St. Helena City Council
September 12, 2024

City of St. Helena
Special City Council Meeting
Thursday, September 12, 2024 @ 10:00 AM
1088 College Avenue, Main Conference
Room, St. Helena CA 94574

PLEASE NOTE: Any person who wishes to speak regarding an item on the agenda or make a comment under the "Oral Communication" portion of the agenda may do so, but please observe the time limit of four minutes.

The City Council meeting will be live-streamed on Comcast Channel 28 and on the City’s website.

Public comment for City Council meetings will be accepted via email to [email protected]. All public comments must be received three hours prior to the meeting. All other public comments received after the deadline will be attached to the item the next business day or soon thereafter. Public comments will not be read out loud but will be publicly available and attached to the on-line City Council agenda.

Simultaneous Spanish interpretation services during meetings can be scheduled upon request. To ensure interpreters are available, requests must be made at least 72 hours in advance by calling the Office of the City Clerk at (707) 968-2640 or emailing [email protected].

The schedule of upcoming meetings and published meeting agendas can be found on the City of St. Helena website at https://sthelena.civicweb.net/portal/.

Servicios de interpretación en español durante la reunión pueden ser solicitados por el público. Para asegurar que los intérpretes estén disponibles, los servicios tienen que ser solicitados al menos 72 horas antes de la reunión llamando a la oficina de la Secretaria de la Ciudad al (707) 968-2640 o por correo electrónico a [email protected] .

El horario de las reuniones publicadas y próximas puede ser localizado en el sitio de web de la Ciudad en https://sthelena.civicweb.net/portal/ .

Page

1. CALL TO ORDER

2. ROLL CALL
Mayor: Paul Dohring, Vice Mayor Eric Hall:, City Council Members: Anna Chouteau, Patrick Kenealy, Billy Summers

3. ADOPTION OF THE AGENDA

4. PUBLIC COMMENT:

Under California law, public comments at special meetings are limited to subjects on the agenda only. Therefore public comment will take place during consideration of the item. Each person’s comments shall be limited to 4 minutes.

5. NEW BUSINESS:

5.1. Discussion on City's Affordable Housing In-Lieu Fees and Nonresidential/Commercial Linkage Fees.

St. Helena - Affordable Housing and Commercial Linakge Fee Report - Final
Presentation
Public Comment.Mary Stephenson
3 - 102

6. ADJOURNMENT
The next Regular City Council meeting is scheduled for September 24, 2024, at 6:00 p.m.

This agenda was posted at City Hall, 1088 College Avenue, St. Helena, California on September 10, 2024.

Cindy Tzafopoulos, City Clerk
In Compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please call the City Clerk’s Office (707) 967-2792. Notification 72 hours prior to the meeting as required by Section 202 of the Americans with Disabilities Act will enable the City to make reasonable arrangements to ensure accessibility to this meeting.

Any supplemental writings or documents distributed to a majority of the City Council regarding any item on this Agenda, after the posting of the Agenda, will be available for public review in the City Clerk’s Office located at 1088 College Avenue, St. Helena, California, during normal business hours and by appointment. In addition, such writings or documents will be made available on the City’s web site at https://sthelena.civicweb.net and will be available for public review at the respective meeting.
























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jOKLUGHxbrjhyKJLIGLT]fGMHKHOlm`STO]`GMIJMNzJRGHhwOKLIPyKJLIGLD^DDW  Agenda Item #5.1.

 
















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fKcQTMPynmfuzc\QOMQJLbMNPcPKZGHIJKLHMNO\N`o\_MPuwKcQO[zc\QOMQXdXXV  Agenda Item #5.1.

 
















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jOfUXQT|hrjy}f`USQUNPeQRTfTO^KLMNOPLQRS`Rc~`bQTyOfUS_}f`USQU\m\\Z  Agenda Item #5.1.

 
















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Agenda Item #5.1.

 
















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Agenda Item #5.1.

 

















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Agenda Item #5.1.

 
















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Agenda Item #5.1.

 
















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@]Ba[CCZRHKXQGRIHIJGKbGRcWRXMlggYIVWR[\[[^@`E CM__a @]B^[@AqKOeXIRJHgZReUcHKOZRHUIGRYQWRHIGRX[\[^__`@ [M@^] @]B^[aAFgWHKWRXGprWVJUgWXHKOhseJQdWKIA\[@^A`E [M[CE @]B^[aDoHtGRWRXHKOuRWJLVIMPIGUcMHKOTHIWRJHgTGiWRXMkHKO[\_AA]`E ]M_[C @]B^[a] THUVJKWuWWOWRXHKOYpptWHRWRX[\[[a^`E @MAaD @]B^[aENHUcWRXHKONHUcHLWRXMkHKO[\EEC[`] aMC_]
@]B^[a@PIGUcWRXHKOYROWRuJggWRX]\@_Aa`E DMDA^
@]B^ACC THIWRJHgTGiJKLbGRcWRXMlggYIVWR[\[DC]`E CM^aA PGeRUWXvFlhmmMYUUeQHIJGKHghdQgGSdWKIwTHSD[DDxybHLWwD[D]BAXIzeHRIWRxmHIH\  Agenda Item #5.1.

 
















!"#$%&'())*+ ,-./0-1 /234#5 6#78.5(88-)#95.,.,:+# ;(<<.2# ())*+ ,-./= ># 9#5)#/,.8., "
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Agenda Item #5.1.

