SKECHERS HERMOSA BEACH DESIGN CENTER & EXECUTIVE OFFICES
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1 SKECHERS HERMOSA BEACH DESIGN CENTER & EXECUTIVE OFFICES NET FISCAL IMPACT & ECONOMIC BENEFIT ANALYSIS HERMOSA BEACH, CA Prepared For: SKECHERS U.S.A., INC. Prepared By: KOSMONT COMPANIES 1601 N. Sepulveda Boulevard #382 Manhattan Beach, CA Telephone: (424) MAY 2016
2 Table of Contents Section Page 1.0 Executive Summary Introduction Methodology Fiscal and Economic Impacts Appendices Appendix A: Supplemental Analysis Appendix B: Property Value Appendix C: Annual Property Tax Appendix D: Annual Property Tax In-Lieu of VLF Appendix E: Annual Real Property Transfer Tax Appendix F: Annual Sales Tax (On-Site / Direct) Appendix G: Resident Employee Spending Appendix H: Non-Resident Employee Spending Appendix I: Annual Sales Tax (Off-Site / Indirect) Appendix J: Annual Utility User Tax Appendix K: Annual Business License Tax Appendix L: Transient Occupancy Tax Revenues Appendix M: Multiplier Based Revenues Appendix N: Multiplier Based Expenses Appendix O: Construction-Related Employment Benefits Appendix P: Construction-Related Labor Income Benefits Appendix Q: Construction-Related Economic Output Benefits Appendix R: Employment Benefits from Ongoing Operation Appendix S: Labor Income Benefits from Ongoing Operation Appendix T: Economic Output Benefits from Ongoing Operation Index of Figures Figure 2.1: Map of Los Angeles Region... 8 Figure 2.2: Map of Hermosa Beach Area... 9 Figure 2.3: Aerial Site Map Figure 2.4: Project Renderings Index of Tables Table 1.1: Overview of Net Fiscal Benefits... 4 Table 1.2: Overview of Construction Related Economic Benefits... 5 Table 1.3: Overview of Economic Benefits from Ongoing Operation... 6 Table 4.1: Summary of Fiscal Benefits from Project Table 4.2: Summary of Construction Related Economic Benefits Table 4.3: Summary of Economic Benefits from Ongoing Operation Table 1.1B: Overview of Net Fiscal Benefits Supplemental Considerations Table 4.1B: Summary of Fiscal Benefits from Project Supplemental Considerations... 23
3 1.0 Executive Summary Background & Purpose Skechers U.S.A., Inc. ( Skechers ) is currently pursuing entitlements to facilitate the development of a new design center and executive office building ( Project ) on the properties located at 2851, 2901, 3001, and 3125 Pacific Coast Highway ( Site ) in Hermosa Beach, California ( City ). In order to assist the City s evaluation of the proposed Project, Skechers has requested that Kosmont Companies ( Kosmont ) prepare this Net Fiscal Impact and Economic Benefit Analysis ( Analysis ) to estimate the projected net fiscal impacts and economic benefits of the proposed Project to the City and local region. Project Description The Site is currently developed with commercial buildings and surface parking lots. The proposed Project would include the replacement of the existing improvements with a 100,296 square foot design center, and a 20,447 square foot executive office building on the Site. A 998 square foot retail space that will be leased out to a third party is also included within the executive office building. The two buildings totaling 120,743 square feet will include subterranean parking garages, and a total of 609 parking spaces. The total value of the Project is estimated to be approximately $87 million, and upon opening, the Project is expected to support 430 full time employees. Summary of Findings Annual Fiscal Benefits Fiscal Model Based exclusively on the fiscal model discussed herein, the Project is estimated to generate approximately $307,300 in annual fiscal revenues to the City s General Fund, and drive approximately $222,500 in annual fiscal expenses. Thus, based exclusively on the fiscal model, the Project would be expected to generate net revenues to the City s General Fund of approximately $84,800 per year. Further, based on these figures, the Project would result in net revenues to the City of approximately $2.6 million over the next 30 years, representing a present value of approximately $1.3 million (please see Table 1.1 below). SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 3
4 Table 1.1: Overview of Net Fiscal Benefits Project Estimated Initial Annual Gross Fiscal Benefit to City $ 307,300 Estimated Initial Annual Net Fiscal Benefit to City 84, Year Nominal Total 2,562, Year Present Value (5.5% discount rate) 1,250,000 Source: Kosmont (2016) Construction Related Economic Benefits Construction of the Project is expected to generate significant spending, create jobs, and support the local and regional economy. Using a proprietary economic impact model ( IMPLAN ), this Analysis estimates the generation of construction-related jobs, labor income, and economic output in the region through direct, indirect, and induced economic activity. As detailed in Table 1.2 below, during construction, the Project is expected to support approximately 859 one-year, full-time equivalent ( FTE ) jobs, labor income of approximately $55.1 million, and total economic output of approximately $123.6 million. Economic Benefits from Ongoing Operation Upon build-out and stabilization, ongoing operation of the Project will support jobs, labor income, and drive economic output in the region through direct, indirect, and induced economic activity. As detailed in Table 1.3 below, upon stabilization, the Project is expected to annually support approximately 730 FTE jobs, labor income of approximately $62.7 million, and total economic output of approximately $118.3 million. Annual Fiscal Benefits Supplemental