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5.0 ANNUALLY RECURRING FISCAL REVENUE IMPACTS TO CITY'S GENERAL FUND 5.0 ANNUALLY RECURRING FISCAL REVENUE IMPACTS TO CITY'S GENERAL FUND The project would generate two primary sources of annually -recurring revenue to the City's General Fund: Property Taxes and Sales Taxes. The discussion below in Section 5.1 summarizes the annually - recurring property taxes that would be generated by the project. Following, Section 5.2 provides a summary detailing the projection of new sales tax revenue that would be generated from project residents' retail expenditures in the City. 5.1. Properly Taxes As shown on Table 5-1, below, the project is projected to generate close to $268,000 in annually - recurring property tax revenue to the City's General Fund. In addition to general property tax revenues, the City also receives separate property tax payments from the State in -lieu of Vehicle License Fee (VLF) revenues. Based on a review of City budget data and assessed value informations, these two components of property tax revenue are equal to approximately 0.27% of total assessed valuation in the City. Applying this factor to the project's estimated assessed valued yields the incremental property tax revenue projection shown on the table below. Table S-1: Projected Annually -Recurring Property Tax Revenue — City of Santa Ana The Madison Property Tax Variable Amount Estimated Assessed Valuer $99,196,604 Property Tax as a Share of Incremental Assessed Value City's Incremental Property Tax Revenue $267,831 Notes: 1. Based on estimated of hard costs (including on-site, off-site, and garage) and land costs 2. Includes general property tax and property tax in -lieu of VLF Source: Project applicant; City of Santa Ana, Adopted Budget- Fiscal Year 2016-17, Comprehensive Annual Financial Report, June 30, 2017; TNDG. 5.2. Sales Taxes As shown on Table 5-2, on the following page, the project is projected to generate approximately $72,000 in annually -recurring sales tax revenue to the City's General Fund. New sales tax revenue will be generated from new resident local spending at retail establishments in the City (including at onsite retail), as described above in Section 4.0. As shown on the table, 1.0% of taxable sales is reimbursed ' City of Santa Ana, Adopted Budget and Comprehensive Annual Financial Report (CAFR). THE NATELSON DALE GROUP, INC. Page 15 DRAFT Economic Impact Analysis The Madison (Santa Ana, CA) 75A-112