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Planning Commission • 471-97: O'Neil Property t March 8, 1997 Page 10 commercial potential of the Highway 10 corridor and add to its tax base, and that adequate measures have been taken to provide the necessary buffer to the single family neighborhood. 2. Surrounding Area (2) The geographical area involved. (3) Whether such use will tend to or actually depreciate the area in which it is proposed. (4) The character of the surrounding area. The O'Neil property is triangular in shape and is bounded by collector and arterial roadways, including a major highway corridor, on the north, south and west side. There is an extensive, existing single family residential neighborhood on the south, across County Road H2, which runs from this roadway to County Road H. On the west side, across Long Lake Road, is a residential neighborhood comprised of three multiple family developments: Silver Lake Woods, Scotland Green, and Wildwood Manor. Both Scotland Green and Wildwood Manor are three-story apartment developments; Silver Lake Woods is a lower intensity, townhome development. In the proposed concept plan, however, the residential areas on the west are shielded from the developed area of the O'Neil property by an 8.5 acre wetland which will be left in its natural state. City Hall and the park surrounding it are located across the 225 foot Highway 10 right-of-way. Donatelle's Restaurant, which is located east of the O'Neil property, is the only development which actually shares a common property line. (Mr. Donatelle has indicated to staff that he supports this project; see Attachment 12.) Immediately to the southeast is a cluster of businesses including Roberts Off 10, Donut Connection, Oasis Market and a car wash. The surrounding area is a mixture of single family residential, multiple family residential, business and civic uses. The O'Neil property is sitting between two very different environments, i.e. the single family neighborhood on the south, and the highway corridor on the north where commercial development has concentrated in Mounds View. At both of the neighborhood meetings, there was considerable discussion about whether this project would cause property values to go down in the residential area south of the O'Neil property. The developer has offered to purchase any home along the County H2 frontage shared by the O'Neil property for 10% over the appraised value, as an indication of his conviction that the proposed project will not have a detrimental effect on property values. It is staff's understanding that one of the houses along the County Road H2 frontage sold in the last month, with the new buyer knowing about the theater proposal. We do not know what the asking and final sales prices were. •If the theater project is built, future buyers of homes in the adjacent residential neighborhood will see the theater in place and will not know what the neighborhood was