HomeMy WebLinkAbout17-06 CC Ordinance1
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ORDINANCE NO. 17-06
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
TEMECULA AMENDING TITLE 17 OF THE TEMECULA
ZONING CODE TO ADD A NEW ARTICLE XVI (CYPRESS
RIDGE PLANNED DEVELOPMENT OVERLAY DISTRICT
15) TO CHAPTER 17.22 (PLANNED DEVELOPMENT
OVERLAY ZONING DISTRICT) ON A 22.73 ACRE SITE
GENERALLY LOCATED ON THE NORTHEAST CORNER
OF PECHANGA PARKWAY AND LOMA LINDA ROAD
(APNS: 961-450-003, 961-450-012, 961-450-013) AND
AMENDING THE TEMECULA ZONING MAP (PA15-1895)
THE CITY COUNCIL OF THE CITY OF TEMECULA DOES HEREBY ORDAIN AS
FOLLOWS:
Section 1. Procedural Findings. The City Council of the City of Temecula does
hereby find, determine and declare that:
A. On December 21, 2015, John Fitzpatrick filed Planning Application Nos.
PA15-1894, a General Plan Amendment; PA15-1895, a Zone Change/Planned
Development Overlay; PA15-1893, a Tentative Tract Map; and PA15-1892 a
Development Plan. These applications (collectively "Project") were filed in a manner in
accord with the City of Temecula General Plan and Development Code.
B. Collectively, the Project consists of a change in the General Plan
designation on the site from Professional Office (PO) to Medium Density (M) residential
and a rezone of the site from Professional Office (PO) to Cypress Ridge Planned
Development Overlay District (to be known as PDO -15). PDO -15 is a series of standards
and regulations that will govern all development on the property. These standards and
regulations address architectural style, setbacks, and building height. Together, these
regulations and standards seek to ensure cohesiveness in the design and aesthetic
appearance, and compatibility with the surrounding community. In addition to the
proposed PDO -15, the Project also includes a General Plan Amendment, Tentative Tract
Map, and a Development Plan for the construction of 245 residential market rate units
consisting of detached and attached cluster units and duplex/triplex units, the conversion
of 0.67 -acres of an off-site existing concrete drainage ditch into a landscaped infiltration
basin, improvements to Pala Park and additional off-site landscape improvements north
of the Project site along Pechanga Parkway.
C. The Project was processed including, but not limited to a public notice, in
the time and manner prescribed by State and local law, including the California
Environmental Quality Act.
Ords 17-06
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D. An Environmental Impact Report (EIR), Mitigation Monitoring and Reporting
Program, and Statement of Overriding Considerations were prepared -for the Project in
accordance with the California Environmental Quality Act and the California
Environmental Quality Act Guidelines ("CEQA"). Thereafter, City staff circulated a Notice
of Completion indicating the public comment period and intent to adopt the EIR as
required by law. The public comment period commenced via the State Clearing House
from March 2, 2017 through April 17, 2017. A Notice of Availability was also sent to
adjacent property owners indicating a review period of March 2, 2017 through April 17,
2017. Copies of the documents have been available for public review and inspection at
the offices of the Community Development Department, located at City Hall, 41000 Main
Street, Temecula, California 92590; the Ronald H. Roberts Temecula Public Library
located at 30600 Pauba Road; Temecula Grace Mellman Community Library located
41000 County Center Drive; and the City of Temecula website.
E. On August 2, 2017, the Planning Commission considered the Final
Environmental Impact Report ("EIR") Planning Application Nos. PA15-1894, a General
Plan Amendment; PA15-1895, a Zone Change/Planned Development Overlay; PA15-
1893, a Tentative Tract Map; and PA15-1892, a Development Plan at a duly noticed
public hearing as prescribed by law, at which time the City staff and interested persons
had an opportunity to, and did testify either in support of or opposition to this matter.
F. Following consideration of the entire record of information received at the
public hearing, the Planning Commission adopted Resolution No. 17-24, "A
RESOLUTION OF THE PLANNING COMMISSION OF THE CITY OF TEMECULA
RECOMMENDING THAT THE CITY COUNCIL CERTIFY THE ENVIRONMENTAL
IMPACT REPORT, ADOPT ENVIRONMENTAL FINDINGS PURSUANT TO THE
CALIFORNIA ENVIRONMENTAL QUALITY ACT, ADOPT A STATEMENT OF
OVERRIDING CONSIDERATIONS, AND ADOPT A MITIGATION MONITORING AND
REPORTING PROGRAM FOR THE CYPRESS RIDGE PROJECT, CONSISTING OF
APPROXIMATELY 22.73 ACRES GENERALLY LOCATED ON THE NORTHEAST
CORNER OF PECHANGA PARKWAY AND LOMA LINDA ROAD (APNS: 961-450-003,
961-450-012, 961-450-013)."
G. Following consideration of the entire record of information received at the
public hearings and due consideration of the proposed Project, the Planning Commission
adopted Resolution No. 17-26, A RESOLUTION OF THE PLANNING COMMISSION OF
THE CITY OF TEMECULA RECOMMENDING THAT THE CITY COUNCIL ADOPT AN
ORDINANCE ENTITLED "AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
TEMECULA AMENDING TITLE 17 OF THE TEMECULA ZONING CODE TO ADD A
NEW ARTICLE XVI (CYPRESS RIDGE PLANNED DEVELOPMENT OVERLAY
DISTRICT 15) TO CHAPTER 17.22 (PLANNED DEVELOPMENT OVERLAY DISTRICT)
ON A 22.73 ACRE SITE GENERALLY LOCATED ON THE NORTHEAST CORNER OF
PECHANGA PARKWAY AND LOMA LINDA ROAD (APNS: 961-450-003, 961-450-012,
961-450-013) AND AMENDING THE TEMECULA ZONING MAP (PA15-1895)."
Ords 17-06 2
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H. On September 5, 2017, the City Council of the City of Temecula considered
the Project and the EIR, Mitigation Monitoring and Reporting Program, and Statement of
Overriding Considerations, at a duly noticed public hearing at which time all interested
persons had an opportunity to and did testify either in support or in opposition to this
matter. The City Council considered all the testimony and any comments received
regarding the Project and the EIR, Mitigation Monitoring and Reporting Program, and
Statement of Overriding Considerations prior to and at the public hearing.
I. Following the public hearing, the Council adopted Resolution No. 17-59 "A
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA CERTIFYING
THE FINAL ENVIRONMENTAL IMPACT REPORT, ADOPTING FINDINGS PURSUANT
TO THE CALIFORNIA ENVIRONMENTAL QUALITY ACT, ADOPTING A STATEMENT
OF OVERRIDING CONSIDERATIONS, AND ADOPTING A MITIGATION MONITORING
AND REPORTING PROGRAM FOR THE Cypress Ridge PROJECT, CONSISTING OF
APPROXIMATELY 22.73 ACRES, GENERALLY LOCATED ON THE NORTHEAST
CORNER OF PECHANGA PARKWAY AND LOMA LINDA ROAD (APNS: 961-450-003,
961-450-012, 961-450-013)." Resolution No. 17-59 and the findings therein are hereby
incorporated by this reference as set forth in full.
J. All legal preconditions to the adoption of this Resolution have occurred.
Section 2. Provisions for Fiscal Impact Payments
A. The City and owner estimate that the increased costs to the City of providing
public safety and other municipal services to the area resulting from the General Plan
Amendment and change of zone for the Project will substantially exceed the municipal
revenue from the Project ("City Services Deficit"). The City has received a Fiscal Impact
Analysis, dated as of July, 2017 ("FIA"), documenting the City Services Deficit. The
owners of the property within the Project, and their successors in interest, shall pay the
City the sum of four hundred thirty-nine dollars ($439.00) per residential dwelling unit
within the Project each year as mitigation for the City Services Deficit. This amount is
subject to an annual inflator of 5.6%. Owner and its successors to the property within the
Project may fulfill this obligation through a community facilities district established by the
City pursuant to the Mello -Roos Community Facilities District Act of 1982, Government
Code Section 53311, et seq., or other appropriated financing mechanism approved by
the City; provided, however, the obligation of each owner and their successors to pay the
City Services Deficit payment under this obligation remains an obligation of the owner
and its successors regardless of the financing mechanism used to pay it and regardless
of whether there is a financing mechanism to pay it.
Section 3. Legislative Findings. The City Council in approving the Planned
Development Overlay/Zone Change hereby makes the following findings:
A. The proposed Ordinance is in conformance with the General Plan for
Temecula and with all applicable requirements of State law and other Ordinances of the
City.
Ords 17-06 3
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The proposed Zone Change/Planned Development Overlay Ordinance conforms
to the City of Temecula General Plan Land Use Element. Furthermore, the proposed
Zone Change/Planned Development Overlay Ordinance directly responds to Goal 5
Policy 5.1 of the General Plan Land Use Element.
The project is consistent with the above General Plan Land Use Element goal and
policy in that it provides for a residential project in a predominately residential corridor of
the City. Furthermore, the Project has been designed to minimize impacts on surrounding
land uses and infrastructure through required design guidelines, building orientation,
circulation and access improvements, and other features and requirements of proposed
Planned Development Overlay 15. Additionally, mitigation measures are identified in the
EIR to further reduce the potential for impacts to surrounding uses and infrastructure.
B. The proposed Ordinance is consistent with the Municipal Code and
Development Code for the City of Temecula;
The proposed Zone Change/Planned Development Overlay Ordinance is
consistent with the existing General Plan land use designation for the project site.
Planned Development Overlay 15 will establish the design and development framework
for the project. As proposed and conditioned, the project design will be consistent with
the General Plan and all applicable requirements of State Law and other Ordinances of
the City.
Section 4. Zoning Code Amendment. The City Council hereby amends Chapter
17.22 (PLANNED DEVELOPMENT OVERLAY ZONING DISTRICT (PDO-) of Title 17
(Zoning) of the Temecula Municipal Code by adding a new Article XVI, entitled "Cypress
Ridge Planned Development Overlay District 15" to read as provided in Exhibit A,
attached to this Ordinance and incorporated herein as thought set forth in full.
Section 5. Zoning Map Amendment. The City Council hereby amends the
Official Zoning Map of the City of Temecula to change the zoning classification for the
property located on 22.73 acres generally located at the northwest corner of Temecula
Parkway and Loma Linda Road (APNs 961-450-003, 961-450-012, 961-450-013) from
Professional Office to Planned Development Overlay (Cypress Ridge Planned
Development Overlay -15). The amended Zoning Map is attached as Exhibit "B" to this
Ordinance and is incorporated herein by this reference as though set forth in full.
Section 6. Consistency with General Plan. On September 5, 2017, the City
Council adopted Resolution No. 17-60 , which amended the Land Use Element Map of
the Temecula General Plan to change the zoning designation of the Project area from
Professional Office (PO) to Medium Density (M) residential. Therefore, the foregoing
amendments outlined in this Ordinance are consistent with the goals and policies of the
General Plan for the City of Temecula.
Ords 17-06 4
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Section 7. Severability. If any portion, provision, section, paragraph, sentence,
or word of this Ordinance is rendered or declared to be invalid by any final court action in
a court of competent jurisdiction, or by reason of any preemptive legislation, the remaining
portions, provisions, sections, paragraphs, sentences, and words of this Ordinance shall
remain in full force and effect and shall be interpreted by the court so as to give effect to
such remaining portions of the Ordinance.
Section 8. Effective Date. This Ordinance shall take effect thirty (30) days after
its adoption.
Section 9. Notice of Adoption. The City Clerk shall certify to the adoption of this
Ordinance and cause it to be published in the manner required by law.
PASSED, APPROVED, AND ADOPTED by the City Council of the City of
Temecula this 26th day of September, 2017.
ATTEST:
C141,74-2(
Randi Jo "r' y Clerk
[SEAL]
Ords 17-06 5
Maryann Edwards, Mayor
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF TEMECULA
)
) ss
)
I, Randi Johl, City Clerk of the City of Temecula, do hereby certify that the
foregoing Ordinance No. 17-06 was duly introduced and placed upon its first reading at
a meeting of the City Council of the City of Temecula on the 5'h day of September, 2017,
and that thereafter, said Ordinance was duly adopted by the City Council of the City of
Temecula at a meeting thereof held on the 26th day of September 2017, by the following
vote:
AYES: 4 COUNCIL MEMBERS: Comerchero, Naggar, Rahn,
Edwards
NOES: 1 COUNCIL MEMBERS: Stewart
ABSTAIN: 0 COUNCIL MEMBERS: None
ABSENT: 0 COUNCIL MEMBERS: None
Ords 17-06 6
Randi Johl, City Clerk
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EXHIBIT A
PLANNED DEVELOPMENT OVERLAY 15
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Article XVI. Cypress Ridge Planned Development Overlay District -15
17.22.286 Title.
Sections 17.22.286 through 17.22.300 shall be known as "PDO -15" (Cypress Ridge Planned Development
Overlay District). (Ord. xxxxxxx)
17.22.288 Purpose.
The Cypress Ridge planned development overlay district (PDO -15) is intended to provide regulations for a
creative mixture of uses where a specific plan or village center overlay is not appropriate. The planned
development overlay is intended to provide a mechanism to allow for flexibility in the development
regulations and design standards to allow variations of land uses which are typically outside of conventional
zoning standards. Through this flexibility of certain standards many of the objectives of the general plan
can best be achieved. It is the intent of the city to create special regulations that will combine clustered
detached and attached single-family residential homes with open space to serve as a transitional medium
density residential development between existing medium density single-family residential areas to the
north and single family residential properties to the west. The current zoning on the site is Professional
Office (P0).
