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<br />• <br />CITY OF FALCON HEIGHTS <br />PLANNING COMMISSION <br />rleetina Date: 2/5/90 <br />Agenda Item: F-4 <br />ITEM DESCRIPTION: <br />SD'BtiITTED BY: <br />BEVIENED BY: <br />PROPOSAL BY ARK DEVELOPMENT FOR THE SITE NORTH <br />OF CITY HALL <br />Susan Hoyt Taff <br />H~I.ANATIOli/SUl4tARY (attach additional sheets as necessary): <br />INFORMATION <br />1. Land Use - 100 units of elderly, moderate rent housing ($427- <br />695/mo. rent) in a three story, wood frame building 45 feet <br />high with underground parking. <br />2. Location - approximately 3.3 acres of vacant land north of <br />City Hall. (Originally part of the Stratford Office Park, <br />now owned by Commercial State Bank.) <br />3. Zoning - B-1, multi-family residential housing is allowed <br />in a B-1 Zone as a conditional use. However, the proposal <br />does not meet the 12 units/acre density requirement in the <br />comprehensive plan and zoning code. <br />4. Project cost - $5 million (need at least $3.8 million to <br />pay off TIF bonds). <br />5. Financing - The developer proposes to use Community Development <br />Block Grant funds toward the purchase of the land. Additional <br />funds for the land purchase may be requested as a loan from <br />the City. <br />COMMENTS: <br />1. Neighbors - several property owners abutting the site attended <br />the meeting to hear the proposal. The group generally supported <br />the concept of elderly housing on the site. However, there <br />was concern over the 45 foot height, which exceeds the zoning <br />code, and may damage the view from some homes. <br /> <br />6/24/87 <br />