HomeMy WebLinkAbout1997-05-06 Public hearingNotice of Public Hearing
NOTICE OF PUBLIC HEARING TO CONSIDER
APPROVAL OF A PROPOSED SCOTT - SiX
URBAN RENEWAL PLAN FOR A PROPOSED
URBAN RENEWAL AREA IN THE CITY OF
IOWA CITY, IOWA
The City Council of the City of Iowa City,
Iowa, will hold a public hearing before itself at
its meeting which commences at 7:00 o'clock
P. M. on May 6, 1997 in the City Hall, 410 E.
Washington Street, Iowa City, Iowa to consider
adoption of a proposed Scott - Six Urban
Renewal Plan (the "Plan") concerning a
proposed Urban Renewal Area in Iowa City,
Iowa legally described as follows:
Parcel I (to be rezoned CI-I): Commencing at
the Southwest Corner of Section 19, Township
79 North, Range 5 West of the Fifth Principal
Meridian, Iowa City, Johnson County, Iowa;
Thence NO0 ° 03'29"W, along the West Line of
the Southwest Quarter of said Section 19, a
distance of 254.86 feet, to a point on the
Northerly Right-of-Way Line of U.S. Highway
No. 6 and the Point of Beginning; Thence
continuing NOO°O3'29"W, along said West
Line, 404.57 feet, to a point on the Easterly
Right-of-Way Line of Scott Boulevard; Thence
Northeasterly, 386.13 feet, along the Easterly
Right-of-Way Line of Scott Boulevard and a
1481.54 foot radius curve, concave
Northwesterly, whose 385.04 foot chord bears
NO7~23'39"E; Thence NOO°O3'29"E,. along
said Right-of-Way Line, 1605.27 feet, to a
point on the North Line of said Southwest
Quarter, Thence NOO°18'56"W, along said
Right-of-Way Line, 579.87 feet, to a point on
the South Right-of-Way of the Heartland Rail
Corporation; Thence S62°09'30"E, along said
South Right-of-Way Line, 749.90 feet; Thence
SO0 ° 03'29"E, 300.25 feet; Thence
S11 ° 43'38"W, 1 240.47 feet; Thence
S06 °00'20"W, 173.94 feet; Thence
S02 ° 29'45"W, 230.00 feet; Thence
S87°30'15"E, 266.70 feet; Thence
S02°29'45"W, 861.87 feet; Thence
Southwesterly, 16.33 feet, along a 300.00
foot radius curve, concave Southeasterly,
whose 16.33 foot chord bears S01 ° 12'12"W;
Thence S00°21'22"E, 65.50 feet, to a point
on the South Line of said Southwest Quarter,
Thence S89°38'37"W, along said South Line,
209.90 feet, to a point on the Northerly
2
Right-of-Way Line of U.S. Highway No. 6;
Thence Northwesterly 175.60 feet along said
Right-of-Way Line and a 5830.00 foot radius
curve, concave Southwesterly, whose 175.59
foot chord bears N59°59'O8"W; Thence
N60°50'54"W, along said Right-of-Way Line,
337.19 feet, to the Point of Beginning. Said
tract of land contains 38.93 acres, and is
subject to easements and restrictions of record.
Parcel II (to be rezoned I-1): Commencing at
the Southwest Corner of Section 19, Township
79 North, Range 5 West of the Fifth Principal
Meridian, Iowa City, Johnson County, Iowa;
Thence NOO°O3'29"W, along the West Line of
the Southwest Quarter of said Section 19, a
distance of 254.86 feet, to a point on the
Northerly Right-of-Way Line of U.S. Highway
No. 6; Thence S60 °50'54"E, along said
Northerly Right-of-Way Line, 337.19 feet;
Thence Southeasterly 175.60 feet, along said
Right-of-Way Line and a 5830.00 foot radius
curve, concave Southwesterly, whose 175.59
foot chord bears S59°59'08"E, to a point on
the South Line of said Southwest Quarter;
Thence N89°38'37"E, along said South Line,
209.90 feet, to the Point of Beginning; Thence
N00°21 '22"W, 65.50 feet; Thence
Northeasterly, 16.33 feet, along a 300.00 foot
radius curve, concave Southeasterly, whose
16.33 foot chord bears NO1 ° 12'12"E; Thence
NO2°29'45"E, 861.87 feet; Thence
N87 ° 30'15"W, 266.70 feet; Thence
NO2 ° 29'45"E, 230.00 feet; Thence
NO6°OO'20"E, 173.94 feet; Thence
N11°43'38"E, 1240.47 feet; Thence
NO0° 03'29"W, 300.25 feet, to a point on the
Southerly Right-of-Way Line of Heartland Rail
Corporation; Thence S62°09'30"E, along said
Southerly Right-of-Way Line, 2261.25 feet, to
a point on the East Line of said Southwest
Quarter; Thence SO0° 00'45"E, along said East
Line, 990.27 feet; Thence S89°38'37"W,
670.00 feet; Thence S00°00'45"E, 813.00
feet to a point on the South Line of said
Southwest Quarter; Thence S89°38'37"W
along said South Line, 1380.99 feet, to the
point of Beginning. Said tract of land contains
101.57 acres, and is subject to easements and
restrictions of record which land is to be
included as part of this proposed Urban
Renewal Area.
A copy of the Plan is on file for public
inspection in the office of the City Clerk, City
Hall, Iowa City, Iowa.
The City of Iowa City, Iowa is the local public
agency which, if such Plan is approved, shall
undertake the urban renewal activities
described in such Plan.
The general scope of the urban renewal
activities under consideration in the Plan is to
assist qualified industries and businesses in the
Urban Renewal Area through various public
purpose and special financing activities outlined
in the Plan. To accomplish the objectives of the
Plan, and to encourage the further development
of the Urban Renewal Area, the Plan provides
that such special financing activities may
include, but not be limited to, the making of
loans or grants of public funds to private
entities under Chapter 15A of the Code of
Iowa. The City also may install, construct and
reconstruct streets, parking facilities, open
space areas and other substantial public
improvements, and may acquire and make land
available for development or redevelopment by
private enterprise as authorized by law. The
Plan provides that the City may issue bonds or
use available funds for such purposes and that
tax increment reimbursement of such costs will
be sought if and to the extent incurred by the
City. One purpose of the Plan is to enter into
development agreements with landowners that
will assure the availability of industrial
development sites at reasonable cost.
Any person or organization desiring to be
heard shall be afforded an opportunity to be
heard at such hearing.
This notice is given by order of the City
Council of Iowa City, Iowa, as provided by
Section 403.5 of the City Code of Iowa.
Dated this ~,~ day of /~,~'. ,
1997.
Cit~jZ~lerk, Iowa City, Iowa
e¢odev\scottnph.wp5
City of iowa City
B EMORANDUM
Date: May 1, 1997
To:
From:
City Council
David Schoon, Economic Development Coordinator
Re: Public Hearing on the Scott-Six Urban Renewal Plan
On May 6, 1997, the City Council will hold a public hearing on the Scott-Six Urban
Renewal Plan. The adoption of an urban renewal plan is a prerequisite to establishing a tax
increment financing (TIF) district. The urban renewal plan outlines how the City intends to
use the tax increment revenues
Since the setting of the public hearing, the Planning and Zoning Commission has met and
reviewed the urban renewal plan for its conformity with the comprehensive plan. The
Committee's written recommendation is attached.
In addition to the Commission's review of the Plan, staff has held the formal consultation
with representatives of the affected taxing entities. Representatives from Johnson County
(Sally Stutsman and Jonathan Jordahl) and a representative from the Iowa City Community
School District (Lesley Finger) were in attendance (please note attached letter from
Kirkwood Community College). The formal consultation allowed the affected taxing
entities the opportunity to ask questions regarding the urban renewal plan, and more
specifically the use of tax increment financing. Much of the discussion at the consultation
focused on the mechanics of how the City intended to use tax increment financing in this
instance. The participants discussed balancing the benefits of using tax increment
financing to encourage industrial development with the costs of the individual taxing
entities forgoing property tax revenues for a period of time. Everyone in attendance
seemed to agree that once the objectives of the urban renewal plan were achieved, the
incremental tax revenues should return to the respective taxing entities as soon as
possible. Determining the time period by which the objectives would be achieved was the
significant unknown.
The Code of/owa outlines a process by which the affected taxing entities may provide
written recommendations regarding the division of revenue (tax increment financing). As
of the date of this memo, neither the County nor the School District have provided written
recommendations regarding the division of revenue. However, the County has provided the
attached letter indicating its support of the annexation and the need to develop an
acceptable and workable road maintenance agreement for 420th Street.
When the Council last discussed the urban renewal plan and the use of tax increment
financing, Council discussed limiting the use of tax increment financing for a period of less
than twenty years. Since that discussion and after learning that other communities were
able to extend their use of TIF without recalculating the base, staff consulted again with
our bond counsel regarding this issue. Our counsel now indicates that if we limited the use
of tax increment financing for a period of less than 20 years, say 15, we would be able at
a later date to extend the use of tax increment financing up two five additional years (for a
total of 20 years) without changing the base value on which to calculate the tax increment.
Staff continues to recommend that the full 20 year time period be made available for the
use of tax increment financing. Given the uncertainty of the timing of development and the
type of development that will be locating in the industrial park, the 20 year time period
provides the greatest flexibility in packaging financing for infrastructure improvements and
direct grants and loans to businesses. If within 15 years, the Council determines the urban
renewal plan has achieved its objectives and there is no longer the need to use tax
increment financing, the Council can rescind the urban renewal plan and tax increment
financing ordinance.
Karin Franklin and I will both be at the May 6 public hearing to respond to any questions
you may have.
