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Planning Oo"!"issinn <br />Aril In, 1S'^(3 <br />Rutzic'< <br />Development <br />Tax <br />Increment <br />r'i nanci ng <br />Mfr. 'dally Johnson of Ruttier Company and. "r. Jim Rutzick appeared <br />before the Commission requesting approval of the preliminary plat <br />for Sherman Oaks Addition. <br />^"r. Johnson reported that he has mot with the neighbors an Iona Lane <br />and has presented the preliminary plat. Johnson reported that they <br />are maintaining a 135 foot setback from the Iona Lane properties. <br />Sherman flak's Addition contains 156 units with 7R units per building. <br />The two buildings will be identical. Johnson described the location <br />of the buildings on the property. There is ono commercial building <br />planned at this time. <br />The two apartment buildings each contain a community room. There <br />is brick and cedar planned for the exterior of the apartment buildings <br />and the roofs will be pitched. The 'buildings will be three -story <br />with one level of underground parking. Rents for the units are <br />planned at between S4CO and `550 per month. <br />Mr. feLonais asked the status of senior housing <br />Johnson replied that his firm is working with the City Council to <br />develop a survey that will he sent to every resident in Little <br />Canada to determine need. If need is shown, either a wing or a <br />floor of one of the buildings can he designated for seniors. <br />Mr. Davison asked when the start of construction was anticipated. <br />Johnson replied that they are hoping to begin June 1 with the <br />apartments to bo started first. <br />Jim Rutzic`: reported that it was difficult to begin planning the <br />commercial building, until the configuration of the apartment <br />buildings was known. <br />Mr. DeLonais recommended approval of the Sherman Oaks proliminary <br />plat subject to the recommendations contained in the Planner's <br />report dated April 7, 1926. <br />Potion seconded 5y ".r. Costa. <br />Motion carried 5 - 0. <br />The planner reported that the Council has made a policy decision to <br />estailish tax increment development districts in the City. The <br />Council would like the Planning Commission to comment on the <br />location and boundaries of these districts. The Planner reported <br />that once the district boundaries are set, the Council will have <br />to no through a formal public hearing process with the proposal. <br />The Planner reported that tax increment financing will help a property <br />owner develop his property. <br />Page - <br />