1 -SPR19-01;DBA19-01_114 AND 117 E 5TH STREET

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4 RSG assumed 2 percent inflation on property tax revenues over the 25-year projection period, resulting in $6.7 million ($3.81 million in 2019$) in net new property tax revenues for the City General Fund. Please note discounted projections throughout this report reflect the net present value, or NPV, at a 4 percent discount rate. Property Tax in-lieu of Motor Vehicle License Fee Revenue The City receives property tax in-lieu of motor vehicle license fee (“MVLF”) revenues, as calculated by the County Auditor-Controller. Property tax in-lieu is based on a growth rate in assessed value between 2004-05 and the current year. The City’s growth rate during this period is approximately 56.597 percent. The growth rate is then applied to the City’s MVLF 2004-05 base year value of $19.8 million. As a result of these calculations, the City’s 2018-19 property tax in- lieu is estimated as $31.0 million. The Project is expected to increase the City’s assessed value by approximately 0.42 percent, likely resulting in an increase in net new property tax in lieu of MVLF revenues of approximately $130,132; $4.4 million ($2.5 million in 2019$) over the 25-year projection period. PROPERTY TAX REVENUE 4th + Main Current Assessed Valuation (2018-19)5,858,264$ Proposed Project 93,693,331 Net New Value 87,835,067$ City Property Tax Rate 0.190255615 Property Tax Revenues 167,111$ Source: County of Orange Auditor Controller, RSG, Inc. 4th + Main 2004-05 City Assessed Value 15,979,631,532$ 2013-14 City Assessed Value 25,023,667,349 Growth 56.597% Santa Ana 2004-05 VLF 19,819,113$ Santa Ana 2018-19 VLF 31,036,191 Project Assessed Value 1 105,486,333$ Increase in Assessed Value 0.42% Property Tax In-lieu Revenue 130,832$ 1 Inflated pursuant to the construction schedule PROPERTY TAX IN-LIEU OF MOTOR VEHICLE LICENSE FEES Source: County of Orange Auditor Controller, RSG, Inc. 1- 144