 
















!"#$%&'())*+ ,-./0-1 /234#5 6#78.5(88-)#95.,.,:+#;./,-/*#2 <(;;.2# ())*+ ,-./= ># 9#5)#/,.8., "
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Agenda Item #5.1.

 

















!"#$%&'())*+ ,-./0-1 /234#5 6#78.5(88-)#95.,.,:+#;./,-/*#2 <(;;.2# ())*+ ,-./= ># 9#5)#/,.8., "
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Agenda Item #5.1.

 
















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XQBCDC@VbtGHFHbHWcWKU`WJGPV`IJHBcWJgDMDCCQOQ CPD@X Agenda Item #5.1.

 
















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Agenda Item #5.1.

 

















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Agenda Item #5.1.

 
















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Agenda Item #5.1.

 
















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@ABcDcc evvJOHRKSNSaJKJWQVRQJkHjPIIFVQxFVGHVWMNUUeQfHVCXDCY][\ ]MDbb @\BDCDDdJVWQBhJKHjPIHVkJWFVWFvdRVaJKLMdJWfJKLMRKSdFVHWQV_xFVGHVWCXCCA@[b \M\D@ @\BZCDDNLVJOPUQPVRUoKWIHOQFVWCXCCAZ[\ \M]CZ
@\BZC@D qVRSHVWRKSjFVQHVWMNLVJOPUQPVRU^VFSPOQWCXCCZc[A \MD@c @\BZCcDNLVJOPUQPVRUmzPJIaHKQeIHVRQFVWCXCCZ@[@ YMcbC @\BZCcZdRVapFVGHVWRKShRnFVHVWMTVFIMuPVWHV_MRKSqVHHKfFPWHCXCZ]Z[@ DMCcC @\BZCcAdRVapFVGHVWMdRVaMlRKOfMRKSNzPROPUQPVRUNKJaRUWCXCCAZ[@ @MDYc Agenda Item #5.1.

 
















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_aB\DA\mIIViIIqMLseNHdMLFuSFUNOIUPNLVEFLVFUPD[DD\C]@ DXaCC Agenda Item #5.1.

 
















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@gBfD@ArQWOVRTIKLXTOJjKQWXTKJRUTSPGTKRUTVDY]gf[Z@ D\@fg Agenda Item #5.1.

 
















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Agenda Item #5.1.

 
















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Agenda Item #5.1.

 

















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Agenda Item #5.1.

 
















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bbCBVBBRI^MGQMPlGdGIlPQGr^IsGIU[eKKfMSGIVWVAaXYZ V[VXb Agenda Item #5.1.

 
















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RDCgEgD mOO[C\OCmOO[^KjHJdO[PH[JUlHoJKLM^\[HH\wHLMO[JUKLMfHjK\HMdO[PH[J EQEDDRSA gURED RDCgEgg^KjHJKLMfHjK\HMdO[PH[JUijjh\GH[EQEgAWST DUAEX RACDEDDYZ[J\C]ZLH^_`H[aZJO[JOIhIIZqHKLMiMnZLZJ\[K\ZaH^_``O[\dO[PH[JDQRVADST RUTRR RACXEDD^oZ\qGyOK[Mh`H[K\O[JUeLqj_MZLciLJoH[ZLc^H[aZqHEQERAgSR VUgWX Agenda Item #5.1.

 
















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AUCAEDDiL``YM`n{]YJeHMQNJHOPQLORESEFFETc FVBUE AUCAEDBiL`rOPZHORPMZk\PIHORESEEcDTU BVFcW
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AWCDEADgILLOiPdHORVnu\HJQ^POJHQVyLLZVPMZsPOZGYIHRESEDfBTc EVfBW Agenda Item #5.1.

 
















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abCAbFb sLKdLcZ[nSWWLcZ[eHKdLcLcZ[NVdxcNyLcZE^aAgh_a B[F`` abCAbFF sLKdJV][eHKdLcJV][NVdxcNyJV]GNXYJVLeLWWLcZ[iTLcNWHcZ[NVdfLVdLcZ E^EAAh_a F[BBF abCAbBb MLNWfcLNWJV]QRSJTULVWeLWWLcZ[iTLcNWHcZ[NVdfLVdLcZ[GLWNKNVdjKNZWJX E^EbEg_a E[ADB abCAbBFuNPHSWsHctLcZ[GLWNKNVdjKNZWJXE^EEFg_` E[gaE abCAbBDjKNWJV]GNXYJVLeLWWLcZ[iTLcNWHcZ[NVdfLVdLcZ[GLWNKNVdjKNZWJXE^Ebg`_A `[EgD abCAbBAfHHKvcJVdLcZ[wJKLcZ[NVdeYNcTLVLcZE^EE`g_A g[bD` abCAbBB GLWNKsHctLcZNVdjKNZWJXsHctLcZ[qKKiWYLcE^EFDb_A a[FhE abCabbbjcLTcLZZfLXYVJXJNVZNVdsHctLcZE^EEag_a E[ggh Agenda Item #5.1.

