Item 26 - Public Hearing Regarding Bristol Project

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ta www.FinanceDTA.com VII CONCLUSION SECTION VII CONCLUSION The City will achieve substantial Community Benefits from the build -out of the Project, including both financial and quality -of -life improvements for new residents and other members of the Santa Ana community. The fiscal benefits will include new property taxes that may have a tax assessed value exceeding $2.0 billion dollars at build -out. Based upon an FIA prepared by DTA, the City's General Fund will receive an annual surplus of $3.4 million (2023$) at build -out In addition to new property tax and property tax in lieu of VLFs totaling $6.2 million (2023$), the new TOT is initially projected to be about $1.9 and new direct and indirect sales tax revenues are estimated to total about $2.0 million. During the construction period (up to 10 years), estimated construction activity will generate approximately $2.6 billion of additional spending, most of which will be expended in the City. As a result of these expenditures, a total of 16,834 construction -related jobs will be created during the construction period. In addition, if the Specific Plan is completed as projected, it is anticipated that over $109.0 million in DIFs will be collected from the Project to fund regional infrastructure, with the large majority of these DIFs paid directly to the City. Finally, the Specific Plan proposes to either directly provide on -property operations and maintenance or reimburse the City for all or a portion of this burden. As described in the Project description presented in Section I, the City will also obtain quality -of -life benefits that will improve both the lives of residents residing in the Project's boundaries and others living and working in the surrounding Santa Ana community. These benefits will include affordable housing, transportation and infrastructure improvements, parks and open space, community services, environmental protection, and improvements benefitting the cultural and community character of the City. Although the affordable housing impacts will not be finalized until a Development Agreement is negotiated between the City and Developer, it is the goal of both parties to work within the City's established guidelines. The planned addition of 3,750 residential units, 350,000 SF of retail, 200 congregate care units, and a 250-room hotel will require modernization and upgrades for existing infrastructure, in addition to providing new facilities, such as parks and recreation facilities. The Project will also incorporate environmental design features, some required by current City standards and others offered by the Developer that are planned to reduce utility use and provide energy savings. These include solar generation and storage, landscaping, and energy -efficient building design. Other Community Benefits include the adoption of air quality measures, such as the reduction of GHGs, to improve health benefits for tenants and visitors to the area. The Project will also focus on transportation improvements to improve the walkability of the Project site and encourage multimodal coordination of roadways and the nearby air and rail connections. In all, the Project will provide significant Community Benefits to the greater Santa Ana community. Related Bristol at 3600 South Bristol Street Community Benefits Analysis Report Exhibit 10 September 2Z 2023 / 29