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MEMORANDUM
| Date: |
January 27, 2000 |
| To: |
Central Larkspur Specific Plan Committee |
| From: |
Hausrath Economics Group |
| Subject: |
Central Larkspur Specific Plan –
Market and Fiscal Opportunities and Constraints |
INTRODUCTION
This memorandum summarizes the results of the baseline economic and fiscal analyses conducted to help identify development options for the Central Larkspur Specific Plan (CLASP). The memorandum describes opportunities and constraints relevant to development in the Central Larkspur Specific Plan Area, from an economic and public finance perspective. Hausrath Economics Group (HEG) completed data analysis, interviews, and field work to update market analysis for downtown Larkspur completed in 1991 as input to the Downtown Specific Plan. For the baseline fiscal analysis, we reviewed recent fiscal documentation prepared by city staff and followed the work of the Larkspur 2050 Committee.
The memorandum begins with a review of background economic indicators useful in market analysis—for the most part an update of the 1991 market analysis. The existing inventory of downtown retail and office space is described to provide a baseline for considering potential changes to that supply. The memorandum reviews fiscal considerations affecting development options: trends in the City's operating budget, the current capital improvement spending program, and capital facility needs. The memorandum concludes with discussion of constraints and opportunities raised by the baseline economic and fiscal analyses. An appendix includes tables providing much of the data summarized in the text.
KEY ECONOMIC INDICATORS
Changes in households and population: 1990 - 1999
During the 1990s, Larkspur's population grew at a somewhat faster pace than during the preceding decade. Between 1990 and January 1, 1999, Larkspur's population increased by 872 residents. (See Appendix Table 1.) There were 325 additional households in the City—about the same pace of growth sustained in the preceding decade. The faster rate of population growth was largely the result of increases average household size. This pattern was evident throughout Marin County and the region, reflecting higher birth rates since 1980 and larger numbers of children per family as well as housing market pressures leading more individuals to live together to share housing costs.
The mix of housing types in Larkspur has remained stable since 1990. (See Appendix Table 2.) Single family detached units still represent about 40 percent of the total housing stock, a substantially lower share than is the norm for Marin County or the state as a whole. The share of the housing stock represented by higher-density multi-family units actually increased over this period to 44 percent, following the completion and occupancy of Larkspur Courts and Creekside early in the decade.
Given these changes in the housing stock, the demographics of Larkspur residents noted in the 1991 market analysis prepared for the Downtown Specific Plan (based on 1990 Census data) have probably not changed dramatically. The proportion of renter-households is likely still higher than in Marin County or the state. (Likewise, owner-occupancy remains the predominant pattern in the Corte Madera, Kentfield, and Greenbrae portions of the broader local market area.) It is also likely that non-family households (retirees, seniors, and younger people sharing housing) are more common than family households in Larkspur; and the age distribution of the population may be even more heavily weighted towards retirees and seniors in 2000 than was the case in 1990.
Projections of households and population through 2020
Projections of household and population growth for Larkspur and the broader market area, recently prepared by the Association of Bay Area Governments (ABAG – Projections 2000), indicate continuation of the trends of the last two decades. (See Appendix Table 3 and Appendix Table 4.) Larkspur is expected to add 330 households over the 2000 to 2020 period, while Corte Madera adds a similar amount (290 households). Overall, only about 840 additional households are expected in the broader market area (including the Larkspur and Corte Madera sphere-of-influence areas).
· The projected household growth rate is among the slowest in Marin County. As is projected throughout the Bay Area, Marin County will have a rapidly aging population. The over-60 age group will reach 34 percent of the county's population in 2020, up from 14 percent in 1980 and 19 percent in 2000.
· ABAG prepares projections for Larkspur and Corte Madera incorporated jurisdictions (330 households and 290 households, respectively), as well as projections for larger geographic areas. Those larger areas include Kentfield and other sphere-or-influence areas for Larkspur and Corte Madera. The larger geographic area corresponds generally to what was defined in the 1991 Downtown Specific Plan market analysis as the broader market area for measuring downtown area retail and office demand.
