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time the project comes forward and the model homes are built, they could probably sell the houses for more, although he doubts this will be the case. Commissioner Blank noted rom the workshop minutes that Mr. DiDonato had indicated then that the project would take a year to 18 months to entitle, that there are a lot of economic concerns, and :hat he estimated the home prices may be in the $750,000 to $800,000 range. Mr. DiDonato stated that They did not reduce the square footages by much; however, but 10 square feet on a house and where it has been reduced has helped them quite a bit as far as increasing the setbacks. He explained that they must accommodate the economy and what buyers will want, but they want to make money from it as well. He stated that the houses are modest and reasonable at 1 .600 square feet to just under 2,000 square feet. Commissioner Blank inquired if the construction cycle is still 12 to 18 months. Mr. DiDonato replied that he has been in construction for over 30 years and cannot explain the cycle that they are in. He indicated that in a. normal cycle, they could build homes within that timeframe, but given today's economic constraints, it is quite different. He stated that what he envisions is to build the models and then get buyers into consignment, contingent ippn construction loans. He added that this would minimize their risks. Chair Olson commented that reducing the speculative nature of the project is really smart because it is difficult to obtain loans from banks at this time. Commissioner O'Connor referred back to trees and stated that he was not asking for more trees to be planted ow wanted to make sure that whatever is put along the streetscape will grow a little taller over time. He acknowledged, however, that the developer is constrained by the City's requirements for Stanley Boulevard. Michael Palza, project architect, stated that during the work session in 2008, the 70-percent FAR presented by staff was incorrect and that they believe most of the Commissioners' comments were based on this percentage. He referred to page 18 of the staff report and stated that at that time, one Commissioner suggested that a study be conducted regarding other developments in the area and compare densities and FAR's. He noted that the City did the comparison and indicated that they are at 54-percent average FAR, which is considerably less than 70 percent. He further noted that the new homes built in :he area, with the exception of one, are all above 75 percent, 65 percent, and 97 percent. Emilie Cruzan voiced her objection to the development stating that she is concerned about the density. She poir ted out that at 54 percent, the project's FAR is greater than the townhome complex in which she lives, which is 44 percent. She inquired if there would be a condition addressing residents being required to park in their garages EXCERPT: PLANNING COMMISSION MINUTES, September 15, 2010 Page 5 of 9