Sample Projects

GCG has a stellar reputation for delivering high-quality work products, on-time and within budget. Our clients can attest to the commitment to excellence that is reflected in all of the services we provide. A sample of various projects within each of GCG’s specialty areas is provided below.

Mello-Roos CFD Formation and Annual CFD Administration

Rincon Hill, ABAG Finance Authority for Nonprofit Corporations

GCG prepared the special tax formula for a CFD formed by the Association of Bay Area Governments Finance Authority for Nonprofit Corporations to fund impact fees payable to the City and County of San Francisco in association with construction of multiple condominium towers on Rincon Hill. The initial boundary of the CFD included only a one-acre parcel on which a 62-story structure has been constructed that contains 390 residential units ranging in size from 600 to 2,400 square feet. Several additional parcels were designated “future annexation area” on the CFD boundary map, one of which has now been annexed to the CFD. The tax formula prepared by GCG includes a special tax per square foot of living space, an exemption for below-market rate units, a backup special tax to protect against reductions in square footage, and a prepayment formula by which an owner can prepay the annual special tax obligation. GCG manages the ongoing administration of the CFD, including preparation of separate homeowner disclosures for each residential unit within the condominium towers.

Hunters Point Naval Shipyard, San Francisco Redevelopment Agency

GCG served as special tax consultant to the Redevelopment Agency of the City and County of San Francisco (RDA) in the formation of a CFD to fund public infrastructure that will serve new development in Phase I of the Hunters Point Naval Shipyard. GCG coordinated closely with RDA staff, the master developer, and the RDA’s financing team to understand the complexities of the project and to develop a special tax formula that would accommodate changes in land use and product types. GCG developed a special tax formula that allows flexibility in development plans, ensures special tax revenues will be sufficient under a variable-rate or fixed-rate bond structure, and provides for a reduced tax on below-market rate units and an exemption for RDA units. GCG also served as special tax consultant for a second, over-lapping CFD that will fund ongoing maintenance of the open space in Hunters Point. GCG manages the annual administration of both CFDs.

El Charro Specific Plan, City of Livermore

The El Charro Specific Plan proposed development of 130 net acres of commercial and industrial land uses that required more than $60 million in public facilities, about two-thirds of which was funded by a CFD. Each of the five landowners in the CFD had varying objectives and a different perspective on how much and when they should be required to participate. GCG was hired by the City of Livermore to serve as special tax consultant, but GCG also became an integral part of the education and negotiation process with the landowners. GCG developed a rate and method of apportionment of special tax for each of five improvement areas within the CFD. This tax structure provided the owners with flexibility as to whether they wanted to participate in the initial bond sale, the second bond sale, or both. GCG also manages the annual administration of the CFD, including preparation of the special tax levy, delinquency management, continuing disclosure compliance, and arbitrage rebate calculations.

West Roseville Specific Plan, City of Roseville

GCG served as special tax consultant to the City of Roseville for formation of five CFDs that fund public infrastructure and services needed to serve the Westpark and Fiddyment Ranch projects in the West Roseville Specific Plan. Combined, the two projects include almost 8,500 residential units and more than 250 acres of commercial and industrial development. Each project is included within one CFD that funds infrastructure and community facilities, with an overlapping CFD to fund parks and open space maintenance. The infrastructure CFDs include a special tax formula that assigns a special tax obligation to each large lot within the projects based on land uses anticipated in tentative maps and other land use plans. The services CFDs rely on City zoning designations to determine the appropriate special tax category for each parcel.

Mossdale Village Specific Plan, City of Lathrop

The Mossdale Village Specific Plan area, which includes more than 500 acres of residential, office, and retail development, is divided into three primary development areas. Each area is on a different entitlement timeline, involves a separate set of landowners and developers, and entails a diverse land use mix. To date, GCG has served as special tax consultant for two CFDs that have been formed for Mossdale Village, and more are expected. The first CFD incorporated two development areas and was established to pay for water facilities. The CFD is part of a larger water revenue bond issue that relies on monthly utility charges and other sources of revenue to repay debt service; special tax revenue collected through the CFD is one of those sources. The second CFD, which includes the same area as the first but anticipates the inclusion of the third area via annexation, was established to fund ongoing operation and maintenance services in order to mitigate projected fiscal deficits. To ensure that anticipated deficits are avoided both at buildout and during project development, GCG included a one-time special tax that will be collected when a building permit is issued as well as an annual special tax levied on final mapped property and developed property. The City has contracted with GCG to manage the ongoing administration of its CFDs.

Ritz-Carlton Club and Residences, ABAG Finance Authority for Nonprofit Corporations

The 690 Market Street building is a 24-story, high-rise building which was converted from office space to 101 dwelling units, three retail units, and common space, which is collectively known as the Ritz-Carlton Club and Residences. Of the 101 total units, 44 are fractional units with multiple owners. In 2007, $11 million in Mello-Roos bonds were sold to finance seismic safety improvements to the building; $19 million in bond authorization remains. GCG’s special tax formula included the following elements: (i) transition of the special tax upon conversion of variable-rate bonds to fixed-rate bonds, (ii) an exemption of affordable units, (iii) a backup tax that protects the special tax revenues from changes in the number of units or square footage within the building, and (iv) a provision to spread the special tax among owners of a fractional unit. GCG manages the ongoing administration of the CFD, including preparation of the special tax levy, delinquency management, continuing disclosure compliance, and arbitrage rebate calculations.

Mountain House New Community, County of San Joaquin

Mountain House is a proposed master-planned community of more than 16,000 residential units and 700 acres of commercial/industrial land uses in the County of San Joaquin. GCG served as special tax consultant to the Lammersville School District for the formation of two CFDs that will fund almost $100 million of K-8 school facilities within the project. The tax formulae for the CFDs provide special tax categories based on lot size and product type, a backup tax triggered by changes to the tentative map land uses, and full and partial prepayment options. To date, three series of bonds have been issued to fund K-8 schools in Mountain House. GCG is also responsible for the ongoing administration of the CFDs, including preparation of the special tax levies and ensuring compliance with state and federal disclosure requirements.

Natomas Central, City of Sacramento

GCG served as special tax consultant to the City of Sacramento for formation of the Natomas Central CFD. The project consists of approximately 2,450 residential units and is located on 398 acres in the North Natomas area. Also within the project, but outside the boundaries of the CFD, are more than 350 affordable rental units that meet the City’s inclusionary housing requirements. Various public facilities, including, but not limited to, street and storm water improvements, and certain impact fees are expected to be funded with future Mello-Roos bond proceeds. The CFD is authorized to issue up to $35 million in bonds to fund public facilities and incidental expenses. Four different tax zones were established within the CFD, the boundaries of which are consistent with the different residential product types that will be offered for sale within Natomas Central.

