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11-14-88 PC Agenda `� r Golden Va1Tey Planning Co�nission ' Civic Center, 7800 Golden Valley Road - Monday, November 14, 1988 �� J:00 P.M. AGENDA I. MAYOR'S MEETING ON HOUSING 8;00' P.M. II. APPROVAL OF MINUTES - OCTOBER 10, 1988 (No me�eting w�s I�eld o� October 24, I988 due to a lack of;a quorum. } III. INFORMAL PUBLiC HEARING = PUD PERMIT APPLICANT: Public Storage, Inc. LOCATION: 2300 Winne'tka` Avenue North REQUEST: Approval of a Conditional Use Permit to Altow � Gonstructian of Three Mini Storage Warehouses With an Apartment and Manager's Office Attached to One " of t6�e Structures IV. RE�IEi� {�� I-394 OVERLAY ZONING DISTRICT ORDINANCE " � V. REPORTS QN HRA, BZA AND CITY COUNCIL MEETINGS ***�**�************************************************************************ PLANNING CON�tISSION GUIDELINES FOR PUBLIC INPUT 7he F}anning Comnission is an advisory body, created to advise the City Council on tand use. The Cornmission; wi1T recommend Council approwal car denial of a land use proposal based upon the Commission's determination of whether the pro�osed ase is permitted under the Zoning Code and the Comprehensive Plan, and whether the pro- ' posed use wi11, or wi11 not, adversely affect the surrounding neighborhood. The Comnission holds informal public fiearings on land use proposals to enabte;you to learn; first-hand, what such proposals are, and to permit you to ask questions and offer cortments. Your questions;and comnents become part of the record and will be used by the Council� along with the Coamission's recomnendation, in reaching its decision. To aid in your understanding end to facilitate your canments and qu�stions, the Gommission`will utilize the following'procedure: 1. The Commission Ghair Nill introduce the proposml and,the recommendation from staff. Commission mea�bers may ask questions of staff. 2. The propone�t wili destribe the proposal and answer any questions from the 'Gommission. 3. 'Tbe Ghair will open the �blic hearing, asking first for those who wish to speak to so indicate by raising their hands. 7he Chair �ay set a time limit for individual questions>comments' if a large nua�ber of persons have indicated a desire to speak. Spokespersons for groups wilt have a longer period of time for questions/co�nents. 4. Please give your fuU name and address clearly when recognized"by the Chair. Remember, your � questionsJcc�ents are'for the record. 5. Direct your questions/ca�ents to the Chair. The Chair wi11 determine who witt answer your questions; 8. No one will be given the opportunity to speak a second time until everyone has had the opportunity to speak initially. Ptease limit your second presentation to new information, not rebuttat. 7. pt the close of the public hearing, the G�aissian will discuss the proposal and take apprapriate action. . ` r MINUTES OF THE GOLDEN VALLEY PLANNING COMMISSION , �--. � October ,1�, 1988 A regular meeting of the Planning Commission was held in the Council Chambers of the Civic Center, 7800 Golden Valley Road, Golden Valley, Minnesota. The meeting was called to order by Chair Prazak at 7:02 P.M. Those present were Commissioners Kapsner, Leppik, McAleese, McCracken-Hunt, Prazak, and Russell . Commissioner Lewis was absent. Also present were Mark Grimes, Director of Planning and Development, and Beth Knoblauch, City Planner. I. APPROVAL OF MINUTES - SEPTEMBER 26, 1988 It was moved by Commissioner McCracken-Hunt, seconded by Corranissioner McAleese, and carried unanimously to approve the minutes of the September 26, 1988 Planning Commission meeting. II . PRESENTATION BY DAVE SEBOLD REPRESENTING RON CLARK CONSTRUCTION - AREA C - OF VALLEY SQUARE Director of Planning and Development Grimes said that Ron C1ark Construction had been designated developer of Area C in Valley Square and that the HRA was in the process of negotiating a development agreement with them. He introduced Mr. Dave Sebold from Ron Clark Construction. • Mr. Sebold presented the preliminary plans for the block which show about 100,000 square feet of retail space and office/service space on two levels. There is also a six-story, 