17.22.290 Fiscal Impact Analysis (FIA)
Any development within Planned Development Overlay 15 will be required to address impacts to the City's
budget as a result of the increased costs to the City of providing public safety and other municipal services
to the Project area substantially exceeding the municipal revenue generated from the Project ("City Services
Deficit"). The City has received a Fiscal Impact Analysis, dated as of July, 2017 ("FIA"), documenting the
City Services Deficit. The owners of the property within the Project, and their successors in interest, shall
pay the City the sum of four hundred thirty-nine dollars ($439) per residential dwelling unit within the
Project each year as mitigation for the City Services Deficit. Owner and its successors to the property
within the Project may fulfill this obligation through a community facilities district established by the City
pursuant to the Mello -Roos Community Facilities District Act of 1982, Government Code Section 53311,
et seq., or other appropriated financing mechanism approved by the City; provided, however, the obligation
of each owner and their successors to pay the City Services Deficit payment under this obligation remains
an obligation of the owner and its successors regardless of the financing mechanism used to pay it and
regardless of whether there is a financing mechanism to pay it.
17.22.292 Relationship with the development code and citywide design guidelines.
A. The permitted uses for the Cypress Ridge planned development overlay are described in Section
17.22.292.
B. Medium (M) Density residential uses permitted in Table 17.06.030 of the Development Code
will be allowed throughout the Cypress Ridge development.
C. Except as modified by the provisions of Section 17.22.294, the following rules and regulations
shall apply to all planning applications in the area.
1. The citywide design guidelines that are in effect at the time an application is deemed
complete.
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2. The approval requirements contained in the development code that are in effect at the time
the application is deemed complete.
3. Any other relevant rule. regulation or standard that is in effect at the time an application is
deemed complete.
17.22.294 Use regulations.
The Cypress Ridge planned development overlay district (PDO -15), located within Pechanga Parkway,
Loma Linda Avenue and Temecula Lane, is intended to provide for the development of two hundred forty-
five single-family detached and attached homes within fee simple condominium unit boundaries, on 22.7
gross acres / 20.18 net acres, with a proposed average density of 12.14 dwelling units per net acre. The
proposed project is comprised entirely of private residential land uses designed to enhance housing
opportunities, consider natural features, incorporate private and common open space, private recreation,
and develop a common community theme. The project will provide housing opportunities consistent with
the city's general plan policies in response to local market demands and will provide for a visually pleasing
environment through adaptation of supplemental performance standards that have been provided to ensure
transitional compatibility with adjacent neighborhoods.
17.22.296 Development standards.
The residential component shall comply with the development standards set forth in Table 17.22.294. The
maximum residential density shall be 12.14 units per net acre.
Table 17.22.294
Residential Development Standards
Cypress Ridge Planned Development Overlay District PDO -15
Residential Development Standards
Detached
Cluster
Attached
Cluster
Duplex /
Triplex
Unit Boundary Area
Minimum Unit area
1,945 sq. ft.
1,575 sq. ft.
1,370 sq. ft.
Maximum number of dwelling units per gross acre
11.4
19.2
16.1
Unit Dimensions
Minimum average width
126 ft.
92 ft,
42 ft.
Minimum average depth
128 ft.
119 ft.
50 ft.
Building Setbacks
Minimum front yard'
5.0 ft.
5.0 ft.
6.0 ft.
Minimum corner side yard
5.0 ft.
5.0 ft.
7.5 ft.
Minimum interior side yard
5.0 ft.
8.0 ft.
7.5 ft.
Minimum rear yard
5.0 ft.
8.0 ft.
Alley
Minimum building separation
10 ft. 2
16 ft.
15 ft.
Other Requirements
Maximum building height
27 ft.
36.5 ft.
29.5 ft.
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Notes:
1. Measured to private street parkway or sidewalk..
2. First floors and portion between the Unit -A and Unit -B Plan second floors.
17.22.298 Project setting.
A. Setting and Location. The Cypress Ridge project is comprised of 22.73 gross acres within
Pechanga Parkway, Loma Linda Avenue and Temecula Lane, which are all fully developed public
right-of-way streets with the exception of Temecula Lane which shall be realigned at the north
property boundary during the development of Cypress Ridge. Additionally a storm drain easement
will be dedicated for the City's existing underground facilities at the intersection of Pechanga Parkway
and Loma Linda Avenue in exchange for the inclusion of parcel 961-450-003 within the Cypress
Ridge development for onsite storm water treatment and retention..
B. Existing Site Conditions. The property consists of undeveloped land. Topographical relief
ranges from a high elevation of one thousand thirty one in the eastern portion of the property, to a low
elevation of one thousand fifteen near the north portion of the property. An existing watercourse
traverses the property, flowing from east to west into an existing open drainage channel.
C. Surrounding Land Uses and Development. Single-family homes exist to the west and south
of the project, with a master planned multi -family development to the east and existing Pala Park to
the northeast.
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17.22.300 Supplemental design standards.
The development shall be consistent with the following exhibits:
Exhibit 17.22.300.A — Landscape Site Plan
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Exhibit 17.22300.B — Detached Cluster Building Separation (Unit A and Unit B Plans)
The Cypress Ridge Detached Cluster homes are 2 -story with a 10 -foot separation at the first level featuring
the second levels setback from the first level around the perimeter of each of the three plans and meet the
15 -foot separation per Section 17.06.050, B, 1 with the exception of a portion of an area between the Unit
A and Unit B Plans where the separation at the second level is at 10 foot throughout a 26 -foot length area.
The rooms of the Unit A and Unit B Plans where this occur is the recreation room, stair and volume ceiling
over the first level of the Unit -A and the recreation room of the Unit -B. There are no opposing windows
across from these Plans in this area. It should also be noted that all of the Detached Cluster homes feature
downstairs bedrooms with full baths to accommodate a multitude of lifestyle stages.
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Exhibit 17.22.300.0 — Private Street Parallel Parking and Traffic Calming Features
Cypress Ridge private streets are based on City Standard No. 104 where a 40' curb to curb width is provided
for one 12' wide travel lane in each direction and room for parallel parking on both sides. This is similar to
other residential projects in Temecula such as nearby `Classic Way'. Private street pavement width is
reduced to 32' where parallel parking is provided on one side and both 12' wide travel lanes are preserved.
As Cypress Ridge will be a gated community, traffic calming features have been included such as curb
returns which narrow at driveways and intersections and define the parallel parking spaces, reducing the
pavement width to 24' in order to delineate the travel lanes and separate the parking spaces to aid in
enforcing the proposed 15 m.p.h. speed limit. This design is also partially modeled after Section 16.51.060.
A., where the Land Use is described as `Attached homes/small lot detached homes' where the travel lanes
in each direction are listed at `2 at 10' including parallel parking listed at '8' on both sides'. Although 12'
wide travel lanes are being provided at Cypress Ridge per Fire Department requirements and to ease traffic
circulation throughout. Below is an example of one of these circulation streets where parking is shown on
both sides with curb returns to define the parking spaces along with providing a defined space for
Refuse/Recycle Bins.
Exhibit 17.22.300.D - Mailbox Cluster Box Units
USPS approved CBU's (8, 12 & 16 box units)
Parkview Stucco CBU Cap & Pedestal, Sandstone Color with overhead Trellis
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front elevation
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Exhibit 17.22.300.E Parking Step -out width
The parking lot islands shall be 5' wide excluding curbs with and a 1' step -out adjacent to the parking stall.
Concrete step outs per the City's ordinance (12" separate walk adjacent to 6" curb) would be poured
separately which can be problematic when one portion settles or raises causing an uneven surface. Cypress
Ridge uses a design the Consultant Team has used successfully in Temecula where the curb is installed as
a monolithic 12" width to provide sufficient step -out space without the issues of a two -pour section (see
attached detail). This design provides durability for the curb and step -out surface while reducing overall
impervious surfaces to meet water quality requirements.
3/4" RADIUS
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CLASS 520—C-2500 CONCRETE
STEP OUT CURB DETAIL
N.T.S.
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Exhibit 17.22.300.F - Architectural Styles
Detached Cluster Homes
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Attached Cluster Homes
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BLOC ELEVATIONS
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EXHIBIT A
FISCAL IMPACT ANALYSIS
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CYPRESS RIDGE FISCAL IMPACT ANALYSIS
TEMECULA, CALIFORNIA
Prepared for:
CITY OF TEMECULA
Prepared by:
KEYSER MARSTON ASSOCIATES, INC.
JULY 2017
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CYPRESS RIDGE FISCAL IMPACT ANALYSIS
TEMECULA, CALIFORNIA
Prepared for:
CITY OF TEMECULA
Prepared by:
KEYSER MARSTON ASSOCIATES, INC.
555 West Beech St., Suite 460
San Diego, California 92101
500 South Grand Avenue, Suite 1480
Los Angeles, California 90071
Golden Gateway Commons
160 Pacific Avenue, Suite 204
San Francisco, California 94111
JULY 2017
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TABLE OF CONTENTS
Introduction 1
II. Key Findings 2
III. Fiscal Impact — 20 -Year Projection 3
IV. Fiscal Impact at Build -Out 10
V. Limiting Conditions 14
APPENDIX A: DEMOGRAPHIC PROFILE AND CITY GENERAL FUND BUDGET 16
APPENDIX B: FISCAL IMPACT -20 -YEAR PROJECTION 20
APPENDIX C: FISCAL IMPACT AT BUILD -OUT 42
KEYSER MARSTON ASSOCIATES
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I. INTRODUCTION
A. Objective
In accordance with Keyser Marston Associates, Inc.'s (KMA's) June 27, 2016 contract with the City of
Temecula (City), KMA has undertaken a Fiscal Impact Analysis (FIA) for the Cypress Ridge Development
Plan (Project). As background, Ridge Crest Real Estate (Developer) has proposed a Development Plan
(Plan) for a 22.73 -acre property at the northeast corner of Pechanga Parkway and Loma Linda Road
(Property). The Developer has applied for a General Plan Amendment to change the Property's land use
designation from Professional Office (PO) to Medium Density Residential (M); and a zone change from
PO to Planned Development Overlay (PDO). The proposed Plan will include up to 245 housing units,
consisting of 79 detached cluster units, 63 attached cluster units, and 103 duplex/triplex units. The
Project will also feature four tot lots, three picnic areas, a dog park, and a 1,800 square foot (SF)
clubhouse with a spa and pool.
The FIA prepared by KMA evaluated the recurring General Fund revenues and expenditures generated
by the proposed Project over a 20 -year time period, beginning upon the sale of the Project's first
residential unit in Fiscal Year (FY) 2018 and ending in FY 2037.
B. Methodology
In completing this assignment, KMA undertook the following principal work tasks:
• Reviewed background materials and resource documents relevant to the Project.
• Reviewed the City's FY 2016-2017 Mid -Year Adjusted General Fund Budget to understand the City's
current fiscal condition and revenue/expenditure parameters.
• Collected and reviewed demographic and economic trends for the Temecula area.
• Reviewed residential market data provided by the Developer.
• Estimated recurring annual revenues and municipal service expenditures as a result of completion of
the Project.
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C. Report Organization
Following this introduction, this FIA is organized as follows:
• Section II presents a summary of the KMA key findings.
• Section III provides an estimate of fiscal impact of the Project on the City's General Fund over a 20 -
year time period.
• Section IV provides an estimate of fiscal impact of the Project at build -out.
• Section V presents limiting conditions pertaining to this report.
II. KEY FINDINGS
A. 20 -Year Fiscal Impact Projection
• The Project is projected to yield a negative net fiscal impact to the City's General Fund, inclusive of
Project -generated revenues from Measure S, each year over the projected 20 -year time period.
• The major revenue categories generated by the Project during this 20 -year time period include sales
tax and Measure S revenue generated by residents, property tax, property tax in lieu of vehicle
license fees (VLF), property transfer tax, and franchise fees.
• The major expenditure categories generated by the Project during this 20 -year time period include
Police, Asset Management Fund, Fire, Public Works, and Recreation Funding.
• The Project's fiscal impact is estimated at negative $118,000 at build -out in Year 3 (FY 2020 dollars)
and is projected to reach negative $300,000 by Year 20 (FY 2037 dollars).
B. Fiscal Impact at Build -out (FY 2017 Dollars)
• On a static basis, upon build -out, the Project is projected to generate annual revenues to the
General Fund estimated at about $283,000 (FY 2017 dollars), inclusive of Project -generated
revenues from Measure S. Revenues are primarily driven by sales tax generated by residents,
property taxes, and property tax in -lieu of VLF, which together account for approximately 74.2% of
total General Fund revenues generated by the completion of the Project.
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• Total annual service costs to the General Fund upon stabilization of the Project are estimated at
$386,000 (FY 2017 dollars). The major expense categories are Police; Asset Management Fund;
Public Works — Land Development, Public Works, etc.; and Recreation Funding, which together
account for approximately 75.1% of total General Fund expenditures generated by the completion
of the Project.
• As shown in Table 11-1 below, the Project is projected to generate a net fiscal impact to the City of
negative $103,000 (FY 2017 dollars) at build -out. This finding is not surprising for a residential
development. New households require additional municipal services, and the cost to provide these
services is only partially offset by the revenue generation from the Project's new resident retail
spending, property taxes, and other major revenue sources.
Table 11-1: Recurring Annual Fiscal
Impact at Build -out (FY 2017 Dollars) ;_1
Cypress Ridge
General Fund Revenues (2)
$283,000
General Fund Expenditures
($386,000)
Annual Net Fiscal Impact to City
($103,000)
Revenue to Expense Ratio
0.73
Deficit per Unit per Year
($420)
(1) Figures are expressed in FY 2017 dollars.
(2) Includes Project -generated Measure 5 revenues.
III. FISCAL IMPACT — 20 -YEAR PROJECTION
A. Overview of Methodology
This section presents the KMA methodology used to estimate the fiscal impact to the City of Temecula
General Fund resulting from development of the proposed Project. The detailed KMA 20 -Year fiscal
impact model is provided in Appendices A and B and summarized below.
