ATTACHMENT 4
KEY NUMBERS FROM ORIGINAL PROPOSAL COMPARED TO PROPOSED MEMORANDUM OF UNDERSTANDING
|
Building Program Element |
5/2/05 Proposal |
10/24/05 Proposal |
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Lot 5 Uses: |
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|
|
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 |
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Wallace Deck Uses: |
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|
|
|
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 |
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Lot 5 Parking: |
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Replacement Public Spaces |
173 |
173 |
|
Retail/Residential Spaces |
237 |
202 |
|
Other Spaces (not garage) |
12 |
25 |
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Total |
422 |
400 |
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Wallace Deck Parking: |
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Existing Deck Public Spaces |
309 |
309 |
|
New Ram Spaces |
50 |
---- |
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Total |
359 |
309 |
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Proposed Distribution: |
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|
|
-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 |
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Land Lease: |
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Ownership of Land |
Town of Chapel Hill |
Town of Chapel Hill |
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Term |
40 years retail |
99 years retail |
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|
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 |
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|
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Option to Extend Term (Yr. 70-72): |
|
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|
-Lot 5 |
0 |
$2,000,000 |
|
-Wallace Deck |
0 |
$1,500,000 |
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Other Revenues: |
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Base Rent per Sq.Ft. (Yrs 3-10) |
$2.50/ net leasable |
Present Value of |
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Town Participation after 15% Return on Costs |
20% of residential profits |
20% off residential |
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Public Space Programming |
$200,000 |
$200,000 |
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Town Capital Investment: |
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Cost of Public Improvements |
Unlimited* |
$7,900,000 |
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Affordable Housing Parking |
0 |
$ 500,000 |
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|
$8,400,000 |
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Nature of Investment |
Unlimited* |
Fixed |
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Other Features: |
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Public Art % of Budget |
1% |
1% |
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|
LEED Certification |
LEED Certification |
LEED Certification- |
________________________________________________________________________
*Subject to changes in construction costs and increases in interest rates