Welcome to the Finance Utilities and Rules Committee Committee meeting for Wednesday, May 13th.

We will call the meeting to order at 5 32 p.m.

We have two items on our agenda.

Both are uh vacation of right-of-way regarding the Prescinium 3 project ordinance D-28 15-26 and ordinance 28-16-26.

Today our focus will be reviewing uh the changes to the uh changes to these uh projects related to the structure of the TIFF financing and components of the project.

We have Henry uh Director Henry Mistetsky here that has a presentation to review uh the overall changes.

So uh if the committee's okay, uh we will turn it over to Henry to present.

Um thank you, uh committee chair uh Taylor Henry Mistetsky, um Carnal Redevelopment Director.

This is a uh Presidium 3.

This is the last action item related to the Persinium 3 project in front of City Council.

This was introduced on a previous Monday.

This had already been um looked at in land use committee and was voted back to council with the positive 4.0 recommendation.

So I'm hoping just to kind of quickly go through the kind of similar presentation from last time and hit some of the points that were the conversation topics and land use that I thought would be helpful here.

Um as a starting point, I do have the slide that the council had looked at when uh initially approving the bonds for this deal, and so I wanted to just very carefully go through the specific changes.

The what used to be 63,000 square feet of an office building with dedicated 15,000 square feet of retail space has become a 100,000 square foot office building with obviously a first floor plate that could become retail just the same.

There's also the same hotel that was there before with a 5,000 square foot dedicated restaurant.

The multifamily units, there are now 154 of them, where previously we discussed 150 to 160.

There are 26 H targeted units on the top floor of the project, where previously we discussed 30 to 40, and I'll get into that in just a little bit.

There are fewer parking spaces than before, and I would like to spend some time talking about the parking chart.

And generally the finances of the project change in that the TIFF bond amount is the same, but the TIFF split goes from 95-5 developer city to 100%.

So this is the view looking north on rangeline of the hotel and the office building.

There's another view with the multi-family, and I'll point this out a couple times.

The this the stair tower that also serves uh as a public observation deck over the Japanese garden is uh pretty visible here in the center.

This view, or really this view, also highlights the kind of the inarful in artful way that I initially at city council described the retail space where I said no more 15,000 square feet of retail space.

So what you actually see in this picture is a 5,000 square foot restaurant there on the left, and the right is just an office floor plate on the office building.

So in this image, there's a restaurant user there in the office building.

So to say that there's no retail is really a mistake on my part because any amount of that first floor could just as easily become retail when the market calls for it.

This is the view of the project from the veterans way side.

So this does a good job of showing how Veterans Way is the entrance to the parking garage.

When you're on the rangeline side, you come in at plaza level.

I'll have another depiction here in a second that shows that.

Um this also really shows how you can go from the garage through the covered walkway into the first floor of the hotel that also is uh looking over uh over veterans there.

There's another shot of someone going to the hotel front lobby, can also walk under the under cover of the the deck so they don't get rained on straight to the parking garage or straight to that elevator tower that also serves as the focal point of uh movement circular uh human circulation throughout that project, but also creates a that's a public viewing deck there at the top.

As discussed at uh city council previously, the parking pack fees are intended to go into essentially these public decks on top of the garage that face veterans way.

That was a heavy discussion at land use.

So what you're seeing on the left is the kind of the podium level.

So you can turn into that from range line.

You can see parking spaces around the office building.

Again, that's apartments top left, office building top right, hotel at the bottom.

So you really see at a podium level, we're maximizing the parking as much as possible.

And then you can see there on the image on the right, that's the parking level.

So you can see as much parking as we're able to fit into the garage we we have, and then you can kind of see the the walkway that's on the same kind of level as the garage that takes you straight into the lobby of the hotel.

So that's all on the same same level.

This is um might be slightly tough to see, but I thought it was a very useful conversation at land use, and if everyone's okay, I'm just gonna go through this chart.

This is the parking chart for the Presidium 3 project.

So I'll just kind of give a uh I'll go from the top down, kind of give a lay of the land.

Uh the the very top graph basically explains the kind of users uses that we have here, and uh because that gets used for essentially parking ratio calculations.

So we even though it's 154 apartment units, we are doing a count based on uh space per bed.

So we have a 221 total beds, about a hundred thousand square feet of office, about a six thousand square foot restaurant uh related to the hotel.

And you can see there's 372 spaces underground, 68 on top of the deck for 440 total.

So the the way to think about this project, big picture is look, there's a hundred thousand square foot office building.

So we know that the people parking in the office building aren't going to be there in the evening and at night, and we're always gonna have extra spaces in the evening and at night.

And the real question you got to ask yourself is what kind of parking load is happening really at the busiest time on this project, which is lunch.

So if we go to the use, this is the third table there that you can see.

You can see that we're giving uh apartments a one space per bed count, but at different times of the day, we're making assumptions about the utilization of those spaces.

I think it's most important to talk about the peak utilization from 10 a.m.

to 2 p.m.

So I'll just if everyone's okay with that, I'll just go by that line by line.

So from 10 a.m.

to 2 p.m.