HomeMy WebLinkAbout2000-04-18; City Council; Resolution 2000-125m v
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RESOLUTION NO. 2000-125
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD PROPOSING APPROVAL OF AN INFRASTRUCTURE FINANCING PLAN AND FORMATION OF AN INFRASTRUCTURE FINANCING DISTRICT FOR PARCELS 17 AND 18 OF THE CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
WHEREAS, the Legislature of the State of California
has enacted a comprehensive statutory scheme, the Infrastructure
Financing District Act (Government Code Sections 53395-53397.11;
the l1Actl1), authorizing a city, county, or city or county to
create an infrastructure financing district as a means of
financing the 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; and
WHEREAS, in the City of Carlsbad and Team California
Incentive Schedule dated May 12, 1993, the City of Carlsbad has
offered to investigate the use of infrastructure financing
districts to fund basic public improvements in connection with
the LEG0 and resort hotel developments on Parcel 17 and Parcel
18 of the Carlsbad Ranch Amended Specific Plan Area (the
"Property" ) ; and
WHEREAS, on February 8, 2000, the City Council of the
City of Carlsbad instituted proceedings for the establishment of
an infrastructure financing district for the Property by
adoption of a Resolution of Intention to Establish an
Infrastructure Financing District pursuant to the Act; and
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I WHEREAS, on February 8, 2000, the City Council of the
City of Carlsbad designated and directed the City Manager to
prepare an infrastructure financing plan for the Property
pursuant to the Act; and
WHEREAS, the City Manager prepared an infrastructure
financing plan for the Property pursuant to the Act (the
IIInfrastructure Financing Plan"), sent the Infrastructure
Financing Plan to each owner of land within the proposed
Infrastructure Financing District, and to the San Diego County
Board of Supervisors, together with any report required by the
California Environmental Quality Act that pertains to the
proposed public facilities or the proposed development project
for which the public facilities are needed, and made the
Infrastructure Financing Plan available for public inspection,
as required by the Act; and
WHEREAS, on March 14, 2000, after publishing notice as
required by law, the City Council of the City of Carlsbad held
an informational public hearing on the proposal to form an
Infrastructure Financing District for the Property and adopt the
Infrastructure Financing Plan pursuant to the Act; and
WHEREAS, as provided in the Act , the City Manager and
staff have consulted with and met with representatives of the
County of San Diego; and
WHEREAS , based on such consultation, the
Infrastructure Financing Plan has been modified to propose
formation of an Infrastructure Financing District for the
Property without allocation of the tax revenues of the County of
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San Diego or any other affected taxing agency (other than the
City of Carlsbad) ; and
WHEREAS, prior to the adoption of this Resolution, the
City Council has held a public hearing on the proposal to form
an Infrastructure Financing District for the Property and to
adopt the Infrastructure Financing Plan, as modified, after
publishing notice as required by law; and
WHEREAS, 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 form an Infrastructure Financing District and adopt
the proposed Infrastructure Financing Plan, as modified, will be
in the best interests of the City and the health, safety, morals
and welfare of its residents, and in accord with the public
purposes and provisions of applicable state and local law and
requirements.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City
Council of the City of Carlsbad, as follows:
1. The above recitations are true and correct.
2. The City Council recognizes that it has received and
heard all written and oral objections and
recommendations relating to the approval of the
Infrastructure Financing Plan, as modified, and
formation of the Infrastructure Financing District for
the Property, and that all such oral and written
objections are hereby overruled.
3. The City Council hereby proposes the formation of the
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Infrastructure Financing District for the Property and
approval of the Infrastructure Financing Plan, as
modified, in the form presented to the City Council at
this meeting and attached to this Resolution as
"Attachment. "
4. The City Clerk is hereby directed to conduct a
landowner election in the manner required by the Act
on May 1, 2000. Any time limit specified in the Act,
and any requirement pertaining to the conduct of the
election, and any requirement for analysis and
arguments may be waived with the unanimous consent of
all landowners.
5. This resolution shall be effective immediately upon
its approval.
