60A - 4TH AND MAIN MIX USE DEVELOPMENT

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Site Plan Review No. 2019-01 and Density Bonus Agreement No. 2019-01 — Fourth and Main Mixed -Use Residential and Commercial Development November 19, 2019 Page 8 the requested parking incentive pursuant to State Housing Law, the applicant prepared a parking study and parking management plan (PMP). As a result of the parking reduction requested, staff coordinated with the applicant to explore alternate options for providing additional offsite parking spaces, maximizing onsite parking spaces, and/or reducing parking demand on the project site. In response, Toll Brothers prepared a PMP that addresses incentives for reducing vehicle ownership, encouraging transit ridership, providing valet services onsite to maximize parking areas, and providing offsite parking spaces through long-term agreements with the City in nearby parking structures. The parking management plan indicates that, if needed, valet service for on -site vehicle stacking could create an additional 80 parking spaces, raising the total onsite parking spaces from 332 to 412. In addition, the PMP indicates that an additional 70 offsite parking spaces at a nearby City -owned parking structure could be leased on a long-term basis. When implemented, this results in an effective parking ratio of 1.83 parking spaces per residential unit with the onsite valet service, and 2.19 spaces per unit with the additional 70 offsite spaces, which exceeds the 2.15 per unit parking space requirement of the TZC. The proposed 1.51 initial, and 1.83 and 2.19 potential, parking space ratios are analyzed by a parking study submitted for the project. The parking study indicates that both parking rates will result in surplus parking onsite due to a variety of factors, including the project's: 1. Proximity to existing and future mass transit, which include standard bus service, high- capacity/express bus service, the Santa Ana Regional Transportation Center, and the under -construction OC Streetcar (light rail); 2. Location within a high ly-amen itized, mixed -use environment with shopping and major employment centers nearby; and 3. Proximity to nearby existing parking facilities, including parking structures, parking lots, and on -street parking. ENVIRONMENTAL IMPACT The proposed development required preparation of studies relating to shade and shadow, air quality and greenhouse gas emissions, cultural resources, traffic, parking, noise and vibration, Phase I environmental site assessment, hydrology, a preliminary water quality management plan, and sewer capacity. In addition, a fiscal impact and economic impact analysis was prepared by RSG, Inc. and The Concord Group. All studies evaluate the changes of the proposed revisions as compared to the existing entitlements and were reviewed for content and accuracy by the City. The technical studies evidenced that an Environmental Impact Report (EIR) Addendum to the previously -certified 2010 EIR is the appropriate CEQA document to evaluate and disclose the project's impacts. An addendum to a previously certified EIR is prepared when a lead agency is asked to approve modifications to an existing project for which an EIR has already been certified. An addendum evaluates the requested modifications and determines whether subsequent EIR review is .1 M