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14 �. <br />SPECIAL COUNCIL MEETING MARCH 30, 1994 <br />Mr. Saxton explained that the current proposal is only asking <br />that the City treat the senior housing proposal like the 27 unit <br />single family proposal. There will be no loss of ad valorem <br />taxes. He said that the City is telling the community that the <br />City will waive some permit fees to keep the rents low. <br />Council Member Kuether asked how the City Charter would affect <br />this proposal. Mr. Schumacher explained that the Charter did not <br />affect the proposal. <br />Council Member Kuether asked if the property was zoned for senior <br />housing. Mr. Schumacher said it is properly zone and will remain <br />properly zoned because there will be restrictions recorded on the <br />deeds. This guarantees that rents will be controlled for 15 <br />years. <br />Council Member Neal said that he had received five (5) telephone <br />calls on this matter today. Only one caller said that she did <br />not want the project and she lives across the street from <br />property. <br />Council Member Elliott said she felt that the City Council has <br />made a lengthy commitment to senior housing and she felt the <br />rents are reasonable because all utilities are included. <br />Mayor Reinert noted that sometimes the City Council does not feel <br />strongly about subsiding projects but the City must look at <br />alternative housing for seniors. <br />Mr. Schumacher explained that the proposal affects only the <br />increase in taxes on the property and without 90% of the increase <br />in property taxes subsiding the project, it would not be built. <br />Mr. Derrick explained that Cottages Homes is committed to <br />subsidizing 20 specific units and that these units will be <br />offered to Lino Lakes residents first. However, the seniors will <br />have to qualify for the units. <br />Mayor Reinert noted that senior housing will affect other <br />neighborhoods because seniors tend to live in older housing that <br />could use updating. These housing units are often sold to first <br />time home buyers because they are affordable. The new owners <br />tend to upgrade the homes. In this matter the community benefits <br />in two (2) ways, the senior is in a carefree unit and the older <br />is updated by the new buyer. <br />Mr. Saxton said that he wanted to further clarify the TIF <br />proposal. The senior project is requesting TIF assistance of <br />90%. That means that 10% of the TIF is returned to the City. In <br />PAGE 5 <br />1 <br />1 <br />1 <br />