HRA MINUTES 11091982 - Laserfiche WebLink

Home Browse Search

-2 - The format for the Redevelopers Agreement is being reviewed by the Attorney and would be presented with his recommendations for H.R.A. approval at a later date. Mr. Krier distributed copies of the letter he proposes to send to developers the next day to let them know just what would be expected in the way of submittals from them. With their proposals, the planning consultant said, the developers would be required to make a $5,000 deposit which would be refundable, interest free, to the developers who are not selected for the project. Mr. Krier indicated he had also stipulated the financial tools the City would be willing to utilize, such as special assessment, housing revenue bonds, industrial revenue bonds and parking revenue bonds, which he believes may be an added incentive for a developer to'undertake the project which would be risk free for the City. With the failure of the senior housing project north of I:enzie Terrace to get 202 funding, it would now be possible for the project to be developed'in two phases with that area being developed first to include approximately 100 dwelling units which could be marketed primarily to seniors and empty nesters. However, Mr. Krier recom- mended no age limits be set and the rental option left open so no developer would be precluded from making a proposal. Mrs. Makowske asked whether developing this area first might not increase the value of the Saliterman property which would become the • second phase to be developed in 1985. Mr. Krier confirmed that would be the case, but said he believes the City would benefit from waiting to buy that property rather than paying out the money now and letting the land sit idle. Investing the the northern parcel first would result in a better cash flow for the property, according to the con- sultant, who then discussed the cash flow projections and the schedule he proposes for the project. When Commissioner Ranallo asked Mr. Krier how he perceived the chances for the project to succeed, he was told that of all the redevelopment projects Westwood is handling, this one is the most viable, because there had been much more interest shown in this project than the consultant had originally expected. He told Mrs. Makowske he believes it would be more advantageous to the City to have one developer handle both phases of the project. It was the general consensus that the natural market for this type of housing would most certainly be mostly the empty nesters who would most likely have the $70,000 purchase price and Mr. Krier speculated that market would be viable for the rest of his lifetime. The next report to the H.R.A. would be made within the next few weeks when it is anticipated a few firm proposals may be submitted. Motion by Commissioner Ranallo and seconded by Commissioner Enrooth • to adjourn the Housing and Redevelopment Authority at 9:95 P.M. fiction carried unanimously. Respectfully submitted, Helen Crowe, Secretary