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Housing and Redevelopment Authority Minutes April 26, 1994 Page 3 Chair Ranallo asked the City Attorney how to proceed. City Attorney Soth stated the best way to do this would be to continue meeting with the real estate people and housing people can explore some of those options. He prefers the townhouse option. Commissioner Enrooth noted the profit and risk at $13,524 per unit is more than double the amount the City is used to seeing on a project. Bob Thistle stated that Springsted tends to see a range of what is taken out as profit. They break those all down from the developer's perspective and arrive at a preliminary impact. When Chair Ranallo inquired about extending the Kenzie TIF District, Mr. Thistle responded that that was Mr. Gilligan's forte, but the potential would be there. Up to 25% could be taken out of that District and applied somewhere else. Mr. Thistle indicated he is not sure what is available. The City Attorney stated that generally when a law is enacted, the starting date is August 1st. Judy Makowske indicated she is concerned whether the City would be willing to look at whether or not they would rezone before the actual project is done. Project developers aren't going to be interested in it unless they know what they can do with the property. The property is zoned R2, two family residential, and a zoning of R4, multifamily would be needed. Mako would like to be able to move on that fairly quickly so the property would be available for this type of usage. City Attorney Soth stated one question for the Planning Commission or for the staff would be if rezoning that property would be consistent with the comprehensive plan. He suggested that on an informal basis, the Planning Commission could have a concept review and see if rezoning that property makes sense. Chair Ranallo suggested that if the Council approves the concept review, then the plan would be presented to the Planning Commission. He asked Mrs. Makowske to present the Council with a concept review to rezone the property to R4 so that the developer could be told that Mako has a tentative approval, pending justification and a public hearing. Chair Ranallo asked Mr. Thistle to work with Mr. Soth and Mr. Gilligan and to develop a plan for the Planning Commission's next meeting_. The City Attorney suggested the Council ought to request some offset funds for costs. Chair Ranallo stated they would ask the developer to put $2,000 up front in an escrow account and the City would keep track of it and when the $2,000 is spent, the City would contact the developer.