HomeMy WebLinkAboutLansing_Alberhill Villages_FIA and EBA Report_5.29.2024
Fiscal Impact Analysis
&
Economic Benefit Analysis
Alberhill Villages Specific Plan
City of Lake Elsinore
May 29, 2024
Prepared By:
Glossary of Defined Terms and Acronyms
Budget City of Lake Elsinore Annual Operating Budget for Fiscal Year 2023 -
24.
City City of Lake Elsinore.
Developer Alberhill Holdings, LLC.
DPFG DPFG, LLC.
FIA Fiscal Impact Analysis.
EBA Economic Benefit Analysis.
General Fund City of Lake Elsinore General Fund.
State State of California.
TRA Tax Rate Area.
Vehicle License Fee
In 2004, the California Legislature approved a property tax swap of
Vehicle License Fees (VLF) as part of a state/local budget
agreement. As a result of the swap, more than 90% of the City’s
Motor License Vehicle Fund was swapped for property taxes.
TABLE OF CONTENTS
Page
1. INTRODUCTION ............................................................................................................... 1
2. PROJECT DESCRIPTION .................................................................................................... 1
3. EXECUTIVE SUMMARY .................................................................................................... 2
4. FISCAL IMPACT ANALYSIS ................................................................................................ 4
4.1 Recurring Revenue - Case Study Method .................................................................. 4
4.1.1 Sales and Use Tax ................................................................................................ 4
4.1.2 Measure Z Sales Tax ............................................................................................ 7
4.1.3 Property Tax ........................................................................................................ 7
4.1.4 Property Tax in-Lieu of VLF ................................................................................. 8
4.1.5 Property Transfer Tax .......................................................................................... 8
4.2 Recurring Revenue - Average Costing Method ......................................................... 8
4.3 Total General Fund Recurring Revenue ..................................................................... 9
4.4 General Fund Recurring Expenditure ........................................................................ 9
8. Fire Service Tax Credit ................................................................................................. 9
4.5 FIA Limiting Conditions ............................................................................................ 10
5. ECONOMIC BENEFIT ANALYSIS ..................................................................................... 11
5.1 Construction Period Impacts ................................................................................... 12
5.2 Ongoing Annual Impacts ......................................................................................... 13
5.3 EBA Disclaimer ......................................................................................................... 13
6. CONCLUSION ................................................................................................................. 13
7. FIA & EBA EXHIBITS ....................................................................................................... 15
Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024
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1. INTRODUCTION
Alberhill Holdings, LLC (the “Developer”) is the owner of the 1,375 acres of land known as the Alberhill
Villages Specific Plan (“AVSP”). AVSP is a blueprint for the development of a sustainable new community,
at the northwestern gateway of the City of Lake Elsinore in southwestern Riverside County. AVSP has an
approved specific plan (“Approved Specific Plan”). However, the Developer is proposing to amend the
Approved Specific Plan (“Proposed Specific Plan”). DPFG, LLC (“DPFG”) has been engaged by Alberhill
Holdings, LLC (“Developer”) to prepare the following:
▪ A 35-Year Phasing Fiscal Impact Analysis (“FIA”) to evaluate fiscal impacts of the Approved Specific
Plan and the Proposed Specific Plan to the City’s General Fund over a period of 35 years and at
build-out; and,
▪ An Economic Benefit Analysis (“EBA”) to evaluate the e conomic impacts of the Approved Specific
Plan and the Proposed Specific Plan to the local economy as a result of development.
The purpose of the FIA is to show that the Proposed Specific Plan is economically feasible and would
generate an annual surplus to the City’s General Fund every year for over a period of 35 years and years
after that. Both Approved Specific Plan and Proposed Specific Plan will generate revenue for the General
Fund primarily through increased Property Taxes, Property Tax In-Lieu of VLF, and Sales Tax, while
increasing the need for City services such as police, fire, and public works.
The analysis also examines the economic benefits the Approved Specific Plan and the Proposed Specific
Plan will create for the County of Riverside economy and is presented in terms of employment and labor
income. The economic benefits are a result of the Approved Specific Plan and the Proposed Specific Plan
construction and the annual ongoing benefits from the commercial establishments and local spending by
the new residents and employees.
2. PROJECT DESCRIPTION
AVSP is located in northwest Lake Elsinore, just south of Interstate 15 (I-15), in the vicinity of Lake Street
and Temescal Canyon Road. It encompasses the site of the old mining community of Alberhill, which
emerged in the early 1900s as a result of incentives offered by mining corporations that encouraged
workers to build their homes in the area. Although the community was full of promise and was later
considered to be one of the area’s most important suburban towns, it was abandoned when construction
of the I-15 Freeway began.
The goal of the AVSP is to build on the history of the area by re-establishing a community based around an
on-going mining operation in existence since the 1880s. As mineral resources become fully extracted from
phased mining areas, and mining operations cease, the land will be reclaimed in phases for community
development, and the former Alberhill mining areas will have then evolved into a dynamic and vibrant
community of regional importance serving as one of the major gateways to the City of Lake Elsinore.
Per the Approved Specific Plan, the fully developed site will provide 8,024 residential units , approximately
2,310,300 square feet of commercial building development including a University Town Center and
approximately 63.6 acres are designated for a university or similar education institutional use which could
accommodate 6,000 students and 1,500,000 square feet of indoor facilities.
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Per the Proposed Specific Plan, the fully developed site will provide 7,994 residential units, approximately
1,242,500 square feet of commercial across phased locations, and 5,650,000 square feet Business Park
comprised of retail, office, research and development, general light industrial, business/flex, warehouse,
and distribution uses.
The land use assumptions for both Approved Specific Plan and the Proposed Specific Plan are as follows:
APPROVED SPECIFIC PLAN LAND USE ASSUMPTIONS
Residential Units
Residential Units (Single Family Attached and Detached) 8,024
Total Residential Units 8,024
Non-Residential SF
University 1,500,000
Mixed Use Commercial 1,826,300
Office/Medical/Entertainment 484,000
Total Non-Residential SF 3,810,300
PROPOSED SPECIFIC PLAN LAND USE ASSUMPTIONS
Residential Units
Residential Units (Single Family Attached and Detached) 7,994
Total Residential Units 7,994
Non-Residential SF
General Light Industrial 550,000
Business Park 550,000
Warehouse 250,000
Cold Storage 600,000
Fulfillment Center 3,750,000
Mixed Use Commercial 758,500
Office/Medical/Entertainment 484,000
Total Non-Residential SF 6,892,500
3. EXECUTIVE SUMMARY
The Approved Specific Plan and the Proposed Specific Plan are expected to bring a wide range of fiscal
and economic benefits to the City of Lake Elsinore region. Specifically, The Approved Specific Plan will
generate an annual surplus of $8,695,559 for the City General Fund. This translates to over $345,257,239
in annual surplus cumulatively over the first thirty-five (35) years. The Proposed Specific Plan will
generate an annual surplus of $12,465,061 for the City General Fund. This translates to over
$467,043,016 in annual surplus cumulatively over the first thirty-five (35) years. In addition, the Approved
Specific Plan and the Proposed Specific Plan are also expected to generate revenue through the Citywide
public safety CFD.
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Beyond the increases in annual surplus, the Approved Specific Plan and the Proposed Specific Plan are
expected to spur local economic activity, both on-site and throughout the City and County. During the
project’s construction period, the region will see an increase in jobs and labor income in industries that
support construction activities, and an increase in other industries that provide goods and services to
construction-related employment.
At buildout, the new onsite businesses will provide new job opportunities and will also provide a new
commercial destination for residents of the surrounding community. The on-site commercial center will
support the demand for goods and services in the local area and generate additional local business to
business spending. Also, the new residents will generate a significant increase in local consumer
spending, which will lead to additional business and employment growth in industries serving the
residents of the Project.
The result of the FIA at build-out and over a period of thirty-five (35) years for Approved Specific Plan and
the Proposed Specific Plan are summarized as follows:
FISCAL IMPACT ANALYSIS SUMMARY
Approved Specific Plan Proposed Specific Project
General Fund Build-out 35 Years Build-out 35 Years
Total Recurring Revenue $ 23,152,272 $ 589,042,095 $ 27,051,734 $ 681,878,670
Total Recurring Expenditure 14,456,713 243,784,856 14,586,673 214,835,655
Net General Fund Fiscal Surplus $ 8,695,559 $ 345,257,239 $ 12,465,061 $ 467,043,016
Additional Revenue (CFD 2015-1) $ 7,271,910 $ 115,670,865 $ 7,244,722 $ 96,091,808
Total General Fund Surplus $ 15,967,470 $ 460,928,104 $ 19,709,783 $ 563,134,824
The result of the EBA during the Construction Period and at build-out for Approved Specific Plan and the
Proposed Specific Plan are summarized as follows:
ECONOMIC BENEFIT ANALYSIS SUMMARY
Job Summary
EBA Summary – Construction Jobs
Approved Specific Plan Proposed Specific Plan
Total Annual Jobs Created by the Project 1,583 2,013
Total Annual Labor Income Generated $95.4 Million $121 Million
Income Summary
EBA Summary – On-going Jobs
Approved Specific Plan Proposed Specific Plan
Total Annual Jobs Created by the Project 8,266 13,230
Total Annual Labor Income Generated $284.6 Million $679.53 Million
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4. FISCAL IMPACT ANALYSIS
The FIA was prepared to estimate the annual general fund surplus/deficit by calculating the recurring
revenue and expenditure for the Approved Specific Plan and Proposed Specific Plan. At build-out, the
Approved Specific Plan and Proposed Specific Plan are expected to generate recurring revenue from
property tax, sales tax, measure z, and various other revenue sources. The calculation of recurring
revenues and expenditure uses a combination of (i) Case Study Method and (ii) Average Costing Method
as follows:
Case Study Method: When projecting recurring revenue and expenditure using a case study
method, the impacts of the Approved Specific Plan and Proposed Specific Plan population on the
City are determined. Case studies rely on communication with public officials, review of the City
Annual Budget to assess plans to expand or maintain local services, and then determine
categories of either excess or deficient service capacity.
Average Costing Method: When projecting recurring revenue and expenditure using average
costing method, per capita/employee impacts is determined by applying the appropriate per
capita, per employee and per capita and employee factors (“Factors”) to the land use
assumptions. The Factors were calculated using the City of Lake Elsinore Annual Operating
Budget for Fiscal Year 2023-24 (“Budget”). Factors are projected in 2024 dollars.
4.1 Recurring Revenue - Case Study Method
The General Fund revenues calculated using the Case Study Method at build-out is estimated to be
$20,511,171 for the Approved Specific Plan and $24,306,862 for the Proposed Specific Plan annually. The
cumulative general fund revenue over a period for 35 years is estimated to be $544,157,226 for the
Approved Specific Plan and $639,922,031 for the Proposed Specific Plan. The Case Study Method
Revenues are calculated as follows:
4.1.1 Sales and Use Tax
Under the California Sales and Use Tax Law, the sale of tangible personal property is subject to sales or
use tax unless exempt or otherwise excluded. When the sales tax applies, the use tax does not apply, and
the opposite is also true. The sales tax is imposed on all retailers for the privilege of selling tangible
personal property in the State and is measured by the retailer’s gross receipts. The Approved Specific Plan
and the Proposed Specific Plan will generate off-site sales tax and use tax as follows:
A. Approved Specific Plan
On-site Sales and Use Tax
The Approved Specific Plan is anticipated to include 1,826,300 SF commercial building
development including a University Town Center that would generate sales tax. An estimated
average sales per square foot of $350 per year is assumed. The City will receive 1.00% in Sales Tax
Revenue, and 10.50% of the 1.00% in Use Tax Revenue as follows:
On-site Sales and Use Tax Factor Total
Total Mixed-Use Commercial SF 1,826,300
Total annual taxable sale $350 per SF $ 639,205,000
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Sales Tax 1.00% 6,392,050
Use Tax 10.50% 671,165
Total On-site Sales and Use Tax $ 7,063,215
Off-site Sales and Use Tax (Resident Spending)
Based on an average purchase price of $423,115 per unit, the average minimum household
income required to afford these residential units in the current market condition is $106,700. Per
Bureau of Labor Statistics Consumer Expenditure for 2018-2022 in the Western United States,
household spends 78.08% of the household income in consumer expenditure of which 36.60%
accounts towards taxable spendings. It is assumed that 50% of the total taxable sales is captured
on-site. Of the remaining, 50% is captured within the City as follows:
Spending By Residents Factor Total
Estimated Household Income Per Household $ 106,700
Aggregate Income For 8,024 Units 856,160,800
Consumer Spending 78.08% 668,498,431
Taxable Spending 36.60% 244,685,241
Taxable Spending captured on-site 50% 122,342,620
Taxable Spending Captured in City 50% 61,171,310
Sales Tax 1.00% 611,713
Use Tax 10.50% 64,230
Total Off-site Sales Tax $ 675,943
Off-site Sales and Use Tax (Employee Spending)
The non-residential land use is estimated to generate 5,762 on-site jobs. It is assumed that an
employee will spend $4,300 annually. The sales and use tax generated by the employees are
calculated as follows:
Spending By Employees Factor Total
Annual Spending Per Employee $ 4,300
Total Annual Taxable Spending For 5,762 Employees 24,777,256
Taxable Spending captured on-site 50% 12,388,628
Taxable Spending Captured in City 50% 6,194,314
Sales Tax 1.00% 61,943
Use Tax 10.50% 6,504
Total Off-site Sales Tax $ 68,447
Off-site Sales and Use Tax (Student Spending)
Per the Approved Specific Plan, 63.6 acres are designated for a university or similar education
institutional use which could accommodate 6,000 students and 1,500,000 square feet of indoor
facilities. The sales and use tax generated by the students are calculated as follows:
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Spending By Students Factor Total
Annual Spending Per Student $ 26,561
Total Annual Spending For 6,000 Students 159,366,000
Total Taxable Spending 50% 79,683,000
Less: Taxable Spending captured on-site 70% 55,778,100
Total Taxable spending off-site 23,904,900
Taxable Spending Captured in City 50% 11,952,450
Sales Tax 1.00% 119,525
Use Tax 10.50% 12,550
Total Off-site Sales Tax $ 132,075
B. Proposed Specific Plan
On-site Sales and Use Tax
The Proposed Specific Plan is anticipated to include 758,500 SF of retail along with 3,750,000 SF
of fulfillment center. The average sales per square foot for retail is estimated to be $250 per year
and fulfillment center is estimated to be $150 per year. The City will receive 1.00% in Sales Tax
Revenue, and 10.50% of the 1.00% in Use Tax Revenue as follows:
On-site Sales and Use Tax Factor Total
Total Mixed-Use Commercial SF 758,500
Total annual taxable sale for MU Retail $250 per SF $ 189,625,000
Fulfillment Center SF 3,750,000
Total annual taxable sale for Fulfillment
center
$150 per SF $ 562,500,000
Total Annual Taxable Sales 752,125,000
Sales Tax 1.00% 752,125,000
Use Tax 10.50% 789,731
Total On-site Sales and Use Tax $ 8,310,981
Off-site Sales and Use Tax (Resident Spending)
Based on an average purchase price of $423,768 per unit, the average minimum household
income required to afford these residential units in the current market condition is $103,600. Per
Bureau of Labor Statistics Consumer Expenditure for 2018-2022 in the Western United States,
household spends 78.08% of the household income in consumer expenditure of which 36.60%
accounts towards taxable spendings. It is assumed that 50% of the total taxable sales is captured
on-site. Of the remaining, 50% is captured within the City as follows:
Spending By Residents Factor Total
Estimated Household Income Per Household $ 106,300
Aggregate Income For 7,994 Units 849,762,200
Consumer Spending 78.08% 663,502,344
Taxable Spending 36.60% 242,856,562
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Taxable Spending captured on-site 36% 87,428,362
Taxable Spending Captured in City 50% 77,714,100
Sales Tax 1.00% 777,141
Use Tax 10.50% 81,600
Total Off-site Sales Tax $ 858,741
Off-site Sales and Use Tax (Employee Spending)
The non-residential land use is estimated to generate 8,318 on-site jobs. It is assumed that an
employee will spend $4,300 annually. The sales and use tax generated by the employees are
calculated as follows:
Spending By Employees Factor Total
Annual Spending Per Employee $ 4,300
Total Annual Taxable Spending For 8,318 Employees 35,768,833
Taxable Spending captured on-site 36% 12,876,780
Taxable Spending Captured in City 50% 11,446,027
Sales Tax 1.00% 114,460
Use Tax 10.50% 12,018
Total Off-site Sales Tax $ 126,479
Based on the above calculation, Approved Specific Plan generates $7,939,680 and Proposed Specific Plan
generates $9,296,201 in Sales and Use tax.
4.1.2 Measure Z Sales Tax
Measure Z is a locally controlled one cent, or one percent, transaction and use tax to generate
unrestricted general fund dollars to address city service, public safety, and local recovery needs. Measure
Z was approved by the residents of the City on November 3rd, 2020 and officially went into effect on April
1, 2021. The Approved Specific Plan generates $7,185,231 and the Proposed Specific Plan generates
$8,412,851 in Sales and Use tax.
4.1.3 Property Tax
In addition to other ad valorem charges imposed by various local agencies, landowners in the State of
California (“State”) are required to pay annual property taxes of 1% on the assessed value of their
property pursuant to Proposition 13. Each county in California is divided into tax rate areas (“TRA”). After
the basic 1% property tax is collected by the County, the tax is allocated to various local agencies based
on each agency’s share of the basic tax within the property’s applicable TRA.
The following table summarizes the impact of the Approved Specific Plan and the Proposed Specific Plan
to the General Fund:
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Land Use Approved Specific Plan Proposed Specific Plan
Total Assessed Value $ 4,018,307,500 $ 4,949,437,500
Basic Tax 1.00% 1.00%
Basic Tax Paid $ 40,183,075 $ 49,494,375
City Share of 1% 4.4919% 4.4919%
Total Annual Property Taxes $ 1,804,967 $ 2,223,218
4.1.4 Property Tax in-Lieu of VLF
In May 2004, Governor Schwarzenegger proposed a swap of city and county VLF revenue for additional
property tax share as part of a budget agreement between the State and local governments. The swap
was included in the 2004 budget package. Under this legislation, property tax in -lieu of VLF is allocated to
Cities and Counties pursuant to a complex formula involving each agency relative share of assessed value.
The property tax in-lieu of VLF revenue that will be generated by the Proposed Project can be estimated
by determining the (i) percentage growth in the total assessed value of the City attributable to the
Proposed Project and multiplying by (ii) the property tax in-lieu of VLF revenue of $7.4 million expected to
be received per the City. Based on these calculations, the Approved Specific Plan is anticipated to
generate $3,394,564 and the Proposed Specific Plan is anticipated to generate $4,188,274 annually in
property tax in-lieu of VLF revenue.
4.1.5 Property Transfer Tax
The County may levy a transfer tax at the rate of $0.55 for each $500 of assessed value. A City within the
County that levies this tax can levy a transfer tax at a rate of $0.55 per $1,000. If both the County and City
levy the transfer tax, a credit shall be allowed against the amount imposed by the County in the amount
of tax that is imposed by the City per California Revenue Taxation Code 11911. It is assumed that the
ownership of the Residential land use will change every 10 years and non -residential land use will not
change. Based on these calculations, the Approved Specific Plan is anticipated to generate $186,729 and
the Proposed Specific Plan is anticipated to generate $186,318 annually in property transfer tax revenue.
The total recurring annual General Fund revenue generated by the Case Study Method for the Approved
Specific Plan is estimated to be $20,511,171 and the Proposed Specific Plan is estimated to be
$24,306,862 annually at build-out. The cumulative General Fund revenue over a period of 35 years is
estimated to be $544,157,226 for the Approved Specific Plan and $639,922,031 for the Proposed Specific
Plan.
4.2 Recurring Revenue - Average Costing Method
The General Fund revenues calculated using the Average Costing Method are as follows:
Recurring Revenue
Marginal
Increase
Measure
Approved
Specific Plan
Proposed
Specific Plan
Franchise Tax 100% PER $ 968,031 $ 1,006,066
Other Tax 100% PER 5,882 6,113
Transient Occupancy Tax 0% PER - -
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Licenses, Permits and Fees Varies PER 1,258,741 1,308,198
Intergovernmental 100% PER 66,944 69,575
Fines and Forfeitures 100% PER 341,503 354,921
Investment Earnings 0% PER - -
Reimbursement/Others 0% PER - -
Special Assessments 0% PER - -
Total Average Costing Method Revenue at Build-out $ 2,641,101 $ 2,744,873
Cumulative Average Costing Method Revenue for 35 Years $ 44,884,869 $ 41,956,640
“PER” = Per Equivalent Residents
4.3 Total General Fund Recurring Revenue
The total recurring annual General Fund revenue generated by the case study method as well as the
multiplier method for the Approved Specific Plan is estimated to be $23,152,272 and the Proposed
Specific Plan is estimated to be $27,051,734 annually at build-out. The cumulative General Fund revenue
over a period of 35 years is estimated to be $589,042,095 for the Approved Specific Plan and
$681,878,670 for the Proposed Specific Plan.
4.4 General Fund Recurring Expenditure
The General Fund Expenditure calculated using the Case Study Method at build-out is estimated to be
$14,456,713 for the Approved Specific Plan and $14,586,673 for the Proposed Specific Plan annually. The
cumulative General Fund expenditure over a period for 35 years is estimated to be $243,784,856 for the
Approved Specific Plan and $214,835,655 for the Proposed Specific Plan. The Case Study Method
Revenues are calculated as follows:
Recurring Revenue
Marginal
Increase
Measure
Approved
Specific Plan
Proposed
Specific Plan
General Government 50% PER $ 621,641 $ 646,066
Administrative Services 50% PER 420,656 437,184
Public Safety (Excluding Fire Services) 100% PER 6,941,184 7,213,909
Fire Services & Fire Prevention 100% PER 1,823,566 1,457,158
Community Development Varies PER 1,276,403 1,326,554
Public Services Varies PER 2,532,791 2,632,307
Community Services Varies PER 840,472 873,495
Non-Departmental 0% PER - -
Total Average Costing Method Expenditure at Build-out $ 14,456,713 $ 14,586,673
Cumulative Average Costing Method Expenditure for 35 Years $ 243,784,856 $ 214,835,655
4.5 Fire Service Tax Credit
The City contracts with the County of Riverside for a full range of fire protection, fire prevention, rescue,
fire marshal and medical emergency services. The County receives approximately 5.59% share of the
basic 1% property tax to fund the fire protection services. Hence, the City receives credit for structural
fire fund taxes received by the County to offset its annual fire protection contract. The Fire Service Tax
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credit and the Fire Services and Fire Prevention Cost for the Approved Specific Plan and Proposed Specific
Plan are calculated as follows:
Fire Service Tax Credit
Approved
Specific Plan
Proposed
Specific Plan
Total Assessed Value $ 4,018,307,500 $ 4,949,437,500
Total Ad-valorem Tax (At 1%) 40,183,075 49,494,375
County Share for Structure Fire Protection 5.67% 5.67%
Total Fire Service Tax Credit $ 2,276,438 $ 2,803,939
Fire Services Cost
Net Fire Services Cost (100% Marginal increase) $ 11,850,280 $ 11,850,280
Total Equivalent Residents 86,573 86,573
Factor $ 136.88 $ 136.88
Project Equivalent Residents 29,953 31,130
Total Fire Services Cost $ 4,100,004 $ 4,261,097
Net Fire Services Cost $ 1,823,566 $ 1,457,158
4.6 Public Safety CFD Revenue
Residential Development within the City are required to annex into the City of Lake Elsinore CFD 2015 -1
(“Public Safety CFD”) for police protection services, fire protection and suppression services, and
paramedic service. The total Public Safety CFD revenue generated by the Approved Specific Plan and
Proposed Specific Plan are calculated as follows:
Public Safety CFD Revenue
Approved
Specific Plan
Proposed
Specific Plan
Total Residential Units 8,024 7,994
Special Tax per Unit for FY 2023-24 $ 906 $ 906
Total City CFD 2015-1 Revenue $ 7,271,910 $ 7,244,722
4.7 FIA Limiting Conditions
The FIA is subject to the following limiting conditions:
▪ The FIA contains an analysis of recurring revenues and costs to the City from the development of the
Project. The FIA is based on estimates, assumptions and other information developed from DPFG’s
research, and information from DPFG’s proprietary database which were collected through fiscal
impact analyses previously prepared by DPFG and others.
▪ The sources of information and basis of the estimates are stated herein. While we believe the sources
of information are dependable, DPFG does not express an opinion or any other form of assurance on
the accuracy of such information.
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▪ The analysis of recurring revenues and cost impacts to the City contained in the FIA is not considered
to be a “financial forecast” or a “financial projection” as technically defined by the American Institute
of Certified Public Accountants. The word “projection” used within this report relates to broad
expectations of future events or market conditions.
▪ Since the analyses contained herein are based on estimates and assumptions which are inherently
subject to uncertainty and variation depending on evolving events, DPFG cannot represent those
results will be achieved. Some assumptions inevitably will not materialize, and unanticipated events
and circumstances may occur; therefore, the actual results achieved may vary from the projections.
5. ECONOMIC BENEFIT ANALYSIS
A key concept to understand about the IMPLAN economic impact analysis is that one form of economic
activity always stimulates other economic activities. The total economic impact of a specific project or
event on a study area is the sum of the direct, indirect, and induced impacts. The direct economic activity
stemming from the Project stimulates subsequent indirect and induced impacts to the local economy.
The three components of economic impact are further described below:
Direct Impact: Represents the initial change in the economy attributable to the development of
the Project which occurs directly on the Project site.
Indirect Impact: Represents the impact on local industries based on inter-industry purchases as
the economy responds to new demand of the directly affected industries. This impact represents
the additional rounds of economic activity that occur consequently from the direct impacts,
specifically through the production of goods and services required to support businesses directly
impacted. For example, as it relates to jobs, if a direct impact of a Project is the creation of on -
site jobs because of operations within the specialty studios, then an indirect impact would be the
creation of jobs for independent artists, writers, and performers.
Induced Impact: Represents the impact to the local economy based on the increased household
spending due to additional labor income generated, specifically through the purchase of goods
and/or services required to meet consumer demand generated by the Project’s employees. The
specific economic impacts evaluated in this analysis are employment and labor income.
Employment: Represents the number of jobs produced in the economy.
Labor Income: Represents the total value of all forms of employment income paid
throughout the local economy.
These economic impacts are driven by economic activity generated directly at the Project site as well as
the related flow of economic activity in the specified region. In this case, the defined geographic region is
the County of Riverside and the economic activities generating impacts are the construction of the
Proposed Project, the annual ongoing activities of the new businesses located in the Proposed Project,
and new local spending by the Proposed Project’s employee. Accordingly, this analysis evaluates the
direct, indirect, and induced effects of the Proposed Project at two separate times: (i) a one -time
evaluation of direct, indirect, and induced effects during the construction of the Proposed Project
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(“Construction Period Impacts”) and (ii) the ongoing annual direct, indirect, and induced effects at
buildout (“Ongoing Annual Impacts”).
In order to evaluate the increase in employment and labor income, DPFG used IMPLAN, a widely
employed and accepted regional economic analysis software used in estimating economic impacts.
5.1 Construction Period Impacts
The “Construction Period” commences upon initial site development and ends upon completion of
construction. Per the Developer, the Construction Period is expected to be approximately 1 year. Direct
inputs were comprised of construction cost summarized as follows:
APPROVED SPECIFIC PLAN CONSTRUCTION COST ASSUMPTIONS
Direct Construction Cost:
Residential Construction Cost $ 2,371,320,000
Non-Residential Construction Cost 1,561,837,500
Total Direct Construction Cost: $ 3,933,157,500
PROPOSED SPECIFIC PLAN CONSTRUCTION COST ASSUMPTIONS
Direct Construction Cost:
Residential Construction Cost $ 2,376,552,500
Non-Residential Construction Cost 998,232,500
Total Direct Construction Cost: $ 3,374,785,000
Construction of either the Approved Specific Plan or the Proposed Specific Plan will contribute to the
creation of new direct, indirect, and induced jobs in the City and County -wide. Direct jobs created during
the Construction Period consist of the employees constructing the Project, whereas the indirect and
induced jobs created during this phase relate to (i) the other industries that need to produce additional
goods and services to meet the demand from contractors/businesses directly involved in the construction
of the Proposed Project and (ii) discretionary spending of the construction employees. The Approved
Specific Plan is anticipated to create 1,583 annual jobs and the Proposed Specific Plan is anticipated to
create 2,013 annual jobs during the Construction Period.
Labor income during the construction period includes employment compensation and benefits paid to
workers. The direct effect on labor income during the Construction Period is comprised of labor income
paid to construction employees on site. The indirect effect on labor income includes the income of those
employees of businesses providing goods and services to the contractors/businesses working directly on
the site. The induced effect on labor income is comprised of the income of employees working at
businesses that experience growth from the discretionary spending of the direct and indirect employees.
Overall, the Approved Specific Plan is estimated to generate an average of $95,400,000 and the Proposed
Specific Plan is estimated to generate an average of $121,100,000 annually in labor income over the
Construction Period.
Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024
Page | 13
5.2 Ongoing Annual Impacts
Ongoing Annual Impacts represent the anticipated economic impacts of either the Approved Specific Plan
or the Proposed Specific Plan once the site is stabilized. Ongoing annual direct effects on employment
relate to the employees working at the Approved Specific Plan or the Proposed Specific Plan, whereas the
indirect and induced jobs created during this phase relate to the other industries that produce goods and
services that support the new businesses of the Approved Specific Plan or the Proposed Specific Plan and
local spending by the new employees and residents of the Approved Specific Plan or the Proposed
Specific Plan.
The Approved Specific Plan is anticipated to create approximately 5,762 and the Proposed Specific Plan is
anticipated to create approximately 8,318 full-time equivalent employees. Full-time equivalent
employees were based on occupancy and the square feet per employee estimates according to the
anticipated tenant type. Because IMPLAN’s definition of employment includes “all jobs” (i.e., full-time,
part-time, and seasonal), IMPLAN industry sector conversion factor of 0.9118 for university use, 0.9379
for light Industrial use and 0.8771 for commercial retail use in the County of Riverside. This resulted in
approximately 6,520 total direct employees (i.e., total “headcount” jobs) for the Approved Specific Plan
and 9,053 for Proposed Specific Plan. Based on these direct employee numbers, the Approved Specific
Plan Project is anticipated to create 8,226 annual jobs (direct, indirect, and induced) and Proposed
Specific Plan is anticipated to create 13,230 annual jobs.
