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TABLE 7
<br />REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO
<br />Alameda County -City of San Leandro Redevelopment Project Area
<br />Assessment Appeals Filed by Largest Property Owners
<br />
<br />
<br />Roll Year
<br />
<br />Resolved/ Pending
<br />Number of
<br />Appeals
<br />County
<br />Valuation Applicant
<br />Opinion of
<br />Vatue Valuation
<br />Change After
<br />Appeal
<br />2006-07 AMB-SGP CIF-I LLC 1 Resolved 49,547,396 47,100,000 0
<br />2006-07 BATARSE ANTHONY A JR TR 5 Resolved 15,184,827 9,113,000 0
<br />2005-06 AMB-SGP CIF-I LLC 1 Resolved 48,575,893 45,200,000 -3,375,893
<br />2005-06 BATARSE ANTHONY A JR TR 7 Resolved 21,765,897 13,060,000 0
<br />2004-05 AMB-SGP CIF-I LLC 1 Resolved 47,593,892 32,510,000 -1,993,892
<br />2004-05 BATARSE ANTHONY A JR TR 7 Resolved 21,339,177 8,537,000 0
<br />2003-04 AMB-SGP CIF-I LLC 1 Resolved 46,721,600 30,799,000 -1,455,882
<br />2003-04 BATARSE ANTHONY A JR TR 6 Resolved 15,806,059 6,324,000 0
<br />Source: Alameda County Board ofAssessmentAppeals. Data current as of March 11, 2008
<br />Low and Moderate Income Housing
<br />Sections 33334.2 and 33334.3 of the Redevelopment Law require the Agency to set
<br />aside not less than 20% of all Tax Revenues allocated to the Agency in a low and moderate
<br />income housing fund (the "Housing Fund") to be expended for authorized low and moderate
<br />income housing purposes (the "Housing Set-Aside Amount"). Amounts on deposit in the
<br />Housing Fund may also be applied to pay debt service on bonds, loans or advances used to
<br />provide financing for such low and moderate income housing purposes. Under the
<br />Redevelopment Law, the Housing Set-Aside Amount could be reduced or eliminated if the
<br />Agency finds that (1) no need exists in the community to improve or increase the supply of low
<br />and moderate income housing, (2) that some stated percentage less than 20% of the tax
<br />increment is sufficient to meet the housing need or (3) that other substantial efforts, including
<br />the obligation of funds from certain local, state or federal sources for low and moderate income
<br />housing, or equivalent impact are being provided for in the community. The Tax Revenue
<br />projections set forth in the table below assume that the full Housing Set-Aside Amount will be
<br />deposited in the Housing Fund and will not be available in future years to pay debt service on
<br />the 2008 Bonds. The definition of Tax Revenues contained in the Indenture expressly excludes
<br />the Housing Set-Aside Amount.
<br />Projected Tax Revenues
<br />The projections of Tax Revenues for the Project Area, as prepared by Urban Analytics,
<br />LLC, as Fiscal Consultant, are set forth in the Fiscal Consultant's Report and reproduced in the
<br />table below. The projections commence with the reported values for Fiscal Year 2007-08. For
<br />purposes of the projections, the Project Area Tax Revenues have been projected based upon
<br />an assumed growth in assessed valuation in the Project Area of 2% per annum, compounded
<br />annually and assume no additional construction in the Project Area.
<br />Under two percent growth, net tax increment collected by the Agency, after deduction of
<br />all senior obligations is expected to increase from $2,437,716 in 2007-08 to $10,796,059 by
<br />2043-44 (which occurs before the final maturity of the 2008 Bonds in 2038), the last full year in
<br />which the Agency can collect tax increment in the Project Area.
<br />The Fiscal Consultant's Report notes that the tax increment cap of $2.65 billion
<br />established in the Redevelopment Plan may be reached prior to the July 11, 2044 plan limit on
<br />the receipt of tax increment under a sustained higher rate of growth. Under a 7% annual rate of
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