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2525 North Main Street January 14, 2019 Page 23 4. Design: Incorporate two courtyards into the portion of the project that is located along the north property line adjacent to Santiago Park. The staff recommended changes to the development discussed above will be codified in the Specific Development as follows: Table 12: Specific Development - Development Standards Development Standard Specific, Develoment Section Number of Units Section 3 a Unit Mix Section 3 b Parking Section 10 Design North Building Elevation Section 12 (b)(3) Economic Analysis 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 517 -unit project (Exhibit S). In brief, RSG anticipates the following fiscal outcomes over a 25 -year forecast period: • Approximately $33.5 million in revenue to the City's General Fund (construction period revenues, recurring property tax revenue, utility user tax, residential sales tax and business tax) • Approximately $10.0 million in expenditures from the City General Fund (public services) • The net new General Fund revenue is projected to be approximately $23.5 million from the acquisition and development of the Project. Table 13: Public Notification 'Public Notification & Community.,Outreach Required Measures A Sunshine Ordinance Community Meeting was held on November 15, 2017 from 6:00 p.m. to 7:30 p.m. A total of 263 people signed in. A public notice will be posted on the project site on January 4, 2019. Notification by mail will be mailed on January 4, 2019 to all property owners and occupants within 500 feet of the project site and notification will be provided to all interested parties that have requested to receive a notice with contact information on file with the City. Newspaper posting will be published in the Orange County Register on January 4, 2019. 75E-291