Keyser Marston Associates Peer Review of Fiscal Impact Analysis — City Council and Authorities Concurrent, July 8, 2025

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WWW.KEYSERMARSTON.COM 19160.023

ADVISORS IN:

REAL ESTATE

AFFORDABLE HOUSING

ECONOMIC DEVELOPMENT

BERKELEY
DEBBIE M. KERN

DAVID DOEZEMA

LOS ANGELES
KATHLEEN H. HEAD
KEVIN E. ENGSTROM
JULIE L. ROMEY

TIM BRETZ

SAN DIEGO
PAUL C. MARRA

LINNIE GAVINO

EMERITUS
A. JERRY KEYSER
TIMOTHY C. KELLY

MEMORANDUM

To: Elizabeth Klotz
City of Santa Clara

From: Keyser Marston Associates, Inc.

Date: June 26, 2025

Subject: Related Santa Clara Project Fiscal Impact Analysis

This memorandum presents the findings of a fiscal impact analysis evaluating annual recurring City of Santa Clara (City) General Fund fiscal impacts upon buildout of the Related Santa Clara Project (Project). The analysis was prepared by Keyser Marston Associates, Inc. (KMA) on behalf of the City.

Development Scenarios Evaluated

Fiscal impacts of the Project are evaluated under four land use scenarios, summarized in Table 1, and described below.

Scheme A is a mixed-use development scenario that includes residential, office, retail, and hotel uses. Development of Scheme A is permitted under existing land use approvals. Fiscal impacts of Scheme A are evaluated with development of the full 1.5 million square feet of included retail space and with development of the 800,000 square foot minimum retail improvements required by the Disposition and Development Agreement (DDA) for the Project.

Scheme C is a proposed new development scenario that adds industrial and/or data center uses to the mix of uses included in the Project. Fiscal impacts of Scheme C are evaluated with and without inclusion of a data center use.

To: Elizabeth Klotz June 26, 2025
Subject: Related Santa Clara Project Fiscal Impact Analysis Page 2

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Table 1 - Development Scenarios Evaluated
Scheme C
Scheme C
with Data Center
Scheme A
Minimum Retail
Scheme A
Full Retail
Residential 1,680,000 sq.ft. 1,680,000 sq.ft. 1,680,000 sq.ft. 1,680,000 sq.ft. 1,680 units 1,680 units 1,680 units 1,680 units

Office 4,517,400 sq.ft. 4,517,400 sq.ft. 5,404,400 sq.ft. 5,404,400 sq.ft.

Light Industrial 1,600,000 sq.ft. 800,000 sq.ft. 0 sq.ft. 0 sq.ft.

Data Center 0 sq.ft. 800,000 sq.ft. 0 sq.ft. 0 sq.ft.

Retail / F&B / Ent. 800,000 sq.ft. 800,000 sq.ft. 800,000 sq.ft. 1,502,000 sq.ft.

Hotel 567,000 sq.ft. 567,000 sq.ft. 578,000 sq.ft. 578,000 sq.ft. 700 rooms 700 rooms 700 rooms 700 rooms
Total
Building Area 9,164,400 sq.ft. 9,164,400 sq.ft. 8,462,400 sq.ft. 9,164,400 sq.ft.

Residential Units 1,680 Units 1,680 Units 1,680 Units 1,680 Units Hotel Rooms 700 rooms 700 rooms 700 rooms 700 rooms
The proposed City Park is treated as a separate project not included in this fiscal impact analysis because the nature of park improvements and timing of completion are at the City's discretion and the City Park is not a required element of the Related Santa Clara development project.

Annual City of Santa Clara General Fund Fiscal Impacts, Full Project

The projected annual City General Fund fiscal impacts upon buildout of each of the four land use scenarios are summarized in Table 2. Results are as follows:
 Scheme C – Scheme C generates a projected $20.6 million annual net positive fiscal impact to the City General Fund upon buildout, or $28.1 million annually with inclusion of ground rent.
 Scheme C with Data Center – The projected City General Fund fiscal impact with buildout of Scheme C, including a data center use, is a net positive $22.2 million annually, or $30.3 million with inclusion of ground rent. This is an increase of approximately $2 million annually compared with Scheme C without a data center. Higher assessed values, lower City service demands, and increased ground rent associated with data center uses contribute to an increase in the projected net positive City General Fund fiscal impact. The analysis assumes the data center uses would not be served by Silicon Valley Power (SVP). If SVP supplies power to the data center, the net positive fiscal impact would be greater due to the 5% share of gross SVP revenue transferred to the City General Fund in accordance with the City Charter.
 Scheme A with Minimum Retail – Scheme A, assuming development of the 800,000 square feet minimum retail uses permitted under the DDA, generates a projected $20.5 million annual net positive fiscal impact to the City General Fund To: Elizabeth Klotz June 26, 2025
Subject: Related Santa Clara Project Fiscal Impact Analysis Page 3

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upon buildout or $28.0 million annually with inclusion of ground rent. Findings are similar to Scheme C without a data center.
 Scheme A with Full Retail – Scheme A with buildout of the full 1.5 million square feet of included retail uses generates a projected $25 million annual net positive fiscal impact to the City General Fund or $32.5 million annually with inclusion of ground rent. This is the largest net positive fiscal impact of the four scenarios, attributable to the sales tax revenues generated by the approximately 700,000 square feet in additional retail space.

Table 2 - Projected Annual Recurring General Fund Fiscal Impacts ($Millions)

Scheme C
Scheme C
with Data Center
Scheme A
Minimum
Retail
Scheme A
Full Retail
General Fund Revenues

$29.0 $30.4 $28.9 $34.1
General Fund Service Costs

($8.4) ($8.2) ($8.4) ($9.1)
Net Annual Fiscal Impact, Without Ground Rent $20.6 $22.2 $20.5 $25.0

Annual Ground Rent (1)

$7.5 $8.1 $7.5 $7.5

Net Fiscal Impact With Inclusion of Ground Rent $28.1 $30.3 $28.0 $32.5 (1) Amounts reflect initial stabilized year figures from the DDA without escalation or adjustment. Ground rent is proposed to increase by a factor of two for any land used for a data center. Scenario incorporating a data center use assumes 50% of Parcel 1 and 2 building area and 25% of Parcel 1 and 2 site area is utilized by the data center.

Fiscal Impacts - Parcel 1 and 2

Table 3 presents fiscal impact findings specific to Parcels 1 and 2 of the Project. Parcels 1 and 2 would include approximately 1.6 million square feet of industrial or data center uses under Scheme C and approximately 3.3 million square feet of office space under Scheme A. Annual net positive fiscal impacts to the City General Fund total $3.3 million under Scheme C, $5.6 million under Scheme C with a data center use, and $5.5 million under Scheme A, inclusive of ground rent.

To: Elizabeth Klotz June 26, 2025
Subject: Related Santa Clara Project Fiscal Impact Analysis Page 4

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Projected Annual Recurring General Fund Fiscal Impacts - Parcels 1 and 2 ($Millions) Table 3 - Projected Annual Recurring General Fund Fiscal Impacts - Parcels 1 and 2 ($Millions)

Scheme C
Scheme C
with Data Center Scheme A (1)
General Fund Revenues $1.5 $2.9 $5.2
General Fund Service Costs ($0.7) ($0.4) ($2.2)
Net Annual Fiscal Impact, Without Ground Rent $0.8 $2.5 $3.0

Annual Ground Rent (2)

$2.5 $3.1 $2.5

Net Fiscal Impact With Inclusion of Ground Rent $3.3 $5.6 $5.5 (1) Parcel 1 and 2 land uses are the same for the Scheme A minimum retail and Scheme A full retail scenarios. (2) Amounts reflect initial stabilized year figures from the DDA without escalation or adjustment. Ground rent is proposed to increase by a factor of two for any land used for a data center. Scenario incorporating a data center use assumes 50% of Parcel 1 and 2 building area and 25% of Parcel 1 and 2 site area is utilized by the data center.

Fiscal Impacts - Parcel 4

Parcel 4 includes a mix of residential, office, retail, and hotel uses, that varies by scenario as shown in Table 4.

Table 4 - Development Program - Parcel 4
Scheme C
Scheme A
Minimum Retail
Scheme A
Full Retail
Residential 1,488,399 sq.ft. 1,488,399 sq.ft. 1,488,399 sq.ft. 1,480 units 1,480 units 1,480 units

Office 4,102,181 sq.ft. 1,659,181 sq.ft. 1,659,181 sq.ft.

Retail / F&B / Ent. 749,000 sq.ft. 749,000 sq.ft. 1,451,000 sq.ft.

Hotel 191,689 sq.ft. 191,689 sq.ft. 191,689 sq.ft.
220 rooms 220 rooms 220 rooms

Table 5 presents fiscal impact findings specific to Parcel 4 of the Project. Annual net positive fiscal impacts to the City General Fund total $15.7 million under Scheme C, $13.3 million under the Scheme A Minimum Retail scenario, and $17.6 million under the Scheme A Full Retail scenario, inclusive of ground rent.

To: Elizabeth Klotz June 26, 2025
Subject: Related Santa Clara Project Fiscal Impact Analysis Page 5

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Table 5 - Projected Annual Recurring General Fund Fiscal Impacts - Parcel 4 ($Millions)

Scheme C
Scheme A
Minimum
Retail
Scheme A
Full Retail
General Fund Revenues

$19.0 $15.2 $20.4
General Fund Service Costs

($6.8) ($5.4) ($6.3)
Net Annual Fiscal Impact, Without Ground Rent $12.2 $9.8 $14.1

Annual Ground Rent (1)

$3.5 $3.5 $3.5

Net Fiscal Impact With Inclusion of Ground Rent $15.7 $13.3 $17.6 (1) Amounts reflect initial stabilized year figures from the DDA without escalation or adjustment.

Fiscal Impacts - Parcel 5

Proposed land uses for Parcel 5 are the same in all the scenarios evaluated. The projected net City General Fund fiscal impact upon buildout of Parcel 5 is approximately $9.2 million, inclusive of ground rent.

Attachments

The technical analysis tables that support these findings are presented in the attached appendices:
 Appendix A presents the analysis of Scheme A Minimum Retail scenario.  Appendix B presents the analysis of Scheme A Full Retail scenario.  Appendix C presents the analysis Scheme C analysis.
 Appendix D presents the Scheme C analysis with inclusion of a data center use.

Appendix A
Fiscal Impact Analysis T
ables
Scheme A Minimum Retail

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Summary
Projected Annual City General Fund Revenues and Service Costs Upon Buildout - Scheme A with Minimum Retail Related Santa Clara Project - Scheme A With Minimum Retail Parcel 1 and 2 Parcel 5 Parcel 4 Total
General Fund Revenues $5,197,000 $8,506,000 $15,231,000 $28,934,000 General Fund Service Costs ($2,197,000) ($839,000) ($5,401,000) ($8,438,000) Net Annual Fiscal Impact, Without Ground Rent $3,000,000 $7,667,000 $9,830,000 $20,496,000 Annual Ground Rent
(3) $2,500,000 $1,500,000 $3,500,000 $7,500,000
$5,500,000 $9,167,000 $13,330,000 $27,996,000
Notes:
(1) Presents Scheme A with development of the minimum retail (800,000sf). (2) The proposed City Park is treated as a separate project not included in this fiscal impact analysis because the nature of park improvements and timing of completion are at the City's discretion and the City Park is not a required element of the Related Santa Clara development project. (3) Amounts reflect initial stabilized year figures from the DDA without escalation or adjustment. Ground rent is proposed to increase by a factor of two for any land used for a data center.

Projected Annual City General Fund Revenues and Service Costs Upon Buildout - Scheme A with Minimum Retail Net Fiscal Impact With Inclusion of Ground Rent
Prepared by Keyser Marston Associates, Inc.

Fiscal Impacts - Scheme A by parcel 6-26-25

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Table 1
Projected Annual City General Fund Revenues and Service Costs Upon Buildout (Excludes Ground Rent) Related Santa Clara Project - Scheme A With Minimum Retail Table Reference Parcel 1/2 Parcel 5 Parcel 4 Total
General Fund Revenues
Property Tax Table 7 $3,012,000 $949,000 $3,396,000 $7,357,000 Sales Tax Table 9 $0 $370,000 $4,370,000 $4,740,000
Transient Occupancy Tax Table 8 $0 $6,600,000 $5,200,000 $11,800,000 Property Tax In Lieu of VLF Table 7 $1,008,000 $318,000 $1,138,000 $2,464,000 Business License Tax Table 11 $555,000 $98,000 $386,000 $1,039,000 SVP Transfers Table 10 $321,000 $95,000 $372,000 $788,000 Franchise Fees Table 11 $171,000 $43,000 $210,000 $424,000 Permits and Licenses Table 11 $90,000 $23,000 $111,000 $224,000 Fines and Forfeitures Table 11 $40,000 $10,000 $48,000 $98,000 Total Revenues $5,197,000 $8,506,000 $15,231,000 $28,934,000 General Fund Service Costs
Police Table 14 $347,000 $275,000 $2,500,000 $3,123,000 Fire/EMS Table 16 $919,000 $284,000 $1,406,000 $2,609,000 Public Works Table 18 $574,000 $143,000 $706,000 $1,423,000 General Government (2) Table 18 $270,000 $67,000 $333,000 $670,000 Park & Rec, except park maint (3) Table 18 $0 $27,000 $197,000 $224,000 Community Development Table 18 $87,000 $22,000 $107,000 $216,000 Library Table 18 $0 $21,000 $152,000 $173,000
Total Expenditures $2,197,000 $839,000 $5,401,000 $8,438,000 Net Annual Fiscal Impact $3,000,000 $7,667,000 $9,830,000 $20,496,000 Projected Annual City General Fund Revenues and Service Costs Upon Buildout (Excludes Ground Rent) Notes:
(1) Includes City Council, City Attorney, City Clerk, Assistant City Clerk, Auditor, Finance, Human Resources, and City Manager departments. (2) The proposed City Park is treated as a separate project not included in this fiscal impact analysis because the nature of park improvements and timing of completion are at the City's discretion and the City Park is not a required element of the Related Santa Clara development project. Related to provide for maintenance of the neighborhood parks, or reimburse the City for maintenance costs, through a Master Owner's Association or similar mechanism, thus there is no City General Fund maintenance cost for neighborhood parks.
(3) Figures do not include ground rent. Ground rent is proposed to increase by a factor of two for any land used for a data center. (4) Assumes buildout of Scheme A with the exception of retail, evaluated at the 800,000 square foot DDA minimum.

