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City's Code of Ordinances states in part: "...consideration shall be given to <br /> existing conditions within the area directly and indirectly affected by the <br /> proposal, the conservation of property values...." Rezoning this lot to <br /> residential is contrary to the existing commercial nature of the neighborhood. <br /> Further, such rezoning will have an adverse effect on the value of the property. <br /> 9. The proposed downzoning is in conflict with prior discussions with <br /> the City and is tantamount to an inverse condemnation of the property. There <br /> is another factor that should be considered. The City has initiated continuing <br /> discussions with the owner concerning the City's acquisition of this lot by <br /> condemnation or a sale in lieu of condemnation. The City and the owner have <br /> had discussions as to how a price might be determined through the selection of <br /> a mutually acceptable appraiser. Those discussions have been to determine <br /> whether the City could acquire the property by a voluntary deed given in lieu of <br /> condemnation. That the City now proposes to down zone this lot, following <br /> those discussions, causes us great concern. We are concerned that the city is <br /> setting itself up to take the property at a lesser price than it would have to pay <br /> for a commercially zoned property. This concern is increased by the various City <br /> maps and plans we have seen that show a city street running right through the <br /> middle of the subject property. <br /> 10. The owner has its own plans for the property. This is the last lot <br /> available for the owner's sale to a developer for a commercial development, or <br /> for the owner's own development for a commercial use. Having paid all the <br /> fees, costs, taxes and assessments for this commercial property, now, finally, <br /> the developer may be able to profit from the commercial development or sale <br /> of this property. The City's proposal to rezone the property will cause damage <br /> to the owner, and will deprive him of the opportunity to be paid for the <br /> business risk and expense he has undertaken and incurred since the agreements <br /> with the City were made in 2001. <br /> 3 <br />