMPT
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, :i:} Recorded at
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C 0.. Reception No.
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.;:: "~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
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~ ~ 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:
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Recorder
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APPENDIX G
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GENERAL WARRANTY DEED
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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
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with all its appunenanees and Warrants titie to the same SUBJECT TO AND EXCEPTING:
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1. Taxes for the year 1990 due and payable in 1991 and all subsequent years not yet
due or payable.
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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:
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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
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3. The mineral rights as conveyed to Edward 1. Smart by Deed recorded October
25, 1984 in Book 475 at Page 676.
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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.
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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.
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7. Easements, right of ways and other matters as shown on Plat of said Lot Split
recorded in Plat Book 24 at Page 5.
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/' 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.
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Elaine Kraut a/k/a Elaine M. Kraut
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S.ilYia.eViS. Pitkin Cnty Clerk, ce $.00
STATE OF COLORADO )
) ss.
COUNTY OF p[TKlN )
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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