Water Facility Expansion, City of Lathrop

GCG acted as special tax consultant for the City of Lathrop in the formation of a CFD that will fund the City’s share of an expansion of the Manteca Water Quality Control Facility, specifically two sanitary sewer conveyance pipelines that serve two different development areas. Since the pipeline costs vary, and a portion of the area being served by the plant expansion does not need new conveyance facilities, three separate improvement areas with different special tax structures were created within the CFD. New development in the CFD involves primarily commercial and industrial land uses, and each parcel was assigned a maximum special tax based on the benefit it expects to derive from the funded facilities.

Mare Island Naval Shipyard, City of Vallejo

On April 1, 1996, the Mare Island Naval Shipyard officially closed after 142 years of operation and was slated for redevelopment by the City of Vallejo. Lennar Mare Island was selected as the Master Developer for the project, and redevelopment commenced in 1997. GCG prepared a fiscal impact analysis that estimated the allocation of revenues once the island was parcelized and property taxes were levied. To mitigate the impact new residents and businesses would have on the City’s ability to provide services, the City formed a CFD to pay for services on the island, including police, fire, sewer and water services (the City used its charter powers to add to the list of services authorized under state law). GCG prepared the special tax formula that first applies property tax, sales tax, and other traditional revenues to the annual services costs before calculating the special tax levy.

As part of the infrastructure financing program, GCG worked with the City and Lennar to form overlapping CFDs for infrastructure that will make use of the taxing capacity that is no longer needed for services once revenues are sufficient to cover service costs. GCG’s fiscal analysis demonstrates the point at which service costs can be covered by traditional revenue sources. GCG also prepared tax increment projections to assist in evaluating the potential for tax increment funding for certain capital improvements. GCG manages the annual CFD administration, which includes reviewing all building permit data for the City of Vallejo and maintaining a database of all parcels within the CFD boundaries.

Municipal Services CFD, City of Roseville

GCG wrote the special tax formula for the City of Roseville’s municipal services CFD, which was formed in 2004 and has had 13 new developments annex to the CFD since that time. There are currently more than 4,000 parcels on which a special tax is levied each year to fund police and fire protection and maintenance of parks, parkways, and open space. The special tax formula provides that the City’s Affordable Housing Director will identify parcels that contain affordable housing units, and after such identification, the parcel’s special tax levy is reduced to one-half of the special tax rate that would have otherwise applied.

Edgewater Project, County of Yuba

At buildout, the Edgewater project will include more than 1,100 single family and multi-family residential units in unincorporated Yuba County. GCG was hired to serve as special tax consultant for a CFD that funds a variety of public facilities required for the project. The tax formula includes multiple tiers of taxation based on a parcel’s entitlement and development status. The backup formula relies on an assignment of special tax obligation to large lots within the project, allowing for changes of use or lot counts within a particular large lot. GCG manages the annual CFD administration, including preparation of the special tax levy, continuing disclosure reports, and arbitrage rebate calculations.

Mint Plaza, ABAG Finance Authority for Nonprofit Corporations

GCG was retained by the Association of Bay Area Governments to serve as special tax consultant for the Mint Plaza CFD, which included five renovated historic buildings located near San Francisco’s Union Square shopping district. Mello-Roos bonds were sold to fund the conversion of two alleys into an approximately 20,000 square foot public pedestrian plaza surrounded by new cafes and restaurants and the Old Mint building, which will be renovated into a state-of-the-art city museum. GCG’s special tax formula provided a varying special tax per square foot in each of the five buildings, with a backup special tax that protected bondholders in the event of a variation in the final developed square footage. GCG manages the ongoing administration of the Mint Plaza CFD, including preparation of the special tax levy, delinquency management, continuing disclosure compliance, and arbitrage rebate calculations.

Spring Lake Specific Plan, City of Woodland

GCG served as the special tax consultant for a CFD that was formed to finance public infrastructure required to serve the Spring Lake Specific Plan area. The tax formula accommodates complexities of the City’s growth control ordinance and will result in special taxes being levied on only those properties that have received a “Building Unit Allocation” (BUA) as of CFD formation or in future fiscal years when additional BUAs are released. The formula also provides for special treatment of the project’s affordable housing, and sets forth several tiers of taxation to limit the tax on property that is years away from final development. GCG is also managing the ongoing CFD tax administration, serving as Dissemination Agent for the required continuing disclosure, and preparing the arbitrage rebate calculations.

Sunridge Specific Plan, City of Rancho Cordova

GCG worked with the County of Sacramento and City of Rancho Cordova to prepare a tax formula that met the objectives of the City, County, and multiple developers. A complex special tax structure was developed to ensure that no reduction in special tax revenues would occur regardless of changes in land use within the CFD in future years. Five separate tax zones were established, and a CFD buffer was included in the tax formula to allow minor changes in land use before the back-up tax is required to be implemented. GCG also worked with the City to form a second CFD in the Specific Plan area and has been responsible for the annual tax administration of both CFDs.

Multiple Mello-Roos CFDs, City of Ontario

GCG was retained by the City of Ontario to provide special tax consulting services for all of its CFD formations. Five CFDs have been formed, all of which included a special tax to fund both facilities and services. Several unique features were incorporated into these CFDs, including (i) a special tax formula that shifts the facilities special tax burden to the most valuable land uses and limits the special tax on undeveloped land to an amount within the City’s value-to-lien guidelines, (ii) a provision that allows the City to fund capital replacement and life cycle costs over a period of 100 years, and (iii) authorization for the City to collect the maximum services special tax but use excess revenues to fund improvements on a pay as you go basis. GCG administers the larger CFDs, while the City manages the smaller CFDs in-house.

Multiple Mello-Roos CFDs, City of Modesto

GCG has served as special tax consultant for eight CFDs formed in the City of Modesto. One of the largest CFDs was formed to fund more than $100 million in public infrastructure needed to serve the Village One Specific Plan, which includes more than 7,400 residential units, 650,000 square feet of retail space, and 2.3 million square feet of light industrial, business park, and office uses. GCG prepared the special tax formula for the CFD, the initial boundaries of which included one small subdivision. The tax formula anticipates multiple special tax zones and improvement areas; to date, fourteen annexations have taken place to add additional developments to the CFD. The backup tax formula protects against a reduction in special tax revenues due to changes in land use, a problem that had plagued the City’s previous CFD that was formed before GCG was hired as the City’s consultant. GCG has also been hired by the City to act as the tax administrator for all of its CFDs.