100 unit apartment building on the site. Mr. Sebold stated that the retail portion will probably be mid price retail with a fashion orientation. The apartment units will be in the mid to upper price range. The Planning Commission addressed concerns regarding the adequacy of parking on the site and the lack of area for landscaping and setback. There was also a discussian ab�ut the accessibility of the apartments to the retail space. The Planning Commission felt that the residents should have access to the retail shops so that they do not have to go outside. III . RRESENTATION BY RICHARD MYERS REPRESENTING LINCOLN PROPERTY COMPANY - HIGHWAYS 100 AND 55 EXPANDED NORTH WIRTH PARKWAY REDEVELOPMENT DISTRICT Director of Planning and Development Grimes introduced Richard Myers of Lincoln Property Company. They are proposing a 590 unit apartment development at the northeast corner of Highways l00 and 55. The area is in the expanded North Wirth Parkway Redevelopment Area. The proposed use of the apartments is con- sistent with the goals of the North Wirth Parkway Redevelopment Area plan. Mr. Myers presented drawings of the proposed development. He said that the site is 24 acres. He is looking at a two phase development with the first phase beginning in the summer of 1989 with a completion in mid 1990. The second phase would begin in mid 1990 and finish in 1991. . � f� Minutes of the Golden Va11ey Planning Commission October 10, 1988 Page 2 � There are two distinct buildin t es. The first t e is a 3 - 4 stor t ical 9 YP YP Y YP apartment with underground parking. The second type is a two-level walkup building with a courtyard. The apartments would have a front and back side for improved ventilation and exposure to the sun. All units will have washers and dryers. All units will have at least one underground parking space. There are plans for superior amenities with the complex including indoor and outdoor pools, tennis courts, walking and jogging trails and a 5,000 square foot club house. The Planning Commission discussed the access to the site. They agreed that the proposed traffic signal near the old White House will improve access to the area. However, there was some concern regarding the need for a second access to the site from the north. Director Grimes expTained that in 1991 or 2992 the plan is for MnDOT to complete the frontage road system to the north across the ' railroad tracks and thereby give the development a second access. There was also concern regarding the removal of 112 moderate rent units and replacing them with high rent, luxury units. IV. PRESENTATION BY JOHN BOSSARDT REPRESENTING BOSSARDT CHRISTENSON CORPORATION - NORTH WIRTH PARKWAY REDEVELOPMENT DISTRICT Director of Planning and Development Grimes introduced John Bossardt of Bassardt Christenson Corporation and Ron Erickson of Korsunsky Krank Erickson Architects. Bossardt Christenson is proposing to redevelop the Otto Bock, Juhl Brokerage, • Action Electric and Soo Line properties in the North Wirth Parkway Redevelopment Area. Mr. Erickson presented drawings of the site plan and building e1evations. The plan is to construct 200,000 square feet of C1ass A office space on Highway 55 in two buildings and 70,000 to 90,000 square feet of light manufacturing or office/high tech space along the railroad tracks to the north. The office buildings would 'be up to eight stories in height, There is the possibility of a restaurant on the first level of one of the office buildings. Parking for the site would be to the north of the office building with the possibility of a parking deck. Access to the site is from Highway 55. The City is currently working with MnDOT to get approval of a second signal at Ardmore. The Planning Commission was impressed by the proposal of Bossardt Christenson. V. I-394 OVERLAX ZONING OISTRICT ORDINANCE Director of Planning and Development Grimes said that City Attorney Allen Barnard would be present at the next Planning Commission meeting to discuss the I-394 OverTay Zoning District Ordinance. The meeting was adjourned at 9:05 P. M. • , '� November 8, 1988 T0: Golden Valley Planning Commission FROM: Beth Knoblauch, City