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ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> No. OS-74 <br /> April 12, 2005 <br /> TO: Mayor Paul Osborne and City Council Members <br /> FROM: Steve Gazm 'ty Manager <br /> Dane C. Brag ssistant City Manager�' <br /> / <br /> SUBJECT: Three Party Agreement for Phase II and Phase III—Wabash Crossing <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the attached <br /> agreement with East Lake Management & Development Corporation and the Decatur <br /> Housing Authority to develop Phases II and III of Wabash Crossing. <br /> The proposed agreement maintains the City's $10.3 million infiastructure commitment as <br /> previously directed by the Council. The agreement also provides for the lease of the land <br /> within the development,thereby protecting the City's long-term interest in the project. <br /> As part of the agreement, a developer fee of three percent of total development cost will <br /> be paid to the Decatur Housing Authority as part of each phase. As approved by the <br /> Council,the fee will not exceed$1 million. <br /> The Phase II project will include 172 rental units and up to 40 homeownership units. The <br /> Phase III project will include 149 rental units and up to 40 homeownership units. <br /> BACKGROUND: The Phase I project is well underway. The Phase II project will <br /> tentatively start in Fa112005, dependent upon a successful t�credit awazd from IHDA. <br /> POTENTIAL OBJECTION: N/A. <br /> INPUT FROM OTHER SOURCES: The agreement has been reviewed by DHA and <br /> East Lake staff as well as appropriate legal counsel. <br /> STAFF REFERENCE: Any additional questions may be forwarded to Dane Bragg at <br /> 424-2727 or dbra����decaturnet.org. <br /> BUDGET/TIME IMPLICATIONS: Obligations of the agreement will be funded by a <br /> combination of Section 1081oan guazantees from HLJD andlor bonds, as applicable. <br />