Considerations As discussed in Appendix A, the figures summarized above are based exclusively on a traditional net fiscal benefit model. Pursuant to project specific considerations evaluated by Kosmont, and analysis of specific data from existing operations that are similar to the proposed Project, it is Kosmont s conclusion that, in this case, the net fiscal model may slightly overstate estimated revenues, and by a greater margin, overstate estimated expenditures. As discussed herein, it is Kosmont s conclusion that the Project will drive approximately $300,000 in initial annual revenues, and approximately $150,000 in initial annual expenditures, yielding a net benefit of approximately $150,000 per year. Based on these figures, the Project would result in estimated net revenues to the City of $5.7 million over the next 30 years; representing a present value of approximately $2.6 million (please see Appendix A for additional discussion). SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 4
5 Table 1.2: Overview of Construction Related Economic Benefits (Total of Direct, Indirect, and Induced Benefits) Employment (FTE) Estimated Capture Total City 43 Remainder of County 687 County Total 730 Remainder of State 129 State Total 859 Labor Income (in $ millions) Estimated Capture Total City $ 2.8 Remainder of County 44.1 County Total $ 46.9 Remainder of State $ 8.3 State Total $ 55.1 Economic Output (in $ millions) Estimated Capture Total City $ 6.2 Remainder of County 98.8 County Total $ Remainder of State $ 18.5 State Total $ Source: Kosmont (2016) SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 5
6 Table 1.3: Overview of Economic Benefits from Ongoing Operation (Total of Direct, Indirect, and Induced Benefits) Employment (FTE) Estimated Capture Total City 452 Remainder of County 240 County Total 692 Remainder of State 37 State Total 730 Labor Income (in $ millions) Estimated Capture Total City $ 38.2 Remainder of County 21.2 County Total $ 59.4 Remainder of State $ 3.3 State Total $ 62.7 Economic Output (in $ millions) Estimated Capture Total City $ 72.0 Remainder of County 40.0 County Total $ Remainder of State $ 6.2 State Total $ Source: Kosmont (2016) SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 6
7 2.0 Introduction 2.1 Background & Purpose Skechers is currently pursuing entitlements to facilitate the development of a new design center and executive office building on the properties located at 2851, 2901, 3001, and 3125 Pacific Coast Highway in Hermosa Beach, California. In order to assist the City s evaluation of the proposed Project, Skechers has requested that Kosmont Companies prepare this Net Fiscal Impact and Economic Benefit Analysis to identify the projected net fiscal impacts and economic benefits of the proposed Project to the City and local region. 2.2 Project Description The Site is developed with commercial buildings and surface parking lots. The proposed Project would include the replacement of the existing improvements with a 100,296 square foot design center, and a 20,447 square foot executive office building on the Site. A 998 square foot retail space to be leased out to a third party is also included within the executive office building. The two buildings totaling 120,743 square feet will include subterranean parking garages, and a total of 609 parking spaces. The total value of the Project is estimated to be approximately $87 million, and upon opening, the Project is expected to support 430 full time employees. A map illustrating the location of the City within the Los Angeles Region follows in Figure 2.1, a map illustrating the location of the Site within the City follows in Figure 2.2, and an aerial map of the Site and surrounding neighborhood is provided in Figure 2.3. Additionally, renderings of the proposed Project are provided in Figure 2.4 below. SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 7
8 Figure 2.1: Map of Los Angeles Region & City of Hermosa Beach Source: ESRI (2016) SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 8
9 Figure 2.2: Map of Hermosa Beach Area & Site Site Source: ESRI (2016) SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 9
10 Figure 2.3: Aerial Site Map Site Source: ESRI (2016) SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 10
11 Figure 2.4: Project Renderings Source: Skechers (2016) SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 11
12 3.0 Methodology This Analysis is based on information provided by / from Skechers, the City, Minnesota IMPLAN Group, Los Angeles County ( County ) Property Tax Assessor s Office, California Department of Finance ( DOF ), California Board of Equalization ( BOE ), U.S. Census, U.S. Bureau of Labor Statistics BLS ), Southern California Association of Governments, and ESRI. 3.1 General Assumptions General assumptions follow below, and more specific assumptions are provided throughout this document. This Analysis measures net fiscal and economic impacts (unless otherwise noted). Dollar amounts are expressed in 2016 dollars unless otherwise noted. Summary figures are rounded to the nearest $100. Fiscal impacts are estimated at full build-out and stabilized occupancy for each alternative. Construction employment figures are short-term, one-year, full-time equivalent ( FTE ) jobs. 3.2 Fiscal Revenue Analysis Property Tax Secured property tax revenues are estimated based on the anticipated assessed value of the Project upon full build-out and the applicable property tax rate for the City. The Site is located in County tax rate area ( TRA ) # The City s General Fund receives