PL MINUTES 10061986 - Laserfiche WebLink

Home Browse Search

The redeveloper said apartments which required too much equity to build in the • 70's or early 80's are now possible because interest rates have decreased from 11% and 12% to 8% for tax exempt bonds, which he perceived would justify charging rents for St. Anthony ("a sleeper community the public doesn't yet know much about") of $100 less than the rest of the metropolitan communities. His projections included a rise of about 57- r1i n ar.ents O'erv'year. Effect of New Tax Laws on Proj ect Mr. Arkell said the new tax laws would make the job of marketing the project for syndication a lot more difficult because each building would have to have at least a 10% cash flow to make it work. However, on the plus side, the Kenzington project had one of the largest 1985 tax exempt bond issues ($20,000,000) which makes it one of the most sought after commodities in the country today. The redeveloper said his office receives three or four calls a month from the largest bonding houses in the country who say they have buyers for those bonds. City Manager ' s Comments About P . U . D . Amendments Which Might - Be Required Parking: Ordinance requirement for one enclosed and one unenclosed parking space doesn't take into account this type of project. No setback variances appear to be neg0 r.edi. Height: City approved 8 stories for previous proposal , this would be 4 stories. • Density: 300 units previously approved, now 288. Design: It seems that the proposed pitch roof as on the 202 project is in keeping with residential character of the City. Perimeter The City required such landscaping in the very first project design Landscaping: criteria 4 years ago. Commission Public Hearing on Project Scheduled -For November 3rd Jones. - didn't like concentrating all of the outdoor parking spaces in front of the building. Suggested interspersing grassy areas might alleviate concentration of negative space which eventually would make the project look like a "junky parking lot" . - was comfortable with design but knew from his own experience in running 80 rental units that prospective renters look for amenities like skylights, natural wood, hardwood floors, fireplaces, and underground parking for the rents the redevelopers are suggesting. - was not too excited about the possibility of having aluminum siding. - perceived tenants would be willing to pay a lot more than $30 for enclosed parking. • Hansen - offered no objections but emphasized the need for traffic flow control .