King City City Council
April 8, 2025

AGENDA

REGULAR MEETING OF THE

CITY OF KING CITY COUNCIL
AND
Sitting as SUCCESSOR AGENCY OF

THE RDA FOR THE CITY OF KING
TUESDAY APRIL 8, 2025
6:00 P.M.

CITY HALL
212 S. VANDERHURST AVENUE
KING CITY, CALIFORNIA 93930
The City Council meeting will be conducted in hybrid in-person/virtual format.

To join the meeting virtually, please use the link below to join the Zoom meeting:
https://bit.ly/3e0zvaR
Meeting ID: 881 5287 9536
Or by telephone: 1-669-900-9128
Passcode: 052933
In compliance with the Americans with Disabilities Act, if you need special assistance to participate in a City meeting, Please contact the City Clerk's Office (831-386-5925) at least 48 hours prior to the Meeting to ensure that reasonable arrangements can be made to provide accessibility to the meeting.
* Please submit all correspondence for City Council PRIOR to the meeting with a copy to the City Clerk.

CALL TO ORDER
ROLL CALL:

Council Members Oscar Avalos, Robert Cullen, Carlos Victoria, Mayor Pro Tem Carlos DeLeon, and Mayor Mike LeBarre

FLAG SALUTE

CLOSED SESSION ANNOUNCEMENTS

SPECIAL PRESENTATIONS

PUBLIC COMMENT
Any member of the public may address the Council for a period not to exceed three minutes’ total on any item of interest within the jurisdiction of this Council that is not on the agenda. The Council will listen to all communications; however, in compliance with the Brown Act, the Council cannot act on items not on the agenda. Comments should be directed to the Council as a whole and not to any individual Council Member.

Slanderous, profane or personal remarks against any Council Member, staff member or member of the audience is not permitted.

COUNCIL COMMUNICATIONS & COMMITTEE REPORTS
Individual Council Members may comment on Council business, his or her Council activities, City operations, projects or other items of community interest. Council Members may also request staff to report back at a subsequent meeting on any matter or take action to direct staff to prepare a staff report for a future agenda.

STAFF COMMUNICATIONS
Comments presented by the City Manager, City Attorney or other staff on City business

1. 2.

3. 4.

5. 6.

7. 8.
activities, City operations, projects or other items of community interest. Council Members may also request staff to report back at a subsequent meeting on any matter or take action to direct staff to prepare a staff report for a future agenda.

STAFF COMMUNICATIONS
Comments presented by the City Manager, City Attorney or other staff on City business and/or announcements.

CONSENT AGENDA
The following items listed below are scheduled for consideration as a group. The recommendations for each item are noted. Members of the audience may speak on any item(s) listed on the Consent Agenda. Any Council Member, the City Manager, or the City Attorney may request that an item be withdrawn from the Consent Agenda to allow for full discussion. The Council may approve the remainder of the Consent Agenda on one motion. Items withdrawn from the Consent Agenda may be considered by separate motions at the conclusion of the discussion of each item.

Consideration: Meeting Minutes Of March 25, 2025 Council Meeting Recommendation: approve and file.
9(A) 03-25-2025 MINUTES_.PDF
Consideration: City Of King Check Register March 16, Through March 31, 2025 Recommendation: receive and file.
9(B) CITY OF KING CHECK REGISTER MARCH 16-31ST.PDF
Consideration: Meeting Minutes Of March 25, 2025 Special Council Meeting Recommendation: approve and file.
9(C) 03-25-2025 SPECIAL CLOSED SESSION MEETING MINUTES_.PDF Consideration: Declaration And Disposition Of Surplus Property Recommendation: adopt a Resolution declaring and approving disposition of surplus property.
9(D) DECLARATION AND DISPOSITION OF SURPLUS PROPERTY.PDF Consideration : King City Chamber Of Commerce & Agriculture City -Wide Yard Sale Recommendation: 1) approve the King City Chamber of Commerce & Agriculture special event permit request for a City-wide Yard Sale on June 20, 2025 to June 22, 2025; 2) waive all yard sale permit fees and requirements during those days; and 3) waive fees for the special event permit.
9(E) KING CITY CHAMBER OF COMMERCE AND AGRICULTURE CITY WIDE YARD SALE.PDF
Consideration: Commission And Committee Appointment

8. 9.

A.

Documents:

B.

Documents:

C.

Documents:

D.

Documents:

E.

Documents:

F
9(E) KING CITY CHAMBER OF COMMERCE AND AGRICULTURE CITY WIDE YARD SALE.PDF
Consideration: Commission And Committee Appointment
Recommendation: adopt a Resolution reappointing David Mendez to the Planning Commission.
9(F) COMMISSION AND COMMITTEE APPOINTMENTS.PDF
Consideration: City Of King KCCP Payments For The Month Of March 2025 Recommendation: receive and file.
9(G) CITY OF KING KCCP PAYMENTS FOR MARCH 2025.PDF

PUBLIC HEARINGS

REGULAR BUSINESS
Consideration: Housing Market Analysis
Recommendation: receive the Housing Market Analysis from Zonda Advisory. 11(A) HOUSING MARKET ANALYSIS.PDF

CITY COUNCIL CLOSED SESSION
Announcement(s) of any reportable action(s) taken in Closed Session will be made in open session and repeated at the beginning of the next Regular City Council meeting as this portion of the meeting is not recorded.

Conference With Labor Negotiators Pursuant To Government Code Section §54957 Agency Representative: Steven Adams Employee Organization: KCCEA And Department Directors

ADJOURNMENT
The City of King is an equal opportunity provider and employer.

Documents:

F.

Documents:

G.

Documents:

10. 11.

A.

Documents:

12. A.

13.

City Council Meeting
March 25, 2025

1.__CALL TO ORDER:

Regular Meeting called to order at 6:00pm by Mayor LeBarre.

Mayor LeBarre spoke about Sgt. Ryan Kenedy and about how much City Council appreciated his hard work. Mayor LeBarre asked for a moment of silence.

Chief James Hunt spoke about Sgt. Ryan Kenedy. He was quiet, consistent and humble. He changed people’s lives that most of us didn’t know about because he wasn’t a bragger about what he was doing.

Chief Hunt thanked the local law enforcement agencies for their support today and the next few days covering our shifts.

Mayor LeBarre stated that we Congresswoman Lofgren, Speaker Rivas, Senator Laird, Supervisor Lopez extended their support.

2.__ROLL CALL:

City Council: Mayor Mike LeBarre, Mayor Pro Tem Carlos DeLeon, Council member Carlos Victoria, Council member Rob Cullen, Council members Oscar Avalos City Staff: City Manager Steve Adams, City Attorney Roy Santos; City Clerk Erica Sonne

3.__FLAG SALUTE:

The flag salute was led by Mayor LeBarre.

4. CLOSED SESSION ANNOUNCEMENTS:

No reportable action from the last meeting.

5.__SPECIAL PRESENTATIONS:

None

6. PUBLIC COMMUNICATIONS:

Margarita Lopez spoke about Sgt. Kenedy and his passion for working with them at the church. They appreciated him.

Maria Alives spoke on signage being put up to make people aware of children with autism being present like in neighborhoods or parks. Her son is autistic, and she would like to make people more aware of children with autism.

7. COUNCIL COMMUNICATIONS:

Council Member Avalos stated he had nothing to report tonight.

Council Member Cullen stated it was hard to report anything out tonight. He stated that he had received a notice through Mee Memorial Hospital about potential cuts of Medicare and Medicaid and sending letters of support for not cutting. He would like to see City Council write a letters of support. He read the 9(A)

passing of Patty Feller and wanted honor her. Solid Waste Authority passed rate increases. Annual tire amnesty program April 5
th
- May 31st.

Council Member Victoria stated the elementary school district is on Spring Break. Everyone at Chalone Peaks Middle School, the kids, loved Sgt. Kenedy.

Mayor Pro Tem DeLeon stated he had nothing to report this week. He did want to make staff aware of the announcement coming out of Washington about FEMA funding being reported not coming through.

Mayor LeBarre stated that he will be having his annual meeting with Speaker Rivas next week.

8. CITY STAFF REPORTS AND COMMENTS:

City Manager Adams had nothing to report tonight.

City Attorney Santos had nothing to report this evening.

9. CONSENT
A. Consideration: Meeting Minutes of March 11, 2025 Council Meeting B. Consideration: City of King Check Register March 1, through March 15, 2025 C. Consideration: Commission and Committee Appointments D. Consideration: Amendments to the Schedule of Administrative Citation Fines E. Consideration: Annual General Plan Report and Housing Element Annual Report for 2024 F. Consideration: Acceptance of Easements for Public Utility Purposes Over (i) Nino Property, and (ii) City-Owned Property
G. Consideration: Interpretation Regarding Worker Permit Requirements for Commercial Cannabis Business Labor Contractors
H. Consideration: Prohousing Designation Program Application I. Consideration: Approval of Loan Document with CHISPA for the Mills Ranch Affordable Housing Project Under the Permanent Local Housing Allocation Program (PLHA) Chad Maxwell, Vertis President, cannabis operation. He asked City Council support to pass item 9(G).

Action: Motion to approve consent agenda items A- H by Cullen seconded by Victoria.

AYES: Council Members: LeBarre, DeLeon, Cullen, Victoria, Avalos NOES: Council Members:

ABSENT: Council Members:

ABSTAIN: Council Members:

City Manager Adams recused himself from item 9(I) due to a conflict and he left the meeting.

Action: Motion to approve consent agenda item 9(I) by Victoria seconded by Avalos.

AYES: Council Members: LeBarre, DeLeon, Cullen, Victoria, Avalos NOES: Council Members:

ABSENT: Council Members:

ABSTAIN: Council Members:

10. PUBLIC HEARINGS:

None

11. REGULAR BUSINESS
A. Consideration: Process for Comprehensive Plan to End Youth Violence Phase II Plan Action: Motion to approve the proposed process for developing a second phase of the King City Comprehensive Plan to End Youth Violence by Avalos seconded by Victoria.

AYES: Council Members: LeBarre, DeLeon, Cullen, Victoria, Avalos NOES: Council Members:

ABSENT: Council Members:

ABSTAIN: Council Members:

B. Consideration: King City Golf Course Restoration Project Process and Amendment to Operation Contract Services Agreement with First Tee Monterey County Action: Motion to approve a Second Amendment to the Contract Services Agreement which would agree to provide a monthly payment of $15,000 to First Tee to address the decrease in revenue due to the flood damage for the period of three months and appropriate $45,000 for the increased costs. by LeBarre seconded by Cullen.

AYES: Council Members: LeBarre, DeLeon, Cullen, Victoria, Avalos NOES: Council Members:

ABSENT: Council Members:

ABSTAIN: Council Members:

12. CITY COUNCIL CLOSED SESSION
None
ADJOURNMENT:

Mayor LeBarre adjourned the meeting at 7:24p.m. in memory of Sgt. Ryan Kenedy Approved Signatures:

Mayor Mike LeBarre City Clerk, Erica Sonne
City of King City of King
Item No. 9(B)

REPORT TO THE CITY COUNCIL
DATE: APRIL 8, 2025
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: MIKE HOWARD, FINANCE DIRECTOR
RE: CONSIDERATION OF CITY OF KING CHECK REGISTER
MARCH 16 THROUGH MARCH 31, 2025
RECOMMENDATION:

It is recommended City Council receive and file.

BACKGROUND:

At least once a month, the City Treasurer shall submit to the City Council, a copy of the invoices paid for the previous month.

DISCUSSION:

The purpose of this item is to provide the Council an opportunity to review and monitor ongoing expenditures. These documents are attached.

COST ANALYSIS:

There is no fiscal impact as a result of this action.

ENVIRONMENTAL REVIEW:

No Environmental Review required for this item.

ALTERNATIVES:

The following alternatives are provided for Council consideration:

1. Receive and file the report; or

2. Provide other direction to staff regarding requests for additional information.

3/31/2025 6:57:59 AM Page 1 of 7
Check Report
King City, CA By Check Number
Date Range: 03/16/2025 - 03/31/2025
Vendor Number Vendor Name Payment Date Payment Type Discount Amount Payment Amount Number Payable # Payable Type Post Date Payable Description Discount Amount Payable Amount Bank Code: POOL-WFB-POOL - WELLS FARGO BANK
Payment Type: EFT
ADAMS ADAMS ASHBY GROUP LLC 03/17/2025 EFT 0.00 562.50 10176 7006 Invoice 03/14/2025 PLHA Program Grant Administration 0.00 562.50 ALVAREZ ALVAREZ TECHNOLOGY GROUP INC 03/17/2025 EFT 0.00 8,944.69 10177 74961 Invoice 03/14/2025 IT Services for Fire Dept. 0.00 639.62 74964 Invoice 03/14/2025 Computer Services 0.00 420.43
74997 Invoice 03/14/2025 Computer Access Public Works 0.00 283.33 75504 Invoice 03/14/2025 Computer Services 0.00 6,657.12 75505 Credit Memo 03/14/2025 CREDIT 0.00 -17.76
75654 Invoice 03/14/2025 Computer Services 0.00 495.00
75666 Invoice 03/14/2025 Computer Services 0.00 247.50
75678 Invoice 03/14/2025 Computer Services 0.00 219.45
EIKHOF EIKHOF DESIGN GROUP INC 03/17/2025 EFT 0.00 1,837.50 10178 2025-075 Invoice 03/14/2025 Golf Course Rehab Engineer Svs. Dec 2024… 0.00 1,387.50 2025-076 Invoice 03/14/2025 2024 Pavement Proj. Inspect Reports 0.00 450.00 LA HEARNE LA HEARNE COMPANY 03/17/2025 EFT 0.00 491.88 10179 1503576 Invoice 03/14/2025 Pool Supplies 0.00 491.88
CYPRESSW MILES CLIFFORD FARMER CYPRESS WATER SERVICE INC 03/17/2025 EFT 0.00 14,935.00 10180 25343 Invoice 03/14/2025 Laboratory Fees 0.00 3,975.00
25397 Invoice 03/14/2025 Laboratory Fee -April 2024 to Sept 2024 0.00 10,960.00 MAGICC NORMA L DOMINGUEZ 03/17/2025 EFT 0.00 5,760.00 10181 6023 Invoice 03/14/2025 Monarch Inn Interim Homeless Shelter Cle… 0.00 5,760.00 SIRCHIE AC SIRCHIE ACQUISITION CO LLC Dept.#6481 03/17/2025 EFT 0.00 477.93 10182 0681921-IN Invoice 03/14/2025 Evidence Supplies 0.00 477.93 SPECTRUMT SPECTRUM ENTERPRISE Charter Communication 03/17/2025 EFT 0.00 3,167.74 10183 113362301022125 Invoice 03/14/2025 Internet 0.00 1,584.53 113362301122124 Invoice 03/14/2025 Internet 0.00 1,583.21 TORO TORO PETROLEUM CORP 03/17/2025 EFT 0.00 7,244.06 10184 CL83658 Invoice 03/14/2025 Fuel 0.00 2,821.62
CL83819 Invoice 03/14/2025 Fuel 0.00 1,408.94
CL84121 Invoice 03/14/2025 Fuel 0.00 3,013.50
CSGCON CSG CONSULTANTS INC 03/19/2025 EFT 0.00 9,235.50 10185 60296 Invoice 03/18/2025 CSG Inspector Services 0.00 9,235.50 GREEN ACCT GREEN'S ACCOUNTING 03/19/2025 EFT 0.00 31,374.95 10186 021025 Invoice 03/18/2025 Accounting Jan 2025 0.00 17,976.82 021025B Invoice 03/18/2025 Accounting Dec 2024 0.00 13,398.13 ADAMS ADAMS ASHBY GROUP LLC 03/31/2025 EFT 0.00 12,191.05 10187 6110 Invoice 03/28/2025 Downtown Plaza Park Labor Compliance 0.00 1,757.50 6272 Invoice 03/28/2025 CDBG Grant Application Preparation 0.00 7,500.00 7062 Invoice 03/28/2025 PLHA Grant Administration 0.00 343.75 7063 Invoice 03/28/2025 Downtown Plaza Park Project 0.00 707.20 7064 Invoice 03/28/2025 Downtown Streetscape Project Labor Com… 0.00 1,397.60 7070 Invoice 03/28/2025 CDBG Sewer Treatment Plant Design Gran… 0.00 485.00 A & W ALESHIRE & WYNDER LLP 03/31/2025 EFT 0.00 57,740.04 10188 93902 Invoice 03/28/2025 Legal Services 0.00 12,853.19
Check Report Date Range: 03/16/2025 - 03/31/2025
3/31/2025 6:57:59 AM Page 2 of 7
Vendor Number Vendor Name Payment Date Payment Type Discount Amount Payment Amount Number Payable # Payable Type Post Date Payable Description Discount Amount Payable Amount 93903 Invoice 03/28/2025 Legal Services HCD Litigation 0.00 44,103.85 93904 Invoice 03/28/2025 Homeless Project Litigation 0.00 783.00 SMITHE SMITH & ENRIGHT LANDSCAPING INC 03/31/2025 EFT 0.00 1,250.00 10189 486 Invoice 03/28/2025 Jan 2025 - Landscape Maintenance 0.00 625.00 975 Invoice 03/28/2025 March 2025 - Landscape Maintenance 0.00 625.00 SPECTRUMT SPECTRUM ENTERPRISE Charter Communication 03/31/2025 EFT 0.00 320.00 10190 170002601030725 Invoice 03/28/2025 Internet 0.00 320.00 SPCA THE SPCA FOR MONTEREY COUNTY 03/31/2025 EFT 0.00 6,370.00 10191 11-24 Invoice 03/28/2025 SPCA NOV 2024 0.00 4,900.00
2-25 Invoice 03/28/2025 SPCA FEB. 0.00 1,470.00
TORO TORO PETROLEUM CORP 03/31/2025 EFT 0.00 4,578.07 10192 CL84365 Invoice 03/28/2025 Fuel 0.00 1,270.42
CL84601 Invoice 03/28/2025 Fuel 0.00 3,307.65
Total EFT: 0.00 166,480.91
Check Report Date Range: 03/16/2025 - 03/31/2025
3/31/2025 6:57:59 AM Page 3 of 7
Vendor Number Vendor Name Payment Date Payment Type Discount Amount Payment Amount Number Payable # Payable Type Post Date Payable Description Discount Amount Payable Amount Payment Type: Regular
KCTVHARD ALCANTAR HARDWARE INC 03/18/2025 Regular 0.00 116.33 72519 577797 Invoice 03/18/2025 Replacement Work Gloves 0.00 18.48 578201 Invoice 03/18/2025 Replacement Trimmer Head 0.00 97.85 CNC ELECTR CLARK N CLEVENGER CNC ELECTRIC AND OUTDOOR POWER 03/18/2025 Regular 0.00 32.04 72520 7923 Invoice 03/18/2025 Stihl Tool Repair Supplies 0.00 28.24 7953 Invoice 03/18/2025 New Rope For Blower 0.00 3.80
DAVE'S REP DAVE'S REPAIR SERVICE David L Gambetta 03/18/2025 Regular 0.00 386.88 72521 38360 Invoice 03/18/2025 Repair Bell Sensors Airport Fueling Station 0.00 386.88 TIRE KING JOSE RODRIGUEZ TIRE KING & AUTO EXPRESS 03/18/2025 Regular 0.00 176.12 72522 91390 Invoice 03/18/2025 Replacement Tire on Sewer Machine 0.00 176.12 NEWSV NEW SV MEDIA INC 03/18/2025 Regular 0.00 308.72 72523 137051 Invoice 03/18/2025 Public Notice - Clarks Storeroom 0.00 308.72 PARTS & SE PARTS & SERVICE CTR- NAPA INC 03/18/2025 Regular 0.00 15.39 72524 693506 Invoice 03/18/2025 Trailer Wire Lights 0.00 15.39 ADAMSS STEVEN ADAMS 03/18/2025 Regular 0.00 107.80 72525 031525 Invoice 03/18/2025 Meetings Reimbursement 0.00 107.80 TGARCIA TERESITA GARCIA ZANCHEZ 03/18/2025 Regular 0.00 322.70 72526 030725 Invoice 03/18/2025 CAPE Training 0.00 322.70
U.S. POSTA U.S. POSTAL SERVICE 03/18/2025 Regular 0.00 1,104.48 72527 50225 Invoice 03/18/2025 Postage of Prints Sewer Rate Increase 0.00 1,104.48 U.S. BAN US BANK CORP PAYMENT SYSTEM 03/18/2025 Regular 0.00 1,918.43 72528 030625JH Invoice 03/18/2025 Credit Card Purchases 0.00 1,709.51 030625OH Invoice 03/18/2025 Credit Card Purchases 0.00 147.01 030625USBANK Invoice 03/18/2025 Credit Card Purchases 0.00 61.91 MOCO CLERK MONTEREY COUNTY CLERK 03/19/2025 Regular 0.00 3,018.75 72529 031925 Invoice 03/19/2025 San Antonio Bike Path ATP Cycle 6 0.00 3,018.75 AFLAC AFLAC 03/28/2025 Regular 0.00 188.42 72530
INV0000552 Invoice 03/28/2025 PAYROLL DEDUCTION - INSURANCE 0.00 85.58 INV0000553 Invoice 03/28/2025 PAYROLL DEDUCTION - INSURANCE 0.00 102.84 ARBA AMERICAN RIVER BENEFIT ADM ARBA 03/28/2025 Regular 0.00 47.60 72531 INV0000564 Invoice 03/28/2025 KCFC AD&D EMPLOYER 0.00 47.60 ANTHEM BLU ANTHEM BLUE CROSS 03/28/2025 Regular 0.00 55,462.21 72532 INV0000555 Invoice 03/28/2025 HEALTH INSURANCE DEDUCTION 0.00 4,026.36 INV0000556 Invoice 03/28/2025 HEALTH INSURANCE EMPLOYER 0.00 51,435.85 CAL PERS R CAL PERS RETIREMENTSYSTEM 03/28/2025 Regular 0.00 38,076.29 72533 INV0000568 Invoice 03/28/2025 PERS PEPRA MISC EMPLOYER 0.00 6,367.66 INV0000569 Invoice 03/28/2025 PERS PEPRA MISC EMPLOYEE 0.00 6,270.59 INV0000570 Invoice 03/28/2025 PERS PEPRA SAFETY EMPLOYER 0.00 7,410.01 INV0000571 Invoice 03/28/2025 PERS PEPRA SAFETY EMPLOYEE 0.00 7,404.62 INV0000572 Invoice 03/28/2025 PERS MISC CLASSIC EMPLOYER 0.00 1,596.58 INV0000573 Invoice 03/28/2025 PERS MISC CLASSIC EMPLOYEE 0.00 923.51 INV0000574 Invoice 03/28/2025 PERS SAFETY CLASSIC EMPLOYER 0.00 5,615.40 INV0000575 Invoice 03/28/2025 PERS SAFTEY CLASSIC EMPLOYEE 0.00 2,487.92 CACHLDSUP CALIFORNIA STATE DISBURSEMENT UNIT 03/28/2025 Regular 0.00 522.00 72534 INV0000581 Invoice 03/28/2025 M. DILLON CHILD SUPPORT 0.00 522.00 E.D.I.S. EMPLOYER DRIVEN INSURANCE SERVICE 03/28/2025 Regular 0.00 846.00 72535 INV0000554 Invoice 03/28/2025 ASI EMPLOYER SHARE 0.00 846.00 Check Report Date Range: 03/16/2025 - 03/31/2025
3/31/2025 6:57:59 AM Page 4 of 7
Vendor Number Vendor Name Payment Date Payment Type Discount Amount Payment Amount Number Payable # Payable Type Post Date Payable Description Discount Amount Payable Amount K.C.P.O.A. K.C.P.O.A. 03/28/2025 Regular 0.00 825.00 72536 INV0000560 Invoice 03/28/2025 KCPOA UNION DUES 0.00 825.00 K.C.P.S.A. K.C.P.S.A. 03/28/2025 Regular 0.00 340.00 72537 INV0000561 Invoice 03/28/2025 KCPSA UNION DUES 0.00 340.00 ICMA RETIR MISSION SQUARE-302397 03/28/2025 Regular 0.00 8,299.04 72538 INV0000548 Invoice 03/28/2025 EMPLOYER MATCH - ICMA DC 0.00 910.08 INV0000549 Invoice 03/28/2025 EMPLOYER MATCH - ICMA DC 0.00 639.27 INV0000550 Invoice 03/28/2025 EMPLOYER MATCH - ICMA DC 0.00 443.82 INV0000557 Invoice 03/28/2025 DEF COMP EMPLOYEE 0.00 4,023.27 INV0000558 Invoice 03/28/2025 DEF COMP EMPLOYEE 0.00 1,987.33 INV0000559 Invoice 03/28/2025 DEF COMP EMPLOYEE 0.00 295.27 MUTUAL OF OMAHA MUTUAL OF OMAHA 03/28/2025 Regular 0.00 3,131.53 72539 INV0000565 Invoice 03/28/2025 DENTAL INSURANCE EMPLOYER 0.00 671.58 INV0000566 Invoice 03/28/2025 DENTAL INSURANCE EMPLOYER 0.00 420.84 INV0000567 Invoice 03/28/2025 DENTAL INSURANCE EMPLOYER 0.00 1,492.92 INV0000577 Invoice 03/28/2025 VISION INSURANCE EMPLOYER 0.00 78.30 INV0000578 Invoice 03/28/2025 VISION INSURANCE EMPLOYER 0.00 51.60 INV0000579 Invoice 03/28/2025 VISION INSURANCE EMPLOYER 0.00 141.84 INV0000580 Invoice 03/28/2025 VISION INSURANCE EMPLOYER 0.00 274.45 SEIU SEIU LOCAL 521 03/28/2025 Regular 0.00 476.25 72540 INV0000576 Invoice 03/28/2025 SEIU UNION DUES 0.00 476.25 STAND INS STANDARD INSURANCE COMPANY 03/28/2025 Regular 0.00 1,695.72 72541 INV0000551 Invoice 03/28/2025 EMPLOYER SHARE - AD&D 0.00 137.58 INV0000562 Invoice 03/28/2025 STANDARD LIFE EMPLOYER 0.00 880.53 INV0000563 Invoice 03/28/2025 STANDARD LTD EMPLOYER 0.00 677.61 CAL PERS R CAL PERS RETIREMENTSYSTEM 03/28/2025 Regular 0.00 1,005.77 72542 INV0000591 Invoice 03/28/2025 PERS PEPRA SAFETY EMPLOYER 0.00 503.07 INV0000592 Invoice 03/28/2025 PERS PEPRA SAFETY EMPLOYEE 0.00 502.70 ACEHIGH ACE HIGH DESIGNS INC 03/28/2025 Regular 0.00 2,534.44 72543 53441 Invoice 03/28/2025 Softball Uniforms 0.00 2,534.44 KCTVHARD ALCANTAR HARDWARE INC 03/28/2025 Regular 0.00 332.99 72544 578076 Invoice 03/28/2025 Copy of WWTF Shop Key 0.00 13.02 578395 Invoice 03/28/2025 Roof Repair Supplies 0.00 34.34 578411 Invoice 03/28/2025 Roof Repair Supplies 0.00 113.07 578421 Invoice 03/28/2025 Roof Repair Supplies 0.00 21.75 578437 Invoice 03/28/2025 New Rain Cap 0.00 19.56
578609 Invoice 03/28/2025 Threadlocker Red 0.00 10.86
578634 Invoice 03/28/2025 Library Gutter / Window Repair 0.00 26.07 578643 Invoice 03/28/2025 Paint for Pool Deck 0.00 94.32 ALLTE ALL-TEMP REFRIGERATION HEATING & AIR CONDITIONING, INC. 03/28/2025 Regular 0.00 260.00 72545 29553 Invoice 03/28/2025 Heater Repair 0.00 260.00
AMAZON AMAZON CAPITAL SERVICES INC 03/28/2025 Regular 0.00 8,672.55 72546 1F9Q-RJ4K-19HV Invoice 03/28/2025 Safety Grant Ergo Office Supplies - PD 0.00 7,502.99 1FMM-FNW9-D3… Invoice 03/28/2025 Safety Grant Ergo Office Supply - PD 0.00 304.40 1KYM-JNGV-WNJK Invoice 03/28/2025 Lifeguard Jackets 0.00 244.33 1T4J-JXF7-31F7 Invoice 03/28/2025 Frames for Federal & State Posters 0.00 103.91 1TJ3-N9PP-NPKQ Invoice 03/28/2025 Office Supplies 0.00 516.92 WASSONA ANDREA WASSON 03/28/2025 Regular 0.00 309.40 72547 032125 Invoice 03/28/2025 CPRS Conference 0.00 309.40
CARMEL FIR ART BLACK 03/28/2025 Regular 0.00 2,875.00 72548 2025-03 Invoice 03/28/2025 Annual Fire Insp. 0.00 2,875.00 Check Report Date Range: 03/16/2025 - 03/31/2025
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Vendor Number Vendor Name Payment Date Payment Type Discount Amount Payment Amount Number Payable # Payable Type Post Date Payable Description Discount Amount Payable Amount AT & T-FIR AT & T MOBILITY 03/28/2025 Regular 0.00 2,325.22 72549 287299743011X… Invoice 03/28/2025 Cellphones 0.00 2,325.22 BENITEZ SECURITY BENITEZ SECURITY SERVICES 03/28/2025 Regular 0.00 5,376.00 72550 2688 Invoice 03/28/2025 Monarch Inn Temporary Shelter Security 0.00 2,688.00 2696 Invoice 03/28/2025 Monarch Inn Interim Shelter Cleaning 0.00 2,688.00 CALIFCONSU CALIFORNIA CONSULTING INC 03/28/2025 Regular 0.00 2,250.00 72551 7275 Invoice 03/28/2025 Grant Writing Services 0.00 2,250.00 CASEY PRIN CASEY PRINTING INC 03/28/2025 Regular 0.00 1,500.02 72552 228194 Invoice 03/28/2025 Wastewater Rate Prop Public Hearing Print 0.00 1,500.02 COASTAL COASTAL TRACTOR 03/28/2025 Regular 0.00 883.22 72553 IK08516 Invoice 03/28/2025 Big Mower Parts 0.00 883.22
DAVE'S REP DAVE'S REPAIR SERVICE David L Gambetta 03/28/2025 Regular 0.00 100.00 72554 38395 Invoice 03/28/2025 Monthly Site Inspections 0.00 100.00 DEPT CONS DEPARTMENT OF CONSERVATION DIV. OF ADMIN. SERVICES-ACCNT. 03/28/2025 Regular 0.00 1,543.38 72555 033125 Invoice 03/28/2025 Strong Motion Quarterly Report 0.00 1,543.38 DEPT ACCNT DEPARTMENT OF JUSTICE ACCOUNTING OFFICE 03/28/2025 Regular 0.00 404.00 72556 802159 Invoice 03/28/2025 Fingerprints 0.00 355.00
802431 Invoice 03/28/2025 Fingerprints 0.00 49.00
EARTHSYS EARTH SYSTEMS PACIFIC 03/28/2025 Regular 0.00 2,301.00 72557 853256 Invoice 03/28/2025 KC Plaza & Bulbout 0.00 2,301.00 KURRELS ELIZABETH KURRELS 03/28/2025 Regular 0.00 300.00 72558 March. 2025 Invoice 03/28/2025 Flyer for Immigration Workshop 0.00 300.00 EMC PLANN EMC PLANNING GROUP, INC. 03/28/2025 Regular 0.00 12,065.48 72559 23-028-18 Invoice 03/28/2025 Riverbed WPP & Env Review 0.00 12,065.48 HDLCO HDL COREN & CONE 03/28/2025 Regular 0.00 1,375.00 72560 SIN046920 Invoice 03/28/2025 Property Tax Admin Jan-March 2025 0.00 1,375.00 HDL HDL SOFTWARE LLC 03/28/2025 Regular 0.00 6,136.41 72561 SIN037685 Invoice 03/28/2025 BL Annual Use 0.00 6,136.41 HINDERLITE HINDERLITER DELLAMAS & ASSOC 03/28/2025 Regular 0.00 2,354.51 72562 SIN047980 Invoice 03/28/2025 Sales Tax Admin & Audit Services 0.00 2,054.51 SIN048143 Invoice 03/28/2025 Tax Admin JANAPPROVED FOR PAYMENT 0.00 300.00 GENERAL CO ICC CODIFICATION, INC General Code, LLC 03/28/2025 Regular 0.00 1,245.00 72563 GC00129646 Invoice 03/28/2025 Municipal Code 0.00 1,245.00 METROUNIFORM MADERA UNIFORM & ACCESSORIES 03/28/2025 Regular 0.00 10,081.14 72564 290930 Invoice 03/28/2025 Tactical Vest 0.00 1,680.19
290931 Invoice 03/28/2025 Tactical Vest 0.00 1,680.19
290932 Invoice 03/28/2025 Tactical Vest 0.00 1,680.19
290933 Invoice 03/28/2025 Tactical Vest 0.00 1,680.19
290934 Invoice 03/28/2025 Tactical Vest 0.00 1,680.19
290936 Invoice 03/28/2025 Tactical Vest 0.00 1,680.19
MONARCH IN MELDI LLC 03/28/2025 Regular 0.00 53,625.00 72565 031925 Invoice 03/28/2025 Monarch Inn Temporary Homless Shelter … 0.00 53,625.00 MOCO HTH E MO CO HEALTH DEPARTMENT 03/28/2025 Regular 0.00 52.00 72566 KCY-PD 25-2 Invoice 03/28/2025 SART Exams 0.00 52.00
NRPA NATIONAL RECREATION AND PARK ASSOCIATION03/28/2025 Regular 0.00 180.00 72567 043025 Invoice 03/28/2025 NRPA Membership 0.00 180.00
ODP ODP BUSINESS SOLUTIONS, LLC 03/28/2025 Regular 0.00 100.22 72568 Check Report Date Range: 03/16/2025 - 03/31/2025
3/31/2025 6:57:59 AM Page 6 of 7
Vendor Number Vendor Name Payment Date Payment Type Discount Amount Payment Amount Number Payable # Payable Type Post Date Payable Description Discount Amount Payable Amount 415593484001 Invoice 03/28/2025 Offices Break Room Supply 0.00 100.22 PARTS & SE PARTS & SERVICE CTR- NAPA INC 03/28/2025 Regular 0.00 48.06 72569 694000 Invoice 03/28/2025 Vehicle 54 Fuse 0.00 12.21
694103 Invoice 03/28/2025 Antifreeze 0.00 35.85
SO CO AUTO SOUTH COUNTY AUTO*BODY SERGIO ALVAREZ 03/28/2025 Regular 0.00 4,139.77 72570 17649 Invoice 03/28/2025 Ford Fusion Repair - Headlamp Assembly 0.00 4,139.77 ADAMSS STEVEN ADAMS 03/28/2025 Regular 0.00 123.20 72571 031525 B Invoice 03/28/2025 Meetings MBAMG, SV Mayors/Managers 0.00 123.20 TYLER TECH TYLER TECHNOLOGIES INC 03/28/2025 Regular 0.00 19,100.33 72572 025-496126 Invoice 03/28/2025 Utility Billing 0.00 18,450.33 025-501324 Invoice 03/28/2025 Licenseing & AR 0.00 650.00 U.S. BAN US BANK CORP PAYMENT SYSTEM 03/28/2025 Regular 0.00 2,131.52 72573 030625AW Invoice 03/28/2025 Credit Card Purchases 0.00 951.64 030625MA Invoice 03/28/2025 Planning & Engineering ADOBE Membersh… 0.00 39.98 030625SA Invoice 03/28/2025 Credit Card Purchases 0.00 1,139.90 VERIZON WI VERIZON WIRELESS 03/28/2025 Regular 0.00 991.00 72574 6108328348 Invoice 03/28/2025 Wireless Bill 0.00 991.00 WALLACEGR WALLACE GROUP A California Corporation 03/28/2025 Regular 0.00 370.00 72575 64504 Invoice 03/28/2025 FEB 2025 - Regulatory Compliance 0.00 370.00 WEDGEINV WEDGE INVESTIGATIONS 03/28/2025 Regular 0.00 118.70 72576 25-01 Invoice 03/28/2025 Transcription 0.00 118.70
Total Regular: 0.00 264,628.03
Regular Checks
Manual Checks
Voided Checks
Discount
Payment
Payment Type Count
Bank Code POOL-WFB Summary
Bank Drafts
EFT's
58 0
0 0
17 0.00

