HomeMy WebLinkAbout1995-11-27 Public hearingNOTICE OF PUBLIC HEARING
Notice is hereby given that a public hearing
will be held by the City Council of Iowa City,
Iowa, at 7:30 p.m. on the 21st day of Novem-
ber, 1995, in the Civic Center Council Cham-
bers, 410 E. Washington Street, Iowa City,
Iowa; at which hearing the Council will consid-
er:
An ordinance amending the Zoning
Chapter to allow adult day care, elder
family homes, and elder group homes
under certain conditions in Iowa City,
and to change the definition of elderly.
An ordinance amending the Zoning
Chapter to require bicycle parking for
commercial and multi-family residential
development.
An ordinance amending the Zoning
Chapter by conditionally changing the
use regulations of an approximate 5.2
acre tract of land located east of Old
Dubuque Road and north of Dodge
Street from RS-5, Low Density Single-
Family Residential, to OPDH-8, Planned
Development Overlay.
Copies of the proposed ordinances 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
SARATOGA SPRINGS
AFFORDABLE HOUSING DEVELOPMENT
Land costs for total site {$44,118/acre)
Total site development costs
Total
Sources of Funds:
FY95 CDBG/HOME (City)
FY96 HOME (City)
Saratoga Springs Limited Partnership
(to be repaid with LI HTC funds)
Total
'New allocation 11/9/95.
$225,000
295,441
$520,441
$300,000
'98,441
122,000
$520,441
Costs for 12 multi-family units:
Total costs for land, site development,
soft costs, construction
Per unit cost
Sources of Funds:
iowa Finance Authority loan
State HOME loan
Low income Housing Tax Credit (LIHTC) Equity
Iowa City CDBG/HOME
Total
$1,415,129
$117,927
40,000
699,572
539,29O
-398,441
'°1,677,303
"Note:
Part of the City's CDBG/HOME funds will be used for land acquisition and the site
development of the single-family portion of the project. That is why the total
sources of funds exceed the cost of the 12 multi-family units.
cdt~gtsafatoga.9
HOME MATCH
Saratoga Springs Project
MATCH REQUIREMENT
Site Development (City HOME Funds)
Match Required
$62,110
~248,441
12 Multi-family Units (State HOME Funds)
Match Required $174,893
$699,572
PROJECT MATCH
The City is committed to providing match for local HOME funds. However, if there are
insufficient matching funds in the proposed project, State regulations require ~ to
provide the remaining match for the project Matching funds must be from non-federal
sources for affordable housing projects,
Match Required for State HOME Funds
Match from the proposed project
NiATCH DEFICIT
74,893
- _LZ0~932
53,956
Developer
City of iowa City
Iowa City Public
Housing Authority
Private Market
Greater Iowa City
Housing Fellowship
Private Market
EXAMPLES OF HOUSING COSTS IN IOWA CITY
Single Family: New Construction
Address
Fifth Avenue
Size Type Price
1,000 sq. ft. finished Single-family 9 85,000
1,000 sq. ft. unfinished
(3 bedroom)
Whispering
Meadows
Westside Drive
Whispering
Meadows
Jema Cou~
976 sq. ft. average
(3 and 4 bedroom)
1,325 sq. ft.
(2 bedroom)
865 sq. ft. average
(2 and 3 bedroom)
1,354 sq. ft.
(3 bedroom)
Single-family $ 89,000
and duplex
Condo 9 90,000
Duplex $ 92,481
Condo $110,250
Developer
Greater Iowa City
Housing Fellowship
Greater Iowa City
Housing Fellowship
Greater Iowa City
Housing Fellowship
Greater Iowa City
Housing Fellowship
Single Family Acquisition and Rehabilitation Projects
Address
Taylor Drive
Size Type
1 - One Bedroom Unit Duplex
1 - Four Bedroom Unit
Douglass Ct.
N. Governor St.
IHotz Avenue
Three Bedroom Units
Single-family
(2 units)
2 - Three Bedroom Duplex
Units
1 - Two Bedroom Unit
1 - Three Bedroom Unit
Duplex
Price
~ 119,374 total
(959,687 per unit)
9 125,906 total
(962,953 per unit)
9 168,481 total
(984,241 per unit)
$174,306 total
(987,153 per unit)
Multi-femlly Projects
Develoj~er
Robert Burns and
Associates
Robert Burns and
Associates
Address
Citizen Building
Washington Street
Villa Garden Apts.
Cross Park Avenue
Size
18 one bedroom
units plus
approximately
1200 sq. ft. of
office space
32 two bedroom &
16 three bedroom
units
Type
Multi-family
(Rehabilitation)
Multi-family
(New Construction)
Price
92,160,593
($120,053 per
unit including
office space)
i~1OTE: Median sale price of homes in Iowa City, new and existing, was $109,000 per unit for the period
of January 1, 1995 to June 30, 1995.