Laserfiche WebLink
Richard M. Gollis, Principal <br />THE CONCORD GROUP <br />June 3, 2020 <br />Page 10 <br />additional tax from Measure X would yield $26,545 at buildout and decrease to $21,131 in 2029 <br />(adjusted for 3% inflation) before ceasing in 2039. <br />Table 6 <br />RESIDENT -DERIVED SALES TAX REVENUE <br />4th and Mortimer <br />Households and Sales at Buildout <br />Average Household Taxable Expenditures <br />$ 17,836 <br />Occupied Households <br />153 <br />Percent within Santa Ana <br />65% <br />Total Taxable Sales <br />$ 1,769,689 <br />City Share of Sales Tax <br />Measure X (2018) Additional Sales Tax' <br />Resident -Derived Sales Tax Revenues Annual Estimate <br />(Base Rate) $ 17,697 <br />(2018 Addition) $ 26,545 <br />(2029 Decrease to 1%) $ 21,131 <br />Source: ESRI BAO, City of Santa Ana <br />'Measure X additional sales tax decreases from 1.5% to 1 % in 2029. <br />Business -Derived Sales Tax <br />The Project includes 7,514 square feet of retail space and 3,847 square feet of restaurant space. <br />These new businesses will generate sales taxes separate from the new residents. Since the <br />Developer does not yet know the exact tenants that will fill the space, RSG estimated an average <br />of $300 of sales per square foot for the retail, and $350 per square foot for the restaurant. As a <br />result, the retail and restaurant businesses will generate taxable sales of $2.4 million and $1.4 <br />million at buildout, respectively. <br />RSG estimates the base sales tax revenues at buildout to be $39,345. Table 7 below presents <br />this information. In addition, Measure X will generate $59,018 for that year as well. However, in <br />2029 Measure X revenues will decrease to $36,007 before being eliminated altogether in 2039. <br />75C-454 <br />