The direct effect on labor income during the Ongoing Annual Impacts includes the labor income paid to
on-site employees. The indirect and induced effects on labor income consist of the income of those
employees associated with businesses that service the Approved Specific Plan or the Proposed Specific
Plan, as well as the income of the new employees generated by the increased demand for goods and
services from the Approved Specific Plan or the Proposed Specific Plan. Overall, the Approved Specific
Plan is estimated to generate $284,570,000 and the Proposed Specific Plan is estimated to generate
$679,530,000 annually in labor income.
5.3 EBA Disclaimer
Our analysis uses conservative metrics drawn from IMPLAN’s San Bernardino County market data and our
industry knowledge and experience. It should be noted, however, that market conditions may change
between now and when the Project is anticipated to open. Accordingly, as the information, estimates,
and assumptions used in the analysis are inherently subject to uncertainty and variation depending on
evolving events (e.g., market conditions, government regulations, etc.), the estimates presented herein
are subject to change.
6. CONCLUSION
The FIA analyzes the impacts of the Approved Specific Plan and Proposed Specific Plan to the City’s
General Fund revenue and expenditure. Based on the analysis of revenues and expenditure detailed
above, following is our conclusion:
The Approved Specific Plan is estimated to generate a surplus of $8,695,559 to the City’s General
Fund on an annual basis and an estimated total surplus of $345,257,239 over the period of 35
Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024
Page | 14
years. In addition, the Approved Specific Plan also generates $7,271,910 from City of Lake
Elsinore CFD No. 2015-1 at build-out and $115,670,865 over the period of 35 years.
The Proposed Specific Plan will generate a surplus of $15,012,111 to the City’s General Fund on
an annual basis and an estimated total surplus of $467,043,016 over the period of 35 years. In
addition, the Proposed Specific Plan also generates $7,244,722 from City of Lake Elsinore CFD No.
2015-1 at build-out and $96,091,808 over the period of 35 years.
The EBA estimates the total number of jobs created and labor income generated by the Approved Specific
Plan and Proposed Specific Plan on an annual basis during the Construction Period and on an on-going
basis after the construction is complete. Based on the reports generated by IMPLAN, following is the
conclusion:
The Approved Specific Plan will create 1,583 temporary jobs during the construction period and
8,226 permanent jobs at build-out. It will generate $95.4 million in labor income annually during
the Construction Period and $284.57 million in labor income on an ongoing basis.
The Proposed Specific Plan will create 2,013 temporary jobs during the construction period and
13,230 permanent jobs at build-out. It will generate $121.1 million in labor income annually
during the Construction Period and $679.53 million in labor income on an ongoing basis.
Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024
Page | 15
7. FIA & EBA EXHIBITS
The Fiscal Impact Analysis and the Economic Benefit Analysis is organized as follows:
Exhibit Table Description
A 1 Fiscal Impact Analysis Summary Comparison
Land Use: Approved Specific Plan
B 1 Fiscal Impact Analysis Summary
B 2 Post ERAF Share of the Basic Tax Calculation
B 3 Land Use Assumptions
B 4 Property Tax Calculation
B 5 Property Tax In-Lieu of VLF
B 6 Property Transfer Tax Calculation
B 7A Sales Tax Calculation
B 7B Household Income Calculation
B 8A General Fund Revenue Summary
B 8B General Fund Expenditure Summary
B 9 Fire Service Tax Credit Calculation
B 10 City CFD 2015-1 Revenue Summary
B 11 35 Year Phasing Analysis
Land Use: Proposed Specific Plan
C 1 Fiscal Impact Analysis Summary
C 2 Post ERAF Share of the Basic Tax Calculation
C 3 Land Use Assumptions
C 4 Property Tax Calculation
C 5 Property Tax In-Lieu of VLF
C 6 Property Transfer Tax Calculation
C 7A Sales Tax Calculation
C 7B Household Income Calculation
C 8A General Fund Revenue Summary
C 8B General Fund Expenditure Summary
C 9 Fire Service Tax Credit Calculation
C 10 City CFD 2015-1 Revenue Summary
C 11 35 Year Phasing Analysis
Land Use: Approved Specific Plan
D 1 IMPLAN Input Table
D 2 Economic Benefit Analysis Summary
D 3 Construction Period Impacts
D 4 Ongoing Annual Impacts
D 5 Top 10 Industries Affected
Land Use: Proposed Specific Plan
E 1 IMPLAN Input Table
E 2 Economic Benefit Analysis Summary
E 3 Construction Period Impacts
E 4 Ongoing Annual Impacts
E 5 Top 10 Industries Affected
Exhibit A
Fiscal Impact Analysis
Comparison Table
Exhibit A
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Table 1 - Fiscal Impact Analysis Summary Comparison
May 29, 2024
Table
Ref. Approved Specific Plan Proposed Specific Plan
1. Budget Year 2023-24 2023-24 - -
2. Residentail Land Use Plan - -
Total Residential Units 3 8,024 7,994
Avg. Assessed Value per Unit 3 $ 423,115 $ 423,768
Total Rresidenatial Assessed Value 3 $ 3,395,075,000 $ 3,387,600,000 - -
3. Non- Residential Land Use Plan - -
Total SF 3 3,810,300 6,892,500
Avg. Assessed Value per SF 3 164$ 227$
Total Assessed Value 3 $ 623,232,500 $ 1,561,837,500 - -
4. Total Res. and Non-Res. Assessed Value 3 4,018,307,500$ 4,949,437,500$ - -
4. Sales Tax - -
Sales Tax per SF - MU Retail 7A 350 250
Sales Tax per SF - Fullfillment Center 7A $ - $ 150 - -
4. Equivalent Residents - -
Residents 3 27,072 26,971
Employees 3 5,762 8,318
50% of Employees 2,881 4,159
Total Equivalent Residents 29,953 31,130 -$ -$
5. General Fund Fiscal Impact Analysis Summary - -
A. Recurring Revenues -$ -$
Sales Tax 7A 7,939,680$ 9,296,201$
Measure Z 7A 7,185,231 8,412,851
Property Tax 4 1,804,967 2,223,218
Property Tax In-Lieu of VLF 5 3,394,564 4,188,274
Franchise Tax 8A 968,031 1,006,066
Property Transfer Tax 6 186,729 186,318
Other Tax 8A 5,882 6,113
Transient Occupancy Tax 8A - -
Fire Service Tax Credit 9 - -
Licenses, Permits and Fees 8A 1,258,741 1,308,198
Intergovernmental 8A 66,944 69,575
Fine & Forfeitures 8A 341,503 354,921
Investment Earnings 8A - -
Reimbursements/Other 8A - -
Special Assessments 8A - -
Total Recurring Revenues 23,152,272$ 27,051,734$
- -
B. Expenditures - -
General Government 8B 621,641$ 646,066$
Administrative Services 8B 420,656 437,184
Public Safety (Exclusing Fire Services)8B 6,941,184 7,213,909
Fire Services & Fire Prevention 8B 1,823,566 1,457,158
Community Development 8B 1,276,403 1,326,554
Public Services 8B 2,532,791 2,632,307
Community Services 8B 840,472 873,495
Non-Departmental 8B - -
Total Recurring Expenditures 14,456,713$ 14,586,673$
-$ -$
General Fund Surplus/(Deficit)8,695,559$ 12,465,061$ -$ -$
Additional Revenue from Citywide CFD 2015-1 10 7,271,910$ 7,244,722$ -$ -$
Total General Fund Fiscal Surplus (Deficit)15,967,470$ 19,709,783$
-$ -$
DRAFT
Exhibit B
Fiscal Impact Analysis Exhibits
for
Approved Specific Plan
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 1 - Fiscal Impact Analysis Summary
May 29, 2024
Recurring Revenues:Table Ref.
Buildout
(Year 35)% of Total
Cumulative
(Year 1 thru 35)
Taxes
Sales Tax 7A 7,939,680$ 34.3%235,669,035$
Measure Z 7A 7,185,231 31.0%213,275,145
Property Tax 4 1,804,967 7.8%32,184,198
Property Tax In-Lieu of VLF 5 3,394,564 14.7%60,000,969
Franchise Tax 8A 968,031 4.2%16,451,455
Property Transfer Tax 6 186,729 0.8%3,027,879
Other Tax 8A 5,882 0.0%99,958
Transient Occupancy Tax 8A - 0.0%-
Fire Service Tax Credit 9 - 0.0%-
Licenses, Permits and Fees 8A 1,258,741 5.4%21,391,989
Intergovernmental 8A 66,944 0.3%1,137,703
Fine & Forfeitures 8A 341,503 1.5%5,803,764
Investment Earnings 8A - 0.0%-
Reimbursements/Other 8A - 0.0%-
Special Assessments 8A - 0.0%-
Total Recurring Revenue 23,152,272$ 100.0%589,042,095$
Recurring Expenditures:
General Government 8B 621,641$ 4.3%10,564,637$
Administrative Services 8B 420,656 2.9%7,148,940
Public Safety (Exclusing Fire Services)8B 6,941,184 48.0%117,963,723
Fire Services & Fire Prevention 9 1,823,566 12.6%29,087,613
Community Development 8B 1,276,403 8.8%21,692,158
Public Services 8B 2,532,791 17.5%43,044,164
Community Services 8B 840,472 5.8%14,283,621
Non-Departmental 8B - 0.0%-
Total Recurring Expenditures 14,456,713$ 100.0%243,784,856$
Net General Fund Fiscal Surplus (Deficit)8,695,559$ 345,257,239$
Additional Revenue from Citywide CFD 2015-1 10 7,271,910$ 115,670,865$
Total General Fund Fiscal Surplus (Deficit)15,967,470$ 460,928,104$
DRAFT
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 2 - Post ERAF Share of 1%
May 29, 2024
Weighted
005-055 005-093 005-094 005-095 Average (c)
General Fund 10.13656255%10.05214346%10.41335025%10.18793242%10.18462767%
County Free Library 1.38619220%1.36771633%1.41686333%1.38619220%1.38584984%
County Structure Fire Protection 5.66656566%5.59103992%5.79194430%5.66656566%5.66516626%
County Community Parks 0.00000000%1.42898598%1.48033470%0.00000000%0.36742723%
City of Lake Elsinore 4.55987361%4.43205566%4.59131430%4.49192568%4.49185933%
Lake Elsinore Unified 31.91732100%31.49191500%32.62352700%31.91732100%31.90943864%
Mt. San Jacinto Junior College 3.82787300%3.77685300%3.91256800%3.82787300%3.82692747%
Elsinore Area Elementary School Fund 6.99590600%6.90266200%7.15069800%6.99590600%6.99417827%
Riverside County Office of Education 3.95140900%3.89874400%4.03883900%3.95140900%3.95043336%
Riverside County Regional Park and Open Space 0.33529466%0.33082643%0.34271398%0.33529466%0.33521202%
Flood Control Admin 0.22675748%0.22373476%0.23177398%0.22675748%0.22670134%
Flood Control Zone 2 4.01230980%0.00000000%0.00000000%4.01230980%2.99340645%
Flood Control Zone 3 0.00000000%3.19627385%3.31112652%0.00000000%0.82184005%
Elsinore Valley Cemetery 0.96762299%0.95472648%0.98903330%0.96762299%0.96738413%
Elsinore Valley Municipal Water 9.74758895%9.61766895%6.90732297%9.74758895%9.47473228%
Western Municipal Water 1st FR 0.00000000%0.00000000%0.80344856%0.00000000%0.07110478%
Western Municipal Water 1.31125744%1.29378107%0.00000000%1.31125744%1.19232046%
Riverside-Corona Resource Conservation 0.22113850%0.00000000%0.00000000%0.22113850%0.16498163%
Educational Revenue Augmentation Fund 14.73632716%15.44087311%15.99514181%14.75290522%14.97640879%
Total 100.00000000%100.00000000%100.00000000%100.00000000%100.00000000%
Acres (d)21.19 228.39 122.17 1,008.71 1,380.46
% of Total 1.53%16.54%8.85%73.07%100.00%
Footnotes:
Source: Riverside County Auditor-Controller's Office.
(b)
(c)
(d)Acreage per Landvision.
For purposes of the analysis, the weighted average tax rates were calculated based on the acreage of the TRAs within the Project.
Tax Rate Areas (a)
In additional to other ad valorem charges imposed by various local agencies, land owners in California are required to pay annual property
taxes of 1% on the assessed value of their property pursuant to Proposition 13. Each County in California is divided into tax rate areas ("TRA").
After the basic 1% property tax is collected by the county, the tax is allocated to various local agencies based on each agency’s share of the
basic tax within the property’s applicable TRA. This exhibit shows the share of the basic tax applicable to each of the four TRAs applicable to
the Project.
(a)
Shares of the basic tax that are received by the City for its General Fund for each tax rate area are highlighted in bold print.
Agency (b)
DRAFT
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 3 - Landuse Assumptions
May 29, 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 24 25 26 27 28 29 30 31 35 Build-out
I. Land Use Plan
Residential
Hillside Homes - - - - - - - - - - - - - - - - - - - 8 - - - - - - - 8
Low Density Residential - - - - - - - - - - - 106 106 106 106 106 105 - - 115 115 115 115 115 115 - - 1,325
Medium Density Residential 22 21 21 21 21 21 21 21 21 32 32 85 85 85 53 53 53 - - 93 93 93 93 93 92 - - 1,225
Medium-High Density Residential 22 22 22 21 21 21 21 21 21 34 33 33 33 33 - - - - - - - - - - - - - 358
High Density Residentail - - - - - - - - - 103 103 102 102 102 - - - - - - - - - - - - - 512
Very High Density Residential 103 103 103 103 103 103 103 103 103 - - 59 59 58 58 58 58 - - 554 553 553 553 553 553 - - 4,596
Total Residential 147 146 146 145 145 145 145 145 145 169 168 385 385 384 217 217 216 - - 770 761 761 761 761 760 - - 8,024
Non-Residential
University 166,667 166,667 166,667 166,667 166,667 166,667 166,667 166,667 166,667 - - - - - - - - - - - - - - - - - - 1,500,000
General Light Industrial - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Business Park - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Warehouse - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Cold Storage - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Fulfillment Center - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Regional Commercial (Mixed Use)94,644 94,644 94,644 94,644 94,644 94,644 94,644 94,644 94,644 - - - - - - - - - - - - - - - - - - 851,800
Commercial (Mixed Use)108,278 108,278 108,278 108,278 108,278 108,278 108,278 108,278 108,278 - - - - - - - - - - - - - - - - - - 974,500
Office/Medical/Entertainment (Mixed Use)- - - - - - - - - - - - - - - - - - - 80,667 80,667 80,667 80,667 80,667 80,667 - - 484,000
Total Non-Residential 369,589 369,589 369,589 369,589 369,589 369,589 369,589 369,589 369,589 - - - - - - - - - - 80,667 80,667 80,667 80,667 80,667 80,667 - - 3,810,300
Assessed Value Total
II. Assessed Value per Unit (a)Assessed Value (a)
Residential
Hillside Homes 8 650,000$ 5,200,000
Low Density Residential 1,325 550,000 728,750,000
Medium Density Residential 1,225 525,000 643,125,000
Medium-High Density Residential 358 500,000 179,000,000
High Density Residentail 512 450,000 230,400,000
Very High Density Residential 4,596 350,000 1,608,600,000
Total Residential Assessed Values 423,115$ 3,395,075,000$
Assessed Value Total
Non-Residential per SF (a)Assessed Value (a)
University 1,500,000 - -$
General Light Industrial - 215.00 -
Business Park - 250.00 -
Warehouse - 215.00 -
Cold Storage - 215.00 -
Fulfillment Center - 215.00 -
Regional Commercial (Mixed Use)851,800 275.00 234,245,000
Commercial (Mixed Use)974,500 275.00 267,987,500
Office/Medical/Entertainment (Mixed Use)484,000 250.00 121,000,000
Total Non-Residential 623,232,500$
Total Residential & Non-Residential Assessed Value 4,018,307,500$
III. Residents Summary Total Units PPH (b)Total Resident
Hillside Homes 8 3.37 27
Low Density Residential 1,325 3.37 4,470
Medium Density Residential 1,225 3.37 4,133
Medium-High Density Residential 358 3.37 1,208
High Density Residentail 512 3.37 1,727
Very High Density Residential 4,596 3.37 15,506
Total Residents 8,024 27,072
IV. Employee Summary Total Employees
University 1,500,000 1,314 1,142
General Light Industrial - 1,030 -
Business Park - 600 -
Warehouse - 1,030 -
Cold Storage - 1,030 -
Fulfillment Center - 1,030 -
Regional Commercial (Mixed Use)851,800 500 1,704
Commercial (Mixed Use)974,500 500 1,949
Office/Medical/Entertainment (Mixed Use)484,000 500 968
Total Employees 3,810,300 5,762
V. Equivalent Resident Summary
Citywide (d)Project
Total Residents [1]71,973 27,072
Total Employees [2]29,200 5,762
Equivalent Residents [2]x50%=[3]- 2,881
Total Equivalent Resident [1]+[3]=[4]71,973 29,953
Footnotes:
(a)Per Lansing Companies. Assumes University will qualify for exemption from property taxes.
(b)Per the California Department of Finance, E-5 City/County Population and Housing Estimates as of 1/1/2023 for City of Lake Elsinore.
(c)Per Riverside County General Plan Appendix E-2: Socioeconomic Build-Out Assumptions and Methodology. SF/Employee for University per 2018 Commercial Building Energy Consumption Survey, Table B2 published by U.S. Energy Information Administration.
(e)City Population per the California Department of Finance, E-5 City/County Population and Housing Estimates as of 1/1/2023 for City of Lake Elsinore. City Employment per State of California, Employment Development Department Monthly Labor Force Data for Cities and Census Designated Places as of October 2023.
Absorption (a)
Total Units
Total
Bldg. SF SF/Employee (c)
Total SF
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 4 - Property Tax Calculation
May 29, 2024
Table
Ref.
Assessed Value
Residential
Hillside Homes 3 5,200,000$
Low Density Residential 3 728,750,000
Medium Density Residential 3 643,125,000
Medium-High Density Residential 3 179,000,000
High Density Residentail 3 230,400,000
Very High Density Residential 3 1,608,600,000
Total Residential 3,395,075,000$
Non-Residential
University (a)3 -$
General Light Industrial 3 -
Business Park 3 -
Warehouse 3 -
Cold Storage 3 -
Fulfillment Center 3 -
Regional Commercial (Mixed Use)3 234,245,000
Commercial (Mixed Use)3 267,987,500
Office/Medical/Entertainment (Mixed Use)3 121,000,000
Total Non-Residential 623,232,500$
Total Assessed Value [1]4,018,307,500$
Basic Rate 1.00%
Basic Tax Paid [2]=[1]X1%40,183,075$
City General Fund Share of Basic Tax (b)[3]2 4.4919%
Total Annual Property Taxes to City [4]=[2]x[3]1,804,967$
Footnotes:
(a) Assumes University will qualify for exemption from property taxes.
(b) See Table 2 - Post ERAF share of 1%.
Property Tax
DRAFT
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 5 - Property Tax In-Lieu of VLF Calculation
May 29, 2024
Property Tax in Lieu of VLF
Nominal Dollars:
City Assessed Valuation (a)[1]8,726,362,879$
Property Tax In-Lieu of VLF (b)[2]7,438,490
VLF Increase per $1,000 increase in AV [3]=[2]/[1]*1000 0.8524$
Property Tax In-Lieu of VLF:
Total Assessed Value (c)[4]4,018,307,500$
Less: Existing Assessed Value (d)[5]36,021,176
Net (New) Assessed Value [6]=[4]-[5]3,982,286,324$
Project Assessed Valuation / 1,000 [7]=[6]/1000 3,982,286.32$
VLF Increase per $1,000 increase in AV [3]0.8524
Total Property Tax in Lieu of VLF =[3]*[7]3,394,564$
Footnotes:
(a)Per Riverside County Auditor Controller Office for FY 2023-24.
(b)Per City of Lake Elsinore finance department for FY 2023-24.
(c)See Table 3 - Land Use Assumptions.
(d)Current assessed value based on the FY 2023-24 tax bills.
DRAFT
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 6 - Property Transfer Tax Calculation
May 29, 2024
Residential Non-Residential Total
Total Assessed Value per Table 3 3,395,075,000$ 623,232,500$ 4,018,307,500$
Turnover Rate (a)10.00%0.00%
Annual Taxable Assessed Value 339,507,500$ -$ 339,507,500$
Property Transfer Tax Rate (b)0.110000%0.110000%0.110000%
Total Annual Property Transfer Taxes 373,458$ -$ 373,458$
City's Share 50%50%50%
Total Annual Property Transfer Taxes to City 186,729$ -$ 186,729$
Footnotes:
(a)
(b)
It is assumed that the Residential property is being sold every 10 years.
The County may levy a transfer tax at the rate of $0.55 for each $500 of assessed value. A City within the County that levies this
tax can levy a transfer tax at a rate of $0.55 per $1,000. If both the County and City levy the transfer tax, a credit shall be allowed
against the amount imposed by the County in the amount of tax that is imposed by the City per California Revenue and Taxation
Code 11911.
DRAFT
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 7 - Sales Tax Calculation
May 29, 2024
Sales and Use Tax Table Ref.
I. On-Site Sales and Use Tax Revenue
Total Retail SF (Mixed Use)3 1,826,300
Sales per SF (a)350$
Total Taxable Sales from Mixed Use Retail 639,205,000
Total On-Site Taxable Sales 639,205,000
Sales Tax @1% of taxable sales 1.00%6,392,050
Use Tax @10.50% of sales tax 10.50%671,165
Total On-Site Sales and Use Tax Revenue 7,063,215$
Measure Z Sales Tax @1.00% of taxable sales 1.00%(b)6,392,050$
II. Off-Site Sales and Use Tax Revenue
A. New Resident Spending
Total Residential Units 3 8,024
Wt. Avg. Household Income 7B 106,700$
Aggregate Incomes 856,160,800
Consumer Expenditures @ 78% of Aggregate Household Income 78.08%(c)668,498,431
Taxable Spending @ 37% of Consumer Expenditures 36.60%(c)244,685,241
Less: On-site Capture @ 50.00%50.0%122,342,620
Total Off-site Taxable Spending 122,342,620
City Share @ 50%50.00%61,171,310$
Sales Tax @1% of taxable sales 1.00%611,713
Use Tax @10.50% of sales tax 10.50%64,230
Total New Resident Off-Site Sales and Use Tax Revenue 675,943$
Measure Z Sales Tax @1.00% of taxable sales 1.00%(b)611,713$
B. New Employee Spending
New Employees 3 5,762
Annual Spending per employee (d)4,300$
Annual Taxable Sales 24,777,256
Less: On-site Capture @ 50.00%50.0%12,388,628
Total Off-site Taxable Spending 12,388,628
Employee Spending Captured in City @ 50% of Taxable Sales 50.00%6,194,314$
Sales Tax @1% of taxable sales 1.00%61,943
Use Tax @10.50% of sales tax 10.50%6,504
Total New Employee Off-Site Sales and Use Tax Revenue 68,447$
Measure Z Sales Tax @1.00% of taxable sales 1.00%(b)61,943$
C. University Student Spending
University Students 3 6,000
Annual Spending per Student (e)26,561$
Taxable Spending @ 50% of Total Spending 50.0%(e)13,281$
Annual Taxable Sales 79,683,000
Less: On-site Capture @ 70.00%70.0%55,778,100
Total Off-site Taxable Spending 23,904,900
Student Spending Captured in City @ 50% of Taxable Sales 50.00%11,952,450$
Sales Tax @1% of taxable sales 1.00%119,525
Use Tax @10.50% of sales tax 10.50%12,550
Total University Student Off-Site Sales and Use Tax Revenue 132,075$
Measure Z Sales Tax @1.00% of taxable sales 1.00%(b)119,525$
Total Sales and Use Tax 7,939,680$
Total Measure Z Sales Tax 7,185,231$
Footnotes:
(a)
(b)
(c)
(d)
Per DPFG proprietary database of prior projects. The Sales rate per SF for mixed-use commercial land use is inclusive of the University student's
taxable spending.
Per recent market study prepared for a comparable Project within the County and independent market research conducted by DPFG.
Per Bureau of Labor Statistics Consumer Expenditure for 2018-2022 in the Western United States, household spends 78.08% of the household income
in consumer expenditure of which 36.60% accounts towards taxable spendings.
In November 2020, City of Lake Elsinore voters approved Measure Z: a locally controlled one cent, or one percent, transactions and use tax to generate
unrestricted general fund dollars to address City service, public safety, and local recovery needs. Measure Z became effective April 1, 2021 and raises
the City's sales tax by additional 1%.
DRAFT
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 7B - Household Income Calculation
December 06, 2023
Hillside
Homes LDR MDR MHDR HDR VHDR
Avg. Purchase Price (a)650,000$ 550,000$ 525,000$ 500,000$ 450,000$ 350,000$
Loan Amount (80% of the Purchase Price)(b)520,000 440,000 420,000 400,000 360,000 280,000
P& I Payment (7.0% Interest Rate, 30 Yr. Term)(c)3,470 2,936 2,803 2,669 2,402 1,868
Property Tax (1.04% Total Tax Rate)(d)561 475 453 432 388 302
Homeowner's Insurance (Estimate)250 250 250 250 150 150
HOA (Estimate)120 120 120 120 120 120
Monthly Housing Cost 4,401 3,781 3,626 3,471 3,061 2,441
Annual Housing Cost 52,813 45,371 43,510 41,650 36,729 29,287
Household spending on housing 33%33%33%33%33%33%
Household Annual Income 160,000$ 137,000$ 132,000$ 126,000$ 111,000$ 89,000$
No. of Units 8 1,325 1,225 358 512 4,596
Weighted Average Annual Household Income 106,700$
Footnotes:
(a)
(b)Assumes a 20% down payment.
(c)Average rate for a 30-year fixed mortgage as of December 12, 2023 per Fred Economic Data.
(d)Estimate based on the ad-valorem rate for the subject TRA.
Per Lansing Companies.
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 8A - General Fund Revenue Summary
December 15, 2023
[1][2][3]=[1]*[2][4][3]/[4]=[5][6][5]X[6]
FY 2023-24 Proposed Annual Net City Project
Budget Budget Marginal General Equivalent Equivalent
Recurring Items: Revenues Page Ref.FY 2023-24 (a)Increase (b)Fund Measure (c)Units (c)Factor Units Amount
General Funds
Taxes
Sales Tax 59 17,543,480$ -------------------------------------- See Table 7A ------------------------------------------7,939,680$
Measure Z 59 - -------------------------------------- See Table 7A ------------------------------------------7,185,231
Property Tax 59 3,705,800 -------------------------------------- See Table 4 ------------------------------------------1,804,967
Property Tax In-Lieu of VLF 59 7,438,490 -------------------------------------- See Table 5 ------------------------------------------3,394,564
Franchise Tax 59 2,797,910 100.00%2,797,910 PER 86,573 32.32 29,953 968,031
Property Transfer Tax 59 517,610 -------------------------------------- See Table 6 ------------------------------------------186,729
Other Tax 59 17,000 100.00%17,000 PER 86,573 0.20 29,953 5,882
Transient Occupancy Tax 59 553,840 0.00%- PER 86,573 - 29,953 -
Fire Service Tax Credit 59 4,248,380 -------------------------------------- See Table 9 -------------------------------------------
Licenses, Permits and Fees
Building Permit Fee 59 1,219,970 0.00%- PER 86,573 - 29,953 -
Other Licenses & Permits
Business License 59 500,000 100.00%500,000 PER 86,573 5.78 29,953 172,992
Special Event Fees 59 50,300 50.00%25,150 PER 86,573 0.29 29,953 8,701
Encroachment Permit 59 206,000 0.00%- PER 86,573 - 29,953 -
D.A. Prop 64 59 1,400,000 0.00%- PER 86,573 - 29,953 -
Other 59 5,000 50.00%2,500 PER 86,573 0.03 29,953 865
Engineering - Other 59 187,090 50.00%93,545 PER 86,573 1.08 29,953 32,365
Temp/Conditional Use Permit 59 40,000 50.00%20,000 PER 86,573 0.23 29,953 6,920
Fees
City Clerk 59 15,850 50.00%7,925 PER 86,573 0.09 29,953 2,742
Community Development 59 2,239,080 50.00%1,119,540 PER 86,573 12.93 29,953 387,343
Engineering 59 2,300,960 50.00%1,150,480 PER 86,573 13.29 29,953 398,047
Community Services 59 429,830 50.00%214,915 PER 86,573 2.48 29,953 74,357
Administration 59 413,890 50.00%206,945 PER 86,573 2.39 29,953 71,600
Facility Rentals - Other 59 481,050 50.00%240,525 PER 86,573 2.78 29,953 83,218
Fire Prevention 59 113,250 50.00%56,625 PER 86,573 0.65 29,953 19,591
Intergovernmental
Vehicle License Fees 59 94,740 100.00%94,740 PER 86,573 1.09 29,953 32,778
State Mandate Costs 59 98,750 100.00%98,750 PER 86,573 1.14 29,953 34,166
Fine & Forfeitures 60 987,050 100.00%987,050 PER 86,573 11.40 29,953 341,503
Investment Earnings 60 311,000 0.00%- PER 86,573 - 29,953 -
Reimbursements/Other
Public Safety 60 517,060 0.00%- PER 86,573 - 29,953 -
Street Program 60 1,000,000 0.00%- PER 86,573 - 29,953 -
Other 60 12,064,860 0.00%- PER 86,573 - 29,953 -
Special Assessments 60 6,989,360 0.00%- PER 86,573 - 29,953 -
TOTAL REVENUES 68,487,600$ 23,152,272$
Footnotes:
(a) Per City of Lake Elsinore Annual Operating Budget for Fiscal Year 2023-24.
