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MalnPlace Mall
<br />Net Fiscal Impact and Economic Analysis
<br />December 2018
<br />Page 24 of 33
<br />Exhibit 5.2A Sales Tax (On-Site/Direct- arrtt,rlinn mnne,,ra vi
<br />ANNUAL TAXABLE SALES
<br />Sales Generating
<br />Taxable
<br />Components Phase 1
<br />Full Buiidout
<br />Sal !'It
<br />Phase 1
<br />Full Buildout
<br />Current Vacant Spaces 75.000 SF
<br />75,000 SF
<br />$500 PSF
<br />$37.600,000
<br />$87.600,000
<br />New Retail 65,000 SF
<br />65,000 SF
<br />$500 PSF
<br />$32,500,000
<br />$32.600,000
<br />Entertainment H 100,000 SF
<br />100,000 SF
<br />$100 PSF
<br />$10,000,000
<br />$10,000,000
<br />Food Hall 30,000 SF
<br />30,000 SF
<br />$1,250 PSF
<br />$37.500,000
<br />$37,500,000
<br />Theater 50,000 SF
<br />50,000 SF
<br />$200 PSF
<br />$10.000,000
<br />$10,000,000
<br />Total
<br />$127,500,000
<br />$127,500,000
<br />Annual Sales Tax to City
<br />1.0%
<br />$1,275,000
<br />$1.275,000
<br />Annual Use Tax as % of Sales Tax
<br />10.0%
<br />$127,500
<br />$127,500
<br />Total Sales and Use Tax to City On•$ite t oiraet
<br />$1,402 500
<br />$1 402 500
<br />With Measure X 2019.2028
<br />$3,400,000
<br />$3,400,000
<br />With Measure X 2029.2038
<br />$2,700,000
<br />$2,700,000
<br />/1 gross revenues are estimated at $500 Psf with 20%taxable
<br />uvc. i My ai aama nnd, r..enrenatal Neal estate Company,. and Kosmont Companies (2018)
<br />As noted, Measure X will result in an additional $2.0 million in annual on -site sales taxes to City
<br />through 2028, and $1.3 million annually from 2029 through 2038, before expiring.
<br />5.2.5 Sales Tax (Off -Site / Indirect)
<br />In addition to onsite sales, employees and residents will generate off -site / indirect sales tax
<br />revenue based on the taxable sales generated by the Citywlde spending of Project residents
<br />and employees. Resident spending is based on average household incomes and BLS
<br />Consumer Expenditure Survey data, which provides spending habits of consumers based on
<br />household income.
<br />Based on the preceding, Full Buildout is expected to result in approximately $36 million in
<br />annual offsite taxable sales, which would result in an estimated $390,000 in annual sales and
<br />use tax revenues for the City.
<br />Measure X will result in an additional $530,000 in annual offsite sales taxes to City through 2028
<br />and $350,000 annually from 2029 through 2038.
<br />The analyses, projections, assumptions, and any examples presented herein aro for
<br />kosmg;A, Illustrative purposes and are not a guarantee of actual and/or future results, Tax analyses
<br />are projections only. Actual results may differ from those expressed in this analysis.
<br />75D-559
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