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6.1G Page 15 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 1 Task 1: Define "Opportunity Cost" Project Concepts 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 (Le. 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 at full build out conditions that would be allowed under the existing zoning/General Plan designation (i.e. 0.70 FAR or 1,067,500 square feet); and 2) a combination of highest and best uses built out to a comparable size (1.0 FAR or 1,525,000 square feet) to that of the proposed Project. In short, KMA will collaborate with City staff to define development concepts for the site that would be: 1} permissible under existing zoning or consistent with the General Plan Update land use alternatives; and 2) provide a corresponding fiscal and economic benefits analysis. The impacts of these "opportunity cost" projects will be evaluated and compared with the impact estimates 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 baseline conditions defined under Task 1 1 Throughout this document, the term "impacts" refers only to fiscal and/or economic impacts, not environmental impacts. Fiscal and economic impacts are not subject to the California Environmental Quality Act (CEQA). Keyser Marston Associates, Inc. \\Sf-fs1\wp\99\99900\900b-851 to 9OO\900b-865 Rev 3.10.09.doc Page 1 January 2009