ANNUAL LOCAL GOVERNMENT REVENUE ANALYSIS OF THE 13 th FLOOR INVESTMENTS RESIDENTIAL DEVELOPMENT IN TAMARAC, FLORIDA

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1 ANNUAL LOCAL GOVERNMENT REVENUE ANALYSIS OF THE 13 th FLOOR INVESTMENTS RESIDENTIAL DEVELOPMENT IN TAMARAC, FLORIDA Wednesday, January 9, 2019

2 Report Commission 13th Floor Investments commissioned this report in support of the company s proposed residential development in the City of Tamarac, Broward County, Florida. The development contemplates the construction of 423 residential units which will be 3-, 4- and 5-bedroom homes that will be constructed on a former golf course. The proposed development is situated off of Commercial Boulevard on the north, Rock Island Road to the east, and NW 44th Street on the south. The property currently has a City zoning of RC -Recreation. The developer will be requesting Residential Estate-RE and Two-Family District-R-2, though only single-family units are being contemplated. General Project Location Page 1 of 10

3 General Location of Project In The City of Tamarac, Florida. Source: Broward County Property Appraiser 2017 Aerials. This study is designed to forecast the annual revenues that will accrue to the City of Tamarac and other taxing authorities under the proposed use. One-time revenues have also been estimated for the City, Broward County, and the School Board. The study used the rates and fees that were in effect as of the date of the report. Page 2 of 10

4 Study Conclusions The study concludes that the proposed residential development would provide an estimated $2,016,166 in annual revenue to the City of Tamarac once the project is fully. The City could also expect to receive $5,332,653 in one-time revenues from the proposed development. Broward County would receive $903,476 annually and $770,862 in one-time revenues. The School Board of Broward County would receive $1,042,193 annual and $3,552,302 in one-time school impact fees. All local governments levying taxes and fees against this proposed development would be expected to receive $4,293,088 annually. Total one-time fees to all governments are estimated to be $9,655,817. The project would add an estimated 1,508 additional people to the City s population. Page 3 of 10

5 SOURCES OF REVENUES The City of Tamarac levies taxes, fees, assessments, and charges on several sources. The City also receives more intergovernmental revenue as its population increases. The proposed residential development will generate $1,975,279 to the City annually from all revenue sources. Table A summarizes the annual revenue sources that would accrue to the City: Table A Recurring Annual Revenue Proposed Project Property Taxes $ 1,136,141 Fire Assessments 148,050 Franchise and Utility Taxes 254,986 Intergovernmental 229,194 Stormwater Fees 54,055 Utility System Net Operating Income 152,852 Total Annual Revenue $ 1,975,279 The City levies various impact, permit, and other fees against new development. These fees are used for capital improvements within the City or to pay for development-related improvements made by the City. Other fees are collected to pay for the services provided new construction. Table B summarized the onetime revenues that the City of Tamarac would receive from this proposed development: Table B One-Time Revenues Proposed Project Water and Sewer Connection Fees $ 1,649,700 Parks and Recreation Impact Fees 139,590 Traffic Impact Fee 89,253 Building Permit Fees at 2.50% 3,418,582 Total One-Time Revenues $ 5,297,125 Page 4 of 10

6 Broward County also levies various impact, permit, and other fees against new development. Table C summarizes the one-time revenues for Broward County, plus the school impact fees paid to the School Board of Broward County: Table C Broward County and School Board One-Time Revenues Transportation Concurrency Fees Park Impact Fees Total One-Time Revenues Proposed Project $ 518, ,726 $ 756,554 School Impact Fees $ 3,486,366 Other units of local government also levy taxes on the property. Table D details the revenues to all jurisdictions if the property were to be developed as proposed: Table D Recurring Annual Revenue To All Jurisdictions City of Tamarac Broward County School Board of Broward County Children's Services Council N. Broward Hospital District FIND SFWMD Totals Property Taxes $1,136,141 $883,522 $997,901 $76,087 $169,177 $4,987 $45,758 $3,313,573 Fire Assessments $148, $148,050 Franchise and Utility Taxes $254, $254,986 Intergovernmental $229, $229,194 Stormwater Fees $54, $54,055 Utility System Net Operating Income $152, $152,852 Total Annual Revenue, All Jurisdictions $1,975,279 $883,522 $997,901 $76,087 $169,177 $4,987 $45,758 $4,152,711 Page 5 of 10