PASSED, APPROVED AND ADOPTED at a Regular Meeting of
the City Council of the City of Carlsbad on the 18th
day of April 2000, by the following
vote, to wit:
AYES: Lewis, Hall, Finnila, Nygaard, Kulchin
NOES: None
ABSENT : None
ATTEST :
L/&&k
E WOOD, City Clerk
A t
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INFRASTRUCTURE FINANCING PLAN
FOR PARCELS 17 AND 18 OF THE
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
CITY OF CARLSBAD, CALIFORNIA
Adopted: 4/18 ,2000
Resolution - NO. 2000-125
FINAL REPORT 411 1/00
KEYSER MARSTON ASSOCIATES, INC.
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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 P4an for Financing Public Facilities ....................................................... 11
Section 5.5 Tax Increment Limit .............................................................................. 11
Section 5.6 Term of the IFD ..................................................................................... 11
Section 5.7 CoWBenefit 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
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LIST OF EXHIBITS
EXHIBIT A IFD MAP
EXHIBIT B IFD LEGAL DESCRIPTION
EXHIBIT C ELIGIBLE CAPITAL PROJECTS AND FUNDING SOURCES
EXHIBIT C-1 Cost Summary for Capital Projects Serving IFD Area
Scenario 1: Legoland Expansion and 400-Room Hotel
Scenario 2: Legoland Expansion and 700-Room Hotel
Area
EXHIBIT C-2 Cost Summary for Capital Projects Serving IFD Area
EXHIBIT C-3 Identification of Funding Sources for Capital Projects Serving IFD
EXHIBIT C-4 Description and Cost Allocation of Capital Projects Serving IFD Area
EXHIBIT D TAX INCREMENT REVENUE PROJECTION
EXHIBIT D-l Estimated Valuation of New Construction
Scenario 1: Legoland Expansion and 400-Room Hotel
Scenario 1: Legoland Expansion and 400-Room Hotel
Scenario 1: Legoland Expansion and 400-Room Hotel
Scenario 2: Legoland Expansion and 700-Room Hotel
Scenario 2: Legoland Expansion and 700-Fioom Hotel
Scenario 2: Legoland Expansion and 700-Room Hotel
EXHIBIT D-2 Incremental Property Tax Revenue
EXHIBIT D-3 City Tax Revenues
EXHIBIT D-4 Estimated Valuation of New Construction
EXHIBIT D-5 Incremental Property Tax Revenue
EXHIBIT D-6 City Tax Revenues
EXHIBIT E COST/BENEFIT ANALYSIS
EXHIBIT E-d 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 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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INFRASTRUCTURE FINANCING PLAN
FOR PARCELS 17 AND 18 OF THE
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
SECTION 1 INTRODUCTION
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 (Exhibit S), the Eligible Capital Projects
and Funding Sources (Exhibit C), the Tax Increment Projection (Exhibit D), the CostlBenefit
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 Pian 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 (9) (the "Amended Specific Plan"). In addition, the City and Leg0 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 Pian for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Final Report 4/11/00
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Keyser Marston Associates, Inc.
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The purpose of this Plan is to provide for the financing of a portion of the cost of public works
* needed for the development of Parcels 17 and 18 that benefit the broader community, described
in the Schedule of Public Facilities and improvements, with incremental increases in property
taxes from Parcels 17 and 18, subject to the limitations set forth in this Plan. The only taxing
entity to be affected by this Plan is the City of Carlsbad.
Infrastructure Financing Plan for Parcels 17 and 18 of the Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Plan - Final Report 4/11/00 Page 2
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SECTION 2 THE IFD; MAP AND LEGAL DESCRIPTION
The boundaries of the IFD are illustrated on the IFD Map attached to this Plan as Exhibit A. The
legal description of the IFD is set forth in the Legal Description attached to this Plan as Exhibit 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 Pian for Parcels 17 and 18 of the Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Plan - Final Report 4/11/00
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SECTION 3 DESCRIPTION OF PUBLIC FACILITIES REQUIRED TO SERVE THE
DEVELOPMENT PROPOSED FOR PARCELS 17 AND 18
Section 3.1 Introduction
This section identifies the public facilities and improvements required to serve the development
proposed for Parcels 17 and 18, including their respective location, timing, and estimated cost.
