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the City gets certain benefits and concessions or amenities it might not be able to require through conditions of approval. For the proposed project, the Draft Development Agreement includes a provision the Developer would contribute $1,000,000 in funding for the reconstruction of Fire Station No. 2; and would provide other benefits including return of sales tax to the City for construction materials (this increment is above and beyond other sales tax revenues, and LEED Gold Equivalent certification for the project. The applicant has proposed a 10-year term for the development agreement. The draft development agreement is attached as Exhibit E. The development agreement process requires the Planning Commission provide a recommendation to the City Council regarding whether the proposed Development Agreement conforms with the General Plan. Staff supports the proposed development agreement, and with the rezoning described above, believes the Planning Commission should provide a positive recommendation to the City Council finding the Development Agreement conforms with the General Plan. ALTERNATIVES As outlined in the above analysis, staff believes the project, as proposed and conditioned, would be compatible with the other uses in the vicinity and not create adverse impacts, and recommends the Planning Commission recommend approval to the City Council. However, alternatives to the proposal that could be considered by the Planning Commission include: 1. Recommend denial of the project; or 2. Recommend approval of the proposal with modifications to the site layout, building designs, uses, etc. SUMMARY OF PROS/CONS OF PROJECT - PROS CONS Uses are consistent with the General Plan. The project would add new development and daily trips to an already congested area, although all project traffic impacts can be mitis ated. Redevelopment of an underperforming retail Loss of retail space; however, the proposed site. 10x Genomics project would significantly exceed the sales tax produced by the prior retail center Retention and expansion of an existing ' Significant portion of subject site could business operating within the City, including remain undeveloped for a significant period preservation of high-wage jobs, and of time. increased sales tax revenue. New buildings and landscaping would upgrade and enhance the visual quality of the site and streetscape. PUD-139 and P20-0973, 10x Genomics, Inc. Planning Commission 31 of 32 erty. A development agreement is a commitment between the City and a property owner or developer to proceed with a specific development in accordance with the terms of an agreement that describes what land use and related processes shall apply to the application. In essence, a development agreement locks in the laws in existence at the time of entering into the agreement and the City agrees not to change its planning or zoning laws applicable to the specific development project for a specified period. Therefore, future land use decisions regarding such a development project would not be based on then current planning and zoning law, but rather they would be based on the laws in existence at the time the development agreement was executed. The developer gains certainty, through the development agreement, of the continuity of regulations in force at the time of entering into the development agreement and prior to a commitment of a substantial investment for project improvements. In exchange, PUD-139 and P20-0973, 10x Genomics, Inc. Planning Commission 30 of 32 and primary)). PUD-139 and P20-0973, 10x Genomics, Inc. Planning Commission 19 of 32