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~4 Planning File 1016 Cal GaTley request for preliminary plat and rezoning from R~ 3A to R-2 at the 2600 Block of Oxford Presentation My Cal GaIley indicated that the property is presently zoned R~3A for the construction of apartmentso He stated that he had constructed the two apartment buildings to the nort.h and that he has now sold them as condominums 0 He intended to construct two add~ itional apartment buildings on the property in questiono However, no financing is avail~ able for apartments at a reasonable interest rate 0 He stated that he has been waiting for something to happen in the economic market which would permit construction of apart~ ments; however ~ nothing appears to make the situation look better for the future 0 He indicated that it does work an economic hardship for him to hold onto the property 0 The current taxes are just under $3,600 per yearo He stated he would hesitate to build not only apartments for Tent but also condominums for sale 0 Discussion Myo Va Johnson inquired if there were any estimates as to when the market would improve to perm1 t the construction of apartments 0 Mra Dahlgren responded that the demand is increasing for apartments and that as the demand increases, the economics of construction will again become feasible 0 My 0 Dahlgren corranented that although Mr. GaTley's situation may be enhanced by selling the property now~ he was not sure that it would be in the best interests of the City to rezone the property from R~3A to R~2o He felt that the property was a good parcel for the R~3A zoning 0 Mro Garley indicated that when he built the original two buildings the per unit cost was $15,0000 He estimated that the construction cost for the same unit in today's market would be between $24~000 and $28,0000 A resident of the Parkview Terrace CondominUlll inquired what would happen to the private road if the rezoning were approved 0 Mra Dahlgren indicated that the road would need to be dedicated as public right~of~way since the lots in the plat would have to front on a public streeto ML Kirchner, resident Parkview Terrace, indicated he preferred the type of development proposed by Mr Garley, however, he expressed concern about the quality of the houses that may be buil to Mra Garley indicated that because of the nature of his agreement with the Condominum Association he would have to obtain the signatures of all the condominUlll owners in order to dedicate the necessary rightcoof=way for snow storage along the streeto Shelia Ryan, resident Parkview Terrace CondominUlll, indicated that when she rented in 1969, it was explained that the vacant property to the south would be developed with two apart~ ment buildings, She stated she would refuse to sign an agreement giving up any right that the Association had on the street 0 Mro Doug Schiller, resident Parkview Terrace, felt that the residents in the condominUlll had a good opporttmity to enhance the value of their condominUIll by the rezoning from R-3A to R=2o