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2525 North Main Street <br />January 14, 2019 <br />Page 23 <br />Staff is recommending additional modifications to the project based on previously constructed <br />and approved multi -family development projects in the City, planning and design principles, the <br />character of the nearby residential neighborhood, and the community's concerns. The proposed <br />changes include: <br />1. Number of units: Reduce units to a maximum of 476 units (81 dwelling units per acre). <br />2. Unit Mix: Increase number of family units to 30 percent (two- and three-bedroom units). <br />3. Parking Management: Increase number of spaces or capacity to increase the onsite ratio <br />of onsite parking to an equivalent of 2.00 spaces per unit. Further, a parking management <br />plan shall be submitted that maintains this ratio prior to Certificate of Occupancy and <br />throughout the life of the project. Provisions to meet this standard may include an onsite <br />valet parking service. <br />4. Design: Incorporatetwo courtyards intothe portion of the projectthat is located alongthe <br />north property line adjacent to Santiago Park. <br />The staff recommended changes to the development discussed above will be codified in the <br />Specific Development as follows: <br />Table 12: Specific Development - Development Standards <br />Development Standard <br />Specific Development Section <br />Number of Units <br />Section 3 a <br />Unit Mix <br />Section 3 b <br />Parking <br />Section 10 <br />Design <br />(North Building Elevation) <br />Section 12 (b)(3) <br />Economic Analysis <br />The proposed project would convert an office development into a residential development. A <br />fiscal and economic impact analysis was prepared by RSG, Inc. in 2017 analyzing the 517 -unit <br />project (Exhibit 8). In brief, RSG anticipates the following fiscal outcomes over a 25 -year forecast <br />period: <br />pproximately $33.5 million in revenue to the City's General Fund (construction <br />period revenues, recurring property tax revenue, utility user tax, residential sales <br />tax and business tax) <br />pproximately $10.0 million in expenditures from the City General Fund (public <br />services) <br />The net new General Fund revenue is projected to be approximately $23.5 million <br />from the acquisition and development of the Project <br />Commented [pRBpi; The fiscal impact <br />Analysis in Exhibit is an analysis prepared <br />by The Concord Group (8911 was retained by <br />The Concord Group) <br />The financial number are not accurately <br />represented. you should look at Exhibit$ for <br />the full story. 'rhe net income in 2017$ is <br />$1359 million, not $23.5 million. <br />Income is based on 517 units. <br />