10/17/1979 Meeting - Laserfiche WebLink

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Public hearing was opened. Mr. Delay asked for views from the developer on the process of working . with the subcommittee. Mr. Fogelson commented that HCC has been most helpful and the meetings were very constructive. He felt it wa s a workable process generally. Mr. Lieuallen wondered if there would be an on-site staff person to coordinate community room activities. Mr. Fogelson said there would be an on-site manager. Mr. Lieuallen hoped that, over the years, there would be enough money available to maintain the structure. Mr. Fogelson said that they are interested in keeping it a good building. Due to State loan requirements, it was designed and budgeted to be better than average for this type of building. Also, the State requires that money be set aside for maintenance. He added that rentals are $329 per month for a one-bedroom apartment, and Ms. Johnson clarified that that is the fair market rent. Tenants wi 11 have to pay only 25 percent of their income, the rest is subsidized by the Federal government. Mr. Fogelson also said that there would be no increase for at least one year. Public hearing was closed. CB 2014--An ordinance concerning the Jeremiah and Susan S. Fogelson application for multiple-unit property tax exemption, and approving application MEP 79-1 was read by number and title only, there being no Councilor present requesting it be read in full. Mr. Delay moved, seconded by Ms. Smith, that the bill, as e amended to show the tax lot numbers as 12000, 12100, 12200, and 12300, be read the second time by council bill number only, with unanimous consent of the Council, and that enactment be considered at this time. Mot ion carried unanimously and the bill was read the second time by council bill number only. Mr. Delay moved, seconded by Ms. Smith, that the bill be approved and given final passage. Ro 11 ca 11 vote. All Councilors present voting aye, the bill was declared passed and numbered 18525. Mr. Delay commented that, in the past, Council has struggled with the question of whether, for the public subsidy provided, the city was getting enough public benefit. He personally has no better feel for whether the right balance has been struck, but feels good that the process has worked and comfortable supporting this project. Ms. Schue said she has shared Mr. Delay's concerns and feels that they have finally gotten the problem on the way to resolution. Mr. Obie wondered if an analysis was ever done on developer profit projections as compared to the public benefit. Ms. Johnson responded that they looked at public benefits such as design and facilities elements; they did not do a cost analysis to determine how the tax abatement directly correlated with these elements. Mr. Obie felt it is necessary to look . 10/17/79--8 513