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RDA Reso 2006-003
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RDA Reso 2006-003
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Last modified
5/10/2007 12:59:54 PM
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5/10/2007 12:59:51 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
6/19/2006
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PERM
Document Relationships
Agmt 2006 Mercy Housing California XXXIII (4)
(Approved)
Path:
\City Clerk\City Council\Agreements\2006
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<br />It is also not anticipated that the Project will generate property taxes due to the <br />fact that the Developer is a nonprofit and the Project qualifies for exemption from <br />property taxes. Therefore, the Agency will not receive property tax increment <br />revenues from the Project. <br /> <br />As detailed below, cost recovery payments and revenues to be generated by this <br />transaction are anticipated to total $121.61 million in nominal dollars and $2.21 <br />million in present value terms. <br /> <br />Repayment of <br />Predevelopment Loan <br /> <br />$727,000 <br /> <br />Net Present <br />Value <br />(discounted <br />at 6%) <br />$705,000 <br /> <br />Total Nominal Cost <br />Recovery/RevenueNalue <br /> <br />Lease Payments <br /> <br />$0 <br /> <br />$0 <br /> <br />Repayment of Loan for <br />Renovation (maximum <br />amount) <br /> <br />$884,000 <br /> <br />nominal <br /> <br />Value of Property at <br />Expiration of Lease (75 <br />years) <br /> <br />$120,000,000 <br /> <br />$1,500,000 <br /> <br />Total Agency Cost <br />Recovery Payments and <br />Revenues <br /> <br />$121,611,000 <br /> <br />$2,205,000 <br /> <br />C. Net Cost to the Agency <br /> <br />The net cost to the Agency resulting from this transaction is the difference <br />between the Agency's costs and the Agency's cost recovery payments and <br />revenues. The net cost is approximately $6.15 million in present value terms. In <br />nominal dollars, the transaction is actually anticipated to generate a net positive <br />value stream to the Agency totaling $109.48 million. This large nominal value <br />reflects the projected future value of the land after the lease expires in Year 75. <br />
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