MEMO

To:

DDA Board

From:

Adam Causey, City of Chamblee / Chamblee Downtown Development Authority

cc:

Marc Johnson, City of Chamblee

Date:

July 27, 2015

Re:

Peachtree Crossing: proposed MOU

The purpose of this memo is to introduce a proposed memorandum of understanding (MOU)

between Peachtree Crossing, LLC, and the Chamblee DDA.
Peachtree Crossing is a proposed commercial development located on the former Oxford Chemical
site on Peachtree Boulevard. The property will be developed by SJ Collins, and will include
107,000 total square feet of retail, service, and restaurant space anchored by a 45,000 square foot
Whole Foods grocery store.
The developer has proposed a bonds-for-title financial arrangement with the DDA to offset costs
related to the sites environmental remediation and conditions imposed through the citys zoning
procedures and GDOT requirements. The developer arranged for a fiscal impact analysis to be
performed by the DDAs contractor, Robert Lann Consulting, to determine the impact on city
revenues of any proposed deal.
This project is unique in that the property has already been accepted into the Georgia EPDs
Brownfields Program. The program offers liability protection to those who purchase and clean up
contaminated property. The program also allows a ten year freeze on the propertys fair market

value, which would be the lesser of the sale price or the fair market value when the property entered
the brownfield program, likely less than $12,000,000.
However, the developer is proposing to forego the tax incentive portion of the brownfields program
and enter into a bonds-for-title arrangement with the DDA to offset both environmental
remediation costs and excess costs related to site design. The proposal creates a bucket of tax
abatements that would reduce over time based on the future fair market value of the new
development, estimated to be over $45,000,000 at completion.
Please review the attachments:
1. Current project site plan
2. Draft MOU
3. Draft fiscal impact analysis
The developer will be in attendance at tomorrows meeting to discuss this matter and answer any
questions.

Thank you,

Adam Causey, AICP

Economic Development Manager
City of Chamblee
470-395-2308
acausey@chambleega.gov

FISCAL IMPACT ANALYSES OF

THE PEACHTREE CROSSING SHOPPING
CENTER PROJECT
USING LOCI,
A WEB-BASED FISCAL IMPACT MODEL FOR LOCAL GOVERNMENT

FINAL REPORT
Prepared for:
Downtown Development Authority of the City of Chamblee
5468 Peachtree Road,
Chamblee, GA 30341

July 23, 2015

Key Results
The Peachtree Crossing Shopping Center is a proposed redevelopment project in the City of
Chamblee, Georgia on an 11-acre site of the former Oxford Chemical site. Plans call for six
restaurants, some retail and for the center to be anchored by a Whole Foods grocery. Real
property investment is expected to reach $45 million, personal property $17.5 million, jobs 355,
and payroll $11,425,000. Inventory for Whole Foods is estimated to be $7.6 million annually.
With all retail projects, there is likelihood that some amount of existing retail will be displaced
resulting in a loss of sales taxes. Because Chamblee only receives a small amount of the HOST
sales tax collected in DeKalb County, this should not be of concern. The impact on property
taxes from retail closures may be significant but it is beyond the scope of this analysis to
estimate.
The developer is proposing a 15-year 100 percent tax abatement through a bond lease
agreement or until $7.5 million in tax savings are realized. This threshold is based on all
applicable millage rates; State, City of Chamblee, DeKalb County, and the DeKalb County School
System, which sum to 42.84 based on 2014 rates. The $7.5 million figure should be attained in
10 years; therefore, this analysis assumes that property tax payments resume in year 11 and
not year 16.
Scenario 1 is the fiscal impact on the city without any bond lease agreement in place. Scenario 2
shows the fiscal impact with the bond lease agreement as described in the previous paragraph.
Table A1 displays the present value of net revenues (NPV) calculated from 10- and 20-year
forecasts of the change in the citys revenues and expenditures for both scenarios.
Table A1: NPV from Fiscal Impact Analysis
10 Year

20 Year

Scenario 1: NPV without Property Tax Incentives

$2,387,270

$4,074,351

Scenario 2: NPV with Property Tax Incentives

$1,446,903

$3,133,983

In all cases, the NPV is positive. Even with the 100 percent abatement of taxes on real property
for 10 years (Scenario 2), the NPV is still $1.4 million over 10 years and just under $3.1 million
over 20 years.

