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BETTER COMMUNITIES. <br />BOLDER FUTURES. <br />DATE: October 10, 2019 <br />TO: Jeremy Ogulnick <br />2525 MAIN ST LLC <br />FROM: James Simon, Principal <br />17872'aJU d'=.'E. 714 341 4585 <br />JI'_ 7 ?50 1 NFOCd�WEBRSG.COM <br />RIANE, CA 9251.-, WEBRSGCOM <br />Via Electronic Mail <br />SUBJECT: SECOND ADDENDUM TO FISCAL IMPACT STUDY <br />256-UNIT ALTERNATIVE / 2525 MAIN STREET, SANTA ANA <br />In December 2017, RSG provided 2525 Main LLC a fiscal and economic impact analysis of a <br />517-unit multifamily residential development proposed for the northeast corner of Main Street and <br />Edgewood Lane, in the City of Santa Ana. The first addendum to the fiscal impact study was <br />prepared based on a reduced project scope of 347 units on July 11, 2019. The most recent <br />addendum study estimated that the 347 unit project would generate approximately $15.8 million <br />in net new general fund tax revenues to the City over a 25-year period. <br />RSG was recently informed that the developer is considering an even smaller project, roughly <br />equivalent to half the original project scope, consisting of 256 multifamily residential units. This <br />memorandum provides the approximate reduced impact of the project under this alternative, <br />resulting in the following impacts to the City over a 25-year period: <br />Gross recurring General Fund revenues of $16.6 million; <br />General Fund operating impacts of $5.0 million <br />Net new General Fund impacts of $11.6 million. <br />Our forecast of these projected impacts accompanies this memorandum, which include <br />cumulative 25 year projections and the net present value assuming a 4% discount rate. <br />• BERKELEY 41 <br />L\ClientsCmcard Gump, They 5251,1 Main -Santa AnaQ0191010 Addendum 256 <br />Unit c a. <br />