2139
RECURRING GENERAL FUND REVENUES1 AMOUNT % OF TOTAL AMOUNT % OF TOTAL SECURED PROPERTY TAX $35,325 37.3% $58,617 50.6%
UNSECURED PROPERTY TAX $1,089 1.2% $1,612 1.4%
PROPERTY TRANSFER TAX $1,044 1.1% $1,965 1.7%
PROPERTY TAX IN-LIEU OF VEHICLE LICENSE FEE $11,811 12.5% $23,151 20.0% DIRECT AND INDIRECT SALES TAX $18,690 19.7% $6,780 5.9% FRANCHISE FEES $6,108 6.5% $5,574 4.8%
LICENSES AND PERMITS $537 0.6% $490 0.4%
FINES AND FORFEITURES $350 0.4% $319 0.3%
CFD REVENUE $19,717 20.8% $17,246 14.9%
TOTAL RECURRING GENERAL FUND REVENUES $94,671 100.0% $115,754 100.0% RECURRING GENERAL FUND EXPENDITURES2 AMOUNT % OF TOTAL AMOUNT % OF TOTAL PUBLIC WORKS $7,720 9.061% $7,045 9.061%
DEVELOPMENT SERVICES $7,507 8.811% $6,851 8.811%
PUBLIC SAFETY $41,133 48.279% $37,537 48.278%
PARKS AND RECREATION $4,851 5.694% $4,427 5.694%
OTHER FINANCING USES $0 0.000% $0 0.000%
GENERAL GOVERNMENT $23,988 28.155% $21,891 28.155%
TOTAL RECURRING GENERAL FUND EXPENDITURES $85,199 100.0% $77,751 100.0%
NET FISCAL IMPACT
TOTAL ANNUAL RECURRING GENERAL FUND SURPLUS/(DEFICIT)
TOTAL ANNUAL REVENUE/EXPENDITURE RATIO
NOTES:
1 Please see Exhibits 5-7 and 9 for the derivation of these calculations. 2 Please see Exhibits 8 and 10 for the derivation of these calculations. *All figures subject to rounding
APPROVED PLAN PROPOSED PLAN
$9,472
1.11 $38,003
1.49 APPROVED PLAN PROPOSED PLAN
EXHIBIT 1
CITY OF SAN MARCOS
FISCAL IMPACT SUMMARY
APPROVED PLAN PROPOSED PLAN
SANTA FE FLORES TOWNHOMES
2140
TOTAL GROSS ACRES BUILDING BUILDING ESTIMATED TOTAL BUILDING BUILDING ESTIMATED ESTIMATED TOTAL BUILDING BUILDING ESTIMATED TOTAL BUILDING BUILDING ESTIMATED ESTIMATED TOTAL
SPACE SPACE VALUE ESTIMATED SPACE SPACE VALUE AVERAGE ESTIMATED SPACE SPACE VALUE ESTIMATED SPACE SPACE VALUE AVERAGE ESTIMATED LAND USE TYPE ACRES1 SF1 BSF VALUE2 ACRES1 UNITS1 SF1 BSF VALUATION 2,3 VALUE2 ACRES1 SF1 BSF VALUE2 ACRES1 UNITS1 SF1 BSF VALUATION2,3 VALUE2 GRAND TOTAL 2.60 0.37 2,821 $560 $1,579,486 2.50 50 36,393 $500 $363,930 $18,196,500 0.00 0 $0 $0 1.70 46 73,968 $483 $776,664 $35,726,544 NON-RESIDENTIAL 0.37 2,821 $1,579,486
COMMERCIAL RETAIL STRIP CENTER0.37 2,821 $560 $1,579,486
RESIDENTIAL
NON RESIDENTIAL
-
RESIDENTIAL 2.50 50 36,393 $500 $363,930 $18,196,500
MULTI-FAMILY APARTMENTS 2.50 50 36,393 $500 $363,930 $18,196,500 TOWNHOMES 1.70 46 73,968 $483 $776,664 $35,726,544
NOTES
1 Source: City of San Marcos.
2 Source: Zonda Research
3 "Estimated average sale price" refers to the Estimated closing price per Zonda assumptions. 4 Source: Zonda Research, "Santa Fe Flores 2025
* Totals may not sum due to rounding
EXHIBIT 2
CITY OF SAN MARCOS
PROJECT SUMMARY
SANTA FE FLORES TOWNHOMES
PROPOSED PLANORGINAL PLAN
2141
POPULATION, HOUSEHOLDS, AND EMPLOYMENT (2025)
POPULATION1 97,123 97,123
EMPLOYMENT2 45,700 45,700
TOTAL PERSONS SERVED3 119,973 119,973
HOUSEHOLDS 1 33,157 33,157
MFR AVERAGE HOUSEHOLD SIZE1 2.46 2.46
Multi-family
NOTES
1 California Department of Finance, Housing and Population Information, January 1, 2025 and US Census. 2 Source: Calif. Employment Development Dept. June 2025 EXHIBIT 3
CITY OF SAN MARCOS
SANTA FE FLORES TOWNHOMES
CITY DEMOGRAPHICS
3 Assumes City population plus 50% of employees.
2142
SF PERSONS SF PERSONS
PER DIRECT PERSONS PER DIRECT PERSONS PER DIRECT PERSONS PER DIRECT PERSONS LAND USE TYPE BSF EMPLOYEE2 EMPLOYEES SERVED BSF UNITS HOUSEHOLD1RESIDENTS EMPLOYEES SERVED BSF EMPLOYEE2 EMPLOYEES SERVED BSF UNITS HOUSEHOLD1 RESIDENTS EMPLOYEES SERVED GRAND TOTAL 2,821 2 1 36,393 50 2.46 123 0 123 0 0 0 73,968 46 2.46 113 0 113 NON-RESIDENTIAL 2,821 2 1
COMMERCIAL RETAIL STRIP CENTER2,821 1,221 2 1
RESIDENTIAL 0 0 0 0 0 0
NON-RESIDENTIAL
73,968 46 113 0 113
TOWNHOMES 73,968 46 2.46 113 0 113
RESIDENTIAL 36,393 50 2.46 123 0 123
MULTI-FAMILY APARTMENTS 36,393 50 2.46 123 0 123
NOTES
1 Source: Zonda Research.
2 Source: Commercial Buildings Energy Consumption Survey (CBECS), 2018.
EXHIBIT 4
CITY OF SAN MARCOS
SANTA FE FLORES TOWNHOMES
PROJECT DEMOGRAPHICS
APPROVED PLAN PROPOSED PLAN
2143
APPROVED PROPOSED
LAND USE TYPE PLAN PLAN
ALL PROPERTY TAXES
SECURED PROPERTY TAXES $35,325 $58,617
UNSECURED PROPERTY TAXES $1,089 $1,612
PROPERTY TRANSFER TAXES $1,044 $1,965
PROPERTY TAX IN-LIEU OF VLF $11,811 $23,151
GRAND TOTAL ALL PROPERTY TAXES $49,269 $85,345
RESIDENTIAL PROPERTY TAXES
SECURED PROPERTY TAXES $32,712 $58,617
UNSECURED PROPERTY TAXES $828 $1,612
PROPERTY TRANSFER TAXES $1,001 $1,965
PROPERTY TAX IN-LIEU OF VLF $11,516 $23,151
TOTAL RESIDENTIAL PROPERTY TAXES $46,057 $85,345
NON-RESIDENTIAL PROPERTY TAXES
SECURED PROPERTY TAXES $2,613 $0
UNSECURED PROPERTY TAXES $261 $0
PROPERTY TRANSFER TAXES $43 $0
PROPERTY TAX IN-LIEU OF VLF $295 $0
TOTAL NON-RESIDENTIAL PROPERTY TAXES $3,212 $0
APPROVED PROPOSED
LAND USE TYPE PLAN PLAN
GRAND TOTAL
ESTIMATED BUILDOUT VALUE $19,775,986 $35,726,544
ESTIMATED EXEMPTIONS $0 ($289,800)
ESTIMATED ASSESSED VALUE $19,775,986 $35,436,744
ESTIMATED SECURED PROPERTY TAXES $32,712 $58,617
RESIDENTIAL
ESTIMATED BUILDOUT VALUE $18,196,500 $35,726,544
ESTIMATED EXEMPTIONS ($289,800)
HOMEOWNER'S EXEMPTION (ANNUALLY) 1 $7,000
PERCENT OF SALE UNITS TAKING HOMEOWNER'S EXEMPTION1 90% ESTIMATED ASSESSED VALUE $18,196,500 $35,436,744
ESTIMATED SECURED PROPERTY TAXES $30,100 $58,617
NON-RESIDENTIAL
ESTIMATED BUILDOUT VALUE $1,579,486 $0
ESTIMATED EXEMPTIONS $0 $0
ESTIMATED ASSESSED VALUE $1,579,486 $0