 
















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ABCABBDEFGHIGHJEFKLLMNKFOIPFLQRQSADTA DUVAQ
ABCABBWEFGHIXGHYGHJOHYZGHGL[GHJ\PF]KFLQRQQ^QTV VU_WD ABCSQBB`OaHYFbOHYcFbCdeKOHGHJ\PF]KFLQRQDABTW ^UVQW ABCSQDBEFKLLKFLUfKgIGeKUhOFiKHIUOHYjKeOIKYkOIKFGOeLQRQQQSTW lUBVB ABCSQWBmKnGHJkOo[GHKMNKFOIPFLQRBQVQTW lUSlW
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ABC^B^A kPeYKFLUm[ONKFLUOHYdOLIKFLUsgoKNIkKIOeOHYEeOLIGoQRQSDBTV ^UQWD ABC^B^SEONKFhPPYLkOo[GHKmKIIKFLUMNKFOIPFLUOHYfKHYKFLQRQQ__TV ^UQ_V ABC^B^lfGFKXaGeYKFLQRQQQ_TV SUlD^
ABC^B^_pKeNKFLCCEFPYaoIGPH\PF]KFLQRDSAQTV SU^_^ ABC^B^^EFPYaoIGPH\PF]KFLUueeMI[KFQRDlQQTV ^UAVW AWCDQBBuGFeGHKEGePILUdPNGePILUOHYZeGJ[IsHJGHKKFLQRQQQSTD SDUWVW AWCDQBDdPiiKFoGOeEGePILQRQBQVTB V_UBD_
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Agenda Item #5.1.

 

















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@ 6#
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ABCAD[[\PK^dJHPQSePJKQMfK^MJHDWDDEEYZ aNZ[D
ABCADE[_PgRPKQHNePRMHNPQShK^dRHd`iPRMJjMHHM^HDWDDEXY[ [BNDEk ABCADEE edRdJldPRfgMJPRdJHDWDD[DYZ ANcEa
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ABCZDA[OJPQHgdJRPRKdQTQHgMURdJHDWDDBEYc ANZA[
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ABCcDB[IJMSnMfgMJPRdJHDWDD[XYc [NccD
ABCcDa[tdKHRPQSiKQU]fgMJPRdJHDWDDDZYA [NaZX
ABCcDA[TQSGHRJKP^OJGUpPQSOJPURdJfgMJPRdJHDWaEDZYA DNAcB ABCcDZ[_^MPQMJHd`jM]KU^MHPQSmuGKgrMQRDWDXkZYa DNDka ABCcDZEoPldJMJHPQSvJMKn]RN\RdUpNPQSePRMJKP^edLMJHNtPQS[Wk[kXYa BNXDk ABCcDZB ePU]KQMvMMSMJHPQSf``lMPJMJHDWDAakYa AN[ZE ABCcDZahPUpMJHPQShPUpPnMJHNtPQSDWacBBYB ZNkXB ABCcDZA\RdUpMJHPQSfJSMJvK^^MJHDWBAcAYa ENE[c
ABCcDcEhGrgfgMJPRdJHNmbUMgRiM^^]MPShGrgMJHDWDDaZYA XNaDX ABCcDX[wM`GHMPQSwMUVU^Pl^MePRMJKP^_d^^MURdJHDW[EckYZ aNaZA ABCc[E[OPQp_PJNOJGUpNPQS\]KgodPSMJHDWDD[aYA XNDaa ABCc[kk ePRMJKP^edLKQnidJpMJHNq^^fR]MJDWDDXDYa kNcZ[ \dGJUMHx_qmIINfUUGgPRKdQP^mrg^dVrMQRyePVEDEEz{iPnMyEDEBC[HR|GPJRMJzIPRPW  
Agenda Item #5.1.

 
















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AXBAUQQxGMyb\j][_DbhaLMG\kpOMGhOf_hF[FOM\]Mb\OCPCQeRQXTACXWAAC AXBAUXUkbHMy]\GrGNG^baG\OCPCCSVQRTAiRWVSe
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Agenda Item #5.1.

 
















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Agenda Item #5.1.

APPENDIX

CITY OF ST HELENA

AFFORDABLE HOUSING

DEVELOPMENT IMPACT FEE

FINANCIAL FEASIBILITY ANALYSIS
SEPTEMBER 4, 2024
Oakland Office Corporate Office Other Regional Offices
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Tel: (510) 832-0899 Tel: (800) 755-6864 Plano, TX
Fax: (888) 326-6864 Seattle, WA
Washington, DC
Agenda Item #5.1.

www.willdan.com
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Agenda Item #5.1.

i

TABLE OF CONTENTS
EXECUTIVE SUMMARY............................................................................2 Methodology Overview 3

1. INTRODUCTION .............................................................................6 Purpose 6
Assumptions 6

2. FEASIBILITY ANALYSIS...................................................................7 Feasibility Analysis Methods 7
Land Residual Analysis 7
Structure and Inputs 8

3. IMPACT ON LAND VALUE..............................................................10 Factors Affecting Feasibility 10
Feasibility Results 11

4. APPENDIX ..................................................................................12 Appendix A: Proposed Affordable Housing Impact Fees 12
Appendix B: Development Prototype Pro Formas 13
Agenda Item #5.1.

2 Executive Summary
The primary purpose of this report is to estimate the impact on development financial feasibility of the imposition of an affordable housing fee by the City of St. Helena. The analysis examines the economics of six prototypes:

In a nexus study, dated May 22, 2024, Willdan has calculated the maximum justified for each development type and included them in the pro forma analysis contained in this report. These fees are detailed in the tables below. The table includes both the maximum justified fees as well as two alternatives of reduced fees presented earlier to accommodate project feasibility.

