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Planning Commission <br />Meeting Minutes <br />January 8, 2015 <br />Page 7 of 23 <br />Rice asks about fiscal analysis numbers. Regarding one time capital expenditures, the <br />projection is that it will be $764,000 in the red. Why is it that much in the red? <br />Russ says the number of residents coming in will put a demand on capital facilities such as the <br />Rec Center, Police, and roadway network. Based on calculated revenue from one-time <br />investment use tax as well as impact fees, the numbers do not match. <br />Rice says the goal is to have a net 0 or a positive. Why is it so far from the ideal? This is more <br />than one-third to be in the red. <br />Russ says it is the type of land use that is proposed as well as the price points of housing units. <br />Fees are based on evaluation and market rates. This is a different price point than the <br />Commission is accustomed to seeing. There is no expectation that a residential development <br />alone necessarily would be positive unless the price points of the homes are high. The Art <br />Underground is currently conceived as 11,000 SF of the commercial development and is a <br />501(c)(3). There is no revenue from property tax. <br />Rice asks how this project compares to other residential developments that have been <br />considered in the past. <br />Russ says that Steel Ranch and North End came in fiscally neutral or slightly positive because <br />they had areas of commercial property; the commercial property at Steel Ranch has not been <br />developed yet. Residential developments generally are negative in fiscal development. From an <br />economic perspective of how much sales it brings in and what residents bring to a city, there are <br />hugely positive economic impacts that are not fiscal. <br />Rice asks if there are any options to close the gap. <br />Russ says changing the users in the commercial portion. The infrastructure with Kaylix and <br />Hecla positions the quadrant to perform well economically as well as help Christopher Village. <br />Rice asks where the funding stream comes from to pay for these impacts, being short $764,000. <br />Russ says it comes from annual budgeting. Council looks at annual revenues and budgets. <br />Rice asks on an ongoing basis, if the model is correct, there will be negative $85,000/year. <br />Russ says there are services needed to serve the property and revenue generated from the <br />property in taxes and services may not generate enough revenue to compensate for the <br />expected deficits. <br />Rice asks about the property just north of this property. Is it annexed into the City? How is it <br />zoned? <br />Russ says the Davidson Highline subdivision with Divine Canine (doggie daycare) and RV <br />storage at the back. It is zoned Planned Community Commercial. <br />Rice asks if Kaylix will run through the Davidson Highline subdivision? <br />Russ says when the Lanterns subdivision dedicated their land, the dotted line shows the Kaylix <br />extension not constructed yet. The City has the right-of-way and funds set aside to construct it <br />through the Lanterns. Staff is in conversation with the Davidson Highline owner since Steel <br />Ranch was approved prior to Lanterns. The City will have to acquire the property. <br />Russell asks about Planning Area A and D regarding density. He asks if the PC should be <br />considering density in aggregate or by planning area in terms of conformity to Comp Plan? <br />Russ says by Planning area. Planning Area A is an urban center. <br />Russell asks about Planning Area A, there is a maximum density up to 30 units/acre, but there <br />will be 15 units. Is there a minimum amount of units? <br />Russ says it is a fiscal question. In an urban center, it is supposed to be a commercial corridor <br />and not meant to be residential. There will be a mix of units. <br />Russell says Planning Area B matches 30 units/acres and Planning Area C matches the 25 <br />units/acres. Planning Area D has 15 units/acres. He asks about the maximum allowable <br />building height in this zone district. <br />Russ says there is no zone district as it is annexed property. 2-3 stories are the guideline. <br />Properties to the west are 50'. Staff measures the elevation of the building, high and low points, <br />and takes the average. <br />