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CC 05-17-2023 Item No. 1. FY 2023-23 Proposed Budget - Development Revenue Estimates_Desk ItemDevelopment Revenue Estimates1 (5/17/2023) Project Revenue Type Sub‐Revenue 2023 2024 2025 2026 2027 2028 2029 2030 Grand Total Apple VP1 Ongoing Property Tax Increase2 79,000             80,647             82,342             84,032             84,032             85,847             495,900                  Ongoing Sales Tax Increase3 9,000               9,811               10,078             10,505             10,505             10,810             60,710                    Ongoing Transient Occupancy Tax4 ‐                           One‐time Permit Fees Inspection/Plan Review 194,577          194,577                  One‐time Planning Fee Advanced Planning Fee 222,930          222,930                  One‐time Impact Fee BMR 4,496,925       4,496,925              One‐time Impact Fee Transportation 2,702,255       2,702,255              One‐time Impact Fee Park ‐                   ‐                           One‐time Construction Tax 552,753          552,753                  Canyon Crossing Ongoing Property Tax Increase 14,000             14,292             14,592             14,892             14,892             15,213             87,881                    Ongoing Sales Tax Increase 17,000             18,531             19,036             19,843             19,843             20,420             114,674                  Ongoing Transient Occupancy Tax ‐                           One‐time Permit Fees Inspection/Plan Review 121,678          121,678                  One‐time Planning Fee Advanced Planning Fee 21,638             21,638                    One‐time Impact Fee BMR ‐                   ‐                           One‐time Impact Fee Transportation 84,830             84,830                    One‐time Impact Fee Park 900,000          900,000                  One‐time Construction Tax 39,971             39,971                    Bateh Brother/Alan Row Ongoing Property Tax Increase 8,000               8,000               8,167               8,338               8,510               8,510               8,693               58,218                    Ongoing Sales Tax Increase ‐                           Ongoing Transient Occupancy Tax ‐                           One‐time Permit Fees Inspection/Plan Review 53,647             53,647                    One‐time Planning Fee Advanced Planning Fee 4,749               4,749                      One‐time Impact Fee BMR 140,111          140,111                  One‐time Impact Fee Transportation 38,199             38,199                    One‐time Impact Fee Park 480,000          480,000                  One‐time Construction Tax 8,111               8,111                      Marina Plaza Ongoing Property Tax Increase 125,000          127,606          130,289          132,961          132,961          135,834          784,652                  Ongoing Sales Tax Increase 206,000          224,554          230,677          240,453          240,453          247,439          1,389,576              Ongoing Transient Occupancy Tax ‐                           One‐time Permit Fees Inspection/Plan Review 230,473          230,473                  One‐time Planning Fee Advanced Planning Fee 226,480          226,480                  One‐time Impact Fee BMR $0 (onsite)‐                           One‐time Impact Fee Transportation 792,420          792,420                  One‐time Impact Fee Park 10,152,000     10,152,000            One‐time Construction Tax 209,192          209,192                  Year Fee Paid (projects may pay fees in multiple years) Development Revenue Estimates1 (5/17/2023) Project Revenue Type Sub‐Revenue 2023 2024 2025 2026 2027 2028 2029 2030 Grand Total Year Fee Paid (projects may pay fees in multiple years) Westport Ongoing Property Tax Increase 127,000          129,648          132,373          135,089          135,089          138,007          797,206                  Ongoing Sales Tax Increase 76,000             76,000                    Ongoing Transient Occupancy Tax ‐                           One‐time Permit Fees Inspection/Plan Review 453,643          256,767          710,410                  One‐time Planning Fee Advanced Planning Fee 53,049             166,048          219,097                  One‐time Impact Fee BMR  $0 (onsite)‐                           One‐time Impact Fee Transportation 188,803          188,803                  One‐time Impact Fee Park 8,970,000       8,970,000              One‐time Construction Tax 80,866             387,497          468,363                  Hamptons Apartments Ongoing Property Tax Increase 253,000          253,000                  Ongoing Sales Tax Increase ‐                           Ongoing Transient Occupancy Tax ‐                           One‐time Permit Fees Inspection/Plan Review 415,424          415,424                  One‐time Planning Fee Advanced Planning Fee 654,226          654,226                  One‐time Impact Fee BMR 128,999          128,999                  One‐time Impact Fee Transportation 1,800,000       1,800,000              One‐time Impact Fee Park 30,805,920     30,805,920            One‐time Construction Tax 860,234          860,234                  De Anza Hotel Ongoing Property Tax Increase 47,000             47,000                    Ongoing Sales Tax Increase ‐                           Ongoing