AI Streb
John MoKinney
Sally Stutsman & Jonathan Jordahl
Lesley Finger
f:\indpark\ccO506,mem
City of iowa City
MEMORANDUM
Date: April 28, 1997
To:
From:
City Council .~
George Starr, Chair
Planning and Zoning Commission
Re: Planning and Zoning Commission Review of the Scott-Six Urban Renewal Plan
At is regular meeting of April 17, 1997, the Planning and Zoning Commission reviewed the
Scott-Six Urban Renewal Plan for its conformity with the Iowa City Comprehensive Plan -
1989 Update, which is the general plan for the development of the City of Iowa City as a
whole. By a vote of 6-0, the Planning and Zoning Commission found that the Scott-Six
Urban Renewal Plan conforms with the Iowa City Comprehensive Plan - 1989 Update
subject to the Urban Renewal Area being annexed and rezoned to an Intensive Commercial
Zone and a General Industrial Zone.
6301 Kirkwood Blvd. SW
P.O. Box 2068
Cedar Rapids, Iowa 52406
319/398-5411
April 9, 1997
Mr. David Schoon
Economic Development Coordinator
City of Iowa City
410 East Washington Street
Iowa City IA 52240-1826
''~E~EIg-ED
APR 1 1
p.c...q...D_g
Dear Mr. Schoon:
I am in receipt of the letter dated April 4, 1997 concerning the meeting scheduled to discuss the
Scott-Six Urban Renewal Plan.
We appreciate notification but do not wish to attend the meeting on April 29, 1997
Thank you.
/ Silk, rely,
Director
Auxiliary Services
IL/tf
cc: L. Olejniczak
c:\docs\forms\urban. sam
JOHNSON COUNTY AUDITOR TEL:319-356-6086 Ape 29,97 13:43 No.004 P.01
J.Im. on Co~t~
Sally Stutaman, Chairperson
Jo~ Bolkeom
Charlos D. Duffy
Jonathan Jord~;'al
Stephen P. I.~.: ins
April 21, 1997
BOARD OF SUPERVISORS
Naomi Novick, Mayor and
Iowa City Council Members
Iowa City City Council
410 East Washington Street
Iowa City, Iowa 52240
Re: Streb Property Annexation
Dear Mayor Novick and Council Mornbets:
This letter is a follow up of a letter sent to you on February 13, 1997, regarding the
annexation of the Streb property.
As previously stated, Johnson County supports this annexation. The County has also identified
the great need for commercial and industrial development sites to accommodate economic
growth in Johnson County.
We do recommend that the City's Planning and Engineering departments work dosely with the
lobrison County Secondary Roads Department, in order .to generate an acceptable and
workable "road maintenance agreement" for 420th Street
We appreciate the opportunity to work with the City of Iowa City on projects that have
impacts for both entities.
Sincerely,
,~)~ ~,,.~.
Sally Stnfsman
Chairperson
912~ SOUTH DUBUQUB ST. · P,O. BOX 1350 IOWA CITY, IOWA 52244-1350 TEL: ('Jlg) 356-6000 FAX: (319) 3;~6-1~086
I
City of iowa City
MEMORANDUM
Date: April 11, 1997
To:
From:
Planning and Zoning Commission
David Schoon, Economic Development Coordinator
Re: Scott-Six Urban Renewal Plan
Presented for the Planning and Zoning Commission's review and recommendation is the
proposed Scott-Six Urban Renewal Plan. The urban renewal plan is proposed for the
purpose of and prerequisite to establishing a tax increment financing district to finance
projects within the urban renewal area. State Code requires that, prior to the City Council
holding a public hearing on the urban renewal plan, the Planning and Zoning Commission
review and submit a written recommendation to the City Council regarding the Urban
Renewal Plan's conformity with the/owa City Comprehensive P/an - 1989 Update. The
Comprehensive Plan has as economic development goals the need:
To diversify and increase the property tax base by encouraging the retention and
expansion of existing industry and attracting industries that have growth potential
and are compatible with existing businesses and industries.
· To increase employment opportunities consistent with the available labor force.
To provide and protect areas suitable for future industrial and commercial
development
To provide for the extension of infrastructure which will induce development in
areas designated for industrial and commercial growth.
The Comprehensive Plan designates the Scott-Six Urban Renewal Area for industrial
development. Through the use of tax increment financing, the City will encourage
industrial and warehouse/wholesale trade uses allowed in the Intensive Commercial (C1-1)
Zone and the General Industrial (I-1) Zone. The urban renewal plan will also assist with
achieving the Comprehensive Plan's goals by ensuring that the price of land is affordable
through making available the use of tax increment financing as a means to finance the
construction of some of the necessary public infrastructure improvements within the Scott-
Six Urban Renewal Area.
Tax Increment Financing
For the Commission's information, the following explains how tax increment financing
works and how tax increment financing will be used in the Scott-Six Urban Renewal Area.
Tax increment financing (TIF) is a mechanism used to finance projects within a designated
urban renewal area. The difference between taxes derived from unimproved and
underdeveloped property and those derived after its development is the "increment" of
taxes which may be pledged by a city to retire loans, advances, bonds, and other
indebtedness incurred by a city or the developer in furtherance of the development. The
TIF ordinance makes available to the city all incremental tax revenues for repayment of
project related expenses. The incremental tax revenues include those levied by or for other
taxing jurisdictions, such as the county, school district, and community college.
Chapter z~03 of the Code of Iowa sets forth the provisions of tax increment financing. To
establish a TIF program, a city must first prepare an urban renewal plan for a specific urban
renewal area. A city may designate an urban renewal area as either a "blighted", "slum",
or "economic development" area, each of which is defined in Chapter 403. In this
instance, the urban renewal area is designated as an economic development area, which is
defined as "an area of a municipality designated by the local governing body as appropriate
for commercial and industrial enterprises."
The urban renewal area consists of the Scott-Six Industrial Park. The City's stated
objectives for the urban renewal area are included in the urban renewal plan. The urban
renewal plan also describes how the City intends to use the tax increment revenues. Tax
increment revenues for this project may be used to pay for public infrastructure
improvements and to provide direct grants, loans or rebates for those qualifying businesses
engaged in light manufacturing or wholesale trade and warehouse establishments allowed
in the C1-1 Zone and the industrial uses allowed in the I-1 Zone. The plan states that City
Council shall determine qualifying business based upon the financial assistance guidelines
outlined in Addendum A of the "Economic Development Policies, Strategies, and Actions
for the City of Iowa City" (a copy is attached for your information).
In addition to the Planning and Zoning Commission's review and recommendation, the City
will hold a consultation with representatives from the county, school district, and
community college, in order to provide these taxing entities with an opportunity to
comment on the use of the incremental tax revenues.
After the public hearing and the consultation with the affected taxing entities, the City
Council will concurrently consider adoption of the urban renewal plan, the TIF ordinance,
and a developer's agreement. The TIF ordinance establishes the mechanism for separating
the incremental tax revenues from the base tax revenues. The developer's agreement will
outline more completely the City's obligations and the developer's obligations regarding
development within the urban renewal area.
Recommendation
Staff recommends that the Planning and Zoning Commission forward a recommendation to
the City Council stating that the Scott-Six Urban Renewal Plan conforms with the Iowa
City Comprehensive Plan - 1989 Update, which is the general plan for the development of
the City of Iowa City as a whole, subject to the Urban Renewal Area being annexed and
rezoned to an Intensive Commercial Zone and a General Industrial Zone.
CC.'
AI and Mary Jo Streb
Bob Downer
f:\indpark\pz0417.rnem
NOTICE OF PUBLIC HEARING
Notice is hereby given that a public hearing will
be held by the City Council of Iowa City, Iowa,
at 7:00 p.m. on the 6th day of May, 1997, in
the Civic Center Council Chambers, 410 E.
Washington Street, Iowa City, Iowa; at which
aring the Council will consider:
A resolution amending the Comprehensive
Plan to increase the density from 2-8 dwell-
ing units per acre to 8-16 dwelling units per
acre for an approximate 2.38 acre area
located at the northeast corner of the inter-
section of Scott Boulevard and Lower West
Branch Road.
2. An ordinance amending the Zoning Chapter
by changing the use regulations from RS-5,
Low Density Single-Family Residential, to
OPDH-12, Planned Development Housing
Overlay, for a 2.38 acre property located at
the northeast corner of the intersection of
Scott Boulevard and Lower West Branch
Road to permit a 37-unit multi-family build-
ing for elderly housing.
Copies of the proposed resolution and ordi-
nance are on file for public examination in the
Office of the City Clerk, Civic Center, Iowa
City, Iowa. Persons wishing to make their
views known for Council consideration are
encouraged to appear at the above-mentioned
time and place.
MARIAN K. KARR, CITY CLERK
ppdadmin\5-6scott.nph
Prepared by; Robert Miklo, Senior Planner, 410 E. Washington St., Iowa City, IA 52240 (319) 356~5240
RESOLUTION NO.
RESOLUTION AMENDING THE COMPREHENSIVE PLAN TO INCREASE THE
DENSITY FROM 2-8 DWELLING UNITS PER ACRE TO 8-16 DWELLING UNITS
PER ACRE FOR AN APPROXIMATE 2.38 ACRE AREA LOCATED ON THE
NORTHEAST CORNER OF THE INTERSECTION OF SCOTT BOULEVARD AND
LOWER WEST BRANCH ROAD.
WHEREAS, the subject property is located at the intersection of an arterial street and collector
street; and
WHEREAS, the Comprehensive Plan encourages the location of moderate intensity land uses
in such locations; and
WHEREAS, the Iowa City Comprehensive Plan, including the vision statement "Iowa City
Beyond 2000"' encourages the inclusion of diverse housing types within neighborhoods; and
WHEREAS, amending the land use plan to designate medium density residential development
in this location would be in conformance with the policies stated in the Iowa City Comprehen-
sive Plan and iowa City Beyond 2000.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA, THAT:
The Comprehensive Plan Land Use Map is hereby amended to indicate that medium density
residential development at 8-1 6 dwelling units per acre is appropriate for an approximately
2.38 acre parcel located at the northeast corner of the intersection of Scott Boulevard and
Lower West Branch Road.
Passed and approved this
day of , 1997.