Prepared by Keyser Marston Associates, Inc.

Fiscal Impacts - Scheme A by parcel 6-26-25

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Table 2
Development Program - Scheme A with Minimum Retail
Related Santa Clara Project - Scheme A With Minimum Retail Residential 0 sq.ft. 191,601 sq.ft. 200 units 1,488,399 sq.ft. 1,480 units 1,680,000 sq.ft. 1,680 units Office 3,330,000 sq.ft. 415,219 sq.ft. 1,659,181 sq.ft. 5,404,400 sq.ft.

Light Industrial 0 sq.ft. 0 sq.ft. 0 sq.ft. 0 sq.ft.

Retail / F&B / Ent. 0 sq.ft. 51,000 sq.ft. 749,000 sq.ft. 800,000 sq.ft.

Hotel 0 sq.ft. 386,311 sq.ft. 480 rooms 191,689 sq.ft. 220 rooms 578,000 sq.ft. 700 rooms Total 3,330,000 sq.ft. 1,044,131 sq.ft. 4,088,269 sq.ft. 8,462,400 sq.ft.

Total
Building Area
Units/Rooms
Note: the proposed City Park is treated as a separate project not included in this fiscal impact analysis because the nature of park improvements and timing of completion are at the City's discretion and the City Park is not a required element of the Related Santa Clara development project.

Development Program - Scheme A with Minimum Retail
Parcel 5
Building Area Units/Rooms
Parcel 4
Building Area Units/Rooms
Parcel 1 & 2
Building Area
Prepared by Keyser Marston Associates, Inc.

Fiscal Impacts - Scheme A by parcel 6-26-25

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Table 3
Existing City of Santa Clara Population and Employment
Related Santa Clara Project - Scheme A With Minimum Retail Population
(1) 132,048
Employment (2) 118,384
Resident Equivalents (3) 0.5 per worker 1.0 per resident 191,240 Existing City of Santa Clara Population and Employment
(1) California Department of Finance. Table E-5 Population and Housing Estimates for Cities, Counties, and the State, 2020- 2024.
(2) U.S. Census Longitudinal Employer-Household Dynamics, 2022 Work Area Profile Analysis for City of Santa Clara. (3) Resident equivalents is a measure that combines residents and jobs, with a weight of 1 per resident and 0.5 per job.

Prepared by Keyser Marston Associates, Inc.

Fiscal Impacts - Scheme A by parcel 6-26-25

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Table 4
Project Population and Employment Estimate
Related Santa Clara Project - Scheme A With Minimum Retail Project Population and Employment Estimate
Population Employees
Resident
Equivalents
(2)
Parcel 1 and 2
Residential 0 units 2.40 population per unit - - -
32 units/employee
Office 3,330,000 sq.ft. 270 sq.ft./employee - 12,333 6,167 Light Industrial 0 sq.ft. 331 sq.ft./employee - - -
Retail / F&B / Ent. 0 sq.ft. 450 sq.ft./employee - - - Hotel 0 sq.ft. 840 sq.ft./employee - - -
Subtotal 0 12,333 6,167
Parcel 5
Residential 200 units 2.40 population per unit 480 6 483 32 units/employee
Office 415,219 sq.ft. 270 sq.ft./employee - 1,538 769
Light Industrial 0 sq.ft. 331 sq.ft./employee - - -
Retail / F&B / Ent. 51,000 sq.ft. 450 sq.ft./employee - 113 57 Hotel 386,311 sq.ft. 840 sq.ft./employee - 460 230
Subtotal 480 2,117 1,539
Parcel 4
Residential 1,480 units 2.40 population per unit 3,550 46 3,573 32 units/employee
Office 1,659,181 sq.ft. 270 sq.ft./employee - 6,145 3,073 Light Industrial 0 sq.ft. 331 sq.ft./employee - - -
Retail / F&B / Ent. 749,000 sq.ft. 450 sq.ft./employee - 1,664 832 Hotel 191,689 sq.ft. 840 sq.ft./employee - 228 114
Subtotal 3,550 8,084 7,592
Total 4,030 22,535 15,297
(1) Factors based on the Draft CEQA checklist.
(2) Resident equivalents is a measure that combines residents and jobs, with a weight of 1 per resident and 0.5 per job. (3) As a conservative assumption existing (primarily off-site) employees are not deducted, as in the CEQA checklist.

Proposed Uses
Population / Employment
Factor (1)
Prepared by Keyser Marston Associates, Inc.

Fiscal Impacts - Scheme A by parcel 6-26-25

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Table 5
City of Santa Clara FY 2024-25 General Fund Revenues by Source Related Santa Clara Project - Scheme A With Minimum Retail Revenue Source
FY 24-25
Budget Basis for Estimating Revenue to be Generated by Project Revenue Categories with a Projected Increase from Project Property Tax $89,545,000 10.05% x 1% basic levy x estimated Assessed Value Sales Tax $62,352,000 1% of estimated taxable sales
Transient Occupancy Tax $23,650,000 13.5% of estimated room sales Franchise Tax $5,300,000 $27.71 per resident equivalent (=$5,300,000 / 191,240 existing resident equivalents) Business Licenses $6,000,000 $45 per employee and $15 per resident Other Licenses and Permits $2,806,000 $14.67 per resident equivalent (=$2,806,000 / 191,240 existing resident equivalents) Other Services Fees $39,253,418 estimated as an offset to departmental expenses, where applicable Fines and Penalties $1,230,000 $6.43 per resident equivalent (=$1,230,000 / 191,240 existing resident equivalents) SVP Transfer $34,000,000
proportionate to increase in SVP electricity demand from Project Subtotal $264,136,418
Revenue Categories with No Projected Increase from Project Documentary Transfer Tax $1,632,000 Not estimated due to long hold periods for commercial property Rents and Leases $15,150,269 ground rent provided as consideration for City land is not included in projection State/Other Agencies $520,000 not estimated
Interest $3,708,000 not estimated
Other Revenue $180,000 not estimated
Transfers In $2,015,294
not estimated
Subtotal $23,205,563
Total Revenues $287,341,981
Source: City of Santa Clara; FY 2023-24 and FY 2024-25 Adopted Operating Budget.

City of Santa Clara FY 2024-25 General Fund Revenues by Source Prepared by Keyser Marston Associates, Inc.

Fiscal Impacts - Scheme A by parcel 6-26-25

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Table 6
Assessed Value Estimate
Related Santa Clara Project - Scheme A With Minimum Retail Parcel 1/2 Parcel 5 Parcel 4 Total Parcel 1/2 Parcel 5 Parcel 4 Total Residential 0 200 1,480 1,680 units $700,000 /unit $0 $140,000,000 $1,036,000,000 $1,176,000,000 Office 3,330,000 415,219 1,659,181 5,404,400 sq.ft. $900 /sq.ft. $2,997,000,000 $373,697,100 $1,493,262,900 $4,863,960,000 Light Industrial 0 0 0 0 sq.ft. $400 /sq.ft. $0 $0 $0 $0 Retail / F&B / Ent. 0 51,000 749,000 800,000 sq.ft. $900 /sq.ft. $0 $45,900,000 $674,100,000 $720,000,000 Hotel 0 480 220 700 Rooms $800,000 /room $0 $384,000,000 $176,000,000 $560,000,000 Total $2,997,000,000 $943,597,100 $3,379,362,900 $7,319,960,000 AV Factor
(1)
(1) Assessed value estimates are based upon review of assessed values for other recently built projects, estimates provided by the developer, and recent industrial building sales data.

Assessed Value Estimate Upon Buildout
Development Estimated Assessed Value
Prepared by Keyser Marston Associates, Inc.

Fiscal Impacts - Scheme A by parcel 6-26-25

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Table 7
Property Tax and Property Tax In-Lieu of VLF Estimate
Related Santa Clara Project - Scheme A With Minimum Retail Parcel 1 & 2 Parcel 5 Parcel 4 Total
Assessed Value $2,997,000,000 $943,597,100 $3,379,362,900 $7,319,960,000 Propert
y Taxes
1% Property Tax $29,970,000 $9,435,971 $33,793,629 $73,199,600 City Share of Property Taxes 10.1% of 1% tax (2) $3,012,000 $949,000 $3,396,000 $7,357,000 Property Tax In Lieu of VLF $0.337 per $1,000 AV(1) $1,008,000 $318,000 $1,138,000 $2,464,000 Property Tax and Property Tax In-Lieu of VLF Estimate
(1) Property tax in-lieu of VLF is proportionate to increases in citywide assessed value. Based on the VLF revenue and assessed values for the City of Santa Clara, this results in a ratio of approximately $0.337 in revenue for each $1,000 in AV added. (2) City General Fund share of property for applicable TRA per the Santa Clara County Controller.

Prepared by Keyser Marston Associates, Inc.

Fiscal Impacts - Scheme A by parcel 6-26-25

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Table 8
Hotel Transient Occupancy Taxes
Related Santa Clara Project - Scheme A With Minimum Retail Rooms
Occupancy(1) Average Daily Rate(1) Room Rev
General Fund
Transient
Occupancy Tax

13.50%
Parcel 5 Hotel 480 x 80% x $350 x 365 days/yr = $49,060,000 $6,600,000 Parcel 4 Hotel 220 x 80% x $600 x 365 days/yr = $38,540,000 $5,200,000 Hotel Tax Total $11,800,000
Hotel Transient Occupancy Taxes
(1) Reflects Related expectations regarding average room rate and occupancy assuming luxury class hotels. Actual performance will vary substantially depending on hotel scale and future market conditions.

Prepared by Keyser Marston Associates, Inc.

Fiscal Impacts - Scheme A by parcel 6-26-25

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Table 9
Retail Sales Tax
Related Santa Clara Project - Scheme A With Minimum Retail Parcel 5 Parcel 4 Total
Retail /F&B Sq.Ft.
(3) 51,000 749,000 800,000
Percent Leasable 100% 90%
Occupancy 90% 90%
Sales Per Square Foot (1) $900 $800
Percent Taxable Sales (2) 90% 90% 90%
Taxable Sales $37,000,000 $437,000,000 $474,000,000
City share of sales tax rate 1% 1% 1%
City Sales Tax Estimate $370,000 $4,370,000 $4,740,000
(3) Assumes DDA minimum for retail (800,000 sq.ft.).

Retail Sales Tax
(1) Sales per square foot will vary depending on the retail type and sales performance of the store. Sales performance based on information provided by Related, rounded. (2) Assumes some grocery / non-taxable food sales as a component of overall retail mix. Actual will vary depending on type of retail/entertainment.

Prepared by Keyser Marston Associates, Inc.

Fiscal Impacts - Scheme A by parcel 6-26-25

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Table 10
Projected Electricity Use and SVP Transfers to City General Fund Related Santa Clara Project - Scheme A With Minimum Retail Parcel 1/2 Parcel 5 Parcel 4 Parcel 1/2 Parcel 5 Parcel 4 Total Residential - 200 1,480 1,680 Units 5,088 kWh/Unit 0.0 1.0 7.5 8.5 Office 3,330,000 415,219 1,659,181 5,404,400 Sq.Ft. 12.70 kWh/SF 42.3 5.3 21.1 68.6 Light Industrial
(2) - - - - Sq.Ft. 25.40 kWh/SF 0.0 0.0 0.0 0.0 Retail / F&B / Ent. - 51,000 749,000 800,000 Sq.Ft. 23.85 kWh/SF 0.0 1.2 17.9 19.1 Hotel - 386,311 191,689 578,000 Sq.Ft. 13.10 kWh/SF 0.0 5.1 2.5 7.6 Total 42.3 12.6 49.0 103.8
(2) Energy use may vary widely by type of activity. Data on industrial uses not provided by square foot in USDOE survey. Assumption is 2x office energy use per sq.ft..

Parcel 1/2 Parcel 5 Parcel 4 Total
Electricity Use (Gigawatt-Hours) 42.3 12.6 49.0 103.8
Percent of SVP Systemwide Use (1) 4,479.6 GW Hr/Yr 0.94% 0.28% 1.09% 2.32% Estimated SVP Transfer Revenue (2) $34,000,000 24-25 Budgeted SVP Transfers x % systemwide use = $321,000 $95,000 $372,000 $788,000 (1) Silicon Valley Power 2023 Fact Sheet
(2) 5% of Silicon Valley Power gross revenue is transferred to the City General Fund in accordance with the City Charter. Does not assume on-site power generation.

Projected Silicon Valley Power Transfers to General Fund (1) U.S. Department of Energy, 2018 Commercial Buildings Energy Consumption Survey (CBECS), Pacific Region and 2020 and Residential Energy Consumption Survey (RECS) data for apartments with five or more units.

Projected Electricity Use
Total
Electric Use Per
Unit or SF (2)
Development Electricity Use (Gigawatt-Hours)
Prepared by Keyser Marston Associates, Inc.

Fiscal Impacts - Scheme A by parcel 6-26-25

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Table 11
Other Revenues Estimated on Per Capita Basis
Related Santa Clara Project - Scheme A With Minimum Retail Parcel
1/2 Parcel 5 Parcel 4 Total Parcel 1/2 Parcel 5 Parcel 4 Total Franchise Fees 6,167 1,539 7,592 15,297 resident equiv. $27.71 per resident equiv. $171,000 $43,000 $210,000 $424,000 Fines and Penalties 6,167 1,539 7,592 15,297 resident equiv. $6.43 per resident equiv. $40,000 $10,000 $48,000 $98,000 Permits and Licenses 6,167 1,539 7,592 15,297 resident equiv. $14.67 per resident equiv. $90,000 $23,000 $111,000 $224,000 Business License Tax 12,333 2,117 8,084 22,535 employees $45.00 per employee $555,000 $95,000 $364,000 $1,014,000 0 200 1,480 1,680 res units $15.00 per Unit $0
$3,000 $22,000 $25,000
$555,000 $98,000 $386,000 $1,039,000
Total Revenues $856,000 $174,000 $755,000 $1,785,000
(1) See Table 5
Other Revenues Estimated on Per Capita Basis
Basis Revenue Factor (1) Revenue Estimate
Prepared by Keyser Marston Associates, Inc.

