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. . January 25, 1995 Plan Commission Meeting Minutes Page 3 home will probably help raise property values in the area. Mr. Schoomer posed the question on what the liability to the City and the property owner would be if adjoining property owners claim the proposal should not have been approved. Mr. Cannon stated that he is the owner of the home to the north. He has spoken to the owner of the property to the south who is not against the proposed plat. Mr. Cannon will put in a 300+ thousand dollar home. His previous developments in University City have been of high quality, for example the new home he built at 7480 Stanford. Mr. Solodar stated that the proposed final plat conforms with the minimum standards and requirements of resubdivisions as outlined in Chapter 29 of the Municipal Code and moved that the Plan Commission recommend to the City Council that the submitted final plat as presented tonight be approved. The motion was seconded by Mr. Safe and passed by a vote of 4 to 2; with Mr. Solodar, Mr. Safe, Mr. Marsh and Mr. Kahn voting "aye," and Ms. Ratner and Ms. Peniston voting "nay." Hearing for resubdivisionlcondominium of Lots 3 and 4 and Part of Lot 2 of the Delcrest Subdivision (8320-34 Delcrest) Chairperson Marsh informed those present that the Plan Commission had scheduled the meeting on an application from Matthias D. Renner, agent for JACMAX Investment Corporation, c/o National Real Estate Management Corporation, 1830 Craig Park Court, #101, St. Louis, MO 63146-4149. The Chairperson outlined the Commission's procedures and criteria for reviewing resubdivision/condominium applications and called for testimony from the applicant. Mr. Matthias D. Renner, agent for JACMAX Investment Corporation, stated that he has submitted a proposed final plat of a resubdivision/condominium of Lots 3 and 4 and Part of Lot 2 of the De1crest Subdivision (8320-34 De1crest) to create the Belaire Condominiums. Terry Moffitt, attorney for the JACMAX Investment Corporation stated that the condominiumization is occurring in response to recent changes in tax laws that allow condominiums to be taxed as residential rather than commercial property, unlike apartment buildings. The condominiums will still be rented out to tenants and will all still be under one ownership from the JACMAX Investment Corporation. There is 7, 12 unit, 3 story apartment complexes. Chairperson Marsh asked Mr. Goldman to report on the staff review. Mr. Goldman stated that an application has been received from National Real Estate Management Corporation, agent for Jacmax Investment Corporation for the resubdivision of Lots 3 and 4 and part of Lot 2 of De1crest Subdivision to create a condominium to be known as Belaire Condominiums. Mr. Goldman stated that after he did his staff recommendation memo, the applicant did provide the City Staff with a tax certificate showing that all taxes due have been paid and a Condominium Agreement that includes the delineation and descriptions of the common areas, and includes m-1-2S.plc