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SUBJECT: FISCAL IMPACT MODEL OVERVIEW <br />DATE: MAY 14, 2024 PAGE 4 OF 6 <br />Employee Density <br />Institute of Traffic Engineers <br />Employee Spending <br />ICSC/Staff Assumption: <br />Office = $5,000 & Retail = $1,200 <br />Retail Tax/Sq. Ft. <br /><25K = $100 <br />25K-50K = $200 <br />> 50K = $300 <br />Absorptions Rates (Time to Complete the <br />Developer/Staff Assumption: <br />Development) <br />7 Year Residential & 20 Year Commercial <br />The policy created in 2018 also requires that the analysis include a "high" and "low" <br />scenario to account for variability in how the development may proceed over time. The <br />"high" scenario analysis is based on the inputs provided by the applicant and the other <br />standard assumptions listed above. The "low" scenario adjusts values to 80% of the <br />"high" scenario and typically doubles absorption rates. Staff will also adjust inputs and <br />assumptions on a case -by -case basis when warranted and provides a summary of <br />assumptions in the staff memo for the project. <br />The following images show the standard input section of the model for both residential <br />and commercial development. <br />RESIDENTIAL DEVELOPMENT COMPONENT YES <br />Land Use Profile <br />Potential New <br />Development <br />Type of Absorption <br />Annual Absorption/ <br />Percent Absorbed <br />Residential Low Density <br />2.57 Persons Per Unit <br />$600,000 Per Unit <br />$300,000 Per Unit <br />33 Lin. Ft. Lot Width <br />6.76 Vehicle Trips <br />$132,000 HH Income <br />1,000 Units <br />50% Adj. Factor <br />35% on Taxables Items <br />percent Absorbed <br />10 Units <br />10.00% <br />Market Value: <br />Construction Value <br />Residential Medium Density <br />1.26 Persons Per Unit <br />$550,000 Per Unit <br />$275,000 Per Unit <br />8 Lin. Ft. Lot Width <br />4.13 Vehicle Trips <br />$121,000 HH Income <br />361 Units <br />50% Adj. Factor <br />35% on Taxables Items <br />percent Absorbed <br />50 Units <br />14 00% <br />Market Value: <br />Construction Value <br />Residential High Density <br />1.38 Persons Per Unit <br />$350,000 Per Unit <br />$175,000 Per Unit <br />8 Lin. Ft. Lot Width <br />4.66 Vehicle Trips <br />$77,0DD HH Income <br />0 Units <br />50% Adj. Factor <br />35% on Taxables Items <br />percent Absorbed <br />0 Units <br />30.00% <br />Market Value: <br />Construction Value <br />Land Use Profile <br />Develo ment <br />Type of Absorption <br />Percent Absorbed <br />Retail <25k <br />78.33 Vehicle Trips <br />$272 Per Sq. Ft. <br />3.33 Per 1,000 Sq. Ft. <br />28% Adj. Factor <br />Construction Value: <br />$150 Sales Per Sq. Ft. <br />136,418 Sq. Ft. <br />$194 Per Sq. Ft. <br />$o Spending er I . <br />percent Absorbed L71 <br />47,000 Sq. Ft. <br />10.00% <br />Market Value: <br />Em io ment Density: <br />Retail 25-50k <br />61.46 Vehicle Trips <br />$259 Per Sq. Ft. <br />2.86 Per 1,000 Sq. Ft. <br />31% Adj. Factor <br />Construction Value: <br />$200 Sales Per Sq. Ft. <br />0 Sq. Ft. <br />$185 Per Sq. Ft. <br />$0 Spendincl per I . <br />percent Absorbed <br />75,030 Sq. Ft. <br />10.00% <br />Market Value: <br />Employment Density: <br />Hotel <br />6.33 Vehicle Trips <br />$272 Per Sq. Ft. <br />0.62 Per 1,000 Sq. Ft. <br />50% Adj. Factor <br />Construction Value: <br />$52 Sales Per Sq. Ft. <br />206,606 Sq. Ft. <br />$194 Per Sq. Ft. <br />$1,200 S endinq per Em . <br />percent Absorbed <br />0 Sq. Ft. <br />10.00% <br />Market Value: <br />Employment Density: <br />Office <25k <br />13.00 Vehicle Trips <br />$272 Per Sq. Ft. <br />4.13 Per 1,000 S . Ft. <br />50% Adj. Factor <br />Construction Value: <br />$0 Sales Per Sq. Ft. <br />0 Sq. Ft. <br />$194 Per Sq. Ft. <br />$5,000 Spending er Em <br />percent Absorbed <br />0 Sq. Ft. <br />10.00% <br />Market Value: <br />Employment Densltyl <br />CITY COUNCIL COMMUNICATION <br />5 <br />