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City Council Staff Report A-99-2 & PD-99-2 B. STREETS August 31, 1999 Page 6 of 8 2. Street lighting shall be provided along Embers Way between Lewelling Boulevard and Hesperian Boulevard, and over the entire interior driveway and parking system, to the satisfaction of the City Engineer. (Added portion in bold) 4. If determined by the Transportation Administrator that a bike lane is required along the west side of Embers Way, the Developer shall complete all signage and striping required to connect bike lanes from Lewelling Boulevard to Hesperian Boulevard. (Added condition) FISCAL IMPACTS The direct fiscal benefits of the project to the City include collection of the transient occupancy tax and property tax increments since the project is located in the joint City/County redevelopment area. A projected occupancy of 65 percent at an average room rate of approximately $79 would generate room revenues of approximately $2.25 million dollars. Thus, a transient occupancy tax of 10 percent would generate $225,000 to the City. To project the expected property tax increments from the project, the difference between the existing assessed value of the property and the new assessed value will have to be estimated. The new assessed value will be based on the increase in land value from the sale of the hotel parcel and the value of proposed on -site improvements on both parcels. The tax increments would be shared 50150 between the City and County Redevelopment Agencies. Based on the information to date, the estimated City's share of the Agency's tax increment could range between $15,000 to $25,000. FINDINGS FOR APPROVAL The Planning Commission and staff recommend the City Council make the attached Findings to approve the rezoning and planned development. The findings include that the rezoning from CC to CC(PD) District will permit the consideration of a new comprehensive plan to redevelop an underutilized and poorly accessible site. The rezoning will allow a beneficial change towards a relatively low -intensity self -storage facility use and a tax generating, moderate -intensity hotel use. This will protect the existing area from other high intensity uses such as commercial centers that include retail uses. The findings include that the planned development, with the recommended conditions of approval, will be compatible with adjacent existing development, will provide adequate parking, loading access, and will provide for improvement of on -site and off -site public facilities without increasing the burden on the exiting public facilities or infrastructure. The development will enhance the image and definition of the City by upgrading the appearance and quality of Lewelling Boulevard near the Interstate 880 Freeway and the Hwy. 238 Flyover. The new development will enhance the aesthetic qualities of this site, introduce viable uses to the area, and develop a property that has been