MO 2011-004 - Laserfiche WebLink

Home

• The Agency constructed a temporary replacement parking lot at 262 Davis Street for use while the downtown parking garage is demolished and a new and larger garage is constructed consistent with the City's Transit Oriented Development Strategy. The new parking garage will allow for greater infill development as well as encourage people to park once and walk downtown. • The Agency entered into an agreement with Innisfree Ventures II to develop Town Hall Square (consisting of 212, 250, 262 and 290 Davis 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. 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, Creekside 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.