approximately 20.3% of the annual 1.0% secured property tax general levy placed by the County on the assessed value of the property ($ of each $1.00 of secured property tax revenue) within this TRA (see Appendix B and Appendix C). Additionally, unsecured property taxes are collected based on the assessed value of real property not affixed to the underlying land, such as business fixtures, and some types of vehicles. The rate of taxation and apportionment is generally the same as for secured property taxes. For the purposes of this Analysis, the assessed value of unsecured property associated with the Project is estimated to be 0.74% of the assessed value of secured property Property Tax In-Lieu of VLF Prior to 2004, a percentage of State motor VLF was distributed to cities and counties. In 2005, the State of California instituted a revenue swap, guaranteeing that municipalities and counties within California receive a distribution equal to the VLF collected the prior year, plus a percentage equal to the annual increase in assessed value. Property Tax In-Lieu of VLF resulting from the SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 12
13 Project is estimated based on the incremental amount of assessed value the development will add to the City, thereby increasing the City s apportionment (see Appendix D) Real Property Transfer Tax Property transfer tax revenue is estimated based on the expected average rate of turnover of Project Alternative ownership of 3.3%, or approximately once every 30 years, and the City s property transfer tax of 0.055% of gross sales price (see Appendix E) Sales Tax (On-Site / Direct) On-site / direct sales tax revenue projections are estimated based on the taxable sales generated on-site within the sales-generating components of the Project and the City's sales tax apportionment of 1.0%. The restaurant components of the Project are projected to generate taxable sales based on estimated square-footages and standard industry sales-per-square-foot assumptions (see Appendix F) Sales Tax (Off-Site / Indirect) Off-site / indirect sales tax revenue projections are estimated based on the taxable sales within the City generated by Project employee spending for employees who reside outside of the City, as well as spending by employees who reside in the City. Employee and resident spending is based on U.S. Bureau of Labor Statistics ( BLS ) Consumer Expenditure Survey data, which provides spending habits of consumers based on household income, as well as resident consumption patterns and retail sales patterns within the City. Capture rates for spending by residents and employees within the City are approximated by Kosmont based on an evaluation of retail amenities within the local trade area and analysis of the City s taxable retail sales performance (see Appendices G, H, and I) Utility User Tax Utility user tax revenue projections are estimated based on the expected on-site utility consumption by the various components of the Project and the applicable tax rate for each utility, including electricity (6.0%), natural gas (6.0%), cable / internet / telephone (5.5%), and water (6.0%) (see Appendix J) Business License Tax Business license tax revenue projections are estimated based primarily on the estimated number of Project employees and the applicable business license tax rate by business category as listed on the City business license tax schedule (see Appendix K). SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 13
14 3.2.8 Transient Occupancy Tax Transient occupancy tax ( TOT ) revenues are estimated based on the current City TOT rate, the estimated number of hotel room night stays driven by the Project and the average daily room rate ( ADR ) for hotels in the City (see Appendix L) Multiplier Based Revenues In addition to the specific revenues identified above, a number of other City revenues are identified and evaluated generally based on a per resident, or per equivalent resident metric. These revenue sources include fines, charges for services, and miscellaneous revenues, and are estimated based on historic City revenue metrics applied to the residents or equivalent residents attributed to the Project (see Appendix M) Multiplier Based Expenditures To estimate City fiscal expenditures related to the Project, historic City costs for providing services such as police services, fire protection, and general municipal overhead and services are identified and evaluated generally based on a per resident, or per equivalent resident metric. Total expenses related to the Project are then estimated based on the number of residents or equivalent residents attributed to the Project (see Appendix N). 3.3 IMPLAN Modeling of Economic Benefits This Analysis uses the IMPLAN (IMpact analysis for PLANning) econometric input/output model developed by the Minnesota IMPLAN Group to quantify the economic impact to the local region of the construction activity and operation of the Project. This proprietary model estimates the economic benefits on the industries in a given geographic area and known economic inputs, such as construction costs and employee and resident spending estimates. The model estimates direct, indirect, and induced benefits expressed in terms of increased economic activity ( output ), earnings ( labor income ), and job creation (see Appendices O-T). Direct benefits refer to the initial changes in total economic output, labor income, and employment resulting from expenditures and/or production value changes. Examples of direct benefits include expenditures made by Skechers for construction activities necessary to build the Project, as well as the permanent on-site jobs supported by the Project. Indirect benefits result from the purchases made in response to the development and operation of the Project by the industries that supply required goods and services. Indirect benefits occur in industries indirectly affected by the construction and ongoing operation of the Project, such as manufacturing and wholesale trade services. SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 14
