Agenda - City of Santa Monica

To: Steve Mizokami, City of Santa Monica April 23, 2013
Subject: 1320 2 nd Street: Value Enhancement & Fiscal Impact Analysis Page 14
Supportable Land Value
Proposed Project $5,515,000
Base Zoning Alternative $3,148,000
Total Value Enhancement $2,367,000
FISCAL IMPACT ANALYSIS (APPENDICES C AND D)
As part of the original proposal to the City, the Developer submitted a fiscal impact
analysis of the project. The assumptions applied in the Developer’s analysis were vetted
by KMA, and overall were deemed to fall within the reasonable range.
During the Development Agreement negotiations between the City and the Developer,
the scope of development has been modified to eliminate three of the residential units,
and to reduce the GBA of ground floor retail space by approximately 91 square feet. In
addition, the following affordable housing unit contributions are being considered for
inclusion in the Community Benefits Package:
Proposed Project
Planning
Commission
Recommendation
Number of Studio Units 3 5
Income Restriction
Low Income @
60% AMI
Moderate Income
@ 80% AMI
The following KMA fiscal impact analysis is based on the assumptions applied in the
Developer’s fiscal impact analysis of the original scope of development. Using these
assumptions, KMA prepared analyses for both affordable housing alternatives being
considered.
Fiscal Impact Analysis Assumptions
The major assumptions used in this fiscal impact analysis are outlined in the following
table:
1210011_v4;SM:TRB
19305.013.001