APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
Overview of Fiscal Impacts Key Land Use Assumptions (Stabilized Year 20) Annual
(Stablized
Year 20)
Year 0-50
Nominal
Total
Year 0-50
Present Value
@ 3.0%
City of Napa Market-Rate Residential 1,161 DU
Estimated Fiscal Revenues (Net of Allocation of TI to EIFD) $20,321,200 $1,265,675,400 $516,407,100 Affordable Housing 189 DU Estimated Fiscal Expenditures $6,896,300 $435,793,500 $178,184,500 Hotel 1,337 rooms Estimated Net Fiscal Impact to City $13,424,900 $829,881,900 $338,222,600 Commercial / Retail 321,014 SF R&D / Industrial 175,000 SF
Office 29,878 SF
Notes:
Estimated impacts upon Project build-out & stabilization in Year 20 (estimated in 2041-2042) Assumes installation of necessary public infrastructure Values in 2021 dollars
Project Component
10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
Summary of Estimated Fiscal Impacts to City Stablized
Year 5 Year 10 Year 20 Year 30 Year 40 Year 50
2026 2031 2041 2051 2061 2071
Stabilized
Escalation
Rate
Year 0-50
Nominal
Total
Year 0-50
Present Value @
3.0%
City of Napa Revenues
Property Tax $1,839,000 $2,069,100 $2,522,300 $3,074,670 $3,748,005 $4,568,797 2.0% $142,375,700 $61,180,800 Property Tax Allocation to EIFD ($919,500) ($1,034,600) ($1,261,100) ($1,537,274) ($1,873,928) ($2,284,308) 2.0% ($71,185,700) ($30,589,700) Property Tax In-Lieu of MVLF $668,400 $751,500 $916,000 $1,116,599 $1,361,128 $1,659,207 2.0% $51,713,400 $22,225,500 Property Tax In-Lieu of MVLF Allocation to EIFD ($334,200) ($375,750) ($458,000) ($558,299) ($680,564) ($829,604) 2.0% ($25,856,700) ($11,112,700) Property Transfer Tax $26,900 $30,200 $36,800 $44,859 $54,683 $66,658 2.0% $2,077,700 $893,000 Sales and Use Tax - Direct / On-Site $1,156,400 $1,340,600 $1,801,700 $2,421,334 $3,254,071 $4,373,199 3.0% $114,461,300 $47,101,200 Sales and Use Tax - Indirect / Off-Site $465,100 $549,400 $738,400 $992,348 $1,333,633 $1,792,291 3.0% $46,537,400 $18,968,700 Transient Occupancy Tax (TOT) $8,882,100 $10,772,100 $14,476,900 $19,455,743 $26,146,892 $35,139,236 3.0% $907,786,300 $367,798,800 Business Licenses $244,700 $290,100 $389,900 $523,993 $704,203 $946,390 3.0% $24,572,800 $10,016,200 Other Taxes $131,900 $153,700 $206,500 $277,519 $372,962 $501,230 3.0% $13,049,000 $5,335,200 License and Permits $127,500 $148,500 $199,600 $268,246 $360,500 $484,482 3.0% $12,612,700 $5,156,700 Charges for Services $271,700 $316,600 $425,500 $571,836 $768,500 $1,032,800 3.0% $26,886,900 $10,992,600 Intergovernmental $33,400 $38,900 $52,300 $70,287 $94,460 $126,946 3.0% $3,304,500 $1,351,000 Investment Earnings $11,700 $13,700 $18,300 $24,594 $33,052 $44,419 3.0% $1,157,100 $473,300 Miscellaneous Revenues $12,100 $14,200 $19,000 $25,534 $34,316 $46,118 3.0% $1,200,800 $491,000 Transfers In / Other Financing Sources $151,400 $176,400 $237,100 $318,643 $428,229 $575,504 3.0% $14,982,200 $6,125,500 Estimated Total Revenues $12,768,600 $15,254,650 $20,321,200 $27,090,631 $36,140,140 $48,243,364 $1,265,675,400 $516,407,100 City of Napa Expenditures
