HomeMy WebLinkAbout2000-03-14; City Council; 15647; Infrastructure Financing DistrictCl” ’ OF CARLSBAD - AGENt”-. BILL
RB# 15’: 04v TITLE: INFRASTRUCTURE FiNANClNG DISTRICT AND
Ml-C: 3/14/00 INFRASTRUCTURE FINANCING PLAN FOR
DEPT. RM PARCELS 17 AND 18 OF THE CARLSBAD RANCH
AMENDED SPECIFIC PLAN AREA
RECOMMENDED ACTION:
Public hearing on proposed infrastructure financing district and financing plan.
ITEM EXPLANATION
On February 8, 2000, Council (1) approved a Resolution of Intention to establish an
infrastructure financing district for parcels 17 and 18 of the Carlsbad Ranch Amended Specific
Plan Area; and (2) directed the City Manager to prepare an infrastructure financing plan
pursuant to California Government Code Section 53395.14 for the proposed infrastructure
financing district.
INFRASTRUCTURE FINANCING DISTRICT (IFD): An IFD is a tax increment financing tool to
fund certain public improvements. The proposed IFD would allow the use of property tax
revenues generated from the LEG0 properties, after the formation of the District, to finance a
portion of the cost of public works necessary for the expansion of the park on parcel 18 and the
future development on parcel 17. The formation of the IFD is consistent with the Council’s goal
to develop and implement proactive strategies to ensure the financial health of the community
and the City.
The proposed IFD is an outcome of the efforts of “Team California”, a group of state, regional
and local agencies which identified incentives to attract LEG0 to Carlsbad. An attempt to form
an IFD to fund public improvements that would otherwise be funded directly by LEG0 was a
local incentive offered, and included in the 1996 development agreement between the City and
LEGO. Unfortunately, uncertainties about the legality of an IFD were not resolved until 1998,
and by this time, improvements for which the IFD was originally intended were already in place.
However, LEGOLAND expansions and LEGO’s hotel project will result in development impact
fees for a variety of public improvements serving the area that remain to be constructed. The
proposed IFD will reimburse LEG0 for those development fees.
INFRASTRUCTURE FINANCING PLAN (IFP): The proposed infrastructure financing plan is
shown as Exhibit 1. The IFP identifies the public facilities for which IFD funds are eligible, and
addresses the fiscal impact of the Infrastructure Financing District (IFD) on the City and the
County.
Key points of the IFP are summarized below.
Public Facilities Servina the IFD Area & Development Fees:
l Eligible public improvements: The public works projects and facilities eligible for financing
by an IFD include major roadway improvements, sewage treatment and water reclamation
plants, water treatment and collection facilities, flood control projects, parks, solid waste
disposal stations, and civic uses such as libraries. These facilities must serve both the IFD
area and be of community-wide benefit. The eligible capital projects serving the IFD area
and an area greater then the IFD have been identified from the projects listed in the 1999-
2000 Capital Improvement Program and are listed in the Appendix of the IFP.
l Development fees: The level of development impact fees for the LEGOLAND expansions
and hotel project are estimated at $3.1 million (400~room hotel) and $5.4 million (700
room hotel).
Proiection of Tax Increment Revenues
l Life of IFD and tax increment limit: The life of the IFD is limited to 20 years. The tax
increment limit of the IFD is $3.2 million. This limit is based on the purpose of the
proposed IFD - to reimburse LEG0 for some of the public improvement costs required for
the establishment of the park and for which the IFD was originally intended. During the
development of the park, these costs totaled $3.0 million. The additional $200,000 is to
cover County costs associated with administering the property tax revenues for the IFD.
l Timing of development and tax increment limit: The IFP estimates that the tax increment
limit/reimbursement limit will be achieved in 7 years if a 700-room hotel is constructed and
in 9 years if a 400-room hotel is built. These estimates are based upon the assumption that
both the City and County will contribute 100% of each agency’s respective tax increment.
Fiscal impact of the IFD on the Citv of Carlsbad and County of San Dieuo
l City of Carlsbad: The IFP estimates that the City of Carlsbad will forego $1.76 million
(future dollars) in property tax increment during the life of the District.
l County of San Diego: The IFP estimates that the County of San Diego will forego $1.44
million (future dollars) in property tax increment during the life of the District.
NEXT STEPS: The remaining steps and tentative schedule for the IFD formation process are
as follows:
1. February/March: Request County participation - In February, staff sent a request to County
staff for a presentation of the IFP to the Board of Supervisors with a request for approval.
In addition, a meeting with County staff was held on March 2, 2000 to discuss the proposed
financing plan and answer any questions.
2. April 18: Adoption of a resolution proposing to adopt the IFP and form the IFD, and a
resolution of intention to issue bonds as the mechanism by which LEG0 receives funds
from the IFD.
3. May 1: An election is held on the IFD - the property owner, LEGO, votes on whether the
company is in favor of the IFD.
4. June 6: Adoption of the IFP, creation of the IFD by ordinance, and authorization of the
issuance of bonds.
5. June 13: Second reading of the ordinance.
6. June 14: A validation action is filed.
7. July 13: The IFD is effective at the end of a 30-day referendum.
ENVIRONMENTAL REVIEW:
The Planning Director has determined that the environmental effects of this project have
already been considered in conjunction with previously certified environmental documents (EIR
91-03, MEIR 93-01 and MEIR 94-Ol), and therefore, no additional, or subsequent
environmental evaluation will be required. A notice of determination will be filed. Supporting
documentation for this determination is on file in the Planning Department.
FISCAL IMPACT:
The infrastructure financing plan assumes that both the City and County will commit to the IFD
100% of tax increment revenue generated from the park expansions and hotel development.
