Tuesday, February 7, 2012

MONDAY COUNCIL MEETING 2/6/12 (Housing Problems)

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.