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Commission Minutes-April 7, 2008 3343 much the same and would use the historic tax credits. He waivered between making the building apartments or condos. Mr. Pawluk asked what he proposes the value of the completed structure to be. He replied the building would have six units ranging from $97,000 to $144,000. Mr. Pawluk asked if he were awarded the bid when he is prepared to close on the property. Mr. Sampson replied as soon as the rezoning is approved. Mr. Wagner stated that Mr. Sampson had not prepared a site plan for the building and is concerned that the project will be completed as proposed. He reminded Mr. Sampson that Mr. Burdick had posed the question at the committee meeting whether he plans to put any additional structures on the property. Mr. Sampson agreed that he would have to construct garages as the condos would be high end; however, Mr. Wagner stated he has not included any plans for garages. Mr. Sampson said he would add garages and could also sell the south lots for a single family dwelling if that is the wishes of the commission. Kevin Bartram, Sterling Companies, Inc. distributed a handout with construction proposals and estimated costs for the project. His plans include a total of nine units plus garages. He plans to sell the two south lots for either two small or one larger single family home. With quality restoration and historic enhancement, he feels the structure should last at least 100 years. Mr. Pawluk asked how soon he would be willing to close on the property. Mr. Bartram replied as soon as it is rezoned, possibly within 45-60 days. Mr. Pawluk asked if he would be willing to close before the approval of rezoning. Mr. Bartram responded he didn't have a problem with that. Mr. Wagner thanked him for the effort in providing additional information for his proposal and reminded the commission that any of the proposals would need rezoning. Mike Allmendinger, Kilbourne Group and representing the artist co-op addressed the group. Mr. Pawluk asked how soon they would be willing to close if their bid were chosen. Mr. Allmendinger responded they could close immediately and the Kilbourne Group is willing to guarantee funding on the project. Mr. Pawluk asked if Mr. Allmendinger could give a dollar value on the completed project. Mr. Allmendinger was unsure. Mr. Pawluk asked for an estimation. Mr. Allmendinger responded they will be investing $600,000 into the building; however, he is unsure of what the appraised value would be. Mr. Pawluk asked if the artist co-op owned the building would they be a property tax paying entity. Mr. Allmendinger stated they have yet to determine if the property would be owned by non-profit or private entity. Mr. Bennett reminded him that it is difficult to avoid property taxes if you are renting apartments. Mr. Allmendinger stated his group has also discussed the possibility of the county retaining ownership and leasing the building back to the group. Mr. Allmendinger stated the arts co-op is proposing a $700 per year profit on the building which does not include property taxes. Mr. Wagner asked Mr. Montplaisir to compare the overall value of the completed projects. Mr. Montplaisir responded Sterling Companies has projected a $1,380,000 value with 2.3% tax would result in $31,000 per year in property taxes. Great Plains value is projected at $840,000 plus $225,000 for the south lots for a $1,090,000 total value resulting in $25,000 property taxes per year. Mr. Strand's proposal would have an $800,000 value and generate $18,400 per year in tax revenue. Mr. Pawluk asked Mr. Sampson if he would be willing to close before the approval of the rezoning. Mr. Sampson replied he does not anticipate any issues with rezoning; however, would rather not close before receiving the rezoning. Mr. Bennett read a statement included in Mr. Sampson's handout stating that he would close before rezoning if it meant he would