City Council

1.n Second Reading and Adoption of Ordinance No. O-2024-05, an Ordinance of the\nCity Council of the City of Placentia, Amending Chapter 23.105, Specific Plan 5, to\npermit mixed-use development, parking structures, and associated development\nstandards on Parcel No. 9 located on a 2.72-acre site on property located at 777 W.\nOrangethorpe Avenue and 776 S. Placentia Avenue (APN 339-112-27)\nFiscal Impact:\nIt is anticipated the project would generate approximately $1.2 million in one-time\nrevenue to the General Fund in the form of permit fees, however revenue from\nthose fees are fees for service supporting the additional work for Staff created\ndirectly by the project’s construction and would not be available for other City\noperations. An additional $2.6 million is anticipated from one-time Citywide\ndevelopment impact fees which can only be used for future infrastructure projects\nand are not available to support the daily operations of the City.\nOnce the project is complete, the project is expected to generate $244,209 in new\nGeneral Fund revenue annually through a combination of higher property tax, sales\ntax, and utility users tax. The project is anticipated to require $246,435 in new\nannual General Fund expenses primarily for increased Police and Fire response to\nsupport the new residents. In summary, the project is projected to generate a net\nannual loss of ($2,226) to the General Fund.\nRecommended Action: It is recommended, if City Council chooses to adopt\nOrdinance No. O-2024-05:\nPerform Second Reading and Adoption of Ordinance No. O-2024-05, an Ordinance\nof the City Council of the City of Placentia, California, amending Chapter 23.105,\nSpecific Plan No. 5, of the Placentia Municipal Code.