Income and spending potential
High household income and high disposable income in Larkspur and the rest of the market area are important factors behind the level of retail activity in the downtown and potentially in the Central Larkspur Specific Plan Area. Marin County has one of the highest household income levels in the region. (See Appendix Table 5.) From 1985 through 1996 per capita personal income in Marin County exceeded statewide per capita personal income by 65 percent to 80 percent. (See Appendix Table 6.)
At the same time, housing in Marin County is among the most expensive in the region. Data from the 1990 Census on housing costs as a share of household income indicate, however, that high housing costs in Marin County do not take a disproportionate share of household income, leaving higher than average disposable incomes supporting relatively high retail spending potential on the part of Marin County households. (See Appendix Table 7.)
Occupations and employment
As documented in the 1991 market analysis, employed residents of Larkspur and the broader market area are more likely to work in executive, managerial, and professional occupations, than is the case for either Marin County or the state as a whole. In the 1990 Census, almost half of all employed residents reported working in these occupations, while the share was 43 percent for the county overall and 29 percent for the state overall. (See Appendix Table 8.) This pattern may have become more extreme since 1990, as the escalation in housing prices and the appeal of Marin County housing to two-income professional families has reduced the supply of housing affordable to people working in lower-wage sales and service occupations.
Recent trends in retail sales
Following large additions of retail space and subsequent significant growth in retail sales captured in the Larkspur-Corte Madera market area in the 1980s, retail sales in the 1990s have settled into a pattern consistent with state and regional trends. (See Appendix Tables 9 – 12.) The level of taxable retail sales in the City of Larkspur has remained relatively constant over the last two decades, after adjusting for inflation. Between 1980 and 1990, taxable sales in retail outlets grew in real terms by less than one percent per year. Between 1989 and 1998, overall taxable sales in retail outlets actually declined by a small amount in real terms. In Corte Madera, Marin County, and the state as a whole, taxable retail sales, adjusted for inflation, grew by less than one percent per year or were flat.
The pattern for Larkspur varies by type of retail business. Real sales declines were greatest in apparel stores, while there was strong real growth in sales in home furnishings and appliances, building materials (hardware), and the automotive sector. Specialty retail stores evidenced steady real growth through 1997; and sales in general merchandise and drug stores and eating and drinking establishments maintained a fairly constant level over the period. Food stores evidenced a rather dramatic decline in the early 1990s, reflecting at least in part a shift in local residents spending, since this is primarily convenience shopping. It is likely that those sales could be recaptured with improved grocery store offerings in Larkspur.
Comparing per-capita sales levels in a community to per-capita sales levels in an area, such as the region or state, that is assumed to be relatively self-sufficient with respect to retail spending and sales—in other words experiencing no significant leakage of spending—reveals a community's retail strengths and areas in which capture might be increased. Overall, per-capita retail sales in Larkspur are about at the same level as those in Marin County and California. Per-capita sales in the Corte Madera part of the market area are substantially higher (about four times the county and state level), as a consequence of the concentration of regional retail shopping in that community.
There is substantial variance in the per-capita comparison by type of retail outlet, however, reflecting Larkspur's particular draw in a few sectors. Larkspur's per-capita sales levels for eating and drinking, and home furnishings and appliances are more than two times the statewide average. The per-capita sales level for specialty retail in Larkspur has also been substantially higher than the statewide per-capita level, although the difference appears to be narrowing. Sectors in which Larkspur's per-capita pattern indicates some weakness are very strong in the market area overall when the retail offerings in Corte Madera are factored into the equation. While indicating limited potential for increasing overall retail activity in Larkspur by increasing regional capture, the analysis indicates that the market does have underlying strengths in sectors that might grow through diversification.
