75D - PH- MAIN PLACE TRANSFORMATION

Home Browse Search

ER No. 2018-72, AA No. 2018-04, DA No. 2018-02, & TPM No. 2018-01, — MainPlace Transformation Project May 13, 2019 Page 13 The MainPlace Transformation Project Addendum concludes no new or substantially greater Impacts would occur with implementation of the proposed Project when compared to those Identified in the 1983 EIR or the 1996 Addendum for: land use; soils and geology; hydrology; biota; archaeology; transportation and circulation; noise; air quality; shadetshadow, solar glare, and Illumination; aesthetics; housing and population; airport; public services and utilities; energy conservation; irreversible environmental changes; and growth inducement. The updated MMRP will continue to mitigate or lessen any impacts already Identified by the 1983 EIR, and any mitigation measures that are no longer applicable have been identified. Economic Analysis At the City's request, the applicant prepared an economic analysis to outline net positive and negative economic and fiscal impacts resulting from the MainPlace Transformation Project. The Net Fiscal Impact & Economic Benefit Analysis, prepared by Kosmont Companies, was peer - reviewed by AECOM and details retail market trends, fiscal impacts, and economic impacts and job benefits. Kosmont's analysis indicates that the entire Specific Plan area at buildout would generate approximately $9.3 million in annual gross fiscal revenues but would create $2.8 million annual gross expenditures, resulting in a net $6.5 million in positive net fiscal impacts. This figure is projected to grow to $8.9 million with Measure K between 2019 and 2028, and $8.1 million thereafter until 2038. In addition to fiscal impacts, Kosmont's analysis indicates that the project is expected to generate over 3,600 full-time jobs during its first phase, which would Increase to 12,700 full-time jobs at full buildout. Additional details are provided in the Net Fiscal Impact & Economic Benefit Analysis, included as Attachment 13 to this staff report. AECOM's peer -review of Kosmont's analysis largely supports the findings of the study and finds that the majority of the study is based on sound methodology. The peer -review indicates that while the methodology of the hotel visitors tax analysis is sound, the average daily rate that is used to calculate tax revenue is slightly lower for the City than the Orange County Market as a whole, by roughly 20 percent, However, the peer -review indicates that the study's analyses of economic benefits, fiscal revenues, sales taxes, and expenditures for service population are consistent with established methodologies. Stratealc Plan Alignment, and Public Notification & Community Outreach The City and applicant conducted extensive community outreach to solicit and incorporate feedback from surrounding neighborhoods, affected public agencies and school districts, and other interested 75D-29