Demographic Overview
Table 111-1 below presents the findings of the KMA review of demographic factors for the City. The data
consist of population, number of households, number of housing units, and total jobs. More detail is
presented in Appendix A, Table A-1.
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Table I11-1: Demographic Overview, City of Temecula
Population
Households
Housing Units
Jobs
Overview of the City of Temecula Budget
2017 Estimate
111,024
34,959
36,320
50,218
Table III -2 below provides an overview of the City's Mid -Year FY 2016-2017 Adjusted General Fund
Budget. A more detailed analysis can be found in Appendix A, Table A-2. As shown, the City is projected
to experience a net surplus of $363,000 in FY 2016-2017.
Table III -2: City of Temecula, Mid -Year FY 2016-2017 Adjusted General
Fund Budget
General Fund Revenues
General Fund Expenditures
Net Surplus/(Deficit)
$71,859,000
($71,496,000)
$ 363,000
(1) Total before deduction of Program Revenues.
It is important to note that through discussions with City staff, estimated revenues from Measure S and
projected expenditures for Recreation Funding and Asset Management Fund were further modified by
KMA. These modifications are presented in Table III -3 below, with additional details presented in
Appendix A, Tables A-3 and A-4.
Table III -3: KMA Modifications to Mid -Year FY 2016-2017 Adjusted General
Fund Budget
KMA Modifications to Mid -Year
FY 2016-2017 Adjusted (1)
FY 2016-2017
Mid -Year Adjusted
I.
Revenues
51236.000
A. Measures
$14,468,000(2)
11.
Expenditures
A. Recreation Funding
$4,823,000
$6,200,000
B. Asset Management Fund
$0
$6,000,000
(1)
(2)
Per City of Temecula, Finance Department, May 2017.
KMA estimate. Based on FY 2017-2018 estimates provided by the City Finance Department for Measure S, reduced by
4.69% to reflect a full year for FY 2016-2017.
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As a result of the modifications presented above, the Mid -Year FY 2016-2017 Adjusted General Fund
Budget is projected to experience a net surplus of $6.2 million as presented in Table III -4 below.
Table III -4: KMA Modifications to Mid -Year FY 2016-2017 Adjusted
General Fund Budget
General Fund Revenues
General Fund Expenditures (1)
Net Surplus/(Deficit)
$85,092,000
($78,873,000)
$6,219,000
(1) Total before deduction of Program Revenues.
Appendix A, Tables A-3 and A-4 also show the departmental revenues and expenditures used to
calculate the per capita impacts to the General Fund from the development of the proposed Project.
The revenues shown are strictly departmental revenues and exclude such revenues as property and
sales tax, which are estimated based on projected increases in assessed value and taxable sales from
incremental development, respectively. The expenditures reflect the gross General Fund expenditures
less the associated General Fund departmental charges for services. By isolating the net expenditure,
the actual impact to the General Fund can be calculated.
B. Key Fiscal Impact Assumptions
As shown below in Table III -5, the Project will include 245 attached and detached residential units. A
more detailed description of the Project can be found in Appendix B, Table B-2.
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Table III -5: Project Description
Detached Cluster
Plan A
Plan B
Plan C
Total Detached Cluster
Attached Cluster
Plan A
Plan B
Plan C
Plan D
Total Attached Cluster
Duplex/Triplex
Duplex A
Triplex A
Triplex B
Triplex C
Total Duplex/Triplex
Total
2,243 SF 27 Units
1,947 SF 24 Units
2.364 SF 28 Units
2,196 SF 79 Units
1,575 SF 16 Units
1,864 SF 16 Units
1,822 SF 16 Units
1,636 SF 15 Units
1,726 SF 63 Units
1,498 SF 52 Units
1,582 SF 17 Units
1,374 SF 17 Units
1,535 SF 17 Units
1,498 SF 103 Units
1,781 SF 245 Units
Table III -6 below presents the assumed annual absorption for the Project. The Developer anticipates the
first closing to occur during FY 2018 with four homes sold per month per product type, or 12 homes per
month through FY 2020. A more detailed analysis of the projected annual absorption for the Project can
be found in Appendix B, Table B-3.
Table III -6: Anticipated Schedule of Development (Annual Absorption)
FY 2018
FY 2019
FY 2020
Total
Detached Cluster
Attached Cluster
Duplex/Triplex
Total
24
24
48
39
7
0
24 48 31
72 135 38
79
63
103
245
(1) Source: Developer, November 2, 2016. Adjusted by KMA to reflect a 6 -month deferment from initial projected
absorption.
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Assumptions used in the FIA are based upon an assessment of future circumstances regarding
population, employment, property valuation, and taxable sales. Table III -7 provides a summary of the
key assumptions used in this analysis, as follows:
Table 111-7: Key Assumptions
Population
Resident Equivalents
Residential Value
2.5 — 3.5 persons per unit
0.33 employees per resident
$355,000 - $443,000 per unit (FY 2017$) ill
(1) Source: Developer, November 2, 2016.
The FIA also estimates other General Fund revenues and expenditures based on a modified per capita
measure known as "resident equivalents." This approach combines residents and employees to form a
single service population. As summarized below, the resident equivalent approach weights an employee
as 0.33 residents, such that three employees are viewed as having the same impact as one resident.
Table 111-8: Total Resident Equivalents
City of Temecula
Cypress Ridge
Total Population
Total
Employment
Total
Population
+ Jobs
Total Resident
Equivalents 11)
688
127,596
688
(1) Assumes a resident equivalent factor of 0.33 (three employees have approximately the same impact as one resident).
C. Key Fiscal Impact Assumptions
General Fund Revenues
This section discusses the recurring General Fund revenue assumptions utilized to estimate the impact
of the proposed Project. Annual recurring revenues for the Project, such as Property Tax and Sales and
Use Tax, were estimated based on assumed real estate market factors such as market values of the
residential uses. One-time revenues such as Development Impact Fees and building permits used to
offset one-time City costs were not evaluated in the fiscal impact model.
Franchise Fees; Licenses and Permits; and Fines and Forfeitures; and other revenues were estimated by
applying a per capita or "per resident equivalent" to the number of new residents anticipated for the
Project.
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As shown in Table III -9 below, KMA applied the following escalation factors to estimate the annual
General Fund revenues to the City over a 20 -year period. The annual escalation factors were based on
KMA's review of recent historical valuation trends in the City.
Table 111-9: Annual Revenue Escalation Factors
Assessed Value (1)
Pre -Build -out
Post -Build -out
Sales Tax
Special Tax (Measure C)
Other General Fund Revenues
Escalation Factor
5.0%
2.0%
5.0% (2)
0.0%
2.5%
(1) Reflects assumed market escalation.
(2) Escalation is reduced to 2.50% after Year 8.
General Fund Expenditures
This section discusses the recurring annual General Fund expenditure assumptions utilized to estimate
the impact of the Project at build -out.
Annual recurring expenditures, including Fire, Public Works, and City Council, were estimated by
applying a per capita or "per resident equivalent" cost estimate to the number of new residents
anticipated from build -out of the Project, with the exception of Police. To estimate Police expenditures,
KMA applied the Project's pro rata share of one (1) new police officer at $300,000 per 1,000 population
added to the City.
Annual escalation factors for each major expenditure category were estimated by KMA based on five-
year financial projections for the General Fund presented in the City's Budget. As shown in Table III -10,
General Fund expenditures are anticipated to increase at escalation rates ranging between 1.0% and
3.0% per year, with the exception of expenditures associated with Police and Fire which are expected to
increase between 3.0% and 6.0% per year.
KMA also applied a marginal cost adjustment to each expenditure category to reflect that General Fund
expenditures do not typically have a 1:1 relationship between population and projected growth. As
shown in Table 111-10, the marginal cost adjustments assumed by KMA ranged between 0% and 40%.
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Table III -10: Annual Expenditure Escalation Factors
Police
Public Works — Land Development, Public Works, etc.
Recreation Funding
Fire
Public Works — Parks & Maintenance
City Manager
Community Development
Finance
City Clerk
Retiree Medical Contribution
City Attorney
Animal Control
City Council
Community Support
PERS Replacement Benefit
Property Tax Administration
Asset Management Fund
Escalation
Factor
6.00% (1)
2.50%
3.00%
5.00% (2)
2.50%
2.50%
2.75%
2.75%
3.00%
3.00%
2.00%
1.00%
2.75%
2.00%
3.00%
3.00%
2.00%
Marginal Cost
Impact
Adjustment
5.0%
10.0%
20.0%
5.0%
10.0%
40.0%
20.0%
30.0%
30.0%
0.0%
40.0%
10.0%
40.0%
20.0%
0.0%
30.0%
0.0%
(1) Reflects escalation factor for first 5 years, escalation is reduced to 4.0% beginn ng in Year 6.
(2) Reflects escalation factor for first 5 years, escalation is reduced to 3.0% beginning in Year 6.
D. Annual General Fund Impact
Comparison of the annual revenues and annual expenditures generated by the Project indicates that it
will yield a negative net fiscal impact to the City's General Fund each year over the 20 -year period. As
shown in Table III -11, the Project's net fiscal impact is estimated at negative $118,000, or negative $482
per unit, at build -out in Year 3 (FY 2020 dollars). The Project's net fiscal impact reaches negative
$300,000, or negative $1,224 per unit, by Year 20 (FY 2037 dollars). A more detailed analysis is
presented in Appendix B, and summarized below.
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Table III -11: Annual General Fund Impact
Recurring
Surplus/(Deficit)
Per Unit Per
Year (2)
Revenues to
Expenditures
Ratio
Fiscal
Year
General
Fund
Revenues (1)
General Fund
Expenditures
2018
$102,000
$122,000
($20,000)
($278)
0.84
2019
5287,000
5366,000
($79,000)
($382)
0.78
2020
5328,000
$446,000
(5118,000)
($482)
0.74
2021
5343,000
5467,000
(5124,000)
($506)
0.73
2022
5355,000
5488,000
(5133,000) ($543)
0.73
2023
$364,000
5504,000
(5140,000)
(5571)
0,72
2024
$372,000
5521,000
(5149,000)
($608)
0.71
2025
$387,000
$539,000
(5152,000)
($620)
0.72
2026
5395,000
5557,000
($162,000)
(5661)
0.71
2027
5404,000
$576,000
($172,000)
($702)
0.70
2028
5413,000
5595,000
($182,000)
($743)
0.69
2029
5422,000
5615,000
(5193,000)
($788)
0.69
2030
5431,000
5636,000
($205,000)
($837)
0.68
2031
5441,000
5658,000
(5217,000)
($886)
0.67
2032
$451,000
5680,000
(5229,000)
($935)
0.66
2033
5461,000
$703,000
(5242,000)
($988)
0.66
2034
$471,000
5727,000
(5256,000)
($1,045)
0.65
2035
5481,000
5752,000
($271,000)
(51,106)
0.64
2036
5492,000
5778,000
($286,000)
(51,167)
0.63
2037
5504,000
5804,000
($300,000)
(51,224)
0.63
(1) Includes Project -generated Measure 5 revenues.
(2) Represents annual General Fund impact per unit based on anticipated annual absorption for the Project. Full build-
out of the Project does not occur until Year 2020.
IV. FISCAL IMPACT AT BUILD -OUT (FY 2017 DOLLARS)
It is estimated that the Project will generate a net fiscal impact to the City of negative $103,000 (FY 2017
dollars) at build -out. This section provides a detailed analysis of the Project's fiscal impact to the City's
General Fund. A more detailed analysis can be found in Appendix C.
A. Annual Recurring General Fund Revenues
Table IV -1 summarizes the KMA estimate of recurring General Fund revenues at build -out. As shown,
the Project at build -out is estimated to generate approximately 5283,000 annually in General Fund
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revenues. A more detailed analysis is provided in Appendix C, Tables C-3 through C-7.
Table IV -1: Recurring General Fund
Revenues at Build -out
Total
(FY 2017$)
(1)
% of
Total
Sales Tax - Resident Spending (2)
$98,000
34.6%
Property Tax
$59,000
20.8%
Property Tax in -lieu of VLF
$53,000
18.7%
Franchise Fees
$19,000
6.7%
Special Tax (Measure C)
$18,000
6.4%
Gas Tax Fund
$13,000
4.6%
Capital Improvement Program
$12,000
4.2%
Property Transfer Tax
$5,000
1.8%
Fines and Forfeitures
$3,000
1.1%
Licenses and Permits
$2,000
0.7%
Law Enforcement Fund
$1,000
0-4%
Intern Fellow Fund
$0
0.0%
Sales and Use Tax
$0
0.0%
Miscellaneous Revenue
$0
0.0%
Vehicle License Fees
0.0%
Total Annual Revenues
$283,000
100.0%
(1) Source: Appendix C, Table C-7.
(2) Includes Project -generated Measure 5 revenues.
Sales Tax, inclusive of Measure S revenues, from new resident spending represents the largest
component of General Fund revenues as a result of the development of the Project. The Project's 688
new residents are expected to generate $98,000 of new sales tax revenues to the City at build -out. This
represents about 34.6% of total revenues generated by the Project.
Property Tax revenues are the second largest source of General Fund revenues to be generated by the
Project's 245 residential units. At build -out, the project is projected to generate approximately $59,000
per year in property tax revenues, comprising of 20.8% of the total General Fund revenues generated by
the Project.
Property Tax in Lieu of VLF represent the third largest component of General Fund revenues. The
increase in gross assessed value will generate approximately $53,000 in additional motor vehicle license
fee revenues to the City, representing 18.7% of the total General Fund revenues to be generated by the
Project.