"PER" = Per Equivalent Resident.
(b) The marginal increase represents the impact to the City's expenditure due to the nature of the expenditure relative to the Project.
(c) Based on (1) 71,973, City of Lake Elsinore residents, California Department of Finance, January 1, 2023, (2) 29,200, total City of Lake Elsinore employees and (3) City
employment reduced by 50% to account for the estimated less frequent use of City public services by employees than residents.
(d) Measure Z is locally controlled one cent or 1% sales and use tax to generate unrestricted general fund dollars to address city services, public safety and local recovery needs.
DRAFT
(d)
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 8B - General Fund Expenditure Summary
December 15, 2023
[1][2][3]=[1]*[2][4][3]/[4]=[5][6][5]X[6]
FY 2023-24 Proposed Annual Net City Project
Budget Budget Marginal General Equivalent Equivalent
Recurring Items: Expenditure Page Ref.FY 2023-24 (a)Increase (b)Fund Measure (c)Units (c)Factor Units Amount
General Government
City Council 63 $ 317,370 50.00%158,685 PER 86,573 1.83 29,953 54,902$
Community Support 63 623,690 50.00%311,845 PER 86,573 3.60 29,953 107,893
City Clerk 63 901,100 50.00%450,550 PER 86,573 5.20 29,953 155,883
City Attorney 63 675,610 50.00%337,805 PER 86,573 3.90 29,953 116,875
City Manager 63 1,075,700 50.00%537,850 PER 86,573 6.21 29,953 186,087
Total General Government $ 3,593,470 $ 621,641
Administrative Services
Finance 63 $ 1,706,430 50.00%853,215 PER 86,573 9.86 29,953 295,198$
Human Resources 63 725,220 50.00%362,610 PER 86,573 4.19 29,953 125,457
Total Administrative Services $ 2,431,650 $ 420,656
Public Safety
Police Services 63 18,652,220 100.00%18,652,220 PER 86,573 215.45 29,953 6,453,364
Fire Services & Fire Prevention 63 11,850,280 -------------------------------------- See Table 9 ------------------------------------------1,823,566
Animal Services 63 987,500 100.00%987,500 PER 86,573 11.41 29,953 341,659
Emergency Services 63 422,450 100.00%422,450 PER 86,573 4.88 29,953 146,161
Total Public Safety $ 31,912,450 $ 8,764,750
Community Development
Planning & Zoning 63 2,811,460 50.00%1,405,730 PER 86,573 16.24 29,953 486,360
Building & Safety 63 1,746,360 50.00%873,180 PER 86,573 10.09 29,953 302,106
Code Enforcement 63 2,176,410 50.00%1,088,205 PER 86,573 12.57 29,953 376,501
Economic Development 63 644,170 50.00%322,085 PER 86,573 3.72 29,953 111,436
Total Community Development $ 7,378,400 $ 1,276,403
Public Services
Engineering 63 3,950,420 50.00%1,975,210 PER 86,573 22.82 29,953 683,390
Public Works - Administration 63 5,257,650 50.00%2,628,825 PER 86,573 30.37 29,953 909,531
Park Maintenance 63 4,061,510 50.00%2,030,755 PER 86,573 23.46 29,953 702,608
Lake Maintenance 63 1,371,520 50.00%685,760 PER 86,573 7.92 29,953 237,262
Total Public Services $ 14,641,100 $ 2,532,791
Community Services
Recreation 63 1,882,230 50.00%941,115 PER 86,573 10.87 29,953 325,610
Community Center 63 1,113,740 50.00%556,870 PER 86,573 6.43 29,953 192,668
Senior Center 63 825,630 50.00%412,815 PER 86,573 4.77 29,953 142,827
Neighborhood Center 63 1,036,850 50.00%518,425 PER 86,573 5.99 29,953 179,367
Total Community Services $ 4,858,450 $ 840,472
Non-Departmental
Non-Departmental 63 $ 3,443,400 0.00%- PER 86,573 - 29,953 -$
Total Non-Departmental $ 3,443,400 $ -
TOTAL EXPENDITURE $ 68,258,920 $ 14,456,713
Footnotes:
(a) Per City of Lake Elsinore Annual Operating Budget for Fiscal Year 2023-24.
"PER" = Per Equivalent Resident.
(b) The marginal increase represents the impact to the City's expenditure due to the nature of the expenditure relative to the Project.
(c) Based on (1) 71,973, City of Lake Elsinore residents, California Department of Finance, January 1, 2023, (2) 29,200, total City of Lake Elsinore employees and (3) City
employment reduced by 50% to account for the estimated less frequent use of City public services by employees than residents.
DRAFT
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 9 - Fire Service Tax Credit Calculation
December 06, 2023
County Structure Fire Protection
Total Assessed Value 4,018,307,500$
Basic Tax 1.00%
Total Ad Valorem Tax [1]40,183,075$
County Share of the Basic Tax for Structure Fire Protection (a)[2]5.67%
Total Fire Service Tax Credit [3]=[1]x[2]2,276,438$
City of Lake Elsinore Fire Services Cost
Fire Services & Fire Prevention (b)11,850,280$
Marginal Increase (c)100%
Net Fire Services Cost [4]11,850,280$
Total Equivalent Residents (d)[5]86,573
Factor [6]=[4]/[5]136.88$
Proposed Project Equivalent Residents [7]29,953
Total Fire Services Cost for the Proposed Project [8]=[7]*[6]4,100,004$
Net Fire Services and Fire Prevention Cost (e)1,823,566$
Footnotes:
(b) Per City of Lake Elsinore Annual Operating Budget for Fiscal Year 2023-24, Page 63.
(a)The City contracts with the County of Riverside for a full range of fire protection,fire prevention,rescue,fire marshal and medical
emergency services.The County receives approximately 5.59%share of the basic 1%property tax to fund the fire protection services.
Hence, the City receives credit for structural fire fund taxes received by the County to offset its annual fire protection contract.
(c)The marginal increase he marginal increase represents the impact to the City's expenditure due to the nature of the expenditure
relative to the Project.
(d)Based on (1)71,973,City of Lake Elsinore residents,California Department of Finance,January 1,2023,(2)29,200,total City of Lake
Elsinore employees and (3)City employment reduced by 50%to account for the estimated less frequent use of City public services by
employees than residents.
(e) The fire services tax credit generated by the project is used to offset the fire services cost to serve the Proposed Project.
DRAFT
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 10 - City of Lake Elsinore CFD 2015-1 Revenue Summary
June 15, 2023
Residential:
Total Residential Units (a)8,024
Special Tax per Unit for FY 2023-24 (b)906$
Total City CFD 2015-1 Revenue 7,271,910$
Footnotes:
(a) See Table 3 - Landuse Assumptions.
City of Lake Elsinore CFD 2015-1 Revenue
(b)Reflects the Fiscal Year 2023-24 Applied Special Tax for City of Lake Elsinore CFD 2015-1 for Single
family Units.Per the Notice of Special Tax Lien for CFD 2015-1,Single family units are defined as atached
or detached units with individual Assessor's Parcel Number.
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 11 - Phasing Analysis Detail
May 29, 2024
Factor 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
General Fund Revenue
Sales Tax 818,188$ 1,636,291$ 2,454,394$ 3,272,413$ 4,090,432$ 4,908,451$ 5,726,471$ 6,544,490$ 7,362,509$ 7,376,745$ 7,390,898$ 7,423,330$ 7,455,763$ 7,488,111$ 7,506,391$ 7,524,671$ 7,542,867$
Measure Z 740,441 1,480,806 2,221,171 2,961,460 3,701,749 4,442,038 5,182,326 5,922,615 6,662,904 6,675,788 6,688,595 6,717,946 6,747,296 6,776,571 6,793,114 6,809,657 6,826,124
Property Tax 51,388 102,541 153,694 204,622 255,550 306,478 357,406 408,334 459,262 495,265 531,042 614,580 698,117 781,497 829,302 877,106 924,664
Property Tax In-Lieu of VLF 66,814 163,886 260,958 357,604 454,250 550,895 647,541 744,187 840,833 909,154 977,049 1,135,577 1,294,105 1,452,334 1,543,053 1,633,771 1,724,021
Franchise Tax 24,636 49,164 73,691 98,109 122,527 146,946 171,364 195,782 220,200 238,628 256,946 298,926 340,905 382,776 406,437 430,098 453,650
Property Transfer Tax 3,223 6,417 9,611 12,778 15,945 19,111 22,278 25,444 28,611 33,019 37,400 47,629 57,857 68,067 73,920 79,773 85,597
Other Tax 150 299 448 596 744 893 1,041 1,190 1,338 1,450 1,561 1,816 2,071 2,326 2,469 2,613 2,756
Transient Occupancy Tax - - - - - - - - - - - - - - - - -
Fire Service Tax Credit - - - - - - - - - - - - - - - - -
Licenses, Permits and Fees 32,035 63,928 95,821 127,572 159,324 191,075 222,826 254,577 286,329 310,290 334,110 388,696 443,282 497,727 528,494 559,261 589,886
Intergovernmental 1,704 3,400 5,096 6,785 8,473 10,162 11,851 13,539 15,228 16,502 17,769 20,672 23,575 26,471 28,107 29,744 31,372
Fine & Forfeitures 8,691 17,344 25,997 34,611 43,225 51,840 60,454 69,068 77,683 84,183 90,646 105,455 120,265 135,036 143,383 151,731 160,039
Investment Earnings - - - - - - - - - - - - - - - - -
Reimbursements/Other - - - - - - - - - - - - - - - - -
Special Assessments - - - - - - - - - - - - - - - - -
Total Financing Sources 1,747,271$ 3,524,076$ 5,300,881$ 7,076,550$ 8,852,220$ 10,627,889$ 12,403,558$ 14,179,227$ 15,954,896$ 16,141,024$ 16,326,016$ 16,754,626$ 17,183,237$ 17,610,915$ 17,854,670$ 18,098,425$ 18,340,976$
General Fund Expenditure
General Government 15,821$ 31,571$ 47,322$ 63,003$ 78,683$ 94,364$ 110,045$ 125,725$ 141,406$ 153,240$ 165,003$ 191,961$ 218,919$ 245,807$ 261,002$ 276,196$ 291,321$
Administrative Services 10,706 21,364 32,022 42,633 53,244 63,855 74,466 85,077 95,688 103,695 111,655 129,897 148,140 166,334 176,616 186,898 197,133
Public Safety (Exclusing Fire Services)176,653 352,523 528,394 703,483 878,572 1,053,661 1,228,750 1,403,839 1,578,928 1,711,060 1,842,410 2,143,420 2,444,431 2,744,660 2,914,321 3,083,981 3,252,860
Fire Services & Fire Prevention 39,533 78,902 118,271 157,461 196,652 235,842 275,032 314,222 353,413 386,054 418,516 490,959 563,401 635,580 675,503 715,426 755,199
Community Development 32,484 64,825 97,166 129,362 161,559 193,756 225,953 258,150 290,346 314,644 338,798 394,150 449,502 504,711 535,910 567,108 598,163
Public Services 64,459 128,633 192,807 256,696 320,585 384,474 448,362 512,251 576,140 624,354 672,283 782,120 891,956 1,001,508 1,063,416 1,125,324 1,186,947
Community Services 21,390 42,685 63,981 85,181 106,382 127,582 148,783 169,984 191,184 207,183 223,088 259,536 295,984 332,337 352,880 373,423 393,872
Non-Departmental - - - - - - - - - - - - - - - - -
Total Financing Requirements 361,046$ 720,504$ 1,079,963$ 1,437,820$ 1,795,677$ 2,153,534$ 2,511,391$ 2,869,248$ 3,227,105$ 3,500,230$ 3,771,753$ 4,392,043$ 5,012,334$ 5,630,937$ 5,979,647$ 6,328,358$ 6,675,495$
General Fund Fiscal Impact
Ongoing Surplus/(Deficit)1,386,225$ 2,803,572$ 4,220,918$ 5,638,731$ 7,056,543$ 8,474,355$ 9,892,167$ 11,309,979$ 12,727,791$ 12,640,794$ 12,554,262$ 12,362,583$ 12,170,904$ 11,979,978$ 11,875,023$ 11,770,068$ 11,665,481$
11.7 Additional Revenue from Citywide CFD 2015-1 133,222$ 265,537$ 397,853$ 529,262$ 660,671$ 792,080$ 923,489$ 1,054,898$ 1,186,307$ 1,339,467$ 1,491,720$ 1,840,634$ 2,189,548$ 2,537,556$ 2,734,217$ 2,930,877$ 3,126,632$
Total General Fund Fiscal Surplus (Deficit)1,519,446$ 3,069,109$ 4,618,771$ 6,167,992$ 7,717,214$ 9,266,435$ 10,815,656$ 12,364,877$ 13,914,099$ 13,980,261$ 14,045,983$ 14,203,217$ 14,360,452$ 14,517,534$ 14,609,239$ 14,700,945$ 14,792,113$
11.1 RESIDENTIAL FINANCING SOURCES
11.1.1 Cumulative Units
Hillside Homes - - - - - - - - - - - - - - - - -
Low Density Residential - - - - - - - - - - - 106 106 106 106 106 105
Medium Density Residential 22 21 21 21 21 21 21 21 21 32 32 85 85 85 53 53 53
Medium-High Density Residential 22 22 22 21 21 21 21 21 21 34 33 33 33 33 - - -
High Density Residentail - - - - - - - - - 103 103 102 102 102 - - -
Very High Density Residential 103 103 103 103 103 103 103 103 103 - - 59 59 58 58 58 58
Total Cumulative Residential Units 147.00 293 439 584 729 874 1,019 1,164 1,309 1,478 1,646 2,031 2,416 2,800 3,017 3,234 3,450
Total Cumulative Residents 3.37 496 989 1,481 1,970 2,460 2,949 3,438 3,927 4,416 4,987 5,553 6,852 8,151 9,447 10,179 10,911 11,640
11.1.2 Residential Property Value
Hillside Homes 650,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Low Density Residential 550,000 - - - - - - - - - - - 58,300,000 58,300,000 58,300,000 58,300,000 58,300,000 57,750,000
Medium Density Residential 525,000 11,550,000 11,025,000 11,025,000 11,025,000 11,025,000 11,025,000 11,025,000 11,025,000 11,025,000 16,800,000 16,800,000 44,625,000 44,625,000 44,625,000 27,825,000 27,825,000 27,825,000
Medium-High Density Residential 500,000 11,000,000 11,000,000 11,000,000 10,500,000 10,500,000 10,500,000 10,500,000 10,500,000 10,500,000 17,000,000 16,500,000 16,500,000 16,500,000 16,500,000 - - -
High Density Residentail 450,000 - - - - - - - - - 46,350,000 46,350,000 45,900,000 45,900,000 45,900,000 - - -
Very High Density Residential 350,000 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000 36,050,000 - - 20,650,000 20,650,000 20,300,000 20,300,000 20,300,000 20,300,000
Total Non-Residential Assessed Value 58,600,000$ 58,075,000$ 58,075,000$ 57,575,000$ 57,575,000$ 57,575,000$ 57,575,000$ 57,575,000$ 57,575,000$ 80,150,000$ 79,650,000$ 185,975,000$ 185,975,000$ 185,625,000$ 106,425,000$ 106,425,000$ 105,875,000$
Total Cumulative Non-Residential Assessed Value 58,600,000$ 116,675,000$ 174,750,000$ 232,325,000$ 289,900,000$ 347,475,000$ 405,050,000$ 462,625,000$ 520,200,000$ 600,350,000$ 680,000,000$ 865,975,000$ 1,051,950,000$ 1,237,575,000$ 1,344,000,000$ 1,450,425,000$ 1,556,300,000$
11.1.3 Residential Property Tax
Basic Tax Paid - Non-Residential 1.00%586,000$ 1,166,750$ 1,747,500$ 2,323,250$ 2,899,000$ 3,474,750$ 4,050,500$ 4,626,250$ 5,202,000$ 6,003,500$ 6,800,000$ 8,659,750$ 10,519,500$ 12,375,750$ 13,440,000$ 14,504,250$ 15,563,000$
City of Lake Elsinore - General Fund 4.4919%26,322 52,409 78,495 104,357 130,219 156,081 181,943 207,805 233,667 269,669 305,446 388,984 472,521 555,901 603,706 651,511 699,068
Total Non-Residential Property Tax 26,322$ 52,409$ 78,495$ 104,357$ 130,219$ 156,081$ 181,943$ 207,805$ 233,667$ 269,669$ 305,446$ 388,984$ 472,521$ 555,901$ 603,706$ 651,511$ 699,068$
11.1.4 Residential Property Transfer Tax
Cumulative Assessed Value 58,600,000$ 116,675,000$ 174,750,000$ 232,325,000$ 289,900,000$ 347,475,000$ 405,050,000$ 462,625,000$ 520,200,000$ 600,350,000$ 680,000,000$ 865,975,000$ 1,051,950,000$ 1,237,575,000$ 1,344,000,000$ 1,450,425,000$ 1,556,300,000$
Residential Property Turnover Rate 10.0%5,860,000 11,667,500 17,475,000 23,232,500 28,990,000 34,747,500 40,505,000 46,262,500 52,020,000 60,035,000 68,000,000 86,597,500 105,195,000 123,757,500 134,400,000 145,042,500 155,630,000
Transfer Tax as a % of Price 0.11%6,446 12,834 19,223 25,556 31,889 38,222 44,556 50,889 57,222 66,039 74,800 95,257 115,715 136,133 147,840 159,547 171,193
City of Lake Elsinore Share 50.00%3,223 6,417 9,611 12,778 15,945 19,111 22,278 25,444 28,611 33,019 37,400 47,629 57,857 68,067 73,920 79,773 85,597
Total Non-Residential Documentary Transfer Tax 3,223$ 6,417$ 9,611$ 12,778$ 15,945$ 19,111$ 22,278$ 25,444$ 28,611$ 33,019$ 37,400$ 47,629$ 57,857$ 68,067$ 73,920$ 79,773$ 85,597$
11.1.5 Off-Site Sales Tax
Annual Household Income (Average)106,700$ 15,684,900$ 31,263,100$ 46,841,300$ 62,312,800$ 77,784,300$ 93,255,800$ 108,727,300$ 124,198,800$ 139,670,300$ 157,702,600$ 175,628,200$ 216,707,700$ 257,787,200$ 298,760,000$ 321,913,900$ 345,067,800$ 368,115,000$
Consumer Expenditure (78.08% of Income)78.08%12,246,918 24,410,523 36,574,129 48,654,422 60,734,715 72,815,009 84,895,302 96,975,595 109,055,888 123,135,678 137,132,156 169,207,417 201,282,678 233,274,627 251,353,411 269,432,194 287,427,665
Taxable Spendings (36.60% of Total Spending)36.60%4,482,643 8,934,793 13,386,942 17,808,597 22,230,252 26,651,907 31,073,562 35,495,217 39,916,872 45,070,387 50,193,408 61,933,665 73,673,921 85,383,683 92,000,919 98,618,154 105,204,895
Less: Onsite Capture (50.00%)50.00%2,241,322 4,467,396 6,693,471 8,904,298 11,115,126 13,325,953 15,536,781 17,747,608 19,958,436 22,535,194 25,096,704 30,966,832 36,836,961 42,691,842 46,000,459 49,309,077 52,602,448
Total Off-site Taxable Spending 2,241,322 4,467,396 6,693,471 8,904,298 11,115,126 13,325,953 15,536,781 17,747,608 19,958,436 22,535,194 25,096,704 30,966,832 36,836,961 42,691,842 46,000,459 49,309,077 52,602,448
City Capture Rate (50.00%)50%1,120,661 2,233,698 3,346,735 4,452,149 5,557,563 6,662,977 7,768,390 8,873,804 9,979,218 11,267,597 12,548,352 15,483,416 18,418,480 21,345,921 23,000,230 24,654,539 26,301,224
Total Off-site Taxable Spending 1,120,661$ 2,233,698$ 3,346,735$ 4,452,149$ 5,557,563$ 6,662,977$ 7,768,390$ 8,873,804$ 9,979,218$ 11,267,597$ 12,548,352$ 15,483,416$ 18,418,480$ 21,345,921$ 23,000,230$ 24,654,539$ 26,301,224$
Sales Tax @1% of taxable sales 1.00%11,207$ 22,337$ 33,467$ 44,521$ 55,576$ 66,630$ 77,684$ 88,738$ 99,792$ 112,676$ 125,484$ 154,834$ 184,185$ 213,459$ 230,002$ 246,545$ 263,012$
Use Tax @10.50% of sales tax 10.50%1,177 2,345 3,514 4,675 5,835 6,996 8,157 9,317 10,478 11,831 13,176 16,258 19,339 22,413 24,150 25,887 27,616
Total Off-Site Sales and Use tax 12,383$ 24,682$ 36,981$ 49,196$ 61,411$ 73,626$ 85,841$ 98,056$ 110,270$ 124,507$ 138,659$ 171,092$ 203,524$ 235,872$ 254,153$ 272,433$ 290,629$
Measure Z Sales Tax @1.00% of taxable sales 1.00%11,207$ 22,337$ 33,467$ 44,521$ 55,576$ 66,630$ 77,684$ 88,738$ 99,792$ 112,676$ 125,484$ 154,834$ 184,185$ 213,459$ 230,002$ 246,545$ 263,012$
Total Measure Z Sales Tax 11,207$ 22,337$ 33,467$ 44,521$ 55,576$ 66,630$ 77,684$ 88,738$ 99,792$ 112,676$ 125,484$ 154,834$ 184,185$ 213,459$ 230,002$ 246,545$ 263,012$
11.2 NON-RESIDENTIAL FINANCING SOURCES
11.2.1 Cumulative SF
University 166,667 166,667 166,667 166,667 166,667 166,667 166,667 166,667 166,667 - - - - - - - -
General Light Industrial - - - - - - - - - - - - - - - - -
Business Park - - - - - - - - - - - - - - - - -
Warehouse - - - - - - - - - - - - - - - - -
Cold Storage - - - - - - - - - - - - - - - - -
Fulfillment Center - - - - - - - - - - - - - - - - -
Regional Commercial (Mixed Use)94,644 94,644 94,644 94,644 94,644 94,644 94,644 94,644 94,644 - - - - - - - -
Commercial (Mixed Use)108,278 108,278 108,278 108,278 108,278 108,278 108,278 108,278 108,278 - - - - - - - -
Office/Medical/Entertainment (Mixed Use)- - - - - - - - - - - - - - - - -
Total Cumulative SF 369,589 739,178 1,108,767 1,478,356 1,847,944 2,217,533 2,587,122 2,956,711 3,326,300 3,326,300 3,326,300 3,326,300 3,326,300 3,326,300 3,326,300 3,326,300 3,326,300
11.2.2 Cumulative Employees
University 1,314 127 127 127 127 127 127 127 127 127 - - - - - - - -
General Light Industrial 1,030 - - - - - - - - - - - - - - - - -
Business Park 600 - - - - - - - - - - - - - - - - -
Warehouse 1,030 - - - - - - - - - - - - - - - - -
Cold Storage 1,030 - - - - - - - - - - - - - - - - -
Fulfillment Center 1,030 - - - - - - - - - - - - - - - - -
Regional Commercial (Mixed Use)500 189 189 189 189 189 189 189 189 189 - - - - - - - -
Commercial (Mixed Use)500 217 217 217 217 217 217 217 217 217 - - - - - - - -
Office/Medical/Entertainment (Mixed Use)500 - - - - - - - - - - - - - - - - -
Total Employees 533 533 533 533 533 533 533 533 533 - - - - - - - -
Total Cumulative Employees 533 1,065 1,598 2,131 2,663 3,196 3,729 4,261 4,794 4,794 4,794 4,794 4,794 4,794 4,794 4,794 4,794
Cumulative Equivalent Residents 50%266 533 799 1,065 1,332 1,598 1,864 2,131 2,397 2,397 2,397 2,397 2,397 2,397 2,397 2,397 2,397
DRAFT
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 11 - Phasing Analysis Detail
May 29, 2024
Factor 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
DRAFT
11.2.3 Non-Residential Property Value
University -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
General Light Industrial 215 - - - - - - - - - - - - - - - - -
Business Park 250 - - - - - - - - - - - - - - - - -
Warehouse 215 - - - - - - - - - - - - - - - - -
Cold Storage 215 - - - - - - - - - - - - - - - - -
Fulfillment Center 215 - - - - - - - - - - - - - - - - -
Regional Commercial (Mixed Use)275 26,027,222 26,027,222 26,027,222 26,027,222 26,027,222 26,027,222 26,027,222 26,027,222 26,027,222 - - - - - - - -
Commercial (Mixed Use)275 29,776,389 29,776,389 29,776,389 29,776,389 29,776,389 29,776,389 29,776,389 29,776,389 29,776,389 - - - - - - - -
Office/Medical/Entertainment (Mixed Use)250 - - - - - - - - - - - - - - - - -
Total Non-Residential Assessed Value 55,803,611$ 55,803,611$ 55,803,611$ 55,803,611$ 55,803,611$ 55,803,611$ 55,803,611$ 55,803,611$ 55,803,611$ -$ -$ -$ -$ -$ -$ -$ -$
Total Cumulative Non-Residential Assessed Value 55,803,611$ 111,607,222$ 167,410,833$ 223,214,444$ 279,018,056$ 334,821,667$ 390,625,278$ 446,428,889$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$
11.2.4 Non-Residential Property Tax
Basic Tax Paid - Non-Residential 1.00%558,036$ 1,116,072$ 1,674,108$ 2,232,144$ 2,790,181$ 3,348,217$ 3,906,253$ 4,464,289$ 5,022,325$ 5,022,325$ 5,022,325$ 5,022,325$ 5,022,325$ 5,022,325$ 5,022,325$ 5,022,325$ 5,022,325$
City of Lake Elsinore - General Fund 4.4919%25,066 50,132 75,199 100,265 125,331 150,397 175,463 200,530 225,596 225,596 225,596 225,596 225,596 225,596 225,596 225,596 225,596
Total Non-Residential Property Tax 25,066$ 50,132$ 75,199$ 100,265$ 125,331$ 150,397$ 175,463$ 200,530$ 225,596$ 225,596$ 225,596$ 225,596$ 225,596$ 225,596$ 225,596$ 225,596$ 225,596$
11.2.5 Non-Residential Property Transfer Tax
Cumulative Assessed Value 55,803,611$ 111,607,222$ 167,410,833$ 223,214,444$ 279,018,056$ 334,821,667$ 390,625,278$ 446,428,889$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$
Non-Residential Property Turnover Rate 0.0%- - - - - - - - - - - - - - - - -
Transfer Tax as a % of Price 0.11%- - - - - - - - - - - - - - - - -
City of Torrance Share 50.00%- - - - - - - - - - - - - - - - -
Total Non-Residential Documentary Transfer Tax -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
11.2.6 On-Site Sales Tax
Total Retail SF (Mixed Use)202,922 405,844 608,767 811,689 1,014,611 1,217,533 1,420,456 1,623,378 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300
Total Taxable Sales from Mixed Use Retail 350$ 71,022,778 142,045,556 213,068,333 284,091,111 355,113,889 426,136,667 497,159,444 568,182,222 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000
Total On-Site Taxable Sales 71,022,778 142,045,556 213,068,333 284,091,111 355,113,889 426,136,667 497,159,444 568,182,222 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000
Sales Tax @1% of taxable sales 1.00%710,228$ 1,420,456$ 2,130,683$ 2,840,911$ 3,551,139$ 4,261,367$ 4,971,594$ 5,681,822$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$
Use Tax @10.50% of sales tax 10.50%74,574 149,148 223,722 298,296 372,870 447,444 522,017 596,591 671,165 671,165 671,165 671,165 671,165 671,165 671,165 671,165 671,165
Total Off-Site Sales and Use tax 784,802$ 1,569,603$ 2,354,405$ 3,139,207$ 3,924,008$ 4,708,810$ 5,493,612$ 6,278,414$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$
Measure Z Sales Tax @1.00% of taxable sales 1.00%710,228$ 1,420,456$ 2,130,683$ 2,840,911$ 3,551,139$ 4,261,367$ 4,971,594$ 5,681,822$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$
Total Measure Z Sales Tax 710,228$ 1,420,456$ 2,130,683$ 2,840,911$ 3,551,139$ 4,261,367$ 4,971,594$ 5,681,822$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$
11.2.7 Off-Site Sales Tax
Total Cumulative Employees -$ 533$ 1,065$ 1,598$ 2,131$ 2,663$ 3,196$ 3,729$ 4,261$ 4,794$ 4,794$ 4,794$ 4,794$ 4,794$ 4,794$ 4,794$ 4,794$ 4,794$
Annual Spending per employee 4,300$ 2,290,540 4,581,079 6,871,619 9,162,158 11,452,698 13,743,237 16,033,777 18,324,316 20,614,856 20,614,856 20,614,856 20,614,856 20,614,856 20,614,856 20,614,856 20,614,856 20,614,856
Less: On-site Capture @ 50.00%50%(1,145,270) (2,290,540) (3,435,809) (4,581,079) (5,726,349) (6,871,619) (8,016,888) (9,162,158) (10,307,428) (10,307,428) (10,307,428) (10,307,428) (10,307,428) (10,307,428) (10,307,428) (10,307,428) (10,307,428)
Total Off-site Taxable Spending 1,145,270 2,290,540 3,435,809 4,581,079 5,726,349 6,871,619 8,016,888 9,162,158 10,307,428 10,307,428 10,307,428 10,307,428 10,307,428 10,307,428 10,307,428 10,307,428 10,307,428
Employee Spending Captured in City @ 50% of Taxable Sales 50%572,635$ 1,145,270$ 1,717,905$ 2,290,540$ 2,863,174$ 3,435,809$ 4,008,444$ 4,581,079$ 5,153,714$ 5,153,714$ 5,153,714$ 5,153,714$ 5,153,714$ 5,153,714$ 5,153,714$ 5,153,714$ 5,153,714$
