Laserfiche WebLink
Attachment B <br />#¨³¸ ®¥ 2®²¤µ¨««¤  ­£ 2®²¤µ¨««¤ %¢®­®¬¨¢ $¤µ¤«®¯¬¤­³ !´³§®±¨³¸ <br />#§¤¢ª«¨²³ ¥®± 0´¡«¨¢ &¨­ ­¢¨­¦ #±¨³¤±¨  <br /> <br />7±¨³³¤­ . ±± ³¨µ¤ <br /> <br />1 <br /> <br />¡ȩ %·¯ ­£  ­£ £¨µ¤±²¨¥¸ ³§¤ «®¢ « ¤¢®­®¬¸  ­£ ³ · ¡ ²¤ȁ <br /> <br />Expand Diversify Local Economy. Edison is a mixed income development that will expand <br />and diversify the economy and also provide a large mix of market rate housing, workforce housing <br />for families and also housing for Veterans and residents that have experienced long term <br />homelessness. The large number of residents in the 209 units will have a positive impact on the <br />local economy as they will be employees for the local business and also shop locally. <br /> <br />According to research by the Center for Housing Policy and MacArthur Foundation, the <br />benefits of work-force housing extends beyond its residents. The research demonstrates that the <br />development of housing increases spending and employment in the surrounding economy, acts as <br />an important source of revenue for local governments and reduces the likelihood of foreclosure and <br />its associated costs. <br /> <br />Without a sufficient housing supply serving multiple income levels, employers and their <br />regional economies can be at a competitive disadvantage because of their subsequent difficulty in <br />attracting and retaining workers. The availability of affordable housing near jobs has been <br />recognized by both employers and workers as an important asset. Although housing is not as <br />significant a consideration for business location as labor costs or highway access, it ranks behind <br />the quality of public schools, climate and recreational and cultural opportunities. <br /> <br />ty further develops or expands, having local housing <br />choices for employees can be a key benefit for local businesses. It is only logical that employees <br />factor in commuting costs and time into job decisions. Employers are well aware that employees <br />traveling further distances to work each day will demand higher wages to off-set higher commuting <br />costs as compared to jobs closer to home. So having housing opportunities locally, is a significant <br />benefit to local employers. <br /> <br />Increase Local Tax Base. The 2017 market value for the site is $1,828,800 with 2016 real <br />estate tax payments in the amount of $66,822. Edison will significantly increase the local tax base <br />when completed. After complete and fully assessed, the estimated market value of the 209 unit <br />development will be $26,970,000 with estimated annual real estate tax payments of $449,980. <br /> <br />¢ȩ %­¢®´± ¦¤  ££¨³¨®­ « ´­²´¡²¨£¨¹¤£ ¯±¨µ ³¤ £¤µ¤«®¯¬¤­³ ¨­ ³§¤  ±¤ Ǿ ¤¨³§¤± £¨±¤¢³«¸ ®± <br />- <br /> <br /> The development of this site will likely have other spin-off effects in the area. With the <br />increased number of residents and new development activity, it is likely to increase the viability of <br />redeveloping the SE and SW corners of County Road D and Old Highway 8. <br /> <br /> The development of this site will likely have other spin-off effects in the area. With the <br />increased number of residents and new development activity, it is likely to increase the viability of <br />redeveloping the SE and SW corners of County Road D and Old Highway 8. <br /> <br /> <br /> <br />