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The other sources of revenue including Franchise Fees, Special Tax (Measure C), Gas Tax Fund,
Miscellaneous Revenue, and all other revenue sources are anticipated to account for 25.8% of General
Fund revenues generated by the Project. The breakout of revenues generated by the Project at build-
out is further illustrated in Exhibit IV -1 below.
Exhibit IV -1: Recurring General Fund Revenues at Build -out
• Sales Tax/Measure 5
• Property Tax
Property Tax in -lieu of VLF
= Franchise Fees
• Special Tax (Measure
• Gax Tax Fund
• Other
B. Annual Recurring General Fund Expenditures
This section discusses the recurring annual General Fund expenditure assumptions utilized to estimate
the impact of the Project at build -out. A more detailed analysis can be found in Appendix C, Tables C-8
and C-9.
Annual recurring expenditures, including Fire, Public Works, and City Council, were estimated by
applying a per capita or "per resident equivalent" cost estimate to the number of new residents
anticipated from build -out of the Project, with the exception of Police. To estimate Police expenditures,
KMA applied the Project's pro rata share of one (1) new police officer at $300,000 per 1,000 population
added to the City. As a result of this method, at build -out, the Project's 688 new residents are
anticipated to add 5196,000 in Police expenditures to the City's General Fund due to the need of
approximately one new police officer generated by the Project.
As shown in Table IV -2, the total annual General Fund expenditures to provide services to the new
development are estimated at 5386,000 at build -out. Major expenditure categories were estimated
based on projections from current service levels. Additionally, City staff identified the need to evaluate
the cost to fund the City's Asset Management Fund, an annual reserve for periodic facilities
maintenance and repair costs for City parks and public facilities.
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Table IV -2: Recurring General Fund Expenditures at Build -out
Total
(FY 2017$)
% of
Total
Police 11)
$196,000
50.8%
Asset Management Fund
$32,000
8.3%
Public Works - Land Development, Public Works, etc.
$31,000
8.0%
Recreation Funding
$31,000
8.0%
Fire
$26,000
6.7%
Public Works - Parks & Maintenance
$20,000
5.2%
City Manager
$11,000
2.8%
Community Development
$11,000
2.8%
Finance
$9,000
2.3%
Retiree Medical Contribution
$8,000
2.1%
City Clerk
$5,000
1.3%
City Attorney
$2,000
0.5%
Animal Control
$2,000
0.5%
City Council
$1,000
0.3%
Community Support
$400
0.1%
PERS Replacement Benefit
$400
0.1%
Property Tax Administration
$300
0.1%
Total Annual Recurring Expenditures
$386,000
100%
(1) Based on the cost for staffing one Police Officer ($300,000) per 1,000 population.
As shown in Table IV -2 above, the Project's pro rata cost for Police represents the largest of Project -
generated General Fund expenditures at $196,000, or 50.8%.
The City's Asset Management Fund represents the second largest expenditure at $32,000, or 8.3% of
total Project -generated expenditures.
The remaining departmental expenditures including, but not limited to, Recreation Funding, Fire, City
Council, Community Development, and other Public Works services account for a combined $158,000
(41.0% of total). The breakout of expenditures generated by the Project at build -out is further
illustrated in Exhibit IV -2 below.
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Exhibit IV -2: Recurring General Fund Expenditures at Build -out
Police
• Asset Management Fund
• Public Works - Land
Development, etc.
• Recreation Fundinn
• Other
V. LIMITING CONDITIONS
1. The KMA analysis is based, in part, on data provided by secondary sources such as State and local
governments, planning agencies, real estate brokers, and other third parties. While KMA believes
that these sources are reliable, we cannot guarantee their accuracy.
2. The accompanying projections and analyses are based on estimates and assumptions which were
developed using currently available economic data, Project -specific data, and other relevant
information. It is the nature of forecasting, however, that some assumptions may not materialize
and unanticipated events and circumstances may occur. Such changes are likely to be material to
the projections and conclusions herein and, if they occur, require review or revision of this
document.
3. Any estimates of revenue or cost projections are based on the best Project -specific and fiscal data
available at this time as well as experience with comparable projects. They are not intended to be
projections of actual future performance of any specific project.
4. Revenue estimates are based on the assumption that sufficient market support exists for the
proposed uses and that the Project will achieve industry standard productivity levels.
5. KMA assumes that all applicable laws and governmental regulations in place as of the date of this
document will remain unchanged throughout the projection period of our analysis. In the event
that this does not hold true, i.e., if any tax rates change, the analysis would need to be revised.
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6. Value estimates assume that any necessary entitlements or zoning changes for development can be
obtained in a reasonable time frame. It is also assumed that property titles are good and
marketable; no title search has been made, nor has KMA attempted to determine property
ownership. The value estimates are given without regard to any questions of boundaries,
encumbrances, liens or encroachments.
7. Property tax projections reflect KMA's understanding of the assessment and tax apportionment
procedures employed by the County. The County procedures are subject to change as a reflection
of policy revisions or legislative mandate. While we believe our estimates to be reasonable, taxable
values resulting from actual appraisals may vary from the amounts assumed in the projections.
8. No assurances are provided by KMA as to the certainty of the projected tax revenues shown in this
document. Actual revenues may be higher or lower than what has been projected.
attachments
City of Temecula — Cypress Ridge — Fiscal Impact Analysis 15
Keyser Marston Associates, Inc.
17049ndh
19545.041.001
1
APPENDIX A
FISCAL IMPACT ANALYSIS
CYPRESS RIDGE
Demographic Profile and
City of Temecula General Fund Budget
1
1
1
1
TABLE A-1
DEMOGRAPHIC PROFILE - CITY OF TEMECULA, 2017 ESTIMATES
CYPRESS RIDGE
CITY OF TEMECULA
2017 Estimate
I. Population and Households
Population (1) 111,024
Households (2) 34,959
Average Household Size (1) 3.15
Jobs (3) 50,218
II. Housing Units (1)
Single -Family 29,816
Multi -Family 6,345
Mobile Homes 159
Total 36,320
III. Occupied Units (1) 33,707
IV. Percent Vacant (1) 7.2%
(1) Source: California Department of Finance, January 1, 2017.
(2) Source: The Nielsen Company, 2017.
(3) Source: The Nielsen Company, 2017. Reflects employment by place of work.
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1
TABLE A-2
SUMMARY OF CITY OF TEMECULA GENERAL FUND BUDGET - FISCAL YEAR 2016-2017
CYPRESS RIDGE
CITY OF TEMECULA
Mid -Year FY 16-17
Adjusted )il
I. Revenues
Taxes and Franchises 552,691,000 73.3%
Intergovernmental Revenues 57,478,000 10.4%
Licenses, Permits and Service Charges 54,348,000 6.1%
Operating Transfers In 53,536,000 4.9%
Reimbursements $2,856,000 4.0%
Fines and Forfeitures $736,000 1.0%
Miscellaneous Revenue (2) 5330,000 0.5%
Use of Money and Property (5116,000) -0.2%
Total Revenues $71,859,000 100.0%
II. Expenditures
Police
Non Departmental (3)
Public Works - Land Development, Public Works, etc.
Fire
Community Development
Public Works - Parks & Maintenance
City Manager
Finance
City Clerk
City Attorney
Animal Control
City Council
Community Support
Total Expenditures
528,830,000 40.3%
512,383,000 17.3%
57,333,000 10.3%
56,088,000 8.5%
54,608,000 6.4%
$3,637,000 5.1%
$3,329,000 4.7%
$2,332,000 3.3%
$1,215,000 1.7%
5736,000 1.0%
5463,000 0.6%
5453,000 0.6%
589,000 0.1%
571,496,000 100.0%
III. Net Surplus/(Deficit) $363,000
Revenues to Expenditures Ratio 1.01
(1) Source: City of Temecula, Mid -Year FY 2016-2017 Adjusted General Fund Budget.
(2) Includes Prior Year Contractual Obligations.
(3) Includes Property Tax Administration, Recreation Funding, Retiree Medical Contribution, and PERS Replacement Benefits.
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1
TABLE A-3
SUMMARY OF GENERAL FUND REVENUES
CYPRESS RIDGE
CITY OF TEMECULA
Mid -Year FY 16-17
Adjusted
General
Fund Revenues
FY 2016-2017
I. Revenues Inducted In Analysis
'axes and Franchises
Property Tax 57,598.000
Sales and Use Tax 536,392,000
Franchise Fees 53,580,000
Special Tax !Measure C) 5/.853,000
Total 549,423.000
Licenses and Permits
Business Licenses 5300.000
Bids and Proposals 57.000
Total 5307,000
Fines and Forfeitures 5547,000
Intergovernmental Revenues
Property Tax In Lieu of VLF 57,430.000
Vehicle License Fees $49,000
Total 57,478,000
Operating Transfers In
Gas Tax Fund 52,073.000
Law Enforcement Fund $218,000
Intern Fellowship Fund 59.000
Measure 5 $1 236.000
Total 53,536.000
Capital Improvement Program $2,167,000
Miscellaneous Revenue
KMA Modifications to
MId-Year FY 16.17 Adjusted
General Fund
Revenues
FY 2016-2017
549.423,000
Commsnts
projected based on increase in gross AV !excludes ROA properties)
projected based on taxable sales from Incremental development
projected based on population and employment
based on residential units and commercial acreage developed
projected based on population and employment
projected based on population and employment
5307,000
5547,000 projected based on population and employment
projected based on increase in gross AV (includes RDA properties)
projected based on population
57.478.000
52.073,000 projected based on population
5218,000 projected based on population and employment
59,000 projected based on population and employment
$14,45&000 111 projected based on population and employment
516,768,000
$2,167,000 projected based on population and employment
542,000 542,000 projected based on population and employment
Total Included Items
563,499,000 576,732,000
II. Charges for Services
Deducted from Community Development
Planning • Various 5672,000
Building and Safety - Various 51.423.000
Total 52,095,000
Deducted from Public Works - Land Development
Land Development - Various 5988,000
Public Works - NPDES Permit Fee 54,000
Plan Check Permits 51,000
Inspection Fees 51,000
Total 5994,000
Deducted from Public Works - Parks & Maintenance
Lease income 551,000
Deducted from Police
Citations and Bookings 5100,000
Miscellaneous 596,000
Vehicle Impound Fees 590,000
Reimbursements 5143.000
Total 5428,000
Deducted from Fire
Various 5952 000
Charges for Services
III. Excluded Items
Pechanga lGA
Taxes and Franchises
Transient Occupancy Tax
Use of Money and Property
Investment Interest
Lease/Rental Income
Total
Reimbursements
Other
Total
Sponsorship
Change In Fair Value of Investments
Prior Year Contractual Obligations
Total Excluded Items
54,520,000 54,520,000
$451,000
projected based on population and employment
53,268,000 ) hotel use not planned as part of Project
50
586.000
586,000
596.000
596,000
52,000
(5252,000)
5190.000
53,840,000
$3,840,000
independent of projected incremental development
independent of projected incremental development
independent of projected incremental development
independent of projected incremental development
independent of projected incremental development
independent of projected incremental development
IV. Total Revenues
571,859,000 585,092,000
11) KMA estimate. Based on F Y 1011 1018 estimates provided by the City Finance Department for Measure 5. deflated by 4 69% to reflect a full year for FY 2016-2017.
Source. City of Temecula, Fiscal Year 2016-17 Mid -Year Budget Adjustment.
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1
TABLE A-4
SUMMARY OF GENERAL FUND EXPENDITURES
CYPRESS RIDGE
CITY OF TEMECULA
I. Expenditures Included in Analysis
City Council
Community Support
City Manager
City Manager
Economic Development
Human Resources
Emergency Management
Total General Government
City Clerk
Oty Attorney
Finance
Finance
Animal Control
Total Finance
Community Development
Planning
Building & Safety
Total Community Development
Public Works
Land Development
Public Works
Total Public Works
Public Works
Parks & Maintenance
Total Public Works
Fire
Property Tax Administration
Recreation Funding
Recreation Funding
Library Funding
Total Recreation Funding
Retiree Medical Contribution
PERS Replacement Benefit
Total Included Items
Add Asset Management Fund
Mid -Year FY 16-17 Adjusted
General Net After Deduction
Fund Expenditures of Program Revenues
FY 2016-2017 noble A -3i
5453,000
589,000
KMA Modifications to Mid -Year
FY 16-17 Adjusted
General Fund
Expenditures
FY 2016.2017
50 545 3,000
$453,000
50 j 589,000
51,406,000
51,009,000
5777,000
5137 000
$3,329,000
51,215,000
5736,000
52,332,000
$463.000
52,795,000
589.000
20
$3,329,000
50
51.215,000
50
5736.000
(
$0
52,113,000
52.495.000
$4,608,000
52,795,000
Net After Deduction
of Program Revenues
(Table A-11
50
Comments
5453,000 projected based on population and employment
50
53,329,000
51,215,000
5736,000
589.000 projected based on population and employment
50
53,329,000
50
51.215,000
50
5736,000
projected based on population and employment
projected based on population and employment
projected based on population and employment
$2,795,000 50
52,795,000 projected based on population and employment
($2,09S,000) 54,608,000
51,561,000
$5.773-000
571333,000
53,637,000
(52,095,000)
52,513,000 ? 52,513,000 projected based on population and employment
(5994,000) ( 57,333,000
(5994,000)
56,339,000 56.339.000 projected based on population and employment
(551,000) 53,637,000
56,088,000
(551,x)
53,586,000 53,586,000 projected based on population and employment
(5952,000)
578,000
55,136,000
50
578,000
54,273,000
550 000
54,823,000
51,554,000
$4,823,000
$o
581,000
51,554,000
50
536,819,000
50
581,000
532,727,000
50
$6,088,000
(5952,000)
578,000
55,136,000
50
578,000
56,200,0010
51,554,000
581,000
56,200,000 I 1 I
0
$1,554,000
$0
538,196,000
56,000,000
581-000
534.104,000
$6,000,000 ti)
projected based on population and employment
Grand Total Included Items 536,819,000 532,727,000 544,196,000 540,104,000
H. EaCluded Items
Police
Service Level 8 Funding
CIP Administration
Classification Plan Stipend (Non -GF)
2011 Financing Lease - 2001 & 2008 COPs
PMS/Medicine Sales Tar Sharing
Separation CAL Payout
Total Excluded Items
528,830,000 j21
5331,000
52442,000
5250,000
52,140,000
5454,000
51K,1000
534,677,000
534,677,000
$34,677,000
$34,677,000
1111, Total General Fund Expenditures
571,496,000
567,404,000
578,873,000
574,781,000
(11 KMA adjustment tor Measure 5 -related expenditures per Cny of Temecula, Finance Department. May 2017.
