08/24/1992 Council Minutes (2) - Laserfiche WebLink

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206 COUNCIL MEETING AUGUST 24, 1992 A market study will be conducted to determine what the monthly rent will be for the cottages. Since this will be a federally funded project, there will be a maximum rent figure. Mr. Derek explained how it is planned to develop the subdivision so that it meets federal guidelines and will be eligible for housing tax credits. The project will be syndicated to investors. Ninety nine percent of the property will be owned by a limited partnership and there will be a mortgage for about two thirds of the improvements. It is expected that the rents will be lower because the debt is lower and because of the TIF status. Mr. Derek told the Council that construction is expected to begin in the spring and take about six (6) months. Mayor Reinert explained that since this is the first project of this type in this City, extra precautions are being taken and extra time will be needed to complete the project. Mr. Derek explained that federal law will require that the entire project be rent controlled for seniors for the next 15 years. He also explained that since this area will be a PDO, an agreement will be drafted containing covenants running for 30 years guaranteeing at least 30 years of senior housing at this site. However, the senior housing may not be subsidized after it has been in existence for 15 years. The entire project is designed for non - families. Mr. Brixius said that concerns expressed by the City Council this evening will be given to the Planning and Zoning Board at their September meeting. Council Member Neal moved to approve Ordinance No. 17 - 92 for a rezone for Cottage Homesteads from Single Family Residential (R -1) to High Density Residential (R -4), Planned Development Overlay with the conditions outlined on the August 19, 1992 "green sheet" and site plan review noting that park dedication will be handled at another Council meeting. Council Member Kuether seconded the motion. Motion carried unanimously. Rezone, Ordinance No. 18 - 92 and Preliminary Plat Request, Apollo Meadows - This proposed preliminary plat is located east of Sunset Drive and north of I35W and includes 42 single family lots and a five (5) acre parcel proposed for high density residential development. The site is currently zoned Single Family Residential (R -1) To accommodate the proposed development, it is necessary to rezone the portion of the property to be developed as high density residential use. The developer has proposed to rezone the five (5) acre lot (Lot 43) to High Density Residential (R -4). -The Planning PAGE 7 1