ESTIMATED SECURED PROPERTY TAXES $2,613 $0
APPROVED PROPOSED
LAND USE TYPE PLAN PLAN
GRAND TOTAL $1,089 $1,612
RESIDENTIAL
ESTIMATED UNSECURED PROPERTY TAXES $828 $1,612
UNSECURED TAXES AS A % OF SECURED 2.75%
NON-RESIDENTIAL
ESTIMATED UNSECURED PROPERTY TAXES $261 $0
UNSECURED TAXES AS A % OF SECURED 10.00%
[1] Per the City of San Marcos Housing Needs Assessment 2019 only 9% of City's of housing stock is made up of condominiums/townhouses and mobile homes DTA estimates that 90% of these units will be owner occupied Sinc e 10 % are rented out we use 90% as homeowners exemption number
UNSECURED PROPERTY TAX CALCULATION
SANTA FE FLORES TOWNHOMES
PROPERTY TAX SUMMARY
EXHIBIT 5
CITY OF SAN MARCOS
ESTIMATED PROPERTY TAX REVENUES (CASE STUDY)
SECURED PROPERTY TAX CALCULATION
2144
APPROVED PROPOSED
LAND USE TYPE PLAN PLAN
GRAND TOTAL $1,044 $1,965
RESIDENTIAL
ESTIMATED PROPERTY TRANSFER TAXES $1,001 $1,965
ESTIMATED BUILDOUT VALUE $18,196,500 $35,726,544
TRANSFER TAX AS A % OF ASSESSED VALUE 0.11%
PROPERTY TRANSFER TAX PASSED THROUGH TO CITY OF SAN MARCOS50.00% RESIDENTIAL PROPERTY TURNOVER RATE 10.00%
NON-RESIDENTIAL
ESTIMATED PROPERTY TRANSFER TAXES $43 $0
ESTIMATED BUILDOUT VALUE $1,579,486 $0
TRANSFER TAX AS A % OF ASSESSED VALUE 0.11%
PROPERTY TRANSFER TAX PASSED THROUGH TO CITY OF SAN MARCOS50.00% NON-RESIDENTIAL PROPERTY TURNOVER RATE 5.00%
APPROVED PROPOSED
LAND USE TYPE PLAN PLAN
GRAND TOTAL $11,811 $23,151
RESIDENTIAL
ESTIMATED PROPERTY TAX IN-LIEU OF VLF $11,516 $23,151
ESTIMATED BUILDOUT VALUE $18,196,500 $35,726,544
ESTIMATED EXISTING ASSESSED VALUE $992,179 $1,139,022
PROPERTY TAX IN-LIEU OF VLF INCREASE PER $1,000 OF AV $0.67
NON-RESIDENTIAL
ESTIMATED PROPERTY TAX IN-LIEU OF VLF $295 $0
ESTIMATED BUILDOUT VALUE $1,579,486 $0
ESTIMATED EXISTING ASSESSED VALUE $1,139,022 $0
PROPERTY TAX IN-LIEU OF VLF INCREASE PER $1,000 OF AV $0.67
PROPERTY TAX IN-LIEU OF VEHICLE LICENSE FEE CALCULATION
PROPERTY TRANSFER TAX CALCULATION
EXHIBIT 5 - CONTINUED
CITY OF SAN MARCOS
SANTA FE FLORES TOWNHOMES
ESTIMATED PROPERTY TAX REVENUES (CASE STUDY)
PROPERTY TAX ALLOCATION (AS A PORTION OF THE 1% GENERAL PROPERTY TAX LEVY) CITY OF SAN MARCOS3,4 9.591%
FIRE DISTRICT3,4 6.950%
TOTAL 16.541379%
PROPERTY TRANSFER TAX RATE AND ALLOCATION5
TRANSFER TAX AS A % OF ASSESSED VALUE 0.11%
PROPERTY TRANSFER TAX PASSED THROUGH TO CITY OF SAN MARCOS 50.00%
PROPERTY TAX IN-LIEU OF VLF ASSUMPTIONS
TOTAL CITY OF SAN MARCOS GROSS ASSESSED VALUE6 $7,756,621,947 TOTAL CITY PROPERTY TAX IN-LIEU VLF REVENUES6 $5,191,930 PROPERTY TAX IN-LIEU OF VLF INCREASE PER $1,000 OF AV $0.67 NOTES
1 Estimate, subject to change.
2 Based on typical DTA baseline assumptions.
3 Based on "General Fund" levy for Tax Rate Area (TRA) 13203. Data provided by the County of San Diego Auditor-Controller's Office. 4 Based on the average of the rates for TRA 13112.
5 Source: California Revenue & Taxation Code §11901, et seq.; San Marcos Municipal Code §3.12.020.
PROPERTY TAX AND PROPERTY TRANSFER TAX RATES AND ASSUMPTIONS EXHIBIT 5 - CONTINUED
CITY OF SAN MARCOS
SANTA FE FLORES TOWNHOMES
ESTIMATED PROPERTY TAX REVENUES (CASE STUDY)
6 Source: State Controller's Office Division of Accounting and Reporting, Revenue and Taxation Code Section 97.70 (c)(1)(B)(i) - Vehicle License Fee Adjustment Amounts. ]
APPROVED PROPOSED
LAND USE TYPE PLAN PLAN
GRAND TOTAL $18,690 $6,780
RESIDENTIAL SALES TAXES
DIRECT SALES TAX NA NA
INDIRECT SALES TAX - TAXABLE RESIDENT PURCHASES
TOWNHOMES $0 $6,780
TOTAL RESIDENTIAL SALES TAXES $0 $6,780
NON-RESIDENTIAL SALES TAXES
DIRECT SALES TAX1
COMMERCIAL RETAIL STRIP CENTER $11,284 NA
INDIRECT SALES TAX - TAXABLE EMPLOYEE PURCHASES $37 $0
INDIRECT SALES TAX - TAXABLE RESIDENT PURCHASES $7,369
TOTAL NON-RESIDENTIAL SALES TAXES $18,690 $0
TAXABLE SALES PER SF1
COMMERCIAL RETAIL STRIP CENTER $500.00 $0.00
DISPLACED TAXABLE SALES2 20% 20%
1 Based on typical DTA baseline assumptions.
2 Based on typical DTA baseline assumptions.
EXHIBIT 6
CITY OF SAN MARCOS
ESTIMATED SALES TAX REVENUES (CASE STUDY)
DIRECT SALES TAX ASSUMPTIONS
SALES TAX SUMMARY
SANTA FE FLORES TOWNHOMES
DISPOSABLE INCOME PER HOUSEHOLD (OWNER)
ESTIMATED AVERAGE HOUSEHOLD INCOME (ASSUMES 3:1 INCOME TO HOUSEHOLD PAYMENT RATIO) 1 RESIDENTIAL $176,016
MORTGAGE ASSUMPTIONS
RESIDENTIAL
AVERAGE PROJECTED SALES PRICE PER UNIT $776,664
AVERAGE MORTGAGE (20% DOWN PAYMENT) $621,331
ANNUAL MORTGAGE PAYMENT (6.0% FOR 30 YEARS) $44,702
ADDITIONAL ANNUAL PROPERTY TAXES & HOA $13,970
RETAIL TAXABLE EXPENDITURES (AS A % OF DISPOSABLE INCOME) RESIDENTIAL 24.6810%
RESIDENTIAL SALES TAX ASSUMPTIONS (RENTAL)
DISPOSABLE INCOME PER HOUSEHOLD $105,000
RETAIL TAXABLE EXPENDITURES (AS A % OF DISPOSABLE INCOME) 28.073%
RESIDENTIAL SALES TAX ASSUMPTIONS (AFFORDABLE HOUSING)
DISPOSABLE INCOME PER HOUSEHOLD $74,667
RETAIL TAXABLE EXPENDITURES (AS A % OF DISPOSABLE INCOME) 31.254% EMPLOYEES (ANNUAL SPENDING PER EMPLOYEE)2 $7,437
RESIDENTIAL (ANNUAL SPENDING PER HOUSEHOLD) HOMEOWNER 2 $21,721 RESIDENTIAL (ANNUAL SPENDING PER HOUSEHOLD) RENTAL $14,738 RESIDENTIAL (ANNUAL SPENDING PER HOUSEHOLD) AFFORDABLE HOUSING $10,480 1 Based on typical DTA baseline assumptions.
2 Based on typical DTA baseline assumptions.
RESIDENTIAL / NON-RESIDENTIAL INDIRECT SALES TAX ASSUMPTIONS 2 EXHIBIT 6 - CONTINUED
CITY OF SAN MARCOS
SANTA FE FLORES TOWNHOMES
ESTIMATED SALES TAX REVENUES (CASE STUDY)