Planner RE: informal Public Hearing - Preliminary Design Plan for a Planned 4lr��� Development at 2300 Winnetka Avenue North Public Storage, Inc. , has submitted an app�ication for a Planned Unit Development designation for its proposed mini storage facil�t� at 23rd and Winnetka Avenues. The proposal quaTifies as a P.U.D. on two grour�ds: the presence of an on-site manager`s residence creates two pr��€�ipa1 uses on the parcel ; and the arrangement of the storage space results in three principal structures on the parcel . Public Storage, Inc. and its consultant, Hedlund Engineering, have submitted a consider- able amount of information describing the proposal and the site (attached) . The proposed site access from Winnetka Avenue has failed to get approval from the Hennepin County Department of Transportation. Aside from an emergency fire lane access from Rhode Island Avenue, no other access was proposed. This will necess- itate a redesign of the site layout, and the new plan will be available for your • review at the hearing. Basically, it involves moving the access around the carner onta 23�d kve�r�e, and separating the manager's residence/office from the large storage building. Since the bulk of the site will not be much affected, the original site design is being sent out for your initial review, The property is currently zoned for Business and Rrofessional Office uses. Staff has seen several development proposals in the past, some including rezoning to commercial or light industrial , but none has yet been successful . Meanwhile the site sits vacant, receiving only basic maintenance and generating no significant revenue for its own�r �r for the City. The pr�aposed P.U.D. would create a pro- ductive use for the site and would generate ]ess of a traffic disturbance than a typical office building that would be permitlted as of right. Str�c����� lcrt coverage, a� just over 39%, would meet the 40% limitation imposed on a Business anG Prc�fessional Office development. Structural setbacks will meet the City' s re�u�rements in the amended plan, though a two foot variance would be required or� the original plan in this packet. Staff has advised the developers that if there is any problem with the two feet, a variance to the rear of the property would be preferable than on the front building line. Parking lot setbacks will probably meet the City's requirements, though the developers may request a variance for two additional parking spaces at the site entrance. Ali parking and loading activities on the site will be concealed from public view by the use of buildings, fencing, and landseaping, thus minimizing their impact on adjacent uses. . Golden Va11ey Planning Commission November 8, 1988 Page 2 .• A more detailed parking, loading, and circulation plan will have to be presented before these aspects can be adequately evaluated. The City's ordinances do not specify requirements for a development of this type, but standards recommended by the American Planning Association specify entrance area parking at a rate of one space per 100 storage units (this proposal will involve about 504 storage units) , plus one or two spaces for the manager's residence, plus one space for each additional employee, if any. Striped parking lanes aTongside of each storage building are also recommended, but this may not be feasible with the current proposal . According to the City's Zoning Ordinance, the Planning Commission's consideration of a P.U.D. application should consist of whether or not the application consti- tutes an appropriate land use under the general principles and standards adhered to in the City. This proposal does generally appear to constitute an appropriate land use. Setback requirements are being adhered to on the street perimeters of the site. The proposed development would be no more massive than that allowed by as-of-right zoning, and would generate less intense traffic. Provisions have been included to screen any on-site activity from adjacent uses. The development . would provide a useful service within the Community. Staff suggests that the Planning Commission recommend City Council approval of the amended Preliminary Design Plan for this P.U.D. If necessary, and as allowed by the Zoning Ordinance, the Planning Commission may want to include some conditions in its recommendation in order to ensure the proper execution of all requested amendments. . Attachments . Public Storage, Inc. . 