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TABLE 2A
<br />ESTIMATE OF REVENUES FROM PROPERTY TAXES
<br />2020 E. 1ST STREET - FISCAL IMPACT ANALYSIS
<br />PROPOSED RESIDENTIAL PROJECT
<br />Property Tax Levy
<br />1.00%
<br />In -Lieu Property Tax Per $1,000 of
<br />Transfer Tax Rate (d)
<br />0.055%
<br />City Portion (b)
<br />17.27%
<br />AV Growth (c)
<br />$1.3547
<br />Turnover Rate (e)
<br />10.00%
<br />In -Lieu
<br />Property
<br />Total Property Tax
<br />Property Tax
<br />Property Tax
<br />Property
<br />Property
<br />Transfer Tax
<br />Unit Assessed Assessed Revenue/
<br />Revenue at
<br />In -Lieu
<br />Revenues at
<br />Transfer Tax
<br />Revenue at
<br />Floor Plan Mix (a) Value (a) Value Unit
<br />Buildout
<br />Revenues/ Unit
<br />Buildout
<br />Revenue/Unit
<br />Buildout
<br />Plan 1
<br />10
<br />$835,000
<br />$8,350,000
<br />$1,442
<br />$14,422
<br />$1,131
<br />$11,312
<br />$46
<br />$459
<br />Plan 2
<br />32
<br />$890,000
<br />$28,480,000
<br />$1,537
<br />$49,191
<br />$1,206
<br />$38,583
<br />$49
<br />$1,566
<br />Plan 3
<br />33
<br />$980,000
<br />$32,340,000
<br />$1,693
<br />$55,858
<br />$1,328
<br />$43,813
<br />$54
<br />$1,779
<br />Plan 4
<br />6
<br />$1,085,000
<br />$6,510,000
<br />$1,874
<br />$11,244
<br />$1,470
<br />$8,819
<br />$60
<br />$358
<br />Plan 1A
<br />2
<br />$193,000
<br />$386,000
<br />$333
<br />$667
<br />$261
<br />$523
<br />$0
<br />$0
<br />Plan 2A
<br />2
<br />$219,000
<br />$438,000
<br />$378
<br />$757
<br />$297
<br />$593
<br />$0
<br />$0
<br />Plan 3A
<br />1
<br />$240,000
<br />$240,000
<br />$415
<br />$415
<br />$325
<br />$325
<br />$0
<br />$0
<br />Total at Buildout
<br />86
<br />$76,744,000
<br />$132,553
<br />$103,969
<br />$4,162
<br />Less Existing Assessed Value (f)-$14,497,918-$25,041-$19,641 $0
<br />Total Increase to General Fund $62,246,082 $107,512 $84,328 $4,162
<br />Footnotes:
<br />(a) Unit mix and assessed value based on information received from Developer. Plans 1A, 2A, & 3A represent affordable housing units.
<br />(b) The Project's Tax Rate Area for the subject property has a property tax rate of 17.27%.
<br />(c) AV Growth is calculated by taking the Property Taxes -In Lieu amount of $44,009,010, from the Adopted FY 2024-25 Budget, divided by the City AV Estimate of $32,485,033,990, from the 2023-2024
<br />District Values for Publication of Assessed Valuations Booklet Equalized Roll Values from the Orange County Auditor Controller, multiplied by $1,000 to equal $1.3547 of every $1,000 of AV Growth.
<br />(d) Transfer tax is 0.11% of the sale price of residential property and the City receives 50% of the taxed amount.
<br />(e) Assumes a 10%turnover rate each year.
<br />(f) Project site has assessed value of $14,497,918 per the 2024-25 property tax bill.
<br />PM-deZIMMERMAN GROUP
<br />PUBLIC FINANCE SOLUTIONS
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