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Agenda - City of Santa Monica

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To: Steve Mizokami, <strong>City</strong> <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong> April 23, 2013<br />

Subject: 1320 2 nd Street: Value Enhancement & Fiscal Impact Analysis Page 15<br />

Proposed<br />

Project<br />

Planning<br />

Commission<br />

Recommendation<br />

Unit Mix<br />

Market Rate Units 45 43<br />

Moderate Income Units 0 5<br />

Low Income Units 3 0<br />

Very-Low Income Units 5 5<br />

Total Units 53 53<br />

Equivalent Dwelling Units 58 58<br />

Total Population 75 75<br />

Total Project Value 6 $20,909,000 $20,719,000<br />

Retail Sales / Square Foot GBA $300 $300<br />

Estimated Average Resident Income<br />

Market Rate Units $80,000 $80,000<br />

Income - Restricted Units $34,400 $40,500<br />

Resident Expenditures as % <strong>of</strong> Income<br />

Market Rate Units 16% 16%<br />

Income – Restricted Units 23% 23%<br />

<strong>City</strong> Expenses / Unit $1,785 $1,785<br />

6 The project value directly impacts the property tax revenue and the motor vehicle license fee<br />

revenue.<br />

1210011_v4;SM:TRB<br />

19305.013.001

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