Agenda Packets - 1997/05/12 - Laserfiche WebLink

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City of Mounds View Staff Report May 9, 1997 Page 3 • 4. Value as Commercial Property: The O'Neil parcel is prime commercial property with its frontage along the Highway 10, given the premium placed on visibility by high volumes of traffic by commercial uses, and the availability of access from an arterial highway and the I-35 corridor. The market for neighborhood or community retail commercial is weak, as evidenced by the vacancies in the Mounds View Square Shopping Center and Silver View Plaza and as reported in a recent market study by Towle Real Estate for the Highway 10 corridor in Mounds View. This application indicates that there is market interest in the property for specialty commercial development. 5. Effect on City's Tax Base: ■ If the property were developed as single family residential, it would cost the City more in services than it will generate in revenue. If it were developed as commercial it would generate more revenue than it will cost in services. • When looking at the overall picture, the City has a very limited amount of land in commercial zoning or commercial uses (3.9% in 1990), and an extensive amount of land in single family residential (45.1% in 1990). One possible goal of land use planning is to balance the types of land uses to create a sustainable economy and a reasonable level of taxes for services. Commercial uses pay more property taxes than does single family residential development. Commercial uses which attract • customers from a wider area than the City's boundaries import dollars, and may create additional spending at other Mounds View businesses such as restaurants. They may prompt additional commercial development which also adds to the tax base. The Comprehensive Plan does not address entertainment uses as a category of commercial uses. Entertainment uses have the potential for creating additional spending, more so than neighborhood or community retail businesses. ■ If this property is used for single family residential development, there is no other property in terms of location and size that could be switched from residential to commercial to compensate. There will be a net loss in commercial land in the City, which creates consequences for the overall tax base for financing city services. The 1979 Comprehensive Plan includes policies encouraging development of the City's tax base. 6. Compatibility of Uses;Protection of Residential Neighborhoods: The placement of different uses adjacent to one another may cause impacts and incompatibilities. Commercial uses are often seen as creating compatibility problems for adjacent residential neighborhoods. Creating two Comp Plan designations on this property, which would limit • the area along County Road H2 to low intensity uses, addresses the issue of compatibility of land uses.