10-25-89 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL October 25, 1989 Blesener reported that parking at the City's senior citizen building is totally inadequate. There is no visitor parking at all, with visitors using the Market Place parking lot. Blesener asked if there was a market study done showing that the area could support a 98 to 102 unit senior citizen building. Barthel replied that although no market study has yet been done, he has discussed the proposal with a market study firm who has indicated that it is his feeling the area can support such a building as long as the rents are affordable. Scalze asked the rents that are being anticipated. Barthel replied that the amount of rent is dependent on the support the project receives from the City. Fahey stated that he is surprised with the indication that the area can support such a building pointing out that when the Rustic Place Apartment Complex was developed, the developers did a market study which indicated that there was no market for market-rate senior citizen housing in this area. Barthel reported that Lee Maxfield has done several such studies for him which have resulted in successful projects. Barthel reported that he has a verbal indication from Maxfield that there is a market. Fahey reviewed the City Planner's report dated October 23rd outlining financing options. Fahey pointed out that the first option, conduit housing revenue bonds with TIF assistance, has no risk to the City. The other two options outlined do provide risk to the City. Blesener felt the best situation would be for the developer to commit his money, and not the City. Fahey reported that the City Planner submitted a report dated October 4, 1989 which included some undated newspaper articles on Miller & Schroeder projects that failed. Marcia Cohodes, Miller & Schroeder, reported that Barthel Construction has contacted Miller & Schroeder Page 20