RESIDENTIAL INDIRECT SALES TAX ASSUMPTIONS
SALES TAX % TO CITY1 1.00%
CITY RETAIL TAXABLE PURCHASE CAPTURE RATE2 50%
FY 2025-26 AD VALOREM PROPERTY TAX RATE () 1.14247%
PROPOSED SCHOOL CFD 0.00000%
CITY CFD SPECIAL TAXES $997.02
OTHER DIRECT ASSESSMENTS
VECTOR CONTROL $7.92
CWA WATER AVAILABILITY $10.00
MOSQUITO SURVEILLANCE $2.28
MWD WATER STANDBY CHARGE $11.50
SEWER SERVICE CHARGE $467.88
TOTAL ETR 1.335166%
NOTES
1 Estimate, subject to change.
2 Estimate, subject to change.
* All figures subject to rounding
EXHIBIT 6 - CONTINUED
CITY OF SAN MARCOS
SANTA FE FLORES TOWNHOMES
ESTIMATED SALES TAX REVENUES (CASE STUDY)
SAMPLE PROPERTY TAX BILL
CITY INDIRECT SALES TAX ASSUMPTIONS
APPROVED PROPOSED
LAND USE TYPE COMMERCIAL OFFICE RESIDENTIAL COMMERCIAL OFFICE RESIDENTIAL PLAN PLAN TOTAL CFD SPECIAL TAXES $19,717 $17,246
RESIDENTIAL CFD SPECIAL TAXES1
CFD 98-01 IA 1 50 46 $9,745.00 $8,965
CFD 2001-01 (FIRE) 50 46 $9,000.50 $8,280
TOTAL RESIDENTIAL CFD SPECIAL TAXES $18,746 $17,246
NON-RESIDENTIAL CFD SPECIAL TAXES1
CFD 98-01 IA 1 0.37 $505 $0
CFD 2001-01 (FIRE) 0.37 $467 $0
TOTAL NON-RESIDENTIAL CFD SPECIAL TAXES $971 $0
APPROVED PROPOSED
LAND USE TYPE COMMERCIAL OFFICE RESIDENTIAL COMMERCIAL OFFICE RESIDENTIAL PLAN PLAN TOTAL CFD SPECIAL TAXES $32,752 $28,617
RESIDENTIAL CFD SPECIAL TAXES1
CFD 98-02 (ZONES A - E)2 50 46 $13,400.00 $12,328
CFD 98-02 (ZONE F)2, 3 50 46 NA NA
CFD 2011-012, 4 50 46 $17,705.50 $16,289
TOTAL RESIDENTIAL CFD SPECIAL TAXES $31,106 $28,617
NON-RESIDENTIAL CFD SPECIAL TAXES1
CFD 98-02 (ZONES A - E)2 0.37 $443 $0
CFD 98-02 (ZONE F)2, 3 NA NA
CFD 2011-012, 5 2,821 $1,204 $0
TOTAL NON-RESIDENTIAL CFD SPECIAL TAXES $1,647 $0
LAND USE PER ACRE PER SF PER UNIT
RESIDENTIAL1
CFD 98-01 IA 1 $194.90
CFD 2001-01 (FIRE) $180.01
CFD 98-02 (ZONES A - E)2 $268.00
CFD 98-02 (ZONE F)2, 3 NA
CFD 2011-012, 4 $354.11
COMMERCIAL 1
CFD 98-01 IA 1 $1,364.20
CFD 2001-01 (FIRE) $1,261.10
CFD 98-02 (ZONES A - E)2 $1,196.40
CFD 98-02 (ZONE F)2, 3 N/A
CFD 2011-012, 5 $0.4268
OFFICE 1
CFD 98-01 IA 1 $2,728.40
CFD 2001-01 (FIRE) $2,522.25
CFD 98-02 (ZONES A - E)2 $1,196.43
CFD 98-02 (ZONE F)2, 3 NA
CFD 2011-012, 5 $0.4268
INDUSTRIAL 1
CFD 98-01 IA 1 $1,032.90
CFD 2001-01 (FIRE) $954.81
CFD 98-02 (ZONES A - E)2 $796.63
CFD 98-02 (ZONE F)2, 3 NA
CFD 2011-012, 5 $1.2053
NOTES
1 Source: City of San Marcos. Assumes Senior Residential property is charged as Commercial property under the RMA. Subject to confirmation by the City. 2 Special assessments collected from the CFD are deposited into Special Funds, not the General Fund. Therefore, these CFD revenues are excluded from this analysis. 3 No special tax rate for Zone F has been established for the project. 4 "Townhome" Rate, per dwelling unit
5 "Retail" Rate, per building square foot
*All figures subject to rounding
EXHIBIT 7
CITY OF SAN MARCOS
ESTIMATED CFD SPECIAL TAX REVENUES (CASE STUDY)
CFD SPECIAL TAX SUMMARY - GENERAL FUND IMPACTS
SANTA FE FLORES TOWNHOMES
FY 2025-26 SPECIAL TAX RATE
CFD SPECIAL TAX RATE ASSUMPTIONS
CFD SPECIAL TAX SUMMARY - NON-GENERAL FUND IMPACTS (EXCLUDED FROM ANALYSIS) APPROVED ACRES / SQ. FT.
PROPOSED ACRES / SQ FT/ UNITS
PROPOSED ACRES / SQ FT/ UNITS
APPROVED ACRES / SQ. FT.
2150
APPROVED PROPOSED
PLAN PLAN
ESTIMATED RECURRING GENERAL GOVERNMENT OVERHEAD EXPENDITURES1 $23,988 $21,891 TOTAL RECURRING CITY GENERAL FUND EXPENDITURES (EXCLUDING GENERAL GOVERNMENT OVERHEAD)2 $59,223,416 TOTAL RECURRING CITY GENERAL GOVERNMENT OVERHEAD3 $23,208,622 TOTAL RECURRING GENERAL FUND EXPENDITURES $82,432,038
RECURRING CITY GENERAL GOVERNMENT OVERHEAD (% OF TOTAL RECURRING GENERAL FUND EXPENDITURES)3 39.19% MARGINAL INCREASE IN GENERAL GOVERNMENT COSTS 100%
NOTES
1 Based on total recurring project general fund expenditures (excluding general government overhead) from Exhibit 12. 2 Based on City of San Marcos Operating Budget, Fiscal Year 2025 - 2026 *All figures subject to rounding
3 General Government Overhead Expenditures defined as costs for City Council, Administration, Housing and Neighborhood Services, City Attorney, City Clerk, Human Resources/Risk Management, Finance/Information Systems, and Real Property Services.
EXHIBIT 8
CITY OF SAN MARCOS
ESTIMATED GENERAL GOVERNMENT EXPENDITURES (CASE STUDY)
GENERAL GOVERNMENT ASSUMPTIONS
GENERAL GOVERNMENT EXPENDITURES CALCULATION
SANTA FE FLORES TOWNHOMES
2151
APPROVED PROPOSED
REVENUE CATEGORY PLAN PLAN
FRANCHISE FEES $6,108 $5,574
BUILDING PERMIT FEES $537 $490
BUSINESS LICENSE FEES $350 $319
OTHER LICENSE AND PERMITS $1,162 $1,060
TOTAL ESTIMATED MULTIPLIER REVENUES $8,157 $7,443
REVENUE CATEGORY MULTIPLIER1 BASIS
SALES TAX NA CASE STUDY
PROPERTY TAX NA CASE STUDY
FRANCHISE FEES $49.26 PERSONS SERVED
BUILDING PERMIT FEES $4.33 PERSONS SERVED
BUSINESS LICENSE FEES $2.82 PERSONS SERVED
OTHER LICENSE AND PERMITS $9.37 PERSONS SERVED
NOTES
1 Based on City of San Marcos Operating Budget, Fiscal Year 2025-26 *All figures subject to rounding
MULTIPLIER BASED REVENUE ASSUMPTIONS
EXHIBIT 9
CITY OF SAN MARCOS
ESTIMATED MULTIPLIER BASED GENERAL FUND REVENUES
MULTIPLIER BASED GENERAL FUND REVENUE SUMMARY
SANTA FE FLORES TOWNHOMES
2152
APPROVED PROPOSED
EXPENDITURE CATEGORY PLAN PLAN
PUBLIC WORKS $7,720 $7,045
DEVELOPMENT SERVICES $7,507 $6,851
PUBLIC SAFETY $41,133 $37,537
PARKS AND RECREATION $4,851 $4,427
OTHER FINANCING USES $0 $0
TOTAL MULTIPLIER EXPENDITURES $61,211 $55,860
EXPENDITURE CATEGORY MULTIPLIER1 BASIS
PUBLIC WORKS $62.26 PERSONS SERVED
DEVELOPMENT SERVICES $60.54 PERSONS SERVED
PUBLIC SAFETY $331.72 PERSONS SERVED
PARKS AND RECREATION $39.12 PERSONS SERVED
OTHER FINANCING USES $0.00 PERSONS SERVED
NOTES
1 Based on City of San Marcos Operating Budget, Fiscal Year 2025-26 *All figures subject to rounding
MULTIPLIER BASED EXPENDITURE ASSUMPTIONS
EXHIBIT 10
CITY OF SAN MARCOS
ESTIMATED MULTIPLIER BASED GENERAL FUND EXPENDITURES
MULTIPLIER BASED GENERAL FUND EXPENDITURE SUMMARY
SANTA FE FLORES TOWNHOMES
2153
TOTAL REVENUE PROJECTION
REVENUE CATEGORY REVENUES TYPE METHOD DISCOUNT 1 MULTIPLIER
REVENUES INCLUDED IN FISCAL IMPACT ANALYSIS
TAXES AND SPECIAL ASSESSMENTS
SALES TAX $22,009,320 RECURRING CASE STUDY NA NA
PROPERTY TAX $33,863,177 RECURRING CASE STUDY NA NA
SPECIAL TAXES/ASSESSMENTS $7,822,600 RECURRING CASE STUDY NA NA TRANSIENT OCCUPANCY TAX $1,928,000 RECURRING CASE STUDY NA NA TOTAL TAXES AND SPECIAL ASSESSMENTS $65,623,097
LICENSES AND PERMITS
FRANCHISE FEES $5,910,000 RECURRING PERSONS SERVED 0% $49.26 BUILDING PERMIT FEES $520,000 RECURRING PERSONS SERVED 0% $4.33 BUSINESS LICENSE FEES $338,600 RECURRING PERSONS SERVED 0% $2.82 OTHER LICENSE AND PERMITS $1,124,363 RECURRING PERSONS SERVED 0% $9.37 TOTAL LINCENSE AND PERMITS $7,892,963
