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Minutes <br />Planning Commission <br />April 8, 1987 <br />OLD BUSINESS - Public Hearings <br />PUD-87-2, Harbor View Investment, Inc. <br />Application of Harbor View Investment, Inc. to rezone from ~~A~~ <br />(Agricultural) District to PUD (Planned Unit Development) - <br />Commercial and offices District and development plan approval for <br />a seven-story 150 room hotel, restaurant, and related facilities, <br />to be located on an approximately 3.6 acre site, located at 11920 <br />Old Dublin Canyon Road. <br />This item was continued to 4/22/87. <br />PUD-87-4, Ferreri/Matteson <br />Application of John Ferreri and Duncan Matteson for development <br />plan approval for a 264-unit residential condominium complex to <br />be located on an approximately 23 acre site located on the north <br />side of Old Dublin Canyon Road approximately 4,800 feet west of <br />the intersection of Foothill Road and Old Dublin Canyon Road. <br />Zoninq for the property is PUD (Planned Unit Development) - High <br />Density Residential District. <br />Mr. Swift presented the staff report recommending approval of <br />Case PUD-87-4. <br />Chairman Lindsey asked Mr. Leach to estimate when the Stoneridge <br />interchange would be under construction. Mr. Leach said it is <br />hard to determine at this point in time because final approval <br />has not been granted from the Government. The NPID3 needs to be <br />formed to pay for the interchanges. <br />Commissioner Hoyt asked if the Regis development was tied to the <br />construction of the interchange. Mr. Swift stated that City <br />Council dropped the conditions, but in doing so said this would <br />not be their normal course of action. <br />Chairman Lindsey asked Mr. Leach when he thought approval might <br />be forthcoming. Mr. Leach said the City hoped to get approval <br />within the next six months. <br />The public hearing was opened. <br />John Ferreri, Canyon Investments, stated his partner <br />Duncan Matteson is not present, but his son is here to represent <br />him. Mr. Ferreri then reviewed the amenities of the project. <br />Mr. Ferreri presented a financial scenario of the first-time <br />purchaser of one of the one-bedroom units, at the current <br />interest rate, would probably be around -$90,000. The mortgage <br />including taxes and insurance, with minimum down payment would be <br />about $703 per month. Mr. Ferreri stated it is very important to <br />stress this scenario is based on current interest rates. It was <br />stressed that it is important to get project approval now so they <br />can construct the units under the current interest rates. <br />Mr. Ferreri addressed Condition No. 5 dealing with noise <br />mitigation. He asked the balconies be exempt and that Page 8, <br />- 4 - <br />