03-28-1990 Council Agenda - Laserfiche WebLink

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MINUTES PLANNING COMMISSION March 8, 1990 apartments. However, in order to develop a high - quality project with affordable rents, he is seeking Tax Increment Financing assistance from the City to offset the reduced rents. Without TIF, the project cannot go forward. DeLonais asked if there was a demand for this type of housing. Brachman replied that he believed there was. Brachman reported that the market may be overbuilt in congregate housing and government- assisted housing, however, the in- between segment has not been addressed. Brachman reported that if the City is willing to provide TIF assistance, his firm will have a market feasibility study done to determine the need for this type of housing as well as the number of units needed and the appropriate mix between 1- bedroom and 2- bedroom units. DeLonais was concerned about what would happen with the building if it could not be rented. DeLonais asked if there was a way to restrict the building to seniors. Brachman replied that he has discussed this with the Council, and it has been suggested that a covenant run with the property restricting tenants to a certain age for a certain number of years. DeLonais stated that he felt the project was a good one, but was concerned about being able to fill the building. Costa asked the price range of rents that would be charged. Brachman replied that the mid -$400 range would be the least expensive rents, with rents of nearly $700 per month for two - bedroom units. Brachman reported that his firm would develop and manage the units, and would like to provide some services and activities for the seniors. Brachman also pointed out that the site being considered meets all the parameters for a senior housing site since there is transportation and shopping nearby. DeLonais pointed out that the developers of the Rustic Place complex indicated that there was no market for senior housing. The City Planner reported that the Rustic Place Page 14