HomeMy WebLinkAboutNarrative_WestHaven_V1 TOYER STRATEGIC ADVISORS, INC.
3705 COLBY AVE, STE 1 | EVERETT, WA 98201
425-322-5226 | toyerstrategic.com
September 12, 2024
City of Caldwell
Planning and Zoning Department
621 Cleveland Blvd
Caldwell, Idaho, 83605
NARRATIVE – MODIFICATION TO DEVELOPMENT AGREEMENT (WEST HAVEN)
To Whom It May Concern:
Our firm represents North 44 Idaho, LLC., the owner (“Owner”) of approximately 37.39 acres in Caldwell that is
subject to the West Haven Development Agreement (#23-08), approved by Ordinance 3460 in September of 2023
(“Agreement”).
Overview
The Owner seeks a modification to the Agreement in accordance with Article VIII, Section 8.1 of the Agreement, the city’s municipal code, and Idaho Code Section 67-6509. The modification would permit the Owner greater
flexibility to adjust to market demands and other economic conditions as it develops each phase of the project.
Background
At the time of the Agreement, the Owner expressed its desire to build and market the entire project as a 55+ mixed
use community with 221 residential lots and 2 commercial lots in a planned unit development. Unfortunately, as
written, the Agreement does not provide the Owner with the flexibility to respond to changes in the market,
including market demand and other conditions. The Owner is concerned that economic conditions affecting the
55+ market could change and without this modification to the Agreement, there is a greater risk to development
because of the large number of residential lots (221) involved in the project.
Requested Modification
The Owner has already started on the first of three phases of residential development on the property. While the
Owner’s intent is to continue developing a 55+ mixed use community, the Owner requests the Agreement be
modified to allow it the flexibility to respond to changing market conditions and future demand. The Owner
proposes the following language for this modification:
3.2 Concept Site Plan. The Concept Site Plan (Exhibit C) represents the Owner’s current concept
for completion of the project as a 55+ mixed use community. However, as As the Concept Site Plan
evolves, the City understands and agrees that the Owner may make certain changes in that concept
based on market demands and other economic conditions may occur or be required, which may
include limiting or eliminating the 55+ requirement for all or a portion of the single family units or
providing some single family units for lease or rent. If the City determines that any such changes
require additional public comment due to potential impacts on surrounding property or the
community, a public hearing shall be held on any proposed changes in the Concept Site Plan and
notice shall be provided as may be required by the City. The Owner understands and agrees that
any changes or modifications to the site plan must be submitted to the City for review and approval
prior to development.
Potential Outcomes
Should the proposed modification be granted, it would eliminate unnecessary risk for the Owner by providing the
flexibility to evaluate market conditions and demand during each phase of development. It is possible this could
result in a range of outcomes that includes all or none of the 221 residential lots being exclusively limited to 55+ or having some of the units be for rent or lease instead of for sale.
We appreciate the City’s time and consideration of this matter.
Very Sincerely,
David Toyer
President