Table 1
Development Prototypes
St. Helena Feasibility Analysis
SF
Residential
MF
Residential Office Retail
Industrial/
Warehouse Hotel
Density (FAR) 0.29 0.76 0.28 0.33 0.17 0.13
Density (Units/Acre) 33
Form Factor single 3-5 stories 1 story 1 story 1 story Multi Residential Units/Rooms 1 33 65
Unit/Room Size 3,780 1,000 500
Residential SF 3,780 33,000 32,500
Commercial SF 3,597 2,847 1,500 21,097
parcel size (acres) 0.3 1 0.30 0.2 0.2 9.72
Willdan Financial Services, 2024
Agenda Item #5.1.

City of St. Helena Development Impact Fee Financial Feasibility Analysis 3 Methodology Overview
The financial feasibility analysis uses a pro forma approach to calculate the projected return that the six development prototypes are likely to generate. Each protype’s pro forma estimates the residual land value, a method of estimating the value of land for a project that calculates the total revenue generated by a project (either in the form of sales price or the present value of projected lease income) and subtracts the costs of developer and operations (as applicable) to arrive at a net amount that is attributable to the land under the project. The analysis assumes that all development protypes are rental or lease property, except for the single-family prototype.

The analysis assumes that if a residual land value is negative, the project is not feasible.

A low land value means a project is challenging to develop and may not be feasible.

Willdan and staff have reviewed transactions in St. Helena in the past ten years and estimate that a value below $25 per square foot (psf), or $1.1 million per acre, indicates a low feasibility and low probability of completion for the prototype development in question. This number can vary by land entitlement, with generally higher valuations for single family land and downtown parcels, and lower values for industrial and other less intensive uses.

Table 2
Proposed Fees (per square foot)
St. Helena Feasibility Analysis
Maximum
Justified
Max Estimated
Feasibility (1) 15% of Max 10% of Max
Residential
Rental Unit $135 NA $20 $14
For Sale Unit $196 $168 $29 $20
Non-Residential
Hotel $75 $75 $11 $8
Commercial $141 $20 $21 $14
Office $176 NA $26 $18
Industrial $67 NA $10 $7
(1) Max Estimated Fee at $1.1 million per acre residual value.

Willdan, 2024
Agenda Item #5.1.

City of St. Helena Development Impact Fee Nexus Study Update 4 As shown in Table 3 below, considering the $1.1 million benchmark described above, the analysis finds that single family residential, hotel and retail development appear feasible in current market conditions, and multifamily and office development are near the threshold of feasibility. Industrial uses appear infeasible, although industrial may in fact be feasible given that it typically has lower land valuations to meet. It is important to note that this feasibility analysis reflects current market conditions, and especially the historic increases in construction costs during and after the COVID epidemic. Willdan expects that market factors will return to a more historic balance in the future and that other development types will become feasible. It is also important to note that this analysis reflects a very generalized example, and that individual projects have their own economics and may in fact be feasible even in current market conditions.

Table 3 also shows the per acre cost of the 10%, 15% and 100% affordable housing fee alternatives to evaluate their effect on feasibility. It appears that the affordable housing fee would make little difference to feasibility for single family development but could pose a significant burden to the feasibility of retail. Office, MF residential and Industrial would be rendered even more infeasible, although the relative burden on industrial is small enough that it might make little material difference. For each development category the analysis has also calculated the maximum fee per acre, given the threshold value of $1.1 million.

The residual land values are affected by each of the inputs and assumptions contained in the pro formas and are particularly sensitive to capitalization rates, parking requirements, construction costs, and lease rates. The analysis identified reasonable ranges for these factors, given current market conditions, and tested the sensitivity to the factors to financial feasibility for each of the prototypes.

Table 3
Residual Value Summary
St. Helena Feasibility Analysis
Item
SF
Residential
MF
Residential Office Retail
Industrial/
Warehouse Hotel
Residual Land Value Per Acre 3,213,756 928,200 893,627 1,386,326 568,714 1,713,457 Residual Land Value Per land SF $74 $21 $21 $32 $13 $39 Porential Fees
10% Fee Per Acre $246,960 $646,800 $211,024 $200,714 $50,250 $56,250 15% Fee Per Acre $370,440 $970,200 $316,536 $301,070 $75,375 $84,375 100% Fee Per Acre $2,469,600 $6,468,000 $2,110,240 $2,007,135 $502,500 $562,500 Max Fee at Threshold $2,113,756 NA NA $286,326 NA $613,457 Willdan, 2024
Agenda Item #5.1.

City of St. Helena Development Impact Fee Nexus Study Update 5 Willdan believes it is important to consider that the impact fees are a cost recovery mechanism, not an assessment or tax. The impact fees are a calculation of the costs incurred by the City to provide affordable housing in connection with development. At the full calculated fee, the City “breaks even” on the revenue received and the costs of new facilities needed to serve development. Any reduction of the fees results in the need to outside revenues to make up the difference or a reduction in the provision of affordable housing. This analysis examines the proposed fees in comparison to estimated project feasibility, but that does not mean that the fees are responsible for the feasibility of projects, or that they should be set at a level that assists project feasibility.

This is a policy judgement to be made by elected officials, with the input of members of the community and other stakeholders.

Agenda Item #5.1.

City of St. Helena Development Impact Fee Nexus Study Update 6 1. Introduction
Purpose
The primary purpose of this report is to analyze the effect on financial feasibility of the proposed updated impact fees on six residential and commercial prototypes. These prototypes are summarized in Table 1, below:
• Residential: For-Sale Townhomes/Single-Family Detached • Multifamily: Multifamily Residential/3-5 Story Building • Office/single story building
• Retail / single story building
• Industrial (warehouse)/Single Story Building
• Hotel (65 room resort hotel)
The Nexus Study calculates the maximum justified fee that will be considered by the City Council. The nexus study documents the necessary data and calculations to establish nexus and proportionality.

