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FINANCIAL STATEMENT The proposed project would be responsible to pay fees and the costs of any required utility or infrastructure improvements. The project would incrementally increase the demand for City services and would add sales and property tax revenue. Staff believes that the net fiscal impact to the City resulting from the proposed project would be positive. BACKGROUND A drive-through bank (Community 1ST National Bank) was built on the subject site in 1973. At that time, the property was zoned Office District. The property was rezoned to PUD-C-C (Planned Unit Development -Central-Commercial) District in 1985 along with the adjacent Hopyard Village Shopping Center. Since the bank use existed at the time of the rezoning, other uses were not established for the bank site. The bank closed in December 2003 (last occupied by US Bank), and the property has been vacant since that time. Goble Properties, which owns the adjacent Hopyard Village Shopping Center, purchased the property in 2004. They wish to demolish the vacant bank building and related site improvements and construct a new commercial building. Since the property is zoned PUD, PUD development plan approval is required to demolish the existing building and construct the new building and related site improvements. In addition, a PUD major modification is required to establish commercial uses for the site. SITE DESCRIPTION The subject property, measuring approximately 11,669 square feet in area, is located on Valley Avenue near Hopyard Road (please refer to the location map and aerial photograph, Attachments 2 and 3). The site contains the 500-square-foot drive-through bank building with four drive-through lanes, athree-space parking lot, and ornamental landscaping. A six-foot tall masonry wall is located along most of the rear property line. Access to the site is provided by two driveways off Valley Avenue; the westernmost driveway is shared with the Hopyard Village Shopping Center. The site slopes up slightly from Valley Avenue, but otherwise is relatively flat. The Hopyard Village Shopping Center borders the subject property on the west, north, and east. The Gene's Fine Foods Shopping Center and Steve's Valero Service Station border the property to the south, opposite Valley Avenue. The nearest residences are located on Longspur Way, approximately 245 feet to the east, and on Corte Mente, approximately 320 feet to the south on the opposite side of the Valley Avenue/Hopyard Road intersection. PROJECT DESCRIPTION The applicants would demolish the vacant bank building and construct an approximately 2,530-square-foot, one-story commercial building in its place. The applicants have indicated that Peet's Coffee and Tea (without adrive-through) would occupy an approximately 1,786-square-foot tenant space in the building. The tenant for the remaining 744-square-foot space has not been determined at this time. The new Page 2 of 5