Fiscal Impacts - Scheme A by parcel 6-26-25

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Table 12
City of Santa Clara FY 2024-25 General Fund Service Costs Related Santa Clara Project - Scheme A With Minimum Retail Expense Item
FY 24-25 Budget Basis for Estimating Service Cost of Project (2) General Government
City Council $1,176,723
City Attorney $3,205,702
City Clerk $493,346
Assistant City Clerk $1,573,722
Auditor $985,489
Finance $19,012,771
Human Resources $4,439,328
City Manager $5,175,582
Subtotal General Government $36,062,663 $43.82 per resident equivalent added by Project Police $90,185,180 based on 8 FTEs consistent with DDA
Fire $63,324,867 based on estimated number of calls for service to the Project Parks and Recreation $22,809,299 $55.56 per resident plus estimated maint. cost for City park.

Community Development $5,392,464 $14.1 per resident equivalent added by Project Public Works $26,728,107 $93.01 per resident equivalent added by Project Library $11,317,625 $42.83 per resident
Non-Departmental $31,638,763 no cost impact from Project Total Revenues/Transfers $287,458,968
Source: City of Santa Clara; FY 2023-24 and FY 2024-25 Adopted Operating Budget. (1) See Table 17 for calculation of per capita variable cost factors.

City of Santa Clara FY 2024-25 General Fund Service Costs Prepared by Keyser Marston Associates, Inc.

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Table 13
Estimated Police Service Call Generation Rates and Estimated Cost at Buildout Related Santa Clara Project - Scheme A With Minimum Retail Estimated Police Service Cost At Buildout
24-25 Budget
Administrative Services $21,108,931
Field Operations $47,981,178
Investigations $16,934,752
Special Operations $4,160,319
Total $90,185,180
Number of FTEs FY 24-25 231
Cost Per FTE $390,412
Number of FTEs funded by City (1) 8
Police Service Cost Estimate at Buildout $3,123,000
Police Calls for Service Generation Rate Estimate
Annual Police Calls
for Service (1)
No. of Units,
Rooms or
Square Feet
Adjustment
Factor(2)
Service Call
Generation Rate Per
Unit/Room or 1,000
Square Feet
Element Hotel Santa Clara 11 175 1 0.06
Existing Industrial Area (3) 57 641,235 1 0.0889
Santa Clara Square: Office 36 1,700,000 2 0.0424
Santa Clara Gateway: Office 27 900,000 2 0.0600
Santa Clara Square: Retail 248 166,313 n/a 1.4912
Santa Clara Square: Multifamily 209 1,482 n/a 0.1410
Sources: KMA analysis of data provided by City of Santa Clara Police Department, CoStar. (1) Represents calls for service with Police Beat and location, excluding traffic-related. (2) A comparison to pre-pandemic call generation rates indicates call volume to office uses dropped by approximately half. Estimate based on double the 2023 call generation rate for Santa Clara Gateway. (3) Areas is bounded by Leonard Ct, Bassett Street and adjacent properties and encompasses the following addresses: 3301, 3311, 3401, 3501 Leonard Ct; and 3500, 3508, 3510, 3526, 3530, 3540, 3542, 3580 Bassett. (1) Per the DDA, developer to fund costs in excess of 8 FTEs, if additional staffing is required.

Prepared by Keyser Marston Associates, Inc.

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Table 14
Police Service Cost Estimate
Related Santa Clara Project - Scheme A With Minimum Retail Estimated Calls for Service
Parcel 1 & 2 Parcel 5 Parcel 4
Existing
Approvals Parcel 1 & 2 Parcel 5 Parcel 4 Total
Residential 0 200 1,480 1,680 units 0.1410 Per Unit 237 0 28 209 237 Office 3,330,000 415,219 1,659,181 5,404,400 sq.ft. 0.0600 Per 1,000 SF(2) 324 200 25 100 324 Light Industrial 0 0 0 0 sq.ft. 0.0889 Per 1,000 SF 0 0 0 0 0 Retail / F&B / Ent. 0 51,000 749,000 800,000 sq.ft. 1.4912 Per 1,000 SF 1,193 0 76 1,117 1,193 Hotel 0 480 220 700 rooms 0.0600 Per Room 42
0 29 13 42
Estimated Total Calls for Service 1,796 200 158 1,438 1,796 Percent of Estimated Calls for Service 100% 11.1% 8.8% 80.1% 100.0% Allocaton of Total Police Service Cost (Table 13 ) by Parcel, Based on Estimated Calls for Service $3,123,000 $347,000 $275,000 $2,500,000 $3,123,000 (1) See Table 13
Police Service Cost Estimate
Estimated Police Calls for Service
Call Generation Rate(1)
(2) Uses Santa Clara Gateway call generation rate.

Total
Development
Prepared by Keyser Marston Associates, Inc.

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Table 15
Estimated Fire/EMS Service Call Generation Rates and Cost Per Call Related Santa Clara Project - Scheme A With Minimum Retail Annual Fire/EMS
Calls for Service Data Year
(1)
No. of Units,
Rooms or Square
Feet
Service Call
Generation Rate Per
Unit/Room or 1,000
Square Feet
Element Hotel Santa Clara 6 2023 175 0.0343
Existing Industrial Area (2) 8 2023 641,235 0.0125
Santa Clara Square: Office 18 2019 1,700,000 0.0106
Santa Clara Gateway: Office 46 2019 900,000 0.0511
Santa Clara Square: Retail 26 2023 166,313 0.1563
Santa Clara Square: Multifamily 51 2023 1,482 0.0344
Sources: City of Santa Clara Fire Department, CoStar, Realquest.

Estimated Average Fire/EMS Service Cost Per Service Call 24-25 General
Fund Budget(1)
Departmental
Revenue (1) Net Expense Percent Variable Variable Cost
Administrative $5,124,943 $0 $5,124,943 25% $1,281,000
Field Operations $54,076,635 ($5,000) $54,071,635 100% $54,072,000 Community Risk Reduction $3,912,419 ($3,246,000) $666,419 50% $333,000 Training $1,520,632 $0 $1,520,632 50% $760,000
Office of Emergency Services $284,485 $0 $284,485 0% $0 Emergency Medical Services $1,373,117 ($425,000) $948,117 100% $948,000 Total $66,292,231 ($3,676,000) $62,616,231 $57,394,000
Fire/EMS Calls For Service, 2023 10,586
Variable Cost Per Fire/EMS Service Call $5,400
(1) Based on Santa Clara Open Budget data
Fire/EMS Calls for Service Generation Rate Estimate
(1) Calls for service to office uses dropped during the pandemic and are currently affected by high vacancies. For office, 2019 data is used to establish call rates.
(2) Areas is bounded by Leonard Ct, Bassett Street and adjacent properties and encompasses the following addresses: 3301, 3311, 3401, 3501 Leonard Ct; and 3500, 3508, 3510, 3526, 3530, 3540, 3542, 3580 Bassett.

Prepared by Keyser Marston Associates, Inc.

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Table 16
Fire/EMS Service Cost Estimate
Related Santa Clara Project - Scheme A With Minimum Retail Estimated Calls for Service
Parcel 1 &
2 Parcel 5 Parcel 4
Parcel 1 &
2 Parcel 5 Parcel 4 Total
Residential 0 200 1,480 1,680 units 0.0344 Per Unit 0 7 51 58 Office 3,330,000 415,219 1,659,181 5,404,400 sq.ft. 0.0511 Per 1,000 SF (1) 170 21 85 276 Light Industrial 0 0 0 0 sq.ft. 0.0125 Per 1,000 SF 0 0 0 0 Retail / F&B / Ent. 0 51,000 749,000 800,000 sq.ft. 0.1563 Per 1,000 SF 0 8 117 125 Hotel 0 480 220 700 rooms 0.0343 Per Room 0
16 8 24
Estimated Total Calls for Service 170 53 260 483
Estimated Fire/EMS Service Expense = no. of calls x $5,400 average cost per call (2) $919,000 $284,000 $1,406,000 $2,609,000 (3) Per the DDA, Related to fund extraordinary expenses associated with location on a landfill/hazardous materials, up to 4.5 FTEs, thus these extraordinary costs are not included as an expense of the City.

Fire/EMS Service Cost Estimate
Call Generation Rate(2)
(1) Uses Santa Clara Gateway call generation rate.
(2) See Table 15
Development
Total
Estimated Fire/EMS Calls for Service
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Table 17
Calculation of Per Capita Variable Cost Factors
Related Santa Clara Project - Scheme A With Minimum Retail Calculation of Per Capita Variable Cost Factors
Item
General Fund
Expense
Offsetting
Revenue Net Expense
Percent
Variable Cost
Existing Service
Population
Variable
Cost Factor
Public Works $26,728,107 $3,010,698 $23,717,409 75% 191,240 resident equiv. $93.01 per resident equiv.

Park and Rec, excl. park maint.
(1) $14,024,678 $4,242,557 $9,782,121 75% 132,048 residents $55.56 per resident General Government $36,062,663 $2,540,435 $33,522,228 25% 191,240 resident equiv. $43.82 per resident equiv.

Library $11,317,625 $7,000 $11,310,625 50% 132,048 residents $42.83 per resident Community Development $5,392,464 $0 $5,392,464 50% 191,240 resident equiv. $14.10 per resident equiv. (1) Excludes Parks budget unit (Fund 1132) expenses because Related is required to provide for maintenance of the neighborhood parks, or reimburse the City for maintenance costs, through a Master Owner's Association or similar mechanism and maintenance of the City Park is not included in the analysis.

Prepared by Keyser Marston Associates, Inc.

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Table 18
Other Expenses Estimated on Per Capita Basis
Related Santa Clara Project - Scheme A With Minimum Retail Other Expenses Estimated on Per Capita Basis
Parcel 1/2 Parcel 5 Parcel 4 Total Parcel 1/2 Parcel 5 Parcel 4 Total Public Works 6,167 1,539 7,592 15,297 resident equiv. $93.01 per resident equiv $574,000 $143,000 $706,000 $1,423,000 Park & Rec, excl. park maint.
(2) 0 480 3,550 4,030 resident equiv. $55.56 per resident $0 $27,000 $197,000 $224,000 General Government 6,167 1,539 7,592 15,297 resident equiv. $43.82 per resident equiv $270,000 $67,000 $333,000 $670,000 Library 0 480 3,550 4,030 resident equiv. $42.83 per resident $0 $21,000 $152,000 $173,000 Community Development 6,167 1,539 7,592 15,297 employees $14.10 per resident equiv $87,000 $22,000 $107,000 $216,000 Total Expense $931,000 $280,000 $1,495,000 $2,706,000
(1) See Table 17
(2) Related to provide for maintenance of the neighborhood parks, or reimburse the City for maintenance costs, through a Master Owner's Association or similar mechanism. Maintenance of the City Park is not included in the analysis.

Expense EstimateVariable Cost Factor (1)New Service Population Prepared by Keyser Marston Associates, Inc.

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Appendix B
Fiscal Impact Analysis Tables
Scheme A Full Retail

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Summary
Projected Annual City General Fund Revenues and Service Costs Upon Buildout - Scheme A with Full Retail Related Santa Clara Project - Scheme A With Full Retail Parcel 1 and 2 Parcel 5 Parcel 4 Total
General Fund Revenues $5,198,000 $8,506,000 $20,404,000 $34,108,000 General Fund Service Costs ($2,069,000) ($738,000) ($6,341,000) ($9,148,000) Net Annual Fiscal Impact, Without Ground Rent $3,129,000 $7,768,000 $14,063,000 $24,960,000 Annual Ground Rent
(3) $2,500,000 $1,500,000 $3,500,000 $7,500,000
$5,629,000 $9,268,000 $17,563,000 $32,460,000
Notes:
(1) Assumes buildout of Scheme A inclusive of 1.5 Million SF of retail. (2) The proposed City Park is treated as a separate project not included in this fiscal impact analysis because the nature of park improvements and timing of completion are at the City's discretion and the City Park is not a required element of the Related Santa Clara development project. (3) Amounts reflect initial stabilized year figures from the DDA without escalation or adjustment. Ground rent is proposed to increase by a factor of two for any land used for a data center.

Projected Annual City General Fund Revenues and Service Costs Upon Buildout - Scheme A with Full Retail Net Fiscal Impact With Inclusion of Ground Rent
Prepared by Keyser Marston Associates, Inc.

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Table 1
Projected Annual City General Fund Revenues and Service Costs Upon Buildout (Excludes Ground Rent) Related Santa Clara Project - Scheme A With Full Retail Table Reference Parcel 1/2 Parcel 5 Parcel 4 Total
General Fund Revenues
Property Tax Table 7 $3,012,000 $949,000 $4,031,000 $7,992,000 Sales Tax Table 9 $0 $370,000 $8,460,000 $8,830,000
Transient Occupancy Tax Table 8 $0 $6,600,000 $5,200,000 $11,800,000 Property Tax In Lieu of VLF Table 7 $1,009,000 $318,000 $1,350,000 $2,677,000 Business License Tax Table 11 $555,000 $98,000 $456,000 $1,109,000 SVP Transfers Table 10 $321,000 $95,000 $499,000 $915,000 Franchise Fees Table 11 $171,000 $43,000 $232,000 $446,000 Permits and Licenses Table 11 $90,000 $23,000 $123,000 $236,000 Fines and Forfeitures Table 11 $40,000 $10,000 $53,000 $103,000 Total Revenues $5,198,000 $8,506,000 $20,404,000 $34,108,000 General Fund Service Costs
Police Table 14 $219,000 $174,000 $2,729,000 $3,123,000 Fire/EMS Table 16 $919,000 $284,000 $1,999,000 $3,201,000 Public Works Table 18 $574,000 $143,000 $779,000 $1,496,000 General Government (2) Table 18 $270,000 $67,000 $367,000 $704,000 Park & Rec, except park maint (3) Table 18 $0 $27,000 $197,000 $224,000 Community Development Table 18 $87,000 $22,000 $118,000 $227,000 Library Table 18 $0 $21,000 $152,000 $173,000
Total Expenditures $2,069,000 $738,000 $6,341,000 $9,148,000 Net Annual Fiscal Impact $3,129,000 $7,768,000 $14,063,000 $24,960,000 Projected Annual City General Fund Revenues and Service Costs Upon Buildout (Excludes Ground Rent) Notes:
(1) Includes City Council, City Attorney, City Clerk, Assistant City Clerk, Auditor, Finance, Human Resources, and City Manager departments. (2) The proposed City Park is treated as a separate project not included in this fiscal impact analysis because the nature of park improvements and timing of completion are at the City's discretion and the City Park is not a required element of the Related Santa Clara development project. Related to provide for maintenance of the neighborhood parks, or reimburse the City for maintenance costs, through a Master Owner's Association or similar mechanism, thus there is no City General Fund maintenance cost for neighborhood parks.
(3) Figures do not include ground rent. Ground rent is proposed to increase by a factor of two for any land used for a data center. (4) Assumes buildout of Scheme A, inclusive of 1.5 Million square feet of retail.

