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City Council Meeting Minutes February 19 2019 Page 3 of 9 Director Zuccaro noted the applicants' request a continuance to March 19 It was noticed for this evening but the applicants had scheduling conflicts. Mayor Muckle moved to continue Resolution No 5 to March 19, Councilmember Keany seconded All in favor RESOLUTION NO 6, SERIES 2019 — A RESOLUTION APPROVING AN AMENDMENT TO THE FOUNDRY PLANNED UNIT DEVELOPMENT (PUD) PHASING PLAN TO MODIFY THE REQUIREMENT THAT BOTH APPROVED COMMERCIAL BUILDINGS BE CONSTRUCTED CONCURRENT WITH THE RESIDENTIAL DEVELOPMENT Mayor Muckle introduced the item and opened the public hearing Director Zuccaro stated Council first reviewed this item in 2016, it is for a mixed -use development on the property He reviewed the site plan for four residential building_ s on the west of the development with 32 units (24 age -restricted) and two commercial buildings on the east side of the development. The original approval required concurrent development of the commercial and residential buildings. He noted the PUD is now over three -years old and the applicant will need to request an extension before receiving building permits. The applicant is proposing phasing to obtain a building permit for one of the two commercial buildings concurrently with the building permits for the residential buildings. They would provide letters of interest from 30% the tenants of the commercial space for first the commercial building prior to receiving the last residential certificate of occupancy Staff thinks that by assuring that level of investment they are more likely to finish the commercial building Director Zuccaro reviewed the fiscal analysis with three different scenarios with varying time lines for the commercial buildings and absorption All scenarios are positive to the City but if the second building is not developed it would be lower Director Zuccaro stated the PUD criterion that is most relevant says the development will be done in accordance with the adopted elements of the Comp Plan. The Comp Plan policy states that for this area the land use mix must provide positive fiscal benefit to the City Staff feels this is met even if the second commercial building is not built. The Planning Commission recommended approval with slight changes to the conditions. 1 Residential building permits for the condominiums shall be obtained concurrent with or subsequently with the building permit for one of the two commercial buildings, and 2 Residential_and_commercial development shall be constructed concurrently, and