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. . Minutes - Plan Commission Page 4 January 28, 1987 the runoff. Mr. Weinberg also expressed his concern on the effect the project would have on the University City school system. He stated that in such projects as this the number of families sending children to public schools would decrease. Mr. Ron Mink of 753 Harvard Avenue asked if financing had been obtained for the project and if the ten properties included in the proposal had actually been obtained by the developer. Mr. Sommers responded that Commission members had just this evening received information regarding the financial feasibility of the project and that plans for financing were in place. Mr. Mink expressed his concern over the effect condominium projects had on city school systems. Ms. Kelly Lachajczyk of 530 Donne Avenue asked which properties were included in the project. Chairman Hamilton listed the ten addresses that were specifically included in the proposal to rezone. Ms. Lachajczk also asked how the values of the surrounding single-family homes could be increased by such a project. Mr. Sommers responded that this was the information he had from a real estate appraiser and various builders in the area. Also, the school district would receive more revenue and property taxes from the increased density of residential units. Mr. Joseph Menetre of 545 Warder Avenue asked what the construction material for the exterior of the proposed buildings would be. Mr. Cohen replied that the exterior would be brick veneer covering at least 90 percent of the exterior. Mr. Menetre also asked what the proposed sale price of the units would be. Mr. Sommers replied that the projected price of the units would be $135,000 for the one-bedroom units and $195,000 for the two-bedroom units. Mr. Rice arrived at 8:30 p.m. Mr. Richard Hinds of 7814 Lafon Avenue stated that he was concerned about the proposed multifamily use detracting from the single-family style of the neighborhood. Ms. Barbara Conrad of 528 Warder Avenue expressed her concern that the value of the single-family homes would increase only as a site for another proposed condominium project. Chairman Hamilton asked Commission members if they had any questions or comments regarding the proposal. Mr. McCauley stated that he had considered the concerns posed by members of the audience. He believed that the traffic issues could be resolved. He stated that the concern about the effect of the project on the city school system was inconclusive since total tax revenue would increase with the increased residential density. He was concerned that this particular project had been proposed for a strictly single-family residential neighborhood and was for that reason, different from the two previous rezoning proposals to "PD" which had been approved by the Plan Commission and City Council. He further stated that the Plan Commission should be concerned about precedent in approving a condominium project for this more isolated neighborhood. Ms. Schuman stated that she agreed with Mr. McCauley's statements. She was pleased by the improvement in Mr. Sommer's plans since November, but her concern centered around the dense development for this particular neighborhood. She was especially concerned about its effect on the single-family homes on Donne Avenue. Mr. Washington stated that