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Paved parking surface 2 per unit plus drives, 5 per 1,000 sJ, of office at based on use 1,000 sJ. per unit; 300 sJ. /space; estimate estimate 32,000 s.t. total 75,000 sJ. total -could be ramped to reduce size Ponding (by Rice Creek) 5 -10% of site (14,000 sJ.) 5 -10% of site (14,000 s.t) Green space retained 43,000 s.f 34,000 sJ. In summary, the residential designated site has more roof area, less height, less paved surface, but more green space than a limited business designated site, Parking, auto noise, lighting, exhaust air would be closer to the Dellwood residents of the site was designated for limited business. 4.3 Financial Impacts. The applicant suggests that an office project on the Everest site would enhance the residential property values to the east along Dellwood because the office and its landscaping would create a buffer and transition to residential uses, Staff review for past projects indicates that high quality projects with well done site planning and landscape buffering do not decrease values of adjoining residential properties. The City decision to designate this site for medium density housing did include a review and discussion of changes in value along borders between commercial and/or industrial properties and residential uses. Where possible, the City policy has been to use natural landmarks, streets, parks, or open spaces and (as a last resort) additional man-made buffers or transitions between uses to help mitigate the direct impact of a commercial/industrial property on adjoining homes. By purposefully choosing a residential land use designation for this area along Hamline, the City understood that the maximization of property taxes on this site was not the only criteria for a better mix of community land uses, Hence, appraisals were not used to determine ultimate or highest and best return from a property sales or property tax basis - if this had been the adopted strategy, every minor arterial would be filled with office buildings and fast food restaurants. The Everest proposal estimates approximately 50,000 s.f. of building on three levels. Staff estimated a minimum value of $85/sJ.; the building would have a market value of $4,250,000, generating between $190,000 and $260,000 in new property taxes annually, of which 40% would be contributed to the area-wide fiscal disparity pool. Assuming no tax increment assistance, the annual net new property taxes would range from $114,000 to $156,000. The City would receive approximately 12% or $14,000 to $19,000 annually. (The School District would receive approximately 53%, the County approximately 28%.) Estimating the property taxes of a 32 unit senior housing project (10 units per acre on 3.2 acres) is more of a challenge. However, if a rental housing project pays full taxes, and the PF#2978 - (01/14/98) - Page 8 of 11