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6.18 Page 24 v. PROPOSED SCOPE OF WORK A. Project Initiation, Refinement, and Finalization of Data Needs We propose to have an initial meeting with City staff to reaffirm the City's objectives for each analysis, refine the study's approach and work plan. Shortly after the meeting, KMA will submit a final list of the information that we will need from Stanford and the City in order to complete the analyses. B. Fiscal Impact Analysis Task 1: Define ltOpporlunity Cost'~ Project Concepts KMA will collaborate with City staff to define development concepts for the site that would: 1) be permissible under existing zoning or consistent with the General Plan Update land use alternatives; and 2) maximize revenues and economic benefits to the City. The impacts of the "opportunity cost" projects will be evaluated and compared with the impact estimates for the propertyts existing uses as well for the proposed Stanford project. Task 2: Prepare Cash Flow Projections of Annual General Fund Revenues KMA will estimate the gross annual tax revenues and subvention revenues that are allocated to the City's General Fund to be generated by: 1) the proposed project concept~ 2) the existing R&D development; and 3) "opportunity cost" project concepts. Revenues during both the construction period as well as the recurring revenues during operation wil1 be measured. It is anticipated that revenues will be modeled over a 20-year projection period. The major revenues that we anticipate to quantify include the following: · City's share of annual property tax revenues; · City's share of property transfer taxes to be generated; · Property taxes in-lieu of motor vehicle fees; · City's share of safes and use taxes; · Business license revenues; · Impact fees and building permit fees (during construction); . Other applicable revenue sources, such as utility user fees, fines and forfeitures, etc. Each revenue source has its own basis, such as valuation or economic performance level, which is based on KMA's research and judgment about the development. KMA will estimate the City's property tax (secured and unsecured) and property tax in-lieu of motor vehicle fee revenues for the development based on estimated construction costs, finished values, and the current unsecured assessments for each of the types of development. The valuation estimates for the Stanford project will be based on information to be provided by the Stanford as well as Keyser Marston Associates, Inc. \\Sf-fs1\wp\99\99900\900b.851 to 900\900b-865 Rev.doc Page 8 January 2009