Prepared by Keyser Marston Associates, Inc.

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Table 2
Development Program - Scheme A with Full Retail
Related Santa Clara Project - Scheme A With Full Retail Residential 0 sq.ft. 191,601 sq.ft. 200 units 1,488,399 sq.ft. 1,480 units 1,680,000 sq.ft. 1,680 units Office 3,330,000 sq.ft. 415,219 sq.ft. 1,659,181 sq.ft. 5,404,400 sq.ft.

Light Industrial 0 sq.ft. 0 sq.ft. 0 sq.ft. 0 sq.ft.

Retail / F&B / Ent. 0 sq.ft. 51,000 sq.ft. 1,451,000 sq.ft. 1,502,000 sq.ft.

Hotel 0 sq.ft. 386,311 sq.ft. 480 rooms 191,689 sq.ft. 220 rooms 578,000 sq.ft. 700 rooms Total 3,330,000 sq.ft. 1,044,131 sq.ft. 4,790,269 sq.ft. 9,164,400 sq.ft.

Development Program - Scheme A with Full Retail
Parcel 5
Building Area Units/Rooms
Parcel 4
Building Area Units/Rooms
Parcel 1 & 2
Building Area
Prepared by Keyser Marston Associates, Inc.

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Table 3
Existing City of Santa Clara Population and Employment
Related Santa Clara Project - Scheme A With Full Retail Population
(1) 132,048
Employment (2) 118,384
Resident Equivalents (3) 0.5 per worker 1.0 per resident 191,240 Existing City of Santa Clara Population and Employment
(1) California Department of Finance. Table E-5 Population and Housing Estimates for Cities, Counties, and the State, 2020- 2024.
(2) U.S. Census Longitudinal Employer-Household Dynamics, 2022 Work Area Profile Analysis for City of Santa Clara. (3) Resident equivalents is a measure that combines residents and jobs, with a weight of 1 per resident and 0.5 per job.

Prepared by Keyser Marston Associates, Inc.

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Table 4
Project Population and Employment Estimate
Related Santa Clara Project - Scheme A With Full Retail Project Population and Employment Estimate
Population Employees
Resident
Equivalents
(2)
Parcel 1 and 2
Residential 0 units 2.40 population per unit - - -
32 units/employee
Office 3,330,000 sq.ft. 270 sq.ft./employee - 12,333 6,167 Light Industrial 0 sq.ft. 331 sq.ft./employee - - -
Retail / F&B / Ent. 0 sq.ft. 450 sq.ft./employee - - - Hotel 0 sq.ft. 840 sq.ft./employee - - -
Subtotal 0 12,333 6,167
Parcel 5
Residential 200 units 2.40 population per unit 480 6 483 32 units/employee
Office 415,219 sq.ft. 270 sq.ft./employee - 1,538 769
Light Industrial 0 sq.ft. 331 sq.ft./employee - - -
Retail / F&B / Ent. 51,000 sq.ft. 450 sq.ft./employee - 113 57 Hotel 386,311 sq.ft. 840 sq.ft./employee - 460 230
Subtotal 480 2,117 1,539
Parcel 4
Residential 1,480 units 2.40 population per unit 3,550 46 3,573 32 units/employee
Office 1,659,181 sq.ft. 270 sq.ft./employee - 6,145 3,073 Light Industrial 0 sq.ft. 331 sq.ft./employee - - -
Retail / F&B / Ent. 1,451,000 sq.ft. 450 sq.ft./employee - 3,224 1,612 Hotel 191,689 sq.ft. 840 sq.ft./employee - 228 114
Subtotal 3,550 9,644 8,372
Total 4,030 24,095 16,077
(1) Factors based on the Draft CEQA checklist.
(2) Resident equivalents is a measure that combines residents and jobs, with a weight of 1 per resident and 0.5 per job. (3) As a conservative assumption existing (primarily off-site) employees are not deducted, as in the CEQA checklist.

Proposed Uses
Population / Employment
Factor (1)
Prepared by Keyser Marston Associates, Inc.

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Table 5
City of Santa Clara FY 2024-25 General Fund Revenues by Source Related Santa Clara Project - Scheme A With Full Retail Revenue Source
FY 24-25
Budget Basis for Estimating Revenue to be Generated by Project Revenue Categories with a Projected Increase from Project Property Tax $89,545,000 10.05% x 1% basic levy x estimated Assessed Value Sales Tax $62,352,000 1% of estimated taxable sales
Transient Occupancy Tax $23,650,000 13.5% of estimated room sales Franchise Tax $5,300,000 $27.71 per resident equivalent (=$5,300,000 / 191,240 existing resident equivalents) Business Licenses $6,000,000 $45 per employee and $15 per resident Other Licenses and Permits $2,806,000 $14.67 per resident equivalent (=$2,806,000 / 191,240 existing resident equivalents) Other Services Fees $39,253,418 estimated as an offset to departmental expenses, where applicable Fines and Penalties $1,230,000 $6.43 per resident equivalent (=$1,230,000 / 191,240 existing resident equivalents) SVP Transfer $34,000,000
proportionate to increase in SVP electricity demand from Project Subtotal $264,136,418
Revenue Categories with No Projected Increase from Project Documentary Transfer Tax $1,632,000 Not estimated due to long hold periods for commercial property Rents and Leases $15,150,269 ground rent provided as consideration for City land is not included in projection State/Other Agencies $520,000 not estimated
Interest $3,708,000 not estimated
Other Revenue $180,000 not estimated
Transfers In $2,015,294
not estimated
Subtotal $23,205,563
Total Revenues $287,341,981
Source: City of Santa Clara; FY 2023-24 and FY 2024-25 Adopted Operating Budget.

City of Santa Clara FY 2024-25 General Fund Revenues by Source Prepared by Keyser Marston Associates, Inc.

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Table 6
Assessed Value Estimate
Related Santa Clara Project - Scheme A With Full Retail Parcel 1/2 Parcel 5 Parcel 4 Total Parcel 1/2 Parcel 5 Parcel 4 Total Residential 0 200 1,480 1,680 units $700,000 /unit $0 $140,000,000 $1,036,000,000 $1,176,000,000 Office 3,330,000 415,219 1,659,181 5,404,400 sq.ft. $900 /sq.ft. $2,997,000,000 $373,697,100 $1,493,262,900 $4,863,960,000 Light Industrial 0 0 0 0 sq.ft. $400 /sq.ft. $0 $0 $0 $0 Retail / F&B / Ent. 0 51,000 1,451,000 1,502,000 sq.ft. $900 /sq.ft. $0 $45,900,000 $1,305,900,000 $1,351,800,000 Hotel 0 480 220 700 Rooms $800,000 /room $0 $384,000,000 $176,000,000 $560,000,000 Total $2,997,000,000 $943,597,100 $4,011,162,900 $7,951,760,000 AV Factor
(1)
(1) Assessed value estimates are based upon review of assessed values for other recently built projects, estimates provided by the developer, and recent industrial building sales data.

Assessed Value Estimate Upon Buildout
Development Estimated Assessed Value
Prepared by Keyser Marston Associates, Inc.

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Table 7
Property Tax and Property Tax In-Lieu of VLF Estimate
Related Santa Clara Project - Scheme A With Full Retail Parcel 1 & 2 Parcel 5 Parcel 4 Total
Assessed Value $2,997,000,000 $943,597,100 $4,011,162,900 $7,951,760,000 Propert
y Taxes
1% Property Tax $29,970,000 $9,435,971 $40,111,629 $79,517,600 City Share of Property Taxes 10.1% of 1% tax (2) $3,012,000 $949,000 $4,031,000 $7,992,000 Property Tax In Lieu of VLF $0.337 per $1,000 AV(1) $1,009,000 $318,000 $1,350,000 $2,677,000 Property Tax and Property Tax In-Lieu of VLF Estimate
(1) Property tax in-lieu of VLF is proportionate to increases in citywide assessed value. Based on the VLF revenue and assessed values for the City of Santa Clara, this results in a ratio of approximately $0.337 in revenue for each $1,000 in AV added. (2) City General Fund share of property for applicable TRA per the Santa Clara County Controller.

Prepared by Keyser Marston Associates, Inc.

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Table 8
Hotel Transient Occupancy Taxes
Related Santa Clara Project - Scheme A With Full Retail Rooms
Occupancy(1) Average Daily Rate(1) Room Rev
General Fund
Transient
Occupancy Tax

Prepared by Keyser Marston Associates, Inc.

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Table 9
Retail Sales Tax
Related Santa Clara Project - Scheme A With Full Retail Parcel 5 Parcel 4 Total
Retail /F&B Sq.Ft. 51,000 1,451,000 1,502,000
Percent Leasable 100% 90%
Occupanc
y 90% 90%
Sales Per Square Foot (1) $900 $800
Percent Taxable Sales (2) 90% 90% 90%
Taxable Sales $37,000,000 $846,000,000 $883,000,000
City share of sales tax rate 1% 1% 1%
City Sales Tax Estimate $370,000 $8,460,000 $8,830,000
Retail Sales Tax
(1) Sales per square foot will vary depending on the retail type and sales performance of the store. Sales performance based on information provided by Related, rounded. (2) Assumes some grocery / non-taxable food sales as a component of overall retail mix. Actual will vary depending on type of retail/entertainment.

Prepared by Keyser Marston Associates, Inc.

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Table 10
Projected Electricity Use and SVP Transfers to City General Fund Related Santa Clara Project - Scheme A With Full Retail Parcel 1/2 Parcel 5 Parcel 4 Parcel 1/2 Parcel 5 Parcel 4 Total Residential - 200 1,480 1,680 Units 5,088 kWh/Unit 0.0 1.0 7.5 8.5 Office 3,330,000 415,219 1,659,181 5,404,400 Sq.Ft. 12.70 kWh/SF 42.3 5.3 21.1 68.6 Light Industrial
(2) - - - - Sq.Ft. 25.40 kWh/SF 0.0 0.0 0.0 0.0 Retail / F&B / Ent. - 51,000 1,451,000 1,502,000 Sq.Ft. 23.85 kWh/SF 0.0 1.2 34.6 35.8 Hotel - 386,311 191,689 578,000 Sq.Ft. 13.10 kWh/SF 0.0 5.1 2.5 7.6 Total 42.3 12.6 65.7 120.6
(2) Energy use may vary widely by type of activity. Data on industrial uses not provided by square foot in USDOE survey. Assumption is 2x office energy use per sq.ft..

Parcel 1/2 Parcel 5 Parcel 4 Total
Electricity Use (Gigawatt-Hours) 42.3 12.6 65.7 120.6
Percent of SVP Systemwide Use (1) 4,479.6 GW Hr/Yr 0.94% 0.28% 1.47% 2.69% Estimated SVP Transfer Revenue (2) $34,000,000 24-25 Budgeted SVP Transfers x % systemwide use = $321,000 $95,000 $499,000 $915,000 (1) Silicon Valley Power 2023 Fact Sheet
(2) 5% of Silicon Valley Power gross revenue is transferred to the City General Fund in accordance with the City Charter. Does not assume on-site power generation.

Projected Electricity Use
Total
Electric Use Per
Unit or SF (2)
Development Electricity Use (Gigawatt-Hours)
Prepared by Keyser Marston Associates, Inc.

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Table 11
Other Revenues Estimated on Per Capita Basis
Related Santa Clara Project - Scheme A With Full Retail Parcel
1/2 Parcel 5 Parcel 4 Total Parcel 1/2 Parcel 5 Parcel 4 Total Franchise Fees 6,167 1,539 8,372 16,077 resident equiv. $27.71 per resident equiv. $171,000 $43,000 $232,000 $446,000 Fines and Penalties 6,167 1,539 8,372 16,077 resident equiv. $6.43 per resident equiv. $40,000 $10,000 $53,000 $103,000 Permits and Licenses 6,167 1,539 8,372 16,077 resident equiv. $14.67 per resident equiv. $90,000 $23,000 $123,000 $236,000 Business License Tax 12,333 2,117 9,644 24,095 employees $45.00 per employee $555,000 $95,000 $434,000 $1,084,000 0 200 1,480 1,680 res units $15.00 per Unit $0
$3,000 $22,000 $25,000
$555,000 $98,000 $456,000 $1,109,000
Total Revenues $856,000 $174,000 $864,000 $1,894,000
(1) See Table 5
Other Revenues Estimated on Per Capita Basis
Basis Revenue Factor (1) Revenue Estimate
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Table 12
City of Santa Clara FY 2024-25 General Fund Service Costs Related Santa Clara Project - Scheme A With Full Retail Expense Item
FY 24-25 Budget Basis for Estimating Service Cost of Project (2) General Government
City Council $1,176,723
City Attorney $3,205,702
City Clerk $493,346
Assistant City Clerk $1,573,722
Auditor $985,489
Finance $19,012,771
Human Resources $4,439,328
City Manager $5,175,582
Subtotal General Government $36,062,663 $43.82 per resident equivalent added by Project Police $90,185,180 based on 8 FTEs consistent with DDA
Fire $63,324,867 based on estimated number of calls for service to the Project Parks and Recreation $22,809,299 $55.56 per resident plus estimated maint. cost for City park.

City of Santa Clara FY 2024-25 General Fund Service Costs Prepared by Keyser Marston Associates, Inc.

