ATTACHMENT A-6
ECONOMIC IMPACT STUDY
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
CITY OF SAN MARCOS
PICO AVENUE RESIDENTIAL PROJECT
ECONOMIC IMPACT ANALYSIS - (APPROVED PLAN)
RECURRING JOBS
RECURRING IMPACTS
ONE-TIME JOBS
ONE TIME IMPACTS
JOB HOUSING BALANCE
SUMMARY
EXHIBIT 1A
PICO AVENUE RESIDENTIAL PROJECT
RECURRING EMPLOYMENT - APPROVED PLAN
ASSUMPTIONS
I. RESIDENTIAL LAND USE ASSUMPTIONS
LAND USE CATEGORY UNITS
Condominiums 6
II. NON-RESIDENTIAL LAND USE ASSUMPTIONS
LAND USE CATEGORY1 EMPLOYEES/1,000 SQ. FT.2 SQ. FT.1
Commercial / Retail 0.82 3,750
3,750
RECURRING EMPLOYMENT
III. CITY
DIRECT EMPLOYEES3 INDIRECT EMPLOYEES4 INDUCED EMPLOYEES4 TOTAL EMPLOYEES Commercial / Retail 3 0 0 3
Condominiums 0 0 0 0
TOTAL RECURRING EMPLOYMENT 3 0 0 3
NOTES:
4 Source: San Marcos City IMPLAN multipliers.
1 Source: City of San Marcos.
2 Commercial Buildings Energy Consumption Survey (CBECS), 2018. 3 Based on multiplying Category SF by Employees/1,000 SF metric.
EXHIBIT 2A
PICO AVENUE RESIDENTIAL PROJECT
RECURRING ECONOMIC IMPACTS - APPROVED PLAN
ASSUMPTIONS
% INCOME SPENT TOTAL RESIDENT
I. RESIDENTIAL SPENDING ASSUMPTIONS HOUSEHOLD INCOME IN CITY SPENDING / YR.
Condominiums $129,435 28.07% $109,008
II. NON-RESIDENTIAL OUTPUT ASSUMPTIONS AVERAGE OUTPUT / EMPLOYEE1 OUTPUT / YR.1 Commercial / Retail $67,385 $202,156
RECURRING OUTPUT
III.CITY
DIRECT OUTPUT INDIRECT OUTPUT 1 INDUCED OUTPUT 1 TOTAL OUTPUT Commercial / Retail $202,156 $37,615 $54,454 $294,225
Condominiums $109,008 $29,338 $23,038 $161,384
TOTAL RECURRING OUTPUT $311,164 $66,952 $77,492 $455,609 NOTES:
* All figures subject to rounding
1 Source: San Marcos City IMPLAN multipliers.
EXHIBIT 3A
PICO AVENUE RESIDENTIAL PROJECT
ONE-TIME EMPLOYMENT -APPROVED PLAN
ASSUMPTIONS
I. RESIDENTIAL LAND ASSUMPTIONS UNITS
Condominiums 6
II. NON-RESIDENTIAL LAND USE ASSUMPTIONS SQ. FT.
Commercial / Retail 3,750
III. PUBLIC FACILITIES TOTAL COST
PROJECT INFRASTRUCTURE NA
ONE-TIME EMPLOYMENT
IV. CITY
DIRECT EMPLOYEES 1 INDIRECT EMPLOYEES 1 INDUCED EMPLOYEES 1 TOTAL EMPLOYEES Commercial / Retail 10 1 2 13
Condominiums 6 2 2 10
TOTAL ONE-TIME EMPLOYEES 15 4 4 23
NOTES:
* All figures subject to rounding
1 Source: San Marcos City IMPLAN multipliers (IMPLAN Sector 58: Construction of new non-residential structures).
EXHIBIT 4A
PICO AVENUE RESIDENTIAL PROJECT
ONE-TIME IMPACTS - APPROVED PLAN
ASSUMPTIONS
ESTIMATED
I. RESIDENTIAL CONSTRUCTION COST ASSUMPTIONS UNITS SQ. FT. PER DWELLING UNIT COST PER UNIT Condominiums 6 Pending $175,000
