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~' <br />II. REQUIREMENTS FOR DEVELOPMENT <br />Minimum Requirements for the development concept on the Lu Yen site <br />The Committee funded research to assess the emerging markets for residential and <br />commercial uses in Goose Hoilow. The Committee also reviewed pertinent policies and <br />development standards found in the Goose Hoilo~v Station Community Pian and the <br />Portland Zoning Code. See Appendix 1 for a summary of this information. <br />Based on the Committee's understanding of the market and goals of the city, <br />neighborhood, and Tri-Met, the Committee established the foliowing minimum <br />requirements for development on the site. The site has no major physicai constraints <br />and the development standards that regulate development on this site permit a large <br />development envelope. Development teams are encouraged to submit a development <br />concept that exceeds the following requirements: <br />Provide at least 60 units of housing <br />2. Produce a mixed income project <br />3. Provide ground floor space that can accommodate at least 7500 square feet of <br />active commercial uses. <br />~ <br />4. Limit parking for any office use to the maximum 2 spac~s per 1000 SF of ~ <br />commercial area allowed in the Central City Parking regulations <br />5. Provide a maximum of 1 parking space per studio, 1 and 2 bedroom residential units <br />and no more than 2 parking spaces per 3 or more bedroom unit. Proposals that <br />include incentives for use of transit, bike and alternatives to private cars are <br />encouraged <br />6. Demonstrate a financing structure based on private sector financing for mixed <br />income projects. Use a minimum number of public subsidies such as tax abatement <br />and a potential adjusted land value as discussed in requirement 7 below. <br />7. Acquire the land at a value tnat reflects.the above reGuirements, the nature of the <br />proposed ~szs, provides a return on the public investment. This value will be <br />finalized through aopraisal based on the quality of the dasign negotiated during the <br />Memorandum of Understanding phase and finalizzd in the Disoosition and <br />Deveiopment phase (see Section IV., Steps 4 and 5 for a description of the <br />negotiation process). <br />~ <br />R~q:rest fur Propv.~~als Pnge -~ <br />