Planning Commission Agenda and Packet 2022 09 22

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Request to run the fiscal model with an 80% constrained buildout assumption and no employee spending for the hospital/medical office development. To provide a range of potential fiscal outcomes a "high and low" model run can be used. The "low" model run reduces construction and building values to 80%, and total building area constructed to 80% of standard assumptions. The request by the Commission for no employee spending is related to the assumption that the hospital would move its campus and the old campus would remain vacant, thus no increase would be seen to employee spending. Staff notes that this assumption would not be expected, as the existing hospital campus would be expected to redevelop or be repurposed, but has run the model with this assumption upon request. Fiscal Model Assumptions Full Buildout High Low 80% of High) Office Development 950,000 sq. ft. 760,000 sq. ft. Market Value $340/s . ft. $272/s . ft. Construction Value $280/s . ft. $224/s . ft. Employee Spending $4,000/ r $3,200/ r Absorption 5%/ r 5%/ r Industrial Development 1,100,000 sq. ft. 880,000 sq. ft. Market Value $156/s . ft. $125/s . ft. Construction Value $110/s . ft. $88/s . ft. Employee Spending $960/ r $768/ r Absorption 5%/ r 5%/ r Retail Development 15,000 sq. ft. 12,000 sq. ft. Market Value $200/s . ft. $160/s . ft. Construction Value $134/sq. ft. $107/sq. ft. Employee Spending $960/ r $768/ r Absorption 100% in yr 3 100% in yr 3 Hospital Development 435,000 sq. ft. 348,000 sq. ft. Market Value excluded excluded Construction Value excluded excluded Employee Spending $4,000/ r excluded Absorption 5%/ r 5%/ r Redtail Ridge Prelim/Final Plat Page 4 of 14 PC - September 22, 2022 19