(2) Police expenditures included in analysis use alternative method than General Fund to reflect project pro rata share of one new police officer per 1.000 population. See Table 8.12
Source: City of Temecula, F,scal Year 2016-17 Mid -Year Budget Adjustment.
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1
APPENDIX B
FISCAL IMPACT ANALYSIS
CYPRESS RIDGE
20 -Year Projection
1
1
1
1
TABLE B-1
SUMMARY OF ANNUAL GENERAL FUND IMPACT GENERATED BY PROJECT
CYPRESS RIDGE
CITY OF TEMECULA
Fiscal
Year
General Fund
Revenues
General Fund
Expenditures
Recurring
Surplus/(Deficit)
Per Unit
Absorbed to
Date
Revenues to
Expenditures
Ratio
2018
5102,000
5122,000
(520,000)
(5278)
0.84
2019
$287,000
5366,000
(579,000)
(5382)
0.78
2020
$328,000
$446,000
(5118,000)
($482)
0.74
2021
$343,000
$467,000
($124,000)
($506)
0.73
2022
$355,000
5488,000
($133,000)
(5543)
0.73
2023
$364,000
$504,000
($140,000)
(5571)
0.72
2024
$372,000
5521,000
($149,000)
(5608)
0.71
2025
$387,000
5539,000
($152,000)
($620)
0.72
2026
5395,000
5557,000
($162,000)
($661)
0.71
2027
5404,000
$576,000
($172,000)
(5702)
0.70
2028
5413,000
5595,000
($182,000)
($743)
0.69
2029
5422,000
5615,000
($193,000)
($788)
0.69
2030
$431,000
$636,000
(5205,000)
(5837)
0.68
2031
$441,000
5658,000
($217,000)
($886)
0.67
2032
5451,000
$680,000
($229,000)
(5935)
0.66
2033
$461,000
5703,00C
(5242,000)
($988)
0.66
2034
5471,000
$727,000
($256,000)
(51,045)
0.65
2035
$481,000
5752,000
(5271,000)
(51,106)
0.64
2036
$492,000
$778,000
(5286,000)
(51,167)
0.63
2037
$504,000
5804,000
(5300,000)
($1,224)
0.63
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TABLE B-2
1111 PROJECT DESCRIPTION
CYPRESS RIDGE
CITY OF TEMECULA
1
1
I. Land Area
Gross 22.73 Acres
Net 20.18 Acres
II. Unit Mix
A. Detached Cluster
Plan A
Plan B
Plan C
Total Detached Cluster
B. Attached Cluster
Plan A
Plan 8
Plan C
Plan D
Total Attached Cluster
C. Duplex/Triplex
Duplex A
Triplex A
Triplex B
Triplex C
27 Units
24 Units
a Units
79 Units
16 Units
16 Units
16 Units
15 Units
63 Units
52 Units
17 Units
17 Units
17 Units
2,243 SF
1,947 SF
2,364 SF
2,196 SF
1,575 SF
1,864 SF
1,822 SF
1.636 SF
1,726 SF
1,498 SF
1,582 5F
1,374 SF
1,535 SF
Total Duplex/Triplex 103 Units 1,498 SF
D. Total Units 245 Units 1,781 SF
III. Number of Stories 2 - 3 Stories
IV. Construction Type Type V
V. Density 12.1 Units/Net Acre
VI. Parking
Covered 490 Spaces
Un -Covered 130 Spaces
Total Spaces 620 Spaces
Parking Ratio 2.5 Spaces/Unit
Source: City of Temecula
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TABLE B-3
ANNUAL RESIDENTIAL ABSORPTION Iii
CYPRESS RIDGE
CITY OF TEMECULA
Total at
Buildout FY 2018 FY 2019 F22,212 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
1. Detached Cluster 79 Units 24 48 7 0 0 0 0 0 0 0
Cumulative 24 72 79 79 79 79 79 79 79 79
II- Attached Cluster 63 Units 24 39 0 0 0 0 0 0 0 0
Cumulative 24 63 63 63 63 63 63 63 63 63
III. Duplex/Triplex 103 Units 24 48 31 0 0 0
Cumulative
24 72 103 103 I03 103
0
103
0
103
0
103
0
103
IV. Total Residential 245 Units 72 135 38 0 0 0 0 0 0 0
Cumulative 72 207 245 245 245 245 245 245 245 245
(1) Assumes first closing to occur during first quarter 2018. Four homes homes sold per month per product type, or 12 homes per month through December 2020.
Source: City of Temecula, November 2, 2016.
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TABLE B-4
POPULATION ESTIMATES
CYPRESS RIDGE
CITY OF TEMECULA
I. Detached Cluster
Population
Total at Vacancy Factor
Build -out Factor per Unit
79 Units
5.0% 3.50
II. Attached Cluster 63 Units 5.0% 3.00
III. Duplex/Triplex 103 Units 5.0% 2.50
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
80 239
263
263
263
263
263
263
263
263
68 180 180 180 180 180 180 180 180 180
57 171 245 245 245 245 245 245 245 245
IV. Total Residential Population 245 Units
205 590 688 688 688 688 688 688 688 688
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TABLE B-5
ANNUAL ASSESSED VALUE w
CYPRESS RIDGE
CITY OF TEMECULA
Price per
Unit
FY2018 FY2019 FAZ912
FY 2021 FY 2022 FY 2011 FY 2024 FY 2025 man
FY 2027
I. Detached Cluster 5443,000 511,163,600 534,830,432 539,116,836 539,899,172 540,697,156 541,511,099 $42,341,321 543,188,147 $44,051,910 544,932,949
II. Attached Cluster 5355,000
III. Duplex/Triplex 5359,000
58,946,000 524,389,033 524,876,813 525,374,349 $25,881,836 $26,399,473 $26,927,463 $27,466,012 528,015,332 528,575,639
59,046,800 528,226,016 $41,673,745 542,507,220 543,357,364 544,224,512 545,109,002 546,011,182 546,931,405 $47,870,034
IV. Total Assessed Value
529,156,400 587,445,481 5105,667,394 5107,780,742 5109,936,357 $112,135,084 $114,377,785 5116,665,341 5118,998,648 5121,371,621
(1) Assessed Value inflation rate basad on 5.0% per year up to Project build -cm. Ager Project buildout assessed value inflation reduced to 2.0%.
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TABLE B-5
ANNUAL ASSESSED VALUE
CYPRESS RIDGE
CITY OF TEMECULA
Price per
U nit
1. Detached Cluster 5443,000
FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 FY 2037
545,831,608 546,748,240 $47,683,205 548,636,869 549,609.606 550,601,798 551,613,834 $52,646,111 553.699.033 554.773,014
11- Attached Cluster 5355,000
$29,147,151 529,730,095 $30,324,696 530,931,190 $31,549,814 532,180,810 532,824,427 533,480,915 534,150,533 $34,833,544
111. Duplex/Triplex 5359,000
548,827,434 $49,803,983 550,800,063 551,816,064 552,852,385 553,909,433 $54,987,621 556,087,374 557,209,121 558.353 304
N. Total Assessed Value
5123,806,193 5126,282,317 $128,807,963 5131,384,123 5134,011,805 5136,692,041 5139,425,882 5142,214,400 5145,058,688 5147,959,862
III Assessed value ,nBabon rate based on 5 0% per year up to Project bud -out After Project bu,dout assessed value inflation reduced to 2 0%
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Property Tax Levy 1.1%]
City Portion 5.64%j
TABLE B-6
ANNUAL RECURRING REVENUES - PROPERTY TAXES
CYPRESS RIDGE
CITY OF TEMECULA
I. Detached Cluster
11. Attached Cluster
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
$6,925 $21,605 $24,264 $24,749 $25,244 $25,749 $26,264 526,789 527,325 527,871
$5,549 $15,128 $15,431 515,739 $16,054 516,375 516,703 517,037 $17,378 $17,725
III. Duplex/Triplex
$5,612 517,508 $25,850 526,367 $26,894 $27,432 $27,981 528,540 $29,111 $29,693
IV. Total Property Tax to City
$18,085 $54,242 $65,544 $66,855 568,192 $69,556 $70,947 $72,366 $73,814 $75,290
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TABLE B-6
ANNUAL RECURRING REVENUES - PROPERTY TAXES
CYPRESS RIDGE
CITY OF TEMECULA
=Property Tax Levy 1.1%
'City Portion 5.64%
FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 FY 2037
1. Detached Cluster
II. Attached Cluster
III. Duplex/Triplex
528,429 $28,997 $29,577 $30,169 $30,772 $31,388 532,016 532,656 $33,309 $33,975
518,080 $18,441 $18,810 $19,186 $19,570 $19,961 $20,361 $20,768 $21,183 521,607
530,287 530,893 $31,511 532,141 $32,784 $33,439 534,108 $34,790 $35,486 $36,196
IV. Total Property Tax to City
$76,796 $78,332 $79,898 $81,496 $83,126 $84,789 586,484 $88,214 $89,978 $91,778
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TABLE B-7
ANNUAL RECURRING REVENUES - PROPERTY TAX IN-IJEU OF VLF
CYPRESS RIDGE
CITY OF TEMECULA
[License Fee u1 $0.5636
(per $7,000 in AV Growth)
1. Detached Cluster
Il. Attached Cluster
1I1. Duplex/Triplex
IV, Total Property Tax In -Lieu of VLF to City
111 Source: Celdorma State Controlkr's Office.
FY 2016 FY 2019 FY an EMI FY 022 Mai FY 2024 MEI MEI EMU
56,292 519,632 522,048 512,488 522,938 523,397 523,865 524,342 524,829 525,326
55,042 $13,746 514,021 514,302 514,588 514,880 515,177 515,481 515,790 516,106
55,099 515,909 523,489 523,958 524,438 524,926 525,425 525,933 526,452 526,981
516,434 549,287 5559,558 960,749 961,964 963,203 564,467 965,756 567,072 968,413
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TABLE B-7
ANNUM RECURRING REVENUES - PROPERTY TAX IN -LIEU OF VLF
CYPRESS RIDGE
CITY OF TEMECULA
(License Fee ll) - $0.5636
per $1,000 in AV Growth)
I. Detached Cluster
11. Attached Cluster
111. Duplex/Triplex
FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 Mali MIMI fY Mai FY 2037
$25,832
526,349 526,876
527,413 527,962
528,521 529,091 529,673 530,267 530,872
$16,428 516,757 517,092 517,434 517,783 518,138 518,501 518,871 519,248 519,633
527,521 $28,071 528,633 529,205 529,789 530,385 530,993 531,613 532,245 532,890
IV. Total Property Tax In -Lieu of VLF to City
$69,781 571,177 572,600
574,052 $75,533
$77,044 $78,585
580,157 $81,760 583,395
(1) Source: California Stan Controller's Office.
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TABLE B-8
ANNUAL RECURRING REVENUES - PROPERTY TRANSFER TAXES
CYPRESS RIDGE
CITY OF TEMECULA
Transfer Tax (per $500) $0.55
City Share of Transfer Tax 50%
Turnover Rate (Residential) 10%
!Turnover Rate (Retail) 5%
I. Detached Cluster
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
56,140 $12,894 52,151 52,194 52,238 $2,283 $2,329 $2,375 52,423 52,471
11. Attached Cluster
54,920 $8,395 51,368 51,396 51,424 51,452 51,481 51,511 51,541 51,572
111. Duplex/Triplex
V. Total Property Transfer Tax to City
$4,976 510,449 $7,086 52,338 $2,385 52,432 $2,481 $2,531 52,581 52,633
$16,036 $31,738 510,605 55,928 56,046 56,167 56,291 $6,417 56,545 $6,676
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TABLE B-8
ANNUAL RECURRING REVENUES - PROPERTY 1RANSFER TAXES
CYPRESS RIDGE
CITY OF TEMECULA
!Transfer Tax (per $500) $0.55
City Shore of Transfer Tax 50%
,Turnover Rote (Residential) 10%
!Turnover Rate (Retail) 5%
I. Detached Cluster
II. Attached Cluster
111. Duplex/Triplex
FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 FY 2037
52,521 $2,571 52,623 52,675 52,729 $2,783 52,839 52,896 $2,953 $3,013
$1,603 $1,635 51,668 51,701 51,735 $1,770 51,805 51,841 51,878 $1,916
52,686 52,739 52,794 52,850 52,907 $2,965 $3,024 $3,085 53,147 53,209
V. Total Property Transfer Tax to City
56,809 $6,946 $7,084 57,226 57,371 57,518 $7,668 57,822 57,978 58,138
Prepared by: Keyser Marston Associates, Inc.
