ECIBINUC & PLANNING SYSTEMS, INC.

5 Iron Horse Village Fiscal Impact Analysis San Ramon, California The Iron Horse Village project (Project) anticipates construction of 86 single- family detached residential units and 31 mixed-use/ townhouse units at 401 Crow Canyon Road in San Ramon, replacing around 212,000 square feet of existing office space. The City of San Ramon imposed a Condition of Approval on the Project that requires Lennar Homes (Client) to provide an analysis examining the Project’s fiscal Project Profile Fiscal & Economic Impact Analysis Iron Horse Village at 3401 Crow Canyon Road site-map, rendering by WHA impact at buildout on the City’s General Fund. If the Project demonstrates a fiscal deficit, the Condition of Approval requires the applicant to provide a mechanism that generates sufficient revenue to cover the remaining cost of service to the Project. The developer client, Lennar Homes, retained EPS to prepare a Fiscal Impact Analysis that compared the Project’s forecasted General Fund revenues to expenditures, relative to the existing office use on the site. EPS’ calculations show that the Project has a net positive annual fiscal impact, primarily driven by additional property tax generated by the anticipated higher assessed value of the proposed project. At the request of the City, EPS also modeled a time-series forecast that shows the cumulative net present value (NPV) of the project, also positive. As the project impact is positive, the developer is not required to propose additional funding mechanisms to the City to cover any fiscal shortfall. Reference Jay Winzler Project Manager Lennar Homes 2603 Camino Ramon, Ste. 525, San Ramon, CA 94583 (925)327-8318 Jay.Winzler@Lennar.com Docusign Envelope ID: 98744AE5-EEED-4971-BE22-086E7E6B0F39Docusign Envelope ID: 453DF443-8D5B-8051-82C2-13A2E2134CFC