2025-01335 Infrastructure Financing Plan Amendment and Second Amendment to the Master Funding Agreement for the Aggie Square Project — Sacramento City Council, September 16, 2025 (part 1 of 2)

City of Sacramento
City Council - 2PM Report
915 I Street Sacramento, CA 95814
www.cityofsacramento.org
File ID: 2025-01335 9/16/2025
Infrastructure Financing Plan Amendment and Second Amendment to the Master Funding Agreement for the Aggie Square Project
File ID: 2025-01335
Location: Stockton Boulevard and 2nd Avenue, District 5; District 6 Recommendation: Adopt a Resolution: approving an amendment of the Infrastructure Financing Plan for the City of Sacramento Aggie Square Enhanced Infrastructure Financing District (EIFD) and pass a Motion authorizing the Interim City Manager or designee to enter into the Second Amendment to the Master Funding Agreement (City Agreement No. 2021-1293) between the Regents of the University of California; AS LSTE East OWNER, LLC, AS MUR Owner, LLC, AS P6 Owner, LLC and AS LLL Owner, LLC, (as successor by assignment of Wexford Development, LLC), the City of Sacramento and Aggie Square EIFD for the Aggie Square Project.

Contact: Leslie Fritzsche, (916) 808-5450, [email protected], Economic Investment Manager; Office of Innovation and Economic Development, City Manager’s Office;Sini Makasini, Senior Development Project Manager, (916) 808-7967, [email protected], Infrastructure Finance Division, Finance Department
Presenter: None
Attachments:
1-Description/Analysis
2-Resolution Approving Infrastructure Financing Plan
3-Second Amendment to Master Funding Agreement for the Aggie Square Project Description/Analysis
Issue Detail: The Aggie Square Project (Aggie Square) is a public-private partnership between UC Davis and Wexford Development, LLC for the construction of a new innovation hub for the Sacramento region, driving commercialization of UC Davis research, hosting Sacramento start-ups, growing local companies, bringing new companies and jobs to Sacramento and adding vitality to the Stockton Boulevard corridor. Aggie Square is located on the UC Davis Sacramento Campus on land that is owned by the UC Regents. Wexford Development, LLC, an affiliate of Wexford Science and Technology, is the developer and master lessee of the development which just celebrated its grand opening in May.

Page 1 of 3 ends

File ID: 2025-01335 9/16/2025
On April 13, 2021, the City Council approved the Aggie Square EIFD Infrastructure Financing Plan (IFP) for the Aggie Square Enhanced Infrastructure Finance District (Aggie Square EIFD). On April 20, 2021, the Aggie Square Public Finance Authority (PFA) approved the IFP and established the Aggie Square EIFD to assist with the financing of some of the facilities and infrastructure for the one million square foot project.

On November 17, 2021, the City, UC Davis, Wexford Development, LLC, and the Aggie Square EIFD (collectively referred to as the “Parties”) entered into a Master Funding Agreement (MFA) to evidence the obligations of the parties for the financing of the Aggie Square facilities, infrastructure and affordable housing. The Parties now desire to amend the MFA to address unforeseen costs payable by Wexford for the development. The IFP Amendment (Attachment 2) and Second Amendment to the MFA (Attachment 3) increase the total reimbursement that Wexford is eligible from the EIFD by $720,000, for a total of $30,720,000, to account for payment of sewer impact fees that will be used for facilities that have a tangible connection to the work of the EIFD.

On June 17, 2025, the Aggie Square PFA approved an Amendment to the IFP and authorized the Executive Director or designee to enter into the Second Amendment to the MFA.

Policy Considerations: Aggie Square is an infill project and furthers the city’s goal to support economic development opportunities and grow Sacramento’s economy.

Economic Impacts: Not applicable.

Environmental Considerations: California Environmental Quality Act (CEQA): Under the California Environmental Quality Act Guidelines, the City and the Authority, as responsible agencies under the CEQA Guidelines Section 15096, approved the Supplemental Environmental Impact Report prepared for the UC Davis Sacramento Campus 2020 Long Range Development Plan Update and Aggie Square Project ("SEIR") and the Addendum to the SEIR prepared by the City with respect to the approval of the IFP and the formation of the Aggie Square EIFD. Nothing in the Amendment to the IFP or Second Amendment to the MFA changes the analysis, recommendation or conclusions of the SEIR and the Addendum.

Sustainability: Not applicable.

Commission/Committee Action: None.

Rationale for Recommendation: Aggie Square is a significant economic driver for the City and the region. Wexford has experienced cost overruns in their development of the project including unexpected costs related to provision of utilities. To date, the amount of private investment has exceeded $529 million. The additional support from the EIFD outlined in the Amendment to the IFP or

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File ID: 2025-01335 9/16/2025
Second Amendment to the MFA will help offset some of those unexpected costs.

Financial Considerations: The allocation of revenues to the EIFD from the City will be limited to incremental property tax revenue generated by property within the boundaries of the EIFD, which is to be used to assist in the direct funding of facilities, reimbursement of the developer for its cost of construction of facilities, payment of bonds to be issued by the PFA, or all or some of the foregoing.

The original Infrastructure Finance Plan and MFA included a $30 million reimbursement to Wexford for EIFD eligible facilities. The proposed Amendment to the IFP and Second Amendment to the MFA increase that amount by $720,000 to that original investment and provides for the additional $720,000 to be paid immediately from funds currently held by the EIFD.

Local Business Enterprise (LBE): Not applicable.

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RESOLUTION NO. 2025-________

Adopted by the Sacramento City Council

_______________, 2025

A Resolution Approving an Amendment to Infrastructure Financing Plan for the City of Sacramento Aggie Square Enhanced Infrastructure Financing District and Authorizing Certain Other Actions Related Thereto

BACKGROUND

A. The City of Sacramento (“City”) , the Regents of the University of California, on behalf of its Davis campus (“UC Davis”), and Wexford Development, LLC (“Wexford”) have entered into a public -private partnership for the development of “Aggie Square,” a knowledge community and innovation district located on the UC Davis Sacramento Campus (the “Project”).

B. Pursuant to Resolution No. 2020-0352 adopted on October 27, 2020 (the “Resolution of Intention”), by the City Council of the City , the City Council authorized the initiation of proceedings to, among other things, (i) establish the City of Sacramento Aggie Square Enhanced Infrastructure Financing District (the “EIFD”), (ii) approve the establishment of the EIFD’s Public Financing Authority (the “Authority”), and (iii) approve the preparation and distribution of an Infrastructure Financing Plan for the EIFD (the “Infrastructure Financing Plan”) in accordance with the requirements of Chapter 2.99 of Part 1 of Division 2 of Title 5 of the California Government Code (commencing with Section 53398.50) (the “EIFD Law”).

C. Pursuant to Resolution No. 2021-0002 adopted on April 13, 2021, the City Council approved the initial Infrastructure Financing Plan for the EIFD.

D. Pursuant to Ordinance No. 2021-0001 adopted on April 20, 2021 by the Authority, the Authority approved the initial Infrastructure Financing Plan for the EIFD.

E. To help mitigate certain unforeseen costs payable by Wexford in connection with the Project, the parties desire that both the Infrastructure Financing Plan.

F. Pursuant to Resolution No. 2025-0001 adopted on June 17, 2025 by the Authority, the Authority approved the Amendment to the Infrastructure Financing Plan.

G. An Amendment to the Infrastructure Financing Plan has been presented to the City Council for its review and approval, and the City Council finds and determines it is in the best interests of the City Council to approve the Amendment to the Infrastructure Financing Plan.

2 BASED ON THE FACTS SET FORTH IN THE BACKGROUND, THE CITY COUNCIL RESOLVES AS FOLLOWS:

Section 1. Background Statements. The City Council finds and determines that the background statements A through F are true.

Section 2. Approval of Amendment to Infrastructure Financing Plan. The City Council hereby approves the Amendment to the Infrastructure Financing Plan in the form attached hereto as Exhibit A and incorporated herein. As described in more detail therein, the Amend ment to the Infrastructure Financing Plan increases the maximum authorized reimbursement amount that may be distributed to Wexford from the EIFD from $30,000,000 to $30,720,000.

Section 3. Other Authority Granted. The Mayor, the Interim City Manager, the City Treasurer, the City Attorney, the City Clerk, and any and all other officers of the City are hereby authorized and directed, on the City ’s behalf, to do any and all things and take any and all actions, that they, or any of them, considers necessary or advisable to implement the provisio ns of this resolution, including execution and delivery of any and all documents, assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and documents, which they, or any of them, may deem necessary or advisable in order to effectuate the purposes of this resolution. Whenever in this resolution any officer of the City is directed to execute or attest any document or take any other action, that execution, attestation, or action may be taken on behalf of th at officer by any person he or she designates to act on his or her behalf if the officer is absent or unavailable.

Section 4. Effective Date. This Resolution takes effect when adopted.

Table of Contents:

Exhibit A: Amendment to Aggie Square EIFD Infrastructure Financing Plan

Adopted by the Sacramento City Council on September __, 2025, by the following vote:

Ayes:

3 Noes:

Abstain:

Absent:

Attest:

Mindy Cuppy, City Clerk

The presence of an electronic signature certifies that the foregoing is a true and correct copy as approved by the Sacramento City Council..

CITY OF SARAMENTO AGGIE

SQUARE ENHANCED

INFRASTRUCTURE FINANCING

DISTRICT

INFRASTRUCTURE FINANCING

PLAN AMENDMENT
Prepared for: Prepared by:

City of Sacramento & Aggie Square Economic & Planning Systems, Inc.

Enhanced Infrastructure Financing District
Public Financing Authority
May 16, 2025
EPS #252066

EXHIBIT A
Economic & Planning Systems, Inc. 1 Overview and Amendments

1. Overview and Amendments
Overview
This document comprises the first amendment (Amendment) to the Infrastructure Financing Plan (IFP) for the City of Sacramento Aggie Square Enhanced Infrastructure Financing District, approved by the Aggie Square Public Financing Authority via Resolution No. 2021-002 on April 13, 2021.

As changes in this Amendment are limited in scope and nature, the original IFP is included as an attachment to this document so the original IFP and amendments are included together under a single cover.

IFP Amendments
Maximum Wexford1 Reimbursement Amount
Each and every dollar amount reference to $30 million in the IFP text as well as any tables and figures referring to the maximum Wexford reimbursement amount for EIFD-eligible facilities shall be hereby be amended to read “$30.72 million.” Amendments shall apply to each, but are not limited to, the following forms where this dollar amount was expressed:
- approximately $30 million (in 2020 $) plus financing costs and interest on any unreimbursed balance, to the extent such interest is owed pursuant to agreements expected to be entered into between the City, Wexford, the Aggie Square EIFD, and possibly UC Davis [page 7]

- $30 million, plus financing costs related thereto and interest on any unreimbursed balance, to the extent such interest is owed pursuant to agreements expected to be entered into between the City, Wexford, the Aggie Square EIFD, and possibly UC Davis [page 16]

- $30 million, plus financing costs and interest on any unreimbursed balance, to the extent such interest is owed pursuant to agreements expected to be entered into between the City, Wexford, the Aggie Square EIFD, and possibly UC Davis [page 16]

1 In this context, Wexford includes any successors or assigns, which in certain circumstances may include UC Davis.

CITY OF SARAMENTO AGGIE SQUARE ENHANCED INFRASTRUCTURE FINANCING DISTRICT

INFRASTRUCTURE FINANCING PLAN AMENDMENT

Economic & Planning Systems, Inc. 2 Overview and Amendments - $30 million plus applicable financing costs and interest on any unreimbursed balance, to the extent such interest is owed pursuant to agreements expected to be entered into by the Aggie Square EIFD [page 17]

- $30 million (in 2020 $), plus financing costs and interest accruing on any unreimbursed balance, pursuant to agreements expected to be entered into between the City, Wexford, the Aggie Square EIFD, and possibly UC Davis [page 35]

CITY OF SARAMENTO AGGIE SQUARE ENHANCED INFRASTRUCTURE FINANCING DISTRICT

INFRASTRUCTURE FINANCING PLAN AMENDMENT

Economic & Planning Systems, Inc. 3 Attachments
Attachments

Attachment 1 – City of Sacramento Aggie Square
Enhanced Infrastructure Financing District –
Infrastructure Financing Plan dated April 1, 2021

City of Sacramento Aggie
Square Enhanced
Infrastructure Financing
District—Infrastructure
Financing Plan
Prepared f
or:

City of Sacramento &
Aggie Square Enhanced Infrastructure Financing District Public Financing Authority
Prepared by:

Economic & Planning Systems, Inc. (EPS)
April 1, 2021
EPS #202083
Table of Contents

1. Introduction ........................................................................................... 1 City of Sacramento Aggie Square Enhanced Infrastructure Financing District ......... 1

2. Description of Facilities and Other Development Financed by the Aggie Sq
uare EIFD .................................................................................. 7 Overview ..................................................................................................... 7 Anticipated Future Development in the Area of the Aggie Square EIFD ................. 8 Description of Proposed Public Facilities and Other Assistance ............................ 12 Communitywide Benefits of EIFD-Funded Facilities ........................................... 22 Goals Achieved by EIFD-Funded Facilities ....................................................... 23

3. Financing Section .................................................................................. 25 Allocation of Revenues to EIFD ...................................................................... 25 Maximum Portion of Incremental Tax Revenue Committed to EIFD ..................... 25 Tax Revenue Projections .............................................................................. 27 Plan for Financing Facilities ........................................................................... 35 Limit on Total Taxes Allocated to the EIFD ...................................................... 37 EIFD Termination Date ................................................................................. 37 Fiscal Impact Analysis .................................................................................. 38 No Transit Priority Project Program Financing .................................................. 42 No Loss of Dwelling Units ............................................................................. 42 List of Tables, Figures, and Map
Table 2-1 Anticipated Project Development ...................................................... 10 Table 2-2 Potential EIFD Eligible Facilities/Improvements ................................... 20 Table 3-1 EIFD Revenue Summary for Fiscal Years 2020-21 through 2068-69 ....... 29 Table 3-2 Aggie Square EIFD Share of RPTTF Revenues ..................................... 33 Table 3-3 Cumulative Assessed Value Growth ................................................... 34 Table 3-4 City General Fund Net Fiscal Impact Analysis Summary ....................... 40 Table 3-5 City Annual General Fund Detailed Net Fiscal Impact Analysis at Buildout ........................................................................ 41 Figu
re 2-1 Potential Flow of EIFD Revenues ....................................................... 17 Figure 3-1 Distribution of Property Tax Increment Revenue ................................. 32 Map 2-
1 Affordable Housing Improvements Priority Area .................................. 21 Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx 1 Economic & Planning Systems, Inc. (EPS)

1. Introduction
City of Sacramento Ag gie Square Enha nced
Infr
astructure Financing District
Introduction
California Government Code sections 53398.50–53398.88 (EIFD Law) enable cities and counties in the State of California (State) to form enhanced infrastructure financing districts (EIFDs) as a means of using tax increment financing to fund public and private improvements that provide communitywide benefit. Formation of an EIFD is initiated by a resolution of the legislative body of the city and/or county setting forth its intention to dedicate to the EIFD all or a portion of its incremental property tax revenue within a designated area. On October 27, 2020, the City Council of the City of Sacramento (City) adopted a resolution of intention to form the “City of Sacramento Aggie Square Enhanced Infrastructure Financing District” (Aggie Square EIFD).

A Public Financing Authority (PFA), established at the same time as the resolution of intention is adopted, forms the EIFD and operates as the governing board of the EIFD.

Accordingly, the City Council has established the “Aggie Square Enhanced Infrastructure Financing District Public Financing Authority” (Aggie Square PFA), consisting of three members of the City Council and two members of the public chosen by the City Council, for a total of five members, all as required by EIFD Law.

EIFD Law requires the Aggie Square PFA designate or direct an official of the City to prepare an Infrastructure Financing Plan (IFP). The Aggie Square PFA directed the City Manager to work with the necessary City staff and professionals to prepare a draft of the IFP. This document is the IFP.

Infrastructure Financing Plan
The IFP is required to address specific attributes of the EIFD, primarily being the financial assistance contemplated for planned facilities, and more generally the goals, plans, expectations, and other relevant data associated with the EIFD. Formal adoption of the IFP is pursuant to a legal process during which interested parties or any member of the public may comment on its proposed version, primarily via three required public hearings, which culminate in the final Aggie Square PFA action to form (or abandon) the EIFD and adopt (or reject) the IFP. Future amendments may be made to this IFP as described herein.

As described herein, the Aggie Square EIFD would primarily finance a portion of the cost of public facilities, which are part of the Aggie Square project (referred to herein as “Aggie Square” or the “Project”) and, to a lesser extent, affordable housing projects.

Aggie Square will be a multi-phase development project envisioned to advance the City’s Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 2 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx efforts to become a health and food sciences education and innovation hub. Aggie Square will potentially create up to 5,100 new direct jobs at full buildout (Phase 1 and Phase 2, as well as Additional UC Davis Development and Other Additional Development as defined in Chapter 2 herein), which could drive as many as approximately 25,000 total jobs in the region. Chapter 2 provides a description of planned land uses in the proposed Aggie Square EIFD.

If the Aggie Square EIFD is formed, the Aggie Square EIFD may utilize property tax increment, in-lieu payments from UC Davis (as described herein), and any other revenues that may be payable to or for the Aggie Square EIFD (collectively, EIFD Revenues) to finance specified public or private improvements listed as part of the formation process and set forth in Chapter 2.

The multi-phase Project has significant plans in place for Phase 1 and conceptual planning for Phase 2. Additional UC Davis Development and Other Additional Development (to be developed by private parties) is subject to future planning. The current planning for Phase 1 and conceptual planning for Phase 2, which is intended to be the catalyst for eventual redevelopment of the overall Aggie Square EIFD geographical area and possibly beyond, has been put forth to the City pursuant to a public/private partnership collaboration between Wexford Development, LLC, and related entities (Wexford) and the University of California, Davis (UC Davis). The portion of the Aggie Square EIFD planned to be developed by Wexford, being substantially all of Phase 1, is referred to herein as the “Wexford Development.”
UC Davis is one of several schools within the University of California system. Pursuant to article IX, section 9 of the California Constitution, the University of California constitutes a public trust, administered by the corporation known as “The Regents of the University of California.”
The overall Wexford Development plan is based on construction of a state-of-the-art science and technology innovation campus consistent with its mission to advance research, discovery, entrepreneurial activity, corporate engagement, and community inclusion. The City views the campus as providing an ancillary benefit of stimulating additional investment along the Stockton Boulevard corridor, which is the subject of current City planning efforts through a new Specific Plan for the corridor. The City expects the Wexford Development, along with ancillary improvements built by others and potentially financed through the Aggie Square EIFD, to generate significant communitywide benefits, as required by EIFD Law and detailed herein.

The Aggie Square EIFD’s primary funding source is expected to be incremental property tax revenues derived from increases in assessed value attributed to new development within the Aggie Square EIFD boundary. The Aggie Square EIFD does not impose any new tax on property owners, and the City will be the sole participating taxing entity that will contribute property tax increment revenues to the Aggie Square EIFD. Incremental tax revenues proposed to be available to the EIFD also include property tax revenues in lieu of vehicle license fee (PTILVLF) revenues. As detailed herein, increment from the portion of the land within the Aggie Square EIFD boundary that is within the boundaries Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx 3 Economic & Planning Systems, Inc. (EPS) of the former Oak Park Redevelopment Project Area is subject to first satisfying prior outstanding redevelopment obligations.

In addition to incremental property tax revenues, the Aggie Square EIFD may receive a portion of its funding from in-lieu payments from UC Davis.

The Aggie Square EIFD may also receive and use any and all other revenues as may be authorized under the EIFD Law or other applicable law from time-to-time.

Overview of the Infrastructure Financing Plan
As required by EIFD Law as in effect on the date of adoption of this IFP, this IFP contains the following information:

1. A map and legal description of the proposed Aggie Square EIFD boundaries, as presented in Attachment A and Attachment B, respectively.

2. A description of the public facilities and other forms of development or financial assistance proposed in the area of the district, including those to be provided by the private sector, those to be provided by governmental entities without assistance from the Aggie Square EIFD, those to be financed with assistance from the proposed Aggie Square EIFD, and those to be provided jointly by a governmental entity and the private sector, as presented in Chapter 2.

3. A finding that the development and financial assistance are of communitywide significance and provide significant benefits to an area larger than the area of the Aggie Square EIFD. This information is presented in Chapter 2.

4. A financing section, containing all of the following information:
a. A specification of the maximum portion of the incremental tax revenue of each affected taxing entity proposed to be committed to the Aggie Square EIFD each year during which the Aggie Square EIFD will receive incremental property tax revenue. The City is the only taxing entity that will allocate tax increment revenues to the Aggie Square EIFD. The maximum portion of the City’s property tax increment and PTILVLF revenue allocation proposed to be apportioned, subject to applicable law, to the Aggie Square EIFD will be 100 percent, until such time as the cost of eligible EIFD facilities has been satisfied, as described in Chapter 3.
b. A projection of the amount of tax revenues expected to be received by the Aggie Square EIFD in each year during which the Aggie Square EIFD will receive tax revenues, including an estimate of the amount of tax revenues attributable to each affected taxing entity for each year. An annual projection of tax revenues to be allocated to the Aggie Square EIFD is contained in Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 4 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx Chapter 3 of this IFP.1 The inputs and assumptions used in this IFP are based on information available as of preparation of this IFP about anticipated trends and planned development within the Aggie Square EIFD boundaries. These projections are considered reasonable for planning purposes, but actual results will differ from those estimates included in this IFP.
c. A plan for financing facilities to be assisted by the Aggie Square EIFD, including a deta
iled description of any intention to incur debt. The financing plan is presented in Chapter 3 of this IF
P. As described in more detail in Chapter 3,
EI
FD Revenues will be divided between revenues available for developer-led improvemen
ts and revenues available for affordable housing improvements.

Issuance of bonds by the EIFD under the EIFD law is possible; however, this IFP also r
eflects the current contemplation that EIFD Revenues will be used to pay debt service and/or special taxes paying debt service on bonds issued by the City under the Mello-Roos Community Facilities District (CFD) law. EIFD Revenues ar e
also ant
icipated to be used to pay costs of EIFD-eligible facilities on a “pay-as- you-go” basis.
d. A limit on the total number of dollars of property tax increment revenue that may be al
located to the Aggie Square EIFD pursuant to this IFP. The maximum number of
dollars of tax revenue that may be allocated to the Aggie Square EIFD is lim
ited to $150.0 million (as described in Chapter 3 and
shown in A
ttachment G).
e. A date on which the Aggie Square EIFD will cease to exist, by which time all tax rev
enue allocation to the Aggie Square EIFD will end. Pursuant to Government Code secti
on 53398.63(d)(5), the maximum duration of an EIFD is 45 years from the da
te on which the issuance of bonds is approved, pursuant to Government Cod
e section 53398.77, or the approval of a loan to the Aggie Square EIFD is ap
proved by an affected taxing entity pursuant to Government Code section 53 398.87. Because the specific dates on which those actions may be taken for the Aggie S
quare EIFD are not known at this time, an absolute end date of June 3
0, 2070, is also being established. Accordingly, the proposed Aggie Square EIFD terminati
on date will be the earliest of (a) 45 years from the
date on wh
ich the issuance of bonds is approved by the Aggie Square PFA for the Agg
ie Square EIFD; (b) 45 years from the date on which the City approves a loan to the Aggie Square EIFD; or (c) June 30, 2070. The
f
inancial projections are based on the assumption that the Aggie Square EIFD will be f
ormed in Fiscal Year (FY) 2020/21 and will begin receiving tax revenues in FY 20
21/22. The financial analysis in this IFP is based on the assumption that the Agg
ie Square PFA would not approve the issuance of bonds before FY 2023/24, and the City would not provide a loan to the Aggie Square EIFD before that date, 1 Amounts shown in Chapter 3 are net of an assumed 3 percent administrative cost of the Aggie Square PFA.

Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx 5 Economic & Planning Systems, Inc. (EPS) noting specifically that these assumptions do not preclude the Aggie Square PFA or the City from taking alternative actions.
f. An analysis of the costs to the City of providing facilities and services to the area of
the Aggie Square EIFD during the time the area is being developed and after the area has
been developed. Appendix C in Attachment E to this IFP
includes a projection
of service costs during the time the Aggie Square
EIFD area is being dev
eloped and after it has been developed. It is
projected that at completion and stabilization of the Initial Phase (identified as Phas
e 1 in this IFP), new development in the Aggie Square EIFD will generate about
$458,000 (2020 dollars) of additional, annual municipal service costs to the City. At full
Project completion or buildout (Buildout or Project Buildout) and sta
bilization of all planned land uses (all Project phases), new development in the Ag
gie Square EIFD will generate approximately $867,000 (2020 dollars) of additional, annual municipal service costs to the City. These are estimates and sub
ject to change.
g. An analysis of the projected fiscal impact of the Aggie Square EIFD and the asso
ciated development on each affected taxing entity. No taxing entity other than the City will alloc
ate tax increment revenues to the Aggie Square
EIFD.

Given that all other taxing entities will not be impacted by the formation
of the Aggie Square EIFD, this IFP includes an analysis of the fiscal impact of the Aggie Square EIFD to t
he City only. The fiscal impact
analysis is provided as Attachme
nt E of this IFP. It is projected that at the
end of
the Initial Phase (identified as Phase 1 in this IFP), new Aggie Square EIFD developme
nt will generate an annual net fiscal surplus of approximately $139,000 (20
20 dollars). Upon full buildout of all anticipated planned development in the Ag
gie Square EIFD, new development is projected to generate a net fiscal surplus of
approximately $549,000 annually (2020 dollars). These net fiscal impact analysis results are based on the a
ssumption that 100 percent of property tax and
PTILVLF in
crement generated by properties in the Aggie Square EIFD is allocated to the Ag
gie Square EIFD and, for that portion of new incremental property tax r
evenues associated with the former Oak Park Redevelopment Project Area (following termination of the former Oak Park Redevelopment Project Area) that the C
ity continues to retain the dollar amount of property tax revenues equal to the p
roperty tax pass-through revenue it had received in the fiscal year immediately preceding the official termination.
h. A plan for financing any potential costs that may be incurred by reimbursing a develo
per of a Transit Priority Project Program that is located entirely within the boun
daries of the district. The City does not contemplate reimbursing a developer f
or a project that is both located entirely within the boundaries of the Aggi
e Square EIFD and qualifies for the Transit Priority Project Program, p
ursuant to Section 65470 of the California Government Code.

Therefore,
this IFP does not include a plan for financing costs that would be incurred
through such a reimbursement arrangement.

Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 6 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx

5. A plan for replacing dwelling units that are proposed to be removed in the course of public works construction in the district, or private development in the district that is sub
ject to a written agreement with the district or that receives financial assistance fr
om the district. No dwelling units are proposed to be removed as a result of any project
identified in this IFP. Therefore, a housing replacement plan is not included in this IFP.

6. The goals the district proposes to achieve for each project to be financed by the di
strict. The goals proposed to be achieved for each project to be financed by the Aggie Square EIFD are addres
sed in Chapter 2 of this IFP.

Future Amendments to this Infrastructure Financing Plan The Aggie Square PFA may consider and adopt amendments to this IFP according to the provisions of the EIFD Law that are in effect at the time of any such proposed amendment; provided, that no amendment shall be effective unless and until the City Council of the City has approved such amendment pursuant to resolution. See also “Limit on Total Taxes Allocated to the EIFD,” herein.

2. Description of Facilities and Other
Development Financed by the Aggie
Square EIFD
Overview
This section provides:
 A description of the public facilities and other forms of development or financial ass
istance proposed in the area of the Aggie Square EIFD (EIFD-eligible facilities).  The goals proposed to be achieved for each facility to be financed by the Aggie Square EIFD.
 A findin
g that the IFP is consistent with the City’s General Plan.  A findin
g that the development and financial assistance are of communitywide significan
ce and provide significant benefits to an area larger than the area of the Aggie S
quare EIFD.

Format
ion of the Aggie Square EIFD is being considered to finance a portion of the cost of eligible public facilities, which are part of the Project and, to a lesser extent, affordable housing investments. The estimated cost to design and construct the EIFD-eligible facilities being constructed by Wexford is approximately $105 million, for which Wexford2 will be reimbursed from the Aggie Square EIFD for approximately $30 million (in 2020 dollars), plus financing costs and interest on any unreimbursed balance, to the extent such interest is owed pursuant to agreements expected to be entered into between the City, Wexford, the Aggie Square EIFD, and possibly UC Davis. The Aggie Square EIFD’s contribution to Phase 1 is a subset of the Phase 1 costs. Wexford will be responsible for funding the remaining costs for both the infrastructure and vertical development improvements.

New incremental property tax and PTILVLF revenue that is directly derived from the Project and the ancillary development proposed within the Aggie Square EIFD boundary will constitute a portion of the EIFD Revenues. See the heading “EIFD Revenues Defined” for more information.

UC Davis and Wexford are structuring the Wexford Development portion of Aggie Square as a public-private collaboration and to that end they are negotiating one or more long- term Development Ground Leases wherein UC Davis is anticipated to ground lease to Wexford portions of the approximately 8-acre site of the Wexford Development campus 2 In this context, both here and throughout this IFP, Wexford includes any successors or assigns, which in certain circumstances may include UC Davis.

Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 8 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx footprint for construction of the Phase 1 development. To the extent that there are multiple ground leases, the Aggie Square EIFD may consider use of EIFD Revenues on a proportional basis associated with those ground leases. Wexford will finance, design, construct, operate, and maintain the Wexford Development facilities. During the term of the ground lease(s), UC Davis is expected to lease from Wexford portions of the facilities to be constructed. By law, ownership of the facilities later passes to UC Davis upon termination or expiration of the ground lease.

Anticipated Future De velopment in the
Area of the Aggie Squa
re EIFD
Located on the UC Davis Sacramento Campus (home of the UC Davis Medical Center), along the Stockton Boulevard corridor, the Wexford Development at Aggie Square is envisioned as an innovation hub for the Sacramento Region, driving commercialization of university research, hosting Sacramento start-ups, growing local companies, bringing new companies and jobs to Sacramento, and adding vitality to the Stockton Boulevard corridor.

The Wexford Development is planned to provide a state-of-the-art collaborative hub for research, innovation development, and education unlike anything currently located in the Sacramento Region by coupling the key elements of a successful innovation ecosystem—including publicly and privately funded research, commercial office and lab space, convening space, housing, and public spaces—designed to provide opportunities for learning and growth. The Project goal includes implementation of best practices in innovation and inclusive economic development by leveraging the research strengths of UC Davis to create opportunities for academic, industry, and community collaboration. The City’s vision associated with construction of the Project includes foreseeable ancillary public benefits attributable to future motivation of property owners other than UC Davis to redevelop parcels adjacent to the Aggie Square EIFD.

Upon completion of construction, UC Davis is anticipated to lease from Wexford a portion of the lab, education, and office space for academic research and learning, and mixed-use/residential buildings in Phase 1. The remaining office, lab, residential, and retail spaces are anticipated to be occupied under commercial leases with, among other uses, entrepreneurial science, education, research, and innovation interests that see value in co-locating with UC Davis. In addition, the Wexford Development includes facilities to support Sacramento’s innovation ecosystem with space to connect, collaborate, and learn. A certain amount of such space is to be provided for use to the City or public at reduced or no cost. Phase 1 also includes educational, community-serving food and health programs, and residential uses, which, other than a planned rehabilitation hospital, are part of the UC Davis/Wexford relationship, as detailed below.

Table 2-1 shows the pla
nned residential and nonresidential development in the Aggie Square EIFD. Combined, these land uses include approximately 2.0 million leasable nonresidential building square feet, approximately 250 hotel rooms, and approximately 490 residential units. The following sections provide more detail on each of these proposed land use elements. The financing plan section of this IFP is based on an assumed pace of development; the actual timing of development likely will differ from that assumption and should be considered when reviewing.

Aggie Square Phase 1
Wexford Development
The Wexford Development at Aggie Square is planned to consist of approximately 974,000 rentable building square feet in 4 buildings containing a variety of UC Davis and private-sector uses, including science, technology, and data research, continuing and professional education, co-working space, residential, catering, and community-serving retail. Each of these elements—including the planned shared office and lab space, turnkey commercial labs, and public “living room” infrastructure in an “Innovation Hall”— are designed to allow for entrepreneurial connections, idea sharing, ongoing community engagement, commercial co-location clustering with startups, and new job creation and workforce development.

Among the prominent features of the Wexford Development are the 3 planned outdoor gathering spaces—Aggie Square and Market Plaza on the south end of the Wexford Development and Mobility Plaza on the north. Most of these spaces will be highly programmed with events and activities available to UC Davis students, employees, and guests of Aggie Square, as well as to the general public, including a farmers’ market, outdoor performances, food trucks, health fairs, science fairs, outdoor education, and programs focusing on sustainability. The commingling of researchers, entrepreneurs, students, and other occupants of Aggie Square, both inside and outside of the buildings, Table 2-1
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Anticipated Project Developmen
t
Land Use Category
Total
Bldg. Sq. Ft
Total Dwelling
Units/Hotel
Rooms
TRA 003-005
Aggie Square Phase 1
Science and Technology West Units
Science and Technology Uses 235,542 -
Total Science and Technology West 235,542 -
Science and Technology East
Science and Technology Uses 103,356 -
Shared Lab 19,542 -
University Research 158,000 -
Total Science and Technology East 280,898 -
Lifelong Learning Tower
University Offices and Classrooms 162,963 -
Data Sciences 64,848 -
Coworking Space 40,000 -
Total Lifelong Learning Tower 267,811 -
Mixed Use
Alice Waters Institute for Edible Education 35,510 -
Other Commercial/Retail 15,790 -
Residential Dwelling Units 137,720 190
Total Mixed Use 189,020 190
Rehabilitation Hospital [2] 53,000 -
Garage 360,400 -
Total Phase 1 1,386,671 190
Aggie Square Phase 2
Science and Technology Uses 370,436 -
Coworking Space 21,564 -
University Research 200,000 -
Community Serving Retail 8,000 -
Total Phase 2 600,000 -
Total TRA 003-005 1,986,671 190
TRA 003-002
Additional UC Davis Development Hotel Rooms
Hotel 187,500 250
Clinical Research Building 100,000 -
Garage [3] - -
Total Additional UC Davis Development 287,500 250
Units
Other Additional Development
Multifamily Residential - 300
Total Other Additional Development
Total TRA 003-002 287,500
Total All TRAs 2,274,171
2-1
Source: University of California, Davis; Wexford Science and Technology; EPS. [3] Garage use included in TRA 003-002 includes a 1,200 parking stall garage.

All garage uses are assumed to be all private.

Total Project Land Uses [1]
[1] Building square footages shown reflect the estimated rentable building square feet within each building. Total building square footage may be greater because of non-leasable areas.
[2] The rehabilitation hospital is considered Phase 1 due to its timing relative to other Phase 1 developments, but the rehabilitation hospital is not a part of the partnership between Wexford and University of California, Davis for Aggie Square Phase 1 development.

Prepared by EPS 4/1/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 Text Tables 10 Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx 11 Economic & Planning Systems, Inc. (EPS) is vital to the unique “innovation ecosystem” that Aggie Square represents.3 Major elements for the Wexford Development include the following facilities, approximate rentable square footage (RSF), and envisioned uses.

Life Science, Technology & Engineering Buildings—East (281,000 RSF) and West (236,000 RSF)
 Translational Neurosciences Research
 Regenerative Medicine Research
 Medical Device Development Research
 Other Science and Technology Uses
 Other University Labs and Research
 Co-working Space
 Maker Space
 Shared Wet Lab Space
 Commercial Lab Space
 Food and Beverage Café
Lifelon
g Learning Building—268,000 RSF
 Public and Community Health Research
 University Offices and Classrooms
 Public Scholarship and Engagement
 Data Science Uses
 Continuing and Professional Education
 Community Colle
ge and Workforce Partnerships
 Tran
sformative Justice Studies in Sacramento
 Advancing Health Care Equity
 Mult
ilingual Education in California
 Biomedical Engineering at the Health Campus
 Co-wo
rking Space
 Innovation Hall
 Ventu
re Café
Res
idential/Food & Health Building—189,000 RSF
 Alice Waters Institute for Edible Education
 Other Commercial/Retail
 Resi
dential Dwelling Units
Public Open Spaces and Gathering Areas
 Aggie Square
 Market Plaza
 Mobility Plaz
a (for electric buses, bikeshare, carshare, and shuttle services)  Park
ing Garage
3 DESIGN FOLLOWING ACTION PURSUANT TO THE CALIFORNIA ENVIRONMENTAL QUALITY ACT, AGGIE SQUARE PHASE 1A, UC DAVIS SACRAMENTO CAMPUS, UC Regents Meeting Agenda Item F6, November 18, 2020.

