2017-34 Amending PD Planned Development district 1312 N Water Street

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m 4574 Pages 57:2 Page 3 of 4 1312 North Water Street June 1, 2017 2. Since zoning is a tool to further the goals of the Macon County and Decatur Comprehensive Plan, staff recommends denial of the request to allow for Consumer Credit Services as a use on site. Staff is of the opinion that a consumer credit service in this area - which is located in the City's regeneration area- is not consistent with the intent of the Plan as it calls for economic stability for regeneration areas in our community. By definition, the regeneration area consists of neighborhoods that are undergoing a long term adverse transition of land use and/or density. These neighborhoods exhibit physical deterioration of private structures and public facilities, underutilized land and buildings, and declining property values. Consumer credit services regularly charge interest rates higher than traditional lending institutions (such as banks, credit unions, mortgage lenders, etc.), which in Staff's opinion, works in opposition of the goal of economic stability and provide a service to the regeneration area that is in direct conflict with defined area needs. Staff is of the opinion that this type of lending service is not beneficial to the health or stability of the economy in these regeneration areas. 3. Staff believes this type of installment loan institution falls within the definition of the consumer credit service as it includes consumer installment lenders, payday loan lenders and title secured lenders. The definition does not limit to only these types of lenders and Staff is of the opinion that this is a similar use to all of these types of lenders. The Military Lending Act also groups this type of lending service with payday lenders and title secured lenders. Consumer credit as involved in the Military Lending Act is credit offered or extended to a covered borrower primarily for personal, family, or household purposes and is subject to a finance charge as well as payable by a written agreement in more than four (4) installments. The Military Lending Act does not allow for the lending of money to active duty service members, their family members or dependents where the MAPR (military annual percentage rate) exceeds 36 percent. The MAPR includes the APR (annual percentage rate) and other charges included in the loan agreement. Security Finance, which is currently located in GW Plaza, cannot provide loans as listed on their website to "...members of the Armed Forces serving on active duty or active Guard or Reserve duty or the Spouse or Dependent of such a person." If they cannot make loans to military, all of their loans would have a MAPR that exceed the maximum 36 percent as allowed by Federal Law. Staff is of the opinion that a lending service that is not appropriate for our nation's armed services men and women and their families, it is also not appropriate for this regeneration area of our City. 4. The PD plan has been reviewed by the City's Technical Review Committee, Planning, Engineering and Fire. STAFF RECOMMENDATION i 1. Based on the analysis, staff recommends approval of the PD Planned Development Plan with the following conditions: a. Consumer Credit Services as a use is prohibited. b. Square footage of the current/proposed uses shall not exceed the following: Convenience Store 3,641 square feet; Retail/Professional Office 4,371 square feet; Sandwich Shop/Restaurant 1,548 square feet and Coin Laundromat 2,640 square feet.