AgdaPkt 2009-03-23 - Laserfiche WebLink

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6.1G Page 2 General Plans are long-term, community based, land use planning tools that are not intended to change with every new market condition; rather their purpose, in part, is to ensure that the long-term needs of the community are met, including the community's need for a balanced land use portfolio to help ensure its economic health over time. Land uses are, however, allowed to change over time within the context of the underlying Zoning and General Plan designations. The fiscal analysis will evaluate the impact or lost "opportunity costs" of the proposed project against two baseline conditions: 1) the property's current fiscal condition; and 2) the site's past use when it was fully occupied (i.e. 537,000 square feet of fully occupied MidPoint Technology Park R&D uses between years 2000-2001). Two scenarios that would be used to evaluate lost "opportunity costs" for the site would include: 1) a combination of highest and best uses (excluding an auto mall) at full build out conditions that would be allowed under the existing zoning/General Plan designations and standards (Le. 0.70 FAR or 1,067,500 square feet); and 2) a combination of allowed highest and best uses (excluding an auto mall) built out to a comparable size to that of the proposed Project (1.0 FAR or 1,525,000 square feet). Planning staff recently circulated Requests for Proposals (RF P) to qualified consultants on a scope of proposed work to include the following. Fiscal Analysis A fiscal analysis comparing the potential revenues attributed to the proposed Stanford University administrative office uses, R&D uses, and medical clinic uses to those displaced business revenues from existing R&D uses (537,000 square feet) and for lost future business opportunities including, but not limited to, the following: 1. Property tax payments to the City of which a portion would otherwise fund local services and governmental functions; 2. Sales tax generation/revenues (i.e. from displaced revenue generators, any business to business tax, and lost business opportunity costs, etc.); 3. Utility user tax payments/revenues without a cap. Redwood City currently has a $50,000 cap for single payers; consequently, the study should evaluate the fiscal effects of waiving this cap; 4. Point of sale billing losses that might result if transactions are recorded at the main University campus in Palo Alto (Le. the need for Stanford University to use Redwood City as its point of sale billing address for use taxes, cell phone taxes, etc.); 5. City police and fire service and equipment costs including police traffic and crime patrol; fire and emergency services and equipment needs (new trucks with ladders needed to service taller buildings), etc.; 6. One time fees/cost analysis from City permits and fees (i.e. traffic, sewer, water impact fees), construction employment, etc.; 7. "Value added" by Stanford University's project proposal for short and long-term economic benefits (e.g. construction, use, occupancy, sales, property tax, potential agglomeration, etc.). Separate one-time revenue (construction materials) from ongoing revenues (property and sales taxes); and 8. School District ERAF Revenues- Estimate the impact that school districts' lost revenues will have on the City's excess ERAF refund.