As background, the IFD consists of two parcels of land, Parcels 17 and 18 of the Carlsbad
Ranch Amended Specific Plan Area. Parcel 17 is currently vacant and undeveloped, and Parcel
18 is the site of Legoland Park (“Park”). The Park, in its initial phase, was completed and
opened in March 1999. The Park owner, Legoland Development, has identified plans for future
expansion of, and additions to, Legoland within Parcel 18. According to Legoland Development,
proposed annual expansions will range in value from $2 million to $6.1 million.
A major resort hotel is planned for development on Parcel 17. The resort hotel is intended to
complement the Park as well as the municipal golf course planned to be constructed by the City
of Carlsbad adjacent to Parcel 17. Specific plans regarding the size, operator, or construction
schedule for the proposed resort hotel have not yet been identified. The quality and size of the
project is anticipated to be comparable to the existing Four Seasons Resort Aviara and La Costa
Hotel and Spa resorts located in the City of Carlsbad.
City of Carlsbad planning staff have identified the achievable scope of the resort project on
Parcel 17 as ranging from 400 to 700 hotel rooms. The financing plan for the IFD considers
both hotel scenarios, in combination with the phased expansions planned for Legoland, with
respect to the projection of tax increment revenues, the potential costlbenefit 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:
Scenario 1: Legoland expansion and development of a 400-room resort hotel.
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 Pian for Parcels 17 and 18 of the Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Plan - Final Report 411 7/00 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 Keyser Marston Associates, inc.
Carlsbad Ranch Specific Plan - Final Report 4/11/00 Page 5
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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-l and C-2). The fees must be paid at the time of issuance of building
permits. On a preliminary basis, City staff has determined that new development within the IFD
would be eligible for reimbursement of fees and assessments in the range of $2.78 to $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.
Infrastructure Financing Plan for Parcels 17 and 18 of the Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Plan - Final Report 4/11/00 Page 6 *
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Scenario 1: Scenario 2:
Costs of Public Improvements
1.4% 1.4% % of Total
$1.76 million $1.76 million Reimbursed by IFD (2)
and 700-Room Hotel and 4OO-ROOm Hotel and Facilities (1)
Legoland Expansion Legoland Expansion
I Funded by Legoland
and Hotel Developer
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$1.36 million $3.66 million
Yo of Total
$1 16.53 million $1 18.83 million I Funded by Other Sources (3)
3.0% 1.1%
i % of Total 95.6% 97.4% 1 1 I I
Total Costs
100.0% 100.0% Yo of Total
$1 21.95 million $1 21.95 million
(1) Allow for rounding error.
(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. , I
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Pian - fins/ Report 4/7 7/00
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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 Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Plan - Final Report 4/11/00
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Page 8
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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 I'FD 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.
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - final Report 4/11/00
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Keyser Marston Associates, Inc.
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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 Projection of Tax Revenues Received by the IFD
Exhibit D presents a projection of the amount of tax revenue projected to flow to the IFD under
the two development scenarios: Scenario 1, Legoland expansion and development of a 400-
room hotel; and Scenario 2, Legoland expansion and development of a 700-room hotel.
Projections of the tax increment revenues for the IFD for each year of its duration are shown in
Exhibits 0-3 (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 XlllA 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.
Infrastructure Financing Plan for Parcels 17 and 18 of the Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Plan - Final Report 4/7 7/00 Page 10
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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 thedFD, except to document the obligation to
reimburse the developer(s) as provided in this Section 5.4. The agreement to reimburse the
developer(s) will be in the form of a bond issued by the IFD pursuant to Article 4 of the Act
(Government Code Sections 53397.1 et seq.). The sole bondholder(s) will be the developer(s).
The tax increment revenues from the District will be pledged for the 20-year term of the IFD to
pay the principal amount of the bond (equal to the eligible portion of the fees and assessments
paid by the developer(s) minus 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-I through D-6.
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Final Report 4/11/00
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Section 5.7 CostIBenefit 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.
A5 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-? and E“, a correlation
between municipal service costs and populationlemployment factors can be used to project
incremental General Fund expenditure impacts on a per-resident and per-resident-equivalent
basis. The standard approach involves estimating the relative impacts on municipal service
expenditures of new residents and new jobs within the City. A typical assumption in fiscal
impact methodology is that three new jobs have the municipal service impacts of one new
resident.
