City Council Agenda and Packet 2019 03 05

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City Council Meeting Minutes February 19, 2019 Page 4 of 9 3. In no case, shall the certificate of occupancy for the last of the residential 8-plex buildings be issued unless: The last certificatc of occupancy for one of the residential 8 plex buildings shall be withheld until: 1) start of construction of the first commercial building commences, as defined by the 2018 International Building Code, which includes the first placement of permanent construction of a building, such as pouring of a slab or footings, installation of pilings or construction of columns; and 2) 30% of the net leasable space has identified tenants with proof being as an executed Letter of Intent coupled with a security deposit. Staff recommends approval with either the originally proposed staff conditions or the proposed Planning Commission conditions. Councilmember Maloney asked how the retail sales per square foot number was calculated. Director Zuccaro stated the number was consistent with the 2016 model when it was originally approved; it is likely a conservative number based on recent information. Applicant presentation Justin McClure, 1002 Griffith Street, stated nothing substantive has changed from 2016. He stated it was always the company's intent to build the Foundry building concurrently with the condominiums but he feels the approval resolution lacked clarity. Councilmember Maloney asked what was not clear in the resolution. McClure stated the resolution can be interpreted that both buildings should be built concurrently but that was not the intent in the conversations he had with staff at that time. He added the retail market on Highway 42 has proven to be somewhat soft. Councilmember Stolzmann asked what percentage of DELO commercial is tenanted. McClure stated DELO Station is almost 65% tenanted. He stated they are using incentives to get office space filled. He stated signalization at Short Street and Hwy 42 would help to get DELO plaza built out. Public Comments Gary Larson, 2189 Park Lane, stated he lives adjacent to the proposed development. In 2015 and 2016 a coalition of the homes in the Highway 42 are had great support for this project. He stated he would like to see the Foundry Building developed as it would be an upscale addition to the community. He supports the request. John Leary, 1116 LaFarge, stated he does not agree with the methodology for the fiscal review. He stated the fiscal analysis at the time of approval was within the margin of breaking even. By using the lower square footage number he feels the current analysis is concealing a negative fiscal impact that does not meet the Comp Plan requirement.