Client: Granville Homes
Granville Homes retained GG+A to estimate the fiscal and economic impacts of the proposed Westlake development, a 460-acre mixed-use project planned to include 2,600 housing units and approximately 300,000 square feet of commercial space in Fresno County, California.
GG+A evaluated the net fiscal impact of the development over a twelve year period on the City of Fresno General Fund. Tax revenues expected to accrue to the General Fund following annexation of the project site into the City of Fresno were forecast. This included forecasts of property tax revenue, sales tax revenue, franchise fees and business taxes, as well as other revenues sources the project will generate for the local treasury. We also estimated the General Fund municipal expenditures likely to be induced by the proposed development, such as those for police, fire, parks and recreation, and general government services. These estimates were prepared based on a review of past budgets, financial reports, and secondary data sources.
GG+A also estimated and identified how the development and occupancy of residential and commercial space at Westlake would impact the local Fresno economy. Economic impacts on the local economy from three separate sources – construction, commercial operations, and household spending – were estimated in terms of jobs, income, and output produced.
GG+A prepared a final report summarizing the impact analysis methodology, research completed, assumptions utilized, and resulting cost and revenue estimates. The final report identified the net fiscal impact of the development on the City’s General Fund, both at build-out and during the 12-year build-out period.