Laserfiche WebLink
3 <br /> <br /> <br /> <br />Central Orange County has seen a recent growth of infill luxury and market rate apartment <br />construction, particularly in areas where office and other commercial uses are no longer viable. <br />In this case, the Project entails development of 209 market-rate apartments and 11 affordable <br />apartments, with 332 parking spaces, and amenities comparable to what is found among many <br />newer apartment complexes built in area. <br /> <br />As a part of the application for development with the City, the developer has been asked to provide <br />a fiscal impact analysis of the proposed Project. The City’s fiscal concerns are reasonable given <br />the slow recovery of the Santa Ana General Fund coming out of the Global Financial Crisis. <br /> <br />ONE-TIME FEES TO CITY AND SAUSD <br /> <br />Based on information from the project budget, the developer anticipates the Project fees due to <br />the City may total $4.0 million, or approximately $18.1 thousand per unit. This includes City <br />development impact fees for transportation, traffic, parks, water and sewer, plan check and permit <br />fees, OCFA fees, and engineering and public works fees. <br /> <br />RSG did not include these fees in the forecast of recurring fees. <br /> <br />RECURRING FISCAL IMPACTS <br /> <br />Property Tax Revenue <br /> <br />RSG utilized the current City property tax share as reported by the County of Orange (“County”) <br />Auditor Controller to estimate the City’s share of property tax that would result from development <br />of the Project. The property tax revenues presented in this report are net of any current revenues <br />received from the site (estimated at $5.9 million in 2018-19). The net new assessed value as a <br />result of the Project development is approximately $87.8 million (2019$). The estimated annual <br />property tax revenue upon completion of construction is approximately $167,111 (2019$). <br /> <br />1- 143