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Appeal No. 2017-05 of Site Plan Review No. 2016-03, Variance Nos. 2017-05 and 2017-06 — <br />The Madison project at 200 North Cabrillo Park Drive <br />June 5, 2018 <br />Page 2 <br />ECONOMIC BENEFIT <br />The project will provide economic benefits to the City in the form of increased economic activity, <br />value added, job creation, and employee compensation. According to an economic impact study <br />provided by the applicant, the construction phase of the development will directly generate <br />approximately $66.7 million in total economic activity in the City, resulting in approximately $45.5 <br />million in value added. It will also add approximately 359 directly related jobs onsite and 225 jobs <br />through indirect and induced economic activity. Additionally, annually -recurring revenue to the <br />City would result from property taxes and sales taxes. The study identifies that the development <br />is anticipated to generate close to $268,000 in annually -recurring property tax revenue and <br />$72,000 in annually -recurring sales tax revenue. The sales tax revenue will be from new resident <br />local spending both onsite and at establishments throughout the City. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #3 - Economic Development, <br />Objective #2 (create new opportunities for business/job growth and encourage private <br />development through new General Plan and Zoning Ordinance policies). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Minh Thai <br />Executive Director <br />Planning & Building Agency <br />JA: rb <br />S:RFCA\2018\06-05-18\PBA SPR2016-03 VA 2017-05-06 Madison Appeal <br />Exhibit: 1. Council Resolution for Approval of Site Plan Review No. 2016-03 and Variances <br />No. 2017-05 and 2017-06 <br />55B-2 <br />