Item 32 - Second Reading of Uncodified Ordinance Amendment No. 2024-07

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14 way the building is utilized. Most commercial buildings need an overhaul after 20 or more years to keep the building in suitable condition. Determining whether reinvestment to the properti es has occurred recently involves reviewing both the building -to-land value ratio and building age. The ratio is calculated by comparing the building improvement value (the value of improvements to the structure of the building) to the land value. These nu mbers are derived from the Orange County Assessor Department and are the assessed values for determining property taxes. To calculate assessed property values, all building improvement information from jurisdictions are sent to the Orange County Assessor D epartment during the building permitting process. If the building -to-land value ratio is less than one, it means that the building improvements are worth less than the property value. If building improvements are relatively new or the building is newer, ty pically a building -to- land value ratio can easily go above 2.0 to as high as 10.0. If the ratio is below one, or even below 0.5, it is a clear sign that there has not been recent building improvements to improve the condition. If the property has a low bu ilding-to-land value ratio with building over 50 years old, it is likely that building has not improved and deterioration may be occurring to structure, including to the façade, decline of the roof, and equipment and services (e.g., space and heating, ductwork, electrical work, etc.). Table 6 summarizes the sites identified as alternative parcels, which can facilitate a total surplus capacity of 5,853 units. It also identifies if the site meets the suitability criteria for non -vacant sites. These sites comply with AB 2011 site criteria, are located with opportunity areas, have access to public transportation, contain existing commercial and/or residential uses that are of marginal economic viability, are at or near the end of their useful life, and/or the ex isting intensity of development is substantially lower than allowed by existing zoning. The criteria thresholds selected are based on regional trends for redevelopment of residential and mixed-use development. Additionally, sites that are smaller than 0.5 acres have multiple parcels that are adjacent to each other and are appropriate for consolidation into larger development projects, achieving a lot size of at least 0.5 acres. These sites have common ownership, function as a part of a larger site currentl y, such as a commercial building with an adjacent parking lot, and/or are significantly underutilized and have been identified for potential projects. For the purpose of calculating the net surplus capacity as shown in Table 6, individual parcels that mak e up a larger development site were aggregated and assigned a site identifier expressed by a number. The site identifier is shown in the column on the far left of Table 6 titled Lot Consolidation. These are sites that would require lot consolidation to occur to develop at the rates expressed in the table. Those parcels that do not have a Lot Consolidation number, could be developed without lot consolidation and do not include a Lot Consolidation number. The City’s General Plan Land Use Element indicates that when calculating the number of units permitted on a site based on permitted residential densities, the total number of units permitted shall be round ed down in any case where a fraction of a uni t is permissible. For sites with a Lot Consolidation number, the total area of each parcel comprising the development site was aggregated before being multiplied by the permitted density. The product of the density calculation was then rounded down, as is required by the City’s General Plan, and included in the Net Surplus Capacity (consolidated and round down) column . MainPlace Mall Site The net surplus capacities for the MainPlace Mall site, Affordable Alternative/Upzoned Map ID Nos. 19 - 25 and Mixed-Income Alternative/Upzoned Map ID Nos. 18 -24 in Table 6 and Table 7 below , utilize a ATTACHMENT 3