HomeMy WebLinkAbout2000-06-27; City Council; 15804; Infrastructure Financing District- - If (3 CITY OF CARLSBAD - AGENDA BILd‘ 2 ’ 6
1 AB# ts,g@f ) -1 I DEPT. HD.
MTG. 6-27-00
DEPT. CLK
ADOPTION OF ORDINANCE NO. NS-551
ADOPTING AN INFRASTRUCTURE FINANCING PLAN CITY ATTY.
AND CREATING AN INFRASTRUCTURE FINANCING
DISTRICT FOR PARCELS 17 AND 18 OF THE CARLSBAD CITY MGR
RANCH AMENDED SPECIFIC PLAN AREA
RECOMMENDED ACTION:
Adopt Ordinance No. NS-551 adopting an Infrastructure Financing Plan and creating an
Infrastructure Financing District for Parcels 17 and 18 of the Carlsbad Ranch Amended
Specific Plan Area.
ITEM EXPLANATION:
Ordinance No. NS-551 was introduced and first read at the City Council meeting held on
June 20, 2000. The second reading allows the City Council to adopt the ordinance, which
would then become effective in thirty days. The City Clerk will have the ordinance published
within fifteen days, if adopted.
FISCAL IMPACT:
See Agenda Bill No. #l&797 on file with the City Clerk.
EXHIBITS:
Ordinance No. NS-55 1.
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ORDINANCE NO. NS-551
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA ADOPTING AN
INFRASTRUCTURE FINANCING PLAN AND CREATING
AN INFRASTRUCTURE FINANCING DISTRICT FOR
PARCELS 17 AND 18 OF THE CARLSBAD RANCH
AMENDED SPECIFIC PLAN AREA
Section 1: Recitals
A. The Legislature of the State of California has enacted a comprehensive statutory scheme,
the Infrastructure Financing District Act (Government Code Section 53395 et seq.) (the
“Act”), authorizing a city, county, or city and county to create an infrastructure financing
district as a means of financing construction of public works and facilities for new
development projects through the funding mechanism known as “tax increment
financing” under which incremental increases in property taxes are allocated to finance
public capital facilities associated with the district.
B. On February 8,2000, the City Council (“City Council”) of the City of Carlsbad (“City”)
instituted proceedings for the creation of an infrastructure financing district
(“Infrastructure Financing District”) for Parcels 17 and 18 of the Carlsbad Ranch
Amended Specific Plan Area (“Property”) by adoption of a Resolution of Intention to
Establish an Infrastructure Financing District pursuant to the Act. The City Council also
directed the City Manager to prepare an infrastructure financing plan for the Property.
C. The City Manager prepared an infrastructure financing plan for the Property
(“Infrastructure Financing Plan”), sent the Infrastructure Financing Plan to each
landowner within the proposed Infrastructure Financing District, and made the proposed
Infrastructure Financing Plan available for public inspection, as required by the Act. The
Infrastructure Financing Plan is attached hereto as Exhibit A and incorporated herein by
reference.
D. On March 14, 2000, after first publishing notice as required by law, the City Council
held an informational public hearing on the proposal to create the Infi-astructure
Financing District for the Property and to adopt the Infrastructure Financing Plan.
E. As provided in the Act, the City Manager and staff have consulted with and met with
representatives of the County of San Diego.
F. Based on such consultation, the proposed Infrastructure Financing Plan has been
modified to propose formation of the Infrastructure Financing District for the Property
without allocation of the tax increment revenues of the County of San Diego or any other
affected taxing agency except the City.
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On April 18, 2000, the City Council held a second public hearing on the proposal to
create the Infrastructure Financing District and adopt the Infrastructure Financing Plan,
as modified, after first publishing notice as required by law. Following the public
hearing, the City Council adopted a Resolution Proposing Approval of an Infrastructure
Financing Plan and Formation of an Infrastructure Financing District for the Property.
Following the adoption of said Resolution, on May 1, 2000, a landowner election was
conducted in the manner required by the Act with regard to the proposal to create the
Infrastructure Financing District. The Property landowners voted in favor of creating the
Infrastructure Financing District.
The City Planning Director has determined that the environmental effects of adoption of
the Infrastructure Financing Plan and creation of the Infrastructure Financing District
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 is required.
