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At the October 9, 2014 Planning Commission meeting, the Commission recommended market analysis regarding <br />structured parking and the effect on the marketability. While a specific market analysis has not been provided, the <br />City has been provided with a document prepared by Minnesota State University, Mankato regarding feasibility of <br />structured parking on their campus. The results of that study are attached. <br />Additionally, the broker representing the City on several land -sale transactions, CBRE, has stated that it is unlikely <br />that a structured parking ramp will be feasible in our current market without subsidy. <br />Below is a summary of the potential outcomes of this policy change (in The COR-1 Sub -District): <br />1. Reduced guarantee, but ultimate goal of previously forecasted households. <br />2. Reduced guarantee, but ultimate goal of shared, structured parking. <br />3. Predominance of one (1) to two (2) story buildings rather that two (2) to four (4) story buildings as originally <br />planned. <br />Funding Source: <br />The ordinance is being prepared as part of normal Staff duties. <br />Recommendation: <br />The City Council introduced the ordinance at their October 28, 2014 meeting. <br />Action: <br />Motion to waive the City Charter requirement that the Ordinance be read aloud -AND- adopt Ordinance # 14-14 <br />amending Minimum Floor Area Ratio requirements in the COR-1 Sub -District. <br />Roll Call Vote: <br />Councilmember Riley <br />Councilmember Tossey <br />Councilmember Kuzma <br />Councilmember Johns <br />Councilmember LeTourneau <br />Councilmember Backous <br />Mayor Strommen <br />Attachments <br />MSU Mankato <br />CBRE Memo <br />Generalized Floor Area Ratio Visualizations <br />Detailed Floor Area Ratio Visualizations <br />Ordinance #14-14 <br />DRAFT Planning Commission Minutes dated October 9, 2014 <br />DRAFT City Council Minutes dated October 28, 2014 <br />Supplemental Report <br />Form Review <br />Inbox Reviewed By Date <br />Tim Gladhill (Originator) Tim Gladhill 11/06/2014 07:56 AM <br />Kurt Ulrich Kurt Ulrich 11/06/2014 03:47 PM <br />Form Started By: Tim Gladhill Started On: 11/06/2014 07:48 AM <br />Final Approval Date: 11/06/2014 <br />