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THE CITY OF <br /> "' CITY COUNCIL AGENDA REPORT <br /> pL�EASANTON© SPECIAL MEETING <br /> August 29, 2017 <br /> Community Development <br /> Planning Division <br /> TITLE: INTRODUCE POLICY DISCUSSION RELATED TO THE PROPOSED <br /> JOHNSON DRIVE ECONOMIC DEVELOPMENT ZONE (JDEDZ) <br /> REGARDING THE TRAFFIC AND TRANSPORTATION MITIGATION <br /> IMPROVEMENTS PHASING AND FINANCING PLAN OPTIONS <br /> SUMMARY <br /> This item is intended to facilitate policy discussion about the timing of future development <br /> and financing of the required traffic and transportation mitigation improvements for the <br /> JDEDZ. The JDEDZ involves a proposed change to existing land use policies and <br /> regulations (amendments to the General Plan land use designations and zoning) designed <br /> to spur investment in 40 acres of mostly underutilized land primarily fronting Johnson Drive <br /> near Interstate 680 (1-680) and Stoneridge Drive (Figure 1). Costco (defined as a "club <br /> retail" land use), as well as business-class hotel operators have expressed interest in <br /> properties within the proposed JDEDZ; however, no development applications have been <br /> submitted at this time. A Final Supplemental Environmental Impact Report (FSEIR) was <br /> prepared in March 2016, which evaluates the potential environmental impacts of the <br /> project and identifies mitigation measures to reduce or eliminate these impacts. A major <br /> component of the mitigation required for the JDEDZ involves transportation system <br /> improvements in the vicinity of Interstate 680 (1-680), Stoneridge Drive interchange, and <br /> Johnson Drive. <br /> BACKGROUND <br /> Economic Development Zone Concept & Johnson Drive Effort <br /> Consistent with several General Plan policies, the Economic Development Zone (EDZ) <br /> concept was endorsed by the City Council in April 2014. At that time, Council also initiated <br /> the evaluation of a pilot EDZ along Johnson Drive. Property in the area has long been <br /> used for industrial and limited office purposes, and was occupied by the Clorox <br /> Corporation, and the area continues to house AT&T, FedEx, and several other businesses. <br /> Over 20 acres of the JDEDZ area are currently vacant because of Clorox's departure. <br /> Key goals of the JDEDZ include: <br /> ® Transforming the area into a thriving commercial corridor that capitalizes on its location <br /> at the intersection of the 1-580 and 1-680 freeways; <br /> m Creating opportunities for new land uses and services in the community to broaden the <br /> City's economic base, thereby generating new tax revenue to support City services and <br /> programs; and <br />