Agenda packet — Thousand Oaks City Council, February 28, 2023 (part 3 of 3)

Total Affordable Housing Nexus Costs
Previous steps in the nexus analysis estimated the following:

1. The number of Extremely Low, Very Low, Low and Moderate Income households that will be employed in each of the four types of buildings; and Item No.16C

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2. The affordability gaps associated with providing housing at the various income levels.

The final step in the nexus analysis translates these factors into the estimated cost to fulfill the affordable housing demand created by the prototype developments (Appendix A – Table 5).

These results are then converted into the affordability gaps per square foot of building area for the new development of retail/commercial, office, industrial, and research and development, and hotel/lodging uses. This is defined as the affordable housing nexus cost, which represents the maximum legally allowable Nonresidential Development Linkage Fee. Based on the results of the KMA analysis, the legally maximum fees for the five building types are as follows:

Table 20: Legally Maximum Fees Per Square Foot of
Building Area6
Retail / Commercial $158
Office $162
Industrial $60
R&D $65
Hotel / Lodging $63

Total nexus and mitigation costs are driven by employment densities, the compensation level of jobs, and the cost of developing residential units. Higher employment densities contribute to higher nexus costs. These fee amounts represent the maximum amounts that can be charged under the nexus requirements imposed by the United States Supreme Court and the California Government Code.

IV. RECOMMENDED NONRESIDENTIAL LINKAGE FEE LEVELS
The following sections discuss methods in which the City could set the Nonresidential Development Linkage Fee amounts:

A. Fee-Setting Context
The preceding study establishes the maximum fee amounts the City could charge under the nexus requirements imposed by the United States Supreme Court and the California Government Code. Recognizing that the Nonresidential Development Linkage Fee is not the

6 Fee amounts are rounded down to whole numbers.

Item No.16C

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only tool the City will use to fulfill affordable housing needs, it is KMA’s assumption that the City will choose to set the fee at less than the ceiling applied by the nexus test. In KMA’s opinion, the fee amounts should be selected based on the following:

1. The strength of the local real estate market for the building types that will pay the fee;

2. The total fees imposed on new development as compared to jurisdictions that are competing for the uses; and

3. The local policy objectives.

The following information is provided to assist the City in selecting the fee amounts to be imposed.

B. Financial Feasibility Analysis
As indicated in the previous section, the nexus analysis establishes the maximum legally supportable Nonresidential Development Linkage Fee levels. These amounts reflect the full cost associated with fulfilling the need for affordable housing created by the new nonresidential development. However, this does not take into account the impact the Nonresidential Development Linkage Fee will have on the financial feasibility of new development. It is important to establish a balance between the City’s public policy objectives to produce affordable housing and the economic impact that will be experienced by property owners and developers.

To that end, KMA prepared a financial feasibility analysis (See “Financial Feasibility Analysis of Nonresidential Linkage Fees”) to assess the impact of proposed Nonresidential Development Linkage Fee amounts on each nonresidential land use.

Development Cost Analysis
A common approach to establishing fee levels is based on comparing the Nonresidential Development Linkage Fee against the development costs associated with each land use. This approach facilitates an evaluation of whether the amount is likely to affect development decisions.

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Oaks in the past several years. Thus, for the purposes of establishing nonresidential development prototypes, KMA relied on the limited development information provided by the City, as well as KMA’s experience with similar nonresidential development projects throughout the region.

To that end, KMA prepared prototypical projects and development budgets for representative nonresidential product types that may be developed in Thousand Oaks in the near term. These prototypes are utilized as the basis for which to test the impact of potential impact fees on development costs.

The development prototypes utilized for this analysis are summarized as follows:

1. Retail / Commercial Prototype;

2. Office Prototype;

3. Industrial Prototype;

4. Research and Development Prototype; and

5. Hotel / Lodging Prototype.

As such, KMA first prepared a base pro forma analysis of each land use prototype that does not include a Nonresidential Development Linkage Fee. Next, KMA estimated a range of potential Nonresidential Development Linkage Fees based on a percentage of total development costs ranging from 0.5% to 5% of total development costs.

Table 21: Nonresidential Development Linkage Fee Per SF as a Percentage of Development Costs (Base Scenario)
% Of Development Costs
Retail /
Commercial
Prototype
Office
Prototype
Industrial
Prototype
Research and
Development
Prototype
Hotel /
Lodging
Prototype

0.5% of Development Costs $2.41 $2.14 $0.71 $0.66 $2.24

1.0% of Development Costs $4.83 $4.27 $1.43 $1.32 $4.48

2.0% of Development Costs $9.65 $8.54 $2.85 $2.65 $8.95

3.0% of Development Costs $14.48 $12.82 $4.28 $3.97 $13.43

4.0% of Development Costs $19.30 $17.09 $5.71 $5.29 $17.90

5.0% of Development Costs $24.13 $21.36 $7.13 $6.61 $22.38

Item No.16C

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Based on these estimates, KMA analyzed the impact on each development prototype’s financial feasibility for the following Nonresidential Development Linkage Fee amounts: $1 per square foot, $3 per square foot, and $5 per square foot. For reference, to evaluate the financial feasibility of each fee amount, KMA set the threshold return requirements for each development prototype as follows:

Table 22: Threshold Return Requirements

Retail /
Commercial
Prototype
Office
Prototype
Industrial
Prototype
Research and
Development
Prototype
Hotel /
Lodging
Prototype

Feasible Range (Green) ≥ 8.00% ≥ 9.00% ≥ 6.50% ≥ 8.00% ≥ 9.00% Marginally Feasible Range (Yellow) 7.00% - 7.99% 8.00% - 8.99% 6.00% - 6.49% 7.50% - 7.99% 8.50% - 8.99% Infeasible Range (Red) ≤ 6.99% ≤ 7.99% ≤ 5.99% ≤ 7.49% ≤ 8.49%

The following table summarizes the results of the financial feasibility analysis:

Table 23: Estimated Returns on Investment By Nonresidential Development Linkage Fee Amount

Retail /
Commercial
Prototype
Office
Prototype
Industrial
Prototype
Research and
Development
Prototype
Hotel /
Lodging
Prototype

Base: No Linkage Fee 6.75% 5.08% 7.79% 6.99% 5.55%

Linkage Fee @ $1/SF 6.74% 5.07% 7.73% 6.94% 5.53%

Linkage Fee @ $3/SF 6.70% 5.04% 7.62% 6.82% 5.50%

Linkage Fee @ $5/SF 6.67% 5.02% 7.50% 6.71% 5.47%

The only land use that is currently financially feasible is the industrial land use. The retail/commercial, office, research and development, and hotel land uses are likely to be financially infeasible even without the imposition of a Nonresidential Linkage Fee. However, the imposition of a Nonresidential Development Linkage Fee in the range of $1 to $5 per square foot of building area has a very minimal impact on the financial feasibility of each of the land uses.

Item No.16C

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C. Fees in Other Jurisdictions
It is important to note that historically Nonresidential Development Linkage Fee programs were primarily found in Northern California jurisdictions. However, more Southern California jurisdictions have enacted Nonresidential Development Linkage Fee programs in recent years.

The following summarizes the requirements of these programs:

Table 24: Comparison of Fees in Other Jurisdictions
Jurisdiction
Fee Amount Per Square
Foot of Gross Building Area Exemptions
Culver City

$5 • Non-residential developments less than 10,000 square feet

• Community land uses that serve the public

• Reconstruction of building area destroyed by act of nature

• Housing portions of a mixed-use project

Los Angeles $3.11 - $5.19 • Non-residential developments less than 15,000 square feet

• Hospitals

• Grocery stores (if non within 1/3 mile)

• Public institutional projects

Glendale $4 • Non-residential developments less than 1,250 square feet

• Hotels

• Auto Dealerships

• Institutional Uses

• Reconstruction of building area destroyed by act of nature

Rancho

Retail/Commercial - $1.00 • Nonresidential developments less than 10,000 square feet Cucamonga

Office - $1.00 • Community land uses that serve the public

Industrial - $6.00 • Reconstruction of building area destroyed by act of nature

Warehouse - $6.00 • Utility, transp, public facility and communication uses

R&D - $6.00 • Nonresidential areas of mixed-use projects if at least 5% of the units are affordable

San Diego Office - $2.12 • Non-profit hospitals

Hotel - $1.28 • Manufacturing/warehouse uses

R&D - $0.80 • Government uses

Retail - $1.28

Santa Monica Retail - $11.42 • Institutional Projects

Office - $13.34 • Commercial portions of apartment projects developed by non-profit housing providers if public assistance is provided

Hotel/Lodging - $3.65

Hospital - $7.32

Industrial - $8.97

Institutional - $12.18

Creative Office - $11.42

Medical Office - $8.21

West Hollywood $9.39 • Non-residential development less than 10,000 square feet Item No.16C

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The nonresidential development linkage fees in the seven Southern California jurisdictions range from a low of $0.80 per square foot of gross building area (GBA) for research and development uses in San Diego to a high of $13.34 per square foot of GBA for office development uses in Santa Monica.

It should be noted that some jurisdictions set a threshold project size below which Nonresidential Development Linkage Fees are not imposed. A commonly used threshold is 10,000 square feet of GBA.

D. Recommended Fee Levels
Based on the context of the financial feasibility analysis, development cost analysis, the fees survey for nearby jurisdictions, the relative strength of the Thousand Oaks real estate market, and taking into account the City’s policy objectives, we recommend that the City consider a fee in the $0 to $5 per square foot range for the retail/commercial, office, industrial, research and development, and hotel/lodging uses.

Table 25: Recommended Nonresidential
Development Linkage Fees Per Square Foot
Retail / Commercial $0 - $5
Office $0 - $5
Industrial $0 - $5
Research and Development $0 - $5
Hotel / Lodging $0 - $5

However, it is important to note that this recommendation does not take into account any other fees currently under review by the City. Any changes on other fee levels would impact this recommendation.

E. Potential Indices for Annual Updates to Nonresidential Linkage Fees Administrative objectives that should be taken into consideration in selecting an appropriate index for updating the Nonresidential Linkage Fees are as follows:

1. The update methodology should be simple and easily administered; Item No.16C

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2. The terms of the update should be clear and objective, not subject to interpretation; and

3. The update should be tied to a readily accessible and neutral third-party published source.

The following table summarizes common indices that could be used to adjust the Nonresidential Linkage Fee amounts each year:

Table 26: Potential Indices for Annual Escalation
Index Concept/Description Advantages Disadvantages Building Cost
Index (BCI)
• Fees go up or down based on
changes in building
construction costs
• Very well established • May not trend with
changes in development
cost components such as
land and soft costs

• Consistent fee burden
is imposed relative to
changes in construction
costs

• Published by Engineering
News Record (ENR)

• May not trend with the
cost associated with
producing affordable units
• Available as a national average
for 20 cities

Construction
Cost Index (CCI)
• Also published by ENR and
similar to the Building Cost
Index, but with different
weighting toward labor costs
• Very well established • The BCI is likely the more
appropriate of the two ENR
indices since it is more
closely linked to
commercial construction
costs

• Consistent fee burden
is imposed relative to
changes in construction
costs

Consumer Price
Index (CPI)
• Published by the United States
Bureau of Labor Statistics.
• Very well established • May not trend with
commercial construction
costs, or the cost to
produce affordable housing
units

• Tracks with inflation
generally

• Available for major
metropolitan areas

• Produced by a neutral
government agency

If the City uses one of the indices above to escalate other impact fees, KMA recommends using that same index to escalate the Nonresidential Development Linkage Fee.

Item No.16C

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V. ADDENDUM: FACTORS RELATING TO THE NEXUS CONCEPT
This Addendum provides a discussion of various specific factors and assumptions related to the nexus concept. This discussion supplements the overview provided in the previous sections of the report.

A. Addressing the Housing Needs of a New Population versus the Existing Population The City, in its 2021-2029 Housing Element, has documented that the housing needs of existing lower income households are not currently being met. The Housing Element states that approximately 29% of all the households in Thousand Oaks are defined as extremely low, very low or low income households. The existing housing shortage, especially at the lowest income levels, is manifested in numerous ways, such as residents paying far more than the affordable rent set forth in federal and state guidelines, overcrowding, and other factors that are extensively documented by the Census and other reports.

It is important to understand that this nexus study does not address the housing needs of the existing population. Rather, the study focuses exclusively on documenting and quantifying the housing needs of new households where an employee works in a new workplace building.

Local analyses of housing conditions indicate that new housing affordable to lower income households is not being added to the supply in sufficient quantity to meet the needs of new employee households. If significant numbers of units were being added to the supply to accommodate the Extremely Low to Moderate Income groups, or if residential units in Thousand Oaks were experiencing higher than typical long-term vacancy levels, particularly in affordable units, then the need for new units would be questionable.

B. Substitution Factor
Any given new workplace buildings in Thousand Oaks may be occupied partly, or even perhaps totally, by employees relocating from elsewhere in the city. Buildings are often leased entirely to firms relocating from other buildings in the same jurisdiction. However, when a firm relocates to a new building from elsewhere in the region, a vacant space is created that will ultimately be occupied by another firm. In turn, that building may be filled with some combination of newcomers to the area and existing workers. Somewhere in the chain there are jobs new to the region. The net effect is that new buildings accommodate new employees, although not necessarily inside of the new buildings themselves.

Item No.16C

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C. Indirect Employment and Multiplier Effects
The multiplier effect refers to the concept that the income generated by a new job recycles through the economy and results in additional jobs. The total number of jobs generated is broken down into three categories – direct, indirect and induced. In the case of the nexus analysis, the direct jobs are those located in the new workspace buildings that would be subject to the impact fee. Multiplier effects encompass indirect and induced employment. Indirect jobs are generated by suppliers to the businesses located in the new workspace buildings. Finally, induced jobs are generated by local spending on goods and services by the employees in the new businesses.

Multiplier effects vary by industry. Industries that draw heavily on a network of local suppliers tend to generate larger multiplier effects. Industries that are labor intensive also tend to have larger multiplier effects as a result of the induced effects of employee spending.

Theoretically, a nonresidential nexus analysis could consider multiplier effects. However, the potential for double counting exists to the extent indirect and induced jobs are added in other new buildings in jurisdictions that have jobs-housing linkage fees. KMA chooses to omit the multiplier effects (the indirect and induced employment impacts) to avoid potential double counting.

In addition, the nexus analysis addresses direct “inside” employment only. In the case of an office building, for example, direct employment covers the various managerial, professional and clerical people that work in the building; it does not include the security guards, the delivery services, the landscape maintenance workers, and many others that are associated with the normal functioning of an office building. By confining the analysis to the “inside” direct employees, the demand for affordable housing created by lower income workers associated with each type of building will be understated. This provides a more conservative perspective on the demand for affordable housing created by the development of new workplaces. If these factors were included, the maximum allowable Nonresidential Development Linkage Fee would be higher than the amount estimated in this report.

D. Changes in Labor Force Participation
In the 1960s through the 1980s, there were significant increases in labor force participation, primarily among women. As a result, some of the new workers were entering the labor force and already had local housing. This acts to reduce the demand for housing associated with job growth. In earlier nexus analyses prepared by KMA, we would adjust the analysis to account for Item No.16C

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this factor. However, increases in participation rates by women have stabilized, and even declined slightly, while labor force participation rates for men have been on a downward trajectory since 1970. As such, an adjustment for increase in labor force participation is no longer warranted in a nexus analysis.

E. Commuting
Workers in Thousand Oaks commute from locations throughout the Ventura County region.

Nexus analyses sometimes make a downward adjustment to reflect the fact that an assumed portion of housing needs will be satisfied by other jurisdictions. Such an adjustment is not required for nexus purposes; all housing demand generated by a project may be included in the nexus. No adjustment for commuting has been reflected in the study.

F. Economic Cycles
A nexus analysis of this nature is intended to support the imposition of a one-time fee that addresses the impacts generated over the 40+ year life of a project. Short-term conditions, such as a recession or a vigorous boom period, are not appropriate bases for estimating impacts over the life of a building. These cycles can produce impacts that are higher or lower on a temporary basis.

Development of new workspace buildings tends to be minimal during a recession, and generally remains minimal until conditions improve or there is confidence that improved conditions are imminent. To the limited extent that new workspace buildings are built during a recession, housing impacts from these new buildings may not be fully experienced immediately. New buildings delivered during a recession can sometimes sit vacant for a period after completion.

Even if new buildings are immediately occupied, the net absorption of space can still be zero or negative if other buildings are vacated in the process. Jobs added may also be filled in part by unemployed or underemployed workers who are already housed locally.

As the economy recovers, firms will begin to expand and hire again filling unoccupied space as unemployment is reduced. New space delivered during the recession still adds to the total supply of employment space in the region. Though the jobs are not realized immediately, as the economy recovers and vacant space is filled, this new employment space absorbs or accommodates job growth. Although there may be a delay in time, the fundamental relationship between new buildings, added jobs, and housing needs remains over the long term.

Item No.16C

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In contrast, during a vigorous economic boom period, conditions exist in which elevated impacts are experienced on a temporary basis. As an example, compression of employment densities can occur as firms add employees while making do with existing space. Compressed employment densities mean more jobs are added for a given amount of building area. Boom periods also tend to go hand-in-hand with rising development costs and increasing home prices.

These factors can bring market rate housing out of reach for a larger percentage of the workforce and increase the cost of delivering affordable units.

G. Conservative Assumptions
KMA employed many conservative assumptions in the estimation of the total affordable housing nexus costs. As a result, the total affordable housing nexus costs identified in this study are significantly lower than the amounts that would have been derived if less conservative assumptions had been applied. These conservative assumptions can be summarized as follows:

1. The study only counts employees that are employed in the companies that occupy the new development. The development of new commercial space will also generate indirect jobs from the suppliers to the businesses located in the new workspace buildings, and induced jobs related to the local spending on goods and services by the direct employees.

2. The annual incomes for workers used in this analysis reflect full-time employment based on the California Employment Development Department’s convention for reporting compensation information. Of course, many workers work less than full time; therefore, the annual compensation estimates used in the analysis are overstated, especially for retail/commercial uses, which tend to have a high number of part-time employees.

3. The conservative assumptions applied to the affordability gap analysis are:
a. The affordability gaps were estimated based on rents that are affordable to households at the top of each income range. If the mid-point of the income ranges had been used, the affordability gaps would have been larger, which would increase the resulting nexus costs.
b. The affordability gap analysis for Extremely Low and Very Low Income households includes Tax-Exempt Multifamily Bonds and 4% Tax Credit financing.

The inclusion of these outside leveraging sources reduces the affordability gap that would need to be filled by the City.

Item No.16C

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VI. MITIGATION FEE ACT FINDINGS
This section provides findings language consistent with the requirements of the Mitigation Fee Act as set forth in Government Code § 66000 et seq.

A. Identify the purpose of the fee (66001(a)(1)).

The purpose of the Nonresidential Development Linkage Fee is to fund construction of affordable housing to mitigate the increased demand for affordable housing from workers in newly developed workplace buildings.

B. Identify the use to which the fee is to be put (66001(a)(2)).

Nonresidential Development Linkage Fees are used to increase the supply of housing affordable to qualifying Extremely Low, Very Low, Low and Moderate Income households earning from 0% through 120% of median income.

C. Determine how there is a reasonable relationship between the fee's use and the type of development project on which the fee is imposed (66001(a)(3)).

The foregoing Nonresidential Nexus Study has demonstrated that there is a reasonable relationship between the use of the fee, which is to increase the supply of affordable housing in Thousand Oaks, and the development of new nonresidential buildings which increases the need for affordable housing. Development of new nonresidential buildings increases the number of jobs in Thousand Oaks. A share of the new workers in these new jobs will have household incomes that qualify as Extremely Low, Very Low, Low and Moderate Income and result in an increased need for affordable housing.

D. Determine how there is a reasonable relationship between the need for the public facility and the type of development project on which the fee is imposed (66001(a)(4)).

The analysis has demonstrated that there is a reasonable relationship between the development of nonresidential workspace buildings in Thousand Oaks and the need for additional affordable units. Development of new workspace buildings accommodates additional jobs in Thousand Oaks. Five different nonresidential development types were analyzed (Retail/Commercial, Office, Industrial, Research and Development, and Hotel/Lodging). The number of jobs added in various types of new nonresidential buildings is documented in Appendix A – Table 1. Based on household income levels for the new workers in these new Item No.16C

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jobs, a significant share of the need is for housing affordable to Extremely Low, Very Low, Low and Moderate Income levels. The Nonresidential Nexus Study concludes that for every 100,000 square feet of new Retail/Commercial space, 73.0 incremental affordable units are needed.

Similarly, for Office, 91.2 affordable units are needed per 100,000 square feet of space developed, 32.0 for Industrial, 41.4 for Research and Development, and 30.0 for Hotel/Lodging.

E. Determine how there is a reasonable relationship between the amount of the fee and the cost of the public facility or portion of the public facility attributable to the development on which the fee is imposed. (66001(b)).

There is a reasonable relationship between the amount of the fee and the cost of the needed affordable housing attributable to the new nonresidential development. The nexus analysis has quantified the increased need for affordable units in relation to each type of new nonresidential use being developed and determined maximum fee levels based on the cost of providing the needed affordable housing. Costs reflect the net subsidy required to produce the affordable units based on recent cost information for development of affordable housing in Thousand Oaks. Nonresidential Development Linkage Fees do not exceed the cost of providing the affordable housing that is attributable to the new development.

F. A fee shall not include the costs attributable to existing deficiencies in public facilities (66001(g)).

The nexus analysis quantifies only the net new affordable housing needs generated by new nonresidential development in Thousand Oaks. Existing deficiencies with respect to housing conditions in Thousand Oaks are not considered nor in any way included in the analysis.

Item No.16C

APPENDIX A

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Item No.16C

APPENDIX A - TABLE 1

NET NEW HOUSEHOLDS AND OCCUPATION DISTRIBUTION BY BUILDING TYPE

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Per 100,000 SF of Building
Retail /
Commercial Office Industrial
Research and
Development
Hotel /
Lodging
Step 1 - Estimate of Number of Employees
Employment Density (SF/Employee) 500 300 1,000 500 1,200 Number of Employees (100,000 SF Building) 200 333 100 200 83 170 283 85 170 71
Step 3 - Adjustment for Number of Households (1.94) 87.6 146.0 43.8 87.6 36.5 Step 4 - Percent of Jobs by Occupation (1)
Management Occupations 3.8% 10.8% 7.5% 18.4% 7.0%
Business and Financial Operations 1.1% 15.8% 5.2% 11.2% 2.2% Computer and Mathematical 0.2% 8.6% 3.2% 15.3% 0.2%
Architecture and Engineering 0.0% 4.9% 6.9% 13.6% 0.1%
Life, Physical, and Social Science 0.0% 1.5% 0.9% 23.7% 0.0% Community and Social Services 0.0% 1.0% 0.0% 0.1% 0.0%
Legal 0.0% 2.4% 0.1% 0.6% 0.0%
Education, Training, and Library 0.1% 0.3% 0.0% 0.2% 0.1% Arts, Design, Entertainment, Sports, and Media 1.6% 1.8% 0.7% 1.1% 0.2% Healthcare Practitioners and Technical 1.6% 9.5% 0.1% 2.3% 0.0% Healthcare Support 0.3% 5.2% 0.0% 0.5% 0.4%
Protective Service 0.4% 0.5% 0.1% 0.3% 2.0%
Food Preparation and Serving Related 37.6% 0.5% 0.2% 0.1% 17.1% Building and Grounds Cleaning and Maint. 1.2% 0.7% 0.4% 0.2% 31.2% Personal Care and Service 4.4% 0.8% 0.0% 0.2% 3.0%
Sales and Related 28.1% 6.6% 7.5% 2.0% 2.4%
Office and Administrative Support 5.4% 24.5% 10.9% 6.0% 23.7% Farming, Fishing, and Forestry 0.1% 0.0% 0.0% 0.3% 0.0% Construction and Extraction 0.2% 0.6% 0.9% 0.2% 0.2%
Installation, Maintenance, and Repair 3.1% 2.5% 9.1% 1.0% 7.2% Production 1.8% 0.9% 33.5% 2.1% 2.5%
Transportation and Material Moving 8.9% 1.0% 12.9% 0.5% 0.8% Totals 100.0% 100.0% 100.0% 100.0% 100.0%
Step 2 - Net New Employees after Declining Industries
Adjustment (15%)
Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks Non-Res Nexus_9 30 22.xlsm; 1 Households; trb Item No.16C

APPENDIX A - TABLE 1

NET NEW HOUSEHOLDS AND OCCUPATION DISTRIBUTION BY BUILDING TYPE

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Per 100,000 SF of Building
Retail /
Commercial Office Industrial
Research and
Development
Hotel /
Lodging
APPENDIX A - TABLE 1, PAGE 2
Step 4 - Number of Jobs by Occupation(1)
Management Occupations 3.3 15.7 3.3 16.2 2.6
Business and Financial Operations 0.9 23.1 2.3 9.8 0.8
Computer and Mathematical 0.2 12.5 1.4 13.4 0.1
Architecture and Engineering 0.0 7.2 3.0 11.9 0.0
Life, Physical, and Social Science 0.0 2.1 0.4 20.8 0.0 Community and Social Services 0.0 1.5 0.0 0.1 0.0
Legal 0.0 3.5 0.0 0.5 0.0
Education, Training, and Library 0.1 0.4 0.0 0.2 0.0
Arts, Design, Entertainment, Sports, and Media 1.4 2.6 0.3 1.0 0.1 Healthcare Practitioners and Technical 1.4 13.8 0.0 2.1 0.0 Healthcare Support 0.2 7.6 0.0 0.5 0.1
Protective Service 0.3 0.7 0.0 0.3 0.7
Food Preparation and Serving Related 32.9 0.7 0.1 0.0 6.2 Building and Grounds Cleaning and Maint. 1.0 1.1 0.2 0.2 11.4 Personal Care and Service 3.9 1.1 0.0 0.2 1.1
Sales and Related 24.6 9.6 3.3 1.7 0.9
Office and Administrative Support 4.8 35.7 4.8 5.3 8.6
Farming, Fishing, and Forestry 0.1 0.0 0.0 0.2 0.0
Construction and Extraction 0.2 0.9 0.4 0.2 0.1
Installation, Maintenance, and Repair 2.7 3.6 4.0 0.9 2.6 Production 1.6 1.2 14.7 1.8 0.9
Transportation and Material Moving 7.8 1.4 5.6 0.5 0.3
Totals 87.6 146.0 43.8 87.6 36.5
Notes:
(1) Appendices B - F contain additional information regarding worker occupation categories.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks Non-Res Nexus_9 30 22.xlsm; 1 Households; trb Item No.16C

APPENDIX A - TABLE 2A

ESTIMATE OF QUALIFYING HOUSEHOLDS - EXTREMELY LOW INCOME

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Analysis for Households Earning up to 30% of Median
Retail /
Commercial Office Industrial
Research and
Development
Hotel /
Lodging
Per 100,000 SF Building
Households Earning up to 30% of Median (Step 5, 6, & 7) (1) Management 0.00 0.04 - - 0.00 Business and Financial Operations - 0.13 0.00 0.02 0.00 Computer and Mathematical - 0.02 0.00 0.06 - Architecture and Engineering - - 0.00 0.01 - Life, Physical and Social Science - - - 0.08 - Community and Social Services - - - - - Legal - 0.00 - - - Education Training and Library - - - - - Arts, Design, Entertainment, Sports, and Media - - - - - Healthcare Practitioners and Technical - 0.04 - 0.01 - Healthcare Support - 0.26 - - - Protective Service - - - - - Food Preparation and Serving Related 4.23 - - - 0.78 Building Grounds and Maintenance - - - - 1.01 Personal Care and Service 0.46 - - - 0.10 Sales and Related 3.19 0.42 0.08 - 0.05 Office and Admin 0.19 1.13 0.17 0.12 0.88 Farm, Fishing, and Forestry - - - - - Construction and Extraction - - - - - Installation Maintenance and Repair 0.09 0.05 0.07 - 0.06 Production - - 0.57 0.08 0.12 Transportation and Material Moving 0.79 - 0.43 - - HH earning up to 30% of Median - major occupations 8.95 2.09 1.33 0.38 3.00 HH earning up to 30% of Median - all other occupations 0.84 0.22 0.05 0.03 0.12 Total Households Earning up to 30% of Median 9.8 2.3 1.4 0.4 3.1 Notes:
(1) Appendices B - F contain additional information on worker occupation categories, compensation levels and estimated household incomes.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks Non-Res Nexus_9 30 22.xlsm; 2A ELI; trb Item No.16C

APPENDIX A - TABLE 2B

ESTIMATE OF QUALIFYING HOUSEHOLDS - VERY LOW INCOME

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Analysis for Households Earning 30% to 50% of Median
Retail /
Commercial Office Industrial
Research and
Development
Hotel /
Lodging
Per 100,000 SF Building
Households Earning 30% to 50% of Median (Step 5, 6, & 7) (1) Management 0.21 0.46 0.07 0.16 0.18 Business and Financial Operations - 1.65 0.12 0.55 0.08 Computer and Mathematical - 0.41 0.04 0.27 - Architecture and Engineering - 0.17 0.06 0.12 - Life, Physical and Social Science - - - 1.19 - Community and Social Services - - - - - Legal - 0.22 - - - Education Training and Library - - - - - Arts, Design, Entertainment, Sports, and Media - - - - - Healthcare Practitioners and Technical - 0.69 - 0.22 - Healthcare Support - 2.61 - - - Protective Service - - - - - Food Preparation and Serving Related 13.66 - - - 2.54 Building Grounds and Maintenance - - - - 4.62 Personal Care and Service 1.44 - - - 0.40 Sales and Related 9.77 2.06 0.61 - 0.24 Office and Admin 1.60 11.23 1.50 1.27 3.29 Farm, Fishing, and Forestry - - - - - Construction and Extraction - - - - - Installation Maintenance and Repair 0.67 0.70 0.72 - 0.66 Production - - 4.78 0.61 0.36 Transportation and Material Moving 3.12 - 2.14 - - HH earning 30% to 50% of Median - major occupations 30.47 20.21 10.05 4.39 12.36 HH earning 30% to 50% of Median - all other occupations 2.87 2.10 0.35 0.35 0.50 Total Households Earning 30% to 50% of Median 33.3 22.3 10.4 4.7 12.9 Notes:
(1) Appendices B - F contain additional information on worker occupation categories, compensation levels and estimated

