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7. Financial Impact of Initiative 7.1. Fiscal Impact of Hillside Developable Parcels Relocated to Other Areas of City Back rg ound It is estimated that approximately 119 to 224 developable parcels would be moved from the hillside to other areas of the city if the Initiative were implemented. To determine the impact from this movement, the following general information about the typical types of housing units that could be built in other areas of the City and for a hillside housing unit was calculated: Table 1 Housing Unit Assumptions: Single Family Hillside Single Multifamily Unit~'~ Detached Unit~2~ Family Unit~3~ Floor Area: 900 square feet 3,500 square feet 8,500 square feet Cost Per Square Foot: $250 $350 $400 Estimated Market Value: $225,000 $1,225,000 $3,400,000 Person Per Household: ~4~ 2.0 3.0 3.2 (1) Based on WindstarApartment Project: 350 units ranging from 576 square feet to 1,368 square feet; of the 350 units 213 units are one bedroom/one bath, 130 are two bedrooms/two baths and 7 are three bedrooms/three baths. (2) Based on the Ironwood Project: 191 units ranging from 1,450 square feet to 5,091 square feet. (3) Based on PUD-33: 51 units ranging from 6,058 square feet to 12,500 square feet; capped at 15% floor area for lots greater than one acre. (4) Per State of California Department of Finance as of January 1, 2008: 2.753 persons per household in Pleasanton. Per U.S. Census: owner occupied 2.87 persons per household and renter occupied 2.3 persons per household; per 1996 General Plan: 3.09 persons per single family household and 2.05 persons per multifamily household. Recent notation of larger households being multi-generational, hence the increase in person per household for the hillside homes. The fiscal impacts to the City as a result of developing multifamily or single family detached homes, rather than 119 to 224 hillside homes, include: (i) the annual operating revenues and expenditures of the City; and (ii) the initial capital fees (Development Fees38) received by the City at the time a building permit is issued. Operating revenues and expenditures are based on the type of development, size (floor area), value of the improvements and the number of persons per household. This information is provided in Table 1, above, based on housing type. In contrast, Development Fees are more generally based on type of development (e.g. single family or multi-family). 38 Development Fees collected to fund City projects include: Park Dedication In-Lieu Fee, Public Facilities Fee, Lower Income Housing Fee, Traffic Development Fee, and other fees collected in specific areas for improvements serving those areas. 28