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ELF Financing Strategy  <br />   San Mateo County ELF Study‐2016  <br />February 21, 2017  <br />  <br />Prepared by Brion Economics Team                    Final Report 18 <br />  <br />Table 5 <br />Potential Parcel Tax Method <br />San Mateo Countywide ELF Study ‐ 2016 <br />No. of 2015‐2016 <br />Parcels Assessed Value <br />Current Residential Parcels by Use <br />Single Family 184,474               $118,894,789,575 <br />Multi‐Family 12,104                 $13,580,382,203 <br />Vacant Residential Land 6,421                    $1,086,629,486 <br />Total, All Residential Parcels 202,999               $133,561,801,264 <br />Bond Financing <br />Net Proceeds Required (1) 25%$81,806,720 <br />6.0% Capitalized Interest $5,840,000 <br />7.0% Reserve $6,820,000 <br />3.0%Issuance Costs $2,920,000 <br />16.0%Subtotal, Gross Bond Amount $97,390,000 <br />Number of Years 20 <br />6% Annual Payment $8,490,000 <br />Total Payments over 20 Years $169,800,000 <br />Annual Cost per Parcel $42 <br />Revenue over 20 Years $169,800,000 <br />Percent of Assessment Value 0.07% <br />Notes:This is a simple allocation of costs by parcel. <br />The actual assessments would be weighted by parcel size and density. <br />Current AV is not current market value.   <br />Senior and affordable housing projects could be exempt. <br />Excludes rural and agricultural parcels for this exercise. <br />(1) Includes 3% administrative cost to manage funding program, countywide. <br />Sources: Brion Economics, Inc. <br />Item <br />8.C. - Page 37