Northstar-at-Tahoe Ski Resort, Northstar Community Services District

GCG prepared the special tax formula for a CFD formed to fund more than $70 million in public facilities needed to upgrade and expand the Northstar-at-Tahoe ski resort. The tax formula includes three tax zones, seven residential special tax categories, and a non-residential special tax that increases at certain development intervals. Special exemptions apply to ski areas and related facilities on the mountain, and a separate method of apportionment is provided for developed, final map, and tentative map property. GCG has been hired by the Northstar Community Services District to manage annual administration of the CFD, including serving as Dissemination Agent for the continuing disclosure reports and preparing the arbitrage rebate calculations.

CFDs for Services, Various Cities

GCG has conducted numerous project-specific and city-wide fiscal impact studies to determine the CFD special taxes needed to mitigate anticipated fiscal deficits created by new development. Fiscal studies in the cities of Lathrop, Merced, Modesto, Oakdale, Rohnert Park, Atwater, and Escalon, to name a few, have provided the background analysis and justification to form a CFD to fund the annual park, landscape, and storm drainage operations and maintenance, as well as public safety and other municipal services associated with new development. Some CFDs established for services include a one-time special tax levied when a building permit is issued, an annual special tax levied on final mapped property or undeveloped land, as well as an annual special tax on developed property. Other CFDs bifurcate the special tax into a city-wide component and a project-specific component so the tax varies from project to project depending on the unique features of a given development. Certain jurisdictions have established a range of special tax rates that relate to particular types and/or levels of service, and a project adopts the appropriate special tax when it annexes into the CFD.

Public Facilities Financing Plans and Feasibility Analyses

Urban Management Plan, City of Tracy

At buildout, the Tracy Urban Management Plan (UMP) area will include 46,000 new residential dwelling units and 7,800 acres of new commercial/industrial development. A number of analyses were provided to the City associated with determining the feasibility of the UMP, including the following: (i) analysis of market conditions and growth pressures in San Joaquin County to develop estimated absorption rates for UMP land uses, (ii) allocation of public facility costs based on benefit criteria and timing considerations, with input from public and private sector participants, and (iii) development of a general financing plan for the entire UMP and a specific, more detailed program for first phase development. In addition, an analysis of a proposed consolidation of the Tracy Rural Fire Protection District with the Tracy Fire Department was conducted, and the City’s participation in a regional water treatment and distribution facility was evaluated.

Since then, a series of Finance & Implementation Plans (FIPs) and CFDs have been prepared and formed to implement the first phase of UMP growth. Six FIPs and five CFDs have been created for both residential and non-residential development. Because numerous landowners and developers were involved in the process, some projects had development agreements with certain provisions that did not apply to other projects, and a few developers wanted specific financing structures. As a result, multiple CFDs were formed to address separate needs. The special tax formula for one of the CFDs included two tax structures for developed property to account for two different water improvement obligations and a separate tax structure for undeveloped property that reflected the expected residential density. The third residential CFD has two improvement areas: one is anticipated to include traditional lots and the other is anticipated to develop bigger lots with high-end homes. The fourth FIP and CFD were created to facilitate industrial and business park development that involved out-of-state developers unfamiliar with CFD financing. Since the CFD covered just the first phase of a much larger area, the district included provisions to allow for future annexations; GCG completed the public financing analysis for the second phase of this northeast industrial area with another FIP and formed the second CFD for the area. GCG also prepared the sixth FIP for the Tracy Gateway project, which includes over 500 acres of business park, retail, hotel, and golf course land uses; however, formation of a CFD to fund infrastructure required to serve Gateway is on hold until additional plans and programs can be developed.

North Salida, County of Stanislaus

The North Salida Community Plan is a blueprint for future development north and east of the existing community of Salida and includes 400 acres of residential land uses and 2,300 acres of commercial, business park, and industrial land uses. The new growth area is divided into three planning areas, each with unique physical characteristics, land use proposals, and infrastructure needs. The first major step in the finance plan process for North Salida was to evaluate the viability of development; GCG prepared a feasibility test that analyzed each of the three areas individually and ran a consolidated analysis as well.

Two key tests of feasibility were incorporated into the analysis: (i) a burden-to-value test that compared the total infrastructure and fee burdens to the values of the proposed land uses; and (ii) a market comparison test that estimated one-time and annual burdens for North Salida and compared them to the one-time and annual burdens of other projects in the competitive marketplace. Since the feasibility test concluded that the North Salida area was only marginally feasible and that more residential land uses would facilitate feasibility, a revised plan is currently being analyzed that includes approximately 600 acres of additional residential land uses. The initial feasibility test also required GCG to prepare an analysis of the potential recurring fiscal impacts to the County of Stanislaus and the Salida Fire Protection District. In addition to numerous development scenarios, GCG evaluated the fiscal impacts associated with each primary land use designation to determine the estimated annual mitigation amount that would need to be collected from those land uses anticipated to produce fiscal deficits.

The Sanctuary Master Development Plan, City of Stockton

The Sanctuary is a master-planned community located in the northwest portion of the City of Stockton’s sphere of influence. The land use plan calls for almost 7,100 residential units and over 830,000 square feet of retail, office, and hotel space. GCG prepared a Public Facilities Financing Plan for the project that balanced the City’s objectives and policies, the applicant’s desire to promote commercial development by limiting annual burdens on such properties, and the goal of funding all project-specific infrastructure from revenues generated by the project. The final product successfully addressed all of these concepts by (i) responding to the City’s concerns by including a sensitivity test that evaluated the effect of lower values and a slower absorption, (ii) shifting certain non-residential burdens to residential land uses capable of handling the additional costs, and (iii) evaluating the bonding capacity of a Mello-Roos Community Facilities District and proposing a structure to fully fund all of the project-specific infrastructure. In addition, financial feasibility tests for both upfront infrastructure burdens and annual burdens associated with ongoing taxes and assessments were incorporated into the analysis to demonstrate that GCG’s recommended financing strategy would be viable.

