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05-13-24-WS
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05-13-24-WS
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Attachment D <br />COMPARTATIVE ANALYSIS - P <br />For comparative purposes, the below scenarios provide an estimate of what it would cost a property owner if 1) a <br />franchise fee were imposed or 2) if a property tax levy increase were imposed, in order to generate $455,000 of revenue <br />for the City. <br />RESIDENTIAL HOMEOWNERS <br />A $469,000 median residential homeowner would see an increase of: <br />• $3.86 per month on their utility bill under an electric -only franchise fee scenario -or- <br />• $5 per month on their utility bill under both a gas & electric franchise fee scenario -or- <br />• $8.78 per month on their property tax bill under a bonding scenario, where property taxes are levied to pay back <br />the bond <br />Monthly Impact on Homeowners <br />Franchise Fee and/or Property Tax Increase <br />Home <br />Cost per Home <br />Market <br />Franchise Fee <br />C- Property Tax <br />Value <br />A - Electric Only B - Gas & Electric <br />Increaser <br /># of Homes <br />% of Homes <br />$ <br />190,300 <br />$ <br />3.86 $ 5.00 <br />$ 3.19 <br />135 <br />5.1% <br />$ <br />285,500 <br />$ <br />3.86 $ 5.00 <br />$ 5.13 <br />336 <br />12.7% <br />$ <br />469,000 <br />$ <br />3.86 $ 5.00 <br />$ 8.78 <br />983 <br />37.1% <br />$ <br />528,700 <br />$ <br />3.86 $ 5.00 <br />$ 10.03 <br />343 <br />12.9 % <br />$ <br />608,000 <br />$ <br />3.86 $ 5.00 <br />$ 11.88 <br />313 <br />11.8% <br />$ <br />750,300 <br />$ <br />3.86 $ 5.00 <br />$ 15.21 <br />344 <br />13.0 % <br />$ <br />897,900 <br />$ <br />3.86 $ 5.00 <br />$ 18.67 <br />86 <br />3.2% <br />$ <br />1,002,100 <br />$ <br />3.86 $ 5.00 <br />$ 21.10 <br />24 <br />0.9% <br />$ <br />2,175,400 <br />$ <br />3.86 $ 5.00 <br />$ 48.55 <br />79 <br />3.0% <br />$ <br />3,358,500 <br />$ <br />3.86 $ 5.00 <br />$ 76.23 <br />6 <br />0.2% <br />Each monthly scenario would generate $455,000 annually <br />2,649 <br />100.0% <br />1: In a bonding scenario, the City would generate City revenues to pay back the bond. The payback would include both <br />principal and interest amounts. This bonding scenario assumes a $3.6M bond issued, at a 3% interest rate, paid back <br />over 10 years, with fixed annual payments of $455,000. Total cost to the City is $4,172,034, which includes $572,034 of <br />interest costs. <br />MANUFACTURED HOMEOWNERS <br />A $37,200 average manufactured homeowner would see an increase of: <br />• $3.86 per month on their utility bill under an electric -only franchise fee scenario -or- <br />• $5 per month on their utility bill under both a gas & electric franchise fee scenario -or- <br />• $1.52 per month on their property tax bill under a bonding scenario, where property taxes are levied to pay back <br />the bond <br />
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