0.00 0.00

0.00 0.00
75 0.00
Payment
264,628.03

0.00 0.00

0.00 166,480.91
431,108.94
Payable
Count
108
0 0
0 40
148
Check Report Date Range: 03/16/2025 - 03/31/2025
3/31/2025 6:57:59 AM Page 7 of 7
All Bank Codes Check Summary
Payment Type Discount
Payment
Count Payment
Payable
Count
Regular Checks
Manual Checks
Voided Checks
Bank Drafts
EFT's
58 0
0 0
17 0.00

0.00 0.00

0.00 0.00
75 0.00
264,628.03

0.00 0.00

0.00 166,480.91
431,108.94
108
0 0
0 40
148
Fund Name Period Amount
Fund Summary
999 Pooled Cash Fund 3/2025 431,108.94
431,108.94

City Council Special Meeting
March 25, 2025

1.__CALL TO ORDER:

Special Meeting called to order at 5:30pm by Mayor LeBarre.

2.__ROLL CALL:

City Council: Mayor Mike LeBarre, Mayor Pro Tem Carlos DeLeon, Council member Carlos Victoria, Council member Rob Cullen, Council members Oscar Avalos City Staff: City Manager Steve Adams, City Attorney Roy Santos Mayor LeBarre asked if any member of the public would like to speak on an item on the agenda. Seeing and hearing no one come forward he asked if any member of the public would like to speak on an item not on the agenda seeing and hearing none he adjourned the meeting to closed session.

3. CITY COUNCIL CLOSED SESSION
A. Conference with Legal Counsel – Anticipated Litigation Significant Exposure to Litigation Pursuant to Government Code Section §54956.9(d): two (2) matters.

B. Conference with Legal Counsel – Regarding Pending Litigation Pursuant to Government Code Section 54956.9. Cases: 1
No reportable action was taken.

ADJOURNMENT:

Mayor LeBarre adjourned the meeting at 6:17p.m.

Approved Signatures:

Mayor Mike LeBarre City Clerk, Erica Sonne
City of King City of King
9(C)
Item No. 9 (D)

REPORT TO THE CITY COUNCIL
DATE: APRIL 8, 2025
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: VERONICA CONTRERAS, HUMAN RESOURCES MANAGER
RE: CONSIDERATION OF DECLARATION AND DISPOSITION OF

SURPLUS PROPERTY
RECOMMENDATION:

It is recommended the City Council adopt a Resolution declaring and approving disposition of surplus property.

BACKGROUND:

California Government Code Section 37350 establishes that the legislative body of a city is responsible for making decisions regarding the acquisition and disposition of city property. Therefore, a City Council Resolution is necessary for disposing of old unused City items.

The City has recently replaced outdated desks, old desktop computers and laptops that were outdated with new computers and laptops and desires to properly dispose of the replaced items.

DISCUSSION:

It is proposed that City Council declare the property of desks, desktop computers and laptops listed in Exhibit 1 as surplus and have them properly disposed of by the City’s Public Works Department and IT consultant.

COST ANALYSIS:

The disposition of the property will result in no revenue to the City.

ENVIRONMENTAL REVIEW:

This action is not a “project” for the purposes of the California Environmental Quality Act (CEQA) as it does not have the potential for resulting in either a direct

RESOLUTION NO. 2025-5034

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF KING DECLARING CERTAIN

PROPERTY SURPLUS AND PROVIDING FOR THE DISPOSITION OF SAID PROPERTY WHEREAS, the City of King (“City”) is the owner of specific property, including outdated desks and technology items such as desktop computers and laptops, as outlined in Exhibit 1; WHEREAS, the City has found that said technology items are no longer useable or have outlived their useable life span;
WHEREAS, the City desires to dispose of said technology items for the common benefit of the community; and
WHEREAS, the City derives the right to dispose of said property through Government Code Section 37350.

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of King that it declares the property, desks, desktop computers and laptops, listed in Exhibit 1 as surplus and authorizes the City Manager to dispose of said property.

PASSED AND ADOPTED at a regular meeting of the City Council on the 8 th day of April, 2025,
by the following vote:

AYES:

NAYS:

ABSENT:

ABSTAIN:
_____________________________
Mike LeBarre, Mayor
ATTEST:
_________________________________
Erica Sonne, City Clerk
APPROVED AS TO FORM:
__________________________________
Roy Santos, City Attorney
EXHIBIT 1
April 8, 2025
Surplus Equipment Report
Brand S/N Item Description
HP MXL9010LHB ProDesktop Computer
HP MXL9010LGD Laptop
HP MXL9010LCK ProDesktop Computer
HP MXL9010LJ3 ProDesktop Computer
HP MXL9010LG2 ProDesktop Computer
HP MXL921375R ProDesktop Computer
HP MXL9213756 ProDesktop Computer
HP MXL9213725 ProDesktop Computer
HP MXL921374Q ProDesktop Computer
HP MXL9164FSH ProDesktop Computer
Wood Desk with Drawers
Wood Desk with Drawers
Wood Desk with Drawers
Wood Desk with Drawers
Wood Desk with Drawers
Wood Desk with Drawers
Wood Desk with Drawers
Wood Desk with Drawers
Wood Desk with Drawers
Wood Desk with Drawers
Item No. 9 (E)

REPORT TO THE CITY COUNCIL
DATE: APRIL 8, 2025
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: STEVEN ADAMS, CITY MANAGER
RE: CONSIDERATION OF KING CITY CHAMBER OF COMMERCE &

AGRICULTURE CITY-WIDE YARD SALE
RECOMMENDATION:

It is recommended the City Council: 1) approve the King City Chamber of Commerce & Agriculture special event permit request for a City-wide Yard Sale on June 20, 2025 to June 22, 2025; 2) waive all yard sale permit fees and requirements during those days; and 3) waive fees for the special event permit.

BACKGROUND:

The King City Chamber of Commerce & Agriculture has submitted a special event permit request for a City-wide Yard Sale on June 20, 2025 to June 22, 2025. A copy of the request letter is attached. They have asked for Council authorization to promote the event and to waive any garage sale permit fees and requirements during those three days. They have also requested the special event permit fee be waived.

DISCUSSION:

This event has been part of Beautification Week activities for a number of years.

Beautification Week is scheduled this year from June 21st to June 29 th
. The
purpose is to enable residents and businesses to conveniently and successfully dispose of unwanted items, while diverting them from the landfill. Meanwhile, by encouraging residents and businesses to conduct them concurrently as part of a citywide event, it will help bring customers to the City. Therefore, there is a public benefit from the program and the City has approved this event and waiving the permit fees in the past.

EXHIBIT 1
Item No. 9(F)

REPORT TO THE CITY COUNCIL
DATE: APRIL 8, 2025
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: STEVEN ADAMS, CITY MANAGER
RE: CONSIDERATION OF COMMISSION AND COMMITTEE

APPOINTMENTS
RECOMMENDATION:

City Council adopt a Resolution reappointing David Mendez to the Planning Commission.

BACKGROUND:

In 2016, the City Council established new staggered terms for each of the commissions, committees and boards. Terms expire on March 31st of odd numbered years. As a result, a number of commissioner terms are now expiring.

DISCUSSION:

The City has received applications from the following individual to be reappointed:

David Mendez, Planning Commission
Application for all the recommended appointments are attached.

COST ANALYSIS:

There are no costs projected from this action.

RESOLUTION NO. 2025-5035

A RESOLUTION OF CITY COUNCIL OF CITY OF KING, CALIFORNIA APPOINTING

COMMISSION, COMMITTEE AND BOARD MEMBERS
WHEREAS, consistent with the State Law, City of King Municipal Code and City Charter, City Council has the authority to appoint Commission, Committee and Board Members for the City of King; and
WHEREAS, due to the expiration of terms, there are vacancies on Commissions, Committees and Boards; and
WHEREAS, the vacancies were duly publicized to the community; and WHEREAS, applications were received by existing members for reappointment and from other members of the public for appointment; and
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of King, California that David Mendez is hereby appointed to the the Planning Commission.

PASSED AND ADOPTED at a regular meeting of the City Council on the 8 th day of April,
2025, by the following vote:

AYES:

NAYS:

ABSENT:

ABSTAIN:
_________________________________
Mike LeBarre, Mayor
ATTEST:
__________________________________
Erica Sonne, City Clerk
APPROVED AS TO FORM:
__________________________________
Roy Santos, City Attorney

Item No. 9(G)

REPORT TO THE CITY COUNCIL
DATE: APRIL 7, 2025
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: MIKE HOWARD, FINANCE DIRECTOR
RE: CONSIDERATION OF CITY OF KING KCCP PAYMENTS FOR
THE MONTH OF MARCH 2025
RECOMMENDATION:

It is recommended City Council receive and file.

BACKGROUND:

At least once a month, the City Treasurer shall submit to the City Council, a copy of the invoices paid for the previous month.

DISCUSSION:

The purpose of this item is to provide the Council an opportunity to review and monitor ongoing expenditures. These documents are attached.

COST ANALYSIS:

There is no fiscal impact as a result of this action.

ENVIRONMENTAL REVIEW:

No Environmental Review required for this item.

ALTERNATIVES:

The following alternatives are provided for Council consideration:

1. Receive and file the report; or

2. Provide other direction to staff regarding requests for additional information.

Item No. 11 (A)

REPORT TO THE CITY COUNCIL
DATE: APRIL 8, 2025
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: STEVEN ADAMS, CITY MANGER

DOREEN LIBERTO, AICP, COMMUNITY DEVELOPMENT

DIRECTOR
RE: CONSIDERATION OF HOUSING MARKET ANALYSIS
RECOMMENDATION:

It is recommended the City Council receive the Housing Market Analysis from Zonda Advisory.

BACKGROUND:

Providing additional housing is a top priority in King City due to the serious housing shortage and high rents. A few developers interested in building housing requested a housing analysis to determine the type of housing development that will sell in King City and the level of demand. On November 24, 2024, the City Council approved a contract with Zonda Advisory to prepare a Housing Market Analysis (Analysis). The Analysis, attached as Exhibit 1, provides a comprehensive evaluation of rental and for-sale housing in the City to define future growth opportunities. The Analysis focuses on the market-based opportunities for-sale and rental new housing development in light of today’s current and expected economic and housing market conditions. Timothy Sullivan and Alexis Wilmot, Zonda Advisory, will provide a presentation on the results of the Analysis.

DISCUSSION:

The Analysis used a 50-minute drive time for King City along the Highway 101 corridor (the Competitive Market Area, or CMA). The CMA is King City to Salinas and King City to North Paso Robles. The Analysis defines the CMA area and draws a comparison between opportunities in King city versus the other cities in the CMA.

CITY COUNCIL

CONSIDERATION OF HOUSING MARKET ANALYSIS
APRIL 8, 2025
PAGE 2 OF 4
The Analysis defines future growth opportunities and economic and demographic infrastructure of King City as it relates to the broader macro economy.

Moody’s Economy.com predicts a sharp rise in permit activity in Monterey County over the next five years. King City’s new home production is comparatively very low compared with the rest of the CMA. Salinas and Paso Robles experienced similar building permit activity in the 2000s (units), followed by Soledad at an average of 106 units, Greenfield at 63 units and King City with 40 units. However, based on project growth in King City, the addition of new housing of all types is feasible.

Rental Market Demand
Based on household growth alone in the CMA, there is a demand for an estimated average of 203 new apartments per year over the next five years. With limited newer apartments in the Salinas Valley and North Paso Robles areas, new construction in King City could attract a share of anticipated demand. The smaller King City area is anticipated to generate demand for 39 new units per year, or 194 units over the next five years. Demand is concentrated at ages ranging from 25 to 54, including young and growing families, retirees and singles. The largest demand pool is from households earning between $50,000 and $75,000, which are able to afford rents from $1,425 to $2,150 per month. The second demand group includes households earning between $35,000 and $50,000, which can afford rents from $1,000 and $1,425.

For Sale Demand
For-sale demand for new homes in the CMA over the next five years totals 3,297 units, or 659 units per year. King City alone accounts for 7.5% of the CMA demand pool. The largest demand for new homes is from households that can afford homes priced between $500,000 and $725,000. New construction homes in King City cost upwards of $400,000 in 2005 and now start in the low $500,000s. The denser attached product offered in the $400,000 range would be appealing to young families, empty nesters and singles. Medum density products could target young families earning $75,000 to $100,000 and lower net worth empty nesters.

Key Opportunities for King City
The Analysis provides a summary of key opportunities for future for-sale and rental housing. The Analysis summarizes the many positive aspects of developing in King City, including:

CITY COUNCIL

CONSIDERATION OF HOUSING MARKET ANALYSIS
APRIL 8, 2025
PAGE 3 OF 4

1. A prime location with equal distance between Salinas and Paso Robles, with a solid economic base in the Salinas River Valley employment corridor in health, education and food production sectors.

2. Excellent access to employment and several major cities along the Highway 101 corridor.

3. Attractive surroundings and proximity to open space, with a comparatively low crime rate.

4. A safe, semi-rural country feel with access to Central Coast vineyards up and down Highway 101 between Salinas and Paso Robles.

5. High demand for all types of housing, but particularly rental product which has limited turnover and vacancy.

6. Very rapid population and household growth compared to the other cities and towns in the Salinas Valley CMA.

7. An ongoing facelift in all four corners of the City, with a focus on revitalization.

The quaint Downtown area is the focus of improvements including appealing streetscapes, a new central plaza, and murals to pave the way for connection to the significant future development of the Downtown Addition to the east.

Larger scale recreational amenities (the Baseball Park, Creek Bridge Soccer Park and Mills Ranch Central Park) in the newest master planned areas of Arboleda and Mills Ranch at the northern end provide a central hub for King City families. Several new retailers are either already in place or planned to create a strong marketing window from Highway 101.

8. Overcrowding and understated population and household numbers, fueling the demand for new housing development.

ENVIRONMENTAL REVIEW:

The presentation is not a project subject to the California Environmental Quality Act (CEQA) because it has no potential to result in either a direct, or reasonably foreseeable, indirect, physical change in the environment. (State CEQA Guidelines, §§ 15060, subd. (b)(2)-(3).)

King City Housing Market Overview
King City, Monterey County, California
March 2025
EXHIBIT 1
Key Findings 4
Demographic Macro Overview 6
CMA Demographics 11
Economic Macro Overview 20
King City Economic Profile 25
Location Analysis 31
Existing Land & Housing Supply 40
New For-Sale Product & Price 50
For-Sale Housing Demand 60
For-Sale Housing Market Trends 66
King City Multifamily Rents 78
Multifamily Rental Demand 84
CMA Rental Market Trends 90
Appendix 96
3 King City Market Overview – King City
Background/Objectives, Key Contacts & Limiting Conditions

BACKGROUND & OBJECTIVES
The City of King is seeking a comprehensive analysis of for-sale and rental housing in King City to define future growth opportunities and update their General Plan. This report will inventory existing for-sale and rental housing, and define future for-sale and rental housing price and pace parameters.

We will examine the economic and demographic infrastructure of King City as it relates to the broader macro economy. The report will quantify the commercial and industrial fundamentals of King City as they relate to future housing development. We will define a competitive market area and draw a comparison between opportunities in King City versus the other cities in the competitive market area.

Our report will focus on the market-based opportunity for for-sale and rental new housing development, in light of today’s current and expected economic and housing market conditions.

Client is responsible for representations about the development plans, marketing expectations and for disclosure of any significant information that might affect the ultimate realization of the projected results. There will usually be differences between projected and actual results because events and circumstances frequently do not occur as expected, and the difference may be material. We have no responsibility to update our report for events and circumstances occurring after the date of our report. Payment of any and all of our fees and expenses is not in any way contingent upon any factor other than our providing services related to this report.

LIMITING CONDITIONS
The following key team members participated on this analysis:

Tim Sullivan, Chief Advisory Officer, oversees our Advisory practice. With over 40 years of experience, Mr. Sullivan is an expert in residential and mixed-use feasibility studies, strategic planning and product development, and regularly conducts market analyses around the United States and internationally.