TOTAL INCLUDED GENERAL FUND REVENUES $65.78
INTERGOVERNMENTAL
STATE MANDATES $255,000 NA NA NA NA
STATE GRANTS $459,500 NA NA NA NA
LOCAL GRANTS $0 NA NA NA NA
COUNTY $320,000 NA NA NA NA
FEDERAL GRANTS $0 NA NA NA NA
TOTAL INTERGOVERNMENTAL $1,034,500
CHARGES FOR SERVICES 3
DEPARTMENTAL SERVICES $10,623,185 NA NA NA NA
REIMBURSEMENTS $4,068,500 NA NA NA NA
TOTAL CHARGES FOR SERVICES $14,691,685
FINES AND FORFITURES
FINES AND FORFITURES $492,000 NA NA NA NA
Total FINES AND FORFITURES $492,000
USE OF MONEY AND PROPERTY
RENTAL INCOME $33,500 NA NA NA NA
PARTNNERSHIP INCOME $540,000 NA NA NA NA
INTEREST INCOME $940,000 NA NA NA NA
TOTAL USE OF MONEY AND PROPERTY $1,513,500
DEVELOPER FEES
DEVELOPER FEES $20,000 NA NA NA NA
DEVELOPER FEES $20,000
MISCELLANEOUS REVENUE
DONATIONS $8,000 NA NA NA NA
OTHER MIS. REVENUE $221,200 NA NA NA NA
TOTAL MISCELLANEOUS REVENUE $229,200
OTHER FINANCING SOURCES
OPERATING TRANSFERS IN - REAL PROPERTY $4,500,000 NA NA NA NA
OPERATING TRANSFERS IN - CREEKSIDE NA NA NA NA
MANAGEMENT $1,425,000 NA NA NA NA
OPERATING TRANSFERS IN - OTHER $966,800 NA NA NA NA
TOTAL OTHER FINANCING SOURCES $6,891,800
TOTAL GENERAL FUND REVENUES + CHARGES FOR SERVICES
TOTAL RECURRING GENERAL FUND REVENUES $98,428,745
NOTES
1 Certain revenues may not be be expected to increase one-to-one with the new development. 2 Source: FY 2025-26 Budget.
3 All Charges for Services are deducted from expenditures on Exhibit 12. 4 Interest income is modeled on a case study basis on Exhibit 8. *All figures subject to rounding
EXHIBIT 11
CITY OF SAN MARCOS
FY 2025-26 GENERAL FUND REVENUE SUMMARY
SANTA FE FLORES TOWNHOMES
2154
CHARGES FOR
TOTAL SERVICES EXPENDITURE PROJECTION
EXPENDITURE CATEGORY EXPENDITURES ADJUSTMENT TYPE METHOD1 DISCOUNT2 MULTIPLIER
EXPENDITURES INCLUDED IN FISCAL IMPACT ANALYSIS
GENERAL GOVERNMENT EXPENDITURES
CITY COUNCIL $276,917 RECURRING CASE STUDY NA NA
ADMINISTRATION $9,931,163 RECURRING CASE STUDY NA NA
COMMUNICATION AND ENGAGEMENT $494,276 RECURRING CASE STUDY NA NA ECONOMIC DEVELOPMENT $676,616 RECURRING CASE STUDY NA NA CITY ATTORNEY $855,000 RECURRING CASE STUDY NA NA
CITY CLERK $838,298 RECURRING CASE STUDY NA NA
HUMAN RESOURCES/ RISK MANAGEMENT $4,521,963 RECURRING CASE STUDY NA NA FINANCE $2,116,422 RECURRING CASE STUDY NA NA
INFORMATION SYSTEMS $3,464,442 RECURRING CASE STUDY NA NA REAL PROPERTY SERVICES ` $33,525 RECURRING CASE STUDY NA NA TOTAL GENERAL GOVERNMENT EXPENDITURES $23,208,622
$23,208,622 $0.00
PUBLIC WORKS
ADMNISTRATION 0.064107187 $739,665 ($260,820) RECURRING PERSONS SERVED 0% $3.99 RIGHT OF WAY MAINTENANCE 0.287728435 $3,319,794 ($1,170,623) RECURRING PERSONS SERVED 0% $17.91 FLEET MAINTENANCE 0.217243508 $2,506,543 ($883,855) RECURRING PERSONS SERVED 0% $13.53 PARK AND LANDSCAPE 0.291173677 $3,359,545 ($1,184,640) RECURRING PERSONS SERVED 0% $18.13 FACILITIES MAINTENANCE 0.139747192 $1,612,395 ($568,561) RECURRING PERSONS SERVED 0% $8.70 TOTAL PUBLIC WORKS 1.0000000 $11,537,942 ($4,068,500)
$7,469,442 PERSONS SERVED 0% $62.26
DEVELOPMENT SERVICES
ADMINISTRATION $1,237,473 RECURRING PERSONS SERVED 0% $10.31 PLANNING $2,077,493 RECURRING PERSONS SERVED 0% $17.32
BUILDING $0 RECURRING PERSONS SERVED 0% $0.00
ENGINEERING $3,009,307 RECURRING PERSONS SERVED 0% $25.08 WATERSHED PROGRAM MANAGEMENT $939,254 RECURRING PERSONS SERVED 0% $7.83 TOTAL DEVELOPMENT SERVICES $7,263,527
$7,263,527 PERSONS SERVED 0% $60.54
PUBLIC SAFETY
FIRE DEPARTMENT $25,324,773 ($5,311,593) RECURRING PERSONS SERVED 0% $166.81 LAW ENFORCEMENT $25,096,100 ($5,311,593) RECURRING PERSONS SERVED 0% $164.91 TOTAL PUBLIC SAFETY $50,420,873 ($10,623,185)
$39,797,688 PERSONS SERVED 0% $331.72
PARKS AND RECREATION
PARKS AND RECREATION $4,692,759 RECURRING PERSONS SERVED 0% $39.12 TOTAL PARKS AND RECREATION $4,692,759 $0
$4,692,759 PERSONS SERVED 0% $39.12
OTHER FINANCING USES
ANNUAL REPLACEMENT/REHAB TRANSFERS $0 RECURRING PERSONS SERVED 90% $0.00 TOTAL OTHER FINANCING SOURCES $0 $0
$0 PERSONS SERVED 90% $0.00
TOTAL INCLUDED EXPENDITURES $97,123,723 $82,432,038
EXPENDITURES EXCLUDED FROM FISCAL IMPACT ANALYSIS
TRANSFERS OUT $831,000 NA NA NA NA
TOTAL EXCLUDED GENERAL FUND EXPENDITURES $831,000
TOTAL GENERAL FUND EXPENDITURES $97,954,723 $82,432,038 Ratio
28.15%
NOTES
1 Persons Served method assumes City population plus 50% of employees. 2 Certain expenditures may not be expected to increase one-to-one with the new development. * Source: FY 2025-26 Budget.
*All figures subject to rounding
EXHIBIT 12
CITY OF SAN MARCOS
FY 2025-26 GENERAL FUND EXPENDITURE SUMMARY
SANTA FE FLORES TOWNHOMES
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ECONOMIC IMPACT STUDY
SANTA FE FLORES
GENERAL PLAN AMENDMENT
GPA
25 -
000
1 SAN MARCOS, CALIFORNIA
March
16 ,
2026
2157
www.FinanceDTA.com
18201 Von Karman #200
Irvine, CA
92612
CITY OF SAN MARCOS
ECONOMIC IMPACT REPORT
SANTA FE FLORES GENERAL PLAN AMENDMENT
(GPA
25 -
000
1 )
Prepared for:
City of San Marcos
1 Civic Center Drive
San Marcos, CA 92069
Attention:
Sarah Cluff
,
Senior
Planner
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TABLE
OF CONTENT
S
SECTION
PAGE
I
EXECUTIVE SUMMARY
................................
...........
2 A
Purpose of the Study
................................
...................
2 B
Types of Economic Impacts Evaluated in
the Study
................................
................................
.......
2 C
Economic Impact Conclusions
................................
.
3 D
Market Considerations
................................
................
4 II
INTRODUCTION
................................
.....................
6 A
Scope and Methodology
................................
............
6 B
Limitations
–
Accuracy of Information
..................
9 III
ECONOMIC IMPACTS
................................
..........
10 A
Recurring Economic Impacts
................................
..
10 B
One
-
Time Employment and Output
Impacts (Construction)
................................
............
13 C
Market Considerations
................................
..............
15 APPENDICES
APPENDIX A
ECONOMIC IMPACT MODEL,
APPROVED PLAN
APPENDIX B
ECONOMIC IMPACT MODEL,
PROPOSED PLAN
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I
EXECUTIVE SUMMARY
A
Purpose of the Study
The objective of this
Economic
Impact Study (the “Study”) is to analyze the
economic
impacts to the
City of San Marcos (the “City”) from the zoning and land use change proposed for the development on the 2.
6 -
acre property (the “Project”).
The project site is located on the northwest corner of South Santa Fe Ave. and North Los Flores Drive and is north of the 78 freeway. The property is comprised of Assessor’s Parcel Numbers (APNs) 217
-
161
-
17 -
00, 217
-
161
-
19 -
000 and 217,161
-
19 -
00. The projec
t consists of
a Multi
-
Family Site Development Plan modification to GPA 21
-
0008 and Tentative
Subdivision Map for construction of 46 residential townhomes on 2.6 acres. The project includes a General Plan Amendment and Rezone from Commercial (C) to Multi -
Fa
mily
Residential (R
-
3 -
6) to add a 0.37
-
acre portion of the 2966 S. Santa Fe Avenue property. The existing R
-
3 -
10 zoned properties at 2972 & 2982 S. Santa Fe Ave will also be rezoned to R -
3 -
6, to be consistent with the other portion of the project site. The Subject site has grown
from 2.5 acres previously slated for Commercial and Multi -
family Residential R
-
3 -
10 apartments (the “Original” project) to total 2.60 acres, planned for a 46 -
unit for
-
sale
residential townhome community (The “Proposed” project).
Based on the market analysis prepared by Zonda Advisory (the “Zonda Analysis”), the (“Approved Plan”) has been assumed to be a 50 Unit Apartment Development (APN’s:217 -
161
-
18 -
00 & 217
-
161
-
19 -
00) plus a 2,821 Commercial Retail Strip Center, (APN: 217 -
161
-
17 -
00). The (“Proposed Plan”) is a 46 Unit
townhome
Development (APN’s: 217
-
161
-
1800; 217
-
161
-
19 -
00; and a 0.37
-
acre portion of 217
-
161
-
17 -
00). All of the planned units are 3
bedrooms. The building footprint is approximately 0.89 acres with 0.82 acres dedic ated to
parking. In aggregate, the seven buildings will comprise approximately 73,952 square feet.
