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1.0 INTRODUCTION Ongoing; (permanent) impacts o Employment generated by new resident spending, the ground floor retail space, and overall property management of the apartment complex o Direct payroll for new jobs o Indirect/induced (i.e., "multiplier") jobs and payroll o Direct and indirect/induced economic impacts (i.e., dollars spent in local and regional economies) Along with economic impacts, the analysis evaluates the annually -recurring fiscal revenue impacts to the City's General Fund. All projections provided in this report are expressed in 2018 "constant" dollars (i.e., not escalated for future inflation). 1.3. Project Description Table 1-1 and Table 1-2, below, provide a summary of the proposed development, including average annual rent per unit and average household income project households and estimated annual retail sales associated with the ground floor retail space. Table 1-1: Summary Project Description (Residential Component) —The Madison Apartment Unit Total rm Annual Rent Per Rent as a Share of Unit Income* $29,892 0.35 Avg. Household Income $85,407 *Average household income estimate assumes monthly rent accounts for 35% of monthly income. The applicant has indicated that they qualify renters at 35% of gross income, but that the average renter will likely fall into the 23%-28% range. Relying on the higher income factor provides for a more conservative analysis, in that it yields a lower average household income estimate. Average household income estimates are used to derive resident spending patterns (see Sections 4.0 and 5.0), with higher household incomes correlating with higher resident spending. Source: Applicant; TNDG Table 1-2: Summary Project Description (Commercial Component) —The Madison Sq. Ft. of Ground Sales per Sq. Ft Estimated Annual Floor Retail Space of Space Sales 6,561 Source: Applicant; TNDG $300 $1,968,300 THE NATELSON DALE GROUP, INC. Page 2 DRAFT Economic Impact Analysis The Madison (Santa Ana, CA) 75A-99