Trends in office and retail development
Since the 1980s, there have been no significant additions to the supply of retail or office space in the Larkspur/Corte Madera market area, although existing spaces have been remodeled.
Trends in the lodging industry
The hotel market in Marin County is very strong. Room rates are rising and occupancy rates are strong. PKF Consulting reports Marin County room rates increasing at an average rate of six to 7 percent per year over the last two years. At the same time, overall occupancy levels have been maintained at around 80 percent. Existing hotels are expanding and new hotels are in the development pipeline. According to the Marin County Convention and Visitors Bureau, almost 200 rooms were added in 1999, increasing the countywide room inventory by almost 10 percent—to 2,386. An additional 50 rooms are anticipated in 2000. There are additional hotel proposals of unknown magnitude in San Rafael and southern Marin County.
Trends in the housing market
There have been no significant new additions to the housing supply in Larkspur since the larger-scale new projects identified in the 1991 market study (Creekside, Marin Shores, and Larkspur Courts). An eight-lot single family subdivision has recently received approval, as has a six-unit condominium project. Earlier in the decade, a few two- and three-unit residential projects were developed.
As is the case throughout the Bay Area, strong demand and limited supply characterize the Marin County, Larkspur, and Corte Madera housing markets. This is evident in recent data from the Northern California Real Estate Research Council describing house price appreciation, vacancy rates, and rent levels (Northern California Real Estate Research Report: Third Quarter 1999).
Since April 1998, the annual change in Marin County house prices has been more than 10 percent on a year-over-year basis. Most recently, the increase from October 1998 to October 1999 was 15 percent. The market price for existing single family units in Marin County at the end of 1999 was 35 percent above the market price from April 1990. (In the Bay Area, Marin County's index was second only to that of Santa Clara County—at 39.5 percent above 1990 levels.) The prices of both new and existing housing in Marin County are the highest among all Bay Area counties, averaging about 50 percent higher than the nine-county average market prices. Over the last nine years, the prices of new units in Marin have increased over five percent per year. Consequently, the prices of new residential development in the County now equal or exceed the average price for existing units, which in Marin County had traditionally commanded a significant market premium.
At levels similar to those in other Bay Area counties, Marin County's average apartment vacancy rate has ranged around two to three percent over the past two years. Average apartment rents in the County have increased nine percent per year since 1995.
EXISTING INVENTORY OF DOWNTOWN SPACE
The supply of commercial space in downtown Larkspur has not changed significantly since the early 1990s when the City conducted an inventory as part of the work for the Downtown Specific Plan. (See Appendix Table 13.) The inventory of existing commercial building space along Magnolia Avenue between Doherty Drive and William Avenue still totals about 133,000 square feet. (In the Central Larkspur Specific Plan Area, inventory covers Larkspur Plaza, the Nazari property, the city-owned parking lot, and other parcels adjacent to the railroad right of way, but does not include the Niven property.) No new construction has occurred, although a new office building may be approved for construction on a vacant parcel on the west side of Magnolia. The three-story building would add a total of 3,500 square feet of office space to the downtown inventory.
In 1991, three quarters of the downtown space was identified as retail space (about 98,000 square feet) and one quarter of the space (35,000 square feet) was identified as office space. According the Larkspur's planning director, there have been no significant changes in that mix, although there have been changes in tenancy and a general increase in the level and intensity of economic activity in the downtown. This has occurred as higher volume stores and eating establishments have replaced older businesses, and existing establishments have invested in building upgrades and have re-positioned themselves to appeal to a more diverse clientele.
There has been a corresponding reduction in the vacancy rate for downtown retail space. A relatively high retail vacancy rate of 10 percent was noted in the 1991 downtown inventory. It appears that this vacancy rate has been reduced with improvement in the overall economic climate downtown. Very little vacant space was observed in recent field work conducted for this study; the long-vacant Rainbow Grocery has recently been leased for gallery use.