Mariposa Lakes Specific Plan, City of Stockton

Mariposa Lakes is a planned community that proposes development of more than 10,600 residential units and 13 million square feet of non-residential uses on 2,700 acres. The project also includes 170 acres of school sites and 426 acres of parks and open space. GCG prepared a Public Facilities Financing Plan (PFFP) that proposed various funding mechanisms, including development impact fees, revenue bonds, and land-secured financing, to fund more than $1.1 billion in public facilities. GCG worked closely with City staff, developers, and other consultants to develop a strategy that accommodated both private and public sector viewpoints and extraordinary infrastructure needs. The PFFP included multiple sensitivity analyses to evaluate project feasibility assuming various price points and absorption scenarios. Furthermore, the PFFP quantified both upfront infrastructure burdens and annual burdens associated with ongoing taxes and assessments to demonstrate that GCG’s recommended financing strategy would be viable.

Tivoli Specific Plan, City of Modesto

The Tivoli Specific Plan proposes development of between 1,900 and 3,200 housing units and one million square feet of non-residential land uses on 345 acres in the City of Modesto. GCG prepared an Infrastructure Financing Plan (IFP) to summarize the project-wide public facilities costs and to present a flexible financing strategy to fund these costs. A detailed burden analysis and an estimate of land-secured financing capacity was prepared to estimate the Mello-Roos bonding capacity that would be available to fund public facilities not already covered by the City’s existing development fee program. Other funding mechanisms discussed in the IFP include a project-specific impact fee program and developer financing. To test project feasibility, the net burdens were compared against the estimated developed values and against those of other competitive projects in the region. The IFP was designed as a blueprint document that the City can use to implement each individual development project within the Specific Plan area.

East F Street Specific Plan, City of Oakdale

The East F Street Specific Plan is a predominantly residential project and is expected to include 684 residential units and 180,000 square feet of non-residential land uses on approximately 100 acres. GCG evaluated the ability of the project to fund approximately $20 million of public facilities. The analysis determined the development impact fees that would be imposed on the project for the public facilities necessary to serve the new development, as well as for countywide and other capital improvements. In addition, GCG (i) calculated the Mello-Roos bonding capacity based on marketable tax rates for land-secured financing, (ii) assessed the financial feasibility of the project by comparing the total burdens to the expected developed values for each land use, and (iii) compared project burdens with those of other developments in competitive market areas. GCG also prepared a fiscal impact analysis that evaluated the impacts of the East F Street project on Oakdale’s General Fund and Development Activity Fund. The analysis assessed the ability of the City’s newly formed services CFD to mitigate fiscal deficits generated from the project.

Delta Shores, City of Sacramento

The Delta Shores project proposes over 5,500 residential units on approximately 480 acres in the southwestern corner of the City of Sacramento. Approximately 140 acres of non-residential development is also planned, with a regional serving commercial center as the highlight. An interchange along Interstate 5 is expected to be funded using a variety of mechanisms including Mello-Roos bonds and state and federal grants. The interchange presents a unique challenge as the $97 million cost of the facility makes up almost half of the total gross backbone infrastructure costs. GCG prepared a financing plan that utilizes developer capital, impact fees, CFD financing, and external sources to meet the project’s public infrastructure requirements. External sources include federal and state funds as well as Measure A revenues, which were analyzed in detail to estimate the amount that could be successfully leveraged through a bond sale. The financing plan also analyzed the infrastructure needs and cash flow for each of the four phases of development and identified funding deficits, shortfalls, and fair share reimbursements due or payable. Total burdens were compared to expected developed values, with the report suggesting a cost shifting approach to mitigate the challenging non-residential burdens. The strategy was implemented through a private party agreement between the residential and non-residential developers.

Village One Specific Plan, City of Modesto

GCG prepared an Infrastructure Financing Plan (IFP) for the Village One Specific Plan in the City of Modesto, which has been the main focus of development activity in the City for the past several years. Revenues produced by the original financing plan adopted by the City were insufficient to keep up with capital improvement costs, and the City hired GCG to remedy the situation. GCG reconciled balances in the accounts of existing financing mechanisms, analyzed reimbursements due to developers, developed an approach to quantify the City’s costs to administer infrastructure financing programs, organized land use and absorption assumptions for remaining development, summarized and established phasing assumptions for remaining infrastructure costs, allocated costs based on benefit criteria, prepared a project cash flow projection, and incorporated a detailed analysis of a land-secured financing district. GCG’s IFP has been successful in generating funding in a timely manner as the Specific Plan area approaches buildout.

West Park, County of Stanislaus

Located on the west side of the San Joaquin Valley in Stanislaus County, the West Park project encompasses approximately 4,800 acres and anticipates development of 290 acres of business park, 2,900 acres of industrial uses, and a 170 acre inland port. Overall, the project is expected to generate more than 50 million square feet of building space and produce more than 38,000 jobs. GCG prepared a financial feasibility analysis to review the overall viability of the Project. The feasibility analysis looked at the combination of backbone infrastructure costs, the County Public Facilities Fees, and other mitigation fees to determine the total burden per non-residential acre. After offsetting some of the upfront costs with Mello-Roos and tax increment financing, a net one-time burden as a percentage of developed value was calculated to assess the financial feasibility of the project. GCG also prepared a fiscal impact analysis to evaluate the impacts on Stanislaus County and the West Stanislaus Fire District, and an economic impact analysis that examined the impacts on the County’s private sector economy.

North Kona Wastewater Facilities Financing Analysis, County of Hawaii

With almost 10,000 residential units proposed on 3,000 acres, the North Kona area will require approximately $170 million in sewer infrastructure. GCG evaluated multiple scenarios of the annual burden likely to be borne by different land uses to fund the required infrastructure needs. In addition, GCG evaluated the advantages and disadvantages of multiple funding alternatives, including a CFD, improvement district, tax increment district, and private financing. The results of the analysis aided the County to select the best funding mechanism for the required infrastructure needs.

Waikoloa Regional Connector Roads Financing Analysis, County of Hawaii

The Waikoloa area in the County of Hawaii includes almost 2,200 existing homes and 4,300 planned units. A $33 million system of regional connector roads is needed to improve circulation within the area. GCG coordinated with County staff and developer representatives to determine viable special tax rates for existing and future development to fund the required infrastructure using a community facilities district. After developers expressed concerns regarding a special tax on vacant land, GCG assisted the County with developing an alternative financing mechanism in which general obligation bonds would be issued, special tax revenue from developed property would be pledged to repay the bonds, and undeveloped property would only be taxed after a specified number of years had elapsed or a certain development threshold had been triggered.

