Resolution 6527 - Laserfiche WebLink

COMPATIBILITY, INFRASTRUCTURE NEEDS, AND MITIGATION The higher density bonus cases are generally compatible with existing development. The allowable uses are the same in most cases as under the base zoning. The overall bulk of development would be higher, but the associated impact could be mitigated with height and setback regulations. In the C-2 ES scenario, residential uses may create conflicts with existing warehouse and industrial uses. Such businesses often fear that resident complaints about noise and truck traffic might result in restrictions to their operations. The higher density development under the TDR scenarios may place greater demands on infrastructure, but these demands would not exceed the infrastructure capacity for the foreseeable future. The most important infrastructure needs are likely to be community amenities such as sidewalks, streetscape improvements, pedestrian pathways and parks. Regarding streets, most of the sites considered have excellent transportation access and proximity to commercial services and public amenities. While locally generated traffic on these streets may increase as a result of additional density, it will likely be much less than existing through-traffic on these routes. For utilities, private developers would be required to fund a portion of any cost of increasing the associated capacity. Community facilities are important to accommodate an increasingly dense environment, and to justify the higher rents or sales prices necessary to provide an adequate return on investment for the higher capital costs of high density development. All the TDR scenarios are intended to encourage pedestrian activity, both to access near-by transit, as well as commercial and public services. Accordingly, pedestrian connections are the most important community amenity. Recent legislation authorizing tax increment financing in conjunction with transfer of development rights is unlikely to generate significant levels of funding for infrastructure improvements. While higher density scenarios could support the development of needed pedestrian improvements with the full tax increment, the available increment is discounted by applying a factor that reflects the City's use of TDR's as a percent of its total allocation. Given the likely use of TDR's and the likely high allocation, the factor will be low, and the available tax increment will be low as well. CONCLUSIONS AND RECOMMENDATIONS CONCLUSIONS 1. A Transfer of Development Rights program is a market-based concept that seeks to shift development density from areas identified as open space and resource lands to urban areas with appropriate services and supporting facilities. 2. TDR programs in the Puget Sound Region have only been successfully applied in receiving areas where development sites are scarce and the price of land is high. 3. Based on the 2007 Buildable Lands Study, the City has a capacity for additional development of 13,000 additional units under current zoning, with 12,000 of those units in commercial or multifamily zones. EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT PROPERTY COUNSELORS PAGE 7