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CO!\tFiDE1J7'IAI, & YR:iVIi~Et~F.:I) <br />Vb'ORR P.R.UI)LJCT <br />Regency Centers -Pleasanton <br />Fiscal Analysis Memo <br />October 8, 2007 <br />Page 14 of 17 <br />Appendix H: Fiscal Anahrsis by City of Pleasanton -August 2007 <br />Proposed Pleasanton Gateway Project <br />Analysis of Additional Tax Revenues <br />Background <br />The proposed Pleasanton Gateway project will consist of 193,481 square feet of new <br />retail space with the follow ing planned mix of retail tenants: <br />• Home Depot 141,192 sq. ft. <br />• Longs Drugs 15,789 sq. ft. <br />• Starbucks 5,000 sq. ft. <br />• Other Retail Stores 31.500 sq_ ft. <br />• Total 193,481 sq. ft. <br />Home Depot, Longs and Starbucks have existing locations in Pleasanton. Therefore, <br />when calculating the additional tax revenues to the City for the new facilities, one has to <br />make an adjustment to the calculation to account for a redistribution of existing sales tax <br />dollars from one site to another site within Pleasanton. The second adjustment that one <br />has to make to the calculation of the additional tax revenues to the City is the impact of <br />the new businesses on existing businesses. The good news regarding this is that any <br />material impact on existing sales tax from the location of a Home Depot, Longs Drugs or <br />Starbucks in Pleasanton to other small businesses in the area that provide similar products <br />and services has already occurred with the current locations. An impact must still be <br />accounted for in the calculation; however, it is less than what it would have been <br />otherwise. <br />The City also found that within California, the following cities comparable in population <br />(less than 75,000) or size (less than 30 square miles) to Pleasanton have two Home Depot <br />stores located within their jurisdiction: <br />• Milpitas <br />• Mountain View <br />p • Concord <br />i4 <br />` `' ''~ ^ Colma <br />f ,. '~ ^ Santa Ana <br />~ '~ ' • Laguna Niguel <br />*`~` r • Encinitas <br />• Lake Forest <br />• Orange <br />• Signal Hill <br />• Upland. <br />The following is an analysis of the net increase in tax revenues to the City from the <br />proposed Pleasanton Gateway project. <br />?hte anWyeic a ter iAWtrative. pirposet entl +s not a guaremee d sduat sndtor tvnue reatats. Project pro twma erM tw anatyen are I <br />prap~twts onN. AUual resuaa may Adler materuky Nom moss epressatl n das a~yea. <br />kU5nlon 76561 Ventura 8M0. Stdie 5t1 Ertarro caMtxnm sta38 Wt a~e.~.eu~ lay e+s eat.asee www,koemont.com <br />