Fiscal Impact Studies

Mare Island Naval Base Reuse, City of Vallejo

In 1996, the United States Navy Department closed the Mare Island Naval Base Shipyard, which had far-reaching impacts on the City of Vallejo. After considerable community input, a reuse plan for the Island was approved by the City Council and a master developer was brought in to implement the plan. GCG prepared a fiscal impact analysis that estimates the allocation of revenues once Mare Island is fully parcelized and property taxes are levied. To generate funding for public services in the interim, GCG prepared the special tax formula for a Mello-Roos CFD that will pay for services on the Island, including police, fire, sewer and water services (the City used its charter powers to expand the list of services authorized under state law). Unique fiscal challenges exist due to the geographic isolation of the Island, the ongoing phasing from public to private lands, and the antiquated infrastructure that needs to be repaired or replaced throughout the Island. GCG’s fiscal analysis is updated regularly to demonstrate the point at which service costs can be covered by traditional revenue sources.

Bellevue Ranch, City of Merced

The Bellevue Ranch project in the City of Merced is divided into an east component and a west component. Bellevue East consists of two planning areas that include approximately 900 single family and 400 multi-family units, as well as a commercial area. Bellevue West involves four planning areas with considerably more residential and commercial development. GCG served as special tax consultant to the City for formation of a CFD to fund city-wide public safety and operations and maintenance costs, as well as project-specific landscape and storm drainage maintenance. All new development will be required to annex into the CFD. GCG developed the model that analyzed the annual fiscal impacts to the City General Fund resulting from each type of residential and non-residential land use category, and determined the required special tax rates for the CFD.

Since formation of the CFD in 2003, GCG prepared an updated city-wide fiscal impact analysis and has gathered project-specific information for all of the various subdivisions being annexed into the services CFD. GCG calculated the special tax rates for these annexation areas that would be needed to mitigate the fiscal impacts to the General Fund created by the new development.

GCG also worked with the City to create a development impact profile model that will be used to estimate and monitor the all-inclusive impacts of new development on a project-by-project basis. GCG performed an extensive review of City documents and collaborated with City staff in order to identify the types of impacts that a development project could generate and to determine a concise format that could facilitate the analysis and documentation of those impacts.

West Village, City of Davis

The West Village project comprises 1,700 residential units, a 45,000 square foot mixed-use center with office and retail space, and additional public land uses in the City of Davis. GCG prepared a fiscal analysis to quantify the impacts on the City of Davis, Yolo County, and UC Davis with the intent of assisting the potential service providers to decide who would provide each service, as well as how much each service was likely to cost. The comprehensive analysis included two scenarios, one which considered the fiscal impacts to the three service providers assuming that West Village would remain in the unincorporated county, and the other which assumed the project would annex to the City of Davis. GCG also updated the analysis to incorporate revised labor agreement provisions to ensure that an accurate estimate of future salary and benefit costs are reflected in the fiscal analysis.

The Sanctuary Master Development Plan, City of Stockton

The Sanctuary Master Development Plan (MDP) includes more than 7,000 residential units, 750,000 square feet of retail and office, and a 100-room hotel. GCG assisted the City of Stockton in developing a template and guidelines that will apply to the analysis of fiscal impacts on all future development projects. Applying these guidelines, GCG prepared an analysis of the MDP to evaluate the project’s fiscal impacts on an annual basis. The City now requires that projects that result in a net fiscal deficit must identify a funding mechanism to mitigate the negative impact on the City’s General Fund. However, based on the anticipated values within the MDP, GCG’s report concludes that no special taxes or assessments will be needed as no cumulative fiscal deficits are anticipated.

Mariposa Lakes Specific Plan, City of Stockton

Mariposa Lakes is a proposed master-planned community which anticipates development of more than 10,600 residential units and 13 million square feet of non-residential uses on 2,700 acres. The project also includes 170 acres of schools and 426 acres of parks and open space. GCG prepared a fiscal impact analysis that evaluated the annual impacts of the project on Stockton’s General Fund, as well as the net fiscal impacts at project buildout. The fiscal impact analysis included multiple sensitivity analyses to determine the net fiscal impact on the City’s General Fund based on different assumptions of land values, sales prices, and absorption rates. Ultimately, GCG identified various alternatives to fund anticipated fiscal deficits, including a fiscal shortfall fee, a maintenance annuity fund, a Mello-Roos CFD, and reimbursable developer advances.

Gold Rush Ranch, City of Sutter Creek

A mixed-use project with residential, office/retail, resort/hotel, recreational, and public land uses, the Gold Rush Ranch project is expected to double the size of the existing City of Sutter Creek. GCG prepared a fiscal analysis that took into account the fact that a portion of the project has already been annexed into the City, while the remainder lies in unincorporated Amador County and will be subject to tax sharing negotiations. Because of the project’s emphasis on recreational and public land uses, GCG assisted the Parks & Recreation Department by compiling costs and standards from other comparable projects to develop cost assumptions in the fiscal analysis.

Villages of Patterson, City of Patterson

The Villages of Patterson project is a master-planned community that is situated northeast of the City of Patterson. A total of 3,100 dwelling units, expected to bring nearly 9,000 new residents, is proposed and includes a mix of housing types and densities. In addition to the housing component, approximately 40 acres of non-residential land is composed of light industrial, retail/commercial, and live/work uses. GCG prepared a fiscal study of the project, evaluating the annual net fiscal impact on the City’s General Fund through buildout of the project. GCG also prepared an analysis to determine the Mello-Roos special tax rates that are needed to mitigate the projected fiscal deficit from the project.

Development Impact Fee Studies and Fee Credit & Reimbursement Programs

Transportation Development Impact Fee Program, City of Rancho Cordova

GCG prepared a transportation development impact fee Nexus Study to implement new fees in the City of Rancho Cordova that will fund more than $1.2 billion in roadway and transit improvements, bikeways, and walkways. GCG coordinated with City staff to identify current land uses in the City, growth projections, and the total cost of transportation facilities to be funded by future development. GCG also became an integral part of the City team that worked with the Building Industry Association to reach consensus on facilities that will be needed to serve growth in the City, the required level of service, distribution among various land uses, and other issues that factored into the calculation of the fee. GCG has also been hired by the City to work with the private sector and develop a financing program that will remedy funding gaps that are expected to occur based on a comparison of projected fee revenues and the timing of needed transportation improvements.