There will be a total of 107 parking spaces, 92 of which will be covered garages. In addition, 14,795 square feet of landscape and common open space will be provided throughout the
development. Consequently, the Study estimates the economic impacts of the Approved Plan and Proposed Plan (collectively, the “Scenarios”) and provides a side -
by
-
side
comparison of both Scenarios.
B
Types
o
f Economic Impacts Evaluated in the Study
The Study identifies the general economic impacts that would occur due to the Project and quantifies these impacts wherever possible.
General economic impacts include additions
to employment (number of average annual full
-
and
part
-
time jobs) and economic output
(e.g., gross receipts) in the City.
The Study also distinguishes between one
-
time impacts and permanent impacts.
One
-
time
impacts include benefits that occur on a non
-
recurring basis as a result of construction
activity, while permanent impacts refer to benefits that occur on a continuing basis, year after year.
Generally, first, there is a one
-
time impact from the construction of a facility.
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EXECUTIVE SUMMARY
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Then, after the construction phases are complete, firms have a recurring impact on the economy through their ongoing operations.
Economic impact studies also operate under the basic assumption that any increase in spending has three effects:
direct, indirect, and induced.
First, there is a direct effect caused
by the additional output of goods or services.
Second, there is a ripple of indirect effects on
all of the industries whose outputs are used by various industries and by a firm’s supply chain.
Third, there are induced effects that arise when employment increases in the region and stimulates greater household spending.
C
Economic Impact Conclusions
The economic impact of the
Approved
Plan
and the Proposed Plan are analyzed separately
within the Study
.
I
n order to quantify the findings, t
he Study has
evaluated
the
following
elements
as the major indicators of the economic impact
: (i) Permanent Employment
–
direct
-
on
-
site and indirect/induced (which supplies or supports direct employment), (ii) Permanent Output (Gross Receipts)
–
total direct output plus output produced by suppliers
and employee spending, and (iii) One
-
Time Constr
uction Impacts.
C.1
Recurring Impacts
As illustrated in
Tables ES
-
1 and
ES
-
2 below, Permanent Employees
are higher under
the Approved Plan while
permanent Gross Receipts
are
higher under the
Proposed
Plan. The number of employees listed in the Tables below; two
(
2 ) for the
Approved
Plan and
zero
(
0 ) for the Proposed Plan refer solely to Direct Employment as opposed to the Employment totals presented in
Tables ES
-
3 and
ES
-
4 , which refer to both
Direct and Indirect/Induced Total Employees.
Table ES
-
1 :
Permanent (Recurring) Employment and Overall Economic Output Approved
Plan
Recurring Impacts
Direct
Indirect
/
Induced
Total
Employees
City of San Marcos
2 0
2 Overall Output
City of San Marcos
$871,680
$103,972
$975,652
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Table ES
-
2 :
Permanent (Recurring) Employment and Overall Economic Output Proposed Plan
Recurring Impacts
Direct
Indirect
/
Induced
Total
Employees
City of San Marcos
0 0
0 Overall Output
City of San Marcos
$999,176
$253,381
$1,252,557
In addition,
DTA has estimated that the direct and indirect/induced effects on the City to total
$
975,562
for the
Approved
Plan and
$
1,252,557
for the Proposed Plan
.
C.2
One
-
Time Impacts
In
addition
,
the number of
o
ne
-
t
ime
c
onstruction
e
mployees
is
almost
twice the
number
under the Proposed
t
han in the
Approved
Plan
.
(
It
’
s important to note that
the townhomes
are about twice the square footage as the apartment units) In
addition
, the Gross receipts are
also expected to be higher under the
Proposed
Plan
.
The
t
ables present
ed in this section summarize
the major conclusions related to the
One
-
Time
economic impacts of
both
the
Approved
Plan
and the Proposed Plan
.
Table ES
-
3 :
Construction (One
-
Time) Employment and Overall Economic Output
Approved
Plan
One
-
Time Impact
Direct
Indirect
/
Induced
Total
Employees
City of San Marcos
65 40
105
Overall Output
City of San Marcos
$11,342,563
$4,615,938
$15,958,501
Table ES
-
4 :
Construction (One
-
Time) Employment and Overall Economic Output
Proposed Plan
One
-
Time Impact
Direct
Indirect/Induced
Total
Employees
City of San Marcos
122
80 202
Overall Output
City of San Marcos
$21,831,600
$10,489,695
$32,321,295
D
Market Considerations
The primary advantage of the proposed rezone over the original is that the site can provide new for
-
sale product to San Marcos which has strong buyer demand for townhomes coupled with a historical undersupply of new for
-
sale housing. Additionally, t
he site
developed as
p
roposed
t
ownhomes can deliver relatively attainably priced new for -
sale
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product to San Marcos, at an average un
it
size which is much larger than the
o
riginal
a
partment unit size.
The proposed project consists of 2 lots with an existing medium density residential 2 (MDR2) 15.1
–
20.0 du/ac general plan land use designation and a 0.37 -
acre portion of an adjacent parcel with a commercial (C) designation. The proposed project would re
-
d
esignate both the MDR2 sites and the portion of the commercial site to medium high density residential (MHDR), 20.1
–
30.0 du/ac, to develop 46 reside
ntial townhome
units.
According to
the Zonda market study, d
rive thru commercial retail performance
remains relatively strong in the right areas and should be attractive to commuters.
However, the changing face of retail is causing high vacancies and putting downward pressure on rents and further rent correction c
ould occur at secondary commercial retail
locations. However, the proposed residential R
-
3 -
6 zoning for
-
sale residential would
introduce needed homes at an attractive price point, fulfilling a de ep demand pool of
homebuyers looking to move to or purchase in San Marcos.
In addition, there is an extreme
market demand and supply shortage of for
-
sale residential townhomes, and the for
-
sale
scenario has
the
ability
to translate potential City revenue into actual dollars, whereas the approved project does not.
In addition, t
he area immediately east of the proposed project
is an affordable housing development.
An
advantage of the rezone over the existing use is
that the site can provide new for sale pr
oduct to San Marcos, which currently does not have
new multifamily product.
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INTRODUCTION
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II
INTRODUCTION
The objective of this Economic Impact Study (the “Study”) is to analyze the economic impacts to the City of San Marcos (the “City”) from the zoning and land use change proposed for the development on the 2.6
-
acre property (the “Project”).
The project site is located on the northwest corner of South Santa Fe Ave. and North Los Flores Drive and is north of the 78 freeway. The property is comprised of Assessor’s Parcel Numbers (APNs) 217
-
161
-
17 -
00, 217
-
161
-
19 -
000 and 217,161
-
19 -
00. The projec
t consists
of a Multi
-
Family Site Development Plan modification to GPA 21
-
0008 and Tentative
Subdivision Map for construction of 46 residential townhomes on 2.6 acres. The project includes a General Plan Amendment and Rezone from Commercial (C) to Multi -
Fa
mily
Residential (R
-
3 -
6) to add a 0.37
-
acre portion of the 2966 S. Santa Fe Avenue property.
The existing R
-
3 -
10 zoned properties at 2972 & 2982 S. Santa Fe Ave will also be rezoned to R
-
3 -
6, to be consistent with the other portion of the project site. The Subject site has
grown from 2.5 acres previously slated for Commercial and Multi -
family Residential R
-
3 -
10 apartments (the “Original” project) to total 2.60 acres, planned for a 46 -
unit for
-
sale
residential townhome community (The “Proposed” project).
Based on the market analysis prepared by Zonda Advisory (the “Zonda Analysis”), the (“Approved Plan”) has been assumed to be a 50 Unit Apartment Development (APN’s:217 -
161
-
18 -
00 & 217
-
161
-
19 -
00) plus a 2,821 Commercial Retail Strip Center, (APN: 217 -
161
-
17 -
00). The (“Proposed Plan”) is a 46 Unit
townhome
Development (APN’s: 217
-
161
-
1800;
217
-
161
-
19 -
00; and a 0.37
-
acre portion of 217
-
161
-
17 -
00). All of the planned units are 3
bedrooms. The building footprint is approximately 0.89 acres with 0.82 acres dedic ated
to parking. In aggregate, the seven buildings will comprise approximately 73,952 square feet. There will be a total of 107 parking spaces, 92 of which will be covered garages. In addition, 14,795 square feet of landscape and common open space will be provided
throughout the development.
Consequently, the Study estimates the
economic
impacts of the Approved Plan and
Proposed Plan (collectively, the “Scenarios”) and provides a side -
by
-
side comparison of
both Scenarios.
A
Scope
a
nd Methodology
A.1
Approach
The Study identifies the general economic impacts that would occur with the
development of the
Approved
Plan
and the Proposed Plan individually and
quantifies these impacts wherever possible.
General economic impacts include
additions to employment (number of average annual full
-
and
part
-
time jobs), and
economic output (e.g., gross receipts).
The Study also distinguishes between one
-
time economic impacts and permanent economic impacts.
One
-
time impacts
include benefits to the community that occur on a non
-
recurring basis as a result
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of construction and development activity, while permanent, recurring impacts refer to benefits that occur on a continuing basis, year after year .
Additionally, for
purposes of the Study, all economic impacts are stated in constant (un -
inflated)
202
5 dollars, based on the assumption that the relative impacts of inflation in future years may be difficult to gauge.
Furthermore, i
n evaluating economic impacts, the Study quantifies both direct and indirect/induced economic impacts on the City
.
Direct economic impacts
reflect the initial or first
-
round increases in jobs and output, all of which occur
directly on
-
site.
Indirect/induced economic impacts are the secondary and other additional rounds of economic activity that occur as a consequence of the direct impacts and can occur elsewhere within the City.
The indirect impacts represent
the economic activity
–
buying and selling of
goods and services
–
of suppliers to
the land use types analyzed.
