Agenda - 10-15-2024; 8-a - Minutes

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43 1 public did not want it. She said they are now talking with Davidson about the same site with a 2 different idea. 3 Commissioner Portie-Ascott clarified that years 3-7 are covered by the development 4 partner. 5 Marcia Perritt said yes and noted that it is the project that pays the fee rather than the local 6 government due to all of the predevelopment analysis. 7 Chair Bedford asked if they have done projects with three elected bodies as owners. 8 Marcia Perritt said they have worked in Morganton on the Broughton Hospital Campus. 9 She said that involved the City of Morganton, Burke County, many state departments and even 10 the community college. She said that is probably the closest with multiple owners/stakeholders. 11 She said that the State of North Carolina was the client in this case, so this will be a little different 12 with three owners, but they are excited and think that it will be a good experience. 13 Commissioner Richards asked if the master plan is complete. 14 Perdita Holtz said not yet but it will be unveiled on September 22"d 15 Commissioner Richards asked for clarification on what the product is, how it is conveyed 16 back to the boards, and the decision to be made from that. 17 Perdita Holtz said that DFI will provide a financial feasibility analysis on the plan that is 18 coming out of the community engagement process now. She said that once the analysis is 19 complete, there may be revisions to the plan because they will not know costs until the models 20 are provided from the DFI analysis report. She said that there is a refinement item on the consent 21 agenda tonight that allows refinements to the Master Plan as necessary. 22 Commissioner Richards said that she had spoken to the manager about this because she 23 was unsure why they were approving or authorizing changes when they were not even sure if 24 they would be needed at this point. 25 Perdita Holtz said that Thomas and Hutton is paid on an as-needed basis and that the 26 consent agenda item will allow them to continue to work knowing that they will be paid for that. 27 She noted that there is a not-to-exceed amount. 28 Marcia Perritt said the Buncombe County project was at a very similar stage when DFI 29 began working with them. She said they will test the viability of the plan in the market, construction 30 costs, and what the local governments are willing to pay. She said the master plan sets all of the 31 parameters they will explore. She said they may present them with a range of options for them to 32 consider for decision. She said the final plan always changes a little, so she is expecting that here. 33 Chair Bedford said one of the Strategic Goals is to emphasize affordable housing. She 34 asked if DFI will bring various scenarios of cost vs. affordable housing supply created. She said 35 it will be difficult because there are other affordable housing partners involved. 36 Marcia Perritt said that the Ferry Road project is 137 acres, so a bit smaller, but 65 of 37 those acres will be developed and 70 acres will be conserved. She said the 65 acres will be the 38 leading plan. She said they expect about 650 residential units with a mix of type and affordability. 39 She said that half will be restricted for affordability and that others will also be available for rent 40 rather than purchase. 41 Commissioner Fowler asked since they are including commercial and market rate housing 42 if the developers purchase the land that they build that on or if the government entity gives it to 43 them to discount the cost of affordable housing. 44 Marcia Perritt said that those will all be analyzed in their work. She said that with Ferry 45 Road, they first presented the commissioners with the extreme version. She said then they work 46 closely with the decision makers so they can go through and focus on what they want achieved 47 and understand why DFI presented the options and why the scale of public investment might be 48 necessary. She said there will be a menu of different scenarios presented. She said that they also 49 help them decide how they are going to manage if the property is sold, and how, or if the owners 50 keep the property, or possibly even phasing it in with options. She said there are so many different 51 possibilities, but their role is to help them understand what all of the possibilities are.