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.. MEMORANDUM DA1E: m: June 1, 1994 FROM: RE: Ryan Schroeder, City Administrator Steven Jankowski, City Engineer Sylvia Frolik, Zoning Administrator Steve Swanke, Consultant /l/J James Gromberg, Economic Development Coordinanqt1' Comprehensive Land Use Plan Update I have completed the attached comparative table of the possible options for the updated Land Use Plan. Based upon this chart, all of the options supply the City with over 350 years of commerciaVindustrial property. The method for these figures is as follows: 35% cover of each acre of commerciaVindustrial property 33,953 square feet of commerciaVindustrial space constructed each year. Five-year average between 1989 - 1993. This five-year period could be at the low point of commerciaVindustrial building construction. If this is the case, Staff has completed Table B which shows the number of square feet that would have to be constructed in order to build-out the commerciaVindustrial property indicated in the different options. Since this plan is still in the review stage, the City may want to consider the option of reducing the amount of commerciallindustrial 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 5 Year Average 3 Year Average 180 per year 205 per year 271 per year 7 years 6 years 5 years 13 years 11 years 8 years 9 years 8 years 6 years 9 years 8 years 6 years 7 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, 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.