The limit of tax increment funds that can be allocated to the IFD is $3.2 million. Using the same
ratio of property tax revenue allocated to the City for base year property taxes, Carlsbad’s
share of the funds to be allocated to the IFD, or the total foregone tax increment to the City, is
$1.76 million (future dollars). If the County does not approve the IFP or decides to allocate
something less than 100% of its tax increment, the fiscal impact to the City remains at $1.76
million, unless the City Council decides to allocate additional tax increment funds. In this case,
the fiscal impact ranges between $1.76 and $3.2 million, depending on the amount determined
by the Council.
EXHIBITS
1. Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Amended
Specific Plan Area.
File: Library/agenda bills/lFD Informational Hearing 3-14 AB w cover sheet1
INFRASTRUCTURE FINANCING PLAN
FOR PARCELS 17 AND 18 OF THE
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
CITY OF CARLSBAD, CALIFORNIA
Adopted:
Ordinance No.
,200o
REVISED FINAL DRAFT 2/4/00
KEYSER MARSTON ASSOCIATES, INC.
TABLE OF CONTENTS
PAGE
SECTION 1 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
SECTION 2 THE IFD; MAP AND LEGAL DESCRIPTION . . . . . . . . . ..*......................................... 3
SECTION 3 DESCRIPTION OF PUBLIC FACILITIES
REQUIRED TO SERVE THE DEVELOPMENT
PROPOSED FOR PARCELS 17 AND 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Section 3.1 Introduction ............................................................................................. 4
Section 3.2 Identification of Public Facilities and Improvements ............................... 4
Section 3.3 Allocation of Costs to IFD Area .............................................................. 5
SECTION.4 FINDING THAT THE PUBLIC FACILITIES
(TO BE FUNDED FROM THE IFD) ARE OF
COMMUNITY-WIDE SIGNIFICANCE AND
PROVIDE SIGNIFICANT BENEFITS TO AN
AREA LARGER THAN THE AREA OF THE IFD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
SECTION 5 FINANCING SECTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Section 5.1 General ................................................................................................... 9
Section 5.2 Maximum Portion of Incremental
Tax Revenue Committed ...................................................................... 10
Section 5.3 Projection of Tax Revenues Received
By the IFD ............................................................................................. 10
Section 5.4 Plan for Financing Public Facilities.. ..................................................... 11
Section 5.5 Tax Increment Limit.. ............................................................................ 11
Section 5.6 Term of the IFD ..................................................................................... 11
Section 5.7 Cost/Benefit Analysis.. .......................................................................... 12
Section 5.7.1 Costs to the City.. ...................................................................... 12
Section 5.7.2 Revenues to the City ................................................................. 12
Section 5.8 Projected Fiscal Impact.. ....................................................................... 14
SECTION 6 DISPLACEMENT FROM IFD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..~............... 16
LIST OF EXHIBITS
EXHIBIT A
EXHIBIT B
EXHIBIT C
EXHIBIT C-l
EXHIBIT C-2
EXHIBIT C-3
EXHIBIT C-4
EXHIBIT D
EXHIBIT D-l
EXHIBIT D-2
EXHIBIT D-3
EXHIBIT D-4
EXHIBIT D-5
EXHIBIT D-6
EXHIBIT E
EXHIBIT E-l
EXHIBIT E-Z
EXHIBIT E-3
IFD MAP
IFD LEGAL DESCRIPTION
ELIGIBLE CAPITAL PROJECTS AND FUNDING SOURCES
Cost Summary for Capital Projects Serving IFD Area
Scenario 1: Legoland Expansion and 400-Room Hotel
Cost Summary for Capital Projects Serving IFD Area
Scenario 2: Legoland Expansion and 700-Room Hotel
Identification of Funding Sources for Capital Projects Serving IFD
Area
Description and Cost Allocation of Capital Projects Serving IFD Area
TAX INCREMENT REVENUE PROJECTION
Estimated Valuation of New Construction
Scenario 1: Legoland Expansion and 400-Room Hotel
Incremental Property Tax Revenue
Scenario 1: Legoland Expansion and 400-Room Hotel
City and County Tax Revenues
Scenario 1: Legoland Expansion and 400-Room Hotel
Estimated Valuation of New Construction
Scenario 2: Legoland Expansion and 700-Room Hotel
Incremental Property Tax Revenue
Scenario 2: Legoland Expansion and 700-Room Hotel
City and County Tax Revenues
Scenario 2: Legoland Expansion and 700-Room Hotel
COST/BENEFIT ANALYSIS
City of Carlsbad General Fund Expenditures
Scenario 1: 400-Room Hotel
City of Carlsbad General Fund Expenditures
Scenario 2: 700-Room Hotel
City of Carlsbad General Fund Revenues
Scenario 1: 400-Room Hotel
LIST OF EXHIBITS (CONT’D.)
EXHIBIT E-4 City of Carlsbad General Fund Revenues
Scenario 2: 700-Room Hotel
APPENDIX DESCRIPTIONS OF ELIGIBLE CAPITAL PROJECTS
SECTION 1 INTRODUCTION
INFRASTRUCTURE FINANCING PLAN
FOR PARCELS 17 AND 18 OF THE
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
This is the Infrastructure Financing Plan (the “Plan”) establishing an Infrastructure Financing
District (the “IFD”) for Parcels 17 and 18 of the Carlsbad Ranch Amended Specific Plan Area in
the City of Carlsbad, County of San Diego, State of California (referred to in this Plan as
“Parcels 17 and 18”). This Plan consists of text, the Infrastructure Financing District Map (Exhibit
A), the Infrastructure Financing District Legal Description (Exhibif B), the Eligible Capital Projects
and Funding Sources (Exhibif C), the Tax Increment Projection (Exhibit D), the CoWBenefit
Analysis (Exhibit E), and an Appendix containing descriptions of eligible capital projects. This
Plan will be implemented by the City of Carlsbad (the “City”) under the authority of and pursuant
to the Infrastructure Financing District Act of the State of California.