15 Induced benefits are the changes in local spending by households employed directly or indirectly in affected industry sectors and the resultant economic activity as a result of construction of the Project and ongoing employee and resident spending. The capture of economic benefits from construction and ongoing operation within the City, Los Angeles County, and State of California are estimated based on the existing business profile within the corresponding jurisdictions as categorized by North American Industry Classification System (NAICS) code. SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 15
16 4.0 Fiscal and Economic Impacts 4.1 Annual Net Fiscal Benefits Fiscal Model Based exclusively on the traditional fiscal model discussed herein, the Project is estimated to generate approximately $307,300 in annual fiscal revenues to the City s General Fund, and drive approximately $222,500 in annual fiscal expenses. As a result, again based exclusively on the fiscal model discussed herein, the Project is expected to generate net revenues to the City s General Fund of approximately $84,800 per year. For reference, and as shown in Table 4.1 below, primary revenue drivers include property tax, sales tax, utility user tax, and business license tax, while primary expenses include public safety, general government, public works, and community development services. To calculate the present value of net future fiscal benefits to the City, the various general fund revenues and expenses were projected for a 30-year period. Property tax (secured and unsecured), property tax in-lieu of VLF, and real property transfer tax were escalated using a 2% growth factor (statutory maximum). Sales and use tax, other revenue sources, and all expenses were escalated using a 3.0% growth factor, generally considered to be in-line with historic inflation rates. A discount rate of 5.5% was then used to estimate the present value of future fiscal revenues. Table 4.1 summarizes the net fiscal impacts from the Project. Appendices B-L provide details of calculation by fiscal revenue and expense category. SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 16
17 Table 4.1: Summary of Fiscal Benefits from Project Annual Est. Annual Growth 30-Yr Total (Nominal) 30-Yr Total (Present Value) Primary Fiscal Revenues to City Property Tax (Secured & Unsecured) $ 178, % $ 7,253,600 $ 3,251,900 Property Tax In-Lieu of VLF 31, % 1,265, ,400 Property Transfer Tax 1, % 76,100 32,800 Sales Tax - On-Site 6, % 290, ,200 Sales & Use Tax (Off-Site / Indirect) 10, % 513, ,600 Utility User Tax 15, % 732, ,000 Business Tax 11, % 542, ,900 Transient Occupancy Tax 6, % 295, ,200 Other Taxes % 19,000 8,200 Fines & Forfeitures 1, % 85,600 36,900 Use of Money & Property % 19,000 8,200 Charges for Services 43, % 2,045, ,300 Miscellaneous Revenue % 9,500 4,100 Total Estimated Revenues $ 307,300 $ 13,148,300 $ 5,815,700 Primary Fiscal City Fiscal Expenditures General Government $ 33, % $ 1,603,300 $ 691,500 Fire 46, % 2,221, ,300 Police 97, % 4,652,900 2,006,800 Community Development 12, % 585, ,400 Culture & Recreation % 33,300 14,400 Public Works 31, % 1,474, ,100 Capital Outlay % 14,300 6,200 Total Estimated Expenditures $ 222,500 $ 10,585,600 $ 4,565,700 Net Estimated Revenues $ 84,800 $ 2,562,700 $ 1,250,000 Source: Kosmont (2016) SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 17
18 4.2 Construction-Related Economic Benefits Construction of the Project is expected to generate significant spending, create jobs, and fuel the local economy. Construction of the Project is estimated to generate approximately 859 construction-related jobs, approximately $55.1 million in labor income, and approximately $123.6 million in economic output through direct, indirect, and induced economic activity. Table 4.2 summarizes the economic benefits from construction of the Project. The full range of benefits by industry category is provided in Appendices O-Q. Table 4.2: Summary of Construction Related Economic Benefits Employment (FTE) Estimated Capture Direct Indirect Induced Total City Remainder of County County Total Remainder of State State Total Labor Income (in $ millions) Estimated Capture Direct Indirect Induced Total City $ 1.7 $ 0.5 $ 0.6 $ 2.8 Remainder of County County Total $ 29.7 $ 7.7 $ 9.4 $ 46.9 Remainder of State $ 5.2 $ 1.4 $ 1.7 $ 8.3 State Total $ 34.9 $ 9.1 $ 11.1 $ 55.1 Economic Output (in $ millions) Estimated Capture Direct Indirect Induced Total City $ 3.6 $ 1.1 $ 1.4 $ 6.2 Remainder of County County Total $ 61.6 $ 19.4 $ 24.0 $ Remainder of State $ 10.9 $ 3.4 $ 4.2 $ 18.5 State Total $ 72.4 $ 22.9 $ 28.3 $ Source: Kosmont (2016) SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 18
