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HomeMy WebLinkAbout7.1 The Green Fiscal Impact Analysis STAFF REPORT CITY CLERK File #420-30 CITY COUNCIL DATE:September 17, 2013 TO: Honorable Mayor and City Councilmembers FROM: Joni Pattillo, City Manager SUBJECT: “The Green” Fiscal Impact Analysis (PLPA-2013-00013) Prepared by Kristi Bascom, Principal Planner EXECUTIVE SUMMARY: The City Council will receive a status report on the Fiscal Impact Analysis for Regency Centers and The Green, which are two General Plan/Eastern Dublin Specific Plan Amendment studies that are currently underway. When the General Plan Amendment Study was initiated for The Green, the City Council directed Staff to prepare a Fiscal Impact Analysis for their consideration and to determine if the General Plan Amendment Study should continue or be concluded. Staff is requesting the City Council to review the Fiscal Impact Analysis and provide direction on how to proceed with General Plan Amendment Study. FINANCIAL IMPACT: All costs associated with the General Plan/Specific Plan Amendment Study, including the Fiscal Impact Analysis, are borne by the Applicant. Therefore, preparation of this Study does not have a financial impact to the City. RECOMMENDATION: Staff recommends that the City Council receive the status report on the Fiscal Impact Analysis for The Green; and provide direction to Staff and the Applicant on whether the General Plan/Eastern Dublin Specific Plan Amendment Study on The Green should continue or be concluded. Submitted By Reviewed By Director of Community Development Assistant City Manager ITEM NO. 7.1 Page 1 of 4 DESCRIPTION: On February 5, 2013, the City Council initiated a General Plan/Eastern Dublin Specific Plan Amendment Study for 27.45 acres of property at the northwest corner of Hacienda Drive and Interstate 580 owned by Stockbridge/BHV Emerald Place Land Company, LLP. The project site is shown in the Vicinity Map below: Figure 1: Project Vicinity Proposed Dublin SAP/Sybase Crossings project site Proposed Village @ Dublin Hacienda site Transit Crossings Center The Green site BART The property currently has a General Plan/Eastern Dublin Specific Plan land use designation of General Commercial and is entitled for a 305,000 square foot shopping center branded “The Green on Park Place”. The project was approved by the City Council in 2008 and consisted of a Stage 2 Planned Development Rezoning, Site Development Review, and approval of a five-year Development Agreement. The Development Agreement vests the project entitlements through December 18, 2013. The existing General Commercial land use designation accommodates a range of regional- and community-serving retail, service, and office uses. On February 5, 2013, Stockbridge/BHV Emerald Place Land Company, LLP received authorization from the City Council to initiate a General Plan Amendment Study to determine Public whether the land use designation for the 27.45 acre parcel should be changed from General Lands Campus Office Page 2 of 4 Commercial to Mixed Use in order to allow medium to medium-high density residential and commercial uses. If the City Council were to ultimately approve this change in the land use designation, the Applicant’s intent is to design a residential and retail development at this site that includes approximately 40,000 square feet of commercial retail uses, and approximately 400 residential units with a combination of product types. When City Staff presented the General Plan/Specific Plan Amendment request to the City Council on February 5, 2013, the staff report outlined several concerns with the proposed conversion of the site from General Commercial to a predominantly residential project with limited retail square footage. Staff’s concerns included the potential fiscal impacts to the City’s General Fund as a result of adding new residents (and the corresponding cost to provide services) to a prime commercial site that was intended to provide sales tax revenue, services for the community, and employment opportunities. The City Council initiated the General Plan Amendment Study and directed Staff to prepare a fiscal analysis of the proposed project for consideration in order to determine if the General Plan Amendment Study should proceed. The Fiscal Impact Analysis is complete. Staff is requesting the City Council to review the Fiscal Impact Analysis and provide direction on whether to continue processing the General Plan Amendment Study or conclude the Study. ANALYSIS: The City retained Keyser Marston Associates to conduct an analysis of the fiscal impacts of both the proposed The Green project and the proposed Village @ Dublin Retail Project, which are adjacent to one another. While these are two separate projects, their potential impacts are interrelated. The analysis (Attachment 1) compared the existing land use development potential on each site with the project that is proposed on each site, as follows: The Village @ Dublin site The Green site Existing GP: Proposed Project: Existing Approvals: Proposed Project: Campus Office Retail Commercial Retail Commercial Mixed Use Center Center Residential Units 400 Commercial SF Grocery 40,000 Retail/Restaurant 125,000 305,000 40,000 Office 400,000 Total Project Size 400,000 SF 165,000 SF 305,000 SF 400 units + 40,000 SF office complex Commercial Center Commercial Center Mixed Use Project With the development potential for each alternative noted above, the Fiscal Impact Analysis concluded that each scenario would be fiscally neutral or better. However, the fiscal benefits of the two scenarios on The Green project site are quite different: The Village @ Dublin site The Green site Existing GP: Proposed Project: Existing Approvals: Proposed Project: Campus Office Retail Commercial Retail Commercial Mixed Use Center Center Estimated Net Annual $69,000 $306,0000 $1,024,000 $279,000 Surplus to General Fund General Fund Impacts of + $237,000 annually - $745,000 annually Proposed Project vs. existing entitlement Page 3 of 4 If The Green site land use designation changes from General Commercial to Mixed Use to allow the development of the residential and commercial project, as proposed, the net annual surplus for the General Fund would be $745,000 less than if the 305,000 square foot commercial project (approved in 2008) were constructed. However, the property owner has indicated that they are unable to build the larger commercial project at this time, and therefore the $1,024,000 General Fund gain would likely not be realized within the next five to ten years. The Mixed Use project, however, could begin development during the FY 2014/2015 and be completed and occupied within two to three years resulting in a near-term increase in General Fund revenue of $279,000 per year. If the Village @ Dublin site land use designation changes from Campus Office to