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Economic & Planning Systems, Inc. (EPS) 12 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx Other Phase 1 Development
Rehabilitation Hospital
In addition to the Wexford Development, Phase 1 includes the private development of a new 52-bed Rehabilitation Hospital (separate from the Wexford/UC Davis collaboration).

Aggie Square Phase 2
Phase 2 is not part of the UC Davis/Wexford relationship and is expected to be developed by UC Davis or by a combination of UC Davis and partners in the future. This phase includes 600,000 square feet in 2 buildings consisting primarily of science, technology, and research uses. These land uses are included in the Phase 2 plan:
 370,000 square feet of science and technology uses
 200,000 square feet of university research space
 22,
000 square feet of co-working space
 8,000 square feet of community-serving retail
Other Aggie Square EIFD Land Uses
Planned uses outside of Phases 1 and 2 include a 250-room hotel, a 100,000-square-foot clinical research building, and a second 1,200-parking-stall garage that is anticipated to be split evenly between public and private uses (Additional UC Davis Development).

Finally, the Aggie Square EIFD boundary includes parcels owned by other property owners that are assumed for purposes of this IFP to accommodate up to 300 multifamily residential units (Other Additional Development).

Description of Propos ed Public Facilities
and Other Assistance
The public capital facilities proposed to be financed through the Aggie Square EIFD include roadway, storm water, water, sewer, and utility improvements in and surrounding the Project. Additional development planned to be financed includes the design and construction or rehabilitation of housing, as well as public gathering areas, open spaces, and buildings and parking facilities in the Project area. As described herein, improvements are separately described as those that are anticipated to be privately constructed (developer-led improvements) and those that are anticipated to be publicly constructed or financed (affordable housing improvements).

The Phase 1 improvements are designed and planned to facilitate the overall goals of providing communitywide significance and significant benefit to the area of the proposed Aggie Square EIFD and surrounding community. The following sections describe the proposed public facilities, all of which the City and the Aggie Square PFA view as providing significant public benefits, anticipated to be funded, in total or in part, by the EIFD Revenues. These sections identify the proposed location, timing, and estimated cost of development and improvements eligible for EIFD funding.

Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx 13 Economic & Planning Systems, Inc. (EPS) Description of Facilities and Development to Be Financed The Aggie Square EIFD is authorized to finance the purchase, construction, expansion, improvement, or rehabilitation of the facilities described herein. These facilities have an estimated useful life of 15 years or longer. In adopting this IFP, the Aggie Square PFA determines the facilities and development projects planned as of this date and the affordable housing are of communitywide significance and will provide significant benefits to the public within the Aggie Square EIFD boundary and the surrounding community, including by providing new public, quasi-public and private community-oriented facilities and affordable housing, promoting local hiring and living wages for construction jobs, and providing training programs and funds for community programs. Facilities located outside the boundary of the Aggie Square EIFD have a tangible connection to the work of the Aggie Square EIFD because they provide direct roadway, wet utility, or other service connection to proposed development in the Aggie Square EIFD. The Aggie Square EIFD may also finance, among other things, planning and design activities that are directly related to the purchase, construction, expansion, or rehabilitation of these facilities.

Facilities authorized to be financed by the Aggie Square EIFD are set forth below.

I. EIFD Public Facility and Development Projects
a. Aggie Square site work and site development, including the following:
i. Construction of 3rd Avenue from Stoc kton Boulevard to the parking garage, including curbs, gutters, sidewalks, street lighting, and landscaping, ii. Stockton Boulevard/3rd Avenue intersection improvements, iii. Extension of 45th Street from 2nd Avenue to 3rd Avenue, including curbs, gutters, sidewalks, and landscaping,
iv. Construction of access drive at Stockt on Boulevard between 2nd Avenue and 3rd Avenue to provide access for loading and drop off to the mixed- use/residential and West Science and Technology buildings, v. Improvements to Stockton Boulevard, including curbs, gutters, landscaping, and lighting,
vi. Storm water management improvem
ents, and
v
ii. Utility (water, sewer) connections and relocations as required. b. Design and construction of transit, tran sportation, pedestrian, and connectivity improvements, including parking facilities.
c. Design and construction of public gathering areas, education, and public open spaces (including but not limited to Aggie Square Plaza, Market Plaza, and the Alice
W
aters Edible Education Institute).

Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 14 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx d. Innovation infrastructure support, including but not limited to construction of Innovation Hall.
e. Affordable housing development.4
II. Other Expenses
In addition to the direct cost s of the above facilities, othe r incidental expenses if, as, and to the extent authorized by EIFD Law, including, but not limited to, the cost of engineering, planning, and surveying; construction staking; plan check and inspections; utility relocation and demolition costs incidental to the construction of the facilities; costs of Project/construction management; financing costs of improvements incurred by developers until reimbursement from the EIFD; costs of issuance of bonds or other debt of the EIFD, of a community facilities district of the City, or of any other public agency for authorized facilities and payment of debt service thereon; costs incurred by the County of Sacramento or the EIFD in connection with the division of taxes pursuant to Government Code section 53398.75; costs otherwise incurred in order to carry out the authorized purposes of the EIFD; and any other expenses incidental to the EIFD and to the financing, construction, completion, inspection, and acquisition of the authorized facilities.

EIFD Revenues Defined
As used in this IFP, EIFD Revenues means (i) the incremental amount of property taxes levied on all parcels or taxable interests in the Aggie Square EIFD, plus (ii) the allocable share of incrementa
l property tax in lieu of vehicle license fee revenues for all parcels or taxable interests in the Aggie Square EIFD, plus (iii) in-lieu payments that may be required from UC Davis, plus (iv) RPTTF revenues, plus (v) any other revenues that may be payable to or for the Aggie Square EIFD.

The in-lieu payments to be made by UC Davis are anticipated to be made in an amount equal to:5
• The 20% share of tax increment allocated to affordable housing improvements that would have been payable on space within the parking garage of the Wexford Development leased by UC Davis and for which UC Davis is given a property tax exemption or rebate due to the fact that it is a governmental agency, and • If the square footage leased by UC Davis and for which UC Davis is given a property tax exemption or rebate due to the fact that it is a governmental agency exceeds approximately 60% of total Wexford Development square footage (other than the garage), then property tax in-lieu payments to be made by UC Davis will include an 4 Financing of affordable housing development will be undertaken by the Aggie Square PFA only following required environmental review, if any. No specific affordable housing improvements have been identified to-date.
5 It is anticipated that the City will form a CFD and issue CFD bonds to fund infrastructure to support the Aggie Square project. It is also currently anticipated that all of the 80% money will be transferred to a trustee for offsetting special tax payments and making debt service payments on the CFD bonds.

These obligations of UC Davis for the 20% portion described above will terminate when the City, Wexford, and the Aggie Square EIFD jointly determine that the 80% portion of EIFD Revenues is no longer required for the purposes described in this plan.

UC Davis will make additional rent payments to Wexford in the amount of the 80% of tax increment that would have been available to the Aggie Square EIFD related to space within the garage of the Wexford Development leased by UC Davis and square footage leased by UC Davis in excess of approximately 60% of total Wexford Development square footage (other than the garage). The Aggie Square EIFD will track rent payment made from UC Davis to Wexford via methods to be established under a separate agreement.

As described in this IFP, EIFD Revenues will be used for several purposes as shown below.

EIFD Revenues may vary from the amount levied and thus be subject to adjustments for delinquencies. Because delinquencies may be temporal in nature, until remediated, the financial modeling in this IFP does not include delinquency estimates.

Net EIFD Revenues after delinquencies will be used to fund EIFD administrative costs, which are estimated in this IFP as 3 percent of the EIFD Revenues. The Net EIFD Revenues (i.e., EIFD Revenues net of delinquencies, if any, and administrative costs) are proposed to be divided in the following manner: 80 percent will be available to fund developer-led improvements, subject to the conditions described in this IFP, and 20 percent will be available to fund development of affordable housing. When used in the remainder of this IFP, the terms “Developer-led improvements, 80 percent portion and Item Formula
Without
Delinquencies
Assuming 3%
Delinquencies
EIFD Revenues a $100,000 $100,000
Less Deliquencies [1] b $0 ($3,000)
Less EIFD Administrative Costs c ($3,000) ($3,000)
Net EIFD Revenues d = a - b - c $97,000 $94,000
Developer-Led Improvements (80 Percent Portion) e = d * 0.8 $77,600 $75,200 Affordable Housing Improvements (20 Percent Portion) f = d * 0.2 $19,400 $18,800 Example Calculations
[1] Shown for illustrative purposes. Because deli nquencies may be temporal in nature, they have not been included in the financial modeling.

Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 16 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx 80 percent of EIFD Revenues” and “Affordable housing improvements, 20 percent portion and 20 percent of EIFD Revenues” shall have the meanings described above.

Estimated Cost, Timing, and Location of EIFD Facilities Cost estimates for the Wexford Development portion of the EIFD-eligible facilities are derived from Wexford and the City. As described in this IFP, the Wexford Development EIFD-eligible facilities are eligible to be reimbursed from the 80% portion of EIFD Revenues in the amount of $30 million, plus financing costs related thereto and interest on any unreimbursed balance, to the extent such interest is owed pursuant to agreements expected to be entered into between the City, Wexford, the Aggie Square EIFD, and possibly UC Davis. The remaining 20 percent of EIFD Revenues are identified as being available to fund affordable housing improvements, consisting of both affordable housing units and infrastructure supporting affordable housing units. Figure 2-1 illustrates the flow of incremental EIFD Revenues anticipated to fund a portion of EIFD- eligible facilities. Figure 2-1 identifies the 80/20 split of EIFD Revenues and how those revenues would be used to fund eligible improvements—including those anticipated to be completed by Wexford and those anticipated to be used for affordable housing. As described in further detail below, EIFD funding for eligible improvements anticipated to be completed by Wexford is subject to a maximum funding amount.

Maximum EIFD Funding for Phase 1 Wexford Development
The maximum contribution to the Wexford Development funded through EIFD Revenues is equal to $30 million, plus financing costs and interest on any unreimbursed balance, to the extent such interest is owed pursuant to an agreement expected to be entered into between Wexford, the City, the Aggie Square EIFD, and possibly UC Davis.

The Wexford reimbursement amount will be funded solely from the 80 percent portion of EIFD Revenues. Use of the 80 percent EIFD Revenue stream to fund the Wexford reimbursement amount may take whatever form(s) as may be determined by the Aggie Square PFA, including:
 Payment of debt service on bonds that may be issued through the Aggie Square EI FD
f
or EIFD-eligible facilities.
 Payment of debt service and/or special taxes used to pay debt service on bonds iss
ued through a community facilities district of the City, or of any other public agen
cy, for EIFD-eligible facilities.
 Payment of EIFD-eligible facilities on a pay-as-you-go basis, with an agreed upon inte
rest component.
 The above terms will be included in a formal written agreement between Wexford, the Ag
gie Square EIFD, and if necessary, the City and/or UCD, as needed.

Figure 2-1
Aggie Square EIFD
Potential Flow of EIFD Revenues
Use of revenues in excess of EIFD Commitment to Wexford is subject to future City Council action and Amendment of the IFP by the PFA. 2 Revenues net of EIFD administrative costs. As denoted, any delinquencies shall not reduce the 20% portion for affordable housing improvements. 4 UC Davis In-lieu payments for affordable housing are anticipated to be made in an amount equal to 20% of the tax increment that would otherwise be generated for garage space and leased space in buildings in excess of 60%.

Subject to Future City Council Action
and Amendment of the IFP by the PFA
3 Amount for Developer-constructed improvements capped at $30 million plus applicable financing costs and interest on any unreimbursed balance, to the extent such interest is owed pursuant to agreements expected to be entered into by the Aggie Square EIFD.
1 Payments for the 80% portion of tax increment related to the parking structure (garage) and leased space in buildings in excess of 60% will be handled through direct rent payments from UC Davis to Wexford and tracked by the EIFD via project agreement.

Developer Improvements
(80 % Portion)1 2
Affordable Housing Investments
‐ Affordable Housing
‐ Related Infrastructure
EIFD Commitment to Wexford3
‐ CFD debt service payment
‐CFD tax payment reimbursement
‐ PAYGO reimbursement
Affordable Housing
Improvements
(20% Portion)2
New Tax Increment
Potential
Future Infrastructure of
Community‐Wide Benefit_
UC Davis In‐Lieu Payments for
Affordable Housing from
Garage and Leased Buildings in
excess of 60%4
Prepared by EPS 4/1/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 TIF Flow v5.0 03-31-21 17 Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 18 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx It is possible that the development by UC Davis and/or partners for Aggie Square Phase 2 and the Additional UC Davis Development (see “Other Aggie Square EIFD Land Uses” above) may require funding from the Aggie Square EIFD for additional EIFD-eligible facilities related to such development beyond the EIFD-eligible facilities to be constructed by Wexford and included in the Wexford reimbursement amount. At such time that the proposed need for funding from the Aggie Square EIFD is identified, UC Davis and/or UC Davis partners may request the City and Aggie Square PFA conduct an analysis (or analyses) of the proposed development of Aggie Square Phase 2 and the Additional UC Davis Development to determine if future Aggie Square EIFD participation is warranted. Such analysis would be conducted once proposals for such development have been presented to the Aggie Square PFA and the City (if the development of Phase 2 and the Additional UC Davis Development occurs in phases, analyses for each phase may be undertaken). If the analysis (or analyses) determines that such assistance from the Aggie Square EIFD warrants consideration, then it is acknowledged in this IFP that the City and Aggie Square PFA may consider amendments to this IFP authorizing Aggie EIFD funding for additional EIFD-eligible facilities related to such development projects as needed for project feasibility and direct EIFD Revenues for such purpose, recognizing that any action by the City and the Aggie Square PFA would be discretionary actions by such entities and any amendment to the IFP would be subject to the amendment provisions of the EIFD Law and this IFP. See also “Limit on Total Taxes Allocated to the EIFD,” herein.

Once the Wexford reimbursement amount has been fully paid and there are no other outstanding claims upon the 80 percent portion of the EIFD Revenues—including any future financial assistance that may be agreed to by the Aggie Square PFA and the City for Phase 2 and Additional UC Davis Development, as described above—the 80 portion of the EIFD Revenues would no longer be allocated to the Aggie Square EIFD. The estimated costs, timing, and location of Wexford Development improvements and affordable housing improvements are described in more detail below.

Wexford Development (Developer-Led Improvements)
In developing Phase 1, it is anticipated that Wexford and other parties will spend approximately $900 million in infrastructure, site development, and vertical development, including completion of the buildings and tenant improvements, plazas and open space, mobility center, and parking garage. Wexford currently plans to commence construction of the Wexford Development in 2022, with a targeted completion date of 2024.

As identified, the maximum Aggie Square EIFD funding commitment to reimburse Wexford for a portion of EIFD-eligible facilities equals $30.0 million (in 2020 dollars) plus financing costs and interest on any unreimbursed balance. Interest may accrue on any unreimbursed balance owed to Wexford for Aggie Square EIFD-eligible facilities and costs, to the extent such interest is owed pursuant to agreements expected to be entered into between the City, Wexford, the Aggie Square EIFD, and possibly UC Davis. The table below identifies the initial public capital facilities associated with the Wexford Development. These public capital facilities and other improvements (EIFD-eligible facilities) are located within the EIFD boundaries or are within roadways adjacent to the Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx 19 Economic & Planning Systems, Inc. (EPS) EIFD. Table 2-2 shows the estimated total costs of these EIFD-eligible facilities. As shown, estimated costs of EIFD-eligible facilities far exceed the EIFD Revenues being pledged to fund a portion of these eligible costs.

Other EIFD Improvements (Affordable Housing Improvements) As shown in Figure 2-1, the Aggie Square EIFD will use 20 percent of the EIFD Revenues to fund affordable housing investments. Because agreements between Wexford and related entities and UC Davis are anticipated to leave open an option for UC Davis to lease additional building square footage in the Wexford Development beyond the amounts identified in this IFP (based on current plans for the initial lease-up period), the Aggie Square EIFD intends to enter into an agreement with UC Davis to ensure the 20 percent of EIFD Revenues will be paid through in lieu payments made by UC Davis on leased space in the garage and should the square footage leased by UC Davis exceed approximately 60% of total Wexford Development square footage (other than the garage).

The Aggie Square EIFD shall maintain books and records to ensure that the 20 percent of EIFD Revenues component can be separately tracked and identified as being used solely for affordable housing improvements.

The Aggie Square EIFD will spend all of the EIFD Revenues earmarked for affordable housing on affordable housing investments (i.e., affordable housing units and related infrastructure). Appendix F includes the estimated total and net present value of EIFD Revenues (i.e., 20 percent portion) estimated to be available to fund affordable housing and related infrastructure based on full Project Buildout.6 Map 2-1 illustrates the proposed location where affordable housing may be constructed, with the boundaries being the geographic area within the City limits bounded on the west by Highway 99, on the north by Highway 50, on the east by 65th Street, and on the south within the City limits west of 65th Street. Once the Aggie Square EIFD is formed, the first affordable housing project could occur within the first 10 years following completion of Aggie Square Phase 1 development as available EIFD Revenues for affordable housing investments become available.

EIFD-Funded Facilities Execution
The following sections required by EIFD Law describe how Aggie Square EIFD facilities may be constructed, whether privately or publicly. The Aggie Square EIFD and IFP are flexible to fund facilities that may be constructed entirely privately, jointly by the private sector and the public sector, or entirely by the public sector, although the latter is not anticipated.
6 Financing of affordable housing development will be undertaken by the Aggie Square PFA only following required environmental review, if any. No specific affordable housing projects have been identified to- date.

Table 2‐2
Enhanced Infrastructure Financing District
Aggie Square Phase 1
Potential EIFD Eligible Facilities / Improvements
Facilities / Improvements Preliminary Estimated Hard Cost (YOE$)
Aggie Square Garagei $60,900,000
Site Work and Site Developmentii $18,700,000
Alice Waters Edible Education Instituteiii $16,300,000 Innovation Infrastructure Supportiv $3,300,000
Market Plaza Developmentv $2,300,000
Aggie Square Developmentvi $3,600,000
Total Cost $105,100,000
i Garage is assumed to be available for public, events, Aggie Square tenants and guests. Cost reflects the full cost of the build, so total cost could be prorated, should the University master lease a portion of the garage. ii Includes: 1) construction of 3rd Avenue from Stockton Boulevard to the parking garage including curbs, gutters, sidewalks, street lighting, and landscaping; 2) Stockton Boulevard/3rd Avenue intersection improvements; 3) extension of 45th Street from 2nd Avenue to 3rd Avenue including curbs, gutters, sidewalks, and landscaping; 4) construction of access drive at Stockton Boulevard between 2nd Avenue and 3rd Avenue to provide access for loading and drop off to the mixed use/residential and West Science and Technology buildings; 5) improvements to Stockton Boulevard including curbs, gutters, landscaping, and lighting; 6) storm water management improvements; and 7) utility (water, sewer) connections and relocations as required. iii This Institute will be dedicated to research, policy and practice activities to further a three‐part mission: 1) provide a free sustainable school lunch for all K‐12 students in California, 2) buy food directly from farmers and ranchers who take care of the land and their workers, and 3) teach students the values of nourishment, steward ship and community. This education and training institute is envisioned to provide a state‐of‐the‐art school kitchen, a dining area for 200 people to convene for educational events, and an outdoor farmer’s market pavilion in the market plaza at the planned intersection of Stockton Blvd. and 3rd Avenue.
iv This Innovation Infrastructure includes the tenant improvements for both Innovation Hall and Venture Café‐creating both the physical and social infrastructure that is entirely open to the community, serving to connect entrepreneurs to corporates to students to community members. This does not include a coworking and/or wet lab space hard costs. v Market Plaza, sitting outside of the Alice Waters Institute for Edible Education, will be an open, green space with places to sit, eat, work, and play. This space will likely also host a community‐wide farmer’s market. This $2.3M represents the construction of this space, terrace, ample trees, etc.
vi Aggie Square, the central outdoor space of the development, will connect all of the community space, retail, office and lab areas to the larger community. This space will be a dynamic outdoor green space that will serve as the heart of the Aggie Square development.
20 City of SacramentoSacramento County
Aggie Square EIFD
City of Sacramento
Sacramento County
·|}þ99
(/50

LEMON HILL AVE

BROADWAY
24TH ST
14TH AVE

STOCKTON BLVD

BROADWAY
47TH AVE

FRANKLIN BLVD

FRUITRIDGE RD
T ST

FOLSOM BLVD
65TH ST
65TH STREET EXPY
S ST

MARTIN LUTHER KING JR BLVD
59TH ST
34TH ST

ELDER CREEK RD

ELVAS AVE
2ND AVE
12TH AVE

ALHAMBRA BLVD

SUTTERVILLE RD
24TH ST
21ST AVE
65TH ST
µ0 10.5
Mile
Aggie Square EIFD
Expected Area for
City-Led Improvements
Map 2-1
Affordable Housing Improvements Priority Area
Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 22 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx Facilities to Be Provided by the Private Sector
It is anticipated that the EIFD-eligible facilities described above as developer-led, consisting of part of the Wexford Development, would be constructed by Wexford as part of Phase 1 of Aggie Square. Therefore, this IFP reflects the expectation that EIFD-eligible facilities identified as developer-led would be constructed by a private-sector entity.

While not known at this time, it is anticipated that additional future EIFD-eligible facilities may be completed as development proceeds in Phase 2 and future phases of Aggie Square (as described above). This IFP reflects the possibility that such future EIFD- eligible facilities also may be constructed by a private-sector entity. Before any work on such future EIFD-eligible facilities was initiated, the IFP would need to be amended and the City Council also would need to agree.

Facilities to Be Provided by the Public Sector Without Assistance from the EIFD No Project-related public facilities are anticipated to be provided by the public sector without assistance from the EIFD. As mentioned, the City is preparing a Stockton Boulevard Corridor Specific Plan. As a result of that effort, the City or other public agency may identify public facilities that fit into this description. The provisions of this IFP do not preclude the City or other public-sector entity from providing facilities without assistance from the EIFD.

Facilities Provided Jointly by Private Sector and Governmental Entities Future EIFD facilities are anticipated to be funded through a combination of EIFD Revenues and additional private capital that EIFD investment could leverage in the form of affordable housing or other community investments. This IFP anticipates this potential outcome is likely.

Communitywide Benefits of EIFD-Funded
Facilities
Investment in EIFD-eligible facilities related to Aggie Square development is anticipated to leverage private investment to generate upwards of $1.6 billion (in 2020 dollars) of new assessed value in the Project and surrounding area. The City and surrounding region would realize one-time and ongoing economic benefits from the investment.

Approximately $3.3 billion annually is anticipated in ongoing economic impacts to Sacramento County, and estimated ongoing economic impacts from the Project for the 6-county region are estimated at approximately $5 billion annually, based on full Proj ect
bui
ldout.

The EIFD will contribute to economic expansion in the City and beyond by funding new roadway, intersection, signalization, transit, parking, pedestrian, and bike lane improvements that will enhance mobility by providing better alternatives for transportation mode choice for existing community residents and employees in the UC Davis Sacramento Campus and surrounding health care district. These public improvements also will help future residents and employees of the area by increasing Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx 23 Economic & Planning Systems, Inc. (EPS) access in and throughout the Stockton Boulevard corridor adjacent to the UC Davis Sacramento Campus.

In addition, the Project includes several public gathering areas such as Aggie Square, Market Plaza, the Mobility Plaza, and a new Innovation Hall, all of which would be highly programmed with events and activities available to UC Davis students, employees, and guests of Aggie Square, as well as the general public, including but not limited to a farmers’ market, outdoor performances, food trucks, health fairs, science fairs, outdoor education, and programs focusing on sustainability.

In addition to the public facilities and other improvements identified above, the EIFD is also permitted to provide funding for affordable housing. Provision of adequate affordable housing for City residents is a City goal as identified in the City’s General Plan.

Funding made available through the EIFD for affordable housing may be leveraged to attract additional private or other public funding to address ongoing affordable housing needs.

Goals Achieved by EI FD-Funded Facilities
Each EIFD-eligible facility being financed is a Project element required by the development. To achieve the City’s desire to facilitate Aggie Square construction, the primary goal in financing EIFD-eligible facilities is to catalyze significant private investment in additional infrastructure, site development, Phase 1 of Aggie Square, and subsequent development and construction of Phase 2 of Aggie Square and other projects in the surrounding area.

City Policy Goals
The City’s existing Economic Development strategy and the City’s “Scale Up” Sacramento strategy currently underway highlight the importance of the health care industry in the Sacramento Region. These studies along with the Prosperity Strategy 7 recommend
reducing the innovation gap between research, development, and commercialization of health and technology breakthroughs. The Project intends to create such a hub and to position Sacramento nationally to be a leader in the food and health care industries.

Economic Impacts
The Regional Economic and City Fiscal Impact Analysis (Impact Study) completed by Economic & Planning Systems, Inc. (EPS) in July 2020 estimated that Aggie Square, when fully built out, would add approximately $5 billion annually and 25,000 ongoing jobs to the 6-county region. Of these regional economic benefits, approximately $3.3 billion annually and 15,600 ongoing jobs would be added to the Sacramento County economy. In addition, it is estimated the construction of Aggie Square will generate a 7 Our Path Forward: The Prosperity Strategy, a joint effort of the Greater Sacramento Economic Council, Sacramento Metro Chamber of Commerce, Sacramento Area Council of Governments (SACOG), and Valley Vision, May 2020.

Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 24 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx one-time economic benefit of approximately $2.6 billion, with $1.8 billion of that occurring in Sacramento County. It is important to note that this prior July 2020 analysis was completed using previous land use plans from Wexford and UC Davis (with higher building square footages), which have now been revised for this IFP.

Consistency with General Plan
By adopting this IFP, the Aggie Square PFA finds and declares this IFP is consistent with the General Plan of the City, as required by EIFD Law.

Communitywide Significance
By adopting this IFP, the Aggie Square PFA finds and declares the facilities and development projects planned as of this date and the affordable housing are of communitywide significance and provide significant benefits to an area larger than the area of the Aggie Square EIFD, as described above.

3. Financing Section
This chapter describes the financing of Aggie Square EIFD-eligible facilities and fiscal impacts of Aggie Square and includes:
 A description of the allocation of revenues to the Aggie Square EIFD.  A specification of the maximum portion of increm
ental tax revenue of the City
pro
posed to be committed to the Aggie Square EIFD.
 A projection of the amount of tax revenues expected to be received by the Aggie Squa
re EIFD each year of its existence.
 A p
lan for financing the facilities to be assisted by the Aggie Square EIFD.  A limi
t on the total dollars that may be allocated to the Aggie Square EIFD.  A date on
which the Aggie Square EIFD will cease to exist.
 An analysis of the costs to the City of providing facilities and services to the area of the Aggie Square EIFD and the projected fiscal impact of the Aggie Square EIFD.

Allocation of Re venues to EIFD
Contingent Nature of Annual Allocation of Tax Revenues by City The annual allocation of tax revenues to the Aggie Square EIFD by the City, as the sole affected taxing entity allocating tax revenues to the Aggie Square EIFD, is contingent upon the Aggie Square PFA’s use of such increment to pay for the costs of authorized facilities, projects, or services, and to accomplish other authorized Aggie Square EIFD purposes, including to pay debt service on bonds issued to accomplish such purposes.

Each annual allocation of tax revenues to the Aggie Square EIFD by the City under this IFP shall be subject to this condition, and in no event may future allocations of tax revenues be accelerated.

Description of Tax Revenues Allocated by the City to the Aggie Square EIFD Revenues shall be allocated to the Aggie Square EIFD in accordance with section 53398.75. More specifically, that portion of the property taxes levied on taxable property within the boundary of the Aggie Square EIFD after the effective date of the resolution adopted to establish the Aggie Square EIFD shall be allocated as follows:
(1) That po
rtion of the taxes that would be produced by the rate upon which the tax is levied each year by or for the City, as the sole affected taxing entity that has agreed to p
articipate pursuant to Section 53398.68, upon the total sum of the assessed value of the taxable
property in the Aggie Square EIFD as shown upon the assessment roll used in conn
ection with the taxation of the property by the City, last equalized prior to the Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 26 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx effective date of the resolution adopted pursuant to Section 53398.69 to create the Aggie Square EIFD, shall be allocated to, and when collected shall be paid to, the City as taxes by or for the City on all other property are paid,
(2) That po
rtion of the levied taxes each year specified in this IFP for the City, as the sole affected taxing entity that has agreed to participate pursuant to Section 53398.68, in ex
cess of the amount specified in paragraph (1) shall be allocated to, and when collected shal
l be paid into a special fund of, the Aggie Square EIFD for all lawful purposes of the Aggie S
quare EIFD. Unless and until the total assessed valuation of the taxable property in the A
ggie Square EIFD exceeds the total assessed value of the taxable property in the Agg
ie Square EIFD as shown by the last equalized assessment roll referred to in para
graph (1), all of the taxes levied and collected upon the taxable property in the Aggie Squa
re EIFD shall be paid to the City. When the Aggie Square EIFD ceases to exist pur
suant to this IFP, all moneys thereafter received from taxes upon the taxable property in the A
ggie Square EIFD shall be paid to the City as taxes on all other property are paid.

Notwithstanding the foregoing, because the Aggie Square EIFD’s boundaries overlap with the boundaries of a former redevelopment project area, any debt or obligation of the Aggie Square EIFD shall be subordinate to any and all enforceable obligations of the former redevelopment agency, as approved by the Oversight Board and the Department of Finance. For the purposes hereof, the division of taxes allocated to the Aggie Square EIFD pursuant to the foregoing shall not include any taxes required to be deposited by the county auditor-controller into the Redevelopment Property Tax Trust Fund created pursuant to subdivision (b) of Section 34170.5 of the Health and Safety Code.

In addition, the net available revenue annually allocated to the City shall be allocated to, and, when collected shall be apportioned to, a special fund of the Aggie Square EIFD for all lawful purposes of the Aggie Square EIFD. For the purposes of this IFP, “net available revenue” means periodic distributions to the City from the Redevelopment Property Tax Trust Fund, created pursuant to Section 34170.5 of the Health and Safety Code, that are available to the City after all preexisting legal commitments and statutory obligations funded from that revenue are made pursuant to Part 1.85 (commencing with Section 34170) of Division 24 of the Health and Safety Code. “Net available revenue” shall not include any funds deposited by the county auditor-controller into the Redevelopment Property Tax Trust Fund or funds remaining in the Redevelopment Property Tax Trust Fund prior to distribution, and shall not include any moneys payable to a school district that maintains kindergarten and grades 1 to 12, inclusive, community college districts, county office of education, or to the Educational Revenue Augmentation Fund, pursuant to paragraph (4) of subdivision (a) of Section 34183 of the Health and Safety Code. The “net available revenue” is also sometimes referred to in this IFP as RPTTF revenue.

In addition, that portion of any ad valorem property tax revenue annually allocated to the City pursuant to Section 97.70 of the Revenue and Taxation Code that corresponds to the increase in the assessed valuation of taxable property shall be allocated to, and, when collected, shall be apportioned to, a special fund of the Aggie Square EIFD for all lawful purposes of the Aggie Square EIFD. When the Aggie Square EIFD ceases to exist Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx 27 Economic & Planning Systems, Inc. (EPS) pursuant to this IFP, the revenues described in this subdivision shall be allocated to, and, when collected, shall be apportioned to, the City.

In addition, the Aggie Square EIFD shall not be prevented from utilizing revenues from any of the sources set forth in the EIFD Law or other applicable law to support its activities, provided that the applicable voter approval has been obtained (if applicable).

Maximum Portion of Incremental Tax
Rev
enue Committed to EIFD
The City is proposing to allocate incremental property tax revenues to the Aggie Square EIFD. As described in this Financing Section, incremental property tax revenues may include property tax revenues, Redevelopment Property Tax Trust Fund (RPTTF) revenues, and PTILVLF revenues. The maximum portion of incremental property tax revenues (as defined above) the City is proposing to commit to the Aggie Square EIFD is 100 percent of the City’s share of annual property tax revenues, RPTTF revenues, and PTILVLF attributable to Aggie Square EIFD properties, except the “pass-through” revenues described below.

As described below in greater detail, the City currently receives “pass-through” incremental property tax revenue from the former Oak Park Redevelopment Project Area.

The City does not intend to commit that incremental pass-through property tax revenue to the Aggie Square EIFD. Because it is not committed to the Aggie Square EIFD, that incremental pass-through revenue will continue to accrue to the City’s General Fund.

Finally, when the former Oak Park Redevelopment Project Area is terminated/dissolved, dollar amounts formerly identified as pass-through revenues will simply be identified as property tax revenues. After such termination date, the City intends to continue to receive a dollar amount at least equal to the pass-through revenue in the final year in which the Oak Park Redevelopment Project Area existed.

For example, if the former Oak Park Redevelopment Project Area is terminated in Fiscal Year 2037/38 and the pass-through revenue to the City is $170,000 in that fiscal year, the City desires to continue to receive at least $170,000 in property tax revenue in the Aggie Square EIFD after FY 2037/38, and that amount would not be available to the Aggie Square EIFD.

Tax Revenue Projections
Tax revenues available to the Aggie Square EIFD will be based on the City’s share of property tax revenue and PTILVLF revenue attributable to the growth in taxable assessed value in the Aggie Square EIFD beginning Fiscal Year 2021/22. Property tax revenue is collected by the County Tax Collector through a 1.0 percent general tax levy on the taxable assessed value of all real property. The 1.0 percent property tax levy is collected and distributed to agencies in the City’s geographic area, including the City, Sacramento Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 28 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx County (County), school districts, and special districts in accordance with applicable State law.

The City also receives PTILVLF revenue, which originated from the 2004 State Budget Act, which permanently reduced the Vehicle License Fee (VLF) from 2 percent to

0.65 percent. In exchange for this reduction, the State swapped the VLF reduction with property tax. The incremental PTILVLF is calculated based on the incremental increase in assessed value within a jurisdiction as compared to the base year revenue a jurisdiction would have received in Fiscal Year 2004/05.

A portion of the Aggie Square EIFD is located within the boundaries of the former Oak Park Redevelopment Project Area. Property tax revenues generated by taxable assessed values in former Redevelopment Project Areas (including a portion of the Aggie Square EIFD) will be distributed in accordance with the flow of funds specified by statutes effecting the dissolution of Redevelopment Agencies until all obligations of the former Redevelopment Agency are retired. Based on information from the City and the County, it is anticipated that the Oak Park Redevelopment Project Area obligations will continue through Fiscal Year 2037/38. While the Oak Park Redevelopment Project Area is in place, through Fiscal Year 2037/38, distributions from the RPTTF related to that portion of the Aggie Square EIFD areas in the former Oak Park Redevelopment Project Area will be available to the Aggie Square EIFD on a subordinate basis to the obligations of the former Redevelopment Agency.

After termination of the Oak Park Redevelopment Project Area, the City will receive its share of property tax revenues in accordance with the statutes governing the distribution of property tax revenues for property not located in a Redevelopment Project Area.

This section describes anticipated EIFD Revenues by year, with consideration to the statutory framework dictating the distribution of property tax revenues, as that framework may change over time. Table 3-1 summarizes the EIFD Revenue projections by year, and the following sections offer a detailed description of the analysis supporting the revenue projections. As shown in Table 3-1, Aggie Square PFA will segregate EIFD Revenues into the following 2 categories:

1. EIFD Revenues for developer-led improvements
.

2. EIFD Revenues for
affordable housing improvements.

Amounts identified in Table 3-1 are based on the best information available regarding the amount, timing, and value of future development in the Aggie Square EIFD, the Oak Park Redevelopment Project Area, and all other City Redevelopment Project Areas.

However, given uncertainty regarding the timing of Aggie Square EIFD development relative to the remainder of the Oak Park Redevelopment Project Area and all other Redevelopment Project Areas in the City, the actual revenues will be different than the projections contained herein. Amounts illustrated in Table 3-1 are also net of an assumed 3 percent PFA administrative charge.

