03-14-90 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL March 14, 1990 Brachman did not believe the property was a good commercial site. Blesener stated that his concerns have not changed, and he feels the 110 units proposed were too many. Blesener was also uncomfortable with the length of time requested for TIF assistance, especially if the City cannot control who is receiving the subsidy. Blesener felt that if Little Canada provides TIF assistance, it is Little Canada residents who should receive the subsidy. Blesener was also concerned that there are people age 55 still working receiving a good wage, and he believes only those needing a subsidy should receive one. Fahey suggested a higher age restriction. Brachman replied that this would cut into his market, however, indicated that the market study will come back with a suggested age group. Brachman reported that he needs a 10% rate of return on the project to make it feasible. Blesener again expressed concern for the number of units proposed and the cost of providing 20 years of TIF assistance. Blesener again stated that there must be a guarantee that the people receiving the rent subsidy actually need it. Scalze agreed, pointing out that it is the citizens of Little Canada who will be providing the subsidy, Fahey expressed concern with the 110 units proposed and pointed out that if TIF assistance is offered to aid in the development of a senior citizen complex, other developers besides Mr. Brachman would probably be interested. Brachman felt that 100 units would be the maximum proposed, but would not know the exact number until the market study is completed. Brachman reported that he is trying to provide a product that he feels is needed in the community, with Brachman pointing out that many seniors' income is too high to qualify for Section 8 housing. Brachman reported that without TIF assistance, the subsidized housing proposal would not work. Page 13