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AA No. 2019-03, CUP No. 2019-21: 813 North Euclid Street <br />March 17, 2020 <br />Page 4 <br />STRATEGIC PLAN ALIGNMENT <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 />ECONOMIC DEVELOPMENT <br />The project will generate a combination of property tax revenue, sales tax revenue, and temporary <br />and permanent jobs for the community. Property tax revenue will increase as the vacant lot will be <br />redeveloped with a new convenience store and service station and the total net value of the property <br />will also increase. According to the most recent tax roll, the property is currently valued at $1,700,000 <br />resulting in approximately $19,128 in annual property tax. Upon completion, the property is estimated <br />to be valued at approximately $3,500,000. The construction of the project will require that permit fees <br />are paid to the City and there will be temporary construction jobs. According to the plan check <br />submittal, a total of $22,000 was collected for permit fees, with the improvements estimated at <br />approximately $606,000. Based on sales volume estimates provided by 7-Eleven, the location will <br />provide additional sales tax revenue to the City that is estimated to be over $30,000 annually. In <br />addition, 7-Eleven estimates 10 new job opportunities will be created at this specific location. <br />Minh Thai <br />Executive Director <br />Planning and Building Agency <br />Exhibits: 1. Resolution for Mitigated Negative Declaration & Mitigation Monitoring and Reporting <br />Program <br />2. Amendment Application Ordinance <br />3. After -Hours CUP Resolution <br />4. February 10, 2020 Planning Commission Staff Report <br />75A-4 <br />