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TDR SCENARIOS <br /> Six scenarios address a combination of the identified zoning and market opportunities. <br /> The opportunities are site-specific in most cases, but reflective of opportunities <br /> throughout a zone. <br /> Table 1 <br /> Summary of TDR Scenarios <br /> E-1 MUO C-2 ES B-2 R-3 R-2 R-1 <br /> Site Area(acres) 1.08 1 87 6.52 9.17 0.14 0.59 <br /> Gross Building Area(SF) <br /> Residential 106,800 208,100 349,600 558,000 2,400 8,086 <br /> Commercial - 5,800 34,900 <br /> Subtotal 106,800 213,900 384,500 558,000 2,400 8,086 <br /> Residential Units <br /> Total Units 121 205 341 558 2 9 <br /> Parking Spaces <br /> Surface - - 70 - <br /> Structure 104 320 443 630 2 9 <br /> Subtotal 104 320 513 630 2 9 <br /> Residential Spaces per Unit 0.86 1.56 1 30 1 13 1 00 1.00 <br /> Density <br /> Assumed 112 3 109 6 52.3 60 9 14.4 15.3 <br /> Current Maximum 58.0 - 29.0 29 0 7 2 1.7 <br /> Transfer Bonus <br /> Dwelling Units 58 205 152 292 1 8 <br /> Building Area 51,617 208,100 155,752 294,287 1,200 7,188 <br /> FEASIBILITY ANALYSIS <br /> The financial analysis is intended to answer the questions of whether the TDR bonus <br /> scenarios are feasible, whether there is an incentive to purchase development rights to <br /> achieve the bonus density, and what is the appropriate value to place on development <br /> rights. In addition to base and higher density cases in each scenario, an additional case <br /> assumes the availability of the Multifamily Tax Exemption for the E-1, C-2 ES, B2, and <br /> R-3 scenarios. This program has been shown to be a strong incentive for development <br /> elsewhere in the City. <br /> The feasibility analysis provides a proforma projection of development performance to <br /> determine whether a project provides an adequate return to justify the capital investment. <br /> The proforma feasibility analysis compares the value of the completed development for <br /> any project to its cost of development. In the case of a single family or townhome <br /> development, the value is calculated as the net proceeds from sale of units. In the case of <br /> apartments and commercial, the value is calculated as the capitalized value of the annual <br /> income stream. The difference between the value and the development cost is the <br /> entrepreneurial return to the developer. The return can be expressed as a percentage of <br /> development cost. A rate of 10% is considered a minimum threshold for feasibility. <br /> The results of the analysis are summarized in the following figure: <br /> EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT <br /> PROPERTY COUNSELORS PAGE 5 <br />