Item 26 - Public Hearing Regarding Bristol Project

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dta www.FinanceDTA.com SUMMARY MEMORANDUM September 27, 2023 To: Jeremy Krout, EPD Solutions From: David Taussig and Jerry Wen, DTA Subject: Economic Impacts Resulting from the Proposed Related Bristol Specific Plan The intent of this memorandum is to provide a peer review of an economic impact analysis ("EIA") prepared on behalf of Related California ("Related") for its proposed Related Bristol Specific Plan (the "Specific Plan," or the "Project") to be located in the City of Santa Ana (the "City"), within the County of Orange, California (the "County"). Related submitted a fiscal impact analysis and an EIA to the City dated February 7, 2023, that was prepared by The Natelson Dale Group, Inc. The EIA component of the Related submittal (the "Related EIA") only evaluated the projected impact of the Project on the City's overall economy in terms of jobs and economic output on a one-time basis (e.g., construction impacts), but not on a recurring basis (e.g., permanent impacts). DTA's approach to this engagement was to prepare its own separate EIA (the "DTA EIA"), with DTA then comparing its conclusions with those reached in the Related EIA in terms of the one-time economic impacts from the construction of the Project on the City. However, DTA also took the liberty of analyzing the annual recurring permanent economic impacts of the Project on the City, which our firm generally includes in the results of our economic impact studies to provide a more comprehensive view of a project's effect on the local economy. A Description of the Project Site and Project Use As depicted in Figure 1, the 41.1-acre Project site located at 3600 South Bristol Street is developed with 465,063 building square feet ("BSF") of predominately retail and restaurant uses, with some medical office, financial, and fitness uses. Figure 1: Project Site Exhibit 10 Irvine San Jose San Francisco Riverside Dallas Houston Raleigh Tampa