General Commercial to allow the development of the retail commercial center, as proposed, the net annual surplus for the General Fund would be $237,000 more than if an office project were constructed (even with the approved sales tax reimbursement program in place). However, the near-term impact to the General Fund will be an increase of $306,000 per year because there is no proposed office developer or user that is proposing to use the site in the near term, while the development of the retail center is expected to take place during the FY 2014/2015. Staff is seeking direction from the City Council on whether the fiscal impacts that may result from the implementation of The Green project are acceptable, and whether the General Plan/Eastern Dublin Specific Plan Amendment Study for The Green should continue or be concluded. If the City Council direction is to continue the study, the Applicant will continue processing their request for a change to the General Plan and Specific Plan land use designations, a Planned Development Rezoning and related Stage 1 and 2 Development Plan, Tentative Map, Site Development Review, and the appropriate environmental documentation for the Mixed Use project. If the City Council direction is to conclude the study at this time, Staff will cease work on the project and the existing entitlements will remain in place until such time that the Development Agreement expires in December. NOTICING REQUIREMENTS/PUBLIC OUTREACH: Public noticing is not required to provide an update to the City Council and to seek policy direction. A copy of this Staff Report was provided to the Applicant. ENVIRONMENTAL REVIEW: None required. ATTACHMENTS: 1. Fiscal Impact Analysis of Regency Centers and The Green, prepared by Keyser Marston Associates, dated August 23, 2013 Page 4 of 4 MEMORANDUM To:Linda Smith, Economic Development Director City of Dublin From:Keyser Marston Associates, Inc. Date:August 23, 2013 Subject:Fiscal Impact Analysis of Regency Centers and Green on Park Plac In accordance with your request, Keyser Marston Associates, Inc. the recurring annual fiscal impacts on the City of Dublin (City) Tax Fund to be generated byalternative land uses on the Regency on Park Place sites.Changes to the land use designation and zoni beingconsidered and the purpose of the analysis is to provide in potential fiscal implications of the proposed changes. The sites are bounded by Dublin Boulevard, Hacienda Drive, Inter Road. The Regency Centerssite is a 14.3-acre parcel adjacent to City is considering changing the siteÓs land use designation fro General Commercial Campus Office, which would permit the develop center. The Green on Park Place development site is on 27.4 acre Regency Centers site. For this site, the City is considering cha designation from General Commercial to a new Mixed Use land use would be required for the proposed predominantly residential Gre project. The following chart summarizes the alternative development progr evaluated for the two sites. Alternative 2 for the Green on Park that is being evaluated in accordance with CEQA. The alternative programs for the Regency Centers site as well as the ÐAlternativ Green on the Park Place Site have been provided by City of Dubli 001-002;jf 11982.005 To:Linda Smith, Economic Development DirectorAugust 23, 2013 Subject:Fiscal Impact Analysis of Regency Centers and Green on Park Plac Regency Centers SiteGreen on Park Place Site Alternative 2 - Alternative 2 - Alternative 1 - Alternative 1 - EIR Program; Permitted under Existing Existing Land Permitted under Proposed Land Land Use New Use DesignationProposed Land Use DesignationDesignation DevelopmentUse Designation Residential Units400 du Commercial SF40,000 Grocery Retail Restaurants35,00035,000 Other Retail125,000270,0005,000 Office400,000 400,000165,000305,00040,000 Approach and Key Assumptions Given the lack of detailed programs for three of the four altern is intended to provide order of magnitude estimates of the impac alternatives upon build-out. All impacts are expressed in curren the analysis that KMA prepared of the Dublin Crossing project, t sources, such as property and sales taxes, have beenestimated ba home prices and construction costs and sales productivity levels construction. Other revenues and all service costs have been est capita budget factors derived from the CityÓs budget forecast fo alternative development program. Retail sales tax revenues are a key driver of the positive fisca retail-focused alternatives. It is important to note that this a taxable sales of the retail components to be generated upon comp stabilization. It does not address the source of retail sales to tenants. Specifically, the analysis does not examine the degree generated by a transfer of sales from existing Dublin retailers. new sales to the specific retail tenants, they do not reflect an revenues to the city.The analysis does reflect the terms of the Reimbursement of Sales and Use Tax Revenues between the City of Regency Centers.Ñ Under that Agreement, a portion of annual City sales tax revenues generated by the Regency CenterÓs Alternative 2 program is to be Center when annual taxable sales reach $50 million. 001-002;jf 11982.005 To:Linda Smith, Economic Development DirectorAugust 23, 2013 Subject:Fiscal Impact Analysis of Regency Centers and Green on Park Plac Theanalysis does not include one-time revenues or revenues that are sized and restricted to off-set service costs or impacts, such as building permit rev Key assumptions incorporated into the analysis are as follows: Thateach alternative will besuccessful and well-received by the There may be significant differences in the degree to which the feasible from both a market and a financial perspective. The ana address any such differences in feasibilityor any differences in which the concepts could be supported by the marketplace and bui That the retail tenants will generate a level of sales that is c standard industry hurdles to support the cost of new constructio That the office tenants will not generate any use or Ðbusiness t revenues. That police and fire costs reflectcitywide per capita averagesfo residents, and do not include the costs of calls generated by cu retail scenarios. That there are is no additional new public infrastructure that w maintained or any special service requirements for any of the al inclusion of infrastructure maintenance costs would likely have on the magnitude of surplus estimated for each scenario. The technical analysis is presented in the attached detail table Order of Magnitude Findings 1.Annual General Fund and Gas Tax Fund Impacts Upon Build-out The analysis indicates that for both sites, the retail alternati 1 significant annual surplus to the City of Dublin. As shown in the chart below, the retail alternative for the Regency Center site is estimated to generate approximately$535,000 before taking into account the sales tax r 2 Centers and $306,000net of the rebate. Because of its larger size(305,000 s.f),and 1 The analysis evaluates only gross taxable sales, not net new tax sales that are being transferred from existing Dublin retailers sites. 