Planning Commission Minutes 2015 12 10

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Planning Commission Meeting Minutes December 10, 2015 Page 6 of 29 Emails entered into record: Motion made by Moline, seconded by Brauneis, passed by voice vote. Fiscal model memo also entered into record. Motion made by Moline, seconded by Brauneis, passed by voice vote. Staff Report of Facts and Issues: McCartney presented from Power Point: • Previously, this property came before PC in 2013 and was known as Steel Ranch Marketplace. It was a 12,000 to 14,000 sf theater for the Art Underground. It was a single, stand-alone building and had the option for additional commercial. The user pulled and the building was never constructed; it made it through a PUD which expired. • Located on southwest corner of Paschal and Highway 42 in north Louisville. • Zoned PCZD-C. Requesting rezoning to PCZD-C/R. • 5.82 acres and requesting Mixed -Use. • South of Indian Peaks, Filing 17. REZONING: The 2013 Comp Plan identifies this area as an "Urban Corridor" with focus on: • commercial • office • neighborhood retail • residential density allowance up to 25 units per acre Principal NH-5 • Mix of housing types • Multi -generational needs • Empty nesters o Proposing 24 age -restricted units for ages 55+ empty nesters Surrounded by PZCD-C/R and PZCD-R o Complies with surrounding zoning FISCAL IMPACT: Russ presents. The City has updated its fiscal model. The City did that through the Finance Committee as part of City Council (CC) in reviewing a city-wide marginal cost model. Upon approval of CC on the city-wide marginal cost model, our consultant took a hybrid for a development specific review model. We have two models: city-wide marginal cost model and hybrid average cost model. Many of our developments are small and the marginal cost model doesn't work well for smaller developments. The actual impact on the City through the hybrid average cost is more reflective. The fiscal model is based on our budget. It is based on the point forward. Looking at development based on our annual approved budget, it looks at development and its impact over 20 years point forward. It does not look at the residential mix of the city. It assumes a balance because our budget has been approved. Looking at the numbers before you, it is a 20 year forecast of how this project affects the City going forward. It is a sophisticated model that can play a number of scenarios. It looks at the number of units, where those units are located in the City, at the value of the home, and the income of the owner. If a residential development were to be proposed on the Phillips 66 property, everyone would acknowledge that the Broomfield retail is more convenient to those residents, so the City of Louisville would have a lower capture of those disposal dollars. It is geographically significant of where development goes, and on what percent of disposal income comes into the City. We ask every applicant to provide some base information so we can calibrate the model specific to the development request, such as construction costs and proposed values of homes. We equate that and evaluate that against what our base model assumptions are. In the memo in front of you, we have two scenarios. The item on the left is showing the applicant's numbers. It is the same for construction costs, incomes, and cross points. They have differences in traffic trip generation rates. The City's development and review model takes national averages for mixed use trip assignments. We are following a national trend within the