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DATE: June 1, 1994 TO: MEMORANDUM Ryan Schroeder, City Administrator Steven Jankowski, City Engineer Sylvia Frolik, Zoning Administrator Steve Swanke, Consultant FROM: James Gromberg, Economic Development Coordinate RE: Comprehensive Land Use Plan Update I have completed the attached comparative table of the possible options fo:r the updated Land Use Plan. Based upon this chart, all of the options supply the City with over 350 years of commercial/industrial property. The method for these figures is as follows: 35% cover of each acre of commercial/industrial property 33,953 square feet of commercial/industrial space constructed each year. Five-year average between 1989 - 1993. This five-year period could be at the low point of commercial/industrial building construction. If this is the case, the average would have to be increased ten times. These numbers would change to: Option 4 Option 5 Option 6 Option 7 38 years 50 years 41 years 48 years Since this plan is still in the review stage, the City may want to consider the option of reducing the amount of commercial/industrial property by one-third. This reduction would allow for the City to have between 254 years and 330 years if the current five-year average holds true. If this average is low, and projected building in 1994 and 1995 is over 250,000 square feet, then these numbers could be reduced quite substantially. The property that is rezoned should be used to supplement the single family zoning as this appears to be somewhat under represented with a build -out of the following rates: Estimate Existing Op. 4 Op. 5 Op. 6 Op. 7 Metropolitan Council 180 per year 7 years 13 years 9 years 9 years 7 years 5 Year Average 205 per year 6 years 11 years 8 years 8 years 6 years 3 Year Average 271 per year 5 years 8 years 6 years 6 years 5 years Since the comprehensive plans are generally updated every 10 years, the supply of property for build -out should be longer than the 10-year period to allow for continued development. This analysis does assume that there would be limited, multiple family developments and these units are not subtracted for the projected units absorbed. If the past rate of construction is any indication, than the City builds an average of 5.4 units per year. This average is probably very low due to past market indications. As a greater demand for multi -family housing increases and the economy improves, the City may see a greater need and a higher building rate for these units.