Build-out of the IFD area is not expected to generate new population. However, the anticipated
employment can be expressed as a total of 418 “resident equivalents” under Scenario 1 and 493
“resident equivalents” under Scenario 2. Based on these assumptions, build-out of the IFD area
is projected to generate recurring annual General Fund expenditure impacts of $217,000 per
year under Scenario 1, and $257,000 under Scenario 2. These estimates are expressed in
current (2000) dollars.
Section 5.7.2 Revenues to the City
This section addresses both one-time capital and recurring annual revenues to the City resulting
from expected development in the IFD area.
As shown in the table below, the City will receive fees and assessments from new development
within the IFD ranging from $3.1 million to $5.4 million. These revenues fully offset the
anticipated costs to the City to provide facilities to the IFD area.
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Final Report 4/7 7/00
20046ndh
Keyser Marston Associates, Inc.
Page 12
w V
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 €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 €4,
total recurring General Fund revenues inclusive of all taxes and other revenue sources, are
estimated to total $2.5 million under Scenario 1, and $3.8 million under Scenario 2.
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Final Report 4/11/00
20046ndh
Keyser Marston Associates, Inc.
Page 13
- w
costs Revenues
One-Time Capital Impacts
I
I
Scenario 7:
Legoland Expansion
and 400-Room Hotel
Scenario 2:
Legoland Expansion
and 700-Room Hotel
Recurring Annual impacts
$3.1 2 million for facilities
serving IFD area.
($1 18.83 million in
additional community-wide
improvements).
$5.42 million for facilities
serving IFD area.
($1 16.5.3 million in
additional community-wide
improvements).
Legoland and hotel
developer will be
responsible for payment of
$3.12 to $5.42 million in
fees and assessments upon
issuance of building
permits. IFD will reimburse
eligible fees and
assessments through
issuance of bonds, up to a
maximum of $1.76 million,
serviced from tax increment
revenues. -
1 Scenario 1
~
$21 7,000
$3,840,000 $257,000 Scenario 2
$2,470,000
!
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 Pian for Parcels 17 and 18 of the Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Plan - final Report 4/11/00
20046ndh
Page 14
w w
I I Foregone Tax Increment Scenario 1 :
City of Carlsbad Legoland Expansion
and 400-Room Hotel
I
Future Value
Present Value @ 10% Discount
$1,760,000
Rate
$1,057,000
7
-
Scenario 2:
Legoland Expansion
and 700-Room Hotel
$1,760,000
$1 ,I 11,000
9
-
i
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Final Report 4/11/00
20046ndh
Keyser Marston Associates, Inc.
Page 15
- I
SECTION 6 DISPLACEMENT FROM IFD
No dwelling units occupied by persons or families of low or moderate income are proposed to be
removed or destroyed in the course of private development or public works construction within
the area of the IFD.
Infrastructure Financing Plan for Parcels 17 and 18 of the
Carlsbad Ranch Specific Plan - Final Report 4/11/00
20046ndh
Keyser Marston Associates, Inc.
Page 16
v w
EXHIBIT A
IFD MAP
@
Infrastructure Financing Plan for Parcels 17 and 18 of the Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Plan - final Report 4/11/00 Page 17 20046ndh
w W
EXHIBIT B
IFD LEGAL DESCRIPTION
LEGOLAND PARCEL - Lot 18, Map No. 13408 (CT 94-09) APN: 211-100-09-00
RESORT ,HOTEL PARCEL - Lot 17, Map No. 13408, (CT 94-09) and a Portion of Lot
F, M823 APN: 211-100-14-00
Infrastructure Financing Plan for Parcels 17 and 18 of the Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Plan - Final Repor? 4/7 7/00
20046ndh
w w
EXHIBIT C
ELIGIBLE CAPITAL PROJECTS AND FUNDING SOURCES
EXHIBIT C-I Cost Summary for Capital Projects Serving IFD Area
Scenario 1: Legoland Expansion and 4OO-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 Pian for Parcels 17 and 18 of the Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Plan - Final Report 411 1/00 Page 19
20046ndh
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EXHIBIT D
TAX REVENUE PROJECTION
EXHIBIT D-I Estimated Valuation of New Construction
Scenario 1: Legoland Expansion and 400-Room Hotel
EXHIBIT D-2 Incremental Property Tax Revenue
Scenario I: Legoland Expansion and 400-Room Hotel
EXHIBIT D-3 City Tax Revenues
Scenario .I : 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 Repor? 417 1/00
20046ndh
Keyser Marston Associates, Inc.