Roadway Fee Program, City of Elk Grove

GCG prepared a Nexus Study to implement the City of Elk Grove Roadway Fee Program, which provides for a city-wide transportation fee to replace several specific plan-level fee programs that were inherited by the City upon incorporation. The City’s Capital Improvement Program includes more than $403 million in roadway improvements that are needed at General Plan buildout. The City, in coordination with GCG, determined that approximately $47 million of these improvement costs were associated with existing deficiencies and could not be funded through an impact fee on new development. Therefore, an impact fee was calculated for a variety of residential and non-residential land uses in order to fund the net facility cost of approximately $350 million. GCG and the City met with the Building Industry Association to explain how existing deficiencies were accounted for, and the Nexus Study was adopted by the City Council without opposition from the builders.

Capital Facilities Fee, City of Elk Grove

GCG prepared a Nexus Study to implement the City of Elk Grove Capital Facilities Fee, which will generate approximately $100 million to fund a civic center, police station, railroad overcrossing, corporation yard, library, and transit facilities needed to accommodate the impacts of new development. A separate fee was determined for three residential, six commercial, and three industrial land use categories. GCG worked with City staff to ensure that existing deficiencies and facility costs associated with the existing population were excluded from the fee calculation.

Community Facilities Fee, City of Rancho Cordova

GCG prepared a Nexus Study to implement the City of Rancho Cordova Community Facilities Fee that will generate over $140 million to fund a new city hall, community center, police station, museum, corporation yard, library, and civic center parking structure. The Community Facilities Fee will be levied on all future residential, commercial, office and industrial development within the City. To maintain the required nexus findings, GCG ensured that existing deficiencies and facility costs associated with the existing population were excluded from the fee calculation.

Sunrise Douglas Community Plan, City of Rancho Cordova

GCG prepared a Nexus Study to implement the development impact fee program for the Sunrise Douglas Community Plan (SDCP) in the City of Rancho Cordova. The SDCP area includes more than 6,100 acres of residential and commercial development that will be developed in multiple phases. GCG’s study established the nexus and calculated fees to fund almost $150 million of roadway, transit, water, sewer, park, and library facilities. In addition, GCG assisted the new city in developing fee credit and reimbursement policies and drafting the credit and reimbursement agreements that were used to implement the fee program.

General Plan Update and AB 1600 Impact Fee Program, City of Ripon

GCG prepared a public facilities financing plan to determine how infrastructure required to serve proposed general plan land uses could be feasibly funded. First, an analysis of the market acceptance of the land uses proposed in the general plan was prepared; this analysis determined that the absorption of property included within the proposed general plan boundaries would take more than sixty years. As a result, the City reduced the land area included within the general plan study area and prepared a land use plan for a more concise geographic boundary. GCG then prepared an AB 1600 fee justification study to provide the legal nexus to support the fees calculated in the public facilities financing plan for water, wastewater, road, storm drainage, park, and municipal building capital improvements.

Development Impact Fee Program, City of Oakdale

The City of Oakdale hired GCG to update its Development Impact Fee Program, which is applied to development on a city-wide basis and includes fee components for street, water, wastewater, storm drainage, police, fire, park and recreation, and municipal facilities. Three fee zones were established in order to appropriately deal with the distinct storm drainage facilities that will serve the north, east, and west areas of the City. In addition, an administration component was added to the fees to cover the program’s ongoing maintenance responsibilities. GCG was retained by the City to administer the Fee Program, including coordinating closely with City staff to establish and implement fee credit and reimbursement policies. GCG worked with the City to calculate and track fee credits and reimbursements to developers that constructed facilities included in the capital improvement plan.

Fee Credit/Reimbursement and Billing Application, Mountain House CSD

To assist in implementation of the transportation and community facilities fees for the Mountain House Community Services District, GCG prepared a user- friendly computer application that tracks fee credits and reimbursements and includes a billing module used to invoice developers for CSD-incurred costs for which the developers are responsible. Development of this customized solution is intended to simplify the extremely complex situation that arises when multiple developers are involved in large planning areas and fee credits and reimbursements are used to ensure a fair share allocation of the total cost.

AB 1600 Impact Fee Study, Cosumnes Community Services District

In 2007, the Elk Grove Community Services District merged with the Galt Fire Protection District to form the Cosumnes CSD. Prior to the merger, GCG prepared an AB 1600 impact fee study for the Elk Grove CSD that quantified and assigned fire facility impact fees to five different fee zones within the CSD. The study was designed to consolidate the CSD’s existing two fire fee programs into one district-wide fee program. GCG coordinated with CSD staff to identify the growth projections within the CSD and the total cost of fire facilities to be funded by future development.

AB 1600 Impact Fee Study, City of Los Banos

GCG prepared an AB 1600 impact fee study for the City of Los Banos that quantified and assigned impact fees to six different land uses within the plan area. Incorporated into the analysis were transportation, police protection, fire protection, park, community center, city hall, and corporation yard facilities. The calculated fees will be applied to all new development within the City and fully meet the applicable state regulations. GCG worked with City staff to ensure that existing deficiencies and facility costs associated with the existing population were netted out of the fee calculation. GCG has also been hired by the City to update its water, wastewater, and storm drainage impact fees.

Economic Impact Analyses and Market Studies

Dixon Downs Economic Analysis, City of Dixon

A mixed-use destination entertainment and retail complex on 260 acres along Interstate 80, the Dixon Downs project was proposed to include a state-of-the-art thoroughbred horse racing and training facility, a finish line pavilion with a 6,800-person seating capacity, over 1.2 million square feet of retail shops and restaurants, a 20-screen movie theater, and professional office, hotel, and conference facility land uses. GCG prepared, distributed, analyzed, and compiled the results of a comprehensive survey to all businesses within the City to assess current economic conditions, to quantify land use, employment, and other variables, and to confirm other published sources of data being used to determine the context within which economic impacts could be measured. GCG then estimated the economic impacts of the development to the private sector economy in Dixon, including the number of jobs generated, compensation paid, and industry revenues produced, during project construction and at buildout. GCG also conducted a comprehensive analysis of the project’s fiscal impacts on the City’s operating budget, including a detailed evaluation of the “Tucker Bill” tax revenue generated from live racing and simulcast wagering handle. The fiscal analysis involved multiple sensitivity tests based on land use scenarios, phasing assumptions, and other factors.

