Project Uses. In addition to the proposed uses and concepts presented thus far the Developer may be asked to explore with the City and DDA the potential for other uses within the proposed project and partner with other third-party entities to identify and secure such uses. The City, DDA, and Developer shall mutually agree to explore any potential uses that would be deemed beneficial to the Project.
Project Uses. Developer shall have the right to utilize the Project in accordance with the Permitted Land Uses and to develop the Project on the Developer Property in accordance with the Development Standards and to the density and intensity of use, maximum height and size of proposed buildings, and the design, improvement and construction standards and specifications applicable to the Project or the Developer Property as set forth in the Existing Development Approvals and the Existing Land Use Regulations as the same may be amended from time to time in accordance with the terms and conditions of this Agreement. Developer shall not develop or use the Developer Property or any portion thereof for any Prohibited Use set forth in Exhibit D.
Project Uses. In accordance with Section 20-8.9(F), the Project shall not contain a single permitted use that exceeds eighty thousand (80,000) square feet of gross floor area, except that no such limitation shall apply to residential uses. The Project shall contain a full service grocery store and a minimum of 20,000 square feet of ground floor devoted to a grocery store, exclusive of back of house, loading area and common areas of the building (the “Grocery Store Space”). If the Grocery Store Space is vacant for more than two (2) years or if a grocery store is not feasible as determined in Section 20-8.3(A)(4)(f), the Developer must comply with all the applicable requirements of Section 20-8.3(A) and 10% of the dwelling units above the second floor must be Affordable Housing of which one half (1/2) must be set aside for Low Income and Very Low Income Individuals and Families and one half (1/2) must be set aside for Moderate Income Individuals and Families.
Project Uses. MFNH Renovation & Expansion Total Sq Ft Cost Per Sq Ft Total Cost Historic renovation construction 3168 $ 300 $ 950,400 New addition construction 6500 $ 350 $ 2,275,000 Construction contingency 7% $ 225,778 Soft Costs 25% $ 862,795 MFNH Existing Debt* $ 487,000 Total Project Uses (Expenses) $ 4,800,973 * Debt that has been taken out against the property must be paid off in order for MFNH to sell its land for the housing portion of the project PROJECT SOURCES: MFNH Renovation & Expansion Cambridge Community Preservation Act $ 350,000 Federal Historic Tax Credits** $ 548,318 Land & Project Payment from CRA $ 3,000,000 MFNH Equity $ 902,655 Total Project Sources (Income) $ 4,800,973 ** We may also pursue State Historic Tax Credits. However, they are much more difficult to secure, and so are not assumed to be part of the project sources Size Assumptions (to be further finalized during design phases) Sq Ft New construction - after school 4,500 New construction - food pantry (and potentially other program uses) 2,000 Total New Construction 6,500 Xxxxxxxx xxxxx Xxxx - 0xx Xx 1,584 Xxxxxxxx xxxxx Xxxx - 0xx Xx 1,584 Xxxxxxxx xxxxx Xxxx - 0xx Xx 0 Existing house Reno - basement 0 Total Renovation 3,168 Total Project Size 9,668 Exhibit D of Amendment Three: Estimated Schematic Design Phase Budget Item Vendor Estimated Cost Notes Design Services (includes cost estimate and other subconsultant) Studio G (pending agreement on fee) $133,000 This fee will count towards a not to exceed percentage of total development costs (6.9%) and maximum total dollar fee, which will be fianlized with Studio G at the end of schematic design. Historic Tax Credit (HTC) Consultant Epsilon / Xxxxx Xxxxx $16,500 HTC applications will be submitted right after the SD phase, so the bulk of the expense happens at this time. During future phases, there may be around $2,000 in consulting fees to submit subsequent state tax credit applications. Real Estate Development Consultant Stone Soup Collaborative / Xxxxx Xxxxxxx Xxxxxxx $9,500 Estimated at 50 hours over the course of SD. Fee at $190 per hour Owner's Project Manager TBD $2,475 Estimated at 15 hours over the course of SD. Assumed fee at $165 per hour (TBD after contract negotiated) Estimated Cost for Services Known to be Needed: $161,475 Investigative subconsultants outside of architecture contract, which may be necessary during SD Varies: geotechnical engineer, geo environmental engineer, hazmat consultant $35,535 This is a not to exceed fig...
