10B Action 2009 1221 - Laserfiche WebLink

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Limitations on Housing Tax Revenues As amended, the Redevelopment Plans for the Project Areas include the following limits: Joint West San Leandro Project Area Project Area Plan Adoption Date July 12, 1993 July 19, 1999 Plan Limits - Last Date for Debt Issuance July 12, 2013 - Plan Effectiveness * July 12, 2034 - Last Date for Receipt of Tax Increment ` July 12, 2044 -Amount of Bonded Indebtedness $880,000,000 - Gross Tax Increment Allocated to Agency $2,650,000,000 A61290 Pass-throughs No "' Includes one-year ERAF-related extension. Source: San Leandro Redevelopment Agency, Urban Analytics. July 19, 2019 July 19, 2030 July 19, 2045 $750,000,000 Not Applicable Yes The Alameda County-City of San Leandro Redevelopment Plan includes a cap on tax increment that may be collected during the life of the Joint Project Area. The tax increment cap is $2.65 billion. The Agency reports that it has collected approximately $82.0 million for the Joint Project Area through 2008-09 after deducting ERAF payments of $1.7 million. The Agency is not projected to reach the cap on tax increment prior to the last date to receive tax increment under growth rates of up to 4% annually; at a 5% growth rate the Agency is projected to reach the tax increment cap in 2039-40 (which is after the final maturity of the 2010 Bonds in 2024). AB 1290. In 1993, the California Legislature enacted Assembly Bill 1290 (Chapter 942, Statutes 1993, effective January 1, 1994; "AB 1290") which contained several significant changes in the Redevelopment Law. Since the Joint Project Area was established prior to AB 1290, the Redevelopment Plan is subject to negotiated revenue-sharing agreements with taxing entities rather than to the statutorily-defined pass-through formula contained in A61290. The West San Leandro Project Area was established in 1999 (post-A61290) and is automatically subject to the statutory pass-through payment provisions of A61290. The AB 1290 formula is set forth in Section 33607.7 of the Redevelopment Law and, to the extent incorporated therein, in Section 33607.5 of the Redevelopment Law, typically referred to as the "Statutory Pass-Throughs". These payments are made from the Agency's redevelopment fund and do not affect the Low and Moderate Income Housing Fund. Senate Bill 211. The California Legislature also enacted Senate Bill 211 (Chapter 741, Statutes 2001, effective January 1, 2002; "SB 211"). SB 211 provides, among other things, that the limitation on incurring indebtedness contained in a redevelopment plan adopted prior to January 1, 1994, may be deleted by ordinance of the legislative body. The Agency Board has and the County have not adopted an ordinance to amend the Alameda County-City of San Leandro Redevelopment Plan pursuant to SB 211, so the time limit remains at July 11, 2013 and statutory pass-through payments that would have gone into effect under SB 211 upon adoption of such an ordinance have not been triggered. -22-