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BACKGROUND Financial institutions are permitted uses in the 0 — Office District and C — Commercial District. The Downtown Specific Plan considers financial institutions to be similar to traditional retail uses. Historically, there was an interest in promoting financial institutions in the downtown area and from 1973 to 1995 the City required that banks, savings and loan institutions, and other financial institutions first locate a branch in the downtown area before locating elsewhere in the city (with the exception of the C-R District, which is the zoning designation for Stoneridge Mall and the area surrounding it) unless there were at least eight financial institutions in the downtown area. As a result of the City's previous policies requiring financial institutions in the downtown area, these businesses are prevalent in the area. Attachment 2 provides the location of existing financial institutions in the downtown area. As an example, currently the 800 block is the only portion of Main Street without a financial institution. Further, six of the seven existing financial institutions are located on prominent corners. While these institutions have provided a specific type of benefit to the area, it is also beneficial to strive to continue to attract other types of "retail" throughout the entire downtown area. As a result staff is recommending consideration of an ordinance that acknowledges the importance of financial institutions while also trying to ensure that properties that have significant visibility and prominence, such as those along Main Street and those that are corner properties, are available for other types of uses. DISCUSSION The proposed ordinance would affect financial institutions (which include banks, savings and loan offices, finance companies, credit unions, and other similar uses) in the downtown area in three basic ways: 1. Requires a Conditional Use Permit from the City Planning Commission if the site meets the following three conditions: 1. zoned Central-Commercial (C-C) or zoned Planned Unit Development (PUD) that references uses of the C-C district; and 2. located within the Downtown Revitalization District; and 3. has frontage on Main Street. Financial institutions that do not meet all three criteria noted above would be considered permitted uses. 2. Discourages the Planning Commission from approving more than one financial institution within any block of Main Street (counting both sides) and would also discourage the location of a financial institution on a corner property on Main Street in favor of encouraging other uses that would add more vitality and pedestrian interest in these highly visible and character defining locations. 3. Would not impact existing uses as they would remain as nonconforming uses. However, a Conditional Use Permit would be required for a new financial institution where one currently exists unless another financial institution replaces it within 180 days. The code currently allows no more than 90 days before other Page 2 of 3