The definitions of general terms which are contained in the Infrastructure Financing District Act
govern the structure of this Plan unless more specific terms and definitions are otherwise
provided in this Plan.
In 1990, the State Legislature enacted Chapter 1575, which adds Chapter 2.8 (commencing with
Section 53395) to Part 1 of Title 5 of the Government Code (referred to in this Plan as the “Act”),
relating to infrastructure financing districts. In Opinion No. 97-906, issued on January 16, 1998,
the State Attorney General determined that the Act was constitutional, and that a city or county
may form an infrastructure financing district under which incremental increases in property taxes
are allocated to finance public capital facilities associated with the district.
On February 8, 2000, the City Council of the City of Carlsbad adopted a resolution of
intention to establish an infrastructure financing district for Parcels 17 and 18. The IFD includes
all properties within Parcels 17 and 18 shown on the Infrastructure Financing District Map and
described in the Infrastructure Financing District Legal Description. The IFD consists of
approximately 189 acres, all within the Carlsbad Ranch Amended Specific Plan area. The
permitted land uses are set forth in the Carlsbad Ranch Amended Specific Plan, which was
approved on January 16,1996 by Ordinance Number (s) NS 344 SPA #207 (a) and NS 345
SPA # 207 (g) (the “Amended Specific Plan”). In addition, the City and Lego Park Planning, Inc.
have entered into a Development Agreement with respect to the development of LEGOLAND
CARLSBAD on Parcel 18, recorded March 22,1996 as Document No. 1996-0141299. This
Plan is consistent with the General Plan of the City, the Amended Specific Plan, and the
Development Agreement.
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The purpose of this Plan is to provide for the financing of a portion of the cost of public works
needed for the development of Parcels 17 and 18 that benefit the broader community, described
in the Schedule of Public Facilities and Improvements, with incremental increases in property
taxes from Parcels 17 and 18, subject to the limitations set forth in this Plan. The only taxing
entities to be affected by this Plan will be the City of Carlsbad and the County of San Diego.
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SECTION 2 THE IFD; MAP AND LEGAL DESCRIPTION
The boundaries of the IFD are illustrated on the IFD Map attached to this Plan as Exhibit A. The
legal description of the IFD is set forth in the Legal Description attached to this Plan as Exhibit 5.
No part of the IFD is within a Redevelopment Project Area which is or has been previously
created pursuant to Part 1 (commencing with Section 33000) of Division 24 of the Health and
Safety Code.
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SECTION 3 DESCRIPTION OF PUBLIC FACILITIES REQUIRED TO SERVE THE
DEVELOPMENT PROPOSED FOR PARCELS 17 AND 18
Section 3.1 Introduction
This section identifies the public facilities and improvements required to serve the development
proposed for Parcels 17 and 18, including their respective location, timing, and estimated cost.
As background, the IFD consists of two parcels of land, Parcels 17 and 18 of the Carlsbad
Ranch Amended Specific Plan Area. Parcel 17 is currently vacant and undeveloped, and Parcel
18 is the site of Legoland Park (“Park”). The Park, in its initial phase, was completed and
opened in March 1999. The Park owner, Legoland Development, has identified plans for future
expansion of, and additions to, Legoland within Parcel 18. According to Legoland Development,
proposed annual expansions will range in value from $2 million to $6.1 million.
A major resort hotel is planned for development on Parcel 17. The resort hotel is intended to
complement the Park as well as the municipal golf course planned to be constructed by the City
of Carlsbad adjacent to Parcel 17. Specific plans regarding the size, operator, or construction
schedule for the proposed resort hotel have not yet been identified. The quality and size of the
project is anticipated to be comparable to the existing Four Seasons Resort Aviara and La Costa
Hotel and Spa resorts located in the City of Carlsbad.
City of Carlsbad planning staff have identified the achievable scope of the resort project on
Parcel 17 as ranging from 400 to 700 hotel rooms. The financing plan for the IFD considers
both hotel scenarios, in combination with the phased expansions planned for Legoland, with
respect to the projection of tax increment revenues, the potential cost/benefit to the City of
Carlsbad, and fiscal impacts to affected taxing entities. For the balance of this report the two
development scenarios are referred to in the following manner:
l Scenario 1: Legoland expansion and development of a 400-room resort hotel.
l Scenario 2: Legoland expansion and development of a 700-room resort hotel.
Section 3.2 Identification of Public Facilities and Improvements
The expansion of Legoland and the construction of the resort hotel are likely to cause impacts
upon the efficiency of existing public facilities in the IFD area and surrounding community.
Additional public works projects necessary to mitigate the impacts of the planned resort hotel, as
well as the impacts of future development in the community, have been identified by the City of
Carlsbad. A number of these projects are eligible to receive financial support from the IFD.
