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In closing, Attorney Barkett explained that the only reason this is a Planned Development is because it is the only vehicle to obtain an affordable housing density bonus. He wished to point out that the land for the entrance to Vista Gardens from Indian River Boulevard was donated by Ed Schlitt, owner of the subject property. Elliot stone, National Housing Corporation, Inc., applicant, explained that the elderly requirement is that at least 50% of the residents in each unit must be 62 years of age or older. In response to Chairman Eggert's inquiry, Mr. Stone did not believe it was possible to add a 55 and over restriction under the affordable housing guide lines. Mr. Stone advised that the units in both Phase I and Phase II are all 1 and 2 bedrooms. The rent is based on median income and will be $250 to $404 a month for a one bedroom unit. The rent is paid totally by the resident, and if the resident cannot pay the rent, the resident can be evicted under a standard apartment lease. The government's contribution is tax credits to the developer and the developer commits to provide rents at a below market rate. Mr. Stone further explained that the State, through the IRS, gives tax credits to the development and they are sold to a limited partnership to provide equity into the property. That enables the developer to have a lower mortgage than he would otherwise and allow him to provide the housing at lower rent. Mr. Schlitt is selling National Housing Corporation the property and the title actually will be in the name of River Park Associates Limited Partnership. Mr. Stone stated that National Corporation has developments in several states on the east coast and have not gone to court over the manner in which properties have been assessed. He stated that they will be paying taxes on the value of the property as the Property Appraiser assesses it. Commissioner Ginn asked if these tax credits are salable, and Mr. Stone explained that the credits are tied to the property. Once they are sold, the limited partnership has full rights to oversee and make sure the property is well maintained. Commissioner Macht believed that some of the compatibility concerns could be alleviated by putting the recreation building where Building 9 is slated to go, and Mr. Stone stated that if it were possible, they would try to do that. He didn't want to commit to that, but they.would definitely take a look at it. He stressed again that they reduced the number of units by 32, and if they had gone through the regular site plan process, there would have been no buffering requirements and only a 10 -ft setback. Mr. Stone 39 JANUARY 28, 1997 BOOKl u d ��AU-z g i