ATTEST:
CITY CLERK
MAYOR
ppdadrnin\amendcp,res
NOTICE OF PUBLIC HEARING
Notice is hereby given that a public hearing will
be held by the City Council of Iowa City, Iowa,
at 7:00 p.m. on the 6th day of May, 1997, in
the Civic Center Council Chambers, 410 E.
Washington Street, Iowa City, Iowa; at which
hearing the Council will consider:
1. A resolution amending the Comprehensive
Plan to increase the density from 2-8 dwell-
ing units per acre to 8-16 dwelling units per
acre for an approximate 2.38 acre area
located at the northeast corner of the inter-
section of Scott Boulevard and Lower West
,Branch Road.
An ordinance amending the Zoning Chapter
by changing the use regulations from RS-5,
Low Density Single-Family Residential, to
OPDH-12, Planned Development Housing
Overlay, for a 2.38 acre property located at
the northeast corner of the intersection of
Scott Boulevard and Lower West Branch
Road to permit a 37-unit multi-family build-
ing for elderly housing.
Copies of the proposed resolution and ordi-
nance are on file for public examination in the
Office of the City Clerk, Civic Center, Iowa
City, Iowa. Persons wishing to make their
views known for Council consideration are
encouraged to appear at the above-mentioned
time and place.
MARIAN K. KARR, CITY CLERK
ppdadmin~5-6sco(t.nph
Prepared by: Robert Miklo, St. Planner, 410 E. Washington Street, Iowa City, IA 52240; 319-356-5240
ORDINANCE NO.
AN ORDINANCE AMENDING THE ZONING
CHAPTER BY CHANGING THE USE REGULA-
TIONS OF APPROXIMATELY 2.38 ACRES OF
PROPERTY LOCATED AT THE NORTHEAST
CORNER OF THE INTERSECTION OF SCOTT
BOULEVARD AND LOWER WEST BRANCH
ROAD FROM RS-5, LOW DENSITY SINGLE-
FAMILY RESIDENTIAL, TO OPDH-12,
PLANNED DEVELOPMENT HOUSING OVER-
LAY.
WHEREAS, the applicant, Eby Development
and Management Company, and the owner,
Plum Grove Acres, Inc., have requested that
the City rezone approximately 2.38 acres of
property located at the northeast corner of the
intersection of Scott Boulevard and Lower
West Branch Road from RS-5, Low Density
Single-Family Residential, to OPDH-12, Planned
Development Housing Overlay; and
WHEREAS, the applicant has also submitted
a preliminary OPDH plan to allow the construc-
tion of a 37 unit multi-family building for elderly
housing on this property;. and
WHEREAS, the OPDH plan will allow for
medium density development in an appropriate
location which will not increase traffic on local
residential streets; and
WHEREAS, the OPDH plan includes architec-
tural features and landscaping designed to be
compatible with planned and existing residential
development in the surrounding area; and
WHEREAS, the Planning and Zoning Commis-
sion has recommended approval of the pro-
posed rezoning and preliminary OPDH plan; and
WHEREAS, the City Council has considered
and approved a resolution approving an amend-
ment of the Comprehensive Plan to designate
this property for medium density residential
development.
NOW, THEREFORE, BE IT ORDAINED BY THE
CITY COUNCIL OF THE CITY OF IOWA CITY,
IOWA:
SECTION I. APPROVAL. That the property
described below is hereby reclassified from its
present classificatior) of RS-5, Low Density
Single-Family Residential, to OPDH-1 2, Planned
Ordinance No.
Page 2
Development Housing Overlay, and that 'the
preliminary OPDH plan for said property is
hereby approved;
Commencing at the Northwest Corner of
Section 7, Township 79 North, Range 5
West, of the Fifth Principal Meridian; Thence
S OOd35'42" W, 2,091.50 feet along the
West line of the Northwest Quarter (NW
1/4) of said section 7; Thence S 89d24'18"
E, ,50.00 feet to a point on the eastern
right-of-way line of Scott Blvd., and also
being the Point of Be.qinnin~; Thence S
89d24'18" E, 250.00 feet to a point on the
Corporate Limit Line for the City of Iowa
City; Thence S OOd35'42" W, 492.40 feet
to a point on the Northern right-of-way line
of Lower West Branch Road; Thence N
§7d39'18" W, 294.00 feet on and along the
Northern right-of-way line of Lower West
Branch Road to a point on the Eastern
right-of-way line of Scott Blvd.; Thence N
OOd35'42" E, 337.70 feet on and along the
Eastern right-of-way line of Scott Blvd. to
the Point of Be.qinnin.q, and containing 2.38
acres, more or less, and subject to ease-
ments and restrictions of record.
SECTION II. REPEALER. All ordinances and
parts of ordinances in conflict with the provi-
sions of this Ordinance are hereby repealed.
SECTION III. SEVERABILITY. If any section,
provision or part of the Ordinance shall be ad-
judged to be invalid or unconstitutional, such
adjudication shall not affect the validity of the
Ordinance as a whole or any section, provision
or part thereof not adjudged invalid or unconsti-
tutional.
SECTION IV. EFFECTIVE DATE. This Ordi-
nance shall be in effect after its final passage,
approval and publication, as provided by law.
Passed and approved this day of
,19
MAYOR
ATTEST:
CITY CLERK
',,_..A~-~ by //
City A orney's C)~'
ppdadmin\scotblvd,ord
STAFF REPORT
To: Planning & Zoning Commission
Item: REZ97-0002. Sterling House
GENERAL INFORMATION:
Applicant:
Contact person:
Requested action:
Purpose:
Location:
Size:
Existing land use and zoning:
Surrounding land use and zoning:
Comprehensive Plan:
File date:
45-day limitation period:
SPECIAL INFORMATION:
Public utilities:
Public services:
Prepared by: Robert Miklo
Date: March 20, 1997
Eby Development & Management Co.
706 N. Lindenwood Dr.
Olathe, KS 66062
Chad Cook (913)782-3200
Rezoning from RS-5 to OPDH-12.
To allow construction of 37 unit assisted
senior living facility.
Northeast corner of Scott Blvd. and Low-
er West Branch Road.
2.38 acres
Vacant/agricultural; RS~5
North: Agricultural; RS-5
South: Residential; RS-5
East: Agricultural; County RS Sub-
urban Residential
West: Residential; RS-5 and OPDH-8
2-8 dwelling units per acre. An amend-
ment to the Comprehensive Plan to allow
a density of 8-16 units per acre is neces-
sary if this application is to be approved.
February 13, 1997
March 31, 1997
Municipal water is available to serve this
property. A water main fee of $354 per
acre is required. Although there is a sani-
tary sewer line located adjacent to this
proper[y, concerns about a constraint in
the line located near Washington Street
and Scott Boulevard will need to be re-
solved.
Municipal fire and police protection will
be provided by the City.
2
Transportation:
This immediate area is not served by
transit. The closest transit service to this
area is provided by the Rochester route
with the closest stop being at Lower
West Branch Road and Amhurst Street.
Vehicular access is available via Lower
West Branch Road which intersects with
Scott Boulevard in this vicinity.
Physical characteristics:
The property slopes from a high point at
the intersection of Lower West Branch
Road and Scott Boulevard to the north-
east.
Sensitive areas ordinance:
BACKGROUND INFORMATION:
According to the Sensitive Areas inven-
tory, there are no environmentally sen-
sitive areas associated with this property.
This property has been zoned RS-5, Low Density Single-Family Residential, since the compre-
hensive rezoning of the city occurred in 1983. The applicant is proposing to rezone the property
to OPDH-12, Planned Development Housing Overlay, to allow an increase in dwelling unit
density and allow the clustering of the units in one multi-family building rather than in single-
family units. As indicated in the attached letter from the applicant, the project is being proposed
to serve as a residential care facility for elderly residents. Although it will not include the level
of care typical of a nursing home, the facility will be staffed 24 hours a day, and services, such
as congregate meals will be provided.
ANALYSIS:
The proposed rezoning will be reviewed in relationship to the policies contained in the Compre-
hensive Plan for this area, the appropriateness of the density and design of this development
for this area, and adequacy of infrastructure. Although the Commission will soon be considering
a new Comprehensive Plan for the city, it is anticipated that it will be some time before the new
Comprehensive Plan will be adopted. Therefore this rezoning request must be considered in
the context of the current Comprehensive Plan.
Comprehensive Plan: The land use map contained in the Comprehensive Plan indicates that
this area of the city should develop for residential uses at a density of 2-8 dwelling units per
acre. The proposed density is 15.5 dwelling units per acre and therefore would exceed the
current comprehensive plan land use designation for this area. There are, however, factors
which staff believes warrant an amendment to the Comprehensive Plan to allow medium
density development in this location. The Planning & Zoning Commission agenda includes a
separate item setting a public hearing on a proposed amendment to the Comprehensive Plan.
The land use map in the Comprehensive Plan is intended to be a general guide in terms of
land uses and density of development. The Comprehensive Plan also contains policies de-
signed to guide development and provide the Commission and Council direction when approv-
ing rezonings. Policies which indicate that the development of a medium density multi-family
project may be appropriate in this location include the following which are founded on pages
2 through 7 of the Comprehensive Plan:
· Locate moderate intensity land uses (such as multi-family residential...) in areas with
direct access to collector or secondary arterial streets.
3
· Where possible, zone to achieve gradual land use change.
· Consider the diverse needs of renters and homeowners in making residential devel-
opment decisions.
· Incentives, such as density bonuses and planned developments, may be provided to
produce a mix of housing developments.
· The housing needs of low/moderate income households and special populations such
as people with disabilities and elderly should be accommodated.
The recently adopted Iowa City Beyond 2000 Comprehensive Plan vision statement contains
policies which would support amendment of the Comprehensive Plan and zoning to permit
development of this type. These policies support compact development, or clustering more units
in less space. Beyond 2000 also supports the production of diversity of housing types. This
particular housing type, assisted living for the elderly, is not commonly found in Iowa City or in
this particular area of the city. Approval of this development will encourage the diversification
of Iowa City's housing stock, and will provide housing alternatives for a special population.
