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10A Action 2014 0902
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10A Action 2014 0902
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Last modified
9/15/2014 10:09:04 AM
Creation date
8/26/2014 5:28:19 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
9/2/2014
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_CC Agenda 2014 0902 CS+RG
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2014\Packet 2014 0902
SA Reso 2014-004
(Reference)
Path:
\City Clerk\City Council\Resolutions\2014
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<br />4 <br />The Redevelopment Plans and the Project Areas <br /> <br />Redevelopment Plans. <br /> <br />The City Council of the City adopted the Plaza Project Area Redevelopment Plan for the <br />Plaza Project Area on May 15, 2000 (the “Original Plaza Project Area Redevelopment Plan” <br />and, as amended from time to time, the “Plaza Project Area Redevelopment Plan”). The <br />Plaza Project Area was created through the merger of the Plaza 1 Project Area and Plaza 2 <br />Project Area. The Plaza 1 Redevelopment Plan was adopted on December 28, 1960 and the <br />Plaza 2 Redevelopment Plan was adopted on December 26, 1967. Both plans were <br />subsequently amended several times. <br /> <br />The City Council of the City adopted the Redevelopment Plan for the West San <br />Leandro/MacArthur Boulevard Redevelopment Area on July 19, 1999 (the “Original West San <br />Leandro/MacArthur Boulevard Project Area Redevelopment Plan” and, as amended from <br />time to time, the “West San Leandro/MacArthur Boulevard Project Area Redevelopment <br />Plan”). <br /> <br />The Plaza Project Area Redevelopment Plan and the West San Leandro/MacArthur <br />Boulevard Redevelopment Plan are sometimes referred to collectively in this Official Statement <br />as the “Redevelopment Plans.” <br /> <br />See “THE PROJECT AREAS – The Redevelopment Plan for the Plaza Project Area” <br />and “– The Redevelopment Plan for the West San Leandro/MacArthur Boulevard Project Area” <br />for a description of amendments to the Redevelopment Plans and related limitations. <br /> <br />Project Areas. The Project Areas account for two of three redevelopment project areas <br />of the Successor Agency. See “THE PROJECT AREAS” for additional information on land use, <br />assessed valuation and property ownership within the Project Areas. The third project area, the <br />Alameda County – City of San Leandro Redevelopment Project Area (the “Joint Project Area”), <br />is a joint area consisting of land in both the City and unincorporated areas of the County and <br />has a separate Redevelopment Property Tax Trust Fund (the “Joint Project RPTTF”). <br />Although, property tax revenues from the Joint Project Area are shared by the Successor <br />Agency and the County, the 2014 Bonds are not secured by a pledge, or lien on, property tax <br />revenues allocated to the Successor Agency from the Joint Project Area of the Joint Project <br />RPTTF. See “SECURITY FOR THE 2014 BONDS - Tax Revenues.” Additionally, the Former <br />Agency’s Alameda County - City of San Leandro Redevelopment Project Tax Allocation Bonds, <br />Series 2008 (the “2008 Joint Project Bonds”) are not secured by the Tax Revenues (as <br />defined herein) or amounts on deposit in the Redevelopment Property Tax Trust Fund (as <br />defined below). <br /> <br />Tax Allocation Financing <br /> <br />Prior to the enactment of AB 1X 26, the Redevelopment Law authorized the financing of <br />redevelopment projects through the use of tax increment revenues. This method provided that <br />the taxable valuation of the property within a redevelopment project area on the property tax roll <br />last equalized prior to the effective date of the ordinance which adopted the redevelopment plan <br />became the base year valuation. Assuming the taxable valuation never dropped below the <br />base year level, the taxing agencies receiving property taxes thereafter received only that <br />portion of the taxes produced by applying then current tax rates to the base year valuation, and <br />the redevelopment agency was allocated the remaining portion of property taxes produced by
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