10A Action 2009 0120 - Laserfiche WebLink

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Joint Project Area • The Agency will continue to acquire and dispose of strategic real estate assets as necessary to forward the goals of the community and the Redevelopment Plans, and assist its buyers in completing successful redevelopment projects. Properties include the vacant lot at 1595 Washington (former East Bay Municipal Utility District offices) among others. • The Agency will participate in funding the completion of the East 14th Street/Hesperian Blvd./I50i6 Avenue Triangle Transit Plaza and Landscape Improvement Project. • The Agency will be involved in new development projects on East 14th Street as opportunities arise with property owners and with the on-going renovations of Bayfair Center. • Plans continue to underground the above-ground utility lines along East 14th Street. o Phase One of the project, which runs from 150"` Avenue south to the City border, is being led by AT&T and is scheduled to begin construction in summer 2008. o Design work is underway on the City led Phase Two, which will underground the utilities from 150th Avenue north to Lillian Avenue. Construction will begin once funding has been identified. • Design work has been com~leted for a streetscape and median improvement project on East 1416 Street 136th Avenue to 143r Avenue. Construction will begin once funding is identified. West San Leandro/MacArthur Boulevard Project Area The Agency is participating in the planning for a new medical and retail shopping center on a 63- acre abandoned Albertson's distribution site. The Kaiser Permanents site, on Marina Boulevard and Merced Street, just off Interstate 880, will be transformed from underutilized industrial property to a vital commercial and medical center with a 300-bed hospital scheduled for completion between 2009 and 2015. A 375k sq. ft. retail center is planned for the northern half of the site. • Agency staff continues to facilitate the planning process for new or significantly improved, larger I-880 interchanges at Marina Boulevard and Davis Street to ease congestion and stimulate private investment in the project areas by taking better advantage of its strategic regional location. ECONOMIC FACTORS Tax increment revenue in the Plaza Project Area grew 2.2% in Fiscal Year 2007-08. Tax increment revenue in the Joint Project Area grew 8% in Fiscal Year 2007-08, due mainly to increases in residential property value. Tax increment in the West San Leandro/MacArthur Boulevard Project Area grew 1.9% in Fiscal Year 2007-08. Modest growth of approximately 2% is projected for the next several years in all three project areas. In Fiscal Year 2008-09 the State took over $1.3 million in tax increment from the City of San Leandro Redevelopment Agency and as it appears that the State's budget crisis will not be resolved in the near future, similar takes are probable in the coming years unless the State's actions are found to be illegal. 9