Sales Tax @1% of taxable sales 1.00%5,726$ 11,453$ 17,179$ 22,905$ 28,632$ 34,358$ 40,084$ 45,811$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$
Use Tax @10.50% of sales tax 10.50%601$ 1,203$ 1,804$ 2,405$ 3,006$ 3,608$ 4,209$ 4,810$ 5,411$ 5,411$ 5,411$ 5,411$ 5,411$ 5,411$ 5,411$ 5,411$ 5,411$
Total New Employee Off-Site Sales and Use Tax Revenue 6,328$ 12,655$ 18,983$ 25,310$ 31,638$ 37,966$ 44,293$ 50,621$ 56,949$ 56,949$ 56,949$ 56,949$ 56,949$ 56,949$ 56,949$ 56,949$ 56,949$
Measure Z Sales Tax @1.00% of taxable sales 1.00%5,726$ 11,453$ 17,179$ 22,905$ 28,632$ 34,358$ 40,084$ 45,811$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$
Total Measure Z Sales Tax 5,726$ 11,453$ 17,179$ 22,905$ 28,632$ 34,358$ 40,084$ 45,811$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$
11.2.8 Off-Site Student Spending
University Students 6,000$ 667 667 667 667 667 667 667 667 667 - - - - - - - -
Cumulative Students 667 1,333 2,000 2,667 3,333 4,000 4,667 5,333 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
Annual Spending per Student 26,561$ 17,707,333 35,414,667 53,122,000 70,829,333 88,536,667 106,244,000 123,951,333 141,658,667 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000
Taxable Spending @ 50% of Total Spending 50%8,853,667 17,707,333 26,561,000 35,414,667 44,268,333 53,122,000 61,975,667 70,829,333 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000
Less: On-site Capture @ 70.00%70.00%6,197,567$ 12,395,133$ 18,592,700$ 24,790,267$ 30,987,833$ 37,185,400$ 43,382,967$ 49,580,533$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$
Total Off-site Taxable Spending 2,656,100$ 5,312,200$ 7,968,300$ 10,624,400$ 13,280,500$ 15,936,600$ 18,592,700$ 21,248,800$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$
Student Spending Captured in City @ 50% of Taxable Sales 50.00%1,328,050$ 2,656,100$ 3,984,150$ 5,312,200$ 6,640,250$ 7,968,300$ 9,296,350$ 10,624,400$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$
Sales Tax @1% of taxable sales 1.00%13,281$ 26,561$ 39,842$ 53,122$ 66,403$ 79,683$ 92,964$ 106,244$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$
Use Tax @10.50% of sales tax 10.50%1,394$ 2,789$ 4,183$ 5,578$ 6,972$ 8,367$ 9,761$ 11,156$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$
Total University Student Off-Site Sales and Use Tax Revenue 14,675$ 29,350$ 44,025$ 58,700$ 73,375$ 88,050$ 102,725$ 117,400$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$
Measure Z Sales Tax @1.00% of taxable sales 1.00%13,281$ 26,561$ 39,842$ 53,122$ 66,403$ 79,683$ 92,964$ 106,244$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$
11.3 Property Tax in Lieu of VLF
Residential and Non-Residential Cumulative Assessed Value 114,403,611$ 228,282,222$ 342,160,833$ 455,539,444$ 568,918,056$ 682,296,667$ 795,675,278$ 909,053,889$ 1,022,432,500$ 1,102,582,500$ 1,182,232,500$ 1,368,207,500$ 1,554,182,500$ 1,739,807,500$ 1,846,232,500$ 1,952,657,500$ 2,058,532,500$
(Less) Existing Land Value (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176)
Net (New) Cumulative Assessed Value 78,382,435$ 192,261,046$ 306,139,657$ 419,518,268$ 532,896,880$ 646,275,491$ 759,654,102$ 873,032,713$ 986,411,324$ 1,066,561,324$ 1,146,211,324$ 1,332,186,324$ 1,518,161,324$ 1,703,786,324$ 1,810,211,324$ 1,916,636,324$ 2,022,511,324$
Total Property Tax in Lieu of VLF 0.8524$ 66,814$ 163,886$ 260,958$ 357,604$ 454,250$ 550,895$ 647,541$ 744,187$ 840,833$ 909,154$ 977,049$ 1,135,577$ 1,294,105$ 1,452,334$ 1,543,053$ 1,633,771$ 1,724,021$
11.4 Fire Tax Credit
Residential and Non-Residential Cumulative Assessed Value 114,403,611$ 228,282,222$ 342,160,833$ 455,539,444$ 568,918,056$ 682,296,667$ 795,675,278$ 909,053,889$ 1,022,432,500$ 1,102,582,500$ 1,182,232,500$ 1,368,207,500$ 1,554,182,500$ 1,739,807,500$ 1,846,232,500$ 1,952,657,500$ 2,058,532,500$
Basic Tax 1.00%1,144,036 2,282,822 3,421,608 4,555,394 5,689,181 6,822,967 7,956,753 9,090,539 10,224,325 11,025,825 11,822,325 13,682,075 15,541,825 17,398,075 18,462,325 19,526,575 20,585,325
County Share of the Basic Tax for Structure Fire Protection 5.67%64,812 129,326 193,840 258,071 322,302 386,532 450,763 514,994 579,225 624,631 669,754 775,112 880,470 985,630 1,045,921 1,106,213 1,166,193
City of Lake Elsinore Fire Services Cost 136.88$ 104,345$ 208,228$ 312,111$ 415,532$ 518,953$ 622,374$ 725,795$ 829,216$ 932,638$ 1,010,685$ 1,088,271$ 1,266,071$ 1,443,871$ 1,621,210$ 1,721,425$ 1,821,639$ 1,921,392$
Net Fire Services Cost 39,533$ 78,902$ 118,271$ 157,461$ 196,652$ 235,842$ 275,032$ 314,222$ 353,413$ 386,054$ 418,516$ 490,959$ 563,401$ 635,580$ 675,503$ 715,426$ 755,199$
11.5 Other General Fund Discretionary Revenue
Franchise Tax 32.32$ 24,636$ 49,164$ 73,691$ 98,109$ 122,527$ 146,946$ 171,364$ 195,782$ 220,200$ 238,628$ 256,946$ 298,926$ 340,905$ 382,776$ 406,437$ 430,098$ 453,650$
Other Tax 0.20 150 299 448 596 744 893 1,041 1,190 1,338 1,450 1,561 1,816 2,071 2,326 2,469 2,613 2,756
Transient Occupancy Tax - - - - - - - - - - - - - - - - - -
Fire Service Tax Credit - - - - - - - - - - - - - - - - - -
Licenses, Permits and Fees 42.02 32,035 63,928 95,821 127,572 159,324 191,075 222,826 254,577 286,329 310,290 334,110 388,696 443,282 497,727 528,494 559,261 589,886
Intergovernmental 2.23 1,704 3,400 5,096 6,785 8,473 10,162 11,851 13,539 15,228 16,502 17,769 20,672 23,575 26,471 28,107 29,744 31,372
Fine & Forfeitures 11.40 8,691 17,344 25,997 34,611 43,225 51,840 60,454 69,068 77,683 84,183 90,646 105,455 120,265 135,036 143,383 151,731 160,039
Investment Earnings - - - - - - - - - - - - - - - - - -
Reimbursements/Other - - - - - - - - - - - - - - - - - -
Special Assessments - - - - - - - - - - - - - - - - - -
Total Other General Fund Discretionary Revenue 67,216$ 134,134$ 201,053$ 267,673$ 334,294$ 400,915$ 467,536$ 534,157$ 600,778$ 651,053$ 701,032$ 815,566$ 930,099$ 1,044,336$ 1,108,891$ 1,173,446$ 1,237,704$
Total General Fund Recurring Revenues 1,747,271$ 3,524,076$ 5,300,881$ 7,076,550$ 8,852,220$ 10,627,889$ 12,403,558$ 14,179,227$ 15,954,896$ 16,141,024$ 16,326,016$ 16,754,626$ 17,183,237$ 17,610,915$ 17,854,670$ 18,098,425$ 18,340,976$
GENERAL FUND RECURRING EXPENDITURES (a)
11.6 General Fund Recurring Expenditures
General Government 20.75$ 15,821$ 31,571$ 47,322$ 63,003$ 78,683$ 94,364$ 110,045$ 125,725$ 141,406$ 153,240$ 165,003$ 191,961$ 218,919$ 245,807$ 261,002$ 276,196$ 291,321$
Administrative Services 14.04$ 10,706 21,364 32,022 42,633 53,244 63,855 74,466 85,077 95,688 103,695 111,655 129,897 148,140 166,334 176,616 186,898 197,133
Public Safety (Exclusing Fire Services)231.74$ 176,653 352,523 528,394 703,483 878,572 1,053,661 1,228,750 1,403,839 1,578,928 1,711,060 1,842,410 2,143,420 2,444,431 2,744,660 2,914,321 3,083,981 3,252,860
Community Development 42.61$ 32,484 64,825 97,166 129,362 161,559 193,756 225,953 258,150 290,346 314,644 338,798 394,150 449,502 504,711 535,910 567,108 598,163
Public Services 84.56$ 64,459 128,633 192,807 256,696 320,585 384,474 448,362 512,251 576,140 624,354 672,283 782,120 891,956 1,001,508 1,063,416 1,125,324 1,186,947
Community Services 28.06$ 21,390 42,685 63,981 85,181 106,382 127,582 148,783 169,984 191,184 207,183 223,088 259,536 295,984 332,337 352,880 373,423 393,872
Non-Departmental -$ - - - - - - - - - - - - - - - - -
Total Other General Fund Recurring Expenditures 321,513$ 641,602$ 961,692$ 1,280,359$ 1,599,025$ 1,917,692$ 2,236,359$ 2,555,025$ 2,873,692$ 3,114,176$ 3,353,237$ 3,901,085$ 4,448,932$ 4,995,357$ 5,304,144$ 5,612,931$ 5,920,295$
Total General Fund Expenditures 361,046$ 720,504$ 1,079,963$ 1,437,820$ 1,795,677$ 2,153,534$ 2,511,391$ 2,869,248$ 3,227,105$ 3,500,230$ 3,771,753$ 4,392,043$ 5,012,334$ 5,630,937$ 5,979,647$ 6,328,358$ 6,675,495$
NET PROJECT IMPACT (GENERAL FUND)1,386,225$ 2,803,572$ 4,220,918$ 5,638,731$ 7,056,543$ 8,474,355$ 9,892,167$ 11,309,979$ 12,727,791$ 12,640,794$ 12,554,262$ 12,362,583$ 12,170,904$ 11,979,978$ 11,875,023$ 11,770,068$ 11,665,481$
11.7 Additional Revenue from Citywide CFD 2015-1 906$ 133,222$ 265,537$ 397,853$ 529,262$ 660,671$ 792,080$ 923,489$ 1,054,898$ 1,186,307$ 1,339,467$ 1,491,720$ 1,840,634$ 2,189,548$ 2,537,556$ 2,734,217$ 2,930,877$ 3,126,632$
Total General Fund Fiscal Surplus (Deficit)1,519,446$ 3,069,109$ 4,618,771$ 6,167,992$ 7,717,214$ 9,266,435$ 10,815,656$ 12,364,877$ 13,914,099$ 13,980,261$ 14,045,983$ 14,203,217$ 14,360,452$ 14,517,534$ 14,609,239$ 14,700,945$ 14,792,113$
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 11 - Phasing Analysis Detail
May 29, 2024
Factor
General Fund Revenue
Sales Tax
Measure Z
Property Tax
Property Tax In-Lieu of VLF
Franchise Tax
Property Transfer Tax
Other Tax
Transient Occupancy Tax
Fire Service Tax Credit
Licenses, Permits and Fees
Intergovernmental
Fine & Forfeitures
Investment Earnings
Reimbursements/Other
Special Assessments
Total Financing Sources
General Fund Expenditure
General Government
Administrative Services
Public Safety (Exclusing Fire Services)
Fire Services & Fire Prevention
Community Development
Public Services
Community Services
Non-Departmental
Total Financing Requirements
General Fund Fiscal Impact
Ongoing Surplus/(Deficit)
11.7 Additional Revenue from Citywide CFD 2015-1
Total General Fund Fiscal Surplus (Deficit)
11.1 RESIDENTIAL FINANCING SOURCES
11.1.1 Cumulative Units
Hillside Homes
Low Density Residential
Medium Density Residential
Medium-High Density Residential
High Density Residentail
Very High Density Residential
Total Cumulative Residential Units
Total Cumulative Residents 3.37
11.1.2 Residential Property Value
Hillside Homes 650,000$
Low Density Residential 550,000
Medium Density Residential 525,000
Medium-High Density Residential 500,000
High Density Residentail 450,000
Very High Density Residential 350,000
Total Non-Residential Assessed Value
Total Cumulative Non-Residential Assessed Value
11.1.3 Residential Property Tax
Basic Tax Paid - Non-Residential 1.00%
City of Lake Elsinore - General Fund 4.4919%
Total Non-Residential Property Tax
11.1.4 Residential Property Transfer Tax
Cumulative Assessed Value
Residential Property Turnover Rate 10.0%
Transfer Tax as a % of Price 0.11%
City of Lake Elsinore Share 50.00%
Total Non-Residential Documentary Transfer Tax
11.1.5 Off-Site Sales Tax
Annual Household Income (Average)106,700$
Consumer Expenditure (78.08% of Income)78.08%
Taxable Spendings (36.60% of Total Spending)36.60%
Less: Onsite Capture (50.00%)50.00%
Total Off-site Taxable Spending
City Capture Rate (50.00%)50%
Total Off-site Taxable Spending
Sales Tax @1% of taxable sales 1.00%
Use Tax @10.50% of sales tax 10.50%
Total Off-Site Sales and Use tax
Measure Z Sales Tax @1.00% of taxable sales 1.00%
Total Measure Z Sales Tax
11.2 NON-RESIDENTIAL FINANCING SOURCES
11.2.1 Cumulative SF
University
General Light Industrial
Business Park
Warehouse
Cold Storage
Fulfillment Center
Regional Commercial (Mixed Use)
Commercial (Mixed Use)
Office/Medical/Entertainment (Mixed Use)
Total Cumulative SF
11.2.2 Cumulative Employees
University 1,314
General Light Industrial 1,030
Business Park 600
Warehouse 1,030
Cold Storage 1,030
Fulfillment Center 1,030
Regional Commercial (Mixed Use)500
Commercial (Mixed Use)500
Office/Medical/Entertainment (Mixed Use)500
Total Employees
Total Cumulative Employees
Cumulative Equivalent Residents 50%
18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
7,542,867$ 7,542,867$ 7,542,867$ 7,542,867$ 7,542,867$ 7,542,867$ 7,542,867$ 7,609,648$ 7,675,671$ 7,741,695$ 7,807,718$ 7,873,741$ 7,939,680$ 7,939,680$ 7,939,680$ 7,939,680$ 7,939,680$ 7,939,680$
6,826,124 6,826,124 6,826,124 6,826,124 6,826,124 6,826,124 6,826,124 6,886,559 6,946,309 7,006,058 7,065,808 7,125,557 7,185,231 7,185,231 7,185,231 7,185,231 7,185,231 7,185,231
924,664 924,664 924,664 924,664 924,664 924,664 924,664 1,073,498 1,219,839 1,366,180 1,512,521 1,658,862 1,804,967 1,804,967 1,804,967 1,804,967 1,804,967 1,804,967
1,724,021 1,724,021 1,724,021 1,724,021 1,724,021 1,724,021 1,724,021 2,006,462 2,284,172 2,561,882 2,839,592 3,117,302 3,394,564 3,394,564 3,394,564 3,394,564 3,394,564 3,394,564
453,650 453,650 453,650 453,650 453,650 453,650 453,650 540,216 625,801 711,386 796,971 882,556 968,031 968,031 968,031 968,031 968,031 968,031
85,597 85,597 85,597 85,597 85,597 85,597 85,597 102,711 119,521 136,330 153,139 169,949 186,729 186,729 186,729 186,729 186,729 186,729
2,756 2,756 2,756 2,756 2,756 2,756 2,756 3,282 3,802 4,322 4,842 5,362 5,882 5,882 5,882 5,882 5,882 5,882
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
589,886 589,886 589,886 589,886 589,886 589,886 589,886 702,449 813,735 925,022 1,036,309 1,147,596 1,258,741 1,258,741 1,258,741 1,258,741 1,258,741 1,258,741
31,372 31,372 31,372 31,372 31,372 31,372 31,372 37,359 43,277 49,196 55,115 61,033 66,944 66,944 66,944 66,944 66,944 66,944
160,039 160,039 160,039 160,039 160,039 160,039 160,039 190,578 220,771 250,964 281,156 311,349 341,503 341,503 341,503 341,503 341,503 341,503
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
18,340,976$ 18,340,976$ 18,340,976$ 18,340,976$ 18,340,976$ 18,340,976$ 18,340,976$ 19,152,763$ 19,952,899$ 20,753,035$ 21,553,171$ 22,353,306$ 23,152,272$ 23,152,272$ 23,152,272$ 23,152,272$ 23,152,272$ 23,152,272$
291,321$ 291,321$ 291,321$ 291,321$ 291,321$ 291,321$ 291,321$ 346,911$ 401,871$ 456,831$ 511,791$ 566,751$ 621,641$ 621,641$ 621,641$ 621,641$ 621,641$ 621,641$
197,133 197,133 197,133 197,133 197,133 197,133 197,133 234,750 271,940 309,131 346,322 383,512 420,656 420,656 420,656 420,656 420,656 420,656
3,252,860 3,252,860 3,252,860 3,252,860 3,252,860 3,252,860 3,252,860 3,873,575 4,487,253 5,100,931 5,714,609 6,328,288 6,941,184 6,941,184 6,941,184 6,941,184 6,941,184 6,941,184
755,199 755,199 755,199 755,199 755,199 755,199 755,199 934,131 1,112,051 1,289,971 1,467,891 1,645,810 1,823,566 1,823,566 1,823,566 1,823,566 1,823,566 1,823,566
598,163 598,163 598,163 598,163 598,163 598,163 598,163 712,305 825,154 938,002 1,050,850 1,163,699 1,276,403 1,276,403 1,276,403 1,276,403 1,276,403 1,276,403
1,186,947 1,186,947 1,186,947 1,186,947 1,186,947 1,186,947 1,186,947 1,413,441 1,637,368 1,861,295 2,085,222 2,309,149 2,532,791 2,532,791 2,532,791 2,532,791 2,532,791 2,532,791
393,872 393,872 393,872 393,872 393,872 393,872 393,872 469,031 543,338 617,646 691,953 766,260 840,472 840,472 840,472 840,472 840,472 840,472
- - - - - - - - - - - - - - - - - -
6,675,495$ 6,675,495$ 6,675,495$ 6,675,495$ 6,675,495$ 6,675,495$ 6,675,495$ 7,984,145$ 9,278,976$ 10,573,807$ 11,868,638$ 13,163,469$ 14,456,713$ 14,456,713$ 14,456,713$ 14,456,713$ 14,456,713$ 14,456,713$
11,665,481$ 11,665,481$ 11,665,481$ 11,665,481$ 11,665,481$ 11,665,481$ 11,665,481$ 11,168,618$ 10,673,923$ 10,179,228$ 9,684,533$ 9,189,837$ 8,695,559$ 8,695,559$ 8,695,559$ 8,695,559$ 8,695,559$ 8,695,559$
3,126,632$ 3,126,632$ 3,126,632$ 3,126,632$ 3,126,632$ 3,126,632$ 3,126,632$ 3,824,459$ 4,514,131$ 5,203,802$ 5,893,474$ 6,583,145$ 7,271,910$ 7,271,910$ 7,271,910$ 7,271,910$ 7,271,910$ 7,271,910$
14,792,113$ 14,792,113$ 14,792,113$ 14,792,113$ 14,792,113$ 14,792,113$ 14,792,113$ 14,993,077$ 15,188,054$ 15,383,030$ 15,578,006$ 15,772,983$ 15,967,470$ 15,967,470$ 15,967,470$ 15,967,470$ 15,967,470$ 15,967,470$
- - - - - - - 8 - - - - - - - - - -
- - - - - - - 115 115 115 115 115 115 - - - - -
- - - - - - - 93 93 93 93 93 92 - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - 554 553 553 553 553 553 - - - - -
3,450 3,450 3,450 3,450 3,450 3,450 3,450 4,220 4,981 5,742 6,503 7,264 8,024 8,024 8,024 8,024 8,024 8,024
11,640 11,640 11,640 11,640 11,640 11,640 11,640 14,238 16,805 19,373 21,940 24,508 27,072 27,072 27,072 27,072 27,072 27,072
-$ -$ -$ -$ -$ -$ -$ 5,200,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
- - - - - - - 63,250,000 63,250,000 63,250,000 63,250,000 63,250,000 63,250,000 - - - - -
- - - - - - - 48,825,000 48,825,000 48,825,000 48,825,000 48,825,000 48,300,000 - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - 193,900,000 193,550,000 193,550,000 193,550,000 193,550,000 193,550,000 - - - - -
-$ -$ -$ -$ -$ -$ -$ 311,175,000$ 305,625,000$ 305,625,000$ 305,625,000$ 305,625,000$ 305,100,000$ -$ -$ -$ -$ -$
1,556,300,000$ 1,556,300,000$ 1,556,300,000$ 1,556,300,000$ 1,556,300,000$ 1,556,300,000$ 1,556,300,000$ 1,867,475,000$ 2,173,100,000$ 2,478,725,000$ 2,784,350,000$ 3,089,975,000$ 3,395,075,000$ 3,395,075,000$ 3,395,075,000$ 3,395,075,000$ 3,395,075,000$ 3,395,075,000$
15,563,000$ 15,563,000$ 15,563,000$ 15,563,000$ 15,563,000$ 15,563,000$ 15,563,000$ 18,674,750$ 21,731,000$ 24,787,250$ 27,843,500$ 30,899,750$ 33,950,750$ 33,950,750$ 33,950,750$ 33,950,750$ 33,950,750$ 33,950,750$
699,068 699,068 699,068 699,068 699,068 699,068 699,068 838,844 976,126 1,113,408 1,250,691 1,387,973 1,525,020 1,525,020 1,525,020 1,525,020 1,525,020 1,525,020
699,068$ 699,068$ 699,068$ 699,068$ 699,068$ 699,068$ 699,068$ 838,844$ 976,126$ 1,113,408$ 1,250,691$ 1,387,973$ 1,525,020$ 1,525,020$ 1,525,020$ 1,525,020$ 1,525,020$ 1,525,020$
1,556,300,000$ 1,556,300,000$ 1,556,300,000$ 1,556,300,000$ 1,556,300,000$ 1,556,300,000$ 1,556,300,000$ 1,867,475,000$ 2,173,100,000$ 2,478,725,000$ 2,784,350,000$ 3,089,975,000$ 3,395,075,000$ 3,395,075,000$ 3,395,075,000$ 3,395,075,000$ 3,395,075,000$ 3,395,075,000$
155,630,000 155,630,000 155,630,000 155,630,000 155,630,000 155,630,000 155,630,000 186,747,500 217,310,000 247,872,500 278,435,000 308,997,500 339,507,500 339,507,500 339,507,500 339,507,500 339,507,500 339,507,500
171,193 171,193 171,193 171,193 171,193 171,193 171,193 205,422 239,041 272,660 306,279 339,897 373,458 373,458 373,458 373,458 373,458 373,458
85,597 85,597 85,597 85,597 85,597 85,597 85,597 102,711 119,521 136,330 153,139 169,949 186,729 186,729 186,729 186,729 186,729 186,729
85,597$ 85,597$ 85,597$ 85,597$ 85,597$ 85,597$ 85,597$ 102,711$ 119,521$ 136,330$ 153,139$ 169,949$ 186,729$ 186,729$ 186,729$ 186,729$ 186,729$ 186,729$
368,115,000$ 368,115,000$ 368,115,000$ 368,115,000$ 368,115,000$ 368,115,000$ 368,115,000$ 450,274,000$ 531,472,700$ 612,671,400$ 693,870,100$ 775,068,800$ 856,160,800$ 856,160,800$ 856,160,800$ 856,160,800$ 856,160,800$ 856,160,800$
287,427,665 287,427,665 287,427,665 287,427,665 287,427,665 287,427,665 287,427,665 351,578,188 414,978,899 478,379,610 541,780,321 605,181,032 668,498,431 668,498,431 668,498,431 668,498,431 668,498,431 668,498,431
105,204,895 105,204,895 105,204,895 105,204,895 105,204,895 105,204,895 105,204,895 128,685,408 151,891,474 175,097,539 198,303,604 221,509,670 244,685,241 244,685,241 244,685,241 244,685,241 244,685,241 244,685,241
52,602,448 52,602,448 52,602,448 52,602,448 52,602,448 52,602,448 52,602,448 64,342,704 75,945,737 87,548,770 99,151,802 110,754,835 122,342,620 122,342,620 122,342,620 122,342,620 122,342,620 122,342,620
52,602,448 52,602,448 52,602,448 52,602,448 52,602,448 52,602,448 52,602,448 64,342,704 75,945,737 87,548,770 99,151,802 110,754,835 122,342,620 122,342,620 122,342,620 122,342,620 122,342,620 122,342,620
26,301,224 26,301,224 26,301,224 26,301,224 26,301,224 26,301,224 26,301,224 32,171,352 37,972,868 43,774,385 49,575,901 55,377,417 61,171,310 61,171,310 61,171,310 61,171,310 61,171,310 61,171,310
26,301,224$ 26,301,224$ 26,301,224$ 26,301,224$ 26,301,224$ 26,301,224$ 26,301,224$ 32,171,352$ 37,972,868$ 43,774,385$ 49,575,901$ 55,377,417$ 61,171,310$ 61,171,310$ 61,171,310$ 61,171,310$ 61,171,310$ 61,171,310$
263,012$ 263,012$ 263,012$ 263,012$ 263,012$ 263,012$ 263,012$ 321,714$ 379,729$ 437,744$ 495,759$ 553,774$ 611,713$ 611,713$ 611,713$ 611,713$ 611,713$ 611,713$
27,616 27,616 27,616 27,616 27,616 27,616 27,616 33,780 39,872 45,963 52,055 58,146 64,230 64,230 64,230 64,230 64,230 64,230
290,629$ 290,629$ 290,629$ 290,629$ 290,629$ 290,629$ 290,629$ 355,493$ 419,600$ 483,707$ 547,814$ 611,920$ 675,943$ 675,943$ 675,943$ 675,943$ 675,943$ 675,943$
263,012$ 263,012$ 263,012$ 263,012$ 263,012$ 263,012$ 263,012$ 321,714$ 379,729$ 437,744$ 495,759$ 553,774$ 611,713$ 611,713$ 611,713$ 611,713$ 611,713$ 611,713$
263,012$ 263,012$ 263,012$ 263,012$ 263,012$ 263,012$ 263,012$ 321,714$ 379,729$ 437,744$ 495,759$ 553,774$ 611,713$ 611,713$ 611,713$ 611,713$ 611,713$ 611,713$
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - 80,667 80,667 80,667 80,667 80,667 80,667 - - - - -
3,326,300 3,326,300 3,326,300 3,326,300 3,326,300 3,326,300 3,326,300 3,406,967 3,487,633 3,568,300 3,648,967 3,729,633 3,810,300 3,810,300 3,810,300 3,810,300 3,810,300 3,810,300
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - 161 161 161 161 161 161 - - - - -
- - - - - - - 161 161 161 161 161 161 - - - - -
4,794 4,794 4,794 4,794 4,794 4,794 4,794 4,955 5,117 5,278 5,439 5,601 5,762 5,762 5,762 5,762 5,762 5,762
2,397 2,397 2,397 2,397 2,397 2,397 2,397 2,478 2,558 2,639 2,720 2,800 2,881 2,881 2,881 2,881 2,881 2,881
DRAFT
Exhibit B
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 11 - Phasing Analysis Detail
May 29, 2024
Factor
11.2.3 Non-Residential Property Value
University -$
General Light Industrial 215
Business Park 250
Warehouse 215
Cold Storage 215
Fulfillment Center 215
Regional Commercial (Mixed Use)275
Commercial (Mixed Use)275
Office/Medical/Entertainment (Mixed Use)250
Total Non-Residential Assessed Value
Total Cumulative Non-Residential Assessed Value
11.2.4 Non-Residential Property Tax
Basic Tax Paid - Non-Residential 1.00%
City of Lake Elsinore - General Fund 4.4919%
Total Non-Residential Property Tax
11.2.5 Non-Residential Property Transfer Tax
Cumulative Assessed Value
Non-Residential Property Turnover Rate 0.0%
Transfer Tax as a % of Price 0.11%
City of Torrance Share 50.00%
Total Non-Residential Documentary Transfer Tax
11.2.6 On-Site Sales Tax
Total Retail SF (Mixed Use)
Total Taxable Sales from Mixed Use Retail 350$
Total On-Site Taxable Sales
Sales Tax @1% of taxable sales 1.00%
Use Tax @10.50% of sales tax 10.50%
Total Off-Site Sales and Use tax
Measure Z Sales Tax @1.00% of taxable sales 1.00%
Total Measure Z Sales Tax
11.2.7 Off-Site Sales Tax
Total Cumulative Employees -$
Annual Spending per employee 4,300$
Less: On-site Capture @ 50.00%50%
Total Off-site Taxable Spending
Employee Spending Captured in City @ 50% of Taxable Sales 50%
Sales Tax @1% of taxable sales 1.00%
Use Tax @10.50% of sales tax 10.50%
Total New Employee Off-Site Sales and Use Tax Revenue
Measure Z Sales Tax @1.00% of taxable sales 1.00%
Total Measure Z Sales Tax
11.2.8 Off-Site Student Spending
University Students 6,000$
Cumulative Students
Annual Spending per Student 26,561$
Taxable Spending @ 50% of Total Spending 50%
Less: On-site Capture @ 70.00%70.00%
Total Off-site Taxable Spending
Student Spending Captured in City @ 50% of Taxable Sales 50.00%
Sales Tax @1% of taxable sales 1.00%
Use Tax @10.50% of sales tax 10.50%
Total University Student Off-Site Sales and Use Tax Revenue
Measure Z Sales Tax @1.00% of taxable sales 1.00%
11.3 Property Tax in Lieu of VLF
Residential and Non-Residential Cumulative Assessed Value
(Less) Existing Land Value
Net (New) Cumulative Assessed Value
Total Property Tax in Lieu of VLF 0.8524$
11.4 Fire Tax Credit
Residential and Non-Residential Cumulative Assessed Value
Basic Tax 1.00%
County Share of the Basic Tax for Structure Fire Protection 5.67%
City of Lake Elsinore Fire Services Cost 136.88$
Net Fire Services Cost
11.5 Other General Fund Discretionary Revenue
Franchise Tax 32.32$
Other Tax 0.20
Transient Occupancy Tax -
Fire Service Tax Credit -
Licenses, Permits and Fees 42.02
Intergovernmental 2.23
Fine & Forfeitures 11.40
Investment Earnings -
Reimbursements/Other -
Special Assessments -
Total Other General Fund Discretionary Revenue
Total General Fund Recurring Revenues
GENERAL FUND RECURRING EXPENDITURES (a)
11.6 General Fund Recurring Expenditures
General Government 20.75$
Administrative Services 14.04$
Public Safety (Exclusing Fire Services)231.74$
Community Development 42.61$
Public Services 84.56$
Community Services 28.06$
Non-Departmental -$
