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MalnPlace Mall <br />Net Fiscal Impact and Economic Analysis <br />December 2018 <br />Page 22 of 33 <br />Exhibit 5.2.1: Property Taxes <br />Phase 1 Full Buildout <br />Total Development Costs (Rounded) <br />$729,820,000 <br />$1,421,400,000 <br />5% Adjustment to Assessed Value: <br />Total Estimated Assessed Value <br />$36 491,000 <br />U1,079,000 <br />$1,350,330,000 <br />$693,329,000 <br />Property Tax Rates <br />General Levy - Secured 1.00% <br />$6.933,290 <br />$13,503,300 <br />City General Fund Distributions -Secured 18.16% <br />$1,258,878 <br />$2,451,795 <br />Unsecured Property as Percent of Secured <br />Estimated Unsecured Property Taxes to City <br />6.5%. <br />$81,316 <br />6.5% <br />$158,370 <br />Total Property Tax to City (Secured+ Unsecured - Rounded: 1 <br />$1,340,200 1 <br />$2,610,200 <br />Rn„ren• Cenlmnd�l D...,i e„mi.,. �..____.. , , ,. ,,.._ .. --- <br />___ <br />5.2.2 Property Tax In -Lieu of VLF <br />Prior to 2004, a percentage of State motor vehicle license fees (VLF) were distributed to cities <br />and counties. In 2005, the State of California instituted a revenue swap, guaranteeing that <br />municipalities and counties within California receive a distribution equal to the VLF collected the <br />prior year, plus a percentage equal to the annual increase in assessed value. Property tax in - <br />lieu of VLF resulting from the Project is estimated based on the incremental amount of assessed <br />value that both Phase 1 and Full Buildout will add to the City; thereby increasing the City's <br />apportionment. <br />In 2017-2018, the City of Santa Ana was expected to receive approximately $31 million in VLF <br />revenues with the total assessed value of all secured property In the City totaling $23.8 billion. <br />Based on the relative ratios associated with these figures, it is estimated that the proposed <br />project will generate approximately $898,000 and $1,750,000 for Phase 1 elements and Full <br />Buildout respectively. <br />The analyses, projections, assumpilons, and any examples presented herein are for <br />kost illustrative purposes and are not a guarantee of actual and/or future results. Tax analysos <br />are projections only. Actual results may differ From those expressed in this analysis. <br />75D-557 <br />