City Council Minutes 2023 10 17 - Laserfiche WebLink

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City Council Meeting Minutes October 17, 2023 Page 8 of 13 analyses for the new zoning noting there is currently a market for residential but low demand for retail development in the area. He stated the change in market conditions in the area may warrant this rezoning. He reviewed some of the criteria for rezoning noting that Policy No. 2 states "the area for which rezoning is requested has changed or is changing to such a degree that it is in the public interest to encourage a redevelopment of the area." The fiscal analysis noted weak market conditions for commercial development on this parcel on Highway 42 and lack of adequate vehicular access to support highway -oriented commercial uses. He reviewed the fiscal analysis stating mixed -use residential development often has a negative balance in the model, however we need to take market feasibility into consideration. If the property is zoned in a way that is outside of market feasibility it can negatively impact urban renewal goals. He added the fiscal model does not capture the broader economic vitality of supporting the surrounding commercial areas. He also noted that online sales tax is changing the City's fiscal balance. He stated the Planning Commission reviewed the application and recommends approval. Staff also recommends approval. Councilmember Leh asked what broader economic vitality impacts this might have. Director Zuccaro stated bringing more people has the possibility of activating the areas around it and bringing shoppers to area businesses including downtown. Councilmember Dickinson asked if it is accurate that if we change the zoning it would bring in less revenue than if the site developed with the current zoning. However, there does not appear to be a market to develop under the current zoning so currently we are getting almost nothing from the site. Director Zuccaro stated that is correct. Hunter Floyd, LiveForward Development, Applicant Presentation, stated when they initially looked at this site they were considering more commercial but after viewing the site and listening to what the neighbors want they feel this new approach would be much more successful. They hope to build a quality project that will have a positive impact on the local businesses. He stated they have done a great deal of public outreach with the surrounding neighbors and business community to understand the vision people have for this site. People asked for more green space; dog areas; retail viability on the site; traffic safety; affordable housing; and amenities. They feel they have addressed all of these issues in their proposal and they have good support from the neighbors. They believe this proposal is in support of the City's vision for this area. Councilmember Leh thanked the applicant for meeting with the community and incorporating their feedback into their plan.