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HomeMy WebLinkAboutCT 96-02; Terraces at Sunny Creek; Tentative Map (CT) (8)I i . .; ',. ••.-..', THE TERRACES AT SUNNY CREEK Fiscal Impact Analysis • i I I I August 10, 1998 _ Submitted by: | Can Am Properties, LLC 5850 Avenida Encinas, Suite A • Carlsbad, CA 92008 (760)438-3141 I • Prepared by: Onaka Planning & Economics P.O. Box 12565 La Jolla, CA 92039-2565 _ (619)535-1420 I (OP/E149) ONAKA PLANNING & ECONOMICS P.O. BOX 12565, LA JOLLA, CA 92039-2565 (619)535-1420 FAX (619) 535-1498 August 10, 1998 Mr. Gary Wayne City of Carlsbad Planning Department 2075 Las Palmas Drive Carlsbad, CA 92009-4859 Re: The Terraces at Sunny Creek — Fiscal Impact Study Dear Gary: Submitted herewith is a fiscal impact study of The Terraces at Sunny Creek, in accordance with the information requirements for a General Plan Amendment (GPA 96-01), Specific Plan Amendment (SP 190[B]), Tentative Map (CT 96-02), and related planning permit applications. Based on a methodology which has been previously reviewed and accepted by the City's Finance Department, the project is expected to require, at buildout, expenditures for public services which exceed by $85,900 per year the General Fund revenues that will be generated. However, there are several factors to be considered in evaluating this impact: (1) The methodology used to estimate fiscal impact is based on average costs of providing municipal services. This results in a conservative (i.e., high) estimate of expenditures, since the project would not impose a strictly proportional need for all municipal functions. (2) The project contains a large number of affordable housing, comprising 31.2% of total units. This contributes significantly to the City's stock of affordable housing. However, it also causes a significant, negative fiscal impact to the General Fund, since affordable units necessarily have low assessed values and generate low property taxes. (3) The project is located in a tax rate area, where the City's share of the 1 % property tax is 13.9%, substantially lower than the city wide average of around 19%. As a result, property tax revenues to the City from this area are nearly 27% lower than from comparable projects in other areas. When adjusted for this difference, the project's market housing would have a much smaller effect on the General Fund. It is hoped that the foregoing observations will be considered in evaluating the fiscal impact of The Terraces project. L8804GW.WP6 Mr. Gary Wayne August 10, 1998 Page 2 If there are any questions, please do not hesitate to call me. Sincerely, Onaka Planning & Economics L8804GW.WP6 I I I I THE TERRACES AT SUNNY CREEK I Fiscal Impact Analysis I * August 10, 1998 I I I • Submitted by: CanAm Properties, LLC 5850 Avenida Encinas, Suite A Carlsbad, CA 92008 (760) 438-3141 I I • Prepared by: Onaka Planning & Economics • P.O. Box 12565 " La Jolla, CA 92039-2565 1 (619) 535-1420 (OP/E 149) I I I I • TABLE OF CONTENTS | I. EXECUTIVE SUMMARY 1 I Purpose 1 Project Description 1 • Fiscal Impact Study Methodology 3 Summary of Conclusions 3 | II. FISCAL IMPACT ANALYSIS 6 • Methodology 6 Project Description 7 • Comparison of Land Uses in the Proposed Project and the City 13 General Fund Revenues 13 _ General Fund Expenditures 22 III. REFERENCES 26 I I I I I I I I I OP/E 149 1 The Terraces at Sunny Creek FIS I I I I I I I I I I I I I I I I I I I LIST OF FIGURES 1-1 Project Location 2 II-l Proposed Project 9 II-2 Previously Approved Project 11 LIST OF TABLES 1-1 Summary of Impacts to General Fund Annual Revenues and Expenditures 5 II-l Buildout Program of Proposed Project 10 II-2 Buildout Program of Previously Approved Project 12 II-3 Population, Housing and Land Use in the City and the Project 14 II-4 City of Carlsbad General Fund Revenues, FY 1998-99 15 II-5 Estimated Taxable Values 18 II-6 Estimated Sales Taxes 21 II-7 City of Carlsbad General Fund Expenditures, FY 1998-99 23 OP/E 149 11 The Terraces at Sunny Creek FIS I. EXECUTIVE SUMMARY I. EXECUTIVE SUMMARY Purpose The purpose of this study is to estimate fiscal impacts of The Terraces at Sunny Creek, a proposed 39.9-acre, 250-unit planned residential development in the Northeast Quadrant of the City of Carlsbad. Applications submitted to the city for this project include: General Plan Amendment (GPA 96-01), Specific Plan Amendment (SP 190[B]), Local Facilities Management Plan Amendment (LFMP 87-15[B]), Tentative Map (CT 96-02), and related planning permits. This fiscal impact study is intended to satisfy the city's information requirements for these applications. The owner/applicant of the proposed project is CanAm Properties, LLC, 5850 Avenida Encinas, Suite A, Carlsbad, California 92008. Project Description The proposed project will be located on a 39.9-acre site, located between El Camino Real and Agua Hedionda Creek, immediately east of College Boulevard. The project would subdivide the site into 172 single family lots, one multifamily lot, and one open space lot, for development of 172 single family units, second dwelling units incorporated in 28 of the single family units, and three apartment buildings with a total of 50 units. Adjacent to the project site are vacant and agricultural lands. Regional setting and location of project site are shown in Figure 1-1. In 1984, the city approved for this site a specific plan (Sycamore Creek Specific Plan) and subdivision map, providing for the development of