Perteet Inc. 7/11/2022 - Laserfiche WebLink

HOUSING DEVELOPMENT INCENTIVE PROGRAM Draft Scope of Services from Perteet Inc. June 2022 • The preliminary summary is due August 5,2022,unless amended by City and Department of Commerce. • City to request schedule amendment in July 2022. Subtask 1.6-Analyze individual project and cumulative financial impacts on City finances. Consultant Activities: • Meet with City staff to determine individual project type(s) and general location • Develop`concept'level description of project type(s)and preliminary pro-forma. • Analyze project against list of preliminary incentive programs identified in Subtasks 1.2 through 1.5. • Estimate revenue impacts to the City of the representative project type(s) Assumptions: • Two concept projects;one for 5 over 2 development with ground floor retail (urban and transit corridor type)and one for 10 to 12 story apartments(urban center and station area type) • No architectural drawings are included. • The financial impact assessment will consider the effect of a single typical project. Analysis of development rates or development size is not provided for in this scope of services. Deliverables: • Meeting agenda and meeting summary for the City staff meeting to select representative projects. • Concept project narrative. • Narrative of concept project performance against proposed incentives,including concept project base- line pro-forma. • The preliminary summary is due August 5,2022,unless amended by City and Department of Commerce. • City to request schedule amendment in July 2022. Subtask 1.7- Review the list of new housing development incentives and report on feasibility Consultant Activities: • Relying on information from earlier tasks,prepare assessment of implementability challenges for incentive programs. • Estimate the selected incentive program effect on housing production and affordability. • Assess incentive program policy goals to support Task 3 development. • Compare pros and cons of specific incentives opportunities. • Identify potential incentive target areas based on findings for Subtask 1.1. • Assess the incentives ability to stimulate development in urban corridors and Sound Transit station areas • Provide a critical review of incentives relative to Diversity, Equity,and Inclusion interests, including assessment of potential displacements resulting from new incentives Assumptions: • Policy goals will be consistent with current Housing Action Plan,Comprehensive Plan,and EVLE station area concepts and developed as preliminary. Final policy goals will be developed in Task 3. https://perteet.sharepoint.corn/sites/ActiveProjects/20210199EverettHDIPInternal/Project Management/Scope and Fee/June22_dft_HDIP_SOW_rev3.docx 5