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ATTACHMENT 2 <br />Memo <br />To: Steven R. Bocian <br />From: John H. Pringle <br />cc: Nelson Fialho, Joe Marasco (Ring Financial) <br />Date: July 23, 2014 <br />Re: Request for Decision and Approval of In Lieu Fee <br />Steven, <br />As the authorized representative of the owner, Ring Financial, of the Vintage development at <br />the corner of Stanley Road and Bemal, I request the City pursuant to the Affordable Housing <br />Agreement as part of Ordinance 2076, to authorize Ring Financial and / or its' assigns to pay <br />the in lieu fee in accordance with the approved Development Agreement. <br />You may recall the decision is at the City's election. With significant inflation in construction and <br />related costs, it is important in order for this project to move forward that the owner be granted <br />the "in lieu" option of $ 4,500,000. <br />You will recall this fee was negotiated and approved by all parties and the fee exceeds the <br />existing in lieu fees in place by ordinance, by a substantial amount. <br />We greatly appreciate the City's assistance in this matter and hope to move forward with this <br />project upon approval of the requested in lieu fee. <br />JHP <br />