Today s Topics. 1. Master Plan Conformance discussion. 2. Planned Unit Development (PUD) Guide Review discussion

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2 Today s Topics 1. Master Plan Conformance discussion 2. Planned Unit Development (PUD) Guide Review discussion 3. Market Study & Fiscal Impacts discussion 2

3 2013 Mid Valley Area Community Plan Project was designed to conform to Goals & Strategies: Highway 82 Character Area The Tree Farm Encourage compact development, and promote higher densities where adequate infrastructure already exists, and where services can be most efficiently provided. Provide opportunities for higher density residential uses in close proximity to commercial service areas and transit hubs. Promotecompact development withsafe safe, walkable neighborhoods. Integrate residential uses within commercial/ retail centers. Provide affordable workforce housing. 3

4 2013 Mid Valley Area Community Plan Future Land Use Map Mixed Use Urban/ Suburban Residential Rural Agricultural The Tree Farm MIXED USE (MU) Applied to lands where a higher density mixof residential, retail, commercial, service and light industrial uses exist or would be appropriate. Urban/Suburban Residential Mixed Use Large Lot Residential Large Lot Residential 4

5 2007 Basalt Master Plan Section Basalt Master Plan The Tree Farm 5.2 (page 122) 5.2 (page 122) The recommended land uses (on the Lane property) for the area within the UGB are primarily Medium Density Residential (MDR) and Light Industrial (IND) with small areas of Community Facilities (CF), Service commercial (SERV) and Open Space. (Note: MDR = du/acre) The Light Industrial designation (on the Lane property) is intended for live/work, mixed use development. 5.2 (page 122) The Medium Density Residential (MDR) category would provide a significant number of residential dwelling units. Encourage compact, efficient, pedestrian and transit 5.1(page 112) oriented development withdistinctcommercial commercial centers. 5.1 (page 112) The Town also values mixed use and live/work arrangements. 5

6 2007 Basalt Master Plan The Tree Farm 6

7 PUD Guide Purpose of the PUD Guide (Section 1.2) Set forth a comprehensive framework of standards, restrictions and regulations which h govern development and land use within ihi The Tree Farm PUD. Promote the orderly and compatible development of the property, while remaining somewhat flexible to allow for market changes and design innovations as the development progresses through its operational llife cycle. PUD Guide shall supersede the Eagle County Land Use Regulations with site specific regulations that are more appropriate to the design goals and objectives of lands contained within this PUD. 7

8 PUD Summary (Section 2.1) OVERALL PUD SUMMARY PUD Total Acres / Open Space/ Park Acres / Open Space/ Park Percent 58% Maximum Allowable NSF 585,474 Maximum Allowable Residential NSF 450,916 Maximum Dwelling Units 400 Overall PUD Density 5.6 DU/AC 8

9 Planning Area Map (Section 2.2) 6 distinct Planning Areas, each with design regulations. Open Space Medium Density Residential Park & Wetlands Open Space Agricultural l Recreational Mixed Use/ Form Based 9

10 PUD Guide Allowed Uses (Section 2.3) Each Planning Area contains certain allowable land uses: Allowed Uses by Right (R) Allowed Uses by DRB review (D) (Approval by Design Review Board) Allowed Uses by Limited Review (L) (approval by County) Uses Not Allowed (N) 10

11 PUD Guide Allowed Uses (Table 2.3) 11

12 PUD Guide Allowed Uses (1) (Table 2.3) Allowed Land Uses General Summary: Planning Area 1 multi family dwelling, nursing home, day care center, lodging, live/ work, office, assembly, craftsman shops, parks, alternative ti energy production. Planning Area 2 duplex dwelling, multi family dwelling, open space, alternative energy production. Planning Area 3 agriculture, boarding stable, tree storage, alternative energy production, snow storage. 12

13 PUD Guide Allowed Uses (2) (Table 2.3) Allowed Land Uses General Summary: Planning Area 4 private club (Kodiak Ski Club), recreational facility, parks, open space, alternative energy production. Planning Area 5 parks, open space, water impoundments (wetlands), alternative energy production. Planning Area 6 parks, open space, water impoundments, alternative energy production. 13

