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Home My WebLink About1983-09-13 OrdinanceA ORDINANCE NO. 83-3144 AN ORDINANCE VACATING A PORTION OF THE ALLEY RIGHT- OF-WAY RUNNING NORTH -SOUTH BETWEEN HARRISON STREET AND PRENTISS STREET AND THESIDE THE PROPERTY LOCATED AT 522 SOUTHGDUBUQUE S TR ET. OF BE IT ORDAINED BY THE CITY COUNCIL OF IOWA CITY, IOWA: SECTION I. That a 40 foot segment of the north - south alley right-of-way between Harrison Street and Prentiss Street in Iowa City, Iowa, is hereby vacated for alley purposes, and that said portion of right-of-way is described as follows: Beginning at the northeast corner of Lot 6, Block 9, County Seat Addition, thence 40 feet, thence east 20 feet, thence north 40 feet, thence west 20 feet to the point of beginning. SECTION II. That a sanitary sewer and utility easement is maintained over the above-described right-of-way, said easement being for the purpose of excavating for and the installation, replacement, maintenance and use of said sewage lines, pipes, mains, and conduits as the City shall from time to time elect for conveying sewage and all necessary appliances and fittings for use in connection with said pipe lines, together with adequate protection therefore, and also a right-of- way, with the right of ingress and egress thereto, including all of the area described above. SECTION III. This ordinance shall be in full force and 'effecthen published by law. SECTION IV. REPEALER. All ordinances and parts of ordinances in Conf 1Ct with the provision of this ordinance are hereby repealed. SECTION V. SEVERABILITY. If any section, prov slon or part oT the Ordinance shall be adjudged to be invalid or unconstitutional, such ajudication shall not affect the validity of the Ordinance as a whole or any section, provision or part thereof not adjudged invalid or unconstitutional. SECTION VI. EFFECTIVE DATE. This Ordinance shall e n e ect after its final passage, approval and publication as required by law. �. _.-.._..191CROFILMEQ.DY. .__.... .I JORM MICR+t-AS i CEDAR RAP?OS • DES MOINES fl � C-. Passed and approved this 13th 1983. day of Septe ber, AYOR ATTEST: ti CIT LER K It was moved by_ Lvnch that the Ordinance as read be adopted�anddupononderoll call the . ' AYES: NAYS; ABSENT - x X --- BALMER x -- DICKSON X -- ERDAHL x LYNCH _ X -- MCDONALD — NEUHAUSER —" ---- x PERRET First consideration 8/16/83 Vote for passage: Ayes: Lynch, Balmer, Dickson, Erdahl. MDonald, Neuhauser, Perret. Nays: None. Second consideration Vote for passage: , Ayes: McDonald, Balmer, Dickson, Erdahl Lynch, Neuhauser. ' Nays: None. Absent:` Perret. Date published _ a 8 11e41ved A Approved thene �A NIM .._. �.. MICRDEILMED.BY. .._--_-..i. ... JORM MI O R+L AB -CEDAR RAIDS • DES MOINES I i I j i i i 6 oL i ORDINANCE NO. XXMXX ORDINANCE AMENDING THE ZONING ORDINANCE BY CHANGING THE USE REGULATIONS OF CERTAIN PROPERTY LOCATED AT 521 KIRKWOOD AVENUE , BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY, IOWA: SECTION I. That the property described i below is hereby reclassified from its present classification of M1 to R2, and the boundaries of the R2 zone as indicated upon the zoning map of the City of Iowa City, Iowa, shall be enlarged to include the property located at 521 Kirkwood Avenue and legally described as follows: Commencing at a point on the south line of Kirkwood Avenue in Iowa City, Iowa, which is 1,770.7 feet west and 35 feet south of the northeast corner of the southeast quarter of Section 15, Township 79 North, Range 6 West of the 5th Principal Meridian, which point is also the northwest corner of Block 6 in Lucas Addition to Iowa City, Iowa, w thence west along the south line of Kirkwood Avenue 348.2 feet to its intersection with the east line of Van Buren Street in Iowa City, Iowa, produced south, thence S 00005' E 303.7 feet, thence east 344 feet, thence N 00041' E to the point of beginning, as shown by the plan of survey recorded in Plat Book 4, page 203, plat records of I - Johnson County, Iowa. SECTION