2 The $306,000 surplus estimate is net of the sales tax reimbursem unadjusted surplus (before the rebate to Regency Center) is esti estimates that the 165,000 square foot retail alternative for th generate approximately $47.9 million of annual taxable sales upo 001-002;jf 11982.005 To:Linda Smith, Economic Development DirectorAugust 23, 2013 Subject:Fiscal Impact Analysis of Regency Centers and Green on Park Plac the absence of a sales tax sharing agreement, the retail scenari is estimated to generate an annual surplus in excess of $1.0 mil The office and mixed use alternatives are estimated to generate surpluses. The office scenariofor the proposed Regency Centers s generateanapproximate $69,000annual surplusand the mixed use alt project) for Green on Park Place is estimated to generate a$279, Regency CentersGreen on Park Place Annual Recurring Alternative 1Alternative 2Alternative 1Alternative 2 Fiscal Impacts 400k SF 165k SF 305k SF 400 du OfficeRetailRetail40k SF Retail General Fund Revenues,Before Rebate$453,000$648,000$1,251,000$1,161,000 Expenditures$384,000$113,000$227,000$918,000 Net Annual GF Impact,$69,000$535,000$1,024,000$243,000 Before Rebate Gas Tax Revenue $0$0$0$36,000 Net Annual Combined City $69,000$535,000$1,024,000$279,000 Surplus, Before Sales Tax Rebate Net Annual Combined City Surplus, After Sales Tax $69,000$306,000$1,024,000$279,000 Rebate 2.Major Revenue Sources and Expense Categories The most significant sources of General Fund revenues for all of property taxes, sales taxes, and property taxes in lieu of motor office and mixed usealternatives, property taxes are the largest the retail alternatives, sales taxes alone represent over 70% of $479,000 of annual sales tax revenues to the City of Dublin.This the $50 million tax sharing threshold stipulated in the agreemen terms of the agreement, the City reimburses Regency approximatel revenues generated at a $500,000 threshold. Since the projection conservative it has been assumed that sharing will occur, and th be $250,000 rather than $479,000. 001-002;jf 11982.005 To:Linda Smith, Economic Development DirectorAugust 23, 2013 Subject:Fiscal Impact Analysis of Regency Centers and Green on Park Plac The most significant expense components are police and fire depa culture and leisure services. These three service categories account for over 85% of City expenditures. Typically, public works department expenses would expense category but have not been includedin this analysis beca specificity regarding the public infrastructure of each alternative. If the City is obligated to maintainany new infrastructure, then annual city service costs w estimates contained in this memorandum, and the magnitude of est would decrease. Technical Tables A series of technical tables are attached: Summary Tables Table 1Annual Revenue and Expenditure Summary at Build-out Table 2 Alternative Programs Table 3 Alternatives Demographics Table 4 Estimated Assessed Value Table 5Existing Demographic Data Î City of Dublin Table 6Estimated Annual Alternatives Revenue Î General and Gas T Table 7Estimated Household Income Table 8General Fund Operating Expense Assumptions Table 9Estimated Annual AlternativesGeneral Fund Expenditures Appendix Tables Appendix 1 Summary of General Fund Revenue Sources Î City of Dub Budget Appendix 2 Summary of General Fund Budget Expenditures Î City of Budget Appendix 3 Commercial Development Cost / Valuation Estimates Appendix 4aRevenue Source Assumptions Î Regency Centers Alternat Appendix 4bRevenue Source Assumptions Î Regency Centers Alternat Appendix 4cRevenue Source Assumptions Î Green on Park Place Alte Appendix 4dRevenue Source Assumptions Î Green on Park Place Alte 001-002;jf 11982.005 Table 1 Annual Revenue and Expenditure Summary at Buildout Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Regency CentersGreen on Park Place Revenue or Expenditure Alternative 1Alternative 2 Alternative 1Alternative 2 Category400 k SF Office165 k SF Retail305 k SF Retail400 du / 40 k SF Ret 1 General Fund Revenues Property Taxes$290,00064.0%$117,00027.9%$236,00018.9%$604,00052. Sales Tax$59,00013.0%$250,00059.7%$910,00072.7%$313,00027.0% Property Tax In-Lieu of MVLF$57,00012.6%$23,0005.5%$47,0003.8%$1 Franchise Fees$31,0006.8%$9,0002.1%$18,0001.4%$74,0006.4% Property Transfer Tax$8,0001.8%$3,0000.7%$6,0000.5%$31,0002.7% Fines / Forfeitures / Penalties$3,0000.7%$1,0000.2%$2,0000.2%$6, Prop. 172 Sales Tax$2,0000.4%$14,0003.3%$27,0002.2%$9,0000.8% Licenses, Permits, and Fees$1,0000.2%$00.0%$1,0000.1%$4,0000.3% Business License Tax$2,0000.4%$2,0000.5%$4,0000.3%$00.0% $453,000100.0%$419,000100.0%$1,251,000100.0%$1,161,000100.0% 2 General Fund Expenditures Police($165,000)43.0%($49,000)43.4%($98,000)43.2%($396,000)43.1% Fire($116,000)30.2%($34,000)30.1%($69,000)30.4%($278,000)30.3% Culture and Leisure Services($51,000)13.3%($15,000)13.3%($30,000 General Government($20,000)5.2%($6,000)5.3%($12,000)5.3%($47,000 Community Development($12,000)3.1%($4,000)3.5%($7,000)3.1%($29,0 Transportation($12,000)3.1%($3,000)2.7%($7,000)3.1%($28,000)3.1% Other Public Safety($8,000)2.1%($2,000)1.8%($4,000)1.8%($18,000) ($384,000)100.0%($113,000)100.0%($227,000)100.0%($918,000)100.0% Net General Fund Impacts, Before Sales Tax Rebate to Regency$69,000$535,000$1,024,000$243,000 Net General Fund Impacts, After Rebate to Regency$69,000$306,000$1,024,000$243,000 1 Additional Other Revenues Gas Tax Fund$0$0$0$36,000 Net General and Gas Tax Fund Revenue, Before Rebate to Regency$69,000$535,000$1,024,000$279,000 Net General and Gas Tax Fund Revenue, After Rebate to Regency$69,000$306,000$1,024,000$279,000 1 Table 6. 2 Table 9. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; 1 summ; 8/23 Table 2 Alternative Programs Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Regency CentersGreen on Park Place Alt. 1Alt. 2Alt. 1Alt. 2 400k SF165k SF 305k SF 400 du OfficeRetailRetail40k SF Ret Development Program 1 Residential Units 160 Condominiums, Wood Podium Townhouses160 80 Single Family Detached 400 1 Commercial Square Feet Retail Grocery40,000 Restaurant35,00035,000 General125,000270,0005,000 165,000305,00040,000 Office400,000 Total Commercial400,000165,000305,00040,000 Site Acres14.314.327.427.40 Commercial FAR0.640.260.260.20 Dwelling Units per Acre17.5 1 Project information per City staff and Green on Park Place Sponsor. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; 2 program; 8 Table 3 Alternatives Demographics Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Regency CentersGreen on Park Place Alt. 1Alt. 2Alt. 1Alt. 2 400k SF165k SF 305k SF 400 du OfficeRetailRetail40k SF Ret Demographic Measure Residential Population 1 Condominiums 000486 per HH 3.091.7%vacant 1 Townhouses 000486 per HH 3.091.7%vacant 1 Single Family Detached 000243 per HH 3.091.7%vacant 0001,215 Commercial Employment Retail 2 Grocery011400 sf / empl 350 2 Restaurant00175175 sf / empl 200 2 General035777114 sf / empl 350 0471946189 2 Office 1,600000 sf / empl 250 1,600471946189 Resident Equivalents Residents0001,215 1.00per resident Employees53315731563 0.33per empl 5331573151,278 1 U.S. Census 2007-2011 American Community Survey 5-Year Estimates. 2 KMA estimate based on past experience. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; 3 proj demog Table 4 Estimated Assessed Value Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Regency CentersGreen on Park Place Alt. 1Alt. 2Alt. 1Alt. 2 400k SF165k SF305k SF400 du/40k SF OfficeRetailRetailRetail Assessed Value 1 unit price Residential Condominiums$0$0$0$107,520,000 $672,000/du Townhouses$0$0$0$100,800,000 $630,000/du Single Family Detached$0$0$0$62,400,000 $780,000/du $0$0$0$270,720,000 $676,800/du Commercial 2 Retail con. costs + land Grocery$0$12,800,000$0$0 $320psf Restaurant$0$0$19,600,000$19,600,000 $560psf General$0$43,750,000$94,500,000$1,750,000 $350psf $0$56,550,000$114,100,000$21,350,000 Office$140,000,000$0$0$0 $350psf $140,000,000$56,550,000$114,100,000$21,350,000 Total Assessed Value$140,000,000$56,550,000$114,100,000$292,070, 1 Based on unit price estimated provided by Green on Park Place sp 2 Appendix 3. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; 4 AV; 8/23/2 Table 5 Existing Demographic Data - City of Dublin Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 City of Dublin Demographic Measure 1 Population 44,208 2 Employment 20,540 Resident Equivalents 0.33per employee 51,055 1 State of California, Department of Finance, E-1 Population Estim /z·z;­r /šÒ“·z;­ “7 ·w; {··; Þz·w !““ÒŒ t;©-;“· /w“m; “ W“Ò and 2013. Sacramento, California, May 2013. Adjusted based on U.S. Census 2010 Group Quarter / Correctional population: Correctional Facility Population5,682 2 The Nielsen Company, 2012. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; 5 extg demog; 8/23/2013; jj Table 6 Estimated Annual Alternatives Revenue - General and Gas Tax Funds Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Regency CentersGreen on Park Place Alt. 1Alt. 2Alt. 1Alt. 2 400k SF165k SF305k SF 400 du 1 Revenue SourceEstimating Factor OfficeRetailRetail40k SF Ret a;­Ò©; 2 Total Assessed Value ($1,000s) $140,000$56,550$114,100$292,070 2 Residential Assessed Value ($1,000s) $0$0$0$270,720 2 Commercial Assessed Value ($1,000s) $140,000$56,550$114,100$21,350 3 Single Family Households 000400 4 Retail Employees 0471946189 4 Office Employees 1,600000 3 General Retail Square Feet 0125,000270,0005,000 3 Restaurant Square Feet 0035,00035,000 3 Grocery Retail Square Feet 040,00000 3 Office Square Feet 400,000000 4 Total Resident Equivalents 5331573151,278 4 Total Residents 0001,215 General Fund Property Taxes$289,756$117,041$236,151$604,492 20.70%share of1%prop. tax Property Tax In-Lieu of MVLF$57,449$23,205$46,821$119,850 $0.41/$1,000 AV Property Transfer Tax Residential$0$0$0$29,779 $0.55/$1,000 AV20%per year Commercial$7,700$3,110$6,276$1,174 $0.55/$1,000 AV10%per year $7,700$3,110$6,276$30,953 Sales Tax Spending Measures $0$0$0$31,764 Non-Proj. Residential Spend per household Non-Proj. Retail Empl. Spend$0$900$800$950 per employee Non-Proj. Office Empl. Spend$3,657$0$0$0 per employee Project General Retail Sales$270$270$270$270 per square foot Project Restaurant Sales$495$495$495$495 per square foot Project Grocery Taxable Sales$342$342$342$342 per square foot Taxable Sales 4 Non-Proj. Residential Spend$0$0$0$12,489,416 occupied 98.3% Non-Proj. Retail Empl. Spend$0$423,900$756,800$179,550 Non-Proj. Office Empl. Spend$5,850,880$0$0$0 Project General Retail Sales$0$33,750,000$72,900,000$1,350,000 Project Restaurant Sales$0$0$17,325,000$17,325,000 $0$13,680,000$0$0 Project Grocery Retail Sales $5,850,880$47,853,900$90,981,800$31,343,966 Total Sales Tax$58,509$478,539$909,818$313,440 1.00%sales tax 5 Sales Tax Net of Sharing $58,509$250,000$909,818$313,440 Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; 6 rev; 8/23/ Table 6 Estimated Annual Alternatives Revenue - General and Gas Tax Funds Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Regency CentersGreen on Park Place Alt. 1Alt. 2Alt. 1Alt. 2 400k SF165k SF305k SF 400 du 1 Revenue SourceEstimating Factor OfficeRetailRetail40k SF Ret General Fund, continued Business License Tax Grocery Retail$0$50$0$0 store 1$50per bus Restaurant Retail$0$0$350$350 5,000 sf per bus$50per bus General Retail$0$1,786$3,857$71 3,500 sf per bus$50per bus Office$2,000$0$0$0 10,000 sf per bus$50per bus $2,000$1,836$4,207$421 Prop. 172 Sales Tax Taxable Sales$5,850,880$47,853,900$90,981,800$31,343,966 see sales tax calculations, above Tax$1,755$14,356$27,295$9,403 0.30/$1,000 Franchise Fees$30,733$9,053$18,163$73,689 $57.66per res eq Licenses, Permits, and Fees$1,477$435$873$3,542 $2.77per res eq Fines / Forfeitures / Penalties$2,682$790$1,585$6,431 $5.03per res eq Total General Fund Revenue$452,060$419,826$1,251,188$1,162,222 Gas Tax Fund$0$0$0$35,799 $29.46per resident Total General and Gas Tax Fund$452,060$419,826$1,251,188$1,198, 13 See Appendicies 4a, 4b, 4c, and 4d.See Table 2. 24 See Table 4.See Table 3. The City of Dublin and Regency Centers have entered into an Agreement for Reimbursement of Sales and Use Tax Revenue. Under th 5 agreement, if taxable sales exceed $50 M (annual City sales tax exceeds $500,000) and are not attributable to businesses relocted from elsewhere in Dublin, Pleasanton, or Livermore, annual city sales taxes will be shared according to a set schedule approximating 50%/50% sharing. Total cumulative sales tax shared is not to exceed $3.1 be slightly less than the $50 million threshold under Alternative 2s to the City. Because this amount is so close to the sharing threshold, in order to provide a conservative projection, it has been assumed that sharing will tax place, and that net City sales tax revenues wil Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; 6 rev; 8/23/ Table 7 Estimated Household Income Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Housing Expenditure Factor 1 Unit Value $676,800 2 Mortgage Term 30years 2 Interest Rate 5.5%/year 2 Down Payment 20%down $36,900 Annual Housing Payment/year 2 Housing Expenditure % of Income 25%income $147,600 Annual Household Income 1 Table 4. 2 Based on typical mortgage terms and housing expenditures in the Bay Area with additional interest margin to allow for growth in interest rates above current rates, which are at historically low levels. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 137 HH inc; 8/23 Table 8 General Fund Operating Expense Assumptions Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 1 net expenses in FY 2013/14 General Government$7,554,560 2 25%percent variable costs 3 resident equivalents 51,055 $36.99average cost per resident equivalent 1 Police$15,816,610net expenses in FY 2013/14 3 resident equivalents 51,055 $309.80average cost per resident equivalent 1 Fire$11,107,860net expenses in FY 2013/14 3 resident equivalents 51,055 $217.57average cost per resident equivalent 1 Other Public Safety$718,770net expenses in FY 2013/14 3 resident equivalents 51,055 $14.08average cost per resident equivalent 1 Transportation$2,252,060net expenses in FY 2013/14 2 percent variable costs 50% 3 51,055resident equivalents $22.06average cost per resident equivalent Health and WelfareThis department is operated on a cost recovery basis and generat no net expenditures. 1 Culture and Leisure Services$6,478,070 net expenses in FY 2013/14 2 percent variable costs 75% 3 51,055resident equivalents $95.16average cost per resident equivalent 1 net expenses in FY 2013/14 Community Development$2,316,220 2 50%percent variable costs 3 resident equivalents 51,055 $22.68average cost per resident equivalent 1 See Appendix 2. 2 A portion of these General Fund expense categories is fixed, and estimated percent of variable costs is based on the experiences 3 See Table 5. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; 8 exp assumptns; 8/23/2013; jj Table 9 Estimated Annual General Fund Expenditures Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Regency CentersGreen on Park Place Alt. 1Alt. 2Alt. 1Alt. 2 400k SF165k SF305k SF 400 du ExpenditureOfficeRetailRetail40k SF Ret 1 resident equivalents 5331573151,278 2 Estimating Factor General Government$19,717$5,808$11,653$47,276 $36.99per res eq Police$165,122$48,638$97,586$395,921 $309.80per res eq Fire$115,964$34,158$68,534$278,052 $217.57per res eq Other Public Safety$7,504$2,210$4,435$17,992 $14.08per res eq Transportation$11,756$3,463$6,947$28,187 $22.06per res eq Culture and Leisure Services$50,722$14,941$29,977$121,619 $95.16per res eq Community Development$12,090$3,561$7,145$28,990 $22.68per res eq Total General Fund Expenditures$382,875$112,779$226,277$918,038 1 See Table 3. 2 See Table 8. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; 9 exp; 8/23/2013; jj Appendix 1 1 Summary of General Fund Revenue Sources Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Forecast FY 2013-2014 Revenue CategoryBudgetBasis of KMA Projections Included in the Analysis Taxes Current Property Taxesestimated development value, City sh. of 1 Secured$18,203,730 Unsecured$1,164,000 Supplemental$450,000 $19,817,730 Prior Property Taxes Secured$280,000 Unsecured$5,000 $285,000 In Lieu Property Tax$3,667,000MVLF share from SOC Property Tax Penalties $118,800 Property Transfer Tax $451,500est. devel. value and turnover rat Transient Occupancy Tax (Hotel) $875,000est. project room nights Sales Taxest. project sales, empl. and resid. spending Sales and Use Tax $11,475,000 In Lieu Sales Tax $3,825,000 $15,300,000 Franchise Taxesresident equivalents 9Œ;-·©z- ‘ C©“-wz­; ã Å  r D­ ‘ C©“-wz­; ã Å r D©,m; ‘ C©“-wz­; ã Å r r /,Œ; ‘ C©“-wz­; ã År $2,943,800 Intergovernmental Revenues Property Tax Relief (HOPTR) $183,620included in the property tax $183,620 Licenses, Permits, Franchises Business Licenses $139,000City business license schedule Business License Penalties $2,500(originally under Fines, Forfeitures, and Penalties) $141,500 Fines, Forfeitures, and Penalties resident equivalents Other Court Fines $60,000 Parking Citations $52,910 $256,910 Total Revenue Included$44,040,860 Deducted from Service Costs Licenses, Permits, Franchises Police Licenses $19,380deduct from Police Services Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-1 budget r Appendix 1 1 Summary of General Fund Revenue Sources Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Forecast FY 2013-2014 Revenue CategoryBudgetBasis of KMA Projections Animal Licenses $5,600deduct from Animal Control Fire Permits $52,980deduct from Fire Services Planning Permits $52,740deduct from Community Development Depart Building Permits $2,215,280deduct from Community Development Dep Construction and Demo Permits $56,400deduct from Community Devel Newspaper Rack Permits $3,240deduct from Community Development Department Encroachment / Transportation Permits $49,120deduct from Enginee Grading $3,280deduct from Engineering $2,458,020 Charges for Services Police Charges for Services $60,730deduct from Police Services Fire Charges for Services $126,310deduct from Fire Services Waste Management Administration Fee $670,000deduct from Waste Ma Sale of Documents $3,700deduct from Administrative Services Recreation & Community Services$1,727,160deduct from Parks and C Heritage & Cultural Arts $276,440deduct from Heritage and Cultur [š-Œ {w©; t;©’z· {Ò©-w©m; ‘ D©;;“ .ÒzŒ7z“m Å 7;7Ò-· E©š’ /š Zoning / Planning $852,550deduct from Community Development Depa tŒ“ /w;-‰z“m ‘ .ÒzŒ7z“m Å r 7;7Ò-· E©om Community Development Department tŒ“ /w;-‰z“m ‘ 9“mz“;;©z“m Å r r 7;7Ò-· E©š’ 9“mz“;;©z“m [š-Œ {w©; t;©’z· {Ò©-w©m;­ ‘ œš“;  ‰ {aLt Å r 7;7Ò-· E©š’ $4,854,130 Use of Money & Property Field & Court Rentals $190,690deduct from Parks and Community Se Facility Rentals $275,260deduct from Parks and Community Services Programs $465,950 Total Deducted from Service Costs$7,778,100 Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-1 budget r Appendix 1 1 Summary of General Fund Revenue Sources Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Forecast FY 2013-2014 Revenue CategoryBudgetBasis of KMA Projections Excluded from the Analysis Charges for Services Buiing Use Insurance 16,000 ld$ Santa Rita Services $820,000 $836,000 Use of Money & Property independent of project Interest $652,160 Leased Property $64,800 $716,960 Other Revenues Reimbursement, General $24,570 Reimbursement, Damage $19,370 Community Benefit Payments $1,488,050 Contributions / Donations / Sponsorships $67,650 Miscellaneous Revenue $53,080 $1,652,720 Total Excluded$3,205,680 h![ ‘ D9b9w![ C…b5 År r 1 For funding City departmental services Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-1 budget r Appendix 2 1 Summary of General Fund Budget Expenditures Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Forecast FY 2013-2014 Budget Expenditure Category General Government City Council$382,900 City Manager / City Clerk$1,372,890 Elections$3,120 Central Services / Human Services$511,230 Insurance$1,018,660 Legal Services$715,930 Administrative Services$2,228,520 (Less) Sale of Documents($3,700) $2,224,820 Building Management$853,130 Non-Departmental$471,880 Total General Government$7,558,260 Net General Government$7,554,560 Public Safety Police Services$15,896,720 (Less) Police Licenses ($19,380) (Less) Police Charges for Services ($60,730) ($80,110) $15,816,610 Fire