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Powerpoint financial study
 

Powerpoint financial study

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We are committed to saving 100 percent of the hillsides around Ventura for permanent open space with guaranteed public access. ...

We are committed to saving 100 percent of the hillsides around Ventura for permanent open space with guaranteed public access.

This goes into the costs to the City of Ventura if they decide to develop our hillsides

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    Powerpoint financial study Powerpoint financial study Presentation Transcript

    • Coalition to Protect Canada Larga Valley
      • Includes: Sierra Club, SOAR, Wishtoyo, SB Channelkeepers, Ojai Valley Green Coalition, Ventura Audubon Soc., Surfrider, VCCool & Ventura Citizens for Hillside Preservation
      • Special thanks for aerial photographs of Canada Larga to Carrie Vonderhaar & to LightHawk for aviation support.
    • The Financial Study Was Valuable
      • The study tells us:
      • Westside, without annexation, will generate revenue .
      • Proposed North Ave & Canada Larga annexation is a financial loser for the City for years.
    • Executive Housing
      • The study shows:
      • Executive housing is not a high priority for businesses locating in an area.
      • Executive housing will NOT attract significant jobs or businesses to City.
    • Surpluses without Annexation
      • The study says:
      • Without annexing any land, the Westside Community generates an almost $400,000 surplus by 2030 .
      • This also honors the infill development policy in the 2005 General Plan.
    • Deficits higher than at 1 st Glance
      • A careful reading of the study shows:
      • Westside surpluses were included in calculations making annexation area deficits appear less dire.
      • Also, Capital Improvement costs are discussed, but NOT deducted –making annexation deficits appear to be surpluses.
    • When All Costs Are Considered
      • When Westside surpluses & these costs:
      • city services ;
      • capital improvements ; and
      • Canada Larga fire risk
      • are deducted from the annexation area revenues – the City funding deficits are apparent.
    • Capital Improvements Costly
      • Assessment districts to help pay capital improvement costs are only possible (without a public vote) on new development projects.
      • An assessment district vote in established North Ave areas is unlikely to pass.
      • (To bring older North Avenue Area infrastructure up to city standards would prove particularly costly.)
    • Developer's don't pay “fair share”
      • Developers' “fair share” of the capital improvement costs required for annexation projects -- would BE only the percentage of the improvements that their developments use – leaving City taxpayers to foot the remainder of the bill.
    • Largest Deficit caused by North Avenue
      • The study shows (with all costs deducted)-- the biggest deficit is generated by annexing the North Avenue Area.
      • Even placing 1105 homes (rather than 300) in the floodplain this proposal still creates a half-million dollar deficit by the year 2030.
      • The study used 1105 floodplain residential units at former refinery site-- even though Council rejected this proposal in April of 2010.
    • River Flooding Risks are Real
      • The Ventura River drains the entire Ojai Valley watershed. It floods in high-volume multi-day rainstorms. Major events occured in 1938,1969, 1978, 1992, 1995, and 2005. The question is not if the Ventura River floodplain will flood, but when will it flood next?
    • Canada Larga & North Avenue
      • Canada Larga Valley cannot be annexed without the North Avenue Area.
      • If 91 $3.5 million homes actually sell in the Valley, a surplus of $310,000 by 2030 might materialize;
      • However , the study indicates a $1 to $2 million price is more realistic. The $2 million home price turns the $310,000 surplus into $90,000 deficit .
    • Questionable Assumptions
      • Questionable assumptions:
      • Will 1105 residential units obtain needed approvals to build in Ventura River floodplain at former oil refinery site with unknown industrial pollution? (The EPA challenged Newhall Ranch homes in a known floodplain.)
      • Will a viable market for 91 $3.5 million homes exist?
    • More Questionable Assumptions
      • Will all of these projects be built given the 2138 residential projects already entitled in the City, but awaiting a better market to build?
      • If areas are annexed and development is not built --the City is stuck with huge funding deficits that could reduce other city services.
    • Annexation Creates Deficits
      • Even if these risky developments can be built-- they will create CITY funding deficits every year for years.
      • Why should City taxpayers subsidize developer's projects?
    • Job Projections Questionable
      • The study estimates 25% employment growth in Ventura County over the next 20 years-- yet, past 20 years had net loss of jobs.
      • Are the job projections reliable?
    • Jobs only come if businesses do
      • The Study shows the top reason for business location is cost reduction ; and
      • Oxnard and nearby areas have glut of vacant / available industrial / commercial space with lower lease costs .
      • Financial Study also notes: “ Significant lag time before development proposed by North Avenue Plan becomes feasible. Rents and property prices must rise for project economics to pencil out. ” & become profitable
    • Obstacles Overlooked
      • County Fire Regulations would now allow only 20 homes in Canada Larga given the extreme fire hazard.
      • County Fire Regulations would require second road if more than 20 homes were built in the valley, but this study did not include infrastructure and/or maintenance costs for a second road.
    • Additional Costs Overlooked
      • 1. Water main upgrades in North Avenue- because cost estimate was not available
      • 2. Maintenance for flood control measures in N. Ave & Valley
      • 3. Infrastructure repair when damaged by flooding
      • 4. Additional fire truck with related costs for N. Avenue
      • 5. Annexation fee costs and area study costs
    • Annexation NOT a good deal
      • The bottom line is, as the study shows :
      • The existing Westside Community, without annexation, generates positive revenue .
      • Proposed North Avenue & Canada Larga annexation is a financial loser for years upon years .
    • No Annexation is Better Deal
      • Let's focus limited resources on improving areas & neighborhoods already within city boundaries.
      • This is a better deal for City taxpayers.
      • This is a better deal for fragile environmental ecosystems.
    • Thanks to Council
      • A thank you is due to our City Council for requesting these financial / market studies before making this critical city-expansion decision.
      • Thank you.