LAKE PLACID — Another person has requested an exemption from Lake Placid’s active moratorium on the issuance of new short-term vacation rental permits, and the village council plans to hold a public hearing on the request next week.
Lake Placid residents Andrea and Louis Iakovidis of ALI Ventures LLC are seeking a waiver from the village moratorium for their property at 2177 Saranac Ave.
The village board passed a local law in March imposing a six-month moratorium on the issuance of new short-term rental permits in the village of Lake Placid – a week after North Elba City Council voted to do the same – as the city and town consider changing their STR regulations. The moratorium would end around the beginning of September.
Local law provides an allowance for deviations. People can appeal to the village clerk for an exception to the moratorium if they believe it “would impose practical difficulties or extraordinary hardships” on them, according to the law. A public hearing for waiver requests is required by law before the village can approve an exception, and the village council would have to approve or deny the request within 30 days of the public hearing.
The village council held a public hearing earlier this month for two requests for exceptions to the moratorium, although the council has yet to take any action to reject or deny these requests. The village council believed that the public hearings for waiver applications were intended for the council to hear from the claimants, not the public, although the council allowed three members of the public at the last hearing.
The State’s Local Government Services Division defines a public hearing as “a formal proceeding by a government agency or official, in which the public is granted the right to be heard.”
Andrea and Louis’ application says the moratorium would impose financial hardship on them as they renovate the multi-purpose building for short-term vacation rental, long-term rental and commercial enterprise.
The village board has scheduled a public hearing for the new request for 4:30 p.m. on Monday, June 6, just before the regular council meeting at 5 p.m.
Andrea wrote in her application that she and her brother, Louis, grew up in Lake Placid. They have helped their parents with hotel businesses over the years, she wrote, and when their parents retired last year, the siblings saw an opportunity to start their own business and grow. get more involved in the village.
Andrea and Louis formed ALI Ventures last September, according to the app. In the same month, they purchased the Saranac Avenue property, a mixed-use property located in the entrance corridor. They are renovating the building to use as a body art studio, with an apartment for long term rental, a “owner’s suite” apartment for Andrea and two apartments to use as STR. Both STR units are currently being renovated and the long-term apartment already has a tenant, according to the application. The commercial space is expected to undergo renovations this summer with completion scheduled for November, and renovations to the owner’s suite are expected to be completed by late summer or early fall.
The renovations are “extensive,” as requested, and Andrea wrote that some of the necessary repairs were not communicated to the siblings when the property was purchased. These surprises made the project more expensive than expected – the application says repair costs doubled by $100,000 after the siblings discovered fire damage that left three of the four apartments “uninhabitable.”
“We discovered undisclosed structural damage after purchase and had to undergo an eviction process, which took twice as long as expected,” Andrea wrote. “The only way for us to recover financially and complete the necessary work is to use two of the units as short-term rentals.”
Andrea wrote that the moratorium would cause financial hardship for her and her brother because they are applying for loans to make necessary repairs. Lenders are reluctant to commit to lending money with the moratorium in place, Andrea wrote, knowing that the loan would largely be repaid by revenue generated from STR units.
Both STR units could be ready as early as late June, depending on variance demand.