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April 25, 2023 Page 13 Bristol Specific Plan EIR Amendment 1 the projected cash flow anticipated to complete the construction of the Project and the sale/rental all of the completed uses. The pro forma will include a complete cash flow analysis through build -out and discount factors to determine residual land value in 2023 dollars. 11. Fiscal Impact Analysis (FIA) Peer Review DTA shall review the FIA for the Project, dated February 7, 2023, prepared by The Natelson Dale Group, Inc. (NDG) regarding the fiscal impacts of the Project on the City's General Fund. More specifically, DTA shall evaluate NDG's methodology and assumptions regarding fiscal revenues generated by the Project and municipal service costs incurred thereon. Under this approach, DTA will thoroughly review the assumptions utilized by NDG in analyzing the City's current annual budget to determine costs related to the City's provision of services to its residents, as well as its General Fund revenue sources. DTA will undertake the following tasks to analyze the FIA: 11.1. Background Project and Fiscal Research This task involves reviewing selected fiscal parameters relevant to the Project, Including Project land use and public infrastructure data, and obtaining material required for the fiscal analysis from the City, such as the current City budget. Specifically, DTA would verify the following aspects of the FIA: • Verify existing land use designations and applicant provided proposed development by land use type; • Verify projected market prices and/or project the valuation for each product type • Confirm all unique new public improvements associated with the existing land use designations, including major backbone roads, storm drains, streetlights, park acreage, landscaped areas, natural open space, recreational activity areas, water quality basins, etc., that are to be maintained by the City;* • Confirm demographic characteristics by land use type, including persons per household or employees per thousand square feet; and • Review Assessor Parcel Numbers (APNs) and determine the total average property tax rate for each Tax Rate Area (TRA) currently included within the Project, obtain breakdowns of average general levy tax allocation factors from the Orange County Auditor -Controller for each TRA, and determine the various public agencies currently providing services to the Project. 1 1 .2. City General Fund Cost Analysis DTA will primarily employ the Per Capita/Employee Multiplier Approach for verifying recurring City General Fund costs associated with the Project. This task includes an evaluation of the FIA's analysis of the City's current operating budget and relevant City studies or reports. 11.3. City General Fund Revenue Analysis DTA will generally employ the Case Study Method to verify the FIA's annual recurring City General Fund revenues for the Project, such as sales taxes, property taxes, and investment income. DTA will calculate property taxes based on the TRAs in which the Project is located. Where applicable, DTA will employ the Per Capita/Employee Multiplier Method for verifying other recurring City General Fund revenues, such as fines and forfeitures, State subventions, and other miscellaneous revenue sources. This task will involve an analysis of the City's current operating budget for applicable revenue categories. 11.4. Net FIA Based on the information obtained under Task 11.1 and analysis of expected Project costs and revenues under Tasks 11.2 and 11.3, respectively, DTA will evaluate the FIA's determinations related to the fiscal balance of the Project (i.e., an analysis of whether the Project is expected to generate an annual surplus or deficit for the City General Fund at build -out). 11.5. Prepare Executive Summary for FIA's Conclusions DTA shall prepare a summary of its critique of the FIA's conclusions in the form of an Executive Summary of the fiscal impacts of the Project.