Laserfiche WebLink
COIVFIT)E;ti I'I.1I.. & YRIt'I1.I~(.TE~I) <br />~yORKPROllL;CT <br />Total Additional Tax Revenues <br />Regency Centers -Pleasanton <br />Fiscal Analysis Memo <br />October 8, 2007 <br />Page 16 of 17 <br />In summary, the net additional annual tax revenues to the City for the proposed <br />Pleasanton Gateway project are estimated to be as follows: <br />Revenues Estimated Amount <br />Sales Tax $370,000 <br />Property Tax 100,000 <br />Other Taxes 20,000 <br />Total $490,000 <br />Expenditures: Impact on the Cost of City Services <br />There are several ways to calculate the impact of the new retail development (193,481 <br />square feet) on current city services (average costing) and on the required increase in city <br />services (marginal costing). On an average cost basis, assuming that this project does not <br />cause an incremental increase in city services, but rather lowers the cost of services on a <br />per square feet cost of city services based on developed property (i.e., 80 million square <br />feet of existing development before the project and 80.2 million square feet of <br />development after the project is accepted) and based on the current City General Fund <br />budget of $78.8M net of direct program revenues, the additional cost of services would <br />be approximately $1 per square foot of additional retail space or $190,000. If the cost of <br />service analysis is based on the incremental increase in city services required as a result <br />of developing this project, Staff's best guesstimate of the incremental increase in City <br />services would be approximately .5 full-time equivalents (mostly in the area of public <br />safety) for a cost of $75,000. Then you would need to increase this cost by overhead and <br />indirect cost (i.e., benefits, etc.) that would increase the total incremental cost to <br />approximately $115,000. Therefore, the estimated impact on the cost of City services <br />from the development of this project would be $115,000 to $190,000. <br />Net Fiscal Impact to the City's General Fund <br />The net fiscal impact of the proposed Pleasanton Gateway project on the City's General <br />Fund ranges from $300,000 to $375,000. <br />-.ef <br />?R+ix enelyeis b for dtNlrwive purposes ano ~S rat a guerorMee q actual arw/a tu1We rowan. Aropct pro lama aM teY a~yees aro <br />propaians axy, rctwl reauas may flirter metariaay nom tows espraseae'n aue analyaN. <br />1COSn10 t8S01 Ventura Btvd. Suite 571 ErKinn Cabbrriip 91438 ph 818AY1.E4N Iax 818.981.8588 www.koertaM.Caa <br />