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks Non-Res Nexus_9 30 22.xlsm; 2B VL; trb
Item No.16C

APPENDIX A - TABLE 2C

ESTIMATE OF QUALIFYING HOUSEHOLDS - LOW INCOME

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Analysis for Households Earning 50% to 80% of Median
Retail /
Commercial Office Industrial
Research and
Development
Hotel /
Lodging
Per 100,000 SF Building
Households Earning 50% to 80% of Median (Step 5, 6, & 7) (1) Management 0. 78 1.93 0.45 1.23 0.75 Business and Financial Operations - 6.35 0.64 2.59 0.25 Computer and Mathematical - 1.89 0.19 1.64 - Architecture and Engineering - 1.45 0.48 1.55 - Life, Physical and Social Science - - - 3.96 -
Community and Social Services - - - - -
Legal - 0.62 - - -
Education Training and Library - - - - -
Arts, Design, Entertainment, Sports, and Media - - - - - Healthcare Practitioners and Technical - 1.75 - 0.56 - Healthcare Support - 2.48 - - -
Protective Service - - - - -
Food Preparation and Serving Related 7. 91 - - - 1.51 Building Grounds and Maintenance - - - - 3.06
Personal Care and Service 1. 05 - - - 0.31
Sales and Related 6. 00 2.91 0.85 - 0.25 Office and Admin 1. 50 11.80 1.58 1.92 2.24 Farm, Fishing, and Forestry - - - - -
Construction and Extraction - - - - -
Installation Maintenance and Repair 1. 06 1.39 1.66 - 0.97 Production - - 4.83 0.57 0.20
Transportation and Material Moving 2. 00 - 1.58 - - HH earning 50% to 80% of Median - major occupations 20.29 32. 56 12.27 14.02 9.55
HH earning 50% to 80% of Median - all other occupations 1. 91 3.39 0.42 1.11 0.39 Total Households Earning 50% to 80% of Median 22.2 35.9 12.7 15.1 9.9 Notes:
(1) Appendices B - F contain additional information on worker occupation categories, compensation levels and estimated household incomes.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks Non-Res Nexus_9 30 22.xlsm; 2C Low; trb Item No.16C

APPENDIX A - TABLE 2D

ESTIMATE OF QUALIFYING HOUSEHOLDS - MODERATE INCOME

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Analysis for Households Earning 80% to 120% of Median
Retail /
Commercial Office Industrial
Research and
Development
Hotel /
Lodging
Per 100,000 SF Building
Households Earning 80% to 120% of Median (Step 5, 6, & 7) (1) Management 0.68 2.86 0.62 2.42 0.60 Business and Financial Operations - 6.57 0.65 2.79 0.21 Computer and Mathematical - 3.16 0.35 3.30 - Architecture and Engineering - 2.07 0.86 3.26 - Life, Physical and Social Science - - - 6.05 - Community and Social Services - - - - - Legal - 0.62 - - - Education Training and Library - - - - - Arts, Design, Entertainment, Sports, and Media - - - - - Healthcare Practitioners and Technical - 3.32 - 0.49 - Healthcare Support - 1.10 - - - Protective Service - - - - - Food Preparation and Serving Related 2.23 - - - 0.46 Building Grounds and Maintenance - - - - 1.01 Personal Care and Service 0.36 - - - 0.11 Sales and Related 1.96 2.03 0.70 - 0.16 Office and Admin 0.65 5.30 0.68 0.97 0.84 Farm, Fishing, and Forestry - - - - - Construction and Extraction - - - - - Installation Maintenance and Repair 0.43 0.70 0.77 - 0.43 Production - - 2.06 0.25 0.07 Transportation and Material Moving 0.69 - 0.58 - - HH earning 80% to 120% of Median - major occupations 7.00 27.73 7.30 19.54 3.89 HH earning 80% to 120% of Median - all other occupations 0.66 2.89 0.25 1.55 0.16 Total Households Earning 80% to 120% of Median 7.7 30.6 7.5 21.1 4.1 Notes:
(1) Appendices B - F contain additional information on worker occupation categories, compensation levels and estimated household incomes.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks Non-Res Nexus_9 30 22.xlsm; 2d mod; trb Item No.16C

APPENDIX A - TABLE 3

WORKER HOUSEHOLDS BY AFFORDABILITY LEVEL

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Per 100,000 S.F. Building
Retail /
Commercial Office Industrial
Research and
Development
Hotel /
Lodging
NUMBER OF HOUSEHOLDS BY INCOME TIER (1)
Up to 30% Median Income 9.8 2.3 1.4 0.4 3.1
30% to 50% Median Income 33.3 22.3 10.4 4.7 12.9
50% to 80% Median Income 22.2 35.9 12.7 15.1 9.9
80% to 120% Median Income 7.7 30.6 7.5 21.1 4.1
Subtotal to 120% of Median 73.0 91.2 32.0 41.4 30.0
Above 120% of Median 14.6 54.8 11.8 46.2 6.5
Total New Worker Households 87.6 146.0 43.8 87.6 36.5

PERCENTAGE OF HOUSEHOLDS BY INCOME TIER
Up to 30% Median Income 11.2% 1.6% 3.1% 0.5% 8.5%
30% to 50% Median Income 38.1% 15.3% 23.7% 5.4% 35.2%
50% to 80% Median Income 25.3% 24.6% 29.0% 17.3% 27.2%
80% to 120% Median Income 8.7% 21.0% 17.2% 24.1% 11.1%
Subtotal to 120% of Median 83.3% 62.5% 73.1% 47.2% 82.1% Above 120% of Median 16.7% 37.5% 26.9% 52.8% 17.9%
Total 100% 100% 100% 100% 100%
Notes:
(1) See Appendices B - G for information regarding worker compensation levels and estimated household incomes.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks Non-Res Nexus_9 30 22.xlsm; AFF SUM; trb Item No.16C

APPENDIX A - TABLE 4
HOUSING DEMAND NEXUS FACTORS PER SQ.FT. OF BUILDING AREA

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Retail /
Commercial Office Industrial
Research and
Development Hotel / Lodging
Up to 30% Median Income 0.00009790 0.00002313 0.00001372 0.00000408 0.00003121 30% to 50% Median Income 0.00033339 0.00022311 0.00010392 0.00004733 0.00012865 50% to 80% Median Income 0.00022200 0.00035949 0.00012687 0.00015138 0.00009935 80% to 120% Median Income 0.00007655 0.00030619 0.00007548 0.00021089 0.00004052 Total 0.00072984 0.00091192 0.00031999 0.00041369 0.00029973 Notes:
(1)Calculated by dividing number of household in Table 3 by 100,000 square feet to convert to households per square foot of building.

Number of Housing Units per Square Foot of Building Area(1) Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks Non-Res Nexus_9 30 22.xlsm; Demand; trb Item No.16C

APPENDIX A - TABLE 5

TOTAL HOUSING NEXUS COST

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA

INCOME CATEGORY
Retail /
Commercial Office Industrial
Research and
Development Hotel / Lodging
Up to 30% Median Income $314,300 $30.80 $7.30 $4.30 $1.30 $9.80 30% to 50% Median Income $233,100 $77.70 $52.00 $24.20 $11.00 $30.00 50% to 80% Median Income $183,700 $40.80 $66.00 $23.30 $27.80 $18.30 80% to 120% Median Income $119,900 $9.20 $36.70 $9.10 $25.30 $4.90 $158.50 $162.00 $60.90 $65.40 $63.00
Notes:
2 Calculated by multiplying housing demand factors from Table 4 by the affordability gap per unit estimated in Appendix H. 1 See Appendix H for supporting analysis.

Total Mitigation Cost /
Maximum Supported Fee
Affordability
Gap Per Unit 1
Nexus Cost Per Sq.Ft. of Building Area2
Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks Non-Res Nexus_9 30 22.xlsm; MAX FEE; trb Item No.16C

APPENDICES B - G

OCCUPATION AND COMPENSATION TABLES

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Item No.16C

APPENDIX B - TABLE 1
ESTIMATED WORKER OCCUPATION DISTRIBUTION, 2021

RETAIL/COMMERCIAL WORKERS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Worker Occupation Distribution
Retail
Major Occupations (2% or more)
Management Occupations 3.8%
Food Preparation and Serving Related Occupations 37.6%
Personal Care and Service Occupations 4.4%
Sales and Related Occupations 28.1%
Office and Administrative Support Occupations 5.4%
Installation, Maintenance, and Repair Occupations 3.1%
Transportation and Material Moving Occupations 8.9%

8.6%
TOTAL 100.0%
All Other Worker Occupations - Retail
Source: Bureau of Labor Statistics
Keyser Marston Associates, Inc.

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Item No.16C

APPENDIX B - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

RETAIL/COMMERCIAL WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation Retail
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers

Page 1 of 2 ends

Management Occupations
General and Operations Managers $120,000 $129,000 $193,000 $208,000 60.3% 2.3% Sales Managers $127,600 $135,000 $193,000 $203,000 8.3% 0.3% Financial Managers $152,800 $162,000 $211,000 $224,000 2.2% 0.1% Food Service Managers $69,500 $77,000 $132,000 $149,000 18.5% 0.7% Other Management Occupations $111,100 $120,000 $178,000 $193,000 10.7% 0.4% Weighted Mean Annual Wage $111,100 $120,000 $181,000 $195,000 100.0% 3.8% Food Preparation and Serving Related Occupations
First-Line Supervisors of Food Preparation and Serving Workers $43,200 $51,000 $97,000 $119,000 9.5% 3.6% Cooks, Fast Food $33,500 $43,000 $85,000 $109,000 8.1% 3.1% Cooks, Restaurant $38,300 $49,000 $97,000 $124,000 11.8% 4.4% Food Preparation Workers $36,100 $46,000 $91,000 $117,000 6.5% 2.4% Bartenders $37,600 $48,000 $95,000 $122,000 3.3% 1.3%
Fast Food and Counter Workers $33,700 $43,000 $85,000 $109,000 30.0% 11.3% Waiters and Waitresses $36,700 $47,000 $93,000 $119,000 17.7% 6.6% Dining Room and Cafeteria Attendants and Bartender Helpers $33,200 $42,000 $84,000 $108,000 2.6% 1.0% Dishwashers $33,100 $42,000 $84,000 $107,000 3.5% 1.3%
Hosts and Hostesses, Restaurant, Lounge, and Coffee Shop $33,600 $43,000 $85,000 $109,000 3.2% 1.2% Other Food Preparation and Serving Related Occupations $36,000 $46,000 $91,000 $117,000 3.8% 1.4% Weighted Mean Annual Wage $36,000 $46,000 $90,000 $115,000 100.0% 37.6% Personal Care and Service Occupations
Supervisors of Entertainment and Rec Workers $54,300 $62,000 $112,000 $135,000 3.2% 0.1% First-Line Supervisors of Personal Service Workers $45,100 $54,000 $101,000 $124,000 3.7% 0.2% Animal Caretakers $34,900 $44,000 $88,000 $113,000 8.9% 0.4% Ushers, Lobby Attendants, and Ticket Takers $32,600 $42,000 $82,000 $106,000 3.0% 0.1% Amusement and Recreation Attendants $32,300 $41,000 $82,000 $105,000 16.7% 0.7% Hairdressers, Hairstylists, and Cosmetologists $38,600 $49,000 $98,000 $125,000 19.3% 0.9% Manicurists and Pedicurists $34,100 $43,000 $86,000 $111,000 8.5% 0.4% Skincare Specialists $47,400 $56,000 $106,000 $131,000 2.8% 0.1% Childcare Workers $36,000 $46,000 $91,000 $117,000 2.5% 0.1% Exercise Trainers and Group Fitness Instructors $54,200 $62,000 $112,000 $134,000 19.1% 0.8% Recreation Workers $35,800 $46,000 $90,000 $116,000 3.3% 0.1% Other Personal Care and Service Occupations $40,600 $48,000 $91,000 $112,000 8.9% 0.4% Weighted Mean Annual Wage $40,600 $50,000 $95,000 $119,000 100.0% 4.4% Sales and Related Occupations
First-Line Supervisors of Retail Sales Workers $49,300 $59,000 $110,000 $136,000 12.3% 3.4% Cashiers $33,000 $42,000 $83,000 $107,000 33.0% 9.3%
Counter and Rental Clerks $40,900 $49,000 $92,000 $113,000 2.3% 0.6% Parts Salespersons $41,100 $49,000 $92,000 $113,000 2.2% 0.6% Retail Salespersons $36,600 $47,000 $92,000 $119,000 44.6% 12.5% Sales Representatives of Svcs, (Exc. Advert., Ins. , Fin. Services, Travel) $69,700 $77,000 $132,000 $150,000 2.7% 0.7% Other Sales and Related Occupations $38,100 $49,000 $96,000 $124,000 3.0% 0.8% Weighted Mean Annual Wage $38,100 $48,000 $92,000 $118,000 100.0% 28.1% Household Income Estimate 4
Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.

Thousand Oaks Land Use Files_9 30 22.xlsm; trb
Item No.16C

APPENDIX B - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

RETAIL/COMMERCIAL WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation Retail
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers
Household Income Estimate 4

Page 2 of 2 ends

Office and Administrative Support Occupations
First-Line Supervisors of Office and Admin Support Workers $68,800 $76,000 $131,000 $148,000 8.0% 0.4% Bookkeeping, Accounting, and Auditing Clerks $51,800 $60,000 $107,000 $129,000 11.1% 0.6% Customer Service Representatives $43,700 $52,000 $98,000 $120,000 28.8% 1.6% Receptionists and Information Clerks $38,000 $48,000 $96,000 $123,000 11.1% 0.6% Shipping, Receiving, and Inventory Clerks $41,600 $50,000 $93,000 $115,000 10.0% 0.5% Secretaries and Admin Assistants, Except Legal, Medical $48,300 $58,000 $108,000 $133,000 5.8% 0.3% Office Clerks, General $45,100 $54,000 $101,000 $124,000 14.8% 0.8% Other Office and Administrative Support Occupations $46,500 $55,000 $104,000 $128,000 10.3% 0.6% Weighted Mean Annual Wage $46,500 $55,000 $103,000 $125,000 100.0% 5.4% Installation, Maintenance, and Repair Occupations
First-Line Supervisors of Mechanics, Installers, and Repairers $83,100 $92,000 $145,000 $155,000 8.3% 0.3% Computer, Automated Teller, and Office Machine Repairers $42,100 $50,000 $94,000 $116,000 4.2% 0.1% Automotive Body and Related Repairers $62,100 $69,000 $118,000 $133,000 3.6% 0.1% Automotive Service Technicians and Mechanics $56,000 $64,000 $115,000 $139,000 37.5% 1.2% Mobile Heavy Equipment Mechanics, Except Engines $69,400 $77,000 $132,000 $149,000 2.4% 0.1% Outdoor Power Equipment and Other Small Engine Mechanics $45,200 $54,000 $101,000 $124,000 2.9% 0.1% Tire Repairers and Changers $38,400 $49,000 $97,000 $125,000 6.8% 0.2% Maintenance and Repair Workers, General $49,900 $59,000 $112,000 $137,000 13.0% 0.4% Installation, Maintenance, and Repair Workers, All Other $46,100 $55,000 $103,000 $127,000 3.8% 0.1% Other Installation, Maintenance, and Repair Occupations $55,400 $64,000 $114,000 $137,000 17.4% 0.5% Weighted Mean Annual Wage $55,400 $64,000 $114,000 $137,000 100.0% 3.1% Transportation and Material Moving Occupations
Supervisors of Transp. and Material Moving Wkrs, (Exc. Air Cargo Sups) $59,900 $69,000 $123,000 $149,000 4.2% 0.4% Driver/Sales Workers $38,200 $49,000 $97,000 $124,000 12.9% 1.1% Light Truck Drivers $46,100 $55,000 $103,000 $127,000 7.8% 0.7% Cleaners of Vehicles and Equipment $34,500 $44,000 $87,000 $112,000 4.7% 0.4% Laborers and Freight, Stock, and Material Movers, Hand $37,700 $48,000 $95,000 $122,000 8.9% 0.8% Packers and Packagers, Hand $33,900 $43,000 $86,000 $110,000 4.5% 0.4% Stockers and Order Fillers $37,200 $47,000 $94,000 $121,000 46.8% 4.2% Other Transportation and Material Moving Occupations $38,900 $50,000 $98,000 $126,000 10.2% 0.9% Weighted Mean Annual Wage $38,900 $49,000 $96,000 $123,000 100.0% 8.9%

91.4%
1 2
3 Including occupations representing 2% or more of the major occupation group. 4 The methodology utilized by the California Employment Development Department (EDD) assumes hourly paid employees are employed full-time. EDD data is adjusted by KMA to reflect the State minimum wage. Annual compensation is calculated by EDD by multiplying hourly wages by 40 hours per work week by 52 weeks.

Occupation percentages are based on the 2021 National Industry - Specific Occupational Employment Survey compiled by the Bureau of Labor Statistics. Wages are based on Occupational Employment Survey data applicable to Ventura County as of 2021 and are adjusted by EDD to the first quarter of 2022.

Household income estimated based average worker compensation and ratios between employee income and household income identified in Appendix G - Table 1.

Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.

Thousand Oaks Land Use Files_9 30 22.xlsm; trb
Item No.16C

APPENDIX C - TABLE 1
ESTIMATED WORKER OCCUPATION DISTRIBUTION, 2021

OFFICE WORKERS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Worker Occupation Distribution
Office
Major Occupations (2% or more)
Management Occupations 10.8%
Business and Financial Operations Occupations 15.8%
Computer and Mathematical Occupations 8.6%
Architecture and Engineering Occupations 4.9%
Legal Occupations 2.4%
Healthcare Practitioners and Technical Occupations 9.5% Healthcare Support Occupations 5.2%
Sales and Related Occupations 6.6%
Office and Administrative Support Occupations 24.5%
Installation, Maintenance, and Repair Occupations 2.5%

9.4%
TOTAL 100.0%
All Other Worker Occupations - Office
Source: Bureau of Labor Statistics
Keyser Marston Associates, Inc.

Thousand Oaks Land Use Files_9 30 22.xlsm; trb
Item No.16C

APPENDIX C - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

OFFICE WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation Office
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers

Page 1 of 4 ends

Management Occupations
Chief Executives $217,200 $230,000 $300,000 $318,000 2.8% 0.3% General and Operations Managers $120,000 $129,000 $193,000 $208,000 28.6% 3.1% Marketing Managers $154,100 $163,000 $213,000 $226,000 5.4% 0.6% Sales Managers $127,600 $135,000 $193,000 $203,000 5.0% 0.5% Administrative Services Managers $110,600 $119,000 $178,000 $192,000 2.7% 0.3% Computer and Information Systems Managers $171,000 $181,000 $236,000 $250,000 9.0% 1.0% Financial Managers $152,800 $162,000 $211,000 $224,000 14.1% 1.5% Human Resources Managers $149,400 $159,000 $225,000 $237,000 2.7% 0.3% Architectural and Engineering Managers $174,200 $184,000 $241,000 $255,000 3.7% 0.4% Medical and Health Services Managers $131,600 $140,000 $199,000 $209,000 4.4% 0.5% Property, Real Estate, and Community Association Managers $65,600 $73,000 $125,000 $141,000 5.8% 0.6% Managers, All Other $151,700 $160,000 $210,000 $222,000 6.1% 0.7% Other Management Occupations $137,600 $146,000 $208,000 $218,000 9.8% 1.1% Weighted Mean Annual Wage $137,600 $147,000 $204,000 $218,000 100.0% 10.8% Business and Financial Operations Occupations
Buyers and Purchasing Agents $78,400 $87,000 $149,000 $168,000 2.6% 0.4% Claims Adjusters, Examiners, and Investigators $77,900 $86,000 $148,000 $167,000 3.0% 0.5% Compliance Officers $82,800 $92,000 $145,000 $155,000 2.5% 0.4% Human Resources Specialists $83,400 $92,000 $146,000 $156,000 5.7% 0.9% Project Management Specialists $98,600 $109,000 $172,000 $184,000 7.9% 1.3% Management Analysts $98,400 $109,000 $172,000 $184,000 10.0% 1.6% Training and Development Specialists $74,300 $82,000 $141,000 $159,000 2.7% 0.4% Market Research Analysts and Marketing Specialists $76,500 $85,000 $145,000 $164,000 9.1% 1.4% Business Operations Specialists, All Other $82,800 $92,000 $145,000 $155,000 7.9% 1.3% Accountants and Auditors $89,100 $99,000 $156,000 $167,000 16.4% 2.6% Financial and Investment Analysts $100,600 $108,000 $162,000 $175,000 4.0% 0.6% Personal Financial Advisors $114,800 $124,000 $184,000 $199,000 2.5% 0.4% Loan Officers $72,100 $80,000 $137,000 $155,000 10.2% 1.6% Other Business and Financial Operations Occupations $86,600 $96,000 $151,000 $162,000 15.6% 2.5% Weighted Mean Annual Wage $86,600 $96,000 $154,000 $167,000 100.0% 15.8% Household Income Estimate 4
Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.

Thousand Oaks Land Use Files_9 30 22.xlsm; trb
Item No.16C

APPENDIX C - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

OFFICE WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation Office
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers
Household Income Estimate 4

Page 2 of 4 ends

Computer and Mathematical Occupations
Computer Systems Analysts $121,300 $131,000 $195,000 $211,000 11.9% 1.0% Information Security Analysts $114,100 $123,000 $183,000 $198,000 4.3% 0.4% Computer Network Support Specialists $74,700 $83,000 $142,000 $160,000 3.5% 0.3% Computer User Support Specialists $64,400 $71,000 $122,000 $138,000 11.6% 1.0% Computer Network Architects $116,900 $126,000 $188,000 $203,000 4.2% 0.4% Network and Computer Systems Administrators $96,800 $107,000 $169,000 $181,000 6.5% 0.6% Computer Programmers $91,600 $101,000 $160,000 $171,000 3.0% 0.3% Software Developers $129,000 $137,000 $195,000 $205,000 31.0% 2.7% Software Quality Assurance Analysts and Testers $105,900 $114,000 $170,000 $184,000 4.3% 0.4% Computer Occupations, All Other $101,300 $109,000 $163,000 $176,000 6.2% 0.5% Operations Research Analysts $88,400 $98,000 $155,000 $165,000 2.5% 0.2% Data Scientists $112,200 $121,000 $180,000 $195,000 3.0% 0.3% Other Computer and Mathematical Occupations $108,400 $117,000 $174,000 $188,000 8.0% 0.7% Weighted Mean Annual Wage $108,400 $117,000 $175,000 $188,000 100.0% 8.6% Architecture and Engineering Occupations
Architects, Except Landscape and Naval $90,000 $100,000 $157,000 $168,000 10.0% 0.5% Surveyors $93,500 $104,000 $163,000 $175,000 4.0% 0.2%
Civil Engineers $108,300 $117,000 $174,000 $188,000 19.1% 0.9% Computer Hardware Engineers $117,400 $127,000 $188,000 $204,000 2.0% 0.1% Electrical Engineers $118,300 $128,000 $190,000 $205,000 6.7% 0.3% Electronics Engineers, Except Computer $126,600 $134,000 $191,000 $201,000 3.5% 0.2% Environmental Engineers $115,700 $125,000 $186,000 $201,000 2.2% 0.1% Industrial Engineers $102,500 $111,000 $165,000 $178,000 4.5% 0.2% Mechanical Engineers $102,300 $110,000 $164,000 $178,000 8.8% 0.4% Engineers, All Other $107,200 $116,000 $172,000 $186,000 4.3% 0.2% Architectural and Civil Drafters $63,200 $70,000 $120,000 $136,000 8.3% 0.4% Civil Engineering Technologists and Technicians $72,600 $81,000 $138,000 $156,000 3.2% 0.2% Electrical and Electronic Engineering Technologists $89,700 $99,000 $157,000 $168,000 2.3% 0.1% Eng. Technologists and Technicians, (Exc. Drafters, All Other) $84,200 $93,000 $147,000 $157,000 2.1% 0.1% Surveying and Mapping Technicians $71,000 $79,000 $135,000 $152,000 4.5% 0.2% Other Architecture and Engineering Occupations $97,700 $108,000 $171,000 $183,000 14.5% 0.7% Weighted Mean Annual Wage $97,700 $107,000 $164,000 $177,000 100.0% 4.9% Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.

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Item No.16C

APPENDIX C - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

OFFICE WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation Office
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers
Household Income Estimate 4

Page 3 of 4 ends

Legal Occupations
Lawyers $169,400 $179,000 $234,000 $248,000 59.3% 1.4%
Paralegals and Legal Assistants $62,000 $69,000 $118,000 $133,000 33.4% 0.8% Title Examiners, Abstractors, and Searchers $65,800 $73,000 $125,000 $141,000 4.6% 0.1% Legal Support Workers, All Other $43,600 $52,000 $98,000 $120,000 2.1% 0.0% Other Legal Occupations $125,900 $134,000 $190,000 $200,000 0.6% 0.0% Weighted Mean Annual Wage $125,900 $134,000 $187,000 $202,000 100.0% 2.4% Healthcare Practitioners and Technical Occupations
Chiropractors $78,900 $88,000 $150,000 $169,000 2.0% 0.2% Dentists, General $129,900 $138,000 $196,000 $206,000 5.3% 0.5% Physician Assistants $144,900 $154,000 $219,000 $230,000 2.8% 0.3% Occupational Therapists $107,600 $116,000 $173,000 $187,000 2.2% 0.2% Physical Therapists $106,300 $115,000 $171,000 $184,000 5.5% 0.5% Speech-Language Pathologists $100,600 $108,000 $162,000 $175,000 2.2% 0.2% Veterinarians $134,700 $143,000 $203,000 $214,000 3.7% 0.3% Registered Nurses $118,700 $128,000 $191,000 $206,000 11.1% 1.0% Nurse Practitioners $136,900 $145,000 $207,000 $217,000 4.9% 0.5% Family Medicine Physicians $247,700 $262,000 $342,000 $363,000 2.8% 0.3% Physicians, All Other $222,100 $235,000 $307,000 $325,000 4.1% 0.4% Dental Hygienists $115,200 $124,000 $185,000 $200,000 10.6% 1.0% Veterinary Technologists and Technicians $45,400 $54,000 $102,000 $125,000 5.6% 0.5% Ophthalmic Medical Technicians $44,000 $52,000 $99,000 $121,000 2.6% 0.2% Licensed Practical and Licensed Vocational Nurses $64,900 $72,000 $123,000 $139,000 3.6% 0.3% Medical Records Specialists $57,400 $66,000 $118,000 $142,000 3.3% 0.3% Opticians, Dispensing $52,400 $60,000 $108,000 $130,000 2.1% 0.2% Other Healthcare Practitioners and Technical Occupations $114,200 $123,000 $183,000 $198,000 25.7% 2.4% Weighted Mean Annual Wage $114,200 $123,000 $183,000 $198,000 100.0% 9.5% Healthcare Support Occupations
Home Health and Personal Care Aides $33,900 $43,000 $86,000 $110,000 2.1% 0.1% Occupational Therapy Assistants $80,600 $89,000 $141,000 $151,000 2.1% 0.1% Physical Therapist Assistants $70,700 $78,000 $134,000 $152,000 4.9% 0.3% Physical Therapist Aides $34,800 $44,000 $88,000 $113,000 3.1% 0.2% Massage Therapists $54,700 $63,000 $113,000 $136,000 3.1% 0.2% Dental Assistants $46,200 $55,000 $104,000 $127,000 31.4% 1.6% Medical Assistants $44,600 $53,000 $100,000 $123,000 36.5% 1.9% Medical Transcriptionists $41,200 $49,000 $92,000 $113,000 2.4% 0.1% Veterinary Assistants and Laboratory Animal Caretakers $38,500 $49,000 $97,000 $125,000 8.5% 0.4% Other Healthcare Support Occupations $46,400 $55,000 $104,000 $128,000 6.0% 0.3% Weighted Mean Annual Wage $46,400 $55,000 $103,000 $126,000 100.0% 5.2% Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.

