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FINANCIAL STATEMENT The proposed project would be responsible for the payment of fees and for the costs of any required utility or infrastructure improvements. The project would incrementally increase the demand for City services but would also add sales and property tax revenue. Additionally, the Development Agreement, if approved, would secure additional financial benefits to the City, including a $1 million contribution towards the renovation of Fire Station No. 2, as well as incremental sales tax associated with materials used for construction of the proposed project. BACKGROUND Zoning and General Plan The subject site is zoned C-R (p) District and has a General Plan Land Use designation of Retail/Highway/Service Commercial Business and Professional Offices. Research & Development (R&D) and laboratory uses are not separately defined or identified as a land use category in the PMC; however, both are listed among a broad range of potential uses in the PMC's definition of"Light Industrial." R&D and laboratory uses are not expressly permitted in the C-R (p) District; thus, PUD Rezoning to a more flexible zoning category, for which the types and parameters of allowable uses would be specified, is required. The office uses proposed would be permitted under the current and proposed zoning districts. The General Plan indicates the average allowable development density/intensity, expressed as Floor Area Ratio (FAR), is 35-percent with a maximum FAR of 60- percent. Program 15.5 of the Land Use Element in the General Plan indicates industrial, retail, and office projects should conform to the average density assumed (i.e., 35- percent FAR). However, projects may be allowed up to the maximum (i.e., 60-percent FAR) provided sufficient amenities and mitigations are incorporated into the project to justify the increased density. Additionally, page 24 of the Land Use Element notes that for certain uses where employee density and traffic generation are minimal, a higher FAR may be allowed beyond the 60-percent maximum provided the use meets the requirements in the Zoning Ordinance and other City requirements. FAR in the C-R (p) District is determined on a case-by-case basis, but generally stays within the ranges prescribed in the General Plan. As such, this site may have up to a 60-percent FAR for the proposed uses if sufficient amenities and mitigations are incorporated and if the employee density and traffic generation are minimal. Site Description The approximately 14.58-acre subject site is relatively flat and vacant except for an approximately 600-space, surface-level, parking lot which formerly served an approximately 163,500-square-foot commercial shopping center on the subject site. The shopping center was being demolished in early 2021. Due to the recency of the demolition, the former shopping center still appears in the aerial photograph used for site orientation purposes in Figure 1 below. 2