This property is located on the western edge of what will be a new neighborhood that will
develop east of Scott Boulevard and south of Rochester Avenue. It is appropriate for every
neighborhood to contain a mix of housing types. Medium to higher density housing is especially
appropriate where it has access to the city's arterial street network. In this case this property
has direct vehicular access Lower West Branch Road, a collector street, which then provides
access to Scott Boulevard, an arterial street.
Given these considerations staff believes that an amendment to the Comprehensive Plan to
indicate change in density from 2-8 dwelling units per acre up to 8-16 dwelling units per acre
is appropriate in this location.
OPDH Plan
The OPDH provisions of the zoning code are intended provide flexibility in architectural design,
placement and clustering of buildings, use of open space, traffic circulation and parking related
site and design considerations; promote efficient land use with smaller utility and street net-
works; encourage energy efficient development; and promote an attractive and safe living
environment compatible with surrounding residential development.
The proposed building is located near the center of the property and consists of 37 dwelling
units in a single story building. The applicant has submitted an illustration which indicates that
the building will constructed of masonry materials and has an architectural character which is
compatible with residential development. Staff has asked that the applicant submit additional
copies of the illustration so that it may be reviewed by the Commission.
The OPDH provisions allow the City to modify some of the zoning requirements that would
otherwise apply to this property. The plan shows a portion of the driveway for the parking area
located within the 40 foot front yard adjacent to Scott Boulevard. Normally parking lots and
associated aisles are not permitted in the front yard in residential zones. In this case the paved
area shown in the front yard is necessary to provide access to the covered entry at the south-
west corner of the building. This minor encroachment into the front yard does not seem to be
unreasonable. Staff recommends that it be approved provided that a hedge of shrubbery is
planted along the edge of the paving. The applicant's engineer has indicated that the OPDH
plan will be amended to include shrubbery in this area.
4
There are a number of deficiencies and discrepancies on the OPDH Plan. These will need to
be resolved prior to the Commission voting on this project.
Sanitary Sewer Service
Although there is a sanitary sewer main adjacent to this property, the line located to the west
of the intersection of Scott Boulevard and Washington Street has capacity for a limited number
of additional dwelling units. The Public Works Department is currently conducting a flow study
of this line to determine if it has sufficient capacity to serve this proposed development. The
results of that study should be available at the March 20 Planning and
Zoning Commission meeting.
Storm Water Management
An on-site storm water detention facility will be required for this development. The applicant's
engineer has indicated that a basin will be located to the north of the proposed building. The
basin and associated easements should be illustrated on the plan. Preliminary storm water
calculations should be submitted to the Public Works Department.
Transportation
This property is located at the intersection of Scott Boulevard and Lower West Branch Road.
It therefore has access to the city's arterial street system without directing traffic into a lower
density residential neighborhood. Given the elderly population anticipated, traffic generated
from this project is likely to be less than traffic generated from a typical 37 unit multi-family
building.
Thirty-seven parking spaces would normally be required for a multi-family building of this size
(one space per each one-bedroom dwelling unit). However in this case only 27 parking spaces
are being proposed. The applicant indicates that only 5% of the residents are expected to drive
vehicles. Therefore only a limited number of parking spaces will be needed for residents.
Parking will also be needed for staff and visitors. Given these circumstances, staff believes that
a reduction of parking spaces may be warranted in this case. An application to the Board of
Adjustment for a special exception for a reduction of required parking spaces will be necessary.
If a special exception to reduce the required parking is not approved, the property does contain
sufficient area for the construction of 10 additional parking spaces adjacent to the east side of
the proposed parking lot. In staffs view, if the applicant can demonstrate to the satisfaction of
the Board of Adjustment that these spaces are not needed to serve the parking demands of
this development, it would be better to leave the area as lawn.
Open Space
Given the relatively small size of this parcel and its location on the edge of a neighborhood
where development has just begun, staff would recommend that fees be collected in lieu of
dedication of neighborhood open space. As the neighborhood develops a centrally located
open space should be identified for acquisition. The plan has been referred to the Parks and
Recreation Commission for their consideration. The Parks and Recreation Commission should
be available prior to the Commission's vote on this proposal.
Because the 37 units are being clustered in one building, this property will have a significant
amount of private open space. This includes a court yard in the center of the building. A 40 foot
5
setback is required from Scott Boulevard. This setback will be landscaped and will provide a
buffer between the arterial street and this residential building.
STAFF RECOMMENDATION:
Staff recommends that consideration of this application be deferred until the concerns regarding
sanitary sewer capacity and the deficiencies and discrepancies listed below are resolved. Upon
resolution of these concerns staff recommends that 1) the Comprehensive Plan be amended
to increase the density from 2-8 dwelling units per acre to 8-16 dwelling units per acre for an
approximate 2.3 acre area located at the northeast corner of the intersection of Scott Boulevard
and Lower West Branch Road; 2) the approval of the rezoning of 2.38 acres from RS-5 to
OPDH-12 located at the northeast corner of the intersection of Scott Boulevard and Lower West
Branch Road; and 3) the approval of the preliminary OPDH plan of Sterling House, a 37 unit
assisted living multi-family building, subject to provision of the required number of parking
spaces or approval of a special exception for a reduction of parking.
DEFICIENCIES AND DISCREPANCIES:
The curb cut on Lower West Branch Road is shown as 60.24 feet wide. It should be a
maximum of 42 feet wide.
Storm water detention facilities and easements should be shown on the plan. Preliminary
storm water computations and design plans should be submitted to the Public Works
Department.
The requirements of the OPD plan checklist should be shown on the plan, including all
private and public utilities in Scott Boulevard and Lower West Branch Road.
The requirements of the tree provisions of the Zoning Code should be shown on the plan.
The plan should also show the other landscaping proposed by the applicant.
The Scott Boulevard front yard setback should be labeled as 40 feet on the plan and in
the bulk regulations note.
The sidewalks shown on Scott Boulevard should extend to the intersection with Lower
West Branch Road. Sidewalks should also be shown between the public sidewalk and
the private sidewalk on the property.
ATTACHMENTS:
Location Map.
Preliminary OPDH Plan
Applicant's Statement
Approved by:
Department of Planning and
Community Development
ppdadmin\stfrep\970002,rm
PDH 5
<[
LLJ
~ ~ I RS 5 ~!
DI~IVE ~ SITE
H ~ - . PDH 8
,,
/~ ~,~- ' _ _ ~ STANFORD A~
LllJDE~J P?~[, L ~ '~uPH~LL
LOCATION MAP
REZC)7-0002
LOWER WEST BRANCH ROAD
AND SCOTT BLVD.
02/11/1997 17:30 913782~L851 EBY MANAGEMENT~.CO. PAGE
February 11, 1997
li)EVELOPMENT & MANAGEMENT CO.
D~v~lope~ d Az~ist~l LivI~I lind"
Quality R~iremnt C~mmuniU~.
Planning and Zoning Board
Iowa City, Iowa
We are requesting a zoning change on properly located at the oomer of Scott Blvd.. and Lower
Branch Road, arid legally desoribed as 2.38 acres in the NE comer in the/ntersection of Lower
Branch Road and Scott Blvd., all residing In the city lithits of Iowa City.
The property is ~urrently zoned RS-8. We are requesUng a change to RM-12.
Our project will consist of 8 37 unit. one-story building residential in appearance covering
approximately 23,000 square feet on a 2.38 acre tract. The morns are all 10rivate Iooldng
apartments with a sitting area, kitchenette, bathroom with a walk-in shower, bedroom, and closet.
Our common areas are open and nicely furnished with couches, chaim. tables, lamps, and even
a stone timplace. Signage conaiats of a small monument sign, designed to Integrate into a
residential neighborhood.
We will be licensed as a Residential Care Facility by the state of Iowa. Residential Care, also
called Assistt, d Living. is a senior housing alternative between Ind~l~,~q~le~tt Living, which has
little or no service, an~ a continuous care numing home, whioh has a wide variety of.services
and Is often institutional in atmosphere. We operate 24 hours a day, seven days a week. The
maximum staff on site at ~e highest shift is IL
The typical resident of a Startling House is 80 years of age and can not totally cam for himself or
herself. 95% of our residents do not drive. They do not need a numing faoility Just assistance
with those activities of dally living. We serve three home cooked meals a day and offer many'
different a~tivifies. Our residents am all private pay. The atmosphere in the Ste~ling House is
warm and cozy, not institutional like a nursing home. We even allow our residents to Keep their
Our philosophy is to enhance the quality of life of each resident and to provide services in Suoh a
way to promote independence and dignity for each resident.
b"teding House is residential in appearance and a~¢eosphem. The land uses around us are
residential. Our resideMs, family, and guests, will come tous from residential neighborhoods. It
is our belief that our land use benefits the community as a whole and this neighborhood in
particular.
Tila~lk you for your consideration
Don MEby .
706 II, I, iadenwoed Drive [] Olathe, Kansas 660G2
(9t:1) 782,3200
Z
z
Z
LU
_1
x\
II
The following materials regarding this item were
submitted by neighboring property owners or other
interested persons.
TO:
PROTEST OF REZONING
HONORABLE MAYOR AND CITY COUNCIL
IOWA CITY, IOWA
We, the undersigned, being the owners of twenty percent or more of the area of the property
included in the proposed zoning change, or the owners of twenty percent or more of the
property which is located within two hundred feet of the exterior boundaries of the property for
which the zoning change is proposed, do hereby protest the rezoning of the following property:
This petition is signed and acknowledged by each of us with the intention that such rezoning
shall not become effective except by the favorable vote of at least three-fourths of all the
members of the council, all in accordance with §41 4,5 of the Code of Iowa.