Police $1,399,100 $1,630,500 $2,191,200 $2,944,790 $3,957,551 $5,318,618 3.0% $138,458,700 $56,608,000 Fire $874,400 $1,018,900 $1,369,400 $1,840,359 $2,473,289 $3,323,893 3.0% $86,530,000 $35,377,200 Public Works $622,100 $724,900 $974,200 $1,309,243 $1,759,514 $2,364,639 3.0% $61,558,800 $25,168,200 Parks & Recreation $344,600 $399,500 $536,800 $721,414 $969,521 $1,302,954 3.0% $33,947,100 $13,892,000 Finance $338,000 $393,900 $529,300 $711,335 $955,975 $1,284,750 3.0% $33,445,800 $13,674,200 General Government $313,000 $364,800 $490,200 $658,788 $885,356 $1,189,844 3.0% $30,975,100 $12,664,100 CDD $273,900 $319,200 $429,000 $576,540 $774,822 $1,041,296 3.0% $27,107,700 $11,082,800 City Manager $66,900 $77,900 $104,700 $140,708 $189,100 $254,134 3.0% $6,616,000 $2,705,000 Human Resources $60,900 $71,000 $95,400 $128,210 $172,303 $231,561 3.0% $6,028,500 $2,464,800 City Attorney $54,700 $63,700 $85,700 $115,174 $154,784 $208,016 3.0% $5,414,500 $2,213,500 City Clerk $43,500 $50,700 $68,200 $91,655 $123,177 $165,539 3.0% $4,308,800 $1,761,400 City Council $14,200 $16,500 $22,200 $29,835 $40,096 $53,885 3.0% $1,402,500 $573,300 Estimated Total Expenditures $4,405,300 $5,131,500 $6,896,300 $9,268,051 $12,455,485 $16,739,130 $435,793,500 $178,184,500 Estimated Annual Net Fiscal Impact $8,363,300 $10,123,150 $13,424,900 $17,822,580 $23,684,655 $31,504,234 $829,881,900 $338,222,600 Notes:
Estimated impacts upon Project build-out & stabilization in Year 20 (estimated in 2041-2042) Assumes installation of necessary public infrastructure Values in 2021 dollars
Select years shown for illustration
10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
Project Description
Year 5 Year 10 Year 20
Project Component 2026 2031 2041
Market Rate Residential 1,161 DU 1,161 DU 1,161 DU
Affordable Housing 189 DU 189 DU 189 DU
Total Residential Dwelling Units 1,350 DU 1,350 DU 1,350 DU Hotel 1,278 rooms 1,337 rooms 1,337 rooms
Office 29,878 SF 29,878 SF 29,878 SF
Commercial / Retail 321,014 SF 321,014 SF 321,014 SF
R&D / Industrial 175,000 SF 175,000 SF 175,000 SF
Total Non-Residential SF 525,892 SF 525,892 SF 525,892 SF Annual Escalation Factor 2.0% 1.10 1.22 1.49
Estimated A/V - Multifamily Residential $325K Per Unit $416,597,289 $459,957,070 $560,685,101 Estimated A/V - Affordable Housing $0K Per Unit $0 $0 $0 Estimated A/V - Hotel $275K Per Room $388,029,198 $448,193,773 $546,345,709 Estimated A/V - Office $295 PSF $9,731,379 $10,744,229 $13,097,155 Estimated A/V - Commercial Retail $335 PSF $118,732,507 $131,090,282 $159,798,322 Estimated A/V - R&D / Industrial $225 PSF $43,473,182 $47,997,905 $58,509,179 Total Estimated Assessed Value $976,563,556 $1,097,983,259 $1,338,435,466 Notes:
Adjusted for value appreciation assuming 2% annual escalation rate (statuatory maximum).