Alexis Wilmot, Senior Manager, managed the engagement on a dayto-day basis. Ms. Wilmot has 21 years of experience in the real estate industry, focusing on feasibility analyses of all property types. She regularly analyzes residential and mixed-use developments around the country, including in the New Mexico market.

Additionalsupport was provided as needed.

KEY CONTACTS
King City Market Overview – King City
4 King City offers a compelling development opportunity for future for-sale and rental housing. King City’s need for higher density detached and attached for-sale and rental housing options will benefit from several converging positives for the area including:

1. A prime location equidistant from Salinas and Paso Robles, with a solid economic base in the Salinas River Valley employment corridor in health, education and food production sectors.

2. Excellent access to employment and several major cities along the Highway 101 corridor.

3. Attractive surroundings and proximity to open space, with a comparatively low crime rate.

4. A safe, semi-rural country feel with access to Central Coast vineyards up and down Highway 101 between Salinas and Paso Robles.

5. High demand for all types of housing, but particularly rental product which has limited turnover and vacancy.

6. Very rapid population and household growth compared to the other cities and towns in the Salinas Valley CMA.

7. An ongoing facelift in all four corners of the City, with a focus on revitalization. The quaint Downtown area is the focus of improvements including appealing streetscapes, a new central plaza, and murals to pave the way for connection to the significant future development of the Downtown Addition to the east. Larger scale recreational amenities (the Baseball Park, Creek Bridge Soccer Park and Mills Ranch Central Park) in the newest master planned areas of Arboleda and Mills Ranch at the northern end provide a central hub for King City families. Several new retailers are either already in place or planned to create a strong marketing window from Highway 101.

8. Overcrowding and understated population and household numbers, fueling the demand for new housing development. See page 13 for a detailed discussion on the farmworker population, where a couple of recent studies assert that over 91,000 farmworkers support the agricultural sector in Monterey County (our Salinas Valley CMA) and Santa Cruz County (referred to as the Pajaro Valley).

King City Development Opportunity Summary
Key Findings
King City Market Overview – King City
5 Demographic Macro
Overview
King City Market Overview – King City
6 The following slides compare demographic trends in the City of King to the 50-minute drive time for King City along the Highway 101 Corridor (the Competitive Market Area or “CMA”). This comparison of King City with the CMA provides a clearer understanding of the relative demographic characteristics.

Definition of Markets for Demographic Analysis
Demographic Overview
50-Minute Drive Time King City
Source: ESRI
King City Market Overview – King City
7 Annual Population Growth: Monterey County, CA
Demographic Overview
Moody’s Economy.com predicts that population in Monterey County will continue to grow in 2025 before tapering off and turning negative in 2027. However, King City is unlikely to follow this declining trend as it has much stronger recent growth and prospective growth than the other areas of Monterey County. Furthermore, while population growth is an indicator for the growth and development of a city, household growth is a more reliable metric as shown on the following page. -4,000
-2,000
0 2,000
4,000
6,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Annual Population Growth
Source: Moody's Analytics; U.S. Census Bureau (BOC)
Monterey, CA County - Moody's Analytics Five-Year Forecast Category 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Total Population 429,236 432,726 433,639 434,317 436,054 438,322 437,876 434,757 434,795 435,802 436,377 436,555 436,344 435,981 435,558 Prior Year Change 1,865 3,490 913 677 1,738 2,268 (446) (3,119) 38 1,006 575 178 (210) (364) (422) Annual % Change 0.4% 0.8% 0.2% 0.2% 0.4% 0.5% -0.1% -0.7% 0.0% 0.2% 0.1% 0.0% 0.0% -0.1% -0.1% King City Market Overview – King City
8 Annual Household Growth: Monterey County, CA
Economic and Demographic Overview
Monterey County is expected to continue to form new households at a rate above the 20-year historical average. Moody’s projected household growth is a positive indicator for the construction of new housing of all types in the area, and should fuel economic growth.

Furthermore, King City’s growth prospects are the strongest in the Salinas River Valley (see the demographic comparison on page 14). -750
-500
-250
0 250
500
750
1,000
1,250
1,500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Annual Household Growth
Source: Moody's Analytics; U.S. Census Bureau (BOC)
Monterey, CA County - Moody's Analytics Five-Year Forecast Category 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Total Households 129,771 130,648 130,278 130,291 131,317 131,439 132,171 132,762 132,892 133,770 134,949 135,889 136,543 137,169 137,803 Prior Year Change (21) 877 (369) 13 1,026 121 733 591 130 879 1,179 940 654 626 634 Annual % Change 0.0% 0.7% -0.3% 0.0% 0.8% 0.1% 0.6% 0.4% 0.1% 0.7% 0.9% 0.7% 0.5% 0.5% 0.5% King City Market Overview – King City
9 King City comprises roughly 6.2% of the total population and households in the CMA. Currently, households in King City are younger and bigger than households within a 50-minute drive time, suggesting the presence of primarily young couples with children. However, Zonda anticipates that the population will mature as new homes attract net worth and wealth from buyers who wish to move into the area.

Existing Demographic Characteristics: Age, Household Size Economic and Demographic Overview
Paste Paste
Paste Paste
Source: ESRI

33.0 30.3

28.5 29.0

29.5 30.0

30.5 31.0

31.5 32.0

32.5 33.0

33.5 50-Minute Drive Time King City
Median Age (2024)

3.7 4.0

3.6 3.7

3.7 3.8

3.8 3.9

3.9 4.0

4.0 50-Minute Drive Time King City
Avg. HH. Size (2024)
209,350
13,255
0 50,000
100,000
150,000
200,000
250,000
50-Minute Drive Time King City
Total Population (2024)
54,020
3,321
0 10,000
20,000
30,000
40,000
50,000
60,000
50-Minute Drive Time King City
Total Households (2024)
10 King City Market Overview – King City
Demographic Characteristics: Income, Net Worth
Economic & Demographic Overview
Paste Paste
Paste Paste
Source: ESRI
$80K
$67K
$60,000
$65,000
$70,000
$75,000
$80,000
$85,000
50-Minute Drive Time King City
HH. Income (2024)
$114K
$95K
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
50-Minute Drive Time King City
Net Worth (2024)

23.0%

21.3%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%
50-Minute Drive Time King City
Educational Attainment - Associate's or Higher (2024)

39.6%

33.8%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
50-Minute Drive Time King City
Occupation (2024)
White Collar Services Blue Collar
Household income and net worth in King City is roughly 20% lower than the greater CMA. King City has a lower percentage of whitecollar positions, and supports more blue-collar jobs than the competitive market area. Affordability on both rents and for-sale pricing is key to target the resident King City market where Median Income or “AMI” is $66,613, and Average Income is $87,928.

King City Market Overview – King City
11 CMA Demographics
12 King City Market Overview – King City
King City vs. Salinas River Valley CMA: Why Live in King City? CMA Demographics
Home Price Crime Household Income
Paso Robles
King City
Soledad
Salinas
San Lucas
San Ardo
Bradley
Salinas
Soledad
King City
San Lucas
San Ardo
Bradley
Paso Robles
Salinas
Soledad
King City
San Lucas
San Ardo
Bradley
Paso Robles
Source: ESRI
King City is currently undergoing the strongest growth of all the cities and towns in the stretch between Salinas and Paso Robles, creating a draw for home buyers and renters alike, with its small-town feel.

1. King City is located in the heart of the Salinas River Valley, and like much of Monterey County, offers a high quality of life with immediate access to the outdoors in a Mediterranean climate.

2. King City is ideally situated equidistant from Paso Robles and Salinas, and residents have the advantage of easy access to Highway 101 up to the San Jose employment powerhouses to the north.

3. King City is a quiet, close-knit community with a unique small-town feel, and offers a safer place to live and raise a family than Salinas and Gonzales to the north, and San Ardo/Bradley to the south.

4. King City supports comparable incomes to the cities along the Highway 101 Corridor south of Salinas, up to and including Paso Robles, but also offers some of the lowest home prices homes in this area, resulting in better affordability.

King City Market Overview – King City
13 The Farmworker Housing Study and Action Plan by Villarejo quantifies 91,423 jobs based on 2016 data, while a study based on 2014 EDD data by Dr. Phil Martin calculated 96,700 total agricultural jobs in this area. Reported agricultural jobs are shown in the first 2022 columns, while the estimate of undocumented farmworkers in the region is estimated at between 50% and 75% (the latter yellow columns).

Temporary agricultural jobs that are seasonal or move around depending on crop timing are shown in green. Zonda’s estimated total farmworker population in the Salinas-Pajaro Valley of 87,459 for 2022 makes sense against the backdrop of the other data. King City accounts for roughly 4.75% of the total jobs in the combined Salinas-Pajaro Valley. Temporary and year-round undocumented employees could be as high as 3,572, with an estimated total of +/-4,154 agricultural jobs.

Farmworker Employment Estimate
King City Economic Profile
According to the survey in the Farmworker Housing Study and Action Plan, 92% of farmworkers are immigrants (not born in the U.S.).

About one fifth were follow-the-crop migrants (FTC) who had travel outside the area for agricultural employment depending on the season (which aligns with the migrant worker estimates in the above table). Most households of farmworkers interviewed revealed consistently high rates of severely crowded living conditions, with more than 2.0 people per room, and often more than 5 people per bathroom. • About 40% of respondents live in houses.
• 30% occupy in apartments.
• Another 19% live in rented rooms without access to a kitchen in either a house or apartment. • Roughly 89% percent of farmworkers are renters.
• About 11% are homeowners, of which 25% own a mobile home. • Associated residents like children and relatives who do not work are reflected in the orange column as an estimated 10% shortfall.

The shortfall in census population and household numbers impacts demand by the number of households shown in the bold boxes above, with an estimated 2,907 undocumented permanent workers and their +/- 378 associated family members. Zonda therefore adjusted the King City rental demand model to account for these households (totaling 821 households assuming 4 people per household).

TOTAL AG. JOBS
Area 2022 2022 2022 Temp Undoc. Temp Doc Total Temp +/-10% Shortfall 2022 2016 2014 Reported +/-5% Error Total Low (50%) High (75%) Low (50%) High (75%) Workers Workers Workers Assoc. Resid. Total Total Total Santa Cruz 9,165 458 9,623 4,583 6,874 13,748 16,039
Monterey 25,811 1,291 27,102 12,906 19,358 38,717 45,169 Total 34,976 1,749 36,725 17,488 26,232 52,464 61,208 14,000 4,300 18,300 7,951 87,459 91,423 96,700 King City 1,661 83 1,744 831 1,246 2,492 2,907 665 204 869 378 4,154 Population 4.75% 4.75% 4.75% 4.75% Total Undoc. 3572 4.75% 4.75% 4.75% Households 415 21 436 208 311 623 727 94
PERMANENT AG. JOBS
Undocumented Range Total Range Incl. Undoc.

TEMPORARY AG. JOBS
+/-821 Additional household
generating demand
King City Market Overview – King City
14 King City is attractive to young and growing families drawn by relatively affordable homes in a small city with a quaint Downtown strip.

The city offers access to open space and a safe suburban lifestyle, while still being proximate to the greater San Francisco Bay Area.

Zonda compared King City to other towns and cities along the Highway 101 corridor in terms of population, age, income, and housing supply to ascertain comparable areas and development opportunity. Note that population and households tabled below exclude the farmworkers discussed on the previous page. We can draw several conclusions which help to formulate rental rates, sales pricing and sales pace for future housing to appeal to the existing target market and attract new households. • King City is one of the smaller cities in the area between Salinas and Paso Robles, (42.4% of the population of Paso Robles, but just

28.5% of the number of households in Paso Robles). Consequently, household size differs greatly, with an average of 4.0 occupants per unit in King City, and just 2.4 people per unit in Paso Robles. This density disparity, paired with the comparatively high number of businesses in King City, supports the development of new housing of all types. • Population density is in the middle of the spectrum relative to the CMA, which varies widely from roughly 832 people to almost 7,000 people per square mile. At 3,321 people per square mile, King City could benefit from densification. • Projected growth rate for population and households is much higher for King City than all other areas in the competitive market area. • King City’s projected income growth is faster than all other cities and towns in the CMA. Median income is near the CMA average, and is comparable to Greenfield, Gonzales and San Ardo. King City median income supports home prices in the low to mid $500,000s. • Median home price is more affordable than many other areas in the CMA, offering a slight value relative to Gonzales and Soledad. Paso Robles leads the CMA in terms of home price, followed by Salinas. King City appeals to target renters and buyers who are looking for a semi-rural locale with a strong connection to the outdoors and could attract households who are priced out of Paso Robles or Salinas. • The median age in King City is significantly younger than all the other towns and cities except for Greenfield, which is a positive indicator for denser housing solutions in the area.

Economic & Demographic Comparison: King City vs. CMA
CMA Demographics
Location
2024 Total
Population
Population
Growth
2024 Total
Households
Household
Growth
2024 HH
Size
2024 Pop.

Density
2024
Median Age
2024
Median HH
Income
Inc. Growth
2024-2029
2024 Total
Housing
Units
2024
Median
Home Value
2024 Total
Crime Index
2024
Employed
(%)
2024 Total
Businesses
Salinas City, CA 164,115 0.16% 43,430 0.22% 3.7 6,979 33 $94,486 2.5% 45,283 $693,333 122 95% 4,602 Gonzales City, CA 8,367 -0.40% 2,004 -0.23% 2.7 4,373 31 $76,060 3.1% 2,074 $546,226 135 96% 134 Soledad City, CA 24,341 -0.09% 4,428 0.00% 4.3 5,457 34 $93,204 2.7% 4,556 $595,333 62 97% 264 Greenfield City, CA 19,828 0.66% 4,290 0.79% 4.6 6,671 29 $73,904 3.1% 4,431 $460,917 130 98% 227 King City, CA 13,255 1.34% 3,321 1.41% 4.0 3,491 30 $70,415 5.0% 3,544 $491,500 75 96% 324 San Lucas CDP, CA 355 -0.11% 76 0.00% 4.7 901 33 $64,750 1.2% 76 N/A 122 100% 7 San Ardo CDP, CA 374 -0.49% 123 -0.66% 3.0 832 43 $70,417 4.1% 132 $465,000 80 93% 17 Bradley CDP, CA 72 -0.56% 30 0.00% 2.4 837 40 $41,964 0.2% 43 N/A 79 92% 5 Paso Robles City, CA 31,255 0.16% 11,634 0.43% 2.4 1,569 40 $89,889 3.5% 12,592 $744,333 89 97% 1,927 Average 29,107 0.07% 7,704 0.22% 3.5 3,457 34.8 $75,010 2.8% 8,081 $542,052 99 96% 834 King City Market Overview – King City
15 Population & Households: King City
CMA Demographics
Zonda assessed the understated census numbers for population and households in King City by performing a physical survey of the various neighborhoods within the city, and subsequently triangulating data including actual school attendance numbers, parking concentration, and historic versus stated 2024 household size. King City’s projected growth rate for both population and households is roughly double that of the next fastest growing city in the CMA (Greenfield).

1. SCHOOL AGED CHILDREN: School attendance during the 2022 census appears to be significantly understated. The actual number of students attending the King City Union Elementary School District is 15% more than the 2022 census numbers. Similarly, King City High School enrolment reflects 13% more students than the 2022 total.

2. PARKING: King City has a significantly higher proportion of homes with three cars parked outside (43% more than the CMA average), suggesting overcrowding.

3. HOUSEHOLD SIZE: King City historically has a household size which is 8% higher than the CMA, but this percentage dropped over the last four years, implying that today’s household size is understated. Projected population growth over the next five years for King City is 1.34%, and household growth is 1.41%.

Location
2022 Total
Population
Children < 5
Years
2022 Total
Population
Children: 5 -
9 Years
2022 Total
Popultion
Children: 10 -
14 Years
2022 Total
Population
Children: 15 -
19 Years
2022
Poplation
Enrolled in
School
2022
Population in
Nursery
/Preschool
2022
Population
Kindergarten
2022
Population
Enrolled
Grade 1-4
2022
Population
Enrolled
Grade 5-8
2022
Population
Enrolled
Grade K-8
2022
Population
Enrolled
Grade 9-12
2022
Population in
Grad School
2022
Population
Enrolled in
College
King City, CA 1,517 1,443 1,102 1,231 4,183 173 241 1,344 656 2,241 1,087 133 549 50-Minute Drive Time 15,842 16,756 18,579 17,389 61,208 2,465 3,111 13,633 13,256 30,000 16,550 1,143 11,048 2,578 1,227
15% 13%
2020 Avg.

Household
Size
2024 Avg.

Household
Size

4.05 3.98

3.75 3.74 Location
King City, CA
50-Minute Drive Time
Location
2022 Owner
HHs with 0
Vehicles
2022 Owner
HHs with 1
Vehicle
2022 Owner
HHs with 2
Vehicles
2022 Owner
HHs with 3
Vehicles
2022 Owner
HHs with 4
Vehicles
2022 Owner
HHs with 5+
Vehicles
King City, CA 3.6% 13.0% 34.9% 36.3% 9.2% 2.9%
50-Minute Drive Time 1.9% 16.5% 35.7% 25.4% 12.6% 7.9%
43%
Based on the above metrics, King City’s population and household counts appears to be understated by a minimum of 14.3%.

Location
King City
2024 Total
Population
King City Pop:
0 - 5 Years
King City
Pop:School
Aged Census
King City
Adults 20+
Years
2020 Median
Age
2024 Median
Age
2029 Median
Age
King City
Consumers
15+ Years
King City Pop:
0 - 14 Years
King City Pop:
0 - 19 Years
King City, CA 13,255 1,517 3,328 7,962 28.7 30.3 31.0 9,193 4,062 5,293 % 100% 11% 25% 60% 31.6 33.0 33.5 69% 31% 40%
15,155 1,734 3,805 9,103 10,511

14.3%
4 King City Market Overview – King City
16 King City and CMA Buyer and Renter Profile
CMA Demographics
King City household size is remarkably high at 6.2 people per housing unit, and average age is extremely young. The dominant tapestry segment is almost exclusively the “Farm to Table” cluster of Ethnic Enclaves, with low net worth and a household income averaging $28,644. The same
cohort in the larger CMA is slightly wealthier with average income of $36,864. Zonda’s recommendations for future
new housing in King City are based on CMA metrics which are less extreme in terms of age and household size, and somewhat wealthier.

King City Market Overview – King City
17 Median Household Income, Net Worth by Block Group: King City CMA Demographics
Nino Homes developments at Mills Ranch and Arboleda to the northwest clearly showcase the impact of well-planned new construction for-sale homes on median income and net worth. The western block group of King City has the highest median income, similar to the unincorporated area immediately to the south. Pine Canyon is the most affluent area in the vicinity. $13,996
$191,909
$310,185
$405,017
$49,307
$84,169
$107,745
$104,474
$75,091 $89,210
Source: ESRI
Pine
Canyon
Pine
Canyon
King City Market Overview – King City
18 CMA Tapestry Segments
CMA Demographics
Green Acres
The Great
Outdoors
Farm to Table
Workday Drive
Urban Villages
Front
Porches
Salinas
Paso Robles
Middleburg
NeWest Residents Diverse
Convergence
Front Porches
Old &
Newcomers
Source: ESRI
Home
Improvement
Old &
Newcomers
Metro
Fusion
King City growth objectives are aligned with Paso Robles just across the Monterey County-San Luis Obispo County line. The future vision is to offer a similar lifestyle grounded in agriculture, in a safe environment with a quaint downtown restaurant area. King City is immediately adjacent to Pine Canyon which is home to more affluent households in the “Cozy Country Living” Lifestyle Group including “Green Acres” and “The Great Outdoors” clusters. These two cohorts comprise 32.7% of households in Paso Robles, and 8.1% of the a households within three miles
of Downtown King City. With
these parallels already in place,
it is feasible that King City could
eventually mature into a city
similar to Paso Robles.

King City Market Overview – King City
19 ‘Farm to Table’ Ranks 1st in King City
CMA Demographics
King City Market Overview – King City
20 Economic Macro Overview
21 King City Market Overview – King City
Employment vs Unemployment: Monterey County, CA
Economic Overview
Monterey County is forecast to continue to add jobs over the next five years, albeit at a much slower rate from 2026 through 2029.

Moody’s predicts that unemployment will increase to over +/-6.2% over the same time period. Note that these metrics apply to the entire County, and only consider non-farm employment, while King City employment has strong fundamentals in agricultural production and the employment of farmworkers.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

14.0%
-15,000
-12,500
-10,000
-7,500
-5,000
-2,500
0 2,500
5,000
7,500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Unemployment Rate
Annual Non-Farm Employment Growth
Prior Year Change Unemployment Rate
Source: Moody's Analytics; U.S. Bureau of Labor Statistics (BLS) Monterey, CA County - Moody's Analytics Five-Year Forecast Category 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Non-Farm Employment 132,975 136,142 139,125 142,908 144,975 131,725 136,000 143,225 145,525 147,574 149,566 150,210 150,475 150,768 151,101 Prior Year Change 3,292 3,167 2,983 3,783 2,067 (13,250) 4,275 7,225 2,300 2,049 1,992 644 265 292 333 Annual % Change 2.5% 2.4% 2.2% 2.7% 1.4% -9.1% 3.2% 5.3% 1.6% 1.4% 1.4% 0.4% 0.2% 0.2% 0.2% Unemployment Rate 8.2% 7.7% 7.2% 6.4% 6.3% 11.0% 8.3% 6.1% 7.0% 7.3% 6.9% 6.4% 6.3% 6.2% 6.2% King City Market Overview – King City
22 Employment by Sector: Monterey County, CA
Economic Overview
Monterey County experienced growth in seven of the ten employment sectors, with net positive job addition in high-paying positions, and strong growth numbers for Health and Education Services. Government and Leisure & Hospitability sectors also experienced job growth of 412 and 350 positions respectively.
48 -43
260
68 1,061
412
350
-49
30 -67
-200
0 200
400
600
800
1,000
1,200
Financial
Activities
Information Professional &
Business Services
Construction &
Mining
Education &
Health Services
Government Leisure &
Hospitality
Manufacturing Other Services Trade, Transp.
and Utilities
Annual Non-Farm Employment Growth
Source: Moody's Analytics; U.S. Bureau of Labor Statistics (BLS) Category Financial
Activities Information
Professional &
Business
Services
Construction &
Mining
Education &
Health Services Government Leisure & Hospitality Manufacturing Other Services Trade, Transp. and Utilities Current Month (Dec-2024) 4,141 822 15,151 7,419 23,761 34,858 26,252 5,130 5,605 25,252 Current Month (Dec-2023) 4,093 865 14,891 7,351 22,700 34,446 25,902 5,179 5,575 25,319 12-Month Change 48 -43 260 68 1,061 412 350 -49 30 -67
King City Market Overview – King City
23 E/P Ratio: Monterey County, CA
Economic Overview
The Employment Growth to Permit Ratio (E/P Ratio) looks at the number of permits being pulled per new job. The general rule of thumb is a ratio in excess on 1.2 indicate a supply-constrained housing market with implied price growth. Moody’s Economy.com predicts a sharp drop off in the E/P ratio beyond 2025, in response to more vigorous building activity Countywide. Based on the forecast rapid population and household growth rate for King City, this area is less likely to be affected oversupply of for-sale, and particularly rental housing. 0.50.9 0.8 -0.4
-29.5
-1.5
-5.7

6.7 2.6

8.7 5.6

5.1 3.8

5.2 4.3
-17.6

4.8 6.7

3.7 3.5

1.7 0.5

0.2 0.2

0.3 -35.0
-30.0
-25.0
-20.0
-15.0
-10.0
-5.0

0.0 5.0

10.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F EP Ratio
Source: Moody's Analytics; U.S. Bureau of Labor Statistics (BLS) Monterey, CA County - Moody's Analytics Five-Year Forecast Category 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Non-Farm Employment 132,975 136,142 139,125 142,908 144,975 131,725 136,000 143,225 145,525 147,574 149,566 150,210 150,475 150,768 151,101 Prior Year Change 3,292 3,167 2,983 3,783 2,067 (13,250) 4,275 7,225 2,300 2,049 1,992 644 265 292 333 Building Permits 587 627 776 732 480 753 882 1,086 617 587 1,139 1,225 1,232 1,211 1,177 Employment/Housing 5.6 5.1 3.8 5.2 4.3 -17.6 4.8 6.7 3.7 3.5 1.7 0.5 0.2 0.2 0.3 King City Market Overview – King City
24 Affordability Index: Monterey County, CA
Economic Overview
The Affordability Index is expected to rise (ie: become slightly affordable) over the next five years in Monterey County, implying stalled home price growth. If Moody’s prediction occurs, this trend would provide some relief for prospective homebuyers looking to enter or move in the housing market. It should be noted that this forecast applies to the entire County which has many coastal multimillion dollar homes. By contrast, King City is a comparatively low-priced housing market with a high growth forecast, where home sales or residential occupancy rates at undersupplied rental apartments are unlikely to be affected. 44 39
44 64
80 81
89 100
90 77 75 74
65 63
68 67
62 49
42 42
46 48 49 49 49
0 20
40 60
80 100
120
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Affordability Index
Source: Moody's Analytics; National Association of Realtors (NAR) Monterey, CA County - Moody's Analytics Five-Year Forecast Category 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Affordability Index 75.2 73.7 65.1 62.6 68.4 66.6 61.9 49.0 42.5 42.0 45.7 47.6 48.7 48.8 49.1 King City Market Overview – King City
25 King City Economic Profile
King City Market Overview – King City
26 King City has an ideal location at the center of the Salinas River Valley economic base. The Salinas Valley is known as “The Salad Bowl of the World”, with an economy is driven by agriculture. This industry generates billions of dollars each year, and is expected to continue to grow as a national supplier of food crops fulfilling increasing demand from the growing US population. The valley's climate, soil, and water supply support a variety of crops, including lettuce, strawberries, grapes, and wine. The valley is also home to manufacturing firms, and the gateway to tourism attractions such as Pinnacles National Park.

Services account for 37% of all business in King City, and provide

56.5% of all non-farm jobs in the city. Health and Education sectors are at the top of the non-farm employment leader board.

Wholesale Trade & Transportation comes in third, followed closely by Retail. Retail and the Industrial sectors each support 73 businesses. The industrial sector number of employees is understated by the amount of farmworkers. A more accurate profile of the agricultural industry sector employment is shown on the following page.

