P3 Workforce Housing Development

An undeveloped parcel within the City of Gunnison, its area is approximately 5 acres, and its location is shown on Exhibit A (the “Site”). Western is seeking a highly qualified, experienced, and creative master developer, project manager, or owner’s representative (hereafter Development Partner) to develop the site for the purpose of workforce housing. We believe the site could carry up to 200 residential units only a portion of which need to be restricted to Western employees. Western desires a Development Partner to take full ownership, maintenance and management of the residential units. The Site will be made available to the Development Partner under a 50-year ground lease in exchange for a percentage (approximately 25%) of units being subsidized at below market rates for Western employees and possibly graduate students. The terms of the ground lease will be dependent upon the delivery strategy. This process is intended to be collaborative and flexible in order to allow Western and Development Partner to explore options for design, finance, and project delivery that will lead to the greatest workforce housing impact at the lowest possible cost. Current Workforce Housing units rent at about $905/month for 1-bedroom apartments and $1600/mo. for 2-bedroom apartments. Western is interested in one and two bedroom units primarily but three bedroom units will also be considered, we do not believe we have a market for studios. As a reference for demand, Western applicants currently constitute 115 of the 425 applications for the 76 units in the adjacent privately held Paintbrush project. Many of these individuals are over 120% of AMI, and should not be subject to any maximum salary controls.

Apartments/Condominiums, New Construction.

Division 03 -	Concrete, Concrete Forming and Accessories, Precast Concrete, Site-Cast Concrete.
Division 04 -	Masonry, Unit Masonry.
Division 05 -	Metals.
Division 06 -	Wood, Plastics, and Composites, Rough Carpentry, Finish Carpentry, Architectural Woodwork, Architectural Wood Casework.
Division 07 -	Thermal and Moisture Protection, Dampproofing and Waterproofing, Thermal Protection, Weather Barriers.
Division 08 -	Openings, Doors and Frames, Wood Doors, Plastic Doors, Windows, Hardware, Glazing, Louvers and Vents.
Division 09 -	Finishes, Plaster and Gypsum Board, Ceilings, Carpeting, Painting and Coating.
Division 10 -	Specialties, Toilet, Bath, and Laundry Accessories.
Division 11 -	Equipment, Residential Equipment, Residential Appliances.
Division 22 -	Plumbing, Instrumentation and Control for Plumbing, Plumbing Piping, Plumbing Equipment, Plumbing Fixtures, Residential Plumbing Fixtures.
Division 23 -	Heating, Ventilating, and Air Conditioning (HVAC), Instrumentation and Control for HVAC, HVAC Air Distribution.
Division 26 -	Electrical, Instrumentation and Control for Electrical Systems, Lighting.
Division 27 -	Communications, Structured Cabling.
Division 31 -	Earthwork, Grading, Excavation and Fill, Earthwork Methods, Soil Treatment.
Division 32 -	Exterior Improvements, Flexible Paving, Irrigation, Planting, Turf and Grasses.
Division 33 -	Utilities, Water Utilities, Sanitary Sewerage Utilities, Electrical Utilities, Communications Utilities.