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Coventry Senior Living Staff Report July 21, 2010 Page 2 REZONING DISCUSSION: The applicant is requesting to rezone the properties located at 2320 and 2340 County Highway 10 (B-3 Highway Business) and 5260 O’Connell Drive (R-1 Single Family). At over two acres, this project qualifies to rezone to a Planned Unit Development for senior housing. The Comprehensive Plan Future Land Use Map indicates that these parcels are within a mixed-use planned unit development area. Such a designation is intended to allow for flexibility in redevelopment. The city rezones properties by ordinance. This means that the City Council will hold two readings of the ordinance in order to approve the zoning change. After Council approval, the ordinance goes into effect 30 days after the City publishes the ordinance in the newspaper. Rezoning Criteria: Chapter 1125 of the Mounds View Zoning Code addresses rezoning requests. The procedure and conditions of approval are the same as for conditional use permits, which means the Planning Commission is to consider possible and potential adverse effects of the requested rezoning. The Planning Commission shall make findings of fact and make a recommendation to the City Council based upon the review of potential adverse effects and the findings of fact. Relationship to the Comprehensive Plan According to the Comprehensive Plan, the City has designated the area as Mixed-Use PUD, planned unit development. This is defined as land containing a building or buildings with significant amounts of residential uses in combination with commercial and/or office uses. By using the Mixed-Use PUD designation in the Comprehensive Plan, the City has more options for the allowed uses. Sites with this designation could be developed as planned unit developments (PUD) to allow flexibility if the project meets the PUD criteria. An important component of the Comprehensive Plan, the Housing Element, has goals and policies toward maintaining and improving the quality and diversity of the existing housing stock and providing infill-housing opportunities where both possible and practical. The proposed project would help promote a greater diversity of housing choices in the City. Geographical Area The subject area proposed for redevelopment currently consists of a car wash and two vacant lots. Adjacent on the northwest end (5284 Greenfield) is a 17-unit apartment building, and the city- owned vacant “Premium Stop” site. The properties to the southwest of the subject parcels are zoned R-1, single family residential, and are developed as such. The City expects the owners of the five single-family homes south of this development site that front County Highway 10 to redevelop their properties in the future. Directly across County Highway 10 is the Saturn/Motor Trend auto dealership. County Highway 10 properties tend to be developed with more intense land uses, whether commercial or residential, than in other parts of the city. Depreciation The question of depreciation is a difficult one to answer with any quantifiable certainty. Most studies that examine property value impacts of development generally find little correlation between a well designed project and subsequent property values. While property values may not depreciate as a result of the development, one can argue that quality of life for the existing residents that would be adjacent to the project could be impacted. From the perspective of tax base and market values, the rezoning would promote a substantial increase in market value at the site, increasing from the present approximate valuation of $819,800 to an estimated $12,000,000.