Total Other General Fund Recurring Expenditures
Total General Fund Expenditures
NET PROJECT IMPACT (GENERAL FUND)
11.7 Additional Revenue from Citywide CFD 2015-1 906$
Total General Fund Fiscal Surplus (Deficit)
18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
DRAFT
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - 20,166,667 20,166,667 20,166,667 20,166,667 20,166,667 20,166,667 - - - - -
-$ -$ -$ -$ -$ -$ -$ 20,166,667$ 20,166,667$ 20,166,667$ 20,166,667$ 20,166,667$ 20,166,667$ -$ -$ -$ -$ -$
502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 522,399,167$ 542,565,833$ 562,732,500$ 582,899,167$ 603,065,833$ 623,232,500$ 623,232,500$ 623,232,500$ 623,232,500$ 623,232,500$ 623,232,500$
5,022,325$ 5,022,325$ 5,022,325$ 5,022,325$ 5,022,325$ 5,022,325$ 5,022,325$ 5,223,992$ 5,425,658$ 5,627,325$ 5,828,992$ 6,030,658$ 6,232,325$ 6,232,325$ 6,232,325$ 6,232,325$ 6,232,325$ 6,232,325$
225,596 225,596 225,596 225,596 225,596 225,596 225,596 234,654 243,713 252,772 261,830 270,889 279,947 279,947 279,947 279,947 279,947 279,947
225,596$ 225,596$ 225,596$ 225,596$ 225,596$ 225,596$ 225,596$ 234,654$ 243,713$ 252,772$ 261,830$ 270,889$ 279,947$ 279,947$ 279,947$ 279,947$ 279,947$ 279,947$
502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 502,232,500$ 522,399,167$ 542,565,833$ 562,732,500$ 582,899,167$ 603,065,833$ 623,232,500$ 623,232,500$ 623,232,500$ 623,232,500$ 623,232,500$ 623,232,500$
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300 1,826,300
639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000
639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000 639,205,000
6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$
671,165 671,165 671,165 671,165 671,165 671,165 671,165 671,165 671,165 671,165 671,165 671,165 671,165 671,165 671,165 671,165 671,165 671,165
7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$ 7,063,215$
6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$
6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$ 6,392,050$
4,794$ 4,794$ 4,794$ 4,794$ 4,794$ 4,794$ 4,794$ 4,955$ 5,117$ 5,278$ 5,439$ 5,601$ 5,762$ 5,762$ 5,762$ 5,762$ 5,762$ 5,762$
20,614,856 20,614,856 20,614,856 20,614,856 20,614,856 20,614,856 20,614,856 21,308,589 22,002,322 22,696,056 23,389,789 24,083,522 24,777,256 24,777,256 24,777,256 24,777,256 24,777,256 24,777,256
(10,307,428) (10,307,428) (10,307,428) (10,307,428) (10,307,428) (10,307,428) (10,307,428) (10,654,295) (11,001,161) (11,348,028) (11,694,895) (12,041,761) (12,388,628) (12,388,628) (12,388,628) (12,388,628) (12,388,628) (12,388,628)
10,307,428 10,307,428 10,307,428 10,307,428 10,307,428 10,307,428 10,307,428 10,654,295 11,001,161 11,348,028 11,694,895 12,041,761 12,388,628 12,388,628 12,388,628 12,388,628 12,388,628 12,388,628
5,153,714$ 5,153,714$ 5,153,714$ 5,153,714$ 5,153,714$ 5,153,714$ 5,153,714$ 5,327,147$ 5,500,581$ 5,674,014$ 5,847,447$ 6,020,881$ 6,194,314$ 6,194,314$ 6,194,314$ 6,194,314$ 6,194,314$ 6,194,314$
51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 53,271$ 55,006$ 56,740$ 58,474$ 60,209$ 61,943$ 61,943$ 61,943$ 61,943$ 61,943$ 61,943$
5,411$ 5,411$ 5,411$ 5,411$ 5,411$ 5,411$ 5,411$ 5,594$ 5,776$ 5,958$ 6,140$ 6,322$ 6,504$ 6,504$ 6,504$ 6,504$ 6,504$ 6,504$
56,949$ 56,949$ 56,949$ 56,949$ 56,949$ 56,949$ 56,949$ 58,865$ 60,781$ 62,698$ 64,614$ 66,531$ 68,447$ 68,447$ 68,447$ 68,447$ 68,447$ 68,447$
51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 53,271$ 55,006$ 56,740$ 58,474$ 60,209$ 61,943$ 61,943$ 61,943$ 61,943$ 61,943$ 61,943$
51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 51,537$ 53,271$ 55,006$ 56,740$ 58,474$ 60,209$ 61,943$ 61,943$ 61,943$ 61,943$ 61,943$ 61,943$
- - - - - - - - - - - - - - - - - -
6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000
159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000 159,366,000
79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000 79,683,000
55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$ 55,778,100$
23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$ 23,904,900$
11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$ 11,952,450$
119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$
12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$ 12,550$
132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$ 132,075$
119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$ 119,525$
2,058,532,500$ 2,058,532,500$ 2,058,532,500$ 2,058,532,500$ 2,058,532,500$ 2,058,532,500$ 2,058,532,500$ 2,389,874,167$ 2,715,665,833$ 3,041,457,500$ 3,367,249,167$ 3,693,040,833$ 4,018,307,500$ 4,018,307,500$ 4,018,307,500$ 4,018,307,500$ 4,018,307,500$ 4,018,307,500$
(36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176)
2,022,511,324$ 2,022,511,324$ 2,022,511,324$ 2,022,511,324$ 2,022,511,324$ 2,022,511,324$ 2,022,511,324$ 2,353,852,991$ 2,679,644,657$ 3,005,436,324$ 3,331,227,991$ 3,657,019,657$ 3,982,286,324$ 3,982,286,324$ 3,982,286,324$ 3,982,286,324$ 3,982,286,324$ 3,982,286,324$
1,724,021$ 1,724,021$ 1,724,021$ 1,724,021$ 1,724,021$ 1,724,021$ 1,724,021$ 2,006,462$ 2,284,172$ 2,561,882$ 2,839,592$ 3,117,302$ 3,394,564$ 3,394,564$ 3,394,564$ 3,394,564$ 3,394,564$ 3,394,564$
2,058,532,500$ 2,058,532,500$ 2,058,532,500$ 2,058,532,500$ 2,058,532,500$ 2,058,532,500$ 2,058,532,500$ 2,389,874,167$ 2,715,665,833$ 3,041,457,500$ 3,367,249,167$ 3,693,040,833$ 4,018,307,500$ 4,018,307,500$ 4,018,307,500$ 4,018,307,500$ 4,018,307,500$ 4,018,307,500$
20,585,325 20,585,325 20,585,325 20,585,325 20,585,325 20,585,325 20,585,325 23,898,742 27,156,658 30,414,575 33,672,492 36,930,408 40,183,075 40,183,075 40,183,075 40,183,075 40,183,075 40,183,075
1,166,193 1,166,193 1,166,193 1,166,193 1,166,193 1,166,193 1,166,193 1,353,903 1,538,470 1,723,036 1,907,603 2,092,169 2,276,438 2,276,438 2,276,438 2,276,438 2,276,438 2,276,438
1,921,392$ 1,921,392$ 1,921,392$ 1,921,392$ 1,921,392$ 1,921,392$ 1,921,392$ 2,288,035$ 2,650,521$ 3,013,007$ 3,375,493$ 3,737,979$ 4,100,004$ 4,100,004$ 4,100,004$ 4,100,004$ 4,100,004$ 4,100,004$
755,199$ 755,199$ 755,199$ 755,199$ 755,199$ 755,199$ 755,199$ 934,131$ 1,112,051$ 1,289,971$ 1,467,891$ 1,645,810$ 1,823,566$ 1,823,566$ 1,823,566$ 1,823,566$ 1,823,566$ 1,823,566$
453,650$ 453,650$ 453,650$ 453,650$ 453,650$ 453,650$ 453,650$ 540,216$ 625,801$ 711,386$ 796,971$ 882,556$ 968,031$ 968,031$ 968,031$ 968,031$ 968,031$ 968,031$
2,756 2,756 2,756 2,756 2,756 2,756 2,756 3,282 3,802 4,322 4,842 5,362 5,882 5,882 5,882 5,882 5,882 5,882
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
589,886 589,886 589,886 589,886 589,886 589,886 589,886 702,449 813,735 925,022 1,036,309 1,147,596 1,258,741 1,258,741 1,258,741 1,258,741 1,258,741 1,258,741
31,372 31,372 31,372 31,372 31,372 31,372 31,372 37,359 43,277 49,196 55,115 61,033 66,944 66,944 66,944 66,944 66,944 66,944
160,039 160,039 160,039 160,039 160,039 160,039 160,039 190,578 220,771 250,964 281,156 311,349 341,503 341,503 341,503 341,503 341,503 341,503
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
1,237,704$ 1,237,704$ 1,237,704$ 1,237,704$ 1,237,704$ 1,237,704$ 1,237,704$ 1,473,884$ 1,707,387$ 1,940,890$ 2,174,393$ 2,407,896$ 2,641,101$ 2,641,101$ 2,641,101$ 2,641,101$ 2,641,101$ 2,641,101$
18,340,976$ 18,340,976$ 18,340,976$ 18,340,976$ 18,340,976$ 18,340,976$ 18,340,976$ 19,152,763$ 19,952,899$ 20,753,035$ 21,553,171$ 22,353,306$ 23,152,272$ 23,152,272$ 23,152,272$ 23,152,272$ 23,152,272$ 23,152,272$
291,321$ 291,321$ 291,321$ 291,321$ 291,321$ 291,321$ 291,321$ 346,911$ 401,871$ 456,831$ 511,791$ 566,751$ 621,641$ 621,641$ 621,641$ 621,641$ 621,641$ 621,641$
197,133 197,133 197,133 197,133 197,133 197,133 197,133 234,750 271,940 309,131 346,322 383,512 420,656 420,656 420,656 420,656 420,656 420,656
3,252,860 3,252,860 3,252,860 3,252,860 3,252,860 3,252,860 3,252,860 3,873,575 4,487,253 5,100,931 5,714,609 6,328,288 6,941,184 6,941,184 6,941,184 6,941,184 6,941,184 6,941,184
598,163 598,163 598,163 598,163 598,163 598,163 598,163 712,305 825,154 938,002 1,050,850 1,163,699 1,276,403 1,276,403 1,276,403 1,276,403 1,276,403 1,276,403
1,186,947 1,186,947 1,186,947 1,186,947 1,186,947 1,186,947 1,186,947 1,413,441 1,637,368 1,861,295 2,085,222 2,309,149 2,532,791 2,532,791 2,532,791 2,532,791 2,532,791 2,532,791
393,872 393,872 393,872 393,872 393,872 393,872 393,872 469,031 543,338 617,646 691,953 766,260 840,472 840,472 840,472 840,472 840,472 840,472
- - - - - - - - - - - - - - - - - -
5,920,295$ 5,920,295$ 5,920,295$ 5,920,295$ 5,920,295$ 5,920,295$ 5,920,295$ 7,050,013$ 8,166,925$ 9,283,836$ 10,400,747$ 11,517,659$ 12,633,147$ 12,633,147$ 12,633,147$ 12,633,147$ 12,633,147$ 12,633,147$
6,675,495$ 6,675,495$ 6,675,495$ 6,675,495$ 6,675,495$ 6,675,495$ 6,675,495$ 7,984,145$ 9,278,976$ 10,573,807$ 11,868,638$ 13,163,469$ 14,456,713$ 14,456,713$ 14,456,713$ 14,456,713$ 14,456,713$ 14,456,713$
11,665,481$ 11,665,481$ 11,665,481$ 11,665,481$ 11,665,481$ 11,665,481$ 11,665,481$ 11,168,618$ 10,673,923$ 10,179,228$ 9,684,533$ 9,189,837$ 8,695,559$ 8,695,559$ 8,695,559$ 8,695,559$ 8,695,559$ 8,695,559$
3,126,632$ 3,126,632$ 3,126,632$ 3,126,632$ 3,126,632$ 3,126,632$ 3,126,632$ 3,824,459$ 4,514,131$ 5,203,802$ 5,893,474$ 6,583,145$ 7,271,910$ 7,271,910$ 7,271,910$ 7,271,910$ 7,271,910$ 7,271,910$
14,792,113$ 14,792,113$ 14,792,113$ 14,792,113$ 14,792,113$ 14,792,113$ 14,792,113$ 14,993,077$ 15,188,054$ 15,383,030$ 15,578,006$ 15,772,983$ 15,967,470$ 15,967,470$ 15,967,470$ 15,967,470$ 15,967,470$ 15,967,470$
Exhibit C
Fiscal Impact Analysis Exhibits
for
Proposed Specific Plan
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 1 - Fiscal Impact Analysis Summary
May 29, 2024
Recurring Revenues:Table Ref.
Buildout
(Year 35)% of Total
Cumulative
(Year 1 thru 35)
Taxes
Sales Tax 7A 9,296,201$ 34.4%273,704,857$
Measure Z 7A 8,412,851 31.1%247,696,703
Property Tax 4 2,223,218 8.2%40,427,806
Property Tax In-Lieu of VLF 5 4,188,274 15.5%75,644,786
Franchise Tax 8A 1,006,066 3.7%15,378,184
Property Transfer Tax 6 186,318 0.7%2,447,878
Other Tax 8A 6,113 0.0%93,437
Transient Occupancy Tax 8A - 0.0%-
Fire Service Tax Credit 9 - 0.0%-
Licenses, Permits and Fees 8A 1,308,198 4.8%19,996,404
Intergovernmental 8A 69,575 0.3%1,063,481
Fine & Forfeitures 8A 354,921 1.3%5,425,134
Investment Earnings 8A - 0.0%-
Reimbursements/Other 8A - 0.0%-
Special Assessments 8A - 0.0%-
Total Recurring Revenue 27,051,734$ 100.0%681,878,670$
Recurring Expenditures:
General Government 8B 646,066$ 4.4%9,875,414$
Administrative Services 8B 437,184 3.0%6,682,552
Public Safety (Exclusing Fire Services)8B 7,213,909 49.5%110,267,926
Fire Services & Fire Prevention 9 1,457,158 10.0%14,144,976
Community Development 8B 1,326,554 9.1%20,276,991
Public Services 8B 2,632,307 18.0%40,236,020
Community Services 8B 873,495 6.0%13,351,776
Non-Departmental 8B - 0.0%-
Total Recurring Expenditures 14,586,673$ 100.0%214,835,655$
Net General Fund Fiscal Surplus (Deficit)12,465,061$ 467,043,016$
Additional Revenue from Citywide CFD 2015-1 10 7,244,722$ 96,091,808$
Total General Fund Fiscal Surplus (Deficit)19,709,783$ 563,134,824$
DRAFT
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 2 - Post ERAF Share of 1%
May 29, 2024
Weighted
005-055 005-093 005-094 005-095 Average (c)
General Fund 10.13656255%10.05214346%10.41335025%10.18793242%10.18462767%
County Free Library 1.38619220%1.36771633%1.41686333%1.38619220%1.38584984%
County Structure Fire Protection 5.66656566%5.59103992%5.79194430%5.66656566%5.66516626%
County Community Parks 0.00000000%1.42898598%1.48033470%0.00000000%0.36742723%
City of Lake Elsinore 4.55987361%4.43205566%4.59131430%4.49192568%4.49185933%
Lake Elsinore Unified 31.91732100%31.49191500%32.62352700%31.91732100%31.90943864%
Mt. San Jacinto Junior College 3.82787300%3.77685300%3.91256800%3.82787300%3.82692747%
Elsinore Area Elementary School Fund 6.99590600%6.90266200%7.15069800%6.99590600%6.99417827%
Riverside County Office of Education 3.95140900%3.89874400%4.03883900%3.95140900%3.95043336%
Riverside County Regional Park and Open Space 0.33529466%0.33082643%0.34271398%0.33529466%0.33521202%
Flood Control Admin 0.22675748%0.22373476%0.23177398%0.22675748%0.22670134%
Flood Control Zone 2 4.01230980%0.00000000%0.00000000%4.01230980%2.99340645%
Flood Control Zone 3 0.00000000%3.19627385%3.31112652%0.00000000%0.82184005%
Elsinore Valley Cemetery 0.96762299%0.95472648%0.98903330%0.96762299%0.96738413%
Elsinore Valley Municipal Water 9.74758895%9.61766895%6.90732297%9.74758895%9.47473228%
Western Municipal Water 1st FR 0.00000000%0.00000000%0.80344856%0.00000000%0.07110478%
Western Municipal Water 1.31125744%1.29378107%0.00000000%1.31125744%1.19232046%
Riverside-Corona Resource Conservation 0.22113850%0.00000000%0.00000000%0.22113850%0.16498163%
Educational Revenue Augmentation Fund 14.73632716%15.44087311%15.99514181%14.75290522%14.97640879%
Total 100.00000000%100.00000000%100.00000000%100.00000000%100.00000000%
Acres (d)21.19 228.39 122.17 1,008.71 1,380.46
% of Total 1.53%16.54%8.85%73.07%100.00%
Footnotes:
Source: Riverside County Auditor-Controller's Office.
(b)
(c)
(d)Acreage per Landvision.
For purposes of the analysis, the weighted average tax rates were calculated based on the acreage of the TRAs within the Project.
Tax Rate Areas (a)
In additional to other ad valorem charges imposed by various local agencies, land owners in California are required to pay annual property
taxes of 1% on the assessed value of their property pursuant to Proposition 13. Each County in California is divided into tax rate areas ("TRA").
After the basic 1% property tax is collected by the county, the tax is allocated to various local agencies based on each agency’s share of the
basic tax within the property’s applicable TRA. This exhibit shows the share of the basic tax applicable to each of the four TRAs applicable to
the Project.
(a)
Shares of the basic tax that are received by the City for its General Fund for each tax rate area are highlighted in bold print.
Agency (b)
DRAFT
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 3 - Landuse Assumptions
May 29, 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 24 25 26 27 28 29 30 31 35 Build-out
I. Land Use Plan
Residential
Hillside Homes - - - - - - - - - - - - - - - - - - - 8 - - - - - - - 8
Low Density Residential - - - - - - - - - - - 106 106 106 106 106 105 - - 15 15 15 14 14 14 - - 722
Medium Density Residential - - - - - - - - - - - 53 53 53 53 53 53 - - 46 46 45 45 45 45 - - 590
Medium-High Density Residential - - - - - - - - - - - - - - - - - - - 122 122 121 121 121 120 - - 727
High Density Residentail - - - - - - - - - - - - - - - - - - - 385 385 384 384 384 384 - - 2,306
Very High Density Residential 173 172 172 172 172 - - - - - - 59 59 58 58 58 58 - - 405 405 405 405 405 405 - - 3,641
Total Residential 173 172 172 172 172 - - - - - - 218 218 217 217 217 216 - - 981 973 970 969 969 968 - - 7,994
Non-Residential
University - - - - - - - - - - - - - - - - - - - - - - - - - - - -
General Light Industrial - 68,750 68,750 68,750 68,750 68,750 68,750 68,750 68,750 - - - - - - - - - - - - - - - - - - 550,000
Business Park - 62,500 62,500 62,500 62,500 62,500 62,500 62,500 62,500 - - - - - - - - - - - - - - - - - - 500,000
Warehouse - 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 - - - - - - - - - - - - - - - - - - 250,000
Cold Storage - 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 - - - - - - - - - - - - - - - - - - 600,000
Fulfillment Center - 468,750 468,750 468,750 468,750 468,750 468,750 468,750 468,750 - - - - - - - - - - - - - - - - - - 3,750,000
Regional Commercial (Mixed Use)- - - - - - - - - - - - - - - - - - - - - - - - - - - -
Commercial (Mixed Use)151,700 151,700 151,700 151,700 151,700 - - - - - - - - - - - - - - - - - - - - - - 758,500
Office/Medical/Entertainment (Mixed Use)- - - - - - - - - - - - - - - - - - - 80,667 80,667 80,667 80,667 80,667 80,667 - - 484,000
Total Non-Residential 151,700 857,950 857,950 857,950 857,950 706,250 706,250 706,250 706,250 - - - - - - - - - - 80,667 80,667 80,667 80,667 80,667 80,667 - - 6,892,500
Assessed Value Total
II. Assessed Value per Unit (a)Assessed Value (a)
Residential
Hillside Homes 8 650,000$ 5,200,000
Low Density Residential 722 550,000 397,100,000
Medium Density Residential 590 525,000 309,750,000
Medium-High Density Residential 727 500,000 363,500,000
High Density Residentail 2,306 450,000 1,037,700,000
Very High Density Residential 3,641 350,000 1,274,350,000
Total Residential Assessed Values 423,768$ 3,387,600,000$
Assessed Value Total
Non-Residential per SF (a)Assessed Value (a)
University - - -$
General Light Industrial 550,000 215.00 118,250,000
Business Park 500,000 250.00 125,000,000
Warehouse 250,000 215.00 53,750,000
Cold Storage 600,000 215.00 129,000,000
Fulfillment Center 3,750,000 215.00 806,250,000
Regional Commercial (Mixed Use)- 275.00 -
Commercial (Mixed Use)758,500 275.00 208,587,500
Office/Medical/Entertainment (Mixed Use)484,000 250.00 121,000,000
Total Non-Residential 1,561,837,500$
Total Residential & Non-Residential Assessed Value 4,949,437,500$
III. Residents Summary Total Units PPH (b)Total Resident
Hillside Homes 8 3.37 27
Low Density Residential 722 3.37 2,436
Medium Density Residential 590 3.37 1,991
Medium-High Density Residential 727 3.37 2,453
High Density Residentail 2,306 3.37 7,780
Very High Density Residential 3,641 3.37 12,284
Total Residents 7,994 26,971
IV. Employee Summary Total Employees
University - 1,314 -
General Light Industrial 550,000 1,030 534
Business Park 500,000 600 833
Warehouse 250,000 1,030 243
Cold Storage 600,000 1,030 583
Fulfillment Center 3,750,000 1,030 3,641
Regional Commercial (Mixed Use)- 500 -
Commercial (Mixed Use)758,500 500 1,517
Office/Medical/Entertainment (Mixed Use)484,000 500 968
Total Employees 6,892,500 8,318
V. Equivalent Resident Summary
Citywide (d)Project
Total Residents [1]71,973 26,971
Total Employees [2]29,200 8,318
Equivalent Residents [2]x50%=[3]- 4,159
Total Equivalent Resident [1]+[3]=[4]71,973 31,130
Footnotes:
(a)Per Lansing Companies. Assumes University will qualify for exemption from property taxes.
(b)Per the California Department of Finance, E-5 City/County Population and Housing Estimates as of 1/1/2023 for City of Lake Elsinore.
(c)Per Riverside County General Plan Appendix E-2: Socioeconomic Build-Out Assumptions and Methodology. SF/Employee for University per 2018 Commercial Building Energy Consumption Survey, Table B2 published by U.S. Energy Information Administration.
(e)City Population per the California Department of Finance, E-5 City/County Population and Housing Estimates as of 1/1/2023 for City of Lake Elsinore. City Employment per State of California, Employment Development Department Monthly Labor Force Data for Cities and Census Designated Places as of October 2023.
Absorption (a)
Total Units
Total
Bldg. SF SF/Employee (c)
Total SF
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 4 - Property Tax Calculation
May 29, 2024
Table
Ref.
Assessed Value
Residential
Hillside Homes 3 5,200,000$
Low Density Residential 3 397,100,000
Medium Density Residential 3 309,750,000
Medium-High Density Residential 3 363,500,000
High Density Residentail 3 1,037,700,000
Very High Density Residential 3 1,274,350,000
Total Residential 3,387,600,000$
Non-Residential
University (a)3 -$
General Light Industrial 3 118,250,000
Business Park 3 125,000,000
Warehouse 3 53,750,000
Cold Storage 3 129,000,000
Fulfillment Center 3 806,250,000
Regional Commercial (Mixed Use)3 -
Commercial (Mixed Use)3 208,587,500
Office/Medical/Entertainment (Mixed Use)3 121,000,000
Total Non-Residential 1,561,837,500$
Total Assessed Value [1]4,949,437,500$
Basic Rate 1.00%
Basic Tax Paid [2]=[1]X1%49,494,375$
City General Fund Share of Basic Tax (b)[3]2 4.4919%
Total Annual Property Taxes to City [4]=[2]x[3]2,223,218$
Footnotes:
(a) Assumes University will qualify for exemption from property taxes.
(b) See Table 2 - Post ERAF share of 1%.
Property Tax
DRAFT
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 5 - Property Tax In-Lieu of VLF Calculation
May 29, 2024
Property Tax in Lieu of VLF
Nominal Dollars:
City Assessed Valuation (a)[1]8,726,362,879$
Property Tax In-Lieu of VLF (b)[2]7,438,490
VLF Increase per $1,000 increase in AV [3]=[2]/[1]*1000 0.8524$
Property Tax In-Lieu of VLF:
Total Assessed Value (c)[4]4,949,437,500$
Less: Existing Assessed Value (d)[5]36,021,176
Net (New) Assessed Value [6]=[4]-[5]4,913,416,324$
Project Assessed Valuation / 1,000 [7]=[6]/1000 4,913,416.32$
VLF Increase per $1,000 increase in AV [3]0.8524
Total Property Tax in Lieu of VLF =[3]*[7]4,188,274$
Footnotes:
(a)Per Riverside County Auditor Controller Office for FY 2023-24.
(b)Per City of Lake Elsinore finance department for FY 2023-24.
(c)See Table 3 - Land Use Assumptions.
(d)Current assessed value based on the FY 2023-24 tax bills.
DRAFT
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 6 - Property Transfer Tax Calculation
May 29, 2024
Residential Non-Residential Total
Total Assessed Value per Table 3 3,387,600,000$ 1,561,837,500$ 4,949,437,500$
Turnover Rate (a)10.00%0.00%
Annual Taxable Assessed Value 338,760,000$ -$ 338,760,000$
Property Transfer Tax Rate (b)0.110000%0.110000%0.110000%
Total Annual Property Transfer Taxes 372,636$ -$ 372,636$
City's Share 50%50%50%
Total Annual Property Transfer Taxes to City 186,318$ -$ 186,318$
Footnotes:
(a)
(b)
It is assumed that the Residential property is being sold every 10 years.
The County may levy a transfer tax at the rate of $0.55 for each $500 of assessed value. A City within the County that levies this
tax can levy a transfer tax at a rate of $0.55 per $1,000. If both the County and City levy the transfer tax, a credit shall be allowed
against the amount imposed by the County in the amount of tax that is imposed by the City per California Revenue and Taxation
Code 11911.
DRAFT
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 7 - Sales Tax Calculation
May 29, 2024
Sales and Use Tax Table Ref.
I. On-Site Sales and Use Tax Revenue
Total Retail SF (Mixed Use)3 758,500
Sales per SF (a)250$
Total Taxable Sales from Mixed Use Retail 189,625,000
Fulfillment Center SF 3 3,750,000
Sales per SF (a)150$
Total Taxable Sales from Fulfillment Center 562,500,000$
Total On-Site Taxable Sales 752,125,000
Sales Tax @1% of taxable sales 1.00%7,521,250
Use Tax @10.50% of sales tax 10.50%789,731
Total On-Site Sales and Use Tax Revenue 8,310,981$
Measure Z Sales Tax @1.00% of taxable sales 1.00%(b)7,521,250$
II. Off-Site Sales and Use Tax Revenue
A. New Resident Spending
Total Residential Units 3 7,994
Wt. Avg. Household Income 7B 106,300$
Aggregate Incomes 849,762,200
Consumer Expenditures @ 78% of Aggregate Household Income 78.08%(c)663,502,344
Taxable Spending @ 37% of Consumer Expenditures 36.60%(c)242,856,562
Less: On-site Capture @ 36.00%36.0%87,428,362
Total Off-site Taxable Spending 155,428,200
City Share @ 50%50.00%77,714,100$
Sales Tax @1% of taxable sales 1.00%777,141
Use Tax @10.50% of sales tax 10.50%81,600
Total New Resident Off-Site Sales and Use Tax Revenue 858,741$
Measure Z Sales Tax @1.00% of taxable sales 1.00%(b)777,141$
B. New Employee Spending
New Employees 3 8,318
Annual Spending per employee (d)4,300$
Annual Taxable Sales 35,768,833
Less: On-site Capture @ 36.00%36.0%12,876,780
Total Off-site Taxable Spending 22,892,053
Employee Spending Captured in City @ 50% of Taxable Sales 50.00%11,446,027$
Sales Tax @1% of taxable sales 1.00%114,460
Use Tax @10.50% of sales tax 10.50%12,018
Total New Employee Off-Site Sales and Use Tax Revenue 126,479$
Measure Z Sales Tax @1.00% of taxable sales 1.00%(b)114,460$
Total Sales and Use Tax 9,296,201$
Total Measure Z Sales Tax 8,412,851$
Footnotes:
(a)
(b)
(c)
(d)
Per DPFG proprietary database of prior projects. The Sales per SF for fulfillment center based on a conservative approach to account for fluctuations
in revenue to City.