The City Council has duly considered all terms and conditions of the proposed
Infrastructure Financing Plan for the Property, as modified, and believes that the
proposal to create the Infrastructure Financing District and adopt the proposed
Infrastructure Financing Plan, as modified, is in the best interests of the City and the
health, safety, and welfare of its residents, and in accord with the public purposes and
provisions of applicable state and local law and requirements.
The proposed Infrastructure Financing Plan complies with all of the requirements of the
Act and all actions required by law have been taken by all appropriate persons and
entities.
Section 2: Ordinance
NOW, THEREFORE, the City Council of the City of Carlsbad, California does
ordain as follows:
1. The City Council hereby finds and determines that the foregoing recitals are true and
correct.
2. The City Council hereby adopts the proposed Infrastructure Financing Plan, as
modified, in substantially the form presented to the City Council, a copy of which is
on file with the City Clerk, and hereby creates the Infrastructure Financing District
with the full force and effect of law.
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The Mayor is hereby authorized to execute this Ordinance.
The City Manager is hereby authorized to take any action and execute any and all
documents and agreements necessary to implement the Infrastructure Financing Plan
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and Infrastructure Financing District.
5. The City Council hereby directs staff to file a notice of determination with the County Clerk of
San Diego County within five (5) working days of adoption of the Infrastructure Financing Plan.
EFFECTIVE DATE: This ordinance shall be effective thirty days after its adoption, and the
City Clerk shall certify the adoption of this ordinance and cause it to be published at least once in a
newspaper of general circulation in the City of Carlsbad within fifteen days after its adoption.
INTRODUCED AND FIRST READ at a regular meeting of the Carlsbad City Council on the
20th day of June, 2000, and thereafter
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Carlsbad on
the 27’h day of June, 2000, by the following vote, to wit:
AYES: Council.Members Lewis, Hall, Finnila, Nygaard and Kulchin
NOES: None
ABSENT: None
WOOD, City Clerk
File: Libra
1 . * .
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Exhibit “A”
Form of Bond
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
INFRASTRUCTURE FINANCING DISTRICT
FOR PARCELS 17 AND 18 OF THE
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
SERIES 2000
INTEREST RATE DATED DATE
0% June 1,200O
HOLDER: Carlsbad Estate Holding Inc and LEGOLAND Estates A.G.
RECITALS
A. On June 27 , 2000, pursuant to the Infrastructure Financing District Act
(Government Code Section 53395 et seq.) (“Act”), the City Council of the City of
Carlsbad (“City”) by Ordinance adopted an infrastructure financing plan
(“Infrastructure Financing Plan”) and created an infrastructure financing district
(“Infrastructure Financing District”) for Parcels 17 and 18 of the Carlsbad Ranch
Amended Specific Plan Area (“Property”). The City is the sole affected taxing entity
for the Infrastructure Financing District as defined in the Act. Capitalized terms not
otherwise defined herein shall have the meaning ascribed to them in the Infrastructure
Financing Plan. The Infrastructure Financing Plan is hereby incorporated by reference
as though set forth in full herein.
B. The City and LEG0 entered into a Development Agreement with respect to the
development of LEGOLAND CALIFORNIA on Parcel 18 of the Property
(“Development Agreement”). An attempt to form an infrastructure financing district
to fund public improvements that would otherwise be funded by LEG0 was part of the
incentives offered to LEG0 in the Development Agreement. Because uncertainties
about the legality of the Act were not resolved until 1998, public improvements for
which the Inli-astructure Financing District was intended were already in place prior to
the City’s creation of the Int?astructure Financing District. However, the intended
expansions of LEGOLAND CALIFORNIA and the intended LEGOLAND
CALIFORNIA hotel project will result in development impact fees and assessments
for a variety of public improvements serving the Property that remain to be
constructed. Therefore, consistent with the Development Agreement, the City is
issuing this Bond pursuant to the Act to reimburse Holder for some of these
development impact fees and assessments, as more particularly described in the
Infrastructure Financing Plan.
C. This Bond sets forth the terms and conditions under which the Infrastructure Financing
District will reimburse Holder for said development impact fees and assessments.
