Findings

Under construction: partial outline only

  • The City of Sacramento and UCD worked together to secure a substantial portion of the shareable economic benefits for the Aggie Square project. Universities will likely see this process as a blueprint to achieve the university-based goals.
  • The strong support for the project by the Mayor and Chancellor, combined with the release of a carefully crafted economic impact assessment and the lack of transparency with respect to 1) the economic baselines for UCD and Oak Park, 2) ground lease revenues, 2) fundraising for the Alice Waters Institute and 3) the real justification for on-site housing, likely muted any early public debate on the potential for restorative community benefits.
  • The metering of relevant information by staffs was not limited to the community. The governing boards were not given a compete picture of the project economics.
Building CostLand ValueEndowmentLocal TaxesTotal
 Totals$850,433,477$37,273,420$165,000,000$48,000,000$1,100,706,897
 Shareable Benefits (%)0.125%80%2.5%100%
 Shareable Benefits ($) $1,063,042 $29,818,736 $4,125,000 $48,000,000 $83,006,778
 Distribution
CBPA
   Affordable Housing* $ 2,353,916 $ 2,353,916
   Housing Assistance $ 5,000,000 $ 5,000,000
   Student Housing                          –  
   Workforce                           –  
   Youth Opportunities                            –  
   Partnership Fund $3,000,000 $  3,000,000
   Transportation    –  
   Community Access       –  
 Totals $3,000,000 $   –   $5,000,000 $2,353,916 $10,353,916
282%0%121%5%12.5%
Shared with Governing Boards
 UCD $1,063,042 $    –   $   –   $48,000,000 $49,063,042
100%0%0%100%59%
City of Sacramento $1,063,042 $     –   $   –   $48,000,000  $49,063,042
100%0%0%100%59%
* Represents the present value of rent savings to residents from property tax increment contribution from Aggie Square to rental housing construction