15 - Laserfiche WebLink

Pleasanton General Plan Fiscal Impact Analysis Final Report 01/16/14 retail. This analysis assumes that Pleasanton continues capturing growth in regional sales while local-serving retail is assumed to be supported primarily by household spending. 6. A number of fiscal mitigation measures could enhance the City's long-term fiscal outlook and remedy fiscal impacts of higher density residential uses. Location is an important factor affecting fiscal impacts; infill development (residential and commercial) typically provides more advantageous fiscal outcomes due to lower public service costs relative to outlying areas. As a result, locations in compact development settings, such as downtown or close to the BART station, may reduce potential fiscal shortfalls from higher density residential uses. Implementation of special taxes could also offset the impact of new growth. Special taxes guarantee an ongoing revenue source to pay for public services and infrastructure maintenance and reduce the burden on the General Fund. The City could also recover a higher share of its costs through fees, as many of the current fees fall below those in comparable cities. Finally, condo mapping new multifamily projects could encourage potential conversion to ownership which would result in higher revenues long-term. This approach will need to be balanced with the City's affordable housing goals to preserve the housing stock for the local labor force. 7. New growth should be evaluated holistically with fiscal considerations balanced against other policy objectives. The City's growth policy should balance a mix of related uses rather than treating them as distinct or independent items. Fiscal benefits of specific land uses typically vary by site-specific and locational attributes. The estimates in this analysis are intended to highlight the magnitude for fiscal performance by land use type. Ultimately, these land uses will not exist in isolation and will depend on synergetic effects with other existing and new development. Long-term policy decisions should consider balancing fiscal issues against the City's other objectives, such as economic development, provision of adequate affordable housing for the local workforce, and maintaining a high quality of life. For example, a site adjacent to the BART station could be best suited for multifamily development despite the fiscal impacts due to proximity to transit, creation of density around a major activity node, and provision of an affordable housing stock in the City's core. 8. The City's long-term fiscal health will be more determined by the existing developed areas than by new growth. New growth will comprise less than 25 percent of the City's development at buildout. As a result, the City's fiscal health will be more affected by performance of existing development and established areas within the City. In this context, fiscal and economic development policy should focus on the existing core to ensure that the high quality of life remains in the City. Revitalization and reuse of the exiting urban fabric will play a key role in this effort. Report Organization Following the introduction, economic background and fiscal environment are described in Chapter 2 while the future growth forecast is described in Chapter 3. Chapter 4 provides the analytical framework and key assumptions in this study. General Fund revenues are estimated in Chapter 5 and expenditure in Chapter 6. Chapter 7 summarizes the findings and mitigation measures for future growth. Detailed calculations are included in the Appendix. Economic&Planning Systems, Inc. 4 P:\121000\121062Pleasanton\Report\121062Report_FINAL.doc