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EIR No. 2018-01, DA No. 2018-01, GPA No. 2018-06, AA No. 2018-10 2525 North Main Street November 19, 2019 Page 13 Therefore, the change from Professional to Specific Development would not be a significant impact to professional office districts. In addition, use of the site for residential development is supported as the location has elements to make the site a viable residential development. The elements include having regional access to freeway and transportation systems, the site is within close proximity to educational, cultural activities, employment centers, and retail and commercial shopping opportunities are found nearby. Furthermore, several nearby properties are designated as Specific Developments. The property would be developed at a higher density than the nearby single-family residential uses. However, multi -family uses are often used in planning and zoning practice to buffer higher intensity uses like commercial or industrial uses from single-family residential uses and multi -family and single-family uses are more compatible in nature to each other. If approved, the zone change would need to be approved in conjunction with the proposed general plan amendment. This would result in a project that is consistent with the goals and objectives of City's General Plan land use designation of District Center. The project will promote an urban development where office, retail and residential activities would coexist in close proximity and in a mixed -use setting. Further, the project will contribute towards the improvement of the character of the northern section of the City. Finally, the development, through the construction of the proposed public improvements and site amenities, will contribute to the enhancement of the area and serve as a buffer between commercial and high intensity uses and the lower density residential area. 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. A memorandum was provided based on the proposed 256-unit project. In addition to the financial contributions included in the Development Agreement, RSG anticipates the following fiscal outcomes over a 25-year forecast period: • Approximately $16.6 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) (formerly $22.5 million) • Approximately $5.0 million in expenditures from the City General Fund (public services) (formerly $6.7 million) The updated net General Fund impact from the acquisition and development of the Project is projected to be approximately $11.6 million ($16.6 million revenue, less $5.0 million expenditures) over the next 25 years, or an average of $464,000 per year. Table 5: 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. The sign in sheet included 263 names.