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6 <br />Fiscal Impact Analysis of Golf Course to Housing <br />Redevelopment Project <br />San Jose, California <br />As part of its effort to entitle a proposal to redevelop the vacant Pleasant Hills Golf <br />Course in East San Jose into a 2,000+ unit residential real estate project, the City of <br />San Jose hired EPS to estimate the fiscal impact of the project, modeled over a thirty- <br />year period to capture the diminishing effects on property tax of Proposition 13. <br />After a static fiscal impact model was developed, these impacts were modeled over <br />a 15-year buildout period and a 15-year stabilization period, using assumptions for <br />assessed value appreciation, turnover, sale price appreciation, city cost appreciation, <br />and overall inflation. Sensitivity tests were performed, testing how different levels of <br />inflation would affect the overall fiscal impact over the time period. <br />The analysis also tested the feasibility of a Community Facilities District (CFD) <br />to cover ongoing park and road maintenance. This found that a CFD would be <br />supportable by the project’s households, and that the project would only be feasible <br />with a CFD implemented. <br />Reference <br />Erik Solivan <br />Director, Housing Department <br />City of San Jose <br />200 E. Santa Clara St. 12th Floor <br />408-535-3855 <br />Erik.Solivan@sanjoseca.gov <br />Project Profile <br />Fiscal & Economic Impact Analysis <br />Docusign Envelope ID: 98744AE5-EEED-4971-BE22-086E7E6B0F39Docusign Envelope ID: 453DF443-8D5B-8051-82C2-13A2E2134CFC