6/9/1998 - Laserfiche WebLink

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0 - 0 Vice Chairman Macht asked if the County would have policing power, and County Attorney Vitunac replied in the affirmative. He added that the County does not have the power to require a market study before the developers can begin their projects. Commissioner Eggert stated that the affordable housing which has been built has been a mix. She thought the County's need is not gone; the Council on Aging still gets inquiries about housing. Just because one does not fill up quickly is not a signal another one will fail. She felt the county did not yet have this level of quality housing. Commissioner Adams interjected that recently opened Grace's Landing in Sebastian is fall. She thought there was no question there is a present need. She also believed that the developers did their own market studies to ensure the success of this project. The Chairman opened the public hearing and asked if anyone wished to be heard in this matter. Bruce Barkett, attorney for the applicant, had with him David Knight, the project engineer, and Scott Culp, the director of development for CED Construction, who wanted to address some of the Board's concerns. Scott Culp advised that their market study indicated a 1.6 vacancy rate in apartments in Indian River County, which is very, very low. Last year, the County had a 2.3 vacancy rate. Also the FHFA looks at demographics and targets areas that need additional affordable elderly housing and offers incentives that CED utilizes as a financing source in order to build developments such as theirs. Even with the different standards in mind, between their development and Gardenia Gardens, they viewed an 80 -unit building which opened in April and has now only 7 apartments vacant (93% occupancy) encouraging. Seniors' communities typically lease up at a rate of approximately 10 units per month, no matter how big the demand. They expect their community will take at least 18 months to fill. He explained that Gardenia Gardens' maximum income level requirement is actually The Club at Vero's minimum income requirement. The financing program is also quite different. He described the amenities that are being offered by The Club at Vero which are quite desirable and offer a level of quality that has not been seen in the county to this point. He also explained the tax code with respect to tax credits regarding tenants' incomes. Commissioner Ginn expressed concern about people moving and emptying out the older buildings, and Mr. Culp agreed that sometimes happens, but it also encourages rehabilitation of the older buildings to keep up with the market. June 9, 1998 61 BOOK M FACE 69 J