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TerraCotta presents projected tax and permit revenue tied to Site 15 development
Summary
TerraCotta's slide deck estimated recurring city tax revenue of more than $3.1 million annually and one-time fee/tax revenue of about $6.9 million from Site 15, plus projections for property, excise, construction and retail taxes; the claims are developer estimates and were not independently verified at the meeting.
During its presentation TerraCotta provided a slide-level breakdown of expected fiscal impacts from Site 15. The deck estimated $550,000 in property-tax revenue from the proposed condominium parcel (based on cited valuation assumptions), approximately $1.6 million in excise tax and about $2.7 million in construction-related sales and business-and-occupation taxes; permit revenue of more than $1.9 million was shown (with a note that only six of 11 permit fees were included in that calculation).
TerraCotta also projected ongoing retail and private-club sales taxes and impact fees that together would contribute additional recurring and one-time revenue to the city. These figures were presented as developer estimates on slides; the meeting record contains the projections but no financial analysis or staff verification was provided during the council meeting.