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Item No.16C

APPENDIX C - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

OFFICE WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation Office
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers
Household Income Estimate 4

Page 4 of 4 ends

Sales and Related Occupations
First-Line Supervisors of Non-Retail Sales Workers $87,200 $97,000 $152,000 $163,000 4.7% 0.3% Counter and Rental Clerks $40,900 $49,000 $92,000 $113,000 5.4% 0.4% Retail Salespersons $36,600 $47,000 $92,000 $119,000 4.4% 0.3% Insurance Sales Agents $69,200 $77,000 $131,000 $149,000 18.5% 1.2% Securities, Commodities, Financial Services Sales Agents $80,300 $89,000 $140,000 $150,000 17.1% 1.1% Sales Representatives of Services $69,700 $77,000 $132,000 $150,000 21.0% 1.4% Sales Reps, Wholesale & Manufacturing, Technical $106,800 $115,000 $171,000 $185,000 2.2% 0.1% Sales Reps, Wholesale & Manufacturing, Non-Technical $79,100 $88,000 $150,000 $170,000 3.8% 0.2% Real Estate Brokers $99,100 $110,000 $173,000 $185,000 2.1% 0.1% Real Estate Sales Agents $73,100 $81,000 $139,000 $157,000 6.8% 0.4% Telemarketers $36,900 $47,000 $93,000 $120,000 4.1% 0.3% Sales and Related Workers, All Other $55,000 $63,000 $113,000 $136,000 2.4% 0.2% Other Sales and Related Occupations $69,500 $77,000 $132,000 $149,000 7.6% 0.5% Weighted Mean Annual Wage $69,500 $78,000 $131,000 $148,000 100.0% 6.6% Office and Administrative Support Occupations
Supervisors of Office and Admin Support Workers $68,800 $76,000 $131,000 $148,000 9.1% 2.2% Bill and Account Collectors $47,100 $56,000 $106,000 $130,000 2.5% 0.6% Billing and Posting Clerks $49,100 $58,000 $110,000 $135,000 4.0% 1.0% Bookkeeping, Accounting, and Auditing Clerks $51,800 $60,000 $107,000 $129,000 8.4% 2.1% Tellers $40,500 $48,000 $91,000 $112,000 4.6% 1.1%
Customer Service Representatives $43,700 $52,000 $98,000 $120,000 17.0% 4.2% Loan Interviewers and Clerks $49,800 $59,000 $112,000 $137,000 5.1% 1.2% Receptionists and Information Clerks $38,000 $48,000 $96,000 $123,000 9.1% 2.2% Executive Secretaries and Executive Administrative Assistants $76,300 $85,000 $145,000 $164,000 2.5% 0.6% Medical Secretaries and Administrative Assistants $44,300 $53,000 $99,000 $122,000 6.6% 1.6% Secretaries / Admin Assistants, (Exc. Legal, Medical, Executive) $48,300 $58,000 $108,000 $133,000 7.3% 1.8% Insurance Claims and Policy Processing Clerks $47,600 $57,000 $107,000 $131,000 2.2% 0.5% Office Clerks, General $45,100 $54,000 $101,000 $124,000 10.1% 2.5% Other Office and Administrative Support Occupations $48,600 $58,000 $109,000 $134,000 11.5% 2.8% Weighted Mean Annual Wage $48,600 $57,000 $106,000 $129,000 100.0% 24.5% Installation, Maintenance, and Repair Occupations
First-Line Supervisors of Mechanics, Installers, and Repairers $83,100 $92,000 $145,000 $155,000 10.2% 0.3% Telecom Equipment Installers/Repairers, Except Line Installers $66,100 $73,000 $126,000 $142,000 16.8% 0.4% Telecommunications Line Installers and Repairers $81,800 $91,000 $143,000 $153,000 8.6% 0.2% Maintenance and Repair Workers, General $49,900 $59,000 $112,000 $137,000 50.2% 1.2% Other Installation, Maintenance, and Repair Occupations $60,200 $67,000 $114,000 $129,000 14.1% 0.3% Weighted Mean Annual Wage $60,200 $69,000 $121,000 $140,000 100.0% 2.5%

90.6%
1 2
3 Including occupations representing 2% or more of the major occupation group. 4 Household income estimated based average worker compensation and ratios between employee income and household income identified in Appendix G - Table 1.

The methodology utilized by the California Employment Development Department (EDD) assumes hourly paid employees are employed full-time. EDD data is adjusted by KMA to reflect the State minimum wage. Annual compensation is calculated by EDD by multiplying hourly wages by 40 hours per work week by 52 weeks.

Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.

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Item No.16C

APPENDIX D - TABLE 1
ESTIMATED WORKER OCCUPATION DISTRIBUTION, 2021

INDUSTRIAL WORKERS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Worker Occupation Distribution
Industrial
Major Occupations (2% or more)
Management Occupations 7.5%
Business and Financial Operations Occupations 5.2%
Computer and Mathematical Occupations 3.2%
Architecture and Engineering Occupations 6.9%
Sales and Related Occupations 7.5%
Office and Administrative Support Occupations 10.9%
Installation, Maintenance, and Repair Occupations 9.1%
Production Occupations 33.5%
Transportation and Material Moving Occupations 12.9%
All Other Worker Occupations - Industrial 3.3%
TOTAL 100.0%
Source: Bureau of Labor Statistics
Keyser Marston Associates, Inc.

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Item No.16C

APPENDIX D - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

INDUSTRIAL WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation Industrial
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers

Page 1 of 3 ends

Management Occupations
General and Operations Managers $120,000 $129,000 $193,000 $208,000 41.1% 3.1% Marketing Managers $154,100 $163,000 $213,000 $226,000 3.1% 0.2% Sales Managers $127,600 $135,000 $193,000 $203,000 8.4% 0.6% Computer and Information Systems Managers $171,000 $181,000 $236,000 $250,000 4.6% 0.3% Financial Managers $152,800 $162,000 $211,000 $224,000 5.4% 0.4% Industrial Production Managers $124,100 $134,000 $199,000 $215,000 12.3% 0.9% Purchasing Managers $137,000 $145,000 $207,000 $217,000 2.1% 0.2% Transportation, Storage, and Distribution Managers $111,000 $120,000 $178,000 $193,000 2.7% 0.2% Architectural and Engineering Managers $174,200 $184,000 $241,000 $255,000 8.4% 0.6% Managers, All Other $151,700 $160,000 $210,000 $222,000 4.0% 0.3% Other Management Occupations $133,300 $142,000 $201,000 $212,000 7.9% 0.6% Weighted Mean Annual Wage $133,300 $142,000 $203,000 $216,000 100.0% 7.5% Business and Financial Operations Occupations
Buyers and Purchasing Agents $78,400 $87,000 $149,000 $168,000 19.3% 1.0% Compliance Officers $82,800 $92,000 $145,000 $155,000 2.8% 0.1% Cost Estimators $80,200 $89,000 $140,000 $150,000 6.7% 0.4% Human Resources Specialists $83,400 $92,000 $146,000 $156,000 8.2% 0.4% Logisticians $95,100 $105,000 $166,000 $178,000 6.3% 0.3% Project Management Specialists $98,600 $109,000 $172,000 $184,000 10.4% 0.5% Management Analysts $98,400 $109,000 $172,000 $184,000 3.2% 0.2% Training and Development Specialists $74,300 $82,000 $141,000 $159,000 3.7% 0.2% Market Research Analysts and Marketing Specialists $76,500 $85,000 $145,000 $164,000 9.2% 0.5% Business Operations Specialists, All Other $82,800 $92,000 $145,000 $155,000 8.4% 0.4% Accountants and Auditors $89,100 $99,000 $156,000 $167,000 16.4% 0.9% Financial and Investment Analysts $100,600 $108,000 $162,000 $175,000 2.9% 0.2% Other Business and Financial Operations Occupations $85,500 $95,000 $149,000 $160,000 2.5% 0.1% Weighted Mean Annual Wage $85,500 $95,000 $153,000 $166,000 100.0% 5.2% Computer and Mathematical Occupations
Computer Systems Analysts $121,300 $131,000 $195,000 $211,000 7.7% 0.2% Computer Network Support Specialists $74,700 $83,000 $142,000 $160,000 3.1% 0.1% Computer User Support Specialists $64,400 $71,000 $122,000 $138,000 12.5% 0.4% Computer Network Architects $116,900 $126,000 $188,000 $203,000 2.7% 0.1% Network and Computer Systems Administrators $96,800 $107,000 $169,000 $181,000 6.7% 0.2% Computer Programmers $91,600 $101,000 $160,000 $171,000 4.2% 0.1% Software Developers $129,000 $137,000 $195,000 $205,000 41.9% 1.4% Software Quality Assurance Analysts and Testers $105,900 $114,000 $170,000 $184,000 5.1% 0.2% Computer Occupations, All Other $101,300 $109,000 $163,000 $176,000 5.6% 0.2% Other Computer and Mathematical Occupations $109,900 $118,000 $176,000 $191,000 10.6% 0.3% Weighted Mean Annual Wage $109,900 $118,000 $176,000 $188,000 100.0% 3.2% Household Income Estimate 4
Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.

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Item No.16C

APPENDIX D - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

INDUSTRIAL WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation Industrial
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers
Household Income Estimate 4

Page 2 of 3 ends

Architecture and Engineering Occupations
Aerospace Engineers $126,700 $135,000 $191,000 $201,000 2.2% 0.2% Computer Hardware Engineers $117,400 $127,000 $188,000 $204,000 5.5% 0.4% Electrical Engineers $118,300 $128,000 $190,000 $205,000 10.2% 0.7% Electronics Engineers, Except Computer $126,600 $134,000 $191,000 $201,000 7.3% 0.5% Industrial Engineers $102,500 $111,000 $165,000 $178,000 23.1% 1.6% Mechanical Engineers $102,300 $110,000 $164,000 $178,000 16.2% 1.1% Engineers, All Other $107,200 $116,000 $172,000 $186,000 5.2% 0.4% Mechanical Drafters $69,300 $77,000 $132,000 $149,000 2.5% 0.2% Electrical Engineering Technologists and Technicians $89,700 $99,000 $157,000 $168,000 9.0% 0.6% Industrial Engineering Technologists and Technicians $66,600 $74,000 $127,000 $143,000 6.7% 0.5% Other Architecture and Engineering Occupations $103,100 $111,000 $166,000 $179,000 12.2% 0.8% Weighted Mean Annual Wage $103,100 $112,000 $168,000 $181,000 100.0% 6.9% Sales and Related Occupations
First-Line Supervisors of Non-Retail Sales Workers $87,200 $97,000 $152,000 $163,000 4.7% 0.3% Cashiers $33,000 $42,000 $83,000 $107,000 2.4% 0.2%
Counter and Rental Clerks $40,900 $49,000 $92,000 $113,000 4.3% 0.3% Parts Salespersons $41,100 $49,000 $92,000 $113,000 6.0% 0.4% Retail Salespersons $36,600 $47,000 $92,000 $119,000 5.4% 0.4% Sales Reps of Services $69,700 $77,000 $132,000 $150,000 4.3% 0.3% Sales Reps, Wholesale & Manufacturing, Technical $106,800 $115,000 $171,000 $185,000 9.4% 0.7% Sales Reps, Wholesale and Manufacturing, Other $79,100 $88,000 $150,000 $170,000 57.4% 4.3% Sales Engineers $118,900 $128,000 $191,000 $206,000 2.9% 0.2% Other Sales and Related Occupations $75,400 $84,000 $143,000 $162,000 3.3% 0.3% Weighted Mean Annual Wage $75,400 $84,000 $142,000 $161,000 100.0% 7.5% Office and Administrative Support Occupations
Supervisors of Office and Administrative Support Workers $68,800 $76,000 $131,000 $148,000 7.1% 0.8% Bookkeeping, Accounting, and Auditing Clerks $51,800 $60,000 $107,000 $129,000 11.9% 1.3% Customer Service Representatives $43,700 $52,000 $98,000 $120,000 15.1% 1.6% Order Clerks $43,900 $52,000 $98,000 $121,000 2.4% 0.3% Production, Planning, and Expediting Clerks $55,700 $64,000 $115,000 $138,000 7.5% 0.8% Shipping, Receiving, and Inventory Clerks $41,600 $50,000 $93,000 $115,000 18.0% 2.0% Secretaries and Admin Assistants, Except Legal, Medical $48,300 $58,000 $108,000 $133,000 8.5% 0.9% Office Clerks, General $45,100 $54,000 $101,000 $124,000 17.8% 1.9% Other Office and Administrative Support Occupations $48,100 $57,000 $108,000 $132,000 11.7% 1.3% Weighted Mean Annual Wage $48,100 $57,000 $104,000 $127,000 100.0% 10.9% Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.

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Item No.16C

APPENDIX D - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

INDUSTRIAL WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation Industrial
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers
Household Income Estimate 4

Page 3 of 3 ends

Installation, Maintenance, and Repair Occupations
First-Line Supervisors of Mechanics, Installers, and Repairers $83,100 $92,000 $145,000 $155,000 9.0% 0.8% Computer, Automated Teller, and Office Machine Repairers $42,100 $50,000 $94,000 $116,000 2.4% 0.2% Automotive Body and Related Repairers $62,100 $69,000 $118,000 $133,000 9.3% 0.8% Automotive Service Technicians and Mechanics $56,000 $64,000 $115,000 $139,000 21.8% 2.0% Bus and Truck Mechanics and Diesel Engine Specialists $62,900 $70,000 $120,000 $135,000 5.9% 0.5% Mobile Heavy Equipment Mechanics, Except Engines $69,400 $77,000 $132,000 $149,000 2.5% 0.2% Industrial Machinery Mechanics $67,900 $75,000 $129,000 $146,000 13.4% 1.2% Maintenance and Repair Workers, General $49,900 $59,000 $112,000 $137,000 12.0% 1.1% Installation, Maintenance, and Repair Workers, All Other $46,100 $55,000 $103,000 $127,000 3.3% 0.3% Other Installation, Maintenance, and Repair Occupations $61,000 $68,000 $116,000 $131,000 20.3% 1.8% Weighted Mean Annual Wage $61,000 $69,000 $120,000 $138,000 100.0% 9.1% Production Occupations
First-Line Supervisors of Production and Operating Workers $68,600 $76,000 $130,000 $147,000 7.8% 2.6% Electrical, Electronic, and Electromechanical Assemblers $41,300 $49,000 $93,000 $114,000 9.5% 3.2% Miscellaneous Assemblers and Fabricators $38,300 $49,000 $97,000 $124,000 13.0% 4.4% Cutting/Punching/Press Machine Setters, Operators/Tenders $41,400 $49,000 $93,000 $114,000 2.4% 0.8% Machinists $50,900 $58,000 $105,000 $126,000 8.7% 2.9%
Welders, Cutters, Solderers, and Brazers $51,300 $59,000 $106,000 $127,000 3.9% 1.3% Printing Press Operators $44,300 $53,000 $99,000 $122,000 2.3% 0.8% Chemical Equipment Operators and Tenders $48,100 $57,000 $108,000 $132,000 2.4% 0.8% Inspectors, Testers, Sorters, Samplers, and Weighers $47,000 $56,000 $105,000 $129,000 7.2% 2.4% Packaging and Filling Machine Operators and Tenders $36,800 $47,000 $93,000 $119,000 2.6% 0.9% Coating/Painting/Spraying Machine Setters, Operators/Tenders $48,800 $58,000 $109,000 $134,000 2.3% 0.8% Computer Numerically Controlled Tool Operators $50,200 $58,000 $103,000 $125,000 4.4% 1.5% Other Production Occupations $47,400 $56,000 $106,000 $131,000 33.5% 11.2% Weighted Mean Annual Wage $47,400 $56,000 $104,000 $128,000 100.0% 33.5% Transportation and Material Moving Occupations
Supervisors of Transportation & Material Moving Workers $59,900 $69,000 $123,000 $149,000 5.8% 0.8% Heavy and Tractor-Trailer Truck Drivers $53,800 $62,000 $111,000 $133,000 13.9% 1.8% Light Truck Drivers $46,100 $55,000 $103,000 $127,000 7.7% 1.0% Automotive and Watercraft Service Attendants $34,600 $44,000 $87,000 $112,000 2.2% 0.3% Industrial Truck and Tractor Operators $43,400 $52,000 $97,000 $119,000 9.9% 1.3% Cleaners of Vehicles and Equipment $34,500 $44,000 $87,000 $112,000 10.1% 1.3% Laborers and Freight, Stock, and Material Movers, Hand $37,700 $48,000 $95,000 $122,000 26.1% 3.4% Packers and Packagers, Hand $33,900 $43,000 $86,000 $110,000 5.2% 0.7% Stockers and Order Fillers $37,200 $47,000 $94,000 $121,000 14.8% 1.9% Other Transportation and Material Moving Occupations $42,000 $50,000 $94,000 $116,000 4.3% 0.6% Weighted Mean Annual Wage $42,000 $51,000 $98,000 $123,000 100.0% 12.9%

96.7%
1 2
3 Including occupations representing 2% or more of the major occupation group. 4 The methodology utilized by the California Employment Development Department (EDD) assumes hourly paid employees are employed full-time. EDD data is adjusted by KMA to reflect the State minimum wage. Annual compensation is calculated by EDD by multiplying hourly wages by 40 hours per work week by 52 weeks.

Household income estimated based average worker compensation and ratios between employee income and household income identified in Appendix G - Table 1.

Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.

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Item No.16C

APPENDIX E - TABLE 1
ESTIMATED WORKER OCCUPATION DISTRIBUTION, 2021

R&D WORKERS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Worker Occupation Distribution
R&D
Major Occupations (2% or more)
Management Occupations 18.4%
Business and Financial Operations Occupations 11.2%
Computer and Mathematical Occupations 15.3%
Architecture and Engineering Occupations 13.6%
Life, Physical, and Social Science Occupations 23.7%
Healthcare Practitioners and Technical Occupations 2.3% Office and Administrative Support Occupations 6.0%
Production Occupations 2.1%
All Other Worker Occupations - R&D 7.4%
TOTAL 100.0%
Source: Bureau of Labor Statistics
Keyser Marston Associates, Inc.

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Item No.16C

APPENDIX E - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

R&D WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation R&D
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers

Page 1 of 3 ends

Management Occupations
General and Operations Managers $120,000 $129,000 $193,000 $208,000 19.0% 3.5% Marketing Managers $154,100 $163,000 $213,000 $226,000 4.6% 0.9% Sales Managers $127,600 $135,000 $193,000 $203,000 3.1% 0.6% Administrative Services Managers $110,600 $119,000 $178,000 $192,000 2.4% 0.4% Computer and Information Systems Managers $171,000 $181,000 $236,000 $250,000 9.8% 1.8% Financial Managers $152,800 $162,000 $211,000 $224,000 5.4% 1.0% Industrial Production Managers $124,100 $134,000 $199,000 $215,000 3.7% 0.7% Human Resources Managers $149,400 $159,000 $225,000 $237,000 2.4% 0.4% Architectural and Engineering Managers $174,200 $184,000 $241,000 $255,000 8.4% 1.6% Medical and Health Services Managers $131,600 $140,000 $199,000 $209,000 3.7% 0.7% Natural Sciences Managers $182,300 $193,000 $252,000 $267,000 20.1% 3.7% Managers, All Other $151,700 $160,000 $210,000 $222,000 9.4% 1.7% Other Management Occupations $152,300 $161,000 $211,000 $223,000 8.1% 1.5% Weighted Mean Annual Wage $152,300 $162,000 $219,000 $233,000 100.0% 18.4% Business and Financial Operations Occupations
Buyers and Purchasing Agents $78,400 $87,000 $149,000 $168,000 6.5% 0.7% Compliance Officers $82,800 $92,000 $145,000 $155,000 7.5% 0.8% Human Resources Specialists $83,400 $92,000 $146,000 $156,000 7.7% 0.9% Logisticians $95,100 $105,000 $166,000 $178,000 4.1% 0.5% Project Management Specialists $98,600 $109,000 $172,000 $184,000 18.4% 2.1% Management Analysts $98,400 $109,000 $172,000 $184,000 6.7% 0.8% Training and Development Specialists $74,300 $82,000 $141,000 $159,000 3.3% 0.4% Market Research Analysts and Marketing Specialists $76,500 $85,000 $145,000 $164,000 7.4% 0.8% Business Operations Specialists, All Other $82,800 $92,000 $145,000 $155,000 19.2% 2.1% Accountants and Auditors $89,100 $99,000 $156,000 $167,000 11.0% 1.2% Financial and Investment Analysts $100,600 $108,000 $162,000 $175,000 3.5% 0.4% Other Business and Financial Operations Occupations $87,800 $97,000 $154,000 $164,000 4.6% 0.5% Weighted Mean Annual Wage $87,800 $97,000 $155,000 $167,000 100.0% 11.2% Computer and Mathematical Occupations
Computer Systems Analysts $121,300 $131,000 $195,000 $211,000 8.5% 1.3% Information Security Analysts $114,100 $123,000 $183,000 $198,000 5.4% 0.8% Computer and Information Research Scientists $117,700 $127,000 $189,000 $204,000 4.7% 0.7% Computer User Support Specialists $64,400 $71,000 $122,000 $138,000 3.8% 0.6% Computer Network Architects $116,900 $126,000 $188,000 $203,000 3.8% 0.6% Network and Computer Systems Administrators $96,800 $107,000 $169,000 $181,000 5.2% 0.8% Computer Programmers $91,600 $101,000 $160,000 $171,000 9.0% 1.4% Software Developers $129,000 $137,000 $195,000 $205,000 34.8% 5.3% Software Quality Assurance Analysts and Testers $105,900 $114,000 $170,000 $184,000 3.4% 0.5% Computer Occupations, All Other $101,300 $109,000 $163,000 $176,000 4.6% 0.7% Operations Research Analysts $88,400 $98,000 $155,000 $165,000 3.0% 0.5% Statisticians $122,400 $132,000 $197,000 $212,000 4.1% 0.6% Data Scientists $112,200 $121,000 $180,000 $195,000 4.9% 0.7% Other Computer and Mathematical Occupations $114,000 $123,000 $183,000 $198,000 4.8% 0.7% Weighted Mean Annual Wage $114,000 $123,000 $182,000 $194,000 100.0% 15.3% Household Income Estimate 4
Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.

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Item No.16C

APPENDIX E - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

R&D WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation R&D
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers
Household Income Estimate 4

Page 2 of 3 ends

Architecture and Engineering Occupations
Aerospace Engineers $126,700 $135,000 $191,000 $201,000 4.8% 0.7% Bioengineers and Biomedical Engineers $107,200 $116,000 $172,000 $186,000 4.8% 0.7% Chemical Engineers $134,500 $143,000 $203,000 $214,000 2.9% 0.4% Computer Hardware Engineers $117,400 $127,000 $188,000 $204,000 13.3% 1.8% Electrical Engineers $118,300 $128,000 $190,000 $205,000 9.1% 1.2% Electronics Engineers, Except Computer $126,600 $134,000 $191,000 $201,000 7.0% 1.0% Industrial Engineers $102,500 $111,000 $165,000 $178,000 7.4% 1.0% Mechanical Engineers $102,300 $110,000 $164,000 $178,000 14.1% 1.9% Engineers, All Other $107,200 $116,000 $172,000 $186,000 10.5% 1.4% Electrical and Electronic Engineering Technologists and Technicians $89,700 $99,000 $157,000 $168,000 4.7% 0.6% Mechanical Engineering Technologists and Technicians $69,500 $77,000 $132,000 $149,000 3.6% 0.5% Engineering Technologists and Technicians, Except Drafters, All Other $84,200 $93,000 $147,000 $157,000 5.4% 0.7% Other Architecture and Engineering Occupations $108,400 $117,000 $174,000 $188,000 12.3% 1.7% Weighted Mean Annual Wage $108,400 $117,000 $174,000 $188,000 100.0% 13.6% Life, Physical, and Social Science Occupations
Biochemists and Biophysicists $109,500 $118,000 $176,000 $190,000 11.7% 2.8% Microbiologists $81,100 $90,000 $142,000 $152,000 3.3% 0.8% Biological Scientists, All Other $90,700 $100,000 $159,000 $170,000 7.7% 1.8% Medical Scientists, Except Epidemiologists $110,900 $120,000 $178,000 $192,000 23.9% 5.7% Physicists $109,500 $118,000 $176,000 $190,000 5.6% 1.3% Chemists $84,200 $93,000 $147,000 $157,000 8.0% 1.9%
Biological Technicians $51,100 $59,000 $105,000 $127,000 14.8% 3.5% Life, Physical, and Social Science Technicians, All Other $68,100 $76,000 $129,000 $146,000 5.0% 1.2% Other Life, Physical, and Social Science Occupations $91,000 $101,000 $159,000 $170,000 19.9% 4.7% Weighted Mean Annual Wage $91,000 $100,000 $155,000 $170,000 100.0% 23.7% Healthcare Practitioners and Technical Occupations
Veterinarians $134,700 $143,000 $203,000 $214,000 2.3% 0.1% Registered Nurses $118,700 $128,000 $191,000 $206,000 14.3% 0.3% Nurse Practitioners $136,900 $145,000 $207,000 $217,000 2.8% 0.1% Physicians, All Other $222,100 $235,000 $307,000 $325,000 6.6% 0.2% Clinical Laboratory Technologists and Technicians $70,000 $78,000 $133,000 $150,000 39.7% 0.9% Veterinary Technologists and Technicians $45,400 $54,000 $102,000 $125,000 5.8% 0.1% Licensed Practical and Licensed Vocational Nurses $64,900 $72,000 $123,000 $139,000 2.2% 0.1% Medical Records Specialists $57,400 $66,000 $118,000 $142,000 3.7% 0.1% Health Information Technologists and Medical Registrars $57,400 $66,000 $118,000 $142,000 3.5% 0.1% Healthcare Practitioners and Technical Workers, All Other $70,400 $78,000 $134,000 $151,000 5.0% 0.1% Other Healthcare Practitioners and Technical Occupations $90,800 $101,000 $159,000 $170,000 14.1% 0.3% Weighted Mean Annual Wage $90,800 $100,000 $157,000 $173,000 100.0% 2.3% Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.

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Item No.16C

APPENDIX E - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

R&D WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation R&D
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers
Household Income Estimate 4

Page 3 of 3 ends

Office and Administrative Support Occupations
Supervisors of Office and Admin Support Workers $68,800 $76,000 $131,000 $148,000 7.5% 0.5% Bookkeeping, Accounting, and Auditing Clerks $51,800 $60,000 $107,000 $129,000 9.1% 0.5% Customer Service Representatives $43,700 $52,000 $98,000 $120,000 6.0% 0.4% Interviewers, Except Eligibility and Loan $45,900 $55,000 $103,000 $126,000 3.4% 0.2% Production, Planning, and Expediting Clerks $55,700 $64,000 $115,000 $138,000 4.7% 0.3% Shipping, Receiving, and Inventory Clerks $41,600 $50,000 $93,000 $115,000 3.2% 0.2% Executive Secretaries and Executive Administrative Assistants $76,300 $85,000 $145,000 $164,000 16.4% 1.0% Secretaries and Admin Assistants, (Exc. Legal, Medical, Executive) $48,300 $58,000 $108,000 $133,000 20.5% 1.2% Office Clerks, General $45,100 $54,000 $101,000 $124,000 15.8% 1.0% Other Office and Administrative Support Occupations $54,900 $63,000 $113,000 $136,000 13.4% 0.8% Weighted Mean Annual Wage $54,900 $64,000 $114,000 $136,000 100.0% 6.0% Production Occupations
First-Line Supervisors of Production and Operating Workers $68,600 $76,000 $130,000 $147,000 13.5% 0.3% Elec., Electronic, and Electromech. Assmblrs, (Exc. Coil Wndrs, Tprs, Fnshrs) $41,300 $49,000 $93,000 $114,000 11.0% 0.2% Miscellaneous Assemblers and Fabricators $38,300 $49,000 $97,000 $124,000 11.7% 0.2% Machinists $50,900 $58,000 $105,000 $126,000 5.7% 0.1%
Welders, Cutters, Solderers, and Brazers $51,300 $59,000 $106,000 $127,000 3.6% 0.1% Chemical Equipment Operators and Tenders $48,100 $57,000 $108,000 $132,000 2.6% 0.1% Mixing and Blending Machine Setters, Operators, and Tenders $42,300 $50,000 $95,000 $116,000 2.7% 0.1% Inspectors, Testers, Sorters, Samplers, and Weighers $47,000 $56,000 $105,000 $129,000 21.1% 0.4% Packaging and Filling Machine Operators and Tenders $36,800 $47,000 $93,000 $119,000 4.8% 0.1% Production Workers, All Other $41,100 $49,000 $92,000 $113,000 8.3% 0.2% Other Production Occupations $47,700 $57,000 $107,000 $131,000 15.0% 0.3% Weighted Mean Annual Wage $47,700 $56,000 $105,000 $127,000 100.0% 2.1%

92.6%
1 2
3 Including occupations representing 2% or more of the major occupation group. 4 The methodology utilized by the California Employment Development Department (EDD) assumes hourly paid employees are employed full-time. EDD data is adjusted by KMA to reflect the State minimum wage. Annual compensation is calculated by EDD by multiplying hourly wages by 40 hours per work week by 52 weeks.

Household income estimated based average worker compensation and ratios between employee income and household income identified in Appendix G - Table 1.

Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.