Owner(s~J~f
Property Address
STATE OF IOWA )
) SS:
JOHNSON COUNTY )
On this ,~ day of ,~' I ,19 C~'7, before me, the undersigned, a Notary Public in and
for said County and State, personally appeared ~Jt/,J ~lC. and
~cul~t d ..~pl~ to me known to be the identical persons named in and who
exe the within and foregoing instrument and acknowledged that they executed the same
as their voluntary act and deed.
r"':~-~'l 158057
My Commission Expires Nol~ P~t~ in-ana for the State of Iowa -
~.,~ I October 11, 1999
By:
Owner(s) of Property Address
STATE OF IOWA )
)
JOHNSON COUNTY )
ss:
On this day of ,19 , before me, the undersigned, a Notary Public in and
for said County and State, personally appeared and
to me known to be the identical persons named in and who
executed the within and foregoing instrument and acknowledged that they executed the same
as their voluntary act and deed.
Notary Public in and for the State of Iowa
TO:
PROTEST OF FIEZONING
HONORABLE MAYOR AND CiTY COUNCIL
IOWA CITY, IOWA
We, the undersigned, being the owners of twenty percent or more of the area of the property
included in the proposed zoning change, or the owners of twenty percent or more of the
property which Is located within two hundred feet of the exterior boundaries of the property for
which the zoning change is proposed, do hereby protest the rezoning of the following property:
This petition is signed and ae~<nowledged by each of us with the Intention that such rezoning
shall not become effective e~cept by the favorable vote of at least three-fourths of all the
members of t~e/council, all '~accordance with §414,5 of the Code of Iowa.
Owner(s) of Property Address ,~ ~'c~,-~.-~-
STATE OF IOWA )
) SS:
JOHNSON COUNTY )
On this '~da ~ '
~ y of ;~rP~'~, , 19_~, before me. the undersigned, ~Notary.Publicjn and
for said ,C~0unty an,~l ~j~'t~, personally appeared ~_~:~_.,1~__~ ~/-~. ~ j..~.(~_.and
,~..,,r4x.(~_ . ~..~_. to m~ known to be the Ide~tibal persons named in an~who
executed the within and foregoing instrument and acknowledged that they executed the same
as their voluntary act and deed.
128973
My Commission Expires
November 4, 1998 Notary
By:
Owner(s) of
STATE OF IOWA .)
)
JOHNSON COUNTY )
SS:
Property Address
On this day of ,19 ....... before me, the undersigned, a Notary Public in and
for said County and State, personally appeared and
to me known to be the identical persons named in and who
executed the within and foregoing Instrument and acknowledged that they executed the same
as their voluntary act and deed,
Notary Public in and for the State of Iowa
Olathe I and II
751 N. Somerset Terrace
Olathe, Kansas 66062
913- 829-4663
Lawrence
3220 Peterson Road
Lawrence, Kansas 66049
913-832-9900
Lenexa I and II.
8710 Caenen Lake Road
Lenexa, Kansas 66215
913-894-0014
Leawood
12720 State Line Road
Leawood, Kansas 66209
913-663-3351
Topeka
5820 S.W. Drury Lane
Topeka, Kansas 66604
913-272-2200
Sioux City
4120 Indian Hills Drive
Sioux City, Iowa 51108
712-239-2065
Lincoln
4451 Old Cheney Road
Lincoln, Nebraska 68516
402~420-6058
Managed by
EMC, Inc.
Olathe, Kansas
MEMBER
ALFAA
ASSISTED LIVING FACILITIES
ASSOCIATION OF AMERICA
LOCALLY OWNED
http://www. senioralternatives.corn
lth Care and
Peffsonal Service
At ' tAg House we pride ourselves on
inct~(dualize~attention. We provide an assisted living
e~ironment?t~t combines residential apartment life,
~¥ hour per dd~certified staff, and personal services to
en~ nha ce the quality of life of all residents.
We can provide a variety of services, sometimes in
conjunction with health care providers, to make our
residents feel truly at home. Below are some of the
services we can provide.
PERSONAL CARE
· Assistance with dressing, hygiene and grooming
· Bathing Assistance
· Hair Salon
· Bladder and bowel management
· Bathi'oom schedules, incontinence cm'e, catheter care
and monitoring
MENTAL WELLNESS CARE
· 24 hour supervision
· Confnsion management
DIETARY
· Nutritious meals planned by a Registered Dietitian
· Snacks and supplements
WELLNESS CARE
· Individualized service plans
· Complete medical records document resident care
and status
· Registered Nurse supervision of health care needs
with regular visits to facility and on call at all times
· Evaluation of each resident eve~ 90 days
COORDINATION WITH
HEALTH CARE PROVIDERS
· Physician
· Home Health Services
· Hospice
· Durable Medical Equipment
· Rehabilitation Therapy
· Podiatrist
· Dentist
· Respkatory Therapy
MOBILITY ASSISTANCE
· Ambulation
· Transfers
· Range of motion
· Wheelchair accessible apartments
MEDICATION ASSISTANCE
· Access to 24 hour pharmacy
· Unit dose medication system
· Treatments
· Computerized medication records
· Oral and topical medications administered
ACTIVITIES
· Multiple social and activity areas
· Cable television
· Planned activities, movie nights, table games, group
singing, birthday and holiday celebrations, seasonal
parties, cooking groups, reading
· Bible studies, church services, group talks
· Sterling House chaplains available
· Exercise groups
HOUSEKEEPING & LAUNDRY
· Apatxment cleaning
· Personal launch'y services
Charges are based on individual needs determined by a care
assessment paid on a month-to-month basis. Sterling House is
licensed by the Kansas Department of Health and Envi~vnment.
NOTICE OF PUBLIC HEARING
Notice is hereby given that the City Council
of Iowa City will hold a public hearing on the
8th day of April, 1997, at 7:00 p.m. in the
Council Chambers of the City of iowa City, 410
E. Washington Street, Iowa City, Iowa, on a
ordinance which amends the City Code by
repealing the regulations regarding "toy
vehicles" and replacing them with new
regulations regarding the use "non-motorized
vehicles" on streets, alleys, sidewalks, the City
Plaza, and in parks, and sets forth a definition
of "non-motorized vehicles."
Persons interested in expressing their views
concerning this matter, either verbally or in
writing, will be given the opportuniW to be
heard at the above-mentioned time and place.
City of Iowa City
MEMORANDUM
To:
From:
Date:
Re:
The Honorable Mayor Naomi J. Novick and Members of the City Council
Dennis J. Mitchell, Assistant City Attorney ~
May 6, 1997
Revisions to "Non-Motorized Vehicles" Ordinance
The proposed non-motorized vehicles ordinance will be amended as follows on Page 2,
paragraph B to allow rollerblading on the top level of the Chauncey Swan Parking Ramp and
skateboarding in the northeast portion of the Civic Center Parking Lot:
B. No person shall travel upon or operate a non-motorized vehicle within any
public parking ramp or parking lot except where posted as a permitted activity.
This amendment will allow the City to post signs permitting these activities in the designated
areas. This language would also allow the City to designate other public parking ramps or lots
for the use of non-motorized vehicles without having to amend the ordinance. In addition, the
City Council could direct City staff to remove,:such signs in the future without having to
amend the ordinance.
Also attached ~s a diagram showing the portion of the Civic Center Parking Lot the City
intends to make available to skateboarders after 6:00 p.m. on weekdays and after 1'00 p.m.
on weekends.
Attachment
CC:
Linda Newman Woito, City Attorney
Stephen Arkins, City Manager
Marian Karr, City Clerk
Dale Helling, Assistant City Manager
Bill Dollman, Parking & Transit
Captain Patrick Harney, Police
Terry Trueblood, Parks & Recreation
Jeff Davidson, Planning & Community Development
Rick Fosse, Public Works
I I
PUBLIC HEARING NOTICE
The City Council will be holding a public hearing
on the FY98 Annual Action Plan on May 6,
1997. This hearing will be held at 7:00 p.m. in
the Civic Center, Council Chambers, 410 East
Washington Street, Iowa City, IA.
The FY98 Annual Action Plan details the use of
Community Development Block Grant (CDBG)
and HOME Investment Parmerships program
(HOME) funds. Activities and projects using
CDBG and\or HOME funds, to be undertaken by
the City and its subrecipients, will take place
during the 1998 fiscal year (July 1, 1997 to June
30, 1998).
Copies of the draft FY98 Annual Action Plan are
available to the public at the Iowa City Public
Library, 123 S. Linn Street; and the City Clerk's
Office, 410 East Washington Street.
Additional information is available from the
Department of Planning and Community
Development, 410 East Washington Street, Iowa
City, Iowa, 52240 or by calling 356-5230.
NOTICE OF
PUBLIC COMMENT PERIOD
The City of Iowa City has available a draft
of the FY98 Annual Action Plan for public
comment. This 30-day comment period
will commence with the publication of this
notice and expire on May 6, 1997.
The FY98 Annual Action Plan details the
use of Community Development 'Block
Grant (CDBG) and HOME Investment
Partnerships program (HOME) funds.
These federally funded activities, to be
undertaken by the City and its
subrecipients, will take place during the
1998 fiscal year (July 1, 1997 to June 30,
1998).
Copies of the draft FY98 Annual Action
Plan are available to the public at the Iowa
City Public Library, t 23 S. Linn Street; and
the City Clerk's Office, 410 East
Washington Street.
The City Council will also be holding a
public hearing, at the conclusion of the
public comment period, that will be
scheduled for May 6, ~997.
Additional information is available from
the Department of Planning. and
Community Development, 410 East
Washington Street, Iowa City, Iowa,
52240 or by calling 356-5230.
May 2, 1997
1997
Steven Kanner
200 S. Summit
Iowa City, IA 52240
(319)337-2769
To the Members of Iowa City City Council,
I am writing you today in order to urge you to vote your approval for the recommended
HOME Loan of $80,000 for the River City Housing Collective (RCHC).
I am a member of the RCHC and currently live at 200 S. Summit, known as Summit
House, which is one of the two houses that the RCHC owns. (RCHC also rents and operates a
third house.) RCHC provides over 45 clean and lower priced rooms for rent. At the present time I
am paying $214 per month for my room. This cost includes all electric, gas, sewer, water and
other utilities except for phone use. So in reality my rent without utilities would be in the
neighborhood of $174 or less.
