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.u _._. ~ ....~._. _..___ . __ <br /> .r <br /> -~ ;: <br />October 23, 1973. <br /> S. J. Fusco, Realtor <br /> 183 Sheldon <br /> St. Paul, Minnesota 5513 <br /> Village of Falcon Heights <br /> 1644 Larpenteur Avenue West <br /> St.''Paul Minnesota 55113 <br /> Gentlemen: <br /> I ~n writing concerning the application to rezone the property <br /> naw owned by the Pothens that is bordered on the nest side of <br /> Hemline from Ruggles to Roselawn. I am writing. this letter on <br /> my own behalf in as much as I am in the real estate business <br /> and z clo n~ject to the zoning from R-1 to R-2 and the following <br /> will be qty reasonsfortheobjection: <br /> 1. In most cases contractors. and or promoters build duplexes <br /> and double bungalows for the business of retaining ownership <br /> of the properties for a very short period of time whereafter <br /> the bontractor or promoter will attempt to sell the property <br />• when it goes on the tax roles and full taxes become due and <br />:. payable, Before the property goes on the said tax roles the <br /> rents can be derived from tenants without making arty tax pay- <br /> menu--in some cases between a yeas or a year and a half. This <br /> policy in our business is called creaming the top. During this <br /> period of'time the selection of tenants is normally not desirable. <br /> When this situation arises in as-much as these tenants do not <br /> have a, vested interest in the property the property is not main- <br /> ta3.ned as _ it should be. <br /> 2. The contractor and or promoter .eventually sells the property-, <br /> <br />I ' v stor. brae find that certain investors do not have <br />to anotherzn e <br /> wn ent on the ro ert~ and a1.1 ood investors <br />subs antial do P P .~ g <br />a t &~ <br />P <br /> now know hat a duplex is not a good investment because of the <br /> high non-homestead tax levied against said property. In many <br />' cases a new investor will put a very small amount of money :down <br /> so that in .the event the-property is not cared for or kept up by <br /> him because of his lack of interest in the property the property ,'. <br /> becomes deteriated and becomes an eyesore for the rest of the com- '~ <br /> munity. <br /> 3. The 'only time that a duplex or a double bungalow becomes <br /> actually feasible is when the purchaser actually occupies the <br /> property. and rents the other unit out. Normally in a situation. <br /> <br />