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Agenda Section: 9 . 2 <br /> nri <br /> owns REQUEST FOR COUNCIL CONSIDERATION Report Number: 91-71C <br /> STAFF REPORT Report Date: 9-19-91 <br /> 0W Council Action: <br /> ❑ Special Order of Business <br /> September 19, 1991 ❑ Public Hearings <br /> CITY COUNCIL MEETING DATE ❑ Consent Agenda <br /> XX Council Business <br /> Item Description: Development Agreement for 2310 County Road I <br /> Administrator's Review/Recommendation: ,p, <br /> - No comments to supplement this report 131 <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> ,SUMMARY; <br /> Pat Siwek, representing the owner of the apartment building at 2310 <br /> County Road I (the building involved in the recent fire) , has <br /> requested to discuss with Council the requirements of the Development <br /> Agreement regarding the reconstruction of the building. I have <br /> discussed the issues with the Mayor and have received a Letter of <br /> Agreement from Pat Siwek regarding the issuance of building permits. <br /> Pat's concern is primarily the requirement of a Performance Bond and <br /> the valuation of the work for the conversion of a handicap accessible <br /> unit. The bond is an out-of-pocket cost that the owner will not be <br /> able to recover: A deposit would provide similar security, and the <br /> owner would then not have an out-of-pocket cost when the work was <br /> completed and the security returned. <br /> The valuation of the conversion work was set at $25,000 during the <br /> Council's previous discussion of this matter. After additional review <br /> of the building and the plans for conversion, the building inspector <br /> and I agree that the valuation of the conversion work should be <br /> adjusted. The owner contends that the work will cost approximately <br /> $4,000. I believe that the value will be $5,000 to $7,500. 1 would <br /> agree that a revised value of deposit is justifiable. The ultimate <br /> security is the issuance of Certificates of Occupancy. Once the <br /> conversion work begins, there will be no Certificate of Occupancy <br /> issueduntilthe -un-it--meets all applicablestandards.sta-ndard-s.- This- removes the <br /> rental value of that unit from the cash flow of the owner. This in <br /> addition to the security provided should be adequate to insure <br /> completion of the conversion. <br /> Pat Siwek has indicated that she will be at the Council meeting to <br /> discuss the issue and answer any questions the Council may have. <br /> c <br /> Ric ' netor <br /> City Engineer/Director of Public Works <br /> RtECOMMENDATION: <br />