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Home My WebLink AboutAMENDED CSURF CENTRE FOR ADVANCED TECHNOLOGY - ODP - MJA110001 - CORRESPONDENCE - MINUTES/NOTES22. Question: (Resident) You also will rent to non -students, is that correct? Answer: (Developer) We market and lease to students 99% of the time because that is our target market; however, we cannot discriminate without violating Fair Housing regulations. 23. Question: (Resident) Have the bike routes to campus been thought about thoroughly studied? This is the City's responsibility. Answer: (Developer's Consultant) The most likely route is Rolland Moore Drive to Centre Avenue to West Prospect Road at the stop light. There will be bike lanes on Rolland Moore Drive and the Public Commercial Street. There will be an 8' wide sidewalk along the Public Local Street for bikes and pedestrians. The City provides bike lanes and pedestrian signals. The West Prospect Road & Centre Avenue intersection has signals for bikes and pedestrians as a constrained intersection. C 17. Question: (Resident) Are you saying that you are definitely using solar energy? Answer: (Developer) We have planned for it, but it depends on the City's adoption of the split tariff concept explained to us by the City's Economic Development Director. 18. Question: (Resident) Who is paying for the canal move? How did it come about? Why is the move not shown on the ODP? Answer: (Developer's Consultant) Campus Crest is working with the ditch company on the possible ditch realignment. Campus Crest would pay for the realignment. (City Planner) The possible ditch realignment is a separate process from the City's development review process for the Amended CSURF Centre for Advanced Technology ODP. 19. Question: (Resident) Is The Grove at Fort Collins PDP dependent on the ditch realignment? Answer: (Developer's Consultant) Campus Crest, CSURF and the ditch company all want the ditch to move but, no, the PDP is not directly dependent on a realignment. 20. Question: (Resident) If you move the ditch how do you know whether or not there will be flooding into neighboring properties? Answer: (Developer's Consultant) The ditch realignment has nothing to do with storm water. 21. Question: (Resident) We have a concern about 600 students living here. What is your management philosophy? Answer: (Developer) The project manager lives on the site and there will be numerous student managers. Our rules are not much different that those used by CSU. We have shared our rules and regulations with CSU and they have said our rules are very similar and may be a little more strict than theirs. We will have highly trained R.A.'s. We believe in active, hands-on management. 5 13. Question: (Resident) SEC filings — substantial losses. Answer: (Developer) Campus Crest has a heavy amount of depreciation. We have a fortress balance sheet. We have turned a profit and our cash flow is positive. Campus Crest files its financials on a quarterly basis with the SEC. These are available to all persons through the SEC. In our most recent quarter we showed Funds From Operations (FFO) of approximately $48mm. We have one of the lowest leverages REITs in our industry and a fortress balance sheet. This may be from a pre -public filing, but certainly does not reflect our first quarter filing from this year, which is more relevant. 14. Question: (Resident) If you are so financially solvent why can't you down -scale the project? Answer: (Developer) We are experiencing substantial investments (costs) in the sustainability and green build components of the project. The proposed density for the Grove is similar to or in some cases less than comparable student housing projects in Fort Collins. 15. Question: (Resident) What is the projected electricity use for this project? Answer: (Developer) The use for this project is significantly reduced from that for the Greeley project. 16. Question: (Resident) How many kilowatt hours are being used? You are over -estimating and over -selling. 40% is not true. You are way off on your photo -voltaic use. Answer: (Developer) Architectural Energy Corporation is in the process of developing an energy model to estimate the electric use for the project. Our estimates for the energy offset are based on the 600-900kW system that we are currently sizing for our Greeley property. n 7. Comment: (Resident) Pulling Rolland Moore Drive to the south and protecting the wetlands and neighborhood is a better plan than one that would have the curved alignment to the north. Response: No response required and none was given. 8. Comment: (Resident) A resident at the Worthington Independent Living Facility would like a traffic light somewhere along Centre Avenue to provide traffic control and pedestrian movement along that street. Response: No response required and none was given. 9. Question: (Resident) Who did the traffic counts on Centre Avenue in February, 2011? Answer: (City Traffic Engineer) The City is not aware of and did not conduct that study. Private companies are allowed to take traffic counts on City streets without notifying City Traffic Operations. 10. Question: (Resident) What happens if Campus Crest abandons the project? Answer: (Developer) We do not envision trouble with our financing capital and, therefore, we do not foresee abandoning The Grove project. We are owners and operators. 11. Question: (Resident) What requirements does the City have to ensure development of the project, if approved? Answer: (City Engineer) Actual implementation of a project is done through the City's Development Construction Permit process that includes requiring the developer to pay construction permit fees for the necessary public improvements and to bond their full value. 12. Question: (Resident) Have you considered downsizing the project to 300 - 400 students? Answer: (Developer) No, the economics dictate the size and viability of the project. 3 r many of our residents come to live with us after their first year in school and so typically bring their friends with them as their roommates. Students can swap or move into other rooms, if necessary. 3. Question: (Resident) Have students been involved in the design of these units? Answer: (Developer) Yes, they have, primarily through the cooperative Campus Crest and Institute for the Built Environment design process. Also, Campus Crest's site manager lives at the project. 4. Question: (Resident) Are the individual apartments gender specific? Answer: (Developer) For the most part, yes, they are. If not, parents are notified. 5. Comment: (Resident) With this development bringing 612 transient students into the area Rolland Moore Drive will become a speedway, which will have an adverse effect on the neighborhood. Response: (Developer's Consultant) First, the City requires that Rolland Moore Drive be constructed between South Shields Street and Centre Avenue. It has always been master planned for the connection. Second, Rolland Moore Drive is being designed to provide traffic calming and speed mitigation measures through the project 6. Question: (Resident) Could a gate possibly be placed in the Rolland Moore Drive in the middle of the project to divide the traffic into 2 sections? The gate would then provide emergency access only between the 2 sides. Answer: (City Engineer) The City does want neighborhoods to connect, not just here but City-wide. More connection options would actually be better. Also, there is a City ordinance against gated developments. 2 NEIGHBORHOOD INFORMATION MEETING PROJECT: The Grove at Fort Collins DATE: May 23, 2011 APPLICANT: Campus Crest Development CITY PLANNER: Steve Olt Current Planning This potential project, known as The Grove at Fort Collins, would be located at the southwest corner of Centre Avenue and Rolland Moore Drive directly south of the Gardens on Spring Creek in the Centre for Advanced Technology. The applicant proposes to develop a multi -family residential, student housing project containing 218 dwelling units (with a mix of 2-bedroon, 3-bedroom and 4-bedroom units) in 12 buildings. There would be 499 parking spaces on -site and on the public local street to satisfy the parking requirements. Additional on -street parking would be available on Rolland Moore Drive and the Public Commercial Street. The property is 27.5 acres in size. It is located in the MMN - Medium Density Mixed -Use Neighborhood and E - Employment Zoning Districts. A Project Development Plan was submitted to the City of Fort Collins on December 8, 2010 for review. ................. QUESTIONS, CONCERNS, COMMENTS, RESPONSES ................. 1. Question: (Resident) Can you mail us the questions and answers when they are ready? Answer: (City Planner) Yes, we can and that will be done. 2. Question: (Resident) Apparently you will be renting each bedroom individually. I know a student that says that this is a nightmare. How will the students be involved in the matching process. Answer: (Developer) We have a limited liability leasing policy. We do a high level of roommate matching. A lot of this is done by word of mouth or through Facebook. Keep in mind that 1