Filename: i:/Cypress Ridge • FIA • v4. 07.25.17;7/2S/2017;mdt
Page 31
66% 64% 74% 89% 92% 92% 92% 100% 100% 100%
TABLE B-9
ANNUAL RECURRING REVENUES - SALES TAX/RESIDENTIAL SPENDING 111121
CYPRESS RIDGE
CITY OF TEMECULA
Taxable Spending by Residents
Temecula Spending Capture
City Portion of Soles Tax
Estimate of Measure 5 - Effective Revenues
33.5%1
80%1
I. Detached Cluster
II. Attached Cluster
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
$11,537 $35,901 $44,043 $49,630 $51,719 $53,083 $54,410 $58,094 $59,546 $61,035
$9,409 $25,619 $28,644 $32,513 $34,393 $35,300 $36,182 $38,632 $39,598 $40,588
III. Duplex/Triplex
$9,521 $29,627 $47,388 $53,788 $57,420 $60,036 $61,991 $66,188 $67,843 $69,539
IV. Total Residential Spending
$30,468 $91,148 $120,074 $135,931 5143,531 $148,418 5152,583 $162,914 $166,987 $171,162
Allocation of Measure 5 Revenues to General Fund (3)
(1) Assumes an escalation factor of 5.0%. Escalation is reduced after Year 8 to 2.5%.
(2) Includes Project -generated Measure 5 revenues.
(3) Source: City of Temecula, May 2017.
Prepared by: Keyser Marston Associates, Inc.
Filename: r/Cypress Ridge - FIA - v4 - 07-25-17;7/25/2017;mdt
"age 32
Taxable Spending by Residents 33.5%
Temecula Spending Capture 80%
City Portion of Sales Tax 1.0%
Estimate of Meosure 5 - Effective Revenues 1.0%
TABLE B-9
ANNUAL RECURRING REVENUES - SALES TAX/RESIDENTIAL SPENDING
CYPRESS RIDGE
CITY OF TEMECULA
1. Detached Cluster
11. Attached Cluster
111. Duplex/Triplex
(IV, Total Residential Spending
11 - 1' I
FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 FY 2037
$62,561 $64,125 $65,728 $67,371 $69,055 $70,782 $72,551 $74,365 $76,224 $78,130
$41,602 $42,642 $43,708 $44,801 $45,921 $47,069 $48,246 $49,452 $50,688 $51,956
$71,278 $73,060 $74,886 $76,758 $78,677 $80,644 $82,660 $84,727 $86,845 $89,921
$175,441 $179,827 5184,322 $188,930 $193,654 $198,495 $203,457 $208,544 $213,757 $220,007
Allocution of Measure 5 Revenues to General Fund (31
(1) Assumes an escalation factor of 5.0%. Escalation is reduced after Year 8 to 2.5%.
(2) Includes Project -generated Measure 5 revenues.
(3) Source: City of Temecula, May 2017.
Prepared by: Keyser Marston Associates, Inc.
Filename: is/Cypress Ridge - FIA - v4 - 07-25-17;7/25/2017;mdt
100% 100% 100% 100% 100% 100% 100% 100% 100% 100%J
Page 33
TABLE B-10
SPECIAL TAX (MEASURE C) REVENUE
CYPRESS RIDGE
CITY OF TEMECULA
!Special Tax (Measure C) $74.44 per EDU
Single Family $74.44 /Parcel
I. Detached Cluster
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
79 units 51,787 55,360 $5,881 $5,881 55,881 55,881 55,881 $5,881 $5,881 $5,881
II. Attached Cluster
III. Duplex/Triplex
63 units $1,787 54,690 $4,690 $4,690 54,690 54,690 54,690 54,690 $4,690 54,690
103 units $1,787 55,360 57,667 57,667 $7,667 $7,667 $7,667 $7,667 $7,667 $7,667
IV. Total Special Tax (Measure C) 245 units
$5,360 515,409 $18,238 $18,238 $18,238 $18,238 $18,238 $18,238 $18,238 $18,238
Prepared by: Keyser Marston Associates, Inc.
Filename: is/Cypress Ridge - FIA - v4.07.25.17;7/25/2017;mdt
Page 34
TABLE B-10
SPECIAL TAX (MEASURE C) REVENUE
CYPRESS RIDGE
CITY OF TEMECULA
Special Tax (Measure C) $74.44 per EDU
Si jle Family $74.44 /Parcel
1 ,I
FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 FY 2037
I. Detached Cluster 79 units $5,881 55,881 $5,881 55,881 $5,881 55,881 $5,881 55,881 $5,881 55,881
11. Attached Cluster 63 units $4,690 54,690 54,690 54,690 $4,690 54,690 54,690 $4,690 54,690 54,690
111. Duplex/Triplex 103 units 57,667 $7,667 57,667 $7,667 $7,667 57,667 57,667 57,667 $7,667 57,667
IV. Total Special Tax (Measure C) 245 units
518,238 $18,238 $18,238 $18,238 $18,238 518,238 518,238 $18,238 $18,238 $18,238
Prepared by: Keyser Marston Associates, Inc.
Filename: s:/Cypress Ridge - FIA - v4 - 07-25-17;7/25/2017;mdt
Page 35
TABLE B-11
ANNUAL GENERAL FUND REVENUES
CYPRESS RIDGE
CITY OF TEMECULA
FY 2017 Budget:
Amount Per
Resident
or Resident Service
Equivalent Population
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
I. Total Residential Population
II. Total Resident Equivalents
III. Other Annual General Fund Revenues
Franchise Fees 528.06 E
Gas Tax Fund 518.67
Capital Improvement Program $16.98 RE
Fines and Forfeitures 54.29 RE
Licenses and Permits 52.41 RE
Law Enforcement Fund 51.71 RE
Vehicle License Fees 50.44
Miscellaneous Revenue 50.33 RE
Intern Fellow Fund 50.07 RE
IV. Total Other Revenues
(1) Assumes escalation tactor of 2 5%
Prepared by Keyser Marston Associates, Inc.
Filename i /Cypress Ridge - FIA • yd - 07-25-17;7/25/2017;mdt
205 590 688 688 688 688 688 688 688 688
205 590 688 688 688 688 688 688 688 688
55,896 517,392 520,788 521,307 521,840 522,386 522,946 523,519 524,107 $24,710
53,923 511,574 513,834 514,180 514,534 514,898 515,270 $15,652 516,043 516,444
53,569 510,527 512,583 512,898 513,220 $13,550 513,889 $14,236 514,592 514,957
5901 52,657 53,176 53,256 $3,337 53,420 53,506 53,594 53,683 53,776
5506 $1,491 $1,783 51,827 51,873 51,920 $1,968 52,017 52,067 52,119
5359 51,059 $1,266 51,297 51,330 51,363 51,397 51,432 51,468 $1,505
$93 5274 5327 $335 5344 5352 5361 5370 5379 $389
$69 5204 5244 $250 5256 5263 5269 5276 5283 5290
515 544 52 $14 555 $56 8 $59 561 562
515,330 545,222 554,052 555,404 556,789 558,208 559,664 561,155 $62,684 $64,251
L�e�nd:
RE Resident FquioalPnt
Page 36
TABLE B-11
ANNUAL GENERAL FUND REVENUES
CYPRESS RIDGE
CITY OF TEMECULA
FY 2017 Budget:
Amount Per
Resident
or Resident Service
Equivalent (1) Population
11 1. 1 14 1 ii, !I I•, ;,.
FY 2026 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 FY 2037
1. Total Residential Population
1I. Total Resident Equivalents
688 688 688 688 688 688 688 688 688 688
688 688 688 688 688 688 688 688 688 688
1I1. Other Annual General Fred Revenues
Franchise Fees 528.06 RE 525,328 525,961 526,610 527,275 527,957 $28,656 529,372 530,107 530,859 531,616
Gas Tax Fund $18.67 P $16,855 517,277 517,708 518,151 518,605 $19,070 519,547 520,036 520,536 521,040
Capital Improvement Program 516.98 RE 515,331 $15,714 516,107 516,510 516,923 517,346 517,779 518,224 518,679 519,137
Fines and Forfeitures 54.29 RE $3,870 53,967 54,066 $4,167 54,272 54,378 54,488 54,600 54,715 54,831
Licenses and Permits $2.41 RE 52,172 52,226 52,282 52,339 52,397 52,457 52,519 52,582 52,646 $2,711
Law Enforcement Fund 51.71 RE 51,542 51,581 51,620 51,661 51,702 51,745 51,789 $1,833 51,879 $1,925
Vehicle License Fees 50.44 P 5398 5408 5419 5429 5440 5451 5462 5474 5485 $497
Miscellaneous Revenue 50.33 RE 5297 5305 5312 5320 5328 5336 5345 5353 5362 $371
Intern Fellow Fund $0.07 RE /a la 21 ai
IV. Total Other Revenues
$65,857 567,504 569,191 570,921 572,694 574,512 $76,374 578,284 580,241 582,208
(1 Assumes escalation factor of 2.5%.
Prepared by: Keyser Marston Associates, Inc.
Filename: is/Cypress Ride FIA - W • 07.25-17;7/25/2017;mdt Page 37
TABLE B-12
ANNUAL GENERAL FUND EXPENDITURES
CYPRESS RIDGE
CITY Of TEMECULA
I. Total Residential Population
II. Total Resident Equivalents
III. Annual General Fund Expenditures
Police
Recreation Funding
Asset Management Fund
Public Works - Land Development. Public Works, etc.
Fire
Public Works - Parks 8 Maintenance
City Manager
Community Development
Finance
Retiree Medical Contribution
City Clerk
City Attorney
Animal Control
City Council
Community Support
PERS Replacement Benefit
Property Tac Administration
FY 2011 Budget.
Amount Per "Marginal
Resident Annual Cost"
or Resident Escalation Impact Service
Equivalent Ra3a..li Adiu,tin,nt Population
Elms Fr 2019 FY 2020 EY 2021 FY 2022 F'.10_21 FY 2024 FY 2Dz5 F9 2026 F9 2027
205 590 688 688 688 688 688 688 688 688
205 590 688 688 688 688 688 688 688 688
5300.00 In 6.00% is) 5.0% P 561,931 5188,933 5233,534 5247,546 5262,399 5272,895 5283,811 5295,163 $306,970 5319,249
55584 3.00% 20.0% p 59,433 527,963 533,587 534,594 535,632 536,701 537,802 538,936 540,104 541,307
55404 2.0096 0.0% RE 511,300 533,173 539,457 540,246 541,051 541,872 542,709 543,564 544,435 545,324
54968 2.50% 1009 RE 59,395 527,716 533,127 533,956 S34,804 535,675 536,566 537,481 538,418 539,378
540 25 5.0096 ,at 5 096 RE 58,231 524,874 530,456 531,978 533,577 530,585 535,622 536,691 537,792 538,925
532 30 2.50% 10.0% 3' 56,108 518.019 521,538 522,076 522.628 523,194 523,773 524,368 524,977 525,601
$26.09 2.5096 40.096 RE 53,289 59.703 511,598 511,888 512.185 512,490 512,802 513,122 513,450 513,787
51969 2.75% 20.0% RE 53,319 59.814 511,759 512,083 512.415 512,756 513.107 513,468 513,838 514,218
518.28 2.75% 30.016 RE 52,695 57,969 $9,548 59,811 510,081 510358 510,643 510,935 511.236 511,545
$12.18 3.00% 0.0% RE $2,572 $7,623 59,156 59,431 $9,714 510,005 510,305 510,615 510,933 511,261
59.52 3.00% 30.0% RE 51,407 54,172 55,011 55,161 $5,316 55,476 55,640 55,809 55,984 56,163
$5.77 2.00% 40.096 RE $724 52,124 52,527 52,577 52,629 52,682 52,735 52,790 52,846 52,903
53.63 1.0096 10.096 RE 5676 51,966 52,315 52,338 52,361 52,385 52,409 52,433 52,457 52,482
53.55 2.7596 40.0% RE 5449 51,327 51,590 51,634 51,678 51,725 51,772 51,821 51,871 51,922
50.70 2.0096 20.0% RE 5117 5313 5407 Sd 16 5424 5432 5441 5450 5459 5468
50 63 3.00% 0.076 RE 5134 $397 $477 5492 5506 5522 5537 $553 5570 $587
50.61 3.00% 30.0% 88 8 53.2 5331 3d1 5352 5362 373
It/ Total General Fund Expenditures
5121,870 5366,386 5446,409 5466,558 5487,743 5504,103 5521,038 5538,571 $556,723 5575,516
ltgtat
RE rodent Equivalent
(1) Escalation factors per City of Temecula Finance Department
(2) Reflects Project pro rata share of one new police officer (5300,000) per 1,000 population.
(3) Reflects escalat,cn factor for first 5 years; escalation is reduced to 4.0% beginning in Year 6.
(4) Reflects escalation factor far first 5 years: escalation is reduced to 3.0% beginning on Year 6.
Prepared by Keyser Marston Associates, Inc
Filename /Cypress Ridge • FIA-.4-07.25-17,7/25/2017;redt
Page 38
TABLE 8-12
ANNUAL GENERAL FUND EXPENDITURES
CYPRESS RIDGE
CITY OF TEMECULA
I. Total Residential Population
I1. Total Resident Equivalents
III. Annual General Fund Expenditures
Police
Recreation Funding
Asset Management Fund
Public Works - land Development, Public Works, etc.