Some storefronts at the Doherty Drive end of Magnolia and in the Larkspur Plaza shopping center appear underutilized as retail space, however. In fact, some vacated storefronts have been recently leased for office use, generating concern among downtown retail establishments about the loss of street-level retail continuity.
Until recently, the Lucky Store in the Larkspur Plaza shopping center had been the victim of disinvestment fueled by uncertainty about its long-term future. Under new Albertson's ownership, the store is to be upgraded and moderate expansion is planned. In addition to adding a pharmacy, Albertson's plans to adapt merchandise lines to better represent the needs of the trade area. The current owners are confident that updating the presentation, retail environment, and products offered will revitalize the market for this store, recapturing customers who now shop elsewhere.
FISCAL CONSIDERATIONS
Annual operating budget
Larkspur's operating budget for fiscal year 1999 – 2000 totals about $7.7 million. (See Appendix Table 14 and Appendix Table 15.) The City has maintained a stable budget at about this level for the last several years, after accounting for inflation. Since 1993, property tax, sales tax, and transient occupancy tax revenues have kept pace with inflation, while most fee revenues have remained stable, interest income has declined, and there have been no new revenue sources or adjustments to fees. This revenue situation has allowed some cost of living adjustments for City staff compensation. For the most part, however, Larkspur's level of City services has remained constant following the substantial reduction in the City's budget (about a ten percent reduction) necessitated by the 1993 statewide shift of property tax revenues that had previously funded local government operations.
Larkspur depends on property and sales taxes for about two-thirds of the City's general fund revenue. Property taxes now contribute about 40 percent of total general fund revenue, and sales taxes contribute another 23 percent. Transient occupancy tax revenue accounts for about seven percent of total general fund revenue, as does the motor vehicle in-lieu tax. Charges for current services (more than half of which are recreation program fees) and franchise tax revenues each contribute about five percent of total general fund revenue.
More than half of Larkspur's annual operating expenses are absorbed by police and fire services. Another 18 percent of expenditures fund public works department administration, street maintenance, and park maintenance. General administration, including facilities maintenance, accounts for another 15 percent of general fund expenditures.
Maintaining a conservative, "pay-as-you-go" philosophy, the City of Larkspur is not burdened with debt. The general fund contributes $82,000 annually (about one percent of the total budget) to repay the debt issued for the Greenbrae Fire Station. The financing expires in 2010. In addition, the City maintains reserves for contingencies and equipment replacement that, combined, amount to about 30 percent of the annual operating budget.
Capital improvement budget
With annual operating expenditures constrained by the level of annual general fund revenues and no special assessments for City services, Larkspur has very limited local revenue for capital infrastructure projects. Larkspur's capital improvement program has been largely funded by annual contributions from unexpended general fund balances. For the three fiscal years 1995-96, 1996-97, and 1997-98 (combined), that carryover transfer to the general fund totaled about $1.1 million. Those contributions have funded a backlog of street, storm drain, and park and recreation improvements. The annual general fund carryover for the 1998-99 fiscal year will be allocated to the Facilities Replacement Fund (now totalling about $800,000) that is set aside for long-term capital infrastructure needs at City Hall.
Larkspur's recommended four-year capital improvement program totals $4.9 million for 1999 through 2003. Almost half of that funding represents grant funding and matching gas tax revenues for transportation improvements (Magnolia Avenue resurfacing, Doherty Drive pedestrian and bicycle improvements, Sir Francis Drake Boulevard re-surfacing and signal improvements). The last two years of program recommendations, totaling $1.3 million, are unfunded.
Capital infrastructure needs
In addition to the problems of aging streets, roadways, storm drains, and park and recreation facilities common to most local jurisdictions, Larkspur faces major problems with key City facilities: City Hall, the Library, Downtown Fire Station, and Police Station. The downtown City Hall and Library lack sufficient space for offices, public meetings, and the complete library collection, as well as for necessary storage and equipment. Parking is inadequate. Building systems are antiquated; seismic retrofitting and accessibility improvements are required. The adjacent downtown Fire Station also is not seismically reinforced; it lacks both a sprinkler system, and adequate facilities for personnel. The building's plumbing, electrical, and structural systems are failing. The Twin Cities Police Station is seismically unsafe, is not centrally located, and does not provide sufficient space for staff and detainees, or for the technological needs of the department.
