City Council Minutes 2013 04 16 - Laserfiche WebLink

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City Council Meeting Minutes April 2, 2013 Page 9 of 23 Council member Jasiak clarified the Open Space Advisory Board reviewed the Cottonwood parcel, but did not rate it high as a priority for an open space parcel. She noted the Open Space Advisory Board does not review parcels for potential parks. MCCASLIN — URBAN CORRIDOR: Maximum commercial density with a Floor Area Ratio (FAR) of 1.0 fronting the arterial and a maximum FAR of .5 not fronting the arterial. This change provides the upcoming Small Area Plan more control in determining the ultimate commercial density for the corridor. Staff modified the density range in this corridor from 15 to 30 units an acre to a density range of "Up to 30 dwelling units per acre." This change allows more flexibility in the small area planning process to control the ultimate density for this corridor. Staff added a policy note stating "No Mixed Use streets should be designated north of Centennial Pavilion shopping center". This policy would effectively eliminate the possibility of a residential component being permitted in the Small Area Plan north of Centennial Pavilion shopping center. Planning Director Russ addressed build -out versus market and the total number of residential units. Within the Framework Plan there is a possibility of 1,500 residential units above what is built. The zoning already allows 500 units and there is a 1,000 difference from what the Comp Plan would allow versus what the zoning allows today. Those numbers will change within the small area plans to reduce or realize the 1,000 units. The 500 units anticipated through the existing zoning will be developed in Steel Ranch, North End, and the redevelopment district. Of the 1,000 additional units possible in the Comprehensive Plan, 400 are anticipated to from the South Boulder Corridor (300 east of the railroad tracks and 100 west of the tracks). 600 units have been identified as possible within the McCaslin Urban Center south of Cherry Street. FISCAL MODEL: The fiscal impact study was revised and will continue to be revised. The difference between a 20 -year build -out and the ultimate build -out of the City, with Framework Option 3 or the modified framework presented, produces a build -out where there will be a surplus of commercial properties. He explained there is approximately 10.5 million SF of office and industrial space yet to be built. The current zoning only allows 300,000 SF of additional retail. Option 3 or the modified framework allows up to 1.2 million SF of retail and 11 million SF of office. The reason for the additional 1,000 residential units is to empower retail. Retail does not underwrite itself; it requires residential units in today's market. The fiscal model was updated last week to remove police services operating and capital discounts previously given for infill development. Staff believes these changes do not alter the overall fiscal neutrality identified in the previous fiscal analysis. One of the specific recommendations of this model is to develop a detailed marginal cost fiscal model to accurately assess development as it relates to the budget and existing levels of service; however from a gross planning tool, the Comp Plan's fiscal model is adequate and demonstrates a revenue neutral forecast from a land use perspective over the next 20 years.