Fin
Public Works - Parks 8 Maintenance
City Manager
Community Development
Finance
Retiree Medical Contribution
City Clerk
City Attorney
Animal Control
City Council
Community Support
PERS Replacement Benefit
Property Tar Administration
FY 7017 Budget
Amount Per 'Marginal
Resident Annual Cost"
or Resident Escalation Impact Service
Equivalent Rate Adwstment Population
Elan FY 8029 F1 203Q FY 931 FY 2032 FY 2035 FY 2034 FY 2035 FY 2036 FY 2037
688 688 688 688 688 688 688 688 688 688
688 688 688 688 688 688 688 688 688 688
5300.00 III 6.00% isi 5.016 P 5332,019 5345,300 $359.112 5373476 5388.415 5403,952 5420,110 5436,914 5454,391 5472,343
555.84 3.00% 20.0% P $42,546 543,823 545,137 546.492 547.886 549,323 550,803 552.327 553,896 555.487
554.04 2.0014 0.016 RE 546,230 547,155 548,098 549,060 550,041 551,042 552,063 553.104 554,166 555.223
54968 2.50% 10.0% RE 540,362 541,371 $42,406 $43,466 $44,553 545.666 546,808 547,978 549,178 550.383
540 25 5.00% I41 5.016 RE 540,093 541,296 $42,535 543,811 $45,125 546,479 547,873 549,310 550,789 552,288
532 30 2.50% 10.0% P 526,241 526,897 527,570 528,259 $28,966 529,690 530,432 $31,193 531,973 532,756
52609 2.50% 40.0% RE 514,131 514,484 514,847 515,218 $15,598 515,988 516,388 $16,798 517,217 517,640
51969 2.75% 20.0% RE 514,609 515,011 515,424 515,848 516,284 516,732 517,192 $17,665 518,151 518,641
51828 2.75% 300% RE 511,863 512,189 512,524 512,868 513,222 513,586 513,959 514,343 514,738 $15,136
51218 3.0016 0.0% RE 511.599 511,947 512,305 512.674 513,055 513,446 513,850 514,265 514,693 515,127
59.52 3.0016 30.0% RE 56.348 56,538 56,735 56,937 57,115 57,359 57,580 57,807 58,041 58,279
55.77 2.0016 40.0% RE 52,961 53,020 53,080 53.142 53,205 53,269 53,334 53,401 53,469 53,537
$3.63 1.00% 10.015 RE 52,507 52332 $2.557 52,583 52,609 52.635 52,661 52,688 52,714 52,740
53.55 2.75% 40.016 RE 51,975 52,029 52.085 52,143 52,202 52.262 52,324 52,388 52,454 52,520
50.70 2.0016 20.0% RE $477 5487 5497 5507 5517 5527 5538 5548 5559 5570
50.63 3.00% 0.0% RE 5605 5623 5641 $661 5680 5701 5722 5744 5766 5788
5061 3.00% 30.015 RE 5408 542045 445 459 472 487 5121 5115 5.131
W. Total General Fund Expenditures
(11 Escatatwn factors per City of Temecula Finance Department
(21 Reflects Propct pro rata share of one new police officer 1$300.000( per 1,000 pnpulation
(31 Reflects escalation factor tor first 5 years, escalation is reduced to 4 00. beginning in Year 6
(41 Reflects escalaunn factor for first 5 yews, escalation is reduced 10 3.0% beginning in year 6
Prepared by Keyser Manton Ascotiatt,, Inc
F,lenarne /Cypress P,d{e-51A r4-07-25']7,7/25/2017;nidt
5594,974 $615,122 5635,985 5657,588 5679,960 5703,128 5727,122 5751,973 5777.711 5803,990
Page 19
TABLE 8-13
ANNUAL GENERAL FUND IMPACT
CYPRESS RIDGE
CITY OF TEMECULA
FY 2018 FY 2019
FY 2020 FY 2021
FY 2022 FY 2023
FY 2024 FY 2025
FY 2026 FY 2027
I. Annual General Fund Revenues
Sales Tax - Residential Spending is)
Property Tax
Property Tax in-I,eu of VLF
Property Transfer Tax
Franchise Fees
Special Tax (Measure 0)
Gas Tax Fund
Capital Improvement Program
Fines and Forfeitures
Licenses and Permits
Law Enforcement Fund
Miscellaneous Revenue
Vehicle License Fees
Intern Fellow Fund
II. Total Revenues
III. Annual General Fund Expenditures
Police
Asset Management Fund
Fire
Public Works - Land Development, Public Works, etc.
Recreation Funding
Public Works - Parks & Maintenance
Community Development
City Manager
Finance
Retiree Medical Contribution
City Clerk
City Attorney
Animal Control
City Council
PERS Replacement Benefit
Community Support
Property Tax Administration
IV. Total Expenditures
$30,468 591,148 5120,074 5135,931 5143,531 5148,418 5152,583 5162,914 5166,987 5171,162
518,085 554,242 565,544 566,855 568,192 $69,556 570,947 $72,366 573,814 575,290
516,434 549,287 $59,558 560,749 $61,964 $63,203 $64,467 $65,756 567,072 568,413
516,036 $31,738 510,605 55,928 56,046 56,167 56,291 56,417 56,545 56,676
55,896 517,392 $20,788 521,307 521,840 522,386 522,946 523,519 524,107 524,710
55,360 515,409 518,238 518,238 518,238 518,238 518,238 518,238 518,238 $18,238
53,923 511,574 513,834 514,180 514,534 514,898 515,270 515,652 516,043 516,444
$3,569 $10,527 512,583 512,898 $13,220 513,550 513,889 514,236 514,592 514,957
5901 52,657 53,176 53,256 53,337 53,420 $3,506 53,594 53,683 53,776
$506 51,491 51,783 51,827 $1,873 51,920 $1,968 52,017 52,067 52,119
5359 51,059 $1,266 $1,297 $1,330 $1,363 51,397 51,432 51,468 51,505
$69 5204 5244 $250 5256 5263 5269 5276 5283 5290
$93 5274 5327 5335 5344 5352 5361 5370 5379 5389
515 544 $52 $54 $55 556 $58 la 562
5102,000 5287,000 5328,000 5343,000 $355,000 $364,000 $372,000 5387,000 5395,000 5404,000
$61,931 5188,933 5233,534 5247,546 5262,399 5272,895 5283,811 5295,163 $306,970 5319,249
511,300 $33,173 539,457 $40,246 $41,051 $41,872 $42,709 543,564 544,435 545,324
58,231 524,874 530,456 531,978 533,577 534,585 $35,622 $36,691 $37,792 538,925
59,395 527,716 533,127 533,956 534,804 535,675 536,566 537,481 538,418 $39,378
59,433 $27,963 $33,587 $34,594 535,632 536,701 537,802 538,936 540,104 541,307
56,108 518,019 $21,538 $22,076 $22,628 $23,194 $23,773 $24,368 524,977 525,601
53,319 59,814 511,759 512,083 512,415 512,756 513,107 513,468 513,838 514,218
$3,289 59,703 511,598 511,888 512,185 512,490 512,802 513,122 513,450 513,787
52,695 57,969 59,548 59,811 510,081 510,358 510,643 510,935 511,236 511,545
52,572 57,623 59,156 59,431 59,714 510,005 $10,305 510,615 510,933 511,261
51,407 54,172 55,011 55,161 55,316 55,476 $5,640 55,809 55,984 56,163
5724 52,124 $2,527 52,577 52,629 52,682 52,735 52,790 52,846 $2,903
5676 51,966 52,315 52,338 $2,361 $2,385 52,409 52,433 52,457 52,482
5449 51,327 51,590 51,634 51,678 $1,725 $1,772 51,821 $1,871 51,922
5134 5397 5477 5492 5506 5522 5537 5553 5570 $587
5117 $343 5407 5416 5424 5432 $441 $450 5459 5468
5268 5322 $331 5341 5352 5362 5373 5384 5396
5122,000 5366,000 5446,000 5467,000 5488,000 5504,000 5521,000 5539,000 5557,000 5576,000
V. Annual Recurring Surplus/(Deficit)
Per Llnit Per year
Revenues to Expenditure Ratio
(520,000) (579,000) (5118,000) (5124,000) (5133,000) (5140,000) (5149,000) (5152,000) (5162,000) (5172,000)
(5278) ($382) (5482) (5506) ($543) (5571) (5608) (5620) (5661) (5702)
0.84 0.78 0.74 0.73 0.73 0.72 0.71 0.72 0.71 0.70
(1) Includes Project -generated Measure S revenues
Prepared by Keyser Marston Associates, Inc.
Filename ,./Cypress Ridge FIA - v4 • 07-25•17;7/25/2017;mdt
Page 40
TABLE B-13
ANNUAL GENERAL FUND IMPACT
CYPRESS RIDGE
CITY OF TEMECULA
FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 FY 2037
1. Annual General Fund Revenues
Sales Tax - Residential Spending it)
Property Tax
Property Tax in -Leu of VLF
Property Transfer Tax
Franchise Fees
Special Tax (Measure C)
Gas Tax Fund
Capital Improvement Program
Fines and Forfeitures
Licenses and Permits
Law Enforcement Fund
Miscellaneous Revenue
Vehicle License Fees
Intern Fellow Fund
11. Total Revenues
111. Annual General Fund Expenditures
Poke
Asset Management Fund
Fire
Public Works - Land Development, Public Works, etc.
Recreation Funding
Public Works - Parks & Maintenance
Community Development
City Manager
Finance
Retiree Medical Contribution
City Clerk
City Attorney
Animal Control
City Council
PERS Replacement Benefit
Community Support
Property Tax Administration
IV. Total Expenditures
$175,441 $179,827 5184,322 5188,930 5193,654 5198,495 5203,457 5208,544 5213,757 5220,007
576,796 578,332 579,898 581,496 583,126 584,789 586,484 588,214 589,978 591,778
569,781 571,177 572,600 574,052 575,533 577,044 578,585 $80,157 581,760 $83,395
56,809 56,946 57,084 $7,226 $7,371 57,518 57,668 $7,822 57,978 58,138
525,328 525,961 526,610 527,275 527,957 528,656 529,372 530,107 530.859 531,616
518,238 518,238 518,238 518,238 518,238 518,238 518,238 518,238 518,238 518,238
516,855 517,277 517,708 518,151 518,605 519,070 519,547 520,036 520,536 521,040
$15,331 515,714 516,107 516,510 516,923 517,346 517,779 518,224 518,679 519,137
53,870 53,967 54,066 54,167 54,272 54,378 $4,488 54,600 54,715 54,831
52,172 52,226 52,282 52,339 52,397 52,457 52,519 $2,582 52,646 $2,711
51,542 51,581 $1,620 $1,661 $1,702 51,745 $1,789 $1,833 51,679 $1,925
5297 5305 5312 5320 5328 5336 5345 $353 5362 5371
5398 5408 5419 5429 5440 5451 5462 5474 5485 5497
564 565 567 569 570 572 574 576 578 521
5413,000 5422,000 5431,000 5441,000 5451,000 5461,000 $471,000 5481,000 5492,000 5504,000
5332,019 5345,300 $359,112 5373,476 5388,415 5403,952 $420,110 5436,914 5454,391 5472,343
546,230 547,155 548,098 549,060 550,041 551,042 552,063 553,104 554,166 555,223
$40,093 541,296 542,535 543,811 545,125 546,479 547,873 549,310 550,789 552,288
540,362 541,371 542,406 543,466 544,553 545,666 546,808 547,978 549,178 550,383
542,546 $43,823 545,137 546,492 547,886 549,323 550,803 552,327 553,896 555,487
526,241 526,897 527,570 528,259 528,966 529,690 530,432 531,193 531,973 532,756
$14,609 $15,011 515,424 515,848 516,284 516,732 517,192 517,665 518,151 518,641
514,131 514,484 $14,847 515,218 515,598 515,988 516,388 516,798 517,217 $17,640
511,863 512,189 512,524 512,868 513,222 $13,586 513,959 $14,343 514,738 515,136
511,599 511,947 512,305 512,674 513,055 513,446 513,850 514,265 514,693 $15,127
56,348 56,538 56,735 56,937 $7,145 $7,359 57,580 57,807 58,041 58,279
52,961 53,020 53,080 $3,142 53,205 $3,269 53,334 53,401 $3,469 53,537
$2,507 52,532 52,557 52,583 52,609 52,635 52,661 52,688 52,714 52,740
51,975 52,029 52,085 52,143 52,202 52,262 52,324 52,388 52,454 52,520
5605 5623 5641 5661 5680 $701 $722 5744 $766 5788
5477 $487 5497 5507 5517 $527 5538 5548 5559 5570
$ 5420 5432 iiii A5.9. 5472 5487 $501 5516 5531
$595,000 $615,000 $636,000 5658,000 5680,000 5703,000 5727,000 5752,000 5778,000 5804,000
V. Annual Recurring Surplus/(Deficit)
Per Unit Per Year
Revenues to Expenditure Ratio
(5182,000) (5193,000) (5205,000) (5217,000) (5229,000) (5242,000) (5256,000) (5271,000) (5286,000) (5300,000)
(5743) (5788) (5837) (5886) (5935) (5988) (51,045) (51,106) (51,167) ($1,224)
0.69 0 69 0 68 0.67 0.66 0.66 0.65 0.64 0.63 0.63
(1) Includes Project -generated Measure S revenues.
Prepared by Keyser Marston Associates, Inc
Filename. 1./Cypress Rdge • FIA e4 • 07-25.17,7/25/2017;ndt
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APPENDIX C
FISCAL IMPACT ANALYSIS
CYPRESS RIDGE
At Build -Out
(FY 2017 Dollars)
1
1
TABLE C-1
ESTIMATE OF TOTAL POPULATION
CYPRESS RIDGE
CITY OF TEMECULA
I. Residential
Detached Cluster
Attached Cluster
Duplex/Triplex
Total/Average
Dwelling
Units
79 Units
63 Units
103 Units
245 Units
Vacancy
Factor(1)
5.0%
5.0%
5.0%
5.0%
Total Resident
Persons/Unit (2) Population
3.50
3.00
2.50
2.81
263
180
245
688
II. Total Population 688
(1) KMA assumption reflecting average vacancy rate, based on typical lender underwriting criteria for residential uses
(2) KMA assumption based on industry standard household size by unit type.
