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3, <br /> _ f <br /> K. Street Changes <br /> No changes are contemplated in street location or traffic <br /> patterns . Two curb cuts will be added on Westgate to accomodate a <br /> circular driveway (see exhibit "A") . <br /> L. Existing Dwelling Units <br /> There are presently 56 dwelling units and 11 stores located in <br /> the four existing buildings . All are in poor condition with substan- <br /> dard plumbing , mechanical and electrical systems . The residential units <br /> are vacant and have been condemned for occupancy by the City of Univer- <br /> sity City. <br /> M. Relocation <br /> No relocation is anticipated . The existing residential units <br /> are vacant and have. been condemned for occupancy. The commercial <br /> retail space is occupied on a month-to-month or short-term lease 1 <br /> basis . The developer will be negotiating new leases with commercial <br /> tenants over the period of construction. <br /> 1 <br /> N. - Character of Residential Development <br /> The Donaldson Court Apartments will contain 45 "market`-rate" <br /> apartment units . Rents will range between $350 and $550 per month. <br /> 0. Financing Plan <br /> The total development cost of the Donaldson Court Apartments is <br /> estimated at $2 . 8 million. Exhibit "B" is a project proforma. <br /> P. Principals Involved in Management <br /> The Donaldson Court Apartments is a single site, single phase <br /> development which will be owned by Donaldson Court Associates , a <br /> Missouri Limited Partnership . Dean Burns , Stanley Jones , James Bartl, <br /> Westminster Development Corporation -and Donaldson Redevelopment Corpor- <br /> ation will be co-general and managing partners responsible for the <br /> development and operation of the project . The principals have exten- <br /> sive experience in development/design/rehabilitation in the St . Louis <br /> area. <br /> Q. Description of the Project Property <br /> The project property is coterminous with the redevelopment area <br /> boundaries given in paragraph B . <br /> R. Proposed City Acquisition of Property <br /> The developer .-controls all of- the property necessary to develop <br /> the proposed Donaldson Court Apartments . It is nolt proposed that any <br /> real property be acquired by the city, either by negotiation or eminent <br /> domain. <br />