Per recent market study prepared for a comparable Project within the County and independent market research conducted by DPFG.
Per Bureau of Labor Statistics Consumer Expenditure for 2018-2022 in the Western United States, household spends 78.08% of the household income
in consumer expenditure of which 36.60% accounts towards taxable spendings.
In November 2020, City of Lake Elsinore voters approved Measure Z: a locally controlled one cent, or one percent, transactions and use tax to generate
unrestricted general fund dollars to address City service, public safety, and local recovery needs. Measure Z became effective April 1, 2021 and raises
the City's sales tax by additional 1%.
DRAFT
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 7B - Household Income Calculation
December 06, 2023
Hillside
Homes LDR MDR MHDR HDR VHDR
Avg. Purchase Price (a)650,000$ 550,000$ 525,000$ 500,000$ 450,000$ 350,000$
Loan Amount (80% of the Purchase Price)(b)520,000 440,000 420,000 400,000 360,000 280,000
P& I Payment (7.0% Interest Rate, 30 Yr. Term)(c)3,470 2,936 2,803 2,669 2,402 1,868
Property Tax (1.04% Total Tax Rate)(d)561 475 453 432 388 302
Homeowner's Insurance (Estimate)250 250 250 250 150 150
HOA (Estimate)120 120 120 120 120 120
Monthly Housing Cost 4,401 3,781 3,626 3,471 3,061 2,441
Annual Housing Cost 52,813 45,371 43,510 41,650 36,729 29,287
Household spending on housing 33%33%33%33%33%33%
Household Annual Income 160,000$ 137,000$ 132,000$ 126,000$ 111,000$ 89,000$
No. of Units 8 722 590 727 2,306 3,641
Weighted Average Annual Household Income 106,300$
Footnotes:
(a)
(b)Assumes a 20% down payment.
(c)Average rate for a 30-year fixed mortgage as of December 12, 2023 per Fred Economic Data.
(d)Estimate based on the ad-valorem rate for the subject TRA.
Per Lansing Companies.
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 8A - General Fund Revenue Summary
December 15, 2023
[1][2][3]=[1]*[2][4][3]/[4]=[5][6][5]X[6]
FY 2023-24 Proposed Annual Net City Project
Budget Budget Marginal General Equivalent Equivalent
Recurring Items: Revenues Page Ref.FY 2023-24 (a)Increase (b)Fund Measure (c)Units (c)Factor Units Amount
General Funds
Taxes
Sales Tax 59 17,543,480$ -------------------------------------- See Table 7A ------------------------------------------9,296,201$
Measure Z 59 - -------------------------------------- See Table 7A ------------------------------------------8,412,851
Property Tax 59 3,705,800 -------------------------------------- See Table 4 ------------------------------------------2,223,218
Property Tax In-Lieu of VLF 59 7,438,490 -------------------------------------- See Table 5 ------------------------------------------4,188,274
Franchise Tax 59 2,797,910 100.00%2,797,910 PER 86,573 32.32 31,130 1,006,066
Property Transfer Tax 59 517,610 -------------------------------------- See Table 6 ------------------------------------------186,318
Other Tax 59 17,000 100.00%17,000 PER 86,573 0.20 31,130 6,113
Transient Occupancy Tax 59 553,840 0.00%- PER 86,573 - 31,130 -
Fire Service Tax Credit 59 4,248,380 -------------------------------------- See Table 9 -------------------------------------------
Licenses, Permits and Fees
Building Permit Fee 59 1,219,970 0.00%- PER 86,573 - 31,130 -
Other Licenses & Permits
Business License 59 500,000 100.00%500,000 PER 86,573 5.78 31,130 179,789
Special Event Fees 59 50,300 50.00%25,150 PER 86,573 0.29 31,130 9,043
Encroachment Permit 59 206,000 0.00%- PER 86,573 - 31,130 -
D.A. Prop 64 59 1,400,000 0.00%- PER 86,573 - 31,130 -
Other 59 5,000 50.00%2,500 PER 86,573 0.03 31,130 899
Engineering - Other 59 187,090 50.00%93,545 PER 86,573 1.08 31,130 33,637
Temp/Conditional Use Permit 59 40,000 50.00%20,000 PER 86,573 0.23 31,130 7,192
Fees
City Clerk 59 15,850 50.00%7,925 PER 86,573 0.09 31,130 2,850
Community Development 59 2,239,080 50.00%1,119,540 PER 86,573 12.93 31,130 402,562
Engineering 59 2,300,960 50.00%1,150,480 PER 86,573 13.29 31,130 413,687
Community Services 59 429,830 50.00%214,915 PER 86,573 2.48 31,130 77,279
Administration 59 413,890 50.00%206,945 PER 86,573 2.39 31,130 74,413
Facility Rentals - Other 59 481,050 50.00%240,525 PER 86,573 2.78 31,130 86,487
Fire Prevention 59 113,250 50.00%56,625 PER 86,573 0.65 31,130 20,361
Intergovernmental
Vehicle License Fees 59 94,740 100.00%94,740 PER 86,573 1.09 31,130 34,066
State Mandate Costs 59 98,750 100.00%98,750 PER 86,573 1.14 31,130 35,508
Fine & Forfeitures 60 987,050 100.00%987,050 PER 86,573 11.40 31,130 354,921
Investment Earnings 60 311,000 0.00%- PER 86,573 - 31,130 -
Reimbursements/Other
Public Safety 60 517,060 0.00%- PER 86,573 - 31,130 -
Street Program 60 1,000,000 0.00%- PER 86,573 - 31,130 -
Other 60 12,064,860 0.00%- PER 86,573 - 31,130 -
Special Assessments 60 6,989,360 0.00%- PER 86,573 - 31,130 -
TOTAL REVENUES 68,487,600$ 27,051,734$
Footnotes:
(a) Per City of Lake Elsinore Annual Operating Budget for Fiscal Year 2023-24.
"PER" = Per Equivalent Resident.
(b) The marginal increase represents the impact to the City's expenditure due to the nature of the expenditure relative to the Project.
(c) Based on (1) 71,973, City of Lake Elsinore residents, California Department of Finance, January 1, 2023, (2) 29,200, total City of Lake Elsinore employees and (3) City
employment reduced by 50% to account for the estimated less frequent use of City public services by employees than residents.
(d) Measure Z is locally controlled one cent or 1% sales and use tax to generate unrestricted general fund dollars to address city services, public safety and local recovery needs.
DRAFT
(d)
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 8B - General Fund Expenditure Summary
December 15, 2023
[1][2][3]=[1]*[2][4][3]/[4]=[5][6][5]X[6]
FY 2023-24 Proposed Annual Net City Project
Budget Budget Marginal General Equivalent Equivalent
Recurring Items: Expenditure Page Ref.FY 2023-24 (a)Increase (b)Fund Measure (c)Units (c)Factor Units Amount
General Government
City Council 63 $ 317,370 50.00%158,685 PER 86,573 1.83 31,130 57,060$
Community Support 63 623,690 50.00%311,845 PER 86,573 3.60 31,130 112,133
City Clerk 63 901,100 50.00%450,550 PER 86,573 5.20 31,130 162,008
City Attorney 63 675,610 50.00%337,805 PER 86,573 3.90 31,130 121,467
City Manager 63 1,075,700 50.00%537,850 PER 86,573 6.21 31,130 193,399
Total General Government $ 3,593,470 $ 646,066
Administrative Services
Finance 63 $ 1,706,430 50.00%853,215 PER 86,573 9.86 31,130 306,797$
Human Resources 63 725,220 50.00%362,610 PER 86,573 4.19 31,130 130,386
Total Administrative Services $ 2,431,650 $ 437,184
Public Safety
Police Services 63 18,652,220 100.00%18,652,220 PER 86,573 215.45 31,130 6,706,923
Fire Services & Fire Prevention 63 11,850,280 -------------------------------------- See Table 9 ------------------------------------------1,457,158
Animal Services 63 987,500 100.00%987,500 PER 86,573 11.41 31,130 355,083
Emergency Services 63 422,450 100.00%422,450 PER 86,573 4.88 31,130 151,904
Total Public Safety $ 31,912,450 $ 8,671,068
Community Development
Planning & Zoning 63 2,811,460 50.00%1,405,730 PER 86,573 16.24 31,130 505,469
Building & Safety 63 1,746,360 50.00%873,180 PER 86,573 10.09 31,130 313,976
Code Enforcement 63 2,176,410 50.00%1,088,205 PER 86,573 12.57 31,130 391,294
Economic Development 63 644,170 50.00%322,085 PER 86,573 3.72 31,130 115,815
Total Community Development $ 7,378,400 $ 1,326,554
Public Services
Engineering 63 3,950,420 50.00%1,975,210 PER 86,573 22.82 31,130 710,242
Public Works - Administration 63 5,257,650 50.00%2,628,825 PER 86,573 30.37 31,130 945,267
Park Maintenance 63 4,061,510 50.00%2,030,755 PER 86,573 23.46 31,130 730,214
Lake Maintenance 63 1,371,520 50.00%685,760 PER 86,573 7.92 31,130 246,584
Total Public Services $ 14,641,100 $ 2,632,307
Community Services
Recreation 63 1,882,230 50.00%941,115 PER 86,573 10.87 31,130 338,404
Community Center 63 1,113,740 50.00%556,870 PER 86,573 6.43 31,130 200,238
Senior Center 63 825,630 50.00%412,815 PER 86,573 4.77 31,130 148,439
Neighborhood Center 63 1,036,850 50.00%518,425 PER 86,573 5.99 31,130 186,414
Total Community Services $ 4,858,450 $ 873,495
Non-Departmental
Non-Departmental 63 $ 3,443,400 0.00%- PER 86,573 - 31,130 -$
Total Non-Departmental $ 3,443,400 $ -
TOTAL EXPENDITURE $ 68,258,920 $ 14,586,673
Footnotes:
(a) Per City of Lake Elsinore Annual Operating Budget for Fiscal Year 2023-24.
"PER" = Per Equivalent Resident.
(b) The marginal increase represents the impact to the City's expenditure due to the nature of the expenditure relative to the Project.
(c) Based on (1) 71,973, City of Lake Elsinore residents, California Department of Finance, January 1, 2023, (2) 29,200, total City of Lake Elsinore employees and (3) City
employment reduced by 50% to account for the estimated less frequent use of City public services by employees than residents.
DRAFT
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 9 - Fire Service Tax Credit Calculation
December 06, 2023
County Structure Fire Protection
Total Assessed Value 4,949,437,500$
Basic Tax 1.00%
Total Ad Valorem Tax [1]49,494,375$
County Share of the Basic Tax for Structure Fire Protection (a)[2]5.67%
Total Fire Service Tax Credit [3]=[1]x[2]2,803,939$
City of Lake Elsinore Fire Services Cost
Fire Services & Fire Prevention (b)11,850,280$
Marginal Increase (c)100%
Net Fire Services Cost [4]11,850,280$
Total Equivalent Residents (d)[5]86,573
Factor [6]=[4]/[5]136.88$
Proposed Project Equivalent Residents [7]31,130
Total Fire Services Cost for the Proposed Project [8]=[7]*[6]4,261,097$
Net Fire Services and Fire Prevention Cost (e)1,457,158$
Footnotes:
(b) Per City of Lake Elsinore Annual Operating Budget for Fiscal Year 2023-24, Page 63.
(a)The City contracts with the County of Riverside for a full range of fire protection,fire prevention,rescue,fire marshal and medical
emergency services.The County receives approximately 5.59%share of the basic 1%property tax to fund the fire protection services.
Hence, the City receives credit for structural fire fund taxes received by the County to offset its annual fire protection contract.
(c)The marginal increase he marginal increase represents the impact to the City's expenditure due to the nature of the expenditure
relative to the Project.
(d)Based on (1)71,973,City of Lake Elsinore residents,California Department of Finance,January 1,2023,(2)29,200,total City of Lake
Elsinore employees and (3)City employment reduced by 50%to account for the estimated less frequent use of City public services by
employees than residents.
(e) The fire services tax credit generated by the project is used to offset the fire services cost to serve the Proposed Project.
DRAFT
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 10 - City of Lake Elsinore CFD 2015-1 Revenue Summary
June 15, 2023
Residential:
Total Residential Units (a)7,994
Special Tax per Unit for FY 2023-24 (b)906$
Total City CFD 2015-1 Revenue 7,244,722$
Footnotes:
(a) See Table 3 - Landuse Assumptions.
City of Lake Elsinore CFD 2015-1 Revenue
(b)Reflects the Fiscal Year 2023-24 Applied Special Tax for City of Lake Elsinore CFD 2015-1 for Single
family Units.Per the Notice of Special Tax Lien for CFD 2015-1,Single family units are defined as atached
or detached units with individual Assessor's Parcel Number.
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 11 - Phasing Analysis Detail
May 29, 2024
Factor 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
General Fund Revenue
Sales Tax 442,269$ 1,672,470$ 2,902,671$ 4,132,872$ 5,363,073$ 6,151,113$ 6,939,153$ 7,727,193$ 8,515,233$ 8,515,233$ 8,515,233$ 8,538,651$ 8,562,069$ 8,585,380$ 8,608,691$ 8,632,002$ 8,655,205$
Measure Z 400,243 1,513,547 2,626,851 3,740,156 4,853,460 5,566,618 6,279,776 6,992,935 7,706,093 7,706,093 7,706,093 7,727,286 7,748,479 7,769,575 7,790,671 7,811,766 7,832,765
Property Tax 45,937 160,906 275,874 390,843 505,811 575,000 644,189 713,377 782,566 782,566 782,566 830,528 878,490 926,294 974,099 1,021,904 1,069,461
Property Tax In-Lieu of VLF 56,469 274,644 492,819 710,994 929,168 1,060,467 1,191,766 1,323,065 1,454,363 1,454,363 1,454,363 1,545,380 1,636,397 1,727,115 1,817,833 1,908,552 1,998,801
Franchise Tax 23,766 59,206 94,646 130,086 165,526 177,309 189,092 200,875 212,657 212,657 212,657 236,428 260,198 283,859 307,520 331,182 354,734
Property Transfer Tax 3,330 6,641 9,952 13,263 16,574 16,574 16,574 16,574 16,574 16,574 16,574 22,447 28,320 34,173 40,026 45,880 51,703
Other Tax 144 360 575 790 1,006 1,077 1,149 1,221 1,292 1,292 1,292 1,437 1,581 1,725 1,868 2,012 2,155
Transient Occupancy Tax - - - - - - - - - - - - - - - - -
Fire Service Tax Credit - - - - - - - - - - - - - - - - -
Licenses, Permits and Fees 30,903 76,986 123,069 169,152 215,235 230,557 245,878 261,199 276,521 276,521 276,521 307,429 338,338 369,105 399,872 430,639 461,264
Intergovernmental 1,644 4,094 6,545 8,996 11,447 12,262 13,077 13,892 14,706 14,706 14,706 16,350 17,994 19,630 21,267 22,903 24,532
Fine & Forfeitures 8,384 20,887 33,389 45,892 58,395 62,551 66,708 70,865 75,022 75,022 75,022 83,407 91,793 100,140 108,487 116,835 125,143
Investment Earnings - - - - - - - - - - - - - - - - -
Reimbursements/Other - - - - - - - - - - - - - - - - -
Special Assessments - - - - - - - - - - - - - - - - -
Total Financing Sources 1,013,090$ 3,789,742$ 6,566,393$ 9,343,045$ 12,119,696$ 13,853,529$ 15,587,362$ 17,321,195$ 19,055,028$ 19,055,028$ 19,055,028$ 19,309,343$ 19,563,658$ 19,816,997$ 20,070,335$ 20,323,673$ 20,575,763$
General Fund Expenditure
General Government 15,262$ 38,021$ 60,779$ 83,538$ 106,296$ 113,863$ 121,429$ 128,996$ 136,562$ 136,562$ 136,562$ 151,827$ 167,091$ 182,286$ 197,480$ 212,675$ 227,799$
Administrative Services 10,328 25,728 41,128 56,529 71,929 77,049 82,169 87,290 92,410 92,410 92,410 102,739 113,068 123,350 133,632 143,914 154,149
Public Safety (Exclusing Fire Services)170,414 424,533 678,653 932,772 1,186,892 1,271,379 1,355,867 1,440,354 1,524,842 1,524,842 1,524,842 1,695,284 1,865,726 2,035,387 2,205,048 2,374,708 2,543,587
Fire Services & Fire Prevention 42,723 47,827 52,931 58,034 63,138 25,781 (11,575) (48,932) (86,288) (86,288) (86,288) (46,101) (5,914) 34,009 73,932 113,855 153,628
Community Development 31,337 78,067 124,796 171,526 218,256 233,792 249,328 264,864 280,401 280,401 280,401 311,743 343,085 374,284 405,483 436,681 467,736
Public Services 62,183 154,909 247,636 340,362 433,089 463,918 494,747 525,575 556,404 556,404 556,404 618,598 680,791 742,699 804,607 866,515 928,138
Community Services 20,635 51,405 82,175 112,945 143,715 153,945 164,175 174,405 184,635 184,635 184,635 205,273 225,911 246,455 266,998 287,541 307,990
Non-Departmental - - - - - - - - - - - - - - - - -
Total Financing Requirements 352,881$ 820,489$ 1,288,097$ 1,755,705$ 2,223,313$ 2,339,727$ 2,456,140$ 2,572,553$ 2,688,966$ 2,688,966$ 2,688,966$ 3,039,363$ 3,389,759$ 3,738,469$ 4,087,180$ 4,435,890$ 4,783,027$
General Fund Fiscal Impact
Ongoing Surplus/(Deficit)660,209$ 2,969,252$ 5,278,296$ 7,587,339$ 9,896,383$ 11,513,803$ 13,131,222$ 14,748,642$ 16,366,062$ 16,366,062$ 16,366,062$ 16,269,980$ 16,173,899$ 16,078,527$ 15,983,155$ 15,887,783$ 15,792,737$
11.7 Additional Revenue from Citywide CFD 2015-1 156,785$ 312,663$ 468,542$ 624,420$ 780,298$ 780,298$ 780,298$ 780,298$ 780,298$ 780,298$ 780,298$ 977,865$ 1,175,432$ 1,372,093$ 1,568,753$ 1,765,414$ 1,961,168$
Total General Fund Fiscal Surplus (Deficit)816,994$ 3,281,916$ 5,746,837$ 8,211,759$ 10,676,681$ 12,294,101$ 13,911,521$ 15,528,940$ 17,146,360$ 17,146,360$ 17,146,360$ 17,247,846$ 17,349,331$ 17,450,620$ 17,551,909$ 17,653,197$ 17,753,905$
11.1 RESIDENTIAL FINANCING SOURCES
11.1.1 Cumulative Units
Hillside Homes - - - - - - - - - - - - - - - - -
Low Density Residential - - - - - - - - - - - 106 106 106 106 106 105
Medium Density Residential - - - - - - - - - - - 53 53 53 53 53 53
Medium-High Density Residential - - - - - - - - - - - - - - - - -
High Density Residentail - - - - - - - - - - - - - - - - -
Very High Density Residential 173 172 172 172 172 - - - - - - 59 59 58 58 58 58
Total Cumulative Residential Units 173.00 345 517 689 861 861 861 861 861 861 861 1,079 1,297 1,514 1,731 1,948 2,164
Total Cumulative Residents 3.37 584 1,164 1,744 2,325 2,905 2,905 2,905 2,905 2,905 2,905 2,905 3,640 4,376 5,108 5,840 6,572 7,301
11.1.2 Residential Property Value
Hillside Homes 650,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Low Density Residential 550,000 - - - - - - - - - - - 58,300,000 58,300,000 58,300,000 58,300,000 58,300,000 57,750,000
Medium Density Residential 525,000 - - - - - - - - - - - 27,825,000 27,825,000 27,825,000 27,825,000 27,825,000 27,825,000
Medium-High Density Residential 500,000 - - - - - - - - - - - - - - - - -
High Density Residentail 450,000 - - - - - - - - - - - - - - - - -
Very High Density Residential 350,000 60,550,000 60,200,000 60,200,000 60,200,000 60,200,000 - - - - - - 20,650,000 20,650,000 20,300,000 20,300,000 20,300,000 20,300,000
Total Non-Residential Assessed Value 60,550,000$ 60,200,000$ 60,200,000$ 60,200,000$ 60,200,000$ -$ -$ -$ -$ -$ -$ 106,775,000$ 106,775,000$ 106,425,000$ 106,425,000$ 106,425,000$ 105,875,000$
Total Cumulative Non-Residential Assessed Value 60,550,000$ 120,750,000$ 180,950,000$ 241,150,000$ 301,350,000$ 301,350,000$ 301,350,000$ 301,350,000$ 301,350,000$ 301,350,000$ 301,350,000$ 408,125,000$ 514,900,000$ 621,325,000$ 727,750,000$ 834,175,000$ 940,050,000$
11.1.3 Residential Property Tax
Basic Tax Paid - Non-Residential 1.00%605,500$ 1,207,500$ 1,809,500$ 2,411,500$ 3,013,500$ 3,013,500$ 3,013,500$ 3,013,500$ 3,013,500$ 3,013,500$ 3,013,500$ 4,081,250$ 5,149,000$ 6,213,250$ 7,277,500$ 8,341,750$ 9,400,500$
City of Lake Elsinore - General Fund 4.4919%27,198 54,239 81,280 108,321 135,362 135,362 135,362 135,362 135,362 135,362 135,362 183,324 231,286 279,090 326,895 374,700 422,257
Total Non-Residential Property Tax 27,198$ 54,239$ 81,280$ 108,321$ 135,362$ 135,362$ 135,362$ 135,362$ 135,362$ 135,362$ 135,362$ 183,324$ 231,286$ 279,090$ 326,895$ 374,700$ 422,257$
11.1.4 Residential Property Transfer Tax
Cumulative Assessed Value 60,550,000$ 120,750,000$ 180,950,000$ 241,150,000$ 301,350,000$ 301,350,000$ 301,350,000$ 301,350,000$ 301,350,000$ 301,350,000$ 301,350,000$ 408,125,000$ 514,900,000$ 621,325,000$ 727,750,000$ 834,175,000$ 940,050,000$
Residential Property Turnover Rate 10.0%6,055,000 12,075,000 18,095,000 24,115,000 30,135,000 30,135,000 30,135,000 30,135,000 30,135,000 30,135,000 30,135,000 40,812,500 51,490,000 62,132,500 72,775,000 83,417,500 94,005,000
Transfer Tax as a % of Price 0.11%6,661 13,283 19,905 26,527 33,149 33,149 33,149 33,149 33,149 33,149 33,149 44,894 56,639 68,346 80,053 91,759 103,406
City of Lake Elsinore Share 50.00%3,330 6,641 9,952 13,263 16,574 16,574 16,574 16,574 16,574 16,574 16,574 22,447 28,320 34,173 40,026 45,880 51,703
Total Non-Residential Documentary Transfer Tax 3,330$ 6,641$ 9,952$ 13,263$ 16,574$ 16,574$ 16,574$ 16,574$ 16,574$ 16,574$ 16,574$ 22,447$ 28,320$ 34,173$ 40,026$ 45,880$ 51,703$
11.1.5 Off-Site Sales Tax
Annual Household Income (Average)106,300$ 18,389,900$ 36,673,500$ 54,957,100$ 73,240,700$ 91,524,300$ 91,524,300$ 91,524,300$ 91,524,300$ 91,524,300$ 91,524,300$ 91,524,300$ 114,697,700$ 137,871,100$ 160,938,200$ 184,005,300$ 207,072,400$ 230,033,200$
Consumer Expenditure (78.08% of Income)78.08%14,359,007 28,635,015 42,911,022 57,187,030 71,463,037 71,463,037 71,463,037 71,463,037 71,463,037 71,463,037 71,463,037 89,557,046 107,651,056 125,662,065 143,673,074 161,684,084 179,612,093
Taxable Spendings (36.60% of Total Spending)36.60%5,255,715 10,481,050 15,706,385 20,931,720 26,157,055 26,157,055 26,157,055 26,157,055 26,157,055 26,157,055 26,157,055 32,779,864 39,402,672 45,995,101 52,587,529 59,179,958 65,742,007
Less: Onsite Capture (36.00%)36.00%1,892,057 3,773,178 5,654,299 7,535,419 9,416,540 9,416,540 9,416,540 9,416,540 9,416,540 9,416,540 9,416,540 11,800,751 14,184,962 16,558,236 18,931,511 21,304,785 23,667,122
Total Off-site Taxable Spending 3,363,658 6,707,872 10,052,086 13,396,301 16,740,515 16,740,515 16,740,515 16,740,515 16,740,515 16,740,515 16,740,515 20,979,113 25,217,710 29,436,864 33,656,019 37,875,173 42,074,884
City Capture Rate (50.00%)50%1,681,829 3,353,936 5,026,043 6,698,150 8,370,258 8,370,258 8,370,258 8,370,258 8,370,258 8,370,258 8,370,258 10,489,556 12,608,855 14,718,432 16,828,009 18,937,587 21,037,442
Total Off-site Taxable Spending 1,681,829$ 3,353,936$ 5,026,043$ 6,698,150$ 8,370,258$ 8,370,258$ 8,370,258$ 8,370,258$ 8,370,258$ 8,370,258$ 8,370,258$ 10,489,556$ 12,608,855$ 14,718,432$ 16,828,009$ 18,937,587$ 21,037,442$
Sales Tax @1% of taxable sales 1.00%16,818$ 33,539$ 50,260$ 66,982$ 83,703$ 83,703$ 83,703$ 83,703$ 83,703$ 83,703$ 83,703$ 104,896$ 126,089$ 147,184$ 168,280$ 189,376$ 210,374$
Use Tax @10.50% of sales tax 10.50%1,766 3,522 5,277 7,033 8,789 8,789 8,789 8,789 8,789 8,789 8,789 11,014 13,239 15,454 17,669 19,884 22,089
Total Off-Site Sales and Use tax 18,584$ 37,061$ 55,538$ 74,015$ 92,491$ 92,491$ 92,491$ 92,491$ 92,491$ 92,491$ 92,491$ 115,910$ 139,328$ 162,639$ 185,950$ 209,260$ 232,464$
Measure Z Sales Tax @1.00% of taxable sales 1.00%16,818$ 33,539$ 50,260$ 66,982$ 83,703$ 83,703$ 83,703$ 83,703$ 83,703$ 83,703$ 83,703$ 104,896$ 126,089$ 147,184$ 168,280$ 189,376$ 210,374$
Total Measure Z Sales Tax 16,818$ 33,539$ 50,260$ 66,982$ 83,703$ 83,703$ 83,703$ 83,703$ 83,703$ 83,703$ 83,703$ 104,896$ 126,089$ 147,184$ 168,280$ 189,376$ 210,374$
11.2 NON-RESIDENTIAL FINANCING SOURCES
11.2.1 Cumulative SF
University - - - - - - - - - - - - - - - - -
General Light Industrial - 68,750 68,750 68,750 68,750 68,750 68,750 68,750 68,750 - - - - - - - -
Business Park - 62,500 62,500 62,500 62,500 62,500 62,500 62,500 62,500 - - - - - - - -
Warehouse - 31,250 31,250 31,250 31,250 31,250 31,250 31,250 31,250 - - - - - - - -
Cold Storage - 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 - - - - - - - -
Fulfillment Center - 468,750 468,750 468,750 468,750 468,750 468,750 468,750 468,750 - - - - - - - -
Regional Commercial (Mixed Use)- - - - - - - - - - - - - - - - -
Commercial (Mixed Use)151,700 151,700 151,700 151,700 151,700 - - - - - - - - - - - -
Office/Medical/Entertainment (Mixed Use)- - - - - - - - - - - - - - - - -
Total Cumulative SF 151,700 1,009,650 1,867,600 2,725,550 3,583,500 4,289,750 4,996,000 5,702,250 6,408,500 6,408,500 6,408,500 6,408,500 6,408,500 6,408,500 6,408,500 6,408,500 6,408,500
11.2.2 Cumulative Employees
University 1,314 - - - - - - - - - - - - - - - - -
General Light Industrial 1,030 - 67 67 67 67 67 67 67 67 - - - - - - - -
Business Park 600 - 104 104 104 104 104 104 104 104 - - - - - - - -
Warehouse 1,030 - 30 30 30 30 30 30 30 30 - - - - - - - -
Cold Storage 1,030 - 73 73 73 73 73 73 73 73 - - - - - - - -
Fulfillment Center 1,030 - 455 455 455 455 455 455 455 455 - - - - - - - -
Regional Commercial (Mixed Use)500 - - - - - - - - - - - - - - - - -
Commercial (Mixed Use)500 303 303 303 303 303 - - - - - - - - - - - -
Office/Medical/Entertainment (Mixed Use)500 - - - - - - - - - - - - - - - - -
Total Employees 303 1,033 1,033 1,033 1,033 729 729 729 729 - - - - - - - -
Total Cumulative Employees 303 1,336 2,369 3,401 4,434 5,163 5,892 6,621 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350
Cumulative Equivalent Residents 50%152 668 1,184 1,701 2,217 2,581 2,946 3,311 3,675 3,675 3,675 3,675 3,675 3,675 3,675 3,675 3,675
DRAFT
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 11 - Phasing Analysis Detail
May 29, 2024
Factor 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
DRAFT
11.2.3 Non-Residential Property Value
University -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
General Light Industrial 215 - 14,781,250 14,781,250 14,781,250 14,781,250 14,781,250 14,781,250 14,781,250 14,781,250 - - - - - - - -
Business Park 250 - 15,625,000 15,625,000 15,625,000 15,625,000 15,625,000 15,625,000 15,625,000 15,625,000 - - - - - - - -
Warehouse 215 - 6,718,750 6,718,750 6,718,750 6,718,750 6,718,750 6,718,750 6,718,750 6,718,750 - - - - - - - -
Cold Storage 215 - 16,125,000 16,125,000 16,125,000 16,125,000 16,125,000 16,125,000 16,125,000 16,125,000 - - - - - - - -
