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The public hearing was opened. <br />Duncan Matteson, the applicant, made a presentation reviewing the <br />proposed changes. Mr. Matteson felt the proposed changes improve <br />the planned development. Mr. Matteson pointed out some <br />typographical errors in the staff report relating to the number <br />of one and two bedroom units. The total of bedrooms is still <br />460. <br />Commissioner Tarver discussed the price of the units with regard <br />low and median income levels. Commissioner Tarver asked if <br />Mr. Matteson would have any objections to having a condition <br />added to set aside a certain number of the one and two bedroom <br />units for median income level persons. Mr. Matteson said he <br />would object to this because there is a function of interest <br />rates. Median income level persons could now afford their units, <br />but this could change because of fluctuating interest rates. <br />They have tried to make their units affordable for families. <br />Chairperson Michelotti asked if this proposal is a joint venture <br />or under option by JL Construction. Mr. Matteson said he has a <br />rather large financial investment in the project. <br />Commissioner Hovingh, stated that in April 1987 Mr. Ferreri made <br />an urgent pitch to get project approval to freeze low interest <br />rates and provide housing for the masses. The project has been <br />modified each time with this same urgent plea. Commissioner <br />Hovingh asked Mr. Matteson to explain the interest rates <br />discussed and whether or not they are that of the construction <br />lender or home buyer rates. Mr. Duncan said discussion revolved <br />around interest rates relating to construction. <br />Commissioner Mahern expressed concern with being able to fix <br />prices. This project was originally approved because of the <br />affordable aspect of it. Now because of enhancements, the three <br />bedroom units are getting away from being affordable. She would <br />like to see some assurance that some of the units would be <br />affordable. Mr. Matteson said there has been no change in <br />philosophy just interest rates and marketing studies. <br />Commissioner Mahern asked for an explanation of the $40,000 <br />difference between the one and two bedroom units. Mr. Matteson <br />said that some units are better sited and people have to pay more <br />for these units and that this is not at all uncommon. <br />Commissioner Mahern said she still wants some assurance that some <br />of these units would be set aside as affordable units. <br />Commissioner Berger asked Mr. Matteson what he anticipated the <br />homeowners' association fees to be per month. Mr. Matteson <br />reported that the figures are determined by the Department of <br />Real Estate. Commissioner Berger asked if he anticipated the <br />charges to be $20-30 per month. Mr. Matteson said the cost would <br />be in the neighborhood of $120-125 per month. Commissioner <br />Tarver asked about the upper end cost of the one bedroom units. <br />Mr. Matteson said this will not be determined until the total <br />cost has been determined. <br />-18- <br />