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SPECIAL USE PERMIT FOR SITE PLAN APPROVAL PAGE 2 4. The three driveways along Longl;akc- Road have been reduced to two. 5. The high elevation of the parking area along the south side has been lowered, eliminating the deleterious grade condition. The garage doors serving the entire center no longer are contiguous to the drive -up lane parallel to the front of the structure. 4. No changes have been made on the specific site plan to mitigate the City's other major concerns. Still there remains the more important issue of the appropriateness of the land use in this vital area of the City, soon to be more appropriate for more intensive development, due in part to the City's significant investment in the construction of a new bridge across 35 W linking this area to County Road B-2 LO the east. 5. As noted in the first paragraph in our last month's report, we anticipated that this property and others near it would remain in their current. use for an extended period of time, while raw land (unoccupied) south of the proposed bridge alignment would be redeveloped for high density office and hotel use. Through conversations with owners of the land at the time of the initial formation of the Tax Increment District, we were advised of their desire to stay there as long as possible and operate one of the better and newer tracking facilities in the area. We are informed now, however, that the owners desire to sell the property as quickly as possible, thereby creating a timing concern for the City with respect to its, ultimate appropriate potential for the site. 6. We have discussed possible ultimate uses with the applicant Mr. Vanasse. He notes that the approximate cost of the structure proposed for the Price Savers warehouse is twenty-five dollars ($25.00) per square foot for approximately 107,000 square feet of building. The site is proposed to accommodate approximately 750 automobiles. At the ordinance required rate of 5 spaces per 1,000 square feet of office structure, that capacity of parking space would accommodate approximately 150,000 :,-quare feet of office space. We agree that such a building might be built for approximately seventy-five dollars ($7500)This simple analysis indicates an approximate valuation. a ua�tion ofr the fare oot. structure of $2,675,000.00 versus an office structure of $11,250,000.00. That, then, is a magnitude of difference in the potential intensity of development based on parking capacity, without a ramp, which ultimately controls the land use intensity. 7. What the City needs at this time, is time to consider the implications and alternatives relating to the potential land use. Specifically the City needs time to consider its options. As reviewed with the City's Economic Development Director, Craig Waldron, these options include, the need to: 1. Review its development options in the area with the respect to financial implications, pax revenues, spin-off development, property values, and job creation ramifications. 2. Study possible rezoning of the are for more appropriate, efficient and intensive use.