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Option Three is called a `do nothing' option as it assumes that the STK land <br />would not be rezoned from its current Industrial Zone Designation and that <br />housing units would be limited to a total of 1,000 dwelling units as opposed to the <br />2,500 units proposed. Those two assumptions together, in turn, lead to limited <br />retail development in the City. <br />The resulting outcomes for each of the three options are summarized on the <br />attached `comparison summary sheet'. Both Options #1 and #2 carry an <br />operational surplus of $6 to $7 million, with a deficit of ($11 to $17 million) <br />depending on the option. Option Three runs both an operational and a capital <br />deficit. Bill Cunningham witri the Leland Group will be present to discuss the <br />analysis. <br />Sections which are still in progress include the manner in which the Plan will be <br />adopted, update and enforced. Staff has initiated those discussions with the City <br />Attorney's Office. Additional information will need to be developed to discuss <br />and define the flexibility of the Plan with respect to its administration and <br />interpretation. Depending on the outcome of this special meeting, it is the intent <br />of staff to initiate the public hearing and adoption process no later than the <br />beginning of March with a completion by April 5, 2005. <br />