Laserfiche WebLink
MINUTES <br />PLANNING COMMISSION <br />March 8, 1990 <br />developers did a survey soliciting seniors for their <br />development, and indicated that there was not enough <br />response to warrent setting aside units for seniors. <br />Brachman reported that he will have to be convinced <br />that there is a market before he will proceed with the <br />development. Brachman stated that there is a glut of <br />market -rate senior apartments, however, the affordable <br />rent market has not been serviced. <br />Costa asked why TIF is needed. <br />Brachman replied that the average rent for units such <br />as he is proposing would be in the $800 per month <br />range, and it is his proposal to write -down the cost of <br />the rents to the $450 per month range in order to make <br />the units affordable for the elderly. Brachman <br />reported that he has discussed with the Council trying <br />to give first priority to Little Canada residents, and <br />marketing efforts would be targeted at Little Canada <br />seniors. <br />Costa asked how the developer expected to rent these <br />units out at $450 to $800 per month, noting that <br />Section 8 rents are substantially lower. <br />Brachman pointed out that there is a segment of the <br />senior citizen market that makes too much money to <br />qualify for Section 8 housing, while not making enough <br />to afford market -rate housing. Brachman again pointed <br />out that a market study will be done to determine if <br />the market will support the proposal. <br />The Planner reported that this evening the Planning <br />Commission is being asked whether or not it feels the <br />proposal is an appropriate land use for the area. If <br />the matter proceeds beyond that point, more intensive <br />land use plans will be presented and the property will <br />need to be rezoned. <br />Bendel asked if the proposal met the "But For" test to <br />qualify for TIF. <br />Brachman replied that the debt could not be serviced <br />without TIF assistance if the reduced rents are <br />provided. Brachman reported that his firm makes no <br />profit from developing the project, his profit is made <br />in the management of the complex. <br />Costa suggested that the developer look into Section 8 <br />Page 15 <br />