2 - COMBINED PUBLIC COMMENTS_2525 N MAIN STREET

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2525 North Main Street January 14, 2019 Page 23 Staff is recommending additional modifications to the project based on previously constructed and approved multi‐family development projects in the City, planning and design principles, the character of the nearby residential neighborhood, and the community's concerns. The proposed changes include: 1. Number of units: Reduce units to a maximum of 476 units (81 dwelling units per acre). 2. Unit Mix: Increase number of family units to 30 percent (two‐ and three‐bedroom units). 3. Parking Management: Increase number of spaces or capacity to increase the onsite ratio of onsite parking to an equivalent of 2.00 spaces per unit. Further, a parking management plan shall be submitted that maintains this ratio prior to Certificate of Occupancy and throughout the life of the project. Provisions to meet this standard may include an onsite valet parking service. 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 Development 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 8). 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 $23.5 million from the acquisition and development of the Project. Commented [DH80]: The fiscal Impact Analysis in Exhibit 8 is an analysis prepared by The Concord Group (RSG was retained by The Concord Group) The financial number are not accurately represented. You should look at Exhibit 8 for the full story. The net income in 2017$ is $13.59 million, not $23.5 million. Income is based on 517 units.