Retail
COURTING COMMERCE LIKE NOBODY'S BUSINESS
Rancho Mirage earns a very healthy 7.9% of its General Fund revenues from interest earnings. The largest portion of General Fund revenue comes from sales tax (24.8%) followed by hotel bed tax-transient occupancy tax (22.5%). These three sources account for over 55% of the total. It is obvious that the three major resort hotels, with a total of more than 1,300 rooms, are vital to the City's economy, as is the tourism industry in general.
Through the laws under which the City incorporated, Rancho Mirage is one of about 90 California cities whose General Fund does not receive significant property tax revenue from property owners. Rancho Mirage is classified as a "Low property tax city". Since the City did not have a separate property tax prior to the passage of Proposition 13 in 1978, the City is prohibited from imposing one in the future without a vote of its citizens. The only exception applies to land annexed to the City after June 30, 1980 for which the City's General Fund receives 7.5% of property taxes generated. For FY 2004-05, which ended June 30, 2005, property taxes accounted for 2.8% of the City's General Fund revenues.
The City contracts with Riverside County for fire and police services. With two fire stations in the City, the Fire Department is able to respond to an emergency within five minutes. The Sheriff's Department provides police protection around the clock, including two motorcycle officers who patrol the major thoroughfares to maintain motorist safety and keep speeds in check. This level of law enforcement coverage provides ample police protection to maintain the City's low crime rate.
Spending on capital improvement projects, public works and public safety accounts for about 44.1% of budgeted General Fund expenditures. The ongoing maintenance and upgrading of the City's infrastructure has been, and will continue to be, a very high priority of the City. Annually, the City's Five Year Capital Improvement Program (CIP) is updated and reviewed by the City Council in order to establish capital improvement priorities for the upcoming year. The balance of expenditures is for operating costs of special programs and the City Administration and Community Development Departments.
The community is well known because of its luxury residential developments and five-star hotels and resorts. World class recreation and entertainment opportunities abound in the Coachella Valley. Superb tennis and golf facilities attract both residents and tourists and are a Rancho Mirage trademark. Famous political leaders, corporate executives, and top entertainers all call Rancho Mirage home because of its exceptional quality of life.
Retail sales in the Coachella Valley have experienced steady growth. Annual retail sales for the Valley exceed $3 billion with per capita retail spending of over $12,000.
Tourism is the lifeblood of the Coachella Valley. Over 3.5 million people visit the Coachella Valley every year!
Rancho Mirage is home to three world-class, award-winning destination resorts. The Rancho Las Palmas, The Ritz-Carlton at Rancho Mirage and the Westin Mission Hills are major contributors to the Valley's economy. New mid-priced, limited service hotels including the Country Inn & Suites and the Hilton Garden Inn & Suites offer quality lodging at affordable room rates.
New office development is on the upswing. Rancho Mirage's lofty position in the medical-healthcare industry will increase as Eisenhower Medical Center completes its $300 million upgrade and expansion effort. Another 325,000 square feet of medical related office development on Bob Hope Drive and Country Club Drive is presently under construction or recently secured project entitlements. Along Highway 111, more new office space is being included with the many mixed-use projects under development. With so many quality restaurants, shops and professional services in the City, Rancho Mirage is an excellent location for an office.
Retail Marketplaces
The 50-acre Monterey Marketplace is approaching buildout. Most phases of the center are finished (total of 40 acres). A diverse group of stores are already open for business, but don't hesitate; space does remain for interested tenants for a variety of retail/restaurant uses.
Monterey Marketplace is fast becoming one of the most visited shopping centers in the Coachella Valley. It is located at the southwest corner of Monterey Avenue and Dinah Shore Drive, just off of Interstate 10. This close proximity to I-10 provides easy access to shoppers from throughout the Coachella Valley. Further enticing visitors is the Costco center located across Dinah Shore. Land designated for future commercial development along the east side of Monterey Avenue also promises to increase the traffic to this corridor.
