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2525 North Main Street October 28, 2019 Page 13 The Specific Development No. 93 (SD-93) will be established for the purpose of protecting and promoting the public health, safety and general welfare of the City and its residents. If the zone change is approved, a series of site -specific objectives and development standards will guide the development of the project. Specifically, the SD-93 document includes a menu of development standards which establish permitted and conditional uses and regulate density, circulation, open space, setbacks, parking, height and landscape requirements and includes provisions for construction and maintenance to allow the exclusive entitlement of the residential project. Approval of the proposal would allow for the construction of a high density residential development in an urbanized setting that is within close proximity to neighborhood services and amenities. If approved, the zone change would need to be approved in conjunction with the proposed general plan amendment. This would result in a project that is consistent with the goals and objectives of City's General Plan land use designation of District Center. The project will promote an urban development where office, retail and residential activities would coexist in close proximity and in a mixed -use setting. Further, the project will contribute towards the improvement of the character of the northern section of the City. Finally, the development, through the construction of the proposed public improvements and site amenities, will contribute to the enhancement of the area and serve as a buffer between commercial and high intensity uses and the lower density residential area. Economic Analysis The proposed project would convert an office development into a residential development. A fiscal and economic impact analysis was prepared by RSG, Inc. A memorandum was provided based on the reduced 256-unit project (Exhibit 8). In addition to the financial contributions included in the Development Agreement, RSG anticipates the following fiscal outcomes over a 25-year forecast period: • Approximately $16.6 million in revenue to the City's General Fund (construction period revenues, recurring property tax revenue, utility user tax, residential sales tax and business tax) (formerly $22.5 million) • Approximately $5.0 million in expenditures from the City General Fund (public services) (formerly $6.7 million) • The net new General Fund revenue is projected to be approximately $11.6 million from the acquisition and development of the Project (formerly $15.8 million) Table 5: Public Notification ^` � .. '..' ♦ �« a >. ST^, cK..0 }Av aw.Y.aF� m. .. ..�. a a.".A `i Required Measures A Sunshine Ordinance Community Meeting was held on November 15, 2017 from 6:00 p.m. to 7:30 p.m. The sign in sheet included 263 names. A public notice was posted on the project site on October 17, 2019.