Assumptions
The financial feasibility analysis assumes all development prototypes are rentals or leases, except for single-family residential. The analysis includes other assumptions about the development prototypes which are documented in Table 4 and individual pro formas in the Appendices.
.

Agenda Item #5.1.

City of St. Helena Development Impact Fee Nexus Study Update 7 2. Feasibility Analysis
The feasibility analysis of St. Helena’s proposed development impact fees uses a pro forma approach to calculate the projected financial return that six development prototypes are likely to generate for developers. The analysis assumes a standard set of assumptions and then estimate potential revenues, costs and a net financial return for the real estate developer.
.

Feasibility Analysis Methods
In classical real estate economics, development value is created when existing land or buildings can be improved by the investment of financial capital. Two main types of financial calculations are used by developers and policy makers to understand the financial feasibility of a particular development concept or project. The first and simplest type of financial feasibility analysis can be expressed by this basic equation:

Development Value – (Development Costs + Land) = Profit In this case profit can be expressed as total dollars or more typically as a percent return on money invested or costs. Assuming a positive return, this percent return is then compared to typical returns in the marketplace to assess the viability of a particular development versus other potential investment and development opportunities.

The second type of financial feasibility analysis is called a “land residual method” and can be expressed by the following simple equation:

Development Value – (Development Costs + Profit) = Land Residual This type of analysis is often preferred by urban economists as a means of clarifying the value generate by a proposed project under different planning and development scenarios and with validated cost and revenue assumptions. Assuming that the land residual is positive, the land value created by a development is compared to recent land sales for comparable parcels of land to further evaluate the relative feasibility of the development concept compared to other opportunities in the marketplace. Effectively, the land residual is the amount the developer can afford to pay for the land. If this amount is above prevailing land costs, the project is generally feasible.

This analysis uses the land residual method for determining financial feasibility. .

Land Residual Analysis
As a policy tool for helping to understand the potential for value capture related to new zoning and/or planning permissions in each area, a land residual methodology is often a Agenda Item #5.1.

City of St. Helena Development Impact Fee Nexus Study Update 8 preferable approach for illustration the potential increase in underling land values associated with different policy interventions. This report uses a land residual analysis to estimate the value of land for each of the six development prototypes that relies on the net operating income and value of improvements.

Structure and Inputs
Table 4 details the key assumptions used as inputs into the pro forma model, as well as a summary of calculated residual land values.

Agenda Item #5.1.

City of St. Helena Development Impact Fee Nexus Study Update 9 Table 4
Feasibility Model Assumptions
St. Helena Feasibility Analysis
SF Residential MF Residential Office Retail Industrial Hotel Development/Construction Costs ($/sf)
Residential Construction Costs 240 310
Commercial Construction Costs 250 250 125 650
Commercial Tenant Improvements (PSF) Landlord Allowance 50 75 0 0 Soft Costs
Soft Costs (% of hard costs) 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% Developer Profit 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% Vacancy Rate
Residential Vacancy NA 5.00%
Commercial Vacancy 5.00% 2.50% 5.00% 20.00%
Operating Expenses (% of revenue)
Residential Operating Expenses NA 25.00%
Commercial Operating Expenses 20.00% 20.00% 15.00% 25.00% Financing
% of Construction Cost 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Revenue
Residential Lease Rate (psf) $2.60
Commercial Lease Rate (psf) $3.30 $3.40 $2.00
For Sale Market Rate Residential Price Per Unit $2,457,000 Commercial Cap Rate 7.00% 7.00% 7.00% 8.00%
Residential Cap Rate 5.50%
Hotel ADR $1,000
hotel occupancy 80%
hotel revpar $800
Results: Residual Land Values (per acre)
Residual Land Values $3,213,756 $928,200 $893,627 $1,386,326 $568,714 $1,713,457 Willdan, 2024
Agenda Item #5.1.

-10

3. Impact on Land Value
The residual land values are affected by each of the inputs and assumptions contained in the pro formas, and are particularly sensitive to capitalization rates, parking requirements, construction costs, and lease rates. However, in all cases the impact fees charged by the City do not have a major effect on feasibility, and in no case do they transform a prototype project from feasible to infeasible.

Factors Affecting Feasibility
If a residual land value is negative, the project is not feasible. Alternatively, low land values indicate a low feasibility for a project. Willdan estimates that generally land values below $25 per square foot indicate a low feasibility and low probability of completion for the prototype developments.

A developer’s selection of real estate product type and location depends on various factors. The past, current, and projected future demand for a certain prototype in the area are weighed against the existing and projected future supply of these development types in the local and surrounding areas.