Page 21
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EXHIBIT E
COST/BENEFIT ANALYSIS
EXHIBIT E4 City of Carlsbad General Fund Expenditures
Scenario 1: 400-Room Hotel
EXHIBIT E-2 City of Carlsbad General Fund Expenditures
Scenario 2: 700-Room Hotel
EXHIBIT E-3 City of Carlsbad General Fund Revenue
Scenario 1: 400-Room Hotel
EXHIBIT E4 City of Carlsbad General Fund Revenues
Scenario 2: 700-Room Hotel
Infrastructure Financing Plan for Parcels 17 and 18 of the Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Pian - Final Report 4/11/00 Page 23
20046ndh
w L
EXHIBIT E-I
CITY OF CARLSBAD GENERAL FUND EXPENDITURES
INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
SCENARIO 1: 400-ROOM HOTEL
Baseline Assumptions Carlsbad (1999) IFD Area
Population
Total Number of Jobs
77,600
49,680
Number of Hotel Rooms
0.75 Employees Per Room
Equivalent Residents
Total Resident Equivalents
16,560
94,160
3 jobs = 1 resident
nla
954 (1)
400
300
418
41 8
General Fund Revenue Expenditures FY 1999-2000 Expenditures IFD Area (2)
Per Resident or Projected Residents Total or Resident Equivalent or Resident Equivalents Total Impact
Policy Leadership Group $2,485,452 $26 Per Resident Equivalent 418 $1 1,000
Adminstrative Services $3,760,069 $48 Per Resident 0 $0
Public Safety $21,720,298 $231 Per Resident Equivalent 418 $96,000
Community Development $5,080,862 $54 Per Resident Equivalent 41 8 $23,000
Community Services $8,921,826 $1 15 Per Resident 0 $0
Public Works $1 1,547,782 $123 Per Resident Equivalent 41 8 $51,000
Non-Departmental $4,125,000 $44 Per Resident Equivalent 41 8 $18,000
Contingencies $4,000,000 $42 Per Resident Equivalent 418 $18,000
Total General Fund Expenditures $61,641,289 $217,000
(1) Represents mid-point of peak and off-peak employment. Assumes 658 full-time and
(2) Estimates of annual expenditure impacts at project stabilization in 2000 dollars. Excludes impacts of Legoland expansions.
592 seasonal/part-time positions.
Prepared by: Keyser Marston Associates, Inc.
Filename I:\clients\new\lego\04~2000\rev~fiscalimpact; 4/10/00; crg
w L
EXHIBIT E-2
CITY OF CARLSBAD GENERAL FUND EXPENDITURES
INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
SCENARIO 2: 700-ROOM HOTEL
Baseline Assumptions
Population
Total Number of Jobs
v
77,600
49,680
Equivalent Residents
Total Resident Equivalents
IFD Area
nla
954 (1)
Number of Hotel Rooms
0.75 Employees Per Room
16,560
94,160
3 jobs = 1 resident
700
525
493
493
General Fund Revenue Expenditures FY 1999-2000 Expenditures IFD Area (2)
Per Resident or Projected Residents
Total or Resident Equivalent or Resident Equivalents Total Impact
Policy Leadership Group $2,485,452 $26 Per Resident Equivalent 493 $13,000
Adminstrative Services $3,760,069 $48 Per Resident 0 $0
Public Safety $21,720,298 $231 Per Resident Equivalent 493 $1 14,000
Community Development $5,080,862 $54 Per Resident Equivalent 493 $27,000
Community Services $8,921,826 $1 15 Per Resident 0 $0
Public Works $1 1,547,782 $123 Per Resident Equivalent 493 $60,000
Non-Departmental $4,125,000 $44 Per Resident Equivalent 493 ' $22,000
Contingencies $4,000,000 $42 Per Resident Equivalent 493 $21,000
Total General Fund Expenditures $61,641,289 $257,000
(1) Represents mid-point of peak and off-peak employment. Assumes 658 full-time and
(2) Estimates of annual expenditure impacts at project stabilization in 2000 dollars. Excludes impacts of Legoland expansions.