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The Infrastructure Financing District Act identifies the nature of public works projects and
facilities that are eligible for financing by the IFD (Government Code Section 53395.3). These
include major roadway improvements, sewage treatment and water reclamation plants, water
treatment and collection facilities, flood control projects, parks, solid waste disposal stations, and
civic uses such as libraries. The Eligible Public Works required to serve the development
proposed for Parcels 17 and 18, including their respective location, timing, and estimated cost,
are set forth in Exhibit C. The City has determined that these projects are of community-wide
benefit. The projects identified in Exhibit C serve not only the IFD area, but also the larger
community, by increasing water and sewer capacity, improving traffic circulation and easing
traffic congestion, and providing needed public services such as libraries, parks, and public
administration offices to better serve the greater community. A complete listing of the capital
projects serving the IFD area is presented in Exhibit C-4. Supporting project descriptions from
the City of Carlsbad Capital Improvement Budget are included in the Appendix. It should be
noted that the total project costs shown in Exhibif C-4 reflect the amount of the project costs
remaining to be spent, while the project descriptions in the Appendix reflect the total cost of the
project through completion.
Sectlon 3.3 Allocation of Costs to IFD Area
According to the City of Carlsbad Capital Improvement Budget for Fiscal Year 1999-2000, the
total remaining cost to complete the public improvements and facilities serving the IFD area and
surrounding community is approximately $122 million. Many California cities utilize a variety of
funding sources and mechanisms to finance these types of public works projects, including
Special Assessments, Community Facilities Districts, and Development Impact Fees. The
burden of funding public works through these funding mechanisms is ultimately borne by
developers of new construction. Fees and assessments are apportioned to new projects and
paid by developers on a fair-share basis related to the impacts that their development projects
will have on existing infrastructure and public facilities.
The funding mechanisms currently in place in the IFD area and surrounding community include
a Public Facilities Fee, a Community Facilities District Fee, a Traffic Impact Fee, and a Bridge &
Thoroughfare District Fee, among others (see Exhibit C-3). These districts and fees were
initiated by the City Council of the City of Carlsbad in recognition of the fact that present and
future development would create adverse impacts upon streets, water and sewer capacities, I
and other public facilities and services.
The City of Carlsbad has apportioned a fair-share of the cost of funding these projects to the
Legoland expansions planned on Parcel 18 and to the resort hotel development proposed for
Parcel 17. The cost figures are estimates based upon preliminary assumptions regarding
expansion plans for Legoland and the development concept for the resort hotel (ranging from
400 to 700 hotel rooms). The total burden of fees and assessments allocated to future Legoland
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expansions is approximately $0.9 million and the fee burden allocated to the hotel is estimated
at approximately $2.2 million for the 400-room scenario and $4.5 million for the 700~room
scenario ( see Exhibits C-l and C-2). The fees must be paid at the time of issuance of building
permits. On a preliminary basis, City staff has determined that new development within the IFD
would be eligible for reimbursement of fees and assessments in the range of $2.78 to $3.20
million, depending on the size of the hotel. Bonds will be issued by the IFD pursuant to Article 4
of the Act (Government Code Sections 53397.1 et seq.) to facilitate the reimbursement. The
sole bondholder(s) will be the developer(s). This reimbursement will be subject to the tax
increment revenue limit set forth in Section 5.5 below.
The following table summarizes the allocation of the costs of public improvements and facilities
among the IFD (tax increment revenues); Legoland and the developer of the hotel; and other
sources. Other sources include the range of funding mechanisms detailed in Exhibit C.
Although these funding sources are controlled by the City of Carlsbad, they originate from fees
and assessments collected from other private developers throughout the community. As shown
in the table, the proportion of public improvements and facilities to be funded by the IFD ranges
between 2.3% and 2.6% of the total costs.
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Scenario 1: Scenario 2:
Costs of Public Improvements Legoland Expansion Legoland Expansion
and Facilities (1) and 400-Room Hotel and 700-Room Hotel
Reimbursed by IFD (2) $2.78 million $3.20 million
% of Total 2.3% 2.6%
Funded by Legoland $0.34 million $2.22 million
and Hotel Developer
% of Total
Funded by Other Sources (3)
% of Total
Total Costs
% of Total
(1) Allow for rounding error.
0.3% 1.8%
$118.83 million $116.53 million
97.4% 95.5%
$121.95 million $121.95 million
100.0% 100.0%
(2) This amount is limited by: (a) the amount of fees and assessments determined to be eligible for
reimbursement by the IFD; and (b) the tax increment limit.
(3) Fees and assessments collected from other developers.
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SECTION 4 FINDING THAT THE PUBLIC FACILITIES (TO BE FUNDED FROM THE
IFD) ARE OF COMMUNITY-WIDE SIGNIFICANCE AND PROVIDE
SIGNIFICANT BENEFITS TO AN AREA LARGER THAN THE AREA OF
THE IFD
The City Council of the City of Carlsbad hereby finds that the public facilities and improvements
set forth in Exhibit C (collectively, the “Eligible Public Works”), are of community-wide
significance and provide significant benefits to an area larger than the area of the IFD. In all
cases, the Eligible Public Works: (a) are necessary for the development to be constructed in the
IFD, and (b) provide significant benefits to the broader community in the City of Carlsbad.
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SECTION 5 FINANCING SECTION
Section 5.1 General
Incremental property tax revenues from the City of Carlsbad and from the County of San Diego
(the “County”) may be used to finance the Eligible Public Works.
All taxes, if any, levied upon taxable property included within the District each year by or for the
benefit of the State of California, the City, or the County (but no other taxing entity) after the
effective date of the ordinance adopted pursuant to Government Code Section 53395.23 to
create the IFD, shall be divided as follows:
(a) That portion of the taxes which would be produced by the rate upon which
the tax is levied each year by or for each of the affected taxing entities upon the
total sum of the assessed value of the taxable property in the IFD as shown upon
the assessment roll used in connection with the entity, last equalized prior to the
effective date of the ordinance adopted pursuant to Section 53395.23 to create
the IFD, shall be allocated to, and when collected shall be paid to, the respective
affected taxing entities as taxes by or for the affected taxing entities on all other
property are paid.