1 Appletree Square, Suite 1382 • Bloomington, Mlnnesota 55425 (612) 854-6579 November 9, 1988 Public Storage is a full service real estate company engaged in the development, acquisition, management and syndication of real property assets. The company was incorporated in California in 1972. PSI ' s principal activity has been the development and management of self- storage facilities and multi-tenant business parks. PSI , together with its affiliates , is the leader in the self-storage industry in the United States. Currently, Public Storage, Inc. owns or manages: 850 projects located in 37 states and two Canadian pravinces 50 million net rentable square feet of self-storage facilities 412,567 rental spaces in self-storage facilities � 6 million net rentable square feet of corr�mercial space and business parks PSI ' s success has attracted substantial investments from American, Canadian and European individual and institutional investors. Today, PSI is one of the nation' s largest sponsors of real estate investments. PSI and affiliated entities have raised over 2 billion dollars in equity capital . PSI is currently developing new projects throughout the United States. Expansion plans call for 200 locations over the next three years. The Twin Cities region plans to construct 15 of these facilities. All will • have high visibility and a resident manager for increased security and ease of operations. Currently, PSI is managing facilities in the Metropolitan area. PSI also has 3 facilities under construction in Burnsville, White Bear Lake and Coon Rapids. Respectfully Donald Jensen Development Coordinator � DJ:skh ` A �`6 YEAR TRACK REC�RD OF PROVf DI NG SOU�� D ECONOMI� INVESTMENTS �'�HY WE'RE THE SEIf-STORAGE INDUSTRY �EADER Many of our investors have long considered income-��roducinb reai estate to be a sound and basic investment for huilding wealth. That's why � �Il� I we have always directed the efforts of Public ' � Storage, Inc. to the fundamentals of oE�erating self-storage faciliii�s and to providing wealth- building benefits for our i��e�stc�rs. Since i972, we have catf�r�c! investors economic �investments that make sense. As a result, our� � p��rtnershi�s have performed under different tax laws and during periocls of rising and falling F inflation and interest rates.� � � We have built oUr reputati�n by adherin� to fundamental eronomics. Piiblic Stc�rage continues to lead the self-storaKe industry and has grown to becoi�e one of the nation's largest � � syndicators ���f inr_or1�e-C�ro�iucin�; real � � � � � estate investments. � We have raisc�d more th<�n $1.9 billion and now manage 7Gt3 proE�erties for more than 172,OQ(1 individual and institutional investors. , � �'uhlic Stc�ra�;e iti a fuil-service real estate `��; c��mp��ny, providin�;ccafy���l�4�° r�ar:a���n��nt of � �'' � � � our partnersl�ips` a5�et� from development or � � � � acqi�isition throu�;h �al�� uf the ��ropE��rties. The � F�otc�nti��l h��nt�tit5 t���ii�����-:;ic�rs arE� Phe �;�nie � tc�cl<iy �+�� th��y 4ti��rE� w�hE_�n �.vt� s(<�rte�l — safety, � t� in�_r�n�f�; .in�l �.,���it��l�.���f�r����iati��n. � � � � 4V�� w����i1�1 li{:i� t�� sh�ri� tlii� <���E���rttrnity r,w���F� yr>u. ('IE�aS�� take a�n�ument t� look at ti��is � � � hrr��:�hurr�, ic����1 th�� enclosed f'rospectus, and �� � � review tl�i�, u����ortunity with your broker or � � � � fin��nci,�l ,�<�vis<�r.�Wf� h����e yc�u'll �consicler t���c� „C-)ur partner�hi��5 l���iv� ��erformed ui�cit�r � � �x�t��nti�►I f��=a�f=t�is yr�u n���y re�alire ��s an invest<�,r dilferent tax I;i���s�znc! cliirir�g peri�x�s ��f rrsin� � � in oiir cui��erit t��1<��rir��;, P,ts��7�1z�, ����(��rred Yield. :�r�cl lallrra�; raatl,t[ir�n �tnr!�int��test rates." � � ,�;,-..�.�,7 ���,� � Kenncth (�. VuJk, )r. � � � � (_h.�irrt��ir� �,(t�i�� l�r���r�l � � � � !��/Q-�'"� .