Planning Commission Agenda and Packet 2021 08 12

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to the shifts in land use mix. Additionally, the majority of traffic entering and exiting the site will not utilize Kaylix Avenue. Fiscal Policy The Framework portion of the comprehensive plan notes the Foundry property as part of an Urban Corridor and requires positive fiscal benefits within this area. The Takoda development as a whole is a mix of Urban Neighborhoods and Urban Corridor. The Comprehensive Plan does not have a specific fiscal policy for Urban Neighborhoods. The Small Area Plan principles also indicate that land use mix should demonstrate a positive fiscal benefit, but also notes the land use mix needs to be market supported and contemplates incentives to induce the desired land use mix. When the last PUD was processed, the City Council requested that any further amendments to the project also consider the fiscal balance of the Takoda development as a whole considering that the fiscal contribution from the Foundry development was previously considered in other GDP approvals and amendments for Takoda. Staff has provided fiscal analysis for several scenarios specific to the Foundry and the larger Takoda development in the summary below to address both Comprehensive Plan policy and the intent of the original GDP approvals for fiscal balance. The analysis also uses full build -out assumptions and a constrained assumption assuming lower income, construction and real estate values, and limits commercial development to match the current and proposed concurrency requirements. The assumptions are described in more detail below. For the proposed Foundry development analysis, which includes the proposed concurrency requirement, the full -build out scenario shows a slight positive overall fiscal balance of $39,000 over the 20-year period analyzed. It also shows the fiscal balance will decrease from the current Foundry PUD approval assumptions. For the Takoda Development as a whole, using the City's current fiscal analysis methodology, the results indicates an overall negative fiscal balance for both the current and proposed Foundry $2,463,000 and $2,841,000 over 20-years. This indicates that the Takoda development as a whole does not have a positive fiscal balance in either development scenario. As summarized above, in order to evaluate the fiscal impact of the proposed GDP, staff ran multiple scenarios to understand the impact and overall change. The first two scenarios compare the existing approved PUD with the proposed GDP development maximums. The last two scenarios compare the total Takoda area development with the current PUD and the proposed GDP. To evaluate the total Takoda development, staff included the following developments within the area: The Foundry Steel Ranch South Apartments (North Main at Steel Ranch) Foundry GDP Amendment Page 9 of 12 PC — August 12, 2021 WN