Laserfiche WebLink
THIIE CONCORD GROUP <br />Market Conclusions <br />• The current development plan represents the highest and best use for the project. <br />• Multi -family residential possesses the greatest level of marketability of the MEMU permitted land uses. A regional <br />under -supply of Class A residences is evidenced by high rates of occupancy and rent growth within the product type <br />(Exhibit 75). The project location, just of 1-5 and proximate to Downtown Santa Ana, will be highly desirable to <br />prospective residents seeking convenient access to both jobs and entertainment. <br />• The modest scale of commercial land uses planned is appropriate for the mixed -use orientation of the project. The <br />scale of commercial (15,200) is in alignment with similar scope, multi -family anchored projects elsewhere in Orange <br />County (Exhibit 77). <br />Fiscal Impact Findings (RSG) <br />• The multi -family / commercial mixed -use development at the site will provide significantly more fee and tax revenue <br />to the City of Santa Ana as compared to the existing office land use: <br />o Approximately $41.3 million ($23.1 million in net present value [2020 dollars], discounted at four percent) in <br />additional City General Fund Revenue, including construction period revenues, recurring site -specific tax and <br />other project revenues <br />o Approximately $541,400 in property tax revenue per year, as opposed to the current $1 1,700. The site <br />development would generate approximately $10.3 million after 25 years (discounted) <br />o Over the same 25-year period, the City General Fund expenditures associated with the project total $7.0 million <br />(discounted) <br />o As a result, the net new General Fund revenue is projected to be approximately $28.1 million ($16.1 million in <br />2020 dollars) from the acquisition and development of the project <br />• The Development will generate more revenue to the City in one year than the existing use is projected to generate over <br />the next 25 years <br />ARNEL DEVELOPMENT CO. August 2020 <br />Santa Ana — 4'" & Cabrillo Park Dr 20233.00 <br />