The above is by no means extravagant living, but the house is clean, the self-empowerment
potential is great, and the price is hard to beat for a low to moderate income person such as myself.
Currently I make about $13,000 per year working full-time for the telemarketing firm here in town
known as APAC.
The loan would allow RCHC to purchase a home and continue to offer quality housing to
low and moderate Iowa City people such as myself. Quality, low-priced housing is something that
I have found sorely lacking in this town. As Council members you have a chance to rectify this
lack of housing and help maintain RCHC's twenty years of providing a much needed service.
Once again I ask that you please vote for the $80,000 loan for the River City Housing
Collective so that lower incomed citizens of Iowa City have the option of selecting quality housing.
Please feel free to contact me at 337-2769 if you have any questions or comments for me.
Sincerely,
Steven Kanner
THE UNIVERSITY OF IOWA
29 April 1997
City Council
City of Iowa City
c/o City Clerk
Dear Councilors,
I write in support of the River City Housing Collective's application for HOME funds
from the City's federal allocation. I have taught graduate level courses in Housing Policy and
Finance for eight years at the University of Iowa, have published extensively on the topic of
housing finance reform, and have been an interested observer on the Iowa City housing situation
during that time. I currently serve on the Housing Forum Task Force organized by the City of
Iowa City. Participating in discussions about housing issues with a wide range of citizens has
been a very interesting (and rewarding) experience.
There are two reasons why I think the River City Housing Collective HOME application
is worthy of funding. The first is that providing students and other single people with an
alternative to renting individual apartments will help ease the extremely tight supply of
affordably priced rental housing locally (Iowa City's rental vacancy rates are well above those in
other "tight" markets such as Boston or San Francisco). The second reason is that low-priced
housing for single working people is in very short supply. A significant proportion (+- 30%) of
the River City Housing Collective's residents are low-income, worldng non-students who have
few other options at the rents they pay. Many students support themselves, and form a large pool
of low-wage, high-quality labor that benefits Iowa City. Modest housing assistance to help
employees stay in the city they work in is a justifiable use of HOME funds.
I hope you will consider the above points in the decision you reach. If I can provide any
further assistance, I can be reached at 335-0501 or e-mailed at heather-macdonald@uiowa.edu.
Sincerely,
Heather MacDonald
Associate Professor
Graduate Program in Urban and Regional Planning
Graduate Program in Urban and Regional Planning 347 Jessup Hall Iowa City, Iowa 52242-1316 319/335-0032
5/6/97
PROJECT PLANNED TO PAY ALI, R~"P~
PROJECT COST ANALYSIS Total avg. / unit 2 bdrm./uni[ 3 bdrm./unit
Acquisition $1,327,200 $73,733 $59,600 $80,800
Rehab. $135,000 $7,500 $2,500 $10,000
Rehab. Contingency $15,000 $833 $500 $1,000
Settlement Fees $10,800 $600 $600 $600
Carrying Costs $18,000 $1,000 $600 $1,200
Developer Fee (5%) $75,300 $4,183 $4,183 $4,183
TOTAL PROJECT COSTS: $1,581,300 $87,850 $67,983 $97,783
REVENUES
(t) Rent
Vacancy ( 5% )
EGR
OPERATING EXPENSES
Management Fee (5%)
Insurance
Condo. Asec. Fee
Repairs/Maintenance
Major repaim
TOTAL OPERATING EXPENSES
Operating Ratio
Income Bfr. Int. & Tax
OTHER
Proper~y Ta~es
NET OPERATING INCOME (NOI)
DCR
(2) Annual Debt Service
(a) First Mol~gage (P & I)
(b) Second Mortgage (P & i)
(c) Third Mortgage (P & I)
NET INCOME
PROJECT NAME: Rental Housing Acquisition
Year
Year I 2 3 4 5 6 7 8 9 10 11 12 13 14 15
$129,600 $132,192 $134,836 $137,533 $140,283 $143,089 $145,951 $148,870 $151,847 $154,884 $157,982 $161,141 $164,364 $167,651 $171,004
$6,480 $6,610 $6,742 $6,877 $7,014 $7,154 $7,298 $7,443 $7,592 $7,744 $7,899 $8,057 $8,218 $8,383 $8,550
$123,120 $125,582 $128,094 $130,656 $133,269 $135,934 $138,653 $141,426 $144,255 S147,140 $150,083 $153,084 $156,146 $159,269 $162,454
$6,156 $6,279 $6,405 $6,533 $6,663 $6,797 S6,933 $7,071 $7,213 $7,357 $7,504 S7,654 $7,807 $7,963 $8,123
$2,760 $2,843 $2,928 $3,016 $3,106 $3,200 $3,296 $3,394 $3,496 $3,601 $3,709 $3,820 $3,935 $4,053 $4,175
$4,320 $4,450 $4,583 $4,721 $4,862 $5,008 $5,158 $5,313 $5,472 $5,637 $5,806 $5,980 $6,159 $6,344 $6,534
$10,440 $10,753 $11,076 $11,408 $11,750 $12,103 $12,466 $12,840 $13,225 $13,622 $14,030 S14,451 $14,885 $15,331 $15,791
$6,000 $6,180 $6,365 $6,556 $6,753 $6,956 $7,164 $7,379 $7,601 $7,829 $8,063 $8,305 $8,555 $8,811 $9,076
$29,676 $30,505 $31,357 $32,234 $33,135 $34,063 $35,017 $35,998 $37,007 $38,045 $39,113 $40,211 $41,341 $42,503 $43,699
0.24 0.24 0.24 0.25 0.25 0.25 0.25 0.25 0.26 0.26 0.26 0.26 0.26 0.27 0.27
$93,444 $95,078 $96,737 $98,422 $100,134 $101,872 $103,636 $105,428 $107,248 $109,095 $110,970 $112,873 $114,805 $116,765 $118,755
$22205 $2~961 $26740 $2~542 $22368 $2&219 $34096 $30,999 $31,929 $3~886 $34873 $34889 $3~936 $3L014 $3~12.4
$68,239 $69,117 $69,997 $70,880 $71,766 $72,652 $73,541 $74,430 $75,319 $76,208 $27,097 $77,984 $78,869 $79,752 $80,631
1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15
$59,339 $60,102 $60,867 $61,635 $62,405 $63,176 $63,948 $64,721 $65,495 $66,268 $67,040 $67,612 $68,582 $89,349 $70,114
$45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711
($0) $763 $1,529 $2,297 $3,066 $3,838 $4,610 $5,383 $6,156 $6,929 $7,702 $8,473 $9,243 $10,011 $10,775
$13,627 $13,627 $13,627 $13,627 $13,627 S13,627 $13,627 S13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627
(1) RENTAL INCOME
BEDROOM SIZE
EFFICIENCY
1 BEDROOM
2 BEDROOM
3 BEDROOM
4 BEDROOM
Income increases 2%/year
Expenses increase 3%/yr
(2) DEBT SERVICE GAP FINANCE ANALYSIS
% YEARS TOTAL PROJECT COSTS x $1,581,300
NO. GROSS UTILITY NET NET (a} Private Financing
MO. RENT ALLWNCE. MO. RENT ANNUAL (a) Amount: $510,533 MINUS:
0 $0 $0 (a) Terms: 8.25 30 PRIVATE LOAN $510,533
0 $0 $0 City of Iowa City loan $317,220
6 $549 $77 $472 $33,984 (b) iowa DED Iowa DED loan $444,120
12 $762 $98 $664 $95,616 (b) Amount $444,120 FHLB AHP GRANT $90,000
0
.......................... SO_ ..... $0_ (b) Terms: 0.0 32 TOTAL y _ _$1_, 3._61._, 8._7_3_
TOTAL 18 $129,600 FINANCING GAP:(x-y) = 2it~
Income atwhich rent + uti/ities are 30%: (c) City of Iowa City
2 bedroom = $2~,e60 (c) Amount: $317,220
3 bedroom = $30,480 (c) Terms: 3.0 40
5/6/97 PROJECT PLANNED TO PAY ALL PROPERTY TA~ES 2
PROJECT COST ANALYSIS
Acquis~tion
Rehab.
Rehab. Contingency
Settlement Fees
Carrying Costs
Developer Fee (5%)
TOTAL PROJECT COSTS:
Year 16 17 18 19 20 21 22 23 24 25 26 27
REVENUES
(1) Rent $174,425 $177,913 $181,471 $185,101 $188,803 $192,579 $196,430 $200,359 $204,366 $208,453 $212,623 $216,875
Vacancy ( 5% ) $8,721 $8,896 $9,074 $9,255 $9,440 $9,629 $9,822 $10,018 $10,218 $10,423 $10,631 $10,844
EGR $165,703 $169,017 $172,398 $175,846 $179,363 $182,950 $186,609 $190,341 $194,148 $198,031 $201,991 $206,031
28 29 30
S221,212 $225,637 $230,149
$11,061 $11,282 $11,507
$210,152 $214,355 $218,642
OPERATING EXPENSES
Management Fee (5%) $8,285 $8,,451 $8,620 $8,792 $8,968 $9,147 $9,330 $9,517 $9,707 $9,902 $10,100 $10,302 $10,508 $10,718 $10,932
Insurance $4,300 $4,429 $4,562 $4,699 $4,840 $4,985 $5,134 $5,288 $5,447 $5,611 $5,779 $5,952 S6,131 $6,315 $6,504
Condo. Assc. Fee $6,730 $6,932 $7,140 $7,355 $7,575 $7,802 $8,036 $8,278 $8,526 $8,782 $9,045 $9,316 $9,596 $9,884 $10, t80
Repairs/Maintenance $16,265 $16,753 $17,256 $17,773 S18,307 $18,856 $19,421 $20,004 $20,604 $21,222 $21,659 $22,515 $23,190 $23,886 $24,603
Major repairs $9,348 $9,628 $9,917 $10,215 $10,521 $10,837 $11,162 $11,497 $11,842 S12,197 $12,563 $12,940 $13,328 $13,728 $14,139
TOTAL OPERATING EXPENSES $44,929 $46,194 $47,495 $48,834 $50,211 $51,627 $53,085 $54,584 $56,126 $57.713 $59,34.5 $61,025
Operating Ratio 0.27 0.27 0.28 0.28 0.28 0.28 0.28 0.29 0.29 0.29 0.29 0.30
Incorse Bfr. Int & Tax $120,775 $122,824 $124,903 $127,012 $129,152 $131,323 $133,524 $135,757 $138,022 $140,318 $142,646 $145,007
OTHER
Property Taxes $39,288 $40,4~$ $41,660 $42,909 $44,197 ¢4.5,522 $46,888 $48,295 $49,744 $51,236 $52,773 $54,356
NET OPERATING INCOME (NOI) $81,507 $82,378 $83,243 $84,103 $84,955 $85,800 $86,636 $87,462 $88,275 $89,082 $89,$73 $90,650
DCR 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15
(2) Annual Debt Service $70,875 $71,633 $72,386 $73,133 $73,874 $74,609 $75,336 $76,054 $76,764 $77,463 $78,151 $78,826
(a) First Mortgage (P & I) $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711 $45,711
(b) Second Mortgage (P & l) $11,537 $12,294 $13,047 $13,794 $14,536 $15,270 $15,997 $16,716 S17,425 $18,124 $18,812 $19,488
(c) Third Mortgage (P & I) $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627
$62,752 $64,530 $66,359
0.30 0.30 0.30
$147,400 $149,825 $152,283
$55,987 $57,667 $59,397
$91,413 $92,159 $92,887
1.15 1.15 1.15
$79,489 $80,138 $90,771
$45,711 $45,711 $45,711
$20,151 $20,799 $21,433
$13,627 $13,627 $13,627
5/6/97 PROJECT PLANNED TO PAY ALL PROPERTY TAXES 3
PROJECT COST ANALYSIS
Acquisition
Rehab.