professional/offices, restaurants, resort inn, and tennis facilities. This will be referred to as the previously approved project. Due to changes in local market conditions, the proposed project would substitute a residential development for the previously approved non-residential development. This study evaluates and compares the fiscal impacts of both proposed and previously approved projects, although the latter is considered by the applicant to be economically infeasible at this time. OP/E 149 1 The Terraces at Sunny Creek FIS Orange County Figure 1-1 PROJECT LOCATION Red Mf.Reservoir j Fallbrook j Riverside County Oceanside Buena Vista Lagoon N Carlsbad" Batiquilos Lagoon \ Turner Reservoir San Dieguito Reservoir | Valley Center Lake Wohtlord Escondido Lake Hodges Lake Hensrtaw Lake Jennings Lake Cuypmaca j Mission Bay \ San Diego , Imperial Beach L Tijuana Estuary i OP/E U9 I94T / I LemonGrove ' SweetwattrReservoir 1 **•_ • >f .I Chula Vista j Upper Otay' Reservoir i-OwerOfay ft-J ' OtayMesa ' Tijuana 2 Alpine Loveland Reservoir Morena Lake Mexico The Terraces at Sunny Creek FIS I I I I I I I I I I I I I I I I I I I Fiscal Impact Study Methodology Impact on the General Fund The fiscal impact study examines the effect of the proposed project on annual revenues and expenditures of the city's general fund. Effects on special revenue funds and enterprise funds are likely to be neutral, since charges would be levied on the project to cover the full cost of services provided under these funds. Effects on capital funds are discussed in the previously submitted application to amend the Local Facilities Management Plan for Zone 15. Consequently, this study does not address potential impacts to the city's special revenue funds, enterprise funds, or the capital improvement program. Average vs. Marginal Cost Analysis This study analyzes average costs, based on the projected revenues and expenditures of the city's general fund for the new fiscal year (FY) 1998-99. When there is sufficient unused capacity remaining in the city's public service infrastructure or when any required infrastructure improvements are fully funded, average cost analysis is more conservative than marginal cost analysis, because revenues generated by the project are assumed to cover not only the incremental cost of additional services, but also a pro rata share of fixed costs such as general government, maintenance of public buildings and grounds, and other citywide services. Inflation Revenues and expenditures are estimated at buildout of the project, but computed in terms of 1998 dollars, except when the most recent data available are for previous years and when the use of such data does not lead to a significant bias in the analysis. Summary of Conclusions At buildout, general fund expenditures required to provide public services to the proposed residential project, including both market and affordable housing, are expected to exceed revenues generated by the project by $85,900 per year. In comparison, if the previously approved, non-residential project were feasible and developed, general fund revenues would exceed expenditures by $39,400 per year (Table 1-1). OP/E 149 3 The Terraces at Sunny Creek FIS I I I I I I I I I I I I I I I I I I I Property taxes represent the largest source of revenues to the general fund, followed by sales tax revenues. The largest expenditure category is public safety (police and fire protection), followed by community services (recreation, library, and seniors programs) for the proposed residential project and public works for the previously approved non-residential project. As discussed below, the resort inn contemplated under the previously approved project is a for-sale, condominium facility, which is not expected to generate any transient occupancy tax. The estimated shortfall in general fund revenues associated with the proposed project is due largely to two factors. First, the project contains a high proportion of affordable housing. Out of a total of 250 residential units, 78 units, or 31.2%, are affordable. This substantially exceeds the city's requirement that a minimum of 15% of a project's total housing units be affordable. Provision of affordable housing in excess of the minimum required is a condition for transferring residential units to the project site from the "excess dwelling unit bank" in accordance with City Council Policy No. 43. However, since affordable units would necessarily have low assessed values and generate low property taxes, their presence increases the shortfall of general fund revenues relative to expenditures for public services. Second, in the tax rate area where the project is located (TRA 9125), the city's share of the 1 % property tax is approximately 13.9%. This is substantially less than the citywide average of around 19% (based on data from the City of Carlsbad and County of San Diego Auditor and Controller). Since property tax is the largest component of general fund revenues generated by a residential project, differences in the allocation of the 1 % property tax have a substantial effect on the project's estimated fiscal impact. As an illustration of this effect, expenditures associated with only the 172 single family, market housing would exceed estimated revenues by $39,600 (Table 1-1). If, however, property tax revenues were to be calculated using the city's average share, or 19%, the estimated general fund shortfall would decline to $14,300. Similarly, the estimated shortfall for the project as a whole would decline to $58,200, and net surplus associated with the previously approved project would increase to $72,200. OP/E 149 4 The Terraces at Sunny Creek FIS Table 1-1 SUMMARY OF IMPACTS TO GENERAL FUND ANNUAL REVENUES AND EXPENDITURES Proposed Project Market Housing Only Market and Affordable Previously Approved Project Revenues Property Tax [1] Sales Tax Franchise Tax Real Property Transfer Tax Business License Tax Vehicle License (In-Lieu) Other State Subventions Total $69,398 36,082 6,684 3,026 0 16,507 1,197 $132,893 $76,014 52,540 9,715 3,315 0 24,036 1,743 $167,363 $90,163 41,176 5,922 3,932 24,071 0 0 $165,265 Expenditures General Government Public Safety Community Development Community Services Public Works Non- Departmental Contingency Total Net Surplus or (Deficit) [1] $7,659 78,404 9,455 33,297 24,641 [2] 6,627 12,418 $172,501 ($39,608) $11,133 113,960 13,743 48,484 38,124 [2] 9,633 18,236 $253,311 ($85,949) $6,786 69,470 8,377 0 26,344 5,872 9,064 $125,914 $39,351 Source: Tables 11-1 through II-7; Onaka Planning & Economics. Note: Figures may not sum to totals as shown due to rounding. 1. Based on the city's 13.9227% share of the 1 % property tax in tax rate area (TRA) 9125. At 19%, or the city's average share of the 1% property tax, revenues to the city would be 36.5% higher, and the net surplus or deficit to the General Fund would be as follows: 2. Property Tax Revenues Calculated at City's Average Share of 19% General Fund Net Surplus or (Deficit) Market Housing Only $94,706 ($14,300) Market and Affordable $103,734 ($58,228) Previously Approved Project $123,044 $72,231 Estimated expenditure for public works has been reduced by a credit of $5,091, to reflect private (Homeowner Association) maintenance of local residential streets. OP/E 149 The Terraces at Sunny Creek FIS II. FISCAL IMPACT ANALYSIS I I I I I I I I I I I I I I I I I I I II. FISCAL IMPACT ANALYSIS This section describes the methodology, assumptions, and estimated average revenues and expenditures used in the analysis. Methodology The operating budget of the City of Carlsbad is divided into the general, special revenue, enterprise, and other funds (City of Carlsbad, 1998a). Funds other than the general fund are self-supporting; that is, revenues are collected to balance expenditures, hence would not be negatively affected by the proposed project. (Impacts to the city's capital improvement program are examined in the proposed amendment to the local facilities management plan for Zone 15, hence are not addressed in this study.) Within the general fund, certain city functions and services are partially or sometimes entirely self-supporting through the collection of fees or charges from the users of those services. Such fees and charges are called functional revenues and distinguished from general or unrestricted revenues, such as property and sales taxes. This study takes account of these facts by (1) excluding all funds other than the general fund from the analysis and (2) subtracting functional revenues from both the revenues and expenditures of the general fund. Equivalent Dwelling Units Some municipal services benefit primarily the residents of the City of Carlsbad. Examples are libraries, cultural arts, and parks and recreation services. Average costs of these services are defined in terms of cost per capita. Other services, such as general government and public safety, benefit both the residents of the city and other developed land uses, including commercial, industrial, and institutional uses. In computing average costs for the latter group of services, this study relies on the concept of equivalent dwelling units (EDU). Under this approach, it is assumed that one EDU of developed residential use and one EDU of developed non-residential use will require the same expenditure of funds for public services which are provided to these uses. The estimated number of equivalent dwelling units per acre of non-residential land use is 5.4 EDUs, which was derived as follows. San Diego Association of Governments has conducted OP/E 149 6 The Terraces at Sunny Creek FIS I I I I I I I I I I I I I I I I I I I a comprehensive study of land uses in local jurisdictions in San Diego County (SANDAG, 1993). According to this study, the City of Carlsbad in 1990 contained 5,780 acres1 of residential uses, 699 acres of commercial uses, 748 acres of industrial uses, 664 acres of transportation, communication and utilities uses, and 183 acres of educational and institutional uses. Thus, residential and non-residential uses requiring municipal services in 1990 occupied 8,074 acres, of which 2,294 acres were non-residential. According to the U.S. Census, the total housing stock in the City of Carlsbad in 1990 was 27,235 units. Thus, the average housing density was 4.7 units per acre (= 27,235 units / 5,780 acres). Assuming that an acre of non-residential land use requires public services at the same rate as an acre of residential use, the average housing density provides one estimate of the factor required to convert non-residential land uses to equivalent dwelling units. Another approach to estimating equivalent dwelling units is the density of employment in non- residential land uses. It is assumed under this approach that an employee in a non-residential workplace would require the same amount of certain categories of public services as a resident in a home. In 