Table 3-1
City of Sacramento Aggie Square EIFD
EIFD Revenue Summary for Fiscal Years 2020-21 through 2068-69 (Real $) Developer
Improvements
80%
Affordable Housing
Improvements
20% Total
2021 $0 $0 $0
2022 $58,915 $14,729 $73,644
2023 $60,968 $15,242 $76,210
2024 $63,090 $15,772 $78,862
2025 $1,570,616 $392,654 $1,963,270
2026 $1,621,694 $405,423 $2,027,117
2027 $1,655,727 $413,932 $2,069,659
2028 $2,204,229 $551,057 $2,755,286
2029 $2,278,995 $569,749 $2,848,744
2030 $2,327,707 $581,927 $2,909,634
2031 $2,378,425 $594,606 $2,973,031
2032 $3,136,884 $784,221 $3,921,105
2033 $3,227,753 $806,938 $4,034,691
2034 $3,308,325 $827,081 $4,135,406
2035 $3,333,891 $833,473 $4,167,364
2036 $3,457,926 $864,481 $4,322,407
2037 $3,555,361 $888,840 $4,444,201
2038 $3,634,527 $908,632 $4,543,159
2039 $3,852,406 $963,102 $4,815,508
2040 $3,930,844 $982,711 $4,913,555
2041 $4,010,851 $1,002,713 $5,013,564
2042 $4,092,458 $1,023,115 $5,115,573
2043 $4,175,697 $1,043,924 $5,219,621
2044 $4,260,601 $1,065,150 $5,325,751
2045 $4,347,203 $1,086,801 $5,434,004
2046 $4,435,537 $1,108,884 $5,544,421
2047 $4,525,638 $1,131,409 $5,657,047
2048 $4,617,541 $1,154,385 $5,771,926
2049 $4,711,281 $1,177,820 $5,889,102
2050 $4,806,897 $1,201,724 $6,008,621
2051 $4,904,425 $1,226,106 $6,130,531
2052 $5,003,903 $1,250,976 $6,254,879
2053 $5,105,371 $1,276,343 $6,381,714
2054 $5,208,869 $1,302,217 $6,511,086
2055 $5,314,436 $1,328,609 $6,643,045
2056 $5,422,115 $1,355,529 $6,777,644
2057 $5,531,947 $1,382,987 $6,914,934
2058 $5,643,976 $1,410,994 $7,054,970
2059 $5,758,246 $1,439,561 $7,197,807
2060 $5,874,801 $1,468,700 $7,343,501
2061 $5,993,687 $1,498,422 $7,492,108
2062 $6,114,950 $1,528,738 $7,643,688
2063 $6,238,639 $1,559,660 $7,798,299
2064 $6,364,802 $1,591,201 $7,956,003
2065 $6,493,488 $1,623,372 $8,116,860
2066 $6,624,748 $1,656,187 $8,280,935
2067 $6,758,633 $1,689,658 $8,448,291
2068 $6,895,195 $1,723,799 $8,618,994
2069 $7,034,489 $1,758,622 $8,793,112
Total $201,928,707 $50,482,177 $252,410,884
text EIFD
Source: EPS.
[1] Revenue estimate excludes 3% allocation for administration costs.

Fiscal Year
Ending
Annual EIFD Revenue
(Fiscal Years 2020-21 through 2068-69) [1]
Prepared by EPS 4/1/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 Text Tables 29 Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 30 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx Finally, it is not known when or if the issuance of tax increment bonds will be approved or when other potential debt options may be triggered. For purposes of this analysis, the tax increment projections are based on the assumption that bonds may be issued in as early as Fiscal Year 2023/24, which results in a projected 45-year term for Aggie Square, ending in Fiscal Year 2068/69. The actual term will depend on if and when the issuance of bonds is approved for the Aggie Square EIFD.

RPTTF Revenues
As specified above, the Aggie Square EIFD is located in the Oak Park Redevelopment Project Area. The availability of property tax revenues is therefore controlled by applicable statutes dictating the distribution of revenues in Redevelopment Project Areas.

This section offers an overview of how RPTTF revenues are distributed in the City.

Effective February 1, 2012, the State dissolved Redevelopment Agencies, pursuant to the terms of Assembly Bill (AB) 26 and subsequent amendments offered by AB 1484 and other legislation (collectively referred to as the Dissolution Act). The City has assumed the role of Successor Agency to the Redevelopment Agency of the City (Redevelopment Agency Successor Agency or RASA).

Under the terms of the Dissolution Act, tax increment revenues (now termed property tax revenues) formerly accruing to a Redevelopment Agency are deposited by the County Auditor-Controller into the RPTTF to fund the remaining Redevelopment Agency obligations. Revenues deposited into the RPTTF are used to fund the following obligations:
 Property tax administration charges.
 Statutory and negotiated pass-
through payments.
 Forme
r Redevelopment Agency obligations as established by the Redevelopment Ob
ligations Payment Schedule (ROPS), including debt obligations, site-specific agreemen
ts, and other financial commitments or enforceable obligations assumed by the Redevelopment Agency Successor Agency.

Af
ter consideration of additional administrative charges, RPTTF revenues not needed to fund RASA obligations are redistributed to the affected taxing entities, including the City, the County, school districts, and other special districts.

In the City, there are 11 Redevelopment Project Areas that were established by the former Redevelopment Agency of the City. In September 2015, RASA issued Tax Allocation Refunding Bonds that were secured by a pledge of a portion of the RPTTF revenues generated by all 11 Redevelopment Project Areas. As a result, the property tax revenues for all City Redevelopment Project Areas are pooled to fund remaining RASA obligations. Once all RASA obligations are satisfied, the remaining RPTTF funds are distributed back to the individual Redevelopment Project Areas and then to the appropriate affected taxing entities based on the property tax distribution as established Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx 31 Economic & Planning Systems, Inc. (EPS) by the Tax Rate Area(s) comprising each Redevelopment Project Area. Figure 3-1 illustrates the flow of property tax revenues generated by the Redevelopment Project Areas in the City.

Aggie Square EIFD Share of RPTTF Revenues
Tables 3-2 and 3-3 summarize the Aggie Square EIFD share of RPTTF revenues generated by the Oak Park Redevelopment Project Area. Tables 3-2 and 3-3 end after FY 2038 because the Oak Park Redevelopment Project Area is expected to be terminated by, but no earlier than, July 1, 2038, upon resolution of all RASA obligations.

Because the Aggie Square EIFD comprises only a portion of the Oak Park Redevelopment Project Area, only a portion of RPTTF revenues attributable to the Oak Park Redevelopment Project Area are available to the EIFD. RPTTF revenues attributed to the Oak Park Redevelopment Project Area are established based on detailed financial modelling depicting anticipated RASA cash flows with consideration to the pooling of individual Redevelopment Project Area property tax revenues to satisfy remaining RASA obligations and the subsequent distribution of remaining RPTTF revenues to individual Redevelopment Project Areas and the affected taxing entities. 8 This model is included as
Attachment D.

Post-Redevelopment Agency Property Tax Revenues
Once the RASA obligations have been satisfied and the Oak Park Redevelopment Project Area is dissolved, the AB 8 allocation system will provide the basis for determining the revenues available to the Aggie Square EIFD, as summarized in Table 3-1.

Continuation of Existing City Pass-Through Revenues
Under the RPTTF property tax allocation paradigm, the City receives a portion of the Tier 1 pass-through revenue, as established by California Redevelopment Law and in accordance with Dissolution Act provisions. That pass-through revenue is deposited into the City’s General Fund. Upon termination of the Oak Park Redevelopment Project Area, the City will no longer receive that Tier 1 pass-through revenue. Therefore, to ensure that property tax receipts to the City’s General Fund are maintained at prior-year levels, the incremental share of property tax revenues available to the Aggie Square EIFD are reduced by estimated Tier 1 pass-through revenue received by the City as of FY 2038 and escalated by 2 percent annually (see Table C-5 of Attachment D for the estimated value of Tier 1 pass-through revenue received by the City in FY 2038). 8 The estimated allocation of RPTTF revenues to the Oak Park Redevelopment Project Area is based on financial modelling estimating RASA cash flows with consideration to the pooling of Redevelopment Project Area revenues to fund RASA obligations, including the 2015 Tax Allocation Bond Refunding. The 2015 Tax Allocation Bond Refunding was structured based on the expectation that original Redevelopment Plan limits would govern the availability of property tax revenues to satisfy RASA obligations. In accordance with these assumptions, EPS’s financial modelling is based on the assumption that individual Redevelopment Project Areas terminate as originally scheduled; therefore, those property tax revenues would not be available to fund RASA obligations.

FIGURE 3‐1
Redevelopment Agency Successor Agency of the City of Sacramento Distribution of Property Tax Increment Revenue
..

RPTTF Balance
RDA Property Tax Increment Revenue
Property Tax Admin Fee
‐ County Auditor Controller
‐ SB 2557 Administration Fees
Statutory Pass Through Amounts
Senior Debt Obligations
Other Site Specific Agreements
Debt Service
Reserve Account/
Account Deficiency
Compliance
Costs
Term Bonds
Sinking Account
Refunds
Stockton
Boulevard
Innovation and Growth
Fund
RAILS Local Strategic
RASA Admin
TAB Series A/B
City of Sacramento
Merged
Downtown
Alkali
Flat
Army
Depot
Del Paso
Heights
Franklin
Boulevard
North
Sacramento
Oak
Park Railyards
River
District
65th
Street
Other Taxing Entities
Redevelopment Property Tax Trust Fund (RPTTF)
Redevelopment Obligations Retirement Fund
Tax Sharing Agreements
Other Senior Debt Obligations (Discretionary)
Merged
Downtown
Alkali
Flat
Army
Depot
Del Paso
Heights
Franklin
Boulevard
North
Sacramento
Oak
Park
River
District
65th
Street
Stockton
Boulevard
Other Bond Debt Other Senior Debt Obligations
Property Tax Admin Fee
‐ SCO Invoices for Audit and Oversight
(funding only allocated if RPTTF sufficient to fund EO) Business Incentives
Agreements Fees Housing Entity ACA
Projects (Property
Holding Costs) Property Disposition Unfunded Liabilities (OPEB/PERS)
Other Enforceable Obligations
Railyards Term. Agr.
and Restructured OPA
Railyards
Aggie Square EIFD
(Portion ‐ Participating
ATEs and RPTTF
generated by Aggie
Square EIFD property)
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Aggie Square EIFD
Aggie Square EIFD Share of RPTTF Revenues [1]
EIFD Year
Fiscal Year
Ending
Oak Park
Project Area
RPTTF Revenues
City
Share of
RPTTF [2]
Aggie Square
EIFD Share [3]
Aggie Square
EIFD Revenues
Less
Administration
Net
Aggie Square
Area EIFD
Revenues
Formula A B = A * 0.2572 C = Table 3-3 D = B * C E = D * 3% F = D + E Base Year 2021 NA NA NA $0 $0 $0
1 2022 $3,633,868 $934,598 0% $549 ($16) $533
2 2023 $3,769,946 $969,596 0% $1,126 ($34) $1,093
3 2024 $3,951,485 $1,016,286 0% $1,751 ($53) $1,699
4 2025 $4,131,300 $1,062,532 0% $2,414 ($72) $2,342
5 2026 $4,336,960 $1,115,426 2% $17,048 ($511) $16,537
6 2027 $4,652,674 $1,196,625 2% $18,890 ($567) $18,323
7 2028 $6,368,504 $1,637,921 25% $413,909 ($12,417) $401,492 8 2029 $6,599,980 $1,697,454 25% $429,187 ($12,876) $416,312 9 2030 $6,781,803 $1,744,218 25% $441,246 ($13,237) $428,009 10 2031 $6,987,642 $1,797,157 25% $454,876 ($13,646) $441,230 11 2032 $7,477,674 $1,923,189 25% $487,024 ($14,611) $472,414 12 2033 $8,171,127 $2,101,539 25% $532,455 ($15,974) $516,481 13 2034 $8,638,479 $2,221,738 25% $563,184 ($16,896) $546,289 14 2035 $7,996,306 $2,056,576 25% $521,567 ($15,647) $505,920 15 2036 $9,276,496 $2,385,830 25% $605,351 ($18,161) $587,191 16 2037 $10,007,250 $2,573,773 25% $653,337 ($19,600) $633,736 17 2038 $10,353,245 $2,662,760 25% $676,228 ($20,287) $655,941 sa_share
Source: EPS.
[1] Assumes termination of RDA in 2038 when all debt service and enforceable obligations resolved. [2] See Table C-3 in Attachment D.
[3] Based on Aggie Square EIFD share of cumulative assessed value growth calculated in Table 3-3.

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Aggie Square EIFD
Cumulative Assessed Value Growth
EIFD Year
Fiscal
Year
Ending
Oak Park
Project Area [1]
Aggie Square
Area EIFD
Remaining
Oak Park
Project Area
Oak Park
Project Area
Aggie Square
Area EIFD [1]
Remaining
Oak Park
Project Area
Oak Park
Project Area
Aggie Square
Area EIFD [1]
Remaining
Oak Park
Project Area
Base Yea
r $60,326,228 $23,921,767 $36,404,461 NA NA NA NA NA NA 1 2022
$874,666,777 $24,400,202 $850,266,57 5 $814,340,549 $478,435 ## $813,862,114 ### 100% 0% 100% 2 2023 $892,160,112 $24,888,206 $867,271,90 6 $831,833,884 $966,439 ## $830,867,445 ### 100% 0% 100% 3 2024 $910,003,31 5 $25,385,971 $884,617,344 $849,677,08 7 $1,464,204 ## $848,212,883 ### 100% 0% 100% 4 2025 $928,203,381 $25,893,690 $902,309,691 $867,877,15 3 $1,971,923 ## $865,905,230 ### 100% 0% 100% 5 2026 $957,997,682 $37,641,797 $920,355,88 5 $897,671,454 $13,720,030 ## $883,951,424 ### 100% 2% 98% 6 2027 $977,157,63 6 $38,394,633 $938,763,00 3 $916,831,408 $14,472,866 ## $902,358,542 ### 100% 2% 98% 7 2028 $1,292,948,38 2 $335,410,120 $957,538,263 $1,232,622,154 $311,488,353 ## $921,133,802 ### 100% 25% 75% 8 2029 $1,318,807,35 0 $342,118,322 $976,689,02 8 $1,258,481,122 $318,196,555 ## $940,284,567 ### 100% 25% 75% 9 2030 $1,345,183,49 7 $348,960,689 $996,222,809 $1,284,857,269 $325,038,922 ## $959,818,348 ### 100% 25% 75% 10 2031 $1,372,087,16 7 $355,939,902 $1,016,147,26 5 $1,311,760,939 $332,018,135 ## $979,742,804 ### 100% 25% 75% 11 2032 $1,399,528,91 0 $363,058,700 $1,036,470,210 $1,339,202,682 $339,136,933 ## $1,000,065,749 ### 100% 25% 75% 12 2033 $1,427,519,48 9 $370,319,874 $1,057,199,61 4 $1,367,193,261 $346,398,10 7 ## $1,020,795,153 ### 100% 25% 75% 13 2034 $1,456,069,87 8 $377,726,272 $1,078,343,60 6 $1,395,743,650 $353,804,505 ## $1,041,939,145 ### 100% 25% 75% 14 2035 $1,485,191,27 6 $385,280,797 $1,099,910,479 $1,424,865,048 $361,359,030 ## $1,063,506,018 ### 100% 25% 75% 15 2036 $1,514,895,101 $392,986,41 3 $1,121,908,688 $1,454,568,873 $369,064,646 ## $1,085,504,227 ### 100% 25% 75% 16 2037 $1,545,193,00 3 $400,846,142 $1,144,346,86 2 $1,484,866,775 $376,924,375 ## $1,107,942,401 ### 100% 25% 75% 17 2038 $1,576,096,86 4 $408,863,064 $1,167,233,79 9 $1,515,770,636 $384,941,297 ## $1,130,829,338 ### 100% 25% 75% cum_av
[1] See beginning assessed value from Table C-2 of Attachment D .

Assessed Value Cumulative Assessed Value Growth % Cumulative Assessed Value Growth Prepared by EPS 4/1/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 Text Tables 34 Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx 35 Economic & Planning Systems, Inc. (EPS) Plan for Financing Facilities
This IFP includes flexibility in the form of capital financing that may be used to capitalize the stream of projected EIFD Revenues. As described below, the financing contemplated is based on the assumption that a combination of bond financing and pay-as-you-go revenues will be used to reimburse Wexford for a portion of the cost of EIFD-eligible facilities. Separately, the Aggie Square EIFD intends to use EIFD Revenues for investments in affordable housing and related infrastructure on a pay- as-you-basis to leverage additional private-sector investment in affordable housing. 9 However, nothing in this IFP prohibits the Aggie Square EIFD from leveraging the EIFD Revenues for affordable housing investments if it elects to do so.

Financing Strategy Options
Wexford expects to construct approximately $105 million in EIFD-eligible facilities for the Wexford Development. As described in this IFP, the maximum EIFD reimbursement for EIFD-eligible facilities is expected to be $30 million (in 2020 dollars), plus financing costs and interest accruing on any unreimbursed balance, pursuant to agreements entered into between the City, Wexford, the Aggie Square EIFD, and possibly UC Davis.

The Aggie Square PFA is authorized to approve and issue bonds for the Aggie Square EIFD in accordance with EIFD Law and other applicable laws. However, given unique circumstances regarding property ownership and proposed lease arrangements, this IFP contemplates a proposed financing strategy that will provide assistance for EIFD-eligible improvements via formation by the City of a community facilities district (CFD).

If formed, the CFD will be authorized to levy annual special taxes on the Wexford Development and to issue CFD bonds secured by the annual special tax revenues, with EIFD Revenues used for the payment of the CFD special taxes and/or CFD bond debt service. This arrangement assists Wexford’s objectives with respect to timing of construction and financing of the Project and is contemplated to be in lieu of using EIFD Revenues to directly secure EIFD bonds.

The following sections describe the proposed financing strategy, which would necessitate ancillary arrangements, including an agreement between the City, Wexford and UC Davis, and, if necessary, with the CFD, regarding the CFD formation proceedings, and the CFD bond sale process(es).

Proposed CFD and EIFD Financing Strategy
Wexford is planning to proceed with formation of the proposed CFD with boundaries coterminous with the area subject to ground leases between UC Davis and Wexford (i.e., the Wexford Development area). The CFD Rate and Method of Apportionment of Special Tax (RMA) will establish the maximum special taxes for taxable parcels in the CFD.

Wexford desires to establish the maximum special tax rates at an amount equal to the 9 Financing of affordable housing development will be undertaken by the Aggie Square PFA only following required environmental review, if any. No specific affordable housing improvements have been identified to date.

Economic & Planning Systems, Inc. (EPS) 36 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
estimated EIFD Revenues available for developer-led improvements (as described herein:
80 percent of EIFD Revenues). By way of a simple example, if one building were on a single parcel and was estimated to derive $400,000 in estimated EIFD Revenues in the developer-led portion, then the maximum special tax for that parcel would be established at $400,000 in the base year, subject to escalation.

As currently anticipated, CFD bonds would be sold following completion of buildings with sufficient maximum special tax rates in place to support one or more CFD bond issuances. Because all of the EIFD-eligible facilities for which Wexford would be seeking reimbursement will have been completed, each CFD bond sale would be structured to maximize special taxes and CFD proceeds available to reimburse Wexford for outstanding costs of the Project. It is currently anticipated two separate CFD bond sales may be necessary, with up to 2 years of capitalized interest included with each CFD bond sale, to be determined at the time of the bond sale(s).

The financing is intended to be structured so the CFD bond debt service, which is anticipated to be payable from the levy of CFD special taxes on the Wexford leasehold interests, will be first sourced for payment from EIFD Revenues in the developer-led portion (80 percent of EIFD Revenues). Those EIFD Revenues not used to directly pay debt service and/or special taxes levied to pay debt service or to reimburse Wexford for CFD special tax levies will be available to pay for any unreimbursed costs balance owed plus accrued interest to Wexford. Conversely, if EIFD Revenues fall short of the amount needed to pay CFD bond special taxes/debt service, Wexford will be responsible for payment of the shortfall via the special tax levy on its leasehold property, subject to future reimbursement from available EIFD Revenues.

Recognizing the possibility that UC Davis as a public entity user of Wexford’s interests could be exempt from taxation, the Aggie Square EIFD, Wexford, and UC Davis expect to put in place a mechanism whereby UC Davis, in specified circumstances, will alternatively undertake an obligation to Wexford to provide additional rent payments to Wexford (for the applicable amount of special tax on additional premises) and in-lieu payments (as described below in “Affordable Housing Investments”) to the Aggie Square EIFD for deposit to the Housing Fund to cover the corresponding lost increment.

A corporate trustee may be appointed to provide services as the holder of the CFD special taxes on behalf of the CFD, along with EIFD Revenues on behalf of the Aggie Square EIFD, which will include any UC Davis in-lieu payments. The corporate trustee may facilitate disbursement of the EIFD Revenues: first, for administrative costs of the Aggie Square EIFD; second, for funding the Wexford reimbursement amount (with respect to the 80% portion) and affordable housing
investments (with respect to the 20% portion);
and finally, for any other authorized uses of the Aggie Square EIFD.

The brief description above and elsewhere in this IFP sets forth the proposed CFD and EIFD financing strategy, the special tax obligations, and terms for CFD acquisition of certain Project costs; many other details will be memorialized in the CFD formation documents, acquisition agreement(s), CFD bond sale documents and additional project agreements, as needed.

To help ensure a targeted level of EIFD Revenues for affordable housing investments, the Aggie Square EIFD intends to enter into an agreement with UC Davis wherein UC Davis would commit to making in-lieu payments in the amount of EIFD Revenues for affordable housing investments that would have been available to the Aggie Square EIFD for UC Davis leased garage space and square footage in excess of approximately 60% of total Wexford Development square footage (excluding the garage). The details of these UC Davis in-lieu payments are expected to be memorialized in an agreement between the City, Aggie Square EIFD and UC Davis.

Limit on Total Taxes Al located to the EIFD
The analysis in this IFP informs the estimated number of dollars of tax revenue that may be allocated to the Aggie Square EIFD, which is limited to $150.0 million. Table 1 in Attachment G shows how the maximum authorized amount considered both the Aggie Square EIFD commitment to the Phase 1 Wexford Development (as defined throughout herein) and affordable housing investments based on the entire planned Aggie Square EIFD development. This maximum authorization may be subject to change through an amendment to the IFP as described in this IFP and subject to applicable law in effect at the time of the proposed amendment.

EIFD T ermination D ate
Pursuant to Government Code Section 53398.63(d)(5), the maximum duration of the Aggie Square EIFD would be 45 years from the earlier date on which the issuance of bonds is approved, pursuant to Government Code Section 53398.77, or the issuance of a loan to the Aggie Square EIFD is approved by an affected taxing entity pursuant to Government Code Section 53398.87. Because the specific dates on which those actions may be taken for the Aggie Square EIFD are not known at this time, an absolute end date of June 30, 2070, is also being established. Accordingly, the proposed Aggie Square EIFD termination date will be the earliest of (a) 45 years from the date on which the issuance of bonds is approved by the Aggie Square PFA for the Aggie Square EIFD; (b) 45 years 10 This IFP does not constitute an approval of the affordable housing development. Such development will be approved following appropriate environmental review.

Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 38 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx from the date on which the City approves a loan to the Aggie Square EIFD; or (c) June 30
, 2070.

Fiscal Impact Analysis
This IFP provides an analysis of the costs to the City in providing facilities and services, as well as the estimated fiscal impacts of incremental new development in the Aggie Square EIFD, on the City, during the Initial Phase of development and at Buildout of the Project, as described below. Outside of funding by the Aggie Square EIFD for certain facilities, the City does not anticipate incurring costs for providing infrastructure or public facilities during development and at buildout.

The fiscal impact analysis estimates tax and other operating public revenues generated by new development, as well as the cost of public services required to serve new development. The analysis only focuses on fiscal impacts to the City, which is the only participating taxing entity, and specifically impacts on the City’s General Fund. The fiscal impact analysis does not address activities budgeted in other Governmental Funds or Enterprise Funds (e.g., Water Fund, Sewer Fund, or Storm Sewer Fund), nor does it include ongoing operations and maintenance proposed to be funded through private sources. As an example, this analysis excludes event-related public safety costs that are anticipated to be privately funded by Wexford or would be staffed by UC Davis police department personnel.

The fiscal impact analysis model used for this plan is based on a citywide 2035 General Plan buildout fiscal impact analysis model, developed by EPS in August 2019, with an update to the analysis to (1) update the information reflecting the City’s FY 2019/20 budget and (2) a few select modifications to reflect land uses in the Project. The model is based on the FY 2019/20 Adopted General Fund and Measure U budgets, 2019 citywide population figures for fiscal multipliers, and existing 2018 market conditions. All results are reported in 2020 dollars. Modifications used in this analysis, relative to the citywide 2035 General Plan buildout analysis, include the following items:
 Refined land use types to reflect those proposed in the Projec t.
 Ref
ined assessed values that reflect the type and location of proposed new dev
elopment in the Aggie Square EIFD.
 General Government expenditure adjustment factors of 10 percent, which reflect the por
tion of costs subject to increase based on new development. The relatively small amount of d
evelopment in the Aggie Square EIFD is not anticipated to increase G
eneral Government costs by the same margin as buildout of the entire City. The adju
stment-factor assumptions used in this IFP are based on input from City Finance Dep
artment staff.
 Adj
ustments to estimated costs for public safety services to the Project reflecting the pub
lic safety services (especially police functions) that are anticipated to be provided by University law enforcement.

Key assumptions underlying these fiscal impact analysis results are described below:
• Incremental New Development and Population. The Initial Phase— defined herein as Phase 1 of Aggie Square—includes approximately 835,600 building square feet of nonresidential space, 190 residential units and a proposed 360,000-building-square- foot parking structure. Initial Phase development translates into approximately 3,100 on-site employees. At Project Buildout, a total of approximately 1.8 million nonresidential building square feet, 250 hotel rooms, approximately 490 residential units, as well as 2 parking structures are anticipated to occur in the Aggie Square EIFD. This level of development translates into about 980 residents and 5,100 employees.
• Pass-Through Property Tax Revenue. As noted in the previous section, this analysis is based on the assumption that, following termination of the Oak Park Redevelopment Project Area, the City continues to retain the dollar amount of property tax revenues equal to the property tax pass-through revenue it had received in the fiscal year immediately preceding the official termination. As such, the analysis estimates the approximately $8,000 in 2021 and approximately $145,000 annually at buildout are allocated to the City’s General Fund. The Project Buildout figure reflects the present value (2020 dollars), assuming a 20-year term and a 2 percent real property escalation rate, of the estimated value of property tax revenue passed through to the City in 2038 dollars, as shown in Table B-3 in Attachment D. The Initial Phase figure represents the Project Buildout pass-through value multiplied by the proportional share of Initial Phase assessed value as a percentage of Project Buildout assessed value, as shown in Table B-3 in Attachment E. • City General Fund Property Tax Revenue. Incremental new property tax revenue generated by new development in the Aggie Square EIFD is based on the City General Fund’s share of the 1 percent property tax rate and is assumed to be fully allocated to the Aggie Square EIFD and not used to fund municipal services. • PTILVLF Revenue. All PTILVLF revenue is assumed to be allocated to the Aggie Square EIFD and not used to fund municipal services.

Table 3-4
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
City General Fund Net Fiscal Impact Analysis Summary (2020$ )
Item Initial Phase Buildout
City General Fund Net Fiscal Impacts
Annual Revenues $597,000 $1,416,000
Annual Expenditures $458,000 $867,000
Annual Net General Fund Surplus/(Deficit) $139,000 $549,000 Revenue-to-Expenditure Ratio 130% 163%
buildout
Source: EPS.

Note: All values are rounded to the nearest $1,000.

Aggie Square EIFD
Net Fiscal Impact
Summary
Cumulative Annual Fiscal Impact
Summary (Rounded)
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City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
City Annual General Fund Detailed Net Fiscal Impact Analysis at Buildout (2020$) Item Initial Phase Buildout
City General Fund
Annual Revenues [1]
Property Tax $0 $0
Property Tax Pass Through to City $8,000 $145,000
Property Tax in lieu of VLF $0 $0
Real Property Transfer Tax $0 $18,000
Sales Tax $197,000 $384,000
Sales Tax - Measure U $197,000 $384,000
Sales Tax - Prop. 172 (Public Safety) $12,000 $24,000
Transient Occupancy Tax (TOT) $15,000 $166,000
Utility Taxes $86,000 $157,000
Business Operations Tax $63,000 $104,000
Licenses and Permits $19,000 $34,000
Total Annual General Fund Revenues $597,000 $1,416,000
Annual Expenditures [2]
General Government $12,000 $23,000
Convention, Culture, and Leisure $2,000 $4,000
Utilities $0 $0
Police $210,000 $385,000
Fire $172,000 $314,000
Youth, Parks, & Community Enrichment $20,000 $52,000
Citywide and Community Support $0 $0
Community Development $17,000 $43,000
Public Works $25,000 $46,000
Total Annual General Fund Expenditures $458,000 $867,000 Annual General Fund Surplus/(Deficit) $139,000 $549,000 summary
Source: EPS.

Note: All values are rounded to the nearest $1,000.
[1] See Table B-1 in Attachment E for details on revenue estimating procedures. [2] See Table C-1 in Attachment E for details on expenditure estimating procedures.

Aggie Square EIFD
Net Fiscal Impact
Detail
Cumulative Annual Detailed Fiscal
Impacts (Rounded)
Prepared by EPS 4/1/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 Text Tables 41 Aggie Square Enhanced Infrastructure Financing District—Infrastru cture Financing Plan April 1, 2021
Economic & Planning Systems, Inc. (EPS) 42 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Report\202083 Aggie Square IFP 04-01-21.docx  Sales Tax Revenue: Local and Measure U Tax Rates. Sales tax revenue is based on estimated taxable sales from new market demand (new residents and employees in the A
ggie Square EIFD), the Bradley-Burns local 1 percent Uniform Local Sales Tax rate, and the City’s Measure U 1 percent rate. Sales tax revenue will not be pledged to the A
ggie Square EIFD and will therefore accrue to the City’s General Fund.  Sales Tax Revenue: Market Support Only. This analysis is based on the assum
ption that 100 percent of taxable retail sales from the Project’s on-site neighborhoo
d-serving retail would be supported by new resident, employee, and visitor spen
ding estimated through market support calculations. In addition, the Pro
ject is anticipated to generate sales tax revenues through business-to-business tran
sactions that would be taxable.

The assumptions, methodology, and detailed technical revenue and expenditure calculations of the fiscal impact analysis can be found in Attachment E.

No Transit Priority Project Program
Financing
Because improvements being funded by the Aggie Square EIFD do not qualify for a Transit Priority Project Program, any permit and affordable housing expenses related to the Project as described in Section 65470 would not be financed. That does not preclude the Aggie Square PFA from expending EIFD Revenues on affordable housing projects or costs.

No Loss of Dw elling Units
Because no dwelling units exist in the Aggie Square EIFD area, no dwelling units within the Aggie Square EIFD boundaries will be removed or destroyed in the course of private development or public works construction in the Aggie Square EIFD. Consequently, this IFP does not include a housing replacement plan.

ATTACHMENTS:

Attachment A: Aggie Square EIFD Map
Attachment B: Legal Description
Attachment C: Description of Facilities and
Development to Be Financed
Attachment D: Tax Increment Revenue
Forecast and RASA Cash Flow
Model
Attachment E: Fiscal Impact Analysis
Attachment F: Estimated EIFD Revenues for
Affordable Housing
Investments
Attachment G: Estimated Maximum EIFD
Authorization

ATTACHMENT A:

Aggie Square EIFD Map

2ND AVE

BROADWAY
49TH ST
Y ST

STOCKTON BLVD
48TH ST
45TH ST
4TH AVE
3RD AVE
Y ST
.
0 250 500125
Feet
Proposed Boundaries of the Aggie Square
Enhanced Infrastructure Financing District
Attachment A
Parcel Lines
Proposed Aggie Square EIFD Boundary
BM 9/29/20
T

HIS PAGE INTENTIONALLY LEFT BLANK

ATTACHMENT B:

Legal Description

01102000610000‐POR LOT 2 SACRAMENTO BUSINESS PARK AND POR PCL 3, PM 58‐20DESC AS FOL:

BEG AT NE COR SD PCL 3; TH S00%02'28"E 459.51 FT;TH ALG CURVE TO RT RAD 20 FT, CH BRG S44%57'00"W 28.28 FT; THS89%56'18"W N89%57'32"E 139.89 FT; N00%02'28"W 147.10 FT; THN89%57'32"E 250 FT TO POB.  CONTG 3. 82 N AC M/L.
01102000730000‐SACRAMENTO BUSINESS PARK,   LOT: 3  TOGETHER WITH POR. ABANDONED PER RESOLUTION NO. 2003‐258 PER BK 20030620 PG 1215
01102000510000‐POR LOT 2 SACRAMENTO BUSINESS PARK DESC AS BEG   ALAT SW COR SD LOT TH FR POB N 00% 02'28" W 328.96      ALFT N 89% 56' 28" E 215.11 FT TH S 02'28" E AL332.60 FT TH S 89% 56' 28" W 114.12 FT TH N 87%
AL59' 50" W 101.04 FT TO POB.CONTG

1.64 AC M/L      ALREF CERTICATE OF COMPLIANCE PER 780831/2223                   AL 01102000710000‐PCL 4 IN BK 58 PARCEL MAPS PG 20 EXC POR DES AS BE G AT NW COR SDPCL 4; TH FM P.O.B. N89%56'28"E 156.95'; TH S0%03'32"E 16.01';TH S50%38'31"E 43.95'; TH S0%03'32"E 136.58' TO A PT ON NL'Y R/WOF BROADWAY; TH W ALG NL'Y R/W OF BROADWAY TO NEL'Y R/W LN OFSTOCKTON BL & TH NWL'Y ALG SD NEL'Y R/W OF STOCKTON BL TO P.O.B.EXC R/ W PER 20000616/954     CONTG 28703 SQ FT M/L
01102000560000‐POR. PCLS. 1 & 3 BK. 58 PARCEL MAP PG. 20, DESC.BEG. AT NW COR. PCL. 4 SD. P.M., TH. N 16%18"32"W417.93 FT., TH. N 89%39'34"E 525.04 FT., TH. S00%02'28"E 113.64 FT., TH. N 89%57'32"E 355 FT., TH.S 00%02'28"E 147.10 FT., TH. S 89%57'3 2"W 139.89 FT.TH. S 89%56'28"W 215.11 FT., TH. S 00%02'28"E 328.88TH. N 87%59'50"W 60.04 FT., TH. N 00%02'28"W 183.71 FT.TH. S 89%56'28"W 374.96 FT. TO POB.  CONTG. 5.78 AC. M/L.
01102000700000‐POR PCL 4 IN BK 58 PARCEL MAPS PG 20 DES AS BEG AT NW CO R SD PCL4; TH FM P.O.B. N89%56'28'E 156.95'; TH S0%03'32"E 16.01'; THS50%38'31"E 43.95'; TH S0%03'32"E 136.58' TO A PT ON NL'Y R/W OFBROADWAY; TH W ALG NL'Y R/W OF BROADWAY TO NEL'Y R/W LN OFSTOCKTON BL & TH NWL'Y ALG SD NEL'Y R/W OF STOCKTON BL TO P.O.B.EXC R/W PER 20000616/954    CONTG 27725 SQ FT M/L
01101930040
000‐E.220 FT. LOT 169 WRIGHT AND KIMBROUGH TRACT NO.9
01102000570000‐POR. PCL. 1 OF BK. 58 PARCEL MAP PG. 20 DESC. AS BEG. AT NW COR. OF SD. PCL. 1, TH. S 16%18'32"E 66.78 FT., TH. N89%39'34"E 525.04 FT., TH. N 00%02'28"E 61.36 FT., TH.

S89%39'34"W 543.75 FT. TO POB TO
GETHER WITH ALL PCL. 2 OF BK. 58 PARCEL MAP PG. 20. ALSO TOGETHER WITH POR. ABANDONED PER RESOLUTION NO. 2003‐258 PER BK 20030620 PG 1215 01101910240000‐LOTS 299 THROUGH 306 ON AMD W & K ADD 14, LOTS 1 THROUGH 16,45THST. ON STAFFO
RD PLACE, LOTS 147&148 ON W & K TRACT 9 OR PARTSTHEREOF AND ABAND 45TH ST PER 990630/491 DESC AS BEG AT NW CORSD LOT 306; TH FR P.O.B. N89%45'55"E 347.31 FT., TH S64%48'30"E3.38 FT., TH S0%00'27"E 38.59 FT., TH CURVING RT, RAD 165.10 FT.CH BRG S02%52'20"W

16.59FT., TH S05%45'16"W 37.92 FT., TH CURVING LEFT, RAD 23 4.94 FT., CH BRG S02%56'41"W 23.03 FT., THS0%08'08"W 267.43 FT., TH W 355.73 FT., TH N 177.15 FT., THN12%00'40"E 57.44 FT., TH N0%03'22"W 150 FT. TO P.O.B.CONTG. 3.101 AC. M/L
01101930030000‐LOT 169 WRIGHT & KIMBROUGH TRACT NO.9 EXC. E.220FT. 01101910130000‐S.1/2 LOT 3 KERR TRACT AND POR'S LOT 4,5,6,7,& 8 TOGETHER WITH POR.

