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Case Study 3: <br />250,000 square foot office building <br />(approximate size of Crown City Center at Walnut and Lake, Building One of Pasadena Towers <br />at 800 East Colorado, at Lake.) <br />A 250,000 square foot office building would be a six story building with 60% lot coverage on <br />two acres of land with a floor area ratio of approximately 2.15. A 250,000 square foot office <br />building would be valued at approximately $81,250,000 based on current valuations. For <br />reference, two acres is approximately one third of a city block. <br />For a 250,000 square foot building, built today, property tax generated would be approximately <br />$171,000 per year for the City of Pasadena, $318,000 per year for the Pasadena Unified School <br />District, $244,000 for L.A. County and $103,000 for Pasadena City College. Built today, a <br />250,000 sf. office building would generate $917,000 for local governments and schools. <br />Ongoing Revenues. Pasadena Area <br />■ Pasadena Area <br />Ongoing Income in <br />$10005 - 250,000 <br />Square Feet of New <br />Construction <br />City Bus. UUT PUSD PCC LA <br />Prop. License County <br />Tax <br />A new 250,000 sf. office construction projects pays traffic reduction fees of $960,000. <br />Construction tax, levied at $0.0192 per dollar of construction cost, would bring $794,592 for a <br />250,000 square foot building, based on the 2008 Los Angeles County average construction cost <br />for new multi -story office buildings of $165.54 per square foot as reported by Reed Construction <br />19 <br />