Conservatively assuming no mark-to-market valuations above 2% growth to account for property transfers Select years shown for illustration
Values in 2021 dollars
10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
Project Employment and Occupants
Year 5 Year 10 Year 20
Project Component 2026 2031 2041
Market Rate Residential 1,161 DU 1,161 DU 1,161 DU
Affordable Housing 189 DU 189 DU 189 DU
Hotel 1,278 rooms 1,337 rooms 1,337 rooms
Office 29,878 SF 29,878 SF 29,878 SF
Commercial / Retail 321,014 SF 321,014 SF 321,014 SF
R&D / Industrial 175,000 SF 175,000 SF 175,000 SF
Estimated # Employees (FTE)
Market Rate Residential 50 DU / emp 23 23 23
Affordable Housing 50 DU / emp 4 4 4
Hotel 1.5 rooms / emp 852 891 891
Office 350 SF / emp 85 85 85
Commercial / Retail 500 SF / emp 642 642 642
R&D / Industrial 1,500 SF / emp 117 117 117
Total Estimated # Employees (FTE) 1,723 1,762 1,762
Occupied Dwelling Units 95% 1,283 DU 1,283 DU 1,283 DU
Residents 2.25 per DU 2,886 2,886 2,886
Employees Weighted at 50% 50% 862 881 881
Total Service Population (Residents + Empl.) 3,747 3,767 3,767 Notes:
Average household size reflects City average household size and mix of single famliy and multifamily units Select years shown for illustration
Values in 2021 dollars
10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
Property Tax
Year 5 Year 10 Year 20
2026 2031 2041
Estimated Assessed Value - Residential $416,597,289 $459,957,070 $560,685,101 Estimated Assessed Value - Non-Residential $559,966,266 $638,026,190 $777,750,365 Total Estimated Assessed Value $976,563,556 $1,097,983,259 $1,338,435,466 Total Secured Property Tax General Levy 1.00% $9,765,636 $10,979,833 $13,384,355 Estimated Unsecured Property Tax as % of Secured Non-Residential Value 10.00% $559,966 $638,026 $777,750 Total Estimated Secured + Unsecured Property Tax $10,325,602 $11,617,859 $14,162,105 Distributions to Taxing Entities
City of Napa General Fund 17.81% $1,839,000 $2,069,100 $2,522,300 City Allocation to EIFD (8.91%) ($919,500) ($1,034,600) ($1,261,100) Net Property Tax to City 8.91% $919,500 $1,034,500 $1,261,200 Notes:
General levy distributions weighted average of targeted opportunity site tax rate areas (TRAs) Does not include property tax overrides above 1% general levy Select years shown for illustration
Values in 2021 dollars
Source: Napa County Auditor-Controller (2021)
10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
Property Tax In-Lieu of Motor Vehicle License Fees (MVLF) Total AV within CITY (FY 2020-2021) $13,943,261,088
Current Property Tax In-Lieu of MVLF (2020-2021) $9,542,876 Prop Tax In-Lieu of MVLF per $1M of AV $684
Year 1 Year 5 Year 10 Year 20
2022 2026 2031 2041
Estimated Project Assessed Value $124,179,900 $976,563,556 $1,097,983,259 $1,338,435,466 Incremental Property Tax In-Lieu of MVLF to City $85,000 $668,400 $751,500 $916,000 City Allocation to EIFD ($42,500) ($334,200) ($375,750) ($458,000) Net Incremental Property Tax In-Lieu of MVLF to City $42,500 $334,200 $375,750 $458,000 Notes:
Select years shown for illustration
Values in 2021 dollars
Source: Napa County Auditor-Controller (2021)
10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
Property Transfer Tax
Year 5 Year 10 Year 20
2026 2031 2041
Estimated Assessed Value $976,563,556 $1,097,983,259 $1,338,435,466 Estimated Property Turnover Rate 5.0% 5.0% 5.0%
Estimated Value of Property Transferred $48,828,178 $54,899,163 $66,921,773 Total Transfer Tax $1.10 per $1,000 $53,700 $60,400 $73,600 Transfer Tax to City $0.55 per $1,000 $26,900 $30,200 $36,800 Notes:
Select years shown for illustration
Values in 2021 dollars
Source: Napa County Auditor-Controller (2021)
10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
Sales Tax - Direct / On-Site
Year 5 Year 10 Year 20
Project Component 2026 2031 2041
Retail SF 321,014 SF 321,014 SF 321,014 SF
Total Sales-Generating SF 321,014 SF 321,014 SF 321,014 SF Estimated Taxable Sales $275 PSF $102,339,382 $118,639,392 $159,441,423 Sales Tax to City 1.00% $1,023,394 $1,186,394 $1,594,414 Use Tax as % of Sales Tax 13.00% $133,041 $154,231 $207,274 Sales and Use Tax to City - Direct $1,156,400 $1,340,600 $1,801,700 Notes:
Taxable sales PSF factor escalated 3% annually
Select years shown for illustration.
Values in 2021 dollars.