1990, excluding agriculture and construction, the total employment in the city was 32,161 (SANDAG, 1994). Dividing this number by the average number of persons per household then in effect (2.3178) and by the number of non-residential acres which generate employment (2,294 acres) provides an estimate of 6.0 EDUs per acre. Taking the average of these two estimates, an acre of non-residential use with employment is assumed equivalent to 5.4 residential units [= (4.7 + 6.0)/2]. Project Description Proposed Project The proposed project is a planned residential development on a 39.9-acre site, consisting of Assessor's parcel numbers (APNs) 209-090-01 through 209-090-10, 209-090-12, and a portion of 209-060-59. The site is located in Local Facilities Management Zone 15 in the Northeast Quadrant of the City of Carlsbad. It is bordered on the north by Agua Hedionda Creek, on the south by El Camino Real, on the west by College Boulevard, and on the east by vacant land zoned for office use. 'All acres are gross and include local streets. OP/E 149 7 The Terraces at Sunny Creek FIS I I I I I I I I I I I I I I I I I I I The proposed project would subdivide the site into 172 single family lots, one multifamily lot, and one open space lot, for development of 250 residential units — 172 single family units, second dwelling units incorporated in 28 of the single family units, and 50 multifamily (apartment) units (Figure II-l and Table II-l). Single family units range in size from 1,605 to 2,519 square feet. The 28 largest units incorporate 610-square foot second dwelling units. Multifamily units range in size from studios (437 square feet) to three-bedroom apartments (1,106 square feet). The units would be constructed as three 3-story buildings. In all, 78 units (28 second dwelling units and 50 multifamily units) would be made affordable to households with incomes not more than 80% of the median household income in San Diego County. Single family lots would be configured as "Z" lots, with staggered side areas for entrances and back yards. The residential areas would form a gated community with privately maintained streets. Previously Approved Project The proposed project would delete or modify an existing specific plan (Sycamore Creek Specific Plan) and subdivision map (APNs 209-060-59, 209-090-01 through 209-090-11) approved by the city in 1984. In comparison with the previously approved plan, the proposed project would: 1. Exclude a commercial site (APN 209-090-11) west of College Boulevard, although a recreational vehicle storage area would be located on this site; 2. Add a 3.43-acre parcel (APN 209-090-12) which was not formerly a part of the specific plan; and 3. Replace a non-residential development — professional/offices, restaurants, a "condominium" resort inn, and tennis facilities — with the planned residential development as described above. The office/restaurant component of the previously approved project consisted of seven buildings, totalling 423,000 square feet — 405,000 square feet of office/bank use and 18,000 square feet of restaurants in three of the buildings (Figure II-2 and Table II-2). The resort inn/tennis component of the project included a 122-room inn, 7,000-square foot restaurant, 1,500-square foot conference area, and 1,500-square foot tennis club. The resort inn was planned and approved as a "condominium" facility, with ownership interests sold to area companies for the temporary housing of visiting staff, guests, and clients. Consequently, it is assumed in this study that the inn, as originally planned, would not generate transient occupancy taxes for the city. OP/E 149 8 The Terraces at Sunny Creek FIS 5 1/5 2 O) Ml I I I I I I I I I I I I I I I I I I I Table 11-1 BUILDOUT PROGRAM OF PROPOSED PROJECT Product Type Single Family Detached SFD-1 SFD-2 SFD-3 SFD-4 Total/Average Second Units Multifamily Studio 1 BR 2 BRA 2BRB 3BR Total/Average Total Project Market Housing Only Total of Market and Affordable Housing Building Size (Sq. Ft.) 1,605 1,889 2,138 2,519 2,051 610 437 636 786 811 1,106 709 No. of Housing Units 19 62 63 28 172 28 12 12 12 8 6 50 172 250 Resident Population [11 44 144 146 65 399 65 28 28 28 19 14 117 399 581 Equivalent Dwelling Units [21 172.0 28.0 50.0 172.0 250.0 Source: Terraces at Sunny Creek Tract No. 96-02 and P.U.D. 96-02 (1998); City of Carlsbad Planning Department report to the Planning Commission (June 1998); CanAm Properties, LLC. 1. Based on Growth Management standard of 2.3178 persons per household. 2. 1 residential unit equals 1 equivalent dwelling unit (EDU). OP/E 149 10 The Terraces at Sunny Creek FIS I I .Figure n-2 /I PREVIO,liSt^i APPROVED PROJECT OP/E 149 The Terraces at Sunny Creek F1S Table 11-2 BUILDOUT PROGRAM OF PREVIOUSLY APPROVED PROJECT Product Type Professional Office A Office, bank B Restaurant C Office, bank D Office E Restaurant Office F Office G Office Restaurant Site Area Building Size No. of Hotel (Acres) • (Sq. Ft.) Rooms 31,000 10,000 115,000 78,000 3,000 75,000 55,500 50,500 5,000 Equivalent Dwelling Units [11 Total Resort Inn, Tennis Club Inn 19.36 AC 423,000 104.5 122 Restaurant Tennis Club [2] Conference Total Total by Land Use Office, bank Restaurant Inn Tennis Club [2] Conference Total 7,000 1 ,500 1,500 8.87 AC 10,000 405,000 25,000 — 1,500 1,500 28.23 AC 433,000 122 47.9 122 122 152.4 Source: Sycamore Creek Specific Plan and Tentative Map, Del Mar Financial (1984) 1. Based on 5.4 equivalent dwelling units (EDUs) per acre; see text. 2. Assumed to include 200 sq. ft. of tennis shop. OP/E 149 12 The Terraces at Sunny Creek FIS I I I I I I I I I I I I I I I I I I I This study evaluates fiscal impacts of the proposed residential project and compares them to impacts of the corresponding portion of the previously approved project. Since the commercial site west of College Boulevard remains unchanged and is excluded from the proposed project, fiscal impact of development on this site is not considered in this study. Comparison of Land Uses in the Proposed and Previously Approved Projects and the City Based on an average household size of 2.3178 persons per unit, as specified in the city's Growth Management Program, the proposed project would house 581 persons, or less than 1% of the population of the city in 1997 (Table II-3). Commercial land use in the previously approved project (28.2 acres) would represent approximately 1.3% of such land use in the city. Using the definition of equivalent dwelling units discussed above, the proposed project would have 250.0 EDUs, and the previously approved project, 152.4 EDUs. When completed, actual number of residents in the proposed project is likely to be less than the estimate (581 persons), since the 28 second dwelling units incorporated in single family units probably would not have the same number of residents per unit as the remainder of the project. General Fund Revenues Estimated total general fund revenues to the city in FY 1998-99 is $55,370,000 (Table II-4). Functional revenues of $11,450,000 would be generated by fees and charges for services, including planning and construction permits and interdepartmental charges. Following the methodology described above, these are assumed to be cost recovery revenues and are used to offset expenditures. Subtracting fees and charges for services, net revenues available for general public services total $43,920,000. The estimates of city wide, average revenues are also shown in Table II-4. The following revenues which would result from the proposed and previously approved projects are discussed below. • Property, property transfer, and sales taxes • Franchise tax • Business license tax • Vehicle license tax • Other State subventions OP/E 149 13 The Terraces at Sunny Creek FIS 1 ^oUJ-Jocca. UJ H Q fco UJI zCO — 1 UJ= CO»=> S 0« z1- <J Oz<HOUSINGZ O 1- 5Da.Oa. ^"55 _o'>a>^a. "o0)'o Q. 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M(00) i 5= 1 si «D — o £ .?> co±; B co _ ": i — & c oj 5 ^ t•g ^ 2 | fe 2 §1 «• i | g t -s§1 2.S o ^ - 2. « t» Q) CC | | Z -_--.,. 5 i!lS6 .2 ° E «t T320 •CO "5^ *-• o •»-> c 5 S B -o COD) cB CO to' to O Q)*: 'J= 73o £ -w0) 3 0 B 0 1 S £ §S c c S 2 o o c 3 «•—CO u Q) P - ^\ ^* §8 5s 5 CO T3 Q) 8 C *" ^LU g a B 03 — . ^ m O) ^2 PC .E c t/i £ C ^_ Q) -r i_ .ca S.3 -5 TJ B B C ^ | B o 9- a. cC 3 -S CO Q)O en w o o) -X T!* c 0) "D£< Q> 3 0. ^ B i5 U- 0) § .£ § B E gi i g 8 s a) co S .£ en — .2 ° § 5 ^> ? O "U ^ ^^ (/) N. ^ iS 3 "5 J. J 0) jj, W _Q) .CO •£ .= 8 -9 B co«-• CO ±± C(U Q) |— r> C-*~ f~ iT" Q)fl) i; Q) (" 2-Q. ^ 0) 0 0 O QJ (/) L. — > . - 0) ^o^ o "o a. -O^ O O m W 1 j: S S §oo o > c ^ Sllii. m <n *- i-2: City of CarlsbadOne-time revenue;the costs of serviceEstimated sales taxprojected sales taxo 3 CO ^ ^ OP/E H9 16 The Terraces at Sunny Creek FIS I I I I I I I I I I I I I I I I I I I Property Tax The City of Carlsbad receives on average 19% of the 1 % property tax revenues collected in the city.2 This rate can vary substantially in different tax rate areas (TRA) of the city. The project site is located in TRA 9125. For FY 1997-98, the city's share of the 1 % property tax revenues collected in this area was 13.922672% (County of San Diego, 1997a). Proposed Project. Projected sales prices of market housing (i.e., single family units) were obtained from a market study conducted by the project applicant (Table II-5). It is assumed that the prices also include second dwelling units, where applicable. Multifamily units are planned to be rented to low income households, defined as those earning 80% or less of the median income of households in San Diego County. For purposes of this study, market values of multifamily units were estimated assuming that they would be valued similar to for-sale housing, but priced to be affordable to low income households. In 1996, median income of households in San Diego County was $38,477 (SANDAG, 1997). A low income household would have 80% of the median income, or $30,782. Assuming that • 25% of household income would be used to pay principal and interest, and • 30-year fixed mortgage is available at 7.0% interest, 2.0% origination fee, and 20% downpayment, such a household could qualify to purchase a $118,000 unit, with a $94,400 loan and $23,600 downpayment. For purposes of this study, the largest multifamily units (i.e., 1,106 square-foot units) were valued at this price. Smaller units were valued lower, but at a progressively higher average value per square foot. Total estimated taxable value of the proposed project at buildout is $54,597,000. 