2012/04/11 Council Agenda Packet

. Evergreen Way Revitalization Plan ? (but below rates in other areas of the region). In order to achieve this rent level, the project will have to offer quality design and capitalize upon and market aggressively the SWIFT service, proximity to employment centers and commercial venues, and community facilities and services. 1. Feasibility of higher density development along the corridor will require a combination of public regulatory actions, investment in infrastructure and public amenities, and creative design to maximize the attractiveness of projects given the site opportunities and constraints. 2. The City can enhance the feasibility of investment by designating the area as eligible. for the Multifamily Tax Exemption Program, and to a lesser extent by reducing parking requirements, and/or reducing impact fees. These actions are justifiable because of availability of SWIFT services and the desirability of accommodating . growth along the corridor. 3. There are a variety of public improvements that have been identified and which will enhance the desirability of the area and the feasibility of development: • Pedestrian improvements. • Expanded bike lanes and trails. • Streetscape improvements at select locations. - • Community open space and park improvements. • Community improvements such as expansion of the Evergreen branch library near 4th Ave. and Evergreen Way to create a gathering space for south Everett. 4. The opportunity sites that have the greatest potential in the-short term are those that are close to existing public amenities, are relatively underutilized in terms of existing improvements (and thus cheaper to acquire), and require relatively fess above- ground structured parking. Transportation Conditions (For complete report see Appendix 4) Summary/Overview The Everett Comprehensive Plan's Transportation Element identifies State Route 99/Evergreen Way as "the most significant north-south route through Everett other than Interstate 5." Evergreen Way is designated as a principal (or major) arterial street, extending 7 miles from Airport Road on the south to Everett Avenue in Downtown Everett (in combination with Rucker Avenue north of 41st Street). Varying from 5 to 7 lanes in width, Evergreen Way serves traffic volumes ranging from 27,720 to 41,540 vehicles per day near the Boeing Freeway/SR 526. Traffic tends to be most congested in the afternoon peak period due to higher volumes, and especially northbound.