7 EXPLANATION OF REVENUE SOURCES, CALCULATIONS, AND ASSUMPTIONS Property taxes, franchise fees, utility service taxes, and fire assessments can be calculated with a substantial degree of certainty. Intergovernmental revenue increases as population increases, but the City does not directly control this revenue source. The various revenue sources, their impacts, and the major assumptions used in determining the projection are detailed in the following sections. PROPERTY TAXES The proposed residential project will generate $1,136,141 annually in City property tax revenues. Property taxes are a function of the property s taxable value and the property tax rate levied by the City. The property tax rate used in this report is $ per $1,000 of taxable value and it is the rate the City levied for fiscal year This rate has been levied against the taxable value of the properties. The taxable value is calculated from the assessed values less exemptions on each parcel. Both the assessed values and the exemptions are set or determined by the Broward County Property Appraiser s office. The assessed and taxable values of the proposed development were based upon an average sale value of $375,000, $475,000, $612,500 and $796,250 for the single-family units. The assessed value used in this study was 85% of the sale value of the single-family units and it was assumed that 51% of the homes would have a $50,000 homestead exemption, based upon data from the 2018 tax roll for the City. The estimated taxable value for the proposed development was $155,851,451. Page 6 of 10

8 FIRE ASSESSMENT FEES The proposed project produces $148,050 annually in fire services assessment revenue. The City levies an annual special assessment for fire protection services. The rate used in this study was the one adopted for the City s fiscal year Each dwelling unit is assessed $ annually, gross of any discounts allowed. FRANCHISE AND UTILITY TAXES The proposed project will generate $254,986 annually from franchise fees and utility service taxes. The City of Tamarac levies a 5.9% franchise fee on electrical consumption. The City also levies a utility service tax of 10% on electrical, water service, propane, and natural gas consumption. We based our estimates upon energy consumption and expenditure surveys conducted by the U.S. Department of Energy, Energy Information Administration and the project s estimated square footage. We have assumed for the proposed development an average size of between 1,800sf to 3,000sf for the singlefamily homes. The City levies a 20% franchise fee on solid waste services. INTERGOVERNMENTAL REVENUE The proposed project will provide an additional $229,194 in revenues from other governmental units to the City. The City receives money from other units of government. Most of this recurring intergovernmental revenue is a function of population and, as population increases, so does the amount of this revenue source. We have excluded non-recurring intergovernmental revenue, as little of that is a function of population. Examples of some of the excluded sources might be federal stimulus grants and state grants for capital improvements. Examples of intergovernmental revenue that has been included would be State of Florida annual appropriations for revenue sharing, sales tax, communications services taxes, and gas Page 7 of 10

9 taxes. We have used an estimate of 3.3 persons per household in calculating an estimated increase in City population of 1,396 persons. Based upon the per capita recurring intergovernmental revenue estimated by the State of Florida for the City for fiscal year 2019, we forecasted that the City would receive $229,194 more annually because of this development. UTILITY SYSTEM NET OPERATING REVENUE The proposed residential use will generate $152,852 more in additional net operating revenue for the City s water and sewer system. The City s water and sewer system charges monthly water and sewer usage to each of its customers. On both of these services, the City makes a profit. Based upon the City s 2017 fiscal year audited Comprehensive Annual Financial Report, we determined that the operating margin, after deducting depreciation expense, was 33.6% for water and sewer. Using rates in effect at the report date, and assuming 8,000 gallons per month consumption on single-family dwelling units, we estimated that the additional contribution after expenses was $152,852 annually. Page 8 of 10

10 ONE-TIME IMPACT FEES AND PERMIT REVENUE AND OTHER FEES The proposed use would provide the City $5,297,125 in one-time revenues. The City levies various impact fees and permit fees. Impact fees for water and sewer connections, and traffic mitigation are based upon the number of dwelling units. Permit and Inspection fees have been estimated as a percent of construction costs. Parks and Recreation impact fees are based upon the development density, the assumed occupancy per unit, and a market-based acreage fee, assumed to be $100,000/acre. Building permit fees have been calculated at 2.50% of construction value, which we have estimated at slightly over $133 million. Water system impact fees are $1,700 per home and sewer system impact fees are $2,200 per home. Additionally, the proposed use would provide the County $756,554 in one-time revenues and the School Board would receive $3,486,366 in impact fees. Page 9 of 10

11 Total Economic Benefit The proposed development will also have a positive effect on the regional economy. Using the RIMS II data from the Bureau of Economic Analysis of the U.S. Department of Commerce, the multiplier effect of the jobs and goods and services provided by the new project during the construction phase will provide the regional economy the economic benefit summarized in Table D: Table D Initial Impact, Total Jobs Created, and Jobs Created Directly From Project Final Demand (Initial Impact) Construction Phase RIMS II Industry Jobs Multiplier RIMS II Direct Effect Jobs Multiplier Total Jobs Created (Total Impact) Jobs Created Directly From Project (Direct Effect) $133,457, , During the construction phase, the project will pump $133.4 million into the regional economy in the form of wages and purchases of goods and services. It will directly create 278 jobs at the project site and will create a total of 2,829 jobs across all industries and locales as the spending occurs. Using estimates of the final purchase price of the homes, and further assuming down payments of 20%, we deduce that the project will provide approximately $52.3 million in additional household income in the City. The average household income of the project is expected to be $123,597. The 2017 median household income of the City was $45,474. Page 10 of 10

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