Anchoring Monterey Marketplace is the 3,315 seat Rancho 16 Theatres that offers state-of-the-art seating and sound. Additional anchors include Home Depot (top 5% of all stores in chain), Linens-N-Things and Pacific Sales Kitchen & Bath Center. Other business include IHOP (top 10 in sales for chain), Red Robin, McDonald's, Wendy's, Subway, Its a Grind Coffee, Panda Express, , Monterey Palms Market, Curves for Women, Washington Cleaners, Happiness Nails and Nextel Wireless which have all opened with great success. Clark's Nutrition & Natural Foods Market opened in 2005 to great success. Opportunity remains for additional retailers in a 10-acre final phase development.
The River
The River, one of the most magnificent shopping, dining and entertainment centers in the Coachella Valley and beyond, began opening in phases in late 2001. The River is a 30-acre waterfront development located in one of the best locations for commercial activity in the Valley, Bob Hope Drive and Highway 111. This axis provides excellent access and visibility, with daily traffic counts exceeding 65,000. Current tenants include a 3,114 seat Century Theatres, Borders Books and Music, Tulip Hill Winery, Hallmark Gallery, Rocky Mountain Chocolate Factory, Ulta Cosmetics, P.F. Chang's, the Yard House, Flemings Prime Steakhouse, Babe's Bar-B-Que & Brewery, Piero's Acqua Pazza, Maki Maki, Cheesecake Factory, Baja Fresh, Starbuck's Coffee, Ben and Jerry's, Johnny Rockets, Loran Loran Day Spa, and a number of additional specialty retail shops.
The River has exceeded initial expectations. People from throughout the Coachella Valley, Southern California and beyond, are coming to enjoy the many amenities offered at The River. In fact, the response has been so positive that The River has created a ripple effect along Highway 111. This area has now transformed into the vibrant commercial area it was envisioned as being. The River still has a limited amount of retail space available to interested tenants (primarily "soft goods" retailers i.e. clothing, apparel and specialty retail).
Rancho Las Palmas Shopping Center
Adjacent to The River, Rancho Las Palmas Shopping Center is one of the most active shopping developments in the area. Some of the strongest names in the business (Von's, Long's Drug, Wells Fargo) attract residents and visitors alike. Other popular tenants include Lady Golf, Draper's & Damon's, Croix Knit, Ritz Camera, Bouchee Fine Foods, Thai Smile, Tuesday Morning and others.
Pavilions Shopping Center
Pavilions Shopping Center, located at the corner of Bob Hope Drive and Gerald Ford Drive, is a 100,000 square foot modern neighborhood shopping center anchored Pavilions grocery store. It is located in the heart of the Coachella Valley at an intersection that boasts over 38,000 traffic counts daily.
Tenants at the center include Bank of America, Mission Hills Dry Cleaners, Azra's Beauty Supply & Salon, Fantasy Nails, Midori's Japanese Restaurant, Great Clips, Tony's Men's Wear, Desert Runner Mail Boxes Plus, Fast Frame, Altura Credit Union, Washington Mutual Bank, Mirage Dermatology and Empire Physicians Group, Chevron gas station, Windermere Real Estate, the popular Lotus Chinese restaurant and Clubhouse Coffee.
Country Club Village
Country Club Village, a 10 -acre neighborhood shopping center at Country Club Drive & Monterey Avenue is anchored by a 59,074 square foot Albertson's.
The center also offers 12,000 square feet of inline retail shops. Tenants include Video Depot, Starbuck's Coffee, Mirage Dental, Hair Masters, Better Nails, El Paseo Bank, Help U Hear, A Dry Cleaner, Goody's Cafe and Shanghai Inn. Actor and local restaurateur, William Devane opened Devane's Italian Kitchen just a few doors down from Albertson's. Country Club Village fronts one of the busiest roadways in the Coachella Valley, Monterey Avenue, and offers outstanding street visibility.