Economic Industry Profile (Non Farm)
King City Economic Profile
Businesses Businesses Employees Employees
by SIC Codes Number Percent Number Percent
Industrial Summary 73 22.5% 1,000 20.3%
Agriculture & Mining 11 3.4% 80 1.6%
Construction 17 5.3% 97 2.0%
Manufacturing 12 3.7% 170 3.5%
Wholesale Trade & Transportation 26 8.0% 584 11.9%
Communication 5 1.5% 37 0.8%
Utility 2 0.6% 32 0.7%
Retail Trade Summary 73 22.5% 565 11.5%
Home Improvement 6 1.9% 28 0.6%
General Merchandise Stores 3 0.9% 13 0.3%
Food Stores 15 4.6% 162 3.3%
Auto Dealers & Gas Stations 9 2.8% 57 1.2%
Apparel & Accessory Stores 7 2.2% 14 0.3%
Furniture & Home Furnishings 0 0.0% 0 0.0%
Eating & Drinking Places 23 7.1% 238 4.8%
Miscellaneous Retail 10 3.1% 53 1.1%
Finance, Insurance, Real Estate Summary 31 9.6% 113 2.3% Banks, Savings & Lending Institutions 7 2.2% 43 0.9%
Securities Brokers 3 0.9% 7 0.1%
Insurance Carriers & Agents 6 1.9% 22 0.5%
Real Estate, Holding, Other Investment Offices 15 4.6% 41 0.8% Services Summary 120 37.0% 2,777 56.5%
Hotels & Lodging 9 2.8% 40 0.8%
Automotive Services 14 4.3% 49 1.0%
Movies & Amusements 7 2.2% 70 1.4%
Health Services 15 4.6% 1,794 36.5%
Legal Services 1 0.3% 3 0.1%
Education Institutions & Libraries 18 5.6% 647 13.2%
Other Services 56 17.3% 174 3.5%
Government 19 5.9% 463 9.4%
Unclassified Establishments 8 2.5% 0 9.4%
Totals 324 100.0% 4,918 100.0%
King City Market Overview – King City
27 King City has a thriving local economy where the largest employers are based in the agricultural sector. BFKC Braga Fresh King City has 1,169 positions, Taylor Farming employs +/-1,000 workers, and Rava Ranches Fresh Foods adding a further 712 jobs. Many of these are farmworker employees who are excluded from the tallies on the previous page (see the following page for further detail).

Mee Memorial Hospital employs 328 workers, and the two School Districts support a further 365 collectively (the South Monterey County High School District is headquartered in King City).

Fast food service restaurants and other hospitality businesses such as eat-in restaurants and lodging collectively employ 366 workers across roughly 31 businesses, at a range of between 2 and 40 employees each.

The list to the right does not include the other +/- 50 retail service businesses that support the population of King City. These are listed separately on the following page, but Zonda was not able to obtain an estimate of the number of employees in this sector. Zonda estimates that total full and part time employment in King City could be around 6,000 positions. The continued expansion of the transit infrastructure and the East Ranch is attracting new, higher paying jobs to King City.

Employment
King City Economic Profile

EMPLOYER
#
Employees
(Range)
# Employee
Est.

Employee
Total
BFKC Braga Fresh King City 1,169 1,169
Taylor Farming 1,000 1,000
Rava Ranches Fresh Foods 712 712
Mee Memorial Hospital 328 328
Other Healthcare 188 188
Cal Orchard 200-500 300 300
South Monterey County Joint Union High School District 244 244 King City Nursery 100-249 150 150
SBS Concrete Aggregate Supplies 100-249 150 150
King City Union Elementary School District 121 121
City of King (all sectors) 98 98
Vertis 51-200 75 75
Casey Printing 51-200 75 75
Coastal Tractor 58 58
Salinas Valley Fair 50 50
Grocery Outlet 45 45
Safeway 45 45
Other Food Stores 100 100
LA Hearne Company 33 33
Western Harvesting 31 31
Nino Homes 26 26
Toro Petroleum 21 21
Monterey Wine 11-50 20 20
Pacific Continental Truss 11-50 20 20
Boutique Unlimited Distribution 11-50 20 20
Rio Farms 11-50 20 20
Calpine King City 18 18
Santa Maria Seeds 10-24 15 15
Umstead Electric 10-25 15 15
Astoria Group 10-25 15 15
Nuno Iron 10-24 15 15
Mission Ranches 10-19 12 12
Bassetti Farms 6 6
Ace Hardware 5-15 5 5
Constellation Wineries 5 5
Mesa Cooling 5 5
Gill Ranch 1-10 5 5
County Monterey Behavioral 2-10 4 4
Gonzales Irrigation 4 4
KC Industrial Supply 2-10 4 4
Cal Trans King City Station 2 2
Elephant Garlic 2 2
Food Services (each/total) 4-12 each 7 287
Accommodation Services (each/total) 4-25 each 8 64
TOTAL 4,213 5,582
King City Market Overview – King City
28 Demand for retail goods and services is anticipated to grow by between 29% and 34% across the various retail categories. Financial instruments account for 71.8% of total expenditure, followed by home expenses at 10.3%. Food accounts for 4.8% of total spending, followed by insurance and transportation at 3.4% each.

Retail Demand Outlook
King City Economic Profile
2024 2029 Projected
Consumer
Spending
Forecast
Demand
Spending
Growth
1 Apparel and Services $6,569,697 $8,530,093 $1,960,396 2 Computer $842,700 $1,101,732 $259,032
3 Entertainment & Recreation $10,191,272 $13,315,556 $3,124,284 Fees and Admissions $1,887,350 $2,479,787 $592,437
TV/Video/Audio $3,495,589 $4,536,655 $1,041,066
Pets $2,576,827 $3,378,033 $801,206
Toys/Games/Crafts/Hobbies (4) $429,509 $560,047 $130,538 Recreational Vehicles and Fees (5) $425,652 $561,964 $136,312 Sports/Recreation/Exercise Equipment (6) $772,966 $1,007,177 $234,211 Photo Equipment and Supplies (7) $144,326 $189,606 $45,280 Reading (8) $352,704 $464,527 $111,823
Catered Affairs (9) $106,350 $137,759 $31,409
4 Food $30,650,719 $39,900,834 $9,250,115
Food at Home $19,374,971 $25,245,768 $5,870,797
Food Away from Home $11,275,748 $14,655,065 $3,379,317
5 Alcoholic Beverages $1,643,021 $2,159,104 $516,083
6 Financial $459,222,626 $608,682,693 $149,460,067
Value of Stocks/Bonds/Mutual Funds $93,693,966 $125,109,703 $31,415,737 Value of Retirement Plans $325,848,675 $431,537,684 $105,689,009 Value of Other Financial Assets $22,462,373 $29,700,111 $7,237,738 Vehicle Loan Amount excluding Interest $9,883,077 $12,746,305 $2,863,228 Value of Credit Card Debt $7,334,535 $9,588,890 $2,254,355 7 Health $1,585,394 $2,054,168 $468,774
Retail Demand Outlook
King City, CA

CATEGORY
8 Home $65,645,777 $86,057,656 $20,411,879
Mortgage Payment and Basics (11) $35,885,052 $47,216,010 $11,330,958 Maintenance and Remodeling Services $11,747,751 $15,470,042 $3,722,291 Maintenance and Remodeling Materials (12) $2,106,873 $2,740,345 $633,472 Utilities, Fuel, and Public Services $15,906,101 $20,631,259 $4,725,158 9 Household Furnishings and Equipment $5,364,865 $6,990,400 $1,625,535 10 Household Operations $5,689,209 $7,441,260 $1,752,051 Child Care $1,342,249 $1,765,553 $423,304
Lawn and Garden (16) $1,630,075 $2,137,645 $507,570
Moving/Storage/Freight Express $327,235 $429,243 $102,008 Housekeeping Supplies (17) $2,389,650 $3,108,819 $719,169 11 Insurance $21,899,735 $28,461,994 $6,562,259
Owners and Renters Insurance $2,092,887 $2,717,052 $624,165 Vehicle Insurance $6,079,390 $7,863,367 $1,783,977
Life/Other Insurance $1,518,193 $1,984,403 $466,210
Health Insurance $12,209,265 $15,897,172 $3,687,907
12 Other/Personal care $2,737,723 $3,546,395 $808,672
13 Transportation $21,746,971 $28,175,326 $6,428,355
Payments on Vehicles excluding Leases $8,081,801 $10,443,126 $2,361,325 Gasoline and Motor Oil $9,704,450 $12,578,551 $2,874,101 Vehicle Maintenance and Repairs $3,960,720 $5,153,649 $1,192,929 14 Travel $6,116,609 $8,047,108 $1,930,499
2024 2029 Projected
Consumer
Spending
Forecast
Demand
Spending
Growth
Retail Demand Outlook
King City, CA

CATEGORY
King City Market Overview – King City
29 Vacant Parcel Data - Industrial
King City Economic Profile
Parcel Number Address Land Use Acres Latitude Longitude Subdivision Owner Name Owner City 026-301-005-000 Jayne St Industrial 1.41 36.212713 -121.120802 Rava Ii, Jerry & The Jerry Rava Ii Trust King City 026-301-006-000 215 Jayne St Industrial 0.83 36.212197 -121.120452 Rava Ii, Jerry & The Jerry Rava Ii Trust King City 026-351-015-000 Airport Dr Industrial 1.01 36.225794 -121.124902 Rancho San Lorenzo Soberanes Rava Ii, Jerry & The Jerry Rava Ii Trust King City 026-361-006-000 610 Airport Rd Industrial 4.04 36.22617 -121.125909 Rancho San Lorenzo Soberanes Rava Ii, Jerry & The Jerry Rava Ii Trust King City 026-361-007-000 Metz Rd Industrial 1.56 36.227256 -121.125418 Rancho San Lorenzo Soberanes Rava Ii, Jerry & The Jerry Rava Ii Trust King City 026-521-011-000 150 Don Bates Way Industrial 4.34 36.223373 -121.122122 150 Don Bates Llc King City 026-351-021-000 Airport Dr Industrial 0.11 36.223941 -121.117954 Clark, William J & Clark, Sonoma L 026-522-030-000 San Antonio Dr Industrial 2.35 36.222187 -121.124378 Giudici, Francis S & Giudici, Rebecca A King City 026-351-034-000 1091 Industrial Way Industrial 7.58 36.229511 -121.118641 Golden Apple Properties Inc Hollister 026-521-008-000 135 E San Antonio Dr Industrial 6.28 36.223227 -121.125869 H&G4 Llc King City 026-522-005-000 412 Metz Rd Industrial 0.99 36.21993 -121.126464 L A Hearne Company King City 026-522-034-000 Industrial 4.53 36.221172 -121.123535 L A Hearne Company King City 026-301-001-000 106 Pearl St Industrial 0.18 36.212873 -121.121233 Bengard Subd Logar, Jill R & Jill R Logar Trust King City 235-021-009-000 Industrial 1.5 36.208885 -121.117876 Lone Oak Land Company Llc Oxnard 026-521-033-000 277 E San Antonio Dr Industrial 10.11 36.222953 -121.12026 Orradre Ranch San Ardo 026-521-030-000 161 Airport Rd Industrial 1.02 36.22383 -121.118585 Rich Properties Management Llc Paso Robles 026-351-035-000 Industrial 2.04 36.228829 -121.117651 Saberi, Thomas Issa & Saberi, Theodore Enayat San Francisco 026-351-030-000 1051 Industrial Way Industrial 3.33 36.228051 -121.116595 Stingray Holdings 831 Llc King City 026-351-031-000 1011 Industrial Way Industrial 2.59 36.227614 -121.115977 Terra Dei Mancini Llc Diablo 026-351-036-000 1071 Industrial Way Industrial 2.52 36.228473 -121.11721 Terra Dei Mancini Llc Diablo 026-521-039-000 600 Metz Rd Industrial 1.92 36.223058 -121.127293 Terra Dei Mancini Llc Diablo 026-521-040-000 610 Metz Rd Industrial 1.57 36.223532 -121.127471 Terra Dei Mancini Llc Diablo 026-522-024-000 San Antonio Dr Industrial 1.62 36.220784 -121.121462 Wendorff, Timothy John & Wendorff, Kris Renee Shandon 026-522-040-000 Industrial 0.66 36.222138 -121.122747 Young, George B & Young, Angela J King City

64.09 King City has 64.09 acres of developable vacant land currently set aside for industrial land uses. Most of these parcels are in the East Ranch or Mesa Business Park area shown in the previous section.

King City Market Overview – King City
30 Vacant Parcel Data - Commercial
King City Economic Profile
Parcel Number Address Land Use Acres Latitude Longitude Subdivision Owner Name Owner City 235-051-012-000 940 S 1st St Commercial 0.73 36.202453 -121.11365 920 1st Street Llc King City 026-173-006-000 Vanderhurst Ave Commercial 0.11 36.214111 -121.129619 B X D Villa Add To King City Bassetti, Cody J Paso Robles 026-193-012-000 225 Broadway St Commercial 0.17 36.212806 -121.125786 Map Of King City Borzini, Roger O & Borzini, Brandi M King City 026-254-014-000 804 Wentworth St Commercial 0.2 36.213005 -121.123038 Crown Housing Llc King City 026-162-009-000 427 Lynn St Commercial 0.1 36.212287 -121.129283 Map Of King City Crown Property Management Llc King City 026-162-014-000 114 S Russ St Commercial 0.05 36.212116 -121.129148 Map Of King City Crown Property Management Llc King City 026-162-015-000 Russ Ave Commercial 0.05 36.21204 -121.129291 Map Of King City Crown Property Management Llc King City 026-163-011-000 409 Broadway St Commercial 0.17 36.211659 -121.12793 Map Of King City Crown Property Management Llc King City 026-163-013-000 Commercial 0.12 36.21126 -121.127613 Map Of King City Crown Property Management Llc King City 026-164-005-000 427 Bassett St Commercial 0.16 36.21056 -121.127667 Map Of King City Eddington, Robert J & Eddington, Geneva M Paso Robles 026-194-016-000 319 Broadway St Commercial 0.16 36.212225 -121.126864 Map Of King City El Pueblo Food King City 026-191-018-000 209 Lynn St Commercial 0.22 36.214581 -121.126123 Map Of King City Gis Plumbing Inc Salinas 026-271-009-000 512 Metz Rd Commercial 1.43 36.219229 -121.124145 Map Of King City Hearne Laureen B Tr King City 026-391-024-000 Commercial 2.26 36.205333 -121.134837 Hearne, Frank J King City 026-242-002-000 402 S 1st St Commercial 0.28 36.211445 -121.121242 B & D Villa Holaday, Cindy & Holaday, Natahan King City 026-391-025-000 1023 Broadway St Commercial 4.39 36.205158 -121.135983 Icontrust Llc & Suraj Irrevocable Trust San Mateo 026-192-024-000 Commercial 0.26 36.213463 -121.126272 Kings City King City Town Square Llc King City 026-195-014-000 Lynn St Commercial 0.16 36.213101 -121.127608 Map Of King City King City Town Square Llc King City 026-195-020-000 Commercial 0.35 36.213366 -121.127108 Map Of King City King City Town Square Llc King City 026-195-021-000 200 Broadway St Commercial 0.33 36.213213 -121.127396 Map Of King City King City Town Square Llc King City 235-021-012-000 Commercial 1.29 36.209203 -121.117542 Lone Oak Land Company Llc Oxnard 026-501-006-000 126 E San Antonio Dr Commercial 0.66 36.21973 -121.130764 Madson, Chris J San Ardo 026-253-009-000 Broadway St Commercial 0.16 36.213451 -121.124609 Map Of King City Nieto, Carlos & Nieto, Isabel Salinas 026-253-010-000 Broadway St Commercial 0.17 36.213528 -121.124469 Map Of King City Nieto, Carlos & Nieto, Isabel Salinas 026-252-004-000 122 Broadway St Commercial 0.22 36.214205 -121.124793 Map Of King City Nino Family Lp & Nino, John O Tres Pinos 026-252-010-000 123 Lynn St Commercial 0.15 36.214487 -121.125053 Map Of King City Nino Family Lp & Nino, John O Tres Pinos 026-252-014-000 120 N 2nd St Commercial 0.11 36.214357 -121.125246 Map Of King City Nino Family Lp & Nino, John O Tres Pinos 026-252-015-000 116 N 2nd St Commercial 0.09 36.214253 -121.125157 Map Of King City Nino Family Lp & Nino, John O Tres Pinos 026-631-114-000 626 Spreckels Rd Commercial 0.49 36.220028 -121.131607 Mills Ranch Phase 1 Nino Family Lp & Nino, John O Tres Pinos 026-193-016-000 213 Broadway St Commercial 0.17 36.213028 -121.125376 Map Of King City Ochoa, Salvador & Ochoa, Maria T King City 026-253-012-000 119 Broadway St Commercial 0.16 36.213685 -121.124179 Map Of King City Rodriguez Brothers V Llc Salinas 026-254-013-000 Commercial 0.17 36.213092 -121.123247 Rodriguez, Jose & Rodriguez, Rosa King City 026-194-020-000 Third St Commercial 0.07 36.212357 -121.126332 Map Of King City Tertulien, Kasey & Tertulien, Charlemangne King City 026-301-003-000 Commercial 0.67 36.211878 -121.120203 Map Of Spreckels Sugar Company Villa Rava Ii, Jerry J & The Jerry J Rava Ii Trust King City 235-082-013-000 50576 Wild Horse Rd Commercial 3.07 36.188866 -121.069783 Rava Ii, Jerry & The Jerry Rava Ii Trust King City 235-082-014-000 Commercial 8.98 36.18937 -121.067869 Rava Ii, Jerry & The Jerry Rava Ii Trust King City

28.33 King City has 28.33 acres of developable vacant land currently set aside for commercial land uses.

King City Market Overview – King City
31 Location Analysis
King City Market Overview – King City
32 Regional Aerial Location Map
Location Analysis
King City is ideally located equidistant from the two bookends of the Salinas River Valley, with Salinas to the north and Paso Robles just over the County line to the south. Zonda focused on this area as the Competitive Market Area or “CMA “ for the purposes of this report, comparing King City to the other cities in the CMA.

Source: Google
50-Minute Drive Time
King City
Paso Robles
Salinas
King City Market Overview – King City
33 King City Aerial Location Map of Retail, Recreation and Services Location Analysis
Mesa Del Rey Airport
King City Golf Course
King City High
Santa Lucia Elementary
Del Rey Elementary
Chalone Peaks Middle
Mee Memorial Hospital
King City Nursery King City Pools
Salinas Valley Fairgrounds
Salinas River
San Lorenzo County Park
King City State Park
Downtown King City
King City Library
Source: Google
Mesa Business Park
East Ranch
Business Park
Mesa Business Park
Creek Bridge
Soccer Park
King City has a redeveloped quaint downtown area with shops and restaurants befitting a gateway city to the Pinnacles National Park. A dedicated general aviation airport, direct access to Highway 101, and the Amtrak railroad establishes King City as an agricultural distribution hub. Mee Memorial Hospital, King City Library, and four schools are all within easy access. Recreation facilities include the King City Pools & Park, Salinas Valley Fairgrounds, and Creek Bridge Soccer Park. King City is undergoing an overall facelift, including retail enhancements near Highway 101.

King City Market Overview – King City
34 King City Area Industrial & Transportation Infrastructure – Mesa Del Rey Airport & Business Parks Location Analysis
Mesa Del Rey general aviation airport is situated to the northeast of downtown King City and consists of one runway that offers air transit access to and from the community. Nearly one million dollars in federal funding has been requested for the improvement the which
Source: Google, kingcity.com
airport which currently operates over 7,500 flights per year. The aforementioned cumulative effect of the railroad and airport improvements have grown the East Ranch and Mesa Business Parks over the last decade, attracting new businesses.
2007 2024
35 King City Market Overview – King City
School District Boundary Map & Ranking – King City vs. CMA Location Analysis
King City is served by two school districts: King City Union Elementary and South Monterey County Joint Union High. According to GreatSchools.org, these districts are comparable to Gonzales, Soledad and Greenfield, while Salinas is slightly superior. Paso Robles is in San Luis Obispo County with the highest district score in the Salinas River Valley. The school districts serving the towns to the south of King City are lower ranked. King City’s intent to improve their local school scores and the relative performance of the King City Union School District will attract new more affluent renters and buyers to the area.

Salinas City Elementary
Salinas Union High

3.5 4
3 Gonzales Unified

3.4 Soledad Unified
Greenfield Union
Elementary

3.3 King City Union
South Monterey
County Joint Union
3 3.5
San Lucas 2
2 San Ardo
4 San Antonio Union (Lockwood)
Paso Robles
Joint Unified

4.8 Source: Google, GreatSchools, ESRI
King City Market Overview – King City
36 CMA vs. King City School District & Individual School Ranking Location Analysis
District School Great Schools Number
Rank District Avg. Score of Schools
1 Pacific Grove Unified 8.0 4
2 Washington Union Elementary 7.3 3
3 Lagunita Elementary 7.0 1
4 Carmel Unified 7.0 5
5 Spreckels Union Elementary 7.0 2
6 San Luis Coastal Unified 6.9 15
7 Coast Unified 6.3 4
8 Templeton Unified 6.3 6
9 Aromas - San Juan Unified 6.0 1
10 San Miguel Joint Union 6.0 2
11 Chualar Union 6.0 1
12 Cayucos Elementary 6.0 1
13 Lucia Mar Unified 5.6 17
14 Atascadero Unified 5.1 11
15 Paso Robles Joint Unified 4.8 10
16 Monterey Peninsula Unified 4.3 18
17 Santa Rita Union Elementary 4.2 6
18 Alisal Union 4.1 8
19 Salinas Union High 4.0 9
20 Shandon Joint Unified 4.0 2
21 San Antonio Union Elementary 4.0 1
22 North Monterey County Unified 3.6 8
23 South Monterey County Joint Union High 3.5 2
24 Salinas City Elementary 3.5 13
25 Soledad Unified 3.4 8
26 Greenfield Union Elementary 3.3 4
27 Gonzales Unified 3.0 3
28 King City Union 3.0 3
29 Pajaro Valley Unified 3.0 3
30 San Ardo Union Elementary 2.0 1
31 San Lucas Union Elementary 2.0 1
Source: www.greatschools.org
Great School
Rank Elementary Schools Score
1 Pat Butler Elementary 7
2 Kermit King Elementary 6
3 Virginia Peterson Elementary 5
4 Georgia Brown DLI Magnet Elementary 5
5 Santa Lucia Elementary 5
6 Oak Avenue Elementary 4
7 Winifred Pifer Elementary 4
8 Del Rey Elementary 3
9 Arts Academy at Bauer Speck Elementary 3
10 Cesar Chavez Elementary 3
11 King City Arts Magnet 3
12 Mary Chapa Academy 3
13 San Lucas Elementary 2
14 San Ardo Elementary 2
Great School
Rank Middle Schools Score
1 Daniel Lewis Middle 5
2 George H. Flamson Middle 5
3 Vista Verde Middle 3
4 Chalone Peaks Middle 3
5 San Ardo Elementary 2
6 San Lucas Elementary 2
Great School
Rank High Schools Score
1 Paso Robles High 6
2 King City High 5
3 Greenfield High 3
King City Union School District offers two elementary schools (Santa Lucia, scoring 5 out of 10, and Del Rey, scoring 3 out of 10, according to GreatSchools.org). King City Union District also governs Chalone Peaks Middle School with a score of 3 out of 10. South Monterey County Joint Union High School District governs King City High School which scores 5 out of 10 according to GreatSchools.org. The relatively low public school scores are could be a barrier to entry for more affluent families who are generally associated with higher levels of income.

King City Union School District offers two elementary schools (Santa Lucia, scoring 5 out of 10, and Del Rey, scoring 3 out of 10, according to GreatSchools.org).

King City Market Overview – King City
37 Employment Concentration by Zip Code Drive Time Map
Location Analysis
Employment concentration by ZIP code is highest 45 miles to the northwest and southeast in Salinas and Paso Robles
respectively. King City, Greenfield and Soledad to the north along Highway 101 each support 5,227, 5,243 and 5,923 jobs respectively, for an impressive total of 16,393 positions within a 20-minute drive of King City. The largest industries in King City are Agriculture with almost 2,000 jobs, followed by Educational Services and Accommodation & Food Services with between 360 and 400 positions each. Incomes in King City are increasing, with Public Administration, and Professional, Scientific, & Technical Services representing the highest paying sectors (these sectors reportedly earn between $75,000 and $85,000 on average).

Source: ESRI; Zonda
King City Market Overview – King City
38 Employment Commute Map
Location Analysis
Over 29% of residents that live in King City (95632 zip code) also work in King City. Long-distance the jobs are located to the northwest along a 45-mile stretch of Highway 101 between King City on Salinas. The highest commuter destination concentrations are shown with darker circles. Roughly 30% of King City residents commute less than 10 miles to work, while the largest proportion (38.8%) commute distances greater than 50 miles each way each day. See the following page for King City’s planned developments of public transit infrastructure to accommodate these long-distance
commuters.

Source: CensusOnTheMap
39 King City Market Overview – King City
King City and CMA Public Transit Infrastructure
Location Analysis
King City offers public transportation for residents up and down the coast corridor utilizing MTS bus lines 23 and 84 with services to Salinas and Paso Robles, respectively, via Highway 101. King City recently won a $25 million grant to fund a Multi-Modal Transportation Center (“MMTC”) which will reestablish the historic train station and create passenger service for the public and for U.S. Army Fort Hunter-Liggett (FHL) personnel traveling to and from the Bay Area. King City MMTC provides a stop for the existing Amtrak Coast Starlight intercity train service between Seattle and Los Angeles as well as a future stop for the planned Coast Daylight passenger service to complete the gap between San Luis Obispo and San Jose. King City MMTC will make track improvements to ease freight rail movement on Union Pacific tracks.

Line 84: King City to Paso Robles Line 23: Salinas to King City Kings Station Multimodal Transportation Center
Source: mst.org, tamcmonterey.org

COAST STARLIGHT

VIA KING CITY
King City Market Overview – King City
40 Existing Land & Housing
Supply
King City Market Overview – King City
41 King City parcels are analyzed by land use and sub use, yielding over 270,000 acres of unincorporated city land, and 2,153.1 acres of land in King City proper. Note that the vacant land identified on pages 29, 30 and 49 generally constitute infill parcels (with the exception of the two parcels set aside for the Ausonio Apartments). As shown on page 44, several acres of land are available for future mixed use residential and commercial development in King City.

