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impact the ability to attract capital, provide the necessary economically viable parking and secure
<br />high-quality retail tenants. High performing tenants would generate sales and foot traffic,
<br />boosting the economics of the project area surrounding the center, preventing it from draining
<br />resources from the city and negatively impacting other businesses.
<br />The JPA's revenues are significantly encumbered by debt service incurred to fund public
<br />improvements and developer obligations related to the implementation of the Marina Boulevard
<br />Auto Mali project. These items, administrative costs, a tax revenue shift in favor of Alameda
<br />County in 2004-05 for five years, and aCounty-imposed repayment, or "adjustment" of tax
<br />increment overpaid in prior years pursuant to successful property tax appeals by Bayfair's
<br />owners, leave very little discretionary revenue through 2009. The financial analysis reveals that,
<br />unless revenues come in higher than projected, many JPA projects and programs will be
<br />underfunded, thus eliminated, through the Ilrlplementation Plan period. They are presented in
<br />order to meet the statutory requirements for identifying the Agency's priorities during the next
<br />five years, and to clarify the groundwork staff will be laying in order to be ready for future years,
<br />when the revenue picture is brighter.
<br />Program Funding
<br />Table 4 provides the projected tax increment for the Joint Project Area for 2004-2009. It also
<br />shows what portion of these funds will go to the Affordable Housing Program and what portion
<br />has already been committed to outstanding debt obligations. The Joint Project Area issued
<br />Certificates of Participation (COPS) in 2001. Most of these funds have been spent in the prior
<br />Implementation Plan period on projects related to Marina Boulevard Auto Mall development.
<br />The 2001 COPS balance is shown as a revenue line item in Table 5, with its funds expected to be
<br />spent by the end of 2004.
<br />'i`~l,ln d mint P~-nir~~t Area PrniprtPr! Tax increment
<br />FY Gross Tax County Sec. 33676 Bayfair Housing Sec. 33401 County 1:RAF COP City's Net
<br /> Increment Admin. Pass-T'hrus Mall Set- Pass-T'hrus Share Payment Debt Tax
<br /> Fee Adjustment Aside (City Service lnerement
<br /> share)
<br />2004- $7,750,ODD $100,000 $1,120,004 $600,000 $1,L40,000 $1,780,000 $1,876,000 $210,000 $35D,000 $530,000
<br />OS
<br />2005- $8,050,OOD $100,000 $1,230,D00 $600,OD0 $1,220,000 $1,840,000 $1,930,000 $210,000 $350,000 $570,000
<br />06
<br />2006- $8,350,000 $110,000 $1,340,000 $1,380,000 $2,060,000 $2,080,000 $350,000 $1,030,000
<br />D7
<br />2007- $8,660,000 $11D,OD0 $1,450,ODD $1,420,000 $2,120,000 $2,140,060 $350,600 $1,070,000
<br />08
<br />2008- $8,980,000 $120,ODD $1,560,DOD $1,460,000 $2,180,000 $2,200,000 $350,000 $1,110,000
<br />09
<br />Source: Cily of Snn Leandro ~Ceitevelapment Agency; urban Anaryncs.
<br />Economic Development and Public Improvements: Objectives and Programs
<br />Further financial limitations exist in the JPA. Existing obligations incurred in the prior
<br />Implementation Plan periods require the Agency to make regular payments to developers for
<br />2009-2009 Implementation Plan
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