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Receive and File Staff Report Approving Tentative Tract Map No. 2018-04 <br />January 15, 2018 <br />Page 2 <br />The project will provide an opportunity for additional housing on a parcel that is currently under- <br />utilized. These improvements will help to enhance the quality of life of the surrounding community. <br />Full-sized site plans are available for public viewing in the Clerk of the Council Office. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #3 - Economic Development, <br />Objective #2 (create new opportunities for business/job growth and encourage private <br />development through new General Plan and Zoning Ordinance policies). <br />FISCAL IMPACT <br />Based on the development of the new eight -unit tuck -under residences, the City is expected to <br />generate approximately $96,000 in permit fees. The project will also increase the property tax for <br />the individual units. The properties are currently vacant and have a taxable value of <br />approximately $688,000. Upon completion of the project, the estimated taxable value of the <br />property is approximately $6.9 million. A $6.2 million increase in assessed value would be <br />roughly another $12,000 in annual property tax revenue to the City ($6.2 million X 1% property <br />tax X 19% City share). <br />Minh Thai <br />Executive Director <br />Planning and Building Agency <br />IO:fg <br />S:RFCA\201 M1-15-19\PBA TTM 18-04 RFCA.cc <br />Exhibit: A. Planning Commission Staff Report <br />32A-2 <br />