SUPPLEMENTAL MATERIAL - Laserfiche WebLink

• 5. MS Comment:Numerous studies have demonstrated the negative economic impacts that big box stores have on local economies and local communities, especially when tax or other incentives are provided to developers and big box store operators. One study that demonstrates this can be found here:https://ilsr.org/dark-store- tax-tactic-makes-big-box-stores-terrible-deal for-cities/. These impacts can cause existing, locally owned retail outlets to go out of business due to loss of sales resulting in damage and "urban decay"to the communityfrom closing stores and vacant or underutilized properties. Business in downtown Pleasanton are especially vulnerable to this effect. The Fiscal Impact Analysis included in the DSEIR is inadequate. This analysis relies of"rule of thumb"and general factors from like uses to determine revenue that would be provided from the project to the city.A full, comprehensive economic and fiscal analysis,prepared by an independent qualified firm, should be prepared for this project and include, at a minimum, evaluation of the following criteria: • A complete market forecast of the proposed uses of the EDZ based on project-specific criteria without reliance on "rule of thumb"and general factors • Full pro forma analysis of the Big Box, hotel, and other retail/office uses comparing revenue, costs, and profit realized from the project. This should include a pro-forma analysis of developer costs and profit • A full evaluation of project infrastructure costs, including freeway improvements and how those costs affect the profitability of the proposed project uses iff nded by the developer or individual uses. • A fiscal evaluation of revenue benefits for the city based on the above analysis • A full evaluation of ay incentives provided by the city for this project including funding of infrastructure improvements or sales and property tax reductions and discounts. This would include an analysis of how these incentives effect city gained revenue from this project over a 30 year span • The effect that the project would have on sales loss to existing, similar businesses in Pleasanton. This should include downtown an other areas of Pleascmton • A forecast of existing business closures and the resulting "urban decay"caused by the EDZ • Losses of wages and benefits to workers at existing businesses that are displaced by the new businesses in the EDZ • An analysis of profits leaving the communityfrom rom the new corporate businesses as compared to existing businesses. Response: As stated in response to a previous comment,the Economic Impact Analysis presented in the Final SEIR indicates that implementation of the Zone would not result in urban decay(i.e.,that physical deterioration in existing retail centers and area hotels would not likely result from the combined effect of full buildout of the EDZ and other cumulative retail or hotel developments). See also the Master Response to Comments About the Timing and Funding of Traffic Mitigation Measures, which addresses how traffic mitigations will be paid for,apportioned, and timed.