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MINiITES <br />CITY COUNCIL <br />FEBRUARY 15, 1995 <br />senior housing for the term of the mortgage. Fahey was <br />concerned that once the mortgage ran out, the cottages <br />would end up as low-income housing or would be owned by <br />absentee landlords. <br />The Planner replied that the City could require the <br />cottages to be senior housing, but again questioned <br />what would happen when the tax subsidy runs out and <br />rent structure increases. <br />Fahey suggested that the Council needed some marketing <br />information on the cottage concept that would include <br />the market today, but also the projected market 15 <br />years down the road. Fahey also wanted marketing <br />information on the hotel concept. <br />The Planner felt that his firm and Fifield's firm <br />worked on these types of projects pretty routinely. <br />The issue is what does the site plan look like. The <br />Planner pointed out that they could comment on the site <br />plan, but it is constantly changing. <br />Scalze felt the Council needed information on design <br />options, what will work, what is considered dead space. <br />LaValle felt that financial information was necessary. <br />The Planner agreed that the City needs to know what <br />sort of City subsidy will be asked for. <br />Morelan also agreed that financial information was <br />needed. <br />Collyard felt that the financial information could be <br />firm within the next couple of weeks. <br />Morelan pointed out that regardless of the types of <br />tenants the project will have, the valuation of the <br />project will be about the same. Morelan suggested that <br />construction costs and completed valuations be put <br />together so that the City can get a handle on the <br />dollars to see if TIF financing works. <br />Fahey agreed that someone representing the City needs <br />to review the financial information. <br />Collyard indicated that he has someone who is part of <br />his team who could do this. <br />10 <br />