What does Marina get from Marina Heights?

By Ila Mettee-McCutchon

In addition to 32% affordable housing, specific direct economic payments, and opportunities for our citizens, Marina receives even more.

(The Facts)

City will receive millions from this development. Here are some examples:

- Payment for the land $10.6 million ($5.3 million
to Marina)

- Impact Fees to Marina are $10,185 per home,
providing:
$10.7 million to Marina Redevelopment Agency
$64 million to Schools and Marina City Services

- Funds to improve adjacent Marina city park ($1.5
million)

- Impact Fees to FORA of $37,000 per house (for
improvement of infrastructure on the former Fort
Ord)

- Profit Sharing with the City of Marina of 15%
after developer's construction and financing costs
(??? millions)

- The developer pays the salary of an additional
Marina staff planner to work on the project and
reduce the impact on other city projects in the
Planning Department.

- The developer reimburses Marina for all consultant
fees and the entire cost of the city attorney for
his work on the project.

In addition to the easily quantifiable income from the project, the long term financial benefits to Marina include the tax increment funds of $127 million over the next 40 years and the sales tax revenue from the new residents shopping in Marina businesses. Increased population provides a larger customer base for existing businesses and justification for new businesses. Although not a financial benefit, the fact that the developer will remove the abandoned structures improves the safety of the area for our residents and benefits the city.