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EIR No. 2018-01, DA No. 2018-01, GPA No. 2018-06, <br />AA No. 2018-10 2525 North Main Street <br />February 5, 2019 <br />Page 23 <br />FISCAL IMPACT <br />The proposed project would convert an office development into a residential development. A fiscal <br />and economic impact analysis was prepared by RSG, Inc. in 2017 analyzing the project, based <br />upon 517 units at the time (Exhibit 10). In brief, RSG anticipates the following fiscal outcomes: <br />• Approximately $33.5 million in revenue over 25 years ($19 million in 2017$) to the City's <br />General Fund (construction period revenues, recurring property tax revenue, utility user tax, <br />residential sales tax and business tax). Finance staff concurs with the estimates in the RSG <br />analysis. <br />• Approximately $10.0 million in expenditures over 25 years ($5.4 million in 2017$) from the <br />City General Fund (public services); which primarily include a per -capita amount for only the <br />variable costs of police and fire (only half of those budgets), as well as $2 per person for <br />parks and recreation. The analysis did not include the impact of the additional wear and <br />tear on the City's infrastructure, such as the increased use of the right of way. <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Minh Thai t Kath Downs, 1CPA <br />Executive Director Executive Director <br />Planning and Building Agency Finance and Management Services Agency <br />Exhibits: 1. City Council Resolution Denying the Project <br />2. City Council Resolution adopting the CEQA Findings of Fact, certifying the Final <br />EIR and adopting a Mitigation Monitoring and Reporting Program, and adopting a <br />Statement of Overriding Considerations & Exhibits <br />3. Ordinance approving the Development Agreement & Exhibit (Development <br />Agreement) <br />4. Resolution approving the General Plan Amendment & Exhibits (General Plan Land <br />Use Map and Text Amendments) <br />5. Ordinance Approving the Amendment Application & Exhibits (Zoning Map and Text <br />Amendments) <br />6. Sunshine Meeting Minutes & Sign In <br />7. Response to Lozeau Drury LLP 11-26-18 Letter <br />8. Planning Commission Staff Report <br />9. Project Parking Analysis <br />10. Project Economic Analysis <br />11. Vicinity Map <br />12. Site Photos <br />13. Site Plan <br />14. Floor Plans <br />15. Building Elevations <br />16. Renderings <br />17. Landscape Plan <br />18. City Council Public Hearing Notice <br />75E-23 <br />