Planning Commission Agenda and Packet 2023 11 09

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Planning Commission Meeting Minutes September 14, 2023 Page 3 of 14 than the current full service plan. The Front Range Passenger Rail District had also designated the Northwest Rail Corridor as a preferred option for the Front Range Passenger Rail service. Zuccaro said that the Applicant had proposed a concept plan for what could be built on the site should the rezoning be approved. The plan included 74 apartment units, 35 townhome units, and a 4,000 sq. ft. retail space located within the apartment complex. The concept plan covered development on both the property to be rezoned and the neighboring lot formerly known as the DELO lofts development. Zuccaro noted that the City Council previously rejected the DELO Lofts development. The applicant was intending to consolidate the lots should the rezoning be approved. The applicant provided a traffic analysis and a market analysis. The traffic analysis found that the rezoning and redevelopment would reduce daily average traffic volumes when compared to the existing commercial development. It also found that no additional transportation infrastructure would be required. The market analysis found that there is much stronger demand for residential development than for commercial or industrial development on the site. Poor vehicular access had weakened the viability of commercial development on the site. Zuccaro explained that staff analysis found the rezoning met policy objective #2 of the LMC Sec. 17.44.050, which required that the area to be rezoned had changed to such a degree that it was in the public interest to encourage redevelopment of the area. The changed conditions for the site were the weak market conditions for highway -oriented commercial development, and the lack of adequate vehicular access to support such development. The initial land use exhibit anticipated stronger commercial demand than what eventuated. He noted that the DELO Marketplace took a long time to fill up, and that there remained two pad sites that had yet to be developed. Zuccaro said the fiscal analysis model found a net negative fiscal impact for the rezoning of the property. This was due to the cost of providing services to residents, and was typical for residential and mixed -use development. He suggested that the City should consider the economic vitality development can bring and how the redevelopment can foster and support neighboring businesses, as this was not considered as part of the fiscal analysis. The analysis also did not factor in the increases in online sales tax revenue the City has seen. Staff Recommendation: Staff is recommending approval of the rezoning. Commissioner Questions of Staff. Moline asked how the Inclusionary Zoning Ordinance would apply to future development. Zuccaro said the applicant must allocate 12% of the units within the development as deed City of Louisville Community Development 749 Main Street Louisville CO 80027 303.335.4592 www.LouisvilleCO.gov