LOCI Fiscal Impact Analysis Peachtree Crossing Shopping Center

Page 1

Introduction and Background

Peachtree Crossing Shopping Center is a redevelopment of the former Oxford Chemical 11-acre
site in the city of Chamblee, Georgia. The developer plans to build approximately 107,000
square feet of commercial space anchored by an approximately 45,000 square foot grocery
store to be owned and operated by Whole Foods.
The Downtown Development Authority of the City of Chamblee (DDA) contracted with Robert
Lann Consulting, LLC to conduct a fiscal impact analysis of the project on the citys local
government. This analysis projects the change in local government revenues and expenditures
expected from the proposed project. If revenues exceed expenditures over some time horizon,
then the present value of net revenues is positive which indicates the project is viable.
The fiscal impact analysis is conducted using the LOCI fiscal impact model. This model was
developed at Georgia Tech in 1999 and has been used extensively throughout the U.S. since
then. It is now a product of the Economic Impact Group, LLC and one of its developers is Robert
Lann, principal at EIG and an independent consultant. Literally hundreds of fiscal impact
analyses have been run in Georgia using LOCI.
The next section of the report will discuss the data requirements of the model, sources for all
data, and how various calculations were made to develop estimates required by the model. The
last section presents the fiscal impact results over 10-year and 20-year periods.

Data Requirements
Projections with the fiscal impact model are driven by two data profiles; one for the local
jurisdiction, called a community profile, and one for the project, called a project profile. Data
for the community profile comes from a variety of federal, state, and local sources in the public
domain. Not all data can be obtained for the same year and typically; the most recent
information is at least lagged by one year. Currently, the primary information comprising the
community profile is for the year 2014.

LOCI Fiscal Impact Analysis Peachtree Crossing Shopping Center

Page 2

Community Profile
Community profiles include data on tax rates, tax digest, retail sales, effective buying income,
local government finances, commuting patterns, jobs, wages and salaries, and households,
among other information.
Key data are tax digest and local government financial information. The former are available for
2014 from the Georgia Department of Revenue and the latter are available for 2014 from the
Georgia Department of Community Affairs (DCA). Both sources can be obtained online 1. The
DCA data is from their Report of Local Government Finances in which all local governments in
Georgia submit annual revenues and expenditures following a uniform chart of accounts.
Table 1 contains the revenue and expenditure data by category used by LOCI for the City of
Chamblee. Property taxes and sales taxes are estimated in LOCI using other methods so
annual values are not shown in Table 1.
Commuting patterns are used to allocate new households expected from the project to the city,
other areas in DeKalb County and outside the county. The source for these estimates is a U.S.
Bureau of the Census website called OnTheMap (http://onthemap.ces.census.gov/). Two
percentages are calculated from these data, (1) the percent of jobs in the city held by residents
of the city, and (2), the percent of jobs in the city held by residents of the county but not the
city. Typically, these two percentages sum to less than 100 percent because a portion of the
jobs in Chamblee are held by people commuting from outside the county. The two values for
Chamblee are below.

Percent of jobs in the city held by residents of the city

= 1.7%
Percent of jobs in the city held by residents of the county outside the city = 20.5%

Based on these percentages very few jobs in Chamblee are held by city residents and people
who commute from outside of DeKalb County hold most jobs.

Consolidated tax digests can be found at https://etax.dor.ga.gov/DigestConsolidation/Default.aspx and local

government financial data can be found at http://www.dca.ga.gov/RLGF/default.aspx.

LOCI Fiscal Impact Analysis Peachtree Crossing Shopping Center

Page 3

Table 1: 2013 Revenues and Expenditures

Revenues
Franchise fees
Liquor licenses
Alcohol taxes
Fines
Permits
Services
Occupational tax
Miscellaneous
Total/Average
Expenditures
General government
Health
Social welfare
Public safety
Courts
Public works
Recreation and Library
Miscellaneous
Total /Average

City of Chamblee
$1,453,769
$206,204
$160,119
$1,398,211
$383,340
$482,609
$892,018
$3,501,605
$8,477,875

Per
Household
$213
$30
$23
$205
$56
$71
$131
$513
$1,242

$2,154,643
$0
$0
$5,249,830
$244,498
$1,447,402
$657,664
$1,056,735
$10,810,772

$316
$0
$0
$769
$36
$212
$96
$155
$1,584

Source: Georgia Department of Community Affairs website

Project Profile
A project profile requires, at a minimum, the number of jobs, average pay, and investments, by
year. Other information for the construction phase can be used to capture sales taxes during
construction but these data are optional. Jobs are expected to reach a total of 355 jobs at full
operation. All jobs are estimated to pay an average annual salary of $32,183.
Real property is valued at approximately $45 million. Personal property is estimated at $17.5
million. Under the base scenario, where the shopping center is built without any bond
inducement, real and personal property values are depreciated according to a schedule
provided by the developer. Table 2 shows all property values over a 20-year period as provided

