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MANAGEMENT'S DISCUSSION AND ANALYSIS • The Agency continued working with Innisfree Ventures II to develop Town Hall Square (consisting of 212, 250, 262 and 290 Davis Street). Planning efforts were continued to explore opportunities for development at the site, with particular effort devoted to exploring options for acquiring and/or incorporating additional parcels within the site. Joint Project Area Financial Overview: Tax increment revenue in the Joint Project Area was $2 million in fiscal year 2010 -11, up 1.7% from the previous fiscal year. Expenditures for the Project Area for 2010 -11 were $2.2 million. $3.8 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. $26.7 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. $11.1 million in 2008 bond proceeds remain and will be used primarily for the completion of the Downtown Garage project. • Construction was completed on the 21,000 square -foot 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 continued working with Innisfree Ventures II to develop 1550 East 14 Street. Preliminary planning efforts focused on the possibility of a neighborhood retail development on 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 worked on identifying relocation options for Quality Tune Up, which had been located at 14901 East 14 Street. Conceptual designs and preliminary . cost estimates were also developed for the landscaping of the site in order to create an attractive entry point into the City. Construction ,began on a four story LEED certified parking garage. The four story parking structure will include approximately 2,000 sq. ft. of retail along Estudillo Avenue to be used as an office for the San Leandro Chamber of Commerce and enhancements to Plaza Del Oro, the pedestrian entry to the garage. This garage will replace the current 246 space garage which is seismically unstable, not ADA accessible and of insufficient size to meet the downtown's . parking needs. The new garage will provide substantially greater capacity, with 380 spaces, allowing visitors to park once and walk to multiple destinations downtown. The Agency continued exploring options 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. • 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. 8.