Northeast Fairview Fiscal and Economic Impact Analyses, County of San Benito

GCG prepared an economic and fiscal impact analysis for the Northeast Fairview project in San Benito County. The project is proposed to include over 1,000 residential units and 180,000 square feet of office and commercial land uses. The economic impact analysis summarized temporary construction-related impacts as well as permanent operational impacts anticipated in the County as a result of the project. The fiscal impact analysis compared the annual costs of providing public services against the annual revenues, such as property taxes, that will be generated by new development to determine the net fiscal impact on the County’s General Fund. The analysis also involved assessing both the primary and secondary property transfer tax impacts of existing households within the County moving into the project area.

Dixon May Fair Satellite Wagering Impact Analysis, California Construction Authority

GCG analyzed the impacts that a proposed satellite wagering facility at the Dixon May Fair would have on satellite wagering operations at the California Exposition and State Fair (Cal Expo) and Solano County Fair. Demographic, simulcast handle, and attendance data were analyzed for comparable facilities, and an estimated target market was identified for the Dixon facility within a 30-minute drive time. Based on the research performed, GCG estimated the amount of annual simulcast handle that could be generated from the proposed satellite wagering facility at the Dixon May Fair and calculated the potential decrease in simulcast handle for the Cal Expo and Solano facilities.

West Park Economic Impact Analysis, County of Stanislaus

The West Park project encompasses approximately 4,800 acres of planned non-residential development, including the redevelopment of the former Crows Landing Naval Air Facility. Using the IMPLAN data set, a widely respected model developed by the Minnesota Implan Group, GCG prepared an estimate of the economic impacts created by the project on the private sector economy. The report calculated the estimated jobs and economic activity generated during project construction, and the estimated jobs and economic activity generated by residents, employees, and businesses that will live, work, and operate within the project after it is completed.

Spanos Park West, City of Stockton

GCG principals prepared a targeted analysis of the Spanos Park West project in northern Stockton to assess whether the proposed mixed-use development would impact the demand for office and hotel space, and the revitalization of commercial buildings, in downtown Stockton. A 130,000 square foot multi-story office complex, 1.6 million square feet of business/office park space, and a 400-room hotel were the key land uses evaluated in the study. An office market analysis and office space absorption projection were prepared, as well as an analysis of the hotel market, including a detailed review of inventories, vacancy and occupancy rates, office lease rates, average daily room rates, and other pertinent statistics. In conducting the study, GCG staff also considered the downtown Stockton revitalization plan prepared by the Urban Land Institute, General Plan goals and policies related to development in downtown Stockton, and objectives set forth by the downtown Stockton alliance. The analysis included an estimate of direct and indirect jobs created by the new development. A separate analysis of the ongoing fiscal impacts to the City from both the residential and non-residential components of Spanos Park West was also prepared.

Hovnanian Four Seasons Fiscal and Market Analysis, City of Woodland

GCG conducted fiscal and market analyses to evaluate the comparative impacts of the Hovnanian Four Seasons project on the City of Woodland under the current commercial zoning designation and the proposed age-restricted residential zoning. In addition to budgeted costs, the fiscal analysis incorporated costs associated with the City’s Other Post Employment Benefit liabilities to comply with GASB 45. The market study evaluated the viability of a 38-acre commercial site (current zoning) adjacent to the County Fair Mall. The results of the fiscal and market analyses assisted in the formulation of community development policies related to the project site.

Villages of Patterson Retail Demand Analysis, City of Patterson

The Villages of Patterson project is a master-planned community situated northeast of the City of Patterson and proposed for annexation into the City. A total of 3,100 dwelling units, expected to be home to almost 9,000 new residents, is proposed and includes a mix of housing types and densities. In addition to the housing component, approximately 40 acres of non-residential land is composed of light industrial, retail/commercial, and live/work uses. GCG estimated the demand and absorption of commercial land uses within the City, particularly with respect to the potential retail demand generated by the project’s residential component.

Stonehaven Fiscal and Market Analysis, City of Woodland

GCG prepared a fiscal and market analysis to evaluate the impacts of the Stonehaven project on the City of Woodland under the current commercial zoning designation and a proposed residential zoning designation. The market study evaluated the feasibility of an 11-acre site developing under its current land use designation and provided information regarding the regional and local economic setting. GCG also evaluated the dynamics between supply and demand for retail, office, and hotel land uses and determined the most efficient use of the site relative to other undeveloped sites in the City.

Morada Ranch, City of Stockton

GCG principals performed an analysis that estimates and ranks the economic impacts of the proposed Morada Ranch project on existing retailers in the City of Stockton. Since the project’s composition was undetermined at the time of the study and may include a variety of possible retail categories, supply and demand dynamics associated with eight potential retail tenants were analyzed separately to estimate anticipated impacts. In addition to identifying appropriate trade areas, determining the extent of retail sales capture and leakage, projecting supply and demand, and estimating potential impacts, an extensive walking survey was conducted to identify the types of retail goods and services that are currently provided by merchants in five sensitive retail clusters around the City, including the downtown area. The project area encompasses 39 acres and is planned to include 390,000 square feet of big box retail uses.

Redevelopment & Tax Increment Financing and Affordable Housing

Mission Bay, San Francisco Redevelopment Agency

The Mission Bay site was the largest undeveloped tract of land remaining along the San Francisco bay. Catellus Development Corporation proposed development of more than 3,000 affordable and market rate housing units, more than 50 acres of office, biotech, and retail development, and the extension of the University of California at San Francisco campus. Catellus and the San Francisco Redevelopment Agency needed to evaluate funding strategies for what has become more than $500 million in infrastructure, as well as ongoing maintenance and other service costs.

Ultimately, a funding strategy was developed that relies on a combination of Mello-Roos and tax allocation bonds, in addition to an ongoing special tax for public services. A special tax formula for three separate financing districts was prepared, one of which provides debt service coverage for variable-rate Mello-Roos bonds that will be retired from proceeds of tax allocation bonds sold in future years. Debt service on the Mello-Roos bonds is designed to be paid fully (in one CFD) or partially (in another CFD) with tax increment. Comprehensive tax increment projections were prepared on behalf of the Agency in order to evaluate when tax allocation bonds could be sold in future years and how much infrastructure would go unfunded until bond proceeds were available to reimburse Catellus for any unfunded amounts. GCG works with the landowners and Agency annually to update the projections and to monitor the capacity to sell Mello-Roos bonds and tax allocation bonds; GCG also manages the ongoing administration of the CFDs. To date, the Mello-Roos authorized bonding capacity has been completely utilized, two series of tax allocation bonds have been issued, and the funding program has worked exactly as planned even though initial infrastructure cost estimates have more than doubled since the inception of the program. GCG has worked on several other projects, such as Treasure Island and Candlestick Point, with various landowners and the San Francisco Redevelopment Agency to forecast tax increment and develop a tax allocation bond program as part of a comprehensive public facilities financing strategy.