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Item No.16C

APPENDIX F - TABLE 1
ESTIMATED WORKER OCCUPATION DISTRIBUTION, 2021

HOTEL/LODGING WORKERS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Worker Occupation Distribution
Hotel/Lodging
Major Occupations (2% or more)
Management Occupations 7.0%
Business and Financial Operations Occupations 2.2%
Food Preparation and Serving Related Occupations 17.1%
Building and Grounds Cleaning and Maintenance Occupations 31.2% Personal Care and Service Occupations 3.0%
Sales and Related Occupations 2.4%
Office and Administrative Support Occupations 23.7%
Installation, Maintenance, and Repair Occupations 7.2%
Production Occupations 2.5%
All Other Worker Occupations - Hotel/Lodging 3.9%
TOTAL 100.0%
Source: Bureau of Labor Statistics
Keyser Marston Associates, Inc.
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Item No.16C

APPENDIX F - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

HOTEL/LODGING WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation otel/Lodging
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers

Page 1 of 3 ends

Management Occupations
General and Operations Managers $120,000 $129,000 $193,000 $208,000 27.1% 1.9% Sales Managers $127,600 $135,000 $193,000 $203,000 8.0% 0.6% Facilities Managers $113,800 $123,000 $183,000 $198,000 4.5% 0.3% Financial Managers $152,800 $162,000 $211,000 $224,000 4.8% 0.3% Food Service Managers $69,500 $77,000 $132,000 $149,000 6.0% 0.4% Lodging Managers $70,100 $78,000 $133,000 $150,000 39.3% 2.8% Other Management Occupations $96,900 $107,000 $169,000 $181,000 10.3% 0.7% Weighted Mean Annual Wage $96,900 $105,000 $164,000 $179,000 100.0% 7.0% Business and Financial Operations Occupations
Buyers and Purchasing Agents $78,400 $87,000 $149,000 $168,000 3.3% 0.1% Human Resources Specialists $83,400 $92,000 $146,000 $156,000 18.3% 0.4% Meeting, Convention, and Event Planners $59,500 $68,000 $123,000 $148,000 19.6% 0.4% Market Research Analysts and Marketing Specialists $76,500 $85,000 $145,000 $164,000 10.2% 0.2% Business Operations Specialists, All Other $82,800 $92,000 $145,000 $155,000 11.8% 0.3% Accountants and Auditors $89,100 $99,000 $156,000 $167,000 27.9% 0.6% Budget Analysts $90,700 $100,000 $159,000 $170,000 2.3% 0.0% Other Business and Financial Operations Occupations $79,300 $88,000 $151,000 $170,000 6.7% 0.1% Weighted Mean Annual Wage $79,300 $88,000 $145,000 $160,000 100.0% 2.2% Food Preparation and Serving Related Occupations
Chefs and Head Cooks $59,400 $68,000 $122,000 $147,000 4.2% 0.7% Supervisors of Food Preparation and Serving Workers $43,200 $51,000 $97,000 $119,000 7.2% 1.2% Cooks, Restaurant $38,300 $49,000 $97,000 $124,000 16.8% 2.9% Food Preparation Workers $36,100 $46,000 $91,000 $117,000 2.4% 0.4% Bartenders $37,600 $48,000 $95,000 $122,000 9.5% 1.6%
Fast Food and Counter Workers $33,700 $43,000 $85,000 $109,000 4.3% 0.7% Waiters and Waitresses $36,700 $47,000 $93,000 $119,000 26.9% 4.6% Food Servers, Nonrestaurant $37,600 $48,000 $95,000 $122,000 5.6% 1.0% Dining Room and Cafeteria Attendants and Bartender Helpers $33,200 $42,000 $84,000 $108,000 11.2% 1.9% Dishwashers $33,100 $42,000 $84,000 $107,000 4.7% 0.8%
Hosts and Hostesses, Restaurant, Lounge, and Coffee Shop $33,600 $43,000 $85,000 $109,000 4.2% 0.7% Other Food Preparation and Serving Related Occupations $37,700 $48,000 $95,000 $122,000 3.1% 0.5% Weighted Mean Annual Wage $37,700 $48,000 $93,000 $119,000 100.0% 17.1% Building and Grounds Cleaning and Maintenance Occupations First-Line Supervisors of Housekeeping and Janitorial Workers $52,900 $61,000 $109,000 $131,000 7.8% 2.4% Janitors and Cleaners, Except Maids and Housekeeping Cleaners $39,800 $51,000 $101,000 $129,000 5.0% 1.6% Maids and Housekeeping Cleaners $38,700 $49,000 $98,000 $126,000 84.3% 26.3% Landscaping and Groundskeeping Workers $40,900 $49,000 $92,000 $113,000 2.2% 0.7% Other Building and Grounds Cleaning and Maintenance Occupations $39,900 $51,000 $101,000 $129,000 0.7% 0.2% Weighted Mean Annual Wage $39,900 $50,000 $99,000 $126,000 100.0% 31.2% Household Income Estimate 4
Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.
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APPENDIX F - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

HOTEL/LODGING WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation otel/Lodging
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers
Household Income Estimate 4

Page 2 of 3 ends

Personal Care and Service Occupations
Supervisors of Entertainment and Rec. Wrkrs, (Exc. Gambling Svcs) $54,300 $62,000 $112,000 $135,000 3.6% 0.1% First-Line Supervisors of Personal Service Workers $45,100 $54,000 $101,000 $124,000 4.0% 0.1% Ushers, Lobby Attendants, and Ticket Takers $32,600 $42,000 $82,000 $106,000 2.4% 0.1% Amusement and Recreation Attendants $32,300 $41,000 $82,000 $105,000 19.7% 0.6% Locker Room, Coatroom, and Dressing Room Attendants $38,400 $49,000 $97,000 $125,000 3.9% 0.1% Skincare Specialists $47,400 $56,000 $106,000 $131,000 3.4% 0.1% Baggage Porters and Bellhops $42,432 $51,000 $95,000 $117,000 26.9% 0.8% Concierges $42,400 $51,000 $95,000 $117,000 15.4% 0.5%
Exercise Trainers and Group Fitness Instructors $54,200 $62,000 $112,000 $134,000 2.9% 0.1% Recreation Workers $35,800 $46,000 $90,000 $116,000 9.7% 0.3% Personal Care and Service Workers, All Other $34,800 $44,000 $88,000 $113,000 2.5% 0.1% Other Personal Care and Service Occupations $40,100 $48,000 $90,000 $110,000 5.7% 0.2% Weighted Mean Annual Wage $40,100 $49,000 $93,000 $116,000 100.0% 3.0% Sales and Related Occupations
First-Line Supervisors of Retail Sales Workers $49,300 $59,000 $110,000 $136,000 3.8% 0.1% First-Line Supervisors of Non-Retail Sales Workers $87,200 $97,000 $152,000 $163,000 4.6% 0.1% Cashiers $33,000 $42,000 $83,000 $107,000 13.9% 0.3%
Retail Salespersons $36,600 $47,000 $92,000 $119,000 10.4% 0.2% Sales Reps of Services, (Exc. Advert, Ins, Fin Svcs, Travel) $69,700 $77,000 $132,000 $150,000 58.7% 1.4% Telemarketers $36,900 $47,000 $93,000 $120,000 2.1% 0.0% Other Sales and Related Occupations $59,800 $69,000 $123,000 $148,000 6.5% 0.2% Weighted Mean Annual Wage $59,800 $68,000 $120,000 $140,000 100.0% 2.4% Office and Administrative Support Occupations
First-Line Supervisors of Office and Administrative Support Workers $68,800 $76,000 $131,000 $148,000 10.4% 2.5% Bookkeeping, Accounting, and Auditing Clerks $51,800 $60,000 $107,000 $129,000 5.7% 1.3% Hotel, Motel, and Resort Desk Clerks $34,200 $44,000 $86,000 $111,000 75.0% 17.8% Other Office and Administrative Support Occupations $39,200 $50,000 $99,000 $127,000 8.9% 2.1% Weighted Mean Annual Wage $39,200 $49,000 $93,000 $117,000 100.0% 23.7% Installation, Maintenance, and Repair Occupations
First-Line Supervisors of Mechanics, Installers, and Repairers $83,100 $92,000 $145,000 $155,000 8.8% 0.6% Maintenance and Repair Workers, General $49,900 $59,000 $112,000 $137,000 88.3% 6.3% Other Installation, Maintenance, and Repair Occupations $52,900 $61,000 $109,000 $131,000 2.9% 0.2% Weighted Mean Annual Wage $52,900 $62,000 $115,000 $138,000 100.0% 7.2% Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.
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APPENDIX F - TABLE 2
AVERAGE ANNUAL WORKER COMPENSATION AND ESTIMATED HOUSEHOLD INCOME, 2022

HOTEL/LODGING WORKER OCCUPATIONS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
2022 Avg. % of Total % of Total
Worker One Two Three+ Occupation otel/Lodging
Occupation 3 Compensation1
Worker Workers Workers Group 2
Workers
Household Income Estimate 4

Page 3 of 3 ends

Production Occupations
Bakers $35,900 $46,000 $91,000 $116,000 2.7% 0.1%
Laundry and Dry-Cleaning Workers $33,500 $43,000 $85,000 $109,000 89.1% 2.2% Stationary Engineers and Boiler Operators $84,900 $94,000 $148,000 $159,000 3.6% 0.1% Other Production Occupations $35,500 $45,000 $90,000 $115,000 4.6% 0.1% Weighted Mean Annual Wage $35,500 $45,000 $88,000 $111,000 100.0% 2.5%

93.6%
1 2
3 Including occupations representing 2% or more of the major occupation group. 4 The methodology utilized by the California Employment Development Department (EDD) assumes hourly paid employees are employed full-time. EDD data is adjusted by KMA to reflect the State minimum wage. Annual compensation is calculated by EDD by multiplying hourly wages by 40 hours per work week by 52 weeks.

Household income estimated based average worker compensation and ratios between employee income and household income identified in Appendix G - Table 1.

Sources: U.S. Bureau of Labor Statistics, California Employment Development Department Keyser Marston Associates, Inc.
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APPENDIX G - TABLE 1

RATIO OF HOUSEHOLD INCOME TO INDIVIDUAL WORKER INCOME

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
Income Range
($thousands) One Two Three or More
25-30 1.35 2.99 3.90
30-40 1.27 2.53 3.24
40-50 1.19 2.24 2.75
50-60 1.15 2.06 2.48
60-80 1.11 1.90 2.15
80-100 1.11 1.75 1.87
100-125 1.08 1.61 1.74
125-150 1.06 1.51 1.59
150-250 1.06 1.38 1.46
250+ 1.03 1.21 1.23
Source: KMA analysis of 2015 to 2019 American Community Survey Public Use Microdata Sample (PUMS) data for Ventura County.

Number of Workers in Household
Keyser Marston Associates, Inc.
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Item No.16C

APPENDIX G - TABLE 2
PERCENT OF HOUSEHOLDS BY SIZE AND NO. OF WORKERS

NONRESIDENTIAL NEXUS STUDY

THOUSAND OAKS, CALIFORNIA
No. of Persons No. of Workers Percent of Total
in Household in Household Households
1 1 13.04%
2 1 14.51%
2 14.45%
3 1 7.26%
2 9.37%
3+ 3.35%
4 1 4.78%
2 7.87%
3+ 5.61%
5 1 2.52%
2 4.15%
3+ 2.95%
6 1 2.65%
2 4.37%
3+ 3.12%
Total 100.00%
Source: 2016-2020 American Community Survey.

Percent of Households by Size and No. of Workers
Source: Bureau of Labor Statistics, IMPLAN
Keyser Marston Associates, Inc.
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Item No.16C

APPENDIX H

RESIDENTIAL NEXUS ANALYSIS

THOUSAND OAKS, CALIFORNIA

AFFORDABILITY GAP ANALYSIS
Item No.16C

SUMMARY TABLE

RENTAL AFFORDABILITY GAPS

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
Leveraged Unleveraged
AFFORDABILITY GAPS PER UNIT (Assumes 4% Tax Credits) (No Public Assistance) I. RENTS @ 30% TCAC MEDIAN ($314,300) ($425,100)
II. RENTS @ 50% TCAC MEDIAN ($233,100) ($328,600)
III. RENTS @ 60% TCAC MEDIAN ($192,600) ($280,400)
IV. RENTS @ 80% TCAC MEDIAN NA ($183,700)
V. RENTS @ 110% TCAC MEDIAN NA ($119,900)
Prepared by: Keyser Marston Associates, Inc.

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APPENDIX H - EXHIBIT 1

ESTIMATED DEVELOPMENT COSTS

RENTAL AFFORDABILITY GAP SCENARIOS

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_TDC; trb Item No.16C

APPENDIX H - EXHIBIT 1 - TABLE 1

ESTIMATED DEVELOPMENT COSTS

RENTAL AFFORDABILITY GAP SCENARIOS

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I . Land Acquisition Costs 1 86,000 Sf Land $35 /Sf Land $3,010,000 II. Direct Costs
Site Improvement Costs 86,000 Sf Land $30 /Sf Land $2,580,000 Above-Ground Podium Parking 2 80 Spaces $20,000 /Space 1,600,000 Building Costs 51,600 Sf GBA $150 /Sf Res GBA 7,740,000 Contractor Costs 3 20% Other Direct Costs 2,384,000
Total Direct Costs 51,600 Sf GBA $277 /Sf GBA $14,304,000 III. Indirect Costs
Arch, Eng, & Consulting 8.00% Direct Costs $1,144,000
Permits & Fees/Impact Fees 50 Units $30,000 /Unit 1,500,000 Taxes, Ins, Legal & Acctg 3.00% Direct Costs 429,000
Development Management 4.00% Direct Costs 572,000
Soft Cost Contingency Allowance 5.00% Other Indirect Costs 182,000 Total Indirect Costs $3,827,000
IV. Financing Costs
Land Carrying Costs 4 $3,010,000 Financed 6.50% Interest $342,000 Interest During Construction 5 $20,497,000 Financed 5.00% Interest 1,179,000 Financing Fees
Construction Loan $20,497,000 Financed 2.50 Points 512,000 Permanent Loan $13,323,000 Financed 2.50 Points 333,000 Total Financing Costs $2,366,000
V. Total Development Costs 50 Units $470,100 /Unit $23,507,000 1 Estimated based on a survey of recent land sales in the City. 2 3 Includes contractors' fees, general requirements, builder's risk insurance and a direct cost contingency allowance. 4 Based on an 18-month construction period and a 3-month absorption period with a 100% average outstanding balance. 5 The parking count is based on the assumption that the project applies for and receives a SB1818 density bonus.

Based on an 18-month construction period with a 60% average outstanding balance and a 3-month absorption period with a 100% average outstanding balance.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_TDC; trb Item No.16C

THOUSAND OAKS, CALIFORNIA

AFFORDABILITY GAP ANALYSIS
APPENDIX H - EXHIBIT 2A

RENTAL AFFORDABILITY GAP SCENARIOS
RENTS @ 30% TCAC MEDIAN
LEVERAGED: 4% TAX CREDIT SCENARIO
Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_30% AMI_LEV; trb Item No.16C

APPENDIX H - EXHIBIT 2A - TABLE 1

ESTIMATED NET OPERATING INCOME
RENTS @ 30% TCAC MEDIAN
LEVERAGED: 4% TAX CREDIT SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Rent @ 30% TCAC MEDIAN 1
Studio Units 5 Units $610 /Unit/Month $36,600
One-Bedroom Units 15 Units $649 /Unit/Month 116,800
Two-Bedroom Units 15 Units $770 /Unit/Month 138,600
Three-Bedroom Units 15 Units $885 /Unit/Month 159,300
Gross Rent Income $451,300
Laundry and Miscellaneous Income 50 Units $10 /Unit/Month 6,000 Gross Residential Income $457,300
(Less) Vacancy and Collection 5% Gross Residential Income (22,900) Effective Gross Residential Income $434,400
II. Residential Operating Expenses 2 50 Units $5,750 /Unit/Year $288,000 III. Residential Net Operating Income $146,400
1 2
NET OPERATING INCOME: RESIDENTIAL COMPONENT
The affordable rents are based on 2022 rents published by TCAC and assume the deduction of the utility allowances published by the Area Housing Authority of the County of Ventura as of 6/1/22.

Assumes the project will apply for a property tax exemption accorded to non-profit housing organizations for units rented to households earning less than 80% of the Area Median Income.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_30% AMI_LEV; trb Item No.16C

APPENDIX H - EXHIBIT 2A - TABLE 2

ESTIMATED AFFORDABILITY GAP
RENTS @ 30% TCAC MEDIAN
LEVERAGED: 4% TAX CREDIT SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Available Outside Funding Sources
A. Permanent Loan 1
Net Operating Income $146,400 NOI (See Table 2)
Income Available for Mortgage 1.20 DCR $122,000 Debt Service Interest Rate 5.0% Interest 6.44% Mortgage Constant
Total Permanent Loan $1,894,000
B. Tax Credit Equity 2 $7,826,000
Total Outside Funding Sources $9,720,000
II. Affordability Gap Calculation
Total Outside Funding Sources $9,720,000
Less:

Total Development Costs (23,507,000)
Additional Developer Fee 3 (1,928,000)
Total Affordability Gap ($15,715,000)
50 Units ($314,300) /Unit
51,600 Sf GBA ($305) /Sf
1 Assumes a 30-year amortization period.
2 3
Assumes a 4.00% tax credit rate, no difficult to develop premium, and a $0.90 tax credit equity rate.

Equal to the $2,500,000 maximum amount allowed by TCAC/CDLAC minus the $572,000 Developer Fee included in the Total Development Costs.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_30% AMI_LEV; trb Item No.16C

THOUSAND OAKS, CALIFORNIA

AFFORDABILITY GAP ANALYSIS
APPENDIX H - EXHIBIT 2B

RENTAL AFFORDABILITY GAP SCENARIOS
RENTS @ 50% TCAC MEDIAN
LEVERAGED: 4% TAX CREDIT SCENARIO
Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_50% AMI_LEV; trb Item No.16C

APPENDIX H - EXHIBIT 2B - TABLE 1

ESTIMATED NET OPERATING INCOME
RENTS @ 50% TCAC MEDIAN
LEVERAGED: 4% TAX CREDIT SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Rent @ 50% TCAC MEDIAN 1
Studio Units 5 Units $1,049 /Unit/Month $62,900
One-Bedroom Units 15 Units $1,120 /Unit/Month 201,600
Two-Bedroom Units 15 Units $1,335 /Unit/Month 240,300
Three-Bedroom Units 15 Units $1,537 /Unit/Month 276,700 Gross Rent Income $781,500
Laundry and Miscellaneous Income 50 Units $10 /Unit/Month 6,000 Gross Residential Income $787,500
(Less) Vacancy and Collection 5% Gross Residential Income (39,400) Effective Gross Residential Income $748,100
II. Residential Operating Expenses 2 50 Units $5,750 /Unit/Year $288,000 III. Residential Net Operating Income $460,100
1 2
NET OPERATING INCOME: RESIDENTIAL COMPONENT
The affordable rents are based on 2022 rents published by TCAC and assume the deduction of the utility allowances published by the Area Housing Authority of the County of Ventura as of 6/1/22.

Assumes the project will apply for a property tax exemption accorded to non-profit housing organizations for units rented to households earning less than 80% of the Area Median Income.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_50% AMI_LEV; trb Item No.16C

APPENDIX H - EXHIBIT 2B - TABLE 2

ESTIMATED AFFORDABILITY GAP
RENTS @ 50% TCAC MEDIAN
LEVERAGED: 4% TAX CREDIT SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Available Outside Funding Sources
A. Tax-Exempt Bond Financing 1
Net Operating Income $460,100 NOI (See Table 2)
Income Available for Mortgage 1.20 DCR $383,417 Debt Service Interest Rate 5.0% Interest 6.44% Mortgage Constant
Total Tax-Exempt Bond Financing $5,952,000
B. Tax Credit Equity 2 $7,826,000
Total Outside Funding Sources $13,778,000
II. Affordability Gap Calculation
Total Outside Funding Sources $13,778,000
Less:

Total Development Costs (23,507,000)
Additional Developer Fee 3 (1,928,000)
Total Affordability Gap ($11,657,000)
50 Units ($233,100) /Unit
51,600 Sf GBA ($226) /Sf
1 Assumes a 30-year amortization period.
2 3
Assumes a 4.00% tax credit rate, no difficult-to-develop premium, and a $0.90 tax credit equity rate.

Equal to the $2,500,000 maximum amount allowed by TCAC/CDLAC minus the $572,000 Developer Fee included in the Total Development Costs.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_50% AMI_LEV; trb Item No.16C

THOUSAND OAKS, CALIFORNIA

AFFORDABILITY GAP ANALYSIS
APPENDIX H - EXHIBIT 2C

RENTAL AFFORDABILITY GAP SCENARIOS
RENTS @ 60% TCAC MEDIAN
LEVERAGED: 4% TAX CREDIT SCENARIO
Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_60% AMI_LEV; trb Item No.16C

APPENDIX H - EXHIBIT 2C - TABLE 1

ESTIMATED NET OPERATING INCOME
RENTS @ 60% TCAC MEDIAN
LEVERAGED: 4% TAX CREDIT SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Rent @ 60% TCAC MEDIAN 1
Studio Units 5 Units $1,269 /Unit/Month $76,100
One-Bedroom Units 15 Units $1,355 /Unit/Month $243,900
Two-Bedroom Units 15 Units $1,617 /Unit/Month 291,100
Three-Bedroom Units 15 Units $1,863 /Unit/Month 335,300 Gross Rent Income $946,400
Laundry and Miscellaneous Income 50 Units $10 /Unit/Month 6,000 Gross Residential Income $952,400
(Less) Vacancy and Collection 5% Gross Residential Income (47,600) Effective Gross Residential Income $904,800
II. Residential Operating Expenses 2 50 Units $5,750 /Unit/Year $288,000 III. Residential Net Operating Income $616,800
1 2
NET OPERATING INCOME: RESIDENTIAL COMPONENT
The affordable rents are based on 2022 rents published by TCAC and assume the deduction of the utility allowances published by the Area Housing Authority of the County of Ventura as of 6/1/22.

Assumes the project will apply for a property tax exemption accorded to non-profit housing organizations for units rented to households earning less than 80% of the Area Median Income.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_60% AMI_LEV; trb Item No.16C

APPENDIX H - EXHIBIT 2C - TABLE 2

ESTIMATED AFFORDABILITY GAP
RENTS @ 60% TCAC MEDIAN
LEVERAGED: 4% TAX CREDIT SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Available Outside Funding Sources
A. Tax-Exempt Bond Financing 1
Net Operating Income $616,800 NOI (See Table 2)
Income Available for Mortgage 1.20 DCR $514,000 Debt Service Interest Rate 5.0% Interest 6.44% Mortgage Constant
Total Tax-Exempt Bond Financing $7,979,000
B. Tax Credit Equity 2 $7,826,000
Total Outside Funding Sources $15,805,000
II. Affordability Gap Calculation
Total Outside Funding Sources $15,805,000
Less:

Total Development Costs (23,507,000)
Additional Developer Fee 3 (1,928,000)
Total Affordability Gap ($9,630,000)
50 Units ($192,600) /Unit
51,600 Sf GBA ($187) /Sf
1 Assumes a 30-year amortization period.
2 3
Assumes a 4.00% tax credit rate, no difficult-to-develop premium, and a $0.90 tax credit equity rate.

Equal to the $2,500,000 maximum amount allowed by TCAC/CDLAC minus the $572,000 Developer Fee included in the Total Development Costs.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_60% AMI_LEV; trb Item No.16C

THOUSAND OAKS, CALIFORNIA
APPENDIX H - EXHIBIT 3A

RENTAL AFFORDABILITY GAP SCENARIOS
RENTS @ 30% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS
Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_30% AMI_UNLEV; trb Item No.16C

APPENDIX H - EXHIBIT 3A - TABLE 1

ESTIMATED NET OPERATING INCOME
RENTS @ 30% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS

Assumes the project will apply for a property tax exemption accorded to non-profit housing organizations for units rented to households earning less than 80% of the Area Median Income.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_30% AMI_UNLEV; trb Item No.16C

APPENDIX H - EXHIBIT 3A - TABLE 2

ESTIMATED AFFORDABILITY GAP
RENTS @ 30% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Supportable Private Investment 1
Net Operating Income NOI (See Table 2) $146,400
Threshold Stabilized Return 6.50%
Total Supportable Private Investment $2,252,000
II. Affordability Gap Calculation
Total Supportable Private Investment $2,252,000
(Less) Total Development Costs (23,507,000)
Total Affordability Gap ($21,255,000)
50 Units ($425,100) /Unit
51,600 Sf GBA ($412) /Sf
1 Based on a 6.5% threshold return.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_30% AMI_UNLEV; trb Item No.16C

APPENDIX H - EXHIBIT 3B

RENTAL AFFORDABILITY GAP SCENARIOS
RENTS @ 50% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_50% AMI_UNLEV; trb Item No.16C

APPENDIX H - EXHIBIT 3B - TABLE 1

ESTIMATED NET OPERATING INCOME
RENTS @ 50% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS

Assumes the project will apply for a property tax exemption accorded to non-profit housing organizations for units rented to households earning less than 80% of the Area Median Income.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_50% AMI_UNLEV; trb Item No.16C

APPENDIX H - EXHIBIT 3B - TABLE 2

ESTIMATED AFFORDABILITY GAP
RENTS @ 50% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Supportable Private Investment 1
Net Operating Income NOI (See Table 2) $460,100
Threshold Stabilized Return 6.50%
Total Supportable Private Investment $7,078,000
II. Affordability Gap Calculation
Total Supportable Private Investment $7,078,000
(Less) Total Development Costs (23,507,000)
Total Affordability Gap ($16,429,000)
50 Units ($328,600) /Unit
51,600 Sf GBA ($318) /Sf
1 Based on a 6.5% threshold return.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_50% AMI_UNLEV; trb Item No.16C

APPENDIX H - EXHIBIT 3C

RENTAL AFFORDABILITY GAP SCENARIOS
RENTS @ 60% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_60% AMI_UNLEV; trb Item No.16C

APPENDIX H - EXHIBIT 3C - TABLE 1

ESTIMATED NET OPERATING INCOME
RENTS @ 60% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Rent @ 60% TCAC MEDIAN 1
Studio Units 5 Units $1,269 /Unit/Month $76,100
One-Bedroom Units 15 Units $1,355 /Unit/Month 243,900
Two-Bedroom Units 15 Units $1,617 /Unit/Month 291,100
Three-Bedroom Units 15 Units $1,863 /Unit/Month 335,300 Gross Rent Income $946,400
Laundry and Miscellaneous Income 50 Units $10 /Unit/Month 6,000 Gross Residential Income $952,400
(Less) Vacancy and Collection 5% Gross Residential Income (47,600) Effective Gross Residential Income $904,800
II. Residential Operating Expenses 2 50 Units $5,750 /Unit/Year $288,000 III. Residential Net Operating Income $616,800
1 2
NET OPERATING INCOME: RESIDENTIAL COMPONENT
The affordable rents are based on 2022 rents published by TCAC and assume the deduction of the utility allowances published by the Area Housing Authority of the County of Ventura as of 6/1/22.

Assumes the project will apply for a property tax exemption accorded to non-profit housing organizations for units rented to households earning less than 80% of the Area Median Income.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_60% AMI_UNLEV; trb Item No.16C

APPENDIX H - EXHIBIT 3C - TABLE 2

ESTIMATED AFFORDABILITY GAP
RENTS @ 60% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Available Outside Funding Sources
Supportable Private Investment 1
Net Operating Income NOI (See Table 2) $616,800
Threshold Stabilized Return 6.50%
Total Supportable Private Investment $9,489,000
II. Affordability Gap Calculation
Total Supportable Private Investment $9,489,000
(Less) Total Development Costs (23,507,000)
Total Affordability Gap ($14,018,000)
50 Units ($280,400) /Unit
51,600 Sf GBA ($272) /Sf
1 Based on a 6.5% threshold return.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_60% AMI_UNLEV; trb Item No.16C

APPENDIX H - EXHIBIT 3D

RENTAL AFFORDABILITY GAP SCENARIOS
RENTS @ 80% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_80% AMI; trb Item No.16C

APPENDIX H - EXHIBIT 3D - TABLE 1

ESTIMATED NET OPERATING INCOME
RENTS @ 80% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Rent @ 80% TCAC MEDIAN 1
Studio Units 5 Units $1,708 /Unit/Month $102,500
One-Bedroom Units 15 Units $1,826 /Unit/Month 328,700
Two-Bedroom Units 15 Units $2,182 /Unit/Month 392,800
Three-Bedroom Units 15 Units $2,516 /Unit/Month 452,900 Gross Rent Income $1,276,900
Laundry and Miscellaneous Income 50 Units $10 /Unit/Month 6,000 Gross Residential Income $1,282,900
(Less) Vacancy and Collection 5% Gross Residential Income (64,100) Effective Gross Residential Income $1,218,800
II. Residential Operating Expenses 2 50 Units $5,750 /Unit/Year $288,000 III. Residential Net Operating Income $930,800
1 2
NET OPERATING INCOME: RESIDENTIAL COMPONENT
The affordable rents are based on 2022 rents published by TCAC and assume the deduction of the utility allowances published by the Area Housing Authority of the County of Ventura as of 6/1/22.

Assumes the project will apply for a property tax exemption accorded to non-profit housing organizations for units rented to households earning less than 80% of the Area Median Income.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_80% AMI; trb Item No.16C

APPENDIX H - EXHIBIT 3D - TABLE 2

ESTIMATED AFFORDABILITY GAP
RENTS @ 80% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Supportable Private Investment
Net Operating Income $930,800
Threshold Stabilized Return 1 6.50%
Total Supportable Private Investment $14,320,000
II. Affordability Gap Calculation
Total Supportable Private Investment $14,320,000
(Less) Total Development Costs (23,507,000)
Total Affordability Gap ($9,187,000)
50 Units ($183,700) /Unit
51,600 Sf GBA ($178) /Sf
1 Based on a 6.5% threshold return.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_80% AMI; trb Item No.16C

THOUSAND OAKS, CALIFORNIA

AFFORDABILITY GAP ANALYSIS
APPENDIX H - EXHIBIT 3E

RENTAL AFFORDABILITY GAP SCENARIOS
RENTS @ 110% TCAC MEDIAN

UNLEVERAGED SCENARIO
Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_110% AMI; trb Item No.16C

APPENDIX H - EXHIBIT 3E - TABLE 1

ESTIMATED NET OPERATING INCOME
RENTS @ 110% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Rent @ 110% TCAC MEDIAN 1
Studio Units 5 Units $2,365 /Unit/Month $141,900
One-Bedroom Units 15 Units $2,531 /Unit/Month 455,600
Two-Bedroom Units 15 Units $3,028 /Unit/Month 545,000
Three-Bedroom Units 15 Units $3,493 /Unit/Month 628,700 Gross Rent Income $1,771,200
Laundry and Miscellaneous Income 50 Units $10 /Unit/Month 6,000 Gross Residential Income $1,777,200
(Less) Vacancy and Collection 5% Gross Residential Income (88,900) Effective Gross Residential Income $1,688,300
II. Residential Operating Expenses
General Operating Expenses 50 Units $5,750 /Unit/Year $288,000 Property Taxes 50 Units $5,240 /Unit/Year 262,000
Total Residential Operating Expenses $550,000
III. Residential Net Operating Income $1,138,300
1 2 The residential property tax expense is estimated based on the residential NOI capitalized at a 5.0% rate, and a 1.15% property tax rate.

NET OPERATING INCOME: RESIDENTIAL COMPONENT
The affordable rents are based on 2022 rents published by TCAC and assume the deduction of the utility allowances published by the Area Housing Authority of the County of Ventura as of 6/1/22.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_110% AMI; trb Item No.16C

APPENDIX H - EXHIBIT 3E - TABLE 2

ESTIMATED AFFORDABILITY GAP
RENTS @ 110% TCAC MEDIAN

UNLEVERAGED SCENARIO

AFFORDABILITY GAP ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Supportable Private Investment
Net Operating Income $1,138,300
Threshold Stabilized Return 1 6.50%
Total Supportable Private Investment $17,512,000
II. Affordability Gap Calculation
Total Supportable Private Investment $17,512,000
(Less) Total Development Costs (23,507,000)
Total Affordability Gap ($5,995,000)
50 Units ($119,900) /Unit
51,600 Sf GBA ($116) /Sf
1 Based on a 6.5% threshold return.

Prepared by: Keyser Marston Associates, Inc.

