HomeMy WebLinkAboutItem 5 - Attch 3 - CV GP Justification Report (Fiscal)VDPFGDEVELOPMENT PLANNING & NNANCING CRO0, W. Memorandum
To: Curt Smith, Hornefed Co.
From: Peter Piller,
Brandon Amer
October 28, 2016
Subject: Village 3 — Fiscal Impact Analysis Update
Curt,
Per your request, we have prepared an update of the Fiscal Impact Analysis ("FIA") for the
Village 3 property ("Project"). DPFG began the Village 3 FIA update by replicating the HR&A
model prepared in 2014 to verify historical assumptions and replicate the results, After
replicating the model, DPFG updated the historical model with the currently proposed product
and land use assumptions. The purpose of the update to the FIA is to demonstrate the difference
of the Current plan land uses to the original land USeS. As such, we have completed the following
tasks:
0 Identify key revenue and cost assumptions in the original Village 3 FIX
a Prepared an excel model to replication calculations and results of original Village 3 FIA
prepared by 7I SLA.
Obtain infor►ration related to current proposed land uses for Village 3. A Summary of the
original and current proposed land uses are summarized in the table blow.
Residential
Historical
Updated
Difference
SF Units
1,002
813
-
IVIF Units
595
457
(1 3S')
Total
1,597
1,270
(327)
Other Land Uses
Historical
Updated
Difference
Retail SF
20,000
20,000
-
Office Acres
12.2
8.3
(3. )
Industrial Acres
33.8
29.3
(4.5)
Commercial Acres
6.1
7.4
13
Park Acres
15,2
15.3
0.1
CPF
4.2
4.3
1 0.1
School Acres
8.3
8.
Please note that DPFG did not modify any budget, cost, or absorption data. The updated
FIA is a direct comparison to the historical model with no adjustments to revenue or cost
assumptions.
Page I of 2
® The unit count for the updated land uses has been reduced by 327 units. Commercial uses
varied but overall were reduced with the exception to commercial acreage which was
increased by 1.3 acres.
® The results of the fiscal impact analysis based on the current proposed land use plan can
be found in the updated fiscal impact analysis as well as the comparison of the historical
vs updated results.
® The results of the fiscal impact analysis based on the historical land use plan can be found
in the fiscal impact analysis prepared to verify historical results.
® We've recreated the comprehensive schedule for Villages 3/4, 8 East, and 10 detailing
the mitigation amount of $120 per unit, which is derived by summing the years with a
negative fiscal impact and dividing the same impact by the sum of the residential units in
such respective years. Based on recent discussions with the City, the methodology to
determine the mitigation amount has been adjusted by summing the years with a negative
fiscal impact and dividing the sum by the total residential units in all Villages. The
original mitigation amount per unit for the Village 3/4, 8 East, and 10 is $86 per unit,
based on the adjusted methodology. We also prepared the comprehensive schedule with
the inclusion of the new Village 3 fiscal impact based on the currently proposed land uses
(all other things being equal), which results in a cumulative deficit per unit of
approximately $85 per unit based on the adjusted methodology.
Please do not hesitate to call if in need of any additional information or if you have any questions
or comments.
Page 2 of 2
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