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Real Property Purchase Agreements per RFP 19-026 <br />November 19, 2019 <br />Page 5 <br />KEY PROJECTED STATS <br />Estimated Construction Cost <br />$10,338,787 <br />Estimated Jobs Created (Construction) <br />72 <br />Estimated Property Value for Tax <br />Purposes <br />$21,410,844 <br />Estimated Taxable Sales Revenue <br />(annual) <br />$14,087,499 <br />Estimated Taxable Revenue <br />Annual Property Tax Value (1.1%) <br />$228,092 <br />x 10 years <br />$2,141,084 <br />Annual Sales Tax Value (9.25%) <br />$1,303,094 <br />x 10 years <br />$13,030,937 <br />Total Estimated 10-Year Taxable <br />Revenue <br />$15,172,021 <br />*A portion of the taxable revenue amount will be allocated to the City of Santa Ana based on <br />property and sales tax formulas <br />If approved, the escrow period will commence Wednesday, November 20, 2019 and projected to <br />close on or before end December 20, 2019. Conditions will be imposed in the Sale Agreements for <br />each property requiring each successful bidder to complete the proposed improvements within 36 <br />months from close of escrow for commercial developments and 18 months for residential. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #6 — Community Facilities & <br />Infrastructure, Objective #1 (establish and maintain a Community Investment Plan for all City <br />assets), Strategy G (develop and implement the City's Capital Improvement Program in <br />coordination with the Community Investment and Deferred Maintenance Plans). <br />Approval of this item also supports the City's efforts to meet Goal #3 — Economic Development, <br />Objective #2 (create new opportunities for business/job growth and encourage private development <br />through new General Plan and Zoning Ordinance policies), Strategy C (support business <br />development and job growth along transit corridors through the completion of critical transit <br />plans/projects). <br />ENVIRONMENTAL IMPACT <br />In 1990, City Council approved the Bristol Street Final Environmental Impact <br />Statement/Environmental Impact Report (FEIS/EIR No. 89-01). On June 3, 2014, the City Council <br />approved an Addendum to the FEIS/EIR pursuant to the California Environmental Quality Act to <br />account for several minor design modifications in Phase IIIB. <br />FISCAL IMPACT <br />