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2525 North Main Street <br />January 14, 2019 <br />Page 24 <br />Conclusion <br />Staff is supportive of General Plan Amendment No. 2018-01 and Amendment Application No. <br />2018-10 for the site as redevelopment of the site with a residential development will provide <br />additional housing in a prime location that is accessible to retail and employment opportunities <br />with multimodal transportation options and the project provide general fund revenue. In addition, <br />public benefits of the Development Agreement include: public art, monetary contribution to the <br />Santiago Park Maintenance & Improvement Fund, access to on-site amenities for Park <br />Santiago residents, security patrol of the residential neighborhood and Santiago Park, <br />assistance in designating the Park Santiago Neighborhood Association as a historic district, and <br />monetary contribution to Park Santiago Neighborhood Improvements and Traffic Calming and <br />Parking, for improvements such as street calming, traffic diversion, entry monuments, and <br />street light retrofits. The project will also enhance the City's economic and fiscal viability through <br />the increase in property tax values as well as an increase in sales tax generated from the <br />residents. <br />Strategic Plan Alianment <br />Approval of this item supports the City s efforts to meet Goal No. 3 Economic Development, <br />Objective No. 2 (create new opportunities for business/job growth and encourage private <br />development through new General Plan and Zoning Ordinance policies). <br />na Kelaher, AICP <br />Associate Planner <br />Vince Fregoso, AICPA <br />Principal Planner-- <br />SMF:sb <br />S:Planning CommisslarV201011-14.19 <br />Exhibits: 1. EIR Resolution, Findings of Fact, Statement of Overriding Considerations, <br />MMRP & EIR Link <br />2. Development Agreement Resolution & Agreement <br />3. General Plan Amendment Resolution & Exhibits <br />4. Amendment Application Resolution & Exhibits <br />5. Sunshine Meeting Minutes & Sign -in <br />6. Response to Lozeau Drury LLP 11-26-18 Letter <br />7. Parking Analysis <br />8. Economic Analysis <br />9. Vicinity Map <br />75E-292 <br />