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Show - Park Way legislation safeguards developers develop-ers and investors against risks. For example, the ordinance shuld establish a set of guidelines guide-lines for the housing authority to work under in arriving at a base monthly rent. Also, the inflation index, to which rent increases will be linked, should include variables for insurance premiums, prem-iums, taxes, damages to premises prem-ises not covered by insurance, and other, expenses which generally rise at a greater rate than the overall cost of living. Finally, the act should allow condominization of at least some of the units prior to the end of the fifteen year rental period if it can be shown that the units have a high vacancy rate over a prolonged period of time, and are not essential to meet a shortage of rental units. The final legislation should reflect input from the Federal Housing Administration and the banking communityu to ensure that projects developed under the Wells Plan would qualify for federally assisted or conventional convention-al financing, v Because there are not suftV cient incentives in the Park City investment market as presently constituted to meet the need for low and moderate income housing, the Park City Council . is certainly justified in attempting attempt-ing to influence the market to meet that need. Underlying the Wells proposal is the attempt to influence developers and inves- tors to voluntarily .spend their' . . resources in solving this com- . munity problem. The way Lsee it such positive incentives are always preferable to mandatory government controls. r--. " - .- - . .v . ' ' i'i-'i'r' 1 - : ' .' .''.-'.v''': v,-:t, ' ' -, " V- by Max Greenhalgh The WeUs Housing Plan City councilman Bob Wells recently proposed . an amendment amend-ment to the City's Land Management Code that, attempts at-tempts to- relieve the City's severe shortage of low and moderate income housing. The amendment, if passed, will provide a healthy density bonus in certain zones if the developer will sign a contract to rent the units to persons of low and moderate incomes for the first fifteen years. The initial monthly month-ly rent will be negotiated between the developer and the city housing authority; subse- quent ;Tent increases would be lied to a yearly inflation index. I find the proposal attractive. 1 applaud its author for attempting to resolve the City's housing dilema through incentives incent-ives to private enterprise. This approach is a great improvement improve-ment over the plan previously proposed by the City Planning Office thai would have prohibit-, prohibit-, . ed the condominimization of existing rental units. The moriiorium over the conversion of rental units to condos, in addition to being legally unsound, un-sound, would have discouraged investors from constructing multi-uniij resi'derices.vVrhe Weils. F Plan at tempts to.; bring abouf the same objective, of , providing rentafunilslo Jjouse , the. City's tourist trade-personnel,; but sets, out to accomplish ' ihis goal through . incentives' to private enterprise instead of imposing mandatory controls. The success of the Wells proposal will hinge largely upon the extent to which the final |