II. The Building Inspector is hereby authorized and directed to change the zoning map of the City of Iowa City, Iowa, i to conform to this amendment upon the final passage, approval and publication of this ordinance as provided by law. j SECTION III. The City Clerk is hereby authorized and directed to certify a copy of this ordinance to the County Recorder of Johnson County, Iowa, upon final passage and publication as provided by law. SECTION IV. REPEALER. All ordinances and parts of ordinances in conflict with the } provision of this ordinance are hereby repealed. SECTION V. SEVERABILITY. If any section, provision or part of the Ordinance shall be s adjudged to be invalid or unconstitutional, such ajudication shall not affect the validity of the Ordinance as a whole or any section, provision or part thereof not adjudged invalid or unconstitutional. SECTION VI. EFFECTIVE DATE. This Ordinance shall be in effect after its final passage, approval and publication as required by law. .., .. ._... MICROFILMED DY JORM MICR+LAB f -CEDAR RAPIDS - OU MOINES 3 I 1. 1f"l i 1 Passed and approved this MAYOR ATTEST: CITY CLERK __..MICRDFIUiEO BY_._ JORM MICR+LAB -CEDAR RPPIDS •. DES MOINES I i i i i 1 1f"l i 1 Passed and approved this MAYOR ATTEST: CITY CLERK __..MICRDFIUiEO BY_._ JORM MICR+LAB -CEDAR RPPIDS •. DES MOINES I i i i i I t I. I, i Ij -i i It was moved by and seconwed by thalfthe Ordinance as read be adopted and upon roll call there were: AYES: NAYS: ABSENT: 5f`" STAFF REPORT To: City Council Item: Economic Feasibility Report GENERAL INFORMATION Site location: Size: Current zoning: Proposed zoning: Existing land use: Surrounding land use and zoning: SPECIALINFORMATION public utilities: i Transportation: Prepared by: Bruce Knight Date: September 9, 1983 521 Kirkwood Avenue 2.4 acres M1 - light industrial R2 - two-family residential Undeveloped North - single family residential and M1. East - single family residential and R1B. South - commercial and M1. West commercial and M1. Water service is available. Sanitary sewer service is available from Kirkwood Avenue for the front half of the tract. The south half of the property could besewered from Highland Court. This would require acquisition of an easement over private property. Vehicular access would be provided via Kirkwood Avenue. The site is moderately sloping with Physical characteristics: slopes of five to ten percent. CONCLUSION All three of the alternative development proposals reviewed by Staff result in a per lot,. or per unit, cost which appears to exceed the current market value without including any margin for profit, however, a determined for Iowa City density comes closest to being marginally multi -family development at R3 feasible. BACKGROUND INFORMATION In February, 1983; Larry Rigler submitted an application for the rezoning of 521 Kirkwood Avenue from M1 to RNC -20. This rezoning would have permitted a ._..,� ._ ....... MICROFILMED BY.... JORM MICR(�LAB i -CEDAR RAPIDS •DES MOINES �, L I _ i I 1 j j n 9 k 7 t i i ._..,� ._ ....... MICROFILMED BY.... JORM MICR(�LAB i -CEDAR RAPIDS •DES MOINES �, L I _ ti 2 development of one unit per 1800 square feet of lot area and allowed a total of 56 units on the site in question. After objections were raised regarding the density permitted in this zone, Rigler withdrew the application and submitted a new application for a rezoning to R3. R3 zoning would have permitted a development of one dwelling unit per 3000 square feet of lot area resulting in a maximum number of units of 34. Subsequently, the Kirkwood Neighborhood Association filed an application to rezone 521 Kirkwood Avenue to R2. Rigler then withdrew his request for R3 zoning and the Planning and Zoning Commission recommended in favor of the neighbors request. In so doing, the Commission indicated a willingness to look favorably upon a planned area development proposal for this property to permit something other than a standard duplex development. The City Council has directed staff