Planning Commission Agenda and Packet 2023 09 14

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Planning Commission Staff Report September 14, 2023 Fiscal Model Results (x$1,000) Revenue by Fund "HIGH" SCENARIO "LOW" SCENARIO Current Zoning Proposed Zoning Current Zoning Proposed Zoning General Fund $1,817 46% $2,166 42% $1,471 45% $1,689 49% Open Spaces & Parks Fund $286 7% $383 7% $226 7% $297 5% Recreation Fund $368 9% $574 11 % $322 10% $502 6% Historic Preservation Fund $74 2% $79 2% $58 2% $60 0% Capital Projects Fund $1,391 35% $1,938 38% $1,167 36% $1,561 40% TOTAL REVENUE $3,935 100% $5,140 100% $3,244 100% $4,110 100% Expenditures by Fund General Fund $2,407 55% $4,160 56% $2,335 54% $4,036 58% Open Spaces & Parks Fund $148 3% $246 3% $135 3% $225 4% Recreation Fund $309 7% $1,603 22% $282 7% $1,558 11% Historic Preservation Fund $0 0% $0 0% $0 0% $0 0% Capital Projects Fund $1,543 35% $1,363 18% $1,543 36% $1,363 27% TOTAL EXPENDITURE $4,407 100% $7,372 100% $4,295 100% $7,182 100% NET FISCAL RESULT/ FUND General Fund $590 $1,995 $864 $2,347 Open Spaces & Parks Fund $138 $137 $91 $73 Recreation Fund $59 $1,029 $40 $1,055 Historic Preservation Fund $74 $79 $58 $60 Capital Projects Fund ($152) 1 $574 ($376) $198 20-YEAR NET FISCAL IMPACT ($472) ($2,233) ($1,051) ($3,071) AVG. ANNUAL NET IMPACT ($24) ($112) ($53) ($154) The fiscal model results show that both the Current and Proposed Zoning Scenarios result in a slight net fiscal deficit to the City. This ranges from $24,000 to $53,000 as an annual average for the Current Zoning Scenario and $112,000 to $154,000 as an annual average for the Proposed Zoning Scenario. Any mixed -use development that includes residential development often results in a negative fund balance with the City's current modeling tool. This is because residential development results in more expenditures to provide city services to the residents of the development when compared to commercial development. The Proposed Zoning Scenario has a slightly larger deficit considering there is more residential and less commercial development in that scenario. As previously noted, development of the property with all commercial uses is potentially not market feasible and by allowing a mixed -use residential development the City could promote redevelopment and revitalization of the property to meet the City's goals for the Highway 42 Revitalization Area. While the fiscal model predicts a slight negative net balance, there are likely broader economic benefits to the City from the proposed development. This would include providing more vitality and activity in DELO and Downtown, which would support other existing businesses in the area. 10