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• <br /> • Fiscal Impact. The Initiative Project would result in reduced taxable sales, higher <br /> property values, and higher employment compared to the Zone. The overall result <br /> is that the net fiscal benefits of the Initiative Project are expected to be lower than <br /> for the Zone. The Initiative Project would result in a net fiscal gain for the City of <br /> $1.9 to $2.1 million/year at buildout, compared to a net fiscal gain of $2.3 to <br /> $2.5 million/year under the Zone at buildout in 2028. <br /> • General Plan Consistency. Though the Initiative Project would not be explicitly <br /> inconsistent with policies in the General Plan, it would not promote some <br /> individual General Plan policies and programs to the same extent as the Zone. <br /> • Market Feasibility. Uncertainty of project financing and lack of tenant commitments <br /> make the Initiative Project less likely to be constructed, and more likely to be <br /> infeasible, than the proposed Zone. It could be more difficult to secure multiple <br /> tenant commitments to the site sufficient to secure project financing for the <br /> Initiative Project, which has no major tenant commitments nor expressed interest <br /> from tenants, than it would be to secure financing for a project like the proposed <br /> Zone, which benefits from the expressed interest of one major club retail <br /> business. Therefore, the likelihood of retail development occurring in the Johnson <br /> Drive area and the attendant fiscal benefits to the City of Pleasanton is greater for <br /> the Zone than for the Initiative Project. <br /> For more detailed information, please see the Executive Summary and all other <br /> sections of the supplemental report (Attachment 1). <br /> CONCLUSION <br /> Staff recommends that the Council accept the supplemental report on the effects of the <br /> initiative. This report can be used by community members and other groups to inform <br /> their decision in advance of the November election. <br /> Submitted by: Fiscal Review: Approv by: <br /> Gerry Beaudin Tina Olson Nelson Fialho <br /> Director of Community Director of Finance City Manager <br /> Development <br /> Attachments: <br /> 1. Supplemental Report dated August 2016 <br /> Page 4 of 4 <br />