to review the economic feasibility of developing this property under R2 zoning using the planned area development process to permit a more flexible development of the property. For comparison purposes, staff reviewed the economic feasibility of three alternative develop- ment plans for the 2.4 acre tract. The range of alternatives included development of eight duplex lots in a standard R2 development which would then be sold for construction of duplexes by someone else (Alternative A), a PAD with 16 townhouse units and 18 multi -family units (Alternative B) and a standard multi -family development with 34 units (Alternative C). Site plans of each development are attached. ANALYSIS The table below provides a breakdown of the costs involved in each development. These costs were calculated using the most current information available to staff. Information sources included the City Engineering Division, local 'developers, realtors and bankers. The figures below are only estimates of development feasibility. No attempt was made to address the question of market feasibility because this was considered beyond the realm of this report. However, regardless of the cost figures below, the strength of the market could determine the actual feasibility of any development on this site. DEVELOPMENT COSTS TABLE 1+ F I1ICftOFIItfE0DYORM M1CR(�LABDAA RAPIDS • OEC- MOINES 6 ALTERNATIVE COSTS A B C Land acquisition .180,000 180,000 180,000 Engineering 15,000 15,000 15,000 Building construction 0 1,002,260 884,520 Site improvements 70,460 151,036 125,951 Finance costs 80,000 200,000 180,000 Administration 2,000 50,000 50,000 TOTAL ESTIMATED COST $338,100 $1,607,796 $1,435,471 In order to ascertain the feasibility of development at 521 Kirkwood Avenue, a cost per lot or per unit was calculated. This figure was then compared to an estimation of the current market value of a duplex lot, townhouse unit or multi- family unit in Iowa City. 1+ F I1ICftOFIItfE0DYORM M1CR(�LABDAA RAPIDS • OEC- MOINES 6 'I 1 I i I (j } ,i r� 3 Alternative A: 1. $338,100 divided by eight lots = $42,263 per lot. 2. The current market value of a developed duplex lot ranges from $77,000- $19,000. Alternative B: 1. Because this development plan proposed the use of two different types of dwelling units, it was difficult to associate specific costs with the appropriate unit type. Therefore, the multi -family units were valued at a relative high market value and the remainder of the costs not covered were divided by the 16 townhouse units to ascertain the sale price required to cover costs. 2. market value of multiple family = $40,000 per unit. $40,000 x 18 units = $720,000 $1,607,796 - $720,000 = $887,796 $887,796 divided by 16 townhouse units = $55,487 per unit A townhouse unit similar to the one used in this proposal is currently at a market value of $45,000-$50,000 in Iowa City. Alternative C: 1. ,_$1,435,471 divided by 34 units =.$42,220 per unit. 2• The market value of apartment units in Iowa City ranges from $30,000- $40,000 plus per unit depending on location. Units closer to downtown range from $40,000-$42,000. Given this locational range, a market value of something less than $40,000 could probably be expected at this site. ATTACHMENTS I• Alternative A site plan 2• Alternative B site plan 3• Alternative C site plan 4. Detailed cost breakdowns .._. .... III CROFILMED..BY. ___:..__�. .. JORM MICR#LAB - CEDAR RAPIDS DES MOINES I j1 1 I 1 I (j 1 1 I &ULTATc TY. ILWA-. ram -,.-,,MICRQFILIIE D.BY....__ JORM MICR+LAB -CEDAR RfPIDS - DE' MOINES r K K FE M ut5L In r4H I -,.-,,MICRQFILIIE D.BY....__ JORM MICR+LAB -CEDAR RfPIDS - DE' MOINES 21' A �...._ �._ ,_.._ ._..._I7ICROFILMED.OY__..___.- . ...1 l JORM MICR+LAB 1 'CEDAR RAPIDS • DE.. MOINES 1 t I i I SC.gcE.. #�lTE01/a�'I�7F B i. DEVEIAFf4GJ�7i- 5ZI QMWOOD AVE" �� W^ ,� • 10 MWTf- GN91LY VNITS '. A �...._ �._ ,_.._ ._..._I7ICROFILMED.OY__..___.- . ...1 l JORM MICR+LAB 1 'CEDAR RAPIDS • DE.. 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