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Session 1258, Minutes Page 5 September 22, 1980 Mr. Harold Lazaroff from Michelson Realty responded. He said it was felt there would be a good market fer condominiums in University City, since only about 100 apartments have been converted at present. He said all the apartments in this com- plex have three bedrooms and Two baths and are considered luxury apartments. Mrs. Thompson said she was concerned about relocation of tenants, and Mr. Lazaroff said it was felt that most of the residents will want to buy their apartments, which now rent for $550. He did not feel that in this instance any hardship will be created for those in the apartments, even if they decide they do not want to buy. A selling price has mot been set for the units, which have from 1500 to 1750 square feet. In response to Mr. Sabol, Mr. Lazaroff said no work has been done in the apartments, since he wanted to obtain Council approval first, but he has guaranteed that he will make the necessary revisions once approval is granted. He said his firm would be happy to assist a tenant in relocating, since his firm had approximately 4000 rental units throughout ~he area. He said no plans had been made to help the tenants fi- nancially. Mr. Ollendorff said the developer did not have to make any changes until after ap- proval has been secured from the Council, but he cannot sell the units until they have been inspected to ascertain that all work agreed to has been done. Mr. Rubin Schlafman, 747 Yale, asked to address the Council. He questioned Mr. O1- lendorff about the general changes that are to be made in regard to condominiums. The City Manager said there are certain things required by University City ordi- nances, and certain things which the operator or owner proposes to carry out for the conversion. Mr. Schlafman was concerned about the effect of the sale of these apartments on the tenants who live there, and if any benefit would accrue to Univer- sity City. He wondered if the mere desire of the developer to make a lot of money is justification for the City to grant approval. In response to Mrs° Metcalfe, Mr~ Ollendorff said the developer had signed a sworn statement that he would comply with the provisions of the ordinance. Mrs. Metcalfe said she would like to have a copy of that statement. Mr. Liebarman said M~. Sehlafman had a good point about the benefit which may come to University City, and said the Council should consider that point very carefully. Normally, condominium conversions result in a definite upgrading of the property, thereby improving housing stock and increasing the assessment, thereby adding to the tax base. In this case, he wondered if a value could be placed on the recommended improvements by the realty company in connection with this site. Mayor Mooney sug- gested that this be looked into and a report made to Council. Mr. Kelley noted that unlike the decision which had to be made on the possible loca- tion of a pawnshop in University City, according to ordinance the Council is not re- quired to decide on a case-by-case basis if a condominium conversion is in the public interest. The ordinance says that the Council is required to approve the conversion if the condominium is found to be in compliance with the development standards con- tained in the ordinance. He asked if any inspections had been made to determine this, and Mr. Ollendorff said not all the inspections have been made, ~since there are 28 units. Mr, Kelley said he did not feel action needed to be deferred, given the na- ture of the company, and moved to approve the application. Mr. Adams seconded the motion.