Existing Housing Supply: King City vs CMA
Existing Land & Housing Supply

LAND USE KING CITY UNINCORPORATED KING CITY (CITY) ALL
Rivers and Water Bodies 627.3 0.0 627.3
Resource Conservation 17,220.6 0.0 17,220.6
Farmlands 40 - 160 Ac Min 70,629.9 0.0 70,629.9
Rural Grazing 10 - 160 Ac Min 2,335.5 0.0 2,335.5
Permanent Grazing 10 - 160 Ac Min 176,386.6 0.0 176,386.6 Mineral Extraction 235.6 0.0 235.6
Heavy Industrial 13.1 0.0 13.1
Heavy Commercial 1.4 0.0 1.4
Commercial 59.7 0.0 59.7
Residential - High Density 5 - 20 Units/Acre 131.9 0.0 131.9 Residential - Medium Density 1 - 5 Units/Acre 153.4 0.0 153.4 Residential - Low Density 5 - 1 Acres/Unit 1,059.5 0.0 1,059.5 Public/Quasi-Public 721.3 0.0 721.3
None 581.5 2,153.1 2,734.6
SUB-USE 270,157.2 2,153.1 272,310.3
None 699.0 0.0 699.0
Other Land 34,225.1 48.1 34,273.2
Urban and Built-Up Land 822.7 1,243.8 2,066.5
Prime Farmland 23,692.2 166.7 23,858.8
Grazing Land 190,024.1 588.4 190,612.6
Farmland of Statewide Importance 13,998.6 106.1 14,104.6 Unique Farmland 6,695.6 0.0 6,695.6
270,157.2 2,153.1 272,310.3
King City Market Overview – King City
42 King City is very underserved in terms of attached rental market rate housing, as shown in the table below. By comparison, the CMA has higher proportions of apartments with 10 or more units, while King City’s apartments tend to be older and of smaller scale, and the newest apartments are income-restricted.

On the other hand, King City fares better than the rest of the CMA in terms of higher density for-sale housing. A comparison of the newest planned developments shows average lot size is trending progressively smaller from the older Creek Bridge/Arboleda masterplan where lot size averaged 6,511 square feet to the more recent Mills Ranch masterplan with 5,206 square foot average lot size.

Existing Housing Supply: King City vs CMA
Existing Land & Housing Supply
Location
2022 Total
Housing
Units
2022
Housing: 1
SFD Unit
(Lots)
2022
Housing: 1
Att/Det
Condo
2022
Housing: 2
Units
(Duplex)
2022
Housing: 3 - 4
Units (Tri/4-
Plex)
2022
Housing: 5 - 9
Units Infill
Apartment
2022
Housing: 10 -
19 Units
Small Apt
2022
Housing: 20 -
49 Units
Medium Apt
2022
Housing: 50+
Units Large
Apt
2022
Housing:

Mobile
Homes
2022
Housing:

Boat/RV/Van
King City, CA 100% 64.3% 8.2% 3.8% 6.4% 9.4% 3.1% 0.7% 0.0% 4.5% 0.0% 50-Minute Drive Time 100% 61.5% 5.4% 2.9% 5.0% 7.5% 5.8% 3.4% 2.8% 6.0% 0.0% Location
Housing Built
< 1940
Housing Built
1940-1949
Housing Built
1950-1979
Housing Built
1980-1999
Housing Built
2000-2009
Housing Built
2010-2019
% Housing
Built 2020+
2022 Median
Yr Built: HUs
King City, CA 2.6% 4.6% 22.9% 26.2% 21.0% 21.6% 1.0% 1988 50-Minute Drive Time 6.2% 8.0% 38.0% 28.3% 13.6% 5.7% 0.2% 1979 King City housing stock is generally more recently built than the CMA, with an average year built of 1988 versus 1979. King City has developed substantially more new homes since 2000 than other cities in the CMA, contributing to the newer average age.

King City Market Overview – King City
43 Existing Residential Developments & Developable Vacant Land: King City Existing Land & Housing Supply
King City has three active specific plan areas of development including Mills Ranch, Creekbridge and the Downtown Addition. Some of the planned future residential development will target parcels which are vacant or underutilized, mapped below. The 32 units in Creekbridge were developed by PacWest, while CHISPA is slated to develop the 40 Mills Ranch apartments. Creekbridge became “Arboleda” in 2012 after the homebuilder pulled out of the market during the Great Recession. Nino Homes stepped in in late 2012 to resume development.

Ausonio Apartments
is approved for up to
377 units.

This development is
not included in the
three masterplans in
the table at left.

SPECIFIC PLAN APPROVED BUILT REMAINING

CREEKBRIDGE (ARBOLEDA)
Single Family 346 313 33
Multifamily 32 32 0
Carriage houses 22 16 6
400 361 39

MILLS RANCH
Single Family 360 156 204
Multifamily 40 0 40
400 156 244

DOWNTOWN ADDITION
Single Family 175 0 175
Multifamily (Attached) 346 118 228
Multifamily (Rental) 8 0 8
Condos over Retail 121 0 121
650 118 532

1. Arboleda (Creekbridge) is almost built out with a total of 400 units, including 32 units of multifamily apartments completed in 2007.

2. Mills Ranch is under construction and is almost halfway built out, also entitled for 400 units. CHISPA will build the 40 affordable multifamily rental units.

3. Royal Coach Park was started in the 1990s by Mellogold Development, which wound down during the Great Recession. The project was picked up in 2014 and 2015 by American Family Homes, and eventually completed by Mendonsa Enterprises in 2019.

King City Market Overview – King City
44 Existing Residential Developments & Developable Vacant Land: King City Existing Land & Housing Supply
King City has future plans for a fourth master plan on 500 acres of retired Smith Family vineyards (the Smith-Monterey property). Roughly 100 acres is already within the limits of King City, called the Downtown Addition, which is the first of four walkable neighborhoods. This transit-oriented phase I will retain much of the original subdivision pattern and create a square on the axis of Broadway, the town’s historic “main street”. The plan also outlines the design of the new passenger station, and connects to it. The masterplan anticipates the development of hundreds of new homes, further revitalizing and activating the Downtown area.

King City Market Overview – King City
45 New and Future Commercial & Multifamily Development: King City Existing Land & Housing Supply
There are several commercial developments either recently completed, under construction or planned.

1. The Downtown Plaza Project on the corner of Vanderhurst and Broadway is the new focal point of the Downtown area, enhanced by a facelift of the adjacent historical building at 110 Vanderhurst, converted to a new visitor center housing the Chamber of Commerce.

2. A long-awaited new Grocery Outlet is underway at 1023 Broadway, and a new Dutch Bros Coffee is up and running at the same address.

A future hotel is also planned at this location.
377 Apartments

3. CHISPA has approvals for an affordable housing Greenfield Village community, Mills Ranch Garden Apartments.

4. Rava Agricultural Employee Housing Project on
Bitterwater Road provides new farmworker units.

5. Up to 377 apartments are being planned at the
corner of San Antonio Drive and Willow Street.

6. The East Ranch Business Park is now home to the
Monterey-Salinas Transit District. The new
multimodal transit station and the improvements
to the Mesa Rey Airport continue to attract new
industry to King City. In recent years, King City has
attracted businesses including Nuno Iron Works,
Cal Grow, Astoria Group, and Mesa Cooling.
5 Rava Farmworker Housing
4 6
3 1
2 Downtown Plaza & Chamber of Commerce
7 King City Market Overview – King City
46 New and Future Housing Supply: King City
Existing Land & Housing Supply
Arboleda by Nino Homes is located in the northwestern quadrant of the city. This community began construction in 2005 and is still under construction. Home sizes range from 1,201 to 2,744 square feet, averaging 1,810 square feet in size.

Maximum annual sales occurred in 2006 and 2018 at 78 and 74 units respectively.

Royal Coach Park is the oldest of the three masterplans, having sold out in 2019. Home sizes range from 1,259 to 2,651 square feet, averaging 1,497 square feet in size. 2019 logged the highest annual sales since 2005.

Mills Ranch by Nino Homes is located
in the northern quadrant of the city.

This community began construction in
2006 and is still under development.

Home sizes range from 1,238 to 2,764
square feet, averaging 1,760 square
feet in size. Maximum annual sales
occurred in 2020 at 78 units.

King City Market Overview – King City
47 New Home Sales Pace: King City
Existing Land & Housing Supply

SPECIFIC PLAN APPROVED BUILT REMAINING

CREEKBRIDGE (ARBOLEDA)
Single Family 346 313 33
Multifamily 32 32 0
Carriage houses 22 16 6
400 361 39

MILLS RANCH
Single Family 360 156 204
Multifamily 40 0 40
400 156 244

DOWNTOWN ADDITION
Single Family 175 0 175
Multifamily (Attached) 346 118 228
Multifamily (Rental) 8 0 8
Condos over Retail 121 0 121
650 118 532

1. Arboleda (Creekbridge) achieved absorption of between 3.0 and 6.0 units per month between 2015 and 2018 before slowing to a more recent sales pace of 1.0 to 1.25 units per month. Slower sales pace is to be expected as the community is winding down.

2. Mills Ranch sales pace settled back to around 2.0 units per month after the pandemic. The most recent average pace of 2.25 units per month is in line with Zonda’s average absorption recommendations for future new product.

3. Royal Coach Park ended in 2019 at a sales pace of roughly 3.0 homes per month.
0 1
2 3
4 5
6 7
8 0
10 20
30 40
50 60
70 80
20052006200720082009201020112012201320142015201620172018201920202021202220232024 Avg. Monthly Sales Pace
Annual Sales
Annual Sales & Mo. Sales Pace
Mills Ranch Annual Sales Arboleda Annual Sales Royal Coach Park Annual Sales Mills Ranch Avg. Monthly Sales Pace Arboleda Avg. Monthly Sales Pace Royal Coach Park Avg. Monthly Sales Pace King City Market Overview – King City
48 New Home Sales Volume: King City
Existing Land & Housing Supply
A consolidation of the sales pace across the concurrently selling new home communities in King City over time is shown below, with 40 annual sales in 2024 resulting in an average absorption of 3.3 units per month. Note that this chart was affected by the Great Recession in 2007/2008, the white-hot market in 2018 which spiked again during the pandemic, and the effect of post-pandemic interest rate hikes. 0 1
2 3
4 5
6 7
8 0
20 40
60 80
100
120
140
160
20052006200720082009201020112012201320142015201620172018201920202021202220232024 Avg. Monthly Sales Pace
Annual Sales
King City Masterplan
Sales Pace
King City Masterplan Total Annual Sales King City Masterplan Total Avg. Monthly Sales Pace Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total Annual Sales 16 90 60 7 18 5 0 2 8 14 42 56 48 74 92 80 31 26 28 40 Avg. Sales Pace/Mo. 1.3 7.5 5.0 0.6 1.5 0.4 0.0 0.2 0.7 1.2 3.5 4.7 4.0 6.2 7.7 6.7 2.6 2.2 2.3 3.3 King City Masterplan Sales Pace
King City Market Overview – King City
49 Vacant Parcel Data: Residential
Existing Land & Housing Supply
King City has 1.09 acres of developable vacant land corner lots in the Downtown area, two infill lots, and 26 vacant developed lots in the three masterplans (Mills Ranch, Arboleda and Royal Coach Park). The Ausonio Apartments is already is the planning process.

Parcel Number Address Land Use Acres Latitude Longitude Subdivision Owner Name Owner City 026-531-023-000 Multifamily 2.76 36.208543 -121.13914 Ausonio Apartments Lp The Castroville 026-531-025-006 Multifamily 13.13 36.210491 -121.139116 Ausonio Apartments Lp The Castroville

15.89 026-433-016-000 228 Rio Vista Dr Vacant Resi 0.74 36.198409 -121.126562 Forden Development Corp Unit No 1 Borzini, Roger O & Borzini, Brandi M King City 026-461-001-000 236 Rio Vista Dr Vacant Resi 0.33 36.199257 -121.125545 Forden Development Corp Unit No 2 Nuno Ii, Marcelino & Medina, Carolina Q Greenfield 026-071-077-002 Vacant Resi 0.25 36.211303 -121.134529 Richardson Eugene L Tr King City 026-071-078-003 Vacant Resi 0.25 36.211153 -121.134811 Richardson Eugene L Tr King City 026-172-016-000 Russ Ave Vacant Resi 0.22 36.21535 -121.131796 B X D Villa Add To King City Raschella, Thomas & 2014 Thomas Raschella Revocable Trust King City 026-172-017-004 Russ Ave Vacant Resi 0.29 36.214987 -121.131196 B & D Villa Add To King City Espino, Lorenzo King City 026-201-001-000 Second St Vacant Resi 0.08 36.212483 -121.124335 Map Of King City Senter Eric Tr Davis

1.09 026-631-014-000 240 San Antonio Dr Vacant Resi 0.11 36.220298 -121.131247 Mills Ranch Phase 1 Nino Homes At Mills Ranch Inc Tres Pinos 026-631-015-000 250 San Antonio Dr Vacant Resi 0.13 36.220229 -121.131342 Mills Ranch Phase 1 Nino Homes At Mills Ranch Inc Tres Pinos 026-631-115-000 235 Ermosa Way Vacant Resi 0.38 36.221334 -121.131945 Mills Ranch Phase 1 Community Housing Improvement Systems Salinas 026-631-116-000 147 Ermosa Way Vacant Resi 0.35 36.222028 -121.13065 Mills Ranch Phase 1 Community Housing Improvement Systems Salinas 026-631-117-000 260 Legacy Dr Vacant Resi 0.4 36.220903 -121.131919 Mills Ranch Phase 1 Community Housing Improvement Systems Salinas 026-631-118-000 164 Legacy Dr Vacant Resi 0.35 36.221639 -121.13064 Mills Ranch Phase 1 Community Housing Improvement Systems Salinas 026-641-013-000 691 Brandywine Ln Vacant Resi 0.38 36.222255 -121.133081 Mills Ranch Phase 1 Community Housing Improvement Systems Salinas 026-613-037-000 426 Amanda Ln Vacant Resi 0.08 36.219652 -121.135413 Arboleda Phase Two Nino Family Ii Lp Hollister 026-613-046-000 415 Amanda Ln Vacant Resi 0.08 36.219516 -121.135039 Arboleda Phase Two Nino Family Ii Lp Hollister 026-651-032-007 690 Bikle Dr Vacant Resi 0.24 36.222019 -121.138837 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-033-008 692 Bikle Dr Vacant Resi 0.22 36.222157 -121.138672 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-034-009 694 Bikle Dr Vacant Resi 0.28 36.222291 -121.138486 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-035-010 696 Bikle Dr Vacant Resi 0.22 36.222412 -121.138288 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-036-011 698 Bikle Dr Vacant Resi 0.23 36.222511 -121.138093 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-037-012 700 Bikle Dr Vacant Resi 0.24 36.222605 -121.137878 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-038-013 702 Bikle Dr Vacant Resi 0.23 36.222697 -121.137662 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-039-014 704 Bikle Dr Vacant Resi 0.25 36.222799 -121.137447 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-040-015 706 Bikle Dr Vacant Resi 0.27 36.223007 -121.137055 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-041-016 708 Bikle Dr Vacant Resi 0.2 36.22316 -121.136883 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-042-000 710 Bikle Dr Vacant Resi 0.21 36.223287 -121.136721 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-043-017 712 Bikle Dr Vacant Resi 0.22 36.223409 -121.136556 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-044-018 714 Bikle Dr Vacant Resi 0.25 36.223531 -121.136391 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-045-019 716 Bikle Dr Vacant Resi 0.27 36.223654 -121.136227 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-046-020 718 Bikle Dr Vacant Resi 0.28 36.223772 -121.13606 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-651-047-021 720 Bikle Dr Vacant Resi 0.29 36.223883 -121.135883 Arboleda Nino Homes At Arboleda Inc Tres Pinos 026-561-001-000 1195 Amherst Dr Vacant Royal Coach Park SP 1.09 36.206951 -121.139892 Royal Coach Park Madson, Chris San Ardo

7.25 King City Market Overview – King City
50 New For-Sale Product & Price
51 King City Market Overview – King City
New Home For-Sale Pricing Summary: King City
For-Sale Product & Price
PRODUCT: The product surrounding the Creek Bridge Soccer Park exemplifies the successful introduction of multiple densities and a progression towards embracing density in walkable areas which is appropriate for King City’s current semi-rural atmosphere.

Arboleda and Mills Ranch are both outstanding examples of truly mixed density planning, where smaller lot detached condos coexist seamlessly alongside conventional lots. The King City target market may also be ready to accept for-sale townhomes.

Homes on medium sized lots starting at 5,000 square feet upwards are still the “bread and butter” product for the growing small city (illustrated below). However, as home prices in California continue to appreciate rapidly, three story detached homes and cluster courtyard product cater to an increasing share of the population pushed out of the quest for homeownership by lack of affordability. Feasible products for new King City developments include the formats listed in the above table. # of Est % of Average
Subdivision Configuration Units Total Units Unit Size
A Cluster 3000 75 13% 1,625
B 36' Alley Load 4000 100 17% 1,475
C 45' Small Lot 4500 100 17% 1,625
D 50' Medium Lot 5250 100 17% 1,725
E 55' Medium Lot 6325 75 13% 1,983
F 60' Large Lot 7500 75 13% 2,475
G Townhomes Attached 75 13% 1,400
52 King City Market Overview – King City
Recommended pricing for the cluster units is in the low $500,000s, with the alley load 36-foot-wide lots in the mid $500,000s. Townhomes could eventually be introduced at price points equivalent to the high $400,000s in today’s market. Sales Pace ranges from

3.0 units per month for the attached homes to 2.5 units per month for the cluster and alley load. Pricing assumes average HOA dues of $500 per month for the townhomes and cluster units, and $400 per month for the alley load product. Monthly cost to own factors in a property tax rate of 1.15%, and a 30-year fixed mortgage interest rate of 6.4%. Using these assumptions, the three smaller products have a monthly cost to own of between $3,256 to $3,714.

For-Sale Pricing Detail: Small Homes
For-Sale Product & Price
Mo. ▬ Incentives ▬ ▬ Typical Spending ▬ Estimated Est. ▬ Pymt Impacting ▬ 80.0% 35.0% Subject Property Size Sales Base Base Options/ Options / Lot Closing Closing Mo. Base Addl 6.4% Qualifying Product Details Mix (SF) Bd/Ba Level Pkg Pace Price $/SF Upgrades Upgrades Premiums Price $/SF HOA Tax Taxes Mo.Pmt. Income A CLUSTER │ TBD │ KING CITY
Product: Detached Condos 1 1,550 3/2.5 2 2 2.5 $529,000 $341 $0 $0 $0 $529,000 $341 $500 1.15% 0.00% $3,654 $125,283 Configuration: 3,000 1 1,700 3/2.5 2 2 $539,000 $317 $0 $0 $0 $539,000 $317 $500 1.15% 0.00% $3,714 $127,328 Lot Dimension: 40x75
1,625 2.5 $534,000 $329 $0 $0 $0 $534,000 $329 $500 1.15% 0.0% $3,684 $126,306 B 36' ALLEY LOAD │ TBD │ KING CITY
Product: Single Family 1 1,400 3/2 2 2 2.5 $539,000 $385 $0 $0 $2,000 $541,000 $386 $400 1.15% 0.00% $3,626 $124,308 Configuration: 4,000 1 1,550 3/2 2 2 $549,000 $354 $0 $0 $2,000 $551,000 $355 $400 1.15% 0.00% $3,685 $126,352 Lot Dimension: 36x115
1,475 2.5 $544,000 $369 $0 $0 $2,000 $546,000 $370 $400 1.15% 0.0% $3,655 $125,330 C 45' SMALL LOT │ TBD │ KING CITY
Product: Single Family 1 1,500 3/2.5 2 2 2.5 $566,000 $377 $0 $0 $3,000 $569,000 $379 $400 1.15% 0.0% $3,793 $130,032 Configuration: 4,500 1 1,750 4/2.5 2 2 $586,000 $335 $0 $0 $3,000 $589,000 $337 $400 1.15% 0.0% $3,912 $134,120 Lot Dimension: 45x100
1,625 2.5 $576,000 $354 $0 $0 $3,000 $579,000 $356 $400 1.15% 0.0% $3,852 $132,076 D 50' MEDIUM LOT │ TBD │ KING CITY
Product: Single Family 1 1,600 4/2.5 2 2 2.0 $591,000 $369 $0 $0 $4,000 $595,000 $372 $400 1.15% 0.0% $3,948 $135,347 Configuration: 5,250 1 1,850 4/3 2 2 $611,000 $330 $0 $0 $4,000 $615,000 $332 $400 1.15% 0.0% $4,067 $139,435 Lot Dimension: 50x105
1,725 2.0 $601,000 $348 $0 $0 $4,000 $605,000 $351 $400 1.15% 0.0% $4,007 $137,391 E 55' MEDIUM LOT │ TBD │ KING CITY

ALLEY LOAD
Mo. ▬ Incentives ▬ ▬ Typical Spending ▬ Estimated Est. ▬ Pymt Impacting ▬ 80.0% 35.0% Subject Property Size Sales Base Base Options/ Options / Lot Closing Closing Mo. Base Addl 6.4% Qualifying Product Details Mix (SF) Bd/Ba Level Pkg Pace Price $/SF Upgrades Upgrades Premiums Price $/SF HOA Tax Taxes Mo.Pmt. Income A CLUSTER │ TBD │ KING CITY
Product: Detached Condos 1 1,550 3/2.5 2 2 2.5 $529,000 $341 $0 $0 $0 $529,000 $341 $500 1.15% 0.00% $3,654 $125,283 Configuration: 3,000 1 1,700 3/2.5 2 2 $539,000 $317 $0 $0 $0 $539,000 $317 $500 1.15% 0.00% $3,714 $127,328 Lot Dimension: 40x75
Total Units: 75
1,625 2.5 $534,000 $329 $0 $0 $0 $534,000 $329 $500 1.15% 0.0% $3,684 $126,306 B 36' ALLEY LOAD │ TBD │ KING CITY
Product: Single Family 1 1,400 3/2 1 2 2.5 $539,000 $385 $0 $0 $2,000 $541,000 $386 $400 1.15% 0.00% $3,626 $124,308 Configuration: 4,000 1 1,550 3/2 2 2 $549,000 $354 $0 $0 $2,000 $551,000 $355 $400 1.15% 0.00% $3,685 $126,352 Lot Dimension: 36x115
Total Units: 100
1,475 2.5 $544,000 $369 $0 $0 $2,000 $546,000 $370 $400 1.15% 0.0% $3,655 $125,330 G TOWNHOMES │ TBD │ KING CITY
Product: Townhomes 1 1,100 2/2.5 2 2 3.0 $459,000 $417 $0 $0 $0 $459,000 $417 $500 1.2% 0.0% $3,256 $111,629 Configuration: Attached 1 1,450 3/2.5 3 2 $485,000 $334 $0 $0 $0 $485,000 $334 $500 1.2% 0.0% $3,412 $116,982 Lot Dimension: 2-3 Story 1 1,650 4/2.5 3 2 $499,000 $302 $0 $0 $0 $499,000 $302 $500 1.2% 0.0% $3,496 $119,864 Total Units: 75
1,400 3.0 $481,000 $344 $0 $0 $0 $481,000 $344 $500 1.2% 0.0% $3,388 $116,158 53 King City Market Overview – King City
For-Sale Pricing Detail: Medium & Large Lots
For-Sale Product & Price
Mo. ▬ Incentives ▬ ▬ Typical Spending ▬ Estimated Est. ▬ Pymt Impacting ▬ 80.0% 35.0% Subject Property Size Sales Base Base Options/ Options / Lot Closing Closing Mo. Base Addl 6.4% Qualifying Product Details Mix (SF) Bd/Ba Level Pkg Pace Price $/SF Upgrades Upgrades Premiums Price $/SF HOA Tax Taxes Mo.Pmt. Income A CLUSTER │ TBD │ KING CITY
Product: Detached Condos 1 1,550 3/2.5 2 2 2.5 $529,000 $341 $0 $0 $0 $529,000 $341 $500 1.15% 0.00% $3,654 $125,283 Configuration: 3,000 1 1,700 3/2.5 2 2 $539,000 $317 $0 $0 $0 $539,000 $317 $500 1.15% 0.00% $3,714 $127,328 Lot Dimension: 40x75
1,625 2.5 $534,000 $329 $0 $0 $0 $534,000 $329 $500 1.15% 0.0% $3,684 $126,306 B 36' ALLEY LOAD │ TBD │ KING CITY
Product: Single Family 1 1,400 3/2 2 2 2.5 $539,000 $385 $0 $0 $2,000 $541,000 $386 $400 1.15% 0.00% $3,626 $124,308 Configuration: 4,000 1 1,550 3/2 2 2 $549,000 $354 $0 $0 $2,000 $551,000 $355 $400 1.15% 0.00% $3,685 $126,352 Lot Dimension: 36x115
1,475 2.5 $544,000 $369 $0 $0 $2,000 $546,000 $370 $400 1.15% 0.0% $3,655 $125,330 C 45' SMALL LOT │ TBD │ KING CITY
Product: Single Family 1 1,500 3/2.5 2 2 2.5 $566,000 $377 $0 $0 $3,000 $569,000 $379 $400 1.15% 0.0% $3,793 $130,032 Configuration: 4,500 1 1,750 4/2.5 2 2 $586,000 $335 $0 $0 $3,000 $589,000 $337 $400 1.15% 0.0% $3,912 $134,120 Lot Dimension: 45x100
1,625 2.5 $576,000 $354 $0 $0 $3,000 $579,000 $356 $400 1.15% 0.0% $3,852 $132,076 D 50' MEDIUM LOT │ TBD │ KING CITY
Product: Single Family 1 1,600 4/2.5 2 2 2.0 $591,000 $369 $0 $0 $4,000 $595,000 $372 $400 1.15% 0.0% $3,948 $135,347 Configuration: 5,250 1 1,850 4/3 2 2 $611,000 $330 $0 $0 $4,000 $615,000 $332 $400 1.15% 0.0% $4,067 $139,435 Lot Dimension: 50x105
1,725 2.0 $601,000 $348 $0 $0 $4,000 $605,000 $351 $400 1.15% 0.0% $4,007 $137,391 E 55' MEDIUM LOT │ TBD │ KING CITY
Product: Single Family 1 1,650 3/2.5 1 2 2.0 $614,000 $372 $0 $0 $5,000 $619,000 $375 $400 1.15% 0.0% $4,091 $140,253 Configuration: 6,325 1 2,050 4/3.5 1 2 $645,000 $315 $0 $0 $5,000 $650,000 $317 $400 1.15% 0.0% $4,276 $146,590 Lot Dimension: 55x120 1 2,250 4/3.5 2 2 $664,000 $295 $0 $0 $5,000 $669,000 $297 $400 1.15% 0.0% $4,389 $150,474 1,983 2.0 $641,000 $323 $0 $0 $5,000 $646,000 $326 $400 1.15% 0.0% $4,252 $145,772 F 60' LARGE LOT │ TBD │ KING CITY
The small 4,500 square foot lots are priced in the upper $500,000s while the medium and large lot home prices could range from the high $500,000s to the low $700,000s. Monthly cost to own starts at $3,793 on the 4,500s up to $4,693 for the largest 7,500s. The 4500s could appeal to First Time Move Up Families, while the other products are targeted to more affluent Mature Families and Empty Nesters.