In 1998, the City of Larkspur estimated that the total least cost for facility improvements to address these problems would be about $8.9 million. Costs of this magnitude far exceed the City's limited annual locally generated capital improvement budget. In 1999, the City convened a committee of citizens—the Larkspur 2050 Committee—to study the city's finances and infrastructure needs, recommend short and longer-term priorities, and recommend new funding sources. During the course of developing the Central Larkspur Specific Plan, the Larkspur 2050 Committee will provide input on the need and/or priority for various public facilities that might be considered for the Specific Plan Area.
MARKET AND PUBLIC FINANCE FACTORS THAT PLACE CONSTRAINTS ON DEVELOPMENT OPTIONS FOR
THE CENTRAL LARKSPUR SPECIFIC PLAN
There is limited retail growth potential in the local market area
Perhaps the most significant constraint to future retail development in the Central Larkspur Specific Plan Area is the lack of expected growth in household retail spending in the local market area. Projections of household growth in Larkspur and the surrounding communities are among the lowest in the Bay Area region. These Marin County communities have for the most part reached the capacity of their residential development potential. Therefore, retail expansion will depend on recapturing local sales now attracted to competitive shopping centers in the market area (primarily in the convenience grocery and general merchandise categories); on extending the stay (and thus the local spending) of those already attracted to Larkspur as a destination for shopping, dining, and entertainment; on providing complementary development that attracts visitors and workers to the area; and on small incremental expansion of the range of retail options now available.
Retail development in the Specific Plan Area must not cannibalize sales from retail establishments in the historic downtown district
The economic vitality of Larkspur's existing downtown district will depend on activity in the Specific Plan Area that complements the stores, personal services, galleries, restaurants, cafes, and entertainment venues located in the historic downtown. The niche to fill will bring more local shoppers back Central Larkspur and, potentially, broaden the base of destination visitors, while not competing with the somewhat fragile base of support for the bulk of the establishments located in the historic downtown.
Central Larkspur is not visible or accessible
Central Larkspur is some distance from Highway 101, and newcomers to the area find it difficult to navigate Larkspur's dispersed, multi-node development pattern. Compared to locations of competitive retail, office, and hotel development, central Larkspur is "off the beaten track". For hotel development potential, central Larkspur's deficiencies also include being relatively remote from San Francisco. (Shuttle service to the ferry terminal might alleviate this problem.) In addition, congestion along Sir Francis Drake Boulevard, Magnolia Avenue, and Highway 101 through Larkspur and Corte Madera is an impediment to those who might come from more distant locations.
The local market area is highly developed with a competitive supply of retail and office space
Along the continuation of Magnolia Avenue and other arterials leading to Central Larkspur, there are numerous other commercial districts and shopping centers that combine retail and office development. The Larkspur-Corte Madera market area is well-served by established neighborhood and regional shopping centers; combined, the Bon Air Center, Town Center, the Villages, and Larkspur Landing represent over one million square feet of leasable retail space and 132,000 square feet of office space. The market area also includes a variety of local serving neighborhood commercial districts. There are also other destination downtowns in southern Marin County: Mill Valley, Sausalito, and Tiburon. Relatively high retail vacancy rates (at the level of 18 percent) at the Larkspur Landing shopping center offer some evidence of the fragility of the retail market.
