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PL£ASANTONe CITY COUNCIL AGENDA REPORT <br />14 <br />November 7, 2017 <br />Community Development <br />Planning Division <br />TITLE: CONSIDER CERTIFYING THE FINAL SUPPLEMENTAL <br />ENVIRONMENTAL IMPACT REPORT (FSEIR) AND CONSIDER <br />APPLICATIONS ON 12 PARCELS AT 7106 THROUGH 7315 JOHNSON <br />DRIVE AND 7035 AND 7080 COMMERCE CIRCLE, COMPRISING <br />APPROXIMATELY 40 ACRES KNOWN AS THE JOHNSON DRIVE <br />ECONOMIC DEVELOPMENT ZONE (JDEDZ) FOR: (1) APPROVAL OF A <br />GENERAL PLAN AMENDMENT TO CHANGE THE LAND USE <br />DESIGNATION OF THE PROJECT SITE FROM BUSINESS PARK <br />(INDUSTRIAL/COMMERCIAL AND OFFICE) AND GENERAL AND <br />LIMITED INDUSTRIAL TO RETAIL/HIGHWAY/SERVICE COMMERCIAL; <br />BUSINESS AND PROFESSIONAL OFFICES; AND (2) APPROVAL OF A <br />PLANNED UNIT DEVELOPMENT (PUD) REZONING TO REZONE THE <br />PROJECT SITE FROM PLANNED UNIT DEVELOPMENT -GENERAL AND <br />LIGHT INDUSTRIAL (PUD-G&LI) DISTRICT, PLANNED UNIT <br />DEVELOPMENT-INDUSTRIAL/COMMERCIAL-OFFICE (PUD-I/C-O) <br />DISTRICT, AND GENERAL INDUSTRIAL (I -G-40,000) DISTRICT TO PUD - <br />C DISTRICT. <br />SUMMARY <br />The JDEDZ involves changing the existing General Plan land use designations and <br />zoning to spur investment in 40 acres of mostly underutilized land primarily fronting <br />Johnson Drive near Interstate 680 (1-680) and Stoneridge Drive. <br />The JDEDZ has been subject to detailed evaluation of environmental, economic, and <br />fiscal impacts, and many public meetings have been held on the proposal. Besides <br />generating economic vitality in the JDEDZ area, the JDEDZ would result in positive <br />fiscal benefits for the City, including a projected $1.4 to $1.7 million annual contribution <br />to the City's General Fund (after tax sharing payment to Costco) at the completion of <br />the first phase (which includes club retail and hotel uses). This net revenue estimate <br />increases to $2.1 to $2.3 million annually (after tax sharing payment to Costco) upon full <br />buildout of the JDEDZ. At full buildout these net fiscal revenues represent an annual <br />contribution equivalent to approximately 2.1 percent to 2.3 percent of the City's General <br />Fund expenditures. In addition, a financing plan has been developed for the <br />transportation improvements needed to support the JDEDZ that would utilize a sales tax <br />sharing agreement. This agreement would allow the City to collect substantial sales <br />taxes from Costco while undertaking major transportation improvements with area -wide <br />benefits. <br />