Parking: <br />We believe that adequate parking is essential if the proposed mixed-use project is to be <br />successful and have thoughtfully considered this issue. We currently intend to provide the <br />required minimum parking spaces without taking advantage of allowable reductions offered as a <br />right of development. Further, we are building in future flexibility to add parking capacity in the <br />underground (residential) parking garage by providing space that will accommodate the future <br />addition of car "stackers". Lastly, we are paying particular attention to reinforcing alternative <br />modes of transportation by including specific accommodations to encourage these alternatives. <br />Buildin_q Height / Scale of Protect: <br />This project is not eligible for Multi-Unit Property Tax Exemption (MUPTE) and is entirely <br />privately financed without any public funding sources or grants. In order to secure private <br />financing, the project has to demonstrate viability by meeting specific standards such as Debt <br />Service Coverage Ratio and various other financial-related metrics. Our team has determined, <br />without question, that the project needs to be of a certain critical mass in order to meet the <br />minimum thresholds for these various metrics. This drives the overall height of the building to <br />what is currently proposed. We have considered eliminating the corner plaza space and <br />reducing surface parking in order to enlarge the building footprint to decrease the height, but <br />these measures would seriously compromise the project in other ways and are not enough to be <br />able to reduce the overall building height, As mentioned earlier, a number of alternative <br />development schemes have been considered - some lower and some higher - but those uses <br />seem less compatible for the location than the proposed project. <br />Sincerely, <br />Jonathan P. Lauch <br />Michael P. Coughlin <br />