1 Update
Uptown
Apartments
1. Update on Project Location
and Scope.
2. Update on Project Approvals.
3. Update on Project Costs.
4. Update on Project Financing.
2 Uptown Location
3 Uptown Location
4 Uptown Scope
5 Uptown Site Plan
6 Uptown Land Area
7 Uptown
Project
Approvals
8 Uptown Project Approvals
# Instruments Status
1 Development Permit Approved
2 Planned Development Permit Approved
3 Compliance Permit Approved
4 Grading Permit Approved
5 Storm Water Pollution Prevention Plan Approved
6 Alley Vacation Approved
7 Street Plan (Van Ness/Stanislaus) Approved
8 Street Light Plan Approved
9 L Street Water Plan Approved
10 Site Utility Plan Approved
11 Building Plan Approved
Summary of Project Approvals
9 Project Costs
# Item Cost
1 Direct 22,863,000$
2 Indirect 3,085,000$
3 Predeveloment & Contingency 3,549,000$
4 Total Development Costs 29,497,000$
Cost Per Door 546,241$
Summary of Costs
10 Project Financing Traditional Example
1 Debt 22,122,750$
2 Equity 7,374,250$
3 Total Development Costs 29,497,000$
Traditional Capital Stack Example
11 Project Financing Today’s Example
12 1 Debt 12,836,821$
2 Equity 7,374,250$
3 Other 9,285,929$
4 Total Development Costs 29,497,000$
Capital Stack Today's Example
Next Steps
13 # Step Estimated Time Frame
1 Finalize Owners Participation Agreem September 1st
2 Obtain Updated Direct Costs August 22nd
3 Capital Markets Now through November
4 Code Change January
Next Steps
Thank you
Mayor, Council and Staff
14