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Table 13
Estimated Police Service Call Generation Rates and Estimated Cost at Buildout Related Santa Clara Project - Scheme A With Full Retail Estimated Police Service Cost At Buildout
24-25 Budget
Administrative Services $21,108,931
Field Operations $47,981,178
Investigations $16,934,752
Special Operations $4,160,319
Total $90,185,180
Number of FTEs FY 24-25 231
Cost Per FTE $390,412
Number of FTEs funded by City (1) 8
Police Service Cost Estimate at Buildout $3,123,000
Police Calls for Service Generation Rate Estimate
Annual Police Calls
for Service (1)
No. of Units,
Rooms or
Square Feet
Adjustment
Factor(2)
Service Call
Generation Rate Per
Unit/Room or 1,000
Square Feet
Element Hotel Santa Clara 11 175 1 0.06
Existing Industrial Area (3) 57 641,235 1 0.0889
Santa Clara Square: Office 36 1,700,000 2 0.0424
Santa Clara Gateway: Office 27 900,000 2 0.0600
Santa Clara Square: Retail 248 166,313 n/a 1.4912
Santa Clara Square: Multifamily 209 1,482 n/a 0.1410
Sources: KMA analysis of data provided by City of Santa Clara Police Department, CoStar. (1) Represents calls for service with Police Beat and location, excluding traffic-related. (2) A comparison to pre-pandemic call generation rates indicates call volume to office uses dropped by approximately half. Estimate based on double the 2023 call generation rate for Santa Clara Gateway. (3) Areas is bounded by Leonard Ct, Bassett Street and adjacent properties and encompasses the following addresses: 3301, 3311, 3401, 3501 Leonard Ct; and 3500, 3508, 3510, 3526, 3530, 3540, 3542, 3580 Bassett. (1) Per the DDA, developer to fund costs in excess of 8 FTEs, if additional staffing is required.

Prepared by Keyser Marston Associates, Inc.

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Table 14
Police Service Cost Estimate
Related Santa Clara Project - Scheme A With Full Retail Estimated Calls for Service
Parcel 1 & 2 Parcel 5 Parcel 4
Existing
Approvals Parcel 1 & 2 Parcel 5 Parcel 4 Total
Residential 0 200 1,480 1,680 units 0.1410 Per Unit 237 0 28 209 237 Office 3,330,000 415,219 1,659,181 5,404,400 sq.ft. 0.0600 Per 1,000 SF(2) 324 200 25 100 324 Light Industrial 0 0 0 0 sq.ft. 0.0889 Per 1,000 SF 0 0 0 0 0 Retail / F&B / Ent. 0 51,000
1,451,000 1,502,000 sq.ft. 1.4912 Per 1,000 SF 1,193 0 76 2,164 2,240 Hotel 0 480 220 700 rooms 0.0600 Per Room 42 0 29 13 42 Estimated Total Calls for Service 1,796 200 158 2,485 2,843 Percent of Estimated Calls for Service 100% 7.0% 5.6% 87.4% 100.0% Allocaton of Total Police Service Cost (Table 13 ) by Parcel, Based on Estimated Calls for Service $3,123,000 $219,000 $174,000 $2,729,000 $3,123,000 (1) See Table 13
Police Service Cost Estimate
Estimated Police Calls for Service
Call Generation Rate(1)
(2) Uses Santa Clara Gateway call generation rate.

Total
Development
Prepared by Keyser Marston Associates, Inc.

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Table 15
Estimated Fire/EMS Service Call Generation Rates and Cost Per Call Related Santa Clara Project - Scheme A With Full Retail Annual Fire/EMS
Calls for Service Data Year
(1)
No. of Units,
Rooms or Square
Feet
Service Call
Generation Rate Per
Unit/Room or 1,000
Square Feet
Element Hotel Santa Clara 6 2023 175 0.0343
Existing Industrial Area (2) 8 2023 641,235 0.0125
Santa Clara Square: Office 18 2019 1,700,000 0.0106
Santa Clara Gateway: Office 46 2019 900,000 0.0511
Santa Clara Square: Retail 26 2023 166,313 0.1563
Santa Clara Square: Multifamily 51 2023 1,482 0.0344
Sources: City of Santa Clara Fire Department, CoStar, Realquest.

Prepared by Keyser Marston Associates, Inc.

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Table 16
Fire/EMS Service Cost Estimate
Related Santa Clara Project - Scheme A With Full Retail Estimated Calls for Service
Parcel 1 &
2 Parcel 5 Parcel 4
Parcel 1 &
2 Parcel 5 Parcel 4 Total
Residential 0 200 1,480 1,680 units 0.0344 Per Unit 0 7 51 58 Office 3,330,000 415,219 1,659,181 5,404,400 sq.ft. 0.0511 Per 1,000 SF (1) 170 21 85 276 Light Industrial 0 0 0 0 sq.ft. 0.0125 Per 1,000 SF 0 0 0 0 Retail / F&B / Ent. 0 51,000 1,451,000 1,502,000 sq.ft. 0.1563 Per 1,000 SF 0 8 227 235 Hotel 0 480 220 700 rooms 0.0343 Per Room 0
16 8 24
Estimated Total Calls for Service 170 53 370 593
Estimated Fire/EMS Service Expense = no. of calls x $5,400 average cost per call (2) $919,000 $284,000 $1,999,000 $3,201,000 (3) Per the DDA, Related to fund extraordinary expenses associated with location on a landfill/hazardous materials, up to 4.5 FTEs, thus these extraordinary costs are not included as an expense of the City.

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Table 17
Calculation of Per Capita Variable Cost Factors
Related Santa Clara Project - Scheme A With Full Retail Calculation of Per Capita Variable Cost Factors
Item
General Fund
Expense
Offsetting
Revenue Net Expense
Percent
Variable Cost
Existing Service
Population
Variable
Cost Factor
Public Works $26,728,107 $3,010,698 $23,717,409 75% 191,240 resident equiv. $93.01 per resident equiv.

Prepared by Keyser Marston Associates, Inc.

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Table 18
Other Expenses Estimated on Per Capita Basis
Related Santa Clara Project - Scheme A With Full Retail Other Expenses Estimated on Per Capita Basis
Parcel 1/2 Parcel 5 Parcel 4 Total Parcel 1/2 Parcel 5 Parcel 4 Total Public Works 6,167 1,539 8,372 16,077 resident equiv. $93.01 per resident equiv $574,000 $143,000 $779,000 $1,496,000 Park & Rec, excl. park maint.
(2) 0 480 3,550 4,030 resident equiv. $55.56 per resident $0 $27,000 $197,000 $224,000 General Government 6,167 1,539 8,372 16,077 resident equiv. $43.82 per resident equiv $270,000 $67,000 $367,000 $704,000 Library 0 480 3,550 4,030 resident equiv. $42.83 per resident $0 $21,000 $152,000 $173,000 Community Development 6,167 1,539 8,372 16,077 employees $14.10 per resident equiv $87,000 $22,000 $118,000 $227,000 Total Expense $931,000 $280,000 $1,613,000 $2,824,000
(1) See Table 17
(2) Related to provide for maintenance of the neighborhood parks, or reimburse the City for maintenance costs, through a Master Owner's Association or similar mechanism. Maintenance of the City Park is not included in the analysis.

Expense EstimateVariable Cost Factor (1)New Service Population Prepared by Keyser Marston Associates, Inc.

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Appendix C
Fiscal Impact Analysis Tables
Scheme C

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Summary
Projected Annual City General Fund Revenues and Service Costs Upon Buildout - Scheme C Related Santa Clara Project - Scheme C
Parcel 1 and 2 Parcel 5 Parcel 4 Total
General Fund Revenues $1,502,000 $8,505,000 $19,044,000 $29,051,000 General Fund Service Costs ($709,000) ($826,000) ($6,882,000) ($8,417,000) Net Annual Fiscal Impact, Without Ground Rent $793,000 $7,679,000 $12,162,000 $20,634,000 Annual Ground Rent
(2) $2,500,000 $1,500,000 $3,500,000 $7,500,000
$3,293,000 $9,179,000 $15,662,000 $28,134,000
Notes:
(1) The proposed City Park is treated as a separate project not included in this fiscal impact analysis because the nature of park improvements and timing of completion are at the City's discretion and the City Park is not a required element of the Related Santa Clara development project. (2) Amounts reflect initial stabilized year figures from the DDA without escalation or adjustment. Ground rent is proposed to increase by a factor of two for any land used for a data center.

Projected Annual City General Fund Revenues and Service Costs Upon Buildout - Scheme C Net Fiscal Impact With Inclusion of Ground Rent
Prepared by Keyser Marston Associates, Inc.

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Table 1
Projected Annual City General Fund Revenues and Service Costs Upon Buildout (Excludes Ground Rent) Related Santa Clara Project - Scheme C
Table Reference Parcel 1/2 Parcel 5 Parcel 4 Total
General Fund Revenues
Property Tax Table 7 $643,000 $948,000 $5,606,000 $7,197,000 Sales Tax Table 9 $0 $370,000 $4,370,000 $4,740,000
Transient Occupancy Tax Table 8 $0 $6,600,000 $5,200,000 $11,800,000 Property Tax In Lieu of VLF Table 7 $215,000 $318,000 $1,878,000 $2,411,000 Business License Tax Table 11 $218,000 $98,000 $792,000 $1,108,000 SVP Transfers Table 10 $308,000 $95,000 $606,000 $1,009,000 Franchise Fees Table 11 $67,000 $43,000 $336,000 $446,000 Permits and Licenses Table 11 $35,000 $23,000 $178,000 $236,000 Fines and Forfeitures Table 11 $16,000 $10,000 $78,000 $104,000 Total Revenues $1,502,000 $8,505,000 $19,044,000 $29,051,000 General Fund Service Costs
Police Table 14 $236,000 $262,000 $2,625,000 $3,123,000 Fire/EMS Table 16 $108,000 $284,000 $2,080,000 $2,472,000 Public Works Table 18 $225,000 $143,000 $1,126,000 $1,494,000 General Government (2) Table 18 $106,000 $67,000 $531,000 $704,000 Park & Rec, except park maint (3) Table 18 $0 $27,000 $197,000 $224,000 Community Development Table 18 $34,000 $22,000 $171,000 $227,000 Library Table 18 $0 $21,000 $152,000 $173,000
Total Expenditures $709,000 $826,000 $6,882,000 $8,417,000 Net Annual Fiscal Impact $793,000 $7,679,000 $12,162,000 $20,634,000 Projected Annual City General Fund Revenues and Service Costs Upon Buildout (Excludes Ground Rent) Notes:
(1) Includes City Council, City Attorney, City Clerk, Assistant City Clerk, Auditor, Finance, Human Resources, and City Manager departments. (2) The proposed City Park is treated as a separate project not included in this fiscal impact analysis because the nature of park improvements and timing of completion are at the City's discretion and the City Park is not a required element of the Related Santa Clara development project. Related to provide for maintenance of the neighborhood parks, or reimburse the City for maintenance costs, through a Master Owner's Association or similar mechanism, thus there is no City General Fund maintenance cost for neighborhood parks.
(3) Figures do not include ground rent. Ground rent is proposed to increase by a factor of two for any land used for a data center. (4) Assumes buildout of Scheme C.

Prepared by Keyser Marston Associates, Inc.

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Table 2
Development Program - Scheme C
Related Santa Clara Project - Scheme C
Residential 0 sq.ft. 191,601 sq.ft. 200 units 1,488,399 sq.ft. 1,480 units 1,680,000 sq.ft. 1,680 units Office 0 sq.ft. 415,219 sq.ft. 4,102,181 sq.ft. 4,517,400 sq.ft.

Light Industrial 1,600,000 sq.ft. 0 sq.ft. 0 sq.ft. 1,600,000 sq.ft.

Retail / F&B / Ent. 0 sq.ft. 51,000 sq.ft. 749,000 sq.ft. 800,000 sq.ft.

Hotel 0 sq.ft. 386,311 sq.ft. 480 rooms 180,689 sq.ft. 220 rooms 567,000 sq.ft. 700 rooms Total 1,600,000 sq.ft. 1,044,131 sq.ft. 6,520,269 sq.ft. 9,164,400 sq.ft.

Development Program - Scheme C
Parcel 5
Building Area Units/Rooms
Parcel 4
Building Area Units/Rooms
Parcel 1 & 2
Building Area
Prepared by Keyser Marston Associates, Inc.

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Table 3
Existing City of Santa Clara Population and Employment
Related Santa Clara Project - Scheme C
Population
(1) 132,048
Employment (2) 118,384
Resident Equivalents (3) 0.5 per worker 1.0 per resident 191,240 Existing City of Santa Clara Population and Employment
(1) California Department of Finance. Table E-5 Population and Housing Estimates for Cities, Counties, and the State, 2020- 2024.
(2) U.S. Census Longitudinal Employer-Household Dynamics, 2022 Work Area Profile Analysis for City of Santa Clara. (3) Resident equivalents is a measure that combines residents and jobs, with a weight of 1 per resident and 0.5 per job.

Prepared by Keyser Marston Associates, Inc.

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Table 4
Project Population and Employment Estimate
Related Santa Clara Project - Scheme C
Project Population and Employment Estimate
Population Employees
Resident
Equivalents
(2)
Parcel 1 and 2
Residential 0 units 2.40 population per unit - - -
32 units/employee
Office 0 sq.ft. 270 sq.ft./employee - - -
Light Industrial 1,600,000 sq.ft. 331 sq.ft./employee - 4,834 2,417 Retail / F&B / Ent. 0 sq.ft. 450 sq.ft./employee - - - Hotel 0 sq.ft. 840 sq.ft./employee - - -
Subtotal 0 4,834 2,417
Parcel 5
Residential 200 units 2.40 population per unit 480 6 483 32 units/employee
Office 415,219 sq.ft. 270 sq.ft./employee - 1,538 769
Light Industrial 0 sq.ft. 331 sq.ft./employee - - -
Retail / F&B / Ent. 51,000 sq.ft. 450 sq.ft./employee - 113 57 Hotel 386,311 sq.ft. 840 sq.ft./employee - 460 230
Subtotal 480 2,117 1,539
Parcel 4
Residential 1,480 units 2.40 population per unit 3,550 46 3,573 32 units/employee
Office 4,102,181 sq.ft. 270 sq.ft./employee - 15,193 7,597 Light Industrial 0 sq.ft. 331 sq.ft./employee - - -
Retail / F&B / Ent. 749,000 sq.ft. 450 sq.ft./employee - 1,664 832 Hotel 180,689 sq.ft. 840 sq.ft./employee - 215 108
Subtotal 3,550 17,119 12,110
Total 4,030 24,070 16,065
(1) Factors based on the Draft CEQA checklist.
(2) Resident equivalents is a measure that combines residents and jobs, with a weight of 1 per resident and 0.5 per job. (3) As a conservative assumption existing (primarily off-site) employees are not deducted, as in the CEQA checklist.

Proposed Uses
Population / Employment
Factor (1)
Prepared by Keyser Marston Associates, Inc.