The local lodging market is competitive and highly seasonal
Although there is only one other hotel in Larkspur—the Marriott Courtyard at Larkspur Landing, there are several other smaller boutique hotels in the market area that would compete with a facility in Central Larkspur. The competition in Tiburon, Sausalito, and Mill Valley offers more extensive shopping districts and, in many cases, scenic views of San Francisco and the Bay. Tourists are a strong part of the local market from May through October; successful hotel development in Marin County has to target business travelers as well as friends and relatives visiting local residents. The need to appeal to all these important customer groups requires providing a full range of amenities—all within a competitive pricing strategy.
New revenue sources and creative public financing are most likely required to satisfy community facility needs within the Specific Plan Area
Larkspur has significant unmet long-term basic community facility needs. The capital costs of upgrades and expansions are high. Currently, there is inadequate local revenue to fund these needs. Since Proposition 218, it is even more difficult to raise local public revenues as a 2/3 voter majority is required to impose or raise property-related taxes or fees. A 2/3 voter majority is also required to issue a general obligation bond, funded by increases in the property tax rate.
MARKET AND PUBLIC FINANCE OPPORTUNITIES ENHANCING
DEVELOPMENT OPTIONS FOR THE CENTRAL LARKSPUR SPECIFIC PLAN
The desire to reduce travel time supports development options in Central Larkspur
Retail and office development in the Central Larkspur Specific Plan Area could benefit from expected higher levels of traffic congestion on the 101 Corridor and major arterials linking southern Marin County to San Francisco, the North Bay, and the East Bay. Even without substantial household growth in the market area, new, convenient retail development could be supported by capturing spending now occurring at those locations in the market area that may become relatively less accessible over time as highway congestion increases. This could be come of the thinking behind Albertson's planned upgrading of the former Lucky supermarket at Larkspur Plaza.
The changing nature of jobs and the workforce combined with advances in technology and communications point to increased demand for office space enabling people to work closer to home
New technologies, new types of economic activity, and the propensities of both older and younger workers create a potential market for smaller office space located amongst the convenient services of a smaller-scale downtown. Downtown Larkspur already boasts a cluster of offices of architects and other design professionals, typically the pioneers in this type of smaller scale development. With suitable space, amenities, and affordable rent levels, small law offices, real estate and accountancy offices, communications, technology, and other business service consultants could find a Central Larkspur location attractive. Businesses serving a local clientele might be the primary source of demand. Satellite offices and individuals linked electronically to remote corporate headquarters might be another demand segment. Affordable rent levels would be an important criteria for those individuals whose alternative location would be telecommuting from a home-office.
The occupational profile of employed residents in Larkspur and the market area indicates a significant percentage of the total workforce in those occupations most likely to be attracted to the small office environment.
Natural features and historic buildings provide attractive backdrop for distinctive new development
The core of historic downtown Larkspur, south of the Specific Plan Area, has capitalized on the unique character of historic buildings against the backdrop of creek and redwoods to attract retail spending back to the downtown, in the face of large amounts of new shopping center development in the market area. Moreover, the special character and even the relative lack of accessibility inherent in smaller, more traditional downtown districts is forecast to only become more of an advantage as some segment of locals and visitors alike rejects the increasing homogeneity of more standardized shopping centers.
The amenity value of the Magnolia Avenue restaurants and shops is also a key to successful hotel development in Central Larkspur. In fact, from a location perspective only, a hotel site next to the Lark Creek Inn would be likely to be more appealing than a hotel site next to a shopping center.
Larkspur has a regional and national reputation that provides a good starting point for retail expansion and for hotel development
Larkspur is more fortunate than many cities of comparable size where competition from large-scale, highway-oriented retail development has drained the local market of most of its spending potential. The reach of Larkspur's market potential extends beyond the local area as a consequence of existing destination establishments that offer high quality and/or unique experiences. Development in the Central Larkspur Specific Plan Area can capitalize on that underlying market that already attracts people with a range of interests—shopping, dining, and entertainment.