ConAgra Property, City of Davis

The ConAgra property was a 66-acre retired industrial facility on which 687 dwelling units were being proposed for development. The project was to include a significant affordable housing component as well as parks and open space. GCG evaluated the tax increment that could be generated from this redevelopment project area on an annual basis as development occurred. GCG also examined the ability of the project to produce the affordable units at the required household income levels, using 20% tax increment set-aside funds and a shared equity mortgage program funded initially by the landowners.

Mountain House New Community, County of San Joaquin

With anticipated development of approximately 16,000 residential units and 700 acres of commercial/industrial land uses, GCG principals developed innovative jobs/housing balance and affordable housing programs for Mountain House, both of which have been adopted by the County. The affordable housing analysis included a static lot residual analysis of the higher density single family homes to demonstrate that they could be both profitable for home builders and affordable for lower income households. The affordable housing analysis also included dynamic pro forma cash flows for for-profit rental housing developments using conventional financing and for affordable housing developments using tax credit, mortgage revenue bond, redevelopment agency assistance, and other financing mechanisms incorporated into the affordable housing program. The program utilizes second dwelling units, bonus density credits, and an affordable housing impact fee to facilitate construction of affordable housing. GCG continues to work with developers and the County to conduct periodic reviews of the program and recommend adjustments as appropriate.

GCG staff also evaluated the developer’s equity requirements and return on equity throughout buildout of the project. The pro forma cash flow analysis developed for Mountain House was a complex model that accounted for bulk land sales to home builders and commercial developers, project entitlement costs, public financing mechanisms, and other variables. Integrating the jobs/housing and affordable housing programs into the cash flow model was an important element in determining project feasibility.

St. Vincent’s Property, County of Marin

As part of its efforts to obtain the right to develop the St. Vincent’s property, Shea Homes needed to formulate a viable affordable housing program for the site. GCG principals evaluated several financing techniques to assure the success of the affordable housing component, including redevelopment agency 20% low and moderate income set-aside funds made available in the form of a deferred, below-market-rate loan, federal and state low income housing tax credits, local foundations and trust funds providing grants to develop affordable housing, and shifting land, infrastructure, and other horizontal development costs from the affordable to the market-rate housing units. In addition, one of the major goals of the project was to preserve, rehabilitate, and adaptively reuse as much of the existing buildings as possible, all of which were considered either significant community landmarks or actual State/National Historic Landmarks. Preservation tax credits, property tax relief, and other tools were considered to partially offset the rehabilitation costs.

Pro Forma Cash Flow Models

Shea Homes

GCG has worked on a variety of projects for Shea Homes; two in particular involved analyzing or contributing to the analysis of developer profitability. First, Shea Homes competed with other developers for the opportunity to acquire, preserve and rehabilitate, and develop the St. Vincent’s property in southern Marin County owned by the Catholic Youth Organization. As part of its developer proposal to ultimately construct approximately 830 for-sale residential units, 80 units to meet the needs of low-income households, and a small campus office complex, Shea was required to present its project financing and future cash flow projections. A pro forma was developed that accounted for all revenues and expenses anticipated from the time the land would be acquired through the sale of the last home. Net revenues included home sale proceeds less selling expenses and warranties, while project costs included land acquisition, land development and entitlement costs, infrastructure, preservation and rehabilitation, impact fees and public financing, in-tracts and forward planning costs associated with homebuilding, building permits and final maps, direct and indirect home construction, models and marketing, and other expenses such as general and administrative, property taxes, and contingencies. Net present value and internal rates of return were calculated for numerous scenarios involving absorption, financing, contingent revenue participation, and other variables.

A second project with Shea Homes involved a small infill development in Redwood City referred to as the Franklin Street project. With access from a major north-south thoroughfare and close proximity to convenient shopping, the proposed residential development was located within one of Redwood City’s redevelopment areas. A detailed model was developed to project the tax increment revenues that would accrue to the redevelopment agency (RDA). That analysis was combined with an assessment of RDA and other public financing sources, and ultimately a dynamic project pro forma was prepared to understand the project’s viability under certain RDA assistance scenarios.

Friant Ranch, County of Fresno

The landowners of a proposed master-planned residential community in the County of Fresno asked GCG staff to help them understand how to structure a bulk sale to interested homebuilders. A pro forma cash flow model was built for Friant Ranch, which was planned to include 2,500 homes and local-serving retail, with two purposes in mind: 1) to determine the landowner’s profitability and rate of return; and 2) to determine project viability from a homebuilder’s and commercial builder’s perspective. The dynamic landowner pro forma reflected land development costs associated with entitlements and infrastructure, while the builder pro forma reflected impact fees, in-tract improvements, construction, marketing, financing, and other costs that a builder would experience after the land development process was complete. Sensitivity tests evaluated several land acquisition scenarios accounting for the amount of an initial payment, amounts paid at close of escrow on each phase of the project, and the distribution of gross home sales proceeds. Both landowner and builder present values, rates of return, cash flows before and after financing, and values per acre were calculated to assist in negotiations.

North Livermore Specific Plan, City of Livermore

This project included 12,500 residential units, nearly 700,000 square feet of village core and other commercial uses, and an extensive system of parks and open space to be developed in the City of Livermore. In addition to a fiscal impact analysis and financing plan, GCG principals prepared a study to incorporate development timing and infrastructure phasing issues, cash flow projections for impact fee revenues and debt financing, and a comparison of impact fees and annual burdens for North Livermore to those of competing projects and development areas in the larger marketplace. This project-by-project comparison led to an analysis of builder profit for each of the residential land use designations in North Livermore, which accounted for hard and soft construction costs, general development costs such as marketing, financing, and administrative expenses, lot improvement costs, and impact fees. The study also includes detailed evaluations of the City’s ability to permanently protect open space, its ability to address regional infrastructure concerns, the City’s municipal bond issuer rating, impacts on both existing and future retail development, and impacts on future development of employment-generating land uses. A discussion of the impacts on economic development, as well as downtown revitalization efforts, is also presented in the report.