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Planning Case No. 477-97 D.W. Jones PUD Project • April 2, 1997 Page 3 redevelopment strategy to the City Council, Economic Development Commission and Planning Commission on April 7. The study includes a Market Analysis done by Towle Real Estate. The Towle report identified Area 9 as a"prime area" for senior, assisted living housing developments. Office uses were also identified in the report as a good fit for the area. The corner parcel, according to Towle, is the most valuable piece of undeveloped land in the entire study area. Its use, the report continues, should be an intensive"impulse" commercial business, as opposed to destination oriented commercial business. The use proposed by the applicant seems to be consistent with the Towle Study's findings. Tax Impact of the Project. According to data supplied by the applicant at the March 19 meeting, this project with the four identified uses would be expected to bring in an additional $215,000 to $269,000 in property taxes, depending upon which assumption(low, average, high) is used. The City's share of the anticipated property taxes with development would be approximately$35,150 to $43,980. The remainder would go to other taxing entities such as the school district and Ramsey County. The current taxes on the property amount to $21,000 per year, of which the City receives approximately$3,430. Park Dedication Requirements. The Parks and Recreation Commission, at their meeting on March 20, 1997, voted to require the full amount of park dedication fee as provided for in the City Code. The fee would be equivalent to 10 percent of the current value of the land, as determined by the Ramsey County Assessor's Office. The Commission also recommended that a trailway be constructed along Silver Lake Road, which is shown on the site plan. Easements: Since the Planning Commission's last meeting, Staff learned that additional right-of- way will be needed for future Silver Lake Road improvements. The County requires 43 feet on either side of the centerline of the road, which means 3 feet are needed along the eastern edge of the property up to halfway through the property currently owned by George Winniecki, where the 3 feet becomes 10 feet due to a jog in the property. The applicant has indicated they are prepared to dedicate the necessary right-of-way. Traffic Study. At the March 19 meeting, the applicant provided the Planning Commission with a detailed traffic analysis. As a result of this development, approximately 3,914 daily trips to this site would occur on the average weekday. During the peak hours, more than 50 percent of the convenience store/gas station trips would be pass-by, or impulse trips. These are people who would have been on Highway 10 (or any of the roads) for other reasons, destined for a different location. It is estimated that the level of service (LOS) for the Highway 10/ Silver Lake Road intersection will not decrease as a result of this development being built. The current level of service is level C. Market Analysis. There have been two market studies done regarding the site where this 40 development is proposed. The first was a generalized study prepared by Towle Real Estate as part of the Highway 10-Area 9 Study, which analyzed the types of uses which would be appropriate in this section of the Highway 10 corridor. This study noted the following on pages 16-17: