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Over the same 25-year period, the City General Fund expenditures associated with the
<br />Project total $4.1 million ($2.2 million in 2019$).
<br />As a result, the net new General Fund revenue is projected to be approximately $12.8 million
<br />($7.4 million in 2019$) from the acquisition and development of the Project.
<br />The following table summarizes the estimated fiscal impacts attributed to the Project. Year -by
<br />year projections are included as an exhibit on page 11 of this report.
<br />NET NEW RECURRING GENERAL FUND FISCAL IMPACTS
<br />4th + Main
<br />25-Year Recurring
<br />Revenue Category
<br />Nominal
<br />NPV 4.0%
<br />Property Tax
<br />$ 6,682,574
<br />$ 3,806,030
<br />Property Tax In -Lieu
<br />4,356,360
<br />2,481,145
<br />Utility User Tax
<br />1,301,574
<br />708,274
<br />Resident -Derived Sales Tax (Regular)
<br />696,477
<br />38,832
<br />Resident -Derived Sales Tax (2018 Increase)
<br />520,471
<br />-
<br />Retail -Derived Sales Tax (Regular)
<br />1,722,085
<br />379,000
<br />Retail -Derived Sales Tax (2018 Increase)
<br />1,286,898
<br />339,687
<br />Business Tax
<br />307,552
<br />167,360
<br />Total Revenues
<br />$ 16,873,991
<br />$ 9,658,495
<br />Less City Expenditures $ (4,061,138) $ (2,209,938)
<br />NET NEW REVENUE TOTAL $ 12,812,853 $ 7,448,558
<br />Sources: City of Santa Ana, County of Orange, California State Board of Equalization, ESRI
<br />Business Analyst Online, and RSG, Inc.
<br />PROJECT DESCRIPTION
<br />The Project site is located on several parcels in downtown Santa Ana where the vacant First
<br />American Office building stands, directly across Bush Street from Santa Ana's Fourth Street
<br />Market. The site also includes a parcel across from the First American building on 51h Street, so
<br />the development will include two individual apartment buildings, the larger of which will sit on the
<br />current First American building site, including retail along 41h and Main and a plaza area on the
<br />corner of 41h and Bush. Both buildings will include parking, the larger a two-story structure wrapped
<br />by the residential building, and the smaller a ground -level garage. There will be 220 units between
<br />the two apartment buildings, the majority of which will be market rate units (209), with the
<br />remainder being affordable to very -low income tenants (11). The following chart shows the unit
<br />breakdown by size.
<br />60A-171
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