10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
Sales Tax - Indirect / Off-Site
Year 5 Year 10 Year 20
2026 2031 2041
Estimated # Employees 1,723 1,762 1,762
Estimated Annual Taxable Retail Spending / Empl. (Daytime Only) $6,701 $7,768 $10,439 Estimated Employee Taxable Retail Spending $11,545,546 $13,689,987 $18,398,197 Estimated Capture within City 75.0% $8,659,159 $10,267,490 $13,798,648 Estimated # Occupied Dwelling Units 1,283 DU 1,283 DU 1,283 DU Estimated Annual Taxable Retail Spending / HH $32,983 $38,237 $51,387 Estimated Resident Taxable Retail Spending $42,300,932 $49,038,373 $65,903,473 Estimated Capture within City 50.0% $21,150,466 $24,519,187 $32,951,737 Estimated # Occupied Hotel Rooms 1,278 rooms 1,337 rooms 1,337 rooms Estimated Annual Taxable Retail Spending / Room $21,157 $24,526 $32,962 Estimated Resident Taxable Retail Spending $27,038,329 $32,791,896 $44,069,566 Estimated Capture within City 50.0% $13,519,164 $16,395,948 $22,034,783 Total Estimated Indirect Taxable Sales $43,328,789 $51,182,624 $68,785,167 Less Estimated Capture Within District Retail (5.0%) ($2,166,439) ($2,559,131) ($3,439,258) Net Indirect Taxable Sales $41,162,350 $48,623,493 $65,345,909 Sales Tax to City 1.00% $411,623 $486,235 $653,459
Use Tax as % of Sales Tax 13.00% $53,511 $63,211 $84,950 Sales and Use Tax to City - Indirect $465,100 $549,400 $738,400 Notes:
Employee spending estimates based on "Office Worker Retail Spending Patterns: A Downtown and Suburban Area Study," ICSC (2004).
Household spending based on average houshold income within City.
Adjusted for inflation assuming 3% annual inflation rate.
Select years shown for illustration.
Values in 2021 dollars.
10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
Transient Occupancy Tax ("TOT") to City
Year 5 Year 10 Year 15 Year 20
2026 2031 2036 2041
Estimated # Hotel Rooms 1,278 rooms 1,337 rooms 1,337 rooms 1,337 rooms Average Daily Room Rate (ADR) $174 $202 $234 $271
Average Occupancy Rate 73% 73% 73% 73%
Annual Hotel Room Receipts $59,213,940 $71,814,251 $83,252,400 $96,512,349 TOT to City 15.00% $8,882,100 $10,772,100 $12,487,900 $14,476,900 Notes:
Adjusted for inflation assuming 3% annual inflation rate.
Select years shown for illustration.
Values in 2021 dollars.
10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
City Service Population
City Population 79,278
City Employee Population 33,496
Employee Weighting for Service Population 0.5
Weighted # Employees 16,748
Total City Service Population 96,026
Source: CA Department of Finance, CA Employment Development Department (2021) 10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
City Multipler Revenue and Expenditure Factors
Year 5 Year 10 Year 20
Budget Category
Adopted City
Budget Allocation Basis
Relevant City
Population /
Factor
Discount for
Operational
Efficiency
Per Capita
Factor
Annual
Escalation 2026 2031 2041
General Fund Revenues
Property Taxes $35,378,000 Evaluated Separately
Sales Taxes $19,893,000 Evaluated Separately
Transient Occupancy Tax $23,738,000 Evaluated Separately Business Licenses $4,103,000 Per Employee 33,496 0% $122.49 3.0% $142.00 $164.62 $221.23 Other Taxes $2,915,000 Service Population 96,026 0% $30.36 3.0% $35.19 $40.80 $54.83 License and Permits $2,817,500 Service Population 96,026 0% $29.34 3.0% $34.01 $39.43 $52.99 Charges for Services $6,006,200 Service Population 96,026 0% $62.55 3.0% $72.51 $84.06 $112.97 Intergovernmental $738,000 Service Population 96,026 0% $7.69 3.0% $8.91 $10.33 $13.88 Investment Earnings $259,000 Service Population 96,026 0% $2.70 3.0% $3.13 $3.62 $4.87 Miscellaneous Revenues $268,500 Service Population 96,026 0% $2.80 3.0% $3.24 $3.76 $5.05 Transfers In / Other Financing Sources $3,347,000 Service Population 96,026 0% $34.86 3.0% $40.41 $46.84 $62.95 Total Selected Revenues $99,463,200
General Fund Expenditures
Police $30,928,000 Service Population 96,026 0% $322.08 3.0% $373.38 $432.85 $581.71 Fire $19,328,000 Service Population 96,026 0% $201.28 3.0% $233.34 $270.50 $363.53 Public Works $13,751,000 Service Population 96,026 0% $143.20 3.0% $166.01 $192.45 $258.64 Parks & Recreation $8,166,000 Per Resident 79,278 0% $103.00 3.0% $119.41 $138.43 $186.04 Finance $7,471,000 Service Population 96,026 0% $77.80 3.0% $90.19 $104.56 $140.52 General Government $6,919,000 Service Population 96,026 0% $72.05 3.0% $83.53 $96.83 $130.14 CDD $6,055,000 Service Population 96,026 0% $63.06 3.0% $73.10 $84.74 $113.89 City Manager $1,478,000 Service Population 96,026 0% $15.39 3.0% $17.84 $20.69 $27.80 Human Resources $1,347,000 Service Population 96,026 0% $14.03 3.0% $16.26 $18.85 $25.34 City Attorney $1,209,000 Service Population 96,026 0% $12.59 3.0% $14.60 $16.92 $22.74 City Clerk $962,000 Service Population 96,026 0% $10.02 3.0% $11.61 $13.46 $18.09 City Council $313,000 Service Population 96,026 0% $3.26 3.0% $3.78 $4.38 $5.89 Total Selected Expenditures $97,927,000
Notes:
Adjusted for inflation assuming 3% annual inflation rate.