14 PUD Guide Density Transfer (Section 3.1) Density Transfer General Summary: Each parcel is assigned a certain number of allowable dwelling units, allowable residential NSF, and allowable total NSF in Table 8.1. In general, all residential density may be transferred out of any one parcel. In general, any parcel receiving ii a residential i density transfer may not increase by more than 20%. In general, up to 20% of TOTALNSF may be transferred out of parcels. Density transfers SHALL NOT result in exceeding the project s maximum approved square footage or dwellingunits units. 14

15 PUD Guide Parcel Matrix (Table 8.1 Example) 15

16 PUD Guide Video Video 3D Model Represents a Sample Development Scenario based on PUD Guide regulations. Demonstrates PotentialBuildingMassing 16

17 PUD Guide Regulations by Planning Area for: Building Envelopes Architectural Regulations Building Heights Efficient Building Required Build To Lines (RBL) Energy Collection Systems Driveway Access Wood Burning Appliances Street Standards Landscaping and Trails Parking and Loading Sign Regulations Parking Structures (Largest is 18 x 12 in Planning Area 1) Exterior Lighting Regulations 17

18 Market Study Summary Residential Rental Product Low Supply and high and growing demand. Market Demand Mix of urban and mountain living with walkable and commercial amenities. Need for additional rental product. Attached Product tmix Apartments, t Loft Condos, Live/Work/Flex, Townhomes. Tree Farm PUD Market Capture 25 35% of Mid Valley Market for new product. Absorption 15 years at 27 units per year. Commercial Differentiate from Willits Town Center. Kodiak Ski Lake Unique amenity not offered by surrounding developments. Product Mix Office, Lodging, Agriculture, Restaurants, Retail. Absorption Conservative estimate of 5,300 square feet per year (ex: lodging) 14 yrs. 18

19 Fiscal Impacts 1 First 15 Years Estimated Property Tax Revenues Eagle County $808, CMC $380,000 RE 1 School District $4,036,000 Basalt lt& Rural lfi Fire $854,000 Basalt Library District $475,000 Basalt Water Conservation $4,000 Colo. River Conservation $24,000 Crown Mtn. Park & Rec. $237,000 MVMD $203, Total Property Taxes $7,021,000 19

20 Fiscal Impacts 2 First 15 Years Estimated Sales Tax Revenues Eagle County $1,907,000 State of Colorado $3,687,000 RFTA $763,000 Total Sales Tax Revenues $6,357,000 PIF/Metro District Sales Tax $3,814,000 Impact Fees Basalt & Rural Fire $457,000 Eagle County Road $1,867,000 Total Impact Fees $2,324,000 MVMD Tap Fees $4,700,000 20

21 Other Fiscal Items SalesTax Equalization The Tree Farm PUD is expected to charge an additional public improvement fee (PIF)and/ or Metro District Sales Tax totaling 3% which willequalize the effective rate between Unincorporated Eagle County and Town of Basalt. Basalt Police Department The Town of Basalt incurs $178,000 in annual dispatch costs for calls for service in Western Eagle County. The Town of Basalt and the Applicant have not negotiated the specific impacts/cost attributable to The Tree Farm PUD but intend to do so in the near future. RFTA Parking A fee in lieu of 50 parking spaces has been calculated at $167,520 or $3,300 per space by EPS. The Tree Farm PUD offered RFTA $10,000 per space in January

22 Conflicting Goals Affordability Housing, goods and services Business Owners Need for Employees Services Teachers, Police, Fire, Medical Staff, Grocery and Restaurant tpersonnel Friends, Children and Grandchildren (Housing and Jobs) Consumer Options VS Rising Home Values Feel Good Less Traffic More Open Space/Parks Strict Supply Controls Why is Everything so Expensive? 22

23 THE TREE FARM TEAM THANKS YOU.