(b) That portion of the levied taxes each year specified in this Plan for the City
and the County in excess of the amount specified in subdivision (a) shall be
allocated to, and when collected shall be paid into a special fund of, the IFD for all
lawful purposes of the IFD. Unless and until the total assessed valuation of the
taxable property in the IFD exceeds the total assessed value of the taxable
property in the IFD as shown by the last equalized assessment roll referred to in
subdivision (a), all of the taxes levied and collected upon the taxable property in
the IFD shall be paid to the respective affected taxing entities. When the IFD
ceases to exist pursuant to this Plan, all moneys thereafter received from taxes
upon the taxable property in the IFD shall be paid to the respective affected
taxing entities as taxes on all other property are paid.
The IFD will be effective prior to the August 20, 2000 date of equatization of the assessment roll.
On this basis, then, Fiscal Year 1999-2000 will be the base year and the assessed valuation of
the properties on the January 1, 1999 lien date will be the base year assessed value.
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Section 5.2 Maximum Portion of Incremental Tax Revenue Committed
The City of Carlsbad and the County of San Diego are affected taxing entities as defined by the
Infrastructure Financing District Act (Government Code Section 53395.1). Under the terms of
the financing plan for the IFD, both entities will commit 100% of incremental tax revenues to the
IFD in each year during which the IFD exists. This commitment will be subject to the tax
increment revenue limit set forth in Section 5.5 below.
Section 5.3 Projection of Tax Revenues Received by the IFD
Exhibit D presents a projection of the amount of tax revenue projected to flow to the IFD under
the two development scenarios: Scenario 1, Legoland expansion and development of a 400-
room hotel; and Scenario 2, Legoland expansion and development of a 700-room hotel.
Projections of the tax increment revenues for the IFD for each year of its duration are
shown in Exhibits D-3 (Scenario 1) and D-6 (Scenario 2).
Projected tax increment revenues are based upon increases in the annual incremental
assessed valuation of the IFD which result from: (1) transfers of property ownership; (2) new
construction activities; and (3) 2% annual inflationary increases allowable under Article XIIIA of
the California Constitution.
New development in the IFD area will include phased expansions of Legoland and construction
of the resort hotel. According to Legoland Development,,expansions to Legoland of varying
magnitude ($2.0 million to $6.1 million per year) are planned for at least the next 10 years.
Legoland is currently under way with significant improvements to the Park expected to total
$29.8 million by the end of 2000. These expansions will add new assessed value, which will, in
turn, generate additional tax increment. In addition, Legoland Development has indicated that
the target date for completion and opening of the resort hotel is the year 2002. On this basis,
the tax increment projection in Exhibit D assumes that tax increment revenues from the hotel
development would begin to flow in Fiscal Year 2003-2004.
Under either development scenario, the distribution of tax increment revenue committed to the
IFD by the City and County will total $1.76 million and $1.44 million, respectively (future dollars).
Under Scenario 1, the IFD is projected to reach the tax increment limit (set forth below in Section
5.5) by Year 9 of its existence. Under Scenario 2, the District is projected to reach the tax
increment limit by Year 7.
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Section 5.4 Plan for Financing Public Facilities
The use of the IFD tax increment revenue is restricted to the reimbursement of one-time
Development Impact Fees and assessments related to eligible capital projects serving the area
of the IFD, as defined in Exhibit C. Legoland and the developer of the resort hotel shall pay to
the City of Carlsbad all required fees and assessments at the time of building permit issuance.
The IFD will reimburse the eligible portion of these fees, as tax increment funding becomes
available over time, up to a limit of $3.2 million. The sole purpose of the IFD is to facilitate the
reimbursement of these fees. The financing plan for the IFD does not provide for the issuance
of any form of indebtedness on the part of the IFD, except to document the obligation to
reimburse the developer(s) as provided in this Section 5.4. The agreement to reimburse the
developer(s) will be in the form of a bond issued by the IFD pursuant to Article 4 of the Act
(Government Code Sections 53397.1 et seq.). The sole bondholder(s) will be the developer(s).
The tax increment revenues from the District will be pledged for the 20-year term of the IFD to
pay the principal amount of the bond (equal to the eligible portion of the fees and assessments
paid by the developer(s) minus certain costs to be paid to the County pursuant to the Act),
without interest, not to exceed $3.2 million.
Section 5.5 Tax Increment Limit
The maximum amount of taxes that may be allocated to the IFD is $3.2 million.
Section 5.6 Term of the IFD
According to State law (Government Code Section 53395.14) the maximum life of an
infrastructure financing district is “to be not more that 30 years from the date on which the
ordinance forming the district is adopted.” This IFD will cease to exist on the date that is 20
years from the date of adoption, or upon the allocation to the IFD of $3.2 million, whichever
comes first.
A projection of tax increment revenues for the IFD was presented in Section 5.3 above. The tax
increment revenue projection indicates that the IFD is estimated to achieve the limit of allocated
taxes as stated in Section 5.5 ($3.2 million), and therefore cease to exist, by the seventh year of
its operation for Scenario 2 and by the ninth year for Scenario 1. These projections are subject
to the market performance assumptions in Exhibits D-f through D-6.
Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Revised Final Drafi 2/4/00
20009ndh
Keyser Marston Associates, Inc.
Page 11
-.
Section 5.7 Cost/Benefit Analysis
Section 5.7.1 Costs to the City
This section addresses both the one-time capital costs to the City of providing facilities to the
IFD area and the recurring annual costs to the City of providing services to the IFD area.
