Laserfiche WebLink
JDEDZ PROJECT REVIEW <br />SEPTEMBER 2017 <br />Staff Statement Regarding NET Sales Tax Revenues <br />Worth noting here is a meaningful statement contained on page 12 of the City Council Agenda <br />Report for August 29, in which a footnotes states: <br />ALH ECON's sales tax estimates take into account leakage from other stores in <br />Pleasanton. In other words, the $926,709 in estimated Sales Tax revenues in the first <br />year of the Costco store being operational on Johnson Dive (sic) would be new revenues <br />to the city. <br />In fact, the ALH Economic Impact Study forecasts a total of $92.65 million in taxable sales at <br />Costco (yielding the sales tax mentioned above) without regard to market impacts. Indeed, this <br />Agenda Report includes a copy of ALH's Exhibit 57, which estimates net sales taxes from <br />Phase I of the EDZ at $841,369. <br />Regardless, the proposed tax sharing agreement is based upon all taxable sales at Costco <br />without reference to the findings of any market study estimating changes in the local retail <br />market. And, as Civic Economics Section IV discussion demonstrates, ALH has overstated the <br />ability of the Pleasanton retail market to absorb Costco sales without impacting other <br />businesses. <br />Civic Economics 10 <br />P14-0852 and PUD -105, JDEDZ - Public Comments Provided for October 11, 2017 Planning Commission Meeting 48 <br />