PUD he could build. Unless the citizens could urge him to go with |
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residential, there would be some form of change. He said he wished Mr. |
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Gilbert luck in the current economy. He knew Mr. Gilbert was planning to |
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be ready when there was an economic turnaround, but Mr. Domka said he |
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was not sure the turnaround would happen any time soon. He recalled |
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being in college in Flint in 1979, and that the unemployment rate in Flint |
|
was 25%. Detroit also had a rate of 25%. Flint’s economy was based on |
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the automotive industry. Metro Detroit was more diversified, but the |
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unofficial unemployment rate in Rochester Hills was now 20%. It was |
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2010, and Flint had not recovered in 30 years. If metro Detroit took half |
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that long, it would be 2025, which was consistent with what some of the |
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financial analysts he followed had said. They were seeing increased |
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vacancy rates in local commercial and multi-family real estate |
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developments. Mr. Gilbert had said that he planned to have a lessee in |
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place prior to development. Mr. Domka felt that was smart, and that it |
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might minimize the risk of vacant buildings on Rochester Road, but there |
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were small and large chain stores going bankrupt, so a lessee here today |
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might not be here in a month. He offered that the current credit market |
|
was precarious, to say the least. They were experiencing nation-wide |
|
residential rate and prime mortgage defaults. As someone earlier said, |
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the fuse is lit on the commercial real estate bomb, which was expected to |
|
be larger than the prime rate mortgage failures. The failures would only |
|
be magnified in the region. These were economic issues that would put |
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great pressure on any commercial or residential development in the area. |
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He turned to Mr. Gilbert and said he wished him success, but he asked |
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the cost to the community of the revised PUD. With Mr. Gilbert’s |
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development, they would not profit; they would lose, in the form of |
|
degradation to their lifestyle and the impact to their home values. The |
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residents surrounding the revised City Place would suffer from declining |
|
home values in an already down home market. The historical house on |
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the property had served as a gateway to the community for over 100 |
|
years. Thousands of residents passed it everyday, reminding them of the |
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character of the community and why they lived here. He said he did not |
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know all the facts, but he heard that as a condition of the original PUD, the |
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house was to be maintained in good form. Now it was to be delisted from |
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being a historical landmark so the developer could tear it down. Mr. |
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Domka said he would implore both the Planning Commission and City |
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Council to keep the house in place. Even if the HDSC determined that |
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the house was of no value, it did add significant value to the character of |
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the community. The residents came to the meeting to share their |
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thoughts and feelings about the issue, and he said he wanted to make |
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some predictions. He said they would come true if the people did not get |
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involved with the process and make their voices heard. Support was also |
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needed at the next HDSC meeting next month, when they would be |
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