2In FY 1997-98, the city's projected revenues from property taxes totaled $12,300,000, on locally assessed, secured tax base of $6,306,268,871. OP/E 149 17 The Terraces at Sunny Creek FIS I I I I I I I I I I I I I I I I I I I Table 11-5 ESTIMATED TAXABLE VALUES Project and Product Type Proposed Project SFD-1 SFD-2 SFD-3 SFD-4 Subtotal Market Housing Second Units MF-Studio MF-1 BR MF-2BRA MF-2BRB MF-3BR Development Program 19 DU 62 63 28 172 28 12 12 12 8 6 Value Per Unit $260,000 /DU 280,000 295,000 320,000 -- [1] 77,000 [2] 91,000 101,000 102,000 118,000 Tax Value $4,940,000 17,360,000 18,585,000 8,960,000 $49,845,000 — 924,000 1,092,000 1,212,000 816,000 708,000 Total Market and Affordable Housing Previously Approved Project A Office, bank B Restaurant C Office, bank D Office E Restaurant Office F Office G Office Restaurant Resort Inn Restaurant Tennis Club Conference 250 DU SF31,000 10,000 115,000 78,000 3,000 75,000 55,500 50,500 5,000 122 Rm 7,000 SF 1,500 1,500 111,000 /Rm [5] 200 160 160 /SF [6] $54,597,000 $112 /SF[3] 201 [4] . 112 112 201 112 112 112 201 $3,472,000 2,010,000 12,880,000 8,736,000 603,000 8,400,000 6,216,000 5,656,000 1,005,000 13,542,000 1,400,000 600,000 [7] 240,000 $64.760,000 Source: CanAm Properties, LLC; Onaka Planning & Economics 1. Included in the value of SFD-4. 2. Multifamily units are priced to be affordable to households earning 80% of median income, adjusted for unit size. 3. Based on construction cost of $67.21 per sq.ft., with 40% of total value in land and site improvements. Construction costs are from Means Square Foot Costs, 19th Annual Ed. 4. Based on construction cost of $120.71 per sq.ft., with 40% of total value in land and site improvements. 5. Based on revenues per available room (REVPAR) of $122 and 2.5 gross revenue multiplier. 6. Based on construction cost of $95.74 per sq.ft., with 40% of total value in land and site improvements. Includes estimated $360,000 for court improvements.7. OP/E 149 18 The Terraces at Sunny Creek FIS I I I I I I I I I I I I I I I I I I I Previously Approved Project. Taxable values for buildings in the previously approved project were estimated as follows: Office, bank — Construction cost of $67.21 per square foot, plus 66.7% (i.e., 40% of total value) for land, site improvements, and incidental costs, for a total of $112 per square foot. Restaurant — Construction cost of $120.71 per square foot, plus 66.7% for land, site improvements, and incidental costs, for a total of $201 per square foot. Tennis Club — Construction cost of $95.74 per square foot, plus 66.7% for land, site improvements, and incidental costs, for a total of $160 per square foot, plus $360,000 for construction of tennis courts. Conference Area — Same as tennis club ($160 per square foot). As previously noted, the resort inn was planned and approved as a condominium development, and ownership interests in rooms and support facilities would be sold to area companies. Sales value of the inn was estimated as follows. According to San Diego County Visitors and Convention Bureau, average daily room rate for a luxury hotel in the county in May 1998 was $172.10, and average (annual) occupancy rate for all hotels in 1997 was 71% (SDCVB, 1998). Thus, revenue per available room (REVPAR) for a typical luxury hotel is $122 per room per night, or $44,530 per year. Recent sales transactions of hotel properties in the county indicate that sales prices are approximately 2.5 times annual REVPAR. Estimated value for the resort inn is therefore $111,000 per room, or a total of $13,542,000. Sales Tax The city's share of sales tax revenues equals 1 % of all taxable transactions in the city. Taxable transactions occur in one of two ways: (1) purchases by the residents of Carlsbad and (2) purchases by non-residents. On a per capita basis, Carlsbad's taxable transactions exceed that of the county. In 1996, average taxable retail sales per capita in the city totaled $12,066, while the average for the county was $6,371 (State Board of Equalization, 1996). This difference is partially explained by the fact that median per capita income in Carlsbad ($19,443) is approximately 39.5% higher than median per capita income in the county ($13,941) (SANDAG, 1996 and 1997a). When this difference is taken into account, estimated average taxable retail purchases by residents in Carlsbad is $8,888 (= $6,371 x 139.5%) per year, which is still much less than actual transactions in the city in 1996. Adjusted for inflation, average taxable retail purchases by Carlsbad residents in 1997 is $9,043 per year, and average sales tax revenue per resident, $90.43 per year. OP/E 149 19 The Terraces at Sunny Creek FIS For this study, it is assumed that residents in Carlsbad generate sales tax revenues at the average rate for the county, with adjustment for the higher median income in the city, or $90.43 per capita. Using this figure, sales tax revenues generated by all residents in Carlsbad in FY 1998-99 is estimated to be $6,339,000, or about 41.6% of projected total sales tax revenues. The remaining 58.4% of sales tax revenues is generated by non-residents at retail establishments in the city. Within the previously approved project area, taxable transactions by non-residents are expected to occur in 25,000 square feet of restaurants and in 200 square feet of tennis shop assumed to be part of the tennis club. Projected annual sales per square foot for restaurant and tennis shop were obtained from the Urban Land Institute's 1995 survey of shopping centers in the U.S. It was assumed that the restaurants would fall in one of two groups. First group would generate sales paralleling those of restaurants located in regional shopping centers ($366 per square foot), while second group would generate sales similar to those in community shopping centers ($223 per square foot). Tennis shop