19 4.3 Economic Benefits from Ongoing Operation Ongoing operation of the Project is expected to generate spending, create jobs, and support the local and regional economy on an ongoing basis. Upon build-out and stabilization, the Project is estimated to annually support approximately 742 full-time equivalent jobs, approximately $63.7 million in labor income, and approximately $120.2 million in economic output through direct, indirect, and induced economic activity. Table 4.3 summarizes the economic benefits from ongoing operation of the Projects Alternatives. The full range of benefits by industry category is provided in Appendices R-T. Table 4.3: Summary of Economic Benefits from Ongoing Operation Employment (FTE) Estimated Capture Direct Indirect Induced Total City Remainder of County County Total Remainder of State State Total Labor Income (in $ millions) Estimated Capture Direct Indirect Induced Total City $ 36.2 $ 0.9 $ 1.0 $ 38.2 Remainder of County County Total $ 36.2 $ 11.0 $ 12.2 $ 59.4 Remainder of State $ - $ 1.6 $ 1.7 $ 3.3 State Total $ 36.2 $ 12.6 $ 13.9 $ 62.7 Economic Output (in $ millions) Estimated Capture Direct Indirect Induced Total City $ 68.3 $ 1.8 $ 2.0 $ 72.0 Remainder of County County Total $ 68.3 $ 20.8 $ 22.9 $ Remainder of State $ - $ 3.0 $ 3.3 $ 6.2 State Total $ 68.3 $ 23.8 $ 26.2 $ Source: Kosmont (2016) SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 19
20 5.0 Appendices SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 20
21 Appendix A: Supplemental Analysis In addition to estimating the net fiscal impacts of the Project exclusively utilizing a traditional fiscal impact model, Kosmont also reviewed the individual revenue and expense categories for reasonableness and reliability given considerations specific to the Project and City. Based on this additional analysis it is Kosmont s conclusion that the net fiscal model may slightly overstate estimated revenues, and overstate estimated expenditures by a greater margin. With respect to revenues, Kosmont considers the estimated revenues from Charges for Services potentially elevated. The City receives a substantial portion of its Charges for Services income from parking meter revenue driven heavily by activity within its downtown area. While the Project is expected to drive such revenue, the standard model may result in a slight overestimation of these revenues. With respect to expenditures, Kosmont considers the estimated expenditures for fire and police services to be overstated under the fiscal model. While the Project would be expected to require fire and police services, the cost to the City of providing these services could be a fraction of those estimated by the traditional fiscal model. As part of Kosmont s supplemental evaluation of potential expenditures, Kosmont reviewed the actual demand for police services for the existing Skechers buildings at 228 Manhattan Beach Boulevard, 225 S. Sepulveda Boulevard, and 330 S. Sepulveda Boulevard in Manhattan Beach. These buildings currently accommodate approximately 658 employees, and for the three year period between 2013 and 2015 had 19 calls for police service. This is equal to roughly one call per 104 employees per year. Given the Project s approximately 430 proposed employees, a similar ratio would result in an estimated 4.1 calls for police service per year for the proposed Project. To estimate the actual cost of providing police services for 4.1 calls, Kosmont evaluated the historic costs for the City s entire Police Department and call and report volume. For fiscal year 2014/15 the budget for the entire Department was approximately $11.8 million (including a variety of public safety and enforcement services), and the Department responded to approximately 30,000 calls and made more than approximately 4,000 reports. This yields a rough estimate of an effective cost per service call of either approximately $393, or an effective cost per report of approximately $2,950 (in each case total budget / number of either calls or reports). Conservatively assuming every call for service to the Project required the police service filing a report, 4.1 calls per year would require approximately $12,100 in police department resources. While these metrics require generalization of budgets and police call / report types, the resulting estimate of $12,100 is in stark contrast to the $97,800 estimated under the traditional fiscal model. For reference, given the estimated cost per call or report, the estimated cost of $97,800 under the traditional fiscal model for providing police services to the proposed project would support approximately 249 calls or 33 reports per year. SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 21
22 Kosmont also estimates that the actual cost of providing fire service for the Project is also likely overstated; however fire service costs may be considered more of an insurance policy in the event of improbable but significant incident. Thus, Kosmont did not consider a reduction in these estimated expenditures. Based on the discussion above Kosmont concludes that a reduction from $307,300 to approximately $300,000 in estimated City revenues, and a reduction in estimated City expenses from $222,500 to approximately $150,000 is a reasonably supportable conclusion. For reference, if this effective reduction of $72,500 in expenditures were assigned solely to estimated police service expenditures, the initial estimated cost to the City of providing police services to the Project would be reduced from approximately $97,800 to $25,300. The net fiscal impact from the Project based on these estimates and utilizing the growth and discount methods previously discussed is summarized in supplemental Table 1.1B and Table 4.1B below. Table 1.1B: Overview of Net Fiscal Benefits Supplemental Considerations Project Estimated Initial Annual Gross Fiscal Benefit to City $ 300,000 Estimated Initial Annual Net Fiscal Benefit to City 150, Year Nominal Total 5,664, Year Present Value (5.5% discount rate) 2,587,900 Source: Kosmont (2016) SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 22
