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<br /> <br />Page 35 of 65 <br /> <br />property is greater than the residual land value of a proposed use, the Consultant Team will <br />propose changes that optimize the land use program and phasing to improve feasibility. <br /> <br />Pro forma models will be used to identify Development Plan wide financing shortfalls and <br />identify solutions, including public-private partnership options. EPS will translate the value per <br />acre of the different development typologies into a phased development model reflecting <br />absorption potential to understand funding for capacity for district-wide infrastructure costs. The <br />pro-forma model incorporates carefully researched project cost and revenue assumptions for <br />each land use and development option over time to estimate residual land value and other key <br />measures of financial return. BKF will provide ROM cost estimates to inform EPS’s pro forma <br />analysis. EPS will coordinate with BKF throughout the project to ensure that costs are <br />considered. <br /> <br />EPS and SDG will use the pro forma model to advise the design team on options to mitigate <br />risks and right-size development. <br />B. Preliminary Fiscal Analysis <br />EPS will compare impacts of various land use programs being considered on the City’s General <br />Fund budget against baseline conditions. The fiscal analysis will focus on the primary General <br />Fund revenues generated from Bay Fair through sales, property, hotel, and other taxes. The <br />fiscal analysis will be used iteratively to test the implications of changes in site programming on <br />the City’s General Fund budget. EPS will also recommend fiscal mitigation measures to the <br />extent the structural operating shortfalls are identified (e.g., a public services CFD). <br />EPS and SDG will use the fiscal analysis to advise on options for the City to incentivize <br />development. <br />C. Preliminary Development Plan Phasing Plan <br />The consultant team will synthesize the analysis above related to infrastructure costs and <br />development feasibility to propose a potential Development and Phasing Plan identifying <br />infrastructure investment and impacts on private development. <br />Deliverables: <br />• Preliminary Development Plan Pro Forma Model (Spreadsheet) <br />• Preliminary Development Plan Fiscal Analysis Memo (Memo) <br />• Preliminary Development Plan Phasing Plan (Memo) <br />o Preliminary Development Plan Alternatives Phasing Plans (Map / Plan) <br />Docusign Envelope ID: 885601F4-01B5-4FAB-A341-08EBC29876AA