8G Consent 2008 0107 - Laserfiche WebLink

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At the fund level, total revenues for fiscal year 2006-07 were $11.0 million, of which 85.6% was tax increment revenue and 14.4% was interest and other income. Total expenditures for fiscal year 2006-07 was close to $7.7 million: $5.0 million represented community development projects (from which $1.5 million was for affordable housing projects) and $2.7 million went for payments of long-term debt and related interest. The Agency's investment in capital assets as of June 30, 2007, amounted to $7.3 million, which is a decrease of $78 thousand. Investment in capital assets includes land buildings and infrastructure. Additional information on the Agency's capital assets can be found on Note 6 on the notes to the financial statements. At the end of the current fiscal year, the Agency's total long-term debt outstanding is $30.1 million, a decrease of $1.2 million from the prior fiscal year. This net decrease primarily reflects the retirement of principal. The Agency also had $6.5 million in outstanding advances from the City. Additional information on the Agency's debt and advances from the City can be found on Note 8 and Note 7, respectively, on the notes to the financial statements. ECONOMIC DEVELOPMENT AND COMMERCIAL REVITALIZATION The Agency is active in three redevelopment project areas: the Alameda County -City of San Leandro Project Area (also known as the "Joint" Project Area), the Plaza Project Area and the West San Leandro/MacArthur Boulevard Project Area. The Agency is also active in funding affordable housing activities throughout the city. Pursuant to Health and Safety Code Section 33080.1 (d), selected accomplishments for Fiscal Year 2006-07 include: • In the Plaza Project Area, public art, in the form of the San Leandro History Walk, was installed as part of the West Estudillo Pedestrian Enhancements project. This was the final phase of this major streetscape improvement project, which serves as a major pedestrian access to the downtown retail area. • As part of the Agency's continued work to improve public transit use and the pedestrian environment, the City adopted the Downtown San Leandro Transit-Oriented Development (TOD) Strategy, which is a comprehensive plan for the Smart Growth of downtown San Leandro and the area around the Downtown BART Station. The TOD Strategy supports higher density housing and mixed-use development. A certified EIR provides for the development of 3,431 residential units, 718,000 sq ft of office space, and 121,000 sq ft of retail space. Implementation of the TOD Strategy will result in a vibrant, pedestrian friendly downtown that provides a wide variety of services and access to excellent regional public transit. • Construction was completed for the professional office complex built on former Agency property at 1040 Davis Street. This project will bring more office space within 1/3 mile of BART and literally removes blight in the project area. • The Agency continues to facilitate business development efforts and in February 2006 commenced development of a downtown retail strategy and branding program to attract new retail businesses and restaurants and encourage facade and building improvements to 6