AgdaPkt 2009-02-23 clsd and reg - Laserfiche WebLink

Browse Search

6.18 Page 25 other published sources. Assessor records will be used to obtain the amount of revenues currently generated by the property. Sales and Use tax revenues for the existing use will be based on empirical records. Estimates for the Stanford project will be generated based on the portion of the project to be developed with R&D uses, information to be provided by Stanford, and average sales and use tax generation factors for R&D use. As stated in the RFP, it will be important that the Redwood City property be cited at the place of sale in order for the sales and use taxes to accrue to the City of Redwood City. KMA has worked on other transactions where the place of sale designation was a critical issue and we can assist in suggesting language for the development agreement as wen as structuring a monitoring program. The analysis will also include sales tax revenues generated by the day-time purchases of employees. Utility user taxes could also be a major revenue source to be generated by the Project. Using utility information from both the existing user as well as information from Stanford, KMA will estimate the magnitude of revenues that potentially be generated with and without the $50,000 cap on single payers. KMA will integrate impact fee and building permit fee revenue estimates to be provided by City staff. While these one-time revenues will be included in the analysis, it is important to note that the purpose of these revenues is to cover specific costs and expenses generated by the Project for infrastructure and processing costs. The companion costs will also be included, resulting in a net neutral impact. Other revenues will be determined based on a review of the City's current budget. Task 3: Prepare Cash Flow Projections of Annual General Fund SelVice Costs The second focus of the analysis is the assessment of annual Gen,eral Fund operating and maintenance costs related to providing services such as police protection, emergency medical, fire protection, roadway/public infrastructure maintenance ,and general City services for: 1) the existing development; 2) the proposed Project; and 3) the "opportunity cost" projects. The loss of excess ERAF refund payments to the City will also be measured as a result of the additional backfill that may need to be made to the School District as a result of the Stanford project. KMA will meet with the fire, police, and public works departments to discuss any special service requirements of the proposed Project, such as special fire protection equipment. Additionally, we will obtain from Stanford anyon-site security services that it would be providing and discuss the plan with the police department to discern if the on-site services would decrease the cost to the City's police department. The additional traffic associated with the proposed Project will also generate additional wear-and-tear on City streets. KMA's analysis will include an assessment of these costs. Keyser Marston Associates, Inc. \\Sf-fs1\wp\99\99900\900b-851 to 900\900b-865 Rev.doc Page 9 January 2009