23 Table 4.1B: Summary of Fiscal Benefits from Project Supplemental Considerations Annual Est. Annual Growth 30-Yr Total (Nominal) 30-Yr Total (Present Value) Primary Fiscal Revenues to City Property Tax (Secured & Unsecured) $ 178, % $ 7,253,600 $ 3,251,900 Property Tax In-Lieu of VLF 31, % 1,265, ,400 Property Transfer Tax 1, % 76,100 32,800 Sales Tax - On-Site 6, % 290, ,200 Sales & Use Tax (Off-Site / Indirect) 10, % 513, ,600 Utility User Tax 15, % 732, ,000 Business Tax 11, % 542, ,900 Transient Occupancy Tax 6, % 295, ,200 Other Taxes % 19,000 8,200 Fines & Forfeitures 1, % 85,600 36,900 Use of Money & Property % 19,000 8,200 Charges for Services 35, % 1,698, ,500 Miscellaneous Revenue % 9,500 4,100 Total Estimated Revenues $ 300,000 $ 12,801,000 $ 5,665,900 Primary Fiscal City Fiscal Expenditures General Government $ 33, % $ 1,603,300 $ 691,500 Fire 46, % 2,221, ,300 Police 25, % 1,203, ,100 Community Development 12, % 585, ,400 Culture & Recreation % 33,300 14,400 Public Works 31, % 1,474, ,100 Capital Outlay % 14,300 6,200 Total Estimated Expenditures $ 150,000 $ 7,136,400 $ 3,078,000 Net Estimated Revenues $ 150,000 $ 5,664,600 $ 2,587,900 Source: Kosmont (2016) SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 23
24 Appendix B: Property Value # SF $ PSF Total Design Center - Estimated Value (Cost) 100,296 SF $ $60,177,600 Executive Building - Estimated Value (Cost) 20,447 SF $ $12,268,200 Land 83,956 SF $ $15,000,000 Total Estimated Assessed Value 120,743 SF $ $87,445,800 * Source: Kosmont (2016) *Note: Including estimated site improvements, subterranean parking, hard costs, soft costs, and tenant improvements, all amounts in 2016 dollars SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 24
25 Appendix C: Annual Property Tax Estimated Assessed Valuation $ 87,445,800 Property Tax Rates General Levy - Secured 1.00% $874,458 City Distributions (TRA #04340) City-Hermosa Beach TD #1 20.3% $177,529 Total City Distributions - Secured Property Tax 20.3% $177,529 Unsecured Property as Percent of Secured 0.74% Estimated Unsecured Property Taxes to City $1,314 Total Property Tax to City (Secured + Unsecured) $178,800 Source: Los Angeles County Assessor, Kosmont (2016) Note: All amounts in 2016 dollars SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 25
26 Appendix D: Annual Property Tax In-Lieu of VLF Estimated Assessed Valuation $87,445,800 Total Taxable Assessed Value within City ( ) $5,379,750,286 Percent Share / Increase in Assessed Value % Estimated Property Tax In-Lieu of VLF ( ) $1,922,332 Incremental Project Tax In-Lieu of VLF $31,200 Source: City of Hermosa Beach, Kosmont (2016) SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 26
27 Appendix E: Annual Real Property Transfer Tax Estimated Assessed Valuation $87,445,800 Property Turnover Rate (per year) 3.3% Avg. Value of Property Transferred $2,914,860 City Real Property Transfer Tax Rate 0.055% City Property Transfer Tax Revenue $1,600 Source: City of Hermosa Beach, Kosmont (2016) Note: All amounts in 2016 dollars SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 27
28 Appendix F: Annual Sales Tax (On-Site / Direct) Sales Generating SF (Private Coffee Shop) 998 SF Estimated PSF Sales $400 Estimated % Taxable 90% Annual Taxable Sales $359,280 Annual Sales - Company Cafeteria $ 200,000 Estimated % Taxable 90% Annual Taxable Sales $180,000 Total Taxable Sales 539,280 Annual Sales Tax to City 1.0% $5,393 Annual Use Tax as % of Sales Tax 12.5% $674 Net Annual Sales & Use Tax to City (On-Site) $6,100 SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 28
29 Appendix G: Resident Employee Spending Average Resident Employee Est. Average Income (pre-tax): $85,000 Annual Expenditures % of Salary Total $ % in City % Taxable Amount Project Food at Home 7.3% $ 6,199 60% 30% $ 1,116 $ 14,160 Food Aw ay from Home 4.5% 3,835 65% 100% 2,492 31,629 Alcoholic Beverages 0.8% % 100% 429 5,447 Housekeeping Supplies 0.9% % 100% 190 2,415 Household Furn & Equip 1.4% 1,193 25% 100% 298 3,786 Apparel & Services 3.2% 2,699 25% 100% 675 8,562 Vehicle Purchases 4.8% 4,076 5% 100% 204 2,586 Gasoline & Oil 4.0% 3,431 5% 100% 172 2,177 Maintenance & Repairs 1.4% 1,211 10% 50% Drugs 0.7% % 20% Entertainment 4.1% 3,507 25% 90% ,014 Personal Care Products & Services 0.6% % 100% 256 3,255 Reading 0.2% % 100% Tobacco Related 0.5% % 100% 329 4,174 Total Taxable Spending in City $7,100 $90,099 Total Taxable & Non-Taxable in City $10,000 $126,900 Source: CA Board of Equalization, Bureau of Labor Statistics, ESRI, Kosmont (2016) Note: All amounts in 2016 dollars SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 29
