2002-07-11-ZBA-min - Laserfiche WebLink

Browse Search

536 Lowell Street 7 -11 -02 7:45PM — RS, JU, FS, AS, NB, JD, BS, MS, DW, LW, SMM(clerk) RS tells audience Bd just handed EM report, peer review of financials, take some time to review, Begin continued hrg at @ 7:50pm RS reads legal notice /updated checklist Asks for appropriate conduct, respect for other points of view, Will BS arrives @ 7:55PM Start evening w /report by Ed Marchant, peer review of financials Walk through memorandum submitted tonight, Purpose was to review the 3 pro formas from applicant submitted 6/3/02, for 32, 28, and 24 unit development(s) Reformatted developers pro formas to better u/stand 3 costs leading to TDC (total development cost) Exhibit A = hard costs + soft costs + site acquisition cost Hard costs = site work, fixed costs unlike variable and semi - variable building costs Pro formas are projections, best guesses on likely costs and revenues Em based cost estimates on his experience Re site work, important number is cost per unit Bolded the meaningful numbers As project decreased in size, per unit costs increase Demolition and site work fixed Roads, drives, utilities semi - variable, and similarly site improvesments in common areas From 22K w/32, up to 37.5 w/24 units (check) Landscaping, driveways,walkwasy, patios, connection to street utility should be included What sq ft nu. Use to make meaningful Industry uses for net square feet (livable space), basically the house Assuming sq ftge numbers correct Is not a significant diff. Between 32, 28, 24 w/ these costs Results in cost/sq ft. from 116 to 124 per sq. ft, On high end, But depends on-, everything to do w /finishes, can boost cost per sq ft considerabley Develper is planning on high quality finishes, at least in Ask for detailed outline spec for finishes in all units * * * * * ** So aware of all diff. Between market rate and affordable units Want to make sure threshold for all units okay Granite countertops e.g Then looked at soft costs