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Table 5
City of Santa Clara FY 2024-25 General Fund Revenues by Source Related Santa Clara Project - Scheme C
Revenue Source
FY 24-25
Budget Basis for Estimating Revenue to be Generated by Project Revenue Categories with a Projected Increase from Project Property Tax $89,545,000 10.05% x 1% basic levy x estimated Assessed Value Sales Tax $62,352,000 1% of estimated taxable sales
Transient Occupancy Tax $23,650,000 13.5% of estimated room sales Franchise Tax $5,300,000 $27.71 per resident equivalent (=$5,300,000 / 191,240 existing resident equivalents) Business Licenses $6,000,000 $45 per employee and $15 per resident Other Licenses and Permits $2,806,000 $14.67 per resident equivalent (=$2,806,000 / 191,240 existing resident equivalents) Other Services Fees $39,253,418 estimated as an offset to departmental expenses, where applicable Fines and Penalties $1,230,000 $6.43 per resident equivalent (=$1,230,000 / 191,240 existing resident equivalents) SVP Transfer $34,000,000
proportionate to increase in SVP electricity demand from Project Subtotal $264,136,418
Revenue Categories with No Projected Increase from Project Documentary Transfer Tax $1,632,000 Not estimated due to long hold periods for commercial property Rents and Leases $15,150,269 ground rent provided as consideration for City land is not included in projection State/Other Agencies $520,000 not estimated
Interest $3,708,000 not estimated
Other Revenue $180,000 not estimated
Transfers In $2,015,294
not estimated
Subtotal $23,205,563
Total Revenues $287,341,981
Source: City of Santa Clara; FY 2023-24 and FY 2024-25 Adopted Operating Budget.

City of Santa Clara FY 2024-25 General Fund Revenues by Source Prepared by Keyser Marston Associates, Inc.

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Table 6
Assessed Value Estimate
Related Santa Clara Project - Scheme C
Parcel 1/2 Parcel 5 Parcel 4 Total Parcel 1/2 Parcel 5 Parcel 4 Total Residential 0 200 1,480 1,680 units $700,000 /unit $0 $140,000,000 $1,036,000,000 $1,176,000,000 Office 0 415,219 4,102,181 4,517,400 sq.ft. $900 /sq.ft. $0 $373,697,100 $3,691,962,900 $4,065,660,000 Light Industrial 1,600,000 0 0 1,600,000 sq.ft. $400 /sq.ft. $640,000,000 $0 $0 $640,000,000 Retail / F&B / Ent. 0 51,000 749,000 800,000 sq.ft. $900 /sq.ft. $0 $45,900,000 $674,100,000 $720,000,000 Hotel 0 480 220 700 Rooms $800,000 /room $0 $384,000,000 $176,000,000 $560,000,000 Total $640,000,000 $943,597,100 $5,578,062,900 $7,161,660,000 AV Factor
(1)
(1) Assessed value estimates are based upon review of assessed values for other recently built projects, estimates provided by the developer, and recent industrial building sales data.

Assessed Value Estimate Upon Buildout
Development Estimated Assessed Value
Prepared by Keyser Marston Associates, Inc.

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Table 7
Property Tax and Property Tax In-Lieu of VLF Estimate
Related Santa Clara Project - Scheme C
Parcel 1 & 2 Parcel 5 Parcel 4 Total
Assessed Value $640,000,000 $943,597,100 $5,578,062,900 $7,161,660,000 Propert
y Taxes
1% Property Tax $6,400,000 $9,435,971 $55,780,629 $71,616,600 City Share of Property Taxes 10.1% of 1% tax (2) $643,000 $948,000 $5,606,000 $7,197,000 Property Tax In Lieu of VLF $0.337 per $1,000 AV(1) $215,000 $318,000 $1,878,000 $2,411,000 Property Tax and Property Tax In-Lieu of VLF Estimate
(1) Property tax in-lieu of VLF is proportionate to increases in citywide assessed value. Based on the VLF revenue and assessed values for the City of Santa Clara, this results in a ratio of approximately $0.337 in revenue for each $1,000 in AV added. (2) City General Fund share of property for applicable TRA per the Santa Clara County Controller.

Prepared by Keyser Marston Associates, Inc.

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Table 8
Hotel Transient Occupancy Taxes
Related Santa Clara Project - Scheme C
Rooms
Occupancy(1) Average Daily Rate(1) Room Rev
General Fund
Transient
Occupancy Tax

Prepared by Keyser Marston Associates, Inc.

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Table 9
Retail Sales Tax
Related Santa Clara Project - Scheme C
Parcel 5 Parcel 4 Total
Retail /F&B Sq.Ft. 51,000 749,000 800,000
Percent Leasable 100% 90%
Occupanc
y 90% 90%
Sales Per Square Foot (1) $900 $800
Percent Taxable Sales (2) 90% 90% 90%
Taxable Sales $37,000,000 $437,000,000 $474,000,000
City share of sales tax rate 1% 1% 1%
City Sales Tax Estimate $370,000 $4,370,000 $4,740,000
Retail Sales Tax
(1) Sales per square foot will vary depending on the retail type and sales performance of the store. Sales performance based on information provided by Related, rounded. (2) Assumes some grocery / non-taxable food sales as a component of overall retail mix. Actual will vary depending on type of retail/entertainment.

Prepared by Keyser Marston Associates, Inc.

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Table 10
Projected Electricity Use and SVP Transfers to City General Fund Related Santa Clara Project - Scheme C
Parcel 1/2 Parcel 5 Parcel 4 Parcel 1/2 Parcel 5 Parcel 4 Total Residential - 200 1,480 1,680 Units 5,088 kWh/Unit 0.0 1.0 7.5 8.5 Office - 415,219 4,102,181 4,517,400 Sq.Ft. 12.70 kWh/SF 0.0 5.3 52.1 57.4 Light Industrial
(2) 1,600,000 - - 1,600,000 Sq.Ft. 25.40 kWh/SF 40.6 0.0 0.0 40.6 Retail / F&B / Ent. - 51,000 749,000 800,000 Sq.Ft. 23.85 kWh/SF 0.0 1.2 17.9 19.1 Hotel - 386,311 180,689 567,000 Sq.Ft. 13.10 kWh/SF 0.0 5.1 2.4 7.4 Total 40.6 12.6 79.9 133.1
(2) Energy use may vary widely by type of activity. Data on industrial uses not provided by square foot in USDOE survey. Assumption is 2x office energy use per sq.ft..

Parcel 1/2 Parcel 5 Parcel 4 Total
Electricity Use (Gigawatt-Hours) 40.6 12.6 79.9 133.1
Percent of SVP Systemwide Use (1) 4,479.6 GW Hr/Yr 0.91% 0.28% 1.78% 2.97% Estimated SVP Transfer Revenue (2) $34,000,000 24-25 Budgeted SVP Transfers x % systemwide use = $308,000 $95,000 $606,000 $1,009,000 (1) Silicon Valley Power 2023 Fact Sheet
(2) 5% of Silicon Valley Power gross revenue is transferred to the City General Fund in accordance with the City Charter. Does not assume on-site power generation.

Projected Electricity Use
Total
Electric Use Per
Unit or SF (2)
Development Electricity Use (Gigawatt-Hours)
Prepared by Keyser Marston Associates, Inc.

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Table 11
Other Revenues Estimated on Per Capita Basis
Related Santa Clara Project - Scheme C
Parcel
1/2 Parcel 5 Parcel 4 Total Parcel 1/2 Parcel 5 Parcel 4 Total Franchise Fees 2,417 1,539 12,110 16,065 resident equiv. $27.71 per resident equiv. $67,000 $43,000 $336,000 $446,000 Fines and Penalties 2,417 1,539 12,110 16,065 resident equiv. $6.43 per resident equiv. $16,000 $10,000 $78,000 $104,000 Permits and Licenses 2,417 1,539 12,110 16,065 resident equiv. $14.67 per resident equiv. $35,000 $23,000 $178,000 $236,000 Business License Tax 4,834 2,117 17,119 24,070 employees $45.00 per employee $218,000 $95,000 $770,000 $1,083,000 0 200 1,480 1,680 res units $15.00 per Unit $0
$3,000 $22,000 $25,000
$218,000 $98,000 $792,000 $1,108,000
Total Revenues $336,000 $174,000 $1,384,000 $1,894,000
(1) See Table 5
Other Revenues Estimated on Per Capita Basis
Basis Revenue Factor (1) Revenue Estimate
Prepared by Keyser Marston Associates, Inc.

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Table 12
City of Santa Clara FY 2024-25 General Fund Service Costs Related Santa Clara Project - Scheme C
Expense Item
FY 24-25 Budget Basis for Estimating Service Cost of Project (2) General Government
City Council $1,176,723
City Attorney $3,205,702
City Clerk $493,346
Assistant City Clerk $1,573,722
Auditor $985,489
Finance $19,012,771
Human Resources $4,439,328
City Manager $5,175,582
Subtotal General Government $36,062,663 $43.82 per resident equivalent added by Project Police $90,185,180 based on 8 FTEs consistent with DDA
Fire $63,324,867 based on estimated number of calls for service to the Project Parks and Recreation $22,809,299 $55.56 per resident plus estimated maint. cost for City park.

City of Santa Clara FY 2024-25 General Fund Service Costs Prepared by Keyser Marston Associates, Inc.

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Table 13
Estimated Police Service Call Generation Rates and Estimated Cost at Buildout Related Santa Clara Project - Scheme C
Estimated Police Service Cost At Buildout
24-25 Budget
Administrative Services $21,108,931
Field Operations $47,981,178
Investigations $16,934,752
Special Operations $4,160,319
Total $90,185,180
Number of FTEs FY 24-25 231
Cost Per FTE $390,412
Number of FTEs funded by City (1) 8
Police Service Cost Estimate at Buildout $3,123,000
Police Calls for Service Generation Rate Estimate
Annual Police Calls
for Service (1)
No. of Units,
Rooms or
Square Feet
Adjustment
Factor(2)
Service Call
Generation Rate Per
Unit/Room or 1,000
Square Feet
Element Hotel Santa Clara 11 175 1 0.06
Existing Industrial Area (3) 57 641,235 1 0.0889
Santa Clara Square: Office 36 1,700,000 2 0.0424
Santa Clara Gateway: Office 27 900,000 2 0.0600
Santa Clara Square: Retail 248 166,313 n/a 1.4912
Santa Clara Square: Multifamily 209 1,482 n/a 0.1410
Sources: KMA analysis of data provided by City of Santa Clara Police Department, CoStar. (1) Represents calls for service with Police Beat and location, excluding traffic-related. (2) A comparison to pre-pandemic call generation rates indicates call volume to office uses dropped by approximately half. Estimate based on double the 2023 call generation rate for Santa Clara Gateway. (3) Areas is bounded by Leonard Ct, Bassett Street and adjacent properties and encompasses the following addresses: 3301, 3311, 3401, 3501 Leonard Ct; and 3500, 3508, 3510, 3526, 3530, 3540, 3542, 3580 Bassett. (1) Per the DDA, developer to fund costs in excess of 8 FTEs, if additional staffing is required.

Prepared by Keyser Marston Associates, Inc.

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Table 14
Police Service Cost Estimate
Related Santa Clara Project - Scheme C
Estimated Calls for Service
Parcel 1 & 2 Parcel 5 Parcel 4
Existing
Approvals Parcel 1 & 2 Parcel 5 Parcel 4 Total
Residential 0 200 1,480 1,680 units 0.1410 Per Unit 237 0 28 209 237 Office 0 415,219 4,102,181 4,517,400 sq.ft. 0.0600 Per 1,000 SF(2) 324 0 25 246 271 Light Industrial 1,600,000 0 0 1,600,000 sq.ft. 0.0889 Per 1,000 SF 0 142 0 0 142 Retail / F&B / Ent. 0 51,000 749,000 800,000 sq.ft. 1.4912 Per 1,000 SF 1,193 0 76 1,117 1,193 Hotel 0 480 220 700 rooms 0.0600 Per Room 42 0 29 13 42 Estimated Total Calls for Service 1,796 142 158 1,585 1,885 Percent of Estimated Calls for Service 100% 7.5% 8.4% 84.1% 100.0% Allocaton of Total Police Service Cost (Table 13 ) by Parcel, Based on Estimated Calls for Service $3,123,000 $236,000 $262,000 $2,625,000 $3,123,000 (1) See Table 13
Police Service Cost Estimate
Estimated Police Calls for Service
Call Generation Rate(1)
(2) Uses Santa Clara Gateway call generation rate.

Total
Development
Prepared by Keyser Marston Associates, Inc.

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Table 15
Estimated Fire/EMS Service Call Generation Rates and Cost Per Call Related Santa Clara Project - Scheme C
Annual Fire/EMS
Calls for Service Data Year
(1)
No. of Units,
Rooms or Square
Feet
Service Call
Generation Rate Per
Unit/Room or 1,000
Square Feet
Element Hotel Santa Clara 6 2023 175 0.0343
Existing Industrial Area (2) 8 2023 641,235 0.0125
Santa Clara Square: Office 18 2019 1,700,000 0.0106
Santa Clara Gateway: Office 46 2019 900,000 0.0511
Santa Clara Square: Retail 26 2023 166,313 0.1563
Santa Clara Square: Multifamily 51 2023 1,482 0.0344
Sources: City of Santa Clara Fire Department, CoStar, Realquest.

Prepared by Keyser Marston Associates, Inc.

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Table 16
Fire/EMS Service Cost Estimate
Related Santa Clara Project - Scheme C
Estimated Calls for Service
Parcel 1 &
2 Parcel 5 Parcel 4
Parcel 1 &
2 Parcel 5 Parcel 4 Total
Residential 0 200 1,480 1,680 units 0.0344 Per Unit 0 7 51 58 Office 0 415,219 4,102,181 4,517,400 sq.ft. 0.0511 Per 1,000 SF (1) 0 21 210 231 Light Industrial 1,600,000 0 0 1,600,000 sq.ft. 0.0125 Per 1,000 SF 20 0 0 20 Retail / F&B / Ent. 0 51,000 749,000 800,000 sq.ft. 0.1563 Per 1,000 SF 0 8 117 125 Hotel 0 480 220 700 rooms 0.0343 Per Room 0
16 8 24
Estimated Total Calls for Service 20 53 385 458
Estimated Fire/EMS Service Expense = no. of calls x $5,400 average cost per call (2) $108,000 $284,000 $2,080,000 $2,472,000 (3) Per the DDA, Related to fund extraordinary expenses associated with location on a landfill/hazardous materials, up to 4.5 FTEs, thus these extraordinary costs are not included as an expense of the City.

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Table 17
Calculation of Per Capita Variable Cost Factors
Related Santa Clara Project - Scheme C
Calculation of Per Capita Variable Cost Factors
Item
General Fund
Expense
Offsetting
Revenue Net Expense
Percent
Variable Cost
Existing Service
Population
Variable
Cost Factor
Public Works $26,728,107 $3,010,698 $23,717,409 75% 191,240 resident equiv. $93.01 per resident equiv.

Prepared by Keyser Marston Associates, Inc.

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Table 18
Other Expenses Estimated on Per Capita Basis
Related Santa Clara Project - Scheme C
Other Expenses Estimated on Per Capita Basis
Parcel 1/2 Parcel 5 Parcel 4 Total Parcel 1/2 Parcel 5 Parcel 4 Total Public Works 2,417 1,539 12,110 16,065 resident equiv. $93.01 per resident equiv $225,000 $143,000 $1,126,000 $1,494,000 Park & Rec, excl. park maint.
(2) 0 480 3,550 4,030 resident equiv. $55.56 per resident $0 $27,000 $197,000 $224,000 General Government 2,417 1,539 12,110 16,065 resident equiv. $43.82 per resident equiv $106,000 $67,000 $531,000 $704,000 Library 0 480 3,550 4,030 resident equiv. $42.83 per resident $0 $21,000 $152,000 $173,000 Community Development 2,417 1,539 12,110 16,065 employees $14.10 per resident equiv $34,000 $22,000 $171,000 $227,000 Total Expense $365,000 $280,000 $2,177,000 $2,822,000
(1) See Table 17
(2) Related to provide for maintenance of the neighborhood parks, or reimburse the City for maintenance costs, through a Master Owner's Association or similar mechanism. Maintenance of the City Park is not included in the analysis.

Expense EstimateVariable Cost Factor (1)New Service Population Prepared by Keyser Marston Associates, Inc.

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Appendix D
Fiscal Impact Analysis Tables
Scheme C With Data Center

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Summary
Projected Annual City General Fund Revenues and Service Costs Upon Buildout Related Santa Clara Project - Scheme C with 50% Data Center Parcel 1 and 2 Parcel 5 Parcel 4 Total
General Fund Revenues $2,900,000 $8,505,000 $19,044,000 $30,449,000 General Fund Service Costs ($411,000) ($835,000) ($6,979,000) ($8,226,000) Net Annual Fiscal Impact, Without Ground Rent $2,489,000 $7,670,000 $12,065,000 $22,223,000 Annual Ground Rent
(2) $3,125,000 $1,500,000 $3,500,000 $8,125,000
$5,614,000 $9,170,000 $15,565,000 $30,348,000
Notes:
(1) The proposed City Park is treated as a separate project not included in this fiscal impact analysis because the nature of park improvements and timing of completion are at the City's discretion and the City Park is not a required element of the Related Santa Clara development project. (2) Amounts reflect initial stabilized year figures from the DDA without escalation or adjustment. Ground rent is proposed to increase by a factor of two for any land used for a data center. Estimate assumes data center use represents 50% of Parcel 1 and 2 building area and 25% of site area due to anticipated higher FAR for a data center use.

Projected Annual City General Fund Revenues and Service Costs Upon Buildout Net Fiscal Impact With Inclusion of Ground Rent
Prepared by Keyser Marston Associates, Inc.

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Table 1
Projected Annual City General Fund Revenues and Service Costs Upon Buildout (Excludes Ground Rent) Related Santa Clara Project - Scheme C with 50% Data Center Table Reference Parcel 1/2 Parcel 5 Parcel 4 Total
General Fund Revenues
Property Tax Table 7 $1,930,000 $948,000 $5,606,000 $8,484,000 Sales Tax Table 9 $0 $370,000 $4,370,000 $4,740,000
Transient Occupancy Tax Table 8 $0 $6,600,000 $5,200,000 $11,800,000 Property Tax In Lieu of VLF Table 7 $646,000 $318,000 $1,878,000 $2,842,000 Business License Tax Table 11 $110,000 $98,000 $792,000 $1,000,000 SVP Transfers Table 10 $154,000 $95,000 $606,000 $855,000 Franchise Fees Table 11 $34,000 $43,000 $336,000 $413,000 Permits and Licenses Table 11 $18,000 $23,000 $178,000 $219,000 Fines and Forfeitures Table 11 $8,000 $10,000 $78,000 $96,000 Total Revenues $2,900,000 $8,505,000 $19,044,000 $30,449,000 General Fund Service Costs
Police Table 14 $129,000 $271,000 $2,722,000 $3,123,000 Fire/EMS Table 16 $97,000 $284,000 $2,080,000 $2,461,000 Public Works Table 18 $114,000 $143,000 $1,126,000 $1,383,000 General Government (1) Table 18 $54,000 $67,000 $531,000 $652,000 Park & Rec, except park maint (2) Table 18 $0 $27,000 $197,000 $224,000 Community Development Table 18 $17,000 $22,000 $171,000 $210,000 Library Table 18 $0 $21,000 $152,000 $173,000
Total Expenditures $411,000 $835,000 $6,979,000 $8,226,000 Net Annual Fiscal Impact $2,489,000 $7,670,000 $12,065,000 $22,223,000 Projected Annual City General Fund Revenues and Service Costs Upon Buildout (Excludes Ground Rent) Notes:
(1) Includes City Council, City Attorney, City Clerk, Assistant City Clerk, Auditor, Finance, Human Resources, and City Manager departments. (2) The proposed City Park is treated as a separate project not included in this fiscal impact analysis because the nature of park improvements and timing of completion are at the City's discretion and the City Park is not a required element of the Related Santa Clara development project. Related to provide for maintenance of the neighborhood parks, or reimburse the City for maintenance costs, through a Master Owner's Association or similar mechanism, thus there is no City General Fund maintenance cost for neighborhood parks.

Prepared by Keyser Marston Associates, Inc.

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Table 2
Development Program - Scheme C with 50% Data Center
Related Santa Clara Project - Scheme C with 50% Data Center Residential 0 sq.ft. 191,601 sq.ft. 200 units 1,488,399 sq.ft. 1,480 units 1,680,000 sq.ft. 1,680 units Office 0 sq.ft. 415,219 sq.ft. 4,102,181 sq.ft. 4,517,400 sq.ft.

Light Industrial 800,000 sq.ft. 0 sq.ft. 0 sq.ft. 800,000 sq.ft.

Data Center 800,000 sq.ft. 0 sq.ft. 0 sq.ft. 800,000 sq.ft.

Retail / F&B / Ent. 0 sq.ft. 51,000 sq.ft. 749,000 sq.ft. 800,000 sq.ft.

Hotel 0 sq.ft. 386,311 sq.ft. 480 rooms 180,689 sq.ft. 220 rooms 567,000 sq.ft. 700 rooms Total 1,600,000 sq.ft. 1,044,131 sq.ft. 6,520,269 sq.ft. 9,164,400 sq.ft.

Building Area
Units/Rooms
Note: The proposed City Park is treated as a separate project not included in this fiscal impact analysis because the nature of park improvements and timing of completion are at the City's discretion and the City Park is not a required element of the Related Santa Clara development project.

Development Program - Scheme C with 50% Data Center
Parcel 5
Building Area Units/Rooms
Parcel 4
Building Area Units/Rooms
Parcel 1 & 2
Building Area
Total
Prepared by Keyser Marston Associates, Inc.

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Table 3
Existing City of Santa Clara Population and Employment
Related Santa Clara Project - Scheme C with 50% Data Center Population
(1) 132,048
Employment (2) 118,384
Resident Equivalents (3) 0.5 per worker 1.0 per resident 191,240 Existing City of Santa Clara Population and Employment
(1) California Department of Finance. Table E-5 Population and Housing Estimates for Cities, Counties, and the State, 2020- 2024.
(2) U.S. Census Longitudinal Employer-Household Dynamics, 2022 Work Area Profile Analysis for City of Santa Clara. (3) Resident equivalents is a measure that combines residents and jobs, with a weight of 1 per resident and 0.5 per job.

Prepared by Keyser Marston Associates, Inc.

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Table 4
Project Population and Employment Estimate
Related Santa Clara Pro
ject - Scheme C with 50% Data Center
Project Population and Employment Estimate
Population Employees
Resident
Equivalents(2)
Existing Approvals (Scheme A)
Residential 1,680 units 2.40 population per unit 4,030 53 4,056 32 units/employee
Office 5,404,400 sq.ft. 270 sq.ft./employee - 20,016 10,008 Light Industrial 0 sq.ft. 331 sq.ft./employee - - -
Data Center 0 sq.ft. 25,000 sq.ft./employee - - -
Retail / F&B / Ent. 800,000 sq.ft. 450 sq.ft./employee - 1,780 890 Hotel 578,000 sq.ft. 840 sq.ft./employee - 688 344
Total: Existing Approvals 4,030 22,537 15,298
Proposed (Scheme C)
Parcel 1 and 2
Residential 0 units 2.40 population per unit - - -
32 units/employee
Office 0 sq.ft. 270 sq.ft./employee - - -
Light Industrial 800,000 sq.ft. 331 sq.ft./employee - 2,417 1,208 Data Center 800,000 sq.ft. 25,000 sq.ft./employee - 32 16 Retail / F&B / Ent. 0 sq.ft. 450 sq.ft./employee - - - Hotel 0 sq.ft. 840 sq.ft./employee - - -
Subtotal 0 2,449 1,224
Parcel 5
Residential 200 units 2.40 population per unit 480 6 483 32 units/employee
Office 415,219 sq.ft. 270 sq.ft./employee - 1,538 769
Light Industrial 0 sq.ft. 331 sq.ft./employee - - -
Data Center 0 sq.ft. 25,000 sq.ft./employee - - -
Retail / F&B / Ent. 51,000 sq.ft. 450 sq.ft./employee - 113 57 Hotel 386,311 sq.ft. 840 sq.ft./employee - 460 230
Subtotal 480 2,117 1,539
Parcel 4
Residential 1,480 units 2.40 population per unit 3,550 46 3,573 32 units/employee
Office 4,102,181 sq.ft. 270 sq.ft./employee - 15,193 7,597 Light Industrial 0 sq.ft. 331 sq.ft./employee - - -
Data Center 0 sq.ft. 25,000 sq.ft./employee - - -
Retail / F&B / Ent. 749,000 sq.ft. 450 sq.ft./employee - 1,664 832 Hotel 180,689 sq.ft. 840 sq.ft./employee - 215 108
Subtotal 3,550 17,119 12,110
Total Scheme C 4,030 21,685 14,873
(1) Factors based on the Draft CEQA checklist for Scheme C. (2) Resident equivalents is a measure that combines residents and jobs, with a weight of 1 per resident and 0.5 per job. (3) As a conservative assumption existing (primarily off-site) employees are not deducted, as in the CEQA checklist.

Proposed Uses
Population / Employment
Factor (1)
Prepared by Keyser Marston Associates, Inc.

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Table 5
City of Santa Clara FY 2024-25 General Fund Revenues by Source Related Santa Clara Project - Scheme C with 50% Data Center Revenue Source
FY 24-25
Budget Basis for Estimating Revenue to be Generated by Project Revenue Categories with a Projected Increase from Project Property Tax $89,545,000 10.05% x 1% basic levy x estimated Assessed Value Sales Tax $62,352,000 1% of estimated taxable sales
Transient Occupancy Tax $23,650,000 13.5% of estimated room sales Franchise Tax $5,300,000 $27.71 per resident equivalent (=$5,300,000 / 191,240 existing resident equivalents) Business Licenses $6,000,000 $45 per employee and $15 per resident Other Licenses and Permits $2,806,000 $14.67 per resident equivalent (=$2,806,000 / 191,240 existing resident equivalents) Other Services Fees $39,253,418 estimated as an offset to departmental expenses, where applicable Fines and Penalties $1,230,000 $6.43 per resident equivalent (=$1,230,000 / 191,240 existing resident equivalents) SVP Transfer $34,000,000
proportionate to increase in SVP electricity demand from Project Subtotal $264,136,418
Revenue Categories with No Projected Increase from Project Documentary Transfer Tax $1,632,000 Not estimated due to long hold periods for commercial property Rents and Leases $15,150,269 ground rent provided as consideration for City land is not included in projection State/Other Agencies $520,000 not estimated
Interest $3,708,000 not estimated
Other Revenue $180,000 not estimated
Transfers In $2,015,294
not estimated
Subtotal $23,205,563
Total Revenues $287,341,981
Source: City of Santa Clara; FY 2023-24 and FY 2024-25 Adopted Operating Budget.

City of Santa Clara FY 2024-25 General Fund Revenues by Source Prepared by Keyser Marston Associates, Inc.

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Table 6
Assessed Value Estimate
Related Santa Clara Project - Scheme C with 50% Data Center Parcel 1/2 Parcel 5 Parcel 4 Total Parcel 1/2 Parcel 5 Parcel 4 Total Residential 0 200 1,480 1,680 units $700,000 /unit $0 $140,000,000 $1,036,000,000 $1,176,000,000 Office 0 415,219 4,102,181 4,517,400 sq.ft. $900 /sq.ft. $0 $373,697,100 $3,691,962,900 $4,065,660,000 Light Industrial 800,000 0 0 800,000 sq.ft. $400 /sq.ft. $320,000,000 $0 $0 $320,000,000 Data Center 800,000 0 0 800,000 sq.ft. $2,000 /sq.ft. $1,600,000,000 $0 $0 $1,600,000,000 Retail / F&B / Ent. 0 51,000 749,000 800,000 sq.ft. $900 /sq.ft. $0 $45,900,000 $674,100,000 $720,000,000 Hotel 0 480 220 700 Rooms $800,000 /room $0 $384,000,000 $176,000,000 $560,000,000 Total $1,920,000,000 $943,597,100 $5,578,062,900 $8,441,660,000 AV Factor
(1)
(1) Assessed value estimates are based upon review of assessed values for other recently built projects, estimates provided by the developer, and recent industrial building sales data.

Assessed Value Estimate Upon Buildout
Development Estimated Assessed Value
Prepared by Keyser Marston Associates, Inc.

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Table 7
Property Tax and Property Tax In-Lieu of VLF Estimate
Related Santa Clara Project - Scheme C with 50% Data Center Parcel 1 & 2 Parcel 5 Parcel 4 Total
Assessed Value $1,920,000,000 $943,597,100 $5,578,062,900 $8,441,660,000 Propert
y Taxes
1% Property Tax $19,200,000 $9,435,971 $55,780,629 $84,416,600 City Share of Property Taxes 10.1% of 1% tax (2) $1,930,000 $948,000 $5,606,000 $8,484,000 Property Tax In Lieu of VLF $0.337 per $1,000 AV(1) $646,000 $318,000 $1,878,000 $2,842,000 Property Tax and Property Tax In-Lieu of VLF Estimate
(1) Property tax in-lieu of VLF is proportionate to increases in citywide assessed value. Based on the VLF revenue and assessed values for the City of Santa Clara, this results in a ratio of approximately $0.337 in revenue for each $1,000 in AV added. (2) City General Fund share of property for applicable TRA per the Santa Clara County Controller.

Prepared by Keyser Marston Associates, Inc.

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Table 8
Hotel Transient Occupancy Taxes, (Existing Approvals and Proposed Scheme C) Related Santa Clara Project - Scheme C with 50% Data Center Rooms
Occupancy(1) Average Daily Rate(1) Room Rev
General Fund
Transient
Occupancy Tax

13.50%
Parcel 5 Hotel 480 x 80% x $350 x 365 days/yr = $49,060,000 $6,600,000 Parcel 4 Hotel 220 x 80% x $600 x 365 days/yr = $38,540,000 $5,200,000 Hotel Tax Total $11,800,000
Hotel Transient Occupancy Taxes, (Existing Approvals and Proposed Scheme C) (1) Reflects Related expectations regarding average room rate and occupancy assuming luxury class hotels. Actual performance will vary substantially depending on hotel scale and future market conditions.

Prepared by Keyser Marston Associates, Inc.

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Table 9
Retail Sales Tax
Related Santa Clara Project - Scheme C with 50% Data Center Parcel 5 Parcel 4 Total
Retail /F&B Sq.Ft. 51,000 749,000 800,000
Percent Leasable 100% 90%
Occupanc
y 90% 90%
Sales Per Square Foot (1) $900 $800
Percent Taxable Sales (2) 90% 90% 90%
Taxable Sales $37,000,000 $437,000,000 $474,000,000
City share of sales tax rate 1% 1% 1%
City Sales Tax Estimate $370,000 $4,370,000 $4,740,000
Retail Sales Tax
(1) Sales per square foot will vary depending on the retail type and sales performance of the store. Sales performance based on information provided by Related, rounded. (2) Assumes some grocery / non-taxable food sales as a component of overall retail mix. Actual will vary depending on type of retail/entertainment.

Prepared by Keyser Marston Associates, Inc.

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Table 10
Projected Electricity Use and SVP Transfers to City General Fund Related Santa Clara Project - Scheme C with 50% Data Center Parcel 1/2 Parcel 5 Parcel 4 Parcel 1/2 Parcel 5 Parcel 4 Total Residential - 200 1,480 1,680 Units 5,088 kWh/Unit 0.0 1.0 7.5 8.5 Office - 415,219 4,102,181 4,517,400 Sq.Ft. 12.70 kWh/SF 0.0 5.3 52.1 57.4 Light Industrial
(2) 800,000 - - 800,000 Sq.Ft. 25.40 kWh/SF 20.3 0.0 0.0 20.3 Data center 800,000 - - 800,000 Sq.Ft. 0.0 0.0 0.0 0.0 Retail / F&B / Ent. - 51,000 749,000 800,000 Sq.Ft. 23.85 kWh/SF 0.0 1.2 17.9 19.1 Hotel - 386,311 180,689 567,000 Sq.Ft. 13.10 kWh/SF 0.0 5.1 2.4 7.4 Total 20.3 12.6 79.9 112.7
(2) Energy use may vary widely by type of activity. Data on industrial uses not provided by square foot in USDOE survey. Assumption is 2x office energy use per sq.ft..

Parcel 1/2 Parcel 5 Parcel 4 Total
Electricity Use (Gigawatt-Hours) 20.3 12.6 79.9 112.7
Percent of SVP Systemwide Use (1) 4,479.6 GW Hr/Yr 0.45% 0.28% 1.78% 2.52% Estimated SVP Transfer Revenue (2) $34,000,000 24-25 Budgeted SVP Transfers x % systemwide use = $154,000 $95,000 $606,000 $855,000 (1) Silicon Valley Power 2023 Fact Sheet
(2) 5% of Silicon Valley Power gross revenue is transferred to the City General Fund in accordance with the City Charter. Does not assume on-site power generation.

Projected Electricity Use
Total Electric Use Per
Development Electricity Use (Gigawatt-Hours)
no SVP Pwr
Prepared by Keyser Marston Associates, Inc.

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Table 11
Other Revenues Estimated on Per Capita Basis
Related Santa Clara Project - Scheme C with 50% Data Center Parcel
1/2 Parcel 5 Parcel 4 Total Parcel 1/2 Parcel 5 Parcel 4 Total Franchise Fees 1,224 1,539 12,110 14,873 resident equiv. $27.71 per resident equiv. $34,000 $43,000 $336,000 $413,000 Fines and Penalties 1,224 1,539 12,110 14,873 resident equiv. $6.43 per resident equiv. $8,000 $10,000 $78,000 $96,000 Permits and Licenses 1,224 1,539 12,110 14,873 resident equiv. $14.67 per resident equiv. $18,000 $23,000 $178,000 $219,000 Business License Tax 2,449 2,117 17,119 21,685 employees $45.00 per employee $110,000 $95,000 $770,000 $975,000 0 200 1,480 1,680 res units $15.00 per Unit $0
$3,000 $22,000 $25,000
$110,000 $98,000 $792,000 $1,000,000
Total Revenues $170,000 $174,000 $1,384,000 $1,728,000
(1) See Table 5
Other Revenues Estimated on Per Capita Basis
Basis Revenue Factor (1) Revenue Estimate
Prepared by Keyser Marston Associates, Inc.

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Table 12
City of Santa Clara FY 2024-25 General Fund Service Costs Related Santa Clara Project - Scheme C with 50% Data Center Expense Item
FY 24-25 Budget Basis for Estimating Service Cost of Project (2) General Government
City Council $1,176,723
City Attorney $3,205,702
City Clerk $493,346
Assistant City Clerk $1,573,722
Auditor $985,489
Finance $19,012,771
Human Resources $4,439,328
City Manager $5,175,582
Subtotal General Government $36,062,663 $43.82 per resident equivalent added by Project Police $90,185,180 based on 8 FTEs consistent with DDA
Fire $63,324,867 based on estimated number of calls for service to the Project Parks and Recreation $22,809,299 $55.56 per resident plus estimated maint. cost for City park.

City of Santa Clara FY 2024-25 General Fund Service Costs Prepared by Keyser Marston Associates, Inc.

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Table 13
Estimated Police Service Call Generation Rates and Estimated Cost at Buildout Related Santa Clara Project - Scheme C with 50% Data Center Estimated Police Service Cost At Buildout
24-25 Budget
Administrative Services $21,108,931
Field Operations $47,981,178
Investigations $16,934,752
Special Operations $4,160,319
Total $90,185,180
Number of FTEs FY 24-25 231
Cost Per FTE $390,412
Number of FTEs funded by City (1) 8
Police Service Cost Estimate at Buildout $3,123,000
Police Calls for Service Generation Rate Estimate
Annual Police Calls
for Service (1)
No. of Units,
Rooms or
Square Feet
Adjustment
Factor(2)
Service Call
Generation Rate Per
Unit/Room or 1,000
Square Feet
Element Hotel Santa Clara 11 175 1 0.06
Existing Industrial Area (3) 57 641,235 1 0.0889
Existing Data Centers (4) 3 600,000 1 0.0050
Santa Clara Square: Office 36 1,700,000 2 0.0424
Santa Clara Gateway: Office 27 900,000 2 0.0600
Santa Clara Square: Retail 248 166,313 n/a 1.4912
Santa Clara Square: Multifamily 209 1,482 n/a 0.1410
Sources: KMA analysis of data provided by City of Santa Clara Police Department, CoStar. (1) Represents calls for service with Police Beat and location, excluding traffic-related. (2) A comparison to pre-pandemic call generation rates indicates call volume to office uses dropped by approximately half. Estimate based on double the 2023 call generation rate for Santa Clara Gateway. (3) Areas is bounded by Leonard Ct, Bassett Street and adjacent properties and encompasses the following addresses: 3301, 3311, 3401, 3501 Leonard Ct; and 3500, 3508, 3510, 3526, 3530, 3540, 3542, 3580 Bassett. (1) Per the DDA, developer to fund costs in excess of 8 FTEs, if additional staffing is required.
(4) Based on two existing data centers at 2820 and 2880 Northwestern Parkway and 2220 De La Cruz Blvd.

Prepared by Keyser Marston Associates, Inc.

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Table 14
Police Service Cost Estimate
Related Santa Clara Project - Scheme C with 50% Data Center Estimated Calls for Service
Parcel 1 & 2 Parcel 5 Parcel 4
Parcel 1 &
2 Parcel 5 Parcel 4 Total
Residential 0 200 1,480 1,680 units 0.1410 Per Unit 0 28 209 237 Office 0 415,219 4,102,181 4,517,400 sq.ft. 0.0600 Per 1,000 SF(2) 0 25 246 271 Light Industrial 800,000 0 0 800,000 sq.ft. 0.0889 Per 1,000 SF 71 0 0 71 Data Center 800,000 0 0 800,000 sq.ft. 0.0050 Per 1,000 SF 4 0 0 4 Retail / F&B / Ent. 0 51,000 749,000 800,000 sq.ft. 1.4912 Per 1,000 SF 0 76 1,117 1,193 Hotel 0 480 220 700 rooms 0.0600 Per Room 0
29 13 42
Estimated Total Calls for Service 75 158 1,585 1,818
Percent of Estimated Calls for Service 4.1% 8.7% 87.2% 100.0% Allocaton of Total Police Service Cost (Table 13 ) by Parcel, Based on Estimated Calls for Service $129,000 $271,000 $2,722,000 $3,123,000 (1) See Table 13
Police Service Cost Estimate
Estimated Police Calls for Service
Call Generation Rate(1)
(2) Uses Santa Clara Gateway call generation rate.

Total
Development
Prepared by Keyser Marston Associates, Inc.

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Table 15
Estimated Fire/EMS Service Call Generation Rates and Cost Per Call Related Santa Clara Project - Scheme C with 50% Data Center Annual Fire/EMS
Calls for Service Data Year
(1)
No. of Units,
Rooms or Square
Feet
Service Call
Generation Rate Per
Unit/Room or 1,000
Square Feet
Element Hotel Santa Clara 6 2023 175 0.0343
Existing Industrial Area (2) 8 2023 641,235 0.0125
Existing Data Centers(3) 6 2023 600,000 0.0100
Santa Clara Square: Office 18 2019 1,700,000 0.0106
Santa Clara Gateway: Office 46 2019 900,000 0.0511
Santa Clara Square: Retail 26 2023 166,313 0.1563
Santa Clara Square: Multifamily 51 2023 1,482 0.0344
Sources: City of Santa Clara Fire Department, CoStar, Realquest.

Prepared by Keyser Marston Associates, Inc.

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Table 16
Fire/EMS Service Cost Estimate
Related Santa Clara Project - Scheme C with 50% Data Center Estimated Calls for Service
Parcel 1 &
2 Parcel 5 Parcel 4
Parcel 1 &
2 Parcel 5 Parcel 4 Total
Residential 0 200 1,480 1,680 units 0.0344 Per Unit 0 7 51 58 Office 0 415,219 4,102,181 4,517,400 sq.ft. 0.0511 Per 1,000 SF (1) 0 21 210 231 Light Industrial 800,000 0 0 800,000 sq.ft. 0.0125 Per 1,000 SF 10 0 0 10 Data Center 800,000 0 0 800,000 sq.ft. 0.0100 Per 1,000 SF 8 0 0 8 Retail / F&B / Ent. 0 51,000 749,000 800,000 sq.ft. 0.1563 Per 1,000 SF 0 8 117 125 Hotel 0 480 220 700 rooms 0.0343 Per Room 0
16 8 24
Estimated Total Calls for Service 18 53 385 456
Estimated Fire/EMS Service Expense = no. of calls x $5,400 average cost per call (2) $97,000 $284,000 $2,080,000 $2,461,000 (3) Per the DDA, Related to fund extraordinary expenses associated with location on a landfill/hazardous materials, up to 4.5 FTEs, thus these extraordinary costs are not included as an expense of the City.

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Table 17
Calculation of Per Capita Variable Cost Factors
Related Santa Clara Project - Scheme C with 50% Data Center Calculation of Per Capita Variable Cost Factors
Item
General Fund
Expense
Offsetting
Revenue Net Expense
Percent
Variable Cost
Existing Service
Population
Variable
Cost Factor
Public Works $26,728,107 $3,010,698 $23,717,409 75% 191,240 resident equiv. $93.01 per resident equiv.

Prepared by Keyser Marston Associates, Inc.

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Table 18
Other Expenses Estimated on Per Capita Basis
Related Santa Clara Project - Scheme C with 50% Data Center Other Expenses Estimated on Per Capita Basis
Parcel 1/2 Parcel 5 Parcel 4 Total Parcel 1/2 Parcel 5 Parcel 4 Total Public Works 1,224 1,539 12,110 14,873 resident equiv. $93.01 per resident equiv $114,000 $143,000 $1,126,000 $1,383,000 Park & Rec, excl. park maint.
(2) 0 480 3,550 4,030 resident equiv. $55.56 per resident $0 $27,000 $197,000 $224,000 General Government 1,224 1,539 12,110 14,873 resident equiv. $43.82 per resident equiv $54,000 $67,000 $531,000 $652,000 Library 0 480 3,550 4,030 resident equiv. $42.83 per resident $0 $21,000 $152,000 $173,000 Community Development 1,224 1,539 12,110 14,873 employees $14.10 per resident equiv $17,000 $22,000 $171,000 $210,000 Total Expense $185,000 $280,000 $2,177,000 $2,642,000
(1) See Table 17
(2) Related to provide for maintenance of the neighborhood parks, or reimburse the City for maintenance costs, through a Master Owner's Association or similar mechanism. Maintenance of the City Park is not included in the analysis.

Expense EstimateVariable Cost Factor (1)New Service Population Prepared by Keyser Marston Associates, Inc.

Fiscal Impacts - 50% data center 6-26-25

Page 85 ends

City Council and Authorities ConcurrentJuly 8, 2025

City Council and Authorities Concurrent
July 8, 2025