File name: Thousand Oaks_Affordability Gap Analyses_9 30 22.xlsx; Rental_110% AMI; trb cdd:430-30/IAH/H:COMMON/Planning/Advanced Planning/Inclusionary Housing Plan and Linkage Fee Update/Attachment 3 Nonresidential Development Linkage Fee Nexus Study.pdf
Item No.16C

FINANCIAL FEASIBILITY ANALYSIS OF

NONRESIDENTIAL DEVELOPMENT LINKAGE FEES
Prepared for:

City of Thousand Oaks
Prepared by:

Keyser Marston Associates, Inc.

January 1 9, 2023
ATTACHMENT #4
Item No.16C

TABLE OF CONTENTS

I. EXECUTIVE SUMMARY ................................................................................................................1 A. Background .......................................................................................................................... 1 B. Nonresidential Development Linkage Fee Nexus Analysis .................................................. 1 C. Maximum Legally Supportable Nonresidential Development Linkage Fees ....................... 2 D. Financially Feasible Nonresidential Development Linkage Fees ......................................... 2 II. DETERMINATION OF NONRESIDENTIAL LAND USE PROTOTYPES ..................................................4 III. FINANCIAL FEASIBILITY ANALYSES ...............................................................................................5 A. Common Assumptions ......................................................................................................... 6 B. Retail / Commercial Pro Forma Analyses (Attachment I) .................................................... 7 C. Office Pro Forma Analyses (Attachment II) ....................................................................... 11 D. Industrial Pro Forma Analyses (Attachment III) ................................................................. 14 E. Research and Development Pro Forma Analyses (Attachment IV) ................................... 18 F. Hotel / Lodging Pro Forma Analyses (Attachment V) ........................................................ 22 IV. CONCLUSIONS .......................................................................................................................... 26

ATTACHMENTS
Summary Tables A & B: Summary of Financial Feasibility Analysis Attachment I: Retail/Commercial Pro Forma Analyses
Attachment II: Office Pro Forma Analyses
Attachment III: Industrial Pro Forma Analyses
Attachment IV: Research and Development Pro Forma Analyses Attachment V: Hotel / Lodging Pro Forma Analyses
Item No.16C

Keyser Marston Associates, Inc. Page 1
22209013v2.TRB January 19, 2023

I. EXECUTIVE SUMMARY
At your request, Keyser Marston Associates, Inc. (KMA) prepared a financial feasibility analysis of proposed Nonresidential Development Linkage Fee amounts. This analysis is intended to assist the City of Thousand Oaks (City) in evaluating the policy implications for enacting a Nonresidential Development Linkage Fee Program. This analysis is intended to accompany the Nonresidential Development Linkage Fee Nexus Study prepared by KMA.

Background
A Nonresidential Development Linkage Fee is an impact fee that is subject to the requirements imposed by the Mitigation Fee Act. This means that the Nonresidential Development Linkage Fee must be directly tied to the increased need for affordable housing that is created by the development of new nonresidential uses in a community. The fundamental concept is that the development of new nonresidential uses will generate new employment, and that a percentage of the new employees will create an increased demand for affordable housing units.

The purpose of a Nonresidential Development Linkage Fee is to apportion the financial responsibility for a part of the increased need for affordable housing to the nonresidential uses that create that additional demand. Nonresidential Development Linkage Fee revenue can only be used to meet the community’s future needs for affordable housing. It is therefore necessary to identify the nexus between new nonresidential development and the increased need for affordable housing.

It is important to note that Nonresidential Development Linkage Fee programs are more prevalent in Northern California jurisdictions. It is KMA’s understanding that currently, only seven Southern California jurisdictions have enacted Nonresidential Development Linkage Fee programs. These jurisdictions are the Cities of Culver City, Glendale, Los Angeles, Rancho Cucamonga, San Diego, Santa Monica, and West Hollywood.

Nonresidential Development Linkage Fee Nexus Analysis
To adopt and implement a Nonresidential Development Linkage Fee program, it is necessary to document the relationships among the following:

1. The construction of new nonresidential uses;

2. The number and type of employees that work in the new nonresidential uses; and Item No.16C

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3. The increased demand for affordable housing.

Jobs in nonresidential projects cover a range in compensation levels, and the workers’ households range in size. As a result, housing needs are generated at all affordability levels. To fulfill the Mitigation Fee Act requirements, a nexus analysis must be prepared that quantifies the need for affordable housing created by each type of nonresidential use.

Maximum Legally Supportable Nonresidential Development Linkage Fees Based on the nexus analysis prepared by KMA, the maximum legally supportable Nonresidential Development Linkage Fees for the five land uses are as follows:

Land Use
Fee Per Square Foot of
Gross Building Area
(GBA)
Retail / Commercial $158
Office $162
Industrial $60
Research and Development $65
Hotel / Lodging $63

Financially Feasible Nonresidential Development Linkage Fees As indicated in the previous section, the nexus analysis establishes the maximum legally supportable Nonresidential Development Linkage Fee levels. These amounts reflect the full cost associated with fulfilling the need for affordable housing created by the new nonresidential development. However, this does not take into account the impact the Fee will have on the financial feasibility of new development. It is important to establish a balance between the City’s public policy objectives to produce affordable housing and the economic impact that will be experienced by property owners and developers.

To that end, KMA prepared the following financial feasibility analysis to assess the impact of proposed Nonresidential Development Linkage Fee amounts on each nonresidential land use.

The most common approach to establishing fee levels is based on comparing the Nonresidential Development Linkage Fee against the development costs associated with each land use. This Item No.16C

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approach facilitates an evaluation of whether the amount is likely to affect development decisions.

Nonresidential Development Linkage Fee Per SF as a Percentage of Development Costs (Base Scenario)

% Of Development Costs
Retail /
Commercial
Prototype
Office
Prototype
Industrial
Prototype
Research and
Development
Prototype
Hotel /
Lodging
Prototype

0.5% of Development Costs $2.41 $2.14 $0.71 $0.66 $2.24

1.0% of Development Costs $4.83 $4.27 $1.43 $1.32 $4.48

2.0% of Development Costs $9.65 $8.54 $2.85 $2.65 $8.95

3.0% of Development Costs $14.48 $12.82 $4.28 $3.97 $13.43

4.0% of Development Costs $19.30 $17.09 $5.71 $5.29 $17.90

5.0% of Development Costs $24.13 $21.36 $7.13 $6.61 $22.38

For reference, to evaluate the financial feasibility of each fee amount, KMA set the threshold return requirements for each development prototype as follows:

Threshold Return Requirements

Retail /
Commercial
Prototype
Office
Prototype
Industrial
Prototype
Research and
Development
Prototype
Hotel /
Lodging
Prototype

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The following table summarizes the results of the financial feasibility analysis:

Estimated Returns on Investment By Nonresidential Development Linkage Fee Amount

Retail /
Commercial
Prototype
Office
Prototype
Industrial
Prototype
Research and
Development
Prototype
Hotel /
Lodging
Prototype

Base: No Linkage Fee 6.75% 5.08% 7.79% 6.99% 5.55%

Linkage Fee @ $1/SF 6.74% 5.07% 7.73% 6.94% 5.53%

Linkage Fee @ $3/SF 6.70% 5.04% 7.62% 6.82% 5.50%

Linkage Fee @ $5/SF 6.67% 5.02% 7.50% 6.71% 5.47%

II. DETERMINATION OF NONRESIDENTIAL LAND USE PROTOTYPES As indicated in the previous section, the nexus analysis establishes the maximum legally supportable Nonresidential Development Linkage Fee levels. These amounts reflect the full cost associated with fulfilling the need for affordable housing created by the new nonresidential development. However, this does not take into account the impact the Nonresidential Development Linkage Fee will have on the financial feasibility of new development. It is important to establish a balance between the City’s public policy objectives to produce affordable housing and the economic impact that will be experienced by property owners and developers.

City staff provided KMA with information regarding recently proposed and/or developed nonresidential development projects. However, it is important to note, that there has been a very limited amount of nonresidential development proposed and/or developed in Thousand Oaks in the past several years. Thus, for the purposes of establishing nonresidential development prototypes, KMA relied on the limited development information provided by the City, as well as KMA’s experience with similar nonresidential development projects throughout the region.

To that end, KMA prepared pro forma analyses for five nonresidential prototypical projects representative of nonresidential product types that might be developed in Thousand Oaks in the near-term. These prototypes are utilized as the basis for which to test the impact of Item No.16C

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potential linkage fees on financial feasibility. KMA analyzed the following nonresidential land uses:

1. Retail / Commercial Prototype

2. Office Prototype

3. Industrial Prototype

4. Research and Development (R&D) Prototype

5. Hotel / Lodging Prototype
The scope of development for each prototype is as follows:

Scopes of Development

Retail /
Commercial
Prototype
Office
Prototype
Industrial
Prototype
Research and
Development
Prototype
Hotel /
Lodging
Prototype

Site Area (SF) 45,000 130,680 250,000 200,000 108,900 Gross Building Area (SF) / Rooms 12,000 57,500 100,000 100,000 125 FAR 0.27 0.44 0.40 0.50 0.92
Number of Parking Spaces 105 230 210 280 156

It is important to note that the development prototypes outlined above do not represent actual projects. They are intended to be a composite of many factors used to analyze the financial feasibility of generalized nonresidential development projects.

III. FINANCIAL FEASIBILITY ANALYSES
KMA prepared pro forma analyses for each of the five development prototypes summarized above. The KMA pro forma analyses are described in the following sections of this memorandum. The analyses are presented in Attachments I – V – Appendices A – D. Each pro forma is organized as follows:

Table 1: Estimated Development Costs
Table 2: Estimated Stabilized Net Operating Income and Return on Investment Item No.16C

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For each of the five development prototypes, KMA first prepared a pro forma analysis of a Base Scenario, which does not include a Nonresidential Development Linkage Fee (Attachments I – V – Appendix A). This Base Scenario was utilized to estimate a range of potential Nonresidential Development Linkage Fee amounts that could be charged to each land use (based on a percentage of total development costs).

Upon identification of a range of potential Nonresidential Development Linkage Fee amounts, KMA defined specific fee amounts for financial feasibility testing. In the subsequent pro forma analyses (Attachments I – V – Appendices B – D), KMA analyzed the impact of imposing these specific Nonresidential Development Linkage Fee amounts on the financial feasibility of each development prototype.

The following sections describe the assumptions utilized in the KMA pro forma analyses.

Common Assumptions
A number of assumptions are applied throughout the analyses of the five development prototypes. These common assumptions are:

Direct Construction Costs

1. The site acquisition costs are based on a review of land sales comparables researched by KMA and are estimated as follows:
a. $30 per square foot of land area for the retail/commercial, office and hotel prototypes; and
b. $20 per square foot of land area for the industrial and R&D prototypes.

2. It is assumed that each development prototype will consist of surface parking. The parking costs are estimated at $2,500 per surface parking space.

3. The contractor costs, inclusive of overhead, profit, general conditions, builder’s risk insurance and direct cost contingency allowance, are estimated at 20% of the other indirect costs.

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Indirect Construction Costs

1. The taxes, insurance, legal and accounting costs are estimated at 3% of direct costs.

2. The development management fee is set at 4% of direct costs.

3. A soft cost contingency allowance equal to 5% of other indirect costs is provided.

Financing Costs

1. The construction loan interest rate is set at 5.5%.

2. The permanent loan financing fees are set at 2.0 points.

Retail / Commercial Pro Forma Analyses (Attachment I)
The following summarizes the pro forma analyses prepared for the Retail/Commercial Prototype.

Estimated Development Costs
The following summarizes the development cost assumptions utilized for the Retail/Commercial Prototype:

1. The site improvement costs are estimated at $7 per square foot of land area.

2. The building costs are estimated at $150 per square foot of retail/commercial GBA.

3. The tenant improvement costs are estimated at $25 per square foot of retail/commercial GBA.

4. The architecture, engineering and consulting costs are estimated at 6% of direct costs.

5. Per information provided by City staff, KMA estimated the public permits and fees at $19 per square foot of retail/commercial GBA.

6. The marketing and leasing costs are estimated at $6.00 per square foot of retail/commercial GBA.

As such, KMA estimates the Retail/Commercial Prototype’s total development costs for the Base Scenario as follows:

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Retail / Commercial Prototype
Total Development Costs Base Scenario
Total Acquisition Costs $1,350,000
Total Direct Costs 3,214,000
Total Indirect Costs 754,000
Total Financing Costs 473,000
Total Development Costs $5,791,000
Per SF Retail/Commercial GBA $483

Potential Nonresidential Linkage Fees
To estimate the potential Nonresidential Development Linkage Fees that could be applied to retail/commercial land uses, KMA calculated a range of fee amounts based on between 0.5% -

5.0% of the Base Scenario’s total development costs. The following table summarizes the range of potential Nonresidential Development Linkage Fees:

Retail / Commercial Land Use
% of Total Development Costs
Nonresidential
Development Linkage
Fee Per SF GBA

0.5% of Total Development Costs $2.41 / SF

1.0% of Total Development Costs $4.83 / SF

2.0% of Total Development Costs $9.65 / SF

3.0% of Total Development Costs $14.48 / SF

4.0% of Total Development Costs $19.30 / SF

5.0% of Total Development Costs $24.13 / SF

Estimated Net Operating Income
The Retail/Commercial Prototype’s net operating income (NOI) is estimated based on the following:

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1. The retail/commercial lease rate is set at $35 per square foot per year, which equates to $2.92 per square foot per month and assumes a NNN lease.1

2. The common area maintenance (CAM) reimbursements are estimated at $10 per square foot per year.

3. A vacancy and collection allowance is set at 5% of the gross retail/commercial income.

4. The CAM expenses are estimated at $10 per square foot per year.

5. The capital reserves are estimated at $0.15 per square foot per year.

The retail/commercial NOI is estimated at $391,000 as follows:

Retail / Commercial NOI
Effective Gross Income $513,000
(Less) Operating Expenses (122,000)
Estimated Retail/Commercial NOI $391,000

Estimated Return on Investment of Base Scenario
The return on investment is estimated by dividing the NOI by the total development costs. As such, the return on investment for the Base Scenario of the Retail/Commercial Prototype is estimated as follows:

Retail / Commercial Return on Investment (Base Scenario) Estimated Retail/Commercial NOI $391,000
Estimated Development Costs $5,791,000
Return on Investment – Retail/Commercial Prototype 6.8%

1 Triple Net Lease: A lease where the operating expenses are paid by the tenant in addition to the lease rate.

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However, KMA estimates that a retail/commercial project would likely require a return on investment of at least 8% to be financially feasible. The following table summarizes the likely return on investment ranges to evaluate financial feasibility:

Feasibility Thresholds – Retail / Commercial Projects
Feasible Range 8.0% and Above
Marginally Feasible Range 7.00% - 7.99%
Infeasible Range 6.99% and Below

As such, KMA concludes that retail/commercial development projects are likely infeasible based on current development costs and lease rates.

Impacts on Financial Feasibility of Proposed Nonresidential Development Linkage Fee Based on a review of potential Nonresidential Development Linkage Fee amounts, KMA analyzed the impacts on financial feasibility of Nonresidential Development Linkage Fees at: $1 per square foot of GBA; $3 per square foot of GBA; and $5 per square foot of GBA. The following table summarizes the results of these analyses:

Retail / Commercial Prototype
Nonresidential Development Linkage Fee Amount
Estimated Return
on Investment
Base Scenario: No Nonresidential Development Linkage Fee 6.75% Nonresidential Development Linkage Fee at $1.00 per SF 6.74% Nonresidential Development Linkage Fee at $3.00 per SF 6.70% Nonresidential Development Linkage Fee at $5.00 per SF 6.67%

As such, the imposition of Nonresidential Development Linkage Fees on the Retail/Commercial Prototype has a minimal impact on financial feasibility. However, it is important to note that Item No.16C

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retail/commercial land uses are currently likely to be financially infeasible even without the imposition of a Nonresidential Development Linkage Fee.

Office Pro Forma Analyses (Attachment II)
The following summarizes the pro forma analyses prepared for the Office Prototype.

Estimated Development Costs
The following summarizes the development cost assumptions utilized for the Office Prototype:

1. The site improvement costs are estimated at $7 per square foot of land area.

2. The building costs are estimated at $150 per square foot of office GBA.

3. The tenant improvement costs are estimated at $50 per square foot of office GBA.

4. The architecture, engineering and consulting costs are estimated at 6% of direct costs.

5. Per information provided by City staff, KMA estimated the public permits and fees at $16 per square foot of office GBA.

6. The marketing and leasing costs are estimated at $6.00 per square foot of office GBA.

As such, KMA estimates the Office Prototype’s total development costs for the Base Scenario as follows:

Office Prototype
Total Development Costs Base Scenario
Total Acquisition Costs $3,920,000
Total Direct Costs 15,588,000
Total Indirect Costs 3,457,000
Total Financing Costs 1,601,000
Total Development Costs $24,566,000
Per SF Office GBA $427

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Potential Nonresidential Development Linkage Fees
To estimate the potential Nonresidential Development Linkage Fees that could be applied to office land uses, KMA calculated a range of fee amounts based on between 0.5% - 5.0% of the Base Scenario’s total development costs. The following table summarizes the range of potential Nonresidential Development Linkage Fees:

Office Land Use
% of Total Development Costs
Nonresidential
Development Linkage
Fee Per SF GBA

0.5% of Total Development Costs $2.14 / SF

1.0% of Total Development Costs $4.27 / SF

2.0% of Total Development Costs $8.54 / SF

3.0% of Total Development Costs $12.82 / SF

4.0% of Total Development Costs $17.09 / SF

5.0% of Total Development Costs $21.36 / SF

Estimated Net Operating Income
The Office Prototype’s NOI is estimated based on the following:

1. The office lease rate is set at $37 per square foot per year, which equates to $3.08 per square foot per month and assumes a Full Service Gross lease.2

2. A vacancy and collection allowance is set at 5% of the gross office income.

3. The operating expenses are estimated at $10 per square foot per year.

4. The capital reserves are estimated at $0.15 per square foot per year.

The office NOI is estimated at $1.25 million as follows:

2 Full Service Gross Lease: A lease where all of the costs of occupancy: operating expenses, taxes, insurance, energy and janitorial services are included in the lease rate.

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Office NOI
Effective Gross Income $1,757,000
(Less) Operating Expenses (508,000)
Estimated Office NOI $1,249,000

Office Return on Investment (Base Scenario)
Estimated Office NOI $1,249,000
Estimated Development Costs $24,566,000
Return on Investment – Office Prototype 5.1%

However, KMA estimates that an office project would likely require a return on investment of at least 9% to be financially feasible. The following table summarizes the likely return on investment ranges to evaluate financial feasibility:

Feasibility Thresholds – Office Projects
Feasible Range 9.0% and Above
Marginally Feasible Range 8.00% - 8.99%
Infeasible Range 7.99% and Below

As such, KMA concludes that office development projects are likely infeasible based on current development costs and lease rates.

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Impacts on Financial Feasibility of Proposed Nonresidential Development Linkage Fee Based on a review of potential Nonresidential Development Linkage Fee amounts, KMA analyzed the impacts on financial feasibility of Nonresidential Linkage Fees at: $1 per square foot of GBA; $3 per square foot of GBA; and $5 per square foot of GBA. The following table summarizes the results of these analyses:

Office Prototype
Nonresidential Development Linkage Fee Amount
Estimated Return
on Investment
Base Scenario: No Nonresidential Development Linkage Fee 5.08% Nonresidential Development Linkage Fee at $1.00 per SF 5.07% Nonresidential Development Linkage Fee at $3.00 per SF 5.04% Nonresidential Development Linkage Fee at $5.00 per SF 5.02%

As such, the imposition of Nonresidential Development Linkage Fees on the Office Prototype has a minimal impact on financial feasibility. However, it is important to note that office land uses are currently likely to be financially infeasible even without the imposition of a Nonresidential Development Linkage Fee.

Industrial Pro Forma Analyses (Attachment III)
The following summarizes the pro forma analyses prepared for the Industrial Prototype.

Estimated Development Costs
The following summarizes the development cost assumptions utilized for the Industrial Prototype:

1. The site improvement costs are estimated at $3 per square foot of land area.

2. The building costs are estimated at $35 per square foot of industrial GBA.

3. The tenant improvement costs are estimated at $5 per square foot of industrial GBA.

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4. The architecture, engineering and consulting costs are estimated at 3% of direct costs.

5. Per information provided by City staff, KMA estimated the public permits and fees at $9 per square foot of industrial GBA.

6. The marketing and leasing costs are estimated at $3.00 per square foot of industrial GBA.

As such, KMA estimates the Industrial Prototype’s total development costs for the Base Scenario as follows:

Industrial Prototype
Total Development Costs Base Scenario
Total Acquisition Costs $5,000,000
Total Direct Costs 6,330,000
Total Indirect Costs 1,925,000
Total Financing Costs 1,013,000
Total Development Costs $14,268,000
Per SF Industrial GBA $143

Potential Nonresidential Development Linkage Fees
To estimate the potential Nonresidential Development Linkage Fees that could be applied to industrial land uses, KMA calculated a range of fee amounts based on between 0.5% - 5.0% of the Base Scenario’s total development costs. The following table summarizes the range of potential Nonresidential Development Linkage Fees:

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Industrial Land Use
% of Total Development Costs
Nonresidential
Development Linkage
Fee Per SF GBA

0.5% of Total Development Costs $0.71 / SF

1.0% of Total Development Costs $1.43 / SF

2.0% of Total Development Costs $2.85 / SF

3.0% of Total Development Costs $4.28 / SF

4.0% of Total Development Costs $5.71 / SF

5.0% of Total Development Costs $7.13 / SF

Estimated Net Operating Income
The Industrial Prototype’s NOI is estimated based on the following:

1. The industrial lease rate is set at $12 per square foot per year, which equates to $1.00 per square foot per month and assumes a NNN lease.

2. The CAM reimbursements are set at $2.50 per square foot per year.

3. A vacancy and collection allowance is set at 5% of the gross industrial income.

4. The operating expenses are estimated at $2.50 per square foot per year.

5. The capital reserves are estimated at $0.15 per square foot per year.

The industrial NOI is estimated at $1.11 million as follows:

Industrial NOI
Effective Gross Income $1,377,000
(Less) Operating Expenses (265,000)
Estimated Industrial NOI $1,112,000

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Industrial Return on Investment (Base Scenario)
Estimated Industrial NOI $1,112,000
Estimated Development Costs $14,268,000
Return on Investment – Industrial Prototype 7.8%

KMA estimates that an industrial project would likely require a return on investment of at least

6.50% to be financially feasible. The following table summarizes the likely return on investment ranges to evaluate financial feasibility:

Feasibility Thresholds – Industrial Projects
Feasible Range 6.50% and Above
Marginally Feasible Range 6.00% - 6.49%
Infeasible Range 5.99% and Below

As such, KMA concludes that industrial development projects are financially feasible based on current development costs and lease rates.

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Industrial Prototype
Nonresidential Development Linkage Fee Amount
Estimated Return
on Investment
Base Scenario: No Nonresidential Development Linkage Fee 7.79% Nonresidential Development Linkage Fee at $1.00 per SF 7.73% Nonresidential Development Linkage Fee at $3.00 per SF 7.62% Nonresidential Development Linkage Fee at $5.00 per SF 7.50%

As such, the imposition of Nonresidential Development Linkage Fees on the Industrial Prototype has a minimal impact on financial feasibility. In addition, KMA concludes that an industrial project would likely be financially feasible at each of the proposed Nonresidential Development Linkage Fee amounts.

Research and Development Pro Forma Analyses (Attachment IV) The following summarizes the pro forma analyses prepared for the R&D Prototype.

Estimated Development Costs
The following summarizes the development cost assumptions utilized for the R&D Prototype:

1. The site improvement costs are estimated at $3 per square foot of land area.

2. The building costs are estimated at $35 per square foot of R&D GBA.

3. The tenant improvement costs are estimated at $5 per square foot of R&D GBA.

4. The architecture, engineering and consulting costs are estimated at 3% of direct costs.

5. Per information provided by City staff, KMA estimated the public permits and fees at $10 per square foot of R&D GBA.

6. The marketing and leasing costs are estimated at $3.00 per square foot of R&D GBA.

As such, KMA estimates the R&D Prototype’s total development costs for the Base Scenario as follows:

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R&D Prototype
Total Development Costs Base Scenario
Total Acquisition Costs $4,000,000
Total Direct Costs 6,360,000
Total Indirect Costs 2,033,000
Total Financing Costs 834,000
Total Development Costs $13,227,000
Per SF R&D GBA $132

Potential Nonresidential Development Linkage Fees
To estimate the potential Nonresidential Development Linkage Fees that could be applied to R&D land uses, KMA calculated a range of fee amounts based on between 0.5% - 5.0% of the Base Scenario’s total development costs. The following table summarizes the range of potential Nonresidential Development Linkage Fees:

R&D Land Use
% of Total Development Costs
Nonresidential
Development Linkage
Fee Per SF GBA

0.5% of Total Development Costs $0.66 / SF

1.0% of Total Development Costs $1.32 / SF

2.0% of Total Development Costs $2.65 / SF

3.0% of Total Development Costs $3.97 / SF

4.0% of Total Development Costs $5.29 / SF

5.0% of Total Development Costs $6.61 / SF

Estimated Net Operating Income
The R&D Prototype’s NOI is estimated based on the following:

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1. The R&D lease rate is set at $13.50 per square foot per year, which equates to $1.13 per square foot per month and assumes a Modified Gross lease.3

2. The CAM reimbursements are set at $2.50 per square foot per year.

3. A vacancy and collection allowance is set at 10% of gross R&D revenue.

4. The operating expenses are estimated at $5.00 per square foot per year.

5. The capital reserves are estimated at $0.15 per square foot per year.

The R&D NOI is estimated at $925,000 as follows:

R&D NOI
Effective Gross Income $1,440,000
(Less) Operating Expenses (515,000)
Estimated R&D NOI $925,000

R&D Return on Investment (Base Scenario)
Estimated R&D NOI $925,000
Estimated Development Costs $13,227,000
Return on Investment – R&D Prototype 7.0%

KMA estimates that a R&D project would likely require a return on investment of at least 8.0% to be financially feasible. The following table summarizes the likely return on investment ranges to evaluate financial feasibility:

3 Modified Gross Lease: A lease where some of the building operating costs are included in the lease rate (e.g. utilities). All excluded operating costs are paid by the tenant in addition to the lease rate.

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Feasibility Thresholds – R&D Projects
Feasible Range 8.00% and Above
Marginally Feasible Range 7.50% - 7.99%
Infeasible Range 7.49% and Below

As such, KMA concludes that R&D development projects are financially infeasible based on current development costs and lease rates. In addition, R&D projects require a specific subset of tenants/users. Thus, speculative development projects for R&D uses are unlikely.

R&D Prototype
Nonresidential Development Linkage Fee Amount
Estimated Return
on Investment
Base Scenario: No Nonresidential Development Linkage Fee 6.99% Nonresidential Development Linkage Fee at $1.00 per SF 6.94% Nonresidential Development Linkage Fee at $3.00 per SF 6.82% Nonresidential Development Linkage Fee at $5.00 per SF 6.71%

As such, the imposition of Nonresidential Development Linkage Fees on the R&D Prototype has a minimal impact on financial feasibility. In addition, KMA concludes that a R&D project would likely be financially infeasible at each of the proposed Nonresidential Development Linkage Fee amounts. In addition, it is important to note that R&D projects require a specific subset of tenants/users. Thus, speculative development projects for R&D uses are unlikely to occur.

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Hotel / Lodging Pro Forma Analyses (Attachment V)
The following summarizes the pro forma analyses prepared for the Hotel/Lodging Prototype.

Estimated Development Costs
The following summarizes the development cost assumptions utilized for the Hotel/Lodging Prototype:

1. The site improvement costs are estimated at $10 per square foot of land area.

2. The building costs are estimated at $175,000 per room.

3. The furniture, fixtures and equipment (FF&E) costs are estimated at $25,000 per room.4

4. The architecture, engineering and consulting costs are estimated at 5% of direct costs.

5. Per information provided by City staff, KMA estimated the public permits and fees at $19,000 room.

6. The marketing and leasing costs are estimated at $2,000 per room.

As such, KMA estimates the Hotel/Lodging Prototype’s total development costs for the Base Scenario as follows:

Hotel / Lodging Prototype
Total Development Costs Base Scenario
Total Acquisition Costs $3,267,000
Total Direct Costs 31,776,000
Total Indirect Costs 6,760,000
Total Financing Costs 2,959,000
Total Development Costs $44,762,000
Per SF Hotel/Lodging GBA $448

4 FF&E represents movable furniture, fixtures or other equipment that have no permanent connection to the structure of the building or utilities. Generally, this category includes guestroom, dining room and lounge furnishings; kitchen equipment; front office and administrative equipment; and decorative items.

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Hotel / Lodging Land Use
% of Total Development Costs
Nonresidential
Development Linkage
Fee Per SF GBA

0.5% of Total Development Costs $2.24 / SF

1.0% of Total Development Costs $4.48 / SF

2.0% of Total Development Costs $8.95 / SF

3.0% of Total Development Costs $13.43 / SF

4.0% of Total Development Costs $17.90 / SF

5.0% of Total Development Costs $22.38 / SF

Estimated Net Operating Income
The Hotel/Lodging Prototype’s NOI is estimated based on the following:

1. Gross Revenues:
a. The estimated room sales are based on an average daily rate (ADR) of $175 and an occupancy rate of 75%.
b. The food and beverage revenue estimate is limited to revenues directly related to hotel operations. KMA assumes there will be limited food and beverage services, and estimates the associated revenue at 5% of gross revenues. c. Other revenues are estimated at 5% of gross revenues.