LOCI Fiscal Impact Analysis Peachtree Crossing Shopping Center

Page 4

by the developer. Inventory for the whole development is expected to be about $7.5 million
annually. Year 0 represents the construction period and years 1 through 20 the operating
period.
Year
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Table 2: Property Values with Depreciation

Real Property Personal Property
Inventory
$45,000,000
$17,500,000
$0
$43,678,076
$15,986,415 $7,500,000
$43,425,852
$15,631,161 $7,500,000
$43,184,105
$15,275,908 $7,500,000
$42,953,148
$14,920,654 $7,500,000
$42,733,305
$14,565,400 $7,500,000
$42,524,910
$14,210,147 $7,500,000
$42,328,305
$13,854,893 $7,500,000
$42,143,846
$13,499,639 $7,500,000
$41,971,895
$13,144,386 $7,500,000
$41,812,828
$12,789,132 $7,500,000
$41,667,032
$12,433,878 $7,500,000
$41,534,906
$12,078,625 $7,500,000
$41,416,858
$11,723,371 $7,500,000
$41,313,311
$11,368,117 $7,500,000
$41,224,701
$11,012,864 $7,500,000
$41,151,475
$10,657,610 $7,500,000
$41,094,096
$10,302,356 $7,500,000
$41,053,037
$9,947,103 $7,500,000
$41,028,790
$9,591,849 $7,500,000
$41,021,858
$9,236,595 $7,500,000

Under the bond lease agreement structured for this project as described in the memorandum
of understanding (MOU), the DDA agrees to abate all property taxes for up to 15 years or until a
target tax savings is met. The target tax savings is set at $7.5 million and is based on abating the
state, city, county, and school system millage. The combined millage rate for these jurisdictions
is currently 42.84. Based on a constant real property value of $45 million as stipulated in the
MOU, the target should be reached in 10 years as shown in Table 3. According to the developer,
personal property is not being abated because the DDA will not be taking title to any of this
type of property.

LOCI Fiscal Impact Analysis Peachtree Crossing Shopping Center

Page 5

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Table 3: 2013 Tax Savings Calculations

Tax
Real Property Total Millage
Savings
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120
$45,000,000
42.84
$771,120

Cumulative
Tax Savings
$771,120
$1,542,240
$2,313,360
$3,084,480
$3,855,600
$4,626,720
$5,397,840
$6,168,960
$6,940,080
$7,711,200
$8,482,320
$9,253,440
$10,024,560
$10,795,680
$11,566,800

Other project-related data was provided by the DDA including annual liquor license revenues
and permit fees. These were estimated to be $96,193 annually. Retail sales were estimated to
be $65,500,000 annually for the shopping center.

LOCI Fiscal Impact Analysis Peachtree Crossing Shopping Center

Page 6

Fiscal Impact Results

Two scenarios were run in this study. The first illustrates how the project would impact the
citys revenues and expenditures without any bond lease agreement involved. That is, if the
developer were to build the project as described and all applicable property taxes were
collected. The second scenario shows the fiscal impact on the city with the bond lease
agreement in place.
LOCI was run for 10 and 20-year periods. Net revenues were discounted back to the current
year using a 3 percent discount rate to produce a present value of net revenues (NPV) statistic.
Table 4 shows these results. Table 5 shows the forecast by major category over the first 10
years for the first scenario. Table 6 displays the forecast details for scenario 2.
Table 4: NPV from Fiscal Impact Analysis
10 Year

20 Year

Scenario 1: NPV without Property Tax Incentives

$2,387,270

$4,074,351

Scenario 2: NPV with Property Tax Incentives

$1,446,903

$3,133,983

In Tables 5 and 6 the revenue category Occupational Tax is the sum of the liquor licenses and
occupation tax to be paid by the establishments at the shopping center. The category below
that line, called Liquor licensees, is an average amount that should accrue to the city from the
household growth predicted by the model.