Single level plans should appeal to Retirees and Empty Nesters looking to age in place. Recommended sales pace is 2.0 units per month.

C 45' SMALL LOT │ TBD │ KING CITY
Product: Single Family 1 1,500 3/2.5 2 2 2.0 $566,000 $377 $0 $0 $3,000 $569,000 $379 $400 1.15% 0.0% $3,793 $130,032 Configuration: 4,500 1 1,750 4/2.5 2 2 $586,000 $335 $0 $0 $3,000 $589,000 $337 $400 1.15% 0.0% $3,912 $134,120 Lot Dimension: 45x100
Total Units: 100
1,625 2.0 $576,000 $354 $0 $0 $3,000 $579,000 $356 $400 1.15% 0.0% $3,852 $132,076 D 50' MEDIUM LOT │ TBD │ KING CITY
Product: Single Family 1 1,600 4/2.5 2 2 2.0 $591,000 $369 $0 $0 $4,000 $595,000 $372 $400 1.15% 0.0% $3,948 $135,347 Configuration: 5,250 1 1,850 4/3 2 2 $611,000 $330 $0 $0 $4,000 $615,000 $332 $400 1.15% 0.0% $4,067 $139,435 Lot Dimension: 50x105
Total Units: 100
1,725 2.0 $601,000 $348 $0 $0 $4,000 $605,000 $351 $400 1.15% 0.0% $4,007 $137,391 E 55' MEDIUM LOT │ TBD │ KING CITY
Product: Single Family 1 1,650 3/2.5 1 2 2.0 $614,000 $372 $0 $0 $5,000 $619,000 $375 $400 1.15% 0.0% $4,091 $140,253 Configuration: 6,325 1 2,050 4/3.5 1 2 $645,000 $315 $0 $0 $5,000 $650,000 $317 $400 1.15% 0.0% $4,276 $146,590 Lot Dimension: 55x120 1 2,250 4/3.5 2 2 $664,000 $295 $0 $0 $5,000 $669,000 $297 $400 1.15% 0.0% $4,389 $150,474 Total Units: 75
1,983 2.0 $641,000 $323 $0 $0 $5,000 $646,000 $326 $400 1.15% 0.0% $4,252 $145,772 F 60' LARGE LOT │ TBD │ KING CITY
Product: Single Family 1 2,350 4/3 1 2 2.0 $695,000 $296 $0 $0 $6,000 $701,000 $298 $400 1.2% 0.0% $4,580 $157,016 Configuration: 7,500 1 2,600 5/3 2 2 $714,000 $275 $0 $0 $6,000 $720,000 $277 $400 1.2% 0.0% $4,693 $160,900 Lot Dimension: 60x125
Total Units: 75
2,475 2.0 $704,500 $285 $0 $0 $6,000 $710,500 $287 $400 1.2% 0.0% $4,636 $158,958 54 King City Market Overview – King City
SALES PACE: A sales pace of 2.5 units per month per product line for the three smaller product lines appears feasible based on historical sales at Mills Ranch and Arboleda. The medium and large lots are expected to be sell more slowly at 2.0 units per month based on higher price points (refer to page 56 for an in-depth discussion on absorption).

ADDITIONAL REVENUES (OPTIONS/UPGRADES & LOT PREMIUMS): An analysis of past sales reveals that options and upgrades spending on new homes in King City is minimal. However, there is an opportunity for additional revenues in the form of lot premiums based on the variety of lot sizes and view orientations, especially on the medium and large lots. Zonda factored in lots premiums ranging from $2,000 per unit for the alley-load product up to $6,000 per unit for the largest lots (note that premiums for the cluster homes are not anticipated).

TARGET MARKET: The cluster, alley load and 4,500 square foot lot homes are priced to target starter families and entry level couples and singles, and well as price conscious retirees. The medium and large lot product would likely appeal to Move Up and Move Down Families, as well as Empty Nesters on the more affluent end of the spectrum.

New Home For-Sale Pricing Summary: King City
For-Sale Product & Price
PRICING: Recommended pricing for the cluster units is in the low $500,000s, with the alley load (36 foot wide) lots in the mid $500,000s, and the small 4,500 square foot lots in the upper $500,000s. Medium and large lot home prices could range from the high $500,000s to the low $700,000s. This pricing strategy creates clear stratification between product lines to assist sales pace. ▬ Incentives ▬ ▬ Typical Spending ▬ Estimated Estimated # of Est % of Average Base Base Options/ Options / Lot Closing Closing Est.

Subdivision Configuration Units Total Units Unit Size Price $/SF Upgrades Upgrades Premiums Price $/SF Sales Rate A Cluster 3000 75 13% 1,625 $534,000 $329 $0 $0 $0 $534,000 $329 2.5 B 36' Alley Load 4000 100 17% 1,475 $544,000 $369 $0 $0 $2,000 $546,000 $370 2.5 C 45' Small Lot 4500 100 17% 1,625 $576,000 $354 $0 $0 $3,000 $579,000 $356 2.0 D 50' Medium Lot 5250 100 17% 1,725 $601,000 $348 $0 $0 $4,000 $605,000 $351 2.0 E 55' Medium Lot 6325 75 13% 1,983 $641,000 $323 $0 $0 $5,000 $646,000 $326 2.0 F 60' Large Lot 7500 75 13% 2,475 $704,500 $285 $0 $0 $6,000 $710,500 $287 2.0 G Townhomes Attached 75 13% 1,400 $481,000 $344 $0 $0 $0 $481,000 $344 3.0 Community Summary 600 100% 1,740 $581,896 $335 $0 $0 $2,875 $584,771 $336 16.0 55 King City Market Overview – King City
New Home Product & Price Positioning: King City
For-Sale Product & Price
$529,000 $539,000
$541,000 $551,000
$569,000 $589,000
$595,000 $615,000
$619,000
$650,000
$669,000
$701,000
$720,000
$459,000
$485,000
$499,000
$400,000
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
$750,000
$800,000
1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750
Estimated Closing Price
Unit Size
Cluster (Tbd) - 3000, 2.5 sls per mo 36' Alley Load (Tbd) - 4000, 2.5 sls per mo 45' Small Lot (Tbd) - 4500, 2.0 sls per mo 50' Medium Lot (Tbd) - 5250, 2.0 sls per mo 55' Medium Lot (Tbd) - 6325, 2.0 sls per mo 60' Large Lot (Tbd) - 7500, 2.0 sls per mo Townhomes (Tbd) - Attached, 3.0 sls per mo Pricing positioning and recommended products for new future developments are stratified into three distinct tranches as follows:

1. Conventional 45+ foot wide lots selling at a pace of +/-2.0 units per month, targeted to more affluent mature Families or Empty Nesters.

2. Denser cluster and alley load product selling at a pace of 2.5 units per month, targeting First Time buyers and price conscious Move Downs.

3. Eventually, attached townhomes offering two story layouts with a third story element on larger units, selling at +/- 3.0 units per month, ideally priced for starter Singles and Couples.
56 King City Market Overview – King City
A typical absorption schedule for a 600-unit new home community with equal shares of various product types is shown below, assuming market entry in January 2026. Note that the product is staggered to restrict the market to no more than three new communities selling concurrently at any given time. At 80 units or less per year average sales pace is +/-6.5 units per month across all product lines.

New Home For-Sale Pricing Summary: King City
For-Sale Product & Price
Historic sales pace is somewhat elastic, with smaller lot, less expensive product selling more rapidly than larger more expensive homes.

The projected absorption for the new home products is aligned with the competitive market trend.

Absorption Appreciation / Depreciation 0% 0% 0% 0% 0% 0% 0% 0% Average
Project/Subdivision Configuration # of Units Mo./Pace 2025 2026 2027 2028 2029 2030 2031 2032 2033 A Cluster 3000 75 2.5 30 30 15
B 36' Alley Load 4000 100 2.5 15 30 30 25
C 45' Small Lot 4500 100 2.0 22 24 24 24 6
D 50' Medium Lot 5250 100 2.0 24 24 24 24 4
E 55' Medium Lot 6325 75 2.0 24 24 24 3
F 60' Large Lot 7500 75 2.0 20 24 24 7
G Townhomes Attached 75 3.0 6 36 33
Community Summary 600 16.0 0 78 78 78 79 78 79 84 46

0.0 0.5

1.0 1.5

2.0 2.5

3.0 3.5
$475,000 $525,000 $575,000 $625,000 $675,000 $725,000
Sales Pace
Estimated Closing Price
Estimated Sales Pace - Subject
CMA - Overall Sales Pace
CMA - L3M Sales Pace
Source: Zonda
57 King City Market Overview – King City
New Home Competitive For-Sale Total Price Positioning
For-Sale Product & Price
Recommended sales prices in today’s market for future new product in King City are aligned with similar product selling in King City and Soledad. Arboleda large lots represent the top of the market, while the Mills Ranch Cluster and Alley Load homes are the lowest end of the CMA. Note that the only attached product is selling in Soledad which is closer to Salinas and San Jose, and therefore higher priced by roughly 21%. Zonda considered comparables selling in Paso Robles but these are much higher priced at $850,000 plus. $400,000
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
$750,000
1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750
Estimated Closing Price
Unit Size
Cluster (Tbd) - 3000, 2.5 sls per mo
36' Alley Load (Tbd) - 4000, 2.5 sls per mo
45' Small Lot (Tbd) - 4500, 2.0 sls per mo
50' Medium Lot (Tbd) - 5250, 2.0 sls per mo
55' Medium Lot (Tbd) - 6325, 2.0 sls per mo
60' Large Lot (Tbd) - 7500, 2.0 sls per mo
Townhomes (Tbd) - Attached, 3.0 sls per mo
Mills Ranch Cluster - 3,000 sq ft, Nino Homes, 1.0/1.0 sls per mo.

Mills Ranch 36s - 4,200 sq ft, Nino Homes, 0.9/0.9 sls per mo.

Mills Ranch 45s - 4,500 sq ft, Nino Homes, 0.8/0.8 sls per mo.

Mills Ranch 50s - 5,250 sq ft, Nino Homes, 0.7/0.7 sls per mo.

Mills Ranch 55s - 6,325 sq ft, Nino Homes, 0.6/0.6 sls per mo.

Arboleda 60s - 7,500 sq ft, Nino Homes, 0.5/0.5 sls per mo.

Orchard Villas - 5,000 sq ft, Legacy Homes, 2.9/- sls per mo.

Las Viviendas TH/Condos - -, Legacy Homes, 3.2/- sls per mo.

Source: Zonda
58 King City Market Overview – King City
Existing Competitive For-Sale Market
For-Sale Product & Price
Zonda’s proposed sales prices for future new
product in King City are aligned with top of the
market, at a premium to resales which are older
(existing detached average age is 38 years old).

Note that there are just a handful of attached
closings, and no attached listings in King City. Mills
Ranch is a denser specific plan than Arboleda with
smaller average lot sizes, hence the lower price
points.

Year Lot Avg. Net Price Per
Reference Area Built Size Bed Bath Sq. Ft. Price Square Foot Mills Ranch New Home Sales 2024 6,464 4.0 2.7 1,872 $569,889 $322 Arboleda New Home Sales 2024 10,987 4.1 2.3 2,009 $672,385 $343 King City ATT Existing Sales 1977 1,420 2.4 1.8 1,137 $350,500 $309 King City DET Existing Sales 1986 8,526 3.2 2.1 1,653 $526,679 $335 Resale Market Average 2000 7,979 3.5 2.3 1,736 $546,765 $330 Resale Market Median 2017 7,000 3.0 2.0 1,631 $540,000 $324 $250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
$750,000
$800,000
$850,000
500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 3,000 3,250 3,500 3,750 Resale Closings Versus Subject Estimated Closing Price
Unit Size
Cluster (Tbd) - 3000, 2.5 sls per mo
36' Alley Load (Tbd) - 4000, 2.5 sls per mo
45' Small Lot (Tbd) - 4500, 2.0 sls per mo
50' Medium Lot (Tbd) - 5250, 2.0 sls per mo
55' Medium Lot (Tbd) - 6325, 2.0 sls per mo
60' Large Lot (Tbd) - 7500, 2.0 sls per mo
Townhomes (Tbd) - Attached, 3.0 sls per mo
Mills Ranch New Home Sales (Built 2024)
Avg.1,872 SF Units, $569,889 ($322/SF)
Arboleda New Home Sales (Built 2024)
Avg.2,009 SF Units, $672,385 ($343/SF)
King City ATT Existing Sales (Built 1977)
Avg.1,137 SF Units, $350,500 ($309/SF)
King City DET Existing Sales (Built 1986)
Avg.1,653 SF Units, $526,679 ($335/SF)
Source: Zonda
King City Market Overview – King City
59 $693,833
$546,226
$595,333
$460,917
$529,208
$744,333
$150,000
$250,000
$350,000
$450,000
$550,000
$650,000
$750,000
Dec-13
Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
Aug-16
Oct-16
Dec-16
Feb-17
Apr-17
Jun-17
Aug-17
Oct-17
Dec-17
Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Median Price
Rolling 12-Month Average Median SFD Price: King City vs. CMA Median Price Salinas Median Price Gonzales Median Price Soledad Median Price Greenfield Median Price King City Median Price Paso Robles Source: Redfin
King City is a viable option for new home developers to construct housing that appeals to a target market attractive to young and growing families drawn by relatively affordability and a safe suburban lifestyle. Zonda compared King City home prices to other towns and cities along the Highway 101 corridor to ascertain pricing potential for future for-sale development. • Median home price is more affordable than many other areas in the CMA, offering a slight value relative to Gonzales and Soledad. Paso Robles leads the CMA in terms of home price, followed by Salinas. King City appeals to target renters and buyers who are looking for a semi-rural locale with a strong connection to the outdoors, and could attract households who are priced out of Paso Robles or Salinas.

Median Home Value: King City vs CMA
For-Sale Product & Price
Location
Salinas City, CA
Gonzales City, CA
Soledad City, CA
Greenfield City, CA
King City, CA
San Lucas CDP, CA
San Ardo CDP, CA
Bradley CDP, CA
Paso Robles City, CA
Average
2024
Median
Home Value
$693,333
$546,226
$595,333
$460,917
$529,208
N/A
$465,000
N/A
$744,333
$548,336
King City Market Overview – King City
60 For-Sale Housing Demand
King City Market Overview – King City
61 For-Sale Demand Methodology
For-Sale Demand
Our for-sale demand analysis projects total annual new home demand from 2025 to 2029. The model further filters the estimates by Home Price Range, Age and Income, as well as, Life Stage categories (including Families, Singles, Younger Couples, Empty Nesters and Retirees).

This analysis provides insight into the household compositions of home buyers by price range. Our model also accounts for additional demand of 10% for second home purchases. The results support ongoing demand in the Salinas River Valley (the 50-minute drive time CMA) for an array of new home products targeted to a wide market including Young Families, Move Up Families, Empty Nesters and Retirees. Demand from King City household growth alone accounts for roughly 7.5% of total CMA demand. While our demand model does not typically factor in household turnover, the large proportion of unaccounted population and households in the latest census implies the need for adjustments to our base demand model. These are shown on the following page.

NEW HOME DEMAND MODEL FLOW CHART:
50-Minute Drive Time
Demand Drivers New Home Demand
New Home Demand by Individual Catagories
Estimated Number Total
of Households New Home
(2030) Filters / Ratios Demand
Minus ( - ) Total By Price
Buy vs. Rent Annual (Adjusted by By Age By Life Stage
Current Number Demand Market)
of Households
(2025) 2025 - 739 $150k to $225k Under 25 Young Families Buy New vs. Resale 2026 - 668 $225k to $325k 25 to 34 Growing Families Equals ( = ) 2027 - 639 $325k to $500k 35 to 44 Mature Families 2028 - 621 $500k to $725k 45 to 54 Couples <45
Annual New Household Income 2029 - 611 $725k to $975k 55 to 64 Singles Household by Avg - 659 $975k+ 65 to 74 Empty Nester
Growth Age of Householder Total - 3,297 75 & Greater Retirees Implied Home Sources
Price from * Economy.com
Income Levels * Esri
* Zonda Adjusted
Housing Expenditures * US Census Zonda Adjustments
as a Percentage * Mortage Rates, Taxes, HOA Dues
of Income
Total
Annual
Demand
2025 - 54
2026 - 49
2027 - 48
2028 - 47
2029 - 46
Avg - 49
Total - 246
KING CITY 50-MINUTE CMA

7.5%
King City Market Overview – King City
62 For-Sale Demand Summary
For-Sale Demand
For-sale demand for new homes in the 50-Minute Drive Time CMA over the next five years totals 3,297 units, (an average of 659 units per year), distributed across several LifeStages and income levels. The top chart indicates average annual demand while the lower chart shows total demand.

Residents in King City alone account for 7.5% of the
CMA demand pool, but the growth rate in King City
suggests that families who are priced out of other
areas between Paso Robles and Salinas are moving
to King City in search of a quieter lifestyle and/or
more attainably priced housing.
▬ 2025 to 2029 Avg Demand by Home Price Range ▬ Demand
Annual Household
Income Range
HH by
Income
% of Total
HH
Home Price
Purchase Range*
2025 to
2029
% of Annual
Demand
Under
25 25 to
34 35 to
44 45 to
54 55 to
64 65 to
74 75 &
Greater
Young
Families
Growing
Families
Mature
Families
Couples
< 45 Singles EmptyNester Retirees
Income $35,000 - $49,999 22,405 16.3% $150,000 to $225,000 92 14% 0.7% 2.2% 2.8% 2.6% 2.6% 1.9% 1.2% 2.0% 1.7% 1.4% 1.5% 2.0% 2.3% 3.1% Income $50,000 - $74,999 21,966 16.0% $225,000 to $325,000 74 11.2% 0.5% 1.8% 2.9% 2.3% 2.2% 0.9% 0.6% 1.8% 1.6% 1.3% 1.3% 1.7% 2.0% 1.5% Income $75,000 - $99,999 19,686 14.3% $325,000 to $500,000 110 16.8% 0.6% 2.6% 4.2% 3.8% 3.6% 1.2% 0.8% 2.6% 2.5% 2.0% 1.8% 2.5% 3.3% 1.9% Income $100,000 - $149,999 30,476 22.2% $500,000 to $725,000 173 26.2% 0.7% 4.4% 7.1% 6.3% 4.7% 1.5% 1.4% 4.3% 4.2% 3.1% 3.0% 3.9% 4.6% 2.9% Income $150,000 - $199,999 16,395 11.9% $725,000 to $975,000 137 20.8% 0.5% 5.2% 4.4% 4.6% 2.2% 2.9% 0.8% 3.7% 3.0% 1.9% 2.6% 3.1% 2.6% 3.7% Income $200,000 + 8,732 6.4% $975,000 or Greater 73 11.1% 0.0% 1.6% 3.5% 2.8% 2.2% 0.5% 0.4% 1.9% 1.9% 1.4% 1.2% 1.6% 2.1% 0.9% Average Demand ($35K+) 119,660 87.2% $150,000 + - 659 100% 3.0% 17.9% 24.9% 22.5% 17.6% 9.0% 5.2% 16.3% 15.0% 11.1% 11.4% 15.0% 17.1% 14.2% ▬ 2025 to 2029 Total Demand by Home Price Range ▬ Demand Annual Household
Income Range
HH by
Income
% of Total
HH
Home Price
Purchase Range*
2025 to
2029
% of Annual
Demand
Under
25 25 to
34 35 to
44 45 to
54 55 to
64 65 to
74 75 &
Greater
Young
Families
Growing
Families
Mature
Families
Couples
< 45 Singles EmptyNester Retirees
Income $35,000 - $49,999 22,073 16.1% $150,000 to $225,000 460 14% 0.7% 2.2% 2.8% 2.6% 2.6% 1.9% 1.2% 2.0% 1.7% 1.4% 1.5% 2.0% 2.3% 3.1% Income $50,000 - $74,999 21,936 16.0% $225,000 to $325,000 369 11.0% 0.5% 1.8% 2.9% 2.3% 2.2% 0.9% 0.6% 1.8% 1.6% 1.3% 1.3% 1.7% 2.0% 1.5% Income $75,000 - $99,999 19,983 14.5% $325,000 to $500,000 552 16.7% 0.6% 2.6% 4.2% 3.8% 3.6% 1.2% 0.8% 2.6% 2.5% 2.0% 1.8% 2.5% 3.3% 1.9% Income $100,000 - $149,999 31,156 22.7% $500,000 to $725,000 864 26.3% 0.7% 4.4% 7.1% 6.3% 4.7% 1.5% 1.4% 4.3% 4.2% 3.1% 3.0% 3.9% 4.6% 2.9% Income $150,000 - $199,999 16,906 12.3% $725,000 to $975,000 687 21.1% 0.5% 5.2% 4.4% 4.6% 2.2% 2.9% 0.8% 3.7% 3.0% 1.9% 2.6% 3.1% 2.6% 3.7% Income $200,000 + 9,051 6.6% $975,000 or Greater 366 11.3% 0.0% 1.6% 3.5% 2.8% 2.2% 0.5% 0.4% 1.9% 1.9% 1.4% 1.2% 1.6% 2.1% 0.9% Total Demand ($35K+) 121,104 88.1% $150,000 + - 3,297 100% 3.0% 17.8% 24.9% 22.3% 17.5% 8.9% 5.1% 16.3% 14.9% 11.1% 11.3% 14.9% 16.9% 14.0% ▬ Demand by Age and Income (Absolute Numbers) ▬ ▬ Demand by LifeStage (Absolute Numbers) ▬ ▬ Demand by Age and Income (Absolute Numbers) ▬ ▬ Demand by LifeStage (Absolute Numbers) ▬ 739
668 639 621 611
0 200
400
600
800
2025 2026 2027 2028 2029
Hypothetical New Home Demand by Year
54 49 48 47 46
King City Market Overview – King City
63 For-Sale Demand & Income Limits: King City
For-Sale Demand
The smaller King City area shows demand for 49 new units per year, or 246 units total in the next five years. Demand is concentrated at ages ranging from 25 to 64 and from LifeStage groups including Young and Growing Families, Empty Nesters, and some Singles. Households that are qualified to purchase a new home are Growing Families and Empty Nesters earning between $100,000 and $150,000 with an average age of between 35 and 54. Young Families earning in excess of $150,000 are the next largest demand pool. However, it should be noted that our demand model is also driven by income limit, and that there are no new homes offered at price points targeted to household incomes between $75,000 and $100,000.
▬ 2025 to 2029 Avg Demand by Home Price Range ▬ Demand
Annual Household
Income Range
HH by
Income
% of Total
HH
Home Price
Purchase Range*
2025 to
2029
% of Annual
Demand
Under
25 25 to
34 35 to
44 45 to
54 55 to
64 65 to
74 75 &
Greater
Young
Families
Growing
Families
Mature
Families
Couples
< 45 Singles EmptyNester Retirees
Income $35,000 - $49,999 1,417 16.3% $150,000 to $225,000 7 14% 0.7% 2.2% 2.8% 2.6% 2.6% 1.9% 1.2% 2.0% 1.7% 1.4% 1.5% 2.0% 2.3% 3.1% Income $50,000 - $74,999 1,390 16.0% $225,000 to $325,000 6 11.2% 0.5% 1.8% 2.9% 2.3% 2.2% 0.9% 0.6% 1.8% 1.6% 1.3% 1.3% 1.7% 2.0% 1.5% Income $75,000 - $99,999 1,247 14.3% $325,000 to $500,000 8 16.8% 0.6% 2.6% 4.2% 3.8% 3.6% 1.2% 0.8% 2.6% 2.5% 2.0% 1.8% 2.5% 3.3% 1.9% Income $100,000 - $149,999 1,931 22.2% $500,000 to $725,000 13 26.2% 0.7% 4.4% 7.0% 6.3% 4.7% 1.5% 1.4% 4.3% 4.2% 3.1% 3.0% 3.9% 4.6% 2.9% Income $150,000 - $199,999 1,039 11.9% $725,000 to $975,000 10 20.8% 0.5% 5.2% 4.4% 4.6% 2.2% 2.9% 0.8% 3.7% 3.0% 1.9% 2.6% 3.1% 2.6% 3.7% Income $200,000 + 554 6.4% $975,000 or Greater 5 11.1% 0.0% 1.6% 3.5% 2.8% 2.2% 0.5% 0.4% 1.9% 1.9% 1.4% 1.2% 1.6% 2.1% 0.9% Average Demand ($35K+) 7,579 87.2% $150,000 + - 49 100% 3.0% 17.9% 24.9% 22.5% 17.6% 9.0% 5.2% 16.3% 15.0% 11.1% 11.4% 15.0% 17.1% 14.2% ▬ 2025 to 2029 Total Demand by Home Price Range ▬ Demand Annual Household
Income Range
HH by
Income
% of Total
HH
Home Price
Purchase Range*
2025 to
2029
% of Annual
Demand
Under
25 25 to
34 35 to
44 45 to
54 55 to
64 65 to
74 75 &
Greater
Young
Families
Growing
Families
Mature
Families
Couples
< 45 Singles EmptyNester Retirees
Income $35,000 - $49,999 1,402 16.1% $150,000 to $225,000 34 14% 0.7% 2.2% 2.8% 2.6% 2.6% 1.9% 1.2% 2.0% 1.7% 1.4% 1.5% 2.0% 2.3% 3.1% Income $50,000 - $74,999 1,394 16.0% $225,000 to $325,000 28 11.0% 0.5% 1.8% 2.9% 2.3% 2.2% 0.9% 0.6% 1.8% 1.6% 1.3% 1.3% 1.7% 2.0% 1.5% Income $75,000 - $99,999 1,271 14.5% $325,000 to $500,000 41 16.7% 0.6% 2.6% 4.2% 3.8% 3.6% 1.2% 0.8% 2.6% 2.5% 2.0% 1.8% 2.5% 3.3% 1.9% Income $100,000 - $149,999 1,982 22.7% $500,000 to $725,000 64 26.3% 0.7% 4.4% 7.0% 6.3% 4.7% 1.5% 1.4% 4.3% 4.2% 3.1% 3.0% 3.9% 4.6% 2.9% Income $150,000 - $199,999 1,076 12.3% $725,000 to $975,000 51 21.1% 0.5% 5.2% 4.4% 4.6% 2.2% 2.9% 0.8% 3.7% 3.0% 1.9% 2.6% 3.1% 2.6% 3.7% Income $200,000 + 576 6.6% $975,000 or Greater 27 11.3% 0.0% 1.6% 3.5% 2.8% 2.2% 0.5% 0.4% 1.9% 1.9% 1.4% 1.2% 1.6% 2.1% 0.9% Total Demand ($35K+) 7,702 88.1% $150,000 + - 246 100% 3.0% 17.7% 24.8% 22.3% 17.5% 8.9% 5.1% 16.2% 14.9% 11.1% 11.3% 14.9% 16.9% 14.0% ▬ Demand by Age and Income (Absolute Numbers) ▬ ▬ Demand by LifeStage (Absolute Numbers) ▬ ▬ Demand by Age and Income (Absolute Numbers) ▬ ▬ Demand by LifeStage (Absolute Numbers) ▬ King City Market Overview – King City
64 For-Sale Demand With King City Household Turnover
For-Sale Demand
The King City demand model accounts for household growth but does not factor in household turnover, which is estimated at 10% for the Salinas Valley MSA. Roughly 6.0% of residents in the metro area moved from the same county, while 2.0% moved from a different county, 1.0% from a different state, and 1.0% from abroad.

