4A Public Hearing 2007 1203 - Laserfiche WebLink

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~'licl- Tarn, l~c~, i~,~; [?~ ~1t~i-ember 29, 2(x(3 r The Mid-Tenn Review of the Implementation Plan is required by Section 33490 of the Health and Safety Code. The Mid-Term Review is a report on efforts in the project areas, including any chanffes to the objectives, an update on the status of economic development programs and public improvement projects, and updated data on tax increment and program expenditures. The State of California requests all redevelopment agencies to hold a public hearing during the third year of the implementation plan's five year period to hear testimony of all interested parties for the purpose of reviewing the redevelopment plan and the corresponding implementation plan for each redevelopment project area. Analysis Tax Increment Summary: The 2007 update of the original five year tax increment projections for the three project areas increased significantly over the 2004 projections. The 2007 update of the five year available tas increment projection of $14.5 million, is 49°io higher than then 2004 projection of $9.7 million, mainly due to factors such as private investment, the tw-nover of property, a strong housing market and public infrastructure investment. The additional revenue for each project area has been allocated to new projects and increases in identified capital improvement projects as follows: • In the Plaza Project Area, the approximately $1.4 million in additional revenue was spent on the History Walk and West Estudillo Pedestrian Connection Improvement Project completed in 2006. • In the Joint Project Area, the approximately $900,000 in additional revenue is available for redevelopment purposes, including the design and construction of a new Senior Center • In the West San Leandro/MacArthur Project Area, $l .2 million of the approximately $2.5 million in additional revenue was expended on additional costs associated with the MacArthur Streetscape project. The remaining 51.3 million has been allocated to the Doolittle Drive Streetscape project. Housing set-aside funding projections for the five year period doubled from the $5.5 million projected in 2004 to $11 million in 2007. Of the additional $5.5 million in projected Housing Set-Aside revenue, $3 million was expended on the transformation of the Islander Motel to 67 very low income units at Casa Verde. The remaining $2.5 million is available for Eden Housing's proposed senior housing development on East 14`h and Estabrook Streets or other future development. Goals Achievement Summary: Although strategies differed, the goals in all three project areas remained the same - to eliminate blight. The specific programs and initiatives undertaken to date in pursuit of the Implementation Plan objectives, by project area, follow. Plaza Project Area Summary • Completion of the West Estudillo Pedestrian Enhancements and the San Leandro History Walk. Adoption of a Transit Oriented Development Strategy which encourages public transit use and improves the pedestrian environment of the downtown.