Services$11,287,150 (Less) Fire Permits($52,980) (Less) Fire Charges for Services ($126,310) ($179,290) $11,107,860 Disaster Preparedness$171,950 Crossing Guards$111,890 Animal Control$416,410 (Less) Animal Licenses ($5,600) $410,810 Traffic Signals and Street Lighting$24,120 Total Public Safety$27,908,240 Net Public Safety$27,643,240 Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-2 budget e Appendix 2 1 Summary of General Fund Budget Expenditures Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Forecast FY 2013-2014 Budget Expenditure Category Transportation Public Works Administration$958,870 Street Maintenance$20,770 Street Sweeping$162,470 Street Landscape Maintenance$980,130 Street Tree Maintenance$129,820 Total Transportation$2,252,060 Net Transportation$2,252,060 Health and Welfare Waste Management$159,840 (Less) Waste Management Administration Fee($670,000) ($510,160) Environmental Programs$233,940 Social Services$196,480 Housing Programs$210 Total Health and Welfare$590,470 Net Health and Welfare($79,530) Culture and Leisure Services Community Cable Television$87,150 Library Services$579,420 Park Maintenance$2,775,830 Heritage and Cultural Arts Programs$1,003,310 (Less) Heritage & Cultural Arts ($276,440) $726,870 Parks and Community Services Programs$4,138,060 (Less) Recreation & Community Services($1,727,160) (Less) Field & Court Rentals ($190,690) (Less) Facility Rentals ($275,260) ($2,193,110) $1,944,950 Park and Facility Development$363,850 Total Culture and Leisure Services$8,947,620 Net Culture and Leisure Services$6,478,070 Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-2 budget e Appendix 2 1 Summary of General Fund Budget Expenditures Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Forecast FY 2013-2014 Budget Expenditure Category Community Development Community Development Department$4,150,790 (Less) Planning Permits ($52,740) (Less) Building Permits ($2,215,280) (Less) Construction and Demo Permits ($56,400) (Less) Newspaper Rack Permits ($3,240) ›[;­­œ [š-Œ {w©; t;©’z· {Ò©-w©m; ‘ D©;;“ .ÒzŒ7z“m ›Å œ (Less) Zoning / Planning ($852,550) ›[;­­œ tŒ“ /w;-‰z“m ‘ .ÒzŒ7z“m ›Å r œ ›[;­­œ [š-Œ {w©; t;©’z· {Ò©-w©m;­ ‘ œš“;  ‰ {aLt›Å r œ ($3,194,430) $956,360 Engineering$1,892,540 (Less) Encroachment / Transportation Permits ($49,120) (Less) Grading($3,280) ›[;­­œ tŒ“ /w;-‰z“m ‘ 9“mz“;;©z“m ›Å r r œ ($1,175,420) $717,120 Economic Development and Public Information$642,740 Total Community Development$6,686,070 Net Community Development$2,316,220 Total Operating Expenditures$53,942,720 Appropriations to Reserves$58,289 Total General Fund Expenditures$54,001,009 Expenditures Net of Off-Setting Revenues$46,222,909 1 Cost recovery items (negative amounts) are from revenue items listed on Table A-1. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-2 budget e Appendix 3 Commercial Construction Cost / Assessed Valuation Estimates Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 General Grocery Retail Office Commercial Cost ElementRestaurant 1 Construction Costs $170.00$200.00$300.00$405.00 Land Cost 2 Cost per Square Foot of Land $30.00$30.00$30.00$30.00 Floor Area Ratio0.200.200.640.20 Land Cost per Building Square Foot$150.00$150.00$46.72$150.00 Est. Assessed Valuation, Per GBA$320.00$350.00$350.00$560.00 1 Marshall & Swift Valuation Service. 2 KMA estimate. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-3 M&S cost Appendix 4a Revenue Source Assumptions - Regency Centers Alternative 1 Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 General Fund Property Tax1%property tax assessment 1 20.70%City share of property tax allocation post-ERAF 2, 3 Property Tax In-Lieu of MVLF$2,278,846property tax based revenues 2004-05 2, 3 2004-05 Dublin gross AV $5,553,452,954 $0.41per $1,000 in AV growth 4 Property Transfer Tax$0.55/$1,000 AVCity transfer tax rate 5 estimated annual ownership residential turnover 20.00% 5 10.00%estimated annual commercial turnover Sales Tax1.00%of taxable sales 6 Resident Retail Spending$147,600estimated household income 7 income spent on taxable sales in Bay Area 26.9% 8 80.0%Dublin caputure rate 5 Dublin spending within the project 0.0% $31,764annual other Dublin spending per owner household 5 Retail Employee Retail Spending$25.00potential weekly spending per employee 5 weeks at work per year 50 $1,250annual spending per employee 5 80%Dublin capture 5 employee Dublin spending within the project 0% $1,000annual other Dublin spending per employee 9 Office Employee Retail Spending$91.42potential weekly spending per employee 5 weeks at work per year 50 $4,571annual spending per employee 5 80%Dublin capture 5 employee Dublin spending within the project 0% $3,657annual other Dublin spending per employee Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-4a rev ass Appendix 4a Revenue Source Assumptions - Regency Centers Alternative 1 Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 General Fund, continued Sales Tax, continued 5 total sales PSF General Retail$375 5 80%taxable sales 5 vacany rate 10% $270total taxable general retail sales PSF 10 Grocery Retail$854total sales PSF 5 percent taxable 40% $342total taxable grocery sales PSF 5 total sales PSF Restaurant$550 5 100%taxable sales 5 vacany rate 10% $495total taxable sales, restaurant space PSF 4 per business Business License Tax$50 1grocery store 5 sf per business for general retail 3,500 5 10,000sf per business for office building 11 Prop. 172 Sales Tax$0.005statewide 1/2 cent sales tax 11 average allocation to cities 6% $0.300Dublin revenue per $1,000 spent 12 Franchise Fees$2,943,800citywide revenues in FY 2013/14 13 resident equivalents 51,055 $57.66per resident equivalent 12 Licenses, Permits, and Fees$141,500citywide revenues in FY 2013/14 13 resident equivalents 51,055 $2.77per resident equivalent 12 Fines / Forfeitures / Penalties$256,910citywide revenues in FY 2013/14 13 resident equivalents 51,055 $5.03per resident equivalent Other Revenue 14 revenues in FY 2013/14 Gas Tax Fund$1,302,550 13 44,208residents $29.46per resident Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-4a rev ass Appendix 4a Revenue Source Assumptions - Regency Centers Alternative 1 Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Notes: 1 Alameda County Auditor-Controller Agency Tax Analysis Property R 51322A AB8 Calculation of Revenue Percentages in Tax Rate Areas (County website). 2 Per SB 1096, growth of property tax in lieu of VLF is proportional to growth in AV since 2004/05. Before 2004/05, VLF was distributed in proportion to population. 3 2004/05 VLF distribution per the California State Controller's O 4 Per Dublin Municipal Code. 5 KMA assumption. 6 See Table 7. 7 State Board of Equalization Taxable Sales in California Report by Type of Business for Cities and Counties, 2011; US Census, American Community Survey, 2007-2011 5-Year Estimates. 