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EIR No. 2018-01, DA No. 2018-01, GPA No. 2018-06, AA No. 2018-10 2525 North Main Street February 5, 2019 Page 22 Table 12: Specific Development - Development Standards Development Standard Specific Development Section Y Number of Units Section 3 a Unit Mix Section 3 b Parking Section 10 Design North Building Elevation Section 12 (b)(3) Conclusion Staff supports the conversion of the existing vacant office buildings to residential. If approved, the project will provide additional housing in a prime location that is accessible to retail and employment opportunities with multimodal transportation options. The project provides general fund revenue as well as community benefits for the neighborhood and Santiago Park. The project will also enhance the City's economic and fiscal viability through the increase in property tax values as well as an increase in sales tax generated from the residents. The Planning Commission recommended denial due the increase in traffic resulting from the project, the massing and density of the project, the project's incompatibility with the surrounding community, potential adverse effects of the project on the adjacent Park Santiago neighborhood, the lack of community support for the development, potential long term impacts associated with the proposed development, and concerns with potential parking intrusion on the adjacent neighborhood. STRATEGIC PLAN ALIGNMENT Approval of this item supports the City's efforts to meet Goal #3 - Economic Development, Objective #2 (create new opportunities for business/job growth and encourage private development through new General Plan and Zoning Ordinance policies). FISCAL IMPACT The proposed project would convert an office development into a residential development. A fiscal and economic impact analysis was prepared by RSG, Inc. in 2017 analyzing the project, based upon 517 units at the time (Exhibit 10). In brief, RSG anticipates the following fiscal outcomes: • Approximately $33.5 million in revenue over 25 years ($19 million in 2017$) to the City's General Fund (construction period revenues, recurring property tax revenue, utility user tax, residential sales tax and business tax). Finance staff concurs with the estimates in the RSG analysis. • Approximately $10.0 million in expenditures over 25 years ($5.4 million in 2017$) from the City General Fund (public services); which primarily include a per -capita amount for only the variable costs of police and fire (only half of those budgets), as well as $2 per person for parks and recreation. The analysis did not include the impact of the additional wear and tear on the City's infrastructure, such as the increased use of the right of way. 75E-22