AgdaPkt 2015-07-27 Joint SA and PFA

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8.A. - Page 11 ALTERNATIVES 1. Defer action, and direct staff to provide additional CEQA analysis or project revisions. 2. Approve the Downtown Planned Community Permit, Tentative Parcel Map and Parking In -Lieu Fee Application, but modify the conditions of approval in Attachment 1 (PC Resolution). 3. Deny the Planned Community Permit, Tentative Parcel Map and Parking In -Lieu Fee Application. FISCAL IMPACT Approval of the Disposition and Development Agreement is expected to have a positive fiscal impact on the City as follows: • Cost of Construction of Hamilton Garage: In consideration of the Applicant's undertaking to develop and construct the connections and ramping system through the Public Access Parcels from the proposed Hamilton Garage to the Jefferson Garage and to the future Winslow Garage (estimated cost: $5,500,000.00), for agreeing to undertake the ongoing obligations set forth in the Easement and Parking Agreement (Exhibit D of the DDA), and for the other community benefits noted below, the City agrees that the Applicant shall receive an in -lieu parking fee credit parking stalls as set forth in the DDA, which totals $2,525,000.00. The applicant will still owe payment for the remainder amount ($350,000). • Estimated Value of Sliver Parcel: The estimated valuation of the Sliver Parcel, which is required to build a portion of the mixed -use building, is expected to increase as a result of the land sale and construction of the Project. The total increase in estimated valuation for the Project is projected to be approximately 100, 000.00. • Valuation of Police Substation: The Fox Theatre owner agrees to make available at no cost to the City approximately 900 square feet of office space within the Fox Theatre to be used as a police substation for three (3) years following completion of the Project. The current market value of this space is $4.25/SF per month, totaling approximately $137,000.00. • Valuation of Use of Fox Theatre Auditorium for City Events: The Fox Theatre owner agrees to a no -cost facility rental to the City the main auditorium of the Fox Theatre for up to four (4) community events per year for three (3) years. The current market value is $8,000 /event, totaling approximately $96,000.00. • In order to minimize street closures, and provide for a safe environment, the developer will utilize the Winslow Street lot during garage construction for the storage of construction materials and construction worker parking. The developer shall pay the City for use of the lot as outlined in the DDA. The City's General Fund will also likely receive other revenues such as business license taxes, utility users' taxes, and sales tax as a result of this development. A reasonable