Potential factors affecting financial feasibility include the following:
• Capitalization rate – lower capitalization rates increase financial feasibility. Based on current and anticipated market conditions and assessment of relative market risk associated with St. Helena, this analysis assumes capitalization rates of 7.0 percent for non-residential development and 5.5 percent for multifamily residential development. • Construction costs – lower construction costs increase financial feasibility. Based on current market conditions, this analysis assumes base construction costs of $250 per square foot for retail and office development, $240 per square foot for residential development, $310 per square foot for multifamily development, and $125 per square foot for industrial developments.
• Operating expenses – operating costs include utilities, common area maintenance, security, and property taxes. The financial feasibility analysis uses 25% of revenue for multifamily residential and 15 to 20% for commercial prototypes. • Lease rates – higher lease rates and dependent on building features and market conditions but increase financial feasibility. Based on current and expected market conditions, this analysis assumes a lease rate of between $2.60 per square foot for residential development, $3.30 per square foot for office development, $3.40 per square foot for retail development, and $2.00 per square foot for industrial development. • Tenant improvement costs – passing improvement costs to tenants or amortizing costs increase financial feasibility. This analysis assumes a commercial tenant improvement landlord allowance of $50 psf for office and $75 psf for retail developments. • Profit margin – lower profit margins return less to developers but increase apparent financial feasibility of a project. This analysis assumes a developer profit of 12 percent (of costs) on each development project.
• Density – the floor area ratio (FAR) of a development project affords financial feasibility because it allows for a higher number of square feet of development on a given parcel.

There is a tradeoff, however, in that a higher FAR can result in a change in construction type which can lead to higher costs per square foot. The analysis assumes varying FARs to explore this dynamic.

Refer to Table 4 for a master list of pro forma inputs and assumptions.

Agenda Item #5.1.

City of St. Helena Development Impact Fee Feasibility Study 11 Feasibility Results
The residual land values are affected by each of the inputs and assumptions contained in the pro forma and are particularly sensitive to capitalization rates, parking requirements, construction costs, and lease rates. The analysis identified reasonable ranges for these factors, given current and likely market conditions, and tested the sensitivity of the factors of financial feasibility for each of the six development prototypes.

As shown in Table 3, above, initial results indicate that some of the development types are feasible under current market conditions, and that single family development, retail development and hotel development appear able to bear the burden of an affordable housing impact fee to varying degrees.

Agenda Item #5.1.

City of St. Helena Development Impact Fee Feasibility Study 12 4. Appendix
The appendix provides detailed and supporting tables for the summary analysis described above.

Appendix A: Proposed Affordable Housing Impact
Fees
The following tables detail the maximum justified fees for the City calculated in the recent Nexus Study, dated May 22, 2024.
.

Table A.1
Proposed Fees (per square foot)
St. Helena Feasibility Analysis
Maximum
Justified
Max Estimated
Feasibility (1) 15% of Max 10% of Max
Residential
Rental Unit $135 NA $20 $14
For Sale Unit $196 $168 $29 $20
Non-Residential
Hotel $75 $75 $11 $8
Commercial $141 $20 $21 $14
Office $176 NA $26 $18
Industrial $67 NA $10 $7
(1) Max Estimated Fee at $1.1 million per acre residual value.

Willdan, 2024
Agenda Item #5.1.

City of St. Helena Development Impact Fee Feasibility Study 13 Appendix B: Development Prototype Pro Formas
Single Family

DEVELOPMENT PROGRAM ASSUMPTIONS ASSUMPTION/FACTOR TOTAL Development Site (Square Feet) 0.3 Acres 13,068
Dwelling Units 3.3 DU/Acre 1
Gross Building Area (Square Feet) 3,780 GBA/DU 3,780
Net Habitable Square Feet 100% 3,780

BUILDING INCOME AND VALUE ASSUMPTION/FACTOR PER GBA TOTAL Net Operating Income (NOI) $0 $0
Project Market Value $2,457,000 per DU $650 $2,457,000
Project Sale Cost 7.0% Value 46 171,990
Net Project Value $605 $2,285,010

PROJECT DEVELOPMENT COSTS ASSUMPTION/FACTOR PER GBA TOTAL Construction Cost
Building Direct Cost (includes site development) $240 Cost/SF (GBA) $240 $907,200 Total Construction Cost $240 $907,200
Soft Costs
Financing 5% of Construction Costs $12 $45,360
Other Soft Costs 25% of Construction Costs $60 $226,800 Total Soft Costs $72 $272,160
Other Project Costs
Developer Return on Investment 12% of Construction & Soft Costs $141,523 Residual Land Value Model Output/Supportable Land Cost $964,127 Total Other Costs $1,105,650
Total Project Cost (including land) $2,285,010
Residual Land Value $964,127
Per Acre $3,213,756
10% Affordable Housing Fee $20 psf $74,088
per acre $246,960
Willdan, 2024
Agenda Item #5.1.

City of St. Helena Development Impact Fee Feasibility Study 14 Multifamily

DEVELOPMENT PROGRAM ASSUMPTIONS ASSUMPTION/FACTOR TOTAL Development Site (Square Feet) 1 Acres 43,560
Dwelling Units 33 DU/Acre 33
Gross Building Area (Square Feet) 1,000 GBA/DU 33,000
Net Rentable Square Feet 85% 28,050

BUILDING INCOME AND VALUE ASSUMPTION/FACTOR PER GBA TOTAL Gross Potential Rent $2.60 per SF/Month $27 875,160
Gross Potential Parking Income 0 per Space/Month
Losses to Vacancy 5% of Gross Income ($1) (43,758)
Gross Residential Revenue 831,402
Basic Operating Expenses 25% of Gross Potential Rent ($7) (218,790) Total Operating Expenses (218,790)
Net Operating Income (NOI) $19 $612,612
Project Market Value 5.50% Cap Rate $0 $11,138,400
Project Leasing Cost (included in operating costs) 0.0% Value $0 $0.0 Net Project Value $0 $11,138,400

PROJECT DEVELOPMENT COSTS ASSUMPTION/FACTOR PER GBA TOTAL Construction Cost
Building Direct Cost (includes site development) $250 Cost/SF (leaseable area) $213 $7,012,500 Total Construction Cost $213 $7,012,500
Soft Costs
Financing 5% of Construction Costs $11 $350,625
Other Soft Costs 25% of Construction Costs $53 $1,753,125 Total Soft Costs $64 $2,103,750
Other Project Costs
Developer Return on Investment 12% of Construction & Soft Costs $1,093,950 Residual Land Value Model Output/Supportable Land Cost $928,200 Total Other Costs $2,022,150
Total Project Cost (including land) $11,138,400
Residual Land Value $928,200
per acre $928,200
10% affordable housing fee $20 $646,800
per acre $646,800
Willdan, 2024
Agenda Item #5.1.