ABANDONED PER RESOLUTION NO. 2003‐258 PER BK 20030620 PG 1215 AND ALSO POR DESCRIBED IN GD BK 20040120 PG 2136
01101830060000‐S007005, Name: WRIGHT & KIMBROUGH ADD 14, Lot:: 307 01101830050000‐S007005, Name: WRIGHT & KIMBROUGH ADD 14, Lot:: 308 01101910150000‐LOT: 2 KER TRACT, TOGETHER WITH POR. ABANDONED PER RESOLUTION NO. 2003‐ 258 PER BK 20030620 PG 1215 AND ALSO POR DESCRIBED IN GD BK 20040120 PG 2136 01101910250000‐POR LOTS 299 & 300 ON AMD W&K ADD 14, LOTS 1 THROUGH 8 ON KERR TRACT, LOTS 147 & 148 ON W&K TRACT 9, LOTS 1 THROUGH 6, 9 THROUGH 11, 45TH ST. ON STAFFORD PLACE AND ABAND 45TH ST PER990630/491 DESC AS BEG AT A PT LOC. S89%45'55"W 43 FT., FR NE COR SD LOT 299; TH FR P.O.B. S0%03'22"E 150 FT., TH N89%45'55"E 43 FT., TH S 282 FT., TH S89%50'W 110.40 FT., TH S 112.70 FT. TO C/L 2ND AVE., TH S89%50'W 310.30 FT., TH N 66.84 FT., TH S89%50'W 40 FT., TH N 1.84 FT., TH N89%50'W 165.37 FT. TO PT ON C/LSTOCKTON BL., TH N16%17'30"W 286.11 FT., TH N89%45'55" 206.39 FT TH N0%03'22"E 50 FT., TH N89%45'55"E 100 FT., TH S12%00'40"W 57.44 FT., TH S 177.15 FT., TH E 355.73 FT., TH N0%08'08"E 267.43 FT., TH CURVING RT, RAD 234.94 FT., CH BRG N02%56'41"E 23.03 FT., TH N05%45'16"E 37.92 FT., TH CURVING LEFT, RAD 165.10FT., CH BRG N02%52'20"E 16.59 FT., TH N0%00'27"W 38.59 FT., TH N62%48'30"W 3.38 FT., TH N89%45'55"E TO P.O.B. EXC R/W FOR STOCKTON BL. & PER DEED 19980428 0690 TOGETHER WITH THE POR PER ABANDONMENT OF 45TH ST NORTH OF 2ND AV PER RESOLUTION 99 – 389 01101830040000‐N.100 FT.LOT 309 AMD.PLAT OF WRIGHT & KIMBROUGHADD.NO.14 01101830150000‐LOT 312 & POR LOT 309 WRIGHT & KIMBROUGH ADD 14 & POR LOT 147,WRIGHT & KIMBROUGH TRACT 9, DESC AS BEG AT THE NW COR OF SD LOT312 OF WRIGHT AND KIMBROUGH ADDN NO 14; TH S89%50'E 180.86 FT;TH S00%02'18"E 100 FT; TH N89%50'W 145.68 FT; TH N16%16'43"W52.13 FT; TH N22%24'W 54.15 FT TO THE POB. EXC M/R. CONTG16,384 SQ FT M/L. 01101830020000‐S007005, Name: WRIGHT & KIMBROUGH ADD 14, Lot:: 311 01101830030000‐S007005, Name: WRIGHT & KIMBROUGH ADD 14, Lot:: 310

ATTACHMENT C:

Description of Facilities and
Development to Be Financed

ATTACHMENT C

CITY OF SACRAMENTO

AGGIE SQUARE ENHANCED INFRASTRUCTURE FINANCING DISTRICT

DESCRIPTION OF FACILITIES AND DEVELOPMENT TO BE FINANCED The EIFD is authorized to finance the purchase, construction, expansion, improvement, or rehabilitation of the facilities described herein. These facilities have an estimated useful life of 15 years or longer and are projects of communitywide significance that provide significant benefits to the EIFD or the surrounding community. Any f acilities located outside the boundaries of the EIFD have a tangible connection to the work of the EIFD. The EIFD will also finance planning and design activities that are directly related to the purchase, construction, expansion, or rehabilitation of these facilities. Facilities authorized to be financed by the EIFD include the following:

I. EIFD Public Facility and Development Projects
a. A
ggie Square site work and site development including the following:
i. c
onstruction of 3rd Avenue from Stockton Boulevard to the parking garage including curbs, gutters, sidewalks, street lighting, and landscaping, ii. Stockton Boulevard/3rd Avenue intersection improvements, iii. extension of 45th Street from 2nd Avenue to 3rd Avenue including curbs, gutters, sidewalks, and landscaping,
iv. construction of access drive at Stockton Boulevard between 2nd Avenue and 3rd Avenue to provide ac cess for loading and drop off to the mixed use/residential and West Science and Technology buildings, v. I mprovements to Stockton Boulevard including curbs, gutters, landscaping, and lighting,
vi. storm water management improvements, and
vii. utility (water, sewer) connections and relocations as required. b. Design and construction of transit, transportation, pedestrian, and connectivity improvements, including parking facilities.
c. Design and construction of public gathering areas, education, and publ ic op en
s
paces (including but not limited to Aggie Square Plaza, Market Plaza, and t he A
lice Waters Edible Education Institute).
d. Innovation infrastructure support, including but not limited to construction of Innovation Hall.
e. Affordable housing development.

II. Other Expenses
I
n addition to the direct costs of the above facilities, other incidental expenses if, as, and to the extent authorized by the EIFD Law, including, but not limited to, the cost of engineering, planning, and surveying; construction staking; plan check and inspections; utility relocation and demolition costs incidental to the construction of the facilities; costs of project/construction management; financing costs of improvements incurred by developers until reimbursement from the EIFD; costs of issuance of bonds or other debt of the EIFD, of a community facilities district of the City, or of any other public agency for authorized facilities and payment of debt service thereon; costs incurred by the County of Sacramento or the EIFD in connection with the division of taxes pursuant t o
G
overnment Code section 53398.75; costs otherwise incurred in order to carry out the authorized purposes of the EIFD; and any other expenses incidental to the EIFD and to the financing, construction, completion, inspection, and acquisition of the authoriz ed
f
acilities.

ATTACHMENT D:

Tax Increment Revenue Forecast and
RASA Cash Flow Model

Attachment D: RASA Cash Flow Model
Table 1
Aggie Square EIFD
EIFD Tax Increment Analysis
EIFD Revenue Summary for Fiscal Years 2020-21 through 2068-69 (Real $) Developer Led
Improvements
80%
Affordable Housing
Improvements
20% Total
2021 $0 $0 $0
2022 $58,915 $14,729 $73,644
2023 $60,968 $15,242 $76,210
2024 $63,090 $15,772 $78,862
2025 $1,570,616 $392,654 $1,963,270
2026 $1,621,694 $405,423 $2,027,117
2027 $1,655,727 $413,932 $2,069,659
2028 $2,204,229 $551,057 $2,755,286
2029 $2,278,995 $569,749 $2,848,744
2030 $2,327,707 $581,927 $2,909,634
2031 $2,378,425 $594,606 $2,973,031
2032 $3,136,884 $784,221 $3,921,105
2033 $3,227,753 $806,938 $4,034,691
2034 $3,308,325 $827,081 $4,135,406
2035 $3,333,891 $833,473 $4,167,364
2036 $3,457,926 $864,481 $4,322,407
2037 $3,555,361 $888,840 $4,444,201
2038 $3,634,527 $908,632 $4,543,159
2039 $3,852,406 $963,102 $4,815,508
2040 $3,930,844 $982,711 $4,913,555
2041 $4,010,851 $1,002,713 $5,013,564
2042 $4,092,458 $1,023,115 $5,115,573
2043 $4,175,697 $1,043,924 $5,219,621
2044 $4,260,601 $1,065,150 $5,325,751
2045 $4,347,203 $1,086,801 $5,434,004
2046 $4,435,537 $1,108,884 $5,544,421
2047 $4,525,638 $1,131,409 $5,657,047
2048 $4,617,541 $1,154,385 $5,771,926
2049 $4,711,281 $1,177,820 $5,889,102
2050 $4,806,897 $1,201,724 $6,008,621
2051 $4,904,425 $1,226,106 $6,130,531
2052 $5,003,903 $1,250,976 $6,254,879
2053 $5,105,371 $1,276,343 $6,381,714
2054 $5,208,869 $1,302,217 $6,511,086
2055 $5,314,436 $1,328,609 $6,643,045
2056 $5,422,115 $1,355,529 $6,777,644
2057 $5,531,947 $1,382,987 $6,914,934
2058 $5,643,976 $1,410,994 $7,054,970
2059 $5,758,246 $1,439,561 $7,197,807
2060 $5,874,801 $1,468,700 $7,343,501
2061 $5,993,687 $1,498,422 $7,492,108
2062 $6,114,950 $1,528,738 $7,643,688
2063 $6,238,639 $1,559,660 $7,798,299
2064 $6,364,802 $1,591,201 $7,956,003
2065 $6,493,488 $1,623,372 $8,116,860
2066 $6,624,748 $1,656,187 $8,280,935
2067 $6,758,633 $1,689,658 $8,448,291
2068 $6,895,195 $1,723,799 $8,618,994
2069 $7,034,489 $1,758,622 $8,793,112
Total $201,928,707
$50,482,177 $252,410,884
sum
Source: EPS.
[1] Rev enue estimate excludes 3% allocation for administration costs.

Annual EIFD Revenue
(Fiscal Years 2020-21 through 2068-69) [1]
Fiscal Year
Ending
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Attachment D: RASA Cash Flow Model
Table 2
Aggie Square EIFD
EIFD Tax Increment Analysi
s
EIFD Revenue Summary for Fiscal Years 2020-21 through 2068-69 by TRA (Real $) Developer Led
Improvements
80%
Affordable
Housing
Improvements
20% Total
Developer Led
Improvements
80%
Affordable
Housing
Improvements
20% Total
Developer Led
Improvements
80%
Affordable
Housing
Improvements
20% Total
2021 $0 $0 $0 $0 $0 $0 $0 $0 $0
2022 $58,152 $14,538 $72,690 $763 $191 $954 $58,915 $14,729 $73,644 2023 $59,413 $14,853 $74,266 $1,555 $389 $1,944 $60,968 $15,242 $76,210 2024 $60,699 $15,175 $75,874 $2,391 $598 $2,988 $63,090 $15,772 $78,862 2025 $1,567,353 $391,838 $1,959,191 $3,263 $816 $4,078 $1,570,616 $392,654 $1,963,270 2026 $1,598,798 $399,700 $1,998,498 $22,895 $5,724 $28,619 $1,621,694 $405,423 $2,027,117 2027 $1,630,872 $407,718 $2,038,590 $24,855 $6,214 $31,068 $1,655,727 $413,932 $2,069,659 2028 $1,663,588 $415,897 $2,079,485 $540,641 $135,160 $675,801 $2,204,229 $551,057 $2,755,286 2029 $1,721,772 $430,443 $2,152,215 $557,223 $139,306 $696,529 $2,278,995 $569,749 $2,848,744 2030 $1,756,306 $439,076 $2,195,382 $571,401 $142,850 $714,252 $2,327,707 $581,927 $2,909,634 2031 $1,791,530 $447,882 $2,239,412 $586,895 $146,724 $733,619 $2,378,425 $594,606 $2,973,031 2032 $2,520,027 $630,007 $3,150,034 $616,857 $154,214 $771,072 $3,136,884 $784,221 $3,921,105 2033 $2,570,526 $642,631 $3,213,157 $657,227 $164,307 $821,534 $3,227,753 $806,938 $4,034,691 2034 $2,622,034 $655,509 $3,277,543 $686,291 $171,573 $857,863 $3,308,325 $827,081 $4,135,406 2035 $2,674,573 $668,643 $3,343,216 $659,318 $164,829 $824,147 $3,333,891 $833,473 $4,167,364 2036 $2,728,162 $682,041 $3,410,203 $729,763 $182,441 $912,204 $3,457,926 $864,481 $4,322,407 2037 $2,782,824 $695,706 $3,478,530 $772,537 $193,134 $965,671 $3,555,361 $888,840 $4,444,201 2038 $2,838,578 $709,645 $3,548,223 $795,949 $198,987 $994,936 $3,634,527 $908,632 $4,543,159 2039 $2,895,448 $723,862 $3,619,310 $956,958 $239,240 $1,196,198 $3,852,406 $963,102 $4,815,508 2040 $2,953,455 $738,364 $3,691,819 $977,389 $244,347 $1,221,736 $3,930,844 $982,711 $4,913,555 2041 $3,012,622 $753,156 $3,765,778 $998,229 $249,557 $1,247,786 $4,010,851 $1,002,713 $5,013,564 2042 $3,072,973 $768,243 $3,841,216 $1,019,485 $254,871 $1,274,357 $4,092,458 $1,023,115 $5,115,573 2043 $3,134,530 $783,633 $3,918,163 $1,041,167 $260,292 $1,301,459 $4,175,697 $1,043,924 $5,219,621 2044 $3,197,319 $799,330 $3,996,648 $1,063,282 $265,821 $1,329,103 $4,260,601 $1,065,150 $5,325,751 2045 $3,261,363 $815,341 $4,076,704 $1,085,840 $271,460 $1,357,300 $4,347,203 $1,086,801 $5,434,004 2046 $3,326,689 $831,672 $4,158,361 $1,108,849 $277,212 $1,386,061 $4,435,537 $1,108,884 $5,544,421 2047 $3,393,320 $848,330 $4,241,650 $1,132,318 $283,079 $1,415,397 $4,525,638 $1,131,409 $5,657,047 2048 $3,461,285 $865,321 $4,326,606 $1,156,256 $289,064 $1,445,320 $4,617,541 $1,154,385 $5,771,926 2049 $3,530,609 $882,652 $4,413,261 $1,180,673 $295,168 $1,475,841 $4,711,281 $1,177,820 $5,889,102 2050 $3,601,319 $900,330 $4,501,648 $1,205,578 $301,395 $1,506,973 $4,806,897 $1,201,724 $6,008,621 2051 $3,673,443 $918,361 $4,591,804 $1,230,982 $307,745 $1,538,727 $4,904,425 $1,226,106 $6,130,531 2052 $3,747,010 $936,753 $4,683,763 $1,256,893 $314,223 $1,571,117 $5,003,903 $1,250,976 $6,254,879 2053 $3,822,048 $955,512 $4,777,561 $1,283,323 $320,831 $1,604,154 $5,105,371 $1,276,343 $6,381,714 2054 $3,898,587 $974,647 $4,873,234 $1,310,281 $327,570 $1,637,852 $5,208,869 $1,302,217 $6,511,086 2055 $3,976,657 $994,164 $4,970,822 $1,337,779 $334,445 $1,672,224 $5,314,436 $1,328,609 $6,643,045 2056 $4,056,288 $1,014,072 $5,070,361 $1,365,827 $341,457 $1,707,283 $5,422,115 $1,355,529 $6,777,644 2057 $4,137,512 $1,034,378 $5,171,890 $1,394,435 $348,609 $1,743,044 $5,531,947 $1,382,987 $6,914,934 2058 $4,220,361 $1,055,090 $5,275,451 $1,423,616 $355,904 $1,779,520 $5,643,976 $1,410,994 $7,054,970 2059 $4,304,866 $1,076,216 $5,381,082 $1,453,380 $363,345 $1,816,725 $5,758,246 $1,439,561 $7,197,807 2060 $4,391,061 $1,097,765 $5,488,826 $1,483,739 $370,935 $1,854,674 $5,874,801 $1,468,700 $7,343,501 2061 $4,478,980 $1,119,745 $5,598,726 $1,514,706 $378,677 $1,893,383 $5,993,687 $1,498,422 $7,492,108 2062 $4,568,658 $1,142,165 $5,710,823 $1,546,292 $386,573 $1,932,865 $6,114,950 $1,528,738 $7,643,688 2063 $4,660,129 $1,165,032 $5,825,162 $1,578,510 $394,627 $1,973,137 $6,238,639 $1,559,660 $7,798,299 2064 $4,753,430 $1,188,357 $5,941,787 $1,611,372 $402,843 $2,014,215 $6,364,802 $1,591,201 $7,956,003 2065 $4,848,597 $1,212,149 $6,060,746 $1,644,891 $411,223 $2,056,114 $6,493,488 $1,623,372 $8,116,860 2066 $4,945,667 $1,236,417 $6,182,083 $1,679,081 $419,770 $2,098,852 $6,624,748 $1,656,187 $8,280,935 2067 $5,044,678 $1,261,170 $6,305,848 $1,713,955 $428,489 $2,142,443 $6,758,633 $1,689,658 $8,448,291 2068 $5,145,670 $1,286,417 $6,432,087 $1,749,526 $437,381 $2,186,907 $6,895,195 $1,723,799 $8,618,994 2069 $5,248,681 $1,312,170 $6,560,851 $1,785,808 $446,452 $2,232,260 $7,034,489 $1,758,622 $8,793,112 Total $153,408,463 $38,352,116 $191,760,579 $48,520,244 $12,130,061 $60,650,306 $201,928,707 $50,482,177 $252,410,884 TRA sum
Source: EPS.
[1] Revenue estimate excludes 3% allocation for administration costs.

Fiscal Year
Ending
Annual EIFD Revenue (Fiscal Years 2020-21 through 2068-69) [1] TRA 003-005 TRA 003-002 Total
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Attachment D: RASA Cash Flow Model
Table 3
Aggie Square EIFD
EIFD Tax Increment Analysis
Tax Increment, Assessed Value, and Development Assumptions Item Assumptions
Tax Increment
Year of EIFD Formation 2021
Final Year of EIFD [1] 2069
Post ERAF Tax Increment to Cit
y 25.72%
Assumed Percentage Of City Tax Increment and Property Tax In Lieu of VLF to EIFD Total Percentage Allocation to EIFD 100.00%
Assumed Percentage to Developer Led Improvements 80.00% Assumed Percentage to Affordable Housing Improvements 20.00% New Development Annual Sales Price Increase 2.00%
Existing Development Annual Assessed Value Increase 2.00% assum
Source: Sacramento County; City of Sacramento; University of California, Davis; Wexford Science and Technology; EPS.
[1] Reflects the final year for modeling purpose. Actual final year will be dependent upon EIFD formation documentation and subsequent financing.

Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Attachment D: RASA Cash Flow Model
Table A-1
Aggie Square EIFD
EIFD Tax Increment Analysis
Projected Net Property Tax and Property Tax In-Lieu of VLF EIFD Revenue - TRA 003-005 (Real $) Fiscal Year
Ending
Developer Led
Improvements
Affordable
Housing
Improvements Total
Developer Led
Improvements
Affordable
Housing
Improvements Total
Total All
Revenues
Less
Admin
Developer Led
Improvements
Affordable
Housing
Improvements Total
3% 80% 20%
2021 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
2022 $44,309 $11,077 $55,387 $15,641 $3,910 $19,551 $74,938 ($2,248) $58,152 $14,538 $72,690 2023 $45,270 $11,318 $56,588 $15,980 $3,995 $19,975 $76,563 ($2,297) $59,413 $14,853 $74,266 2024 $46,250 $11,563 $57,813 $16,326 $4,082 $20,408 $78,221 ($2,347) $60,699 $15,175 $75,874 2025 $1,194,259 $298,565 $1,492,824 $421,569 $105,392 $526,961 $2,019,785 ($60,594) $1,567,353 $391,838 $1,959,191 2026 $1,218,219 $304,555 $1,522,774 $430,027 $107,507 $537,533 $2,060,307 ($61,809) $1,598,798 $399,700 $1,998,498 2027 $1,242,658 $310,665 $1,553,323 $438,654 $109,663 $548,317 $2,101,640 ($63,049) $1,630,872 $407,718 $2,038,590 2028 $1,267,586 $316,896 $1,584,482 $447,453 $111,863 $559,316 $2,143,799 ($64,314) $1,663,588 $415,897 $2,079,485 2029 $1,311,920 $327,980 $1,639,900 $463,103 $115,776 $578,879 $2,218,779 ($66,563) $1,721,772 $430,443 $2,152,215 2030 $1,338,233 $334,558 $1,672,791 $472,391 $118,098 $590,489 $2,263,281 ($67,898) $1,756,306 $439,076 $2,195,382 2031 $1,365,072 $341,268 $1,706,341 $481,866 $120,466 $602,332 $2,308,672 ($69,260) $1,791,530 $447,882 $2,239,412 2032 $1,920,158 $480,039 $2,400,197 $677,808 $169,452 $847,261 $3,247,458 ($97,424) $2,520,027 $630,007 $3,150,034 2033 $1,958,635 $489,659 $2,448,294 $691,391 $172,848 $864,239 $3,312,533 ($99,376) $2,570,526 $642,631 $3,213,157 2034 $1,997,883 $499,471 $2,497,354 $705,245 $176,311 $881,557 $3,378,910 ($101,367) $2,622,034 $655,509 $3,277,543 2035 $2,037,915 $509,479 $2,547,394 $719,376 $179,844 $899,221 $3,446,615 ($103,398) $2,674,573 $668,643 $3,343,216 2036 $2,078,748 $519,687 $2,598,435 $733,790 $183,448 $917,238 $3,515,673 ($105,470) $2,728,162 $682,041 $3,410,203 2037 $2,120,398 $530,099 $2,650,497 $748,493 $187,123 $935,616 $3,586,113 ($107,583) $2,782,824 $695,706 $3,478,530 2038 $2,162,881 $540,720 $2,703,601 $763,489 $190,872 $954,361 $3,657,962 ($109,739) $2,838,578 $709,645 $3,548,223 2039 $2,206,213 $551,553 $2,757,766 $778,785 $194,696 $973,481 $3,731,247 ($111,937) $2,895,448 $723,862 $3,619,310 2040 $2,250,412 $562,603 $2,813,015 $794,387 $198,597 $992,984 $3,805,999 ($114,180) $2,953,455 $738,364 $3,691,819 2041 $2,295,495 $573,874 $2,869,369 $810,301 $202,575 $1,012,876 $3,882,245 ($116,467) $3,012,622 $753,156 $3,765,778 2042 $2,341,479 $585,370 $2,926,849 $826,534 $206,633 $1,033,167 $3,960,016 ($118,800) $3,072,973 $768,243 $3,841,216 2043 $2,388,384 $597,096 $2,985,480 $843,091 $210,773 $1,053,863 $4,039,343 ($121,180) $3,134,530 $783,633 $3,918,163 2044 $2,436,226 $609,057 $3,045,283 $859,979 $214,995 $1,074,973 $4,120,256 ($123,608) $3,197,319 $799,330 $3,996,648 2045 $2,485,025 $621,256 $3,106,282 $877,205 $219,301 $1,096,506 $4,202,788 ($126,084) $3,261,363 $815,341 $4,076,704 2046 $2,534,801 $633,700 $3,168,501 $894,775 $223,694 $1,118,469 $4,286,970 ($128,609) $3,326,689 $831,672 $4,158,361 2047 $2,585,571 $646,393 $3,231,964 $912,697 $228,174 $1,140,871 $4,372,836 ($131,185) $3,393,320 $848,330 $4,241,650 2048 $2,637,357 $659,339 $3,296,697 $930,977 $232,744 $1,163,722 $4,460,419 ($133,813) $3,461,285 $865,321 $4,326,606 2049 $2,690,179 $672,545 $3,362,724 $949,623 $237,406 $1,187,029 $4,549,753 ($136,493) $3,530,609 $882,652 $4,413,261 2050 $2,744,058 $686,014 $3,430,072 $968,642 $242,161 $1,210,803 $4,640,875 ($139,226) $3,601,319 $900,330 $4,501,648 2051 $2,799,014 $699,753 $3,498,767 $988,041 $247,010 $1,235,052 $4,733,819 ($142,015) $3,673,443 $918,361 $4,591,804 2052 $2,855,068 $713,767 $3,568,836 $1,007,829 $251,957 $1,259,786 $4,828,621 ($144,859) $3,747,010 $936,753 $4,683,763 2053 $2,912,245 $728,061 $3,640,306 $1,028,012 $257,003 $1,285,014 $4,925,320 ($147,760) $3,822,048 $955,512 $4,777,561 2054 $2,970,564 $742,641 $3,713,205 $1,048,598 $262,150 $1,310,748 $5,023,953 ($150,719) $3,898,587 $974,647 $4,873,234 2055 $3,030,050 $757,513 $3,787,563 $1,069,596 $267,399 $1,336,996 $5,124,558 ($153,737) $3,976,657 $994,164 $4,970,822 2056 $3,090,726 $772,681 $3,863,407 $1,091,015 $272,754 $1,363,768 $5,227,176 ($156,815) $4,056,288 $1,014,072 $5,070,361 2057 $3,152,615 $788,154 $3,940,769 $1,112,861 $278,215 $1,391,077 $5,331,846 ($159,955) $4,137,512 $1,034,378 $5,171,890 2058 $3,215,742 $803,936 $4,019,678 $1,135,145 $283,786 $1,418,931 $5,438,609 ($163,158) $4,220,361 $1,055,090 $5,275,451 2059 $3,280,132 $820,033 $4,100,165 $1,157,874 $289,469 $1,447,343 $5,547,508 ($166,425) $4,304,866 $1,076,216 $5,381,082 2060 $3,345,809 $836,452 $4,182,261 $1,181,058 $295,265 $1,476,323 $5,658,584 ($169,758) $4,391,061 $1,097,765 $5,488,826 2061 $3,412,800 $853,200 $4,266,000 $1,204,706 $301,176 $1,505,882 $5,771,882 ($173,156) $4,478,980 $1,119,745 $5,598,726 2062 $3,481,131 $870,283 $4,351,413 $1,228,826 $307,207 $1,536,033 $5,887,446 ($176,623) $4,568,658 $1,142,165 $5,710,823 2063 $3,550,828 $887,707 $4,438,535 $1,253,429 $313,357 $1,566,786 $6,005,321 ($180,160) $4,660,129 $1,165,032 $5,825,162 2064 $3,621,919 $905,480 $4,527,399 $1,278,524 $319,631 $1,598,155 $6,125,554 ($183,767) $4,753,430 $1,188,357 $5,941,787 2065 $3,694,432 $923,608 $4,618,040 $1,304,121 $326,030 $1,630,151 $6,248,192 ($187,446) $4,848,597 $1,212,149 $6,060,746 2066 $3,768,396 $942,099 $4,710,495 $1,330,230 $332,557 $1,662,787 $6,373,282 ($191,198) $4,945,667 $1,236,417 $6,182,083 2067 $3,843,838 $960,960 $4,804,798 $1,356,861 $339,215 $1,696,076 $6,500,874 ($195,026) $5,044,678 $1,261,170 $6,305,848 2068 $3,920,790 $980,197 $4,900,987 $1,384,024 $346,006 $1,730,030 $6,631,018 ($198,931) $5,145,670 $1,286,417 $6,432,087 2069 $3,999,280 $999,820 $4,999,100 $1,411,731 $352,933 $1,764,664 $6,763,764 ($202,913) $5,248,681 $1,312,170 $6,560,851 TOTAL $116,890,975 $29,222,744 $146,113,719 $41,262,079 $10,315,520 $51,577,599 $197,691,318 ($5,930,740) $153,408,463 $38,352,116 $191,760,579 NR sum
Source: EPS.

Total Net RevenuesProperty Tax EIFD Revenues Property Tax In-Lieu of VLF EIFD Revenues Table A-3 Table A-4
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Attachment D: RASA Cash Flow Model
Table A-2
Aggie Square EIFD
EIFD Tax Increment Analysis
Projected Net Property Tax and Property Tax In-Lieu of VLF EIFD Revenue - TRA 003-002 (Real $) Fiscal Year
Ending
Developer Led
Improvements
Affordable
Housing
Improvements Total
Developer Led
Improvements
Affordable
Housing
Improvements Total
Total All
Revenues
Less
Admin
Developer Led
Improvements
Affordable
Housing
Improvements Total
3% 80% 20%
2021 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
2022 $439 $110 $549 $347 $87 $434 $983 ($30) $763 $191 $954 2023 $901 $225 $1,126 $702 $175 $877 $2,004 ($60) $1,555 $389 $1,944 2024 $1,401 $350 $1,751 $1,063 $266 $1,329 $3,081 ($92) $2,391 $598 $2,988 2025 $1,931 $483 $2,414 $1,432 $358 $1,790 $4,204 ($126) $3,263 $816 $4,078 2026 $13,639 $3,410 $17,048 $9,965 $2,491 $12,456 $29,504 ($885) $22,895 $5,724 $28,619 2027 $15,112 $3,778 $18,890 $10,512 $2,628 $13,140 $32,029 ($961) $24,855 $6,214 $31,068 2028 $331,127 $82,782 $413,909 $226,235 $56,559 $282,793 $696,702 ($20,901) $540,641 $135,160 $675,801 2029 $343,350 $85,837 $429,187 $231,107 $57,777 $288,883 $718,071 ($21,542) $557,223 $139,306 $696,529 2030 $352,997 $88,249 $441,246 $236,076 $59,019 $295,095 $736,342 ($22,090) $571,401 $142,850 $714,252 2031 $363,901 $90,975 $454,876 $241,145 $60,286 $301,432 $756,308 ($22,689) $586,895 $146,724 $733,619 2032 $389,620 $97,405 $487,024 $246,316 $61,579 $307,895 $794,919 ($23,848) $616,857 $154,214 $771,072 2033 $425,964 $106,491 $532,455 $251,590 $62,897 $314,487 $846,942 ($25,408) $657,227 $164,307 $821,534 2034 $450,547 $112,637 $563,184 $256,969 $64,242 $321,211 $884,395 ($26,532) $686,291 $171,573 $857,863 2035 $417,254 $104,313 $521,567 $262,456 $65,614 $328,070 $849,637 ($25,489) $659,318 $164,829 $824,147 2036 $484,281 $121,070 $605,351 $268,052 $67,013 $335,065 $940,417 ($28,213) $729,763 $182,441 $912,204 2037 $522,669 $130,667 $653,337 $273,761 $68,440 $342,201 $995,538 ($29,866) $772,537 $193,134 $965,671 2038 $540,982 $135,246 $676,228 $279,584 $69,896 $349,479 $1,025,707 ($30,771) $795,949 $198,987 $994,936 2039 $701,032 $175,258 $876,290 $285,523 $71,381 $356,903 $1,233,193 ($36,996) $956,958 $239,240 $1,196,198 2040 $716,037 $179,009 $895,046 $291,581 $72,895 $364,476 $1,259,522 ($37,786) $977,389 $244,347 $1,221,736 2041 $731,342 $182,836 $914,178 $297,760 $74,440 $372,200 $1,286,377 ($38,591) $998,229 $249,557 $1,247,786 2042 $746,953 $186,738 $933,692 $304,062 $76,016 $380,078 $1,313,770 ($39,413) $1,019,485 $254,871 $1,274,357 2043 $762,877 $190,719 $953,596 $310,491 $77,623 $388,114 $1,341,710 ($40,251) $1,041,167 $260,292 $1,301,459 2044 $779,119 $194,780 $973,899 $317,048 $79,262 $396,311 $1,370,209 ($41,106) $1,063,282 $265,821 $1,329,103 2045 $795,686 $198,921 $994,607 $323,737 $80,934 $404,671 $1,399,278 ($41,978) $1,085,840 $271,460 $1,357,300 2046 $812,584 $203,146 $1,015,730 $330,559 $82,640 $413,199 $1,428,929 ($42,868) $1,108,849 $277,212 $1,386,061 2047 $829,820 $207,455 $1,037,275 $337,518 $84,379 $421,897 $1,459,172 ($43,775) $1,132,318 $283,079 $1,415,397 2048 $847,401 $211,850 $1,059,251 $344,616 $86,154 $430,770 $1,490,020 ($44,701) $1,156,256 $289,064 $1,445,320 2049 $865,333 $216,333 $1,081,666 $351,855 $87,964 $439,819 $1,521,486 ($45,645) $1,180,673 $295,168 $1,475,841 2050 $883,624 $220,906 $1,104,530 $359,240 $89,810 $449,050 $1,553,580 ($46,607) $1,205,578 $301,395 $1,506,973 2051 $902,281 $225,570 $1,127,851 $366,772 $91,693 $458,465 $1,586,317 ($47,589) $1,230,982 $307,745 $1,538,727 2052 $921,311 $230,328 $1,151,639 $374,455 $93,614 $468,069 $1,619,708 ($48,591) $1,256,893 $314,223 $1,571,117 2053 $940,722 $235,180 $1,175,902 $382,292 $95,573 $477,865 $1,653,767 ($49,613) $1,283,323 $320,831 $1,604,154 2054 $960,520 $240,130 $1,200,651 $390,285 $97,571 $487,857 $1,688,507 ($50,655) $1,310,281 $327,570 $1,637,852 2055 $980,715 $245,179 $1,225,894 $398,438 $99,610 $498,048 $1,723,942 ($51,718) $1,337,779 $334,445 $1,672,224 2056 $1,001,314 $250,328 $1,251,642 $406,755 $101,689 $508,443 $1,760,086 ($52,803) $1,365,827 $341,457 $1,707,283 2057 $1,022,325 $255,581 $1,277,906 $415,237 $103,809 $519,047 $1,796,952 ($53,909) $1,394,435 $348,609 $1,743,044 2058 $1,043,755 $260,939 $1,304,694 $423,890 $105,972 $529,862 $1,834,556 ($55,037) $1,423,616 $355,904 $1,779,520 2059 $1,065,615 $266,404 $1,332,019 $432,715 $108,179 $540,893 $1,872,912 ($56,187) $1,453,380 $363,345 $1,816,725 2060 $1,087,912 $271,978 $1,359,890 $441,717 $110,429 $552,146 $1,912,035 ($57,361) $1,483,739 $370,935 $1,854,674 2061 $1,110,654 $277,664 $1,388,318 $450,898 $112,725 $563,623 $1,951,941 ($58,558) $1,514,706 $378,677 $1,893,383 2062 $1,133,852 $283,463 $1,417,315 $460,264 $115,066 $575,330 $1,992,645 ($59,779) $1,546,292 $386,573 $1,932,865 2063 $1,157,513 $289,378 $1,446,892 $469,817 $117,454 $587,271 $2,034,162 ($61,025) $1,578,510 $394,627 $1,973,137 2064 $1,181,648 $295,412 $1,477,060 $479,560 $119,890 $599,451 $2,076,510 ($62,295) $1,611,372 $402,843 $2,014,215 2065 $1,206,265 $301,566 $1,507,832 $489,499 $122,375 $611,874 $2,119,705 ($63,591) $1,644,891 $411,223 $2,056,114 2066 $1,231,375 $307,844 $1,539,219 $499,637 $124,909 $624,546 $2,163,764 ($64,913) $1,679,081 $419,770 $2,098,852 2067 $1,256,987 $314,247 $1,571,234 $509,977 $127,494 $637,471 $2,208,705 ($66,261) $1,713,955 $428,489 $2,142,443 2068 $1,283,111 $320,778 $1,603,889 $520,524 $130,131 $650,655 $2,254,544 ($67,636) $1,749,526 $437,381 $2,186,907 2069 $1,309,758 $327,439 $1,637,197 $531,282 $132,820 $664,102 $2,301,299 ($69,039) $1,785,808 $446,452 $2,232,260 TOTAL $34,925,555 $8,731,389 $43,656,944 $15,095,315 $3,773,829 $18,869,144 $62,526,088 ($1,875,783) $48,520,244 $12,130,061 $60,650,306 RDA sum
Source: EPS.