LOCI Fiscal Impact Analysis Peachtree Crossing Shopping Center

Page 7

Table 5: Fiscal Impact, City of Chamblee Base Scenario

REVENUES
Sales Taxes
Property Taxes
Franchise Fees
Occupation Tax
Liquor Licenses
Alcoholic Bev Tax
Services
Fines
Permits
Miscellaneous Fees
Total Revenues

2015

2016

2017

2018

2019

$17,908
$179,378
$390
$96,193
$76
$42
$95
$379
$140
$730
$295,331

$17,908
$172,301
$789
$96,193
$154
$86
$192
$766
$284
$1,476
$290,149

$17,908
$170,925
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$290,623

$17,908
$169,396
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$289,094

$17,908
$167,896
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$287,594

$0
$377
$142
$55
$548
$0
$0
$1,404
$242
$2,768

$0
$763
$287
$111
$1,109
$0
$0
$2,839
$490
$5,599

$0
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$8,369

$0
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$8,369

$0
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$8,369

$292,563

$284,550

$282,254

$280,725

$279,225

EXPENDITURES
Support
Public Works
Recreation/Libraries
Court System
General Government
Health Services
Social Welfare
Public Safety
Other Costs
Total Expenditures

NET REVENUES
REVENUES
Sales Taxes
Property Taxes
Franchise Fees
Occupation Tax
Liquor Licenses
Alcoholic Bev Tax
Services
Fines
Permits
Miscellaneous Fees
Total Revenues

2020

2021

2022

2023

2024

$17,908
$166,423
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$286,121

$17,908
$164,981
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$284,679

$17,908
$163,568
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$283,266

$17,908
$162,186
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$281,884

$17,908
$160,837
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$280,535

$0
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$8,369

$0
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$8,369

$0
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$8,369

$0
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$8,369

$0
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$8,369

$277,752
$2,387,270

$276,310

$274,897

$273,515

$272,166

EXPENDITURES
Support
Public Works
Recreation/Libraries
Court System
General Government
Health Services
Social Welfare
Public Safety
Other Costs
Total Expenditures

NET REVENUES
10-Year NPV

LOCI Fiscal Impact Analysis Peachtree Crossing Shopping Center

Page 8

Table 6: Fiscal Impact, City of Chamblee Scenario 2

REVENUES
Sales Taxes
Property Taxes
Franchise Fees
Occupation Tax
Liquor Licenses
Alcoholic Bev Tax
Services
Fines
Permits
Miscellaneous Fees
Total Revenues

2015

2016

2017

2018

2019

$17,908
$179,378
$390
$96,193
$76
$42
$95
$379
$140
$730
$295,331

$17,908
$175,685
$789
$96,193
$154
$86
$192
$766
$284
$1,476
$293,533

$17,908
$174,955
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$294,653

$17,908
$174,045
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$293,743

$17,908
$173,136
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$292,834

$115,200
$377
$142
$55
$548
$0
$0
$1,404
$242
$117,968

$115,200
$763
$287
$111
$1,109
$0
$0
$2,839
$490
$120,799

$115,200
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$123,569

$115,200
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$123,569

$115,200
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$123,569

$177,363

$172,734

$171,084

$170,174

$169,265

EXPENDITURES
Support
Public Works
Recreation/Libraries
Court System
General Government
Health Services
Social Welfare
Public Safety
Other Costs
Total Expenditures

NET REVENUES
REVENUES
Sales Taxes
Property Taxes
Franchise Fees
Occupation Tax
Liquor Licenses
Alcoholic Bev Tax
Services
Fines
Permits
Miscellaneous Fees
Total Revenues

2020

2021

2022

2023

2024

$17,908
$172,226
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$291,924

$17,908
$171,317
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$291,015

$17,908
$170,408
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$290,106

$17,908
$169,498
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$289,196

$17,908
$168,589
$1,179
$96,193
$229
$128
$286
$1,145
$424
$2,206
$288,287

$115,200
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$123,569

$115,200
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$123,569

$115,200
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$123,569

$115,200
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$123,569

$115,200
$1,140
$429
$166
$1,658
$0
$0
$4,244
$732
$123,569

$168,355
$1,446,903

$167,446

$166,537

$165,627

$164,718

EXPENDITURES
Support
Public Works
Recreation/Libraries
Court System
General Government
Health Services
Social Welfare
Public Safety
Other Costs
Total Expenditures

NET REVENUES
10-Year NPV

LOCI Fiscal Impact Analysis Peachtree Crossing Shopping Center

Page 9

Tax Analysis - 5193 Peachtree Blvd (Parcel Number 18 300 04 001)

Current Taxes

Current Assessed
Value

Projected Taxes in 2016

$657,320

Total Millage Rate

Projected Cost of Development

Assessment Percentage

Total Millage Rate

48.95

7.4
Projected Tax Liability

$822,360

$4,864

* Assuming no change in millage rate,

Less Tax Abatement

-$740,124

value is expected to stay the same in 2015

Projected Payment to
Downtown Development
Authority for 2016 - 2035

Projected Payment to
Downtown Development
Authority

$82,236

Current Tax Payment to

Chamblee

$4,864

Increased Collections by
Chamblee

$77,372

$16,800,000

$32,176

City of Chamblee
Millage Rate
Current Estimated Tax
Payment to Chamblee
in 2014*

$42,000,000
40.00%

48.95
Projected Assessed Value

Total Current Taxes

Tax Difference

$82,236

RANDALL W. GIPSON, P.E.