2. Expenses:
a. The distributed expenses are estimated as follows:

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22209013v2.TRB January 19, 2023

i. The expenses related to hotel rooms are estimated at 20% of the hotel room sales;
ii. The expenses related to food and beverage sales are estimated at 70% of food and beverage sales; and
iii. The expenses related to other revenues are estimated at 25% of other revenues.
b. The undistributed expenses are estimated as follows:
i. General and administrative expenses are estimated at 8% of gross revenues;
ii. Information and telecom expenses are estimated at 1% of gross revenues;
iii. Marketing expenses are estimated at 8% of gross revenues; iv. Utilities costs are estimated at 3.5% of gross revenues; and v. Maintenance and operations costs are estimated at 3.5% of gross revenues.
c. A management fee equal to 3% of gross revenues is provided. d. The fixed expenses are estimated as follows:
i. Property taxes are estimated based on 1.1% of the hotel’s development costs;
ii. Insurance costs are estimated at 1.5% of gross revenues; and iii. An allowance for future replacement of FF&E’s is provided at 4% of gross revenues.

The hotel/lodging NOI is estimated at $2.49 million as follows:

Item No.16C

Keyser Marston Associates, Inc. Page 25
22209013v2.TRB January 19, 2023

Hotel / Lodging NOI
Gross Revenues $6,654,000
(Less) Operating Expenses (4,169,000)
Estimated Hotel/Lodging NOI $2,485,000

Hotel/Lodging Return on Investment (Base Scenario)
Estimated Hotel/Lodging NOI $2,485,000
Estimated Development Costs $44,762,000
Return on Investment – Hotel/Lodging Prototype 5.6%

However, KMA estimates that a hotel/lodging project would likely require a return on investment of at least 9% to be financially feasible. The following table summarizes the likely return on investment ranges to evaluate financial feasibility:

Feasibility Thresholds – Hotel / Lodging Projects
Feasible Range 9.0% and Above
Marginally Feasible Range 8.50% - 8.99%
Infeasible Range 8.49% and Below

As such, KMA concludes that hotel/lodging development projects are likely infeasible based on current development costs and lease rates.

Item No.16C

Keyser Marston Associates, Inc. Page 26
22209013v2.TRB January 19, 2023

Impacts on Financial Feasibility of Proposed Nonresidential Development Linkage Fee Based on a review of potential Nonresidential Development Linkage Fee amounts, KMA analyzed the impacts on financial feasibility of Nonresidential Linkage Fees at: $1 per square foot of GBA; $3 per square foot of GBA; and $5 per square foot of GBA. The following table summarizes the results of these analyses:

Hotel / Lodging Prototype
Nonresidential Development Linkage Fee Amount
Estimated Return
on Investment
Base Scenario: No Nonresidential Development Linkage Fee 5.55% Nonresidential Development Linkage Fee at $1.00 per SF 5.53% Nonresidential Development Linkage Fee at $3.00 per SF 5.50% Nonresidential Development Linkage Fee at $5.00 per SF 5.47%

As such, the imposition of Nonresidential Development Linkage Fees on the Hotel/Lodging Prototype has a minimal impact on financial feasibility. However, it is important to note that hotel/lodging land uses are currently likely to be financially infeasible even without the imposition of a Nonresidential Development Linkage Fee.

IV. CONCLUSIONS
The following table summarizes the results of the financial feasibility analyses (green shading denotes scenarios that are financially feasible and red shading denotes scenarios that are not financially feasible):

Item No.16C

Keyser Marston Associates, Inc. Page 27
22209013v2.TRB January 19, 2023

Estimated Returns on Investment By Nonresidential Development Linkage Fee Amount

Retail /
Commercial
Prototype
Office
Prototype
Industrial
Prototype
Research and
Development
Prototype
Hotel /
Lodging
Prototype

Base: No Linkage Fee 6.75% 5.08% 7.79% 6.99% 5.55%

Linkage Fee @ $1/SF 6.74% 5.07% 7.73% 6.94% 5.53%

Linkage Fee @ $3/SF 6.70% 5.04% 7.62% 6.82% 5.50%

Linkage Fee @ $5/SF 6.67% 5.02% 7.50% 6.71% 5.47%

ATTACHMENTS
Item No.16C

SUMMARY TABLE A

DEVELOPMENT ANALYSIS

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
Retail / Commercial
Prototype Office Prototype Industrial Prototype
Research and
Development
Hotel / Lodging
Prototype
I. Scope of Development
Site Area (SF) 45,000 130,680 250,000 200,000 108,900
Gross Building Area (SF) / Number of Rooms 12,000 57,500 100,000 1 100,000 1 125 FAR 0.27 0.44 0.40 0.50 0.92
Number of Parking Spaces 105 230 210 280 156
II. Total Development Costs - Base Scenario
Site Acquisition Costs $1,350,000 $3,920,000 $5,000,000 $4,000,000 $3,267,000 Total Direct Costs 3,214,000 15,588,000 6,330,000 6,360,000 31,776,000 Total Indirect Costs 754,000 3,457,000 1,925,000 2,033,000 6,760,000 Total Financing Costs 473,000 1,601,000 1,013,000 834,000 2,959,000 Total Development Costs $5,791,000 $24,566,000 $14,268,000 $13,227,000 $44,762,000 Per SF of GBA/Room $483 $427 $143 $132 $358,100
III. Estimate Lease Rates
Estimated Annual Lease Rate / ADR $35 $37 $12 $14 $175
Type of Lease NNN Full Service Gross NNN MG N/A
IV. Estimated Net Operating Income $391,000 $1,249,000 $1,112,000 $925,000 $2,485,000 V. Estimated Return on Cost (Base Scenario)
Estimated Net Operating Income $391,000 $1,249,000 $1,112,000 $925,000 $2,485,000 Total Development Costs $5,791,000 $24,566,000 $14,268,000 $13,227,000 $44,762,000 Estimated Return on Cost 6.8% 5.1% 7.8% 7.0% 5.6%
VI. Nonresidential Development Linkage Fee Per SF as a Percentage of Development Costs (Base Scenario)

0.5% of Development Costs $2.41 $2.14 $0.71 $0.66 $2.24

1.0% of Development Costs $4.83 $4.27 $1.43 $1.32 $4.48

2.0% of Development Costs $9.65 $8.54 $2.85 $2.65 $8.95

3.0% of Development Costs $14.48 $12.82 $4.28 $3.97 $13.43

4.0% of Development Costs $19.30 $17.09 $5.71 $5.29 $17.90

5.0% of Development Costs $24.13 $21.36 $7.13 $6.61 $22.38 1 Includes 5,000 square feet of office space and 95,000 square feet of industrial/warehouse space.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; SUMM FOR PRINTING; trb Item No.16C

SUMMARY TABLE B

FINANCIAL FEASIBILITY TESTING

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
Retail / Commercial
Prototype Office Prototype Industrial Prototype
Research and
Development
Prototype
Hotel / Lodging
Prototype
I. Threshold Return Requirements
Feasible Range (Green) 8.00% and Above 9.00% and Above 6.50% and Above 8.00% and Above 9.00% and Above Marginally Feasible Range (Yellow) 7.00% - 7.99% 8.00% - 8.99% 6.00% - 6.49% 7.50% - 7.99% 8.50% - 8.99% Infeasible Range (Red) 6.99% and Below 7.99% and Below 5.99% and Below 7.49% and Below 8.49% and Below II. Nonresidential Linkage Fees - Financial Feasibility Results Base Scenario: No Nonresidential Development Linkage Fee 6.75% 5.08% 7.79% 6.99% 5.55% Nonresidential Development Linkage Fee @ $1/SF Scenario 6.74% 5.07% 7.73% 6.94% 5.53% Nonresidential Development Linkage Fee @ $3/SF Scenario 6.70% 5.04% 7.62% 6.82% 5.50% Nonresidential Development Linkage Fee @ $5/SF Scenario 6.67% 5.02% 7.50% 6.71% 5.47% Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; SUMM FOR PRINTING; trb Item No.16C

THOUSAND OAKS, CALIFORNIA

ATTACHMENT I

RETAIL / COMMERCIAL PROTOTYPE

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; ATT I_TITLE; trb Item No.16C

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

ATTACHMENT I - APPENDIX A

RETAIL / COMMERCIAL PROTOTYPE
BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Retail_Comm_BASE; trb Item No.16C

ATTACHMENT I - APPENDIX A - TABLE 1

ESTIMATED DEVELOPMENT COSTS

RETAIL / COMMERCIAL PROTOTYPE
BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE 12,000 SF RETAIL/COMMERCIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 45,000 Sf Land $30 /Sf Land $1,350,000 II. Direct Costs 1
Site Improvement Costs 45,000 Sf Land $7 /Sf Land $315,000 Surface Parking Costs 2 105 Spaces $2,500 /Space 263,000 Building Costs 12,000 Sf Retail/Comm GBA $150 /Sf Retail/Comm GBA 1,800,000 Tenant Improvement Costs 12,000 Sf Retail/Comm GBA $25 /Sf Retail/Comm GBA 300,000 Contractor Costs 20.0% Other Direct Costs 536,000
Total Direct Costs 12,000 Sf Retail/Comm GBA $268 /Sf Retail/Comm GBA $3,214,000 III. Indirect Costs
Architecture, Engineering & Consulting 6.0% Direct Costs $193,000 Public Permits & Fees/Impact Fees 3 12,000 Sf Retail/Comm GBA $19 /Sf Retail/Comm GBA 228,000 Nonresidential Development Linkage Fee 12,000 Sf Retail/Comm GBA $0 /Sf Retail/Comm GBA 0 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 96,000 Marketing & Leasing Costs 12,000 Sf Retail/Comm GBA $6.00 /Sf Retail/Comm GBA 72,000 Development Management 4.0% Direct Costs 129,000
Contingency Allowance 5.0% Other Indirect Costs 36,000
Total Indirect Costs $754,000
IV. Financing Costs
Construction Loan Interest 4 $5,791,000 Financed 5.50% Interest $382,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 91,000
Total Financing Costs $473,000
V. Total Construction Costs 12,000 Sf Retail/Comm GBA $370 /Sf Retail/Comm GBA $4,441,000 Total Development Costs 12,000 Sf Retail/Comm GBA $483 /Sf Retail/Comm GBA $5,791,000 VI. Nonresidential Development Linkage Fee Per SF as a Percentage of Development Costs

0.5% of Development Costs $2.41

1.0% of Development Costs $4.83

2.0% of Development Costs $9.65

3.0% of Development Costs $14.48

4.0% of Development Costs $19.30

5.0% of Development Costs $24.13
1 2
3 4
Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Direct costs assume prevailing wage requirements will not be imposed on the Project.

Assumes an 14-month construction period with a 60% average outstanding balance, and a 6-month absorption period with a 100% average outstanding balance.

Parking requirement based on: 80% general retail space with a requirement of 4 spaces per 1,000 SF; and 25% restaurant space with a requirement of 1 space per 45 SF (22 spaces per 1,000 SF).

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Retail_Comm_BASE; trb Item No.16C

ATTACHMENT I - APPENDIX A - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

RETAIL / COMMERCIAL PROTOTYPE
BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE 12,000 SF RETAIL/COMMERCIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Retail / Commercial Revenue 1
Lease Revenue 12,000 Sf Retail/Comm GBA $35 /Sf Retail/Comm GBA $420,000 CAM Reimbursements 12,000 Sf Retail/Comm GBA $10 /Sf Retail/Comm GBA 120,000 Gross Retail / Commercial Revenue $540,000
(Less) Vacancy & Collection Allowance 5% Gross Retail / Commercial Revenue (27,000) Effective Gross Income $513,000
II. Retail / Commercial Operating Expenses
CAM Expenses 12,000 Sf Retail/Comm GBA $10 /Sf Retail/Comm GBA $120,000 Reserves 12,000 Sf Retail/Comm GBA $0.15 /Sf Retail/Comm GBA 2,000 Retail / Commercial Operating Expenses $122,000
III. Retail Net Operating Income $391,000
IV. Estimated Return on Investment
Net Operating Income $391,000
Total Development Costs See ATTACHMENT I - APPENDIX A - TABLE 1 $5,791,000 V. Return on Investment 6.75%
1 Assumes a NNN lease. Equates to $2.92/sf/month.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Retail_Comm_BASE; trb Item No.16C

ATTACHMENT I - APPENDIX B

RETAIL / COMMERCIAL PROTOTYPE

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Retail_Comm_$1; trb Item No.16C

ATTACHMENT I - APPENDIX B - TABLE 1

ESTIMATED DEVELOPMENT COSTS

RETAIL / COMMERCIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO 12,000 SF RETAIL/COMMERCIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 45,000 Sf Land $30 /Sf Land $1,350,000 II. Direct Costs 1
Site Improvement Costs 45,000 Sf Land $7 /Sf Land $315,000 Surface Parking Costs 2 105 Spaces $2,500 /Space 263,000 Building Costs 12,000 Sf Retail/Comm GBA $150 /Sf Retail/Comm GBA 1,800,000 Tenant Improvement Costs 12,000 Sf Retail/Comm GBA $25 /Sf Retail/Comm GBA 300,000 Contractor Costs 20.0% Other Direct Costs 536,000
Total Direct Costs 12,000 Sf Retail/Comm GBA $268 /Sf Retail/Comm GBA $3,214,000 III. Indirect Costs
Architecture, Engineering & Consulting 6.0% Direct Costs $193,000 Public Permits & Fees/Impact Fees 3 12,000 Sf Retail/Comm GBA $19 /Sf Retail/Comm GBA 228,000 Nonresidential Development Linkage Fee 12,000 Sf Retail/Comm GBA $1 /Sf Retail/Comm GBA 12,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 96,000 Marketing & Leasing Costs 12,000 Sf Retail/Comm GBA $6.00 /Sf Retail/Comm GBA 72,000 Development Management 4.0% Direct Costs 129,000
Contingency Allowance 5.0% Other Indirect Costs 37,000
Total Indirect Costs $767,000
IV. Financing Costs
Construction Loan Interest 4 $5,805,000 Financed 5.50% Interest $383,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 91,000
Total Financing Costs $474,000
V. Total Construction Costs 12,000 Sf Retail/Comm GBA $371 /Sf Retail/Comm GBA $4,455,000 Total Development Costs 12,000 Sf Retail/Comm GBA $484 /Sf Retail/Comm GBA $5,805,000 1 2
3 4
Direct costs assume prevailing wage requirements will not be imposed on the Project.

Assumes an 14-month construction period with a 60% average outstanding balance, and a 6-month absorption period with a 100% average outstanding balance.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Parking requirement based on: 80% general retail space with a requirement of 4 spaces per 1,000 SF; and 25% restaurant space with a requirement of 1 space per 45 SF (22 spaces per 1,000 SF).

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Retail_Comm_$1; trb Item No.16C

ATTACHMENT I - APPENDIX B - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

RETAIL / COMMERCIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO 12,000 SF RETAIL/COMMERCIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Retail / Commercial Revenue 1
Lease Revenue 12,000 Sf Retail/Comm GBA $35 /Sf Retail/Comm GBA $420,000 CAM Reimbursements 12,000 Sf Retail/Comm GBA $10 /Sf Retail/Comm GBA 120,000 Gross Retail / Commercial Revenue $540,000
(Less) Vacancy & Collection Allowance 5% Gross Retail / Commercial Revenue (27,000) Effective Gross Income $513,000
II. Retail / Commercial Operating Expenses
CAM Expenses 12,000 Sf Retail/Comm GBA $10 /Sf Retail/Comm GBA $120,000 Reserves 12,000 Sf Retail/Comm GBA $0.15 /Sf Retail/Comm GBA 2,000 Retail / Commercial Operating Expenses $122,000
III. Retail Net Operating Income $391,000
IV. Estimated Return on Investment
Net Operating Income $391,000
Total Development Costs See ATTACHMENT I - APPENDIX B - TABLE 1 $5,805,000 V. Return on Investment 6.74%
1 Assumes a NNN lease. Equates to $2.92/sf/month.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Retail_Comm_$1; trb Item No.16C

ATTACHMENT I - APPENDIX C

RETAIL / COMMERCIAL PROTOTYPE

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Retail_Comm_$3; trb Item No.16C

ATTACHMENT I - APPENDIX C - TABLE 1

ESTIMATED DEVELOPMENT COSTS

RETAIL / COMMERCIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO 12,000 SF RETAIL/COMMERCIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 45,000 Sf Land $30 /Sf Land $1,350,000 II. Direct Costs 1
Site Improvement Costs 45,000 Sf Land $7 /Sf Land $315,000 Surface Parking Costs 2 105 Spaces $2,500 /Space 263,000 Building Costs 12,000 Sf Retail/Comm GBA $150 /Sf Retail/Comm GBA 1,800,000 Tenant Improvement Costs 12,000 Sf Retail/Comm GBA $25 /Sf Retail/Comm GBA 300,000 Contractor Costs 20.0% Other Direct Costs 536,000
Total Direct Costs 12,000 Sf Retail/Comm GBA $268 /Sf Retail/Comm GBA $3,214,000 III. Indirect Costs
Architecture, Engineering & Consulting 6.0% Direct Costs $193,000 Public Permits & Fees/Impact Fees 3 12,000 Sf Retail/Comm GBA $19 /Sf Retail/Comm GBA 228,000 Nonresidential Development Linkage Fee 12,000 Sf Retail/Comm GBA $3 /Sf Retail/Comm GBA 36,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 96,000 Marketing & Leasing Costs 12,000 Sf Retail/Comm GBA $6.00 /Sf Retail/Comm GBA 72,000 Development Management 4.0% Direct Costs 129,000
Contingency Allowance 5.0% Other Indirect Costs 38,000
Total Indirect Costs $792,000
IV. Financing Costs
Construction Loan Interest 4 $5,832,000 Financed 5.50% Interest $385,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 91,000
Total Financing Costs $476,000
V. Total Construction Costs 12,000 Sf Retail/Comm GBA $374 /Sf Retail/Comm GBA $4,482,000 Total Development Costs 12,000 Sf Retail/Comm GBA $486 /Sf Retail/Comm GBA $5,832,000 1 2
3 4
Direct costs assume prevailing wage requirements will not be imposed on the Project.

Assumes an 14-month construction period with a 60% average outstanding balance, and a 6-month absorption period with a 100% average outstanding balance.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Parking requirement based on: 80% general retail space with a requirement of 4 spaces per 1,000 SF; and 25% restaurant space with a requirement of 1 space per 45 SF (22 spaces per 1,000 SF).

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Retail_Comm_$3; trb Item No.16C

ATTACHMENT I - APPENDIX C - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

RETAIL / COMMERCIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO 12,000 SF RETAIL/COMMERCIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Retail / Commercial Revenue 1
Lease Revenue 12,000 Sf Retail/Comm GBA $35 /Sf Retail/Comm GBA $420,000 CAM Reimbursements 12,000 Sf Retail/Comm GBA $10 /Sf Retail/Comm GBA 120,000 Gross Retail / Commercial Revenue $540,000
(Less) Vacancy & Collection Allowance 5% Gross Retail / Commercial Revenue (27,000) Effective Gross Income $513,000
II. Retail / Commercial Operating Expenses
CAM Expenses 12,000 Sf Retail/Comm GBA $10 /Sf Retail/Comm GBA $120,000 Reserves 12,000 Sf Retail/Comm GBA $0.15 /Sf Retail/Comm GBA 2,000 Retail / Commercial Operating Expenses $122,000
III. Retail Net Operating Income $391,000
IV. Estimated Return on Investment
Net Operating Income $391,000
Total Development Costs See ATTACHMENT I - APPENDIX C - TABLE 1 $5,832,000 V. Return on Investment 6.70%
1 Assumes a NNN lease. Equates to $2.92/sf/month.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Retail_Comm_$3; trb Item No.16C

ATTACHMENT I - APPENDIX D

RETAIL / COMMERCIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Retail_Comm_$5; trb Item No.16C

ATTACHMENT I - APPENDIX D - TABLE 1

ESTIMATED DEVELOPMENT COSTS

RETAIL / COMMERCIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO 12,000 SF RETAIL/COMMERCIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 45,000 Sf Land $30 /Sf Land $1,350,000 II. Direct Costs 1
Site Improvement Costs 45,000 Sf Land $7 /Sf Land $315,000 Surface Parking Costs 2 105 Spaces $2,500 /Space 263,000 Building Costs 12,000 Sf Retail/Comm GBA $150 /Sf Retail/Comm GBA 1,800,000 Tenant Improvement Costs 12,000 Sf Retail/Comm GBA $25 /Sf Retail/Comm GBA 300,000 Contractor Costs 20.0% Other Direct Costs 536,000
Total Direct Costs 12,000 Sf Retail/Comm GBA $268 /Sf Retail/Comm GBA $3,214,000 III. Indirect Costs
Architecture, Engineering & Consulting 6.0% Direct Costs $193,000 Public Permits & Fees/Impact Fees 3 12,000 Sf Retail/Comm GBA $19 /Sf Retail/Comm GBA 228,000 Nonresidential Development Linkage Fee 12,000 Sf Retail/Comm GBA $5 /Sf Retail/Comm GBA 60,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 96,000 Marketing & Leasing Costs 12,000 Sf Retail/Comm GBA $6.00 /Sf Retail/Comm GBA 72,000 Development Management 4.0% Direct Costs 129,000
Contingency Allowance 5.0% Other Indirect Costs 39,000
Total Indirect Costs $817,000
IV. Financing Costs
Construction Loan Interest 4 $5,859,000 Financed 5.50% Interest $387,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 91,000
Total Financing Costs $478,000
V. Total Construction Costs 12,000 Sf Retail/Comm GBA $376 /Sf Retail/Comm GBA $4,509,000 Total Development Costs 12,000 Sf Retail/Comm GBA $488 /Sf Retail/Comm GBA $5,859,000 1 2
3 4
Direct costs assume prevailing wage requirements will not be imposed on the Project.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Assumes an 14-month construction period with a 60% average outstanding balance, and a 6-month absorption period with a 100% average outstanding balance.

Parking requirement based on: 80% general retail space with a requirement of 4 spaces per 1,000 SF; and 25% restaurant space with a requirement of 1 space per 45 SF (22 spaces per 1,000 SF).

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Retail_Comm_$5; trb Item No.16C

ATTACHMENT I - APPENDIX D - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

RETAIL / COMMERCIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO 12,000 SF RETAIL/COMMERCIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Retail / Commercial Revenue 1
Lease Revenue 12,000 Sf Retail/Comm GBA $35 /Sf Retail/Comm GBA $420,000 CAM Reimbursements 12,000 Sf Retail/Comm GBA $10 /Sf Retail/Comm GBA 120,000 Gross Retail / Commercial Revenue $540,000
(Less) Vacancy & Collection Allowance 5% Gross Retail / Commercial Revenue (27,000) Effective Gross Income $513,000
II. Retail / Commercial Operating Expenses
CAM Expenses 12,000 Sf Retail/Comm GBA $10 /Sf Retail/Comm GBA $120,000 Reserves 12,000 Sf Retail/Comm GBA $0.15 /Sf Retail/Comm GBA 2,000 Retail / Commercial Operating Expenses $122,000
III. Retail Net Operating Income $391,000
IV. Estimated Return on Investment
Net Operating Income $391,000
Total Development Costs See ATTACHMENT I - APPENDIX D - TABLE 1 $5,859,000 V. Return on Investment 6.67%
1 Assumes a NNN lease. Equates to $2.92/sf/month.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Retail_Comm_$5; trb Item No.16C

ATTACHMENT II

OFFICE PROTOTYPE

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; ATT II_TITLE; trb Item No.16C

ATTACHMENT II - APPENDIX A

OFFICE PROTOTYPE

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Office_BASE; trb Item No.16C

ATTACHMENT II - APPENDIX A - TABLE 1

ESTIMATED DEVELOPMENT COSTS

OFFICE PROTOTYPE
BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE 57,500 SF OFFICE GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 130,680 Sf Land $30 /Sf Land $3,920,000 II. Direct Costs 1
Site Improvement Costs 130,680 Sf Land $7 /Sf Land $915,000 Surface Parking Costs 230 Spaces $2,500 /Space 575,000
Building Costs 57,500 Sf Office GBA $150 /Sf Office GBA 8,625,000 Tenant Improvement Costs 57,500 Sf Office GBA $50 /Sf Office GBA 2,875,000 Contractor Costs 20.0% Other Direct Costs 2,598,000
Total Direct Costs 57,500 Sf GBA $271 /Sf GBA $15,588,000 III. Indirect Costs
Architecture, Engineering & Consulting 6.0% Direct Costs $935,000 Public Permits & Fees/Impact Fees 2 57,500 Sf Office GBA $16 /Sf Office GBA 920,000 Nonresidential Development Linkage Fee 57,500 Sf Office GBA $0 /Sf Office GBA 0 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 468,000 Marketing & Leasing Costs 57,500 Sf Office GBA $6.00 /Sf Office GBA 345,000 Development Management 4.0% Direct Costs 624,000
Contingency Allowance 5.0% Other Indirect Costs 165,000 Total Indirect Costs $3,457,000
IV. Financing Costs
Construction Loan Interest 3 $24,566,000 Financed 5.50% Interest $1,351,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 250,000 Total Financing Costs $1,601,000
V. Total Construction Costs 57,500 Sf Office GBA $359 /Sf Office GBA $20,646,000 Total Development Costs 57,500 Sf Office GBA $427 /Sf Office GBA $24,566,000 VI. Nonresidential Development Linkage Fee Per SF as a Percentage of Development Costs

0.5% of Development Costs $2.14

1.0% of Development Costs $4.27

2.0% of Development Costs $8.54

3.0% of Development Costs $12.82

4.0% of Development Costs $17.09

5.0% of Development Costs $21.36
1 2
3 Assumes a 15-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Direct costs assume prevailing wage requirements will not be imposed on the Project.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Office_BASE; trb Item No.16C

ATTACHMENT II - APPENDIX A - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

OFFICE PROTOTYPE
BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE 57,500 SF OFFICE GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Office Revenue
Lease Revenue 1 50,000 Sf Office GLA $37 /Sf Office GLA $1,850,000 (Less) Vacancy & Collection Allowance 5% Lease Revenue (93,000) Effective Gross Income $1,757,000
II. Office Operating Expenses
Operating Expenses 50,000 Sf Office GLA $10 /Sf Office GLA $500,000 Reserves 50,000 Sf Office GLA $0.15 /Sf Office GLA 8,000 Office Operating Expenses $508,000
III. Office Net Operating Income $1,249,000
IV. Estimated Return on Investment
Net Operating Income $1,249,000
Total Development Costs See ATTACHMENT II - APPENDIX A - TABLE 1 24,566,000 V. Return on Investment 5.08%
1 Assumes a Full Service Gross lease. Equates to $3.08 per square foot per month on a full service gross basis.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Office_BASE; trb Item No.16C

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

ATTACHMENT II - APPENDIX B

OFFICE PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Office_$1; trb Item No.16C

ATTACHMENT II - APPENDIX B - TABLE 1

ESTIMATED DEVELOPMENT COSTS

OFFICE PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO 57,500 SF OFFICE GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 130,680 Sf Land $30 /Sf Land $3,920,000 II. Direct Costs 1
Site Improvement Costs 130,680 Sf Land $7 /Sf Land $915,000 Surface Parking Costs 230 Spaces $2,500 /Space 575,000
Building Costs 57,500 Sf Office GBA $150 /Sf Office GBA 8,625,000 Tenant Improvement Costs 57,500 Sf Office GBA $50 /Sf Office GBA 2,875,000 Contractor Costs 20.0% Other Direct Costs 2,598,000
Total Direct Costs 57,500 Sf GBA $271 /Sf GBA $15,588,000 III. Indirect Costs
Architecture, Engineering & Consulting 6.0% Direct Costs $935,000 Public Permits & Fees/Impact Fees 2 57,500 Sf Office GBA $16 /Sf Office GBA 920,000 Nonresidential Development Linkage Fee 57,500 Sf Office GBA $1 /Sf Office GBA 58,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 468,000 Marketing & Leasing Costs 57,500 Sf Office GBA $6.00 /Sf Office GBA 345,000 Development Management 4.0% Direct Costs 624,000
Contingency Allowance 5.0% Other Indirect Costs 168,000 Total Indirect Costs $3,518,000
IV. Financing Costs
Construction Loan Interest 3 $24,631,000 Financed 5.50% Interest $1,355,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 250,000 Total Financing Costs $1,605,000
V. Total Construction Costs 57,500 Sf Office GBA $360 /Sf Office GBA $20,711,000 Total Development Costs 57,500 Sf Office GBA $428 /Sf Office GBA $24,631,000 1 2
3 Direct costs assume prevailing wage requirements will not be imposed on the Project.