Fulfillment Center 215 - 100,781,250 100,781,250 100,781,250 100,781,250 100,781,250 100,781,250 100,781,250 100,781,250 - - - - - - - -
Regional Commercial (Mixed Use)275 - - - - - - - - - - - - - - - - -
Commercial (Mixed Use)275 41,717,500 41,717,500 41,717,500 41,717,500 41,717,500 - - - - - - - - - - - -
Office/Medical/Entertainment (Mixed Use)250 - - - - - - - - - - - - - - - - -
Total Non-Residential Assessed Value 41,717,500$ 195,748,750$ 195,748,750$ 195,748,750$ 195,748,750$ 154,031,250$ 154,031,250$ 154,031,250$ 154,031,250$ -$ -$ -$ -$ -$ -$ -$ -$
Total Cumulative Non-Residential Assessed Value 41,717,500$ 237,466,250$ 433,215,000$ 628,963,750$ 824,712,500$ 978,743,750$ 1,132,775,000$ 1,286,806,250$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$
11.2.4 Non-Residential Property Tax
Basic Tax Paid - Non-Residential 1.00%417,175$ 2,374,663$ 4,332,150$ 6,289,638$ 8,247,125$ 9,787,438$ 11,327,750$ 12,868,063$ 14,408,375$ 14,408,375$ 14,408,375$ 14,408,375$ 14,408,375$ 14,408,375$ 14,408,375$ 14,408,375$ 14,408,375$
City of Lake Elsinore - General Fund 4.4919%18,739 106,666 194,594 282,522 370,449 439,638 508,827 578,015 647,204 647,204 647,204 647,204 647,204 647,204 647,204 647,204 647,204
Total Non-Residential Property Tax 18,739$ 106,666$ 194,594$ 282,522$ 370,449$ 439,638$ 508,827$ 578,015$ 647,204$ 647,204$ 647,204$ 647,204$ 647,204$ 647,204$ 647,204$ 647,204$ 647,204$
11.2.5 Non-Residential Property Transfer Tax
Cumulative Assessed Value 41,717,500$ 237,466,250$ 433,215,000$ 628,963,750$ 824,712,500$ 978,743,750$ 1,132,775,000$ 1,286,806,250$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$
Non-Residential Property Turnover Rate 0.0%- - - - - - - - - - - - - - - - -
Transfer Tax as a % of Price 0.11%- - - - - - - - - - - - - - - - -
City of Torrance Share 50.00%- - - - - - - - - - - - - - - - -
Total Non-Residential Documentary Transfer Tax -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
11.2.6 On-Site Sales Tax
Total Retail SF (Mixed Use)151,700 303,400 455,100 606,800 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500
Total Taxable Sales from Mixed Use Retail 250$ 37,925,000 75,850,000 113,775,000 151,700,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000
Fulfillment Center SF - 468,750 937,500 1,406,250 1,875,000 2,343,750 2,812,500 3,281,250 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000
Total Taxable Sales from Fulfillment Center 150$ - 70,312,500 140,625,000 210,937,500 281,250,000 351,562,500 421,875,000 492,187,500 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000
Total On-Site Taxable Sales 37,925,000 146,162,500 254,400,000 362,637,500 470,875,000 541,187,500 611,500,000 681,812,500 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000
Sales Tax @1% of taxable sales 1.00%379,250$ 1,461,625$ 2,544,000$ 3,626,375$ 4,708,750$ 5,411,875$ 6,115,000$ 6,818,125$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$
Use Tax @10.50% of sales tax 10.50%39,821 153,471 267,120 380,769 494,419 568,247 642,075 715,903 789,731 789,731 789,731 789,731 789,731 789,731 789,731 789,731 789,731
Total Off-Site Sales and Use tax 419,071$ 1,615,096$ 2,811,120$ 4,007,144$ 5,203,169$ 5,980,122$ 6,757,075$ 7,534,028$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$
Measure Z Sales Tax @1.00% of taxable sales 1.00%379,250$ 1,461,625$ 2,544,000$ 3,626,375$ 4,708,750$ 5,411,875$ 6,115,000$ 6,818,125$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$
Total Measure Z Sales Tax 379,250$ 1,461,625$ 2,544,000$ 3,626,375$ 4,708,750$ 5,411,875$ 6,115,000$ 6,818,125$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$
11.2.7 Off-Site Sales Tax
Total Cumulative Employees -$ 303$ 1,336$ 2,369$ 3,401$ 4,434$ 5,163$ 5,892$ 6,621$ 7,350$ 7,350$ 7,350$ 7,350$ 7,350$ 7,350$ 7,350$ 7,350$ 7,350$
Annual Spending per employee 4,300$ 1,304,620 5,744,657 10,184,693 14,624,730 19,064,767 22,200,183 25,335,600 28,471,017 31,606,433 31,606,433 31,606,433 31,606,433 31,606,433 31,606,433 31,606,433 31,606,433 31,606,433
Less: On-site Capture @ 36.00%36%(469,663) (2,068,076) (3,666,490) (5,264,903) (6,863,316) (7,992,066) (9,120,816) (10,249,566) (11,378,316) (11,378,316) (11,378,316) (11,378,316) (11,378,316) (11,378,316) (11,378,316) (11,378,316) (11,378,316)
Total Off-site Taxable Spending 834,957 3,676,580 6,518,204 9,359,827 12,201,451 14,208,117 16,214,784 18,221,451 20,228,117 20,228,117 20,228,117 20,228,117 20,228,117 20,228,117 20,228,117 20,228,117 20,228,117
Employee Spending Captured in City @ 50% of Taxable Sales 50%417,478$ 1,838,290$ 3,259,102$ 4,679,914$ 6,100,725$ 7,104,059$ 8,107,392$ 9,110,725$ 10,114,059$ 10,114,059$ 10,114,059$ 10,114,059$ 10,114,059$ 10,114,059$ 10,114,059$ 10,114,059$ 10,114,059$
Sales Tax @1% of taxable sales 1.00%4,175$ 18,383$ 32,591$ 46,799$ 61,007$ 71,041$ 81,074$ 91,107$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$
Use Tax @10.50% of sales tax 10.50%438$ 1,930$ 3,422$ 4,914$ 6,406$ 7,459$ 8,513$ 9,566$ 10,620$ 10,620$ 10,620$ 10,620$ 10,620$ 10,620$ 10,620$ 10,620$ 10,620$
Total New Employee Off-Site Sales and Use Tax Revenue 4,613$ 20,313$ 36,013$ 51,713$ 67,413$ 78,500$ 89,587$ 100,674$ 111,760$ 111,760$ 111,760$ 111,760$ 111,760$ 111,760$ 111,760$ 111,760$ 111,760$
Measure Z Sales Tax @1.00% of taxable sales 1.00%4,175$ 18,383$ 32,591$ 46,799$ 61,007$ 71,041$ 81,074$ 91,107$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$
Total Measure Z Sales Tax 4,175$ 18,383$ 32,591$ 46,799$ 61,007$ 71,041$ 81,074$ 91,107$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$
11.3 Property Tax in Lieu of VLF
Residential and Non-Residential Cumulative Assessed Value 102,267,500$ 358,216,250$ 614,165,000$ 870,113,750$ 1,126,062,500$ 1,280,093,750$ 1,434,125,000$ 1,588,156,250$ 1,742,187,500$ 1,742,187,500$ 1,742,187,500$ 1,848,962,500$ 1,955,737,500$ 2,062,162,500$ 2,168,587,500$ 2,275,012,500$ 2,380,887,500$
(Less) Existing Land Value (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176)
Net (New) Cumulative Assessed Value 66,246,324$ 322,195,074$ 578,143,824$ 834,092,574$ 1,090,041,324$ 1,244,072,574$ 1,398,103,824$ 1,552,135,074$ 1,706,166,324$ 1,706,166,324$ 1,706,166,324$ 1,812,941,324$ 1,919,716,324$ 2,026,141,324$ 2,132,566,324$ 2,238,991,324$ 2,344,866,324$
Total Property Tax in Lieu of VLF 0.8524$ 56,469$ 274,644$ 492,819$ 710,994$ 929,168$ 1,060,467$ 1,191,766$ 1,323,065$ 1,454,363$ 1,454,363$ 1,454,363$ 1,545,380$ 1,636,397$ 1,727,115$ 1,817,833$ 1,908,552$ 1,998,801$
11.4 Fire Tax Credit
Residential and Non-Residential Cumulative Assessed Value 102,267,500$ 358,216,250$ 614,165,000$ 870,113,750$ 1,126,062,500$ 1,280,093,750$ 1,434,125,000$ 1,588,156,250$ 1,742,187,500$ 1,742,187,500$ 1,742,187,500$ 1,848,962,500$ 1,955,737,500$ 2,062,162,500$ 2,168,587,500$ 2,275,012,500$ 2,380,887,500$
Basic Tax 1.00%1,022,675 3,582,163 6,141,650 8,701,138 11,260,625 12,800,938 14,341,250 15,881,563 17,421,875 17,421,875 17,421,875 18,489,625 19,557,375 20,621,625 21,685,875 22,750,125 23,808,875
County Share of the Basic Tax for Structure Fire Protection 5.67%57,936 202,935 347,935 492,934 637,933 725,194 812,456 899,717 986,978 986,978 986,978 1,047,468 1,107,958 1,168,249 1,228,541 1,288,832 1,348,812
City of Lake Elsinore Fire Services Cost 136.88$ 100,660$ 250,762$ 400,865$ 550,968$ 701,071$ 750,976$ 800,880$ 850,785$ 900,690$ 900,690$ 900,690$ 1,001,367$ 1,102,043$ 1,202,258$ 1,302,473$ 1,402,688$ 1,502,440$
Net Fire Services Cost 42,723$ 47,827$ 52,931$ 58,034$ 63,138$ 25,781$ (11,575)$ (48,932)$ (86,288)$ (86,288)$ (86,288)$ (46,101)$ (5,914)$ 34,009$ 73,932$ 113,855$ 153,628$
11.5 Other General Fund Discretionary Revenue
Franchise Tax 32.32$ 23,766$ 59,206$ 94,646$ 130,086$ 165,526$ 177,309$ 189,092$ 200,875$ 212,657$ 212,657$ 212,657$ 236,428$ 260,198$ 283,859$ 307,520$ 331,182$ 354,734$
Other Tax 0.20 144 360 575 790 1,006 1,077 1,149 1,221 1,292 1,292 1,292 1,437 1,581 1,725 1,868 2,012 2,155
Transient Occupancy Tax - - - - - - - - - - - - - - - - - -
Fire Service Tax Credit - - - - - - - - - - - - - - - - - -
Licenses, Permits and Fees 42.02 30,903 76,986 123,069 169,152 215,235 230,557 245,878 261,199 276,521 276,521 276,521 307,429 338,338 369,105 399,872 430,639 461,264
Intergovernmental 2.23 1,644 4,094 6,545 8,996 11,447 12,262 13,077 13,892 14,706 14,706 14,706 16,350 17,994 19,630 21,267 22,903 24,532
Fine & Forfeitures 11.40 8,384 20,887 33,389 45,892 58,395 62,551 66,708 70,865 75,022 75,022 75,022 83,407 91,793 100,140 108,487 116,835 125,143
Investment Earnings - - - - - - - - - - - - - - - - - -
Reimbursements/Other - - - - - - - - - - - - - - - - - -
Special Assessments - - - - - - - - - - - - - - - - - -
Total Other General Fund Discretionary Revenue 64,842$ 161,534$ 258,226$ 354,917$ 451,609$ 483,756$ 515,903$ 548,051$ 580,198$ 580,198$ 580,198$ 645,051$ 709,904$ 774,459$ 839,014$ 903,570$ 967,828$
Total General Fund Recurring Revenues 1,013,090$ 3,789,742$ 6,566,393$ 9,343,045$ 12,119,696$ 13,853,529$ 15,587,362$ 17,321,195$ 19,055,028$ 19,055,028$ 19,055,028$ 19,309,343$ 19,563,658$ 19,816,997$ 20,070,335$ 20,323,673$ 20,575,763$
GENERAL FUND RECURRING EXPENDITURES (a)
11.6 General Fund Recurring Expenditures
General Government 20.75$ 15,262$ 38,021$ 60,779$ 83,538$ 106,296$ 113,863$ 121,429$ 128,996$ 136,562$ 136,562$ 136,562$ 151,827$ 167,091$ 182,286$ 197,480$ 212,675$ 227,799$
Administrative Services 14.04$ 10,328 25,728 41,128 56,529 71,929 77,049 82,169 87,290 92,410 92,410 92,410 102,739 113,068 123,350 133,632 143,914 154,149
Public Safety (Exclusing Fire Services)231.74$ 170,414 424,533 678,653 932,772 1,186,892 1,271,379 1,355,867 1,440,354 1,524,842 1,524,842 1,524,842 1,695,284 1,865,726 2,035,387 2,205,048 2,374,708 2,543,587
Community Development 42.61$ 31,337 78,067 124,796 171,526 218,256 233,792 249,328 264,864 280,401 280,401 280,401 311,743 343,085 374,284 405,483 436,681 467,736
Public Services 84.56$ 62,183 154,909 247,636 340,362 433,089 463,918 494,747 525,575 556,404 556,404 556,404 618,598 680,791 742,699 804,607 866,515 928,138
Community Services 28.06$ 20,635 51,405 82,175 112,945 143,715 153,945 164,175 174,405 184,635 184,635 184,635 205,273 225,911 246,455 266,998 287,541 307,990
Non-Departmental -$ - - - - - - - - - - - - - - - - -
Total Other General Fund Recurring Expenditures 310,158$ 772,662$ 1,235,167$ 1,697,671$ 2,160,176$ 2,313,945$ 2,467,715$ 2,621,484$ 2,775,254$ 2,775,254$ 2,775,254$ 3,085,464$ 3,395,674$ 3,704,461$ 4,013,248$ 4,322,035$ 4,629,399$
Total General Fund Expenditures 352,881$ 820,489$ 1,288,097$ 1,755,705$ 2,223,313$ 2,339,727$ 2,456,140$ 2,572,553$ 2,688,966$ 2,688,966$ 2,688,966$ 3,039,363$ 3,389,759$ 3,738,469$ 4,087,180$ 4,435,890$ 4,783,027$
NET PROJECT IMPACT (GENERAL FUND)660,209$ 2,969,252$ 5,278,296$ 7,587,339$ 9,896,383$ 11,513,803$ 13,131,222$ 14,748,642$ 16,366,062$ 16,366,062$ 16,366,062$ 16,269,980$ 16,173,899$ 16,078,527$ 15,983,155$ 15,887,783$ 15,792,737$
11.7 Additional Revenue from Citywide CFD 2015-1 906$ 156,785$ 312,663$ 468,542$ 624,420$ 780,298$ 780,298$ 780,298$ 780,298$ 780,298$ 780,298$ 780,298$ 977,865$ 1,175,432$ 1,372,093$ 1,568,753$ 1,765,414$ 1,961,168$
Total General Fund Fiscal Surplus (Deficit)816,994$ 3,281,916$ 5,746,837$ 8,211,759$ 10,676,681$ 12,294,101$ 13,911,521$ 15,528,940$ 17,146,360$ 17,146,360$ 17,146,360$ 17,247,846$ 17,349,331$ 17,450,620$ 17,551,909$ 17,653,197$ 17,753,905$
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 11 - Phasing Analysis Detail
May 29, 2024
Factor
General Fund Revenue
Sales Tax
Measure Z
Property Tax
Property Tax In-Lieu of VLF
Franchise Tax
Property Transfer Tax
Other Tax
Transient Occupancy Tax
Fire Service Tax Credit
Licenses, Permits and Fees
Intergovernmental
Fine & Forfeitures
Investment Earnings
Reimbursements/Other
Special Assessments
Total Financing Sources
General Fund Expenditure
General Government
Administrative Services
Public Safety (Exclusing Fire Services)
Fire Services & Fire Prevention
Community Development
Public Services
Community Services
Non-Departmental
Total Financing Requirements
General Fund Fiscal Impact
Ongoing Surplus/(Deficit)
11.7 Additional Revenue from Citywide CFD 2015-1
Total General Fund Fiscal Surplus (Deficit)
11.1 RESIDENTIAL FINANCING SOURCES
11.1.1 Cumulative Units
Hillside Homes
Low Density Residential
Medium Density Residential
Medium-High Density Residential
High Density Residentail
Very High Density Residential
Total Cumulative Residential Units
Total Cumulative Residents 3.37
11.1.2 Residential Property Value
Hillside Homes 650,000$
Low Density Residential 550,000
Medium Density Residential 525,000
Medium-High Density Residential 500,000
High Density Residentail 450,000
Very High Density Residential 350,000
Total Non-Residential Assessed Value
Total Cumulative Non-Residential Assessed Value
11.1.3 Residential Property Tax
Basic Tax Paid - Non-Residential 1.00%
City of Lake Elsinore - General Fund 4.4919%
Total Non-Residential Property Tax
11.1.4 Residential Property Transfer Tax
Cumulative Assessed Value
Residential Property Turnover Rate 10.0%
Transfer Tax as a % of Price 0.11%
City of Lake Elsinore Share 50.00%
Total Non-Residential Documentary Transfer Tax
11.1.5 Off-Site Sales Tax
Annual Household Income (Average)106,300$
Consumer Expenditure (78.08% of Income)78.08%
Taxable Spendings (36.60% of Total Spending)36.60%
Less: Onsite Capture (36.00%)36.00%
Total Off-site Taxable Spending
City Capture Rate (50.00%)50%
Total Off-site Taxable Spending
Sales Tax @1% of taxable sales 1.00%
Use Tax @10.50% of sales tax 10.50%
Total Off-Site Sales and Use tax
Measure Z Sales Tax @1.00% of taxable sales 1.00%
Total Measure Z Sales Tax
11.2 NON-RESIDENTIAL FINANCING SOURCES
11.2.1 Cumulative SF
University
General Light Industrial
Business Park
Warehouse
Cold Storage
Fulfillment Center
Regional Commercial (Mixed Use)
Commercial (Mixed Use)
Office/Medical/Entertainment (Mixed Use)
Total Cumulative SF
11.2.2 Cumulative Employees
University 1,314
General Light Industrial 1,030
Business Park 600
Warehouse 1,030
Cold Storage 1,030
Fulfillment Center 1,030
Regional Commercial (Mixed Use)500
Commercial (Mixed Use)500
Office/Medical/Entertainment (Mixed Use)500
Total Employees
Total Cumulative Employees
Cumulative Equivalent Residents 50%
18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
8,655,205$ 8,655,205$ 8,655,205$ 8,655,205$ 8,655,205$ 8,655,205$ 8,655,205$ 8,763,041$ 8,870,016$ 8,976,670$ 9,083,216$ 9,189,762$ 9,296,201$ 9,296,201$ 9,296,201$ 9,296,201$ 9,296,201$ 9,296,201$
7,832,765 7,832,765 7,832,765 7,832,765 7,832,765 7,832,765 7,832,765 7,930,353 8,027,164 8,123,683 8,220,105 8,316,527 8,412,851 8,412,851 8,412,851 8,412,851 8,412,851 8,412,851
1,069,461 1,069,461 1,069,461 1,069,461 1,069,461 1,069,461 1,069,461 1,264,303 1,456,809 1,648,653 1,840,249 2,031,846 2,223,218 2,223,218 2,223,218 2,223,218 2,223,218 2,223,218
1,998,801 1,998,801 1,998,801 1,998,801 1,998,801 1,998,801 1,998,801 2,368,551 2,733,868 3,097,928 3,461,518 3,825,109 4,188,274 4,188,274 4,188,274 4,188,274 4,188,274 4,188,274
354,734 354,734 354,734 354,734 354,734 354,734 354,734 464,307 573,008 681,381 789,646 897,911 1,006,066 1,006,066 1,006,066 1,006,066 1,006,066 1,006,066
51,703 51,703 51,703 51,703 51,703 51,703 51,703 74,451 96,913 119,294 141,644 163,995 186,318 186,318 186,318 186,318 186,318 186,318
2,155 2,155 2,155 2,155 2,155 2,155 2,155 2,821 3,482 4,140 4,798 5,456 6,113 6,113 6,113 6,113 6,113 6,113
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
461,264 461,264 461,264 461,264 461,264 461,264 461,264 603,743 745,087 886,007 1,026,784 1,167,562 1,308,198 1,308,198 1,308,198 1,308,198 1,308,198 1,308,198
24,532 24,532 24,532 24,532 24,532 24,532 24,532 32,109 39,626 47,121 54,608 62,095 69,575 69,575 69,575 69,575 69,575 69,575
125,143 125,143 125,143 125,143 125,143 125,143 125,143 163,799 202,146 240,378 278,572 316,766 354,921 354,921 354,921 354,921 354,921 354,921
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
20,575,763$ 20,575,763$ 20,575,763$ 20,575,763$ 20,575,763$ 20,575,763$ 20,575,763$ 21,667,477$ 22,748,119$ 23,825,254$ 24,901,141$ 25,977,028$ 27,051,734$ 27,051,734$ 27,051,734$ 27,051,734$ 27,051,734$ 27,051,734$
227,799$ 227,799$ 227,799$ 227,799$ 227,799$ 227,799$ 227,799$ 298,164$ 367,968$ 437,563$ 507,087$ 576,612$ 646,066$ 646,066$ 646,066$ 646,066$ 646,066$ 646,066$
154,149 154,149 154,149 154,149 154,149 154,149 154,149 201,763 248,999 296,093 343,139 390,185 437,184 437,184 437,184 437,184 437,184 437,184
2,543,587 2,543,587 2,543,587 2,543,587 2,543,587 2,543,587 2,543,587 3,329,271 4,108,701 4,885,785 5,662,087 6,438,389 7,213,909 7,213,909 7,213,909 7,213,909 7,213,909 7,213,909
153,628 153,628 153,628 153,628 153,628 153,628 153,628 371,978 589,580 806,632 1,023,533 1,240,435 1,457,158 1,457,158 1,457,158 1,457,158 1,457,158 1,457,158
467,736 467,736 467,736 467,736 467,736 467,736 467,736 612,214 755,542 898,439 1,041,192 1,183,945 1,326,554 1,326,554 1,326,554 1,326,554 1,326,554 1,326,554
928,138 928,138 928,138 928,138 928,138 928,138 928,138 1,214,829 1,499,237 1,782,790 2,066,057 2,349,325 2,632,307 2,632,307 2,632,307 2,632,307 2,632,307 2,632,307
307,990 307,990 307,990 307,990 307,990 307,990 307,990 403,124 497,501 591,595 685,593 779,591 873,495 873,495 873,495 873,495 873,495 873,495
- - - - - - - - - - - - - - - - - -
4,783,027$ 4,783,027$ 4,783,027$ 4,783,027$ 4,783,027$ 4,783,027$ 4,783,027$ 6,431,344$ 8,067,529$ 9,698,895$ 11,328,689$ 12,958,482$ 14,586,673$ 14,586,673$ 14,586,673$ 14,586,673$ 14,586,673$ 14,586,673$
15,792,737$ 15,792,737$ 15,792,737$ 15,792,737$ 15,792,737$ 15,792,737$ 15,792,737$ 15,236,133$ 14,680,590$ 14,126,359$ 13,572,452$ 13,018,546$ 12,465,061$ 12,465,061$ 12,465,061$ 12,465,061$ 12,465,061$ 12,465,061$
1,961,168$ 1,961,168$ 1,961,168$ 1,961,168$ 1,961,168$ 1,961,168$ 1,961,168$ 2,850,219$ 3,732,020$ 4,611,102$ 5,489,277$ 6,367,453$ 7,244,722$ 7,244,722$ 7,244,722$ 7,244,722$ 7,244,722$ 7,244,722$
17,753,905$ 17,753,905$ 17,753,905$ 17,753,905$ 17,753,905$ 17,753,905$ 17,753,905$ 18,086,352$ 18,412,610$ 18,737,461$ 19,061,730$ 19,385,999$ 19,709,783$ 19,709,783$ 19,709,783$ 19,709,783$ 19,709,783$ 19,709,783$
- - - - - - - 8 - - - - - - - - - -
- - - - - - - 15 15 15 14 14 14 - - - - -
- - - - - - - 46 46 45 45 45 45 - - - - -
- - - - - - - 122 122 121 121 121 120 - - - - -
- - - - - - - 385 385 384 384 384 384 - - - - -
- - - - - - - 405 405 405 405 405 405 - - - - -
2,164 2,164 2,164 2,164 2,164 2,164 2,164 3,145 4,118 5,088 6,057 7,026 7,994 7,994 7,994 7,994 7,994 7,994
7,301 7,301 7,301 7,301 7,301 7,301 7,301 10,611 13,894 17,166 20,435 23,705 26,971 26,971 26,971 26,971 26,971 26,971
-$ -$ -$ -$ -$ -$ -$ 5,200,000$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
- - - - - - - 8,250,000 8,250,000 8,250,000 7,700,000 7,700,000 7,700,000 - - - - -
- - - - - - - 24,150,000 24,150,000 23,625,000 23,625,000 23,625,000 23,625,000 - - - - -
- - - - - - - 61,000,000 61,000,000 60,500,000 60,500,000 60,500,000 60,000,000 - - - - -
- - - - - - - 173,250,000 173,250,000 172,800,000 172,800,000 172,800,000 172,800,000 - - - - -
- - - - - - - 141,750,000 141,750,000 141,750,000 141,750,000 141,750,000 141,750,000 - - - - -
-$ -$ -$ -$ -$ -$ -$ 413,600,000$ 408,400,000$ 406,925,000$ 406,375,000$ 406,375,000$ 405,875,000$ -$ -$ -$ -$ -$
940,050,000$ 940,050,000$ 940,050,000$ 940,050,000$ 940,050,000$ 940,050,000$ 940,050,000$ 1,353,650,000$ 1,762,050,000$ 2,168,975,000$ 2,575,350,000$ 2,981,725,000$ 3,387,600,000$ 3,387,600,000$ 3,387,600,000$ 3,387,600,000$ 3,387,600,000$ 3,387,600,000$
9,400,500$ 9,400,500$ 9,400,500$ 9,400,500$ 9,400,500$ 9,400,500$ 9,400,500$ 13,536,500$ 17,620,500$ 21,689,750$ 25,753,500$ 29,817,250$ 33,876,000$ 33,876,000$ 33,876,000$ 33,876,000$ 33,876,000$ 33,876,000$
422,257 422,257 422,257 422,257 422,257 422,257 422,257 608,041 791,488 974,273 1,156,811 1,339,349 1,521,662 1,521,662 1,521,662 1,521,662 1,521,662 1,521,662
422,257$ 422,257$ 422,257$ 422,257$ 422,257$ 422,257$ 422,257$ 608,041$ 791,488$ 974,273$ 1,156,811$ 1,339,349$ 1,521,662$ 1,521,662$ 1,521,662$ 1,521,662$ 1,521,662$ 1,521,662$
940,050,000$ 940,050,000$ 940,050,000$ 940,050,000$ 940,050,000$ 940,050,000$ 940,050,000$ 1,353,650,000$ 1,762,050,000$ 2,168,975,000$ 2,575,350,000$ 2,981,725,000$ 3,387,600,000$ 3,387,600,000$ 3,387,600,000$ 3,387,600,000$ 3,387,600,000$ 3,387,600,000$
94,005,000 94,005,000 94,005,000 94,005,000 94,005,000 94,005,000 94,005,000 135,365,000 176,205,000 216,897,500 257,535,000 298,172,500 338,760,000 338,760,000 338,760,000 338,760,000 338,760,000 338,760,000
103,406 103,406 103,406 103,406 103,406 103,406 103,406 148,902 193,826 238,587 283,289 327,990 372,636 372,636 372,636 372,636 372,636 372,636
51,703 51,703 51,703 51,703 51,703 51,703 51,703 74,451 96,913 119,294 141,644 163,995 186,318 186,318 186,318 186,318 186,318 186,318
51,703$ 51,703$ 51,703$ 51,703$ 51,703$ 51,703$ 51,703$ 74,451$ 96,913$ 119,294$ 141,644$ 163,995$ 186,318$ 186,318$ 186,318$ 186,318$ 186,318$ 186,318$
230,033,200$ 230,033,200$ 230,033,200$ 230,033,200$ 230,033,200$ 230,033,200$ 230,033,200$ 334,313,500$ 437,743,400$ 540,854,400$ 643,859,100$ 746,863,800$ 849,762,200$ 849,762,200$ 849,762,200$ 849,762,200$ 849,762,200$ 849,762,200$
179,612,093 179,612,093 179,612,093 179,612,093 179,612,093 179,612,093 179,612,093 261,035,135 341,794,177 422,304,219 502,731,260 583,158,302 663,502,344 663,502,344 663,502,344 663,502,344 663,502,344 663,502,344
65,742,007 65,742,007 65,742,007 65,742,007 65,742,007 65,742,007 65,742,007 95,544,645 125,104,244 154,572,703 184,010,783 213,448,863 242,856,562 242,856,562 242,856,562 242,856,562 242,856,562 242,856,562
23,667,122 23,667,122 23,667,122 23,667,122 23,667,122 23,667,122 23,667,122 34,396,072 45,037,528 55,646,173 66,243,882 76,841,591 87,428,362 87,428,362 87,428,362 87,428,362 87,428,362 87,428,362
42,074,884 42,074,884 42,074,884 42,074,884 42,074,884 42,074,884 42,074,884 61,148,573 80,066,716 98,926,530 117,766,901 136,607,272 155,428,200 155,428,200 155,428,200 155,428,200 155,428,200 155,428,200
21,037,442 21,037,442 21,037,442 21,037,442 21,037,442 21,037,442 21,037,442 30,574,286 40,033,358 49,463,265 58,883,451 68,303,636 77,714,100 77,714,100 77,714,100 77,714,100 77,714,100 77,714,100
21,037,442$ 21,037,442$ 21,037,442$ 21,037,442$ 21,037,442$ 21,037,442$ 21,037,442$ 30,574,286$ 40,033,358$ 49,463,265$ 58,883,451$ 68,303,636$ 77,714,100$ 77,714,100$ 77,714,100$ 77,714,100$ 77,714,100$ 77,714,100$
210,374$ 210,374$ 210,374$ 210,374$ 210,374$ 210,374$ 210,374$ 305,743$ 400,334$ 494,633$ 588,835$ 683,036$ 777,141$ 777,141$ 777,141$ 777,141$ 777,141$ 777,141$
22,089 22,089 22,089 22,089 22,089 22,089 22,089 32,103 42,035 51,936 61,828 71,719 81,600 81,600 81,600 81,600 81,600 81,600
232,464$ 232,464$ 232,464$ 232,464$ 232,464$ 232,464$ 232,464$ 337,846$ 442,369$ 546,569$ 650,662$ 754,755$ 858,741$ 858,741$ 858,741$ 858,741$ 858,741$ 858,741$
210,374$ 210,374$ 210,374$ 210,374$ 210,374$ 210,374$ 210,374$ 305,743$ 400,334$ 494,633$ 588,835$ 683,036$ 777,141$ 777,141$ 777,141$ 777,141$ 777,141$ 777,141$
210,374$ 210,374$ 210,374$ 210,374$ 210,374$ 210,374$ 210,374$ 305,743$ 400,334$ 494,633$ 588,835$ 683,036$ 777,141$ 777,141$ 777,141$ 777,141$ 777,141$ 777,141$
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - 80,667 80,667 80,667 80,667 80,667 80,667 - - - - -
6,408,500 6,408,500 6,408,500 6,408,500 6,408,500 6,408,500 6,408,500 6,489,167 6,569,833 6,650,500 6,731,167 6,811,833 6,892,500 6,892,500 6,892,500 6,892,500 6,892,500 6,892,500
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - 161 161 161 161 161 161 - - - - -
- - - - - - - 161 161 161 161 161 161 - - - - -
7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,512 7,673 7,834 7,996 8,157 8,318 8,318 8,318 8,318 8,318 8,318
3,675 3,675 3,675 3,675 3,675 3,675 3,675 3,756 3,837 3,917 3,998 4,079 4,159 4,159 4,159 4,159 4,159 4,159
DRAFT
Exhibit C
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 11 - Phasing Analysis Detail
May 29, 2024
Factor
11.2.3 Non-Residential Property Value
University -$
General Light Industrial 215
Business Park 250
Warehouse 215
Cold Storage 215
Fulfillment Center 215
Regional Commercial (Mixed Use)275
Commercial (Mixed Use)275
Office/Medical/Entertainment (Mixed Use)250
Total Non-Residential Assessed Value