30 Appendix H: Non-Resident Employee Spending Average Non-Resident Employee (Office / Professional) Est. Average Income (pre-tax): $85,000 Annual Expenditures % of Salary Total $ % in City % Taxable Amount Project Food at Home 7.3% $ 6,199 15% 30% $ 279 $ 114,461 Food Aw ay from Home 4.5% 3,835 20% 100% ,672 Alcoholic Beverages 0.8% % 100% ,033 Housekeeping Supplies 0.9% 761 5% 100% 38 15,615 Household Furn & Equip 1.4% 1,193 5% 100% 60 24,483 Apparel & Services 3.2% 2,699 5% 100% ,367 Vehicle Purchases 4.8% 4,076 5% 100% ,616 Gasoline & Oil 4.0% 3,431 5% 100% ,385 Maintenance & Repairs 1.4% 1,211 10% 50% 61 24,846 Drugs 0.7% 587 5% 20% 6 2,408 Entertainment 4.1% 3,507 5% 90% ,758 Personal Care Products & Services 0.6% 513 5% 100% 26 10,524 Reading 0.2% 172 5% 100% 9 3,534 Tobacco Related 0.5% % 100% 66 26,990 Total Taxable Spending in City $2,100 $861,651 Total Taxable & Non-Taxable in City $2,800 $1,148,868 Average Non-Resident Employee (Restaurant) Est. Average Income (pre-tax): $35,000 Annual Expenditures % of Salary Total $ % in City % Taxable Amount Project Food at Home 9.7% $ 3,384 15% 30% $ 152 $ 1,066 Food Aw ay from Home 5.4% 1,875 20% 100% 375 2,625 Alcoholic Beverages 0.7% % 100% Housekeeping Supplies 1.6% 552 5% 100% Household Furn & Equip 3.2% 1,114 5% 100% Apparel & Services 3.7% 1,300 5% 100% Vehicle Purchases 5.2% 1,823 5% 100% Gasoline & Oil 5.6% 1,973 5% 100% Maintenance & Repairs 1.9% % 50% Drugs 1.1% 402 5% 20% 4 28 Entertainment 5.8% 2,033 5% 90% Personal Care Products & Services 1.4% 498 5% 100% Reading 0.3% 102 5% 100% 5 36 Tobacco Related 1.0% % 100% Total Taxable Spending in City $1,100 $7,700 Total Taxable & Non-Taxable in City $1,500 $10,500 Source: CA Board of Equalization, Bureau of Labor Statistics, ESRI, Kosmont (2016) Note: All amounts in 2016 dollars SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 30
31 Appendix I: Annual Sales Tax (Off-Site / Indirect) Resident Employees Total Employees (Office / Professional) 423 % Resident Employees 3% Resident Employees 13 Taxable Resident Employee Spending in City $7,100 Total Taxable Resident Employee Spending $90,099 Non-Resident Employees Total Employees (Office / Professional) 423 % Non-Resident Employees 97% Non-Resident Employees 410 Taxable Employee Spending in City $2,100 Total Taxable Non-Resident Employee Spending $861,651 Total Employees (Restaurant) 7 % Non-Resident Employees 100% Non-Resident Employees 7 Taxable Employee Spending in City $1,100 Total Taxable Non-Resident Employee Spending $7,700 Total $959,450 Projected Use Tax as % of Sales 12.5% $119,931 Total Off-Site / Indirect Taxable Sales $1,079,381 Annual Sales Tax to City 1.0% $10,794 Annual Sales & Use Tax to City (Off-Site) $10,800 Source: CA Board of Equalization, Bureau of Labor Statistics; California Department of Finance, ESRI, Kosmont (2016) Note: All amounts in 2016 dollars SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 31
32 Appendix J: Annual Utility User Tax Commercial SF 120,743 SF Electricity Estimated Usage Per Commercial SF $1.50 Estimated Total Electricity Usage $181,115 City Utility User Tax Rate - Electricity 6.00% Annual Utility User Tax - Electricity $10,867 Gas Estimated Usage Per Commercial SF $0.15 Estimated Total Gas Usage $18,111 City Utility User Tax Rate - Gas 6.00% Annual Utility User Tax - Gas $1,087 Internet / Telephone Estimated Usage Per Commercial SF $0.25 Estimated Total Telephone Usage $30,186 City Utility User Tax Rate - Telephone 5.50% Annual Utility User Tax - Telephone $1,660 Water Estimated Usage Per Commercial SF $0.25 Estimated Total Water Usage $30,186 City Utility User Tax Rate - Water 6.00% Annual Utility User Tax - Water $1,811 Annual Utility User Tax to City $15,400 Note: All amounts in 2016 dollars Source: City of Hermosa Beach, Kosmont (2016) SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 32
33 Appendix K: Annual Business License Tax Professional / Semi-Professional Per Business $350 $350 Plus: $25 Per Add'l Employee 423 $10,575 Restaurant (without alcohol) Per Business $250 $500 Annual Business License Tax $11,400 Source: City of Hermosa Beach, Kosmont Companies (2016) Note: All amounts in 2016 dollars SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 33
34 Appendix L: Transient Occupancy Tax Annual Room Night Demand 230 Average Daily Rate $225 Total Revenues $51,750 Transient Occupancy Tax Rate 12.0% Annual Transient Occupancy Tax $6,200 Source: City of Hermosa Beach, Kosmont Companies (2016) Note: All amounts in 2016 dollars SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 34
35 Appendix M: Multiplier Based Revenues Budget Category Allocation Basis Count Per Capita Factor Total Other Taxes Residents 13 $ $ 400 Fines & Forfeitures Residents ,800 Use of Money & Property Residents Charges for Services Equiv. Population ,000 Miscellaneous Revenue Residents Total Multiplier Revenues $ 45,800 Source: City of Hermosa Beach, Kosmont (2016) Note: All amounts in 2016 dollars, Employees within the City equivalent to 0.5 residents. Per capita Other Taxes calculated on an equivalent population basis, Project revenues from Other Taxes estimated on a resident basis. SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 35
36 Appendix N: Multiplier Based Expenses Budget Category Allocation Basis Count Per Capita Factor Total General Government Equiv. Population 221 $ $ 33,700 Fire Equiv. Population ,700 Police Equiv. Population ,800 Community Development Equiv. Population ,300 Culture & Recreation Residents Public Works Equiv. Population ,000 Capital Outlay Residents Total Multiplier Expenses $ 222,500 Source: City of Hermosa Beach, Kosmont (2016) Note: All amounts in 2016 dollars, Employees within the City equivalent to 0.5 residents. SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 36
37 Appendix O: Construction-Related Employment Benefits (IMPLAN) NAICS Industry Direct Indirect Induced Total 11 Ag, Forestry, Fish & Hunting Mining Utilities Construction Manufacturing Wholesale Trade Retail trade Transportation & Warehousing Information Finance & insurance Real estate & rental Professional-scientific & tech svcs Management of companies Administrative & w aste services Educational svcs Health & social services Arts- entertainment & recreation Accommodation & food services Other services Government & non NAICs Total Source: IMPLAN Professional Input-Output Model (2016) Note: NAICS = North American Industry Classification System SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 37
