THE CORPORAIIUN OF TIE CHY Ut PUKE COULTILAM

REZONING MULTIPLE LANDS CONTINUED

processed very similar to an application for a single family
home. As the multiple zoned lands are in areas which are
serviced with water and sewer there are few legal requirements
which can be placed on an apartment developer. The upgrading
of services, design panel comments, and public and Council
requirements can only be considered as suggestlons when an
application for building permit is received,

As mentioned in last years report, maximum control can only be
acheived when Council and public action is necessary for per-

mission to build or zone.

Property Values In reviewing the comments of the last public
hearing on this matter, the feed-back concentrated on loss of
property value. After discussion with the Assessor, we feel
it is impossible to Guarantee against loss of property values
by down zoning. The values were created by the City in early
1969 when the areas were zoned to stimulate development.
During the past four (4) years many owners have sold to apart-
ment developers and assumidly profited from the zoning. The
loss from increased taxes paid during the past four (4) years
was also a point put forth. And undeveloped property zoned
RM-1 is assessed at $ .15 + a front foot more than an RS-1
Property while the RM-2 is valued at $ .45 & per front foot
more. It is interesting to note that eight (8) property owners
of the fifteen (15) property owners which participated at the
hearing are assessed at $ .10 per front foot below..the RS-1
value as they owned and lived in the residence prior to 1959.

It is likely. the properties shown as first phase apartment on

the phasing pclicies will retain their land value, particularly

if the Development Area is used.