ATTACHMENT 4

 

KEY NUMBERS FROM ORIGINAL PROPOSAL COMPARED TO PROPOSED MEMORANDUM OF UNDERSTANDING

 

 

Building Program Element

5/2/05 Proposal

10/24/05 Proposal

 

 

 

Lot 5 Uses:

 

 

 

 

 

Retail Square Feet

27,320 gross

24,000 net 

Housing Units

124

124

Affordable Housing %

17.5% of market units*

15% of total*

Public Open Space Square Feet

32,550

31,000

 

 

 

Wallace Deck Uses:

 

 

 

 

 

Retail Square Feet

3,500 gross

6,000 net

Housing Units

109

109

Affordable Housing %

17.5% of market units*

15% of total*

Public Open Space Square Feet

12,115

     0

 

 

 

Lot 5 Parking:

 

 

 

 

 

Replacement Public Spaces

173

173

Retail/Residential Spaces

237

202

Other Spaces (not garage)

  12

  25

Total

422

400

 

 

 

Wallace Deck Parking:

 

 

 

 

 

Existing Deck Public Spaces

 309

 309

New Ram Spaces

   50

  ----

Total

359

309

 

 

 

Proposed Distribution:

 

 

    -Hourly

250

254

    -Leased to Tenants/Owners

109**

  55

Total

359

309

 

*   35 units of the total 233 units on both sites are proposed to be affordable.

** The Town leases 70 spaces as of October, 2005

 

 


 

Financing Plan

5/2/05 Proposal

10/24/05 Proposal

 

 

 

Land Lease:

 

 

 

 

 

Ownership of Land

Town of Chapel Hill

Town of Chapel Hill

 

 

 

Term

40 years retail
99 years residential

99 years retail
99 years residential

 

 

 

Lot 5 Lease Payment

$4,000,000

$4,750,000

Wallace Deck Lease Payment

$3,000,000

$3,150,000

Wallace Bond Debt Payment

     150,000

                0

Total

$7,150,000

$7,900,000

 

 

 

Option to Extend Term (Yr. 70-72):

 

 

    -Lot 5

        0

$2,000,000

    -Wallace Deck

        0

$1,500,000

 

 

 

Other Revenues:

 

 

 

 

 

Base Rent per Sq.Ft. (Yrs 3-10)

$2.50/ net leasable    

Present Value of 
Years 1-99 are in the
increased Lease
Payment

 

 

 

Town Participation after 15% Return on Costs

20% of residential profits

20% off residential 
and retail profits

 

 

 

Public Space Programming

$200,000

$200,000

 

 

 

Town Capital Investment:

 

 

 

 

 

Cost of Public Improvements

Unlimited*

$7,900,000

Affordable Housing Parking

0

$   500,000

 

 

$8,400,000

 

 

 

Nature of Investment

Unlimited*

Fixed

 

 

 

Other Features:

 

 

 

 

 

Public Art % of Budget

1%

1%

 

 

 

LEED Certification

LEED Certification

LEED Certification-
Silver if budget permit

________________________________________________________________________

*Subject to changes in construction costs and increases in interest rates