In this Study, suppliers to the Proposed Plan
would
likely include
maintenance and repair professionals, utilities’ providers, wholesale trade companies,
commercial
and business support services; while suppliers to
the
Approved
Plan
may include
construction supply
firms, computer and other
technology firms, accounting and bookkeeping professionals, and utilities’ providers.
Additionally,
the suppliers representing the indirect one
-
time impa
cts
would likely include
heavy industrial and construction suppliers for the actual development of buildings and facilities.
Finally, t
he induced impacts represent the
economic activity that results from household spending by employees of all companies directly and indirectly affected by the construction and operation of the land uses analyzed in th
e
Study.
A.2
North American Industry Classification
Indirect and induced impacts can occur throughout all industries of the economy and have been categorized using the North American Industry Classification System (“NAICS”).
Adopted by the Office of Management and Budget (“OMB”) in 1997 to replace the Standard Industrial Classification System (“SIC”), NAICS is a widely
-
used system to classify business establishments for the collection, analysis, and publication of statistical
data in Canada, Mexico, and the United States.
NAICS
industries are identified us
ing a
6 -
digit coding system to classify all economic
activity into twenty broad sectors, five of which are mainly goods -
producing
sectors and fifteen of which are services
-
pro
viding
sectors.
This
6 -
digit
hierarchical structure allows for the identification of nearly 1,170 industries.
The
broad NAICS sectors include the Retail/Commercial, Business Park, Industrial/Warehousing, and Construction, which are the focal NAICS categories analyzed within this Study to determine the indirect and induced economic im
pacts generated under
both Scenarios
.
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A.3
IMPLAN Multiplier Method
Although there is a consensus among economists that indirect and induced, or “multiplier” effects exist, most economists also agree that such effects are difficult to measure.
Patterns on spending and employment among suppliers and employee households often vary over time and from one region to another.
Nevertheless, there are certain input
-
output models that can be used to estimate
indirect and induced effects.
In quantifying the indirect and induced economic impacts for the Study, DTA utilized the Impact Analysis for Planning (“IMPLAN”) Input/output Modeling System, a type of quantitative economic model that provides an approximate measure of the “multiplier eff
ect” of a firm’s spending on payroll and the
purchasing of goods and services.
In this study, DTA used Version 3 of the IMPLAN
economic modeling system.
Like similar econometric models, IMPLAN helps to calculate the flow of payments for goods and services across different industry sectors, and between households and industries.
The IMPLAN model can be envisioned simply as a large
spreadsheet with hundreds of industries (plus the household sector) arrayed across the top as producers, and the same industries and households listed down the side as consumers
.
Each million dollars (output) in spending by any one
consumer (i.e.
,
within the
Approved
Plan or the
Proposed Plan) is allocated across
the producing industries from which that consumer buys goods and services.
These producing industries, in turn, spend money buying goods and services from their own distinct sets of suppliers.
Thus, the IMPLAN multiplier model allows one
to gauge the effect on each dollar an industry spends as it diffuses through a regional economy.
Furthermore, it allows one to translate the overall regional impact of spending into jobs and employee compensation.
Please refer to the
e
xample presented in
Figure
1 for a graphical representation of the multiplier
effect in development.
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Figure
1 :
Example of the Multiplier Effect
(
Direct,
Indirect and Induced Output)
Source: DTA, 2019
B
Limitations
–
Accuracy
o
f Information
The economic models
presented in this
Study contain analysis of revenues and impacts
resulting from the
Approved
Plan
and the Proposed Plan.
Th
e
s
e
model
s
are
based on
both (i) information provided to DTA by the City and its consultants, Applicant of the Proposed Plan
,
and (ii) certain DTA assumptions taken from DTA’s proprietary databases, as compiled by DTA from previous studies prepared by the firm.
The sources of
information and basis of the estimates calculated in the Study are stated herein.
While
DTA is confident that the sources of information are reliable, DTA does not express an opinion or any other form of assurance on the accuracy of such information.
The
analysis of economic impacts contained in the Study is not considered to be a “financial forecast” or a “financial projection” as technically defined by the American Institute of Certified Public Accountants.
The word “projection” used wit
hin the Study relates to
broad expectations of future events or market conditions.
Since the analyses contained
herein are based on estimates and assumptions that are inherently subject to uncertainty and variation depending on evolving events, DTA cannot represent that such estimates will definitely be achieved.
Some assumptions inevitably will not materialize, and
unanticipated events and circumstances may occur
.
T
herefore, the actual results
achieved may vary from these projections stated throughout t he Study.
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III
ECONOMIC IMPACTS
The Study identifies the general economic impacts that would occur under the
Approved
Plan
and
compares
them
to
the
impacts under the
Proposed Plan
,
quantif
ying
the impacts
of each
S
cenario
wherever possible.
General economic impacts include additions to
employment (number of average annual full
-
and
part
-
time jobs) and economic output
(e.g., gross receipts).
The Study also distinguishes between one
-
time economic impacts
and permanent economic impacts.
One
-
time impacts include benefits to the community
that occur on a non
-
recurring time basis as a result of construction and development activity, while permanent, recurring impacts refer to benefits that occur on a continuing basis, year after year.
A
Recurring Economic Impacts
A.1
Assumptions
Information provided to DTA indicates that the
Approved
Plan
includes a 50
-
unit
multifamily apartment project consisting of 50 rental units on 2.5 gross acres (2.23 acres net) plus an additional 0.37 acres currently zoned as Commercial. The proposed plan
includes 107 parking spaces, 14,795 square feet of common open space, dog relief
areas,
four BBQ areas, two
artificial turf game courts, and an 800
-
square
-
foot play area for children. The 28 corner units each feature a 64 -
square
-
foot
private balcony
and a 4
50 -
square
-
foot private roof deck, while the 18 interior units
each include a 61
-
square
-
foot balcony and a 340
-
square
-
foot roof deck
.
Under the
P
roposed plan
site consists
of
46 townhome units distributed across seven
buildings on 2.6 acres
.
All of the planned units are 3 bedrooms. The building
footprint is approximately 0.89 acres with 0.82 acres dedicated to parking. In aggregate, the seven buildings will comprise approximately 73,952 square feet. There will be a total of 107 parking space
s, 92 of which will be covered garages. In addition,
14,795 square feet of landscape and common open space will be provided throughout the developme
nt.
Please see
Table 1
, presented below, for a general
summary of the built
-
out projection on the Approved Plan and the Proposed Plan.
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Table
1 :
Assumptions
–
Approved
Plan
vs. Proposed P
lan
Assumptions
Approved
Plan
Proposed
Plan
Residential Land Use
Units
Units
Apartments
50 Town Homes
46 Residential Land Use
Sq. Ft.
Sq. Ft.
Apartments
36,393
Town Homes
73,9
52 Residential Land Use
Residents
Residents
Apartments
123
Town Homes
113
Non
-
Residential Land Use
Sq. Ft.
Sq. Ft.
Commercial Retail
2,821
Employment
Direct
Employees
Direct
Employees
Commercial Retail
2 0
A.2
J
ob Creation
As indicated in
the
Table
below
,
full
development
and build
-
out
of
both
the
Approved
Plan
is expected to
be
slight
,
result
ing
in
two (2)
new jobs
, while the
Proposed Plan is expected to result in zero
(0)
recurring
jobs
in the City.
This total
includes combined direct and indirect/induced employment.
Although
the specific
location of the additional indirect jobs created cannot be identified in this Study
,
most of these jobs will
likely
be support service jobs in
r
etail,
t
ransportation
,
and
similar areas.
Table
2 :
Approved
Plan
–
Recurring Employment
Recurring Impacts
Direct
Indirect
/
Induced
Total
Total Output
City of San Marcos
2 0
2 Tables 2
and
3 presented, as well as Exhibit 1
of
Appendices
A
and
B
, summarize the
direct and indirect
/induced
recurring
employment impacts of the
Approved Plan
and
the Proposed Plan
.
2169
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Table
3 :
Proposed Plan
–
Recurring Employment
Recurring Impacts
Direct
Indirect
/
Induced
Total
Total Output
City of San Marcos
0 0
0 S
ince the analys
e
s contained herein are based on estimates and assumptions that are inherently subject to uncertainty and variation depending on evolving events, DTA cannot represent that such estimates will definitely be achieved.
Some
assumptions inevitably will not materialize, and unanticipated events and circumstances may occur
.
T
herefore, the actual results achieved may vary from
these projections stated throughout the Study.
A.3
Overall Economic Output
In addition to the Employment projections presented in the previous section, Total Output (i.e., total expenditures including sales or gross receipts, or other operating income) within the City will increase noticeably under both development Scenarios.
However, a
s indicated below in
Tables 4
and
5 t
otal
o
utput p
rojections under the
Approved
Plan exceed those of the
Proposed
Plan.
Total output is estimated
and
based on the different types of development projected to occur. As stated in Section
I, this Stu
dy analyzes direct and indirect/induced impacts. Regarding gross receipts, the direct impact reflects the initial or first -
round increases in output (total
spending/gross receipts, including payroll), all of which occur directly on the either the
Approved
Plan site or the Proposed Plan site.
Table
4 :
Approved
Plan
–
Recurring Total
Output
Recurring
Impacts
Direct
Indirect
/
Induced
Total
Overall Output
City of San Marcos
$871,680
$103,972
$975,652
Table
5 :
Proposed Plan
–
Recurring Total Output
Recurring Impacts
Direct
Indirect
/
Induced
Total
Overall Output
City of San Marcos
$999,176
$253,381
$1,252,557
Indirect/induced economic impacts are the secondary
effects,
and other additional
rounds of economic activity that occur as a consequence of the direct output impacts can occur outside of the
Approved
Plan
and the Proposed Plan.
