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planning Commission 471 �97: O'Neit Property Ivlarch 8, 1997 Fage 11 like withou� the tlieater. The applicani has taken severat steps to isolate the th�aier from the neighbarhood, and ir� effect, the potentiai buyers will be Iooking at a waoded strip of land, more-or-less as it is now, and through the trees, at three one-story offtce buildings and a screening fence. The ma.in part of the parking lot is 16a feet away from the south property line and behind this "barrier". The theaier building is 240 feet away. The potential buyers may give more attention io the businesses ai the Highway 10-Couniy Road H2 intersectio� than the theater, because ihes� businesses take access from the road going through th� neighborhood and are far more visilsle to people coniing and going fxorn the neigliborhood. Those %eling the bi�gest impact on property value aze probably the people who already live i� the neigllborhood, because they will live through #he change brought by the project, and know how the neighborhoad was be%re and a.f�er the deveiopment. The impact may not be financial but quality of lif'e or "feel". It is sta�s view that the design of this property has minimized tk�is impac�. Ii is important, however, that the office buiidings and fihe screening fer�ce be built and a guarantee for their construction should be ir�ciuded in ihe PLTD agreemeni. 3. Long Term Viability; l�iarke� Demand; Suitability of Locafiion (5) The demonsl�ated need for such use. The applicant has provided a market summary as part of their application (see Application Materials). It is staiis understanding that ihe fiheater industry uses a five mile radius as the area to be served by a theater complex The market summary for the Carmike Theafiers shows that there are na theaters within a three mile radius and only one theater complex within five miles. They do not consider this theater as competing with the proposed pro}ect because it is older and has only four screens. �ne of the theaters approved in �oon Rapids is just inside the five mile radius; the other is in the seven mile radius. The 14-screen theater in White Bear Township is not on the map. It is outside the seven miie radius. The map shows that Mounds View is in the center of a substantial area that is nat served by movie theaters, wiih more population growth occurring io the north, northeasf and northwest. Th� market profile report shows socio-economic data for households in the three, five and seven mile radius axound the theater sitr;. Thez°e is rernarkable consistet�cy in the papuiation characferistics between ihe rin�s. 'The average home vatu� is beiween $94,000 and $97,155; the average household income is between $51,641 artd $52,596. it appears that there is discretionary income in the rnarketplace. The question has be�n ra.ised whether 16 screens are needed. Recent articies have indicated that these "big box" theaters are the new irend, and smaller theaters will no longer be buili. Aiso th� "big box" theaters will cause fihe smaller ones fo close becaus� they will not no longer be campetitive. It is i�teres#ing to note that on the map showing exist'vc�g theaters, they are clustered in twos where fihe total screens %r boih iheaters is �i��