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PL£ASANTONe CITY COUNCIL AGENDA REPORT 14 November 7, 2017 Community Development Planning Division TITLE: CONSIDER CERTIFYING THE FINAL SUPPLEMENTAL ENVIRONMENTAL IMPACT REPORT (FSEIR) AND CONSIDER APPLICATIONS ON 12 PARCELS AT 7106 THROUGH 7315 JOHNSON DRIVE AND 7035 AND 7080 COMMERCE CIRCLE, COMPRISING APPROXIMATELY 40 ACRES KNOWN AS THE JOHNSON DRIVE ECONOMIC DEVELOPMENT ZONE (JDEDZ) FOR: (1) APPROVAL OF A GENERAL PLAN AMENDMENT TO CHANGE THE LAND USE DESIGNATION OF THE PROJECT SITE FROM BUSINESS PARK (INDUSTRIAL/COMMERCIAL AND OFFICE) AND GENERAL AND LIMITED INDUSTRIAL TO RETAIL/HIGHWAY/SERVICE COMMERCIAL; BUSINESS AND PROFESSIONAL OFFICES; AND (2) APPROVAL OF A PLANNED UNIT DEVELOPMENT (PUD) REZONING TO REZONE THE PROJECT SITE FROM PLANNED UNIT DEVELOPMENT -GENERAL AND LIGHT INDUSTRIAL (PUD-G&LI) DISTRICT, PLANNED UNIT DEVELOPMENT-INDUSTRIAL/COMMERCIAL-OFFICE (PUD-I/C-O) DISTRICT, AND GENERAL INDUSTRIAL (I -G-40,000) DISTRICT TO PUD - C DISTRICT. SUMMARY The JDEDZ involves changing the existing General Plan land use designations and zoning to spur investment in 40 acres of mostly underutilized land primarily fronting Johnson Drive near Interstate 680 (1-680) and Stoneridge Drive. The JDEDZ has been subject to detailed evaluation of environmental, economic, and fiscal impacts, and many public meetings have been held on the proposal. Besides generating economic vitality in the JDEDZ area, the JDEDZ would result in positive fiscal benefits for the City, including a projected $1.4 to $1.7 million annual contribution to the City's General Fund (after tax sharing payment to Costco) at the completion of the first phase (which includes club retail and hotel uses). This net revenue estimate increases to $2.1 to $2.3 million annually (after tax sharing payment to Costco) upon full buildout of the JDEDZ. At full buildout these net fiscal revenues represent an annual contribution equivalent to approximately 2.1 percent to 2.3 percent of the City's General Fund expenditures. In addition, a financing plan has been developed for the transportation improvements needed to support the JDEDZ that would utilize a sales tax sharing agreement. This agreement would allow the City to collect substantial sales taxes from Costco while undertaking major transportation improvements with area -wide benefits.