Planning 2012-03-22 Item 4 - Osterly Park Townhomes - Attachment A - Request from Applicant

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c! FEB 4 3 202 To: City of Tukwila cpMMUNiTY )11112- DEVELOPMEN Osterly Park Townhomes permit 1-08 -076; L08 -079 was approved as 31 Units. Due to economics I am requesting to build the first 8 units as phasel in the spring of 2012 and then go back and build the rest of the approved subdivision, with the construction on phase 2 to start as soon as 80% of the units in phase 1 are sold. Originally we had submitted to build 10 units with the complete infrastructure and then finish the rest of the buildings in phases. Due to the cost of the Sewer and water mains as well as the loss of rental income until the first phase is sold, that is no longer a viable option. I intend on this being 1 motion with no breaks in the project. As we all are aware of, the economy has presented great changes to many devoplers and I am no exception. Both of the local banks that had approved this project when I started have permanatly closed their construction departments. We turned to private investment to continue and they are limiting the risk. Specifically the first 8 units /lots are exactly the same as in the approved subdivision. A recreation space was added to meet the city phasing requirements in what will eventually be the C building in phase 2. If there were no phase 2 for an unforeseen reason then this would be a permanent recreation space as it meets all city requirements. Water, Sewer, and Storm drain will end at the southern boundary line of the Phasing lots and will be extended at the start of phase 2 to exactly what is approved on the subdivision approval. The common utility trench, including power, gas, cable, and phone will be in underground conduit. The conduit will go in at the start of phase 1, units as added will be hooking up to the stubs already in the ground. Thank You for your consideration Mike Overbeck Osterly Park Townhomes Attachment A 25