|
the Agency's compliance with laws, regulations and administrative requirements governing
<br />activities of the Agency. Caporicci & Larson, LLP, Oakland, California, audited the financial
<br />statements of the Agency for the fiscal year ended June 30, 2003. The firm's examination was
<br />made in accordance with generally accepted auditing standards. The City and the Agency
<br />follow fund accounting principles reflecting the modified accrual basis of accounting in which
<br />revenue is recognized when earned or otherwise becomes available, and expenditures are
<br />recognized when incurred. The firm reported after their examination that they noted no
<br />instances of noncompliance for the fiscal year ended June 30, 2003. See "APPENDIX A -
<br />Audited Financial Statements of the Agency for Fiscal Year Ended June 30, 2003."
<br />The Agency has not requested nor did the Agency obtain permission from Caporicci,
<br />Cropper & Larson, LLP to include the audited financial statements as an appendix to this
<br />Official Statement. Accordingly, Caporicci, Cropper & Larson, LLP has not performed any
<br />post-audit review of the financial condition or operations of the Agency.
<br />In connection with the issuance of the Bonds, the Agency has engaged Urban Analytics,
<br />LLC, San Francisco, California (the "Fiscal Consultant") to prepare a Fiscal Consultant Report
<br />dated , 2004. See "APPENDIX B -Fiscal Consultant Report".
<br />The Project Area
<br />On July 19, 1999, the City Council of the City (the "City Council") adopted the
<br />Redevelopment Plan for the merged West San Leandro/MacArthur Boulevard Redevelopment
<br />Project (as amended, the "Redevelopment Plan") and established the boundaries thereof. The
<br />project area is comprised of two geographical areas. The western portion, internally known as
<br />the "West San Leandro Area", is located in the City's industrial core which is entirely west of
<br />Interstate 880 and comprises approximately 1,014 acres. The other, smaller, portion is largely
<br />commercial and is known internally as the "MacAruthur Boulevard Area". This portion abuts a
<br />portion of Interstate 580 in the northern section of the City and comprises approximately 16
<br />acres. Both areas generate tax increment.
<br />Shortly after formation of the Project Area in 1999, the Agency agreed to remove
<br />seventeen parcels from the initial Project Area in response to concerns raised by the County.
<br />The Agency and County signed a Memorandum of Understanding dated November 30, 1999,
<br />which identified the seventeen, parcels to be removed. The Agency amended the
<br />Redevelopment Plan and removed the parcels in Ordinance 2000-014 dated June 26, 2000. The
<br />Controller subsequently removed the parcels from both the base year assessed valuation and
<br />the annual tax increment. The removed parcels (which currently comprise 16 parcels due to a
<br />merger of two parcels) are:
<br /> 2003-04
<br />Parcel Number Owner Name Property Location Total A.V.
<br />077A-0647-009-27 Dean Foods Co. of California 2550 Merced St. $ 5,653,015
<br />077A-0647-009-32 Seventeen One Inc. 2550 Merced St. 1,675,785
<br />077A-0647-009-35 Walnut Creek Canning Co. Merced St. 259,085
<br />077A-0647-009-37 Lucky Stores Inc. Marina Blvd. -- '
<br />077A-0647-009-42 Walnut Creek Canning Co. 2550 Merced St. 2,976,723
<br />077A-0647-009-45 Lucky Stores Inc. 1701 Marina Blvd. 61,364,806
<br />077A-0647-010-00 Delta Properties 1803 Marina Blvd. 695,082
<br />077A-0647-011-00 Delta Properties 1899 Marina Blvd. 862,487
<br />077A-0647-012-03 Delta Properties 2300 Merced St. 1,857,351
<br />077A-0745-040-01 Bigge Development Company 10750 Bigge St. 970,490
<br />077A-0745-041-01 Bigge Development Company 10700 Bigge St. 642,389
<br />077A-0745-043-01 Coyne Investments LP 10850 Bigge St. 7,534,348
<br />077A-0745-045-06 Penske Truck Leasing Co. 10755 Bigge St. 5,854,726
<br />077A-0745-049-01 Bigge Street Investors 10901 Bigge St. 6,066,645
<br />079A-0395-006-10 Wal-Mart Bus. R.E. Trust 1919 Davis St. 11,607,979
<br />079A-0395-006-11 Monarch Ventures 1933 Davis St. 23,839,878
<br /> $131,860,789
<br />13
<br />
|