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Finance Highlights 2011 0318
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Finance Highlights 2011 0318
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4/14/2011 5:36:29 PM
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4/14/2011 5:36:19 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
3/18/2011
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_CC Agenda 2011 0418
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\City Clerk\City Council\Agenda Packets\2011\Packet 2011 0418
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3/17/2011 <br /> CRA Proposed Alternative <br /> ■ Redevelopment agencies can voluntarily suspend their housing <br /> set -aside for FY 2012. An equivalent amount of funds must <br /> then be contributed to local school districts in project areas. <br /> • In exchange, agencies can extend the project area's life by two years. <br /> • Equates to up to S2 million for San Leandro. <br /> ■ In addition, or alternatively, agencies could voluntarily <br /> contribute up to 10% of their tax increment revenues to local <br /> school districts for 10 years, beginning in FY 2012. <br /> ► For each percentage of tax increment paid to schools, an additional <br /> year could be added to the project area life, up to a maximum of 10 <br /> years. <br /> ► Up to roughly S I million annually for San Leandro. <br /> CRA Proposed Alternative <br /> • Allows redevelopment to continue. <br /> ■ Over a ten -year period, could raise more money than the <br /> ABI01 and SB77 proposal. <br /> ► Does not violate Proposition 22. <br /> 6 <br />
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