TERMS
1. The City, a California municipal corporation, for value received, promises to make to
Holder Annual Payments pursuant to all of the terms and conditions of this Bond. As
used herein, the term “Annual Payment” shall mean each annual payment made to
Holder in an amount equal to tax increment revenues actually received and available to
the City from the Infrastructure Financing District pursuant to the Infrastructure
Financing Plan and the Act (“IFD Funds”), subject to the limitations set forth in
Sections 4 and 5, below. Annual Payments shall be made to reimburse Holder the
Aggregate Reimbursement Amount.
2. As used herein, the term “Aggregate Reimbursement Amount” shall mean a sum equal (
to the aggregate amount of Fees actually paid by Holder minus the cost of this Bond
and certain costs to be paid to the County of San Diego pursuant to the Act.
3. a. As used herein, the term “Fees” shall mean development impact fees and
assessments which are allocable to Eligible Public Works actually paid to the
City by Holder in connection with the development of the LEGOLAND
Expansions or the LEGOLAND hotel project on the Property.
b. To determine the amount of Fees that Holder has paid, each August 1”’ Holder
shall prepare and submit to the City Manager or designee, for the City
Manager’s or designee’s reasonable review and approval, a detailed accounting
of all development impact fees and assessments actually paid by Holder for the
period covering August 1”’ of the prior year to July 3 1”’ of the current year,
which development impact fees and assessments Holder believes to be Fees as
defined herein.
C. If Holder determines that it has not paid any Fees for the period covering
August 1 st of the prior year to July 3 1 st of the current year, then no accounting
shall be required.
d. Within thirty (30) days of receipt of said accounting, the City Manager or
designee shall provide written notification to Holder of which development
impact fees and assessments the City Manager or designee determines to be
Fees as defined hereunder. If the City Manager or designee determines that
some or all of the development impact fees and assessments paid by Holder are
not Fees, then the City Manager or designee shall explain its reasoning for such
determination in the written notification provided to Holder.
4. The City shall make an Annual Payment to Holder on or prior to October 1” of each
year, in an aggregate amount not to exceed $1,760,000 or the outstanding Aggregate
Reimbursement Amount, whichever is less.
5. The City’s obligation to make the Annual Payments shall be subject to and limited by
the following:
a. Annual Payments shall only be payable from IFD Funds. Until there are IFD
Funds, the City shall not be required to make any Annual Payments.
b. The City shall only be required to make an Annual Payment if there is an
outstanding Aggregate Reimbursement Amount.
C. The City shall have no further obligation to make -any Annual Payments
following the date which is twenty (20) years after the City Manager’s
execution of this Bond.
d. Once the City has made Annual Payments to Holder in the aggregate amount
of $1,760,000 or the Aggregate Reimbursement Amount, whichever is less, or
twenty (20) years have elapsed since the date of execution of this Bond by the
City Manager, the City shall have no further obligations hereunder regardless
of whether the Aggregate Reimbursement Amount has been reimbursed to
Holder.
6. Since the Infrastructure Financing District was effective prior to the August 20,200O
date of equalization of the tax assessment roll, the Fiscal Year 1999-2000 will be the
base year and the assessed valuation of the Property on the January 1, 1999 lien date
will be the base year assessed value.
7. Holder shall have the right to assign, in whole or in part, this Bond by providing
written notice thereof to the City. Any assignee’s rights shall be subject to the same !
terms and conditions of this Bond.
8. This Bond shall be payable in lawful money of the United States of America.
9. The Bond shall hear no interest.
10. This Bond is executed under the provisions of and in full compliance with the Act, and
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15.
16.
17. There is no requirement that this Bond be registered.
18. There is no requirement that this Bond be called or redeemed, either with or without
premium.
a Resolution duly adopted by the City pursuant to which this Bond is executed and
which authorizes execution of this Bond.
The Bond is a limited obligation of the City, and the Annual Payment is payable solely
and only from the IFD Funds.
THE ANNUAL PAYMENT IS A LIMITED OBLIGATION OF THE CITY
PAYABLE EXCLUSIVELY FROM THE IFD FUNDS. THIS BOND DOES NOT
CONSTITUTE A DEBT OF THE CITY, OR OF THE STATE OF CALIFORNIA,
OR OF ANY POLITICAL SUBDIVISION THEREOF, WITHIN THE MEANING
OF ANY STATE CONSTITUTIONAL PROVISION OR STATUTORY
LIMITATION AND SHALL NEVER CONSTITUTE NOR GIVE RISE TO A
PECUNIARY LIABILITY OF THE CITY, OR OF THE STATE OR ANY
POLITICAL SUBDIVISION THEREOF. THIS BOND SHALL NOT CONSTITUTE
A GENERAL OBLIGATION OF OR A CHARGE AGAINST THE GENERAL
CREDIT OF THE CITY, BUT SHALL BE A SPECIAL, LIMITED OBLIGATION
OF THE CITY PAYABLE SOLELY FROM THE IFD FUNDS, BUT NOT
OTHERWISE.
