21 ATTACHMENT 13 - Laserfiche WebLink

coIVFIDF.'.tiTlAI. & Pr2:ivn..E:cTi1) ~'OI27~. PRODUCT Regency Centers -Pleasanton Fiscal Analysis Memo October 8, 2007 Page 2 of I7 and $125,100 in property tax. 2) As a result of the Project the City could incur fiscal expenditures for City services in the range of $115,000 to $193,500. 3) The net fiscal impact (new revenues less fiscal costs) will be in the range of $631,740 to $710,220. 4) Using a proprietary economic impacts model (IMPLAN), it was determined the Project's benefit to the local economy during the I-year construction period will be 632 jobs and $82 million of output indirect, indirect and induced benefits. 5) At fully-stabilized operation in 2009, the Project will provide approximately 474 permanent full and part-time jobs. METHODOLOGY Kosmont's Analysis examines key project-generated revenues including sales tax, business license tax, and property tax as well as an estimation of local economic impacts from Project construction and permanent jobs. The annual fiscal revenues that would be generated by the Project for the City are based on the Project at build-out with stabilized occupancy in 2009. Factors utilized in projecting revenues came from the City of Pleasanton, Alameda County, Regency and market research. Appendix A provides details of the assumptions used in the Analysis. Key aspects of the methodology include: ^ Sales tax revenue projections are based on the total taxable sales expected to take place in the retail Project. Total sales are based on estimated per-square foot sales volumes for anticipated tenant applying market data and consultant's experience working on a variety of retail projects in communities throughout California. ^ Business license tax revenue projections are based on applying the City's fee structure to gross annual revenues generated from anticipated tenants. ^ Property tax revenues are based on the anticipated assessed value of Project at full build-out in 2009. ^ Impacts to the local economy are determined using a proprietary input/output model (IMPLAN) which utilizes project values in conjunction with economic data for Alameda County to estimate direct, indirect and induced benefits. ^ Permanent jobs are estimated by utilizing values found in the annual reports of Home Depot and Long's Drugs as well as relevant market averages for stores in Shops A, B, C and Pad Retail. A common metric used in estimating permanent jobs is "employees-per- square foot." (See Appendix G for detailed methodology of permanent job estimation). ^ Leakage is estimated by comparing total demand in Pleasanton in the building/hardware materials retail category with actual sales reported from the California Department of Finance and the California Board of Equalization. The difference between demand and actual sales equals leakage. 711it MNy6K ii SOr M4lprtitlW W7~s iM! n; }qt A 9w~ d a0ua1 snWOr AMN! rlfUl><. F'rGflCl pG hNaV aad tOi e+gdyfe8 aM - pIO~ECtiON Galt'. ACn1al reaullt May ONIIlI Y hart! aUY e^pnestetl is MHt.~alysp. kpSIl10 ,ewe venwra etw. suns 5n eacano ea^aMe s~a~s on a~est~.sata ra. e~a.es~.asee www.koeawnt.GOm