Item 28 - Public Hearing - ZOA No. 20204-01 South Coast Technology Center

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ta www.FinanceDTA.com SECTION II INTRODUCTION The Study also distinguishes between one-time economic impacts and permanent economic impacts. One-time impacts include benefits to the community that occur on a non -recurring basis as a result of construction and development activity, while permanent recurring impacts refer to benefits that occur on a continuous basis year after year once the Project has been build -out. Generally, first, there is a one-time impact from the construction of the facility. Then, after the construction phases are complete, firms have a recurring impact on the economy through their ongoing operations. Additionally, for the purposes of the Study, all economic impacts are stated in constant 2024 (uninflated) dollars based on the assumption that the relative impacts of inflation in future years may be difficult to gauge. B Description of the Project The Project location delineated in Figure 1, which may be found in the Executive Summary of this Study, is generally comprised of two separate sites located on both sides of Susan Street in the City, with the one on the east side currently developed with three existing office buildings located at 3100, 3110, and 3120 West Lake Center Drive, and the one on the west side encompassing approximately 5.58 acres of vacant land. The entire Project site is located within the City Specific Development No. 58 ("SD-58") zoning district, with the permissible land uses of commercial/retail uses and professional and business offices. The Project Proponent is proposing to demolish the existing office buildings and appurtenant infrastructure on the Project site, and amend the permissible uses of SD-58 for the Project site to include limited light industrial uses ("LLIUs"), including but not limited to product assembly, the manufacture of biological, biomedical, and pharmaceutical products, the manufacture of scientific, engineering, and medical instruments, wholesale, warehousing, machine and other metal working shops, and research laboratories. A summary of the proposed land uses and their respective associated BSF in the Project is listed below in Table 4 and depicted in Figure 2 in the Executive Summary of this Study. Table 4: Proposed Land Uses for the Project Land Uses Building Square Feet Industrial Building 1 112,230 Industrial Building 2 121,645 Industrial Building 3 79,369 Grand Total 313,244 For purposes of this Study, Industrial Buildings 1 and 2 are assumed to be occupied by tenants in the Surgical and Medical Instrument Manufacturing sector, while Building 3 is assumed to house a tenant in the Electromedical and Electrotherapeutic Apparatus Manufacturing sector. Both manufacturing sectors have prominent employment bases in the County and are permissible LLIUs. The City and Project proponent have deemed South Coast Technology Center Project May 13 2024 Economic Impact Study 7