The retail market may be poised for some additional retail inventory
With the exception of the troubled Larkspur Landing shopping center, the other major shopping centers in the market area indicate essentially full occupancy of their leasable retail space. Furthermore, there have been no significant additions to the retail supply in the market area in the last decade. If new sources of demand could be identified, the supply side appears ripe for expansion. Reinvestment by Albertson's in the grocery store anchoring the Larkspur Plaza shopping center reinforces this view of the local retail market.
Office development in the Specific Plan Area relieves pressure for incompatible office use in downtown storefronts
Increased office use of downtown storefronts has been noted with some alarm by retail establishments concerned with the vitality of the pedestrian experience along Magnolia Avenue in the historic district. Second-story office development in the Central Larkspur Specific Plan Area would more appropriately capture this demand.
The strength of the local hotel market makes this a good time to consider a small boutique hotel for Central Larkspur
The absence of similar lodging types in Larkspur, combined with prospects for continued local and regional economic growth, support the market potential for boutique hotel development as part of the Central Larkspur Specific Plan. Downtown Larkspur already has as reputation among out-of-town visitors. Business travelers could be attracted to a small facility's more intimate scale and reasonable prices, combined with a conference room and other shared office facilities, in addition to up-to-date communications infrastructure. By contrast to a bed-and-breakfast conversion, those amenities could be provided more easily as part of new development in the Specific Plan Area, perhaps in conjunction with common facilities developed for permanent office use in the project area. A hotel centrally-located near the downtown would also have strong appeal to friends and relatives visiting people living throughout the local market area.
The City's diverse housing stock establishes a track record for a wide range of housing types
Larkspur has a diverse housing stock, marked by a significant share of higher density units. As a result of this housing mix and the community's location south of San Rafael, Larkspur is recognized as a housing market that appeals to a broad range of tastes and preferences.
Continued prospects for economic growth in San Francisco, Marin County, and the rest of the region create opportunities for high residential development values across a range of housing types
The time is right for pursuing residential development. Market potentials appear strong for some time to come across a range of market segments. Over the longer-term, higher density housing oriented to the move-up baby boom market and the senior market could have the strongest market potential. The relatively large size of the site offers opportunities for efficient site planning and densities that enhance the options for providing housing affordable to moderate and lower income households.
The Specific Plan Area could accommodate more efficient, upgraded, and expanded community facilities
The large and centrally-located Specific Plan Area, including City-owned property, offers the opportunity to consider relocating, expanding, and upgrading various aging and inadequate City facilities. Moreover, the opportunity to develop a significant community center in the Specific Plan Area might provide the inspiration for voter-approval of local public funding to partially fund its development.
The absence to-date of revenue increases in Larkspur means there may be willingness and capacity to approve some form of local public funding
Because the city currently does not impose some of the taxes that are available to local jurisdictions, Larkspur residents might be more willing to consider raising revenue through a parcel tax or utility users' tax, or voting for bond financing to fund critical facility needs.
APPENDIX TABLES
Table 1: Change In Housing & Population:Larkspur & Marin County,1990-1999
Table 2: Housing Units By Type: Larkspur, Marin County, & California, 1999
Table 3: Projections For Larkspur & Corte Madera, 1990 - 2020
Table 4: Projections For Larkspur,Market Area,Marin,&Bay Area,1990-2020
Table 5: Mean Household Income For Bay Area
Table 6: Per Capita Personal Income For Marin County & California, 1985-1996
Table 7: Housing Costs As a Percent Of Income, 1989
Table 8: Distribution Of Employment By Occupation, 1990
Table 9: City Of Larkspur Taxable Sales Patterns, 1989 - 1998
Table 10: City Of Corte Madera Taxable Sales Patterns, 1989 - 1998
Table 11: Marin County Taxable Sales Patterns, 1989 - 1998
Table 12: State Of California Taxable Sales Patterns, 1989 - 1998
Table 13: Inventory Of Existing Space In Downtown Larkspur: 1991
Table 14: City Of Larkspur General Fund Revenue By Source
Table 15: City Of Larkspur General Fund Expenditures By Department
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