11 - Laserfiche WebLink

THE CITY OF 11 CITY COUNCIL AGENDA REPORT pLEASANTOK February 4, 2020 Community Development Planning Division TITLE: CONSIDER: (1) ADOPTION OF A RESOLUTION CERTIFYING THE REVISED FINAL SUPPLEMENTAL ENVIRONMENTAL IMPACT REPORT (RFSEIR); (2) ADOPTION OF A RESOLUTION APPROVING 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 (3) INTRODUCTION OF AN ORDINANCE TO APPROVE 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 PLANNED UNIT DEVELOPMENT — COMMERCIAL (PUD-C) DISTRICT ON 40 ACRES AT 7106 THROUGH 7315 JOHNSON DRIVE AND 7035 AND 7080 COMMERCE CIRCLE, KNOWN AS JOHNSON DRIVE ECONOMIC DEVELOPMENT ZONE SUMMARY The JDEDZ involves changing the existing General Plan land use designations and zoning to spur investment in approximately 40 acres of mostly underutilized land primarily fronting Johnson Drive near Interstate 680 (1-680) and Stoneridge Drive. Costco and brand name hotels have expressed interest in properties within the proposed JDEDZ; however, all development applications have been placed on hold pending final determination on the environmental documentation and proposed applications described in this report. The JDEDZ has been subject to detailed evaluation of environmental, economic, and fiscal impacts, and many public meetings have been held on the project. 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 a tax sharing payment to Costco) at the completion of the first phase (which includes Costco and hotel uses). This net revenue estimate increases to $2.1 to $2.3 million annually (after the 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 1.7 percent to 1.9 percent of the City's General