592 seasonallpart-time positions.
Prepared by: Keyser Marston Associates, Inc.
Filename I:\clients\new\lego\04~2000\rev~fiscalimpact; 4/10/00; crg
L w
EXHIBIT E-3
CITY OF CARLSBAD GENERAL FUND REVENUES
SCENARIO 1: 400-ROOM HOTEL
INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
Baseline Assumptions
Population
Total Number of Jobs
Carlsbad (1999)
77,600
49,680
Equivalent Residents
Total Resident Equivalents
IFD Area
nla
954 (
Number of Hotel Rooms 400
0.75 Employees Per Room 300
16,560 41 8
94,160 418
3 jobs = 1 resident
General Fund Revenue Source FY 1999-2000 Revenues IFD Area (2)
Per Resident or Projected Residents
Total 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)
Other Taxes (4)
$7,463,000 $1,682,000
$431 1,000 $48 Per Resident Equivalent 418 $20,000
Licenses and Permits $3,087,000 $33 Per Resident Equivalent 41 8 $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 $1 1 Per Resident 0 $0
Interest $2,164,000 $23 Per Resident Equivalent 418 $10,000
Interdepartmental Charges $1,650,000 $18 Per Resident Equivalent 41 8 $7,000
Other Revenue Sources $1,000,000 $1 1 Per Resident Equivalent 418 $4,000
Total General Fund Revenues $64,384,000 . $2,468,000
(1) Represents mid-point of peak and off-peak employment. Assumes 658 full-time and
(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.
592 seasonallpart-time positions.
Prepared by: Keyser Marston Associates, Inc.
Filename I:\clients\new\lego\04-2000\rev~fiscalimpact; 4/10/00; crg *!
.w w
EXHIBIT E4
CITY OF CARLSBAD GENERAL FUND REVENUES
SCENARIO 2: 700-ROOM HOTEL
INFRASTRUCTURE FINANCING PLAN FOR PARCELS 17 AND 18
CARLSBAD RANCH AMENDED SPECIFIC PLAN AREA
Baseline Assumptions Carlsbad (1999) IFD Area
Population
Total Number of Jobs
77,600
49,680
nla
954 (
Number of Hotel Rooms 700
0.75 Employees Per Room 525
Equivalent Residents 16,560 493
Total Resident Equivalents 94,160 493
3 jobs = 1 resident
General Fund Revenue Source FY 1999-2000 Revenues IFD Area (2)
Per Resident or Projected Residents Total or Resident Equivalent or Resident Equivalents Total Impact
Property Tax (3) $15,808,000 $268,000
Sales Tax (3)
Transient Occupancy Tax (3)
Other Taxes (4)
$17,756,000 $563,000
$7,463,000 $2,943,000
$4,511,000 $48 Per Resident Equivalent 493 $24,000
Licenses and Permits $3,087,000 $33 Per Resident Equivalent 493 $16,000
Vehicle License Fees $3,967,000 $51 Per Resident 0 $0
Charges for Services $6,162,000 $79 Per Resident 0 $0
Fines and Forfeitures $816,000 $1 1 Per Resident 0 $0
Interest $2,164,000 $23 Per Resident Equivalent 493 $1 1,000
Interdepartmental Charges $1,650,000 $18 Per Resident Equivalent 493 $9.000
Other Revenue Sources $1,000,000 $1 1 Per Resident Equivalent 493 $5,000
Total General Fund Revenues $64,384,000 $3,839,000
(1) Represents mid-point of peak and off-peak employment. Assumes 658 full-time and
(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.
592 seasonaWpart-time positions.
Prepared by: Keyser Marston Associates, Inc.
Filename I:\clients\new\lego\O4~2OOO\rev~fiscalimpact; 4/10/00; crg
w w
APPENDIX
DESCRIPTIONS OF ELIGIBLE CAPITAL PROJECTS
Infrastructure Financing Pian for Parcels 17 and 18 of the Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Pian - Final Report #/I 1/00
20046ndh
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4 - EXHIBIT A
IFD MAP
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Infrastructure Financing Plan for Parcels 17 and 18 of the Keyser Marston Associates, Inc.
Carlsbad Ranch Specific Plan - Revised Final Draft 2/4/00 Page 17
20009ndh