Total Cumulative Non-Residential Assessed Value
11.2.4 Non-Residential Property Tax
Basic Tax Paid - Non-Residential 1.00%
City of Lake Elsinore - General Fund 4.4919%
Total Non-Residential Property Tax
11.2.5 Non-Residential Property Transfer Tax
Cumulative Assessed Value
Non-Residential Property Turnover Rate 0.0%
Transfer Tax as a % of Price 0.11%
City of Torrance Share 50.00%
Total Non-Residential Documentary Transfer Tax
11.2.6 On-Site Sales Tax
Total Retail SF (Mixed Use)
Total Taxable Sales from Mixed Use Retail 250$
Fulfillment Center SF
Total Taxable Sales from Fulfillment Center 150$
Total On-Site Taxable Sales
Sales Tax @1% of taxable sales 1.00%
Use Tax @10.50% of sales tax 10.50%
Total Off-Site Sales and Use tax
Measure Z Sales Tax @1.00% of taxable sales 1.00%
Total Measure Z Sales Tax
11.2.7 Off-Site Sales Tax
Total Cumulative Employees -$
Annual Spending per employee 4,300$
Less: On-site Capture @ 36.00%36%
Total Off-site Taxable Spending
Employee Spending Captured in City @ 50% of Taxable Sales 50%
Sales Tax @1% of taxable sales 1.00%
Use Tax @10.50% of sales tax 10.50%
Total New Employee Off-Site Sales and Use Tax Revenue
Measure Z Sales Tax @1.00% of taxable sales 1.00%
Total Measure Z Sales Tax
11.3 Property Tax in Lieu of VLF
Residential and Non-Residential Cumulative Assessed Value
(Less) Existing Land Value
Net (New) Cumulative Assessed Value
Total Property Tax in Lieu of VLF 0.8524$
11.4 Fire Tax Credit
Residential and Non-Residential Cumulative Assessed Value
Basic Tax 1.00%
County Share of the Basic Tax for Structure Fire Protection 5.67%
City of Lake Elsinore Fire Services Cost 136.88$
Net Fire Services Cost
11.5 Other General Fund Discretionary Revenue
Franchise Tax 32.32$
Other Tax 0.20
Transient Occupancy Tax -
Fire Service Tax Credit -
Licenses, Permits and Fees 42.02
Intergovernmental 2.23
Fine & Forfeitures 11.40
Investment Earnings -
Reimbursements/Other -
Special Assessments -
Total Other General Fund Discretionary Revenue
Total General Fund Recurring Revenues
GENERAL FUND RECURRING EXPENDITURES (a)
11.6 General Fund Recurring Expenditures
General Government 20.75$
Administrative Services 14.04$
Public Safety (Exclusing Fire Services)231.74$
Community Development 42.61$
Public Services 84.56$
Community Services 28.06$
Non-Departmental -$
Total Other General Fund Recurring Expenditures
Total General Fund Expenditures
NET PROJECT IMPACT (GENERAL FUND)
11.7 Additional Revenue from Citywide CFD 2015-1 906$
Total General Fund Fiscal Surplus (Deficit)
18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
DRAFT
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - 20,166,667 20,166,667 20,166,667 20,166,667 20,166,667 20,166,667 - - - - -
-$ -$ -$ -$ -$ -$ -$ 20,166,667$ 20,166,667$ 20,166,667$ 20,166,667$ 20,166,667$ 20,166,667$ -$ -$ -$ -$ -$
1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,461,004,167$ 1,481,170,833$ 1,501,337,500$ 1,521,504,167$ 1,541,670,833$ 1,561,837,500$ 1,561,837,500$ 1,561,837,500$ 1,561,837,500$ 1,561,837,500$ 1,561,837,500$
14,408,375$ 14,408,375$ 14,408,375$ 14,408,375$ 14,408,375$ 14,408,375$ 14,408,375$ 14,610,042$ 14,811,708$ 15,013,375$ 15,215,042$ 15,416,708$ 15,618,375$ 15,618,375$ 15,618,375$ 15,618,375$ 15,618,375$ 15,618,375$
647,204 647,204 647,204 647,204 647,204 647,204 647,204 656,263 665,321 674,380 683,438 692,497 701,555 701,555 701,555 701,555 701,555 701,555
647,204$ 647,204$ 647,204$ 647,204$ 647,204$ 647,204$ 647,204$ 656,263$ 665,321$ 674,380$ 683,438$ 692,497$ 701,555$ 701,555$ 701,555$ 701,555$ 701,555$ 701,555$
1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,440,837,500$ 1,461,004,167$ 1,481,170,833$ 1,501,337,500$ 1,521,504,167$ 1,541,670,833$ 1,561,837,500$ 1,561,837,500$ 1,561,837,500$ 1,561,837,500$ 1,561,837,500$ 1,561,837,500$
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500 758,500
189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000 189,625,000
3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000 3,750,000
562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000 562,500,000
752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000 752,125,000
7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$
789,731 789,731 789,731 789,731 789,731 789,731 789,731 789,731 789,731 789,731 789,731 789,731 789,731 789,731 789,731 789,731 789,731 789,731
8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$ 8,310,981$
7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$
7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$ 7,521,250$
7,350$ 7,350$ 7,350$ 7,350$ 7,350$ 7,350$ 7,350$ 7,512$ 7,673$ 7,834$ 7,996$ 8,157$ 8,318$ 8,318$ 8,318$ 8,318$ 8,318$ 8,318$
31,606,433 31,606,433 31,606,433 31,606,433 31,606,433 31,606,433 31,606,433 32,300,167 32,993,900 33,687,633 34,381,367 35,075,100 35,768,833 35,768,833 35,768,833 35,768,833 35,768,833 35,768,833
(11,378,316) (11,378,316) (11,378,316) (11,378,316) (11,378,316) (11,378,316) (11,378,316) (11,628,060) (11,877,804) (12,127,548) (12,377,292) (12,627,036) (12,876,780) (12,876,780) (12,876,780) (12,876,780) (12,876,780) (12,876,780)
20,228,117 20,228,117 20,228,117 20,228,117 20,228,117 20,228,117 20,228,117 20,672,107 21,116,096 21,560,085 22,004,075 22,448,064 22,892,053 22,892,053 22,892,053 22,892,053 22,892,053 22,892,053
10,114,059$ 10,114,059$ 10,114,059$ 10,114,059$ 10,114,059$ 10,114,059$ 10,114,059$ 10,336,053$ 10,558,048$ 10,780,043$ 11,002,037$ 11,224,032$ 11,446,027$ 11,446,027$ 11,446,027$ 11,446,027$ 11,446,027$ 11,446,027$
101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 103,361$ 105,580$ 107,800$ 110,020$ 112,240$ 114,460$ 114,460$ 114,460$ 114,460$ 114,460$ 114,460$
10,620$ 10,620$ 10,620$ 10,620$ 10,620$ 10,620$ 10,620$ 10,853$ 11,086$ 11,319$ 11,552$ 11,785$ 12,018$ 12,018$ 12,018$ 12,018$ 12,018$ 12,018$
111,760$ 111,760$ 111,760$ 111,760$ 111,760$ 111,760$ 111,760$ 114,213$ 116,666$ 119,119$ 121,573$ 124,026$ 126,479$ 126,479$ 126,479$ 126,479$ 126,479$ 126,479$
101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 103,361$ 105,580$ 107,800$ 110,020$ 112,240$ 114,460$ 114,460$ 114,460$ 114,460$ 114,460$ 114,460$
101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 101,141$ 103,361$ 105,580$ 107,800$ 110,020$ 112,240$ 114,460$ 114,460$ 114,460$ 114,460$ 114,460$ 114,460$
2,380,887,500$ 2,380,887,500$ 2,380,887,500$ 2,380,887,500$ 2,380,887,500$ 2,380,887,500$ 2,380,887,500$ 2,814,654,167$ 3,243,220,833$ 3,670,312,500$ 4,096,854,167$ 4,523,395,833$ 4,949,437,500$ 4,949,437,500$ 4,949,437,500$ 4,949,437,500$ 4,949,437,500$ 4,949,437,500$
(36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176) (36,021,176)
2,344,866,324$ 2,344,866,324$ 2,344,866,324$ 2,344,866,324$ 2,344,866,324$ 2,344,866,324$ 2,344,866,324$ 2,778,632,991$ 3,207,199,657$ 3,634,291,324$ 4,060,832,991$ 4,487,374,657$ 4,913,416,324$ 4,913,416,324$ 4,913,416,324$ 4,913,416,324$ 4,913,416,324$ 4,913,416,324$
1,998,801$ 1,998,801$ 1,998,801$ 1,998,801$ 1,998,801$ 1,998,801$ 1,998,801$ 2,368,551$ 2,733,868$ 3,097,928$ 3,461,518$ 3,825,109$ 4,188,274$ 4,188,274$ 4,188,274$ 4,188,274$ 4,188,274$ 4,188,274$
2,380,887,500$ 2,380,887,500$ 2,380,887,500$ 2,380,887,500$ 2,380,887,500$ 2,380,887,500$ 2,380,887,500$ 2,814,654,167$ 3,243,220,833$ 3,670,312,500$ 4,096,854,167$ 4,523,395,833$ 4,949,437,500$ 4,949,437,500$ 4,949,437,500$ 4,949,437,500$ 4,949,437,500$ 4,949,437,500$
23,808,875 23,808,875 23,808,875 23,808,875 23,808,875 23,808,875 23,808,875 28,146,542 32,432,208 36,703,125 40,968,542 45,233,958 49,494,375 49,494,375 49,494,375 49,494,375 49,494,375 49,494,375
1,348,812 1,348,812 1,348,812 1,348,812 1,348,812 1,348,812 1,348,812 1,594,548 1,837,339 2,079,293 2,320,936 2,562,579 2,803,939 2,803,939 2,803,939 2,803,939 2,803,939 2,803,939
1,502,440$ 1,502,440$ 1,502,440$ 1,502,440$ 1,502,440$ 1,502,440$ 1,502,440$ 1,966,527$ 2,426,919$ 2,885,925$ 3,344,469$ 3,803,014$ 4,261,097$ 4,261,097$ 4,261,097$ 4,261,097$ 4,261,097$ 4,261,097$
153,628$ 153,628$ 153,628$ 153,628$ 153,628$ 153,628$ 153,628$ 371,978$ 589,580$ 806,632$ 1,023,533$ 1,240,435$ 1,457,158$ 1,457,158$ 1,457,158$ 1,457,158$ 1,457,158$ 1,457,158$
354,734$ 354,734$ 354,734$ 354,734$ 354,734$ 354,734$ 354,734$ 464,307$ 573,008$ 681,381$ 789,646$ 897,911$ 1,006,066$ 1,006,066$ 1,006,066$ 1,006,066$ 1,006,066$ 1,006,066$
2,155 2,155 2,155 2,155 2,155 2,155 2,155 2,821 3,482 4,140 4,798 5,456 6,113 6,113 6,113 6,113 6,113 6,113
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
461,264 461,264 461,264 461,264 461,264 461,264 461,264 603,743 745,087 886,007 1,026,784 1,167,562 1,308,198 1,308,198 1,308,198 1,308,198 1,308,198 1,308,198
24,532 24,532 24,532 24,532 24,532 24,532 24,532 32,109 39,626 47,121 54,608 62,095 69,575 69,575 69,575 69,575 69,575 69,575
125,143 125,143 125,143 125,143 125,143 125,143 125,143 163,799 202,146 240,378 278,572 316,766 354,921 354,921 354,921 354,921 354,921 354,921
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - -
967,828$ 967,828$ 967,828$ 967,828$ 967,828$ 967,828$ 967,828$ 1,266,778$ 1,563,349$ 1,859,028$ 2,154,408$ 2,449,789$ 2,744,873$ 2,744,873$ 2,744,873$ 2,744,873$ 2,744,873$ 2,744,873$
20,575,763$ 20,575,763$ 20,575,763$ 20,575,763$ 20,575,763$ 20,575,763$ 20,575,763$ 21,667,477$ 22,748,119$ 23,825,254$ 24,901,141$ 25,977,028$ 27,051,734$ 27,051,734$ 27,051,734$ 27,051,734$ 27,051,734$ 27,051,734$
227,799$ 227,799$ 227,799$ 227,799$ 227,799$ 227,799$ 227,799$ 298,164$ 367,968$ 437,563$ 507,087$ 576,612$ 646,066$ 646,066$ 646,066$ 646,066$ 646,066$ 646,066$
154,149 154,149 154,149 154,149 154,149 154,149 154,149 201,763 248,999 296,093 343,139 390,185 437,184 437,184 437,184 437,184 437,184 437,184
2,543,587 2,543,587 2,543,587 2,543,587 2,543,587 2,543,587 2,543,587 3,329,271 4,108,701 4,885,785 5,662,087 6,438,389 7,213,909 7,213,909 7,213,909 7,213,909 7,213,909 7,213,909
467,736 467,736 467,736 467,736 467,736 467,736 467,736 612,214 755,542 898,439 1,041,192 1,183,945 1,326,554 1,326,554 1,326,554 1,326,554 1,326,554 1,326,554
928,138 928,138 928,138 928,138 928,138 928,138 928,138 1,214,829 1,499,237 1,782,790 2,066,057 2,349,325 2,632,307 2,632,307 2,632,307 2,632,307 2,632,307 2,632,307
307,990 307,990 307,990 307,990 307,990 307,990 307,990 403,124 497,501 591,595 685,593 779,591 873,495 873,495 873,495 873,495 873,495 873,495
- - - - - - - - - - - - - - - - - -
4,629,399$ 4,629,399$ 4,629,399$ 4,629,399$ 4,629,399$ 4,629,399$ 4,629,399$ 6,059,366$ 7,477,949$ 8,892,264$ 10,305,155$ 11,718,047$ 13,129,515$ 13,129,515$ 13,129,515$ 13,129,515$ 13,129,515$ 13,129,515$
4,783,027$ 4,783,027$ 4,783,027$ 4,783,027$ 4,783,027$ 4,783,027$ 4,783,027$ 6,431,344$ 8,067,529$ 9,698,895$ 11,328,689$ 12,958,482$ 14,586,673$ 14,586,673$ 14,586,673$ 14,586,673$ 14,586,673$ 14,586,673$
15,792,737$ 15,792,737$ 15,792,737$ 15,792,737$ 15,792,737$ 15,792,737$ 15,792,737$ 15,236,133$ 14,680,590$ 14,126,359$ 13,572,452$ 13,018,546$ 12,465,061$ 12,465,061$ 12,465,061$ 12,465,061$ 12,465,061$ 12,465,061$
1,961,168$ 1,961,168$ 1,961,168$ 1,961,168$ 1,961,168$ 1,961,168$ 1,961,168$ 2,850,219$ 3,732,020$ 4,611,102$ 5,489,277$ 6,367,453$ 7,244,722$ 7,244,722$ 7,244,722$ 7,244,722$ 7,244,722$ 7,244,722$
17,753,905$ 17,753,905$ 17,753,905$ 17,753,905$ 17,753,905$ 17,753,905$ 17,753,905$ 18,086,352$ 18,412,610$ 18,737,461$ 19,061,730$ 19,385,999$ 19,709,783$ 19,709,783$ 19,709,783$ 19,709,783$ 19,709,783$ 19,709,783$
Exhibit D
Economic Benefit Analysis Exhibits
for
Approved Specific Plan
Exhibit D
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 1 - IMPLAN Input Table
I. Construction Cost
Residential Units (a)
Construction Cost
per Unit (a)
Total
Construction Cost (a)
Hillside Homes 8 455,000$ 3,640,000$
Low Density Residential 1,325 385,000 510,125,000
Medium Density Residential 1,225 367,500 450,187,500
Medium-High Density Residential 358 350,000 125,300,000
High Density Residentail 512 315,000 161,280,000
Very High Density Residential 4,596 245,000 1,126,020,000
Total Residential Construction Cost 2,376,552,500$
Non-Residential SF (a)
Construction Cost
per SF (a)
Total
Construction Cost (a)
University 1,500,000 250$ 375,000,000$
Regional Commercial (Mixed Use)851,800 275 234,245,000
Commercial (Mixed Use)974,500 275 267,987,500
Office/Medical/Entertainment (Mixed Use)484,000 250 121,000,000
Total Non-Residential Assessed Value 998,232,500$
Total Construction Cost for the Project 3,374,785,000$
II. On-site Employees SF (a)
SF per
Employee (b)
Total
Employees
IMPLAN Employee
Conversion rate (c)
Total Full-time, Part-
time and seasonal
Employees
University 1,500,000 1,314 1,142 0.9118 1,252
General Light Industrial - 1,030 - 0.9379 -
Business Park - 600 - 0.9379 -
Warehouse - 1,030 - 0.9379 -
Cold Storage - 1,030 - 0.9379 -
Fulfillment Center - 1,030 - 0.9379 -
Regional Commercial (Mixed Use)851,800 500 1,704 0.8771 1,942
Commercial (Mixed Use)974,500 500 1,949 0.8771 2,222
Office/Medical/Entertainment (Mixed Use)484,000 500 968 0.8771 1,104
Total Non- Residential Employees 5,762 6,520
Footnotes:
(a)Per Lansing Companies.
(b)
(c)Per IMPLAN, the conversion rates are used to convert the FTE number to full-time, part-time and seasonal number.
May 29, 2024
Per Riverside County General Plan Appendix E-2: Socioeconomic Build-Out Assumptions and Methodology. SF/Employee for University per 2018
Commercial Building Energy Consumption Survey, Table B2 published by U.S. Energy Information Administration.
DRAFT
1
Exhibit D
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 2 - Economic Benefit Analysis Summary
Average Annual Construction Period Impacts Permanent Ongoing Annual Impacts
23-Year Construction Period
Jobs Labor Income Jobs Labor Income
Direct Effect Direct Effect Direct Effect Direct Effect
1,162 $73.92 Million 6,607 $206.01 Million
Indirect Effect Indirect Effect Indirect Effect Indirect Effect
143 $8.13 Million 802 $39.38 Million
Induced Effect Induced Effect Induced Effect Induced Effect
278 $13.35 Million 817 $39.18 Million
Total Average Annual
Number of Jobs
Total Average Annual
Labor Income
Total Average Annual
Number of Jobs
Total Average Annual
Labor Income
1,583 $95.4 Million 8,226 $284.57 Million
Cumulative Construction Period Impacts
23-Year Construction Period
23-Year Cumulative
Labor Income
$2.19 Billion
May 29, 2024 DRAFT
Exhibit D
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 3 - Construction Period Impacts
May 29, 2024
Employment Impact Jobs Description
Direct Effect 1,162 Represents direct onsite construction-related jobs.
Indirect Effect 143 Represents jobs created as a result of new business to
business spending in the local economy.
Induced Effect 278 Represents jobs created as a result of spending by new
direct and indirect employees in the local economy.
Total 1,583
Labor Income Impact Labor Income Description
Direct Effect $73.92 Million Represents direct onsite construction labor income.
Indirect Effect $8.13 Million Represents labor income generated as a result of new
business to business spending in the local economy.
Induced Effect $13.35 Million
Represents labor income generated as a result of
spending by new direct and indirect employees in the
local economy.
Total $95.4 Million
Footnotes:
Average Annual Jobs Created During Construction Period (a)
Average Annual Labor Income Generated During Construction Period (a)
(a) Calculated using IMPLAN, a nationally recognized economic modeling system. Riverside County is the study
area. Jobs are reported as all jobs (full-time, part-time, and seasonal).
DRAFT
Exhibit D
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Approved Specific Plan
Table 4 - Ongoing Annual Impacts
May 29, 2024
Employment Impact Total Jobs Description
Direct Effect (b)6,607 Represents direct onsite jobs created by the operations
of the new facilities.
Indirect Effect 802 Represents jobs created as a result of new business to
business spending in the local economy.
Induced Effect 817 Represents jobs created as a result of spending by new
direct and indirect employees in the local economy.
Total 8,226
Labor Income Impact Total Labor Income Description
Direct Effect $206.01 Million Represents labor income generated by the operations of
the new facilities
Indirect Effect $39.38 Million Represents labor income generated from new business
to business spending in the local economy.
Induced Effect $39.18 Million Represents labor income generated by spending of new
direct and indirect employees in the local economy.
Total $284.57 Million
Footnotes:
Total Ongoing Annual Number of Jobs Created (a)
Total Ongoing Annual Labor Income Generated (a)
(a) Calculated using IMPLAN, a nationally recognized economic modeling system. Riverside County is the study
area. Jobs are reported as all jobs (full-time, part-time, and seasonal).
(b) 5,762 full-time equivalent direct jobs were converted to 6,520 full-time, part-time and seasonal jobs using
IMPLAN industry sector conversion factors. The job numbers above include the jobs created by the student's
annual spending which is estimated to generate 87 direct jobs, 10 indirect jobs, and 10 induced jobs.
DRAFT
Exhibit D
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Table 5 - Top 10 Industries Affected
Rank Industry Jobs
1 Retail - Miscellaneous store retailers 5,306
2 Junior Colleges, Colleges, Universities, and Professional Schools 1,263
3 Other Real Estate 254
4 Warehousing and Storage 111
5 Employment Services 77
6 All Other Food and Drinking Places 69
7 Limited-Service Restaurants 59
8 Full-Service Restaurants 56
9 Transit and Ground Passenger Transportation 48
10 Couriers and Messengers 47
(a)
(b)Jobs by Top Ten industries affected by the new commercial activity and local spending as a result of the
new Project.
May 29, 2024
Total Ongoing Annual Top 10 Industries Affected (a) (b)
Footnotes:
Calculated using IMPLAN, a nationally recognized economic modeling system. Riverside County is the
study area. Jobs are reported as all jobs (full-time, part-time, and seasonal).
DRAFT
Exhibit E
Economic Benefit Analysis Exhibits
for
Proposed Specific Plan
Exhibit E
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 1 - IMPLAN Input Table
I. Construction Cost
Residential Units (a)
Construction Cost
per Unit (a)
Total
Construction Cost (a)
Hillside Homes 8 455,000$ 3,640,000$
Low Density Residential 722 385,000 277,970,000
Medium Density Residential 590 367,500 216,825,000
Medium-High Density Residential 727 350,000 254,450,000
High Density Residentail 2,306 315,000 726,390,000
Very High Density Residential 3,641 245,000 892,045,000
Total Residential Construction Cost 2,371,320,000$
Non-Residential SF (a)
Construction Cost
per SF (a)
Total
Construction Cost (a)
University - 250$ -$
General Light Industrial 550,000 215$ 118,250,000$
Business Park 500,000 250 125,000,000
Warehouse 250,000 215 53,750,000
Cold Storage 600,000 215 129,000,000
Fulfillment Center 3,750,000 215 806,250,000
Commercial (Mixed Use)758,500 275 208,587,500
Office/Medical/Entertainment (Mixed Use)484,000 250 121,000,000
Total Non-Residential Assessed Value 1,561,837,500$
Total Construction Cost for the Project 3,933,157,500$
II. On-site Employees SF (a)
SF per
Employee (b)
Total
Employees
IMPLAN Employee
Conversion rate (c)
Total Full-time, Part-
time and seasonal
Employees
University - 1,314 - 0.9118 -
General Light Industrial 550,000 1,030 534 0.9379 569
Business Park 500,000 600 833 0.9379 889
Warehouse 250,000 1,030 243 0.9379 259
Cold Storage 600,000 1,030 583 0.9379 621
Fulfillment Center 3,750,000 1,030 3,641 0.9379 3,882
Commercial (Mixed Use)758,500 500 1,517 0.8771 1,730
Office/Medical/Entertainment (Mixed Use)484,000 500 968 0.8771 1,104
Total Non- Residential Employees 8,318 9,053
Footnotes:
(a)Per Lansing Companies.
(b)
(c)Per IMPLAN, the conversion rates are used to convert the FTE number to full-time, part-time and seasonal number.
May 29, 2024
Per Riverside County General Plan Appendix E-2: Socioeconomic Build-Out Assumptions and Methodology.
DRAFT
1
Exhibit E
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 2 - Economic Benefit Analysis Summary
Average Annual Construction Period Impacts Permanent Ongoing Annual Impacts
1-Year Construction Period
Jobs Labor Income Jobs Labor Income
Direct Effect Direct Effect Direct Effect Direct Effect
1,475 $93.43 Million 9,053 $472.14 Million
Indirect Effect Indirect Effect Indirect Effect Indirect Effect
185 $10.64 Million 2,270 $115.77 Million
Induced Effect Induced Effect Induced Effect Induced Effect
353 $16.95 Million 1,907 $91.63 Million
Total Average Annual
Number of Jobs
Total Average Annual
Labor Income
Total Average Annual
Number of Jobs
Total Average Annual
Labor Income
2,013 $121.01 Million 13,230 $679.53 Million
Cumulative Construction Period Impacts
21-Year Construction Period
21-Year Cumulative
Labor Income
$2.54 Billion
May 29, 2024 DRAFT
Exhibit E
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 2 - Construction Period Impacts
May 29, 2024
Employment Impact Jobs Description
Direct Effect 1,475 Represents direct onsite construction-related jobs.
Indirect Effect 185 Represents jobs created as a result of new business to
business spending in the local economy.
Induced Effect 353 Represents jobs created as a result of spending by new
direct and indirect employees in the local economy.
Total 2,013
Labor Income Impact Labor Income Description
Direct Effect $93.43 Million Represents direct onsite construction labor income.
Indirect Effect $10.64 Million Represents labor income generated as a result of new
business to business spending in the local economy.
Induced Effect $16.95 Million
Represents labor income generated as a result of
spending by new direct and indirect employees in the
local economy.
Total $121.01 Million
Footnotes:
Average Annual Jobs Created During Construction Period (a)
Average Annual Labor Income Generated During Construction Period (a)
(a) Calculated using IMPLAN, a nationally recognized economic modeling system. Riverside County is the study
area. Jobs are reported as all jobs (full-time, part-time, and seasonal).
DRAFT
Exhibit E
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 3 - Ongoing Annual Impacts
May 29, 2024
Employment Impact Total Jobs Description
Direct Effect (b)9,053 Represents direct onsite jobs created by the operations
of the new facilities.
Indirect Effect 2,270 Represents jobs created as a result of new business to
business spending in the local economy.
Induced Effect 1,907 Represents jobs created as a result of spending by new
direct and indirect employees in the local economy.
Total 13,230
Labor Income Impact Total Labor Income Description
Direct Effect $472.14 Million Represents labor income generated by the operations
of the new facilities
Indirect Effect $115.77 Million Represents labor income generated from new business
to business spending in the local economy.
Induced Effect $91.63 Million Represents labor income generated by spending of new
direct and indirect employees in the local economy.
Total $679.53 Million
Footnotes:
Total Ongoing Annual Number of Jobs Created (a)
Total Ongoing Annual Labor Income Generated (a)
(a) Calculated using IMPLAN, a nationally recognized economic modeling system. Riverside County is the study
area. Jobs are reported as all jobs (full-time, part-time, and seasonal).
(b) 8,318 full-time equivalent direct jobs were converted to 9,053 full-time, part-time and seasonal jobs using
IMPLAN industry sector conversion factors.
DRAFT
Exhibit E
Lansing Companies
Alberhill Villages Specific Plan - City of Lake Elsinore
Proposed Specific Plan
Table 4 - Top 10 Industries Affected
Rank Industry Jobs
1 Warehousing and Storage 6,867
2 Retail - Miscellaneous Store Retailers 2,873
3 Other Real Estate 562
4 Employment Services 276
5 Couriers and Messengers 143
6 Limited-Service Restaurants 137
7 Full-Service Restaurants 122
8 Individual and Family Services 98
9 Services to Building 79
10 All Other Food and Drinking Places 66
(a)
(b)Jobs by Top Ten industries affected by the new commercial activity and local spending as a result of the
new Project.
May 29, 2024
Total Ongoing Annual Top 10 Industries Affected (a) (b)
Footnotes:
Calculated using IMPLAN, a nationally recognized economic modeling system. Riverside County is the
study area. Jobs are reported as all jobs (full-time, part-time, and seasonal).
DRAFT