Assumes a 15-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Office_$1; trb Item No.16C

ATTACHMENT II - APPENDIX B - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

OFFICE PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO 57,500 SF OFFICE GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Office Revenue
Lease Revenue 1 50,000 Sf Office GLA $37 /Sf Office GLA $1,850,000 (Less) Vacancy & Collection Allowance 5% Lease Revenue (93,000) Effective Gross Income $1,757,000
II. Office Operating Expenses
Operating Expenses 50,000 Sf Office GLA $10 /Sf Office GLA $500,000 Reserves 50,000 Sf Office GLA $0.15 /Sf Office GLA 8,000 Office Operating Expenses $508,000
III. Office Net Operating Income $1,249,000
IV. Estimated Return on Investment
Net Operating Income $1,249,000
Total Development Costs See ATTACHMENT II - APPENDIX B - TABLE 1 24,631,000 V. Return on Investment 5.07%
1 Assumes a Full Service Gross lease. Equates to $3.08 per square foot per month on a full service gross basis.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Office_$1; trb Item No.16C

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

ATTACHMENT II - APPENDIX C

OFFICE PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Office_$3; trb Item No.16C

ATTACHMENT II - APPENDIX C - TABLE 1

ESTIMATED DEVELOPMENT COSTS

OFFICE PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO 57,500 SF OFFICE GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 130,680 Sf Land $30 /Sf Land $3,920,000 II. Direct Costs 1
Site Improvement Costs 130,680 Sf Land $7 /Sf Land $915,000 Surface Parking Costs 230 Spaces $2,500 /Space 575,000
Building Costs 57,500 Sf Office GBA $150 /Sf Office GBA 8,625,000 Tenant Improvement Costs 57,500 Sf Office GBA $50 /Sf Office GBA 2,875,000 Contractor Costs 20.0% Other Direct Costs 2,598,000
Total Direct Costs 57,500 Sf GBA $271 /Sf GBA $15,588,000 III. Indirect Costs
Architecture, Engineering & Consulting 6.0% Direct Costs $935,000 Public Permits & Fees/Impact Fees 2 57,500 Sf Office GBA $16 /Sf Office GBA 920,000 Nonresidential Development Linkage Fee 57,500 Sf Office GBA $3 /Sf Office GBA 173,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 468,000 Marketing & Leasing Costs 57,500 Sf Office GBA $6.00 /Sf Office GBA 345,000 Development Management 4.0% Direct Costs 624,000
Contingency Allowance 5.0% Other Indirect Costs 173,000 Total Indirect Costs $3,638,000
IV. Financing Costs
Construction Loan Interest 3 $24,758,000 Financed 5.50% Interest $1,362,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 250,000 Total Financing Costs $1,612,000
V. Total Construction Costs 57,500 Sf Office GBA $362 /Sf Office GBA $20,838,000 Total Development Costs 57,500 Sf Office GBA $431 /Sf Office GBA $24,758,000 1 2
3 Assumes a 15-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Direct costs assume prevailing wage requirements will not be imposed on the Project.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Office_$3; trb Item No.16C

ATTACHMENT II - APPENDIX C - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

OFFICE PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO 57,500 SF OFFICE GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Office Revenue
Lease Revenue 1 50,000 Sf Office GLA $37 /Sf Office GLA $1,850,000 (Less) Vacancy & Collection Allowance 5% Lease Revenue (93,000) Effective Gross Income $1,757,000
II. Office Operating Expenses
Operating Expenses 50,000 Sf Office GLA $10 /Sf Office GLA $500,000 Reserves 50,000 Sf Office GLA $0.15 /Sf Office GLA 8,000 Office Operating Expenses $508,000
III. Office Net Operating Income $1,249,000
IV. Estimated Return on Investment
Net Operating Income $1,249,000
Total Development Costs See ATTACHMENT II - APPENDIX C - TABLE 1 24,758,000 V. Return on Investment 5.04%
1 Assumes a Full Service Gross lease. Equates to $3.08 per square foot per month on a full service gross basis.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Office_$3; trb Item No.16C

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO

ATTACHMENT II - APPENDIX D

OFFICE PROTOTYPE
Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Office_$5; trb Item No.16C

ATTACHMENT II - APPENDIX D - TABLE 1

ESTIMATED DEVELOPMENT COSTS

OFFICE PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO 57,500 SF OFFICE GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 130,680 Sf Land $30 /Sf Land $3,920,000 II. Direct Costs 1
Site Improvement Costs 130,680 Sf Land $7 /Sf Land $915,000 Surface Parking Costs 230 Spaces $2,500 /Space 575,000
Building Costs 57,500 Sf Office GBA $150 /Sf Office GBA 8,625,000 Tenant Improvement Costs 57,500 Sf Office GBA $50 /Sf Office GBA 2,875,000 Contractor Costs 20.0% Other Direct Costs 2,598,000
Total Direct Costs 57,500 Sf GBA $271 /Sf GBA $15,588,000 III. Indirect Costs
Architecture, Engineering & Consulting 6.0% Direct Costs $935,000 Public Permits & Fees/Impact Fees 2 57,500 Sf Office GBA $16 /Sf Office GBA 920,000 Nonresidential Development Linkage Fee 57,500 Sf Office GBA $5 /Sf Office GBA 288,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 468,000 Marketing & Leasing Costs 57,500 Sf Office GBA $6.00 /Sf Office GBA 345,000 Development Management 4.0% Direct Costs 624,000
Contingency Allowance 5.0% Other Indirect Costs 179,000 Total Indirect Costs $3,759,000
IV. Financing Costs
Construction Loan Interest 3 $24,886,000 Financed 5.50% Interest $1,369,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 250,000 Total Financing Costs $1,619,000
V. Total Construction Costs 57,500 Sf Office GBA $365 /Sf Office GBA $20,966,000 Total Development Costs 57,500 Sf Office GBA $433 /Sf Office GBA $24,886,000 1 2
3 Direct costs assume prevailing wage requirements will not be imposed on the Project.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Assumes a 15-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Office_$5; trb Item No.16C

ATTACHMENT II - APPENDIX D - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

OFFICE PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO 57,500 SF OFFICE GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Office Revenue
Lease Revenue 1 50,000 Sf Office GLA $37 /Sf Office GLA $1,850,000 (Less) Vacancy & Collection Allowance 5% Lease Revenue (93,000) Effective Gross Income $1,757,000
II. Office Operating Expenses
Operating Expenses 50,000 Sf Office GLA $10 /Sf Office GLA $500,000 Reserves 50,000 Sf Office GLA $0.15 /Sf Office GLA 8,000 Office Operating Expenses $508,000
III. Office Net Operating Income $1,249,000
IV. Estimated Return on Investment
Net Operating Income $1,249,000
Total Development Costs See ATTACHMENT II - APPENDIX D - TABLE 1 24,886,000 V. Return on Investment 5.02%
1 Assumes a Full Service Gross lease. Equates to $3.08 per square foot per month on a full service gross basis.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Office_$5; trb Item No.16C

ATTACHMENT III

INDUSTRIAL PROTOTYPE

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; ATT III_TITLE; trb Item No.16C

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

INDUSTRIAL PROTOTYPE

ATTACHMENT III - APPENDIX A
BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Industrial_BASE; trb Item No.16C

ATTACHMENT III - APPENDIX A - TABLE 1

ESTIMATED DEVELOPMENT COSTS

INDUSTRIAL PROTOTYPE
BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE 100,000 SF INDUSTRIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 250,000 Sf Land $20 /Sf Land $5,000,000 II. Direct Costs 1
Site Improvement Costs 250,000 Sf Land $3 /Sf Land $750,000 Surface Parking 210 Spaces $2,500 /Space 525,000
Building Costs 100,000 Sf Industrial GBA $35 /Sf Industrial GBA 3,500,000 Tenant Improvement Costs 100,000 Sf Industrial GBA $5 /Sf Industrial GBA 500,000 Contractor Costs 20.0% Other Direct Costs 1,055,000
Total Direct Costs 100,000 Sf Industrial GBA $63 /Sf Industrial GBA $6,330,000 III. Indirect Costs
Architecture, Engineering & Consulting 3.0% Direct Costs $190,000 Public Permits & Fees/Impact Fees 2 100,000 Sf Industrial GBA $9 /Sf Industrial GBA 900,000 Nonresidential Development Linkage Fee 100,000 Sf Industrial GBA $0 /Sf Industrial GBA 0 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 190,000 Marketing & Leasing Costs 100,000 Sf Industrial GBA $3.00 /Sf Industrial GBA 300,000 Development Management 4.0% Direct Costs 253,000
Contingency Allowance 5.0% Other Indirect Costs 92,000
Total Indirect Costs $1,925,000
IV. Financing Costs
Construction Loan Interest 3 $14,268,000 Financed 5.50% Interest $667,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 346,000 Total Financing Costs $1,013,000
V. Total Construction Costs 100,000 Sf Industrial GBA $93 /Sf Industrial GBA $9,268,000 Total Development Costs 100,000 Sf Industrial GBA $143 /Sf Industrial GBA $14,268,000 VI. Nonresidential Development Linkage Fee Per SF as a Percentage of Development Costs

0.5% of Development Costs $0.71

1.0% of Development Costs $1.43

2.0% of Development Costs $2.85

3.0% of Development Costs $4.28

4.0% of Development Costs $5.71

5.0% of Development Costs $7.13
1 2
3 Direct costs assume prevailing wage requirements will not be imposed on the Project.

Assumes a 12-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Industrial_BASE; trb Item No.16C

ATTACHMENT III - APPENDIX A - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

INDUSTRIAL PROTOTYPE
BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE 100,000 SF INDUSTRIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Industrial Revenue
Lease Revenue 1 100,000 Sf Industrial GBA $12.00 /Sf Industrial GBA $1,200,000 CAM Reimbursements 100,000 Sf Industrial GBA $2.50 /Sf Industrial GBA 250,000 Gross Industrial Revenue $1,450,000
(Less) Vacancy & Collection Allowance 5.0% Gross Industrial Revenue (73,000) Effective Gross Income $1,377,000
II. Industrial Operating Expenses
Operating Expenses 100,000 Sf Industrial GBA $2.50 /Sf Industrial GBA $250,000 Reserves 100,000 Sf Industrial GBA $0.15 /Sf Industrial GBA 15,000 Industrial Operating Expenses $265,000
III. Industrial Net Operating Income $1,112,000
IV. Estimated Return on Investment
Net Operating Income $1,112,000
Total Development Costs See ATTACHMENT III - APPENDIX A - TABLE 1 $14,268,000 V. Return on Investment 7.79%
1 Assumes a NNN lease. Equates to a lease rate of $1.00 per square foot per month.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Industrial_BASE; trb Item No.16C

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

ATTACHMENT III - APPENDIX B

INDUSTRIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Industrial_$1; trb Item No.16C

ATTACHMENT III - APPENDIX B - TABLE 1

ESTIMATED DEVELOPMENT COSTS

INDUSTRIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO 100,000 SF INDUSTRIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 250,000 Sf Land $20 /Sf Land $5,000,000 II. Direct Costs 1
Site Improvement Costs 250,000 Sf Land $3 /Sf Land $750,000 Surface Parking 210 Spaces $2,500 /Space 525,000
Building Costs 100,000 Sf Industrial GBA $35 /Sf Industrial GBA 3,500,000 Tenant Improvement Costs 100,000 Sf Industrial GBA $5 /Sf Industrial GBA 500,000 Contractor Costs 20.0% Other Direct Costs 1,055,000
Total Direct Costs 100,000 Sf Industrial GBA $63 /Sf Industrial GBA $6,330,000 III. Indirect Costs
Architecture, Engineering & Consulting 3.0% Direct Costs $190,000 Public Permits & Fees/Impact Fees 2 100,000 Sf Industrial GBA $9 /Sf Industrial GBA 900,000 Nonresidential Development Linkage Fee 100,000 Sf Industrial GBA $1 /Sf Industrial GBA 100,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 190,000 Marketing & Leasing Costs 100,000 Sf Industrial GBA $3.00 /Sf Industrial GBA 300,000 Development Management 4.0% Direct Costs 253,000
Contingency Allowance 5.0% Other Indirect Costs 97,000
Total Indirect Costs $2,030,000
IV. Financing Costs
Construction Loan Interest 3 $14,378,000 Financed 5.50% Interest $672,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 346,000 Total Financing Costs $1,018,000
V. Total Construction Costs 100,000 Sf Industrial GBA $94 /Sf Industrial GBA $9,378,000 Total Development Costs 100,000 Sf Industrial GBA $144 /Sf Industrial GBA $14,378,000 1 2
3 Direct costs assume prevailing wage requirements will not be imposed on the Project.

Assumes a 12-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Industrial_$1; trb Item No.16C

ATTACHMENT III - APPENDIX B - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

INDUSTRIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO 100,000 SF INDUSTRIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Industrial Revenue
Lease Revenue 1 100,000 Sf Industrial GBA $12.00 /Sf Industrial GBA $1,200,000 CAM Reimbursements 100,000 Sf Industrial GBA $2.50 /Sf Industrial GBA 250,000 Gross Industrial Revenue $1,450,000
(Less) Vacancy & Collection Allowance 5.0% Gross Industrial Revenue (73,000) Effective Gross Income $1,377,000
II. Industrial Operating Expenses
Operating Expenses 100,000 Sf Industrial GBA $2.50 /Sf Industrial GBA $250,000 Reserves 100,000 Sf Industrial GBA $0.15 /Sf Industrial GBA 15,000 Industrial Operating Expenses $265,000
III. Industrial Net Operating Income $1,112,000
IV. Estimated Return on Investment
Net Operating Income $1,112,000
Total Development Costs See ATTACHMENT III - APPENDIX B - TABLE 1 $14,378,000 V. Return on Investment 7.73%
1 Assumes a NNN lease. Equates to a lease rate of $1.00 per square foot per month.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Industrial_$1; trb Item No.16C

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

ATTACHMENT III - APPENDIX C

INDUSTRIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Industrial_$3; trb Item No.16C

ATTACHMENT III - APPENDIX C - TABLE 1

ESTIMATED DEVELOPMENT COSTS

INDUSTRIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO 100,000 SF INDUSTRIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 250,000 Sf Land $20 /Sf Land $5,000,000 II. Direct Costs 1
Site Improvement Costs 250,000 Sf Land $3 /Sf Land $750,000 Surface Parking 210 Spaces $2,500 /Space 525,000
Building Costs 100,000 Sf Industrial GBA $35 /Sf Industrial GBA 3,500,000 Tenant Improvement Costs 100,000 Sf Industrial GBA $5 /Sf Industrial GBA 500,000 Contractor Costs 20.0% Other Direct Costs 1,055,000
Total Direct Costs 100,000 Sf Industrial GBA $63 /Sf Industrial GBA $6,330,000 III. Indirect Costs
Architecture, Engineering & Consulting 3.0% Direct Costs $190,000 Public Permits & Fees/Impact Fees 2 100,000 Sf Industrial GBA $9 /Sf Industrial GBA 900,000 Nonresidential Development Linkage Fee 100,000 Sf Industrial GBA $3 /Sf Industrial GBA 300,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 190,000 Marketing & Leasing Costs 100,000 Sf Industrial GBA $3.00 /Sf Industrial GBA 300,000 Development Management 4.0% Direct Costs 253,000
Contingency Allowance 5.0% Other Indirect Costs 107,000 Total Indirect Costs $2,240,000
IV. Financing Costs
Construction Loan Interest 3 $14,598,000 Financed 5.50% Interest $682,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 346,000 Total Financing Costs $1,028,000
V. Total Construction Costs 100,000 Sf Industrial GBA $96 /Sf Industrial GBA $9,598,000 Total Development Costs 100,000 Sf Industrial GBA $146 /Sf Industrial GBA $14,598,000 1 2
3 Direct costs assume prevailing wage requirements will not be imposed on the Project.

Assumes a 12-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Industrial_$3; trb Item No.16C

ATTACHMENT III - APPENDIX C - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

INDUSTRIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO 100,000 SF INDUSTRIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Industrial Revenue
Lease Revenue 1 100,000 Sf Industrial GBA $12.00 /Sf Industrial GBA $1,200,000 CAM Reimbursements 100,000 Sf Industrial GBA $2.50 /Sf Industrial GBA 250,000 Gross Industrial Revenue $1,450,000
(Less) Vacancy & Collection Allowance 5.0% Gross Industrial Revenue (73,000) Effective Gross Income $1,377,000
II. Industrial Operating Expenses
Operating Expenses 100,000 Sf Industrial GBA $2.50 /Sf Industrial GBA $250,000 Reserves 100,000 Sf Industrial GBA $0.15 /Sf Industrial GBA 15,000 Industrial Operating Expenses $265,000
III. Industrial Net Operating Income $1,112,000
IV. Estimated Return on Investment
Net Operating Income $1,112,000
Total Development Costs See ATTACHMENT III - APPENDIX C - TABLE 1 $14,598,000 V. Return on Investment 7.62%
1 Assumes a NNN lease. Equates to a lease rate of $1.00 per square foot per month.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Industrial_$3; trb Item No.16C

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO

ATTACHMENT III - APPENDIX D

INDUSTRIAL PROTOTYPE
Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Industrial_$5; trb Item No.16C

ATTACHMENT III - APPENDIX D - TABLE 1

ESTIMATED DEVELOPMENT COSTS

INDUSTRIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO 100,000 SF INDUSTRIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 250,000 Sf Land $20 /Sf Land $5,000,000 II. Direct Costs 1
Site Improvement Costs 250,000 Sf Land $3 /Sf Land $750,000 Surface Parking 210 Spaces $2,500 /Space 525,000
Building Costs 100,000 Sf Industrial GBA $35 /Sf Industrial GBA 3,500,000 Tenant Improvement Costs 100,000 Sf Industrial GBA $5 /Sf Industrial GBA 500,000 Contractor Costs 20.0% Other Direct Costs 1,055,000
Total Direct Costs 100,000 Sf Industrial GBA $63 /Sf Industrial GBA $6,330,000 III. Indirect Costs
Architecture, Engineering & Consulting 3.0% Direct Costs $190,000 Public Permits & Fees/Impact Fees 2 100,000 Sf Industrial GBA $9 /Sf Industrial GBA 900,000 Nonresidential Development Linkage Fee 100,000 Sf Industrial GBA $5 /Sf Industrial GBA 500,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 190,000 Marketing & Leasing Costs 100,000 Sf Industrial GBA $3.00 /Sf Industrial GBA 300,000 Development Management 4.0% Direct Costs 253,000
Contingency Allowance 5.0% Other Indirect Costs 117,000 Total Indirect Costs $2,450,000
IV. Financing Costs
Construction Loan Interest 3 $14,819,000 Financed 5.50% Interest $693,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 346,000 Total Financing Costs $1,039,000
V. Total Construction Costs 100,000 Sf Industrial GBA $98 /Sf Industrial GBA $9,819,000 Total Development Costs 100,000 Sf Industrial GBA $148 /Sf Industrial GBA $14,819,000 1 2
3 Direct costs assume prevailing wage requirements will not be imposed on the Project.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Assumes a 12-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Industrial_$5; trb Item No.16C

ATTACHMENT III - APPENDIX D - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

INDUSTRIAL PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO 100,000 SF INDUSTRIAL GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Industrial Revenue
Lease Revenue 1 100,000 Sf Industrial GBA $12.00 /Sf Industrial GBA $1,200,000 CAM Reimbursements 100,000 Sf Industrial GBA $2.50 /Sf Industrial GBA 250,000 Gross Industrial Revenue $1,450,000
(Less) Vacancy & Collection Allowance 5.0% Gross Industrial Revenue (73,000) Effective Gross Income $1,377,000
II. Industrial Operating Expenses
Operating Expenses 100,000 Sf Industrial GBA $2.50 /Sf Industrial GBA $250,000 Reserves 100,000 Sf Industrial GBA $0.15 /Sf Industrial GBA 15,000 Industrial Operating Expenses $265,000
III. Industrial Net Operating Income $1,112,000
IV. Estimated Return on Investment
Net Operating Income $1,112,000
Total Development Costs See ATTACHMENT III - APPENDIX D - TABLE 1 $14,819,000 V. Return on Investment 7.50%
1 Assumes a NNN lease. Equates to a lease rate of $1.00 per square foot per month.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Industrial_$5; trb Item No.16C

ATTACHMENT IV

RESEARCH AND DEVELOPMENT PROTOTYPE

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; ATT IV_TITLE; trb Item No.16C

ATTACHMENT IV - APPENDIX A

RESEARCH AND DEVELOPMENT PROTOTYPE

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; R&D_BASE; trb Item No.16C

ATTACHMENT IV - APPENDIX A - TABLE 1

ESTIMATED DEVELOPMENT COSTS

RESEARCH AND DEVELOPMENT PROTOTYPE
BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE 100,000 SF RESEARCH AND DEVELOPMENT GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 200,000 Sf Land $20 /Sf Land $4,000,000 II. Direct Costs 1
Site Improvement Costs 200,000 Sf Land $3 /Sf Land $600,000 Surface Parking Costs 280 Spaces $2,500 /Space 700,000
Building Costs 100,000 Sf R&D GBA $35 /Sf R&D GBA 3,500,000 Tenant Improvement Costs 100,000 Sf R&D GBA $5 /Sf R&D GBA 500,000 Contractor Costs 20.0% Other Direct Costs 1,060,000
Total Direct Costs 100,000 Sf R&D GBA $64 /Sf R&D GBA $6,360,000 III. Indirect Costs
Architecture, Engineering & Consulting 3.0% Direct Costs $191,000 Public Permits & Fees/Impact Fees 2 100,000 Sf R&D GBA $10 /Sf R&D GBA 1,000,000 Nonresidential Development Linkage Fee 100,000 Sf R&D GBA $0 /Sf R&D GBA 0 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 191,000 Marketing & Leasing Costs 100,000 Sf R&D GBA $3.00 /Sf R&D GBA 300,000 Development Management 4.0% Direct Costs 254,000
Contingency Allowance 5.0% Other Indirect Costs 97,000
Total Indirect Costs $2,033,000
IV. Financing Costs
Construction Loan Interest 3 $13,227,000 Financed 5.50% Interest $618,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 216,000 Total Financing Costs $834,000
V. Total Construction Costs 100,000 Sf R&D GBA $92 /Sf R&D GBA $9,227,000 Total Development Costs 100,000 Sf R&D GBA $132 /Sf R&D GBA $13,227,000 VI. Nonresidential Development Linkage Fee Per SF as a Percentage of Development Costs

0.5% of Development Costs $0.66

1.0% of Development Costs $1.32

2.0% of Development Costs $2.65

3.0% of Development Costs $3.97

4.0% of Development Costs $5.29

5.0% of Development Costs $6.61
1 2
3 Assumes a 12-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Direct costs assume prevailing wage requirements will not be imposed on the Project.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; R&D_BASE; trb Item No.16C

ATTACHMENT IV - APPENDIX A - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

RESEARCH AND DEVELOPMENT PROTOTYPE
BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE 100,000 SF RESEARCH AND DEVELOPMENT GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Research and Development Revenue
Lease Revenue 1 100,000 Sf R&D GBA $13.50 /Sf R&D GBA $1,350,000 CAM Reimbursements 100,000 Sf R&D GBA $2.50 /Sf R&D GBA 250,000 Gross Research and Development Revenue $1,600,000
(Less) Vacancy & Collection Allowance 10.0% Gross Research and Development Revenue (160,000) Effective Gross Income $1,440,000
II. Research and Development Operating Expenses
Operating Expenses 100,000 Sf R&D GBA $5.00 /Sf R&D GBA $500,000 Reserves 100,000 Sf R&D GBA $0.15 /Sf R&D GBA 15,000
Research and Development Operating Expenses $515,000
III. Research and Development Net Operating Income $925,000 IV. Estimated Return on Investment
Net Operating Income $925,000
Total Development Costs See ATTACHMENT IV - APPENDIX A - TABLE 1 $13,227,000 V. Return on Investment 6.99%
1 Assumes a MG lease. Equates to $1.13 per square foot per month.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; R&D_BASE; trb Item No.16C

ATTACHMENT IV - APPENDIX B

RESEARCH AND DEVELOPMENT PROTOTYPE

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; R&D_$1; trb Item No.16C

ATTACHMENT IV - APPENDIX B - TABLE 1

ESTIMATED DEVELOPMENT COSTS

RESEARCH AND DEVELOPMENT PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO 100,000 SF RESEARCH AND DEVELOPMENT GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 200,000 Sf Land $20 /Sf Land $4,000,000 II. Direct Costs 1
Site Improvement Costs 200,000 Sf Land $3 /Sf Land $600,000 Surface Parking Costs 280 Spaces $2,500 /Space 700,000
Building Costs 100,000 Sf R&D GBA $35 /Sf R&D GBA 3,500,000 Tenant Improvement Costs 100,000 Sf R&D GBA $5 /Sf R&D GBA 500,000 Contractor Costs 20.0% Other Direct Costs 1,060,000
Total Direct Costs 100,000 Sf R&D GBA $64 /Sf Warehouse GBA $6,360,000 III. Indirect Costs
Architecture, Engineering & Consulting 3.0% Direct Costs $191,000 Public Permits & Fees/Impact Fees 2 100,000 Sf R&D GBA $10 /Sf R&D GBA 1,000,000 Nonresidential Development Linkage Fee 100,000 Sf R&D GBA $1 /Sf R&D GBA 100,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 191,000 Marketing & Leasing Costs 100,000 Sf R&D GBA $3.00 /Sf R&D GBA 300,000 Development Management 4.0% Direct Costs 254,000
Contingency Allowance 5.0% Other Indirect Costs 102,000 Total Indirect Costs $2,138,000
IV. Financing Costs
Construction Loan Interest 3 $13,338,000 Financed 5.50% Interest $624,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 216,000 Total Financing Costs $840,000
V. Total Construction Costs 100,000 Sf R&D GBA $93 /Sf R&D GBA $9,338,000 Total Development Costs 100,000 Sf R&D GBA $133 /Sf R&D GBA $13,338,000 1 2
3 Assumes a 12-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Direct costs assume prevailing wage requirements will not be imposed on the Project.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; R&D_$1; trb Item No.16C

ATTACHMENT IV - APPENDIX B - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

RESEARCH AND DEVELOPMENT PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO 100,000 SF RESEARCH AND DEVELOPMENT GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Research and Development Revenue
Lease Revenue 1 100,000 Sf R&D GBA $13.50 /Sf R&D GBA $1,350,000 CAM Reimbursements 100,000 Sf R&D GBA $2.50 /Sf R&D GBA 250,000 Gross Research and Development Revenue $1,600,000
(Less) Vacancy & Collection Allowance 10.0% Gross Research and Development Revenue (160,000) Effective Gross Income $1,440,000
II. Research and Development Operating Expenses
Operating Expenses 100,000 Sf R&D GBA $5.00 /Sf R&D GBA $500,000 Reserves 100,000 Sf R&D GBA $0.15 /Sf R&D GBA 15,000
Research and Development Operating Expenses $515,000
III. Research and Development Net Operating Income $925,000 IV. Estimated Return on Investment
Net Operating Income $925,000
Total Development Costs See ATTACHMENT IV - APPENDIX B - TABLE 1 $13,338,000 V. Return on Investment 6.94%
1 Assumes a MG lease. Equates to $1.13 per square foot per month.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; R&D_$1; trb Item No.16C

ATTACHMENT IV - APPENDIX C

RESEARCH AND DEVELOPMENT PROTOTYPE

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; R&D_$3; trb Item No.16C

ATTACHMENT IV - APPENDIX C - TABLE 1

ESTIMATED DEVELOPMENT COSTS

RESEARCH AND DEVELOPMENT PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO 100,000 SF RESEARCH AND DEVELOPMENT GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 200,000 Sf Land $20 /Sf Land $4,000,000 II. Direct Costs 1
Site Improvement Costs 200,000 Sf Land $3 /Sf Land $600,000 Surface Parking Costs 280 Spaces $2,500 /Space 700,000
Building Costs 100,000 Sf R&D GBA $35 /Sf R&D GBA 3,500,000 Tenant Improvement Costs 100,000 Sf R&D GBA $5 /Sf R&D GBA 500,000 Contractor Costs 20.0% Other Direct Costs 1,060,000
Total Direct Costs 100,000 Sf R&D GBA $64 /Sf R&D GBA $6,360,000 III. Indirect Costs
Architecture, Engineering & Consulting 3.0% Direct Costs $191,000 Public Permits & Fees/Impact Fees 2 100,000 Sf R&D GBA $10 /Sf R&D GBA 1,000,000 Nonresidential Development Linkage Fee 100,000 Sf R&D GBA $3 /Sf R&D GBA 300,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 191,000 Marketing & Leasing Costs 100,000 Sf R&D GBA $3.00 /Sf R&D GBA 300,000 Development Management 4.0% Direct Costs 254,000
Contingency Allowance 5.0% Other Indirect Costs 112,000 Total Indirect Costs $2,348,000
IV. Financing Costs
Construction Loan Interest 3 $13,558,000 Financed 5.50% Interest $634,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 216,000 Total Financing Costs $850,000
V. Total Construction Costs 100,000 Sf R&D GBA $96 /Sf R&D GBA $9,558,000 Total Development Costs 100,000 Sf R&D GBA $136 /Sf R&D GBA $13,558,000 1 2 Assumes a 12-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Direct costs assume prevailing wage requirements will not be imposed on the Project.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; R&D_$3; trb Item No.16C

ATTACHMENT IV - APPENDIX C - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

RESEARCH AND DEVELOPMENT PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO 100,000 SF RESEARCH AND DEVELOPMENT GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Research and Development Revenue
Lease Revenue 1 100,000 Sf R&D GBA $13.50 /Sf R&D GBA $1,350,000 CAM Reimbursements 100,000 Sf R&D GBA $2.50 /Sf R&D GBA 250,000 Gross Research and Development Revenue $1,600,000
(Less) Vacancy & Collection Allowance 10.0% Gross Research and Development Revenue (160,000) Effective Gross Income $1,440,000
II. Research and Development Operating Expenses
Operating Expenses 100,000 Sf R&D GBA $5.00 /Sf R&D GBA $500,000 Reserves 100,000 Sf R&D GBA $0.15 /Sf R&D GBA 15,000
Research and Development Operating Expenses $515,000
III. Research and Development Net Operating Income $925,000 IV. Estimated Return on Investment
Net Operating Income $925,000
Total Development Costs See ATTACHMENT IV - APPENDIX C - TABLE 1 $13,558,000 V. Return on Investment 6.82%
1 Assumes a MG lease. Equates to $1.13 per square foot per month.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; R&D_$3; trb Item No.16C

ATTACHMENT IV - APPENDIX D

RESEARCH AND DEVELOPMENT PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; R&D_$5; trb Item No.16C

ATTACHMENT IV - APPENDIX D - TABLE 1

ESTIMATED DEVELOPMENT COSTS

RESEARCH AND DEVELOPMENT PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO 100,000 SF RESEARCH AND DEVELOPMENT GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 200,000 Sf Land $20 /Sf Land $4,000,000 II. Direct Costs 1
Site Improvement Costs 200,000 Sf Land $3 /Sf Land $600,000 Surface Parking Costs 280 Spaces $2,500 /Space 700,000
Building Costs 100,000 Sf R&D GBA $35 /Sf R&D GBA 3,500,000 Tenant Improvement Costs 100,000 Sf R&D GBA $5 /Sf R&D GBA 500,000 Contractor Costs 20.0% Other Direct Costs 1,060,000
Total Direct Costs 100,000 Sf R&D GBA $64 /Sf R&D GBA $6,360,000 III. Indirect Costs
Architecture, Engineering & Consulting 3.0% Direct Costs $191,000 Public Permits & Fees/Impact Fees 2 100,000 Sf R&D GBA $10 /Sf R&D GBA 1,000,000 Nonresidential Development Linkage Fee 100,000 Sf R&D GBA $5 /Sf R&D GBA 500,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 191,000 Marketing & Leasing Costs 100,000 Sf R&D GBA $3.00 /Sf R&D GBA 300,000 Development Management 4.0% Direct Costs 254,000
Contingency Allowance 5.0% Other Indirect Costs 122,000 Total Indirect Costs $2,558,000
IV. Financing Costs
Construction Loan Interest 3 $13,778,000 Financed 5.50% Interest $644,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 216,000 Total Financing Costs $860,000
V. Total Construction Costs 100,000 Sf R&D GBA $98 /Sf R&D GBA $9,778,000 Total Development Costs 100,000 Sf R&D GBA $138 /Sf R&D GBA $13,778,000 1 2
3 Direct costs assume prevailing wage requirements will not be imposed on the Project.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Assumes a 12-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; R&D_$5; trb Item No.16C

