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The Task Force wanted additional information and analysis done for a theater and boutique hotel, and generally supported options that would attract people Downtown to support restaurants. Additionally, the Task Force was reminded the land use options and policies in the specific plan were not dictated solely by the market analysis, and other desirable objectives (such as maintaining community character; the desire for a low-scale, commercial-centric Downtown; the desire for enhanced entertainment amenities or open space), may also be considered. Subsequent to the November 28, 2017 Task Force meeting and in preparation for this City Council meeting, EPS provided a high-level analysis of the preliminary Civic Center option (Attachment 7). Key findings from this analysis include: • While the Civic Center site is well positioned from a market perspective, successful development will likely require a creative public-private partnership given the substantial public amenities and infrastructure associated with the proposed land use concept; ® Residential uses will likely generate the highest development value for the Civic Center site given strong local and regional market support and limited new product offerings; e While not as valuable as stand-alone residential, office development is also likely to generate surplus value that could be used to cover a portion of project wide costs; e Given more moderate market demand and intensive parking requirements associated with retail, hotel, and/or entertainment (e.g., cinema) uses, these project elements are unlikely to advance the overall development feasibility and may in fact require additional public subsidy; and e The proposed development program for the Civic Center site would likely have a positive impact on the City's General Fund budget, with annual revenues from new property, sales and related taxes off-setting the on-going cost of providing municipal services (e.g., public safety and facility maintenance). PUBLIC NOTICE Notice of this meeting was sent to all property owners and tenants within the Downtown Specific Plan area. Public comments received after the November 28, 2017, Task Force meeting are enclosed with this report as Attachment 8. DISCUSSION Staff is providing an update to the City Council on the preferred streetscape options and revised land use plan for Civic Center, in advance of proceeding with technical analysis and the redlined plan. The next steps identified below are anticipated in the near future. NEXT STEPS The next steps in the Downtown Specific Plan Update process are scheduled to consist of the following: eTechnical analysis by City staff and consultants of the preferred land use option for the Civic Center. These studies will include: (1) traffic impact assessment; (2) civil engineering assessment; (3) fiscal impact analysis; (4) financial feasibility analysis. Page 5 of 6