Planning Commission Agenda and Packet 2016 03 10

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Planning Commission Staff Report March 10, 2016 In the Neighborhood Housing chapter of the Comprehensive Plan, Principle NH -5 states "There shall be a mix of housing types and prices to meet changing economic, social, and multi -generational needs of those who reside, and would like to reside, in Louisville." Policy NH -5 states "housing should meet the needs of seniors, empty nesters, disabled, renters, first time home buyers and all others by ensuring a variety of housing types, price, and styles are created and maintained." This application is proposing 31 age restricted units for residents 55 and older in addition to the previously approved 34 market rate units, thereby providing a variety of housing types for varying family situations. Staff modelled the fiscal impacts based on information provided by the applicant and standard information incorporated into the model. The analysis provides results for two similar scenarios for Planning Commission consideration and comparison to the currently approved General Development Plan. Both scenarios demonstrate positive fiscal benefits to the City over the next 20 -years. One scenario assumes concurrent buildout of the residential and commercial portions of the project in the first three years, and the other assumes a delayed buildout of the commercial space. The following table summarizes the results: Cumulative Combined Funds Results (x$1,000) - Scenario Comparisons (x$1,000) Revenue by Fund SCENARIO Proposed Gdp % Existing Gdp % Slow Buildout % General Fund $1,662 41% $1,960 45% $1,451 40% Urban Revitalization District Fund $451 11% $463 11% $404 11% Open Spaces & Parks Fund $395 10% $439 10% $353 10% Lottery Fund $0 0% $0 0% $0 0% Historic Preservation Fund $138 3% $153 3% $123 3% Capital Projects Fund $1,407 35% $1,353 31% $1,294 36% TOTAL REVENUE $4,053 100% $4,367 100% $3,626 100% Expenditures by Fund General Fund $396 24% $288 21% $376 24% Urban Revitalization District Fund $0 0% $0 0% $0 0% Open Spaces & Parks Fund $150 9% $308 23% $1 14 7% Lottery Fund $0 0% $0 0% $0 0% Historic Preservation Fund $138 8% $153 11% $123 8% Capital Projects Fund $974 59% $611 45% $960 61% TOTAL EXPENDITURES $1,658 100% $1,360 100% $1,575 100% NET FISCAL RESULT BY FUND General Fund $1,266 $1,672 $1,075 Urban Revitalization District Fund $451 $463 $404 Open Spaces & Parks Fund $245 $131 $238 Lottery Fund $0 $0 $0 Historic Preservation Fund $0 $0 $0 Capital Projects Fund $433 $741 $334 NET FISCAL IMPACT $2,395 $3,008 $2,051 4