Select years shown for illustration.
Values in 2021 dollars.
Source: City of Napa 2019-2020 Adopted Budget
10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
City Multipler Revenues and Expenditures
Year 5 Year 10 Year 20
2026 2031 2041
Estimated # Residents 2,886 2,886 2,886
Estimated # Employees 1,723 1,762 1,762
Total Project Service Population 3,747 3,767 3,767
Budget Category 2026 2031 2041
Revenues
Business Licenses $244,700 $290,100 $389,900
Other Taxes $131,900 $153,700 $206,500
License and Permits $127,500 $148,500 $199,600
Charges for Services $271,700 $316,600 $425,500
Intergovernmental $33,400 $38,900 $52,300
Investment Earnings $11,700 $13,700 $18,300
Miscellaneous Revenues $12,100 $14,200 $19,000
Transfers In / Other Financing Sources $151,400 $176,400 $237,100 Total Multiplier Revenues $984,400 $1,152,100 $1,548,200 Expenditures
Police $1,399,100 $1,630,500 $2,191,200
Fire $874,400 $1,018,900 $1,369,400
Public Works $622,100 $724,900 $974,200
Parks & Recreation $344,600 $399,500 $536,800
Finance $338,000 $393,900 $529,300
General Government $313,000 $364,800 $490,200
CDD $273,900 $319,200 $429,000
City Manager $66,900 $77,900 $104,700
Human Resources $60,900 $71,000 $95,400
City Attorney $54,700 $63,700 $85,700
City Clerk $43,500 $50,700 $68,200
City Council $14,200 $16,500 $22,200
Total Multiplier Expenditures $4,405,300 $5,131,500 $6,896,300 Notes:
Major case study revenues not shown include property tax, sales tax, transient occupancy tax Adjusted for inflation assuming 3% annual inflation rate.
Select years shown for illustration.
Values in 2021 dollars.
Source: City of Napa 2019-2020 Adopted Budget
10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
IMPLAN Inputs
Construction Inputs
Industry NAICS Category
Approximate Inputs
(Industry Spending)
58 - Construction of new multifamily residential structures $438,750,000 55 - Construction of new commercial structures, including farm structures $484,028,700 51 - Construction of new manufacturing structures $39,375,000 Ongoing Operation Inputs
Industry NAICS Category
Approximate Inputs
(Employment Change)
507 - Hotels and motels, including casino hotels 891 Jobs 412 - Retail - Miscellaneous store retailers 642 Jobs
422 - Warehousing and storage 117 Jobs
470 - Office administrative services 85 Jobs
448 - Tenant-occupied housing 27 Jobs
10/4/2021
APPENDIX D
Napa EIFD - Fiscal Impact Analysis
DRAFT
Summary of IMPLAN Economic Benefits
Economic Benefits from Construction (One-Time / Temporary) Employment Labor Income Economic Output
Direct (On-Site) 9,156 $593,783,339 $962,153,700
Indirect 722 $45,103,602 $139,366,759
Induced 2,163 $101,373,729 $332,842,490
Total Countywide 12,042 $740,260,669 $1,434,362,949
Estimated City Capture 9,300 $601,107,205 $985,764,162
Economic Benefits from Ongoing Operation (Annual)
Employment Labor Income Economic Output
Direct (On-Site) 1,762 $65,684,600 $160,932,562
Indirect 262 $14,199,078 $37,850,649
Induced 274 $12,835,370 $42,142,248
Total Countywide 2,298 $92,719,048 $240,925,458
Estimated City Capture 1,789 $67,036,323 $164,932,207
Notes
100% of direct benefits estimated to be captured on-site within the City. 5% of indirect and induced benefits estimated to be captured off-site within the City.
Estimated ongoing benefits upon build-out and stabilization. 10/4/2021