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Home My WebLink AboutMINUTES - 03271990 - 1.81 TO: REDEVELOPMENT AGENCY FROM: PHIL BATCHELOR, f- ° s,• Contra EXECUTIVE DIRECTOR >la DATE: March 27 , 1990 County SUBJECT: Pleasant Hill BART Redevelopment Project Area Tax Increment Projections SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS Accept report from the Deputy Director - Redevelopment on ten-year tax increment projections for the Pleasant Hill BART Station Redevelopment Project Area; and refer said report to the Pleasant Hill BART Station Area Steering Committee for review and consideration. FISCAL IMPACT None. BACKGROUND/REASONS FOR RECOMMENDATIONS The Redevelopment Agency has been relying on tax increment projections for the Pleasant Hill BART Station Redevelopment Project Area developed in 1984. As we' re all aware, those projections have been off base in as much as they contemplated that the Pleasant Hill BART Station would be substantially built out by the early 1990 ' s. In order to prepare financing plans the Redevelopment Agency commissioned the firm of Katz, Hollis, Coren and Associates to prepare a series of ten year taxincrement projections for the project area. The ten year projection of gross tax increments is contained on Table 1 . Based on anticipated development schedules and development values shown in Table 2 , and summarized below, the Redevelopment Agency is expected to receive approximately $1. 3 million in tax increments in fiscal year 1990-91 rising to approximately $4. 0 million in 1994-95 and further rising to approximately $5 .7 million in fiscal year 1998-99. These amounts include the 20% set-aside which the Redevelopment Agency is obligated to set aside for specific affordable housing purposes./ CONTINUED ON ATTACHMENT: X YES SIGNATURE: I _ RECOMMENDATION OF EXECUTIVE DIRECTOR _RECOMMENDATION F AGENCOMMI APPROVE OTHER 7 SIGNATURE(S) : ACTION OF AGENCY ON March 270 1990 APPROVED AS RECOMMENDED X OTHER VOTE OF COMMISSIONERS X I HEREBY CERTIFY THAT THIS IS A _ UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT AGENCY ON THE DATE SHOWN. cc: Redevelopment Director ATTESTED March 27 , 1990 CAO PHIL BATCHELOR, County Counsel AGENPY SECRETARY Pleasant Hill BART Steering Committee (via Redevelopment Agency) BY L DEPUTY SRA4/phtxinc.bos The final, column on the far right of Table 1 indicates net tax increments after the housing set-aside has been removed. This column indicates that the Agency would receive approximately $1 .0 million in increment in 1990-91, rising to approximately $3 . 3 million in 1994-95, and further rising to approximately $4.7 million in 1998-99. It is this tax increment that can be utilized to finance additional infrastructure and public improvements as well as to retire bonded indebtedness and other debt of the Agency to the County. The important underlying assumption with respect to these projections is the anticipated development schedule. The following summarizes anticipated development schedules of the remaining portion of the project area not already completed of construction. This anticipated development schedule was prepared by the consultant who discussed this with each of the individual developers. Agency staff provided a reality check on the anticipated development schedules. Year of Year of Specific Project Construction Construction Plan Area Project Name Developer Start Completion 3 Park Regency GBW Properties 1990 1994 4 The Premiere Desco/Glenfed 1991 1993 7A, 7B, 8 Station Oaks Homart Development 1991 1996 9 3000 Oak Road Oak Hill Capital 1989 1992 10A Treat Towers Wallace Olson/Kajima 1992 1995 10B North Oak Court Taylor/Woodrow 1989 1992 10B South Embassy Suites KOAR Inc. 1989 1991 11 & 12 BART Joint Dev. To Be Determined 1994 1999 15 Urban West Urban West 1993 1997 As the Redevelopment Agency is aware, the development at the Pleasant Hill BART Station Area is very much market-driven. Anticipated development schedules may change due to a variety of reasons over which the development community or Redevelopment Agency has absolutely no control. The projections that have been developed to reflect an assessment of what is reasonable to expect for the decade of the 1990 ' s. The Pleasant Hill BART Station Area does have significant competitive attributes as it relates to the Bay Area office market. It' s location on the BART line, the jobs-housing balance that is provided for and the relative lack of class A office space coming on-line in the Central County over the next few years all bode well for the continued development of the commercial sites in the Pleasant Hill BART Station Area. 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