PL PACKET 09152020 - Laserfiche WebLink

Home Browse Search

Planning Commission Regular Meeting Minutes August 18, 2020 Page 6 was not aware of any objections from the engineer to the concept of it. He thought it became 1 more of a technical aspect. 2 3 Commissioner Rude asked if there were any housing projects done elsewhere that is similar to 4 this one. Mr. Holst noted he has been in the multi-family business for twenty plus years. 5 Most of his work has been with Westcoast developer and he has teamed up with Interstate 6 over the last year, looking at both existing investment opportunities as well as development. 7 Most of their development opportunities they are looking at are a lot of buying project like 8 Equinox and then renovating those and increasing the rents. What he has found in his years of 9 doing that is they are taking a lot of horrible housing stock away from individuals and their 10 preference and collective goal is to try to find a solution to the challenges they have on the 11 horrible housing side. That is where they started putting together this modular type of 12 housing concept plan. This will be their first prototype project done here. 13 14 Commissioner Socha thanked Mr. Holst for making affordable housing. She indicated she did 15 have some concerns regarding the parking. It is being described as tight and preferable there 16 would be more. It seems like the Unofficial is being counted on to have overflow parking, as 17 necessary. She asked if there will be a curb between the Unofficial lot and the new 18 development or will it be free flowing and has it been considered to do an easement 19 agreement with that property for overflow parking in case the partnership dissolves. Mr. 20 Holst explained parking is probably one of the most important things a real estate owner needs 21 to be mindful of and certainly they would not be building a project if they felt there would 22 possibly be problems there. Units cannot be leased if there is not any parking available. He 23 believed one parking space per bedroom is the right amount. Their plan is to manage the 24 parking between the two properties and if there is demand that cannot be satisfied then they 25 will figure out an appropriate agreement with the Unofficial lot. They will make sure an 26 appropriate agreement is in place. 27 28 Commissioner Payne stated one of the concerns he raised at the last meeting is that this is 29 seeking a lot of flexibility on several different issues and also it looks like this development 30 will be looking for Tax Increment Financing. He wondered what Interstate’s track record was 31 on maintaining affordability. Mr. Holst indicated this is a market rate project and their goal is 32 to find the sweet spot where they think there is demand. What they are designing is going to 33 be limiting it in what rent they can actually charge the residents who will be willing to pay it. 34 35 Chair Westrick indicated typically twenty-five to fifty percent increase to impervious surface 36 is a precedent that they do not want to set in the City. She asked when the City’s impervious 37 at fifty percent for the R4 District come into place. Mr. Grittman indicated he did not know 38 when it was adopted. 39 40 Commissioner Rude stated his preference would be, as a condition to approve this, would be 41 to require the easement to up the parking amount. If affordability were to be discussed he 42 would be open to discussing much greater differences in variances and making this 43 development higher density with more affordability. 44 45