II. NON-RESIDENTIAL CONSTRUCTION COST ASSUMPTIONS IMPROVEMENT VALUE1 CONSTRUCTION COST PER SQ. FT.
Commercial / Retail $1,399,313 $373
III. PUBLIC FACILITIES TOTAL COST
PROJECT INFRASTRUCTURE NA
ONE-TIME OUTPUT
IV. CITY
DIRECT OUTPUT INDIRECT OUTPUT 2 INDUCED OUTPUT 2 TOTAL OUTPUT Commercial / Retail $1,399,313 $241,556 $311,634 $1,952,503 Condominiums $1,050,000 $282,593 $221,913 $1,554,506
TOTAL ONE-TIME OUTPUT $2,449,313 $524,149 $533,547 $3,507,009
NOTES:
1 Assumes that improvement value is approximately 85% of total valuation. 2 Source: San Marcos City IMPLAN multipliers
* All figures subject to rounding
EXHIBIT 5A
PICO AVENUE RESIDENTIAL PROJECT
JOBS-HOUSING BALANCE - APPROVED PLAN
ASSUMPTIONS
I. EXISTING DEMOGRAPHICS
CITY OF SAN MARCOS
HOUSING UNITS 1 32,339
EMPLOYEES 2 41,800
II. JOB IMPACTS 3
CITY OF SAN MARCOS
DIRECT IMPACT 3
ADDITIONAL INDIRECT 0
ADDITIONAL INDUCED 0
TOTAL 3
III. CUMULATIVE PROJECT DEMOGRAPHICS
EXISTING HOUSING UNITS PLUS PROJECT - CITY OF SAN MARCOS 32,345 PERCENTAGE INCREASE 0.02%
EXISTING EMPLOYEES PLUS PROJECT - CITY OF SAN MARCOS 41,803 PERCENTAGE INCREASE 0.01%
JOBS-HOUSING BALANCE
IV. JOBS-HOUSING BALANCE
CITY OF SAN MARCOS
EXISTING 1.29
EXISTING WITH PROJECT 1.29
PERCENTAGE INCREASE -0.01%
NOTES:
1 Source: State of California, Department of Finance, E-5 Population and Housing Estimates for Cities, Counties, and the State (2023). * All figures subject to rounding
2 Source: California Employment Development Department ("EDD") - Labor Market Information Division. 3 Please see Exhibit B-1: Recurring Jobs.
EXHIBIT 6A
PICO AVENUE RESIDENTIAL PROJECT
SUMMARY - APPROVED PLAN
ASSUMPTIONS
I. RESIDENTIAL LAND USE ASSUMPTIONS UNITS
Condominiums 6
II. NON-RESIDENTIAL LAND USE ASSUMPTIONS EMPLOYEES/1,000 SQ. FT. SQ. FT.
Commercial / Retail 0.82 3,750
ECONOMIC IMPACTS CONCLUSIONS
RECURRING IMPACTS
III. JOB CREATION DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE 3 0 3
IV. TOTAL OUTPUT DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE $311,164 $144,444 $455,609
ONE-TIME IMPACTS
V. CONSTRUCTION JOBS DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE 8 8
VI. CONSTRUCTION OUTPUT DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE $2,449,313 $1,057,696 $3,507,009
OTHER IMPACTS
BALANCE BALANCE % INCREASE/
VII. JOBS-HOUSING BALANCE EXISTING WITH PROJECT (DECREASE) CITYWIDE 1.29256 1.29241 -0.01%
CITY OF SAN MARCOS
PICO AVENUE RESIDENTIAL PROJECT
ECONOMIC IMPACT ANALYSIS - (PROPOSED PLAN)
RECURRING JOBS
RECURRING IMPACTS
ONE-TIME JOBS
ONE TIME IMPACTS
JOB HOUSING BALANCE
SUMMARY
EXHIBIT 1b
PICO AVENUE RESIDENTIAL PROJECT
RECURRING EMPLOYMENT - PROPOSED PLAN
ASSUMPTIONS
I. RESIDENTIAL LAND USE ASSUMPTIONS
LAND USE CATEGORY UNITS
Condominiums 16
II. NON-RESIDENTIAL LAND USE ASSUMPTIONS
LAND USE CATEGORY1 EMPLOYEES/1,000 SQ. FT.2 SQ. FT.1
0 RECURRING EMPLOYMENT
III. CITY
DIRECT EMPLOYEES3 INDIRECT EMPLOYEES4 INDUCED EMPLOYEES4 TOTAL EMPLOYEES Condominiums 0 0 0 0
TOTAL RECURRING EMPLOYMENT 0 0 0 0
NOTES:
* All figures subject to rounding
1 Source: City of San Marcos.
2 Commercial Buildings Energy Consumption Survey (CBECS), 2018. 3 Based on multiplying Category SF by Employees/1,000 SF metric. 4 Source: San Marcos City IMPLAN multipliers.
EXHIBIT 2b
PICO AVENUE RESIDENTIAL PROJECT
RECURRING ECONOMIC IMPACTS - PROPOSED PLAN
ASSUMPTIONS
% INCOME SPENT TOTAL RESIDENT
I. RESIDENTIAL SPENDING ASSUMPTIONS HOUSEHOLD INCOME IN CITY SPENDING / YR.
Condominiums $129,435 28.07% $290,687
II. NON-RESIDENTIAL OUTPUT ASSUMPTIONS AVERAGE OUTPUT / EMPLOYEE1 OUTPUT / YR.1
RECURRING OUTPUT
III.CITY
DIRECT OUTPUT INDIRECT OUTPUT 1 INDUCED OUTPUT 1 TOTAL OUTPUT Condominiums $290,687 $63,300 $10,415 $364,402
TOTAL RECURRING OUTPUT $290,687 $63,300 $10,415 $364,402 NOTES:
* All figures subject to rounding
1 Source: San Marcos City IMPLAN multipliers.
EXHIBIT 3b
PICO AVENUE RESIDENTIAL PROJECT
ONE-TIME EMPLOYMENT - PROPOSED PLAN
ASSUMPTIONS
I. RESIDENTIAL LAND ASSUMPTIONS UNITS
Condominiums 16
II. NON-RESIDENTIAL LAND USE ASSUMPTIONS SQ. FT.
III. PUBLIC FACILITIES TOTAL COST
PROJECT INFRASTRUCTURE NA
ONE-TIME EMPLOYMENT
IV. CITY
DIRECT EMPLOYEES 1 INDIRECT EMPLOYEES 1 INDUCED EMPLOYEES 1 TOTAL EMPLOYEES Condominiums 16 6 4 26
TOTAL ONE-TIME EMPLOYEES 16 6 4 26
NOTES:
* All figures subject to rounding
1 Source: San Marcos City IMPLAN multipliers
EXHIBIT 4b
PICO AVENUE RESIDENTIAL PROJECT
ONE-TIME IMPACTS - PROPOSED PLAN
ASSUMPTIONS
ESTIMATED
I. RESIDENTIAL CONSTRUCTION COST ASSUMPTIONS UNITS SQ. FT. PER DWELLING UNIT COST PER UNIT Condominiums 16 550 to 2706 $175,000
II. NON-RESIDENTIAL CONSTRUCTION COST ASSUMPTIONS IMPROVEMENT VALUE1 CONSTRUCTION COST PER SQ. FT.
III. PUBLIC FACILITIES TOTAL COST
PROJECT INFRASTRUCTURE NA
ONE-TIME OUTPUT
IV. CITY
DIRECT OUTPUT INDIRECT OUTPUT 2 INDUCED OUTPUT 2 TOTAL OUTPUT Condominiums $2,800,000 $753,581 $591,769 $4,145,350
TOTAL ONE-TIME OUTPUT $2,800,000 $753,581 $591,769 $4,145,350 NOTES:
1 Assumes that improvement value is approximately 85% of total valuation. 2 Source: San Marcos City IMPLAN multipliers
* All figures subject to rounding
EXHIBIT 5b
PICO AVENUE RESIDENTIAL PROJECT
JOBS-HOUSING BALANCE - PROPOSED PLAN
ASSUMPTIONS
I. EXISTING DEMOGRAPHICS
CITY OF SAN MARCOS
HOUSING UNITS 1 32,339
EMPLOYEES 2 41,800
II. JOB IMPACTS 3
CITY OF SAN MARCOS
DIRECT IMPACT 0
ADDITIONAL INDIRECT 0
ADDITIONAL INDUCED 0
TOTAL 0
III. CUMULATIVE PROJECT DEMOGRAPHICS
EXISTING HOUSING UNITS PLUS PROJECT - CITY OF SAN MARCOS 32,355 PERCENTAGE INCREASE 0.05%
EXISTING EMPLOYEES PLUS PROJECT - CITY OF SAN MARCOS 41,800 PERCENTAGE INCREASE 0.00%
JOBS-HOUSING BALANCE
IV. JOBS-HOUSING BALANCE
CITY OF SAN MARCOS
EXISTING 1.29
EXISTING WITH PROJECT 1.29
PERCENTAGE INCREASE -0.05%
NOTES:
1 Source: State of California, Department of Finance, E-5 Population and Housing Estimates for Cities, Counties, and the State (2023). * All figures subject to rounding
2 Source: California Employment Development Department ("EDD") - Labor Market Information Division. 3 Please see Exhibit B-1: Recurring Jobs.
EXHIBIT 6B
PICO AVENUE RESIDENTIAL PROJECT
SUMMARY - PROPOSED PLAN
ASSUMPTIONS
I. RESIDENTIAL LAND USE ASSUMPTIONS UNITS
Condominiums 16
II. NON-RESIDENTIAL LAND USE ASSUMPTIONS EMPLOYEES/1,000 SQ. FT. SQ. FT.
ECONOMIC IMPACTS CONCLUSIONS
RECURRING IMPACTS
III. JOB CREATION DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE 0 0 0
IV. TOTAL OUTPUT DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE $290,687 $73,715 $364,402
ONE-TIME IMPACTS
V. CONSTRUCTION JOBS DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE 16 10 26
VI. CONSTRUCTION OUTPUT DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE $2,800,000 $1,345,350 $4,145,350
OTHER IMPACTS
BALANCE BALANCE % INCREASE/
VII. JOBS-HOUSING BALANCE EXISTING WITH PROJECT (DECREASE) CITYWIDE 1.293 1.292 -0.05%