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TABLE 13
<br />REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO
<br />Joint Project Area and West San Leandro Project Area
<br />Housing Set-Aside Calculation- 2009-10
<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 c~i 1,264,265 793,338 2,057,603
<br />Additional Revenue
<br />Housin Portion, Supplemental Revenue
<br />(Est) ~~: 100,000 60,000 160,000
<br />Plaza Project Area Housing Revenue (3): - - 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) The Agency's Plaza Project Area is expected to generate approximately $0.5 million in revenue for the Housing Set-Aside
<br />Fund in 2009-10. Revenue from the Plaza Project Area is not pledged as security for the 2010 Bonds, although it is available
<br />for housing purposes.
<br />Source: County of Alameda; Urban Analytics.
<br />Projected Housing Tax Revenues
<br />The projections of Housing Tax Revenues for the Project Areas, as prepared by the
<br />Fiscal Consultant are reproduced in the table below. For 2010-11, the Joint Project Area is
<br />assumed to decrease by 1.5%, due to a) the potential for additional Proposition 8 reductions; b)
<br />the possible application of a zero or negative inflation factor under Proposition 13; and c) limited
<br />anticipated gains from new development for that year; the Joint Project Area is projected to
<br />remain flat for 2011-12 and grow by two percent from 2012-13 on. The West San Leandro
<br />Project Area is expected to increase by 1.0% for 2010-11, as it has a small residential
<br />component and is consequently less exposed to Proposition 8 reductions. The West San
<br />Leandro Project Area is projected to increase by two percent from 2011-12 forward.
<br />The 20% Housing Set-Aside for the Joint Project Area is calculated on gross tax
<br />increment after the 33676 (2%) payment is made; the Housing Set-Aside in the area includes
<br />only the city's share of the housing revenue, which is 50% of the total Housing Set-Aside. In
<br />the West San Leandro Project Area, the 20% Housing Set-Aside is calculated from gross tax
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