Your report contains a 8 compatibility analysis, a Master Plan analysis and in 9 conclusion, staff finds that the subject property is 10 located on the eastern end of a single family block in 11 a transitional area, between downtown and a 12 predominantly single family neighborhood. 13 The site is within walking distance of 14 downtown jobs, businesses and other attractions, 15 including near proximity to the Forsyth Metrolink 16 station. 17 Given the site's location and layout, a 18 rezoning to R-4, to allow a rezoning to PUD and 19 subsequent 35 unit townhome development would provide a 20 transition zone from the commercial properties to the 21 south and lower density single family homes in the 22 neighborhoods to the northeast and west. 23 The increased density proposed with the 24 development would allow a greater population to live 25 closer in proximity to downtown and nearby transit Concannon & Jaeger St. Louis, Missouri (314) 421-1000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 23 services. Staff is of the opinion that the project advances the Master Plan by encouraging the reutilization of land, permitting increased densities and providing quality housing to meet housing needs. If the property were rezoned to R-4 without a PUD, it would be able to be developed at a higher density than proposed and the City would be limited in its ability to restrict future development and uses on the site. Staff would not likely support a straight rezone to R-4, however, in this case, rezoning the subject property to R-4 will allow the City to consider a redevelopment proposal through the planning and development process. The rezoning will be contingent upon approval of the PUD by the Board of Aldermen and if the 17 PUD is not approved or if the approvals expire, the 18 property would revert to its current zoning 19 designation. 20 Staff's recommendation to this Board is to 21 recommend approval of the rezoning of the subject 22 property from R-2, single family dwelling district to 23 R-4, low density multi-family dwelling district to the 24 Board of Aldermen, subject to the following condition 25 and that is that this zoning request would be Concannon & Jaeger St. Louis, Missouri (314) 421-1000

The rezoning will be contingent upon approval of the PUD by the Board of Aldermen and if the 17 PUD is not approved or if the approvals expire, the 18 property would revert to its current zoning 19 designation. 20 Staff's recommendation to this Board is to 21 recommend approval of the rezoning of the subject 22 property from R-2, single family dwelling district to 23 R-4, low density multi-family dwelling district to the 24 Board of Aldermen, subject to the following condition 25 and that is that this zoning request would be Concannon & Jaeger St. Louis, Missouri (314) 421-1000

24 1 contingent upon approval by the Board of Aldermen of 2 the Planned Unit Development rezoning application. If 3 approved and the planning and development expires, 4 becomes invalid or the project is not constructed, the 5 subject properties will revert back to R-2 single 6 family dwelling district. 7 8 THE CHAIRMAN: Thank you. We will now open the public hearing and the applicant. Currently, 9 for everyone, we are only considering the rezoning from 10 R-2 single family to R-4 low density multiple family 11 dwelling. 12 13 MR. SCHIFFER: So we will make it ' -- my name is Larry Schiffer. I am one of the 14 codevelopers of this project. this 15 We appreciate the opportunity to be here 16 this evening and have you all listen to our presentation. So we'll make this presentation time, even though there are several of these. acceptable to you? THE CHAIRMAN: Yes. one Is that 17 18 19 20 21 MR. SCHIFFER: I'm sure you don't want to 22 hear it more than once. 23 24 THE CHAIRMAN: MR. SCHIFFER: Yes. Okay. Before we begin our 25 presentation, we hereby request a delay or a Concannon & Jaeger St. Louis, Missouri (314) 421-1000

This project 25 will benefit the businesses and restaurants in the Concannon & Jaeger St. Louis, Missouri (314) 421-1000

26 1 Clayton area by the addition of residents and 35 homes, 2 which of course, will provide an economic boost to the 3 area. And there is a demand for this type housing. 4 Once this has been announced, several 5 times now, we have had numerous people indicate to us, 6 both from Clayton and outside of Clayton, an interest 7 in buying into these homes. 8 9 me. The folks that will move in are similar to Those that want a lifestyle change from homes with 10 a lot of land and upkeep to a home that is simple to 11 maintain and they are able to walk to downtown, to the 12 restaurants and the other establishments. 13 We estimate the beginning price per unit 14 to be $875,000.00, which is approximately equal to or 15 higher than the surrounding neighborhood. Obviously, 16 there are some homes that are higher than that. 17 18 Finally, this home -- townhome development is a great use of the land. Taking into consideration 19 the neighborhood, which we have, the area and the needs 20 of the school district and the City. 21 22 Let's -- just a little history. school building was built in, I think, .1930. This Fifty 23 years later, the school ceased its operation as a 24 public school. In 2009, the School District of Clayton 25 designates the Maryland School as surplus property and Concannon & Jaeger St. Louis, Missouri (314) 421-1000

In 2009, the School District of Clayton 25 designates the Maryland School as surplus property and Concannon & Jaeger St. Louis, Missouri (314) 421-1000

27 1 then in 2012, the School District of Clayton lists the 2 Maryland School for sale and in 2013, the school 3 building was vacated. We signed a contract with the 4 Clayton School District for the purchase of the 5 property to build a 45 unit development. 6 We have had many community meetings, 7 including one in March of '14 and based on community 8 feedback, we have reduced the plan to 36 units and then 9 we had the City of Clayton conceptual hearing here, 10 review hearing with the Architectural Review Board, et 11 cetera and based on that feedback, we further reduced 12 the uni ts to 35. 13 14 So here we are, May '15 with a presentation to the Planning and Zoning Commission. 15 it's been going on for quite some time. So 16 To give you an idea of the -- some of the 17 benefits, now these are the tax benefits and we have 18 had an expert calculate this and this all based on 19 selling the units for an average price of $875,000.00. 20 So the School District of Clayton, from 21 real property, is valued over twenty years at four 22 million plus. On personal property, almost $645,000.00 23 and then in addition to that, you have the utility 24 gross receipts tax over the twenty years of $232,000.00 25 for a total of just under five million dollars. For Concannon & Jaeger St. Louis, Missouri (314) 421-1000