Total Net RevenuesProperty Tax EIFD Revenues Property Tax In-Lieu of VLF EIFD Revenues Table A-5 Table A-6
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Attachment D: RASA Cash Flow Model
Table A-3
Aggie Square EIFD
EIFD Tax Increment Analysi
s
Projected Property Tax Increment to EIFD - TRA 003-005 (Real $) City
Developer Led
Improvements
Affordable
Housing
Improvements Total
Developer Led
Improvements
Affordable
Housing
Improvements Total EIFD
Formula a b=a*2.0% c d=a+b+c e f=e*1.0% g=f*25.72% h i j k=g*h l=g*i m=k+l 2021 $1,815,627 $36,313 $21,498,800 $23,350,740 $21,535,113 $215,351 $55,387 80% 20% 100% $44,309 $11,077 $55,387 2022 $23,350,740 $467,015 $0 $23,817,754 $22,002,127 $220,021 $56,588 80% 20% 100% $45,270 $11,318 $56,588 2023 $23,817,754 $476,355 $0 $24,294,109 $22,478,482 $224,785 $57,813 80% 20% 100% $46,250 $11,563 $57,813 2024 $24,294,109 $485,882 $557,467,898 $582,247,890 $580,432,263 $5,804,323 $1,492,824 80% 20% 100% $1,194,259 $298,565 $1,492,824 2025 $582,247,890 $11,644,958 $0 $593,892,848 $592,077,221 $5,920,772 $1,522,774 80% 20% 100% $1,218,219 $304,555 $1,522,774 2026 $593,892,848 $11,877,857 $0 $605,770,705 $603,955,078 $6,039,551 $1,553,323 80% 20% 100% $1,242,658 $310,665 $1,553,323 2027 $605,770,705 $12,115,414 $0 $617,886,119 $616,070,492 $6,160,705 $1,584,482 80% 20% 100% $1,267,586 $316,896 $1,584,482 2028 $617,886,119 $12,357,722 $9,189,485 $639,433,326 $637,617,699 $6,376,177 $1,639,900 80% 20% 100% $1,311,920 $327,980 $1,639,900 2029 $639,433,326 $12,788,667 $0 $652,221,993 $650,406,366 $6,504,064 $1,672,791 80% 20% 100% $1,338,233 $334,558 $1,672,791 2030 $652,221,993 $13,044,440 $0 $665,266,433 $663,450,806 $6,634,508 $1,706,341 80% 20% 100% $1,365,072 $341,268 $1,706,341 2031 $665,266,433 $13,305,329 $256,476,426 $935,048,187 $933,232,560 $9,332,326 $2,400,197 80% 20% 100% $1,920,158 $480,039 $2,400,197 2032 $935,048,187 $18,700,964 $0 $953,749,151 $951,933,524 $9,519,335 $2,448,294 80% 20% 100% $1,958,635 $489,659 $2,448,294 2033 $953,749,151 $19,074,983 $0 $972,824,134 $971,008,507 $9,710,085 $2,497,354 80% 20% 100% $1,997,883 $499,471 $2,497,354 2034 $972,824,134 $19,456,483 $0 $992,280,617 $990,464,990 $9,904,650 $2,547,394 80% 20% 100% $2,037,915 $509,479 $2,547,394 2035 $992,280,617 $19,845,612 $0 $1,012,126,229 $1,010,310,602 $10,103,106 $2,598,435 80% 20% 100% $2,078,748 $519,687 $2,598,435 2036 $1,012,126,229 $20,242,525 $0 $1,032,368,754 $1,030,553,127 $10,305,531 $2,650,497 80% 20% 100% $2,120,398 $530,099 $2,650,497 2037 $1,032,368,754 $20,647,375 $0 $1,053,016,129 $1,051,200,502 $10,512,005 $2,703,601 80% 20% 100% $2,162,881 $540,720 $2,703,601 2038 $1,053,016,129 $21,060,323 $0 $1,074,076,451 $1,072,260,824 $10,722,608 $2,757,766 80% 20% 100% $2,206,213 $551,553 $2,757,766 2039 $1,074,076,451 $21,481,529 $0 $1,095,557,980 $1,093,742,353 $10,937,424 $2,813,015 80% 20% 100% $2,250,412 $562,603 $2,813,015 2040 $1,095,557,980 $21,911,160 $0 $1,117,469,140 $1,115,653,513 $11,156,535 $2,869,369 80% 20% 100% $2,295,495 $573,874 $2,869,369 2041 $1,117,469,140 $22,349,383 $0 $1,139,818,523 $1,138,002,896 $11,380,029 $2,926,849 80% 20% 100% $2,341,479 $585,370 $2,926,849 2042 $1,139,818,523 $22,796,370 $0 $1,162,614,893 $1,160,799,266 $11,607,993 $2,985,480 80% 20% 100% $2,388,384 $597,096 $2,985,480 2043 $1,162,614,893 $23,252,298 $0 $1,185,867,191 $1,184,051,564 $11,840,516 $3,045,283 80% 20% 100% $2,436,226 $609,057 $3,045,283 2044 $1,185,867,191 $23,717,344 $0 $1,209,584,535 $1,207,768,908 $12,077,689 $3,106,282 80% 20% 100% $2,485,025 $621,256 $3,106,282 2045 $1,209,584,535 $24,191,691 $0 $1,233,776,226 $1,231,960,599 $12,319,606 $3,168,501 80% 20% 100% $2,534,801 $633,700 $3,168,501 2046 $1,233,776,226 $24,675,525 $0 $1,258,451,750 $1,256,636,123 $12,566,361 $3,231,964 80% 20% 100% $2,585,571 $646,393 $3,231,964 2047 $1,258,451,750 $25,169,035 $0 $1,283,620,785 $1,281,805,158 $12,818,052 $3,296,697 80% 20% 100% $2,637,357 $659,339 $3,296,697 2048 $1,283,620,785 $25,672,416 $0 $1,309,293,201 $1,307,477,574 $13,074,776 $3,362,724 80% 20% 100% $2,690,179 $672,545 $3,362,724 2049 $1,309,293,201 $26,185,864 $0 $1,335,479,065 $1,333,663,438 $13,336,634 $3,430,072 80% 20% 100% $2,744,058 $686,014 $3,430,072 2050 $1,335,479,065 $26,709,581 $0 $1,362,188,646 $1,360,373,019 $13,603,730 $3,498,767 80% 20% 100% $2,799,014 $699,753 $3,498,767 2051 $1,362,188,646 $27,243,773 $0 $1,389,432,419 $1,387,616,792 $13,876,168 $3,568,836 80% 20% 100% $2,855,068 $713,767 $3,568,836 2052 $1,389,432,419 $27,788,648 $0 $1,417,221,068 $1,415,405,441 $14,154,054 $3,640,306 80% 20% 100% $2,912,245 $728,061 $3,640,306 2053 $1,417,221,068 $28,344,421 $0 $1,445,565,489 $1,443,749,862 $14,437,499 $3,713,205 80% 20% 100% $2,970,564 $742,641 $3,713,205 2054 $1,445,565,489 $28,911,310 $0 $1,474,476,799 $1,472,661,172 $14,726,612 $3,787,563 80% 20% 100% $3,030,050 $757,513 $3,787,563 2055 $1,474,476,799 $29,489,536 $0 $1,503,966,335 $1,502,150,708 $15,021,507 $3,863,407 80% 20% 100% $3,090,726 $772,681 $3,863,407 2056 $1,503,966,335 $30,079,327 $0 $1,534,045,661 $1,532,230,034 $15,322,300 $3,940,769 80% 20% 100% $3,152,615 $788,154 $3,940,769 2057 $1,534,045,661 $30,680,913 $0 $1,564,726,575 $1,562,910,948 $15,629,109 $4,019,678 80% 20% 100% $3,215,742 $803,936 $4,019,678 2058 $1,564,726,575 $31,294,531 $0 $1,596,021,106 $1,594,205,479 $15,942,055 $4,100,165 80% 20% 100% $3,280,132 $820,033 $4,100,165 2059 $1,596,021,106 $31,920,422 $0 $1,627,941,528 $1,626,125,901 $16,261,259 $4,182,261 80% 20% 100% $3,345,809 $836,452 $4,182,261 2060 $1,627,941,528 $32,558,831 $0 $1,660,500,359 $1,658,684,732 $16,586,847 $4,266,000 80% 20% 100% $3,412,800 $853,200 $4,266,000 2061 $1,660,500,359 $33,210,007 $0 $1,693,710,366 $1,691,894,739 $16,918,947 $4,351,413 80% 20% 100% $3,481,131 $870,283 $4,351,413 2062 $1,693,710,366 $33,874,207 $0 $1,727,584,573 $1,725,768,946 $17,257,689 $4,438,535 80% 20% 100% $3,550,828 $887,707 $4,438,535 2063 $1,727,584,573 $34,551,691 $0 $1,762,136,265 $1,760,320,638 $17,603,206 $4,527,399 80% 20% 100% $3,621,919 $905,480 $4,527,399 2064 $1,762,136,265 $35,242,725 $0 $1,797,378,990 $1,795,563,363 $17,955,634 $4,618,040 80% 20% 100% $3,694,432 $923,608 $4,618,040 2065 $1,797,378,990 $35,947,580 $0 $1,833,326,570 $1,831,510,943 $18,315,109 $4,710,495 80% 20% 100% $3,768,396 $942,099 $4,710,495 2066 $1,833,326,570 $36,666,531 $0 $1,869,993,101 $1,868,177,474 $18,681,775 $4,804,798 80% 20% 100% $3,843,838 $960,960 $4,804,798 2067 $1,869,993,101 $37,399,862 $0 $1,907,392,963 $1,905,577,336 $19,055,773 $4,900,987 80% 20% 100% $3,920,790 $980,197 $4,900,987 2068 $1,907,392,963 $38,147,859 $0 $1,945,540,822 $1,943,725,195 $19,437,252 $4,999,100 80% 20% 100% $3,999,280 $999,820 $4,999,100 2069 $1,945,540,822 $38,910,816 $0 $1,984,451,639 $1,982,636,012 $19,826,360 $5,099,176 80% 20% 100% $4,079,341 $1,019,835 $5,099,176 NR pt
Source: Sacramento County; City of Sacramento; University of California, Davis, Wexford Science and Technology; EPS. [1] See Table D-1 for Fiscal Year 2020-21 beginning assessed value. [2]
See Table D-5 and Table D-4 for details.

Cumulative
Growth in AV
Gross Tax
Increment
Net Tax Increment
Fiscal Year
Ending
Beginning
Assessed Value [1]
Existing
AV Growth
New AV Added
to Roll [2] Ending AV
City EIFD Allocation City EIFD Revenues
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Attachment D: RASA Cash Flow Model
Table A-4
Aggie Square EIFD
EIFD Tax Increment Analysis
Projected Property Tax In Lieu of VLF Increment to EIFD - TRA 003-005 (Real and 2020$) Developer Led
Improvements
Affordable
Housing
Improvements Total
Developer Led
Improvements
Affordable
Housing
Improvements Total EIFD
starting in 2024
Formula a b c = b / $50,772,282,921 d = c * 46,095,000 e h i=g*h m=i+l 2021 $21,535,113 $21,535,113 0.0424% $19,551 $19,551 80% 20% 100% $15,641 $3,910 $19,551 2022 $22,002,127 $21,570,713 0.0425% $19,584 $19,975 80% 20% 100% $15,980 $3,995 $19,975 2023 $22,478,482 $21,605,616 0.0426% $19,615 $20,408 80% 20% 100% $16,326 $4,082 $20,408 2024 $580,432,263 $546,954,285 1.0773% $496,567 $526,961 80% 20% 100% $421,569 $105,392 $526,961 2025 $592,077,221 $546,987,832 1.0773% $496,598 $537,533 80% 20% 100% $430,027 $107,507 $537,533 2026 $603,955,078 $547,020,722 1.0774% $496,628 $548,317 80% 20% 100% $438,654 $109,663 $548,317 2027 $616,070,492 $547,052,966 1.0775% $496,657 $559,316 80% 20% 100% $447,453 $111,863 $559,316 2028 $637,617,699 $555,084,578 1.0933% $503,949 $578,879 80% 20% 100% $463,103 $115,776 $578,879 2029 $650,406,366 $555,115,571 1.0933% $503,977 $590,489 80% 20% 100% $472,391 $118,098 $590,489 2030 $663,450,806 $555,145,955 1.0934% $504,004 $602,332 80% 20% 100% $481,866 $120,466 $602,332 2031 $933,232,560 $765,575,744 1.5079% $695,049 $847,261 80% 20% 100% $677,808 $169,452 $847,261 2032 $951,933,524 $765,604,949 1.5079% $695,075 $864,239 80% 20% 100% $691,391 $172,848 $864,239 2033 $971,008,507 $765,633,581 1.5080% $695,101 $881,557 80% 20% 100% $705,245 $176,311 $881,557 2034 $990,464,990 $765,661,652 1.5080% $695,127 $899,221 80% 20% 100% $719,376 $179,844 $899,221 2035 $1,010,310,602 $765,689,172 1.5081% $695,152 $917,238 80% 20% 100% $733,790 $183,448 $917,238 2036 $1,030,553,127 $765,716,153 1.5081% $695,176 $935,616 80% 20% 100% $748,493 $187,123 $935,616 2037 $1,051,200,502 $765,742,605 1.5082% $695,200 $954,361 80% 20% 100% $763,489 $190,872 $954,361 2038 $1,072,260,824 $765,768,538 1.5082% $695,224 $973,481 80% 20% 100% $778,785 $194,696 $973,481 2039 $1,093,742,353 $765,793,963 1.5083% $695,247 $992,984 80% 20% 100% $794,387 $198,597 $992,984 2040 $1,115,653,513 $765,818,889 1.5083% $695,270 $1,012,876 80% 20% 100% $810,301 $202,575 $1,012,876 2041 $1,138,002,896 $765,843,326 1.5084% $695,292 $1,033,167 80% 20% 100% $826,534 $206,633 $1,033,167 2042 $1,160,799,266 $765,867,284 1.5084% $695,313 $1,053,863 80% 20% 100% $843,091 $210,773 $1,053,863 2043 $1,184,051,564 $765,890,772 1.5085% $695,335 $1,074,973 80% 20% 100% $859,979 $214,995 $1,074,973 2044 $1,207,768,908 $765,913,800 1.5085% $695,356 $1,096,506 80% 20% 100% $877,205 $219,301 $1,096,506 2045 $1,231,960,599 $765,936,376 1.5086% $695,376 $1,118,469 80% 20% 100% $894,775 $223,694 $1,118,469 2046 $1,256,636,123 $765,958,510 1.5086% $695,396 $1,140,871 80% 20% 100% $912,697 $228,174 $1,140,871 2047 $1,281,805,158 $765,980,210 1.5087% $695,416 $1,163,722 80% 20% 100% $930,977 $232,744 $1,163,722 2048 $1,307,477,574 $766,001,484 1.5087% $695,435 $1,187,029 80% 20% 100% $949,623 $237,406 $1,187,029 2049 $1,333,663,438 $766,022,341 1.5087% $695,454 $1,210,803 80% 20% 100% $968,642 $242,161 $1,210,803 2050 $1,360,373,019 $766,042,789 1.5088% $695,473 $1,235,052 80% 20% 100% $988,041 $247,010 $1,235,052 2051 $1,387,616,792 $766,062,836 1.5088% $695,491 $1,259,786 80% 20% 100% $1,007,829 $251,957 $1,259,786 2052 $1,415,405,441 $766,082,490 1.5089% $695,509 $1,285,014 80% 20% 100% $1,028,012 $257,003 $1,285,014 2053 $1,443,749,862 $766,101,759 1.5089% $695,526 $1,310,748 80% 20% 100% $1,048,598 $262,150 $1,310,748 2054 $1,472,661,172 $766,120,649 1.5089% $695,543 $1,336,996 80% 20% 100% $1,069,596 $267,399 $1,336,996 2055 $1,502,150,708 $766,139,170 1.5090% $695,560 $1,363,768 80% 20% 100% $1,091,015 $272,754 $1,363,768 2056 $1,532,230,034 $766,157,327 1.5090% $695,577 $1,391,077 80% 20% 100% $1,112,861 $278,215 $1,391,077 2057 $1,562,910,948 $766,175,128 1.5090% $695,593 $1,418,931 80% 20% 100% $1,135,145 $283,786 $1,418,931 2058 $1,594,205,479 $766,192,581 1.5091% $695,609 $1,447,343 80% 20% 100% $1,157,874 $289,469 $1,447,343 2059 $1,626,125,901 $766,209,691 1.5091% $695,624 $1,476,323 80% 20% 100% $1,181,058 $295,265 $1,476,323 2060 $1,658,684,732 $766,226,465 1.5091% $695,640 $1,505,882 80% 20% 100% $1,204,706 $301,176 $1,505,882 2061 $1,691,894,739 $766,242,911 1.5092% $695,654 $1,536,033 80% 20% 100% $1,228,826 $307,207 $1,536,033 2062 $1,725,768,946 $766,259,034 1.5092% $695,669 $1,566,786 80% 20% 100% $1,253,429 $313,357 $1,566,786 2063 $1,760,320,638 $766,274,841 1.5092% $695,683 $1,598,155 80% 20% 100% $1,278,524 $319,631 $1,598,155 2064 $1,795,563,363 $766,290,338 1.5093% $695,698 $1,630,151 80% 20% 100% $1,304,121 $326,030 $1,630,151 2065 $1,831,510,943 $766,305,531 1.5093% $695,711 $1,662,787 80% 20% 100% $1,330,230 $332,557 $1,662,787 2066 $1,868,177,474 $766,320,426 1.5093% $695,725 $1,696,076 80% 20% 100% $1,356,861 $339,215 $1,696,076 2067 $1,905,577,336 $766,335,030 1.5094% $695,738 $1,730,030 80% 20% 100% $1,384,024 $346,006 $1,730,030 2068 $1,943,725,195 $766,349,347 1.5094% $695,751 $1,764,664 80% 20% 100% $1,411,731 $352,933 $1,764,664 2069 $1,982,636,012 $766,363,383 1.5094% $695,764 $1,799,990 80% 20% 100% $1,439,992 $359,998 $1,799,990 NR ptil
Source: Sacramento County; City of Sacramento; University of California, Davis, Wexford Science and Technology; EPS. [1] Refer to Table A-3 for details.
[2]
Based on an annual escalation factor of 2%.
[3] Property tax in-lieu of VLF amount estimated by assuming growth of the $46.1 million in property tax in lieu revenues curr ently received by the City taken from FY 2019-20 Approved City Budget proportional to the percentage growth in assessed value.

Fiscal Year
Ending
Cumulative
Growth in AV
(2020$) [2]
Cumulative
Growth in AV
(Real $) [1]
Percentage Growth
of Existing Citywide
AV
Project Growth in Property Tax In Lieu of VLF (PTILVLF) City EIFD Allocation City EIFD Revenues
Escalated City

PTILVLF
(Real $) [2]
Total City

PTILVLF
(2020$) [3]
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Attachment D: RASA Cash Flow Model
Table A-5
Aggie Square EIFD
EIFD Tax Increment Analysis
Projected Property Tax Increment to EIFD - TRA 003-002 (Real $) City
Allocation
Less RDA
Passthrough [4]
Net City
Revenues
Developer Led
Improvements
Affordable
Housing
Improvements Total
Developer Led
Improvements
Affordable
Housing
Improvements Total EIFD
starting in 2024
Formula a b=a*2.0% c d=a+b+c e f=e*1.0% g=f*25.72% h i = g + h j k l = j + k m=i*j n=i*k o=m+n 2021 $23,921,767 $478,435 $0 $24,400,202 $478,435 $4,784 [5] $0 $0 80% 20% 100% $0 $0 $0 2022 $24,400,202 $488,004 $0
$24,888,206 $966,439 $9,664 [5] $0 $549 80% 20% 100% $439 $110 $549 2023 $24,888,206 $497,764 $0 $25,385,971 $1,464,204 $14,642 [5] $0 $1,126 80% 20% 100% $901 $225 $1,126 2024 $25,385,971 $507,719 $0 $25,893,690 $1,971,923 $19,719 [5] $0 $1,751 80% 20% 100% $1,401 $350 $1,751 2025 $25,893,690 $517,874 $11,230,234 $37,641,797 $13,720,030 $137,200 [5] $0 $2,414 80% 20% 100% $1,931 $483 $2,414 2026 $37,641,797 $752,836 $0 $38,394,633 $14,472,866 $144,729 [5] $0 $17,048 80% 20% 100% $13,639 $3,410 $17,048 2027 $38,394,633 $767,893 $296,247,594 $335,410,120 $311,488,353 $3,114,884 [5] $0 $18,890 80% 20% 100% $15,112 $3,778 $18,890 2028 $335,410,120 $6,708,202 $0 $342,118,322 $318,196,555 $3,181,966 [5] $0 $413,909 80% 20% 100% $331,127 $82,782 $413,909 2029 $342,118,322 $6,842,366 $0 $348,960,689 $325,038,922 $3,250,389 [5] $0 $429,187 80% 20% 100% $343,350 $85,837 $429,187 2030 $348,960,689 $6,979,214 $0 $355,939,902 $332,018,135 $3,320,181 [5] $0 $441,246 80% 20% 100% $352,997 $88,249 $441,246 2031 $355,939,902 $7,118,798 $0 $363,058,700 $339,136,933 $3,391,369 [5] $0 $454,876 80% 20% 100% $363,901 $90,975 $454,876 2032 $363,058,700 $7,261,174 $0 $370,319,874 $346,398,107 $3,463,981 [5] $0 $487,024 80% 20% 100% $389,620 $97,405 $487,024 2033 $370,319,874 $7,406,397 $0 $377,726,272 $353,804,505 $3,538,045 [5] $0 $532,455 80% 20% 100% $425,964 $106,491 $532,455 2034 $377,726,272 $7,554,525 $0 $385,280,797 $361,359,030 $3,613,590 [5] $0 $563,184 80% 20% 100% $450,547 $112,637 $563,184 2035 $385,280,797 $7,705,616 $0 $392,986,413 $369,064,646 $3,690,646 [5] $0 $521,567 80% 20% 100% $417,254 $104,313 $521,567 2036 $392,986,413 $7,859,728 $0 $400,846,142 $376,924,375 $3,769,244 [5] $0 $605,351 80% 20% 100% $484,281 $121,070 $605,351 2037 $400,846,142 $8,016,923 $0 $408,863,064 $384,941,297 $3,849,413 [5] $0 $653,337 80% 20% 100% $522,669 $130,667 $653,337 2038 $408,863,064 $8,177,261 $0 $417,040,326 $393,118,559 $3,931,186 [5] $0 $676,228 80% 20% 100% $540,982 $135,246 $676,228 2039 $417,040,326 $8,340,807 $0 $425,381,132 $401,459,365 $4,014,594 $1,032,520 ($156,230) $876,290 80% 20% 100% $701,032 $175,258 $876,290 2040 $425,381,132 $8,507,623 $0 $433,888,755 $409,966,988 $4,099,670 $1,054,401 ($159,355) $895,046 80% 20% 100% $716,037 $179,009 $895,046 2041 $433,888,755 $8,677,775 $0 $442,566,530 $418,644,763 $4,186,448 $1,076,720 ($162,542) $914,178 80% 20% 100% $731,342 $182,836 $914,178 2042 $442,566,530 $8,851,331 $0 $451,417,860 $427,496,093 $4,274,961 $1,099,485 ($165,793) $933,692 80% 20% 100% $746,953 $186,738 $933,692 2043 $451,417,860 $9,028,357 $0 $460,446,218 $436,524,451 $4,365,245 $1,122,705 ($169,109) $953,596 80% 20% 100% $762,877 $190,719 $953,596 2044 $460,446,218 $9,208,924 $0 $469,655,142 $445,733,375 $4,457,334 $1,146,389 ($172,491) $973,899 80% 20% 100% $779,119 $194,780 $973,899 2045 $469,655,142 $9,393,103 $0 $479,048,245 $455,126,478 $4,551,265 $1,170,548 ($175,941) $994,607 80% 20% 100% $795,686 $198,921 $994,607 2046 $479,048,245 $9,580,965 $0 $488,629,210 $464,707,443 $4,647,074 $1,195,189 ($179,459) $1,015,730 80% 20% 100% $812,584 $203,146 $1,015,730 2047 $488,629,210 $9,772,584 $0 $498,401,794 $474,480,027 $4,744,800 $1,220,323 ($183,049) $1,037,275 80% 20% 100% $829,820 $207,455 $1,037,275 2048 $498,401,794 $9,968,036 $0 $508,369,830 $484,448,063 $4,844,481 $1,245,960 ($186,710) $1,059,251 80% 20% 100% $847,401 $211,850 $1,059,251 2049 $508,369,830 $10,167,397 $0 $518,537,226 $494,615,459 $4,946,155 $1,272,110 ($190,444) $1,081,666 80% 20% 100% $865,333 $216,333 $1,081,666 2050 $518,537,226 $10,370,745 $0 $528,907,971 $504,986,204 $5,049,862 $1,298,783 ($194,253) $1,104,530 80% 20% 100% $883,624 $220,906 $1,104,530 2051 $528,907,971 $10,578,159 $0 $539,486,130 $515,564,363 $5,155,644 $1,325,989 ($198,138) $1,127,851 80% 20% 100% $902,281 $225,570 $1,127,851 2052 $539,486,130 $10,789,723 $0 $550,275,853 $526,354,086 $5,263,541 $1,353,739 ($202,100) $1,151,639 80% 20% 100% $921,311 $230,328 $1,151,639 2053 $550,275,853 $11,005,517 $0 $561,281,370 $537,359,603 $5,373,596 $1,382,044 ($206,142) $1,175,902 80% 20% 100% $940,722 $235,180 $1,175,902 2054 $561,281,370 $11,225,627 $0 $572,506,997 $548,585,230 $5,485,852 $1,410,916 ($210,265) $1,200,651 80% 20% 100% $960,520 $240,130 $1,200,651 2055 $572,506,997 $11,450,140 $0 $583,957,137 $560,035,370 $5,600,354 $1,440,365 ($214,471) $1,225,894 80% 20% 100% $980,715 $245,179 $1,225,894 2056 $583,957,137 $11,679,143 $0 $595,636,280 $571,714,513 $5,717,145 $1,470,402 ($218,760) $1,251,642 80% 20% 100% $1,001,314 $250,328 $1,251,642 2057 $595,636,280 $11,912,726 $0 $607,549,006 $583,627,239 $5,836,272 $1,501,041 ($223,135) $1,277,906 80% 20% 100% $1,022,325 $255,581 $1,277,906 2058 $607,549,006 $12,150,980 $0 $619,699,986 $595,778,219 $5,957,782 $1,532,292 ($227,598) $1,304,694 80% 20% 100% $1,043,755 $260,939 $1,304,694 2059 $619,699,986 $12,394,000 $0 $632,093,986 $608,172,219 $6,081,722 $1,564,169 ($232,150) $1,332,019 80% 20% 100% $1,065,615 $266,404 $1,332,019 2060 $632,093,986 $12,641,880 $0 $644,735,865 $620,814,098 $6,208,141 $1,596,683 ($236,793) $1,359,890 80% 20% 100% $1,087,912 $271,978 $1,359,890 2061 $644,735,865 $12,894,717 $0 $657,630,583 $633,708,816 $6,337,088 $1,629,847 ($241,529) $1,388,318 80% 20% 100% $1,110,654 $277,664 $1,388,318 2062 $657,630,583 $13,152,612 $0 $670,783,194 $646,861,427 $6,468,614 $1,663,674 ($246,359) $1,417,315 80% 20% 100% $1,133,852 $283,463 $1,417,315 2063 $670,783,194 $13,415,664 $0 $684,198,858 $660,277,091 $6,602,771 $1,698,178 ($251,287) $1,446,892 80% 20% 100% $1,157,513 $289,378 $1,446,892 2064 $684,198,858 $13,683,977 $0 $697,882,835 $673,961,068 $6,739,611 $1,733,372 ($256,312) $1,477,060 80% 20% 100% $1,181,648 $295,412 $1,477,060 2065 $697,882,835 $13,957,657 $0 $711,840,492 $687,918,725 $6,879,187 $1,769,270 ($261,439) $1,507,832 80% 20% 100% $1,206,265 $301,566 $1,507,832 2066 $711,840,492 $14,236,810 $0 $726,077,302 $702,155,535 $7,021,555 $1,805,886 ($266,667) $1,539,219 80% 20% 100% $1,231,375 $307,844 $1,539,219 2067 $726,077,302 $14,521,546 $0 $740,598,848 $716,677,081 $7,166,771 $1,843,234 ($272,001) $1,571,234 80% 20% 100% $1,256,987 $314,247 $1,571,234 2068 $740,598,848 $14,811,977 $0 $755,410,825 $731,489,058 $7,314,891 $1,881,329 ($277,441) $1,603,889 80% 20% 100% $1,283,111 $320,778 $1,603,889 2069 $755,410,825 $15,108,216 $0 $770,519,041 $746,597,274 $7,465,973 $1,920,186 ($282,989) $1,637,197 80% 20% 100% $1,309,758 $327,439 $1,637,197 rda pt
Source: Sacramento County; City of Sacramento; University of California, Davis, Wexford Science and Technology; EPS. [1] See Table D-1 for Fiscal Year 2020-21 beginning assessed value. [2]
See Table D-3 for details.
[3] City revenues reflect Aggie Square EIFD share of RPTTF Revenues for fiscal years 2020-2021 through 2037-2038. Refer to Tab le A-7 for details. [5] City revenues for fiscal years 2020-2021 through 2037-2038 are estimated on Table A-7. [4]
Reflects estimated pass through revenue that the City would receive via the RDA as of 2038, escalated by 2 percent annually.

Cumulative
Growth in AV
Gross Tax
Increment
Net Tax Increment
Fiscal Year
Ending
Beginning
Assessed Value [1]
Existing
AV Growth
New AV Added
to Roll [2] Ending AV
City EIFD RevenuesCity EIFD AllocationTotal City Revenues [3] Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Attachment D: RASA Cash Flow Model
Table A-6
Aggie Square EIFD
EIFD Tax Increment Analysis
Projected Property Tax In Lieu of VLF Increment to EIFD - TRA 003-002 (Real and 2020$) Developer Led
Improvements
Affordable
Housing
Improvements Total
Developer Led
Improvements
Affordable
Housing
Improvements Total EIFD
starting in 2024
Formula a b c = b / $50,772,282,921 d = c * $46,095,000 e f g h=f+g i=e*f j=e*g k=i+j 2021 $478,435 $478,435 0.0009% $434 $434 80% 20% 100% $347 $87 $434 2022 $966,439 $947,490 0.0019% $860 $877 80% 20% 100% $702 $175 $877 2023 $1,464,204 $1,407,347 0.0028% $1,278 $1,329 80% 20% 100% $1,063 $266 $1,329 2024 $1,971,923 $1,858,187 0.0037% $1,687 $1,790 80% 20% 100% $1,432 $358 $1,790 2025 $13,720,030 $12,675,187 0.0250% $11,508 $12,456 80% 20% 100% $9,965 $2,491 $12,456 2026 $14,472,866 $13,108,521 0.0258% $11,901 $13,140 80% 20% 100% $10,512 $2,628 $13,140 2027 $311,488,353 $276,592,743 0.5448% $251,112 $282,793 80% 20% 100% $226,235 $56,559 $282,793 2028 $318,196,555 $277,009,250 0.5456% $251,490 $288,883 80% 20% 100% $231,107 $57,777 $288,883 2029 $325,038,922 $277,417,590 0.5464% $251,861 $295,095 80% 20% 100% $236,076 $59,019 $295,095 2030 $332,018,135 $277,817,923 0.5472% $252,225 $301,432 80% 20% 100% $241,145 $60,286 $301,432 2031 $339,136,933 $278,210,407 0.5480% $252,581 $307,895 80% 20% 100% $246,316 $61,579 $307,895 2032 $346,398,107 $278,595,195 0.5487% $252,930 $314,487 80% 20% 100% $251,590 $62,897 $314,487 2033 $353,804,505 $278,972,438 0.5495% $253,273 $321,211 80% 20% 100% $256,969 $64,242 $321,211 2034 $361,359,030 $279,342,284 0.5502% $253,609 $328,070 80% 20% 100% $262,456 $65,614 $328,070 2035 $369,064,646 $279,704,878 0.5509% $253,938 $335,065 80% 20% 100% $268,052 $67,013 $335,065 2036 $376,924,375 $280,060,362 0.5516% $254,260 $342,201 80% 20% 100% $273,761 $68,440 $342,201 2037 $384,941,297 $280,408,877 0.5523% $254,577 $349,479 80% 20% 100% $279,584 $69,896 $349,479 2038 $393,118,559 $280,750,557 0.5530% $254,887 $356,903 80% 20% 100% $285,523 $71,381 $356,903 2039 $401,459,365 $281,085,538 0.5536% $255,191 $364,476 80% 20% 100% $291,581 $72,895 $364,476 2040 $409,966,988 $281,413,951 0.5543% $255,489 $372,200 80% 20% 100% $297,760 $74,440 $372,200 2041 $418,644,763 $281,735,924 0.5549% $255,782 $380,078 80% 20% 100% $304,062 $76,016 $380,078 2042 $427,496,093 $282,051,584 0.5555% $256,068 $388,114 80% 20% 100% $310,491 $77,623 $388,114 2043 $436,524,451 $282,361,055 0.5561% $256,349 $396,311 80% 20% 100% $317,048 $79,262 $396,311 2044 $445,733,375 $282,664,458 0.5567% $256,625 $404,671 80% 20% 100% $323,737 $80,934 $404,671 2045 $455,126,478 $282,961,911 0.5573% $256,895 $413,199 80% 20% 100% $330,559 $82,640 $413,199 2046 $464,707,443 $283,253,532 0.5579% $257,159 $421,897 80% 20% 100% $337,518 $84,379 $421,897 2047 $474,480,027 $283,539,435 0.5585% $257,419 $430,770 80% 20% 100% $344,616 $86,154 $430,770 2048 $484,448,063 $283,819,732 0.5590% $257,673 $439,819 80% 20% 100% $351,855 $87,964 $439,819 2049 $494,615,459 $284,094,533 0.5595% $257,923 $449,050 80% 20% 100% $359,240 $89,810 $449,050 2050 $504,986,204 $284,363,946 0.5601% $258,168 $458,465 80% 20% 100% $366,772 $91,693 $458,465 2051 $515,564,363 $284,628,076 0.5606% $258,407 $468,069 80% 20% 100% $374,455 $93,614 $468,069 2052 $526,354,086 $284,887,028 0.5611% $258,642 $477,865 80% 20% 100% $382,292 $95,573 $477,865 2053 $537,359,603 $285,140,901 0.5616% $258,873 $487,857 80% 20% 100% $390,285 $97,571 $487,857 2054 $548,585,230 $285,389,797 0.5621% $259,099 $498,048 80% 20% 100% $398,438 $99,610 $498,048 2055 $560,035,370 $285,633,813 0.5626% $259,320 $508,443 80% 20% 100% $406,755 $101,689 $508,443 2056 $571,714,513 $285,873,044 0.5630% $259,538 $519,047 80% 20% 100% $415,237 $103,809 $519,047 2057 $583,627,239 $286,107,584 0.5635% $259,751 $529,862 80% 20% 100% $423,890 $105,972 $529,862 2058 $595,778,219 $286,337,525 0.5640% $259,959 $540,893 80% 20% 100% $432,715 $108,179 $540,893 2059 $608,172,219 $286,562,957 0.5644% $260,164 $552,146 80% 20% 100% $441,717 $110,429 $552,146 2060 $620,814,098 $286,783,970 0.5648% $260,365 $563,623 80% 20% 100% $450,898 $112,725 $563,623 2061 $633,708,816 $287,000,649 0.5653% $260,561 $575,330 80% 20% 100% $460,264 $115,066 $575,330 2062 $646,861,427 $287,213,079 0.5657% $260,754 $587,271 80% 20% 100% $469,817 $117,454 $587,271 2063 $660,277,091 $287,421,344 0.5661% $260,943 $599,451 80% 20% 100% $479,560 $119,890 $599,451 2064 $673,961,068 $287,625,525 0.5665% $261,129 $611,874 80% 20% 100% $489,499 $122,375 $611,874 2065 $687,918,725 $287,825,703 0.5669% $261,310 $624,546 80% 20% 100% $499,637 $124,909 $624,546 2066 $702,155,535 $288,021,955 0.5673% $261,489 $637,471 80% 20% 100% $509,977 $127,494 $637,471 2067 $716,677,081 $288,214,360 0.5677% $261,663 $650,655 80% 20% 100% $520,524 $130,131 $650,655 2068 $731,489,058 $288,402,992 0.5680% $261,835 $664,102 80% 20% 100% $531,282 $132,820 $664,102 2069 $746,597,274 $288,587,925 0.5684% $262,002 $677,819 80% 20% 100% $542,255 $135,564 $677,819 rda ptil
Source: Sacramento County; City of Sacramento; University of California, Davis, Wexford Science and Technology; EPS. [1] Refer to Table A-5 for details.
[2]
Based on an annual escalation factor of 2%.
[3] Property tax in-lieu of VLF amount estimated by assuming growth of the $46.1 million in property tax in lieu revenues curr ently received by the City taken from FY 2019-20 Approved City Budget proportional to the percentage growth in assessed value.

TRA 003-002
Aggie Square Full Project
Fiscal Year
Ending
Cumulative
Growth in AV
(Real $) [1]
Cumulative
Growth in AV
(2020$) [2]
Percentage Growth
of Existing Citywide
AV
Project Growth in Property Tax In Lieu of VLF (PTILVLF) City EIFD Allocation City EIFD Revenues
Total City

PTILVLF
(2020$) [3]
Escalated City

PTILVLF
(Real $) [2]
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Attachment D: RASA Cash Flow Model
Table A-7
Aggie Square EIFD
EIFD Tax Increment Analysis
Aggie Square EIFD Share of RPTTF Revenues [1]
Fiscal Year
Ending
Oak Park
Project Area
RPTTF Revenues
City
Share of
RPTTF
Aggie Square
EIFD Share [2]
Aggie Square
EIFD Revenues
Formula A B = A * 0.2572 C = Table 3-3 D = B * C
2021 NA NA NA $0
2022 $3,633,868 $934,598 0% $549
2023 $3,769,946 $969,596 0% $1,126
2024 $3,951,485 $1,016,286 0% $1,751
2025 $4,131,300 $1,062,532 0% $2,414
2026 $4,336,960 $1,115,426 2% $17,048
2027 $4,652,674 $1,196,625 2% $18,890
2028 $6,368,504 $1,637,921 25% $413,909
2029 $6,599,980 $1,697,454 25% $429,187
2030 $6,781,803 $1,744,218 25% $441,246
2031 $6,987,642 $1,797,157 25% $454,876
2032 $7,477,674 $1,923,189 25% $487,024
2033 $8,171,127 $2,101,539 25% $532,455
2034 $8,638,479 $2,221,738 25% $563,184
2035 $7,996,306 $2,056,576 25% $521,567
2036 $9,276,496 $2,385,830 25% $605,351
2037 $10,007,250 $2,573,773 25% $653,337
2038 $10,353,245 $2,662,760 25% $676,228
sa_share
Source: EPS.
[1] Assumes termination of RDA in 2038 when all debt service and enforceable obligations resolved. [2]
Based on Aggie Square EIFD share of cumulative assessed value growth.

Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Attachment D: RASA Cash Flow Model
Table B-1
Aggie Square EIFD
RASA Cash Flow Model
Project Assessed Value by Project Are
a
Fiscal Year Ending River District
River District
Annexation 65th Street Oak Park
Alkali
Flat
North
Sacramento Army Depot
Army Depot
Annexation Del Paso Heights
Franklin
Boulevard Merged Downtown
Stockton
Boulevard Railyards Total
Assumed Inflation Rate 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% $0
$0
$0
2021 $440,111,010 $131,278,924 $578,434,852 $857,516,448 $519,916,156 $800,986,481 $528,985,677 $1,001,219,800 $538,585,898 $681,542,558 $4,096,557,349 $579,616,471 $120,135,753 $10,874,887,377 2022 $448,913,230 $133,904,502 $590,003,549 $874,666,777 $530,314,479 $817,006,211 $539,565,391 $1,021,244,196 $549,357,616 $695,173,409 $4,178,488,496 $591,208,800 $497,290,548 $11,467,137,205 2023 $457,891,495 $136,582,593 $601,803,620 $892,160,112 $540,920,769 $833,346,335 $550,356,698 $1,041,669,080 $560,344,768 $709,076,877 $4,262,058,266 $603,032,976 $693,319,546 $11,882,563,136 2024 $467,049,325 $139,314,244 $613,839,692 $910,003,315 $551,739,184 $850,013,262 $561,363,832 $1,062,502,462 $571,551,664 $723,258,415 $4,347,299,431 $615,093,636 $959,813,804 $12,372,842,265 2025 $476,390,311 $142,100,529 $626,116,486 $928,203,381 $562,773,968 $867,013,527 $572,591,109 $1,083,752,511 $582,982,697 $737,723,583 $4,434,245,420 $627,395,509 $1,280,025,675 $12,921,314,706 2026 $485,918,117 $144,942,540 $638,638,816 $957,997,682 $574,029,447 $884,353,797 $584,042,931 $1,105,427,561 $594,642,351 $752,478,055 $4,522,930,328 $639,943,419 $1,512,152,100 $13,397,497,145 2027 $495,636,480 $147,841,391 $651,411,592 $977,157,636 $585,510,036 $902,040,873 $595,723,790 $1,127,536,112 $606,535,198 $767,527,616 $4,613,388,935 $652,742,287 $1,798,769,261 $13,921,821,207 2028 $505,549,209 $150,798,218 $664,439,824 $1,292,948,382 $597,220,237 $920,081,691 $607,638,266 $1,150,086,834 $618,665,902 $782,878,168 $4,705,656,713 $665,797,133 $2,049,614,205 $14,711,374,783 2029 $515,660,194 $153,814,183 $677,728,621 $1,318,807,350 $609,164,642 $938,483,325 $619,791,031 $1,173,088,571 $631,039,220 $798,535,732 $4,799,769,848 $679,113,076 $2,419,281,065 $15,334,276,855 2030 $525,973,397 $156,890,466 $691,283,193 $1,345,183,497 $621,347,934 $957,252,991 $632,186,851 $1,196,550,343 $643,660,004 $814,506,446 $4,895,765,245 $692,695,337 $2,742,879,279 $15,916,174,985 2031 $536,492,865 $160,028,276 $705,108,857 $1,372,087,167 $633,774,893 $976,398,051 $644,830,589 $1,220,481,349 $656,533,204 $830,796,575 $4,993,680,550 $706,549,244 $3,028,718,736 $16,465,480,356 2032 $547,222,723 $163,228,841 $719,211,034 $1,399,528,910 $646,450,391 $995,926,012 $657,727,200 $1,244,890,976 $669,663,868 $847,412,507 $5,093,554,161 $720,680,229 $3,324,894,621 $17,030,391,473 2033 $558,167,177 $166,493,418 $733,595,255 $1,427,519,489 $659,379,399 $1,015,844,532 $670,881,744 $1,269,788,796 $683,057,146 $864,360,757 $5,195,425,244 $735,093,833 $3,631,706,053 $17,611,312,842 2034 $569,330,521 $169,823,287 $748,267,160 $1,456,069,878 $672,566,987 $1,036,161,423 $684,299,379 $1,295,184,572 $696,718,289 $881,647,972 $5,299,333,749 $749,795,710 $3,949,459,984 $18,208,658,909 2035 $580,717,131 $173,219,752 $763,232,503 $1,485,191,276 $686,018,326 $1,056,884,651 $697,985,367 $1,321,088,263 $710,652,654 $899,280,931 $5,405,320,424 $764,791,624 $4,278,303,157 $18,822,686,060 2036 $592,331,474 $176,684,147 $778,497,153 $1,514,895,101 $699,738,693 $1,078,022,344 $711,945,074 $1,347,510,029 $724,865,708 $917,266,550 $5,513,426,832 $780,087,457 $4,618,720,272 $19,453,990,834 2037 $604,178,103 $180,217,830 $794,067,096 $1,545,193,003 $713,733,467 $1,099,582,791 $726,183,976 $1,374,460,229 $739,363,022 $935,611,881 $5,623,695,369 $795,689,206 $4,971,042,752 $20,103,018,725 2038 $616,261,665 $183,822,187 $809,948,438 $1,576,096,864 $728,008,136 $1,121,574,447 $740,707,655 $1,401,949,434 $754,150,282 $954,324,119 $5,736,169,276 $811,602,990 $5,335,610,642 $20,770,226,134 AV
Source: County of Sacramento; City of Sacramento; EPS.
[1] Based on 2020-21 Equalized Assessed Valuation published by the County of Sacramento Auditor-Controller Division. Values for all RDAs excluding Railyards and Oak Park are escalated by 2 percent annually. Railyards assessed values estimated based on 2 percent annual growth of existing assessed value plus the value of new development as projected elsewhere. Oak Park assessed values estimated based on 2 percent annual growth in existing assessed value plus the value of new development projected in Table C-1.

Assessed Value [1]
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 RASA TIF m1 02.23.21 Attachment D: RASA Cash Flow Model
Table B-2
Aggie Square EIFD
RASA Cash Flow Model
Gross Tax Increment
Fiscal Year Ending River District
River
District
Annex 65th Street Oak Park Alkali Flat
North
Sacramento Army Depot
Army
Depot Annex
Del Paso
Heights
Franklin
Boulevard
Merged
Downtown
Stockton
Boulevard Railyards
Table Reference Table A-2 Table A-3 Table A-4 Table C-2 Table A-6 Table A-7 Table A-8 Table A-9 Table A-10 Table A-11 Table A-12 Table A-13 Table A-14 2021 $2,108,196 $785,935 $4,269,611 $7,971,902 $5,063,220 $5,101,253 $3,276,887 $5,329,008 $5,115,219 $3,272,181 $39,033,239 $3,644,116 $653,300 $85,624,067 2022 $2,196,218 $812,191 $4,385,298 $8,143,405 $5,167,203 $5,261,450 $3,382,684 $5,529,252 $5,222,936 $3,408,490 $39,852,551 $3,760,039 $4,424,848 $91,546,565 2023 $2,286,001 $838,972 $4,503,299 $8,318,339 $5,273,266 $5,424,851 $3,490,597 $5,733,501 $5,332,807 $3,547,524 $40,688,248 $3,878,281 $6,385,138 $95,700,825 2024 $2,377,579 $866,289 $4,623,660 $8,496,771 $5,381,450 $5,591,521 $3,600,669 $5,941,834 $5,444,876 $3,689,340 $41,540,660 $3,998,887 $9,050,081 $100,603,616 2025 $2,470,989 $894,151 $4,746,428 $8,678,772 $5,491,798 $5,761,523 $3,712,941 $6,154,335 $5,559,187 $3,833,991 $42,410,120 $4,121,906 $12,252,200 $106,088,340 2026 $2,566,267 $922,572 $4,871,651 $8,976,715 $5,604,353 $5,934,926 $3,827,460 $6,371,085 $5,675,783 $3,981,536 $43,296,969 $4,247,385 $14,573,464 $110,850,165 2027 $2,663,451 $951,560 $4,999,379 $9,168,314 $5,719,159 $6,111,797 $3,944,268 $6,592,171 $5,794,712 $4,132,032 $44,201,555 $4,375,374 $17,439,635 $116,093,405 2028 $2,762,578 $981,128 $5,129,661 $12,326,222 $5,836,261 $6,292,205 $4,063,413 $6,817,678 $5,916,019 $4,285,537 $45,124,233 $4,505,922 $19,948,085 $123,988,941 2029 $2,863,688 $1,011,288 $5,262,549 $12,584,811 $5,955,705 $6,476,221 $4,184,940 $7,047,695 $6,039,752 $4,442,113 $46,065,364 $4,639,082 $23,644,753 $130,217,962 2030 $2,966,820 $1,042,051 $5,398,095 $12,848,573 $6,077,538 $6,663,918 $4,308,899 $7,282,313 $6,165,960 $4,601,820 $47,025,318 $4,774,904 $26,880,736 $136,036,943 2031 $3,072,014 $1,073,429 $5,536,351 $13,117,609 $6,201,807 $6,855,369 $4,435,336 $7,521,623 $6,294,692 $4,764,721 $48,004,471 $4,913,443 $29,739,130 $141,529,997 2032 $3,179,313 $1,105,435 $5,677,373 $13,392,027 $6,328,562 $7,050,648 $4,564,302 $7,765,719 $6,425,998 $4,930,881 $49,003,207 $5,054,753 $32,700,889 $147,179,108 2033 $3,288,758 $1,138,080 $5,821,215 $13,671,933 $6,457,852 $7,249,833 $4,695,848 $8,014,698 $6,559,931 $5,100,363 $50,021,918 $5,198,889 $35,769,003 $152,988,322 2034 $3,400,391 $1,171,379 $5,967,934 $13,957,437 $6,589,728 $7,453,002 $4,830,024 $8,268,655 $6,696,543 $5,273,235 $51,061,003 $5,345,908 $38,946,543 $158,961,783 2035 $3,514,257 $1,205,344 $6,117,588 $14,248,650 $6,724,242 $7,660,235 $4,966,884 $8,527,692 $6,835,886 $5,449,565 $52,120,870 $5,495,867 $42,234,974 $165,102,054 2036 $3,630,401 $1,239,988 $6,270,234 $14,545,689 $6,861,445 $7,871,612 $5,106,481 $8,791,910 $6,978,017 $5,629,421 $53,201,934 $5,648,825 $45,639,145 $171,415,102 2037 $3,748,867 $1,275,324 $6,425,934 $14,848,668 $7,001,393 $8,087,216 $5,248,870 $9,061,412 $7,122,990 $5,812,874 $54,304,619 $5,804,843 $49,162,370 $177,905,381 2038 $3,869,702 $1,311,368 $6,584,747 $15,157,706 $7,144,140 $8,307,133 $5,394,107 $9,336,304 $7,270,863 $5,999,997 $55,429,359 $5,963,981 $52,808,049 $184,577,455 gross
Source: EPS.

Gross Tax Increment
Total Gross
Tax Increment
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 RASA TIF m1 02.23.21 Attachment D: RASA Cash Flow Model
Table B-3
Aggie Square EIFD
RASA Cash Flow Model
Net Tax Increment (after Administrative Costs and Statutory Pass Throughs) Fiscal Year Ending
County
Auditor
Controller SB 2557
SCO Invoices
[1]
Subtotal
Admin
River
District
River District
Annex
65th
Street
Oak
Park
Alkali
Flat
North
Sacramento Army Depot
Army Depot
Annex Del Paso Heights
Franklin
Boulevard
Merged
Downtown
Stockton
Boulevard Railyards

0.13% 1.42% Table A-2 Table A-3 Table A-4 Table C-2 Table A-6 Table A-7 Table A-8 Table A-9 Table A-10 Table A-11 Table A-12 Table A-13 Table A-14 2021 $85,624,067 ($111,311) ($1,215,862) ($1,327,173) ($417,801) ($279,372) ($1,406,929) ($1,737,807) ($1,521,489) ($509,717) ($976,972) ($1,569,079) ($1,004,061) ($463,302) ($6,263,910) ($1,155,279) ($199,921) ($17,505,639) $66,791,255 2022 $91,546,565 ($119,011) ($1,299,961) ($1,418,972) ($447,021) ($289,034) ($1,449,502) ($1,800,920) ($1,559,754) ($525,724) ($1,015,905) ($1,642,769) ($1,038,746) ($482,601) ($6,527,729) ($1,197,939) ($1,587,851) ($19,565,495) $70,562,099 2023 $95,700,825 ($124,411) ($1,358,952) ($1,483,363) ($476,825) ($298,890) ($1,492,926) ($1,865,295) ($1,598,786) ($542,051) ($1,055,617) ($1,717,932) ($1,074,124) ($502,287) ($6,796,823) ($1,241,452) ($2,309,238) ($20,972,246) $73,245,216 2024 $100,603,616 ($130,785) ($1,428,571) ($1,559,356) ($507,226) ($308,942) ($1,537,219) ($1,930,958) ($1,638,597) ($558,705) ($1,096,124) ($1,794,599) ($1,110,211) ($681,347) ($7,071,300) ($1,285,835) ($3,289,937) ($22,810,999) $76,233,261 2025 $106,088,340 ($137,915) ($1,506,454) ($1,644,369) ($212,165) ($319,196) ($1,582,397) ($1,997,934) ($1,679,205) ($575,691) ($1,137,440) ($1,872,799) ($1,147,019) ($708,062) ($7,351,266) ($1,331,106) ($4,468,316) ($24,382,596) $80,061,375 2026 $110,850,165 ($144,105) ($1,574,072) ($1,718,178) ($231,220) ($329,654) ($1,628,479) ($2,107,577) ($1,720,626) ($593,018) ($1,179,583) ($1,952,563) ($1,184,563) ($735,310) ($7,636,831) ($1,391,336) ($5,322,542) ($26,013,302) $83,118,685 2027 $116,093,405 ($150,921) ($1,648,526) ($1,799,448) ($250,657) ($340,322) ($1,675,483) ($2,178,086) ($1,762,874) ($610,691) ($1,222,568) ($2,033,923) ($1,222,858) ($763,104) ($7,928,108) ($1,452,770) ($6,377,293) ($27,818,737) $86,475,221 2028 $123,988,941 ($161,186) ($1,760,643) ($1,921,829) ($270,482) ($351,203) ($1,723,427) ($3,340,196) ($1,805,968) ($628,717) ($1,266,414) ($2,116,909) ($1,261,918) ($791,453) ($8,225,210) ($1,515,434) ($7,300,402) ($30,597,734) $91,469,379 2029 $130,217,962 ($169,283) ($1,849,095) ($2,018,378) ($290,704) ($365,680) ($1,772,330) ($3,435,357) ($1,849,923) $0 ($1,311,136) ($2,201,556) ($1,301,761) ($820,369) ($8,528,254) ($1,579,350) ($8,660,776) ($32,117,197) $96,082,387 2030 $136,036,943 ($176,848) ($1,931,725) ($2,108,573) ($311,331) ($380,446) ($1,822,211) ($3,532,421) ($1,894,758) $0 ($1,370,636) ($2,287,895) ($1,342,399) ($849,864) ($8,837,360) ($1,644,545) ($9,851,618) ($34,125,483) $99,802,887 2031 $141,529,997 ($183,989) ($2,009,726) ($2,193,715) ($350,043) ($395,508) ($1,873,089) ($3,631,427) ($1,940,489) $0 ($1,431,326) ($2,375,961) ($1,383,851) ($879,949) ($9,152,647) ($1,711,044) ($10,903,507) ($36,028,839) $103,307,443 2032 $147,179,108 ($191,333) ($2,089,943) ($2,281,276) ($389,528) ($410,870) ($1,924,985) ($3,732,412) ($1,987,135) $0 ($1,493,229) ($2,465,789) ($1,439,000) ($910,635) ($9,474,240) ($1,778,873) ($11,993,434) ($38,000,130) $106,897,702 2033 $152,988,322 ($198,885) ($2,172,434) ($2,371,319) ($429,804) ($426,540) ($1,977,919) ($3,835,418) ($2,049,194) $0 ($1,556,371) ($2,557,413) ($1,495,252) ($941,935) ($9,802,265) ($1,848,058) ($13,122,500) ($40,042,668) $110,574,335 2034 $158,961,783 ($206,650) ($2,257,257) ($2,463,908) ($470,885) ($442,524) ($2,031,912) ($3,972,460) ($2,112,494) $0 ($1,620,776) ($2,650,869) ($1,552,629) ($973,861) ($10,136,850) ($1,918,627) ($14,291,835) ($42,175,720) $114,322,154 2035 $165,102,054 ($214,633) ($2,344,449) ($2,559,082) ($512,788) ($458,827) ($2,086,984) ($4,112,242) ($2,177,061) $0 ($1,686,469) ($2,746,195) ($1,611,153) ($1,006,426) ($10,581,994) ($1,990,607) ($15,501,978) ($44,472,722) $118,070,250 2036 $171,415,102 ($222,840) ($2,434,094) ($2,656,934) ($555,529) ($475,456) ($2,160,254) ($4,254,821) ($2,242,918) $0 ($1,753,475) ($2,873,019) ($1,670,848) ($1,039,641) ($11,036,041) ($2,064,027) ($16,754,713) ($46,880,742) $121,877,425 2037 $177,905,381 ($231,277) ($2,526,256) ($2,757,533) ($599,124) ($492,417) ($2,234,990) ($4,400,251) ($2,310,093) $0 ($1,821,822) ($3,002,380) ($1,731,736) ($1,073,522) ($11,499,169) ($2,138,916) ($18,051,259) ($49,355,680) $125,792,168 2038 $184,577,455 ($239,951) ($2,621,000) ($2,860,951) ($643,592) ($509,718) ($2,311,221) ($4,548,589) ($2,378,612) $0 ($1,891,535) ($3,134,328) ($1,793,843) ($1,108,079) ($11,971,559) ($2,215,302) ($19,392,869) ($51,899,248) $129,817,256 net
[1] SCO costs would only occur in the event of an SCO audit.

Less Statutory and Negotiated Pass Throughs Net Tax
Increment
Available for
ROPS
Total Gross
Tax Increment
Subtotal
Pass Throughs
Less Admin Fees
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 RASA TIF m1 02.23.21 Attachment D: RASA Cash Flow Model
Table B-4
Aggie Square EIFD
RASA Cash Flow Model
RPTTF Balance After Enforceable Obligations
Net TI Avail.

Debt Other Enforceable RPTTF
Fiscal Year Ending for ROPS Service Obligations Balance Table Reference Table B-3 Table B-5 Table B-6
2021 $66,791,255 ($24,549,870) ($3,150,796) $39,090,590 2022 $70,562,099 ($24,383,661) ($5,327,204) $40,851,234 2023 $73,245,216 ($24,334,891) ($5,537,848) $43,372,477 2024 $76,233,261 ($23,585,786) ($5,861,036) $46,786,440 2025 $80,061,375 ($23,519,142) ($6,041,679) $50,500,553 2026 $83,118,685 ($23,827,313) ($5,735,845) $53,555,528 2027 $86,475,221 ($21,520,757) ($6,040,162) $58,914,302 2028 $91,469,379 ($21,042,038) ($6,366,832) $64,060,508 2029 $96,082,387 ($20,963,601) ($6,827,261) $68,291,525 2030 $99,802,887 ($20,959,650) ($7,039,483) $71,803,755 2031 $103,307,443 ($20,558,468) ($7,357,120) $75,391,854 2032 $106,897,702 ($18,999,238) ($5,718,415) $82,180,048 2033 $110,574,335 ($12,195,778) ($6,944,009) $91,434,548 2034 $114,322,154 ($5,060,113) ($10,878,073) $98,383,968 2035 $118,070,250 ($17,946,198) ($7,469,209) $92,654,843 2036 $121,877,425 ($2,088,874) ($10,468,766) $109,319,785 2037 $125,792,168 ($1,694,505) ($4,198,449) $119,899,213 2038 $129,817,256 ($77,205) ($3,667,173) $126,072,878
balance
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 RASA TIF m1 02.23.21 Attachment D: RASA Cash Flow Model
Table B-5
Aggie Square EIFD
RASA Cash Flow Model
Total Debt Service Payment
s
Fiscal Year
Ending
1993 Merged
Downtown
TABS
2003 Del Paso TE
TABS, Series A
2005 Merged
Downtown & Oak
Park TE, Series A
2006 65th St. TX
Master Lease,
Series B
2006 N.

Sacramento TX
Master Lease,
Series B
2006 Stockton
Blvd. Master Lease
2008 BOA Public
Capital Corporation
2009 Army Depot
TX Swap
2009 River
District TX Swap
Boating and
Waterways
Loan
City of Sacramento
CIEDB Globe Mills
N. Sacramento
CIEDB Loan
Stockton Blvd.

CIEDB Loan
2015 TAB
Series A
2015 TAB
Series B
Total Debt Service
Payments
2017 $11,395,000 $0 $0 $300,532 $350,869 $104,466 $249,481 $241,766 $226,256 $102,599 $456,607 $10,015,025 $3,484,885 $26,927,486 2018 $11,395,000 $0 $0 $300,124 $349,584 $104,466 $249,481 $242,553 $226,992 $102,599 $459,119 $9,718,075 $4,340,901 $27,488,894 2019 $0 $0 $0 $299,381 $352,811 $123,592 $249,481 $243,002 $227,413 $102,586 $461,404 $9,571,775 $12,560,813 $24,192,258 2020 $0 $0 $10,025,000 $298,344 $350,595 $125,055 $249,481 $240,641 $225,203 $0 $80,803 $462,562 $226,943 $187,294 $5,087,450 $8,079,008 $25,638,379 2021 $0 $285,000 $0 $301,865 $348,086 $102,268 $249,481 $240,634 $225,197 $0 $80,652 $464,544 $226,484 $186,911 $4,639,575 $17,199,175 $24,549,870 2022 $0 $770,000 $16,965,000 $299,944 $350,134 $103,516 $249,481 $240,323 $224,906 $0 $80,495 $466,259 $226,011 $186,517 $4,221,075 $0 $24,383,661 2023 $0 $770,000 $16,965,000 $297,673 $351,526 $251,471 $249,481 $242,168 $226,633 $0 $80,334 $467,645 $225,523 $186,111 $4,021,325 $0 $24,334,891 2024 $0 $1,020,000 $15,815,000 $299,899 $347,407 $231,365 $249,481 $241,002 $225,540 $0 $80,168 $469,634 $225,021 $185,694 $4,195,575 $0 $23,585,786 2025 $0 $770,000 $15,815,000 $301,527 $347,839 $231,035 $249,481 $239,526 $224,159 $0 $79,997 $472,110 $224,504 $185,265 $4,378,700 $0 $23,519,142 2026 $0 $770,000 $18,125,000 $297,706 $347,673 $231,156 $249,481 $240,247 $224,834 $0 $79,820 $472,027 $223,971 $184,824 $2,380,575 $0 $23,827,313 2027 $0 $770,000 $15,815,000 $298,437 $346,909 $231,060 $249,481 $240,504 $225,075 $0 $79,637 $474,300 $223,422 $184,370 $2,382,563 $0 $21,520,757 2028 $0 $770,000 $15,815,000 $298,570 $350,397 $230,526 $249,481 $240,298 $224,882 $0 $79,449 $0 $222,857 $183,903 $2,376,675 $0 $21,042,038 2029 $0 $770,000 $15,815,000 $298,105 $348,138 $229,971 $0 $239,629 $224,256 $0 $79,255 $0 $222,274 $183,422 $2,553,550 $0 $20,963,601 2030 $0 $770,000 $15,815,000 $297,042 $350,132 $230,202 $0 $238,496 $223,196 $0 $79,054 $0 $221,675 $182,928 $2,551,925 $0 $20,959,650 2031 $0 $770,000 $15,815,000 $300,232 $346,378 $229,907 $0 $239,406 $224,047 $0 $78,848 $0 $221,057 $182,420 $2,151,175 $0 $20,558,468 2032 $0 $0 $14,205,000 $297,674 $346,876 $229,294 $0 $239,698 $224,321 $0 $78,634 $0 $220,420 $181,897 $2,975,425 $0 $18,999,238 2033 $0 $0 $6,590,000 $294,518 $346,478 $229,183 $0 $239,372 $224,016 $0 $78,414 $0 $219,764 $181,359 $3,792,675 $0 $12,195,778 2034 $0 $0 $0 $295,614 $345,182 $0 $0 $238,428 $223,132 $0 $78,187 $0 $219,089 $180,805 $3,479,675 $0 $5,060,113 2035 $0 $0 $12,735,000 $295,814 $347,840 $0 $0 $236,867 $221,671 $0 $77,953 $0 $218,393 $180,236 $3,632,425 $0 $17,946,198 2036 $0 $0 $0 $295,116 $344,452 $0 $0 $237,193 $221,976 $0 $77,711 $0 $217,676 $179,650 $515,100 $0 $2,088,874 2037 $0 $0 $0 $293,522 $345,017 $0 $0 $236,747 $221,559 $0 $77,462 $0 $0 $0 $520,200 $0 $1,694,505 2038 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $77,205 $0 $0 $0 $0 $0 $77,205 debt
Senior Debt Obligations
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 RASA TIF m1 02.23.21 Attachment D: RASA Cash Flow Model
Table B-6
Aggie Square EIFD
RASA Cash Flow Model
Summary of Other Enforceable Obligations
RASA
Admin
(Admin EOs) [1]
Property Tax
Rebates -
Citizen Hotel
Rental
Subsidies/
Assistance
Property
Holding
Costs
Property
Disposition
Costs
Housing
Entity ACA
Unfunded
Liabilities
(OPEB)
Unfunded
Liabilities
(PERS)
Arbitrage
and Trustee
Fees
Railyards
Termination
Agreement
Total Other
Enforceable
Obligations
2017 ($487,663) ($884,527) ($40,880) ($161,000) ($150,000) ($104,738) ($644,009) ($19,065) $0 ($2,491,882) 2018 ($289,573) ($884,527) ($38,836) ($152,950) ($150,000) ($104,738) ($644,009) ($19,065) $0 ($2,283,698) 2019 ($866,584) ($304,596) ($36,894) ($145,303) ($150,000) ($104,738) ($644,009) ($19,065) ($1,829,890) ($4,101,079) 2020 $38,607 ($35,049) ($138,037) $0 ($104,738) ($644,009) ($19,065) ($1,899,418) ($2,801,709) 2021 $11,452 ($33,297) ($131,136) $0 ($104,738) ($644,009) ($19,065) ($2,230,002) ($3,150,796) 2022 ($2,004,081) ($31,632) ($124,579) $0 ($104,738) ($644,009) ($19,065) ($2,399,100) ($5,327,204) 2023 ($2,056,741) ($30,051) ($118,350) $0 ($104,738) ($644,009) ($19,065) ($2,564,895) ($5,537,848) 2024 ($2,135,654) ($28,548) ($112,432) $0 ($104,738) ($644,009) ($19,065) ($2,816,589) ($5,861,036) 2025 ($2,222,928) ($27,121) ($106,811) $0 ($104,738) ($644,009) ($19,065) ($2,917,008) ($6,041,679) 2026 ($2,335,153) ($25,765) ($101,470) $0 ($104,738) ($644,009) ($19,065) ($2,505,645) ($5,735,845) 2027 ($2,423,506) ($24,476) ($96,397) $0 ($104,738) ($644,009) ($19,065) ($2,727,970) ($6,040,162) 2028 ($2,521,551) ($23,253) ($91,577) $0 ($104,738) ($644,009) ($19,065) ($2,962,639) ($6,366,832) 2029 ($2,668,435) ($22,090) ($86,998) $0 ($104,738) ($644,009) ($19,065) ($3,281,926) ($6,827,261) 2030 ($2,802,419) ($20,985) ($82,648) $0 ($14,718) ($644,009) ($19,065) ($3,455,639) ($7,039,483) 2031 ($2,910,014) ($19,936) ($78,516) $0 ($644,009) ($19,065) ($3,685,580) ($7,357,120) 2032 ($3,011,923) ($18,939) ($74,590) $0 ($644,009) ($19,065) ($1,949,889) ($5,718,415) 2033 ($3,116,573) ($17,992) ($70,860) $0 ($332,082) ($19,065) ($3,387,436) ($6,944,009) 2034 ($3,223,733) $0 $0 ($19,065) ($7,635,276) ($10,878,073) 2035 ($3,332,953) $0 $0 ($19,065) ($4,117,191) ($7,469,209) 2036 ($3,442,119) $0 $0 ($19,065) ($7,007,582) ($10,468,766) 2037 ($3,553,059) $0 $0 ($19,065) ($626,325) ($4,198,449) 2038 ($3,667,173) $0 $0 $0 $0 ($3,667,173)
2039 ($3,784,502) $0 $0 $0 $0 ($3,784,502)
2040 ($1,624,503) $0 $0 $0 $0 ($1,624,503)
2041 ($1,611,990) $0 $0 $0 $0 ($1,611,990)
2042 ($1,685,858) $0 $0 $0 $0 ($1,685,858)
2043 ($1,642,973) $0 $0 $0 $0 ($1,642,973)
2044 ($1,597,379) $0 $0 $0 $0 ($1,597,379)
2045 ($1,674,024) $0 $0 $0 $0 ($1,674,024)
2046 ($1,749,411) $0 $0 $0 $0 ($1,749,411)
2047 ($1,812,060) $0 $0 $0 $0 ($1,812,060)
2048 ($1,844,622) $0 $0 $0 $0 ($1,844,622)
2049 ($1,878,776) $0 $0 $0 $0 ($1,878,776)
2050 ($1,913,585) $0 $0 $0 $0 ($1,913,585)
2051 ($1,552,429) $0 $0 $0 $0 ($1,552,429)
2052 ($1,592,054) $0 $0 $0 $0 ($1,592,054)
2053 ($1,620,230) $0 $0 $0 $0 ($1,620,230)
2054 ($1,649,338) $0 $0 $0 $0 ($1,649,338)
2055 ($1,679,016) $0 $0 $0 $0 ($1,679,016)
2056 ($1,709,289) $0 $0 $0 $0 ($1,709,289)
2057 ($1,740,167) $0 $0 $0 $0 ($1,740,167)
2058 ($1,771,662) $0 $0 $0 $0 ($1,771,662)
2059 ($1,803,788) $0 $0 $0 $0 ($1,803,788)
2060 ($1,836,555) $0 $0 $0 $0 ($1,836,555)
2061 ($1,869,979) $0 $0 $0 $0 ($1,869,979)
2062 ($1,904,070) $0 $0 $0 $0 ($1,904,070)
2063 ($1,938,844) $0 $0 $0 $0 ($1,938,844)
2064 ($1,974,313) $0 $0 $0 $0 ($1,974,313)
2065 ($2,010,491) $0 $0 $0 $0 ($2,010,491)
2066 ($2,047,393) $0 $0 $0 $0 ($2,047,393)
2067 ($2,085,033) $0 $0 $0 $0 ($2,085,033)
2068 ($2,123,426) $0 $0 $0 $0 ($2,123,426)
2069 ($2,162,587) $0 $0 $0 $0 ($2,162,587)
eo
Source: City of Sacramento.

Enforceable Obligations
[1] RASA Administration estimated by subtracting the prior fiscal year administrative cost allocation from the prior fiscal year net tax increment (from Table 3), and multiplying that amount by 3 percent.

Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 RASA TIF m1 02.23.21 Attachment D: RASA Cash Flow Model
Table B-7
Aggie Square EIFD
RASA Cash Flow Model
Distribution of RPTTF Residual to Project Area
s
FY Ending
River
District
River
District
Annex 65th Street Oak Park Alkali Flat
North
Sacramento
Army
Depot
Army
Depot
Annex
Del Paso
Heights
Franklin
Boulevard
Merged
Downtown
Stockton
Boulevard Railyards
Table B-4
2021 $39,090,590 $962,470 $358,809 $1,949,237 $3,639,472 $2,311,549 $2,328,913 $1,496,021 $2,432,891 $2,335,289 $1,493,873 $17,820,134 $1,663,675 $298,256 2022 $40,851,234 $980,028 $362,428 $1,956,871 $3,633,868 $2,305,784 $2,347,841 $1,509,470 $2,467,343 $2,330,654 $1,520,986 $17,783,582 $1,677,859 $1,974,520 2023 $43,372,477 $1,036,036 $380,230 $2,040,936 $3,769,946 $2,389,892 $2,458,592 $1,581,970 $2,598,474 $2,416,876 $1,607,770 $18,440,281 $1,757,672 $2,893,802 2024 $46,786,440 $1,105,710 $402,874 $2,150,266 $3,951,485 $2,502,682 $2,600,377 $1,674,517 $2,763,293 $2,532,179 $1,715,754 $19,318,785 $1,859,711 $4,208,806 2025 $50,500,553 $1,176,249 $425,637 $2,259,412 $4,131,300 $2,614,225 $2,742,621 $1,767,448 $2,929,609 $2,646,304 $1,825,070 $20,188,218 $1,962,124 $5,832,336 2026 $53,555,528 $1,239,852 $445,726 $2,353,662 $4,336,960 $2,707,656 $2,867,367 $1,849,177 $3,078,090 $2,742,166 $1,923,617 $20,918,255 $2,052,058 $7,040,942 2027 $58,914,302 $1,351,630 $482,891 $2,537,051 $4,652,674 $2,902,320 $3,101,574 $2,001,611 $3,345,351 $2,940,661 $2,096,896 $22,431,108 $2,220,385 $8,850,149 2028 $64,060,508 $1,427,322 $506,913 $2,650,306 $6,368,504 $3,015,380 $3,250,950 $2,099,415 $3,522,443 $3,056,588 $2,214,179 $23,314,025 $2,328,044 $10,306,439 2029 $68,291,525 $1,501,833 $530,360 $2,759,892 $6,599,980 $3,123,411 $3,396,390 $2,194,751 $3,696,094 $3,167,488 $2,329,622 $24,158,526 $2,432,921 $12,400,258 2030 $71,803,755 $1,565,963 $550,021 $2,849,251 $6,781,803 $3,207,879 $3,517,385 $2,274,346 $3,843,790 $3,254,550 $2,428,958 $24,821,158 $2,520,316 $14,188,335 2031 $75,391,854 $1,636,437 $571,807 $2,949,168 $6,987,642 $3,303,651 $3,651,798 $2,362,667 $4,006,706 $3,353,130 $2,538,127 $25,571,583 $2,617,350 $15,841,788 2032 $82,180,048 $1,775,225 $617,239 $3,170,061 $7,477,674 $3,533,664 $3,936,854 $2,548,559 $4,336,126 $3,588,069 $2,753,244 $27,361,804 $2,822,410 $18,259,118 2033 $91,434,548 $1,965,549 $680,182 $3,479,090 $8,171,127 $3,859,581 $4,332,914 $2,806,506 $4,790,040 $3,920,589 $3,048,268 $29,895,952 $3,107,153 $21,377,597 2034 $98,383,968 $2,104,556 $724,985 $3,693,649 $8,638,479 $4,078,487 $4,612,781 $2,989,378 $5,117,602 $4,144,596 $3,263,689 $31,602,465 $3,308,667 $24,104,633 2035 $92,654,843 $1,972,192 $676,436 $3,433,174 $7,996,306 $3,773,627 $4,298,904 $2,787,402 $4,785,719 $3,836,282 $3,058,282 $29,250,097 $3,084,266 $23,702,158 2036 $109,319,785 $2,315,284 $790,801 $3,998,835 $9,276,496 $4,375,879 $5,020,111 $3,256,652 $5,607,031 $4,450,222 $3,590,157 $33,929,473 $3,602,532 $29,106,313 2037 $119,899,213 $2,526,546 $859,504 $4,330,754 $10,007,250 $4,718,584 $5,450,374 $3,537,472 $6,106,933 $4,800,534 $3,917,583 $36,598,562 $3,912,170 $33,132,947 2038 $126,072,878 $2,643,143 $895,710 $4,497,613 $10,353,245 $4,879,698 $5,674,063 $3,684,364 $6,377,023 $4,966,254 $4,098,208 $37,860,197 $4,073,608 $36,069,751 resid
taxing entities in the project area. Note that prior versions of this analysis used Net Tax Increment as the basis for this distribution, however based on the outcomes of the City of Chula Vista v. Sandoval case, this methodology has been updated to reflect the County's intent to use Gross TI as the basis for distribution in future years. [1] RPTTF funds remaining after payment of enforceable obligations distributed to project areas based on each project area's p roportionate share of the total gross tax increment shown in Table B-2. Amounts shown in this table reflect total RPTTF, which is then allocated to all Distribution of RPTTF Balance by Project Area [1]
RPTTF
Balance After
Enforceable
Obligations
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 RASA TIF m1 02.23.21 Attachment D: RASA Cash Flow Model
Table C-1
Aggie Square EIFD
Oak Park Redevelopment Area and Aggie Square EIFD Absorption and Assessed Values Estimated Aggie Square EIFD Assessed Value Growth
EIFD Year
Fiscal Year
Ending
Beginning
Assessed
Value
2%
Growth Land Transactions
New
Development
Ending
Assessed
Value
Base Year [1] 2021 $23,921,767 $478,435 $0 $0 $24,400,202 1 2022 $24,400,202 $488,004 $0 $0 $24,888,206
2 2023 $24,888,206 $497,764 $0 $0 $25,385,971
3 2024 $25,385,971 $507,719 $0 $0 $25,893,690
4 2025 $25,893,690 $517,874 $0 $11,230,234 $37,641,797
5 2026 $37,641,797 $752,836 $0 $0 $38,394,633
6 2027 $38,394,633 $767,893 $0 $296,247,594 $335,410,120 7 2028 $335,410,120 $6,708,202 $0 $0 $342,118,322
8 2029 $342,118,322 $6,842,366 $0 $0 $348,960,689
9 2030 $348,960,689 $6,979,214 $0 $0 $355,939,902
10 2031 $355,939,902 $7,118,798 $0 $0 $363,058,700
11 2032 $363,058,700 $7,261,174 $0 $0 $370,319,874
12 2033 $370,319,874 $7,406,397 $0 $0 $377,726,272
13 2034 $377,726,272 $7,554,525 $0 $0 $385,280,797
14 2035 $385,280,797 $7,705,616 $0 $0 $392,986,413
15 2036 $392,986,413 $7,859,728 $0 $0 $400,846,142
16 2037 $400,846,142 $8,016,923 $0 $0 $408,863,064
17 2038 $408,863,064 $8,177,261 $0 $0 $417,040,326
18 2039 $417,040,326 $8,340,807 $0 $0 $425,381,132
19 2040 $425,381,132 $8,507,623 $0 $0 $433,888,755
20 2041 $433,888,755 $8,677,775 $0 $0 $442,566,530
21 2042 $442,566,530 $8,851,331 $0 $0 $451,417,860
22 2043 $451,417,860 $9,028,357 $0 $0 $460,446,218
23 2044 $460,446,218 $9,208,924 $0 $0 $469,655,142
24 2045 $469,655,142 $9,393,103 $0 $0 $479,048,245
25 2046 $479,048,245 $9,580,965 $0 $0 $488,629,210
26 2047 $488,629,210 $9,772,584 $0 $0 $498,401,794
27 2048 $498,401,794 $9,968,036 $0 $0 $508,369,830
28 2049 $508,369,830 $10,167,397 $0 $0 $518,537,226
29 2050 $518,537,226 $10,370,745 $0 $0 $528,907,971
30 2051 $528,907,971 $10,578,159 $0 $0 $539,486,130
31 2052 $539,486,130 $10,789,723 $0 $0 $550,275,853
32 2053 $550,275,853 $11,005,517 $0 $0 $561,281,370
33 2054 $561,281,370 $11,225,627 $0 $0 $572,506,997
34 2055 $572,506,997 $11,450,140 $0 $0 $583,957,137
35 2056 $583,957,137 $11,679,143 $0 $0 $595,636,280
36 2057 $595,636,280 $11,912,726 $0 $0 $607,549,006
37 2058 $607,549,006 $12,150,980 $0 $0 $619,699,986
38 2059 $619,699,986 $12,394,000 $0 $0 $632,093,986
39 2060 $632,093,986 $12,641,880 $0 $0 $644,735,865
40 2061 $644,735,865 $12,894,717 $0 $0 $657,630,583
41 2062 $657,630,583 $13,152,612 $0 $0 $670,783,194
42 2063 $670,783,194 $13,415,664 $0 $0 $684,198,858
43 2064 $684,198,858 $13,683,977 $0 $0 $697,882,835
44 2065 $697,882,835 $13,957,657 $0 $0 $711,840,492
45 2066 $711,840,492 $14,236,810 $0 $0 $726,077,302
46 2067 $726,077,302 $14,521,546 $0 $0 $740,598,848
47 2068 $740,598,848 $14,811,977 $0 $0 $755,410,825
48 2069 $755,410,825 $15,108,216 $0 $0 $770,519,041
as_av
[1] See Table D-1 for Fiscal Year 2020-21 beginning assessed value.

Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 RASA TIF m1 02.23.21 Attachment D: RASA Cash Flow Model
Table C-2
Aggie Square EIFD
Tax Increment Projection - Oak Park
Negotiated Tier 1 Tier 2 Tier 3
RDA Year FY Ending Pass Throughs Years (1-45) (Years 11-45) (Years 31 - 45) Year Formed [2] 1973 1% 25% 21% 14%
Original AV $60,326,228
Tier 1 Base AV [2] 2003 $302,112,293
Tier 2 Base AV [2] 2014 $484,303,210
Tier 3 Base AV (Projected) 2033 $1,427,519,489
Low/Mod Set Aside [2] 20%
48 18 2021 $857,516,448 $797,190,220 $7,971,902 ($1,110,808) ($626,998) $0 ($1,737,807) $6,234,096 49 19 2022 $874,666,777 $814,340,549 $8,143,405 ($1,145,109) ($655,811) $0 ($1,800,920) $6,342,486 50 20 2023 $892,160,112 $831,833,884 $8,318,339 ($1,180,096) ($685,200) $0 ($1,865,295) $6,453,044 51 21 2024 $910,003,315 $849,677,087 $8,496,771 ($1,215,782) ($715,176) $0 ($1,930,958) $6,565,813 52 22 2025 $928,203,381 $867,877,153 $8,678,772 ($1,252,182) ($745,752) $0 ($1,997,934) $6,680,837 53 23 2026 $957,997,682 $897,671,454 $8,976,715 ($1,311,771) ($795,807) $0 ($2,107,577) $6,869,137 54 24 2027 $977,157,636 $916,831,408 $9,168,314 ($1,350,091) ($827,995) $0 ($2,178,086) $6,990,228 55 25 2028 $1,292,948,382 $1,232,622,154 $12,326,222 ($1,981,672) ($1,358,524) $0 ($3,340,196) $8,986,025 56 26 2029 $1,318,807,350 $1,258,481,122 $12,584,811 ($2,033,390) ($1,401,967) $0 ($3,435,357) $9,149,454 57 27 2030 $1,345,183,497 $1,284,857,269 $12,848,573 ($2,086,142) ($1,446,279) $0 ($3,532,421) $9,316,151 58 28 2031 $1,372,087,167 $1,311,760,939 $13,117,609 ($2,139,950) ($1,491,477) $0 ($3,631,427) $9,486,183 59 29 2032 $1,399,528,910 $1,339,202,682 $13,392,027 ($2,194,833) ($1,537,579) $0 ($3,732,412) $9,659,614 60 30 2033 $1,427,519,489 $1,367,193,261 $13,671,933 ($2,250,814) ($1,584,603) $0 ($3,835,418) $9,836,515 61 31 2034 $1,456,069,878 $1,395,743,650 $13,957,437 ($2,307,915) ($1,632,568) ($31,976) ($3,972,460) $9,984,977 62 32 2035 $1,485,191,276 $1,424,865,048 $14,248,650 ($2,366,158) ($1,681,492) ($64,592) ($4,112,242) $10,136,408 63 33 2036 $1,514,895,101 $1,454,568,873 $14,545,689 ($2,425,566) ($1,731,394) ($97,861) ($4,254,821) $10,290,868 64 34 2037 $1,545,193,003 $1,484,866,775 $14,848,668 ($2,486,161) ($1,782,295) ($131,794) ($4,400,251) $10,448,417 65 35 2038 $1,576,096,864 $1,515,770,636 $15,157,706 ($2,547,969) ($1,834,213) ($166,407) ($4,548,589) $10,609,117 Oak Park pt
Source: County of Sacramento Auditor Controller Office, City of Sacramento, and EPS. [1] Statutory Pass Throughs calculated based on formulas below :

Tier 1 (Years 1-45) = ((Current Year Assessed Value - Tier 1 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 25%.

Tier 2 (Years 11-45) = ((Current Year Assessed Value - Tier 2 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 21%.

Tier 3 (Years 31-45) = ((Current Year Assessed Value - Tier 3 Base Value) * 1%) * (100% - Low/Mod Set Aside) * 14%. [2] Provided by the County of Sacramento .

Statutory Pass Throughs [1]
Oak Park
Net TI After
Pass Throughs
Total Statutory
Pass Throughs
RDA Year
for Pass Thru
Assessed
Value
Assessed
Value Growth
Gross Tax
Increment
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 RASA TIF m1 02.23.21 Attachment D: RASA Cash Flow Model
Table C-3
Aggie Square EIFD
Oak Park AB 1290 Factors
AB 1290
Taxing Entit
y Factor [1]
FY 2020/21
LOS RIOS COMM COLLEGE 0.0298
SACTO CITY UNIFIED 0.2574
COUNTY WIDE EQUALIZ 0.0011
SACRAMENTO WTR AGENCY 0.0000
COUNTY GENERAL 0.1707
JUVENILE HALL 0.0005
REGIONAL OCCUP CENTER 0.0008
INFANT DEV - PHYS HANDICAPPED 0.0000
INFANT DEV - MENT HANDICAPPED 0.0000
CHILDREN'S INST 0.0037
COUNTY SUPT - ADMIN 0.0021
SACTO-YOLO MOSQUITO 0.0071
CITY OF SACRAMENTO 0.2572
DEV CENTER HANDICAPPED 0.0012
ERAF - COMMUNITY COLLEGE 0.0300
ERAF - K - 12 0.2385
TOTAL 1.0000
Oak Park net ti
[1] Based on Fiscal Year 2016-17.

Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 RASA TIF m1 02.23.21 Attachment D: RASA Cash Flow Model
Table C-4
Aggie Square EIFD
Estimated Distribution of Aggie Square EIFD Pass-Through Revenue - FY 2020/21 AB 1290 Gross Negotiated Subtotal
Taxing Entity Factor [1] Tax Increment [2] Pass Throughs Tier 1 Tier 2 [3] Tier 3 Passthroughs FY 2020/21 $222,389 ($30,988) ($17,491) $0 ($48,479)
LOS RIOS COMM COLLEGE 0.0298 $6,628 ($923) ($702) $0 ($1,625) SACTO CITY UNIFIED 0.2574 $57,237 ($7,975) ($6,060) $0 ($14,036) COUNTY WIDE EQUALIZ 0.0011 $238 ($33) ($25) $0 ($58)
SACRAMENTO WTR AGENCY 0.0000 $1 ($0) ($0) $0 ($0)
COUNTY GENERAL 0.1707 $37,953 ($5,288) ($4,019) $0 ($9,307) JUVENILE HALL 0.0005 $100 ($14) ($11) $0 ($25)
REGIONAL OCCUP CENTER 0.0008 $175 ($24) ($18) $0 ($43)
INFANT DEV - PHYS HANDICAPPED 0.0000 $11 ($1) ($1) $0 ($3) INFANT DEV - MENT HANDICAPPED 0.0000 $11 ($1) ($1) $0 ($3) CHILDREN'S INST 0.0037 $815 ($114) ($86) $0 ($200)
COUNTY SUPT - ADMIN 0.0021 $471 ($66) ($50) $0 ($115)
SACTO-YOLO MOSQUITO 0.0071 $1,576 ($220) ($167) $0 ($387) CITY OF SACRAMENTO 0.2572 $57,196 ($7,970) $0 $0 ($7,970) DEV CENTER HANDICAPPED 0.0012 $264 ($37) ($28) $0 ($65) ERAF - COMMUNITY COLLEGE 0.0300 $6,669 ($929) ($706) $0 ($1,635) ERAF - K - 12 0.2385 $53,045 ($7,391) ($5,617) $0 ($13,008) TOTAL 1.0000 $222,389 ($30,988) ($17,491) $0 ($48,479)
TRUE
OP_pt
[1] Based on Fiscal Year 2016-17.

Estimated Oak Park RDA Assessed Value $857,516,448
Estimated Aggie Square EIFD Assessed Value $23,921,767
Aggie Square EIFD % of Total Assessed Value 2.8%
FY 2020/21
Statutory Pass Throughs
[2] Estimated pass through amounts attributable to Aggie Square EIFD based on proportion of Gross Tax Increment generated by Aggie Square EIFD relative to remainder of Oak Park RDA, based on the percent of total Oak Park RDA AV generated by the Aggie Square EIFD:
[3]
City of Sacramento is excluded from Tier 2 and Tier 3. City allocation apportioned to other taxing entities based on AB 1290 factors adjusted to exclude the City share.

Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 RASA TIF m1 02.23.21 Attachment D: RASA Cash Flow Model
Table C-5
Aggie Square EIFD
Estimated Distribution of Aggie Square EIFD Pass-Through Revenue - FY 2037/38 AB 1290 Gross Negotiated Subtotal
Taxing Entity Factor [1] Tax Increment [2] Pass Throughs Tier 1 Tier 2 [3] Tier 3 [3] Passthroughs FY 2037/38 $3,932,135 ($660,981) ($475,822) ($43,168) ($1,179,972) LOS RIOS COMM COLLEGE 0.0298 $117,185 ($19,699) ($19,090) ($1,732) ($40,521) SACTO CITY UNIFIED 0.2574 $1,012,022 ($170,118) ($164,865) ($14,957) ($349,941) COUNTY WIDE EQUALIZ 0.0011 $4,209 ($707) ($686) ($62) ($1,455) SACRAMENTO WTR AGENCY 0.0000 $14 ($2) ($2) ($0) ($5)
COUNTY GENERAL 0.1707 $671,061 ($112,804) ($109,320) ($9,918) ($232,042) JUVENILE HALL 0.0005 $1,777 ($299) ($289) ($26) ($614)
REGIONAL OCCUP CENTER 0.0008 $3,086 ($519) ($503) ($46) ($1,067) INFANT DEV - PHYS HANDICAPPED 0.0000 $187 ($31) ($30) ($3) ($65) INFANT DEV - MENT HANDICAPPED 0.0000 $187 ($31) ($30) ($3) ($65) CHILDREN'S INST 0.0037 $14,403 ($2,421) ($2,346) ($213) ($4,980) COUNTY SUPT - ADMIN 0.0021 $8,324 ($1,399) ($1,356) ($123) ($2,878) SACTO-YOLO MOSQUITO 0.0071 $27,870 ($4,685) ($4,540) ($412) ($9,637) CITY OF SACRAMENTO 0.2572 $1,011,309 ($169,998) $0 $0 ($169,998) DEV CENTER HANDICAPPED 0.0012 $4,676 ($786) ($762) ($69) ($1,617) ERAF - COMMUNITY COLLEGE 0.0300 $117,911 ($19,821) ($19,209) ($1,743) ($40,772) ERAF - K - 12 0.2385 $937,914 ($157,661) ($152,793) ($13,862) ($324,315) TOTAL 1.0000 $3,932,135 ($660,981) ($475,822) ($43,168) ($1,179,972) TRUE
OP_pt38
Aggie Square EIFD % of Total Assessed Value
[1] Based on Fiscal Year 2016-17.

Estimated Oak Park RDA Assessed Value $1,576,096,864
Estimated Aggie Square EIFD Assessed Value $408,863,064 Aggie Square EIFD % of Total Assessed Value 25.9%
[3] City of Sacramento is excluded from Tier 2 and Tier 3. City allocation apportioned to other taxing entities based on AB 1290 factors adjusted to exclude the City share.

FY 2037/38
Statutory Pass Throughs
[2] Estimated pass through amounts attributable to Aggie Square EIFD based on proportion of Gross Tax Increment generated by Aggie Square EIFD relative to remainder of Oak Park RDA, based on the percent of total Oak Park RDA AV generated by the Aggie Square EIFD:

Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 RASA TIF m1 02.23.21 Attachment D: RASA Cash Flow Model
Table D-1
Aggie Square EIFD
EIFD Tax Increment Analysis
Existing Assessed Value (2020$)
Land Use
Formula a b c d = a + b - c
TRA 003-005 (Not in Oak Park Redevelopment Area
011-0200-051-0000 - - - -
011-0200-056-0000 - - - -
011-0200-057-0000 - - - -
011-0200-061-0000 - - - -
011-0200-070-0000 $569,947 $416,644 - $986,591
011-0200-071-0000 $383,303 $854,064 $408,331 $829,036
011-0200-073-0000 - - - -
Total TRA 003-005 $953,250 $1,270,708 $408,331 $1,815,627 TRA 003-002 (Within Oak Park Redevelopment Area)
011-0183-002-0000 - - - -
011-0183-003-0000 - - - -
011-0183-004-0000 $202,023 - $202,023 -
011-0183-005-0000 $312,911 - $312,911 -
011-0183-006-0000 $302,273 - $302,273 -
011-0183-015-0000 $184,194 $23,038,530 $23,222,724 -
011-0191-013-0000 $146,900 - - $146,900
011-0191-015-0000 $125,600 - - $125,600
011-0191-024-0000 $2,440,778 $20,905,797 - $23,346,575
011-0191-025-0000 - - - -
011-0193-003-0000 $945,913 $945,913 $1,589,134 $302,692 011-0193-004-0000 - - - -
Total TRA 003-002 $4,660,592 $44,890,240 $25,629,065 $23,921,767 Total All EIFD Boundary $5,613,842 $46,160,948 $26,037,396 $25,737,394 existing
Source: Sacramento County; EPS.

Existing
Land
Value
Existing
Land Improvement
Value
FY 2020-21 Assessed Value
Total Existing
Assessed
Value
Exemption
Value
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Table D-2
Aggie Square EIFD
EIFD Tax Increment Analysis
Anticipated Project Development by Scenario
Land Use Category
Privately Owned
Bldg. Sq. Ft. /
Units
Publicly Owned
Bldg. Sq. Ft. /
Units
Total Bldg. Sq.

Ft. / Units
TRA 003-005
Aggie Square Phase 1
Science and Technology West 235,542 - 235,542
Science and Technology East 122,898 158,000 280,898
Lifelong Learning Tower 104,848 162,963 267,811
Mixed Use Residential 81,652 56,068 137,720
Mixed Use Commercial - 51,300 51,300
Rehabilitation Hospital 53,000 - 53,000
Garage 360,400 - 360,400
Total Phase 1 958,340 428,331 1,386,671
Aggie Square Phase 2
Science and Technology Uses 370,436 - 370,436
Coworking Space 21,564 - 21,564
University Research - 200,000 200,000
Community Serving Retail 8,000 - 8,000
Total Phase 2 400,000 200,000 600,000
Total TRA 003-005 1,358,340 628,331 1,986,671
TRA 003-002
Additional UC Davis Development
Hotel 187,500 - 187,500
Clinical Research Building 50,000 50,000 100,000
Garage [1] - - -
Total Additional UC Davis Development 237,500 50,000 287,500 Other Additional Development
Multifamily Residential 300 - 300
Total Other Additional Development 300 - 300
Total TRA 003-002 237,500 50,000 287,500
Estimated Total Valuation of All TRAs 1,595,840 678,331 2,274,171 scenario
Source: University of California, Davis; Wexford Science and Technology; EPS. [1] Garage use included in TRA 003-002 includes a 1,200 parking stall. Garage uses are assumed to be all private uses.

Units
Project Land Uses
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Attachment D: RASA Cash Flow Model
Attachment D: RASA Cash Flow Model
Table D-3
Aggie Square EIFD
EIFD Tax Increment Analysis
Estimated Valuation at Buildout (2020$)
Land Use Category
Building
Sq. Ft. /
Units
Additional
Tenant
Improvements
per Sq. Ft. [1]
Total
Value [2]
Building
Sq. Ft. /
Units
Additional
Tenant
Improvements
per Sq. Ft. [1]
Total
Value [2]
Building
Sq. Ft. /
Units
Total
Value [2]
Formula a b c d e = c * (a + b + d) f g h = (a + b + g) i j = e + h TRA 003-005
Aggie Square Phase 1 Per Sq. Ft.

Science and Technology West 2021 2024 $20 $526 235,542 $350 $211,045,632 - $151 - 235,542 $211,045,632 Science and Technology East 2021 2024 $20 $526 122,898 $350 $110,116,608 158,000 $150 $109,968,000 280,898 $220,084,608 Lifelong Learning Tower 2021 2024 $20 $490 104,848 $200 $74,442,080 162,963 $100 $99,407,430 267,811 $173,849,510 Mixed Use Residential 2021 2024 $20 $472 81,652 $0 $40,152,931 56,068 $0 $27,571,824 137,720 $67,724,755 Mixed Use Commercial 2021 2024 $20 $449 - $0 - 51,300 $0 $24,035,666 51,300 $24,035,666 Rehabilitation Hospital 2021 2024 $200 $943 53,000 $0 $60,600,000 - $0 - 53,000 $60,600,000 Garage 2021 2024 $0 $140 360,400 $0 $50,456,000 - $0 - 360,400 $50,456,000 Total Phase 1 2021 2024 958,340 $546,813,251 428,331 $260,982,920 1,386,671 $807,796,171 Aggie Square Phase 2
Science and Technology Uses 2028 2031 $20 $526 370,436 $350 $331,910,656 - $150 - 370,436 $331,910,656 Coworking Space 2028 2031 $20 $526 21,564 $350 $19,321,344 - $150 - 21,564 $19,321,344 University Research 2028 2031 $20 $526 - $350 - 200,000 $150 $139,276,997 200,000 $139,276,997 Community Serving Retail 2028 2031 $20 $526 8,000 $350 $7,168,000 - $150 - 8,000 $7,168,000 Total Phase 2 2028 2031 $20 $526 400,000 $358,400,000 200,000 $139,276,997 600,000 $497,676,997 Total TRA 003-005 1,358,340 $905,213,251 628,331 $400,259,917 1,986,671 $1,305,473,168 TRA 003-002
Additional UC Davis Development
Hotel [3] 2025 2027 $50 $200 187,500 $0 $23,528,425 - $0 - 187,500 $23,528,425 Clinical Building 2025 2027 $20 $715 50,000 $214 $47,459,385 50,000 $214 $47,459,385 100,000 $94,918,771 Garage [4] 2025 2027 $0 $38,000 - $0 $45,600,000 - $0 - - $45,600,000 Total Additional UC Davis Development 237,500 $116,587,810 50,000 $47,459,385 287,500 $164,047,196 Per Unit Units Units
Other Additional Development
Multifamily Residential 2025 2027 $0 $445,000 300 $0 $133,500,000 - $0 - 300 $133,500,000 Total Other Additional Development 300 $133,500,000 - - 300 $133,500,000 Total TRA 003-002 237,800 $250,087,810 50,000 $47,459,385 287,500 $297,547,196 Estimated Total Valuation of All TRAs 1,595,840 $1,155,301,062 678,331 $447,719,302 2,274,171 $1,603,020,363 av
Source: University of California, Davis; Wexford Science and Technology; EPS. [2] All values (AV)s are expressed in 2020$ and include no real AV growth. [3]
Total assessed value for the hotel portion of the Project is reduced by the assessed value of the existing hotel of $23,346,575, as reported by the County Assessor's office. [4] Garage assessed value is based on a per stall value of $38,000 per stall applied to the 1,200 parking stalls included in the Project. [1] Based on Project construction cost information as provided by the Project Proponent. Includes the per square foot value of Project construction and land value. See Table D-6 for more detail.

Rounded
Improvement
Value per Unit/
Sq. Ft. [1]
Total Project ValuePublicly Owned BasePrivately Owned Property Tax Base Year of
Completion of
Development
Initial Year of
Development
Land Value per
Unit/
Sq. Ft. [1]
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Attachment D: RASA Cash Flow Model
Table D-4
Aggie Square EIFD
EIFD Tax Increment Analysis
Projected Annual Assessed Valuation of Land (2020$ and Real $) Science and
Technology
West
Science and
Technology
East
Lifelong
Learning
Tower
Mixed Use
Residential
Mixed Use
Commercial
Rehabilitation
Hospital Garage
Phase 2 Land
Uses Hotel Clinical Building Garage
Multifamily
Residential
2% Escalation Per Stall Per Unit 2% Escalation
Land Value Per
Square Foot /
Parking Stall / Unit
(2020$) [1] $20 $20 $20 $20 $20 $200 $0 $20 $50 $20 $0 $0 2021 235,542 122,898 104,848 81,652 0 53,000 360,400 0 $21,498,800 $21,498,800 0000 $ 0 $0 2022 0000000 0 $ 0 $0 0000 $ 0 $0
2023 0000000 0 $ 0 $0 0000 $ 0 $0
2024 0000000 0 $ 0 $0 0000 $ 0 $0
2025 0000000 0 $ 0 $0 187,500 50,000 1,200 300 $10,375,000 $11,230,234 2026 0000000 0 $ 0 $0 0000 $ 0 $0
2027 0000000 0 $ 0 $0 0000 $ 0 $0
2028 0000000 400,000 $8,000,000 $9,189,485 0000 $ 0 $0
2029 0000000 0 $ 0 $0 0000 $ 0 $0
2030 0000000 0 $ 0 $0 0000 $ 0 $0
2031 0000000 0 $ 0 $0 0000 $ 0 $0
2032 0000000 0 $ 0 $0 0000 $ 0 $0
2033 0000000 0 $ 0 $0 0000 $ 0 $0
2034 0000000 0 $ 0 $0 0000 $ 0 $0
2035 0000000 0 $ 0 $0 0000 $ 0 $0
2036 0000000 0 $ 0 $0 0000 $ 0 $0
2037 0000000 0 $ 0 $0 0000 $ 0 $0
2038 0000000 0 $ 0 $0 0000 $ 0 $0
2039 0000000 0 $ 0 $0 0000 $ 0 $0
2040 0000000 0 $ 0 $0 0000 $ 0 $0
2041 0000000 0
$0 $0 0000 $ 0 $0
2042 0000000 0 $ 0 $0 0000 $ 0 $0
2043 0000000 0 $ 0 $0 0000 $ 0 $0
2044 0000000 0 $ 0 $0 0000 $ 0 $0
2045 0000000 0 $ 0 $0 0000 $ 0 $0
2046 0000000 0 $ 0 $0 0000 $ 0 $0
2047 0000000 0 $ 0 $0 0000 $ 0 $0
2048 0000000 0 $ 0 $0 0000 $ 0 $0
2049 0000000 0 $ 0 $0 0000 $ 0 $0
2050 0000000 0 $ 0 $0 0000 $ 0 $0
2051 0000000 0 $ 0 $0 0000 $ 0 $0
2052 0000000 0 $ 0 $0 0000 $ 0 $0
2053 0000000 0 $ 0 $0 0000 $ 0 $0
2054 0000000 0 $ 0 $0 0000 $ 0 $0
2055 0000000 0 $ 0 $0 0000 $ 0 $0
2056 0000000 0 $ 0 $0 0000 $ 0 $0
2057 0000000 0 $ 0 $0 0000 $ 0 $0
2058 0000000 0 $ 0 $0 0000 $ 0 $0
2059 0000000 0 $ 0 $0 0000 $ 0 $0
2060 0000000 0 $ 0 $0 0000 $ 0 $0
2061 0000000 0 $0 $0 0000 $ 0 $0
2062 0000000 0 $ 0 $0 0000 $ 0 $0
2063 0000000 0 $ 0 $0 0000 $ 0 $0
2064 0000000 0 $ 0 $0 0000 $ 0 $0
2065 0000000 0 $ 0 $0 0000 $ 0 $0
2066 0000000 0 $ 0 $0 0000 $ 0 $0
2067 0000000 0 $ 0 $0 0000 $ 0 $0
2068 0000000 0 $ 0 $0 0000 $ 0 $0
2069 0000000 0 $ 0 $0 0000 $ 0 $0
absorp land
Source: Sacramento County; City of Sacramento; University of California, Davis, Wexford Science and Technology; EPS. [1] Land value increase is assumed to occur with the initial year of development for each use.

Building Square Feet Building Square Feet
Fiscal Year
Ending
TRA 003-002
Total Assessed
Value Added to
Roll
(2020$)
Total Assessed
Value Added to
Roll
(Real $)
Total Assessed
Value Added to
Roll
(2020$)
Total Assessed
Value Added to
Roll
(Real $)
Phase 1
TRA 003-005
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21 Attachment D: RASA Cash Flow Model
Table D-5
Aggie Square EIFD
EIFD Tax Increment Analysis
Projected Project Absorption and Annual Assessed Valuation of Improvements (2020$ and Real $) Science and
Technology
West
Science and
Technology
East
Lifelong
Learning
Tower
Mixed Use
Residential
Mixed Use
Commercial
Rehabilitation
Hospital Garage
Phase 2 Land
Uses Hotel
Clinical
Building Garage
Multifamily
Residential
2% Escalation Per Stall Per Unit 2% Escalation
Improvement Value
Per Square Foot /
Unit (2020$) $876 $876 $690 $472 $449 $943 $140 $526 $200 $929 $38,000 $445,000 2021 0000000 0 $ 0 $0 0000 $ 0 $0
2022 0000000 0 $ 0 $0 0000 $ 0 $0
2023 0000000 0 $ 0 $0 0000 $ 0 $0
2024 235,542 122,898 104,848 81,652 0 53,000 360,400 0 $525,314,451 $557,467,898 0000 $ 0 $0 2025 0000000 0 $ 0 $0 0000 $ 0 $0
2026 0000000 0 $ 0 $0 0000 $ 0 $0
2027 0000000 0 $ 0 $0 187,500 50,000 1,200 300 $263,059,385 $296,247,594 2028 0000000 0 $ 0 $0 0000 $ 0 $0
2029 0000000 0 $ 0 $0 0000 $ 0 $0
2030 0000000 0 $ 0 $0 0000 $ 0 $0
2031 0000000 400,000 $210,400,000 $256,476,426 0000 $ 0 $0 2032 0000000 0 $ 0 $0 0000 $ 0 $0
2033 0000000 0 $ 0 $0 0000 $ 0 $0
2034 0000000 0 $ 0 $0 0000 $ 0 $0
2035 0000000 0 $ 0 $0 0000 $ 0 $0
2036 0000000 0 $ 0 $0 0000 $ 0 $0
2037 0000000 0 $ 0 $0 0000 $ 0 $0
2038 0000000 0 $ 0 $0 0000 $ 0 $0
2039 0000000 0 $ 0 $0 0000 $ 0 $0
2040 0000000 0 $ 0 $0 0000 $ 0 $0
2041 0000000
0 $ 0 $0 0000 $ 0 $0
2042 0000000 0 $ 0 $0 0000 $ 0 $0
2043 0000000 0 $ 0 $0 0000 $ 0 $0
2044 0000000 0 $ 0 $0 0000 $ 0 $0
2045 0000000 0 $ 0 $0 0000 $ 0 $0
2046 0000000 0 $ 0 $0 0000 $ 0 $0
2047 0000000 0 $ 0 $0 0000 $ 0 $0
2048 0000000 0 $ 0 $0 0000 $ 0 $0
2049 0000000 0 $ 0 $0 0000 $ 0 $0
2050 0000000 0 $ 0 $0 0000 $ 0 $0
2051 0000000 0 $ 0 $0 0000 $ 0 $0
2052 0000000 0 $ 0 $0 0000 $ 0 $0
2053 0000000 0 $ 0 $0 0000 $ 0 $0
2054 0000000 0 $ 0 $0 0000 $ 0 $0
2055 0000000 0 $ 0 $0 0000 $ 0 $0
2056 0000000 0 $ 0 $0 0000 $ 0 $0
2057 0000000 0 $ 0 $0 0000 $ 0 $0
2058 0000000 0 $ 0 $0 0000 $ 0 $0
2059 0000000 0 $ 0 $0 0000 $ 0 $0
2060 0000000 0 $ 0 $0 0000 $ 0 $0
2061 0000000 0 $ 0 $0 0000 $ 0 $0
2062 0000000 0 $ 0 $0 0000 $ 0 $0
2063 0000000 0 $ 0 $0 0000 $ 0 $0
2064 0000000 0 $ 0 $0 0000 $ 0 $0
2065 0000000 0 $ 0 $0 0000 $ 0 $0
2066 0000000 0 $ 0 $0 0000 $ 0 $0
2067 0000000 0 $ 0 $0 0000 $ 0 $0
2068 0000000 0 $ 0 $0 0000 $ 0 $0
2069 0000000 0 $ 0 $0 0000 $ 0 $0
absorp lv
Source: Sacramento County; City of Sacramento; University of California, Davis, Wexford Science and Technology; EPS.

Value per Building Sq. Ft. / Residential Units
[4] Phase 2 per square foot assumptions are an average of science and technology uses included in Phase 1.

Tenant Improvements Total Value per Sq. Ft.

Per Unit
Per Square Foot
Per Parking Stall
Construction Cost
per Sq. Ft. [1]
Additional Land
Value (Rounded)
[2]
[3] Privately owned tenant improvement value per square foot includes base developer paid tenant improvement estimates plus an additional 60 percent allocation for additional tenant improvements made by the final user of the building square footage.

Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 EIFD M2 02.23.21

ATTACHMENT E:

Fiscal Impact Analysis

Attachment E: Fiscal Impact Analysis
Table 1
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
City General Fund Net Fiscal Impact Analysis Summary (2020$ )
Item Initial Phase [1] Buildout [1]
City General Fund Net Fiscal Impacts
Annual Revenues $597,000 $1,416,000
Annual Expenditures $458,000 $867,000
Annual Net General Fund Surplus/(Deficit) $139,000 $549,000 Revenue-to-Expenditure Ratio 130% 163%
buildout
Source: EPS.

Note: All values are rounded to the nearest $1,000.
[1]
Aggie Square EIFD
Net Fiscal Impact
Summary
Cumulative Annual Fiscal Impact
Summary (Rounded)
Initial Phase of the Project includes all Aggie Square Phase 1 development. Buildout includes full development of the Project, including all Aggie Square Phase 1 and Phase 2 development, Additional UC Davis Development, and Other Additional development.

Aggie Square EIFD
Net Fiscal Impact
Detail
Cumulative Annual Detailed Fiscal
Impacts (Rounded)
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Table A-1
City
of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
General Assumptions
Item Assumption
General Assumptions
Base Fiscal Year [1] FY 2019-20
General Demographic Characteristics
City of Sacramento
Population [2] 508,172
Employees [3] 360,500
Persons Served [4] 688,422
gen assumps
[1] This Fiscal Impact Analysis is based on the City of Sacramento's FY 2019-20 Approved Budget. [2] California Department of Fi nance estimate for January 1, 2019. [4] "Persons Served" is defined as City of Sacramento's population plus 50% of employees. [3] US Census Onthemap.ces.cens us.gov estimated a total of 312,376 jobs in Sacramento, CA in 2017.

California EDD reports an annual average growth rate of 4.91% since 2017 for the Sacramento MSA. EPS escalated 2017 employment figure to arrive at 2020 employment estimate, adjusted by an additional 10% to account for self-employed workers, and rounded to the nearest hundred employees.

Source: California Department of Finance; US Census Bureau, OnTheMap, and LEHD Origin Destination Employment Statistics; California EDD; EPS.

Publicly Leased
Bldg. Sq. Ft.

Total
Bldg. Sq. Ft
Total Dwelling
Units/Hotel
Rooms
Privately Leased
Bldg. Sq. Ft.

Publicly Leased
Bldg. Sq. Ft.

