Laserfiche WebLink
. Indian River County to construct the infrastructure directly <br />While perhaps not the ideal scenario, this option would garner some savings in that the <br />County would use its own staff to manage the project and engage engineering consultants <br />utilizing the County's existing agreements. It should be noted that this is an option being <br />considered by another municipality with which our team is currently engaged in a very <br />similar project scope. <br />• Indian River County to allocate Down Payment Assistance <br />The County's goal with this project is to create new affordable housing to serve households <br />earning between 80%-120% AMI. At the proposed price point, first-time buyers would <br />need in the range of $20k -$30k in DPA subsidies to qualify for a first mortgage. In allocating this <br />subsidy (to buyers, not the Developer), the County's goal is achieved and the existing <br />neighborhood property values are not negatively impacted by the sales of the new <br />residential units. <br />Desired Action <br />Based on our conversation with the Selection Committee last week, we would like to request that <br />a recommendation be advanced to the County Commission to award the project to our team. This <br />request is predicated on the fact that a Development Agreement would have to be negotiated, <br />outlining the critical points of this deal. We recognize that the Selection Committee is not tasked <br />with funding allocations or specific project development strategies. To that end, we believe it <br />prudent to advance the discussions/negotiations. <br />Look forward to hearing from you. <br />Best, <br />Daniel A. Rosemond <br />CEO/Founder <br />East to West Development Corporation <br />(305) 588-2638 <br />www.etwdc.orq <br />3 <br />Iq�A-_3 <br />