sales were assumed similar to those of a sporting goods store in a regional shopping center. (All sales data are from ULI, 1995.) Sales tax revenues associated with purchases by non-residents are estimated to be $41,176 (Table II-6). Franchise Tax Utility franchise taxes are paid by both households and businesses. It is assumed here that the tax payments are proportional to equivalent dwelling units. The average revenue in FY 1998-99 is $38.86 per EDU. Real Property Transfer Tax In Carlsbad, real property transfer tax is levied on property value appreciation realized at sale, compared to the value at previous transfer. The level of tax collection can vary depending on the rate of appreciation in the price of existing homes and on the number of homes sold. Revenue for FY 1998-99 is projected to average 4.36% of total property tax revenues. Business License Tax On average, it is anticipated that the city would collect $852.68 of business license per acre of commercial development. This applies to commercial development in the previously approved project only. OP/E 149 20 The Terraces at Sunny Creek FIS 1 1 Table 11-6 ESTIMATED SALES Proposed Project Sales tax revenues from purchases by residents of the project Market Housing Only Market and Affordable Housing Resident Population 399 581 TAXES Est. Sales Tax Revenue/Person $90.43 [1] $90.43 [1] Gross Leasable Annual Taxable 1 1 I • | Previously Approved Project Restaurant Restaurant Tennis Shop Total Estimated taxable sales to non-residents Sales tax revenues from purchases by non-residents (1%) Source: Urban Land Institute, Dollars & Cents Area (GLA)Sales Per SF 10,000 SF $366 [2] 15,000 SF $223 [3] 200 $228 [4] 25,200 SF Annual Sales Tax Revenues $36,082 $52,540 Annual Taxable Sale $3,660,000 3,345,000 45,600 $7,050,600 $4,117,600 [5] $41,176 of Shopping Centers in the Top 20 Metropolitan Areas, 1995; Onaka Planning & Economics. 1 1 1 1 1 1 1 1 . Estimate based on income per capita; see text. 2. Median sales per GLA at restaurant with 3. Median sales per GLA at restaurant with 4. Median sales per GLA at sporting goods liquor; U.S. liquor; U.S. store; U.S. Regional Shopping Centers. Community Shopping Centers. Regional Shopping Centers 5. 58.4% of taxable sales. See text for source. OP/E 149 21 The Terraces at Sunny Creek FIS I I I I I I I I I I I I I I I I I I I State Subventions The city's share of vehicle license (in-lieu) taxes is assumed to vary in proportion with population. Estimated revenues in FY 1998-99 are $41.37 per capita. Other subventions are anticipated to average $3.00 per capita. General Fund Expenditures All departments and expenditure categories were included for analysis, except for a portion of the non-departmental budget. Total general fund expenditures projected for FY 1998-99 is $55,369,798 (Table II-7). After subtracting functional revenues ($11,450,000; see above), one- half of non-departmental budget ($1,630,750), and the portion of the contingency budget corresponding to the excluded items ($1,014,700), net expenditures are projected to total $41,274,348. Expenditure categories were divided into two groups, based on who would benefit from the services represented by those expenditures. General public services, such as general government and public safety, are assumed to benefit all land uses. Demand for these services is estimated based on equivalent dwelling units (EDU). Public services which are directed primarily to residents of the city, such as library and recreation services, are estimated based on population. In order to estimate the unit costs of public services, expenditures are first adjusted for any fees or charges received for services. For example, the Community Development Department is projected to spend $4,776,829 in FY 1998-99. However, the department is projected to generate $2,450,000 in fees, leaving $2,326,829 to be funded from general revenues. This represents the planning and building-related activities which are performed for the general benefit of the city. Unit costs of public service provision are also summarized in Table II-7. These costs total $766.73 per equivalent dwelling unit and $83.45 per capita, plus contingency of 7.7573%. Public service cost for a residential unit with 2.3178 persons is estimated to be $1,034.63 per unit (= [$766.73 + 2.3178 x $83.45] X 1.077573). OP/E 149 22 The Terraces at Sunny Creek FIS I I I I I I I I I I I I I I I I I I I O)0)I00 O)O) 5UJ oCO CO UJDC Q N Z U. UJz UJo Q m u.O o COoO±1c M III •n 2 O Sito 0> "O3 C C f O LLJ O *- "S <uCO - I to |£ " •2 S -n Q- >- O (0 ooEO)—a>T LU DQHI 0)a. coin coco°1 co oo mCM co cocococococococoQ)0OG)Q)QJQ)CD»»»» o mm •*o o o r*- CD r*» h- o in co T- CMOT-OCMr-m-r-i-T~~ *>r T~ T™* co oo Is** '•TCMCDTj-CD-i-T-'tCO 4^ 01 c§oC5 2 0) oO a> >. 2'o O) S! 3c ca ^ E wnai!§ >,>»>,>,>, <5.t± f=i .ti « *i C 3 O O O O O LL D_ co0)a 3 O CO -=si cSJO 3E co3 I OP/E 149 D OUJ c5Q. oqinin ooCD CDCMCD" oooin"co co co22 m co•* CM T-^ CO oo" CD" CO Q111 o>Q. in acoo 0)a. co a>CMCOCD"CM CO CM" ooo o"m CM" CD in" ooo o" CO CO CO CO CO<y <D cu a) ai ocDcor^in CO CO CO CO CO CO Q) Q> Q) Q) Q> Q) CM co coincM cDco co inCO CO co" 00^O •<*CO CO oT c'E *- c ^C (!) 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C\j 1& OJ inCD" co[v. ooo o"oco_ co" CM in CO ^f Subtotalco OJCM CM" cq. co"CO oo0 o"in T— ^ ooO)OJ CM" CM oo" "5 33 CO D Q Uli_0Q. COin COCO co"•""• oin o"coco_ T~ Om o"cocq. T- 5?" 