38 Appendix P: Construction-Related Labor Income Benefits (IMPLAN) NAICS Industry Direct Indirect Induced Total 11 Ag, Forestry, Fish & Hunting $ - $ 1,739 $ 1,847 $ 3, Mining - 49,806 19,823 69, Utilities - 28,573 53,545 82, Construction 21,956, ,240 97,951 22,209, Manufacturing - 440, , , Wholesale Trade - 364, , , Retail trade - 764,370 1,581,030 2,345, Transportation & Warehousing - 292, , , Information - 733, ,030 1,191, Finance & insurance 2,350,673 1,133,074 1,031,991 4,515, Real estate & rental - 166, , , Professional-scientific & tech svcs 10,639,423 2,949, ,266 14,335, Management of companies - 153,979 86, , Administrative & w aste services - 965, ,350 1,399, Educational svcs - 6, , , Health & social services - 2,239 2,992,984 2,995, Arts- entertainment & recreation - 77, , , Accommodation & food services - 221, , , Other services - 449, ,342 1,002, Government & non NAICs - 142, , ,711 Total $ 34,946,866 $ 9,099,500 $ 11,076,004 $ 55,122,368 Source: IMPLAN Professional Input-Output Model (2016) Note: NAICS = North American Industry Classification System SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 38
39 Appendix Q: Construction-Related Economic Output Benefits (IMPLAN) NAICS Industry Direct Indirect Induced Total 11 Ag, Forestry, Fish & Hunting $ - $ 2,618 $ 2,781 $ 5, Mining - 180,355 71, , Utilities - 195, , , Construction 47,089, , ,071 47,632, Manufacturing - 2,760,137 1,398,719 4,158, Wholesale Trade - 996,231 1,042,975 2,039, Retail trade - 1,490,198 3,082,340 4,572, Transportation & Warehousing - 742, ,729 1,353, Information - 2,127,567 1,328,139 3,455, Finance & insurance 7,244,580 3,492,042 3,180,510 13,917, Real estate & rental - 1,992,042 5,585,050 7,577, Professional-scientific & tech svcs 18,111,450 5,020,815 1,270,365 24,402, Management of companies - 294, , , Administrative & w aste services - 1,624, ,042 2,355, Educational svcs - 10, , , Health & social services - 3,740 5,001,078 5,004, Arts- entertainment & recreation - 162, , , Accommodation & food services - 535,288 1,718,379 2,253, Other services - 710, ,178 1,586, Government & non NAICs - 179, , ,999 Total $ 72,445,799 $ 22,852,671 $ 28,257,523 $ 123,555,995 Source: IMPLAN Professional Input-Output Model (2016) Note: NAICS = North American Industry Classification System SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 39
40 Appendix R: Employment Benefits from Ongoing Operation (IMPLAN) NAICS Industry Direct Indirect Induced Total 11 Ag, Forestry, Fish & Hunting Mining Utilities Construction Manufacturing Wholesale Trade Retail trade Transportation & Warehousing Information Finance & insurance Real estate & rental Professional-scientific & tech svcs Management of companies Administrative & w aste services Educational svcs Health & social services Arts- entertainment & recreation Accommodation & food services Other services Government & non NAICs Total Source: IMPLAN Professional Input-Output Model (2016) Note: NAICS = North American Industry Classification System SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 40
41 Appendix S: Labor Income Benefits from Ongoing Operation (IMPLAN) NAICS Industry Direct Indirect Induced Total 11 Ag, Forestry, Fish & Hunting $ - $ 1,121 $ 3,821 $ 4, Mining - 32,267 46,233 78, Utilities - 116, , , Construction - 116,306 60, , Manufacturing - 668,962 1,296,346 1,965, Wholesale Trade - 205, , , Retail trade - 33,368 1,578,107 1,611, Transportation & Warehousing - 416, , , Information - 2,747, ,400 3,696, Finance & insurance - 1,192,621 1,498,855 2,691, Real estate & rental - 1,810,657 2,674,633 4,485, Professional-scientific & tech svcs 35,955,000 2,873, ,107 39,434, Management of companies - 279, , , Administrative & w aste services - 1,164, ,655 1,410, Educational svcs - 3, , , Health & social services - 5,426 1,915,790 1,921, Arts- entertainment & recreation - 139, , , Accommodation & food services 245, , ,217 1,326, Other services - 183, , , Government & non NAICs - 137, , ,923 Total $ 36,200,000 $ 12,613,473 $ 13,890,180 $ 62,703,653 Source: IMPLAN Professional Input-Output Model (2016) Note: NAICS = North American Industry Classification System SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 41
42 Appendix T: Economic Output Benefits from Ongoing Operation (IMPLAN) NAICS Industry Direct Indirect Induced Total 11 Ag, Forestry, Fish & Hunting $ - $ 2,551 $ 7,652 $ 10, Mining - 60,724 87, , Utilities - 223, , , Construction - 218, , , Manufacturing - 1,272,410 2,448,700 3,721, Wholesale Trade - 389,808 1,155,735 1,545, Retail trade - 62,813 2,970,551 3,033, Transportation & Warehousing - 784, ,160 1,342, Information - 5,175,123 1,790,926 6,966, Finance & insurance - 2,248,866 2,830,893 5,079, Real estate & rental - 3,427,943 5,070,265 8,498, Professional-scientific & tech svcs 67,663,771 5,407,332 1,140,561 74,211, Management of companies - 526, , , Administrative & w aste services - 2,190, ,094 2,654, Educational svcs - 6, , , Health & social services - 10,212 3,603,192 3,613, Arts- entertainment & recreation - 263, , , Accommodation & food services 599, ,927 1,124,909 2,639, Other services - 344, ,639 1,074, Government & non NAICs - 256, , ,883 Total $ 68,262,971 $ 23,787,421 $ 26,205,073 $ 118,255,465 Source: IMPLAN Professional Input-Output Model (2016) Note: NAICS = North American Industry Classification System SKECHERS DESIGN CENTER & EXECUTIVE OFFICES 42
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