CONTENTS
EXECUTIVE SUMMARY ........ccccsccsssssssssssstsssssssessescaessaessnessaessaessnssensscassenssaeseaessaessaesnesenessnessaessaessneesass 3
Scope Of WOK... cccccseseceesescesenssessececesssseseesececenssessseecesensssseessneecavssssessecesessisaenensececesssessseeessacassneneneeceseneneseeseeasisaeneneeses 3
PLOCESS oo. eeeeecssessesseceecnecocenceseeseeseesacencenessesesaecnecnecnsessessesaeaecaaeseeseeseeseesaseasenessessesaeenscaecaaesaesaesaecaecaeeaeeseseesesensensenessesneeaee 3
Summary Findings... cececcssssseseececesereseseesescecsnssessseeceressseseeseneecevsnssessececessssassnensececesssssseesessecasseneneeceensseseeseeeasaseneneneeses 3
INTRODUCTION 0.0... cccccccsscsssccscesscesscesscssscesscesscesseesseessessseesseesseeseesseeseeeseeessessseesseeseeesaeeseessnesseeesaessansaes 5
MODEL .........:ccsscsssccsscesscsscessccssccsscesscesscssscesscesscesscesseesseessesacesseesseesseesseescesuesseeesseeseeeseeeseeesacsaesseeeseeeseeseaeesaes 5
Model Data Collection... ccccssessescesesescscenesececeeceecassecaesaceecarsecneceesecaesegaecaeseseeseesesaesessesaesesaseeesesaeaeeaeseeetsaeeeeersaeerenees 6
Component of the Model 0... ccceseseesescscessseseseecenersssseeneneecessssessececessasaveveneececesssessseecessacassneseneecenensneseeseseasaseeneneecesenens 7
Development REVenue ........cscseseseesescecesseseseecesersseseenenescenessseseecesencnsassneneecesenenensseecesensseseeseneecereseneseesesessasasseenesceseneney 11
Rents 11
Sales Values 11
Other Income 11
Development Costs .....ccssccceesessseerescecsnsssssssecsensssssenessecansnsnessecessssssasseneececensnesessecesessnsseeseseecarensnessesesensasassnenesceseneney 11
Land Costs 11
Construction Costs 12
Parking Costs 12
FAM AN CIING «eee eeceeeeseeeee ces eeee ces esenecesesenecesesenenesesanenenesenecesasenenessnenesssesenecesesenesseneneessseaenessseneresessenssssenensseeensseeneeeneeeys 12
Equity 13
Terms 13
Interest Rates 13
Density BOMUS.........ccccccccceteneseseeteeenereseseneresesenesesesenssesesenerssesenenesesenersseseneresesensnssesenerssesenerssesenenssesensnssesenenssssensnsseseneeey 13
Cash Payment/Pay ment in Lieu... ccceccsessesesseceesssssneseececenssesssseceressassneneneecenssssesseceeasasaneneneececessnessneeeessasaseneneneesess 14
SCENARIO ANALYSIS ........cccccccssccsssessesscentcensssecccssccssseneseasscscessseseseaeseseasseasseasseauseatseesenesentsensseaseeas 15
Development Programs ........csceseseesescecessseseseecesesssssesnenescersnsnessecesessssassneneececesesesessecessnsneseeseneecenesenessecesessasasenenesceseneney 15
Comparative SCOMariOS....ccccsesesescseseesenescersnssessececesssssssnenescesenssessseecessnsassneseneecersssseseeceeeasasaeneneecesesenessneeessasanensneneesess 16
Current Market/Baseline Scenario 16
Target Return Scenario 16
Inclusionary Policy SCENARIO 16
Inclusionary/Bonus Density Scenario 16
Interpreting ReSults .......cccessssceereseseeseescesssssessececesssssssensecesesssessssecessssassneseneecesssesesseseessasaenensecesessneseseesessasanensneneeess 17
Analysis Limitations ........ccccsesceercssseesenescensssessececenssssssneneececenssessssecesenssssneseneecerssssesseseeeasasanenenseceseseneseseeeeasasanensneneeess 17
10-UNIT SINGLE FAMILY OWNERSHIP DEVELOPMENT. .............sssssscsssssseesseeseesseeeseeeseeeseeeees 18
25-UNIT MULTIFAMILY (STICK) RENTAL DEVELOPMENT ............c:sscsscsscssessessesssestesseeoeeaees 18
25-UNIT MULTIFAMILY (PODIUM) RENTAL DEVELOPMENT ............:ccsccscsssssessesssssseseeeeesees 22
50-UNIT TOWNHOUSE OWNERSHIP DEVELOPMENT ............:sscsssssscsseesseeseeseeeseeeseeseeeseeeeees 22
125-UNIT MULTIFAMILY (STICK) RENTAL DEVELOPMENT. ..............c:csscsscsssssessesssesseseeeeeaees 25
125-UNIT MULTIFAMILY (PODIUM) RENTAL DEVELOPMENT. .........cc.ssssssssecseeeseseetsseeseeeeees 25
