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<br />
<br />TABLE 3
<br />SUCCESSOR AGENCY TO THE
<br />REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO
<br />Largest Property Owners in the Project Area
<br />Fiscal Year 2017-18
<br />
<br />Property Owner
<br />Secured and
<br />Utility Unsecured Total % of Total(1)
<br />% of
<br />Incremental
<br />Assessed
<br />Valuation(2)
<br />Principal Land
<br />Use
<br />Ghirardelli Chocolate Company $118,399,339 $5,044 $118,404,383 4.3% 6.3% Industrial
<br />AMB Property Corporation 54,507,409 -- 54,507,409 2.0 2.9 Warehouse
<br />Chill Build San Leandro LLC 52,087,442 -- 52,087,442 1.9 2.8 Industrial
<br />Georgia Pacific Corrugated LLC 36,047,526 -- 36,047,526 1.3 1.9 Industrial
<br />PK I Fashion Faire Place LP 29,012,183 -- 29,012,183 1.0 1.5 Shopping Center
<br />General Foods Corp 28,695,171 -- 28,695,171 1.0 1.5 Industrial
<br />Acco Engineered Systems Inc 18,960,101 7,276,088 26,236,189 0.9 1.4 Industrial
<br />Khachaturian Henry Tr 25,500,000 -- 25,500,000 0.9 1.4 Auto Dealership
<br />Seal San Leandro LLC 24,177,711 -- 24,177,711 0.9 1.3 Hotel
<br />Peterson Tractor Co 19,840,725 981,948 20,822,673 0.7 1.1 Industrial
<br />Total, Top Ten: $407,227,607 $8,263,080 $415,490,687 14.9% 22.1%
<br />(1) Area total valuation is $22,783,685,625.
<br />(2) Area incremental valuation is $1,880,850,524.
<br />Source: County of Alameda, Urban Analytics.
<br />
<br />As a percentage of incremental valuation, the top ten owners accounts for 26% of
<br />valuation. Approximately 14% of the assessed valuation of the largest assessees is on the
<br />unsecured roll, which the Fiscal Consultant’s Report attributes to leased equipment used by the
<br />Peterson Tractor Company and Acco Engineered Systems.
<br />
<br />The Ghirardelli Chocolate Company, the largest property owner in the Project Area,
<br />operates a chocolate factory on 136th Avenue. The second largest property owner in the
<br />Project Area, AMB Property Corp, has a warehouse facility on Alvarado Street. Chill Builders
<br />LLC owns a refrigerated warehouse on Polar Way, while Georgia Pacific Corporation operates a
<br />box manufacturing plant on Alvarado Street. PK I Fashion Faire Place, the fifth largest owner,
<br />owns a shopping center on Hesperian Boulevard adjacent to the Bay Fair Mall. General Foods
<br />Corporation had been the owner of a coffee in a plant on Halcyon Drive; the building was
<br />purchased by the Principal Group early in 2017 for a reported $32.5 million and an industrial
<br />building is currently under construction on the site, replacing the coffee plant, which has been
<br />demolished. Acco Engineered Systems operates a heating and air-conditioning firm on Aladdin
<br />Avenue; the Khachaturian property is an automobile dealership on Marina Boulevard; Seal San
<br />Leandro owns a Hilton Garden Inn on Lewelling Boulevard; and Peterson Tractor is a
<br />construction equipment firm on Marina Boulevard.
<br />
<br />Assessment Appeals
<br />
<br />Appeals of assessments by property owners in the project area can result in reductions
<br />in assessed valuations that could potentially affect the Successor Agency. Reductions in prior-
<br />year assessed valuations do not currently affect the Successor Agency’s allocation of regular
<br />tax increment revenue due to the County Auditor-Controller’s practice of deducting taxpayer
<br />refunds from supplemental revenue payments to the Successor Agency and not from the
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