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ER No. 2018-72, AA <br />Transformation Project <br />June 4, 2019 <br />Page 14 <br />No. 2018-04, DA No. 2018-02, & TPM No. 2018-01, — MainPlace <br />Public Notification, and Community Outreach <br />Newspaper posting was published in the Orange County Register on May 24, <br />2019. <br />Additional The applicant and City staff met with 78 interested groups, neighborhoods, <br />Measures and/or individuals between May 31, 2018 and March 13, 2019. Meetings include <br />those with business leaders/organizations, City Council, Planning <br />Commissioners, other public agency staff, Neighborhood Associations, school <br />board members, and school districts. <br />The City received numerous letters of support for the project. Letters were <br />received from the Bowers Museum, Jack Fisher Park Neighborhood <br />Association, the Orange County Taxpayers Association, the Santa Ana <br />Chamber of Commerce, Santa Ana Police Officers Association, the League of <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. At the City's request, the applicant prepared <br />an economic analysis to outline net positive and negative economic and fiscal impacts resulting <br />from the MainPlace Transformation Project. The Net Fiscal Impact & Economic Benefit Analysis, <br />prepared by Kosmont Companies, was peer -reviewed by AECOM and details retail market <br />trends, fiscal impacts, and economic impacts and job benefits. <br />Kosmont's analysis indicates that the entire Specific Plan area at buildout would generate <br />approximately $9.3 million in annual gross fiscal revenues but would create $2.8 million annual <br />gross expenditures, resulting in a net $6.5 million in positive net fiscal impacts. This figure is <br />projected to grow to $8.9 million with Measure X between 2019 and 2028, and $8.1 million <br />thereafter until 2038. <br />In addition to fiscal impacts, Kosmont's analysis indicates that the project is expected to generate <br />over 3,600 full-time jobs during its first phase, which would increase to 12,700 full-time jobs at full <br />buildout. Additional details are provided in the Net Fiscal Impact & Economic Benefit Analysis, <br />included as Attachment 13 to this staff report. <br />AECOM's peer -review of Kosmont's analysis largely supports the findings of the study and finds <br />that the majority of the study is based on sound methodology. The peer -review indicates that <br />while the methodology of the hotel visitors tax analysis is sound, the average daily rate that is <br />used to calculate tax revenue is slightly lower for the City than the Orange County Market as a <br />whole, by roughly 20 percent. However, the peer -review indicates that the study's analyses of <br />economic benefits, fiscal revenues, sales taxes, and expenditures for service population are <br />consistent with established methodologies. <br />STRATEGIC PLAN ALIGNMENT <br />75D-14 <br />