Agenda - Council - 10/28/2014 - Laserfiche WebLink

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Additionally, the broker representing the City on several land -sale transactions, CBRE, has stated that it is unlikely that a structured parking ramp will be feasible in our current market without subsidy. Below is a summary of the potential outcomes of this policy change (in The COR-1 Sub -District): 1. Reduced guarantee, but ultimate goal of previously forecasted households. 2. Reduced guarantee, but ultimate goal of shared, structured parking. 3. Predominance of one (1) to two (2) story buildings rather that two (2) to four (4) story buildings as originally planned. Funding Source: The ordinance is being prepared as part of normal Staff duties. Recommendation: The Planning Commission held a Public Hearing on October 9, 2014 and recommends that the City Council adopt the ordinance that allows densities to more incrementally and organically build. The ordinance would allow a response to current market conditions, build incrementally, but not necessitate a major amendment to the Development Plan. The Planning Commission did ask for two components in moving the amendment forward to City Council. First, the Planning Commission did ask for the opportunity to review the Ordinance a second time after the City Council introduced the Ordinance in order to receive policy direction from the City Council and ensure a well rounded understanding of the policy outcomes of the amendment. Secondly, as part of the request to review the Ordinance a second time, the Planning Commission did ask for Staff to prepare visual aides to better understand the concept of Floor Area Ratio. Staff has included GENERALIZED graphics depicting the concept of Floor Area Ration. Furthermore, Staff is working on more specialized visualizations that are more catered to the policy question in front of the City Council at this time dealing with overall development impacts, versus site -specific impacts. Action: Motion to introduce Ordinance #14-14 amending Minimum Floor Area Ratio requirements in the COR-1 Sub -District. Attachments MSU Mankato CBRE Memo Floor Area Ratio Visualizations Ordinance # 14-14 DRAFT Planning Commission Minutes dated October 9, 2014 Form Review Inbox Reviewed By Date Patrick Brama Patrick Brama 10/22/2014 11:31 PM Tim Gladhill (Originator) Tim Gladhill 10/23/2014 08:05 AM Kurt Ulrich Kurt Ulrich 10/23/2014 09:40 AM Form Started By: Tim Gladhill Started On: 10/13/2014 08:15 AM Final Approval Date: 10/23/2014