As shown in the table at the end of this section, the costs to the City to provide facilities to the
IFD area are estimated to range from $3.1 million to $5.4 million.
Costs of providing services to the IFD area were estimated based on the City’s General Fund
expenditures for Fiscal Year 1999-2000. As shown in Exhibits E-7 and E-2, a correlation
between municipal service costs and population/employment factors can be used to project
incremental General Fund expenditure impacts on a per-resident and per-resident-equivalent
basis. The standard approach involves estimating the relative impacts on municipal service
expenditures of new residents and new jobs within the City. A typical assumption in fiscal
impact methodology is that three new jobs have the municipal service impacts of one new
resident.
Build-out of the IFD area is not expected to generate new population. However, the anticipated
employment can be expressed as a total of 418 “resident equivalents” under Scenario 1 and 493
“resident equivalents” under Scenario 2. Based on these assumptions, build-out of the IFD area
is projected to generate recurring annual General Fund expenditure impacts of $217,000 per
year under Scenario 1, and $257,000 under Scenario 2. These estimates are expressed in
current (2000) dollars.
Section 5.7.2 Revenues to the City
This section addresses both one-time capital and recurring annual revenues to the City resulting
from expected development in the IFD area.
As shown in the table below, the City will receive fees and assessments from new development
within the IFD ranging from $3.1 million to $5.4 million. These revenues fully offset the
anticipated costs to the City to provide facilities to the IFD area.
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Revised Final D/at? 2/4/00
20009ndh
Keyser Marston Associates, inc.
Page 12
-
The City will also receive a range of building permit and plan check fees related to expansions of
Legoland and development of the hotel. The amount of building permit and plan check fees that
could be received has been estimated by the City to range from between $470,000 to
$1,060,000. These revenues can be expected to offset the City’s costs of providing services
related to the planning and building approval process.
Recurring annual taxes and other revenues resulting from development activity within the IFD
area were estimated for both development scenarios, as presented in Exhibits E-3 and E-4.
Annual property taxes generated within the IFD area are estimated to total $1.38 million. This
estimate is 1% of the combined base year property tax valuation of Parcels 18 (Legoland) and
Parcel 17 (hotel). The City of Carlsbad’s share of base year property tax is calculated by
applying the City’s 19.3% share to the 1% base year property tax. On this basis, then, base-
year property tax revenues from the IFD area to the City of Carlsbad are estimated to total
$268,000 annually (all figures represent 2000 dollars).
Sales tax generated within the IFD area at Legoland and the proposed hotel were estimated for
both scenarios. Based on retail sales estimates provided by Legoland Development, and
projections of retail, food, and beverage sales at the proposed hotel, annual sales tax to the City
is estimated to total $463,000 under Scenario 1 and $563,000 under Scenario 2.
Transient Occupancy Tax (TOT) revenues generated from the proposed resort hotel were
’ determined based on application of the City’s 10.0% TOT rate to projected hotel room revenues.
Under Scenario 1, annual TOT revenues are estimated to total $1.7 million. Under Scenario 2,
$2.9 million annually from TOT is anticipated.
Other recurring annual revenues to the City resulting from development within the IFD area were
based on estimated General Fund revenues for Fiscal Year 1999-2000 and application of the
per capita approach described above in Section 5.7.1. As indicated in Exhibits E-3 and E-4,
total recurring General Fund revenues inclusive of all taxes and other revenue sources, are
estimated to total $2.5 million under Scenario 1, and $3.8 million under Scenario 2.
Infrastructure Financing Plan for Parcels 17 and 18 of the Carlsbad Ranch Specific Plan - Revised Final Draff 2/4/00
20009ndh
Keyser Mars ton Associates, Inc. Page 13
1
One-Time Capital Impacts
costs Revenues
Scenario I: $3.12 million for facilities Legoland and hotel
Legoland Expansion serving IFD area. developer will be
and 400-Room Hotel ($118.83 million in responsible for payment of
additional community-wide $3.12 to $5.42 million in
improvements). fees and assessments upon
issuance of building
permits. IFD will reimburse
Scenario 2: $5.42 million for facilities eligible fees and
Legoland Expansion serving IFD area. assessments through
and 700-Room Hotel ($116.53 million in issuance of bonds, up to a
additional community-wide maximum of $3.20 million,
improvements). serviced from tax increment
revenues.
Recurring Annual Impacts
Scenario I $217,000 $2,470,000
Scenario 2 $257,000 $3,840,000
Section 5.8 Projected Fiscal Impact
The total projected fiscal impact of the IFD and associated development on the affected taxing
entities (City and County) is shown in the table below. The fiscal impact can be expressed as
the amount of tax revenue that is foregone by the City and County to the IFD. During the life of
the IFD, the total foregone tax increment to the City of Carlsbad is estimated to have a future
value of $1.76 million and a net present value ranging from $1,057,000 under Scenario 1 to
$1 ,111,OOO under Scenario 2.
The fiscal impact of the IFD on the County of San Diego is projected to have a future value of
$1.44 million and a net present value of $864,000 under Scenario 1 and $909,000 under
Scenario 2.
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Revised Final Draff 2/4/00
ZCQOSndh
Keyser Marston Associates, Inc.
Page 14
*\ i,,
“.Y
$1,760,000 $1,440,000
$1,057,000 $864,000
Foregone Tax Increment
Scenario I:
Legoland Expansion
and 400-Room Hotel
City of Carlsbad County of San Diego
Future Value
Present Value @ 10% Discount
Rate
Scenario 2:
LegolandExpansion
and 700-Room Hotel
Future Value
Present Value @ 10% Discount
Rate
$1,760,000 $1,440,000
$1,111,000 $909,000
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Revised Final DratI 2/4/00
20009ndh
Keyser Marston Associates, Inc.
