10B Action 2011 0118 - Laserfiche WebLink

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MANAGEMENT'S DISCUSSION AND ANALYSIS • The Agency continued to make payments to the San Leandro Unified School District for public improvements at their new Ninth Grade Campus and construction of a gymnasium. Consistent with the 2009 Financing Agreement, the Agency will contribute $2.2 million over a period of roughly seven years. • Using Commercial Rehabilitation Program funds, the Agency assisted with improvements to the Palma Plaza Shopping Center on East 14 Street. The project involved the demolition of a vacant and substandard building, creation of additional parking, and landscaping improvements. • The Agency also contributed funding to the renovation of the historic Bal Theater on East 14 Street. The Commercial Rehabilitation funding assisted with renovation of the Theater's marquee and entrance area. • The Agency worked with the DC Dance Center and Mike's Pet and Feed to design a variety of facade improvements which include new paint, signage and windows. The project is expected to be completed in Spring 2011. • Design work was completed for a streetscape and median improvement project on East 14 Street 136 Avenue to 143 Avenue. Funding was provided primarily through a Federal grant, although a small Agency match was required. Construction began in early 2010 -11. • Work continued on undergrounding the above - ground utility lines along East 14 from 150 Avenue south to the City border. Project completion is projected for late 2010. The undergrounding on East 14 Street from 150 north was expanded to Thornton Street and design work continued on this phase which is expected to be completed in 2014. • The seasonal Downtown Farmers' Market continued to draw crowds with the average weekly patronage ranging from 2,000 to 3,500 per week, a substantial increase from the previous year. The market was reconfigured this year to occupy Parrott Street to East 14th Street, adding space to accommodate over 40 vendor stalls. West San Leandro /MacArthur Boulevard Project Area Financial Overview: Tax increment revenue in the West San Leandro/MacArthur Boulevard Project Area was $3.3 million in fiscal year 2009 -10, up 6.6% from the previous fiscal year. Expenditures for the Project Area for 2009 -10 were $3.2 million. $5.3 million of the Agency's total long -term obligation is attributable to the outstanding principal on the 2004 Tax Allocation Bonds issued for capital improvements in the West San Leandro/MacArthur Boulevard Area. The bond funds have been fully expended. Agency staff worked to facilitate execution of a Development Agreement for a Kaiser Permanente Medical Center on the 63 -acre abandoned Albertson's distribution site at Marina Boulevard and I -880. The first phase of construction will consist of a 264 -bed state -of -the -art hospital and a 275,000 square -foot hospital support building and will provide over 2,300 jobs. The Development Agreement and all required approval for Phase I of the Medical Center were completed in Spring 2010.