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and quantity of j obs; lower value of building finish; and larger parking lots. However, staff � made these conclusions based upon a plan that included a 5-7 story hospital and medical office buildings. Staff believes that many of the concerns mentioned in the 2001 master plan can be mitigated with this current development proposal based upon the far south location of the large store in the context to the rest of the development. In addition, the proposal has included discussions of good wages and benefits, "office" type hours, better materials and building finishes and landscaping within the parking fields as well as auxiliary buildings along the edges. Big box type development has improved over the last several years in trying to address negative development perceptions. Staff is confident that this development (and the master Development Team) will demand a high standard and that a big box will fit within the new mixed use neighborhood. 7. 7 Staff recommended that the retail area should remain located in the southwest area of the development for the following reasons. This area provides ease of access from 35 W and County Road C, is very visible from 35W which is very important to these markets, is a transit friendly location to attract workers needed for these industries, and is t�� farthest location away from residential while still close to regional roadways. 7.8 Staff outlined conditions which may delay the implementation of a development plan for Twin Lakes within the 2001 master plan. They included national and local market conditions for office uses and competition with other regional business parks offering similar amenities. The location of a hospital use within Twin Lakes is not a current reality; the basis for the 2001 plan no longer exists. In addition, the market for large multi story office development has diminished and is not likely to recover for the next 5 years or more, based upon conversations with experts in the field. In summary, because of these market conditions, staff believes that the implementation of the 2001 Master Site Plan is unrealistic. The current proposal provides significantly more housing than was included in the plan but also significantly less office. That is what the market will endure at this time. 8.0 M��KET VALUE IMPACTS 8.1 It is estimated from the Rottlund Phase 1 proposal that the project would create an estimated $200 to $220 million in new market value once fully constructed, generating approximately $4 to $7 million in new annual propertytaxes. The current market value of the property is $28 million, generating $430,000 in annual property taxes. A portion of those new taxes are proposed to be used to construct public infrastructure (roads, pathways, additional ponding) as well as contamination clean-up, building removal, and other eligible expenses as part of a Twin Lakes Tax Increment Agreement which must be agreed to by the City Council. The estimated breakdown of the new market value is as follows: Land Uses Existin Market Value Pro osed Market Value Office $20 million Commercial $32 mi.l.lion Housin $160 million Industrial $28 million $0 � � PF3595 - RCA Concept Plan and PrelimPlat Approval - 102504 Page 20