NO RECOURSE SHALL BE HAD FOR THE PAYMENT OF THE ANNUAL
PAYMENT AGAINST ANY PAST, PRESENT OR FUTURE OFFICER,
DIRECTOR, MEMBER, EMPLOYEE OR AGENT OF THE CITY, OR ANY
SUCCESSOR OF THE CITY, AS SUCH, EITHER DIRECTLY OR THROUGH
THE CITY OR ANY SUCCESSOR TO THE CITY, UNDER ANY RULE OF LAW
OR EQUITY, STATUTE OR CONSTITUTION OR BY THE ENFORCEMENT OF
ANY ASSESSMENT OR PENALTY OR OTHERWISE, AND ALL SUCH
LIABILITY OF ANY SUCH OFFICERS, DIRECTORS, MEMBERS, EMPLOYEES
OR AGENTS, AS SUCH, IS HEREBY EXPRESSLY WAIVED AND RELEASED
AS A CONDITION OF, AND CONSIDERATION FOR, EXECUTION OF THIS
BOND.
This Bond shall not be valid or become obligatory for any purpose until it has been
executed by the City Manager.
The City hereby assigns and pledges for the benefit of Holder all of the IFD Funds
subject to the limitations set forth in the Infrastructure Financing Plan.
Reference is also made to the Infkstructure~Financing Plan with respect to the nature- ~-
and extent of the City’s assignment and pledge, the rights of the City, and the terms
upon which this Bond is executed and the Annual Payment made to Holder.
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19. If any October 1”’ is not a business day, then the date for the payment of any Annual
Payment which may be due and owing shall be the next succeeding business day.
Payment on such later date shall have the same force and effect as if made on the
nominal date of payment.
20. This Bond shall be governed by and construed in accordance with the laws of the State
of California.
Date: June 27, 2000
ATTEST:
CITY OF CARLSBAD
Library/Agenda bills/lFD Ordinance 6-20 agenda bill
,
EXHIBIT A
INFRASTRUCTURE FINANCING PLAN
FOR PARCELS 17 AND 18 OF THE
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
CITY OF CARLSBAD, CALIFORNIA
Adopted: June 27, 2000
Ordinance No. NS-55 1
FINAL REPORT 4/l l/O0
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 IFD MAP
EXHIBIT B IFD LEGAL DESCRIPTION
EXHIBIT C ELIGIBLE CAPITAL PROJECTS AND FUNDING SOURCES
EXHIBIT C-l
EXHIBIT C-2
EXHIBIT C-3
EXHIBIT C-4
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
EXHIBIT D TAX INCREMENT REVENUE PROJECTION
EXHIBIT D-l
EXHIBIT D-2
EXHIBIT D-3
EXHIBIT D-4
EXHIBIT D-5
EXHIBIT D-6
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 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 Tax Revenues
Scenario 2: Legoland Expansion and 700-Room Hotel
EXHIBIT E COST/BENEFIT ANALYSIS
EXHIBIT E-l
EXHIBIT E-2
EXHIBIT E-3
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
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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
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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 (Exhibit C), the Tax Increment Projection (Exhibit D), the Cost/Benefit
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.
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Final Reporf 4/l l/O0
20046ndn
Keyser Marston Associates, Inc. Ici Page 1
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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 (APN 211 100 14) and 18 (APN 211 100 09) 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 entity to be affected by this Plan is the City
of Carlsbad.
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Final Report 4/l l/O0
20046ndh
Keyser Marston Associates, Inc.
Page 2
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 B.
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.
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Final Report WI 1/00
20046ndh
Keyser Marston Associates, Inc.
Page 3
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.
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Final Repoti 4/l l/O0
20046ndh
Keyser Marston Associates, Inc.
Page 4
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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 Exhibit 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.
