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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 Page | 1 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. Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024 Page | 2 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. Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024 Page | 3 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 Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024 Page | 4 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 Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024 Page | 5 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: Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024 Page | 6 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 Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024 Page | 7 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: Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024 Page | 8 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 - - Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024 Page | 9 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 Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024 Page | 10 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. Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024 Page | 11 ▪ 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 Fiscal Impact and Economic Benefit Analysis – Alberhill Villages Specific Plan May 29, 2024 Page | 12 (“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