0 ^— ^ CO **" o0m_ CDOJ_ co"Non - DepartmentalTJc0)Q.XQ) Q) "5 "5 sO rf\vj in i^j ^"*— "• oo enCM" oo ^o_ •>— XP in j**~-* CO ^" o0O CD" OO co"ContingenciesCO CO CM T~ </J Oin in" 05o_ ^i" 5» ooO) IV. a?CDCO m~in tal — General Fundoh- ^} QUl 0)Q. CO|sl COco iffr ^~. o" 0)D) o Q0 Ul •5 5>X D_0) *-• — • co<o O to O0 ±± O c 'cD CO•ti£XCOU 0) Q. in^- co'co co*z COO^oD_ toOO ^ o 2 Z 2Q) 01 ? M "5 — w c-/it frt ^j> ro Q J2 .2 = . ,2 ^ o &^ CO Q.Oo J: o in<n | >- Tr CO Q) CO 0) C J!> OJo o £ eo" W if CO + io" 5 ra °°0) £ c £>,w 3 E o w | I £331 1 2 1 e£0 -= -D 0.2-o O ^^. u 3 5 gS"«s J g IK D) -H . >, W o" C ^3 W jQ Q) CO C Q) 9, ^3 -C- ^D C to r- Q) ^ T~JO 3 0) 0 .E + Q. "-5* > § "5; co ^^ Q) fli **— "D ^i.-— *** W ^ ;i f^Tc co E •- S ^O co '•*- <" co§ 1 -0 E^co"•C; 2 o> o c co^ c c — a, — CO S| O T5 0) .- .£ S> £ c •- *E )T o § "c ~-•^ Q) £^ J ™ +~*"oi c "- co O Oc: .£ -s; o> o Q>fe. *T % m o» 'c?^ 1 i Q) j: >- | |j| || CQ D) '^ -j 3 >»„ 3 C .*- ^1 JQ0> 0 0) T5 ~ -UC »- *; r- *-• „.•p-. jc O ::: c COco *~* O- 9* o o n\ TJ rt v CJ (08. -gs » -o g-o '0-5 = .io> 5 •- c . i >•? slifll g c £ 8 | ° '§• 1I- — iQ)b;t2-m^O jrce: City of Carlsbad,U Equivalent Dwelling ICosts for providing sSubtotal of expenditlOne-half of non-derepresent fixed annu;It is assumed that a r.fund budget that is po Q •„;_,- _.:CO uj T- CM CO 5t OP/E 149 24 The Terraces at Sunny Creek FIS I I I I I I I I I I I I I I I I I I I Credit for Privately Funded Street Maintenance. The average cost of providing public works services assumes that a project would construct and dedicate local streets to be maintained by the city. However, the proposed project is a gated community with privately maintained streets. Accordingly, expenditure for public works services has been adjusted by an amount that would have been incurred by the city for street maintenance. This was estimated as follows. According to the city, there are 230 miles of public streets. The city's preliminary operating budget for FY 1998-98 identifies two accounts for street maintenance: Account No. 15053/1525001 (Major Street Maintenance) and Account No. 15055 (Street Maintenance). Beginning with FY 1998-99, Major Street Maintenance is funded from the general fund (it was previously funded from the gas tax fund); all its activities are related to street maintenance. Street Maintenance Division's activities are also funded from the general fund; however, these activities include drainage system maintenance and others not directly related to local streets. Assuming that 40% of the Division's activities are related to local streets, it is estimated that the average cost to maintain local streets is $5,164 per mile (= [$559,520 + 40% x $1,570,329] / 230 miles). The proposed project contains 5,205 lineal feet of privately maintained street; hence estimated savings for street maintenance is $5,091 (= $5,164 x 5,205 lin. ft. / 5,280). Non-Departmental Non-departmental activities include general service functions, such as animal regulation and property tax administration. However, this category also includes special functions which would not be related specifically to new development. For this analysis, one-half of the non- departmental budget was assumed to be impacted by a project. Contingency The city's preliminary general fund budget contains a contingency of $3,986,000, or 7.7573% of all other projected expenditures. Assuming that this represents a potential additional cost of public services, similar contingency is added to estimated expenditures for the proposed and previously approved projects. If the contingency is not used, either a project's net surplus would increase, or net deficit would decrease. OP/E 149 25 The Terraces at Sunny Creek FIS III. REFERENCES I I I I I I I I I I I I I I I I I I I m. REFERENCES California, State of. Office of Planning and Research. 1978. Economic Practices Manual (Revised 1982). Sacramento. . Board of Equalization. 1996. Taxable Sales in California (Sales & Use Tax~). 36th Annual Report (1996). Sacramento. . Department of Finance. 1997. Population Estimates of California Cities and Counties. Report 92 E-l. Sacramento. Carlsbad, City of. 1998a. Operating Budget and Capital Improvement Program. 1998-1999. Finance Department, Carlsbad, CA. . 1998b. EIR 98-01/GPA 96-01/ZC 96-01/SP 160fBVLFMP 87-15(BVCT 96-02/SDP 97-02/PUC 96-02/HDP 96-02/SUP 96-01/SUP 96-02/SUP 96-03 - TERRACES AT SUNNY CREEK. Report to the Planning Commission. Agenda of June 3, 1998. Planning Department, Carlsbad, CA. (R.S.) Means Company, Inc. Means Square Foot Costs. 19th Annual Ed. Kingston, MA, 1997. San Diego, County of. 1997a. "1997-98 Proportionate 1% Revenue ATI Ratios by Fund." Auditor/Controller, San Diego. . 1997b. Property Valuations. Tax Rates. Useful Information for Taxpayers for the Fiscal Year Ending June 30. 1998. Auditor/Controller, San Diego. San Diego Association of Governments (SANDAG). 1993. Land Use in the San Diego Region. San Diego. . 1994. Regional Employment Inventory. San Diego. . 1996. January 1. 1996. Population and Housing Estimates. San Diego. . 1997a. Population and Income Characteristics of the San Diego Region. San Diego, . 1997b. January 1. 1997. Population and Housing Estimates. San Diego. San Diego County Visitors and Convention Bureau. 1998. Lodging Outlook Survey. May 1998. Research Department, San Diego. The Urban Land Institute. 1995. Dollars & Cents of Shopping Centers in the Top 20 Metropolitan Areas: 1995. Washington, D.C. OP/E 149 26 The Terraces at Sunny Creek FIS