02-28-90 Council Minutes - Laserfiche WebLink

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MINUTES City Council February 28, 1990 Fahey asked if it were possible to reduce the number of units proposed. Brachman pointed out that there will be fixed costs with whatever is proposed, and there is a delicate balance between these costs and the rents that need to be charged. Fahey felt the proposal was a good one for the particular property believing that the potential for development of the site as retail was limited. Scalze suggested that the Planning Commission review the proposed land use, pointing out that the Commission also has a great many questions on Tax Increment Financinq. Fahey pointed out that the property is zoned commercial and it will take four affirmative votes of the Council to rezone the site. Blesener stated that he felt 108 units was too many. Scalze suggested the developer look into the potential of community development block grant funds. Brachman replied that he has approached the County and they have indicated that there will be no CDBG funds available until the summer of 1991. The Administrator stated that he believed there was a CDBG funding cycle coming up earlier than that and indicated that he will verify the dates. The Administrator pointed out the Council's concern for establishing a satisfactory length of time the building could be set aside as age-restricted housing, and indicated that City staff as well as the developer should address this issue. The City staff can also do some preliminary TIF analysis for the project, and the matter will be submitted to the Planning Commission for review. The Administrator sugqested that after these details are worked out, the next phase would be to put together a development agreement, and the developer would have a market study done. Assuming that the necessary approvals are granted, the project would then proceed to construction. Fahey asked for the Planner's opinion on the project. Page 18