8 Estimate based on CA Board of Equalization taxable sales and hou 9 Based on employee food and goods and services spending in the vi "Office-Worker Retail Spending in a Digital Age" (2012), for suburban workers. 10 Supermarkets Industry Statistical Data - by U.S. Business Reporter FY 2011. Data used are for similar stores to those anticipated at the site. 11 Per California City Finance website - The Proposition 172 1/2 Cent Sales Tax: Background for League of California Cities 2005 Annual Conference Resolution #7. 12 See Appendix 1. 13 See Table 5. 14 Per City of Dublin 2013-2014 Operating Budget. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-4a rev ass Appendix 4b Revenue Source Assumptions - Regency Centers Alternative 2 Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 General Fund Property Tax1%property tax assessment 1 20.70%City share of property tax allocation post-ERAF 2, 3 Property Tax In-Lieu of MVLF$2,278,846property tax based revenues 2004-05 2, 3 2004-05 Dublin gross AV $5,553,452,954 $0.41per $1,000 in AV growth 4 Property Transfer Tax$0.55/$1,000 AVCity transfer tax rate 5 estimated annual ownership residential turnover 20.00% 5 5.00%estimated annual commercial turnover 6 City Sales Tax1.00%of taxable sales less rebate to Regency Centers 7 Resident Retail Spending$147,600estimated household income 8 income spent on taxable sales in Bay Area 26.9% 9 80.0%Dublin caputure rate 5 Dublin spending within the project 5.0% $30,175annual other Dublin spending per owner household 5 Retail Employee Retail Spending$25.00potential weekly spending per employee 5 weeks at work per year 50 $1,250annual spending per employee 5 80%Dublin capture 5 employee Dublin spending within the project 10% $900annual other Dublin spending per employee 10 Office Employee Retail Spending$91.42potential weekly spending per employee 5 weeks at work per year 50 $4,571annual spending per employee 5 80%Dublin capture 5 employee Dublin spending within the project 10% $3,291annual other Dublin spending per employee Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-4b rev ass Appendix 4b Revenue Source Assumptions - Regency Centers Alternative 2 Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 General Fund, continued Sales Tax, continued 5 total sales PSF General Retail$375 5 80%taxable sales 5 vacany rate 10% $270total taxable general retail sales PSF 5 Restaurant Retail$550total sales PSF 5 taxable sales 100% 5 10%vacany rate $495total taxable general retail sales PSF 11 total sales PSF Grocery Retail$854 5 40%percent taxable $342total taxable grocery sales PSF 4 Business License Tax$50per business 1grocery store 5 3,500sf per business for general retail 5 sf per business for office building 10,000 12 statewide 1/2 cent sales tax Prop. 172 Sales Tax$0.005 12 6%average allocation to cities $0.300Dublin revenue per $1,000 spent 13 citywide revenues in FY 2013/14 Franchise Fees$2,943,800 14 51,055resident equivalents $57.66per resident equivalent 13 citywide revenues in FY 2013/14 Licenses, Permits, and Fees$141,500 14 51,055resident equivalents $2.77per resident equivalent 13 citywide revenues in FY 2013/14 Fines / Forfeitures / Penalties$256,910 14 51,055resident equivalents $5.03per resident equivalent Other Revenue 15 Gas Tax Fund$1,302,550revenues in FY 2013/14 14 residents 44,208 $29.46per resident Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-4b rev ass Appendix 4b Revenue Source Assumptions - Regency Centers Alternative 2 Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Notes: 1 Alameda County Auditor-Controller Agency Tax Analysis Property R 51322A AB8 Calculation of Revenue Percentages in Tax Rate Areas (County website). 2 Per SB 1096, growth of property tax in lieu of VLF is proportional to growth in AV since 2004/05. Before 2004/05, VLF was distributed in proportion to population. 3 2004/05 VLF distribution per the California State Controller's O 4 Per Dublin Municipal Code. 5 KMA assumption. 6 The City of Dublin and Regency Centers have entered into an Agre Revenue. Under the agreement, if taxable sales exceed $50 M (annual City sales tax exceeds $500,000 and are not attributable to businesses relocated from elsewhere in Dublin, P taxes will be rebated according to a set schedule approximating cannot exceed $3.15 M over 10 years. KMA estimates that annual taxable sales will be slightly less than the $50 million threshold under Alternative 2, generating approximately $479,000 of annual sales tax revenues to the City. Since the projection is close to the threshold, to be conservative it has tax revenues will be $250,000 rather than $479,000. 7 See Table 7. 8 State Board of Equalization Taxable Sales in California Report by Type of Business for Cities and Counties, 2011; US Census, American Community Survey, 2007-2011 5-Year Estimates. 9 Estimate based on CA Board of Equalization taxable sales and hou 10 Based on employee food and goods and services spending in the vi "Office-Worker Retail Spending in a Digital Age" (2012), for suburban workers. 11 Supermarkets Industry Statistical Data - by U.S. Business Reporter FY 2011. Data used are for similar stores to those anticipated at the site. 12 Per California City Finance website - The Proposition 172 1/2 Cent Sales Tax: Background for League of California Cities 2005 Annual Conference Resolution #7. 13 See Appendix 1. 14 See Table 5. 15 Per City of Dublin 2013-2014 Operating Budget. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-4b rev ass Appendix 4c Revenue Source Assumptions Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 General Fund Property Tax1%property tax assessment 1 20.70%City share of property tax allocation post-ERAF 2, 3 Property Tax In-Lieu of MVLF$2,278,846property tax based revenues 2004-05 2, 3 2004-05 Dublin gross AV $5,553,452,954 $0.41per $1,000 in AV growth 4 Property Transfer Tax$0.55/$1,000 AVCity transfer tax rate 5 estimated annual ownership residential turnover 20.00% 5 5.00%estimated annual commercial turnover Sales Tax1.000%of taxable sales 6 Resident Retail Spending$147,600estimated household income 7 income spent on taxable sales in Bay Area 26.9% 8 80.0%Dublin caputure rate 5 Dublin spending within the project 10.0% $28,587annual other Dublin spending per owner household 5 Retail Employee Retail Spending$25.00potential weekly spending per employee 5 weeks at work per year 50 $1,250annual spending per employee 5 80%Dublin capture 5 employee Dublin spending within the project 20% $800annual other Dublin spending per employee 9 Office Employee Retail Spending$91.42potential weekly spending per employee 5 weeks at work per year 50 $4,571annual spending per employee 5 80%Dublin capture 5 employee Dublin spending within the project 20% $2,925annual other Dublin spending per employee Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-4c rev ass Appendix 4c Revenue Source