Agenda - Council - 04/25/1995 - Laserfiche WebLink

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I I I I ,I I I :1 I I I I i I I I I I MEMORANDUM DATE: TO: FROM: SUBJECT: Apfil13,1995 Mayor and Councilmembers Ryan Schroeder, City Administrator Glen Huff, Building Official ! Steve Lutmer, Building Inspector r Sylvia Frolik, Zoning Administrator : Jessie Hart, Finance Officer :Steve Jankowski, City Engineer i Kendra Lindahl, Intern Beth Malaby, Intern A~V James Gromberg, Economic Development Coordinat iBuilding Activity for March 1995 Attached for your review and usage are the building repons for the month of March 1995. As the report shows, the City issued a total of 21 permits for new home construction. This includes the c~nstruction of the first set of town homes at the Rum River Hills Golf Course. This gonstruction has led to a change in the building permit valuation report as duplexes and multi-family units will be listed as the number of units they produce, not the number of permits issued. With the completion of March, the City has made up ground and is only two units short of the projected ~nstruction for the year. With the current interest rates at 8.5 percent for a 30-year fixed gaortgage, the City should see a steady level of new home construction. Based upon cut'rent year-to-date figures, it would appear that these lower interest rates are encouraging tl{e building of larger, more expensive homes. This is supported by the average value 6f new homes being $122,304, as compared to $85,432 in 1994. This has also led to a l~ger number of homes being constructed in the rural area as they generally tend to be of a higher value. The rural homes currently encompass over 30 percent of the homes constru6ted compared to a projected total of 11 percent for the year. As always, should you have suggestions or comments, please contact me. /jmt