Coeur d Alene Midtown Development. February 20,2019

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1 February 20,2019

2 Zoning: Midtown; C-17; MO The intent of this district is to create a lively, neighborhood business district with a mixture of uses, including retail, services, and residential. Storefronts would be relatively continuous along the street within the core of the district. Housing would be encouraged both above and behind commercial uses. Coeur d Alene Comprehensive Plan

3 FUTURE PHASE 2

4 Project Statistics: Four (4) retail / commercial spaces +/ total square feet One (1) commercial loading / unloading parking stall Twenty-one (21) residential units are proposed Nine (9) One Bedroom flats of approximately square feet Twelve (12) Two bedroom flats approximately 900 square feet Intend to provide Twentyone (21) parking stalls. Project Amenities: Spacious Midtown living Plaza and open space Bike connectivity Provide parking stall per unit Close to restaurants and services Possible solar power

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9 Parking Midtown Parking Study, June 2018 by Rich & Associates 5 year projection surplus of 406 spaces 10 year projection surplus of 392 spaces. Results indicate that during the period study, capacity for lot 24 never exceeded 63% while lot 30 never exceeded 27% Peak Occupancy Lot 24 6/13/2018 1PM-3PM Peak Occupancy Lot 30 6/13/2018 5PM-7PM Peak Occupancy Lot 30 6/13/2018 7PM-9PM

10 Parking Midtown Parking Study, June 2018 by Rich & Associates Summary: Parking Supply for the study area is 948 spaces, with 332 (35%) of these public and 619 (65%) private. The majority of the parking within the study area is found in private lots with only one public lot. The highest utilization of parking is found along 4th Street between Montana and E. Reid Avenue. The peak occupancy occurred from 11:00AM 1:00PM at 36% occupancy. The overall daytime parking surplus for the study area is 435 spaces. The overall daytime parking surplus for the core area is 88 spaces. Study Recommendation 1. Discourage the development of any new private parking lots in the Midtown District. 2. Work with private parking lot owners in the Midtown to create additional shared use parking

11 Parking Maximize use of time daytime and nighttime use Locate parking near center of retail activity Use central plaza as gateway from/to parking Allow easy access to parking through buildings Create simple interaction between parking and retail Provide landscaping to buffer parking

12 Growing Demand Middle Income TARGET RESIDENT INCOME Low Income Middle Income Upper Income S I N G L E T W O <$35,250 <$40,250 $35,250 - $87,540 $40,250 - $127,250 >$87,540 >$127,250 With expected growth in the area, middle income will have less options for housing. Government support for low income and market-rate will continue to grow as demand grows T H R E E <$45,300 $45,300 - $145,000 >$145,000 F O U R <$50,300 $50,300 - $176,000 >$176,000 Target Residents: Middle Income Housing Per U.S Department of HUD low income limit for Coeur d Alene is $35,250 Coeur d Alene Median Household Income is $44,493 (per city-data.com)

13 HISTORY OF SUCCESSFUL MIXED-USE PROJECTS

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16 Vibrancy of Midtown The development s proposed contribution to the vibrancy of the Midtown area Create an active, integrated, and connected neighborhood between residents, retailers, customers, and employees. By providing more housing options in the neighborhood, it will bring more people to the already creative retail node. Residents will bring more activity through daily interaction with the retailers. Retailers will expand to provide more options to support residents. More activity in the neighborhood will have a chain reaction as more activity will create more activity. By providing a 20 minute lifestyle for the neighborhood, residents and retailers alike can take advantage of all that is right outside their door. Together adding sustainable vibrancy to Midtown

17 Development Success Probability of the proposed development s success based upon the stability and capability of the developer, demonstrated success based on past development projects undertaken by the developer, market analysis, business plan, financial strength, legal requirements, and timeline Similar Completed Projects GIBSON Project Type: Mixed Use Location: Boise, Idaho Size: 90,000 SF, 81 Units Completion: 2018 Cost: $19.0 Million Similar Under Construction Projects HIXON Project Type: Mixed Use Location: Bend, Oregon Size: 125,000 SF, 203 Units, Completion: 2020 Cost: $60.0 Million THE ANDY Project Type: Student Housing Location: Eugene, Oregon Size: 43,000 SF, 33 Units Completion: 2014 Cost: $7.6 Million ASH + RIVER Project Type: Mixed Use Location: Boise, Idaho Size: 43,000 SF, 34 Units Completion: 2019 Cost: $9.0 Million 1414 KINCAID Project Type: Mixed Use Location: Eugene, Oregon Size: 73,000 SF, 45 Units Completion: 2014 Cost: $12.0 Million

18 Development Success Financial Strength dechase Miksis has successful developed and managed over $250 Million in real estate development in the past ten years. dechase Miksis and its financial partners have the financial strength to complete the proposed Coeur d Alene project. Each project is evaluated for the correct financial package, with both debt, equity, incentives, and community funding. The Midtown project has been evaluated and we intend to use a program that allows us to keep the rents at a rate that is sustainable in the local market. Below are financial institutions we have engaged in providing debt for the project. DOUG WARD First Interstate Bank Commercial Group Manager doug.ward@fib.com MOLLIE MEANS CBRE Capital Markets Debt & Structured Finance, Multifamily & Healthcare mollie.means@cbre.com LANCE HATZENBELLER Idaho Central Credit Union Commercial Loan Officer lhatzenbeller@iccu.com

19 Development Success Timeline The key to a successful project is a schedule that all parties can agree to and can be met with the current local construction market. Having all parties, including Ignite CDA, the City, and the neighborhood, involved in the process will ensure a successful project.

20 Ignite CDA Involvement Developer s expectations of the Agency for the project s success. Community Involvement As a public-private project, community engagement will be important. We would appreciate Ignite CDA s involvement in the outreach to community stake holders, neighborhood organizations, and any other persons or groups Ignite CDA feels would be important to be involved in the development process. Financial Involvement Through the financial analysis of the project the overall value of the property will be appraised through a re-use appraisal. If Ignite CDA sees community value in a middle-income project we have assumed the land value and public improvements would be provided by Ignite CDA through a disposition and development agreement. Below are the assumed financial requirements that will be determined through the appraisal process: Land Value - $460,000 Public Open Space - $50,000 Public Streetscape - $75,000 **Funds would only be per a reuse appraisal** Contractual Involvement It is understood that parties will need to work together to complete agreements associated with the proposed project. We would ask Ignite CDA to confirm requirements and timelines to meet requirements.

21 Q & A