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7C Plan appiica#ion and submit a subsequent application for a Zoning Map AmendmentPage 14 to change the zoning designation to General Commercial Combined Residential "CG-R" Zoning District. In the event that P1an B or Plan C becomes the prefierred project, then the environrnental documentation will need to be revised accordingly. While P1an B and Plan C represent a reduction in the overall height of the project, they still represent a significant number of residential units (approximately 764 and 800, respectively}, along with proposed fil! and reconfiguration of the marina basin. Consequently, the Addendum would need to be revised to adequateiy address all environmental concems and be presented to the Ptanning Cflmmission during a public hearing. 3. No project alternative: If the Peninsu!a Park project was withdrawn, �enied, or othPrwise disallowed the property would maintain the �xisting zoning designation, General Cornmercial. Uses allowed within this Zoning District include a wide range of commercial, office and/or retail uses some of which are permitted by right ar by �onditional use permit. The existing height I'sr�it �ar t"e CG Z��i�g ��strict is 75 ��et, maximum lot coverage is 60 percent and the Floor Area Ratio limit is 70 percent. Given the existing land area, 99.'f4 AC, the subject property could allow over 580,0�0 square feet of commercial development. Therefore, if no project became the preferred a{ternative then it is reasanable to assume that the property could be developed with a commercial land use at some point in the future. 4. Modify the Development Agreement: Requirements for the Affordable Housing Plan, child care, and Infrastructure and Financing Plan could be increased/decreased, but subject to the developer's concurrence. FISCAL IMPACT The City estimates that, if the entire project were built today, the City would receive between $1.3 million and $1.5 millian in added annual general fund revenues at full build-out. The proposed hotef is an important annual contributor to the revenue estimates for the proposed project: it would generate property taxes, transient occupancy taxes, business license fees, and franchise fees totaling about $1.1 milfion per year (73-85% of total revenue). Without the hotel, the Peninsula Park project would still produce a positive fisca( impact for the City of Redwood Cify; the net revenue is estimated to b� be�v�en $2Q0,000 and $400,000 per year. � e Lyon + Jill E s """� enior Plan Planning Manager Chu Chan Peter Ingram Acting Community Development Directar Interim City Manage�� 14