10B Action 2011 0118 - Laserfiche WebLink

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MANAGEMENT'S DISCUSSION AND ANALYSIS Joint Project Area Financial Overview: Tax increment revenue in the Joint Project Area was $2.9 million in fiscal year 2009 -10, down 1.9% from the previous fiscal year. Expenditures for the Project Area for 2009 -10 were $8.8 million. $3.9 million of the Agency's total long -term obligation is attributable to the outstanding principal on the 2001 Certificates of Participation issued for capital improvements in the Joint Project Area, the proceeds of which have been fully expended. $27.2 million of the Agency's obligation is attributable to the outstanding principal on the 2008 Tax Allocation Bonds issued for capital improvements in the Joint Project Area. $12.7 million in 2008 bond proceeds remain and will be used to complete the Senior Center and Downtown Garage projects, among others. • Construction was completed on the third and final phase of Creekside Office Plaza, a class A office complex. The final 83,000 sq. ft. building completes this public /private partnership which brought a total of almost 1,000 jobs to the City. The Regional Center of the East Bay relocated its headquarters to the new building upon its completion. A new restaurant, Creek-side Bistro, opened on the ground floor of the new building in May 2010. • Construction neared completion on a 21,000 sq. ft. Senior Community Center which includes classrooms, arts and crafts areas, exercise rooms, and a large main hall which will also serve as an Emergency Operations Center. • The Agency completed the purchase of 1550 East 14' Street, a 1.7 acre parcel in Downtown San Leandro. Prior to close of escrow in July 2009, the 26,000 sq. ft. building was demolished. The Agency subsequently constructed a temporary replacement parking lot for use during the construction of the new parking garage. • The Agency entered into an agreement with Innisfree Ventures II to develop 1550 East 14' Street consistent with the City's Transit Oriented Development Strategy. Preliminary planning efforts were initiated to explore opportunities for mixed -use development at the site. • As part of the "Triangle" project to reconfigure and beautify the intersection of East 14' Street, Hesperian Boulevard and 150' Avenue, the Agency purchased the Quality Tune Up property at 14901 East 14' Street in December 2009 for $677,000. The Agency had previously appropriated $1.3 million for acquisition of the site and relocation of the business. The Agency is actively working with the business to explore relocation options and will continue to lease the site to Quality Tune Up during the remaining stages of project design. Planning continued for a four story LEED certified parking garage. The four to five story parking structure will include approximately 2,000 sq. ft. of retail along Estudillo Avenue and enhancements will be made to Plaza Del Oro, the pedestrian entry to the garage. This garage will replace the current 215 space garage which is seismically unstable, not ADA accessible and of insufficient size to meet the downtown's parking needs. Garage construction has been postponed until Fall 2010. The Agency was not successful in securing Federal stimulus funding to upgrade the facility to include an electric vehicle battery swap and recharge stations, although these improvements may be reconsidered in the future. The Agency continued working with Langon Construction to develop the former East Bay Municipal Utility District building at 1595 Washington Avenue, along with the neighboring parcel at 268 Parrott Street, into a mixed use development consistent with the City's Transit Oriented Development Strategy.