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MINUTES <br />CITY COUNCIL <br />JUNE 12, 1990 <br />Brachman pointed out that his project would not be low- <br />income housing. Brachman pointed out that senior <br />citizen market-rate housing has not been offered in the <br />past in Little Canada. <br />Brachman reported that if the project is a joint <br />venture with a non-profit organization, the project has <br />a better chance of securing low income tax credits as a <br />subsidy for the project. <br />Scalze asked if use of these credits would require rent <br />subsidies or effect the taxable status of the project. <br />Brachman reported that the low-income tax credits would <br />require that rents be established at a certain level. <br />Brachman reported that median income in the Metro area <br />would be used as a basis for establishing rents, and <br />the rents recommended in the study would meet the <br />necessary guidelines. Brachman also replied that the <br />taxable status of the project would not be effected, <br />and the project would be fully taxable. <br />Blesener stated that he would not support 96 to 100 <br />units. <br />Fahey pointed out the need to rezone the property in <br />order for the project to go forward. It takes four <br />affirmative votes of the Council to rezone, therefore, <br />Fahey asked the Council Members' position on the <br />rezoning issue. Fahey stated that he was willing to <br />consider the proposal pointing out that the development <br />would be a benefit to the City's businesses in that <br />area. <br />Blesener reported that based on the information <br />contained in the market analysis as outlined on page 53 <br />of that report, he felt that 52 units would be a proper <br />number. <br />Brachman commented on the information referred to by <br />Blesener pointing out that seniors prefer residing in a <br />three-story, elevator building with community space. <br />Brachman pointed out that Golden Pond, which is a <br />similar project to the one he is proposing, has no <br />vacancies. <br />Blesener agreed that the three-story apartment-type <br />project was preferable. <br />Fahey stated that he would like to see closer to 96 <br />units. Fahey liked the mix of 70% one-bedroom units <br />Page 7 <br />