| |  Transit Village - Fiscal Analysis
Fiscal Analysis
- In addition to the EIR, the City of San Carlos had a fiscal impact analysis of the Project completed for the purpose of evaluating the impact the Project will have on the City’s fiscal budgets upon full operations. Since the Project is to be located in the San Carlos Redevelopment Area, the analysis considers the impacts of the Project on both the City of San Carlos’ General Fund and the Redevelopment Agency’s redevelopment and housing funds. CBRE Consulting performed this fiscal impact analysis on behalf of Legacy Partners.
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Annual City General Fund revenues project for the Project at buildout are $139,723. General Fund expenditures for all major City of San Carlos departments were estimated for the Project. The resulting annual expenditure estimate is $290,777 at buildout. Of this amount, $207,772, or 71 percent, comprises costs for police and fire services. The net difference between the annual estimated General Fund revenues and expenditures for the Project results in an annual deficit of $151,054, reflecting that expenditures are estimated to exceed revenues by this amount at buildout. In addition, and separate from the City’s General Fund, the San Carlos RDA will receive tax increment revenues for its affordable housing fund as well as revenues to invest in infrastructure and other improvements in the redevelopment area as a result of the Project. - The presence of the Project in the City of San Carlos Redevelopment Area means that the Redevelopment Agency (RDA) will receive tax increment revenues for its affordable housing fund as well as revenues to invest in infrastructure and other improvements in the redevelopment area as a result of the Project. The estimated adjusted tax increment revenues from the Project at buildout will be close to $1.2 million. The RDA Housing Fund gets 20 percent of adjusted tax increment revenues set‐aside for housing programs. As a result, the Project will generate approximately $237,383 in RDA housing funds at buildout.
- At buildout, approximately $368,182 in estimated tax increment revenues from the Project will be shared with San Mateo County for San Mateo County Library, as part of an RDA tax sharing agreement with the County. The project is expected to generate $920,000 for San Carlos parks. Under current City requirement, the project is expected to generate over $830,000 for the local school district, at the time of building permit issuance.
- At Project buildout, approximately $34,895 in tax increment revenues from the Project will be diverted to meet statutory tax sharing payments.
- The project is expected to generate a total of $6.9 million in estimated annual retail expenditures at buildout for San Carlos businesses.
- Net annual tax increment revenues to the City of San Carlos RDA are estimated to be $546,457 at buildout. This is in addition to the estimated $237,383 the Project will generate in RDA housing funds.
- In addition, and separate from the City’s General Fund, the San Carlos RDA will receive tax increment revenues for its affordable housing fund as well as revenues to invest in infrastructure and other improvements in the redevelopment area as a result of the Project. CBRE Consulting estimates that the San Carlos RDA will receive $262,090 in housing funds as the result of the Project and $603,333 in net annual tax increment revenues in Fiscal Year 2017‐2018.
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