CARIBOU INDUSTRIES-2018 - Laserfiche WebLink

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Scope of work: Revised project description (the project is subject to Prevailing Wages) • Mixed use Project (Parcel A): • Residential: 160 Units of apartments with 160 dedicated parking spaces (to be constructed pursuant to the City's residential development standards); • Office: 3,449 SF; • Retail: 11,066 SF; • Food and Beverage: 4,309 SF; • Public Parking: 253 spaces Parking (10 stories) and Total 18 Stories; • Hotel (Parcel B): 106 Keys with 99 stacker spaces City responsibilities: Mixed Use /Residential: The City would provide the land and fund the costs to demolishing the existing parking structure, provide the replacement public parking of 253 spaces, conduct site preparation and construct street improvements to reconnect Sycamore between 3rd and 4th Streets. Current estimates are based on the Developer's pro forma and are at $13 million. The City will provide estimates based on 3"d party estimates and the 3'a party GAP Analysis. City participation would be based on actual costs up to a maximum of $13 million. Upon the Developer obtaining entitlements, showing evidence of construction and permanent financing, issuance of all necessary building permits, the City would convey the land to Developer for the Mixed Use project. The City will retain ownership of an air rights parcel for the public parking structure, The City will retain ownership of the new section of Sycamore Street to be built as part of the project. Public Improvements: The City would fund the costs of the following nmprovements at the start of construction: • Demolition of the existing parking structure • Site preparation for construction prepared to a rough grade condition • Construction of 253 public parking spaces in a 10 -story structure • Construction of Public Street :Sycamore reconnection The current costs estimates from the Developer are as follows: $7,782,786for 253 Parldng Spaces (10 -story structure) $5,300, 000 for Demo/site preparation/street improvements $13,082,786 total - (All estimates will be independently verified by the City) -4-