Fayetteville

officials are considering a possible way to renovate dilapidated properties

in the downtown area that could be a win-win for developers and the city.

The proposed

redevelopment district, and the first rezoning request to go with it,

received the go-ahead from the city's Planning and Zoning Commission this

week at a special called meeting and will now go to the City Council next

month.

If approved,

it would allow property owners to receive special considerations provided

the property in question is in enough disrepair to qualify and a substantial

financial commitment is made for renovations, based on a percentage of

the market value of the property according to the Tax Assessors office.

If the figures

laid out by city planning director Jahnee Prince at the commission meeting

are any indication, the proposed renovation of the Jeff Davis Apartments

could be a perfect example of how this district would benefit everyone.

The applicant

for rezoning of that site wants to give the existing buildings a major

overhaul and add some units, all of which would be converted into condominiums,

while adding other improvements throughout the property such as landscaping,

wider sidewalks and a clubhouse. The project would be broken down into

two phases, the first of which is the renovation of the existing buildings,

followed by the construction of the new ones.

The apartments

were built about 1970, and after a recent visit to the property, Prince

said that they definitely could use some work. "There could even

be some safety issues," she said, noting that they were constructed

before a number of current fire safety standards were put into place.

The market

value of the property right now is $1.4 million, she said, and the developer

plans about $2.3 million in improvements. But that would increase the

value of the property for tax purposes to more than $9.8 million, she

added, showing a substantial increase in the city's tax rolls while greatly

improving the condition of the property. The condos would start at about

$129,000.

One concern

of commissioners regarding the development was the possibility that the

majority of the new units could be bought strictly to use as rental property.

That was remedied by a motion that made approval of the project contingent

upon City Council approval of the covenants, which would limit rental

units to 20 percent of the total units on the property.

If the project

is approved by the City Council, tenants currently residing in the apartments

would be allowed to stay until their existing leases expire.

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