Assumptions Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 General Fund, continued Sales Tax, continued 5 total sales PSF General Retail$375 5 80%taxable sales 5 vacany rate 10% $270total taxable general retail sales PSF 5 total sales PSF Restaurant Retail$550 5 100%taxable sales 5 vacany rate 10% $495total taxable general retail sales PSF 10 Grocery Retail$854total sales PSF 5 percent taxable 40% $342total taxable grocery sales PSF 4 per business Business License Tax$50 1grocery store 5 sf per business for general retail 3,500 5 10,000sf per business for office building 11 Prop. 172 Sales Tax$0.005statewide 1/2 cent sales tax 11 average allocation to cities 6% $0.300Dublin revenue per $1,000 spent 12 Franchise Fees$2,943,800citywide revenues in FY 2013/14 13 resident equivalents 51,055 $57.66per resident equivalent 12 Licenses, Permits, and Fees$141,500citywide revenues in FY 2013/14 13 resident equivalents 51,055 $2.77per resident equivalent 12 Fines / Forfeitures / Penalties$256,910citywide revenues in FY 2013/14 13 resident equivalents 51,055 $5.03per resident equivalent Other Revenue 14 revenues in FY 2013/14 Gas Tax Fund$1,302,550 13 44,208residents $29.46per resident Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-4c rev ass Appendix 4c Revenue Source Assumptions Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Notes: 1 Alameda County Auditor-Controller Agency Tax Analysis Property R 51322A AB8 Calculation of Revenue Percentages in Tax Rate Areas (County website). 2 Per SB 1096, growth of property tax in lieu of VLF is proportional to growth in AV since 2004/05. Before 2004/05, VLF was distributed in proportion to population. 3 2004/05 VLF distribution per the California State Controller's O 4 Per Dublin Municipal Code. 5 KMA assumption. 6 See Table 7. 7 State Board of Equalization Taxable Sales in California Report by Type of Business for Cities and Counties, 2011; US Census, American Community Survey, 2007-2011 5-Year Estimates. 8 Estimate based on CA Board of Equalization taxable sales and hou 9 Based on employee food and goods and services spending in the vi "Office-Worker Retail Spending in a Digital Age" (2012), for suburban workers. 10 Supermarkets Industry Statistical Data - by U.S. Business Reporter FY 2011. Data used are for similar stores to those anticipated at the site. 11 Per California City Finance website - The Proposition 172 1/2 Cent Sales Tax: Background for League of California Cities 2005 Annual Conference Resolution #7. 12 See Appendix 1. 13 See Table 5. 14 Per City of Dublin 2013-2014 Operating Budget. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-4c rev ass Appendix 4d Revenue Source Assumptions - Green on Park Place Alternative 2 Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 General Fund Property Tax1%property tax assessment 1 20.70%City share of property tax allocation post-ERAF 2, 3 Property Tax In-Lieu of MVLF$2,278,846property tax based revenues 2004-05 2, 3 2004-05 Dublin gross AV $5,553,452,954 $0.41per $1,000 in AV growth 4 Property Transfer Tax$0.55/$1,000 AVCity transfer tax rate 5 estimated annual ownership residential turnover 20.00% 5 5.00%estimated annual commercial turnover Sales Tax1.000%of taxable sales 6 Resident Retail Spending$147,600estimated household income 7 income spent on taxable sales in Bay Area 26.9% 8 80.0%Dublin caputure rate 5 Dublin spending within the project 2.0% $31,128annual other Dublin spending per owner household 5 Retail Employee Retail Spending$25.00potential weekly spending per employee 5 weeks at work per year 50 $1,250annual spending per employee 5 80%Dublin capture 5 employee Dublin spending within the project 5% $950annual other Dublin spending per employee 9 Office Employee Retail Spending$91.42potential weekly spending per employee 5 weeks at work per year 50 $4,571annual spending per employee 5 80%Dublin capture 5 employee Dublin spending within the project 5% $3,474annual other Dublin spending per employee Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-4d rev ass Appendix 4d Revenue Source Assumptions - Green on Park Place Alternative 2 Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 General Fund, continued Sales Tax, continued 5 total sales PSF General Retail$375 5 80%taxable sales 5 vacany rate 10% $270total taxable general retail sales PSF 5 total sales PSF Restaurant Retail$550 5 100%taxable sales 5 vacany rate 10% $495total taxable general retail sales PSF 10 Grocery Retail$854total sales PSF 5 percent taxable 40% $342total taxable grocery sales PSF 4 per business Business License Tax$50 1grocery store 5 sf per business for general retail 3,500 5 10,000sf per business for office building 11 Prop. 172 Sales Tax$0.005statewide 1/2 cent sales tax 11 average allocation to cities 6% $0.300Dublin revenue per $1,000 spent 12 Franchise Fees$2,943,800citywide revenues in FY 2013/14 13 resident equivalents 51,055 $57.66per resident equivalent 12 Licenses, Permits, and Fees$141,500citywide revenues in FY 2013/14 13 resident equivalents 51,055 $2.77per resident equivalent 12 Fines / Forfeitures / Penalties$256,910citywide revenues in FY 2013/14 13 resident equivalents 51,055 $5.03per resident equivalent Other Revenue 14 revenues in FY 2013/14 Gas Tax Fund$1,302,550 13 44,208residents $29.46per resident Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-4d rev ass Appendix 4d Revenue Source Assumptions - Green on Park Place Alternative 2 Regency Centers and Green on Park Place Fiscal Impact Analysis Dublin, CAAugust 21, 2013 Notes: 1 Alameda County Auditor-Controller Agency Tax Analysis Property R 51322A AB8 Calculation of Revenue Percentages in Tax Rate Areas (County website). 2 Per SB 1096, growth of property tax in lieu of VLF is proportional to growth in AV since 2004/05. Before 2004/05, VLF was distributed in proportion to population. 3 2004/05 VLF distribution per the California State Controller's O 4 Per Dublin Municipal Code. 5 KMA assumption. 6 See Table 7. 7 State Board of Equalization Taxable Sales in California Report by Type of Business for Cities and Counties, 2011; US Census, American Community Survey, 2007-2011 5-Year Estimates. 8 Estimate based on CA Board of Equalization taxable sales and hou 9 Based on employee food and goods and services spending in the vi "Office-Worker Retail Spending in a Digital Age" (2012), for suburban workers. 10 Supermarkets Industry Statistical Data - by U.S. Business Reporter FY 2011. Data used are for similar stores to those anticipated at the site. 11 Per California City Finance website - The Proposition 172 1/2 Cent Sales Tax: Background for League of California Cities 2005 Annual Conference Resolution #7. 12 See Appendix 1. 13 See Table 5. 14 Per City of Dublin 2013-2014 Operating Budget. Prepared by: Keyser Marston Associates, Inc. Filename: \\Sf-fs2\wp\11\11982\005\fiscal 08 21 13; A-4d rev ass