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sources such as RS Means and Saylor, including Bay Area adjustments. Similarly, <br /> annual storage unit rental rates were estimated at an average of$25.00 per square foot, <br /> a mid-point estimate based on a survey of facilities in the immediate region that takes <br /> into account that this will be a new facility, with a high level of amenity for its customers. <br /> Staff was also able to obtain examples of comparable sales of storage projects in the <br /> East Bay (one in Fremont, and one on Dublin Canyon Road, between Pleasanton and <br /> Castro Valley), which help to support the conclusions of the analysis, particularly with <br /> respect to valuation of the buildings. <br /> Based on this evaluation, the increased FAR is estimated to yield in the range of$2.4 <br /> Million in Residual Land Value (i.e., value from the additional FAR.) Based on two <br /> examples provided by EPS of cities which have adopted more formal community <br /> benefits programs (Culver City and Menlo Park), the analysis proposes that the City <br /> could receive 50 percent of the windfall value, in this case, around $1.2 Million. Splitting <br /> the return in this way allows the city to claim a reasonable share of the value, while also <br /> providing the developer a reasonable return on their investment. <br /> Value of Proposed Amenities <br /> Staff also attempted to estimate the value of the proposed amenities, as outlined in the <br /> table below, which also notes the basis for those estimates: <br /> Amenity Proposed Estimated Value Notes <br /> Trail Construction $300,000 Based on Landscape <br /> Division Estimated Cost <br /> Trail Maintenance (5 Years) $14,000 Based on Landscape <br /> Division Estimated Cost <br /> LEED Silver Certification $0 Construction cost <br /> Equivalent Green Building estimates in sources <br /> Measures (including solar surveyed range from $100 <br /> installation) - $250 per square foot; <br /> staff estimated <br /> $175/square foot as a mid- <br /> point estimate inclusive of <br /> green building "premium". <br /> Seating Area $6,000 Based on Landscape <br /> Division Estimated Cost <br /> Total $320,000 <br /> Estimated Residual Land <br /> Value to City —$1,209,000 <br /> Difference —$889,000 <br /> 'These two comparable storage project sales had a valuation of$225 and$350 per square foot;the valuation <br /> estimate developed by staff,based on additional FAR,resulted in a Building Value Estimate of$277/square foot. <br /> (The residual value deducts construction and other costs from this valuation,to arrive at a total value per square foot <br /> of the project) <br /> Page 8 of 18 <br />