Company to evaluate financial impact of Lowe’s

TheWestlake Village City Council agreed to use the consulting firm CB Richard Ellis to conduct the fiscal impact report for the proposed Lowe’s development.

The financial report will be part of the overall environmental impact report (EIR) currently being prepared by Willdan and Associations.

An EIR is typically requested by city councils and planning commissions when considering whether or not to allow the construction of a major development.

The EIR typically looks at how the development affects noise levels, traffic flow, local wildlife and city resources, among other considerations.

A financial report is a relatively new component and is now required as a result of an Appeals Court ruling last year in Bakersfield. In short, EIRs must take into account the economic impact that big-box stores, like Lowe’s, have on a local economy.

Lowe’s is contractually obligated to pay for the financial report, which will cost about $42,000.

A draft of the environmental impact report is expected to be released in mid-July.

––Daniel Wolowicz