PC 03/31/82 - Laserfiche WebLink

Commissioner Lindsey stated that the developer should have the flexibility to adjust to market conditions. Commissioner Wilson then asked Commissioner Lindsey (as a banker? did he feel 1,0.00,0,00 sq. ft. would be built within the next year based upon the economica], factors. Commissioner Lindsey responded no, he did not but that the developer had to have direction so they could adjust to market conditions. Commissioner Wilson then asked how many sq. ft. of buildings in the City have been approved but not built. Mr. Harris responded there is about 700,000 sq. ft. around the shopping center, Reynolds and Brown has around 10 or 12 buildings totalling 120,000, 130,000 sq. ft. plus there are other business parks in the City. He stated that Reynolds and Brown, however, are mainly industrial. Commissioner Jamieson addressed economics and asked how the developer could predict he would need a five-story building five years down the road. He said it would taint the environment to do this. He reminded the Commission that they visited the Sunnyvale area and saw one four-story building and the balance were no taller than three-stories. He further asked the financial gain to the City from the occupants of these types of buildings. Mr. Harris stated that property taxes are the City's main source of revenue from these types of businesses. Commissioner Jamieson said it doesn't Look like a great deal of revenue to him. He questioned whether or not the City should allow the developer to eliminate the commercial uses. Chairperson Getty said that in order for Stoneridge to survive we need the office space. Commissioner Jamieson stated he didn't see any relationship between the two. Mr. Harris indicated that Reynolds and Brown have changed their plans because of market studies which they have conducted. He further said that the area is hard to get to and would probably be at a disadvantage for commercial uses. Commissioner Lindsey said that the developers are not going to build unless they have occupants because they can't get financing to do so. He said the developers are not fool-hearty. Commissioner Wilson asked if the development proposes to drop off any industrial or just commercial. Mr. Harris responded that basically there is more office in relation to industrial with commercial being dropped. Commissioner Wilson asked about the increase of traffic flows vs. commercial. Mr. Harris explained. ROLL CALL VOTE Ayes: Commissioners Doherty, Lindsey and Chairperson Getty Noes: Commissioners Jamieson and Wilson Absent: None Abstain: None Resolution No. 2156 was then entered and adopted recommending approval. of case PUD-82-1 as motioned. -4- ..,__ _..~.. _ ., __.,... ,.r.