Page 15
SECTION 6 DISPLACEMENT FROM IFD
No dwelling units occupied by persons or families of low or moderate income are proposed to be
removed or destroyed in the course of private development or public works construction within
the area of the IFD.
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Revised Final Drawl 2/4/00
20009ndh
Keyser Marston Associates, Inc.
Page 16
.,
C‘ A’
_-
EXHIBIT A
IFD MAP
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Revised Final DrafI 2/4/00
20009ndh
Keyser Marston Associates, Inc.
Page 17
!$ ;
I.... ,:’
EXHIBIT B
IFD LEGAL DESCRIPTION
LEGOLAND PARCEL - Lot 18, Map No. 13408 (CT 94-09)
RESORT HOTEL PARCEL - Lot 17, Map No. 13408, (CT 94-09) and a Portion of Lot
F, M823
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Revised Final Draff 2/4/00
20009ndh
Keyser Marston Associates, Inc.
Page 18
i i-2 3, f- i.~” i
EXHIBIT C
ELIGIBLE CAPITAL PROJECTS AND FUNDING SOURCES
EXHIBIT C-l Cost Summary for Capital Projects Serving IFD Area
Scenario 1: Legoland Expansion and 400-Room Hotel
EXHIBIT C-2 Cost Summary for Capital Projects Serving IFD Area
Scenario 2: Legoland Expansion and 700-Room Hotel
EXHIBIT C-3
EXHIBIT C-4
Identification of Funding Sources for Capital Projects
Serving IFD Area
Description and Cost Allocation of Capital Projects
Serving IFD Area
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Revised Final Dral? 2/4/00
20009ndh
Keyser Marston Associates, Inc.
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EXHIBIT D
TAX REVENUE PROJECTION
EXHIBIT D-l Estimated Valuation of New Construction
Scenario I: Legoland Expansion and 400-Room Hotel
EXHIBIT D-2 Incremental Property Tax Revenue
Scenario I: Legoland Expansion and 400-Room Hotel
EXHIBIT D-3 City and County Tax Revenues
Scenario 1: Legoland Expansion and 400-Room Hotel
EXHIBIT D-4 Estimated Valuation of New Construction
Scenario 2: Legoland Expansion and 700.Room Hotel
EXHIBIT D-5 Incremental Property Tax Revenue
Scenario 2: Legoland Expansion and 700-Room Hotel
EXHIBIT D-6 City and County Tax Revenues
Scenario 2: Legoland Expansion and 700-Room Hotel
Infrastructure Financing Plan for Parcels 17 and 18 of the Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Plan - Revised Final Orat? 2/4/&l
2000Qndh
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EXHIBIT E
COST/BENEFIT ANALYSIS
EXHIBIT E-l City of Carlsbad General Fund Expenditures
Scenario 1: 400-Room Hotel
EXHIBIT E-2 City of Carlsbad General Fund Expenditures
Scenario 2: 700-Room Hotel
EXHIBIT E-3 City of Carlsbad General Fund Revenue
Scenario 1: 400,Room Hotel
EXHIBIT E-4 City of Carlsbad General Fund Revenues
Scenario 2: 700-Room Hotel
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Revised Final Drail2/4/00
20009ndh
Keyser Marston Associates, Inc.
EXHIBIT E-l
CITY OF CARLSBAD GENERAL FUND EXPENDITURES
SCENARIO 1: 400.ROOM HOTEL
INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
Baseline Assumptions Carlsbad (1999)
Population 77,600
Total Number of Jobs 49,680
IFD Area
n/a
954 (1)
Number of Hotel Rooms
0.75 Employees Per Room
400
300
Equivalent Residents
Total Resident Equivalents
16,560 418
3 jobs = 1 resident
94,160 418
General Fund Revenue Expendituras
Policy Leadership Group
FY 1999-2000 Expenditures IFD Area (2)
Per Resident or Projected Residents
iotal or Resident Equivalent or Resident Equivalents Total Impact
$2,485,452 $26 Per Resident Equivalent 418 $11,000
Adminstrative Services $3,760,069 $48 Per Resident 0 $0
Public Safety $21,720,298 $231 Per Resident Equivalent 418 $96,000
Community Development $5,080,862 $54 Per Resident Equivalent 418 $23,000
Community Services $8,921,826 $115 Per Resident 0 $0
Public Works $11,547,782 $123 Per Resident Equivalent 418 $51,000
Non-Departmental $4,125,000 $44 Per Resident Equivalent 418 $18,000
Contingencies $4,000,000 $42 Per Resident Equivalent 418 $18,000
Total General Fund Expenditures $61,641,289 $217,000
(1) Represents mid-point of peak and off-peak employment. Assumes 658 full-time and
592 seasonal/part-time positions.
(2) Estimates of annual expenditure impacts at project stabilization in 2000 dollars. Excludes impacts of Legoland expansions.
Prepared by: Keyser Marston Associates, Inc.
