Planning Commission Minutes 2021 08 26

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Planning Commission Meeting Minutes August 26, 2021 Page 2of6 Ritchie noted that the item had been properly continued and therefore had sufficient public notice. She gave updates to the application, which included changes to the concurrency requirement and the fiscal analysis. Diehl asked for clarification that Planner Ritchie had suggested that the high prices would cover the $2 million difference in the long-term outlook and would generate revenue to cover the loss. Ritchie replied that part of model incorporated triggering additional costs and included assumptions based on the magnitude of what was being modeled, which changed outputs. Howe asked if current commercial vacancy rates meant these projections would be higher or lower. Ritchie replied that the model did not give a picture of market feasibility and that it was only updated every few years, with the last update in 2018. Changes since then included the ability to capture sales tax revenues from online purchases. Howe asked if this was assuming 100% tenancy. Ritchie confirmed and stated that the model was conservative. Howe estimated that the revenue would represent .2% of the City's budget and that it was not a huge amount from a birds -eye view. Ritchie replied that she would have to verify the amount but agreed that it was not an amount that would make or break the City budget. Moline asked what was left on the table in the General Development Plan (GDP) in terms of dwelling units and square footage, seeing as this was the last piece of the total Takoda GDP. Ritchie replied that five neighborhoods were modeled representing some 500 units, and what was not shown but was part of the GDP was Kestrel, which had its own amendment. She did not believe there was any additional residential in the neighborhoods, but within Kestrel another 12 units or so could be possible. Moline asked if the initial GDP allowed for more development than was being realized in this application. Ritchie replied that the units had shifted but she did not think there had ever been more than 76,000 square feet of commercial allotment. Moline asked if other municipalities had had to revisit these kinds of things given the current retail situation. Ritchie replied that she imagined so but she did not have specific examples.