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Downtown development and capital improvements in the Plaza Redevelopment Project Area account for approximately $4.3 million of the $11.3 million reserved for redevelopment projects. These improvements will complete the nearly 45-year transformation of the downtown from a declining post- war agricultural-based retail area to a successful regional center for financial services and healthcare administration and community serving dining and retail. West San Leandro Redevelopment Project Area accounts for $4.2 million or 37% of the amount designated for redevelopment capital projects. These reserves reflect remaining bond proceeds that will be used to complete the MacArthur Streetscape project and Doolittle Drive/Airport Gateway improvements to be completed in the future. Tax increment revenue increased by 4.4% in fiscal year 2007-08, to $9.8 million from $9.4 million in the previous fiscal year. This increase primarily reflects net increment increase of 2% in the West San Leandro Project Area, an increase of 5.0% in the Low and Moderate Housing, a 2.2% increase in the Plaza Project Area's, and an increase of 8.0% in the Joint Project Area. Twenty percent of tax increment revenue, close to $2.5 million in fiscal year 2007-08, is set aside in the Low and Moderate Housing Fund for affordable housing projects. Fiscal Year 2003-04 2004-OS 2005-06 Tax increment $ 7,355 $ 7,189 $ 7,566 2006-07 2007-08 $ 9,427 $ 9,837 At the fund level, total revenue for fiscal year 2007-08 were $11.5 million, of which 85.9% was tax increment revenue and 14.1% was interest and other income. Total expenditures for fiscal year 2007-08 were $10.9 million: $8.0 million represented community development projects (from which $2.7 million was for affordable housing projects) and $2.9 million went for payments of long-term debt and related interest The Agency's investment in capital assets as of June 30, 2008, amounted to $7.3 million, which is an increase of $28 thousand. Investment in capital assets includes land buildings and infrastructure. During the Additional information on the Agency's capital assets can be found on Note 6 of the notes to the financial statements: At the end of the current fiscal year, the Agency's total long-term debt outstanding is $29.0 million, a decrease of $1.1 million from the prior fiscal year. This net decrease primarily reflects the retirement of principal. The Agency also had $6.4 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 Plaza Project Area, the Alameda County City of San Leandro Project Area (also known as the "Joint" 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 2007-08 include: