There were only 2 items on the agenda at last night's city council meeting but there was plenty to discuss. The main issue was R-12-03 which passed 6-3, and yes I was one of the six voting in favor of this resolution.
It is not that I am opposed to safe and affordable housing for our elderly or that I am opposed to the Reitz building being renovated. The problem I saw was that it appeared that the company would not be able to proceed without the tax credits. Additionally, I could not see how this company could make a profit with the numbers we were given. The cost of renovation was around 12 million, and each unit costing $167,000. With the rental income being generated at an average of $500.00 a month or so, how will this generate a profit? It just did not seem that the Sterling Group had done the profit amount of research.
The other proposed housing development, the Summit Springs, was not even discussed at the meeting. I do not believe this development is necessary, especially considering the proposed location.
There is sure to be more to come, especially concerning the Reitz building which is in a prime location and would make a beautiful building for loft style apartments.
Tuesday, February 7, 2012
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