Item 26 - Public Hearing Regarding Bristol Project

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ta www.FinanceDTA.com SECTION VI ADDITIONAL COMMUNITY BENEFITS TO THE CITY expected to generate an additional $500,000 per year in City sales taxes through the purchase of taxable goods and services located outside of the Project itself. B Retail Retail development is currently experiencing significant changes due to the competitive nature of online shopping. In a recent national poll of shopping trends', 59% of consumers reported buying clothes, 45% reported purchasing shoes, and 38% reported purchasing electronics online. As retail trends continue to shift away from traditional brick and mortar retail uses towards experiential retail, it is important that traditional "strip" shopping centers, such as Metro Town Square, adapt to meet the changing needs of the marketplace. In terms of revenues generated by retail development on behalf of the City, it is estimated that the new retail development within the Project will generate $1.5 million per year in direct sales taxes. Community Benefits related to the new retail opportunities within the Project are as follows: 1. Redevelopment of existing retail stores to address the future marketplace; 2. Leverage the success of the adjacent South Coast Plaza; 3. Development of a safe and comfortable environment for people to shop, dine, entertain, live, work, and play; 4. Future local -serving and destination retail uses geared to reducing vehicular traffic and related air quality impacts will result from the Project since there will be more than 6,500 new residents within walking distance of the new grocery store and other retail outlets; 5. Construction of underground parking should allow tenants to park their cars and walk to the new retail shops, while at the same time allowing non-residents to park their cars directly under the retail shops and not have to walk across large surface parking lots; and 6. Creation of an environment to attract new business investment that will provide a catalyst for the redevelopment of the community. Retail spaces in many locations are undergoing changes resulting from adjustments to consumer behavior. For example, many restaurants are adding outdoor dining for their customers. The majority of the retail buildings in the 2-Mile Zone were built between 1970 and 1986, with some buildings undergoing restoration between 1999 and 2002. Retail space is evolving due to many factors. Shoppers expect improved merchandising, data -driven advice, and the ability to customize product offerings. Where previous retailers were only able to offer merchandise in the store, in the current environment, customers expect that 4 Source: htti2s://www.bicrcommerce.com/blocr/online-shopping-statistics/. Related Bristol at 3600 South Bristol Street Community Benefits Analysis Report Exhibit 10 September 2Z 2023 / 13