2001-05 REZONING PROPERTY - 701 WEST GRAND AVENUE

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COUNCIL COMMUNICATION FORM Economic & Urban Development Department Memorandum # 01-14 Date: February 14, 2001 TO: Honorable Ma or Terry M. Howley and City Council Members FROM: Steve Ga ity Manager A.J. Kriege sistant City Manager ` Steve Van nhuyse, Planning Man �f� SUBJECT: Rezoning 701 W. Grand Avenue (former Roosevelt Middle School site) from R-3 Single Family Residence and R-5 Two Family Residence to R-6 Multiple Dwelling District on petition of Finlay Properties. SUMMARY RECOMMENDATION: On February 1, 2001, the Plan Commission voted 8 - 1 (with two abstentions) to recommend approval of the rezoning, conditioned upon approval of a Residential Development Plan for the site. City Staff finds that the proposed land use is compatible with surrounding land uses and recommends approval of this petition. BACKGROUND: The applicants propose to purchase the former Roosevelt Middle School site from District 61 and convert it to 75 apartments (42 units in the former school building and 33 townhome- style units in 5 new buildings), with a total project cost of approximately $9 million. As part of the financing for this project the developers have applied for Historic Tax Credits (for rehabilitation I of the historic school building) and Low Income Housing Tax Credits (LIHTC). If the tax credits are approved, the apartments must be rented to families that meet low- to-moderate income limits; with rents structured accordingly. At City staff's request, the developers have agreed to ultimately develop the project according to a Residential Development Plan (RDP), ', which will be considered by the Plan Commission at their March 1 meeting. Approval of the �I current rezoning petition is conditioned upon subsequent approval of the RDP, a preliminary I sketch of which is attached. The petition is being considered at this time so as to meet the �i Illinois Housing Development Autharity's tax credit application deadline (February 15, 2001). �I POTENTIAL OBJECTION: Much of the opposition to this project has centered around confusion/misinformation regarding the use of the low income housing tax credits. This confusion is the principle reason a neighborhood meeting was held on February 13 in the former Roosevelt Middle School gymnasium. Representatives from Finlay Properties spoke to several residents about the physical elements of the project, use of the tax credits, the corresponding limits placed upon rent/income levels, and the screening/selection process for qualifying residents. The developers