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1 <br />1 <br />1 <br />COUNCIL MEETING MAY 22, 1995 <br />All grading, utility and drainage plans are subject to review and <br />approval by the City Engineer and a development contract is also <br />required as part of the site approval. <br />The Planning and Zoning Board reviewed the site plan and <br />recommended approval with one change. This change involves <br />recommendation No. 5, "no parallel parking allowed on the private <br />streets on the site ". The Planning and Zoning Board recommended <br />"no parallel parking is allowed on the private streets on the <br />site plan that are narrower than 28 feet ". Parking will be <br />limited to one side of the 28 foot street. All other conditions <br />outlined in the May 4, 1995 Bob Kirmis /Alan Brixius report were <br />recommended by the Planning and Zoning Board. <br />Council Member Kuether asked why one Planning and Zoning Board <br />Member voted against this proposal. Mr. Brixius explained that <br />this member expressed concern regarding the private street <br />arrangement and giving the PDO flexibility that was being <br />allowed. <br />Mr. Roger Derrick, Cottage Homesteads of America, Inc. referred <br />to the Planning and Zoning Board question regarding the 15 year <br />versus the 30 year program. He explained that the Federal <br />Government sets the federal tax credit program at 15 years. This <br />means that the federal tax credit purchaser will be part of this <br />program for 15 years. Mr. Derrick noted that Cottage Homesteads <br />has agreed to extend the senior covenant for 30 years which means <br />that this will be a senior housing project for 30 years. <br />Mr. Derrick explained that a question had been raised as to <br />whether or not the rental units could be sold as condominiums <br />sometime in the future. He explained that there were no plans to <br />do this. Since this is a senior project receiving tax credits, <br />the developer cannot sell the units. Mr. Derrick said that there <br />are no plans to sell the units after the first 15 years. It will <br />continue to be a senior rental community. The Planning and <br />Zoning Board considered placing a provision in the development <br />agreement stating that the units could not be sold in years 15 <br />thorough 30. Mr. Derrick objected to this provision because at <br />the end of 15 years the project will be sold. He said he did not <br />want to mislead anyone and stated again that the project will be <br />sold at the end of 15 years. The covenant will remain in place, <br />guaranteeing that the new owner will continue the project as <br />senior housing. The units may be rented or purchased at that <br />time. <br />Mr. Derrick noted that it is his understanding that curbing will <br />be required. He explained that this is not in the budget for <br />this project and requested that curbing be limited to the through <br />PAGE 13 <br />4, <br />