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parking and the effect on the marketability. While a specific market analysis has not been provided, the City has <br />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. Draft minutes from this meeting are <br />not yet available. <br />Action: <br />Motion to recommend that the City Council adopt Ordinance # 14-14 amending Minimum Floor Area Ratio <br />requirements in the COR-1 Sub -District. <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 />Form Review <br />Inbox Reviewed By Date <br />Tim Gladhill (Originator) Tim Gladhill 10/31/2014 03:21 PM <br />Form Started By: Tim Gladhill Started On: 10/31/2014 02:24 PM <br />Final Approval Date: 10/31/2014 <br />