Estimated demand from both household growth (49 units per year) and household turnover is 67 units per year, or 333 units over the next five years. However, it is likely that King City could capture a significantly larger share of demand for new homes over the coming years based on:

1. Above-average growth rate which is higher than the other areas of the Salinas Valley CMA, and

2. The fact that our demand model is based on the industry standard growth projection for this city, which could well be understated at between 6.13% in 2025 and 7.05% in 2030.
▬ 2025 to 2029 Avg Demand by Home Price Range ▬ Demand
Annual Household
Income Range
HH by
Income
% of Total
HH
Home Price
Purchase Range*
2025 to
2029
% of Annual
Demand
Under
25 25 to
34 35 to
44 45 to
54 55 to
64 65 to
74 75 &
Greater
Young
Families
Growing
Families
Mature
Families
Couples
< 45 Singles EmptyNester Retirees
Income $35,000 - $49,999 1,506 16.3% $150,000 to $225,000 9 14% 0.7% 2.2% 2.8% 2.6% 2.6% 1.9% 1.2% 2.0% 1.7% 1.4% 1.5% 2.0% 2.3% 3.1% Income $50,000 - $74,999 1,480 16.0% $225,000 to $325,000 7 11.2% 0.5% 1.8% 2.9% 2.3% 2.2% 0.9% 0.6% 1.8% 1.6% 1.3% 1.3% 1.7% 2.0% 1.5% Income $75,000 - $99,999 1,329 14.3% $325,000 to $500,000 11 16.8% 0.6% 2.6% 4.2% 3.8% 3.6% 1.2% 0.8% 2.6% 2.5% 2.0% 1.8% 2.5% 3.3% 1.9% Income $100,000 - $149,999 2,060 22.2% $500,000 to $725,000 17 26.2% 0.7% 4.4% 7.0% 6.3% 4.7% 1.5% 1.4% 4.3% 4.2% 3.1% 3.0% 3.9% 4.6% 2.9% Income $150,000 - $199,999 1,110 11.9% $725,000 to $975,000 14 20.8% 0.5% 5.2% 4.4% 4.6% 2.2% 2.9% 0.8% 3.7% 3.0% 1.9% 2.6% 3.1% 2.6% 3.7% Income $200,000 + 592 6.4% $975,000 or Greater 7 11.1% 0.0% 1.6% 3.5% 2.8% 2.2% 0.5% 0.4% 1.9% 1.9% 1.4% 1.2% 1.6% 2.1% 0.9% Average Demand ($35K+) 8,077 87.2% $150,000 + - 67 100% 3.0% 17.9% 24.9% 22.5% 17.6% 9.0% 5.2% 16.3% 15.0% 11.1% 11.4% 15.0% 17.1% 14.2% ▬ 2025 to 2029 Total Demand by Home Price Range ▬ Demand Annual Household
Income Range
HH by
Income
% of Total
HH
Home Price
Purchase Range*
2025 to
2029
% of Annual
Demand
Under
25 25 to
34 35 to
44 45 to
54 55 to
64 65 to
74 75 &
Greater
Young
Families
Growing
Families
Mature
Families
Couples
< 45 Singles EmptyNester Retirees
Income $35,000 - $49,999 1,503 16.1% $150,000 to $225,000 46 14% 0.7% 2.2% 2.8% 2.6% 2.6% 1.9% 1.2% 2.0% 1.7% 1.4% 1.5% 2.0% 2.3% 3.1% Income $50,000 - $74,999 1,496 16.0% $225,000 to $325,000 37 11.0% 0.5% 1.8% 2.9% 2.3% 2.2% 0.9% 0.6% 1.8% 1.6% 1.3% 1.3% 1.7% 2.0% 1.5% Income $75,000 - $99,999 1,365 14.5% $325,000 to $500,000 56 16.7% 0.6% 2.6% 4.2% 3.8% 3.6% 1.2% 0.8% 2.6% 2.5% 2.0% 1.8% 2.5% 3.3% 1.9% Income $100,000 - $149,999 2,129 22.7% $500,000 to $725,000 87 26.3% 0.7% 4.4% 7.0% 6.3% 4.7% 1.5% 1.4% 4.3% 4.2% 3.1% 3.0% 3.9% 4.6% 2.9% Income $150,000 - $199,999 1,156 12.3% $725,000 to $975,000 69 21.1% 0.5% 5.2% 4.4% 4.6% 2.2% 2.9% 0.8% 3.7% 3.0% 1.9% 2.6% 3.1% 2.6% 3.7% Income $200,000 + 619 6.6% $975,000 or Greater 37 11.3% 0.0% 1.6% 3.5% 2.8% 2.2% 0.5% 0.4% 1.9% 1.9% 1.4% 1.2% 1.6% 2.1% 0.9% Total Demand ($35K+) 8,268 88.1% $150,000 + - 333 100% 3.0% 17.7% 24.8% 22.3% 17.5% 8.9% 5.1% 16.2% 14.9% 11.1% 11.3% 14.9% 16.9% 14.0% ▬ Demand by Age and Income (Absolute Numbers) ▬ ▬ Demand by LifeStage (Absolute Numbers) ▬ ▬ Demand by Age and Income (Absolute Numbers) ▬ ▬ Demand by LifeStage (Absolute Numbers) ▬ The population in King City is understated by the many undocumented farmworkers discussed on page 13 of this report. However, Zonda did not adjust the King City population for this, and undocumented workers are not likely to be in a position to purchase a home.

King City Market Overview – King City
65 For-Sale Demand by Price Point & LifeStage: King City For-Sale Demand
The largest demand for new homes is from households that can afford homes priced between $500,000 and $725,000. New construction homes in King City cost upwards of $400,000 in 2005, and now start in the low $500,000s. Today’s demand pool is based current home prices, but Zonda estimates that denser (attached) product offered in the $400,000s would be very appealing to Young Families, Empty Nesters and Singles.
0 2
4 6
8 10
12 14
16 2025 2026 2027 2028 2029
Hypothetical New Home Demand by Price Point
$150k to $225k $225k to $325k $325k to $500k $500k to $725k $725k to $975k $975k+ 2025 2026 2027 2028 2029
0 5
10 15
20 25
Hypothetical New Home Demand by Year and LifeStage
Young Families Growing Families Mature Families Couples <45 Singles Empty Nester
Retirees
The introduction of more medium density product (such as the Carriage House units in the Creekbridge/Arboleda masterplan) could more successfully target Young Families earning $75,000 to $100,000, and lower net worth Empty Nesters, which are the two largest LifeStage groups in King City.

King City Market Overview – King City
66 For-Sale Housing
Market Trends
King City Market Overview – King City
67 Annual Permit Issuances: Monterey County, CA
For-Sale Housing Trends
Moody’s Economy.com predicts a sharp rise in permit activity in the County over the next five years. Annual permit issuances in Monterey County average 660 units per year. Single family detached building activity is anticipated to give way to successively larger shares of attached units between 2026 and 2029.
0 200
400
600
800
1,000
1,200
1,400
1,600
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Residential Building Permits
SFD Building Permits MF Building Permits Historical Average Source: Moody's Analytics; U.S. Bureau of Labor Statistics (BLS) Monterey, CA County - Moody's Analytics Five-Year Forecast Category 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Total Building Permits 587 627 776 732 480 753 882 1,086 617 587 1,139 1,225 1,232 1,211 1,177 Annual % Change 62.6% 6.8% 23.8% -5.7% -34.4% 56.9% 17.1% 23.1% -43.2% -4.9% 94.0% 7.6% 0.5% -1.7% -2.8% SFD Building Permits 315 471 534 571 391 415 503 611 459 477 642 667 638 597 561 Annual % Change 33.5% 49.5% 13.4% 6.9% -31.5% 6.1% 21.2% 21.5% -24.9% 3.8% 34.7% 3.9% -4.3% -6.5% -6.1% MF Building Permits 272 156 242 161 89 338 379 475 158 110 497 559 593 614 617 Annual % Change 117.6% -42.6% 55.1% -33.5% -44.7% 279.8% 12.1% 25.3% -66.7% -30.1% 350.1% 12.3% 6.2% 3.5% 0.5% King City Market Overview – King City
68 Median Existing SFD Sales Price – Monterey County, CA For-Sale Housing Trends
Median existing detached home price in San Mateo is anticipated to grow by 7.7% in 2024, followed by between 4.6% and 6.9% over the next four years. Sales pace is expected to improve by 3.7% in 2024 with a total of 7,605 closings. Housing of all types remains in high demand in the MSA.
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
0 1,000
2,000
3,000
4,000
5,000
6,000
20052006200720082009201020112012201320142015201620172018201920202021202220232024 2025F2026F2027F2028F2029F
Median Price
Sales Volume
Annual Existing SFD Sales Median Existing SFD Sales Price Source: National Association of Realtors (NAR); Zonda Price Forecast; Moody's Analytics Sales Forecast Monterey, CA County - Moody's Analytics Five-Year Forecast Category 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F Annual Existing SFD Sales 3,199 3,028 3,054 2,892 2,922 2,621 2,884 2,152 1,656 1,731 2,141 2,558 2,716 2,769 2,825 Annual % Change 9.9% -5.3% 0.9% -5.3% 1.0% -10.3% 10.0% -25.4% -23.0% 4.5% 23.7% 19.5% 6.2% 1.9% 2.0% Median Existing SFD Sales Price $478,089 $535,351 $620,654 $647,685 $655,560 $764,061 $888,732 $895,814 $930,163 $963,441 $974,973 $989,547 $1,012,867 $1,050,206 $1,085,822 Annual % Change 9.2% 12.0% 15.9% 4.4% 1.2% 16.6% 16.3% 0.8% 3.8% 3.6% 1.2% 1.5% 2.4% 3.7% 3.4% King City Market Overview – King City
69 New vs. Existing Detached Closings – Monterey County, CA For-Sale Housing Trends
Monterey County detached new homes comprise a 9% share of the single-family market. New home sales volume remained fairly constant over the past four years, while existing detached closings declined year-over-year as interest rate hikes curtailed buying power. 4,811 2,823 1,627 1,328 1,666 2,389 2,259 2,673 2,990 2,646 2,877 2,850 2,984 2,889 2,676 2,738 3,244 2,323 1,757 1,661 642 531 307 170 140 74 49 36 53 73 239 307 415 474 462 301 256 284 244 151 0 1,000
2,000
3,000
4,000
5,000
6,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Closings
Existing - Detached New - Detached
Source: Zonda
91%
9%
Existing New
King City Market Overview – King City
70 New vs. Existing Attached Closings – Monterey County, CA For-Sale Housing Trends
Monterey County attached new homes comprise a 8% share of the townhome and condo market. New home sales volume improved in 2024, with the highest number of closings since the Great Recession. Existing attached closings declined year-over-year since 2021, again in reaction to rising mortgage interest rates which negatively impacted homeowner household turnover. 685 390 219 165 174245 261 367400 376444 462 469 417 678 526
652
437
394
345
100
37 127
77 35
22 19
39 12
0 1
2 21
37 55
29 6
12 25
56 0
100
200
300
400
500
600
700
800
900
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Closings
Existing - Attached New - Attached
Source: Zonda
92%
8%
Existing New
King City Market Overview – King City
71 Residential Building Permits – King City vs. CMA
For-Sale Housing Trends
Source: socds.hud.gov
0 100
200
300
400
500
600
700
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CMA Detached Building Permits

SALINAS GONZALES SOLEDAD GREENFIELD KING CITY PASO ROBLES 0 20
40 60
80 100
120
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CMA Attached Building Permits

SALINAS GONZALES SOLEDAD GREENFIELD KING CITY PASO ROBLES King City new home production is comparatively very low compared with the rest of the CMA. Cities which grew rapidly before the Great Recession in terms of new detached homes include Salinas, Paso Robles, Greenfield and Soledad. Soledad is the largest postrecession contributor of attached product post-recession.

King City Market Overview – King City
72 Residential Building Permits – King City vs. CMA
For-Sale Housing Trends
Salinas and Paso Robles experienced similar building permit activity in the 2000s, followed by Soledad at an average of 106 units, Greenfield at 63 units, and King City at just 40 units. Gonzales and Greenfield were more marginal investment opportunities at the time, especially for the attached product added in 2008/2009 at the bottom of the Great Recession. Development of new attached product in agricultural communities is generally considered to be riskier than detached home projects. Zonda’s population to permit ratio shows that King City falls in the middle of the spectrum, where Salinas represents the underbuilt, dense end of the spectrum, while Paso Robles added that same number of new homes over time, to serve a much lower population.

Based on projected growth in King City, the addition of new housing of all types is feasible.

Source: socds.hud.gov
PRODUCT 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 AVERAGE SALINAS SFD 24 19 35 7 11 3 30 46 2 26 57 80 96 64 59 104 99 118 ATT 10 0 16 8 2 5 0 2 2 0 0 4 0 4 2 0 4 5
MFA 58 18 88 10 0 51 36 46 48 0 106 12 109 130 0 50 0 62 GONZALES SFD 0 3 0 0 0 0 0 1 0 0 0 0 1 0 0 4 7 13
ATT 44 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 0 2
MFA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1
SOLEDAD SFD 3 0 0 16 33 20 0 2 93 69 72 72 25 43 83 19 40 75 ATT 3 3 0 0 0 0 0 0 0 0 0 0 4 16 76 0 0 4
MFA 56 0 0 0 0 0 10 0 0 62 0 0 0 0 177 0 0 27
GREENFIELD SFD 10 1 0 0 0 0 8 15 5 6 3 10 42 55 68 33 25 38 ATT 0 40 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2
MFA 27 0 0 0 0 0 32 48 10 64 7 0 31 80 95 100 0 23
KING CITY SFD 0 0 0 0 0 6 6 1 39 26 43 19 51 20 73 57 71 28 ATT 0 0 0 0 0 0 0 0 0 0 0 0 4 0 0 0 0 1
MFA 0 0 0 0 0 56 55 0 0 0 0 0 0 118 0 0 0 11
PASO ROBLES SFD 18 32 14 42 42 48 61 61 44 21 21 24 28 39 67 45 296 133 ATT 0 2 0 0 2 0 0 2 8 106 23 7 6 12 10 2 0 12
MFA 6 0 81 0 0 80 0 90 13 117 65 5 8 0 200 148 0 36
Location
2024 Total
Population
Building
Permits
Population:

Permit Ratio
Salinas City, CA 164,115 185 887
Gonzales City, CA 8,367 16 523
Soledad City, CA 24,341 106 230
Greenfield City, CA 19,828 63 315
King City, CA 13,255 40 331
San Lucas CDP, CA 355 0 0
San Ardo CDP, CA 374 0 0
Bradley CDP, CA 72 0 0
Paso Robles City, CA 31,255 181 173
Average 29,107 99 410
King City Market Overview – King City
73 New vs. Existing Detached Sales Price – King City
For-Sale Housing Trends
New and existing detached home price in King City were comparable during the recovery after the Great Recession before diverging during the Pandemic. Sustained price appreciation for existing homes implies strong demand versus supply. Production builders such as Nino Homes gained an advantage over the existing market for roughly two years by developing a Pandemic sales protocol with stringent safety measures and a powerful online sales experience for prospective home buyers. Since then, new detached price growth slowed dramatically as total purchase value became less attainable, while existing home price continued to grow considerably, by 7.7% between 2022 and 2023, and by 6.4% between 2023 and year end 2024. $444,342
$481,705
$519,111
$552,411
$452,363
$567,642
$576,343 $585,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
$650,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 King City - Median Existing Detached Closing Price ($) King City - New Detached Closing Price ($) Source: Zonda
King City Market Overview – King City
74 $310
$0
$50
$100
$150
$200
$250
$300
$350
$400
Price Per SF
Att $/SF
Source: Redfin, Zonda
$335
Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
Apr-16
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Apr-24
Aug-24
Dec-24
Rolling 12-Month Average Existing Price Per Square Foot: King City, CA Det $/SF
Detached & Attached Existing Price per Square Foot - King City For-Sale Housing Trends
Prices for existing detached homes rose by between 6.4% and 8.4% over the past three years, forcing single family buyers out of the market, especially when higher mortgage interest rates kicked in. The King City market adjusted to the reduction in total price purchasing power by sacrificing home size. Consequently, detached price per square foot remained flat at roughly $335 per square foot over the past two years. Attached homes are attracting stronger buyer interest as buyers weigh up not only smaller home sizes but denser configurations. Consequently, attached existing price per square foot in King City attained a historical high of $310 at the end of 2024.

King City Market Overview – King City
75 Median Detached Existing Sales Price vs. Closings – King City For-Sale Housing Trends 158 82 49
20 43
50 56
72 165
66 96
70 84
78 82
94 104
82 57
45 15
89 59
7 18
5 1
4 7
21 28
25 38
45 42
29 25
29 38
$481,705
$519,111
$552,411
$0
$60,000
$120,000
$180,000
$240,000
$300,000
$360,000
$420,000
$480,000
$540,000
$600,000
0 20
40 60
80 100
120
140
160
180
200
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sales Price
Closings
King City - Existing Detached Closings King City - New Detached Closings King City - Median Existing Detached Closing Price ($) Source: Zonda
75%
25%
King City - Existing Detached
King City - New Detached
King City existing detached sales volumes declined year-over-year since 2021, while new home closings remained fairly consistent, and even grew over the past year in 2024. This could be attributed the production builder’s ability to offer incentives towards closing costs and assist in buying down mortgage interest rates. Private sellers of existing homes are not able to offer the same concessions to lure prospective buyers. Note to that existing home prices rose sharply since the Pandemic, contributing to low sale volumes. New detached homes in King City currently account for a hefty one quarter of all detached sales volume.

King City Market Overview – King City
76 Median Attached Existing Sales Price vs. Closings – King City For-Sale Housing Trends
Existing attached sales in King City peaked in 2021 at 18 closings before declining back to historical average volume. Note that there are no new attached homes in King City, hence the absence of a trend graph on new attached closings and price. Average existing attached home price of $517,916 appears inflated, and could indicate a duplex or small multiplex, while actual unit price is likely lower. 12 14 4 2222
5 8
8 3
8 8
2 9
15 18
9 11
6 $517,916
$0
$60,000
$120,000
$180,000
$240,000
$300,000
$360,000
$420,000
$480,000
$540,000
$600,000
0 2
4 6
8 10
12 14
16 18
20 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sales Price
Closings
King City - Existing Attached Closings King City - Attached Existing Home Price ($) Source: Zonda
100%
0%
King City - Existing Attached King City - New Attached
King City Market Overview – King City
77 Months of Supply vs. Days on Market – King City
For-Sale Housing Trends
Months of supply and days on market are fairly balanced in King City, and 73 days on market versus 4.1 months of supply currently. Both benchmarks are on the rise post-pandemic, which is to be expected after experiencing 10-year lows in mid-2022. Small cities in a rural, agricultural setting typically have higher days on market, and today’s metrics are aligned with historic performance.

4.1 73
0 20
40 60
80 100
120
140
160
180

0.0 1.0

2.0 3.0

4.0 5.0

6.0 Dec-12
Apr-13
Aug-13
Dec-13
Apr-14
Aug-14
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Apr-15
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Dec-15
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Months of Supply
Days on Market
Rolling 12-Month Average Detached Months of Supply vs. Average Days on Market (DOM) in King City, CA Months of Supply Days on Market Source: Redfin, Zonda
King City Market Overview – King City
78 King City Multifamily Rents
79 King City Market Overview – King City
Property Name Lease Base Est. Avg. Rent Net. Eff. Net. Eff.

Location Client/Developer Orig. Size Pkg Up Monthly Avg. Monthly Conc. Base Avg Product Details Lease Summary Mix SF Bed Bath Level Pkg Typ Rate Rent $/SF Prem. Rent $/SF Direct Indirect Total Rent $/SF Rent $/SF King City For Rent City of King 1 350 0 1.0 1 1 C 20.0 $1,490 $4.26 $0 $1,490 $4.26 $0 $0 $0 $1,490 $4.26 $1,490 $4.26 King City Fairbanks Ranch 1 500 1 1.0 1 1 C $1,670 $3.34 $0 $1,670 $3.34 $0 $0 $0 $1,670 $3.34 $1,670 $3.34 Product: Stacked Flats Total Units: 6 1 600 1 1.0 1 1 C $1,790 $2.98 $0 $1,790 $2.98 $0 $0 $0 $1,790 $2.98 $1,790 $2.98 Building Stories: 1-2-Story Est Market Entry:Jan - 2019 1 775 2 1.0 1 1 C $2,150 $2.77 $0 $2,150 $2.77 $0 $0 $0 $2,150 $2.77 $2,150 $2.77 Parking (Included):Carport 1 880 2 2.0 1 1 C $2,270 $2.58 $0 $2,270 $2.58 $0 $0 $0 $2,270 $2.58 $2,270 $2.58 1 1,100 3 2.0 1 1 C $2,490 $2.26 $0 $2,490 $2.26 $0 $0 $0 $2,490 $2.26 $2,490 $2.26 701 20.0 $1,977 $2.82 $0 $1,977 $2.82 $0 $0 $0 $1,977 $2.82 $1,977 $2.82 *Notes:
1/ Parking type definitions: ####
O = Open
C = Carport
A = Assigned Space In Lot
DAG = Direct Access Garage
AG = Attached Garage (No Direct Access)
DG = Detached Garage
Summary Statistics:

Recommended base rents for new apartments in King City could range upwards of $1,490 for a studio or efficiency unit, and between $1,670 and $1,790 for a one bedroom. Two bedrooms could rent at $2,150 to $2,270, while three-bedroom units could achieve $2,490 in monthly rent. Based on the severe undersupply of apartments, Zonda does not anticipate the need for a concession towards rent during lease up. Base rents do not include one-off application fees or recurring additional revenues such as pet rents. Zonda estimates that new units could lease up at a pace of at least 20.0 units per month based on the current overcrowding.

Market Rate Rents for New Apartments
Multifamily Rents
$1,490
$1,670
$1,790
$2,150
$2,270
$2,490
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
$2,750
200 300 400 500 600 700 800 900 1,000 1,100 1,200
Average Rent
Unit Size (Square Feet)
King City For Rent (1-2-Story)
City of King, 20/Mo.

Source: Meyers LLC
80 King City Market Overview – King City
Existing Competitive Rental Apartment Communities
Multifamily Rents
Zonda’s proposed rents for new apartments in King City are aligned with the price per square foot for much older units. Kings Station Apartments is the most recent multifamily development in the city, and its fresh unit interiors and well-maintained exterior achieves a premium over other larger scale apartments. A summary of the Subject average unit size and rent is compared to currently available apartment comparables in King City and nearby Greenfield which is the next city to the north.