DANIEL D. CAMPBELL, P.E.
STEPHEN J. SYWY, P.E.
SCOTT E. SAMUEL, P.E.
STONEY C. ABERCROMBIE, P.E.
JEFFREY B. STRICKLAND, P.E.

R. CLAY LEWIS, P.E.

ROBERT A. MCCANN, P.E.
GLENN A. GRAHAM, P.E.
DAVID A. DOMYSLAWSKI, P.E.
DAVID H. LOVVORN, P.E.

July 27, 2015

Mr. Jeff Garrison
Partner
S.J. Collins Enterprises
5 SW Broad Street, Suite B
Fairburn, Georgia 30213
Re:

Peachtree Crossing retail shopping center

107,000 Square Feet Retail +/-; 11 acres+/Peachtree Boulevard and Peachtree Road
Chamblee, Georgia

Dear Jeff:
The purpose of this letter is to describe the changes to the site design of the Peachtree
Crossing project in Chamblee, Georgia, that were a result of the unforeseen site conditions or
additional requirements beyond those expected. The specific site design or civil engineering related
issues are as follows:
1)
2)
3)
4)
5)
6)

Transmission Power Pole Relocation

Power and Telephone Distribution Lines Relocation
Construction Related to the Johnson Ferry Signal and Entrance Driveways
Relocation of Existing On-Site Utilities and Easements
Raising the Entire Site Elevation including Floor Elevations of Several Buildings
Additional Measures Necessary at Underground Detention System

Based on the original design for the Peachtree Crossing shopping center approved at
Chamblee City Council in March of this year, the changes outlined will have a significant cost
impact to the project. Although the cost have not been independently budgeted, the assumption of
$4.7 Million is fair and reasonable. I hope this letter will be helpful during your discussions with the
Chamblee Downtown Development Authority. If you have any questions, please contact me at
(770) 491-7550 or bmmcann@hainesgipson.com.

Very truly yours,

HAINES, GIPSON & ASSOCIATES, INC.

Robert A. McCann, P.E.

Principal
1550 NORTH BROWN ROAD , SUITE 100

LAWRENCEVILLE, GEORGIA 30043

CivilStructuralBridge

T: (770)491-7550

F:770-491-7750

MOU TAX SAVINGS

Year Real Property
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

$45,000,000
$45,000,000
$45,000,000
$45,000,000
$45,000,000
$45,000,000
$45,000,000
$45,000,000
$45,000,000
$45,000,000
$45,000,000
$45,000,000
$45,000,000
$45,000,000
$45,000,000

City
City Tax
Millage Owed
6.4
6.4
6.4
6.4
6.4
6.4
6.4
6.4
6.4
6.4
6.4
6.4
6.4
6.4
6.4

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$115,200
$115,200
$115,200
$115,200
$115,200

City Tax
Savings
$115,200
$115,200
$115,200
$115,200
$115,200
$115,200
$115,200
$115,200
$115,200
$115,200
$0
$0
$0
$0
$0

Total
Millage
42.84
42.84
42.84
42.84
42.84
42.84
42.84
42.84
42.84
42.84
42.84
42.84
42.84
42.84
42.84

Total Tax Total Tax Cumulative

Owed
Savings Taxes Paid

Cumulative
Tax Savings

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$771,120
$771,120
$771,120
$771,120
$771,120

$771,120
$1,542,240
$2,313,360
$3,084,480
$3,855,600
$4,626,720
$5,397,840
$6,168,960
$6,940,080
$7,711,200
$8,482,320
$9,253,440
$10,024,560
$10,795,680
$11,566,800

$771,120
$771,120
$771,120
$771,120
$771,120
$771,120
$771,120
$771,120
$771,120
$771,120
$0
$0
$0
$0
$0

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$771,120
$1,542,240
$2,313,360
$3,084,480
$3,855,600

FLIP YEAR