|
2
<br />
<br /> Over the same 25-year period, the City General Fund expenditures associated with the
<br />Project total $4.1 million ($2.2 million in 2019$).
<br />
<br />As a result, the net new General Fund revenue is projected to be approximately $12.8 million
<br />($7.4 million in 2019$) from the acquisition and development of the Project.
<br />
<br />The following table summarizes the estimated fiscal impacts attributed to the Project. Year-by
<br />year projections are included as an exhibit on page 11 of this report.
<br />
<br />
<br />
<br />PROJECT DESCRIPTION
<br />
<br />The Project site is located on several parcels in downtown Santa Ana where the vacant First
<br />American Office building stands, directly across Bush Street from Santa Ana’s Fourth Street
<br />Market. The site also includes a parcel across from the First American building on 5th Street, so
<br />the development will include two individual apartment buildings, the larger of which will sit on the
<br />current First American building site, including retail along 4th and Main and a plaza area on the
<br />corner of 4th and Bush. Both buildings will include parking, the larger a two-story structure wrapped
<br />by the residential building, and the smaller a ground-level garage. There will be 220 units between
<br />the two apartment buildings, the majority of which will be market rate units (209), with the
<br />remainder being affordable to very-low income tenants (11). The following chart shows the unit
<br />breakdown by size.
<br />
<br />Revenue Category Nominal NPV 4.0%
<br />Property Tax $ 6,682,574 $ 3,806,030
<br />Property Tax In-Lieu 4,356,360 2,481,145
<br />Utility User Tax 1,301,574 708,274
<br />Resident-Derived Sales Tax (Regular) 696,477 38,832
<br />Resident-Derived Sales Tax (2018 Increase) 520,471 -
<br />Retail-Derived Sales Tax (Regular) 1,722,085 379,000
<br />Retail-Derived Sales Tax (2018 Increase) 1,286,898 339,687
<br />Business Tax 307,552 167,360
<br />Total Revenues $ 16,873,991 $ 9,658,495
<br />Less City Expenditures $ (4,061,138) $ (2,209,938)
<br />NET NEW REVENUE TOTAL $ 12,812,853 $ 7,448,558
<br />25-Year Recurring
<br />NET NEW RECURRING GENERAL FUND FISCAL IMPACTS
<br />4th + Main
<br />Sources: City of Santa Ana, County of Orange, California State Board of Equalization, ESRI
<br />Business Analyst Online, and RSG, Inc.
<br />1- 142
|