Minor Amendment-MUSA Expansion Requests

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I' I: 11 i 11 11 [ I, I! I~ I~ 11 - i I: Ii I I I: I . I i " I of different subdivisions the City should have enough lots for 1992. With the additional phases and new subdivisions that have been proposed and are currently working towards final plat approval the City should see a three (3) year supply with the current absorption rate of 115 per year. If this trend would increase due the low interest rates and or a greater demand due to the greater availability of urban lots, this three (3) year supply could be absorbed in a shorter period of time. The expansion will also help keep the price of urban lots lower by increasing supply. thereby helping to achieve both City and Regional goals of affordable housing. 200 180 P e 160 r m 140 I t 120 S 100 P e r 80 y 60 e a 40 r 20 0 Table 5 RESIDENTIAL BUILDING PERMITS USED 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 Year I == URBAN PERMITS ~ RURAL PERMITS I Figure 2 indicates the areas of the City that subdivisions are currently in the process of receiving final plat approval during 1992. Since the MUSAexpansion was approved in 1989. one subdivision has been partially developed bringing 44 new urban lots to the market with a future phase increasing to a total of 73 lots. Plats have been approved for five (5) additional subdivisions which will include a total of 270 lots with City services. These lots will become available over the next three (3) years averaging 90 lots per year. The City has also received 7