The indirect
impacts represent the economic activity
–
buying and selling of goods and services
–
of suppliers and/or supporting businesses. The induced impacts represent the 2170
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$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
Current Plan
,
$975,652
Proposed Plan
,
$1,252,557
economic activity that results from household spending by employees of all companies directly and indirectly affected by the Project.
Based again on IMPLAN Version 3 multipliers and other assumptions utilized in the Study, DTA has estimated that the direct and indirect/induced effects on the City total
$
5 975,652
for the
Approved
Plan and
$
1,252,557
for the Proposed Plan.
As shown in the tables above, DTA estimate
s
that the direct and indirect/induced
effects on the City
resulting from the
Approved
Plan
(including employees and
residents)
are greater than those under the
Proposed
Plan.
The side
-
by
-
side
comparison of
recurring
Total Output can be seen in the
graphical representation
of
presented in
Figure
2 below.
F
igure
2 :
Approved
Plan vs. Proposed Plan
–
Recurring Total Output
B
One
-
Time Employment
a
nd Output Impacts (Construction)
According to IMPLAN, development of the
Approved
Plan
area is projected to create
approximately
one hundred and five
(
105
)
one
-
time construction jobs in the City of San
Marcos.
This total includes combined direct and indirect/induced employment .
For the
Proposed Plan,
two hundred and two
(
202
)
one
-
time construction jobs are expected to be
created.
Again, one
-
time construction and development costs will also have multiplier effects on the economy
, generating one
-
time increases in output from construction of the
non
-
residential buildings and all related site improvements.
Table
s
6 and
7 below
summarize the projected increases in employment resulting from construction activities, under each Scenario
.
2171
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City of San Marcos
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Table
6 :
Approved
Plan
–
One
-
Time Employment
One
-
Time Impacts
Direct
Indirect
/
Induced
Total
Employees
City of San Marcos
65 40
105
Table
7 :
Proposed Plan
–
One
-
T
ime Employment
One
-
Time Impacts
Direct
Indirect
/
Induced
Total
Employees
City of San Marcos
122
80 202
As with recurring economic impacts, experience and modeling indicate that a large percentage of these jobs will be support service and construction jobs in industries currently
occupying the
Approved
area.
These jobs are likely to be located close to either
the
Approved
Plan
or the Proposed Plan.
The tables
presented
above
summarize the
projected increases in employment to be generated directly from construction of the Project land uses, based on DTA construction cost assumptions .
Table
8 :
Approved
Plan
–
One
-
time Total Output
One
-
Time Impacts
Direct
Indirect
/
Induced
Total
Output
City of San Marcos
$11,342,563
$4,615,938
$15,958,501
Table
9 :
Proposed Plan
–
One
-
time Total Output
One
-
Time Impacts
Direct
Indirect
/
Induced
Total
Output
City of San Marcos
$21,831,600
$10,489,695
$32,321,295
Notably, projected one
-
time Total Output is expected to increase considerably
under
both
the
Approved
and
Proposed
scenarios
, as illustrated in
Tables 8 and 9
above
. DTA estimates
that the direct and indirect/induced effects on the City total $
15,958,501
m
illion
in One
-
Time Total Output for the
Approved
Plan and
$
32,321,296
m
illion
for the Proposed Plan. A
side
-
by
-
side comparison of both Scenarios can be seen graphically in Figure
3 presented
below
.
2172
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ECONOMIC IMPACTS
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$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
Approved Plan
,
$15,958,501
Proposed Plan
,
$32,321,295
Figure
3 :
Approved
Plan
vs. Proposed Plan
–
One
-
Time Total Output
C
Market Considerations
The primary advantage of the proposed rezone over the original is that the site can provide new for
-
sale product to San Marcos which has strong buyer demand for townhomes coupled with a historical undersupply of new for
-
sale housing. Additionally, t
he site
developed as
p
roposed
t
ownhomes can deliver relatively attainably priced new for -
sale
product to San Marcos, at an average un
it
size which is much larger than the
o
riginal
a
partment unit size.
The proposed project consists of 2 lots with an existing medi um
density residential 2 (MDR2) 15.1
–
20.0 du/ac general plan land use designation and a 0.37 -
acre portion of an adjacent parcel with a commercial (C) designation. The proposed project would re
-
designate both the MDR2 sites and the portion of the commercial site to medium
high density residential (MHDR), 20.1
–
30.0 du/ac, to develop 46 residential townhome
units.
According to
the Zonda market study, d
rive thru commercial retail performance
remains relatively strong in the right areas and should be attractive to commuters.
However, the changing face of retail is causing high vacancies and putting downward pressure on rents and further rent correction c
ould occur at secondary commercial retail
locations. However, the proposed residential R
-
3 -
6 zoning for
-
sale residential would
introduce needed homes at an attractive price point, fulfilling a deep demand pool of homebuyers looking to move to or purchase i
n San Marcos.
In addition, there is an extreme
2173
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market demand and supply shortage of for
-
sale residential townhomes, and the for
-
sale
scenario has
the
ability
to translate potential City revenue into actual dollars, whereas the approved project does not.
In addition, t
he area immediately east of the proposed project
is an affordable housing development.
An
advantage of the rezone over the existing use is
that the site can provide new for sale product to San Marcos, which currently does not have new multifamily product.
2174
APPENDIX A
City of San Marcos
Santa Fe F
l
ores
Economic Impact Study
ECONOMIC IMPACT
MODEL
,
APPROVED
PLAN
2175
CITY OF SAN MARCOS
SANTA FE FLORES
ECONOMIC IMPACT ANALYSIS - (APPROVED PLAN)
RECURRING JOBS
RECURRING IMPACTS
ONE-TIME JOBS
ONE TIME IMPACTS
JOB HOUSING BALANCE
SUMMARY
2176
EXHIBIT 1A
SANTA FE FLORES
RECURRING EMPLOYMENT - APPROVED PLAN
ASSUMPTIONS
I. RESIDENTIAL LAND USE ASSUMPTIONS
LAND USE CATEGORY UNITS
Apartments 50
II. NON-RESIDENTIAL LAND USE ASSUMPTIONS
LAND USE CATEGORY1 EMPLOYEES/1,000 SQ. FT.2 SQ. FT.1
COMMERCIAL RETAIL 0.82 2,821
2,821
RECURRING EMPLOYMENT
III. CITY
DIRECT EMPLOYEES3 INDIRECT EMPLOYEES4 INDUCED EMPLOYEES4 TOTAL EMPLOYEES COMMERCIAL RETAIL 2 0 0 2
APARTMENTS
TOTAL RECURRING EMPLOYMENT 2 0 0 2
NOTES:
* All figures subject to rounding
4 Source: San Marcos City IMPLAN multipliers.
1 Source: City of San Marcos.
2 Commercial Buildings Energy Consumption Survey (CBECS), 2012. 3 Based on multiplying Category SF by Employees/1,000 SF metric.
2177
EXHIBIT 2A
SANTA FE FLORES
RECURRING ECONOMIC IMPACTS - APPROVED PLAN
ASSUMPTIONS
% INCOME SPENT TOTAL RESIDENT
I. RESIDENTIAL SPENDING ASSUMPTIONS HOUSEHOLD INCOME IN CITY SPENDING / YR.
APARTMENTS $105,000 28.07% $736,909
II. NON-RESIDENTIAL OUTPUT ASSUMPTIONS AVERAGE OUTPUT / EMPLOYEE1 OUTPUT / YR.1 COMMERCIAL RETAIL $67,385 $134,771
RECURRING OUTPUT
III. CITY
DIRECT OUTPUT INDIRECT OUTPUT 1 INDUCED OUTPUT 1 TOTAL OUTPUT COMMERCIAL RETAIL $134,771 $25,076 $36,302 $196,150
APARTMENTS $736,909 $16,065 $26,529 $779,503
TOTAL RECURRING OUTPUT $871,680 $41,141 $62,831 $975,652 NOTES:
1 Source: San Marcos City IMPLAN multipliers.
2178
EXHIBIT 3A
SANTA FE FLORES
ONE-TIME EMPLOYMENT -APPROVED PLAN
ASSUMPTIONS
I. RESIDENTIAL LAND ASSUMPTIONS UNITS
APARTMENTS 50
II. NON-RESIDENTIAL LAND USE ASSUMPTIONS SQ. FT.
COMMERCIAL RETAIL 2,821
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 9 1 2 12
APARTMENTS 56 21 16 93
TOTAL ONE-TIME EMPLOYEES 65 22 18 105
NOTES:
* All figures subject to rounding
1 Source: San Marcos City IMPLAN multipliers (IMPLAN Sector 58: Construction of new non-residential structures).
2179
EXHIBIT 4A
SANTA FE FLORES
ONE-TIME IMPACTS - APPROVED PLAN
ASSUMPTIONS
ESTIMATED
I. RESIDENTIAL CONSTRUCTION COST ASSUMPTIONS UNITS SQ. FT. PER DWELLING UNIT COST PER UNIT townhomes 50 525 to 820 $200,000
