09/03/2020 EDAC Packet - Laserfiche WebLink

Home Search

ECONOMIC DEVELOPMENT ADVISORY COMMITTEE AGENDA ITEM 3A STAFF ORIGINATOR: Michael Grochala, Community Development Director EDAC MEETING DATE: September 3, 2020 TOPIC: Woods Edge Development Forum Tax Capacity Analysis REQUEST: Discussion BACKGROUND Staff presented the results of the Developer Forum held over the summer with the assistance of Ehlers and Associates. As discussed, each of the groups interviewed offered their perspectives on density, uses, price points, and market conditions. EDAC members had several questions and noted additional information regarding the future of the YMCA, census figures, and tax implications would be important to any future decision on the property. As a first step, staff requested Ehlers to prepare a tax estimate comparison of 4 different development options. The options where based on the master plan guidance and information received from the developer forum. These included: • Scenario A, 120,000 square feet of retail • Scenario B, 60 Townhome units • Scenario C, 280 unit market rate apartment building • Scenario D, 240 unit market rate apartment building and 20,000 square feet of retail Under these scenarios and based on pay 2020 tax rates, the following City portion of property tax generated would be as follows: The townhome option represents the lowest value and most unlikely scenario given the existing development footprint and infrastructure layout. The site was developed to accommodate a mix of commercial and multi -family uses.