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<br />property under contract this week. Steve suggests offering the current owner $25-30k earnest <br />money with promissory note with a 90-120 day due diligence period. Steve presented the plan of <br />the property that was submitted to the City Planning staff. <br /> <br />Steve proposed 3 possible options for use of the land: 1) buy the property and sell the front to <br />another church, 2) utilize the front for city usage, and 3) put three 30-unit Lydia Morgan style <br />properties within the first 300 feet and place a park in the back. <br /> <br />Current church property has not been subdivided. There are townhomes that back up to the <br />property and they own the small piece of land that connects from the park to Cottonwood Drive. <br />The HOA does not want this site developed in any of the options that they have currently seen. <br />It is zoned 1 unit/every 3,500 sq ft. Any development on South Boulder Road that is further than <br />300 ft for multi family or 500 ft for single family requires secondary access. The back of the <br />church mowed grass is about 300ft. There is also a public use dedication of 15% required by the <br />City. The owner can also dedicate the land as a park. Currently, there is only one point of <br />access on South Boulder Road. Currently there is shared parking with the church and the City <br />for access to the park. There are 6 homes along Harper Street. If one of those homes were used <br />as an access point it would allow access to the site. Home was for sale for $292,000 when this <br />property was for sale. The footprint ofthe church is 1,900 sq ft in the sanctuary, 3,348 sq ft <br />meeting rooms. <br /> <br />The LHA's current unrestricted available reserves is $69,000. This excludes three months of <br />operating and approved capital improvements for the existing portfolio. If LHA did make a <br />preliminary offer it would not loose any earnest money. The current applicant has already <br />expensed between $250-$400,000 in project. <br /> <br />Heather asks if we could pay for this in the long term. The property will need secondary egress <br />and with the requirements three Lydia Morgan's would not fit on the property. Could build 43 <br />units with the current plan. $30,000 per unit cost just for the land. Steve asked if the City would <br />be willing to purchase the back part of the property. Heather said they wouldn't have that <br />decision within the next 5 days. There is no guarantee that the city will approve 53 units. Steve <br />Underhill stated that he would be willing to sit down and review constraints and see what he <br />comes up with in the next 60-90 days. Frank suggested that a Land Planner would be required 0 <br />develop an effective preliminary plan. Scott Simkus suggested looking at the pros and cons prior <br />to spending money on a Land Planner. <br /> <br />Callan asked Judith Champion if the HOA had any discussions about proposed developments. <br />Judith stated this type of development would destroy all.the reasons all those homeowners <br />bought and live there. Most homeowners called the City and they were told it was designated to <br />always be a church. Those homeowners enjoy walking in that area and walking through that <br />area after getting off the bus. She doesn't think residents would want to live near a dense <br />development. She cannot speak for all HOA, but she would like church footprint (land) to stay <br />undeveloped. <br />