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Show More Mousing Incentives Urged The Planning Commission will ask the City Council to amend a city ordinance to offer the same density incentives to builders of deeded moderate income housing that are now available avail-able to developers of similar rental units. The inentive ordinance, passed some time ago as a possible solution to the city's rental housing shortage, allows developers who agree to keep rents low to build to a higher density than normally allowed in specific zones. Planners approved the revisions revi-sions to the code last Wednesday to encourage the development of reasonably priced purchasable housing as well as moderate income rental units. The revision was made at the request of Gaddis Invest-. ment Co. proponents of the 98 unit Iron Horse Apartment Apart-ment project slated for the old city landfill site south of Highway 248-E. The project was originally approved for moderate income rental units with the devlopers taking advantage of increased den-. den-. sities offered as an inducement. induce-ment. Iron Horse proponents recently re-cently returned to the Planning Plan-ning Commission asking permission to sell rather than rent the units. As a stipulation to granting the request, Planners insisted the annual appreciation oi the units be controlled by the Park City Housing Authority. City Planner Bill Ligety said a mechanism for controlling annual appreciation rates on the units has yet to decided upon but added it could be tied to some type of cost of living or annual inflation . figures. According to Ligety, planners plan-ners realized the need to encourage the development of reasonable priced pur-chaseable pur-chaseable housing but were concerned the units would be originally sold reasonably and later re-sold at prevailing prevail-ing market values, defeating the purpose of the proposal. "Without controlling annual an-nual appreciation rales the units could be bought up cheaply and shortly re-sold at a huge profit" said the planner. To prevent the units from being sold as investment property, rhe Planning Commission Com-mission has also prohibited their use as nightly rentals. According to Ligety, planners plan-ners hope the revised ordinance ordi-nance will allow voutig families and residents on limited incomes to purchase homes and establish' firm roots in Pai k Cit v. 1 igety sa'd a I wo bedroom i:n; wii! tvntamrlv se!! fur 5ft5,(K)0 and thicc bedrooms for |