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8.A. - Page 3 <br /> retail space. In the event the vacancy rate drops below 10%, i.e. less than 40,000 <br /> square feet of retail space is available, the 5 year term would not be extended and the <br /> tenant would be required to relocate. <br /> This particular methodology of tying the Use Permit for ground floor office to vacancy <br /> rates allows the land use regulations to keep pace with the current market conditions, <br /> turning on or off with the applicant's ability to demonstrate vacancies. It affords the City <br /> the opportunity to address the vacancies without the need for a sunset clause or <br /> extensive code revisions. <br /> In response to over concentration concerns, i.e. having a block dominated by ground <br /> floor office, the Planning Commission's recommendation further prohibited more than <br /> 40% of any block to be occupied by office uses. Upon further review of the impacts of <br /> this requirement, staff believes there are some unintended consequences that affect the <br /> streets coming off Broadway. Consequently, staff recommends that the 40% criteria be <br /> applied solely to Broadway. <br /> In addition to the ground floor office change, staff identified other opportunities to <br /> improve the regulations in the Plan based on its experience to date. In some areas, the <br /> Plan language can be confusing, and in others the rules need more flexibility to <br /> accommodate creative solutions or unusual site constraints. <br /> The proposed changes are summarized below: <br /> -. . <br /> Description of Change Reason for Change <br /> During difficult economic conditions, The current economic climate is causing a high vacancy rate in <br /> temporarily allow exceptions to the the Broadway retail core. While it is especially challenging right <br /> mandatory ground floor retail now, this problem is cyclical and will probably continue to come <br /> requirements. To receive the exception, up every so often. This change is intended to fill up empty <br /> the office applicant must identify 40,000 storefronts with offices until retail growth can be supported. <br /> square feet of vacant ground floor space <br /> in the core area and demonstrate that <br /> not more than 40% of the Broadway <br /> block face is occupied by office uses. <br /> The exception would be provided via a 5 <br /> year Use Permit with the possibility of a <br /> one year extension if the applicant can <br /> still meet the exception criteria <br /> . <br /> Description of Change Reason for Change <br />