Building # of Est % of Average Base Average Rent Base Net Effective Average Net Effective Estimated Project Type Stories Units Total Units Unit Size Rent $/SF Rent $/SF Conc. Net Base $/SF Avg. Rent $/SF Leases/Month King City For Rent Stacked Flats 1-2-Story 6 100% 701 $1,977 $2.82 $1,977 $2.82 $0.00 $1,977 $2.82 $1,977 $2.82 20.0 Management Company/ Unit Size Range Rent Range Rent/SF Avg. Eff. Rent Range Eff. Rent/SF # Community/Project Builder Story Total Min Max Avg Min Max Avg Min Max Avg Conc. Min Max Avg Min Avg Avg Conventional Apartment Competitors 55 652 1,026 815 $1,600 $2,094 $1,810 $2.08 $2.59 $2.38 $0 $1,600 $2,094 $1,810 $2.08 $2.59 $2.38 1 King's Station Apartments Buckingham Property Mgmt 2 67 661 1,133 894 $1,490 $2,575 $1,884 $1.82 $2.31 $2.13 $0 $1,490 $2,575 $1,884 $1.82 $2.28 $2.13 2 Third Street BPD Real Estate 2 6 440 480 460 $1,200 $1,400 $1,300 $2.73 $2.92 $2.82 $0 $1,200 $1,400 $1,300 $2.73 $2.92 $2.82 3 450 Jayne Street - 2 44 320 570 445 $1,400 $2,095 $1,724 $3.51 $4.38 $3.98 $0 $1,400 $2,095 $1,724 $3.51 $4.38 $3.98 4 429 N Vanderhust - 2 2 900 900 900 $2,100 $2,100 $2,100 $2.33 $2.33 $2.33 $0 $2,100 $2,100 $2,100 $2.33 $2.33 $2.33 5 Leo A. Meyer Senior Plaza Coast & Valley Properties 1 44 588 588 588 $1,500 $1,432 $1,466 $2.55 $2.44 $2.49 $0 $1,500 $1,432 $1,466 $2.55 $2.49 $2.49 6 Walnut Terrace Winn Companies 2 64 797 1,209 986 $1,626 $2,095 $1,838 $1.73 $2.04 $1.88 $0 $1,626 $2,095 $1,838 $1.73 $2.04 $1.88 7 Greenfield Village Greenfield Village 3 157 704 1,178 892 $1,730 $2,100 $1,903 $1.78 $2.46 $2.19 $0 $1,730 $2,100 $1,903 $1.78 $2.46 $2.19 King City Market Overview – King City
81 $1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
$2,600
250 500 750 1,000 1,250
Average Rent/ Monthly Payment
Unit Size (Square Feet)
King City For Rent (1-2-Story) City of King, 20/Mo. King's Station Apartments - 2014, 2-Story, - Occ. Third Street - 1956, 2-Story, - Occ. 450 Jayne Street - 1967, 2-Story, - Occ. 429 N Vanderhust - 1940, 2-Story, - Occ. Leo A. Meyer Senior Plaza - 1989, 1-Story, - Occ. Walnut Terrace - 2024, 2-Story, - Occ. Greenfield Village - 2008, 3-Story, - Occ.

Source: Zonda Advisory; Individual Community Management Offices Current Rents vs. Future Apartment Rents
Multifamily Rents
Zonda’s proposed rents for future apartments are at a slight premium to existing aging apartment communities in King City. Examples of the condition of the existing apartments are shown below. King’s Station sets itself apart in terms of quality construction and specification. Future apartments of this specification could attract out of town renters.

King City Market Overview – King City
82 Recommended Positioning vs. Private For Rent, For-Sale, & Traditional Apartment Competitors Multifamily Rents
Recommended monthly rent for new apartments are in line with private single family detached homes which do not offer professional management or amenities. Rents are a step above privately managed attached townhome rentals, and at a premium to aging existing apartments. Rents remain at a value to for-sale monthly cost to own which does not factor in insurance and maintenance. Our rents assume a planned multifamily apartment of equal or superior standard to King’s Station, with comprehensive community amenities. $1,000
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
$2,750
$3,000
$3,250
$3,500
$3,750
$4,000
$4,250
300 550 800 1,050 1,300 1,550 1,800 2,050 2,300 2,550 2,800 Average Rent
Unit Size (Square Feet)
King City For Rent (1-2-Story) City of King, 20/Mo.

Conventional Apartment Competitors │ 815 SF │ $1,810 │
$2.38/SF
For-Sale Competitors │ 1,703 SF │ $2,997 │ $1.80/SF
Private For-Rent SFD - Avg YOC 1984 │ 1,434 SF | $2,860 │ $2.07/SF
Private For-Rent SFA - Avg YOC 1971 │ 718 SF | $1,828 │ $2.56/SF
Source: Zonda Advisory; Individual Community Management Offices King City Market Overview – King City
83 Local Multifamily Supply Built 2005+
Multifamily Rents
Zonda identified two recently built communities in King City, the King’s Station Apartments built in 2014, and the Creek Bridge Arboleda Apartments built in 2007. Both communities were developed by PacWest Apartments, and both are considered affordable housing for income-restricted households. In Greenfield, the next city over, Greenfield Village was built in 2007 and Walnut Terrace completed construction in 2024.

Walnut Terrace
Creek Bridge
Kings Station
Greenfield Village
King City Market Overview – King City
84 Multifamily Rental
Demand
King City Market Overview – King City
85 Rental Demand Methodology
Rental Demand
Zonda’s proprietary rental demand analysis projects total annual demand for new rental product from 2025 to 2030. The model further filters the estimates by Rent Range, Age and Income, as well as, Life Stage categories (including Families, Singles, Younger Couples, Empty Nesters and Retirees). This analysis provides insight into the household compositions of renters by rent range. The results support ongoing demand, albeit small, from both household growth for new apartments targeted to Singles, Professional Couples, and Retirees. Note that our demand model only factors in household growth, not household turnover. 2025 HYPOTHETICAL DEMAND ANALYSIS FOR APARTMENT RENTAL HOUSING (50-MINUTE DRIVE TIME) Demand Generated by Household Growth Total Demand Generated Income Ranges Income Ranges
Footnotes
$200,000 or
Greater
$25,000 to
$35,000
$35,000 to
$50,000
$50,000 to
$75,000
$75,000 to
$100,000
$100,000 to
$150,000
$150,000 to
$200,000
$25,000 to
$35,000
$200,000 or
Greater
$150,000 to
$200,000
$100,000 to
$150,000
$75,000 to
$100,000
$50,000 to
$75,000
$35,000 to
$50,000
% of Households that
Rent in an Apartment Building 7/
25 71 80 49 26 0 0 Annual Demand from
New HH Growth

60.6% 100.0% 100.0% 60.6% 31.0% 0.0% 0.0%
41 Annual Renter
Household Growth
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% % of Households that Rent a New Home 4/
71 80 80 85 20 16
60 Annual Income Qualified
Household Growth

68.3% 67.6% 57.5% 54.5% 41.9% 21.4% 21.4% % of Households Renting a Home 3/
104 139 147 202 94 75
0 Primary New Apartment
Unit Demand
Annual Projected
New Household Growth 1/ 940

11.1% 14.8% 15.7% 21.5% 10.0% 8.0%
25 71 80 49 26 0
8 5 3 0 0
Income Qualified Ratio 2/ 6.4% Secondary/Corporate
Rental Demand 10%
Second Home / Corporate
Housing Demand
Total Apartment Rental Demand
Primary / Secondary / Corporate 27 78 88 53 29 0 0
2 7
1/ Estimated annual household growth for the area (Per Economy.com). 2/ Percentage of households in the study area earning the income range indicated for each column (Per ESRI). 3/ Zonda extrapolation of the average rent vs own rate by income in the market from American Community Survey 4/ Based on Zonda extrapolation of renting a newly constructed home versus an existing in the study area. 5/ Projected total existing households in the study area (Per Economy.com). 6/ Zonda extrapolation of the American Community Survey data for the average turnover of renter households in the MSA. 7/ Zonda extrapolation of the American Community Survey data for those who rent that would consider an apartment community vsa single-family King City Market Overview – King City
86 Rental Demand Summary: CMA
Rental Demand
Based on household growth alone, there is demand for an estimated average of 203 new apartments per year over the next five years in the greater CMA (1,014 units total). There is scarce availability of newer apartments in the Salinas River Valley south of Salinas and north of Paso Robles, and new construction in the King City area could attract a share of this demand, which is anticipated to peak in 2025. ▬ Five-Year Average Demand by Rent Range ▬ Demand ▬ Demand by Age and Income (Absolute Numbers) ▬ ▬ Demand by LifeStage (Absolute Numbers) ▬ Annual Household
Income Range
HH by
Income
% of Total
HH
Rent Range
Affordability*
2025 to
2029
% of Annual
Demand
Under
25 25 to
34 35 to
44 45 to
54 55 to
64 65 to
74 75 &
Greater
Young
Families
Growing
Families
Mature
Families
Couples
<45 Singles Empty Nester Retirees
Income $25,000 - $34,999 8,081 5.9% $725 to $1,000 19 9.5% 0% 2% 2% 1% 1% 2% 2% 10% 1% 1% 1% 1% 1% 1% 2% 7% Income $35,000 - $49,999 14,159 10.3% $1,000 to $1,425 55 27.1% 1% 4% 6% 5% 4% 4% 3% 27% 3% 2% 2% 2% 3% 3% 5% 20% Income $50,000 - $74,999 19,573 14.3% $1,425 to $2,150 65 31.9% 1% 5% 7% 7% 5% 4% 3% 32% 3% 3% 2% 3% 3% 4% 5% 24% Income $75,000 - $99,999 21,603 15.7% $2,150 to $2,850 41 20.2% 1% 3% 5% 4% 3% 2% 1% 20% 2% 2% 2% 2% 2% 2% 3% 15% Income $100,000 - $149,999 30,707 22.4% $2,850 to $4,275 23 11.3% 0% 2% 3% 3% 2% 1% 1% 11% 1% 1% 1% 1% 1% 1% 1% 8% Income $150,000 - $199,999 15,206 11.1% $4,275 to $5,725 0 0.0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Income $200,000 + 12,330 9.0% $5,725 or Greater 0 0.0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Average Demand ($25K+) 121,660 88.7% $725 + - 203 100.0% 3.8% 15.8% 21.8% 19.7% 16.1% 13.5% 9.5% 10.7% 9.7% 7.3% 7.7% 10.2% 11.3% 16.9% ▬ Five-Year Total Demand by Rent Range ▬ Demand ▬ Demand by Age and Income (Absolute Numbers) ▬ ▬ Demand by LifeStage (Absolute Numbers) ▬ Annual Household
Income Range
HH by
Income
% of Total
HH
Rent Range
Affordability*
2025 to
2029
% of Annual
Demand
Under
25 25 to
34 35 to
44 45 to
54 55 to
64 65 to
74 75 &
Greater
Young
Families
Growing
Families
Mature
Families
Couples
<45 Singles Empty
Nester Retirees
Income $25,000 - $34,999 7,951 5.8% $725 to $1,000 96 9.4% 0% 2% 2% 1% 1% 2% 2% 10% 5% 3% 3% 4% 4% 4% 12% 35% Income $35,000 - $49,999 13,972 10.2% $1,000 to $1,425 275 26.9% 1% 4% 6% 5% 4% 4% 3% 27% 14% 12% 9% 10% 14% 14% 27% 100% Income $50,000 - $74,999 19,454 14.2% $1,425 to $2,150 323 31.9% 1% 5% 7% 7% 5% 4% 3% 32% 17% 16% 12% 13% 17% 18% 24% 118% Income $75,000 - $99,999 21,664 15.8% $2,150 to $2,850 205 20.4% 1% 3% 5% 4% 3% 2% 1% 20% 11% 11% 8% 8% 10% 12% 14% 74% Income $100,000 - $149,999 31,007 22.6% $2,850 to $4,275 115 11.5% 0% 2% 3% 3% 2% 1% 1% 11% 6% 6% 5% 4% 6% 7% 7% 41% Income $150,000 - $199,999 15,517 11.3% $4,275 to $5,725 0 0.0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Income $200,000 + 12,617 9.2% $5,725 or Greater 0 0.0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Total Demand ($25K+) 122,182 88.9% $725 + - 1,014 100.0% 3.8% 15.8% 21.8% 19.7% 16.1% 13.5% 9.5% 53.5% 48.4% 36.6% 38.4% 50.8% 56.6% 84.6% 276
188 177 176
199
0 50
100
150
200
250
300
2025 2026 2027 2028 2029
Hypothetical Rental Demand by Year
King City Market Overview – King City
87 Rental Demand & Income Limits: King City
Rental Demand
The smaller King City area is anticipated to generate demand for 39 new units per year, or 194 units total in the next five years. Demand is concentrated at ages ranging from 25 to 54 and from LifeStage groups including Young and Growing Families, Retirees, and some Singles.

The largest demand pool is from households earning between $50,000 and $75,000, able to afford rents ranging from $1,425 to $2,150.

The second largest cohort is households earning between $35,000 and $50,000, at rents between $1,000 and $1,425.

King City rent limits are governed by Monterey County Average Median Income (“AMI”) which is $103,200 for 2024, whereas median income for King City is considerably lower at roughly $67,000. Consequently, future apartment developers should aim to set rents at approximately 70% of the County AMI, aligning with Fair Market Rents (“FMR”) in King City, as opposed to FMR in the County. ▬ Five-Year Average Demand by Rent Range ▬ Demand ▬ Demand by Age and Income (Absolute Numbers) ▬ ▬ Demand by LifeStage (Absolute Numbers) ▬ Annual Household
Income Range
HH by
Income
% of Total
HH
Rent Range
Affordability*
2025 to
2029
% of Annual
Demand
Under
25 25 to
34 35 to
44 45 to
54 55 to
64 65 to
74 75 &
Greater
Young
Families
Growing
Families
Mature
Families
Couples
<45 Singles Empty Nester Retirees
Income $25,000 - $34,999 511 5.9% $725 to $1,000 4 9.5% 0% 2% 2% 1% 1% 2% 2% 9% 1% 1% 1% 1% 1% 1% 3% Income $35,000 - $49,999 896 10.3% $1,000 to $1,425 11 27.1% 1% 4% 6% 5% 4% 4% 3% 27% 3% 3% 2% 2% 3% 3% 7% Income $50,000 - $74,999 1,239 14.3% $1,425 to $2,150 12 31.9% 1% 5% 7% 7% 5% 4% 3% 32% 4% 4% 3% 3% 4% 4% 6% Income $75,000 - $99,999 1,368 15.7% $2,150 to $2,850 8 20.2% 1% 3% 5% 4% 3% 2% 1% 20% 3% 3% 2% 2% 3% 3% 3% Income $100,000 - $149,999 1,945 22.4% $2,850 to $4,275 4 11.3% 0% 2% 3% 3% 2% 1% 1% 11% 1% 2% 1% 1% 1% 2% 2% Income $150,000 - $199,999 964 11.1% $4,275 to $5,725 0 0.0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Income $200,000 + 781 9.0% $5,725 or Greater 0 0.0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Average Demand ($25K+) 7,702 88.7% $725 + - 39 100.0% 3.8% 15.8% 21.7% 19.7% 16.0% 13.5% 9.5% 12.8% 11.6% 8.8% 9.2% 12.2% 13.6% 20.4% ▬ Five-Year Total Demand by Rent Range ▬ Demand ▬ Demand by Age and Income (Absolute Numbers) ▬ ▬ Demand by LifeStage (Absolute Numbers) ▬ Annual Household
Income Range
HH by
Income
% of Total
HH
Rent Range
Affordability*
2025 to
2029
% of Annual
Demand
Under
25 25 to
34 35 to
44 45 to
54 55 to
64 65 to
74 75 &
Greater
Young
Families
Growing
Families
Mature
Families
Couples
<45 Singles Empty Nester Retirees
Income $25,000 - $34,999 505 5.8% $725 to $1,000 18 9.4% 0% 2% 2% 1% 1% 2% 2% 9% 6% 4% 3% 4% 5% 5% 15% Income $35,000 - $49,999 888 10.2% $1,000 to $1,425 53 26.9% 1% 4% 6% 5% 4% 4% 3% 27% 17% 15% 11% 12% 16% 17% 33% Income $50,000 - $74,999 1,236 14.2% $1,425 to $2,150 62 31.9% 1% 5% 7% 7% 5% 4% 3% 32% 21% 19% 15% 15% 20% 22% 29% Income $75,000 - $99,999 1,377 15.8% $2,150 to $2,850 39 20.4% 1% 3% 5% 4% 3% 2% 1% 20% 13% 13% 10% 9% 13% 15% 17% Income $100,000 - $149,999 1,972 22.6% $2,850 to $4,275 22 11.5% 0% 2% 3% 3% 2% 1% 1% 11% 7% 8% 6% 5% 7% 9% 8% Income $150,000 - $199,999 987 11.3% $4,275 to $5,725 0 0.0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Income $200,000 + 803 9.2% $5,725 or Greater 0 0.0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Total Demand ($25K+) 7,768 88.9% $725 + - 194 100.0% 3.8% 15.8% 21.7% 19.7% 16.0% 13.5% 9.5% 64.2% 58.0% 43.9% 46.2% 61.0% 67.9% 101.9% King City Market Overview – King City
88 Rental Demand With King City Household Turnover and Undocumented Workforce Adjustment Rental Demand
As with the for-sale demand model, Zonda’s rental demand model accounts for household growth but does not factor in the +/- 10% household turnover, nor the estimated 2,907 undocumented permanent workers and their associated residents (relatives and children).

The Farmworker Housing Study and Action Plan survey indicates that 89% of all farmworkers rent, and Zonda assumed that the 11% who are homeowners, are documented. We therefore tested a revised rental demand model for King City which addresses estimated demand from the permanent undocumented workers in King City shown on page 5, and also factors in household turnover. ▬ Five-Year Average Demand by Rent Range ▬ Demand ▬ Demand by Age and Income (Absolute Numbers) ▬ ▬ Demand by LifeStage (Absolute Numbers) ▬ Annual Household
Income Range
HH by
Income
% of Total
HH
Rent Range
Affordability*
2025 to
2029
% of Annual
Demand
Under
25 25 to
34 35 to
44 45 to
54 55 to
64 65 to
74 75 &
Greater
Young
Families
Growing
Families
Mature
Families
Couples
<45 Singles Empty Nester Retirees
Income $25,000 - $34,999 508 5.9% $725 to $1,000 10 9.7% 0% 2% 2% 1% 1% 2% 2% 10% 1% 1% 1% 1% 1% 1% 3% Income $35,000 - $49,999 891 10.3% $1,000 to $1,425 17 16.8% 1% 3% 4% 3% 3% 3% 2% 17% 2% 2% 1% 2% 2% 2% 4% Income $50,000 - $74,999 1,232 14.3% $1,425 to $2,150 20 19.8% 1% 3% 4% 4% 3% 2% 2% 20% 3% 2% 2% 2% 3% 3% 4% Income $75,000 - $99,999 1,361 15.7% $2,150 to $2,850 21 20.7% 1% 3% 5% 5% 4% 3% 1% 21% 3% 3% 2% 2% 3% 3% 4% Income $100,000 - $149,999 1,936 22.4% $2,850 to $4,275 23 22.6% 0% 4% 5% 5% 4% 3% 1% 23% 3% 3% 2% 2% 3% 4% 3% Income $150,000 - $199,999 960 11.1% $4,275 to $5,725 6 5.7% 0% 1% 2% 1% 1% 1% 0% 6% 1% 1% 1% 1% 1% 1% 1% Income $200,000 + 778 9.0% $5,725 or Greater 5 4.6% 0% 1% 1% 1% 1% 1% 0% 5% 1% 1% 1% 0% 1% 1% 1% Average Demand ($25K+) 7,667 88.7% $725 + - 102 100.0% 3.2% 15.6% 22.4% 20.6% 16.5% 13.0% 8.7% 13.3% 12.5% 9.5% 9.4% 12.6% 14.6% 19.8% ▬ Five-Year Total Demand by Rent Range ▬ Demand ▬ Demand by Age and Income (Absolute Numbers) ▬ ▬ Demand by LifeStage (Absolute Numbers) ▬ Annual Household
Income Range
HH by
Income
% of Total
HH
Rent Range
Affordability*
2025 to
2029
% of Annual
Demand
Under
25 25 to
34 35 to
44 45 to
54 55 to
64 65 to
74 75 &
Greater
Young
Families
Growing
Families
Mature
Families
Couples
<45 Singles Empty Nester Retirees
Income $25,000 - $34,999 504 5.8% $725 to $1,000 49 9.5% 0% 2% 2% 1% 1% 2% 2% 10% 6% 4% 3% 4% 6% 6% 15% Income $35,000 - $49,999 886 10.2% $1,000 to $1,425 86 16.6% 1% 3% 4% 3% 3% 3% 2% 17% 11% 9% 7% 8% 10% 11% 21% Income $50,000 - $74,999 1,234 14.2% $1,425 to $2,150 101 19.7% 1% 3% 4% 4% 3% 2% 2% 20% 13% 12% 9% 10% 13% 14% 19% Income $75,000 - $99,999 1,375 15.8% $2,150 to $2,850 105 20.8% 1% 3% 5% 5% 4% 3% 1% 21% 14% 13% 10% 10% 13% 16% 18% Income $100,000 - $149,999 1,969 22.6% $2,850 to $4,275 115 22.8% 0% 4% 5% 5% 4% 3% 1% 23% 15% 16% 12% 11% 14% 18% 17% Income $150,000 - $199,999 986 11.3% $4,275 to $5,725 29 5.8% 0% 1% 2% 1% 1% 1% 0% 6% 4% 4% 3% 3% 3% 4% 5% Income $200,000 + 802 9.2% $5,725 or Greater 24 4.8% 0% 1% 1% 1% 1% 1% 0% 5% 3% 3% 3% 2% 3% 4% 4% Total Demand ($25K+) 7,754 88.9% $725 + - 509 100.0% 3.2% 15.6% 22.4% 20.6% 16.5% 13.0% 8.7% 66.7% 62.3% 47.3% 47.2% 62.8% 72.9% 99.1% 111
102 101 102
94 80
90 100
110
120
2025 2026 2027 2028 2029
Demand for rental units in King City is immediate, Hypothetical Rental Demand by Year with the highest levels shown in 2025. Projected
average demand is over 100 units per year for the
next five years. The city reports that there is a wait
list for new rental units, and that lease up is rapid.

King City Market Overview – King City
89 Rental Demand By Price Point and LifeStage: King City Rental Demand
According to reported income brackets, rental demand within King City is concentrated at rents between $1,450 and $2,150, followed by the next most affordable bracket of $1,000 to $1,450. However, these rents do not factor in undocumented farmworkers with wages which are generally below the poverty line, at $35,000 or less. Similarly, rental demand from young singles, couples and families appears understated, as the farmworker population generally is of younger average age. 0 5
10 15
20 25
30 2025 2026 2027 2028 2029
Hypothetical Rental Demand by Price Point
$725 to $1,000 $1,000 to $1,425 $1,425 to $2,150 $2,150 to $2,850 $2,850 to $4,275 $4,275 to $5,725 $5,725+ 0 5
10 15
20 25
2025 2026 2027 2028 2029
Hypothetical Rental Demand by Year and LifeStage
Young Families Growing Families Mature Families Couples <45 Singles Empty Nester Retirees King City Market Overview – King City
90 CMA Rental Market Trends
King City Market Overview – King City
91 King City is located in the Salinas
rental Submarket according to
RealPage MPF Research. This area is
experiencing positive rental growth of

3.22% year-over-year, and occupancy
is strong at 97.6%.

Market Definition
Local Rental Market Trends
Source: RealPage
92 King City Market Overview – King City
Year-over-year Class A rents in the Salinas Submarket hit the $3,000+ mark for the first time in Q2 of 2024, with 12.5% appreciation between year end 2023 and 2024 rents. Rents dipped by 2.5% between the third and fourth quarter of 2024 to $3,036 on average, indicating seasonality. King City rents are considerably more affordable than the overall Salinas Submarket.

Salinas Market Class A Rents
Local Rental Market Trends
Source: RealPage

2.5%

3.8%
-1.8%

0.8%

5.2%

5.8%

12.1%

11.2%

16.8%

17.8%

13.2% 13.4%

11.2%

11.9% 11.4% 11.0%

3.3%

6.1%

4.9%

7.3%

12.5%
-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 YOY Effective Rent Change
Effective Rent
Effective Rent YOY Effective Rent Change
93 King City Market Overview – King City
Average rent per square foot for Class A properties in the Salinas Submarket is $3.73, again showing a seasonal drop off at the end of 2024 compared to Q3 2024. Given the growth prospects for King City, Zonda anticipates that rents will continue to trend upwards in if the city can attract apartments developers to supply new inventory.

Salinas Market Class A Rent per Square Foot
Local Rental Market Trends
Source: RealPage
$2.82 $2.88 $2.79 $2.76 $2.75 $2.82
$2.95
$3.08
$3.23 $3.26 $3.22
$3.43 $3.47 $3.53 $3.55 $3.58 $3.50
$3.66 $3.73
$3.85
$3.73
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 YOY Effective Rent Change
Effective Rent
Effective Rent Effective Rent Per Square Foot
King City Market Overview – King City
94 Class A average occupancy inched up to 97.2% and 97.3% in Q3 and Q4 2024 respectively, indicating a tight, undersupplied rental market. While data for King City is not available, the high average household size and number of cars observed outside each house in certain areas point to a severe undersupply of rental apartments.

Salinas Market Class A Occupancy
Local Rental Market Trends
Source: RealPage
Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Total Occupancy 98% 97% 95% 96% 97% 96% 98% 98% 99% 98% 97% 97% 98% 97% 97% 96% 96% 96% 96% 97% 97% YOY Occupancy Change 1.43% 1.37% -2.59% -1.71% -0.63% -1.54% 2.77% 2.01% 2.06% 1.96% -0.60% -1.71% -1.92% -0.47% 0.21% -1.17% -1.41% -1.42% -1.03% 1.69% 1.22% Class A Apartment Salinas Market

1.43% 1.37%
-2.59%
-1.71%
-0.63%
-1.54%

2.77%

2.01% 2.06% 1.96%
-0.60%
-1.71%
-1.92%
-0.47%

0.21%
-1.17%
-1.41% -1.42%
-1.03%

1.22%
-3.00%
-2.00%
-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%
92%
93%
94%
95%
96%
97%
98%
99%
100%
Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Class A - YOY Occupancy Change
Class A Occupancy
Total Occupancy YOY Occupancy Change
King City Market Overview – King City
95 The percentage of Class A units offering concessions in the Salinas Submarket is negligible, which is to be expected based on the high occupancy and rent growth. Has of Q4 2024, less than one percent of apartment units offered a concession, and the average concession is relatively low at 1.1% of base rent.

Salinas Market Class A Concessions
Local Rental Market Trends
Source: RealPage

7.6%

14.0%

40.7%

23.8%

0.0%

5.9%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

12.5%

0.0% 0.0% 0.0%

14.0%

0.0%

13.9%

16.0%

0.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%
Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Percent of Units Offering Concessions
Average Concession
Average Concession % of Units Offering Concessions
King City Market Overview – King City
96 Appendix
Thank you!
Zonda
4000 MacArthur, Suite 400
Newport Beach, CA 92660
(877) 966-3210