PC 02/13/1991 - Laserfiche WebLink

,- first mortgage. He is at the point where he is going out with his financing package and he cannot explain to a third party lender exactly what he is doing with the moderate income units. He could not figure out how to price the units to various sized families with different incomes. He asked that he be assisted in figuring this out. Mr. Swift said what Mr. Callahan will need to do is work out a five-formula matrix. He continued that this is difficult to relate verbally to Mr. Callahan and to the Commission, but it is possible to sit down and figure it out. He said the City Attorney has adopted some rules on how this can be worded. Mr. swift noted that Mr. Callahan is in the position of having to educate the financing institutions and it is difficult, but workable. Mr. Callahan agreed with Mr. Swift and said that his lenders are looking for a document from the City that explains the whole process. Chairman Mahern stated she did not figure this out for the applicant. assist Mr. Callahan in working out Swift reiterated the City does not present time, but he is willing to feel the Commission is able to She requested that staff the needed formula. Mr. have anything in place at the help Mr. Callahan. ~ commissioner Hovingh suggested that a banker be requested to help with the letters or documents that Mr. Callahan needs to complete his financing package. Mr. swift agreed this could be helpful. The Commissioner directed Mr. Swift to assist Mr. Callahan with the financing package. Commissioner Hovingh wanted it to specifically relate to this project. commissioner Hovingh discussed any possible RV's and boat storage on the project site. Mr. Callahan said this would be prohibited and would be so noted in the CC&R's. Chairman Mahern asked if all suggested changes by staff and the Commission have been implemented. Mr. Callahan said they have been incorporated into the plan. Gary Schwaegerle, 189 W. Angela, asked if the price variation relates to land or construction cost. Mr. Swift said it does not depend on this factor, but on the income of the purchaser. The sale price is subsidized. Mr. Schwaegerle continued to visit with Mr. Callahan about possible financing. Bob Rice, 590 Abbie Street, asked if there are any restrictions about people buying the "affordable" units and renting them out. Mr. Swift said there are restrictions that would not allow this. ~ MINUTES PLANNING COMMISSION FEBRUARY 13, 1991 PAGE 14 n .