21 ATTACHMENT 13 - Laserfiche WebLink

carrrrr)I:'tiTlnla & YRIVrI,FC;r~r) ~~'ORK PROI)LJCT Sales Tax Revenues Regency Centers -Pleasanton Fiscal Analysis Memo October 8, 2007 Page 1 S of 17 The estimated sales tax revenues for a similar type of retail tenant are as follows: Home Improvement $3.30 per square foot Drugs and Related Sundries $1.20 per square foot Coffee and Food $1.35 per square foot Other Retail Stores $1.15 per square foot Based on the above sales tax dollars per square foot of leaseable area, the estimated additional sales tax revenues from the development of the proposed Pleasanton Gateway project are estimated to be approximately $530,000 per year. As indicated above, the estimated sales tax revenue must be reduced in order to calculate the net new sales tax revenue to the City. It is estimated that approximately 20% of the second stores sales tax revenues will come from their existing locations and 10% of their revenues will come from their impact on other small businesses in the area. Therefore, the net adjusted sales tax revenues from the proposed Pleasanton Gateway project are estimated to be approximately $370,000 per year. Also, Mountain View indicated that when they were doing the fiscal analysis regarding adding a second store, they also discounted the sales tax revenues to be generated by the second store at 70 to 80 percent of the amount of the revenues currently being generated by the first store for the same reasons that we have mentioned. ProRerty Tax Revenues The current property tax rate is $1.00 per $100,000 of assessed valuation. Assessed valuation at the time of resale of property or new construction is the market value of the project or cost of construction. For purposes of calculating the property tax revenues for this project, an estimated construction cost of $200 per square foot was used. Based on this, the total market value of the project is estimated to be $38.2M. Pleasanton currently receives approximately $.26 on every $1 of new property tax revenues generated in the City. Therefore, the annual property tax revenues from this proposed project is estimated to be approximately $100,000 the first year after completion of the construction of the project; escalating by approximately 2 percent each year thereafter. Other Tax Revenues In addition to sales tax and property tax revenues, the project will generate additional annual tax revenues for the City. An example of this other tax revenues would be business license revenues. Business license revenues are calculated as a percentage of gross receipts. Based on this the other tax revenues is estimated to be approximately $20,000 per year. Thu arWyaK a br awltrativa purposes and tc not a gwrantae o1 aGUat andror farms roaWls. Project pro ture+a amt tas anaiye,.- aro j>rgaetimu Doty. Aetuat reauas may dinar rnateriaay htzn ttwse axprasaad r Gds ®~atyan. kasmo, n,~,„ 78561 vantwe BNd. Sane 511 Em:+o caurtxrro 97438 ph 818A8tA~t1 ?as 81B 987.8588 wwt«.4oatnont.can