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TABLE C-2
ESTIMATE OF ASSESSED VALUE
CYPRESS RIDGE
CITY OF TEMECULA
1. Residential
For -Sale
Detached Cluster
Attached Cluster
Duplex/Triplex
Total For -Sale
Add: View Premiums @ 0.0%
Grand Total For -Sale
Uni
79 Units
63 Units
103 Units
245 Units
245 Units
Price/Unit J1)
$443,205
$355,106
S359.467
$385,347
$385,347
FY 2017
Assessed Value
$35,013,195
$22,371,678
$37.025.101
$94,409,974
S94,409,974
II. Grand Total Assessed Valuation $94,410,000
111 Per Developer, November 2, 2016.
Prepared by: Keyser Marston Associates Inc.
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TABLE C-3
ESTIMATE OF ANNUAL RECURRING REVENUES - PROPERTY TAXES AND PROPERTY TRANSFER TAX
CYPRESS RIDGE
CITY OF TEMECULA
Annual Recurring Revenues
I. Property Tax
Estimated Value
Property Tax Levy
City Portion
5.64%
$94,410,000
$1,038, 510
$59,000
Total Property Tax to City
$59,000
II. Property Tax in -lieu of VLF
Estimated Value
License Fee (per $1,000 in AV growth)
$94,410,000
$0.5636 (1)
Total Property Tax in -lieu of VLF
$53,000
III. Property Transfer Tax
Residential Property Valuation (FMV) - Residential
Transfer Tax (per $500)
Total Transfer Tax
City Share of Transfer Tax 50.0%
Turnover Rate (Residential)
Net Transfer Tax - Residential
$94,410,000
$0.55
$103,851
$51,926
10.0%
$5,000
Total Property Transfer Tax
55,000
(1) Source: California State Controller's Office.
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$98,0001
TABLE C-4
ESTIMATE OF ANNUAL RECURRING REVENUES SPENDING BY RESIDENTS
CYPRESS RIDGE
CITY OF TEMECULA
I- Estimate of Household Income
Average Sales Price / Average Monthly Rent
(Less) Down Payment
Loan Amount
Interest Rate
Term {Years)
Annual Mortgage Payment / Rent
HOA
Maintenance / Insurance
Property Taxes/CFD Assessments
Total Annual Costs
% of Income Spent on Housing
Annual Income Required
11. Number of Households
Total Number of Residential Units
Occupancy Rate
Total Number of Full -Time Equivalent Households
Total Household Income
Detached Attached Duplex/
Cluster Cluster Tri x
$443,205 5355,106 $359,467
10% 1544,321) 1535.511) J535.9471
5398,885 5319,595 5323,520
5.25% 5.25% 5.25%
30 30 30
526,432 521,178 521,438
5200 /Month 52,400 5200 /Month 52,400 5200 /Month 52,400
550 /Month 5600 550 /Month 5600 $50 /Month 5600
1 5% 56,648 1.5% 55,327 1 5% 55,392
536,080 529,504 529,830
35%
5103,000
79
95%
75
$7,730,150
35%
584,000
63
95%
60
55,027,400
35%
585,000
103
95%
98
58,317,250
In. Aggregate Household Income
521,075,000
IV. Annual Spending by Households
A. General Merchandise (zl
Convenience Goods (31
Eating and Drinking
Automotive Outlets
Other Retail Stores 14)
8. Total Spending
C. Spending Captured in City of Temecula
D. City Portion of Sales Tax @
E. Estimate of Measure S - Effective Revenues
Measure 5 Revenues to General Fund @
Allocation of Household
Income to Taxable Spending (11
15.0%
10.0%
3.0%
5.0%
0.5%
33.5%
80.0%
1.0%
1.0%
74% :51
Estimated Annual
Taxable Spending
53,161,000
52,108,000
$632,000
51,054,000
5105,000
$7,060,000
55,648,000
556,000
556,000
542,000
IF. Total Sales Tax - Resident Spending
(1) KMA assumption, based on review of spending ratios in Southern California counties.
(2) Includes Other Companson Goods and Home Improvement.
(3) Includes food and drug stores
(4) Includes second-hand merchandise; farm implement dealers; farm and garden supply stores; fuel and ice dealers; mobile homes; traders and campers; and boat, motorcycle, and plane dealers
(5) Source: City of Temecula, May 2017. Reflects Measure 5 revenues allocated to the General Fund at the Project's build -out year (FY 2020)
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TABLE C-5
SPECIAL TAX (MEASURE C)
CYPRESS RIDGE
CITY OF TEMECULA
Special Tax (Measure C) $74.44 per Equivalent Dwelling Unit
I. Residential - Developed
Single -Family
Multi -Family
Total Residential
245 Parcels
0 Units
EDU Factor
$74.44 /Parcel
0.75 EDU per unit
Total Special Tax
Revenue
$18,000
$18,000
II. Total Special Tax (Measure C) $18,000
Prepared by: Keyser Marston Associates Inc.
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TABLE C-6
ESTIMATE OF ANNUAL RECURRING REVENUES - OTHER REVENUES
CYPRESS RIDGE
CITY OF TEMECULA
Total Total Total
Total Total Resident Population/ Resident
Demographic Profile: Population Employment Equivalents (2) Jobs Equivalents 131
City of Temecula 111,024 (1) 50,218 127,596 161,242 127,596
Cypress Ridge 688 0 688 688 688
I. Franchise Fees
II. Gas Tax Fund
III. Capital Improvement Program
IV. Fines and Foreitures
V. Licenses and Permits
VI. Law Enforcement Fund
VII. Vehicle License Fees
VIII. Miscellaneous Revenue
IX. Intern Fellow Fund
City
FY 2016-2017
Budget (4)
$3,580,000
$2,073,000
$2,167,000
$547,000
5307,000
$218,000
$49,000
$42,000
$9,000
Service
Population
RE
P
RE
RE
RE
RE
P
RE
RE
Amount Per
Resident or New Residents/
Resident Resident Total
Equivalent Equivalents Revenues
$28.06 688 519,000
$18.67 688 513,000
516.98 688 $12,000
$4.29 688 $3,000
$2.41 688 $2,000
$1.71 688 51,000
$0.44 688 $0
$0.33 688 50
$0.07 688 IQ
X. Total Other Revenues
$50,000
(1) Source: California Department of Finance, January 1, 2017.
(2) Source: The Nielsen Company, 2017 Reflects employment by place of work.
(3) KMA assumption. Assumes that approximately three employees have the same impact as one resident
(4) Source: See Table A-3, KMA modifications to Mid -Year FY 16-17 Adjusted General Fund Budget - Included Items.
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RE - Resident Equivalent
P - Population
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TABLE C-7
SUMMARY OF ANNUAL RECURRING REVENUES AT BUILD -OUT (1)
CYPRESS RIDGE
CITY OF TEMECULA
General Fund
I. Sales Tax - Resident Spending (21
II. Property Tax
III. Property Tax in -lieu of VLF
IV. Franchise Fees
V. Special Tax (Measure C)
VI. Gax Tax Fund
VII. Capital Improvement Program
VIII. Property Transfer Tax
IX. Fines and Forfeitures
X. Licenses and Permits
XI. Law Enforcement Fund
XII. Intern Fellow Fund
XIII. Sales and Use Tax
XIV. Miscellaneous Revenue
XV. Vehicle License Fees
Total Percent
$98,000
$59,000
$S3,000
$19,000
$18,000
$13,000
$12,000
$5,000
$3,000
$2,000
$1,000
So
$0
So
34.6%
20.8%
18.7%
6.7%
6.4%
4.6%
4.2%
1.8%
1.1%
0.7%
0.4%
0.0%
0.0%
0.0%
XVI. Total Annual Recurring Revenues to General Fund
$283,000 100.0%
(1) Reflects stabilized annual revenue in constant 2017 dollars at build -out.
(2) Includes Project -generated Measure 5 revenues.
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XVIII Total Annual Expenditures
540,104,000 5386,000
TABLE C-8
ESTIMATE OF ANNUAL RECURRING EXPENDITURES
CYPRESS R10GE
CITY OF TEMECULA
Total Total
Total Total Population/ Resident
Demographic Profile: Population Employment Jobs Equivalents
City of Temecula 1.1.:: .d i.. -t.. .-, ...
Cypress Ridge dr -.e , _ _
I. Police
II Public Works - land Development. Public Works, etc
III Recreation Funding
IV. Asset Management Fund
V. Ere
VI. Public Works - Parks & Maintenance
VII City Manager
VIII Community Development
IX. Finance
X. Retiree Medical Contribution
XI. City Clerk
311. City Attorney
8111. Animal Control
XIV. City Council
XV. Community Support
XVI. PERS Replacement Benefit
XVII Property Tax Administration
Amount Per Net New
City Resident an New Residents/ "Marginal Cost' Residents/
FY 20162017 Service Population Resident Resident Impact Resident TOtal
Budget 1 Pgpulaton Type Equivalent Equivalents Adjustment Equivalents Eap n e
- .- -- 5300.60 ISI 668 5% 654 5196.000
56.339,000 RE 127,596 549.68 688 10% 619 531,000
56,200.000 t- 111,024 555.84 688 20% 550 531,000
56,000,000 RE 127,596 547.02 688 0% 688 532,1300
55,136,1300 RE 127,596 540.25 688 5% 654 526.000
53,586,000 P 111,024 53230 688 10% 619 520.000
53,329,DOo RE 127,596 526.09 688 4034 413 511,000
52,513.000 RE 127,596 519.69 688 20% 550 511,000
52,332,000 RE 127,596 518.28 688 30% 482 59,000
51,554,000 RE 127,596 512.18 688 0% 688 58,000
51,215,000 RE 127,596 59.52 688 30% 482 55.000
5736,000 RE 127,596 55.77 688 4056 413 52,000
5463.000 RE 127,596 53.63 688 10% 619 52,000
5453,000 RE 127,596 $3.55 688 40% 413 51,000
589,000 RE 127,596 $0.70 688 20% 550 $4(70
581,000 RE 127,596 50.63 688 0% 688 5400
781700 RE 127.596 50.61 688 3036 482 5300
(1) Source. California Department of Finance, January 1, 2017.
(2) Source. The Nielsen Company. 2017.
(3) KMA assumption. Assumes that three employees have the same impact as one resident
(4) Source. See Table 4-4, KMA modifications to Md -Year FY 16-17 Adjusted General Fund Budget - included items
(5) Reflects Protect pro rata share of one new police offrer (5300.000) per 1,000 population.
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RE Resident Equivalent
P - Population
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1
TABLE C-9
SUMMARY OF ANNUAL RECURRING EXPENDITURES (1)(2)
CYPRESS RIDGE
CITY OF TEMECULA
General Fund
I. Police
II. Asset Management Fund
III. Public Works - Land Development, Public Works, etc.
IV. Recreation Funding
V. Fire
VI. Public Works - Parks & Maintenance
VII. City Manager
VIII. Community Development
IX. Finance
X. Retiree Medical Contribution
XI. City Clerk
XII. City Attorney
XIII- Animal Control
XIV. City Council
XV. Community Support
XVI. PERS Replacement Benefit
XVII. Property Tax Administration
Total Percent
$196,000 50.8%
$32,000 8.3%
$31,000 8.0%
$31,000 8.0%
$26,000 6.7%
$20,000 5.2%
$11,000 2.8%
$11,000 2.8%
$9,000 2.3%
58,000 2.1%
$5,000 1.3%
$2,000 0.5%
$2,000 0.5%
$1,000 0.3%
$400 0.1%
$400 0.1%
S300
XVIII. Total Annual Recurring Expenditures
$386,000 100%
(1) Reflects stabilized annual expenditures in constant 2017 dollars at build -out.
(2) Excludes capital improvement costs.
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TABLE C-10
ESTIMATE OF STABILIZED FISCAL IMPACT
CYPRESS RIDGE
CITY OF TEMECULA
City of Temecula - General Fund
I. Annual Recurring Revenues
Sales Tax - Resident Spending (2)
Property Tax
Property Tax in -lieu of VLF
Franchise Fees
Special Tax (Measure C)
Gax Tax Fund
Capital Improvement Program
Property Transfer Tax
Fines and Forfeitures
Licenses and Permits
cyptrgge Ridge
Totals
598,000
559,000
553,000
$19,000
$18,000
513.000
$12,000
55.000
53,000
52.000
Law Enforcement Fund 51,000
Intern Fellow Fund
Sales and Use Tax 50
Miscellaneous Revenue 50
Vehicle License Fees �Q
Total Annual Revenues 5283,000
50
11. Annual Recurring Expenditures
Police
Asset Management Fund
Public Works - Land Development, Public Works, etc.
Recreation Funding
Fire
Public Works - Parks & Maintenance
City Manager
Community Development
Finance
Retiree Medical Contribution
City Clerk
City Attorney
Animal Control
City Council
Community Support
PERS Replacement Benefit
Property Tax Administration
Total Annual Recurring Expenditures
5196,000
532,000
531,000
531,000
526,000
520,000
511,000
511,000
59,000
58,000
55,000
52,000
52,000
51,000
5400
5400
5300
5386,000
Percent
34.6%
20.8%
18.7%
6.7%
6.4%
4.6%
4.2%
1.8%
1.1%
0.7%
0.4%
0.0%
0.0%
0.0%
0.0%
100.0%
50.8%
8.3%
8 0%
8.0%
6.7%
5.2%
2.8%
2.8%
2.3%
2.1%
1.3%
0.5%
0.5%
0.3%
0.1%
0.1%
ID. Annual Recurring Surplus/(Deficit) ($103,000)
Per Unit Per Year ($420)
Revenues to Expenditures Ratio 0.73
(1) Reflects stabilized annual revenues and expenditures in constant 2017 dollars at build -out.
(2) Includes Project -generated Measure 5 revenues.
Prepared by: Keyser Marston Associates, Inc.
Filename is\Cypress Ridge - FIA - v4 - 07-25-17;7/2S/2017;mdt
Page 51
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1
1
EXHIBIT B
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