Filename c:\carlsbad\legoland\rev_fiscalimpact;2/2/00;lag \\\
4 0 .j
. . r
EXHIBIT E-2
CITY OF CARLSBAD GENERAL FUND EXPENDITURES
SCENARIO 2: 700-ROOM HOTEL
INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
Baseline Assumutions
Population
Total Number of Jobs
Carlsbad (1999)
77,600
49,680
Area IFD
n/a
954 (1)
Equivalent Residents
Total Resident Equivalents
Number of Hotel Rooms 700
0.75 Employees Per Room 525
16,560 493
3 jobs = 1 resident
94,160 493
General Fund Revenue Expenditures
Policy Leadership Group
FY 1999-2000 Expenditures IFD Area (2)
Per Resident or Projected Residents
w or Resident Equivalent or Resident Equivalents Total Impact
$2,485,452 $26 Per Resident Equivalent 493 $13,000
Adminstrative Services $3,760,069 $48 Per Resident 0 $0
:r ‘Public Safety ’ $21,720,298 $231 Per Resident Equivalent 493 $114,000
Community Development $5,080,862 $54 Per Resident Equivalent 493 $27,000
Community Services $8,921,826 $115 Per Resident 0 $0
Public Works $11,547,782 $123 Per Resident Equivalent 493 $60,000
Non-Departmental $4,125,000 $44 Per Resident Equivalent 493 $22,000
Contingencies $4,000,000 $42 Per Resident Equivalent
$61,641,289 $257,000
(I) Represents mid-point of peak and off-peak employment. Assumes 658 full-time and
592 seasonal/pat-t-time positions.
(2) Estimates of annual expenditure impacts at project stabilization in 2000 dollars. Excludes impacts of Legoland expansions.
Prepared by: Keyser Marston Associates, Inc.
Filename c:\carlsbad\legoland\rev~fiscalimpact;2/2/00;lag
EXHIBIT E-3
.* CITY OF CARLSBAD GENERAL FUND REVENUES
SCENARIO 1: 400-ROOM HOTEL
INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
Baseline Assumations Carlsbad (19991
Population 77.600
Total Number of Jobs 49,680
0.75
Equivalent Residents
Total Resident Equivalents
16,560
3 jobs = 1 resident
94,160
Number of Hotel Rooms
Employees Per Room
IFD Area
nla
954 (1)
400
300
418
418
General Fund Revenue Source
Property Tax (3)
Sales Tax (3)
Transient Occupancy Tax (3)
Other Taxes (4)
Licenses and Permits
Vehicle License Fees
Charges for Services
Fines and Forfeitures
Interest
Interdepartmental Charges
Other Revenue Sources
FY 1999-2000 Revenues IFD Area (2)
Per Resident or Projected Residents
TS or Resident Equivalent or Resident Eauivalents Total lmoact
$15,808,000 $268,000
$17,756,000 $463,000
$7.463,000 $1,682.000
$4.511,000 $48 Per Resident Equivalent 418 $20,000
$3,087,000 $33 Per Resident Equivalent 418 $14,000
$3,967,000 $51 Per Resident 0 $0
$6,162,000 $79 Per Resident 0 $0
$816,000 $11 Per Resident 0 $0
$2,164,000 $23 Per Resident Equivalent 418 $10,000
$1,650,000 $18 Per Resident Equivalent 418 $7,000
$1 ,ooo,ooo $11 Per Resident Equivalent 418 $4,000
Total General Fund Revenues $64,384,000
(1) Represents mid-point of peak and off-peak employment. Assumes 656 full-time and
592 seasonal/part-time positions.
$2.468,000
(2) Estimates of annual revenue impacts at project stabilization in 2000 dollars. Excludes impacts of Legoland expansions.
(3) Confidential worksheet submitted to City under separate cover.
(4) Includes Franchise, Business License, and Transfer Tax.
Prepared by: Keyser Marston Associates, Inc.
Filename c:\carlsbad\legoland\rev_fiscalimpact;2/U
EXHIBIT E-4
(1 c CITY OF CARLSBAD GENERAL FUND REVENUES
SCENARIO 2: 700-ROOM HOTEL
INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
Baseline Assumptions Carlsbad (1999)
Population 77,600
Total Number of Jobs 49.680
Area IFD
n/a
954 (1)
Number of Hotel Rooms 700
0.75 Employees Per Room 525
Equivalent Residents
Total Resident Equivalents
16,560 493
3 jobs = 1 resident
94,160 493
General Fund Revenue Source FY 1999-2000 Revenues
Per Resident or
Total or Resident Equivalent
IFD Area (2)
Projected Residents
or Resident Equivalents Total Impact
Property Tax (3) $15,808,000 $268,000
Sales Tax (3) $17,756,000 $563,000
Transient Occupancy Tax (3) $7,463,000 $2,943,000
Other Taxes (4) $4,511,000 $48 Per Resident Equivalent 493 $24,000
Licenses and Permits $3,087,000 $33 Per Resident Equivalent 493 $16,000
Vehicle License Fees $3.967,000 $51 Per Resident 0 $0
Charges for Services $6,162,000 $79 Per Resident 0 $0
Fines and Forfeitures $816,000 $11 Per Resident 0 $0
Interest $2.164.000 $23 Per Resident Equivalent 493 $11,000
Interdepartmental Charges $1,650.000 $18 Per Resident Equivalent 493 $9.000
Other Revenue Sources $l,OOO,OOO $11 Per Resident Equivalent 493 $5,000
tal General Fund Revenues $64,384,000 $3,839,000
(1) Represents mid-point of peak and off-peak employment. Assumes 658 full-time and
592 seasonal/part-time positions.
(2) Estimates of annual revenue impacts at project stabilization in 2000 dollars. Excludes impacts of Legoland expansions.
(3) Confidential worksheet submitted to City under separate cover.
(4) Includes Franchise, Business License, and Transfer Tax.
Prepared by: Keyser Marston Associates, Inc.
Filename c:\carlsbadUegoland\rev_fiscalimpact;2/2/00;lag
. .
,4 “C i 1(
APPENDIX
DESCRIPTIONS OF ELIGIBLE CAPITAL PROJECTS
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan -Revised Final Draff 2/4/00
20003ndh
Keyser Marston Associates, Inc.
Page 19
I -1,
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