ATTACHMENT IV - APPENDIX D - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

RESEARCH AND DEVELOPMENT PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO 100,000 SF RESEARCH AND DEVELOPMENT GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Research and Development Revenue
Lease Revenue 1 100,000 Sf R&D GBA $13.50 /Sf R&D GBA $1,350,000 CAM Reimbursements 100,000 Sf R&D GBA $2.50 /Sf R&D GBA 250,000 Gross Research and Development Revenue $1,600,000
(Less) Vacancy & Collection Allowance 10.0% Gross Research and Development Revenue (160,000) Effective Gross Income $1,440,000
II. Research and Development Operating Expenses
Operating Expenses 100,000 Sf R&D GBA $5.00 /Sf R&D GBA $500,000 Reserves 100,000 Sf R&D GBA $0.15 /Sf R&D GBA 15,000
Research and Development Operating Expenses $515,000
III. Research and Development Net Operating Income $925,000 IV. Estimated Return on Investment
Net Operating Income $925,000
Total Development Costs See ATTACHMENT IV - APPENDIX D - TABLE 1 $13,778,000 V. Return on Investment 6.71%
1 Assumes a MG lease. Equates to $1.13 per square foot per month.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; R&D_$5; trb Item No.16C

ATTACHMENT V

HOTEL / LODGING PROTOTYPE

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; ATT V_TITLE; trb Item No.16C

ATTACHMENT V - APPENDIX A

HOTEL / LODGING PROTOTYPE

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Hotel_BASE ; trb Item No.16C

ATTACHMENT V - APPENDIX A - TABLE 1

ESTIMATED DEVELOPMENT COSTS

HOTEL / LODGING PROTOTYPE
BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE 100,000 SF R&D GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 108,900 Sf Land $30 /Sf Land $3,267,000 II. Direct Costs 1
Site Improvement Costs 108,900 Sf Land $10 /Sf Land $1,089,000 Surface Parking 156 Spaces $2,500 /Space 391,000
Building Costs 125 Rooms $175,000 /Room 21,875,000
FF&E Costs 125 Rooms $25,000 /Room 3,125,000
Contractor Costs 20.0% Other Direct Costs 5,296,000
Total Direct Costs 125 Rooms $254,200 /Room $31,776,000 III. Indirect Costs
Architecture, Engineering & Consulting 5.0% Direct Costs $1,589,000 Public Permits & Fees/Impact Fees 2 125 Rooms $19,000 /Sf R&D GBA 2,375,000 Nonresidential Development Linkage Fee 100,000 Sf Hotel GBA $0 /Sf Hotel GBA 0 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 953,000 Pre-Opening / Working Capital 125 Rooms $2,000 /Room 250,000 Development Management 4.0% Direct Costs 1,271,000
Contingency Allowance 5.0% Other Indirect Costs 322,000 Total Indirect Costs $6,760,000
IV. Financing Costs
Construction Loan Interest 3 $44,762,000 Financed 5.50% Interest $2,462,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 497,000 Total Financing Costs $2,959,000
V. Total Construction Costs 100,000 Sf Hotel GBA $415 /Sf Hotel GBA $41,495,000 Total Development Costs 100,000 Sf Hotel GBA $448 /Sf Hotel GBA $44,762,000 VI. Nonresidential Development Linkage Fee Per SF as a Percentage of Development Costs

0.5% of Development Costs $2.24

1.0% of Development Costs $4.48

2.0% of Development Costs $8.95

3.0% of Development Costs $13.43

4.0% of Development Costs $17.90

5.0% of Development Costs $22.38
1 2
3 Assumes a 15-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Direct costs assume prevailing wage requirements will not be imposed on the Project.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Hotel_BASE ; trb Item No.16C

ATTACHMENT V - APPENDIX A - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

HOTEL / LODGING PROTOTYPE
BASE SCENARIO: NO NONRESIDENTIAL DEVELOPMENT LINKAGE FEE 100,000 SF R&D GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Hotel Income
Room Sales Revenues 1 125 Rooms $175 /Room $5,988,000
Food & Beverage 5% Gross Revenues $2,700 /Room 333,000
Other 5% Gross Revenues $2,700 /Room 333,000
Gross Revenues $6,654,000
II. Distributed Expenses
Rooms 20.0% Department Sales $9,600 /Room $1,198,000
Food & Beverage 70.0% Department Sales $1,900 /Room 233,000 Other 25.0% Department Sales $700 /Room 83,000
Total Distributed Expenses $1,514,000
III. Undistributed Expenses
General & Administration 8.0% Gross Revenues $4,300 /Room $532,000 Information & Telecom 1.0% Gross Revenues $500 /Room 67,000 Marketing 8.0% Gross Revenues $4,300 /Room 532,000
Utilities 3.5% Gross Revenues $1,900 /Room 233,000
Maintenance & Operations 3.5% Gross Revenues $1,900 /Room 233,000 Total Undistributed Expenses $1,597,000
IV. Management Fees 3.0% Gross Revenues $1,600 /Room $200,000 V. Fixed Expenses
Property Taxes 1.1% Project Costs $3,900 /Room $492,000 Insurance 1.5% Gross Revenues $800 /Room 100,000
FF&E Replacement Reserves 4.0% Gross Revenues $2,100 /Room 266,000 Total Fixed Expenses $858,000
IV. Hotel / Lodging Net Operating Income 37% Gross Revenues $2,485,000 VII. Estimated Return on Investment
Net Operating Income $2,485,000
Total Development Costs See ATTACHMENT V - APPENDIX A - TABLE 1 $44,762,000 VIII. Return on Investment 5.55%
1 Assumes a 75% occupancy rate.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Hotel_BASE ; trb Item No.16C

ATTACHMENT V - APPENDIX B

HOTEL / LODGING PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Hotel_$1; trb Item No.16C

ATTACHMENT V - APPENDIX B - TABLE 1

ESTIMATED DEVELOPMENT COSTS

HOTEL / LODGING PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO 100,000 SF R&D GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 108,900 Sf Land $30 /Sf Land $3,267,000 II. Direct Costs 1
Site Improvement Costs 108,900 Sf Land $10 /Sf Land $1,089,000 Surface Parking 156 Spaces $2,500 /Space 391,000
Building Costs 125 Rooms $175,000 /Room 21,875,000
FF&E Costs 125 Rooms $25,000 /Room 3,125,000
Contractor Costs 20.0% Other Direct Costs 5,296,000
Total Direct Costs 125 Rooms $254,200 /Room $31,776,000 III. Indirect Costs
Architecture, Engineering & Consulting 5.0% Direct Costs $1,589,000 Public Permits & Fees/Impact Fees 2 125 Rooms $19,000 /Sf R&D GBA 2,375,000 Nonresidential Development Linkage Fee 100,000 Sf Hotel GBA $1 /Sf Hotel GBA 100,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 953,000 Pre-Opening / Working Capital 125 Rooms $2,000 /Room 250,000 Development Management 4.0% Direct Costs 1,271,000
Contingency Allowance 5.0% Other Indirect Costs 327,000 Total Indirect Costs $6,865,000
IV. Financing Costs
Construction Loan Interest 3 $44,873,000 Financed 5.50% Interest $2,468,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 497,000 Total Financing Costs $2,965,000
V. Total Construction Costs 100,000 Sf Hotel GBA $416 /Sf Hotel GBA $41,606,000 Total Development Costs 100,000 Sf Hotel GBA $449 /Sf Hotel GBA $44,873,000 1 2
3 Direct costs assume prevailing wage requirements will not be imposed on the Project.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Assumes a 15-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Hotel_$1; trb Item No.16C

ATTACHMENT V - APPENDIX B - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

HOTEL / LODGING PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $1/SF SCENARIO 100,000 SF R&D GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Hotel Income
Room Sales Revenues 1 125 Rooms $175 /Room $5,988,000
Food & Beverage 5% Gross Revenues $2,700 /Room 333,000
Other 5% Gross Revenues $2,700 /Room 333,000
Gross Revenues $6,654,000
II. Distributed Expenses
Rooms 20.0% Department Sales $9,600 /Room $1,198,000
Food & Beverage 70.0% Department Sales $1,900 /Room 233,000 Other 25.0% Department Sales $700 /Room 83,000
Total Distributed Expenses $1,514,000
III. Undistributed Expenses
General & Administration 8.0% Gross Revenues $4,300 /Room $532,000 Information & Telecom 1.0% Gross Revenues $500 /Room 67,000 Marketing 8.0% Gross Revenues $4,300 /Room 532,000
Utilities 3.5% Gross Revenues $1,900 /Room 233,000
Maintenance & Operations 3.5% Gross Revenues $1,900 /Room 233,000 Total Undistributed Expenses $1,597,000
IV. Management Fees 3.0% Gross Revenues $1,600 /Room $200,000 V. Fixed Expenses
Property Taxes 1.1% Project Costs $4,000 /Room $494,000 Insurance 1.5% Gross Revenues $800 /Room 100,000
FF&E Replacement Reserves 4.0% Gross Revenues $2,100 /Room 266,000 Total Fixed Expenses $860,000
IV. Hotel / Lodging Net Operating Income 37% Gross Revenues $2,483,000 VII. Estimated Return on Investment
Net Operating Income $2,483,000
Total Development Costs See ATTACHMENT V - APPENDIX B - TABLE 1 $44,873,000 VIII. Return on Investment 5.53%
1 Assumes a 75% occupancy rate.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Hotel_$1; trb Item No.16C

ATTACHMENT V - APPENDIX C

HOTEL / LODGING PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Hotel_$3; trb Item No.16C

ATTACHMENT V - APPENDIX C - TABLE 1

ESTIMATED DEVELOPMENT COSTS

HOTEL / LODGING PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO 100,000 SF R&D GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 108,900 Sf Land $30 /Sf Land $3,267,000 II. Direct Costs 1
Site Improvement Costs 108,900 Sf Land $10 /Sf Land $1,089,000 Surface Parking 156 Spaces $2,500 /Space 391,000
Building Costs 125 Rooms $175,000 /Room 21,875,000
FF&E Costs 125 Rooms $25,000 /Room 3,125,000
Contractor Costs 20.0% Other Direct Costs 5,296,000
Total Direct Costs 125 Rooms $254,200 /Room $31,776,000 III. Indirect Costs
Architecture, Engineering & Consulting 5.0% Direct Costs $1,589,000 Public Permits & Fees/Impact Fees 2 125 Rooms $19,000 /Sf R&D GBA 2,375,000 Nonresidential Development Linkage Fee 100,000 Sf Hotel GBA $3 /Sf Hotel GBA 300,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 953,000 Pre-Opening / Working Capital 125 Rooms $2,000 /Room 250,000 Development Management 4.0% Direct Costs 1,271,000
Contingency Allowance 5.0% Other Indirect Costs 337,000 Total Indirect Costs $7,075,000
IV. Financing Costs
Construction Loan Interest 3 $45,094,000 Financed 5.50% Interest $2,480,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 496,000 Total Financing Costs $2,976,000
V. Total Construction Costs 100,000 Sf Hotel GBA $418 /Sf Hotel GBA $41,827,000 Total Development Costs 100,000 Sf Hotel GBA $451 /Sf Hotel GBA $45,094,000 1 2
3 Direct costs assume prevailing wage requirements will not be imposed on the Project.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Assumes a 15-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Hotel_$3; trb Item No.16C

ATTACHMENT V - APPENDIX C - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

HOTEL / LODGING PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $3/SF SCENARIO 100,000 SF R&D GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Hotel Income
Room Sales Revenues 1 125 Rooms $175 /Room $5,988,000
Food & Beverage 5% Gross Revenues $2,700 /Room 333,000
Other 5% Gross Revenues $2,700 /Room 333,000
Gross Revenues $6,654,000
II. Distributed Expenses
Rooms 20.0% Department Sales $9,600 /Room $1,198,000
Food & Beverage 70.0% Department Sales $1,900 /Room 233,000 Other 25.0% Department Sales $700 /Room 83,000
Total Distributed Expenses $1,514,000
III. Undistributed Expenses
General & Administration 8.0% Gross Revenues $4,300 /Room $532,000 Information & Telecom 1.0% Gross Revenues $500 /Room 67,000 Marketing 8.0% Gross Revenues $4,300 /Room 532,000
Utilities 3.5% Gross Revenues $1,900 /Room 233,000
Maintenance & Operations 3.5% Gross Revenues $1,900 /Room 233,000 Total Undistributed Expenses $1,597,000
IV. Management Fees 3.0% Gross Revenues $1,600 /Room $200,000 V. Fixed Expenses
Property Taxes 1.1% Project Costs $4,000 /Room $496,000 Insurance 1.5% Gross Revenues $800 /Room 100,000
FF&E Replacement Reserves 4.0% Gross Revenues $2,100 /Room 266,000 Total Fixed Expenses $862,000
IV. Hotel / Lodging Net Operating Income 37% Gross Revenues $2,481,000 VII. Estimated Return on Investment
Net Operating Income $2,481,000
Total Development Costs See ATTACHMENT V - APPENDIX C - TABLE 1 $45,094,000 VIII. Return on Investment 5.50%
1 Assumes a 75% occupancy rate.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Hotel_$3; trb Item No.16C

ATTACHMENT V - APPENDIX D

HOTEL / LODGING PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Hotel_$5; trb Item No.16C

ATTACHMENT V - APPENDIX D - TABLE 1

ESTIMATED DEVELOPMENT COSTS

HOTEL / LODGING PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO 100,000 SF R&D GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Site Acquisition Costs 108,900 Sf Land $30 /Sf Land $3,267,000 II. Direct Costs 1
Site Improvement Costs 108,900 Sf Land $10 /Sf Land $1,089,000 Surface Parking 156 Spaces $2,500 /Space 391,000
Building Costs 125 Rooms $175,000 /Room 21,875,000
FF&E Costs 125 Rooms $25,000 /Room 3,125,000
Contractor Costs 20.0% Other Direct Costs 5,296,000
Total Direct Costs 125 Rooms $254,200 /Room $31,776,000 III. Indirect Costs
Architecture, Engineering & Consulting 5.0% Direct Costs $1,589,000 Public Permits & Fees/Impact Fees 2 125 Rooms $19,000 /Sf R&D GBA 2,375,000 Nonresidential Development Linkage Fee 100,000 Sf Hotel GBA $5 /Sf Hotel GBA 500,000 Taxes, Insurance, Legal & Accounting 3.0% Direct Costs 953,000 Pre-Opening / Working Capital 125 Rooms $2,000 /Room 250,000 Development Management 4.0% Direct Costs 1,271,000
Contingency Allowance 5.0% Other Indirect Costs 347,000 Total Indirect Costs $7,285,000
IV. Financing Costs
Construction Loan Interest 3 $45,316,000 Financed 5.50% Interest $2,492,000 Financing Fees
Permanent Loan 70.00% Loan to Value 2.00 Points 496,000 Total Financing Costs $2,988,000
V. Total Construction Costs 100,000 Sf Hotel GBA $420 /Sf Hotel GBA $42,049,000 Total Development Costs 100,000 Sf Hotel GBA $453 /Sf Hotel GBA $45,316,000 1 2
3 Direct costs assume prevailing wage requirements will not be imposed on the Project.

Based on information provided by City staff. City staff should verify the accuracy of this estimate.

Assumes a 15-month construction period with a 60% average outstanding balance, and a 3-month lease-up period with a 100% average outstanding balance.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Hotel_$5; trb Item No.16C

ATTACHMENT V - APPENDIX D - TABLE 2

ESTIMATED STABILIZED NET OPERATING INCOME & RETURN ON INVESTMENT

HOTEL / LODGING PROTOTYPE
NONRESIDENTIAL DEVELOPMENT LINKAGE FEE @ $5/SF SCENARIO 100,000 SF R&D GBA

NONRESIDENTIAL DEVELOPMENT LINKAGE FEE FINANCIAL FEASIBILITY ANALYSIS

THOUSAND OAKS, CALIFORNIA
I. Hotel Income
Room Sales Revenues 1 125 Rooms $175 /Room $5,988,000
Food & Beverage 5% Gross Revenues $2,700 /Room 333,000
Other 5% Gross Revenues $2,700 /Room 333,000
Gross Revenues $6,654,000
II. Distributed Expenses
Rooms 20.0% Department Sales $9,600 /Room $1,198,000
Food & Beverage 70.0% Department Sales $1,900 /Room 233,000 Other 25.0% Department Sales $700 /Room 83,000
Total Distributed Expenses $1,514,000
III. Undistributed Expenses
General & Administration 8.0% Gross Revenues $4,300 /Room $532,000 Information & Telecom 1.0% Gross Revenues $500 /Room 67,000 Marketing 8.0% Gross Revenues $4,300 /Room 532,000
Utilities 3.5% Gross Revenues $1,900 /Room 233,000
Maintenance & Operations 3.5% Gross Revenues $1,900 /Room 233,000 Total Undistributed Expenses $1,597,000
IV. Management Fees 3.0% Gross Revenues $1,600 /Room $200,000 V. Fixed Expenses
Property Taxes 1.1% Project Costs $4,000 /Room $498,000 Insurance 1.5% Gross Revenues $800 /Room 100,000
FF&E Replacement Reserves 4.0% Gross Revenues $2,100 /Room 266,000 Total Fixed Expenses $864,000
IV. Hotel / Lodging Net Operating Income 37% Gross Revenues $2,479,000 VII. Estimated Return on Investment
Net Operating Income $2,479,000
Total Development Costs See ATTACHMENT V - APPENDIX D - TABLE 1 $45,316,000 VIII. Return on Investment 5.47%
1 Assumes a 75% occupancy rate.

Prepared by: Keyser Marston Associates, Inc.

Filename: TOaks_Feasibility Analysis_1 19 23; Hotel_$5; trb cdd:430-30/IAH/H:COMMON/Planning/Advanced Planning/Inclusionary Housing Plan and Linkage Fee Update/Attachment 4 Financial Feasibility Aalysis of Nonresidenial Linkage Fees.pdf
Item No.16C

TO:City Council
FROM:David Newman, Councilmember
DATE:February 28, 2023
SUBJECT: Update on Cal Cities New Mayors and Councilmembers Academy - February 1-3, 2023, Los Angeles-Universal City Sheraton
RECOMMENDATION:

1. Receive report.

2. Find that this action is not a project as defined under the California Environmental Quality Act (CEQA).

FINANCIAL IMPACT:

No Additional Funding Requested. Minimal staff time required to prepare the report is included in the Adopted FY 2022-23 General Fund Budget.

BACKGROUND:

The League of California Cities (Cal Cities) is an association of California city officials who work together to enhance their knowledge and skills, exchange information, and combine resources so that they may influence policy decisions that affect cities.

Founded in 1898 on the principles of local control and interagency cooperation, the Cal Cities has grown from a handful of public officials to include the voluntary membership of 497 California cities. Today, Cal Cities and its member cities are working hard to strengthen the effectiveness of their advocacy efforts. The Cal Cities' mission statement reflects this commitment to "restore and protect local control for cities through education and advocacy to enhance the quality of life for all Californians.”

DISCUSSION/ANALYSIS:

The 2023 New Mayors/Councilmembers Academy was held in both Northern and Southern California. Councilmember Newman attended the Southern California Item No.19A

Cal Cities New Mayors and Councilmembers Academy
February 28, 2023

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3 Academy held in Los Angeles from February 1-3, 2023, at the Universal City Sheraton. He was accompanied by Legislative Affairs Manager Layba. The purpose of the academy is to provide background and training for newly elected/appointed officials. The academy featured training in:

A. Harassment Training for Officials and Supervisors (AB 1661) Anni Sifarloo, from Liebert Cassidy Whitmore conducted the training. Through a series of case studies and discussions, the session examined:
· Origins of protections (U.S. Equal Employment Opportunities Commission and State Civil Rights Department).
· Protected classifications including race, gender, age, and disability. · The definition of unlawful harassment.
· Difference between inappropriate behavior/bullying and unlawful harassment. · Unlawful retaliation.
· Types of Harassment e.g., quid pro quo; work environment (comments, visual content/conduct, etc.)
Sifarloo reviewed the standard process for how to report harassment, roles by the supervisor and human resources, and actions that take place including investigation. Speaker reviewed the extent of both agency and personal liability and consequences/damages that may ensue. Finally, she provided methods for preventing harassment in the workplace. Councilmember Newman received his certificate of completion for this mandated training.

B. Your Cal Cites – How to Use It
Executive Director Carolyn Coleman and Board Chair Ali Taj shared the purpose, mission, and history of Cal Cities. Cal Cities is celebrating its 125th anniversary.

They have a staff of 77 employees and support 479 local governments. Coleman and Taj shared various roles and resources of the organization:
· Legislative advocacy.
· Ballot measure advocacy.
· Legal advocacy.
· Member services (conferences, educational sessions/webinars, resources). · Membership engagement (“MyCalCities” web portal, diversity caucuses, policy committees, municipal departments, social media, newsletters, Cal Cities Partners, and regional division meetings).

C. Developing an Effective City Council and City Manager Team- The Key to Good Success.

Pat Martel, West Coast Director of the International City County Management Association offered her expertise as a retired City Manager. She clarified the role of the City Council as policy makers and City Manager as policy implementer. She Item No.19A

Cal Cities New Mayors and Councilmembers Academy
February 28, 2023

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3 also facilitated a panel of Redlands City Manager Charles Duggan and Redlands City Councilmember Denise Davis. The panel discussed their respective roles, strategies for building mutual respect, building a foundation for strong communication, and the role of the Mayor in leading the City Council team.

Director Martel shared her strategy to fortify the City Council/City Manager relationship:

1. Develop norms or core values of operation.

2. Hold an annual retreat and develop common goals.

D. Legal Powers and Obligations- Open Government and Conflict of Interest Carrie Manning, General Counsel for Cal Cities and Thomas Brown, of Counsel for Burke, Williams Sorensen, LLP reviewed legal powers for cities and city councils. Number one rule for City Councilmembers- “always consult your City Attorney.”
Cities are governed by the CA Constitution, U.S. Constitution, state and federal statutes, local ordinances, city charters, and court decisions. Cities have powers to tax and raise revenue for local purposes; impose eminent domain; provide public works; public corporate power to run local operations and “police powers” which support public health, welfare, and safety. City powers are limited to local limits; use of public funds for public purposes; and state/federal pre-emption. Laws by higher forms of government supersede local government. General law cities are bound by state law. Charter cities have authority over their “municipal affair.” Presenters reviewed open government and transparency:

1. The Brown Act: All meetings by a legislative body must be open and public, which includes appointed and standing committees. This does not apply to an ad- hoc committee. Brown Act violations include serial meetings, holding of a retreat, use of email, and interaction by a majority on social media. Exceptions of meetings are conferences, community meetings, social/ceremonial gatherings, and individual contacts or staff briefings. Rules on posting, agendas, teleconferencing, and public comments were reviewed in detail.

2. Public Records Act: Any writing related to the conduct of public business prepared and owned by the public agency are subject to open records.

3. Political Reform Act: Ethics training is mandated by the State. The Act prohibits an official from making a decision in which they have a financial interest or contractual interest. Councilmembers also have an annual reporting obligation.

Item No.19A

Cal Cities New Mayors and Councilmembers Academy
February 28, 2023

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3 E. Public Sector Ethics Laws and Principles (AB 1234) Megan Garibaldi and Lauren Langer of Best Best and Krieger served as the trainers for the AB 1234 session. Speakers reviewed three pillars of transparency:

Public Records Act, Brown Act, and Political Reform Act. Using hypothetical examples, cases, and discussion, speakers helped define the scope and limitations of these laws. Speakers provided guidance on public access to documents, public meetings, and conflicts of interest. The Political Reform Act requires public officials to annually disclose personal financial interests. Councilmember Newman received his certificate of completion for this mandated training.

F. Policy Role in Land Use Planning
Speakers Mark Teague, Managing Partner of Placeworks and Eric Nelson, Planning Commissioner, City of Dana Point presented information on the basic tools of land use planning, such as the general plan, specific plan, zoning, CEQA, and other tools and regulations, such as sign ordinances. · General plan - the long-term vision for the entire city that must be clearly stated and which integrates several elements including open space, circulation, and land use. Optional elements are public health, sustainability, etc. · Specific plan - standards for land use in a concentrated area. It is good for addressing specific issues such as hillsides or upgrades to an area. · Zoning - identifies specific uses for land. There are two types: Euclidian and form- based code. The type of zoning used will establish standards such as building uses, building size, landscaping, and even billboards.
· Other tools - development permits, objective standards, design guidelines, conditional use permits, variances, and overlays.
· CEQA - provides objective information regarding the environmental consequences to the proposed project to assist with decision-making. Also allows for public participation to weigh in on a project. CEQA streamlining is a new alternative.

G. Effective Advocacy and Key City Issues
Legislative Director Melanie Perron provided an overview of the State legislative cycle and how Cal Cities monitors and advocates for bills, ballot measures, and court cases. She reviewed the 2023 Cal Cities Priorities and current status of the State budget. Members of the Cal Cities Legislative Advocacy Team from Item No.19A

Cal Cities New Mayors and Councilmembers Academy
February 28, 2023

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3 Sacramento were introduced. Each lobbyist represents key policy areas including (a) transportation and public works, (b) community services, (c) revenue and taxation, (d) environmental quality, (e) housing and economic development, (f) public safety, and (g) government transparency. Each shared their perspective of local bills that are on the horizon for 2023.

Public Affairs Manager Bismarck Obando shared the role of the Regional Public Affairs Managers assigned to 16 areas of the state. Regional managers assist with local advocacy and engagement. Members of the Regional Public Affairs team were introduced.

H. How to Conduct an Effective and Respectful Council Meeting A comedic skit featuring faux Councilmembers from the mock City of Dysfunction Junction emphasized the best and worst ways to conduct public meetings. Faux Councilmembers were played by attorneys from Best Best and Krieger. The session reviewed protocols in handling public comments, closed sessions, agenda items, and addressing unruly members of the public as well as motions. The session also covered decorum among councilmembers.

I. Social Media/Digital Communications and Civic Engagement Brandon Castillo, Partner at Bicker, Castillo and Fairbanks and Richard Schriva, from Burke Williams and Sorensen provided tools for public outreach, digital trends, and practical solutions for using social media. Twenty years ago, information sources were television and newspapers, but today there are diverse platforms that are more readily available by phone and computers. Consumers spend 13 hours a day and check their phones at least 96 times a day. Digital is the predominant platform. Facebook is the top news intake platform. The speaker shared suggestions for developing:
· Search strategies.
· Holding meetings and public ceremonies online.
· Making content engaging to draw an audience to city issues such as the budget, public works, and community events.
· Creating policies for ways to engage with residents and planning for when news breaks (such as emergencies).

Legal considerations were discussed, including the First Amendment; Public Records Act; developing a social media policy; privacy settings; public and personal use of cellphones; censures; and prohibitions.

Item No.19A

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February 28, 2023

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3 J. Financial Responsibilities, City Revenues Workshop Fiscal Policy Advisor Michael Coleman discussed the fiduciary role of a councilmember. The primary role of City Council is oversight and financial accountability by approving the budget, contracts, and setting fiscal policies. Key staff involved are the City Manager, Finance Director, and Department Heads.

Cities should have fiscal policies to provide transparency in their use of public funds. He explained the sources of local revenue including property and sales taxes, and the differences in taxation and fees.

Cities vary and so do their finances based on size, geography, community character, and service responsibilities. Taxes (property and sales) serve as a local revenue source for general benefit. General purpose taxes allow use for any purpose and are approved by a simple majority vote of the residents. Special taxes must be used for a specific purpose and approved by a 2/3 vote of the residents. Other collected revenues include fees (user, regulatory, and assessments), rents, and penalties.

City Manager Christina Turner from the City of Morgan Hill explained the municipal budgeting process. There are two types of budgets, operating and capital. Budgets have different fund types (general fund, enterprise, etc). Budgets have different terms (biennial, fiscal, etc.) Cities coordinate a budget process that includes department proposals, City Council review, and public hearings. She reviewed the audit process and submission of the Annual Comprehensive Financial Report (ACFR).

Information was shared on how to diagnose municipal financial health and examples of insolvency. Typical problems of insolvency relate to pension obligation bonds, risky economic development schemes, and binding arbitration.

An online diagnostic tool is available.

General information was provided regarding the impact of statewide propositions:
· Prop 13 - One percent property tax rates capped. Property taxes transferred to the State.
· AB 8 - shift of local property tax to cushion impact of Prop 13. · ERAF - shift of local property tax to save State General Fund. · Local Revenue Protections via Prop 1A (2004), Prop 1A (2006), Prop 22.

Turner also explained the municipal budgeting process, the audit process and submission of the Annual Comprehensive Annual Financial Report (ACFR). She discussed the intricacies of pension funding, including new pension plans (Classic vs PEPRA) and the impact of unfunded liabilities to city budgets.

Item No.19A

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February 28, 2023

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3 COUNCIL GOAL COMPLIANCE:

Meets the following City Council goals:

A. Create a more equitable, accessible, safe, welcoming, and inclusive government and community regardless of race, color, ethnicity, religion, sex, physical or mental ability, sexual orientation, gender identity and expression, age, language, education, and/or socio-economic status.

PREPARED BY: Mina Layba, Legislative Affairs Manager
CMO:150-20\wl\H:\COMMON\City Council\Council Items\2023 Staff Reports\022823\022823 New Mayors Councilmembers Report.docx
Item No.19A

Thousand Oaks City CouncilFebruary 28, 2023

Thousand Oaks City Council
February 28, 2023