Planning Commission Minutes 2009 01 12 Special Joint Meeting

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City Council/LRC Planning Commission Special Meeting Minutes January 12, 2009 Page 3 of 7 The current design guidelines designate retail development for locations not likely to be viable. The design guidelines should be modified to eliminate the first floor commercial requirement along insulated corridors. Design guidelines should be modified to ensure the future retail adjacent to Highway 42 does not strip out the corridor, but augments the larger effort to create a sense of place. Project feasibility is dependent on greater proportions of residential use, given the expected premium. Office and commercial rents are expected to generate lower rates of returns. An allowance of a greater FAR and density can improve project profitability, assuming the additional floor area is dedicated to residential uses and projects can continue to be surface parked. It is expected office uses in Highway 42 will require a longer period of time to reach the level of demand that will translate to higher rental rates. Market research indicates approximately 90,000 SF of retail is supportable over the planning horizon 2009-2020. Based on the geography, street frontage, and property configuration, approximately a quarter to half of this could be located along an interior corridor and half to three quarters could be expected to develop along Highway 42. Additional Considerations Bond proceeds for significant infrastructure investments in downtown or elsewhere will rely on new commercial/residential development in the Highway 42 area for funding. The commercial development of Highway 42 does not directly compete with downtown as the type of retailer attracted to new development is not likely to be a direct substitute. A possible increase or elimination of the square footage limit in downtown would have an impact on the tax increment available. Future investments can contribute to the stability and continued growth of downtown businesses. COUNCIL/COMMISSION COMMENTS Commissioner Menaker voiced his concern over the access to the 180 residential units proposed in the plan. Planning Director Wood clarified there will have to be some improvements to the access. Mr. Gaughan reviewed the need for larger infrastructure and amenity investments to catalyze development.Those include a street grid, pedestrian connections and parking.