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71111.11111.1.11.1111.11111111111.11111.111111.1111111.11111.11111111 Planning Commission Report TOLD Development Co. Case#507-97 • January 14, 1998 Page 6 New commercial growth creates a host of short and long term economic impacts to the community and region as a whole. These impacts go beyond the direct tax benefits and job creation, and is referred to as the multiplier or ripple effect. When a business expands or a new business comes into the community, it creates additional jobs throughout the area's economy. The multiplier for a retail business such as Walgreens is 1.4. (These numbers are estimates to be used only as guidelines in measuring the economic impact to a region from industry growth. They are developed by the U.S. Department of Commerce.) Conclusions: The following represents staff's assessment of the advantages and disadvantages from this development proposal. Advantages: • The proposal is designed in a manner which provides protection and buffering for the surrounding residential neighborhoods • The proposal brings a national retailer into Mounds View • ■ Walgreens will give Mounds View residents an added choice for their prescription needs and will promote competitive pricing • Walgreens is expected to draw a majority of its customers from within the City • It will strengthen the City's tax base and generate revenue • The store will create up to 35 jobs, many of which will be filled by Mounds View residents • The use will alleviate drainage problems in the area • Takes advantage of an opportunity being presented by the marketplace • Eastwood Road residents south of Hillview Road would live on a cul-de-sac with no through traffic • The proposal redevelops a site for which the City paid $125,000 and returns it to the tax base Disadvantages: • The proposal involves the removal of four single-family houses • Traffic counts on Greenwood Drive are expected to increase by 40 percent • The development of the site may increase the number of accidents at this busy intersection • Homes on Greenwood that now back up to other homes would back up.to a commercial business The community, in previous public meetings, has voiced opposition to the addition of any more rental housing within Mounds View. Many question the appropriateness of locating any type of • housing along Highway 10--rental or otherwise. The City, after purchasing the corner property, attempted to market the site to commercial developers, but found little interest due to the access difficulties and relatively small area. Combining the City lot with the four single-family homes has opened the door to commercial development. Resident concern is understandable, however,