City of St. Helena Development Impact Fee Feasibility Study 15 Retail

DEVELOPMENT PROGRAM ASSUMPTIONS ASSUMPTION/FACTOR TOTAL Development Site (Square Feet) 0.20 Acres 8,712
FAR 0.33
Gross Building Area (Square Feet) 14,235 GBA/Acre 2,847 Net Leaseable Square Feet 100% 2,847

BUILDING INCOME AND VALUE ASSUMPTION/FACTOR PER GBA TOTAL NNN Potential Rent $3.40 per SF/Month $41 $116,158
Losses to Vacancy 3% of Gross Income ($1) ($2,904)
NNN Commercial Revenue $113,254
Basic Operating Expenses 0% of Gross Potential Rent $0 $0 Additional Operating Expenses (TDM) 0 Per Year 0 0
Total Operating Expenses $0
Net Operating Income (NOI) $40 $113,254
Project Market Value 7.00% Cap Rate $0 $1,617,909
Project Leasing Cost 6.0% Value $0.0 $97,075
Net Project Value $0 $1,520,835

PROJECT DEVELOPMENT COSTS ASSUMPTION/FACTOR PER GBA TOTAL Construction Cost
Building Direct Cost (includes site development) $250 Cost/SF (leaseable) $250 $711,750 Tenant Improvements $50 cost/sf (leaseable sf) $50 $142,350 Total Construction Cost $300 $854,100
Soft Costs
Financing 5% of Construction Costs $15 $42,705
Other Soft Costs 25% of Construction Costs $75 $213,525 Total Soft Costs $90 $256,230
Other Project Costs
Developer Return on Investment 12% of Construction & Soft Costs $133,240 Residual Land Value Model Output/Supportable Land Cost $277,265 Total Other Costs 410,505
Total Project Cost (including land) 1,520,835
Residual Land Value 277,265
per acre $1,386,326
10% affordable housing fee $14 $40,143
per acre $200,714
Willdan, 2024
Agenda Item #5.1.

City of St. Helena Development Impact Fee Feasibility Study 16 Industrial

DEVELOPMENT PROGRAM ASSUMPTIONS ASSUMPTION/FACTOR TOTAL Development Site (Square Feet) 0.2 Acres 8,712
FAR 0.17
Gross Building Area (Square Feet) 7,500 GBA/Acre 1,500
Net Leaseable Square Feet 100% 1,500

BUILDING INCOME AND VALUE ASSUMPTION/FACTOR PER GBA TOTAL Gross Potential Rent $2.00 per SF/Month $24 $36,000
Losses to Vacancy 5% of Gross Income ($1) ($1,800)
Gross Residential Revenue $34,200
Basic Operating Expenses 15% of Gross Potential Rent -$4 -$5,400 Total Operating Expenses -$5,400
Net Operating Income (NOI) $19 $28,800
Project Market Value 7.00% Cap Rate $0 $411,429
Project Sale Cost 6.0% Value $0.0 $24,685.7
Net Project Value $0 $386,743

PROJECT DEVELOPMENT COSTS ASSUMPTION/FACTOR PER GBA TOTAL Construction Cost
Building Direct Cost (includes site development) $125 Cost/SF (leaseable area) $125 $187,500 Tenant Improvements $0 cost/sf (leaseable sf) $0 $0
Total Construction Cost $125 $187,500
Soft Costs
Financing 5% of Construction Costs (incl. site) $6 $9,375 Other Soft Costs 25% of Construction Costs (excl. site) $31 $46,875 Total Soft Costs $38 $56,250
Other Project Costs
Developer Return on Investment 12% of Construction & Soft Costs $29,250 Residual Land Value Model Output/Supportable Land Cost $113,743 Total Other Costs $142,993
Total Project Cost (including land) $386,743
Residual Land Value $113,743
per acre $568,714
10% Affordable Housing Fee $7 $10,050
per acre $50,250
Willdan, 2024
Agenda Item #5.1.

City of St. Helena Development Impact Fee Feasibility Study 17 Hotel

DEVELOPMENT PROGRAM ASSUMPTIONS ASSUMPTION/FACTOR TOTAL Development Site (Square Feet) 9.72 Acres 423,403
FAR 0.13
Rooms 65.00
Gross Building Area (Square Feet) 5,514 GBA/Acre 53,597 Net Leaseable Square Feet 100% 53,597

BUILDING INCOME AND VALUE ASSUMPTION/FACTOR REFERENCE TOTAL ADR $1,000 /night
Occupancy 80%
Gross Potential Room Revenue $18,980,000 monthly $18,980,000 $18,980,000 Ancillary Income 80.00% % of Room Revenue 15,184,000
Gross Revenue $34,164,000
Overall Exp. 62.0% of Gross Revenue $21,181,680
Room Operations 18.0% of Room Revenue $3,416,400
Other Op Exp 27.5% of Ancillary Revenue $4,175,600
Total Operating Expenses $28,773,680
Net Operating Income (NOI) $5,390,320
Project Market Value 8.00% Cap Rate $0 $67,379,000
Net Project Value $0 $67,379,000

PROJECT DEVELOPMENT COSTS ASSUMPTION/FACTOR REFERENCE PER GBA TOTAL Construction Cost
Building Direct Cost (includes site development and improvments) $650 Cost/SF $650 $34,838,050 Total Construction Cost $650 $34,838,050
Soft Costs
Financing 5% of Construction Costs (incl. site) $33 $1,741,903 Other Soft Costs 25% of Construction Costs (excl. site) $163 $8,709,513 Total Soft Costs $195 $10,451,415
Other Project Costs
Developer Return on Investment 12% of Construction & Soft Costs $5,434,736 Residual Land Value Model Output/Supportable Land Cost $16,654,799 Total Other Costs $22,089,535
Total Project Cost (including land) $67,379,000
Residual Land Value $16,654,799
per acre $1,713,457
100% Affordable Housing Fee $75 $4,019,775
per acre $562,500
Willdan, 2024
Agenda Item #5.1.

A F F O R D A B L E

H O U S I N G I N - L I E U

F E E S A N D

N O N R E S I D E N T I A L

C O M M E R C I A L

L I N K A G E F E E S
September 12, 2024
Study Session
Agenda Item #5.1.

In-Lieu Fees and
Affordable Housing
SHMC zoning ordinance 17.30.030
In-lieu Fee Exemption
Fractional unit created by the 20%
Inclusionary requirement
Agenda Item #5.1.

Definitions
Maximum Justified Fee – The fee level sufficient to mitigate the impact of new residential or commercial development on the affordable housing.

Maximum Feasibility – The highest fee that can be charged without negatively impacting the financial viability of a project or development.

Agenda Item #5.1.

Agenda Item #5.1.

Additional Discussion
• Consistent practice is 10% to 15% of Maximum Justified Fee • Under current market conditions, Rental Housing, Office, and Industrial are not feasible even without the fee
• Feasibility analysis is based on current market conditions, which will fluctuate as the market changes
Agenda Item #5.1.

NE XT ST E PS
Agenda Item #5.1.

Agenda Item #5.1.

Thoughts on the City of St Helena’s
Opportunity to Optimize Housing Impact Fees &
Commercial Linkage Fees to
Actually Build Housing
Submitted by Mary Stephenson
9/10/24
Agenda Item #5.1.

For Context:
10-Year Housing Impact Fee Revenue & Expenses
Turley Flats
49%
Brenkle Court
22%
Pope Street
22%
Other
7%
Agenda Item #5.1.

FOR CONTEXT: ESTIMATE RHNA STATUS 9/2024
Agenda Item #5.1.

Use Impact Fees to Influence Type of Housing Built
• Biggest Need: Multi-unit Development
• Cost effective given scarcity/cost of land
• For sale and for rent
• From VL to High Market Rate for full-time residents
• Current Forecast from Development Impact Fees Approved 12/2023 • Total of 243 housing units thru 2040 (RHNA requires 256 by 2031) • 172 single family homes
• 71 multi-unit buildings
• Exact opposite of what is needed for a sustainable economy Agenda Item #5.1.

• 65 Rooms
• 98 Employees
• 50% Housed Locally
• 41 Units @ $500K
Cost: $20,000,000
Fee: $ 4,000,000
Shortfall: $16,000,000
Commuting Workers: 49
Agenda Item #5.1.

POTENTIAL CITY CONTRIBUTION TO BUILD 60

ADDITIONAL VL AMI UNITS
Excludes current and potential developments and potential hotels.

Agenda Item #5.1.

Potential Sources for 60 New VL Income Units
Agenda Item #5.1.

POSSIBLE NEXT STEPS
• Approve hotel Commercial Linkage Fee at maximum level • Acknowledge need for average of $1,200,000 (estimate) in AHTF fund generation in next 7 years
• Reassess all other development categories to maximum fees while not discourage development
• Develop incentives for developers to build housing instead of pay in lieu fees
• Develop incentives for developers to build VL income units as part of inclusionary
Agenda Item #5.1.

Longer Term: Provide Incentives to Build Multi-Unit
• Waive all housing impact fees
• On multi-unit rentals and for-sale with deed restrictions up to 150% AMI • Full or partial waiver of all city impact fees for VL inclusionary • Realistic in lieu fees ($500K per unit?)
• Provide developers incentive to include RHNA units in their design • Provide a site for a larger VL housing project
• Developers can contribute their per unit in lieu fees to an existing project Agenda Item #5.1.

Latest Studies (not cited in this document)
Generation Housing – 2024 Napa Valley Housing Needs Assessment Innovative assessment of what needs to happen next. - Generationhousing.org NORTH BAY HOUSING SOLUTIONS SUMMIT – Friday, October 11, Sheraton Petaluma 9:00-5:00pm Napa County 2024 Affordable Housing Needs Report
California Housing Partnership chpc.net/Housing Needs
2024 Napa County Farmworker Housing Needs & Impacts Assessment Presented to the Board of Supervisors in July 2024 countyofnapa.org Agenda Item #5.1.