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Appeal No. 2019-02, ER No. 2017-140 & AA No. 2019-02 <br />July 16, 2019 <br />Page 6 <br />G&Wi101�J-17T*Yl <br />The project will generate property tax revenue, sales tax revenue, temporary jobs, permanent <br />jobs and services for the community. Property tax revenue will increase as the lot will be <br />redeveloped with a new convenience store and service station and the total net value of the <br />property will also increase. According to the most recent tax roll, the property is currently valued <br />at $335,498, resulting in approximately $7,000 in annual property tax. Of this amount, the City <br />receives approximately $1,400. Upon completion, the property is estimated to be valued at <br />approximately $650,000 and generate $2,600 in property tax revenue for the City. <br />The construction of the project will require that permit fees are paid to the City and there will be <br />temporary construction jobs. Based on sales volume estimates provided by 7-Eleven, the <br />location will provide additional sales tax revenue to the City that is estimated to be over $30,000 <br />annually. In addition, 7-Eleven estimates 10 to 20 new job opportunities will be created at this <br />specific location. <br />Minh Thai <br />Executive Director <br />Planning and Building Agency <br />JG:Ia SWCA\2019\7-16-19\1904 W. First Street _7-11\RFCA for AA No. 2019-02, ER No.2017-140 & APPEAL No. 201 M2 for 7-Eleven at 1904 W. 1sl StreeLEoc <br />Exhibits: 1. Appeal Application No. 2019-02 <br />2. Resolution Denying Appeal Application No. 2019-02 <br />3. Resolution Approving Appeal Application No. 2019-02 <br />4. City Council Resolution approving and adopting the MND & MMRP (ER No. <br />2017-140) <br />5. Ordinance approving AA No. 2019-02 <br />6. MND and Technical Studies <br />7. Planning Commission Signed Resolutions <br />8. Planning Commission Staff Report and Exhibits <br />75B-6 <br />