���L�� �3. �/�V��l}�Ill' � �U};�i('ti Nn�Si!l��nt � . �,... r.i,..i. .i n„�-1 b� � ..ur�r r �, .�.u`„J uy,r"..�,;. �,,n.i�;,.lm. i..��,.�n�. �,�,�.�,.� �.., ,� ���.,....... rnr >IL� n�„�'. ,i qwm,g dn� �r.r �,r,� Pu..,� �� _.iA��.I�i. I'ul�!.. , r 11f.�ri,� ,-r,.Ir�, �iili!,. ;(��r,lti� . ., �..:.���'i����,•rti�•.(.i�����. �� .;,l��� ,i��,� ��.�r,�. . .�>r,��iit�.�i�. 1 . ti(��i,iK��.lii.. �r., .�.r,r ..i� i. , . 'nnrt•d p i t.,r,!., ��nrt .. -�r ��. . ,mtrrr�[�n pr�. ... .i��p.•dr��1•h�rr•.i� , r�thr;n p.. , �d 4i,-.irt�d�n tfu:br<,hur te,,.i < �. r_,. 1,•�r� �„I ,- „�Dr I�uL, tit��n�;r In� I r urL��-P-� ���.l�;> lhn meler�� .� ..,i minr.'.•.v ... _. � � n,..rt��.�..�,i.�r��iirr to t�., c�.sr -�n � �,l, .�P� .�,�I,�. i r n�,��t�r. L,�.r,r�il tl;n m if�vi.J��.]�+�' �nzed�mly�.hi•n uru��.; ., v.,,��x pan.��� ,..i.� � 1 ;f. ..i, � . i i � �- 1,, n.�� �_�I �n r�� .-��� '.,�,tf��n n ..id,�e��ir•pt by P�,„����,�, lh.•.1tto�nr��i,� •-a:�r1 N,� iI ro,ui?.•.. � ,. .r,. ,, �. .,-1�, ,...,s< 1 ihe m r h�i. �,.. ., „ " -1-f r��r.n r �.!..t:�i . „�,. � r.tt�,u;�f.�t��rrc,rn fh,t,n,.�..,r..y,�d�.�i U� °rnt:��• il. � �;_ .�ih.-r�rn� . .-� . � THE GROWTH POTENTIAL OF AN 1NDUSTRY ` THAT THRIVES ON CHANGE �It's been said that only one thing is constant, ACCOMMODATING BUSINESS EXPANSION nd that's change. Changes are continually AND REDUCT►ON occurring in our lives,�ou�society and the The American economy experiences cycles of economy. While changes challenge the gro�vth and recession with businesses successful operation of many businesses, there expanding and contracting. The self-storage is a growth industry that thrives on change, and industry accommodates business expansion by that's the self-storage industry. providing additional space for materials, records Let's examine how the self-storage industry can or inventory. On the other hand, when benefit from many of the pervasive changes businesses are contracting and moving to shaping our lives. smaller facilities, the self-storage industry is also in a position to benefit by satisfying the new needs for low-cost storage of equipment AMERICAN FAMI�IES ON THE MOVE and materials. American families continue to be highly mobile. In 1984-85, 19.6% of Americanc changed A SAFE PLACE TO KEEP IMPORTANT residences.* In adcJition, even families who do RECORDS not move are continually experiencing changes, with retirement, job changes, the simple Changing government rules and requirements accumulation of �ersonal property, or caliing for increased documentation and record- households forming or separating for a wide keeping cause businesses and individuals to variety of reasons — such as marriage and utifize Iow-cost storage provided by the self- children or other family members moving in or stora�e industry. moving out. These transitions create demand for self-storage space. �oun e:U 5. Drparlmeni o/Commrrre.Hwrau of thr!-ensu�. . � . � . �' LES.S STORAGE SPACE FOR HOMEOWNERS AND RENTERS 1�tany hz�mcs, con�l�minizims and apartments � h��vE� limite�i storage� art�a�, such a5 basements,� � � � � � attics, and closets. As �� resuli, ��e I��eliev� � � � dernand continues to ±;ru��� f�r additir�n,il, c��nv��niei�t and econ��n�ical storage sp�+ce � � uut�itlr the homc for �h��u���13�1c1 g�ods. �''"�"E �r��oyRSE�F w�r„�� � � � � � RYpER-�� � ��� ' ' , - 0�-.,_......,.�"! ' ;� � "..--�� �.,, —— � �: -.V� :-, „ :,�-� r "`:�-�,,�,`��; ` �- x:�r..�_�- . Q� � :,,� k 4�....� �! '�"�,."•�,:s ,.s- "t �' "�r..:��-�,3� � O�c�_ ,. ,,.� ,.;,`'` ,� �°�'��t� . . KEY REASONS I �IVESTORS CHOOSE PUBLIC STORAGE • AMERlCA'S SE�F-STORAGE LEADER FAVORAB�E ECONOMICS � Public Storage,Jnc. is the largest operator of Rents Respond to Demand: Rents can respond self-storage facilities in the U.S. As the self- to demand because tenants lease on a month- storage in dustry lea der, �ve have lon g to-month basis. We have more flexibiliry to raise recognized the growth potential of tf�e industry. rents than owners of other types of real estate. Public Storage Management, Inc. (f SMI), our Small Transaction Costs: Monthiy rental charges self-storage property management company, is for individual units are generally low. So, raising dedicated to meeting the needs