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MINUTES <br />CITY COUNCIL <br />March 14, 1990 <br />Collova asked if there was a way to guarantee that <br />Little Canada's seniors have the first chance at <br />renting the subsidized units. <br />Brachman replied that his marketing efforts could be <br />geared to Little Canada seniors. <br />A member of the audience reported that she has <br />attempted to have her name put on the waiting list at <br />Garden Terrace apartments, and was informed that since <br />the list was so long, additional names were not being <br />taken. The Council was also informed that many of the <br />residents at Garden Terrace are not from Little Canada. <br />Fahey asked why a 60 unit building is not feasible. <br />Brachman replied that there are fixed costs in the <br />project such as land costs, closing costs, etc. The <br />larger number of units are necessary for the project to <br />cash flow. Brachman suggested that he commission the <br />market study for the project, since this will address <br />many of the Council's concerns. However, Brachman <br />pointed out that without TIF assistance, the project is <br />not feasible. <br />Scalze pointed out that a public hearing is necessary <br />to rezone the property, and that the Market Place has <br />indicated concern with such a rezoning. <br />Brachman replied that he is willing to take that risk, <br />pointing out that it is obvious that the site is not a <br />good commercial site. Brachman also pointed out that <br />the Planninq Commission did not have a problem with the <br />rezoning. Brachman felt the site to be ideal for <br />elderly housing. <br />Brachman also clarified for the Council that he is <br />requesting TIF assistance so that 40% of the units <br />could have subsidized rents. The remaining units would <br />be rented out to seniors at market-rate rents. <br />The Council again discussed the age at which occupancy <br />of the building should be restricted, with Brachman <br />pointing out that the market study will address this <br />issue. Council felt that if TIF assistance is given, <br />Little Canada residents should be given first priority <br />in renting the units since it is Little Canada's tax <br />increment that will be used to subsidize the units. <br />Page 14 <br />