6.B.(3) Option Contract with LaSalle Housing Partners

Home Browse Search

HOTEL LASALLE LOFTS PRE-DEVELOPMENT TIMELINE Once we receive the executed Option Contract, the following will take place City TIF We will enter into negotiations with the City to provide TIF financing, and any other public incentives that may be available, that will be necessary gap financing for the project. Since we will have only preliminary estimates to start. this will be a work in progress, but we must know be certain that enough funding will be there for feasibility and continued spending of project dollars. Total Estimated Time Frame: 2 months. Environmental and Structural Review We will engage consultants to assist us in the review and determination of cost for any environmental conditions and remediation, as well as structural issues. These activities can take place concurrently with the City TIF review and Plans and Specs. Total Estimated Time Frame 2 months. Epuity and Debt Financin We will seek equity and debt proposals from potential parties from determination of reasonableness of TIF to project completion. We have already had discussions with an FHA lender on the debt financing and have had discussion with New Market Tax Credit (NMTC) equity/debt allocatees- As a matter of fact, Garrison Revitalization, an affiliate. has applied for its own NMTC allocation. We have had discussions with historic tax credit investors, too, as we are involved in this development in a large regional scale. Total Estimated Time Frame: Determination of TIF to Project Start. Plans and Specs and Historic Approvals We intend to proceed with plans and specs for the building upon reasonable assurance that the TIF financing from the City will be sufficient. The first step will be to get to 50% completion of the plans so we can submit to the local State Historic Preservation Office for their review. They, then, review and get to the National Park Service. Then, the NPS makes comments and they'll likely require more changes and drawings. Then, we'll proceed to final drawings. Total Estimated Time Frame: 5 months. Local Involvement We'll identify and retain. possibly, a local architect and, certainly, a local commercial real estate broker to be our local representative. We have been in contact with CB Richard Ellis' office about the brokerage and with a local architect on assisting on the plans. E+U Architects, St. Louis. MO, will be the primary design firm. The local team members will be available for meetings with the City, providing access to the building, and the broker will be showing the building to prospects. We will be seeking retail and office tenants for our bottom two floors. Total Estimated Time Frame: Project Start through Completion. Bidding and Construction Start Once we have 100% completion of plans and specs, our contractor can get hard bids and get to a construction contract and construction start. Total Estimated Time Frame: 1 month. Construction Completion