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FEB 2 71990 Page 13 February 19, 1990 Source Development TIF Existing TIF Dist 5 & 8 Projected TIF Dist 5 & 8 Developer Contribution Reallocation of 1� sales advanced ROW fund revenue tax for Total Amount (Mill) $2.0 1.0 1.5 1.2 .775 $6.475 BOOK 1 1 9 F AGE 400 The costs associated with roadway improvements will also be offset by increases in revenue as a result of this project. At the present time many local residents travel outside the county to purchase goods and services. The development of the mall should generate additional sales tax revenue. As an attraction, the project is likely to spin off other development which will add revenue through traffic impact fees, sales, and property taxes. The development is also likely to produce some changes to the existing north/south traffic pattern. As such, improvements in other areas may no longer be needed or may be delayed. The attached Table 13.23 from the Capital Improvements Element titled "Indian River County 5 year Schedule of Improvements, Fiscal Years 1990-91 to 1994-9511, and Table 13.18,4Indian River County Summary of Revenues and Expenditures Projections by Element Category for Capital Improvements Fiscal Years 1990-91 through 1994-95"0 contains the revisions required by this request. As indicated by these tables, the improvements required by the land use amendment can be funded by the sources identified. While most of the costs will be derived from traffic impact fees and developer's contributions, there will also need to be a reallocation of 1,� local option sales tax funds from programmed advance right-of-way acquisition to intersection improvements. Tables 13.18 and 13.23 of the capital improvements element, as revised must be adopted as amendments to the C.I.E. These tables indicates that the comprehensive plan, as proposed for amendment, would be financially feasible. Conservation Policies of the Conservation Element of the revised Comprehensive Plan call for measures such as the preservation of a minimum of 25% of each native plant community which occurs on-site, which particularly applies to the cabbage palm hammock area of the property. Additionally, the wetland area on the site is also subject to specific preservation/mitigation criteria. Conservation policies will be implemented through the DRI and site plan approval process. No changes to the Conservation Element will be necessitated by the plan amendment. Land Use Options The land use plan amendment options include: (1) enlarging the node to 316 acres by including the 156 acre area as proposed; (2) adding the proposed 156 acres but removing other property from the node; or (3) adding only a portion of the proposed area. The first option has the advantage of permitting a large unified development, but the disadvantage of adding to the oversupply of commercial land. The second option would provide the same benefits as the first without appreciably adding to the oversupply of commercial land. Among the areas which could be considered for elimination from the node are the 40 acres at the southwest corner of SR 60 and 58th Avenue, currently planted in citrus or the triangular• area between the south side of SR 60 and the main canal. The major land uses in this area are residential, agricultural and vacant land. The difficult aspect of this option 52