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10A Action 2010 0405
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10A Action 2010 0405
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6/5/2019 7:52:18 AM
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4/1/2010 4:31:39 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
4/5/2010
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_CC Agenda 2010 0405
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B. Recurring General Fund Revenues — Proposed Phased 1 Medical Center <br />Recurring General Fund Revenues <br />The table below summarizes recurring revenues to be generated by Phase 1 of the Medical <br />Center. As shown, upon stabilization of the Medical Center's initial phase, it is estimated that the <br />Center will annually generate approximately $244,000 of revenues to the City's General Fund. <br />The annual revenue stream to be generated by the Medical Complex is consistent with the <br />stream generated by other tax exempt -medical centers. <br />Recurring General Fund Revenues — Phase 1 <br />Recurring General <br />Percent <br />Fund Revenues <br />of Total <br />New Revenues From Proiect <br />Sales and Use Tax <br />$60,000 <br />25% <br />Property Tax in Lieu of VLF <br />0 <br />0% <br />Utility Users Tax <br />91,000 <br />37% <br />Property Tax <br />0 <br />0% <br />Business Tax <br />45,000 <br />18% <br />Franchises Fees <br />35,000 <br />14% <br />Property Transfer Tax <br />0 <br />0% <br />Fines and Forfeitures <br />13,000 <br />5% <br />Total Recurring Revenues <br />$244,000 <br />100% 2 <br />(Less) Existing Property Tax/ VLF (114,000) <br />Net New Revenue $130,000 <br />Use Tax From Purchases $23,000 <br />Net New Revenue Without Use Taxes $107,000 <br />Loss of Existing Property Tax Revenues <br />The property currently generates approximately $114,000 in annual property tax and property <br />tax in -lieu of motor vehicle license fees to the City's General Fund. Given Kaiser's tax exempt <br />status, once the medical center is built, the property will be exempt from property taxes and the <br />City will lose approximately $114,000 of existing General Fund Revenue. After netting out the <br />loss of existing revenues, it is estimated that Phase 1 of the Medical Center will generate <br />approximately $130,000 of annual new General Fund revenues. <br />2 Percentages do not add to 100% due to rounding. <br />Keyser Marston Associates, Inc. Page 7 <br />\\Sf-fs1\wp\19\19096\19096.036\003-001.doc; March 2009 <br />
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