Transient Occupancy Tax 984,000          984,000                  One‐time Permit Fees Inspection/Plan Review 115,730          115,730                  One‐time Planning Fee Advanced Planning Fee 107,740          107,740                  One‐time Impact Fee BMR 2,095,377       2,095,377              One‐time Impact Fee Transportation 577,840          577,840                  One‐time Impact Fee Park ‐                   ‐                           One‐time Construction Tax 100,589          100,589                  Cupertino Village Ongoing Property Tax Increase 43,000             43,000                    Ongoing Sales Tax Increase ‐                           Ongoing Transient Occupancy Tax 1,174,000       1,174,000              One‐time Permit Fees Inspection/Plan Review 109,531          109,531                  One‐time Planning Fee Advanced Planning Fee 88,985             88,985                    One‐time Impact Fee BMR 1,849,765       1,849,765              One‐time Impact Fee Transportation 689,680          689,680                  One‐time Impact Fee Park ‐                   ‐                           One‐time Construction Tax 94,890             94,890                    Development Revenue Estimates1 (5/17/2023) Project Revenue Type Sub‐Revenue 2023 2024 2025 2026 2027 2028 2029 2030 Grand Total Year Fee Paid (projects may pay fees in multiple years) Vallco Ongoing Property Tax Increase 1,538,000       1,538,000              Ongoing Sales Tax Increase 1,621,000       1,621,000              Ongoing Transient Occupancy Tax ‐                           One‐time Permit Fees Inspection/Plan Review 4,136,525       4,136,525              One‐time Planning Fee Advanced Planning Fee 1,886,668        One‐time Impact Fee BMR ‐                   ‐                           One‐time Impact Fee Transportation ‐                   ‐                           One‐time Impact Fee Park ‐                   ‐                           One‐time Construction Tax 1,865,553        ‐                   1,865,553              TOTAL ALL PROJECTS Ongoing Property Tax Increase ‐                   8,000               353,000          360,361          367,935          375,483          375,483          2,264,594       4,104,856              Ongoing Sales Tax Increase ‐                    ‐                   308,000          252,896          259,791          270,802          270,802          1,899,669       3,261,959              Ongoing Transient Occupancy Tax ‐                    ‐                    ‐                    ‐                    ‐                    ‐                    ‐                   2,158,000       2,158,000              One‐time Permit Fees Inspection/Plan Review 507,290          803,495           ‐                    ‐                    ‐                    ‐                   4,777,210        ‐                   6,087,995              One‐time Planning Fee Advanced Planning Fee 57,798             637,096           ‐                    ‐                    ‐                    ‐                   2,737,619        ‐                   3,432,513              One‐time Impact Fee BMR 140,111          4,496,925        ‐                    ‐                    ‐                    ‐                   4,074,141        ‐                   8,711,177              One‐time Impact Fee Transportation 227,002          3,579,505        ‐                    ‐                    ‐                    ‐                   3,067,520        ‐                   6,874,027              One‐time Impact Fee Park 9,450,000       11,052,000      ‐                    ‐                    ‐                    ‐                   30,805,920      ‐                   51,307,920            One‐time Construction Tax 88,977             1,189,413        ‐                    ‐                    ‐                    ‐                   2,921,266        ‐                   4,199,656              Total Ongoing ‐                   8,000               661,000          613,256          627,726          646,285          646,285          6,322,263       9,524,815              Total One‐Time 10,471,178    21,758,434     ‐                    ‐                    ‐                    ‐                   48,383,676     ‐                   80,613,288            2The estimate assumes an increased value of the improvements but not an increased value of the land. The increased value of the improvements is based on the number of bedrooms for residential properties and  square footage for hotels, retail, or office properties. The average market values of residential properties are from Zillow. 3The estimate is calculated by multiplying the proposed retail square footage by the average sales tax revenue per square foot of retail from HdL 2023 Q1 Sales Tax Reports. 4The estimate is calculated by multiplying the number of proposed rooms in the hotel by the RevPAR (Revenue Per Occupied Room) and Transient Occupancy Tax rate (12%). RevPAR is the Average Daily Rate (ADR)  multiplied by the Occupancy Rate. The average ADR and Occupancy Rate over the last year for hotels in Cupertino are from HdL. 1These estimates are intended to provide a general idea and should be considered rough approximations. The timing of projects represents the Community Development department's best estimate of when a  project is anticipated to commence. It's important to note that these estimates are subject to change as additional information becomes available.