of tenants who rents by a significant percentage results in smali seek the convenience, safety, quality and cost- increases in rental payments. These small effective use of Public Storage facilities for transactions, spread across a broad tenant base, storing their property. may result in attractive income increases We are also the leacler in serving investors who to investors. seek to partic+pate in this growth industry Low Breakeven Level: Operating expenses for througf� ownership of income-producing real our self-storage facilities are low. On average, estate. our facilities only neecl about 24% ot" annual By investing in a limited partnership with the scheduled rents to cover normal operating self-storage industry le�der, you can participate expenses during the first calendar year of in the distinct advantages F�rovided by Public operations by PSI. Other types of investment Storage, Inc. properties, such as apartments, office building� and business parks, generally have higher operating expenses. • . R 1 , �. p5 ��� t '' ' ;�-' 3 '� ` .���.;,; f�°' - ! � � - • � �4 �Yu,'�'�T,Q� }r�. � � � i!1�'����/ . . �� PR1ME REAL ESTATE EXPERIENCED PROFESS►ONAL We seek to purchase properties in highly visible, MANAGFMENT densely populated areas along major PSMI is a nationwide organization which applies thoroughfares. Prime real estate can command discip►ined procedures to the management of higher rents which can in tum increase the the daily operations of all our self-storage value of the property. facilities. These procedures have been DIVERSIFICA710N developed from years of experience. We recognize the importance of diversification PSMI is always working to improve its to protect your assets. Public Storage, Inc. management effectiveness. In 1986, we creates a diversified portfolio in four important established PS University to further enhance our ways: already extensive management training programs. Geographic — Properties are acquired in many different cities. Because of the size and scope of our property management system, we can create demand for Numeric — Because self-storage facilities cost our facilities by utilizing consumer advertising, less to acquire than many other kinds of on a market-by-market basis, in print, radio or commercial properties, the Partnership may television. We let milfions of consumers know own a larger number of facilities. that there is a cost-effective, easy solution to Property Types — The Partnership may also their storage problems and that Public Storage is acquire existing, income-producing commercial the most convenient and safest place to store properties, such as business parks. (Up to 30% their belongings. of the proceeds may be invested in c�mmercial You, as an investor, benefit from this broad properties.) expertise and from the expense controJs and � Tenant Base — Uur tenants consist of larbe economies of scale that PSMI provides through numbers of individuals and small businesses. its standard purchasing, accounting, and We don't rely on a few major tenants or unon management policies. tenants in the same or similar lines of business. � �,�„ �• . � � .. ;.:�: - _. ',�'..> .`�;:,; � .-��., , ' J' �,.� �. � �; � «x /, � �� � . ;. :-�✓ .. ���� �� � � �5 An fr��e•�lur m a�unenf oi(rnng o(hmrte<1 partnrrship uni!s will a�Quirv no inl�aesl in � f . prupi�rUCS ap�>eanng hr,rem Th�pro�x•rfics�e��n•sPn[pru�ery_fs derre�(oprd�ir a�quirrKl by . ./','- _ ^ Pubh�S(nragc,Inc..tnd a�e only ippresentatrvr ol Ihe type o(property.(hat mar:>e . � ar yuui•d by Ihr Pannrnhrp. : . . . ��'4Ga�+�'�� � � ' P OFESSI�NAL MANAGEMENT OF YOUR INVESTN1cNT ' Public Storage, lnc. is a full-service real estate optimum rental rates are supported by ��o pany that manages investments for more consumer marketing programs in print, radio or th n 172,OOG ir�dividuai and institutional television. As demand increases at a property, �I in estors. We, or our affiliates, manage rents can be increased. in`estors' funds through all phases of the With expense contro4 _— ' Pa nership, from its opening through the final measures and sustained � di position of the properties. occupancies, rental rate � increases may result in O r Real Estate Acquisition Group (REAG) is growing yields to you. 