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CITY OF EVERETT FISCAL ANNEXATION ANALYSIS <br /> Exhibit 11 demonstrates the level of build-out projected for these areas, based on land capacity, past <br /> history of development activity, and pending projects in 2007. Emander is projected to develop <br /> approximately 412,000 square feet of office and retail through 2027, while North Creek could <br /> develop up to about 87,000 square feet. <br /> Exhibit 11 <br /> Commercial Building Capacity and Assumed Pace of Development for <br /> Emander and North Creek <br /> Total iib Total Comm SF Net SF <br /> Capacity(SF) Build-out through 2027 Added <br /> Emander <br /> Retail-Added 227,193 600/0 136,316 123,527 <br /> Retail-Subtracted 21,314 60% 12,788 <br /> Office-Added 530,117 60% 318,070 288,231 <br /> Office-Subtracted 49,732 60% 29,839 <br /> Industrial-Added 0 n/a 0 - <br /> Industrial-Subtracted 0 n/a 0 <br /> North Creek <br /> Retail-Added 77,785 500/0 38,892 26,162 <br /> Retail-Subtracted 25,462 500/0 12,731 <br /> Office-Added 181,498 500/0 90,749 61,044 <br /> Office-Subtracted 59,410 500/0 29,705 <br /> Industrial-Added 0 n/a 0 - <br /> Industrial-Subtracted 0 n/a 0 <br /> Source:Snohomish County Buildable Lands Inventory,2007; Berk&Associates analysis,2008 <br /> One way to test the magnitude of potential revenues that might accrue to the City if there was a <br /> higher level of commercial development is to assume that all of the development capacity will be <br /> used up by 2027. In the case of Scenario 1, upon increasing the build-out to 1000/0, total revenues <br /> per capita changed only by a small margin. In addition, total revenues per capita were still significantly <br /> lower than in the current City of Everett. <br /> Exhibit 12 below shows the total per capita revenues for Scenario 1 with our projected build-out <br /> assumptions, at 1000/0 build-out, and for the current City of Everett. <br /> 1. Final Report:October 2008 Page 19 <br />