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Tax Increment Revenue Estimate
<br />The City's share of the Joint Project Area is expected to generate $1,264,265 in housing
<br />set-aside revenues in 2009-10, and the West San Leandro Project Area is expected to
<br />generate $793,338 in housing set-aside revenues. The table below shows assessed value as
<br />well as estimated gross and net Housing Set-Aside tax increment revenue in the Project Areas
<br />for fiscal year 2009-10.
<br />TABLE 6
<br />REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO
<br />Alameda County -City of San Leandro Redevelopment Project Area
<br />Tax Increment Revenue Estimate -Fiscal Year 2007-08
<br />West San Leandro Total for the Project
<br /> Joint Project Area Project Area Areas
<br />Secured AV $2,150,218,993 $866,056,274 $3,016,275,267
<br />Unsecured AV 128,795,233 163,811,177 292,606,410
<br />SBE-Assessed Utilities 355,338 1,012,521 1,367,859
<br />Total AV 2,279,369,564 1,030,879,972 3,310,249,536
<br />Less: Base Year AV -903,597,367 -638,295,280 -1,541,892,647
<br />Incremental AV 1,375,772,197 392,584,692 1,768,356,889
<br />Tax Rate 1.01 % 1.01
<br />Gross Revenue 13,895,299 3,965,105 17,860,404
<br />Less: 33676 (2%) Statutory Payment -1,260,074 (Not Applicable) -1,260,074
<br />Plus: Unitary Revenue 7,423 1,585 9,008
<br />Gross Tax Increment 12,642,648 3,966,691 16,609,339
<br />Housing Set-Aside (1) 1,264,265 793,338 2,057,603
<br />Additional Revenue
<br />Housing Portion, Supp. Revenue (Est) (2): 100,000 60,000 160,000
<br />Plaza Project Area Housing Revenue (2): - - 576,641
<br />(1) For the Joint Project Area, the City share of the Housing Set-Aside is the amount shown.
<br />(2) The Agency receives revenue from supplemental assessments; 20% of the revenue on supplemental assessments is paid
<br />into the Housing Set Aside Fund. Supplemental assessments are assessments of properties for which new construction or
<br />sales occurred during a tax year. The assessments are for the pro-rated portion of the remaining tax year and, if the
<br />construction or sale occurs after the January 1 lien date, are for full value of the property during the subsequent tax year.
<br />Supplemental revenue is a variable revenue source and is not included in the calculation of tax increment available for
<br />bonding.
<br />(3) Not pledged to the 2010 Bonds but may be used for payment for the 2010 Bonds.
<br />Source: County of Alameda; Urban Analytics
<br />Major Property Owners
<br />The following table lists the ten largest payers of secured property taxes in the Joint
<br />Project Area for fiscal year 2009-10. The aggregate assessed value of the top ten secured
<br />property taxpayers accounted for approximately 18% of the total assessed value of the Joint
<br />Project Area for 2009-10. The largest owner accounts for approximately 7.6% of Joint Project
<br />Area valuation. As a percentage of incremental valuation, the top owners account for 30% of
<br />valuation. Approximately 5°l0 of the assessed valuation for the largest assessees is on the
<br />unsecured roll, presumably leased equipment used by the Peterson Tractor Company and
<br />ACCO Engineered Systems.
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