Item 26 - Public Hearing Regarding Bristol Project

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2. Executive Summary Annually -recurring Impacts to the City's General Fund Table 2-1, below, summarizes the project's recurring fiscal impacts to the City of Santa Ana. As shown on the table, at full buildout the project would generate a net surplus of approximately $10.7 million per year to the City's General Fund. In comparison, the existing (partially vacant) commercial center on the site is estimated to generate a net fiscal benefit of about $2.8 million per year 2. Thus, the proposed project would result in a net improvement of the City's fiscal position of about $7.9 million per year. Table 2-1: General Fund Net Fiscal Summary Project Bristol City of Santa Ana General Fund Category Revenues Expenditures Net General Fund Impact Source: The Natelson Dale Group, Inc. (TNDG). Existing Conditions $3,290,327 $471,270 $2, 819, 057 Short-term (Construction) Impacts to Regional Economy Proposed Project Net Change $13,302,933 $10,012,605 $2,592,846 $2,121,576 $10,710,086 $7,891,029 This section provides a summary of the project's construction -phase impacts to the Orange County economy. The summary includes the sum of all direct, indirect, and induced impacts, as shown on Table 2-2 below. The total construction -related impacts would include the following: Output: At buildout the project's one-time construction activities would generate close to $2.9 billion in total economic activity in Orange County, through direct, indirect, and induced impacts. Value Added: At buildout the project's one-time construction activities would generate approximately $2.2 billion in total value added in Orange County, through direct, indirect, and induced impacts. Employment: At buildout the project's one-time construction activities would support approximately 5,900 jobs per year in Orange County, through direct, indirect, and induced impacts'. 2 It should be noted that the existing shopping center has experienced increasing vacancies over time. As this trend is expected to continue based on foreseeable market conditions, the existing or baseline fiscal benefit associated with the project site is likely to decrease from current levels. ' The jobs estimate is calculated by dividing the total number of jobs supported over the number of years for construction of the project. For example, If a worker is on the job site over the course of the entire project or over several years of the project, that job will be counted in IMPLAN more than once. (i.e. if a worker is on site for all 11 years of a construction project IMPLAN counts that as 11 jobs). However, this is in fact just one job sustained over 11 years of the project. THE NATELSON DALE GROUP, INC. Economic and Fiscal Impact Analysis Project Bristol Project (Santa Ana, CA) Page 4 Exhibit 10