II. NON-RESIDENTIAL CONSTRUCTION COST ASSUMPTIONS IMPROVEMENT VALUE1 CONSTRUCTION COST PER SQ. FT.
Commercial Retail $1,342,563 $476
III. PUBLIC FACILITIES TOTAL COST
PROJECT INFRASTRUCTURE NA
ONE-TIME OUTPUT
IV. CITY
DIRECT OUTPUT INDIRECT OUTPUT 2 INDUCED OUTPUT 2 TOTAL OUTPUT Apartments $10,000,000 $1,875,354 $2,194,219 $14,069,573 Commercial Retail $1,342,563 $251,778 $294,588 $1,888,929 TOTAL ONE-TIME OUTPUT $11,342,563 $2,127,132 $2,488,806 $15,958,501 NOTES:
1 Assumes that improvement value is approximately 85% of total valuation. 2 Source: San Marcos City IMPLAN multipliers (IMPLAN Sector 58: Construction of new non-residential structures). * All figures subject to rounding
2180
EXHIBIT 5A
SANTA FE FLORES
JOBS-HOUSING BALANCE - APPROVED PLAN
ASSUMPTIONS
I. EXISTING DEMOGRAPHICS
CITY OF SAN MARCOS
HOUSING UNITS 1 33,157
EMPLOYEES 2 45,700
II. JOB IMPACTS 3
CITY OF SAN MARCOS
DIRECT IMPACT 2
ADDITIONAL INDIRECT 0
ADDITIONAL INDUCED 0
TOTAL 2
III. CUMULATIVE PROJECT DEMOGRAPHICS
EXISTING HOUSING UNITS PLUS PROJECT - CITY OF SAN MARCOS 33,207 PERCENTAGE INCREASE 0.15%
EXISTING EMPLOYEES PLUS PROJECT - CITY OF SAN MARCOS 45,702 PERCENTAGE INCREASE 0.0044%
JOBS-HOUSING BALANCE
IV. JOBS-HOUSING BALANCE
CITY OF SAN MARCOS
EXISTING 1.38
EXISTING WITH PROJECT 1.38
PERCENTAGE INCREASE -0.15%
NOTES:
1 Source: State of California, Department of Finance, E-5 Population and Housing Estimates for Cities, Counties, and the State (20252). * All figures subject to rounding
2 Source: California Employment Development Department ("EDD") - Labor Market Information Division. 3 Please see Exhibit B-1: Recurring Jobs.
2181
EXHIBIT 6A
SANTA FE FLORES
SUMMARY - APPROVED PLAN
ASSUMPTIONS
I. RESIDENTIAL LAND USE ASSUMPTIONS UNITS
Apatments 123
II. NON-RESIDENTIAL LAND USE ASSUMPTIONS EMPLOYEES/1,000 SQ. FT. SQ. FT.
Commercial Retail 0.82 2,821
ECONOMIC IMPACTS CONCLUSIONS
RECURRING IMPACTS
III. JOB CREATION DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE 2 0 2
IV. TOTAL OUTPUT DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE $871,680 $103,972 $975,652
ONE-TIME IMPACTS
V. CONSTRUCTION JOBS DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE 65 40 105
VI. CONSTRUCTION OUTPUT DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE $11,342,563 $4,615,938 $15,958,501
OTHER IMPACTS
BALANCE BALANCE % INCREASE/
VII. JOBS-HOUSING BALANCE EXISTING WITH PROJECT (DECREASE) CITYWIDE 1.37829 1.37628 -0.15%
2182
APPENDIX
B
City of San Marco
s
Santa Fe Flores
Economic Impact Study
ECONOMIC IMPACT
MODEL
, PROPOSED PLAN
2183
CITY OF SAN MARCOS
SANTA FE FLORES
ECONOMIC IMPACT ANALYSIS - (PROPOSED PLAN)
RECURRING JOBS
RECURRING IMPACTS
ONE-TIME JOBS
ONE TIME IMPACTS
JOB HOUSING BALANCE
SUMMARY
2184
EXHIBIT 1b
SANTA FE FLORES
RECURRING EMPLOYMENT - PROPOSED PLAN
ASSUMPTIONS
I. RESIDENTIAL LAND USE ASSUMPTIONS
LAND USE CATEGORY UNITS
Townhomes 46
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 Townhomes 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), 2012. 3 Based on multiplying Category SF by Employees/1,000 SF metric. 4 Source: San Marcos City IMPLAN multipliers.
2185
EXHIBIT 2b
SANTA FE FLORES
RECURRING ECONOMIC IMPACTS - PROPOSED PLAN
ASSUMPTIONS
% INCOME SPENT TOTAL RESIDENT
I. RESIDENTIAL SPENDING ASSUMPTIONS HOUSEHOLD INCOME IN CITY SPENDING / YR.
Townhomes $176,016 24.68% $999,176
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 Townhomes $999,176.1 $217,581.4 $35,799.4 $1,252,557
TOTAL RECURRING OUTPUT $999,176 $217,581 $35,799 $1,252,557 NOTES:
* All figures subject to rounding
1 Source: San Marcos City IMPLAN multipliers.
2186
EXHIBIT 3b
SANTA FE FLORES
ONE-TIME EMPLOYMENT - PROPOSED PLAN
ASSUMPTIONS
I. RESIDENTIAL LAND ASSUMPTIONS UNITS
Townhomes 46
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 Townhomes 122 46 34 202
TOTAL ONE-TIME EMPLOYEES 122 46 34 202
NOTES:
* All figures subject to rounding
1 Source: San Marcos City IMPLAN multipliers (IMPLAN Sector 58: Construction of new non-residential structures).
2187
EXHIBIT 4b
SANTA FE FLORES
ONE-TIME IMPACTS - PROPOSED PLAN
ASSUMPTIONS
ESTIMATED
I. RESIDENTIAL CONSTRUCTION COST ASSUMPTIONS UNITS SQ. FT. PER DWELLING UNIT COST PER UNIT Townhomes 46 NA $474,600
II. NON-RESIDENTIAL CONSTRUCTION COST ASSUMPTIONS IMPROVEMENT VALUE1CONSTRUCTION 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 Townhomes $21,831,600 $5,875,672 $4,614,023 $32,321,295 TOTAL ONE-TIME OUTPUT $21,831,600 $5,875,672 $4,614,023 $32,321,295 NOTES:
1 Assumes that improvement value is approximately 85% of total valuation. 2 Source: San Marcos City IMPLAN multipliers (IMPLAN Sector 58: Construction of new non-residential structures). * All figures subject to rounding
2188
EXHIBIT 5b
SANTA FE FLORES
JOBS-HOUSING BALANCE - PROPOSED PLAN
ASSUMPTIONS
I. EXISTING DEMOGRAPHICS
CITY OF SAN MARCOS
HOUSING UNITS 1 33,157
EMPLOYEES 2 45,700
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 33,203 PERCENTAGE INCREASE 0.14%
EXISTING EMPLOYEES PLUS PROJECT - CITY OF SAN MARCOS 45,700 PERCENTAGE INCREASE 0.0%
JOBS-HOUSING BALANCE
IV. JOBS-HOUSING BALANCE
CITY OF SAN MARCOS
EXISTING 1.38
EXISTING WITH PROJECT 1.38
PERCENTAGE INCREASE -0.14%
NOTES:
1 Source: State of California, Department of Finance, E-5 Population and Housing Estimates for Cities, Counties, and the State (2025). * All figures subject to rounding
2 Source: California Employment Development Department ("EDD") - Labor Market Information Division. 3 Please see Exhibit B-1: Recurring Jobs.
2189
EXHIBIT 6b
SANTA FE FLORES
ASSUMPTIONS
I. RESIDENTIAL LAND USE ASSUMPTIONS UNITS
MIXED USE RESIDENTIAL 46
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 $999,176 $253,381 $1,252,557
ONE-TIME IMPACTS
V. CONSTRUCTION JOBS DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE 122 80 202
VI. CONSTRUCTION OUTPUT DIRECT INDIRECT/INDUCED TOTAL
CITYWIDE $21,831,600 $10,489,695 $32,321,295
OTHER IMPACTS
BALANCE BALANCE % INCREASE/
VII. JOBS-HOUSING BALANCE EXISTING WITH PROJECT (DECREASE) CITYWIDE 1.378 1.376 -0.14%
2190
18201 VON KARMAN #200
IRVINE, CA
92612
PHONE (800) 969
-
4DTA
www.FinanceDTA.com
Public Finance
Public
-
Private Partnerships
Development
Economics
Clean Energy Bonds
2191
ATTACHMENT H
PLANNING COMMISSION MEETING MINUTES
2192
2193
2194
2195
2196
City of San Marcos
Staff Report
1 Civic Center Drive
San Marcos, CA 92069
File #:26-2879
MEETING DATE:
May 2026
SUBJECT:
SAN DIEGO ASSOCIATION OF GOVERNMENTS REPORT (MAYOR JONES) Recommendation
Note and File
Attachment(s)
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City of San Marcos
Staff Report
1 Civic Center Drive
San Marcos, CA 92069
File #:26-2880
MEETING DATE:
May 2026
SUBJECT:
LEAGUE OF CALIFORNIA CITIES REPORT (COUNCILMEMBER MUSGROVE) Recommendation
Note and File
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City of San Marcos
Staff Report
1 Civic Center Drive
San Marcos, CA 92069
File #:26-2881
MEETING DATE:
May 2026
SUBJECT:
NORTH COUNTY TRANSIT DISTRICT REPORT (DEPUTY MAYOR SANNELLA) Recommendation
Note and File.
Attachment(s)
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2199
City of San Marcos
Staff Report
1 Civic Center Drive
San Marcos, CA 92069
File #:26-2882
MEETING DATE:
May 2026
SUBJECT:
NORTH COUNTY DISPATCH JOINT POWERS AUTHORITY REPORT (COUNCILMEMBER LEBLANG) Recommendation
Note and File
Attachment
City of San Marcos Printed on 5/21/2026Page 1 of 1
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2200
City of San Marcos
Staff Report
1 Civic Center Drive
San Marcos, CA 92069
File #:26-2883
MEETING DATE:
May 2026
SUBJECT:
CLEAN ENERGY ALLIANCE REPORT (COUNCILMEMBER NUÑEZ)
Recommendation
Note and File
Attachment(s)
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2201
City of San Marcos
Staff Report
1 Civic Center Drive
San Marcos, CA 92069
File #:26-2884
MEETING DATE:
May 2026
SUBJECT:
CITY COUNCIL BUSINESS VISITS
Recommendation
Note and File
Attachment(s)
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2202