Total
Bldg. Sq. Ft
Total Dwelling
Units/Hotel
Rooms
TRA 003-005
Aggie Square Phase 1A
Science and Technology West Units Units
Science and Technology Uses 235,542 - 235,542 - 235,542 - 235,542 - Total Science and Technology West 235,542 - 235,542 - 235,542 - 235,542 - Science and Technology East
Science and Technology Uses 103,356 - 103,356 - 103,356 - 103,356 - Shared Lab 19,542 - 19,542 - 19,542 - 19,542 -
University Research - 158,000 158,000 - - 158,000 158,000 - Total Science and Technology East 122,898 158,000 280,898 - 122,898 158,000 280,898 - Lifelong Learning Tower
University Offices and Classrooms - 162,963 162,963 - - 162,963 162,963 - Data Sciences 64,848 - 64,848 - 64,848 - 64,848 -
Coworking Space 40,000 - 40,000 - 40,000 - 40,000 - Total Lifelong Learning Tower 104,848 162,963 267,811 - 104,848 162,963 267,811 - Mixed Use
Alice Waters Institute for Edible Education - 35,510 35,510 - - 35,510 35,510 - Other Commercial/Retail - 15,790 15,790 - - 15,790 15,790 - Residential Dwelling Units 81,652 56,068 137,720 190 81,652 56,068 137,720 190 Total Mixed Use 81,652 107,368 189,020 190 81,652 107,368 189,020 190 Rehabilitation Hospital [2] 53,000 - 53,000 - 53,000 - 53,000 - Garage 360,400 - 360,400 - 360,400 - 360,400 -
Total Phase 1 958,340 428,331 1,386,671 190 958,340 428,331 1,386,671 190 Aggie Square Phase 2
Science and Technology Uses - - - - 370,436 - 370,436 - Coworking Space - - - - 21,564 - 21,564 -
University Research - - - - - 200,000 200,000 -
Community Serving Retail - - - - 8,000 - 8,000 -
Total Phase 2 - - - - 400,000 200,000 600,000 -
Total TRA 003-005 958,340 428,331 1,386,671 190 1,358,340 628,331 1,986,671 190 TRA 003-002
Additional UC Davis Development Hotel Rooms Hotel Rooms Hotel - - - - 187,500 - 187,500 250
Clinical Research Building - - - - 50,000 50,000 100,000 - Garage [3] - - - - - - - -
Total Additional UC Davis Development - - - - 237,500 50,000 287,500 250 Units Units
Other Additional Development
Multifamily Residential - - - - - - - 300
Total Other Additional Development - - - - - - - 300 Total TRA 003-002 - - - 237,500 50,000 287,500
Total All TRAs 958,340 428,331 1,386,671 1,595,840 678,331 2,274,171 land use
Source: University of California, Davis; Wexford Science and Technology; EPS. [1] Building square footages shown reflect the estimated rentable building square feet within each building. Total building sq uare footage may be greater because of non-leasable areas. [3] Garage use included in TRA 003-002 includes a 1,200 parking stall garage assumed to be all private uses included in TRA 00 3-002.

Total Project Land Uses [1]
[2] The rehabilitation hospital is considered Phase 1 due to its timing relative to other Phase 1 developments, but the rehabi litation hospital is not a part of the partnership between Wexford and University of California, Davis for Aggie Square Phase 1 development.

BuildoutInitial Phase
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Table A-3
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Occupied Project Land Uses
Land Use Category
Vacancy
Rate
Occupied
Building Square
Footage
Occupied
Units
Occupied
Building Square
Footage
Occupied
Units
TRA 003-005
Aggie Square Phase 1
Science and Technology West Units Units
Science and Technology Uses 5% 223,765 - 223,765 -
Total Science and Technology West 223,765 - 223,765 -
Science and Technology East
Science and Technology Uses 5% 98,188 - 98,188 -
Shared Lab 5% 18,565 - 18,565 -
University Research 0% 158,000 - 158,000 -
Total Science and Technology East 274,753 - 274,753 -
Lifelong Learning Tower
University Offices and Classrooms 0% 162,963 - 162,963 - Data Sciences 5% 61,606 - 61,606 -
Coworking Space 5% 38,000 - 38,000 -
Total Lifelong Learning Tower 262,569 - 262,569 -
Mixed Use
Alice Waters Institute for Edible Education 0% 35,510 - 35,510 - Other Commercial/Retail 0% 15,790 - 15,790 -
Residential Dwelling Units 5% 133,637 183 133,637 183
Total Mixed Use 184,937 183 184,937 183
Rehabilitation Hospital 0% 53,000 - 53,000 -
Garage 0% 360,400 - 360,400 -
Total Phase 1 1,359,424 183 1,359,424 183
Aggie Square Phase 2
Science and Technology Uses 5% - - 351,914 -
Coworking Space 5% - - 20,486 -
University Research 0% - - 200,000 -
Community Serving Retail 0% - - 8,000 -
Total Phase 2 - - 580,400 -
Total TRA 003-005 1,359,424 183 1,939,824 183
TRA 003-002
Additional UC Davis Development Hotel Rooms Hotel Rooms Hotel 0% - - 187,500 250
Clinical Research Building 0% - - 100,000 -
Garage 0% - - - -
Total Additional UC Davis Development - - 287,500 250 Units Units
Other Additional Development
Multifamily Residential 5% - - - 285
Total Other Additional Development - - - 285
Total TRA 003-002 - 287,500
Total All TRAs 1,359,424 2,227,324
occupied
Source: University of California, Davis; Wexford Science and Technology; EPS.

BuildoutInitial Phase
Total Project Land Uses
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 Aggie Square FIA 02.22.21 Attachment E: Fiscal Impact Analysis
Table A-4
Aggie Square EIFD Analysis
Fiscal Impact Analysis
Estimated Project Resident and Employee Count
Land Use Category
Residents per
Unit Employees Residents
Persons
Served [2] Employees Residents
Persons
Served [2]
TRA 003-005
Aggie Square Phase 1
Science and Technology West
Science and Technology Uses 350 - 639 - 320 639 - 320 Total Science and Technology West 639 - 320 639 - 320 Science and Technology East
Science and Technology Uses 350 - 281 - 140 281 - 140 Shared Lab 160 - 116 - 58 116 - 58
University Research 350 - 451 - 226 451 - 226
Total Science and Technology East 848 - 424 848 - 424 Lifelong Learning Towe
r
University Offices and Classrooms 225 - 724 - 362 724 - 362 Data Sciences 225 - 274 - 137 274 - 137
Coworking Space 125 - 304 - 152 304 - 152
Total Lifelong Learning Tower 1,302 - 651 1,302 - 651 Mixed Use
Alice Waters Institute for Edible Education 500 - 71 - 36 71 - 36 Other Commercial/Retail 500 - 32 - 16 32 - 16
Residential Dwelling Units - 2.10 - 384 384 - 384 384 Total Mixed Use 103 384 436 103 384 435
Rehabilitation Hospital 265 - 200 - 100 200 - 100
Garage NA NA - - - - - -
Total Phase 1 3,092 384 1,930 3,092 384 1,930
Aggie Square Phase
2 Science and Technology Uses 350 - - - - 1,005 - 503 Coworking Space 160 - - - - 128 - 64
University Research 350 - - - - 571 - 286
Community Serving Retail 500 - - - - 16 - 8
Total Phase 2 - - - 1,721 - 860
Total TRA 003-005 3,092 384 1,930 4,813 384 2,791
TRA 003-002
Additional UC Davis Development
Hotel 2,000 - - - - 94 - 47
Clinical Research Building 500 - - - - 200 - 100
Garage - - - - - - - -
Total Additional UC Davis Development - - - 294 - 147 Other Additional Development
Multifamily Residential - 2.10 - - - - 599 599
Total Other Additional Development - - - - 599 599
Total TRA 003-002 - - - 294 599 745
Total All TRAs 3,092 384 1,930 5,107 983 3,536
persons
Source: University of California, Davis; Wexford Science and Technology; EPS. [2] Persons served is defined as all Project residents and one-half of all Project employees. [1] Square Footage per employment assumptions based on industry averages for similar prototypes and input provided by the Proj ect Proponent.

Buildout
Project Population/Employment
Initial PhaseSquare
Feet per
Employee [1]
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Table A-5
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Land Use Assumptions
Persons per
Turnover
Vacancy Dwelling
Land Use Rate [1] Rate [2] Employee [3] Unit
TRA 003-005
Aggie Square Phase 1
Science and Technology West
Science and Technology Uses 0% 5% 350 -
Science and Technology East
Science and Technology Uses 0% 5% 350 -
Shared Lab 0% 5% 160 -
University Research 0% 0% 350 -
Lifelong Learning Tower
University Offices and Classrooms 0% 0% 225 -
Data Sciences 0% 5% 225 -
Coworking Space 0% 5% 125 -
Mixed Use
Alice Waters Institute for Edible Education 0% 0% 500 - Other Commercial/Retail 0% 0% 500 -
Residential Dwelling Units 0% 5%
-

2.10 Rehabilitation Hospital 0% 0% 265 -
Garage NA NA NA NA
A
ggie Square Phase 2
Science and Technology Uses 0% 5% 350 -
Coworking Space 0% 5% 160 -
University Research 0% 0% 350 -
Community Serving Retail 0% 0% 500 -
TRA 003-002
Additional UC Davis Development
Hotel 0% 0% 2,000 -
Clinical Research Building 0% 0% 500 -
Garage NA NA NA NA
Other
Additional Development
Off-site Multifamily Residential 5% 5% -

2.10 assumps
[2] This analy sis assumes a conservative vacancy assumption on all non-university land uses.

Residential v
acancy rates applied only to market rate residential units. [3] Square Footage per employ
ment assumptions based on industry averages for similar prototypes and input prov
ided by the Project Proponent.

Popul
ation
Land Use Assumptions
Square
Feet per
Source: University of California, Davis; Project Developer; and EPS. [1] Due to the unique leasing structure of the Project, no turnover is assumed for Aggie Square Project land uses. It is assumed that the multifamily
residential development located adjacent to
the project w
ill turn over once every 20 years.

Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 Aggie Square FIA 02.22.21 Attachment E: Fiscal Impact Analysis
Table B-1
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Revenue-Estimating Procedures (2020$)
City of Sacramento Adjusted
Estimating Reference Approved FY 2019-2 0 Offsetting Net FY 2019-20 Service Revenue Item Procedure Table [1] Revenues (Rounded) Revenues [2] Revenues Population Multiplier Annual General Fund Revenues
Taxes
Property Tax Case Study Table B-3 $122,256,000 $0 $122,256,000 33.5% 0.0% NA NA Property Tax in lieu of VLF [4] Case Study Table B-3 $46,095,000 $0 $46,095,000 12.6% 0.0% NA NA Real Property Transfer Tax Case Study Table B-4 $14,806,000 $0 $14,806,000 4.1% 0.0% NA NA Sales Tax Case Study Table B-5 $86,572,000 $0 $86,572,000 23.7% 0.0% NA NA Sales Tax - Prop. 172 (Public Safety) Case Study Table B-5 $5,316,000 $0 $5,316,000 1.5% 0.0% NA NA Transient Occupancy Tax (TOT) Case Study [5] Table B-6 $5,175,000 $0 $5,175,000 1.4% 0.0% 688,422 $7.52 Utility Taxes Per Person Served Table B-2 $61,288,000 $0 $61,288,000 16.8% 50.0% 688,422 $44.51 Business Operations Tax Per Employee Table B-2 $7,362,000 $0 $7,362,000 2.0% 0.0% 360,500 $20.42 Residential Development Property Tax [6] NA $407,000 $0 $407,000 0.1% 0.0% NA NA Medical Marijuana Business Operations Tax [6] NA $9,426,000 $0 $9,426,000 2.6% 0.0% NA NA Subtotal Taxes $358,703,000 $0 $358,703,000 98.2%
Licenses and Permits
Franchise Fees Per Person Served Table B-2 $6,608,000 $0 $6,608,000 1.8% 0.0% 688,422 $9.60 Other Licenses & Permits Per Person Served Table B-2 $26,583,000 $26,583,000 $0 0.0% 0.0% 688,422 $0.00 Subtotal Licenses and Permits $33,191,000 $26,583,000 $6,608,000 1.8% Fines and Forfeitures [7] NA $12,093,000 $12,093,000 $0 0.0% 0.0% NA NA Use of Money (Interest, Rents, and Concessions) [7] NA $654,000 $654,000 $0 0.0% 0.0% NA NA Intergovernmental Revenu
e [7] NA $13,287,000 $13,287,000 $0 0.0% 0.0% NA NA
Charges for Services [7] NA $56,868,000 $56,868,000 $0 0.0% 0.0% NA NA Miscellaneous Revenues [7] NA $559,000 $559,000 $0 0.0% 0.0% NA NA Contributions From Other Funds
Enterprise Funds/General Tax [7] NA $30,968,000 $30,968,000 $0 0.0% 0.0% NA NA In-lieu Franchise Fee [7] NA $2,532,000 $2,532,000 $0 0.0% 0.0% NA NA In-lieu Property Tax [7] NA $703,000 $703,000 $0 0.0% 0.0% NA NA Investment Fees [7] NA $2,251,000 $2,251,000 $0 0.0% 0.0% NA NA Subtotal Contributions From Other Funds $36,454,000 $36,454,000 $0 0.0% Total Annual General Fund Revenues [8] $511,809,000 $146,498,000 $365,311,000 100.0% rev pro
Source: City of Sacramento FY 2019-20 Approved Budget; California Office of the Controller; California Department of Finance; EPS. [1] Refers to table with detailed revenue calculations. [3] Adjustment factor accounts for the unpredictable ebbs and flows of this revenue source. As a conserviative approach to pre vent potentially overestimating revenues from new development, this analysis discounts revenues by 50%. [4] Property Tax in lieu of Motor Vehicle License Fees is authorized by SB 1096 as amended by AB 2115. [5] Transient Occupancy Tax is estimated on a per persons served basis for the initial phase of the analysis and as a case stu dy for buildout [6] This revenue source is not expected to be affected by the Project and therefore is not evaluated in this analysis. [7] This revenue source is based on cost recovery or transfers from another fund and is therefore not evaluated in this analys is (see footnote [2] above).
[8] Excludes funding for General Fund Capital Improvement expenditures. [2] Revenues are adjusted by user fees and cost recovery amounts shown in the City's FY 2019-20 Budget. These deductions from ongoing revenues also are deducted from ongoing costs, as shown in Table C-1. If Offsetting Revenues exceeds Revenues then Adjusted Net Revenues equal $0. % of
Total
Adjustment
Factor [3]
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Table B-2
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Estimated Annual Project Revenues (2020$)
% of Total
Revenues Initial Phase
Buildout at Buildout
Annual General Fund Revenues
Taxes
Property Tax Table B-3 $0 $0 0.0%
Property Tax Pass Through to City Table B-3 $8,000 $145,000 10.2% Property Tax in lieu of VLF Table B-3 $0 $0 0.0%
Real Property Transfer Tax Table B-4 $0 $18,000 1.3%
Sales Tax Table B-5 $197,000 $384,000 27.1%
Sales Tax - Measure U Table B-5 $197,000 $384,000 27.1% Sales Tax - Prop. 172 (Public Safety) Table B-5 $12,000 $24,000 1.7% Transient Occupancy Tax (TOT) Table B-6 $15,000 $166,000 11.7% Utility Taxes Table B-1 $86,000 $157,000 11.1%
Business Operations Tax Table B-1 $63,000 $104,000 7.3% Residential Development Property Tax NA $0 $0 0.0%
Medical Marijuana Business Operations Tax NA $0 $0 0.0% Subtotal Taxes $578,000 $1,382,000 97.6%
Licenses and Permits
Franchise Fees Table B-1 $19,000 $34,000 2.4%
Subtotal Licenses and Permits $19,000 $34,000 2.4%
Total Annual Gen. Fund Revenues (rounded) $597,000 $1,416,000 100.0% revenues
Source: EPS.

Reference
Table
Annual Net Revenues
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 Aggie Square FIA 02.22.21 Attachment E: Fiscal Impact Analysis
Table B-3
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Estimated Annual Property Tax Revenues (2020$)
Item Formula Initial Phase Buildout
Property Tax Revenue (1% of Assessed Value)
Privately Owned Property Tax Base (2020$) [1] Table D-1 a $546,813,251 $1,234,515,022 Property Tax Revenue (1% of Assessed Value) 1.00% b = a * 1.00% $5,468,133 $12,345,150 Estimated Property Tax Allocation
City General Fund [2] 25.72 % c = b * 25.72% $1,406,358 $3,175,071 Less Aggie Square EIFD Allocation (100.00%) d = c * (100.00%) ($1,406,358) ($3,175,071) Remaining City General Fund Revenue e = c + d $0 $0
Other Agencies/ERAF 74.28% f = b * 74.28% $4,061,774 $9,170,080 Property Tax Pass Through to City [3] g $7,970 $145,092 Property Tax In-Lieu of Motor Vehicle In-Lieu Fee Revenue (VLF) Total Citywide Assessed Value [4] $50,772,282,921 h
Total Assessed Value of Project i $546,813,251 $1,234,515,022 Total Assessed Value j = a + h $51,319,096,172 $52,006,797,943 Percent Change in AV k = a / h 1.08% 2.43%
Property Tax In-Lieu of VLF [5] $46,095,000 l = k * $46,095,000 $496,439 $1,120,788 Less Aggie Square EIFD Allocation (100.00%) m = l * (100.00%) ($496,439) ($1,120,788) Remaining City General Fund Revenue n = l + m $0 $0
prop tax
Source: Sacramento County Office of the Assessor; City of Sacramento Finance Department; EPS. [1]
[2]
[3]
[4]
Reflects Final FY 2019-20 Assessed Valuation. Includes Citywide secured, unsecured, homeowner exemption, and public utility roll. [5] Property tax in-lieu of VLF amount of $46.1 million ta ken from FY 2019-20 Approved City Budget. See Table B-1.

Property Tax Revenues
Estimated Annual
Property Tax Revenues
The allocation of the 1% property tax rate apportioned to the City of Sacramento for Tax Rate Areas (TRA) 003-005 and 003-002 were obtained from the County Department of Finance and includes a shift to the Educational Revenue Augmentation Fund.

At buildout, this figure reflects the present value (2020$) of the City share of the property tax pass through estimated at the time of Project buildout (2028). Refer to Table A-7 of the Aggie Square EIFD Tax Increment Analysis, completed by EPS and provided under separate cover for details.

Assumption/
Source
For assumptions and calculation of adjusted assessed value, see Table D-1. A portion of the Project is located in the existing Oak Park Redevelopment Area. As an initial assumption, this analysis does not include any diversion to the Oak Park RDA.

The rate of $2.75 per $1,000 of AV is for the City of Sacramento only and excludes the County of Sacramento rate of $0.55 per $1,000 of AV.

Annual Transfer Tax Revenue [2] Assessed Value [1]
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 Aggie Square FIA 02.22.21 Attachment E: Fiscal Impact Analysis
Table B-5
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Estimated Annual Taxable Sales and Use Tax Revenue (2020 $)
Item Formula Initial Phase Buildout
Estimated Annual Taxable Sales
Annual Taxable Sales from New Market Support a Table B-5A $10,485,667 $18,893,402 Net Taxable Sales from Onsite Commercial b Table B-5B $0 $0 Business to Business Taxable Sales c Table B-5B $9,230,533 $19,483,246 Total Annual Taxable Sales d = a + b + c $19,716,200 $38,376,648 Annual Sales Tax Revenue to City
Bradley Burns Sales Tax Rate [1] e = d * 1.000% 1.0000% $197,162 $383,766 Measure U Citywide Sales Tax Rate [2] f = d * 1.000% 1.0000% $197,162 $383,766 Total Sales Tax Rate g 2.0000%
Annual Taxable Sales from New Market Support h = a * g $209,713 $377,868 Net Taxable Sales from Onsite Commercial i = b * g $0 $0 Business to Business Taxable Sales j = c * g $184,611 $389,665 Total k = d * g $394,324 $767,533
Gross Prop 172 Public Safety Sales Tax Revenue [3] l = d * 0.0614% 0.0614% $12,107 $23,565 sales tax
Source: California State Board of Equalization; City of Sacramento Finance Department; EPS. [1]
The City of Sacramento is allocated a full 1.0000% of the Uniform Local Sales Tax. [2]
[3]
Sales Tax
Revenue
The City of Sacramento receives approximately $.000627 for every $1 generated by the Public Safety Sales Tax authorized by Proposition 172. This is estimated by taking the 2019-20 Budget amount for Prop. 172 divided by the total Sales Tax from Table B-1.

In 2012, Measure U was approved by voters as a temporary, supplemental, half-cent sales tax rate. In November 2018, Sacramento voters approved a new version of Measure U, extending the tax rate in perpetuity and raising it from a half-cent to a full-cent rate, effective April 1, 2019.

The FY 19-20 budget, on which this analysis is based, reflects revenues and expenditures associated with the full rate. Thus, this analysis estimates revenues and Measure U-funded expenditures generated by the full one cent sales tax rate.

Estimated Sales Tax RevenueSource/
Assumptions
Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 Aggie Square FIA 02.22.21 Attachment E: Fiscal Impact Analysis
Table B-5A
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Estimated Annual Taxable Sales from New Households, Employees, and Visitors (Market Support) (2020$) Item Initial Phase Buildout Initial Phase Buildout
Annual Taxable Sales from New Households
Project Residential Land Uses
On-site University Residential Units $20,000 49 49 $980,000 $980,000 On-site Market Rate Residential Units $25,000 134 134 $3,350,000 $3,350,000 Off-site Multifamily Residential Units $25,000 0 285 $0 $7,125,000 Total Taxable Sales from Project Households 183 468 $4,330,000 $11,455,000 Estimated Citywide Capture of Taxable Sales from New Households [3] 80% $3,464,000 $9,164,000 Estimated Capture of Taxable Sales Within the Project [3] 5% $0 $458,200 Estimated Capture of Taxable Sales Outside the Project [3] 95% $3,464,000 $8,705,800 Annual Taxable Sales from New Employees
New Employees
Average Daily Taxable Sales per New Employee $10.00
Work Days per Yea
r 240
Taxable Sales from New Employees [4] 70.0%
Total Project Employees at Buildout 3,092 5,107 $5,194,573 $8,579,242 Total Taxable Sales from New Employees 3,092 5,107 $5,194,573 $8,579,242 Estimated Citywide Capture from New Employees [3] 80% $4,155,659 $6,863,394 Estimated Capture of Taxable Sales Within the Project [3] 40% $0 $2,745,358 Estimated Capture of Taxable Sales Outside the Project [3] 60% $4,155,659 $4,118,036 Annual Taxable Sales from Project Visitors and Events
Project Visitors
Average Daily Taxable Sales per Regional Visitor [5] $30.00 Average Daily Taxable Sales per Nonlocal Visitor [5] $65.00 Annual Estimated Regional Visitors [6] 43,422 43,422 $1,302,670 $1,302,670 Annual Estimated Nonlocal Visitors [6] 18,970 18,970 $1,233,050 $1,233,050 Total Taxable Sales from Project Visitors $2,535,720 $2,535,720 Estimated Capture of Taxable Sales Within the Project [3] 5% $0 $126,786 Estimated Capture of Taxable Sales Outside the Project [3] 95% $2,535,720 $2,408,934 Additional Event Catering Spending [7] $330,289 $330,289 Total Annual City Taxable Sales from Market Support (New Households, Employees, and Visitors) $10,485,667 $18,893,402 Estimated Capture of Taxable Sales Within the Project $0 $3,330,344 Estimated Capture of Taxable Sales Outside the Project $10,485,667 $15,563,059 sales a
[1] Refer to Table D-1 for assumptions related to average household retail expenditures by residential unit. [2] Refer to Table A-4 for Project l and use and population summaries. This analysis is based on occupied units and one household per unit. [3]
Capture rate estimated by EPS.
[4]
[5]
[6] Refer to Table D-4 for details.
[7]
Includes an estimate of daily spending by visitors based on Sacramento visitor destination spending data from California Travel Impacts 2010-2018 prepared by Dean Runyon Associates, Inc. on behalf of Visit California, dated April 2019.

Estimated annual catering spending for onsite events provided by the Project Developer. Assumes stabilized operations. All catering expenditures are assumed to be generated outside of the Project.

Average Taxable
Retail Expenditures
per Occupied Unit
(Household) [1]
Source: Visit California; California Travel Impacts 2010-2018 prepared by Dean Runyon Associates, Inc., dated April, 2019; U.S. Department of Labor; Bureau of Labor Statistics; EPS.

Discounted to avoid double-counting employees who are current residents of the City of Sacramento. Adjustment factor is estimated based on the anticipated uses within the project and existing employee base within the City.

Project Occupied Units/
New Employees [2]
Taxable Sales from
Market Support
Occupied Units
Employees
Visitors
From Residents
From Employees
From Visitors
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Table B-5B
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Estimated Annual Taxable Sales from New Nonresidential Land Uses (2020$) Sales/Sq. Ft. Occupied Nonres. Total Annual Net Annual Occupied Nonres. Total Annual Net Annual Item [1] Bldg. Sq. Ft. [2] Taxable Sales Taxable Sales Bldg. Sq. Ft. [2] Taxable Sales Taxable Sales Annual Taxable Sales
Onsite Commercial Uses
Community Serving Retail $190 0 $0 $0 $0 8,000 $1,520,000 ($3,330,344) $0 Total Onsite Commercial Uses 0 $0 $0 $0 8,000 $1,520,000 ($3,330,344) $0 Business to Business Taxable Sales
Science and Technology Uses $25 321,953 $8,048,828 $0 $8,048,828 673,867 $16,846,683 $0 $16,846,683 Coworking Space $10 56,565 $565,649 $0 $565,649 77,051 $770,507 $0 $770,507 Data Sciences $10 61,606 $616,056 $0 $616,056 61,606 $616,056 $0 $616,056 Clinical Research $25 0 $0 $0 $0 50,000 $1,250,000 $0 $1,250,000 Total Business to Business Taxable Sales 440,124 $9,230,533 $0 $9,230,533 862,524 $19,483,246 $0 $19,483,246 440,124 $9,230,533 $0 $9,230,533 870,524 $21,003,246 ($3,330,344) $19,483,246 sales b
[1] See Table D-3 for the taxable retail sales calculation. This analysis assumes mixed use retail uses will be equivalent to neighborhood retail markets.

Less Market
Support [3]
Total Estimated Annual Taxable Sales from New
Nonresidential Land Uses
Source: BizMiner 2016; ULI Dollars & Cents 2008; State of California Board of Equalization (BOE) Publication 61; Bureau of Labor Statistics, "CPI-All Urban Consumers (Current Series) - West Urban"; Dollars & Cents of Shopping Centers/The SCORE 2008; California Board of Equalization; EPS. [2] See Table A-2 for details. This analysis assumes taxable sales on the privately owned portions of the Project only. [3] Taxable sales from market support from new residents and employees as estimated in Table B-5A are netted out to avoid doub le counting.

Less Market
Support [3]
Annual
Taxable Buildout
Annual Project Taxable Sales from New Nonresidential Uses Initial Phase
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Table B-6
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Estimated Annual Transient Occupancy Tax Revenue (2020$) Item Formula Assumption
Total Annual Transient Occupancy Tax at Buildout
Hotel Rooms
a 250
Annual Rooms Available b = a * 365 365 91,250
Occupancy Rate c 70%
Average Daily Room Rate [1] d $185
City of Sacramento TOT Rate e 12%
General Fund TOT Rate f 2%
Community Center Fund g 10%
Total Annual Transient Occupancy Tax (Rounded) h = b * c * d * e $1,418,025 General Fund i = b * c * d * f $236,338
Community Center Fund j = b * c * d * g $1,181,688
Existing Annual Transient Occupancy Tax
Hotel Rooms k 139
Annual Rooms Available l = k * 365 365 50,735
Occupancy Rate m 65%
Average Daily Room Rate n $150
City of Sacramento TOT Rate o 12%
General Fund TOT Rate p 2%
Community Center Fund q 10%
Total Annual Transient Occupancy Tax (Rounded) r = l * m * n * o $593,600 General Fund s = l * m * n * p $98,933
Community Center Fund t = l * m * n * q $494,666
Additional Transient Occupancy Tax after Expansion u = h - r $824,426 General Fund v = i - s $137,404
Community Center Fund w = j - t $687,021
Event Visitors Requiring Accommodations
Visitors Requiring Accommodations [2] x 15,470
Visitors Staying in Project Hotel y = x * 50% 50% 7,735 Additional Hotel Stays Generated Outside of the Project z = x - y 7,735 Average Daily Room Rate A $185
City of Sacramento TOT Rate B 12%
General Fund TOT Rate C 2%
Community Center Fund D 10%
Total Annual Transient Occupancy Tax (Rounded) E = z * A * B $171,717 General Fund F = z * A * C $28,620
Community Center Fund G = z * A * D $143,098
Project Transient Occupancy Tax Revenue H = u + E $996,143 General Fund I = v + F $166,024
Community Center Fund J = w + G $830,119
tot
Source: Smith Travel Research; EPS.
[2] Refer to Table D-4 for details.

Annual TOT Revenue at
Buildout
[1] Based on average hotel rates for comparable hotels in the Sacramento Region. This analysis assumes that expansion and update to the existing hotel would result in higher occupancy and average daily room rates.

If Offsetting Revenues (b) exceeds Expenditures (a) then Adjusted Net Expenditures (c) equals $0. [4] This expenditure category is not expected to be affected by the Project and is not evaluated in this analysis. [6] Excludes General Fund Capital Improvement expenditures. % of Total
[3] Adjustment factors, based on input from City Finance department staff, reflect the portion of costs that are subject to in crease based on new development in the City. The adjustments for General Government differ from the factors used to estimate citywide expenditures, which is estimated to be 50%. [5] Police and Fire expenditures are estimated on a per persons served basis with a 50 percent adjustment factor to account fo r campus police and fire marshal services provided on-site by the University of California, Davis resulting in reduced annual City expenditures required to provide these services.

Reference
Table [1]
Annual Expenditures
at Buildout
Annual Net Expenditures
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City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Police Department Expenditure Case Study (2020$)
Item Source [1] Formula
Existing Population
2018 City Persons Served
a 678,444
Sworn Officers
Total General Fund-Funded FTEs b 539.0
Measure U-Funded FTEs c 184.0
Total Sworn Officer FTEs d = b + c 723.0
Less Fixed Sworn Officers e 1.0
Total Sworn Officers Less Fixed FTEs f = d - e 722.0
GF/Measure U Sworn Officers Per Person Served g = f / (a / 1,000) 1.06 /1,000 Persons Served Total Annual GF-Funded Sworn Officer Compensation h $103,593,013 Less Percentage of Offsetting Revenues (OR) i 6.6%
Total Annual Sworn Officer Compensation Less OR (rounded) j = h * (1 - i) $96,756,000 Total Measure U-Funded Compensation k $22,576,363
Less Fixed Sworn Officer Compensation l $389,172
Total Annual Sworn FTE Compensation (rounded) m = j + k - l $118,943,000 Average Compensation per Sworn Officer FTE (rounded) n = m / f $165,000 /Sworn FTE Non-Sworn Personnel
Total General Fund-Funded FTEs o 275.5
Measure U-Funded FTEs p 11
Total Non-Sworn FTEs q = o + p 286.5
GF/Measure U Non-Sworn FTEs per Sworn Officer r = q / d 0.4 /Sworn FTE Total Annual GF-Funded Non-Sworn Compensation (rounded) s $27,954,978 Less Percentage of Offsetting Revenues (OR) t 6.6%
Total Annual Non-Sworn Compensation Less OR (rounded) u = s * (1 - t) $26,110,000 Total Measure U-Funded Non-Sworn Compensation v $1,164,501 Total Annual Non-Sworn FTE Compensation (rounded) w = u + v $27,274,501 Average Annual Compensation per FTE (rounded) x = w / q $95,000 /Non-Sworn FTE Police O&M Budget (Adopted FY 2018-19)
General Fund Budget Total y $146,699,000
Measure U Budget Total z $23,920,864
Total General Fund and Measure U Budget A = y + z $170,619,864 Less GF/Measure U Annual Comp. (Sworn & Non-Sworn) B = h + k + s + v $155,288,855 Annual O&M Costs (GF/Measure U Budget Less Total Compensation) C = A - B $15,331,009 Less Percentage of Offsetting Revenues (OR) D 24.7%
Annual Net O&M Costs Less OR E = C * (1 - D) $11,545,000 Percentage of O&M Variable Costs F 90%
Annual Variable O&M Costs G = E * F $10,390,500
Annual Net Variable O&M Costs per FTE H = G / (d + q) $10,293 /FTE (Sworn and Non-Sworn) Police Expenditures
Police Department Cost Estimating Factors
Existing FY 18-19 Service Level
Assumption or Factor/Unit
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City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Police Department Expenditure Case Study (2020$)
Police Expenditures
Item Source Formula Initial Phase Buildout
Project Buildout Needs
Incremental New Persons Served Table A-4 I 1,930 3,536
Incremental New Staffing
Incremental New Sworn Officer FTEs J = (I / 1,000) * g 2.1 3.8 Incremental New Non-Sworn Personnel FTEs K = J * r 0.8 1.5 Total FTEs L = J + K 2.9 5.3
Incremental New Compensation Costs (Rounded)
Incremental New Sworn Officer Costs M = J * n $338,947 $620,904 Incremental New Non-Sworn Personnel Costs N = K * x $77,321 $141,641 Total Staffing Costs O = M + N $416,268 $762,545
Incremental New O&M Costs (Rounded) P = H * L $29,522 $54,080 Total Police Costs Serving New Development Q = O + P $445,790 $816,625 Budget Escalation Factor [2] R 2.1%
Escalated Police Costs Serving New Development S = R * 102.09% $455,101 $833,682 Incremental New Police Costs per Person Served T = S / I $236 $236 police
[1] All information in this case study was obtained through the FY 18-19 Budget and through discussions with City Police and Finance Departments. [2] Escalation factor represents the grow
th in the budgeted Police expenditures from the FY 2018-19 Approved City Budget to the FY 2019-20 Approved City Budget.

Source: City of Sacramento Police Department; City of Sacramento 2035 General Plan and General Plan Background Report, Chapter 5 Public Services; City of Sacramento Approved Budget FY 2019-20; City of Sacramento Open Data Portal Dispatch Data From One Year Ago accessed October 2018; City of Sacramento Finance Department; EPS.

Estimated Annual Police Department
Costs Existing FY 18-19 Service Level
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City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Fire Department Expenditure Case Study (2020$)
Item Source [1] Formula
Existing Conditions
2018 City Persons Served
a 678,444
Sworn Firefighters
Total General Fund-Funded FTEs b 540.0
Measure U-Funded FTEs c 90.0
Total Sworn Firefighter FTEs d = b + c 630.0
Less Fixed Sworn Firefighters e 7.0
Total Sworn Firefighters Less Fixed FTEs f = d - e 623.0 GF/Measure U Sworn Firefighters Per Person Served g = f / (a / 1,000) 0.92 /1,000 Persons Served Total Annual GF-Funded Sworn Firefighter Compensation h $92,610,000 Less Percentage of Offsetting Revenues (OR) i 0%
Total Annual Sworn Firefighter Compensation Less OR (rounded) j = h * (1 - i) $92,610,000 Total Measure U-Funded Compensation k $13,271,000
Less Fixed Sworn Firefighter Compensation l $1,407,129
Total Annual Sworn FTE Compensation (rounded) m = j + k - l $104,473,871 Average Compensation per Sworn Firefighter FTE (rounded) n = m / f $167,700 /Firefighter FTE Non-Sworn Personnel
Total General Fund-Funded FTEs o 51.0
Measure U-Funded FTEs p 0.0
Total Non-Sworn FTEs q = o + p 51.0
Less Fixed Non-Sworn Personnel r 5.0
Total Non-Sworn Personnel Less Fixed FTEs s = q - r 46.0 GF/Measure U Non-Sworn FTEs per Sworn Firefighter t = s / d 0.07 /Sworn FTE Total Annual GF-Funded Non-Sworn Compensation (rounded) u $4,740,000 Less Percentage of Offsetting Revenues (OR) v 0.0%
Total Annual Non-Sworn Compensation Less OR (rounded) w = u * (1 - v) $4,740,000 Total Measure U-Funded Non-Sworn Compensation x $0
Less Fixed Non-Sworn Personnel Compensation y $493,893
Total Annual Non-Sworn FTE Compensation (rounded) z = w + x - y $4,246,107 Average Annual Compensation per FTE (rounded) A = z / q $83,000 /Non-Sworn FTE Fire O&M Budget (Adopted FY 2018-19)
General Fund Budget Total B $117,540,000
Measure U Budget Total C $13,271,000
Total General Fund and Measure U Budget D = B + C $130,811,000 Less GF/Measure U Annual Comp. (Sworn & Non-Sworn) E = h + k + u + x $110,621,000 Annual O&M Costs (GF/Measure U Budget Less Total Compensation) F = D - E $20,190,000 Less Percentage of Offsetting Revenues (OR) G 6.0%
Annual Net O&M Costs Less OR H = F * (1 - G) $18,978,600 Percentage of O&M Variable Costs I 90%
Annual Variable O&M Costs J = H * I $17,080,740
Annual Net Variable O&M Costs per FTE K = J / (f + s) $25,532 /FTE (Sworn and Non-Sworn) Fire Expenditures
Fire Department Cost Estimating
Existing FY 18-19 Service Level
Assumption or Factor/Unit
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Sacramento City CouncilSeptember 16, 2025

Sacramento City Council
September 16, 2025