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1. Additional revenue sources for the City to fund the services the community expects <br />(Table below) <br />2. Increased employment through additional jobs created as a result of private sector <br />investment and new hotel and commercial development. <br />3. Reconnection of Sycamore Street that allows improved access in the heart of <br />Downtown Santa Ana. <br />4. New residential opportunities for mixed income individuals <br />5. New residential opportunities for very low income individuals <br />6. New residents in the downtown that will help downtown businesses grow and <br />prosper. <br />This project also satisfies three of the Economic Opportunity Statutes per Government <br />Code 52200 et. seq: <br />1. This project will result in an increase from $0 to $340,000 annually (satisfying the <br />requirement of being a greater than 15% increase). <br />2. This project will create affordable housing as 19 very low income units will be <br />constructed; <br />3. This project is considered a transit priority project per Public Resources Code <br />Section 21155(b) that states the project shall contain: 1) at least 50 percent <br />residential use based on total building square footage (Proposed project = 63%) <br />and, if the project contains between 26 percent and 50 percent nonresidential <br />uses, a floor area ratio of not less than 0.75 (Proposed project = 4.2 FAR); 2) <br />provide a minimum density of at least 20 dwelling units per acre (Proposed project <br />= 121 du/acre); and be within one-half mile of a major transit stop or high -quality <br />transit corridor included in a regional transportation plan. The proposed Project is <br />also within a transit priority area as defined by Public Resources Code (PRC) <br />Section 21099(a)(7). <br />Estimated General Fund Revenue from Proposed Project <br />Summary of Annual Estimated Revenue from Project <br />Total <br />Property Tax Secured & Unsecured <br />$210,000 <br />Property Tax In -Lieu of VLF <br />$130,000 <br />Sales & Use Tax On-Site/Direct <br />$57,000 <br />Sales & Use Tax (Off-Site/Indirect) <br />$25,000 <br />Transient Occupancy Tax $90 RevPar <br />$270,000 <br />Utility User Tax <br />$45,000 <br />Annual General Fund Revenues <br />(ROUNDED): <br />$620,000 <br />Source: Kosmont Companies, 2020 <br />VI. JOB CREATION <br />Economic Benefits of Construction for 3rd and Broadway <br />Employment I Labor Income <br />5 <br />75A-209 <br />