'co tinually analyzing and evaluating properties !fo purchase. Information on desirable market During the operating �',ar as is gathered from a variety of sources, phase of the Partnership, ', in luciin� our national computerized database. we will send quarterly As areas are targeted, the REAG identifies the distributions of available cash to you as well as fa ilities that could meet our investment yuarterly reports from our investor Services ob�ectives. Department on the progress of the entire ' Partnership. I, U on acc�uisition, Public Storage properties are ,tumed over to our fully trained property After a holding period of about 7-10 years, we ' managers who provide continuous management intend to sell or finance the properties so you 'of tlie projects. All self-storage facilities have can realize any increased value of your ',on-site resident property managers who report investment. 'to a local area m�nager who is responsihle to ' regionai ancl corporate managers. l�he on-site project m��nagers' efforts to maintain and ' increase occupancy levels ancl to obtain � . � ; i �"� . �. ,\`�\:Yv`,*�� . . � � R , .s?�.,:� �-, ;:r;;:�✓',,; .g. _ 1, ti ;' _ - -"�:•, #� c � - � -:,., __ � -..,.� �- ,.� ,r� .�:. . ''�'� ., • _ _.r,;,-� � f�� �T .� , __,� � .;�i�"�' � ��� ��� t�rr� c�(the� i.�a��� ��our in��estment is enh<inre�l i, throu,'h �1i��er�iti�ati��n. � � � G�MPARABLE RENTAL FEE PER SQUARE FOOT Self-Storage Facilities vs. Apartments PSI Apartments Self-Storage Facilities (12131/86)' (1 Z/31I$6)'' Average size 1000 sq. ft. 100 sq. €t. Monchly renc $589.00 �60.65 Average renc per sq. fc. per month $ .59 # .61 1�iiis illuscration is no�meam to be inclusive."Ilicrc arc o�hcr considera[ions tha�should be taken inro account when comparing investmencs in differcnt types of properties. ' Dased on rents on low-rise and garden apartmrnts in the following seven citics —Chicago,Dallas,Houscon,C,os Angeles,San f•'rancisco,Seatde and Washingcon,D.C. —according�o the(ollow�ing sources:U.S.Bureau o([abor Statistics;lnstimte of Rcal Gscace Management: Income,Expense Analyses—Apar[mcn�s(1986 Edi[ion). " So�rce: PSI,PSMI,System-wide avcrage PSI developed properties. INVESTORS OF REGORD Major Investors in Public and Private Public Storage Programs — June 30, 1987 Allied L�y�ns Dofasco Occidental Life Insurance American Business Products Eastern Airline Pilots Retirement Fund Ocean Spray Cranberry Arlingcon County, Virginia, Ectilin Corporation Association Employces Retirement System Georgia Municipal Employees P�zer Group Arro«� Automotive I-loneywell Philadelphia Municipal Aclantic Richficld Pension Fund Ho�is�on Firemen's and The Royal Bank of Canada Bank of Dela�vare I olicemen's Retiremenc System Ba�cist Ist�undation�f Arkansas Illinois State Board Royal Trust Corporation of Canada I3ritish Petrolcum of investment St. Louis Teachers Cadbury Sch��eppes �mperial Oil San Diego Counry Employees Jicarilla Apache Trust Re�irement Association Canada Life Assc�c��c��o���pany Sociery for Savings of Cunnecticu� Canadian Imperial I3ank i�ansas Ciry Firefighters Kansas Ciry Municipal Employees �Canadyne, Inc. Cardiff University Standard Brands Chicago Metropolitan Mutual Kings College, Cambridge Assurance Company Mcrrill Lynch Employees Stace of Conneccieut Trust Funds City of Detroit Pension Fund Stauffer Chemical Retirement System Minneapolis 'leachers Associatic�n Thomson Publications Coca-Cola Bottling Company of Monareh Life Insuranee Company Union Carbide Elizabethtowm, Kentucky Mi�tual Trusc Company Vermont Public Employees Ne�ti� Cascle County, Delaware, Retiremern System Employees Pension Program (Partial List) `� November 10, 1988 T0: Golden Valley Planning Commission FROM: Mark W. Grimes, Director of Planning and Development SUBJECT: I-394 Overlay Zoning District Ordinance City Attorney Allen Barnard will be at the November 14 Planning Commission meeting to review the I-394 Overlay Zoning District Ordinance. � EnclQSUre: Copy of I-394 Overlay Zoning District Ordinance Enclosed Separately for the Planning Commission Members Only .