Section 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,
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
Infrastructure Financing Plan for Parcels 17 and 18 of the
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Page 5
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
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-7 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 $4.61
million, depending on the size of the hotel. The maximum amount of eligible fees and
assessments that can be reimbursed through the IFD is $1.76 million. 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 is 1.4%
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) $1 .76 million $1 .76 million
% of Total 1.4% 1.4%
Funded by Legoland $1 -36 million $3.66 million
and Hotel Developer
% of Total --~ 1.1% 3.0%
Funded by Other Sources (3)
% of Total
Total Costs
% of Total
(1) Allow for rounding error.
$118.83 million $116.53 million
97.4% 95.6%
$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.
Infrastructure Financing Plan for Parcels 17 and 18 of the
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JQ
SECTION 5 FINANCING SECTION
Section 5.1 General
Incremental property tax revenues from the City of Carlsbad 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 and the City (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 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 equalization 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 is an affected taxing entity as defined by the Infrastructure Financing
District Act (Government Code Section 53395.1). Under the terms of the financing plan for the
IFD, the City 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 Proiection of Tax Revenues Received bv 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 amount of tax increment revenue committed to the IFD
by the City will total $1.76 million (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 $1.76 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 ZO-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 the costs of bond issuance and certain costs to be paid to the
County pursuant to the Act), without interest, not to exceed $1.76 million.
Section 5.5 Tax Increment Limit
The maximum amount of taxes that may be allocated to the IFD is $1.76 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 $1.76 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 $1.76 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-l through D-6.
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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
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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
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One-Time Capital Impacts
costs Revenues
Scenario 7: $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 $1.76 million,
improvements). serviced from tax increment
revenues.
Recurring Annual Impacts
Scenario 1
L--
Scenario 2
$217,000 $2,470,000
$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
entity (City) is shown in the table below. The fiscal impact can be expressed as the amount of
tax revenue that is foregone by the City. During the life of the IFD, the total tax increment
foregone by 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 ,I 11,000 under Scenario 2.
Infrastructure Financing Plan for Parcels 17 and 18 of the
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Foregone Tax Increment
City of Carlsbad
Scenario 1: Scenario 2:
Legoland Expansion Legoland Expansion
and 400-Room Hotel and 700-Room Hotel
Future Value
Present Value @ 10% Discount
Rate
$1,760,000 $1,760,000
$1,057,000 $1,111,000
.
Infrastructure Financing Plan for Parcels 17 and 18 of the
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33
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.
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EXHIBIT A
IFD MAP
Infrastructure Financing Plan for Parcels 17 and 18 of the
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35
.
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
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3b
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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 Identification of Funding Sources for Capital Projects
Serving IFD Area
EXHIBIT C-4 Description and Cost Allocation of Capital Projects
Serving IFD Area
Infrastructure Financing Plan for Parcels 17 and 18 of the
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EXHIBIT D
TAX REVENUE PROJECTION
EXHIBIT D-l Estimated Valuation of New Construction
Scenario 1: Legoland Expansion and 400-Room Hotel
EXHIBIT D-2 Incremental Property Tax Revenue
Scenario 1: Legoland Expansion and 400-Room Hotel
EXHIBIT D-3 City 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 Tax Revenues
Scenario 2: Legoland Expansion and 700-Room Hotel
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Final Repoti #/I l/O0
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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 I: 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
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EXHIBIT E-l
CITY OF CARLSBAD GENERAL FUND EXPENDITURES , 1. ’ SCENARIO I:.; AOO-ROOM HOTEL
INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
Baseline Assumptions
Population
Total Number of Jobs
Carlsbad (1999)
77,600
49,680
Number of Hotel Rooms
0.75 Employees Per Room
Equivalent Residents
Total Resident Equivalents
16,560
3 jobs = 1 resident
94,160
A’ General Fund Revenue Expenditures FY 1999-2000 Expenditures
Per Resident or
Total or Resident Equivalent
Policy Leadership Group $2,465,452 $26 Per Resident Equivalent 416 $11,000
Adminstrative Services $3,760,069 $48 Per Resident 0 $0
Public Safety $21,720,296 $231 Per Resident Equivalent 416 $96,000
Community Development $5,060,662 $54 Per Resident Equivalent 416 $23.000
Community Services $6,921,626 $115 Per Resident 0 $0
Public Works $11,547,762 $123 Per Resident Equivalent 416 $51,000
Non-Departmental $4,125,000 $44 Per Resident Equivalent 416 $16,000
Contingencies $4,000.000 $42 Per Resident Equivalent 416 $16,000
Area IFD
n/a
954 (1)
400
300
416
416
IFD Area (2)
Projected Residents
or Resident Equivalents Total Impact
Total General Fund Expenditures $61,641,269 $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.
