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~ From: BILLY WASSON <br />To: RFRANKE, MHANSEN <br />Date: 9/18/98 9:48am <br />Subject: STATE HOUSING AUTHORITY INVOLVEMENT IN NORTH BLOCK DEV. <br />My what an interesting project this becomes at times. We have interest in the North block Development by the State <br />Housing Authority. The concept under discussion is that they would become a guarantor of financing of any <br />development project that would include housing on the site. The development would still be privately financed but <br />they would guarantee the effort. This would eliminate most risk for the private financing. They may also provide <br />subsidies to qualify residents that are at the $9.50 hourly earning level, these subsidies may also appy to such <br />items as the parking, which we all anticipate to be one of the most difficuR items to ar,complish because of its cost. <br />State Housing would in essence become a partner with the Developer. We believe this arrangement may make the <br />development more attractive to the development market. The end resuR would be a viable project that give a fair <br />market value back to County and Transit for our land lease. <br />To further work these issues there is a meeting set with State Housing at their offices: 1600 State St. <br />Sept. 18th. at 1 pm <br />Mike can you attend with me. Thanks. <br />CC: DHARTWIG, RCURTIS, CLUEDEMAN <br />: ~~ <br />; ~~ <br />