HomeMy WebLinkAboutMULBERRY & LEMAY CROSSINGS, APTS. (BUFFALO RUN) - FINAL PUD - 36-96C - CORRESPONDENCE - MEMO / P & Z BOARDIt is important to note that any multifamily development containing both market and restricted rents,
particularly in a garden style project of high density, provides particular benefit to the affordable
residents. These residents are able to live in a very high quality living environment which is designed
and maintained to be competitive in the market on its quality and not its low rent. Essentially 100% of the
units in the community must be of market rate quality.
Comment: What is the timing restriction for this project?
Response: Buffalo Run is to be financed with Section 42 tax credits issued by the Colorado Housing &
Finance Authority. This financing requires the developer to own title to the land for the project by
November 1. The developer will not take title to the land until it is entitled for its use with Final
Development Plan Approval. With the two week appeal period on any Board action, October 2nd is the
last planning commission meeting which accommodates this time schedule.
Comment: Storm water drainage plan not complete:
Response: We unequivocally understand a condition of Final Development Plan approval on Buffalo
Run is the review and approval by the City of Fort Collins' Storm Water Utility Department of the final
storm water management plan for this development. Due to the time constraints of designing this project
and the unavoidable delay caused by the flood crisis this summer, the final plan is not complete.
However, we are certain a plan will be complete by the time we must take title to the property on
November 1, 1997. In short, we will not take title to the property until we have determined a storm water
plan is workable and feasible on the property.
We are very appreciative of the City of Fort Collins staff working with the time constraints of this
proposed development. The City should be commended for its progressive approach toward affordable
housing.
Best Regards,
W.O. Brisben Companies nc.
E. Scott McFadden
Development Director,
Western Region
cc: Lucia Liley
Ted Shepard
BRISBEN COMPANIES
7800 EAST KEMPER ROAD
CINCINNATI, OHIO 45249
(513)489-1990
FAX (513) 489-2780
City of Fort Collins
Planning and Zoning Board
300 LaPorte Avenue
Fort Collins, Colorado
Dear Members of the Board:
October 1, 1997
This letter is forwarded to clarify the questions and comments on the proposed Buffalo Run
development which were raised by the Board during the staff review session of Friday September 261",
1997.
Comment: No trees in landscaping area under power line easement along Lemay Avenue.
Response: Trees were originally excluded from this location due to the need for vertical spacing
between the overhead power lines and mature trees. We will add trees to this location to maintain the
treescape along Lemay Avenue and insure the tree variety has a mature height below the power lines.
Comment: What is the affordable housing component of Buffalo Run?
Response: Buffalo Run will be a mixed income community meaning 60% of its units will be rent and
income restricted and 40% of its units will be unrestricted or at market rates. The unit mix and rental
rates are detailed below:
Buffalo Run
Fort Collins, Colorado
-
Maximum
Income
Number of
% of
Maximum
Square <
Total
Rent per
Type of Unit
Per Unit
'Units
Total
Net Rent
Feet :
Sq;Ft.•
:Sg...FL
Market
2 BR12BA
25
17%
$625
954
23.850
$0.66
3 BR/2BA
32
22%
$750
1,101
35,232
$0.68
Manager2Br/2Ba
1
1%
$625
954
954
$0.66
Sub -Total/Average
58
40%
60,036
$0,66
50% of AMI
2 BR/2BA
$22,750
32
22%
$519
954
30,528
$0.54
3 BR/2BA
$26,300
41
28%
$599
1,101
45,141
$0.54
Sub-Total/Average
73
51%
75,669
$0.54
40% of AMI
2 BR/2BA
$18,200
6
6%
$406
954
5,724
$0.43
3 BR/2BA
$21,040
7
5%
$468
1.101
7,707
$0.43
ub -Total Total/Average
13
9%
13,431
$0,43
atallAuerage
144
100.Q0%
$605
1,036
149,136
$0.58
AMI is Larimer County Area Median Income, $50,600 in 1997
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