-
EXHIBIT E-2
CITY OF CARLSBAD GENERAL FUND EXPENDITURES I, ., -SCENARl0.2:..700-ROOM HOTEL
INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
Baseline Assumptions Carlsbad (1999) IFD Area
Population 77,600
Total Number of Jobs 49,680
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 Expenditures FY 1999-2000 Expenditures IFD Area (2)
.’ -Policy Leadership Group
Per Resident or Projected Residents
m or Resident Equivalent or Resident Equivalents
$29485,452 $26 Per Resident Equivalent 493
Adminstrative Services $3,760,069 $46 Per Resident 0
Public Safety $21,720,298 $231 Per Resident Equivalent 493
Community Development
Community Services
Public Works
Non-Departmental
Contingencies
$5,080,862 $54 Per Resident Equivalent 493
$8,921,626 $115 Per Resident 0
$11,547,782 $123 Per Resident Equivalent 493
$4,125,000 $44 Per Resident Equivalent 493
$4,000,000 $42 Per Resident Equivalent 493
Total Impact
$13.000 .>I
$0
$114,000
$27,000
$0
$60,000
Total General Fund Expenditures $61,641,269
(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.
EXHIBIT E-3
CITY OF CARLSBAD GENERAL FUND REVENUES
SCENARIO 1: 400-ROOM HOTEL
INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18
:“CARW3AD RANCH AMENDED SPECIFIC PLAN AREA
Baseline Assumptions Carlsbad (1999)
Population 77,600
Total Number of Jobs 49,680
Equivalent Residents
Total Resident Equivalents
16,560
3 jobs = 1 resident
94,160
Area IFD
n/a
954 (1)
Number of Hotel Rooms 400
0.75 Employees Per Room 300
418
418
General Fund Revenue Source FY 1999-2000 Revenues IFD Area (2)
Per Resident or Projected Residents
j&l or Resident Equivalent or Resident Equivalents Total Impact
Property Tax (3) $15,808,000 $268,000
Sales Tax (3) $17.756,000 $463,000
Transient Occupancy Tax (3) $7,463,000 $1,682,000
Other Taxes (4) $4,511,000 $48 Per Resident Equivalent 418 $20,000
Licenses and Permits $3,087,000 $33 Per Resident Equivalent 418 $14,000
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 418 $10,000
Interdepartmental Charges $1,650,000 $18 Per Resident Equivalent 418 $7,000
Other Revenue Sources $1 .ooo,ooo $11 Per Resident Equivalent 418 $4,000
..I- ._t._ Total General Fund Revenues . ._ $W384000
(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.
EXHIBIT E-4
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
Population
Total Number of Jobs
Carlsbad (1999)
77.600
49,680
Area IFD
nla
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
94,180 493
General Fund Revenue Source FY 1999-2000 Revenues IFD Area (2)
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
Per Resident or Projected Residents
m or Resident Equivalent or Resident Equivalents
$15,808,000
$17,756,000
$7,463,000
k $4,511,000 $48 Per Resident Equivalent 493
$3,087,000 $33 Per Resident Equivalent 493 $16,000
$3,967,000 $51 Per Resident 0
$6,162,000 $79 Per Resident 0
$816,000 $11 Per Resident 0
$2,164,000 $23 Per Resident Equivalent 493
$1,650,000 $18 Per Resident Equivalent 493
$1 ,OOO,OOO $11 Per Resident Equivalent 493
Total Impact
$268,000
$563,000
$2,943,000
$24,000
$0
$0
$0
$11,000
$9,000
$5,000
Total General Fund Revenues $64,384,000 $3,839,000
. ;._,-. L,” (1) Represents mid-point of peak and off-peak employment. Assumes 656 full-time and
592 seasonal/part-time positions.
(2) Estimates of annual revenue impacts at project stabiliration 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.
-
APPENDIX
DESCRIPTIONS OF ELIGIBLE CAPITAL PROJECTS
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Final Report 4/l l/O0
20046ndh
Keyser Marston Associates, Inc.
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