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Mooresville Planning Commission, March 11, 2021 Affordability over the same period. He pointed out that the Mooresville median household income is $60,000 per annum, and that as the cost of building homes increases, the market decreases. He stated that the Morgan County median household income is below $60,000, and the average price of a new home is currently $212,000, placing much of the available housing outside the range of average county household. He showed additional slides from BAGI which detailed projected job growth versus projected new housing units, and additional slides from MIBOR data where the content was altered, showing new home construction deficit in Morgan County. Mr. Holloway showed two slides with data from Sunco Construction showing cost savings for the homebuyer and homeowner over the term of a 30 -year mortgage of premium vinyl siding over other construction materials. Mr. Holloway presented data from Heartland Realty and Appraisers stating that less than 6% of the homes sold in Mooresville sold in 2020 had composite cement board siding, concluding that there was not demand for this type of siding in new home construction in the area. Mr. Holloway showed two slides of existing neighborhood comparable home prices. Finally, he showed one more slide of what "Grand Oaks homes would look like". Jeff Dieterlen asked for questions from the members of the Planning Commission. He posed the first question to Mr. Holloway asking if the proposed ordinance with the voluntary zoning commitments were submitted to the attorney, and Mr. Holloway responded that they were. Josh Brown stated that the pictures shown of typical home style had brick on the front fagade — he asked if the developer were going to add brick to the construction. Mr. Holloway responded no. He stated that the "you can see on the pictures there is brick, but we were never going to have brick. The whole idea [of the pictures] is to show the break up of the front [fapade] and have a mix of front materials. The homes will have a variety of looks and a variety of fronts. The issue was the hardy plank versus the vinyl [siding]." Josh Brown stated that his basic assumption is that part of owning a home is maintenance, but Mr. Holloway responded that "the demand for maintenance -free homes is not there". Mark Taylor asked Mr. Holloway if the brick in the pictures shown was a brick veneer, and Mr. Holloway responded that yes, it is '/a -inch thick brick veneer. He then went on to say that he didn't believe you could find anybody who would say that these aren't nice -looking homes. The development he lives in was built in 1995 is all brick, but people's tastes and appetites change, and brick was much less costly in 1995. He referred to the Sunco slide, stating that with sides and rear vinyl the extra money could buy upgrades in kitchen and bath materials which would make the homes more appealing for resale. In conclusion, he restated that he and his client were requesting a rezone from PUD -R to RIC with the additional commitments outlined. Jeff Dieterlen called for comments and questions from the public. Mark Coffey of Coffey Company Realtors stated that the proposed subdivision is less than half a mile from his subdivision. He also stated there are no homes for sale in Mooresville, and he and his realtor colleagues are sending young couples to Marion County which is causing a brain drain. Bill Rose stated that in 2012 when he and his wife purchased their home on Hadley Road across from this development they were told that the town of Mooresville could not afford to extend the sewer system to a development of this size. Perry King responded that the Town of Mooresville has upgraded and expanded the sewer system since that time. Mr. Rose then stated that he and neighbors were concerned about traffic, and they had renamed "Hadley Road" to "Hadley Raceway". Ashley Wright stated that she lives across from Waverly Elementary and her husband is a police officer. She has represented several officers in home- buying services as well as teachers. She stated the average State Trooper salary is $36,000 and that she could not afford to live in this housing development, and in addition, most of the Mooresville public servants could not afford to live in the new development. Ms. Wright then went on to state that the additional tax revenue from new upwardly mobile residents would provide opportunities for jobs for police, fire, EMS, and teachers who wish to keep their children in Mooresville Schools, who are currently being priced out of the housing market. She