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SUMMARY: <br />This staff report is unchanged from the August 12, 2021 packet, and supplements the <br />original staff report provided during the June 24, 2021 Planning Commission meeting. <br />As discussed during the June 24, 2021 meeting, the applicant amended the proposal to <br />increase the commercial concurrency requirement following publication of the original <br />staff report. This report discusses this change and provides additional Fiscal analysis <br />along with an updated staff recommendation for approval. The Background section <br />remains unchanged. <br />The applicant requests approval of the seventh amendment to the Takoda General <br />Development Plan (GDP), covering the portion of the Takoda development commonly <br />referred to as The Foundry. The amendment would increase the allowed number of <br />dwelling units from 32 to 59, decrease the maximum allowed commercial area from <br />76,055 sf to 15,000 square feet, and reduce the commercial concurrency requirement <br />that requires 14,110 sf of commercial area to be built with the residential development <br />to 5,000 sf. The application also includes a request to amend The Foundry subdivision <br />agreement to strike the provision requiring 24 units for occupancy by persons 55 and <br />older. <br />BACKGROUND: The City <br />approved the current Foundry <br />Planned Unit Development <br />(PUD), subdivision plat and a <br />General Development Plan <br />(GDP) Amendment on January <br />16, 2016. The development <br />included a rezoning of the 5.82- <br />acre property from commercial <br />(PCZD-C) to mixed commercial <br />and residential (PCZD-C/R), and <br />approved a PUD for 31,960 sf of <br />commercial development in two <br />buildings (Buildings E and F), <br />and 32 residential condominium <br />units (24 restricted to senior <br />housing) in four, eight-plex <br />buildings (Buildings A through D). <br />The two commercial buildings <br />include a 17,850 sf in -line <br />commercial building (Building E) <br />and a 14,110 sf flex commercial <br />building (Building F). The <br />Foundry is part of the Takoda <br />GDP, and this area was originally <br />planned as a commercial hub for <br />the Takoda development, and as <br />Figure 1: 2016 Foundry PUD Site Plan <br />Foundry GDP Amendment Page 2 of 12 <br />PC — August 12, 2021 <br />