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.. The Plan seeks to create new housing opportunities that will enhance and blend with the existing residential neighborhood, encourage neighborhood investment and pride, and enhance the quality (?f l~fe throughout the area. .. The Plan seeks to provide sufficient public and private open space areas throughout the neighborhood that are essential elements of community life and "sense of place " and to provide public connections through streets and pedestrian trails within the neighborhood. 6.3 The Master Plan included several important objectives regarding the redevelopment of the Arona site specifically as follows: .. Any new development must preserve and enhance the wetland to improve its terrain and aesthetic appeal for the overall enjoyment of the community and continue to serve as an integral environmental resource .. The lower-density housing should be placed closer to the existing neighborhood to the north and to include the open space as front and back yards to the single family homes so that "neighborhood eyes" can always remain on the area; the public use and open space would be maximized. .. The new single-family homes are proposed as small lot, one- to two-story first time nomebuyer units that would be ideal for young families with small children. II For-sale rowhomes are recommended for the south side of the site closer to the wetland and a small open space area. Single or multi-level townhomes would attract young professionals or empty nesters having no interest in yard maintenance. Such townhomes are considered an "affordable" purchase or rental alternative to single- family homes and can also serve as a first-time home purchase option .. A high-density condominium (cooperative) project or apartment building should be placed on the south and/or west side of the site. Sophisticated designs for condominium or apartment uses are a more appropriate level of density near existing higher-density housing and business uses in part because their building mass can help reduce the noise and light impacts from business areas. The site will have views of the wetland area and have trail connections to the open space and the neighborhood. 6.4 Increase in Property Tax: The current land was bought by the City with funds from the Economic Development Fund. It is in Tax Increment District #12 but has no property tax at this time since the city owns the site. Any new development will provide an increase in the property taxes. It is estimated from the United Properties original proposal; the project would generate $220,000 to $230,000 in new property taxes. A portion of those new taxes should be used to reimburse the Housing Fund for previous investments in the site and reimbursements to the developer. PF3457 - ReA Final Plan and Plat Approval - 061603 Page 7 of 9