Foundations of Economics for Planning and Real Estate Development

ThirdAssignmentRED 585 Foundations of Economics for Planning and Real Estate Development
Youare the general partner (GP) of a new development that includes 10 limitedpartners (LPs). Your LPs want to make money. You do too, of course, but youwant your investments to also be meaningful, responsible contributions to thecommunities. Under the law, you have a fiduciary responsibility to maximizeyour LPs’ return. Therein lies the reality of one of many tensions between GPsand LPs.
Your project will have 600 units. The demographic and rent profile is:
Feature
Figure
Household Size
2.5 persons/unit
RenterIncome
1/3 Lower Income
$30,000
1/3 Middle Income
$60,000
1/3 Upper Income
$90,000
Rental Profile
Area
Bedrooms
Bathrooms
Rent
1/3 Lower Income
900 sq.ft.
2.0
1.0
$1,260
1/3 Middle Income
1,200 sq.ft.
2.0 + den/office
1.5
$1,680
1/3 Upper Income
1,500 sq.ft.
3.0
2.0
$2,100
Extra Costs/Month
Recreation facilities
$200
Notice that an extra charge is imposed for access to recreation facilities. These include a club house withindoor card tables and games, and gym, and an outdoor pool, Jacuzzi, tennis andbasketball courts. You need to generate $60,000 each month to pay for thecapital and operating costs of the recreation facilities. You know fromexperience that all the renters in the upper income units will pay theadditional $200/month fee, as will half (50%) of the middle income units. Butyou know that none of the renters from the lower income units will pay theadditional amount. Your LPs say “so what” but you want to do theright thing to extend access to recreation facilities to all your tenants, notjust those who can afford to pay the higher amount.
Using what you believe to be relevant public finance criteria and applicationspresented in Module 3 (such as type of public or common goods, monopolyprovision, price and income elasticity, substitution, etc.) devise a strategythat extends the recreation facilities to all tenants in a way that makes yourLPs happy and gives you, the GP, the satisfaction that you’re building andmanaging a responsible real estate development.
You actually do not need to generate numbers for this assignment though theycould be helpful to illustrate point.
There is no “right” answer but your answer must be based on soundreasoning.
This is a memo to your LPs not to exceed 2,000 words.

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