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COUNCIL COMMUNICATION FORM <br /> Economic & Urban Development Department Memorandum <br /> # O l-22 <br /> Date: March 09, 2001 <br /> TO: Honorable M r Terry M. Howley and City Council Members <br /> FROM: Steve Garm ty Manager � <br /> A.J. Krieger, s istant City Manager <br /> Steve Van Stee uyse, Planning Ma r <br /> SUBJECT: <br /> Residential Development Plan (RDP) for the Roosevelt School Apartments, on petition of Finlay <br /> Properties. <br /> SUMMARY RECOMMENDATION: <br /> On March l, 2001, the Plan Commission voted 7-0 (with one abstention) to recommend approval <br /> of the Residential Development Plan, conditioned upon minor revisions to the plan. City Staff <br /> finds that the proposed RDP conforms to Zoning Ordinance requirements and recommends <br /> approval of this petition. <br /> BACKGROUND: <br /> The applicants propose to purchase the former Roosevelt Middle School site from District 61 and <br /> convert it to 75 apartments (42 units in the former school building and 33 townhome- style units <br /> in 5 new buildings), with a total project cost of appro�mately $9 million. As part of the financing <br />. for this project the developers have applied for Historic T� Credits (for rehabilitation of the <br /> historic school building) and Low Income Housing Taa� Credits (LIH'TC). If the tax credits are <br /> approved, the apartments must be rented to families that meet low- to-moderate income limits; <br /> with rents structured accordingly. The proposed Residential Development Plan meets Zoning <br /> Ordinance requirements for off-street parking and screening from adjacent residences. The <br /> e�sting school building will be restored on the exterior to its original condition, while the new <br /> buildings will be in a style that complements the school and the surrounding neighborhood. <br /> POTENTIAL OBJECTION: <br /> Much of the opposition to this project centered around confusion/misinformation regarding the <br /> use of the low income housing tax credits. This confusion is the principle reason a neighborhood <br /> meeting was held on February 13 in the former Roosevelt Middle School gymnasium. <br /> Representatives from Finlay Properties spoke to several residents about the physical elements of <br /> the project, use of the t� credits, the corresponding limits placed upon rent/income levels, and <br /> the screening/selection process for qualifying residents. It appears that this meeting satisfied any <br /> concerns about this project. When the rezoning was considered by the Council on February 19, <br />