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Pleasanton General Plan Fiscal Impact Analysis Final Report 01/16/14 Other commercial uses, including industrial/warehouse, office, R&D, hospitality, and gas stations, also generate fiscal benefits to the City. However, performance of these uses is dependent on strong tenant occupancy and is tied to the broader regional economy. In other words, it is not development of office space that will create fiscal benefits, but rather investment in job growth that will drive office space demand that supports new tenancy. Consequently, policy guiding new commercial uses should be grounded in market realities of what could be supported without adversely affecting existing building supply. Similarly, overly permissive land use or development standards will not encourage net new growth if an urban landscape becomes unappealing, one-dimensional, discontinuous, or is neglectful of existing neighborhoods over the long-run. Policy Considerations and Mitigation Measures Land use growth policies have broad implications for the City's fiscal well-being and sustainability. Well-designed growth policies balance a mix of uses that improves the City's fiscal health and enhances the quality of life through improvement of municipal services, schools, and transportation, while diversifying recreational and shopping opportunities. These improvements attract and retain residents and employers who might otherwise choose other locations in the Tri-Valley or the broader Bay Area. Increased desirability creates a positive feedback loop by boosting property values and household incomes, improving economic and social conditions. Maintaining these quality of life factors will also retain the City's tax base and enable further investment in the type of public services and infrastructure needed to sustain economic health and high quality of life. Pleasanton should promote economic and fiscal well-being through an integrated approach to planning. The City should lay the foundation for a balanced mix of land uses that optimize its key policy objectives. While this study disaggregates fiscal performance of each particular land use in order to compare the relative impact on the General Fund and inform mitigation strategies for less fiscally advantageous uses, the City should approach and evaluate growth strategy holistically. Long-term policy decisions should be considered in the context of balancing the City's other objectives, such as economic development, investment in municipal service and facilities, provision of diversified housing options, and maintaining a high quality of life. The City must treat its economic and fiscal performance as fundamental and integrally linked components that over the long run will rise and fall together. For example, while higher density residential uses are shown to be less fiscally advantageous than single-family, their broader benefits should be considered, including creation of infill opportunities, diversification of housing options, and accommodation of the lower income segment of the local economic base. As the City approaches buildout and greenfield is becoming scarcer, attention should be shifted to underutilized infill sites that become strategic catalysts for development opportunities. Renewal and revitalization strategies will have a critical role in the City's efforts for reaching maturity without compromising the existing fiscal integrity and urban texture. In this context, new growth makes up a small share of the overall citywide development. Future fiscal and economic development policy should focus on the existing areas in the City to ensure that the high quality of life remains as the City approaches buildout. Economic&Planning Systems, Inc. 56 P:\121000\121062Pleasanton\Report\121062Report_FINAL.doc