City Council Minutes 2020 08 04 - Laserfiche WebLink

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City Council Meeting Minutes August 4, 2020 Page 7 of 12 He reviewed the increased property taxes this project would provide the City. Beyond tax benefits he stated the project would increase sales tax revenue, lodging tax revenue, and construction fees. He stated the development costs are all covered by the metro districts so there is no additional tax burden to residents. Jordan Swisher reviewed the community input they have taken on the project including public meetings, webinars, and a virtual town hall. She stated after getting input they have increased the public land dedication and relocated the park space. They have reduced the density significantly but do not feel it can be decreased any further and still be financially feasible. She reviewed the density of the proposal noting the floor area ratio at build -out is .48 which is just under the City's suburban FAR of .50 in Comp Plan. She reviewed the density compared to other local developments. She reviewed the building height proposals and the topography. She also reviewed conceptual site renderings. John Tansey, Erikson Living, stated his company is looking to build a retirement community as a part of the proposed development on the site. He stated they would hope to cater to local community members and feel this is a great location for their product. Swisher reviewed traffic information noting their goals to mitigate traffic impacts. They noted their commitment to traffic demand management. Swisher reviewed the residential component of the proposal. She noted their goal is to bring a diversity of housing to the area including entry-level housing. Jim Dreissen, Medtronic, reviewed the company's plans for a corporate campus on the site. He reviewed the company's history and their products. He noted they need approvals soon or they will need to look at other sites. Baukol stated he feels the criteria are met for a Comp Plan amendment. For Criterion A, he feels the development helps the City meet its long-term goal of livability. For Criterion B, he stated the development is not a financial burden to the City and will be an economic benefit. For Criterion C, he stated changes are needed to do anything on the property other than a basic corporate campus which is not what current development models look for. Baukol stated the 5.21VI square foot development is low density on a site this size and it is what makes the development feasible. He noted this proposal is less office development than what is approved for the site now. The development team wants to make this site work and feels they have the way to make it work even in this market. They want to get this right for the City and includes the Medtronic campus, retirement living, entry level housing, support for schools, and a large park donation.