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SUMMARY: <br />The applicant proposes to change the Foundry Planned Unit Development (PUD) <br />phasing plan so that only one of the two proposed commercial buildings is required to <br />be constructed concurrent with the residential development. The applicant states that <br />change in phasing is needed due to current market and financing conditions that would <br />make it difficult to construct both commercial buildings concurrent with the residential <br />development. The proposed phasing language is as follows: <br />• Residential building permits for the condominiums shall be obtained concurrent <br />with or subsequently with the building permit for one of the two commercial <br />buildings, and <br />• The last certificate of occupancy for one of the residential 8-piex buildings shall <br />be withheld until: 1) start of construction of the first commercial building <br />commences, as defined by the 2018 International Building Code, which includes <br />the first placement of permanent construction of a building, such as pouring of a <br />slab or footings, installation of pilings or construction of columns; and 2) 3013/0 of <br />the net leasable space has identified tenants with proof being as and executed <br />Letter of Intent coupled with a security deposit. <br />BACKGROUND: <br />The City approved the Foundry <br />PUD, subdivision plat and a <br />General Development Plan (GDP) <br />Amendment on January 16, 2016 <br />(see Attachment 3 for City Council <br />approval resolution, Attachments 4- <br />6 for approved plans, and <br />Attachments 7 and 8 for City <br />Council and Planning Commission <br />minutes respectively). The <br />proposed development included a <br />rezoning of the 5.82-acre property <br />from commercial (PCZD-C) to <br />mixed commercial and residential <br />(PCZD-C/R), and approved a PUD <br />for 31,960 square feet of <br />commercial development in two <br />buildings (Buildings E and F), and <br />32 residential condominium units <br />(24 restricted to senior housing) in <br />four, eight-plex buildings (Buildings <br />A through D). The two commercial <br />buildings include a 17,850 sq. ft. in - <br />line commercial building (Building <br />E) and a 14,110 sq. ft. flex <br />RIGHT IN <br />RIGHT OUT <br />MOVEMENT <br />A[ uKNE <br />COLORADO HIGHWAY 42 <br />SCALE 1'=190' <br />ULL MOVEMENT <br />IGNALIZED) <br />1GHT IN ! <br />1GHT OUT <br />OVEMENT <br />3/a MOVEMENT <br />9 50 100 200 300 NORTH <br />Planning Commission Page 2 of 6 <br />February 14, 2019 - Foundry Phasing Amendment <br />20 <br />