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Program Funding
<br />Table 2 provides the projected tax increment for the Plaza Project Area for 2004-2009 {assuming
<br />that Plaza 1 tax increment tapers off in 2006-07, as is the current status). It also shows what
<br />portion of these funds will go to the Affordable Housing Program and what portion has already
<br />been committed to outstanding debt obligations. In 2002, the Agency Board authorized the
<br />issuance of Tax Allocation Bonds (TABS) in the Plaza to fund capital projects in the downtown
<br />area. The 2002 TABS also retired a large previous issuance, taking advantage of a lower interest
<br />rate. As shown in Table 2, debt service consumes about half of the gross tax increment received
<br />in the Plaza.
<br />Table 2. Plaza Tax Increment
<br />Fiscal Gross Tax 33676 County Housing 334011 ERAF General TA$s Available
<br />Year Increment (2%) Admin. Set-Aside AB1290 Payment Fund Loan Debt Tax
<br /> Payments Fee Payments Repayment Service Increment
<br />2004- $2,410,000 $ 30,000 $30,D00 $ 480,000 $100,000 $270,000 $160,000 $1,170,000 $ 170,000
<br />as
<br />2005-
<br />$2,460,000
<br />$ 40,000
<br />$ 30,400
<br />$480,000
<br />$110,000
<br />$270,000
<br />$160,004
<br />$1;180,000
<br />$ 190,000
<br />06
<br />20D6- $2,500,D00 $ 40,000 $ 30,000 $490,000 $120,000 $160,OD0 $1,184,00D $ 480,000
<br />07
<br />2D07- $2,550,D00 $ 40,000 $ 30,000 $500,000 $130,D00 $160,D00 $1,340,DD0 $ 350,OD0
<br />08
<br />2008- $2,540,000 $ 50,000 $ 30,000 $ 510,000 $140,000 $16D,OOD $1,350,OD4 $ 350,000
<br />09
<br />Source: City ojSan Leandro Redevelopment Agency; Urban Annfylics.
<br />Debt service, pass-through payments, the housing set-aside fund, and the ERAF payment to the
<br />state are the main other fund categories in the Plaza. The Plaza also is paying off a large loan
<br />from the City's General Fund for start-up costs dating from the project area's earlier years. The
<br />City Manager has the authority to waive these payments in a fiscal crisis, but they are included in
<br />the budget. If the Plaza revenues come in lower than projected, it is possible that the West San
<br />Leandro-MacArthur Boulevard Project Area may have to cover some of the Plaza's share of the
<br />Agency's ERAF payment. The City Manager/Executive Director may make that determination
<br />at the time when the payment is due to the state.
<br />Economic Development and Public Improvements: Objectives and Programs
<br />The Agency's aim with regard to economic development and public improvements is to improve
<br />the economic health of the Plaza Project Area. Specific proposed programs and initiatives to
<br />undertake over the next five years, in pursuit of this objective, follow. The Agency may not
<br />provide direct funding to all the objectives because other funding sources are available.
<br />Economic Development Objective: Improve the economic health of the Plaza Project Area by
<br />assisting the private sector to maintain a balanced business base with an appropriate mix of retail
<br />and office and support new infill housing.
<br />2004-2009 Implementation Plan
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