Rehab. Contingency
Settlement Fees
Carrying Costs
Developer Fee (5%)
TOTAL PROJECT COSTS:
Year 31 32 33 34 35 36 37 36 39 40
REVENUES
(1) Rent $234,752 $239,448 $244,236 $249,121 $254,104 $259,186 $264,369 $269,657 $275,050 $280,551
Vacancy ( 5% ) $11,738 $11,972 $12,212 $12,456 $12,705 $12,959 $13,218 $13,483 $13,752 $14,028
EGR $223.015 $227.475 $232,025 $236.665 $241,398 $246,226 $251.151 $256.174 $261.297 $266,523
OPERATING EXPENSES
Management Fee (5%) $11.151 $11.374 $11,601 $11,833 $12,070 $12,311 $12,558 $12.809 $13,065 $13,326
Insurance $6,699 $6,900 $7,107 $7,320 $7,540 $7,766 $7,999 $8,239 $8,486 $8,741
Condo. Assc. Fee $10,486 $10,800 $11,124 $11,458 $11,802 $12,156 $12,521 $12,896 $13,283 $13,682
Repairs/Maintenance $25,341 $26,101 $26,884 $27,690 $28,521 $29,377 $30,258 $31,166 $32,101 $33,064
Major repairs $14,564 $15,000 $15,450 $15,914 $16,391 $16,883 $17,390 $17,911 S18,449 $19,002
TOTAL OPERATING EXPENSES $68,240 $70,176 $72,167 $74,216 $76,324 $76,493 $80,725 $83,021 $85,384 $87,815
Operating Ratio 0.31 0.31 0.31 0.31 0.32 0.32 0.32 0.32 0.33 0.33
Income Bfr. lnt & Tax $154,775 $157,299 $159,857 $162,449 $165,074 $167,733 $170,426 $173,153 $175,914 $178,709
OTHER
Proper~ Taxes
$61,176 $63,0'14 $84,90.4 $66,851 $66,857 $70,9.23 $73,050 $75,242 $77,499 $79,82,4
NET OPERATING INCOME (NOI) $93,596 $94,286 $94,953 $95,598 $96,217 $96,810 $97,376 $97,911 $98,415 $98,385
DCR 1.15 1.58 6.97 7.02 7.06 7.10 7.15 7.16 7.22 7.26
(2) Annual Debt Service $81,388 $81,988 $82,568 $83,128 $83,667 $84,183 S84,674 $85,140 $85,578 $85,987
(a) First Mortgage (P & I)
(b) Second Mortgage (P & I) $67,761 $46,161
(c) Third Mortgage (P & l) $13,627 S13,627 $13,627 $13,627 S13,627 $13,627 $13,627 $13,627 $13,627 $13,627
NET INCOME
Totalpayou~t
$1,371,340 Fir~ mo~gage
$444,120 Second moKg;
$545,087 Third moKgag{
5~6~97 PROJECT PLANNED FO~iII~E'[~ITi, S'[~,-F~rS~.0'°~ 1
PROJECT COST ANALYSfS Total avg. / unit 2 bdrm./unit 3 bdrm./unit
Acquisition Sl,327,200 $73,733 $59,600 $80,800
Rehab. $135,000 $7,500 $2,500 $10,000
Rehab. Contingency $15,000 $833 $500 $1,000
Settlement Fees $10,800 $600 $600 $600
Carrying Costs $18,000 $1,000 $600 $1,200
Developer Fee (5%) $75,300 $4,183 $4,183 $4,183
TOTAL PROJECT COSTS: $1,581,300 $87,850 $67,983 $97,783
Year 1
PROJECT NAME: Rental Housing Acquisition
Year
REVENUES
(1) Rent
Vacancy ( 5% )
EGR
OPERATING EXPENSES
Management Fee (5%)
Insurance
Condo. Aesc. Fee
Repairs/Maintenance
Major repairs
TOTAL OPERATING EXPENSES
Operating Ratio
Income Bfr. Int. & Tax
OTHER
2 3 4 5 6 7 8 9 10 11 12 13 14 15
$103,680 $105,754 $107,869 $110,026 $112,227 $114,471 $116,761 $119,096 $121,478 $123,907 $t26,385 $128,913 $131,491 $134,121 $136,804
$5,184 $5,288 $5,393 $5,501 S5,611 $5,724 $5,838 $5,955 $6,074 $6,195 $6,319 $6,446 $6,575 $6,706 $6,840
$98,496 $100,466 $102,475 $104,525 $106,615 $108,748 $110,922 $113,141 $115,404 $117,712 $120,066 $122,467 $124,917 $127,415 $129,963
$4,925 $5,023 $5,124 $5,226 $5,331 $5,437 $5,546 $5,657 $5,770 $5,886 $6,003 $6,123 $6,246 $6,371 $6,498
$2,760 $2,843 $2,928 $3,016 $3,106 S3,200 $3,296 $3,394 $3,496 $3,601 $3,709 $3,820 $3,935 $4,053 $4,175
$4,320 $4,450 $4,583 $4,721 $4,862 $5,008 $5,158 $5,313 $5,472 $5,637 $5,808 $5,980 $6,159 $6,344 $6,534
$10,440 $10,753 $11,076 $11,408 $11,750 $12,103 $12,466 $12,840 $13,225 $13,622 $14,030 $14,451 $14,885 $15,331 $15,791
$6,000 $6,180 $6,365 $6,556 $6,753 $6,956 $7,164 $7,379 $7,601 $7,829 $8,063 $8,305 $8,555 $8,811 $9,076
$28,445 $29,249 $30,076 $30,927 $31,803 $32,704 $33,630 $34,584 $35,565 $36,574 $37,612 $38,681 $39,780 S40,911 $42,074
0.29 0.29 0.29 0.30 0.30 0.30 0.30 0.31 0.31 0.31 0.31 0.32 0.32 0.32 0.32
$70,051 $71,217 $72,399 $73,598 $74,813 $76,044 $77,292 $78,557 $79,839 $81,138 $82,454 $83,787 $85,137 $86,504 $87,889
Property Taxes/PJ.L.O.T. $12,602 $12,602 $5,051 $4,094 $4,303 $4,516 $4,734 $4,956 $5,140 $5,276 $5,410 $5,547 $5,688 $5,833 $5,981
NET OPERATING INCOME (NO1) $57,449 $58,615 $67,348 $69,503 $70,509 $71,528 $72,558 $73,601 $74,699 $75,862 $77,044 $78,240 $79,449 $80,671 $81,908
DCR 1.15 1.17 1.06 1.09 1.11 1.12 1.14 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15
(2) Annual Debt Service $49,956 $50,969 $58,564 $60,438 $61,312 $62,198 $63,094 $64,001 $64,956 $65,967 $66,995 $68,034 $69,086 $70,149 $71,224
(a) First Mortgage (P & l) $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956
(b) Second Mortgage (P & I) $419 $1,373 $2,385 $3,412 $4,452 $5,503 $6,566 $7,641
(c) Third Mortgage (P & I) $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627
NET INCOME - - - ~7~'4~ ~' - - - ~'8~'6~- - - - ~'3~- - - -~"5~'1- - - '-$'~'7- - - '~,~,- - - '~,~ - - - '~', ~'0~ - - - '~, ~'4~ - - - ~,~-9~ - - '~,~' - - '~TO~'2~ ~' - - '~ ~-0,-~- - - ~0~2"' - - '-$'~ ~, ~'
(1) RENTAL INCOME (2) DEBT SERVICE GAP FINANCE ANALYSIS
% YEARS TOTAL PROJECT COSTS x $1,581,300
BEDROOM SiZE NO. GROSS UTILITY NET NET (a) Private Financing
MO. RENT ALLWNCE. MO. RENT ANNUAL (a) Amount: $557,935 MINUS:
EFFICIENCY 0 $0 $0 (a) Terms: 8.25 30 PRIVATE LOAN $557,935
1 BEDROOM 0 $0 $0 City of Iowa City loan $317,220
2 BEDROOM 6 $455 $77 $378 $27,187 (b) Iowa DED Iowa DED loan $444,120
3 BEDROOM 12 $629 $98 $531 $76,493 (b) Amount $444,120 FHLB AHP GRANT $90,000
4 BEDROOM 0 .........................
.......... $0 $0 (b) Terms: 0.0 33 TOTAL y $1,409,275
TOTAL 18 $103,680 FINANCING GAP:(x-y) = -- - ~ ~~
Income at which rent + utilities are 30%: (c) City of Iowa C~
Income increases 2%/year 2 bedroom = $18,184 (c) Amount $317,220
Expenses increase 3%/yr 3 bedroom = $25,168 (c) Terms: 3.0 40
516197 PROJECT PLANNED FOR RENTS OF 80% FMR 2
PROJECT COST ANALYSIS
Acquis~on
Rehab.
Rehab. Contingency
Setllement Fees
Carrying Costs
Developer Fee (5%)
TOTAL PROJECT COSTS:
Year 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
REVENUES
(1) Rent $139,540 $142,330 $145,177 $148,081 $151,042 $154,063 S157,144 $160,287 $163,493 $166,763 $170,098 $173,500 6176,970 $180,509 $184,120
Vacancy ( 5% ) $6,977 $7,117 $7,259 $7,404 $7,552 $7,703 $7,857 $8,014 $8,175 $8,338 $8,505 $8,675 $8,848 $9,025 $9,206
EGR S132,563 $t35,214 $137,918 $140,677 $143,490 $146,360 $149,287 $152,273 $155,318 $158,425 S161,593 S164,825 $168,121 $171,484 $174,914
OPERA~NG EXPENSES
Management Fee (5%) $6,628 $6,761 $6,896 $7,034 $7,175 $7,318 $7,464 $7,614 $7,766 $7,921 $8,080 $8,241 $8,406 $8,574 $8,746
Insurance $4,300 $4,429 $4,562 $4,699 $4,840 $4,985 $5,134 $5,288 $5,447 $5,611 $5,779 $5,952 $6,131 $6,315 $6,504
Condo. Assc. Fee $6,730 $6,932 $7,140 $7,355 $7,575 $7,802 $8,036 $8,278 $8,526 S8,782 $9,045 $9,316 $9,596 $9,884 $10,180
Repairs/Maintenance $16,265 $16,753 S17,256 $17,773 $18,307 S18,856 $19,421 $20,004 $20,604 $21,222 $21,859 $22,515 $23,190 $23,886 $24,608
Major repairs $9,348 $9,628 $9,917 $10,215 $10,521 $10,837 $11,162 $11,497 $11,842 $12,197 $12,563 $12,940 $13,328 $13,728 $14,139
TOTAL OPERATING EXPENSES $43,272 $44,503 S45,771 $47,075 $48,417 $49,798 $51,218 $52,680 $54,185 $55,733 $57,325 $58,964
Operating Ratio 0.33 0.33 0.33 0.33 0.34 0.34 0.34 0.35 0.35 0.35 0.35 0.36
income Bfr. Int. & Tax $89,291 $90,711 $92,147 $93,601 $95,073 $96,562 $98,069 $99,592 $101,134 $102,692 $104,268 $105,861
OTHER
Property Taxes/P.I.L.O.T. $6,134 $6,290 $6,451 $6,616 $6,785 $6,959 $7,137 $7,320 $7,508 $7,701 $7,899 $8,103
NET OPERATING INCOME (NOI} $83,157 $84,420 $85,696 $86,986 $88,288 $89,603 $90,931 $92,272 $93,625 $94,991 $96,369 $97,758
DCR 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15
(2) Annual Debt Service $72,311 $73,409 $74,519 $75,640 $76,772 $77,916 $79,071 $80,237 $81,413 $82,601 $83,799 $85,007
(a) First Mortgage (P & I) $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956 $49,956
(b) Second Mortgage (P & I) $8,728 $9,826 $10,936 $12,057 $13,190 S14,333 $15,488 $16,654 $17,831 $19,018 $20,216 $21,424
(c) Third Mortgage (P & I) $13,627 $13,627 $13,627 S13,627 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627 S13,627 $13,627
NET INCOME $10,847 $11,011 $11,178 $11,346 $11,516 $11,687 $11,861 $12,036 $12,212 $12,390 $12,570 $12,751
$60,651 $62,386 $64,172
0.36 0.36 0.37
$107,471 $109,098 $110,741
$9,311 $8,526 $8,746
$99,159 $100,572 $101,996
1.15 1.15 1.15
$86,225 $87,454 $88,692
S49,956 $49,956 $49,956
$22,643 $23,871 $25,109
$13,627 $13,627 $13,627
$12,934 $13,118 $13,304
5~6~97 PROJECT PLANNED FOR RENTS OF 8O% FMR 3
PROJECT COST ANALYSIS
Acquisition
Rehab.
Rehab. Contingency
Settlement Fees
Carrying Costs
Developer Fee (5%)
TOTAL PROJECT COSTS:
Year 31 32 33 34 35 36 37 38 39 40
REVENUES
(1) Rent $187,802 $191,558 $195,389 $199,297 $203,283 $207,349 $211,496 $215,725 $220,040
Vacancy ( 5% ) $9,390 $9,578 $9,769 $9,965 $10,164 S10,367 $10,575 $10,786 $11,002
EGR $178,412 $181,980 $185,620 $189,332 $193,119 $196,981 $200,921 $204,939 $209,038
OPERATING EXPENSES
Management Fee (5%) $8,921 $9,099 $9,281 $9,467 $9,656 $9,849 $10,046 $10,247 $10,452
Insurance $6,699 $6,900 $7,107 $7,320 $7,540 $7,766 $7,999 $8,239 $8,486
Condo. Assc. Fee $10,486 $10,800 $11,124 $11,458 $11,802 $12,156 $12,521 $12,896 $13,283
Repairs/Maintenance $25,341 $26,101 $26,884 $27,690 $28,521 $29,377 $30,258 $31,166 $32,101
Major repairs $14,564 $15,000 $15,450 $15,914 S16,391 $16,863 $17,390 $17,911 $18,449
TOTAL OPERATING EXPENSES $66,010 $67,901 $69,847 $71,850 $73,910 $76,031 $78,214 $80,459 $82,771
Operating Ratio 0.37 0.37 0.38 0.38 0.38 0.39 0.39 0.39 0.40
Income Bfr. Int. &Tax $112,402 $114,079 $115,773 $117,483 $119,208 $120,950 $122,707 $124,480 $126,267
OTHER
Property Taxes/P.I.L.O.T. $8,972 $9,204 $9,442 $16,854 $17,949 $18,335 $18,729 $19,131 $19,541
NET OPERATING INCOME (NOI) $103,430 $104,875 $106,330 $100,629 $101,259 $102,615 $103,978 $105,348 $106,726
DCR 1.15 1.15 5.11 7.38 7.43 7.53 7.63 7.73 7.83
(2) Annual Debt Service 889,939 $91,196 $20,792 $13,627 $13,627 $13,627 $13,627 $13,627 $13,627
(a) Fimt Mortgage (P & 1)
(b) Second Mortgage (P & I) $76,312 $77,569 $7,165
(c) Third Mortgage (P & I) $13,627 $13,627 $13,627 $13,627 $13,627 813,627 $13,627 $13,627 $13,627
NET INCOME
$224,44I
$11,222
$213,219
S10,661
$8,741
$13,692
$33,064
$19,002
$85,149
0.40
$128,069
$19,959
$108,110
7.93
$13,627 Total payou.~_t
$1,498,666 First mortgage
$444,120 Second mortg~
$13,627 $504,206 Third mortgag,
NOTICE OF PUBLIC HEARING ON PLANS,
SPECIFICATIONS, FORM OF CONTRACT
AND ESTIMATED COST FOR THE
FIRST AVENUE PAVING & STORM SEWER
IMPROVEMENTS PROJECT,
BRADFORD TO MUSCATINE
IN THE CITY OF IOWA CITY, IOWA
TO ALL TAXPAYERS OF THE CITY OF IOWA
CITY, IOWA, AND TO OTHER INTERESTED
PERSONS:
Public notice is hereby given that the City
Council of the City of Iowa City, Iowa, will con-
duct a public hearing on plans, specifications,
form of contract and estimated cost for the con-
struction of the First Avenue Paving & Storm
Sewer Improvements Project, Bradford to Mus-
catine in said City at 7:00 p.m. on the 6th day of
May, 1997, said meeting to be held in the Coun-
cil Chambers in the Civic Center in said City.
Said plans, specifications, form of contract and
estimated cost are now on file in the office of the
City Clerk in the Civic Center in Iowa City, Iowa,
and may be inspected by any interested persons.
Any interested persons may appear at said
meeting of the City Council for the purpose of
making objections to and comments concerning
said plans, specifications, contract or the cost of
making said improvement.
This notice is given by order of the City Council
of the City of Iowa City, Iowa and as provided by
law.
MARIAN K. KARR, CITY CLERK
PH-1
NOTICE OF PUBLIC HEARING ON PLANS,
SPECIFICATIONS, FORM OF CONTRACT
AND ESTIMATED COST FOR
THE 1997 CURB RAMPS PROJECT
IN THE CITY OF IOWA CITY, IOWA
TO ALL TAXPAYERS OF THE CITY OF IOWA
CITY, IOWA, AND TO OTHER INTERESTED
PERSONS:
Public notice is hereby given that the City
Council of the City of Iowa City, Iowa, will con-
duct a public hearing on plans, specifications,
form of contract and estimated cost for the con-
struction of the 1997 Curb Ramps Project in
said City at 7:00' p.m. on the 6th day of May,
1997, said meeting to be held in the Council
Chambers in the Civic Center in said City.
Said plans, specifications, form of contract
and estimated cost are now on file in the office
of the City Clerk in the Civic Center in Iowa City,
Iowa, and may be inspected by any interested
persons.
Any interested persons may appear at said
meeting of the City Council for the purpose of
making objections to and comments concerning
said plans, specifications, contract or the cost of
making said improvement.
This notice is given by order of the City Coun-
cil of the City of Iowa City, Iowa and as provided
by law.
MARIAN K. KARR, CITY CLERK
PH-1