Related Bristol Specific Plan Entitlements & Development Agreement (3600 S. Bristol St.)
<br />and Staff Resolution Modifying Parking Districts in the Surrounding Area
<br />September 17, 2024
<br />Page 32
<br />FISCAL IMPACT
<br />The General Plan Land Use Element requires projects proposing a zone change to
<br />evaluate economic, fiscal, and community benefits impacts through various analyses
<br />(Policy Nos. LU-2.4, LU-3.1, and Implementation Action No. 1.2). In accordance with the
<br />General Plan, the applicant provided and the City prepared and/or peer -reviewed
<br />analyses on economic impacts (EIA), fiscal impacts (FIA), land residual value (LRV),
<br />and community benefits (CBA). The EIA, FIA, LRV, and CBA reports' conclusions about
<br />the proposed project and its impacts are outlined in Tables 6a, 6b, 6c, and 6d.
<br />Tables 6a, 6b, 6c, and 6d: Key Economic, Fiscal, and Community Benefits
<br />Findings
<br />Table 6a: Key Economic Benefits Findings
<br />Topic Existing Site Proposed Project Net Change
<br />One -Time Impacts Not applicable 16,834 jobs, including Not applicable
<br />direct, indirect, and
<br />induced full- and part-
<br />time jobs; $1.5 billion in
<br />citywide one-time labor
<br />income; and $667.3
<br />million in intermediate
<br />inputs
<br />Recurring (Ongoing)
<br />Impacts
<br />Jobs -Housing Balance
<br />371 direct and indirect
<br />jobs
<br />141,543 jobs citywide;
<br />82,058 housing units
<br />citywide; 1.725 jobs -
<br />housing balance
<br />1,586-5,900 total direct
<br />and indirect jobs;
<br />$337,218,792 in labor
<br />income, intermediate
<br />inputs, and other value
<br />added
<br />143,129 jobs citywide;
<br />85,808 housing units
<br />citywide; 1.67 jobs -
<br />housing balance
<br />1,215-5,529 increased
<br />jobs
<br />1,586 jobs resulting
<br />from the project; 3,750
<br />new housing units;
<br />0.055 decline jobs -
<br />housing balance,
<br />resulting in a positive
<br />shift toward the
<br />direction of a 1:1 job -
<br />housing balance.
<br />Sources:
<br />I Studies prepared by Natelson Dale Group, Inc. (Feb. 2023) and DTA (Sep. 2023)
<br />Table 6b: Key Fiscal Impacts
<br />Findings
<br />Topic
<br />Existing Site
<br />Proposed Project
<br />Net Change
<br />Total Site Revenues to
<br />the City's General Fund
<br />$3,290,327
<br />$11,691,114
<br />$8,400,787
<br />Total Site Expenditures
<br />from the City's General
<br />Fund (Cost of Services)
<br />$471,270
<br />$8,296,866
<br />$7,825,596
<br />
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