HomeMy WebLinkAbout1999-07-20; City Council; 15324; Expansion Of Redevelopment Area Boundaries. . -
CITY OF CARLSBAD - AGENbA BILL
AB# 15,3 2q TITLE.
MTG. +.&q -. Expansion of Redevelopment Survey Area boundaries, and
appropriation of funding and authorization to staff to retain DEPT. H/RED consultant services to assist with the establishment of
Redevelopment Project Area II.
RECOMMENDED ACTION:
Adopt City Council Resolution No. 4 9 -&S approving the following actions: 1)
designation of an expanded Redevelopment Sun/ey Area; 2) appropriation of $125,000 in
funding for consultant services to provide assistance for establishment of a second
redevelopment project area; and, 3) authorization to execute the appropriate documents to
retain the services of redevelopment consultant Rosenow Spevacek Group, Inc.
ITEM EXPLANATION:
In September of 1997, the City began to identify options for actions to eliminate or reduce the
environmental impacts of the San Diego Gas and Electric (SDG&E) Power Plant on the
community, and to achieve more compatible land uses in this key coastline area. One action
considered was the establishment of a second redevelopment project area which would
include the SDG& E Power Plant and other surrounding SDG&E properties. To initiate this
action, the City Council took the first planning step by adopting a resolution to create a
redevelopment survey area on December 8, 1998. Adoption of the redevelopment survey
area allowed the City to begin its efforts to study the area and determine whether a
redevelopment project within the subject area is feasible. The designation of the survey area is
important because the final project area for the redevelopment plan, if ultimately adopted,
must be within the boundaries of the survey area.
With the assistance of the Rosenow Spevacek Group (RSG), a private consultant with
expertise in the area of redevelopment, a team of City Staff recently completed additional
review of the potential redevelopment needs within the community. The staff team consists of
the following members: Assistant City Manager, Housing and Redevelopment Director,
Community Development Director, Planning Director, Administrative Services Director,
Finance Director, Risk Manager and Assistant City Attorney (Mobaldi). The Consultant and
Staff Team considered the benefits of including other properties within the Carlsbad Boulevard
corridor with the Power Plant and SDG&E properties as a potential second redevelopment
project area. Based on this recent review, the noted Staff Team is recommending that the City
Council proceed with efforts to expand the previously approved redevelopmenf survey area to
include the properties noted on the attached map. This expanded area will include the
properties within the “Ponto Area”, some properties south of the Power Plant, various
properties owned by SDG&E and the privately-owned Power Plant and related properties (as
previously indicated and approved).
The expanded redevelopment survey area, as proposed by staff, is best described as being
generally bounded by Tamarack Avenue on the North, the Pacific Ocean on the West, Agua
Hedionda Lagoon and related properties on the East and just south of Ponto Drive on the
South. The attached map identifies the specific boundaries of the survey area to be studied.
Page2ofAB# j5,3&<
As mentioned within the report to the Council on December 8, 1998, designation of the
expanded survey area allows the City of Carlsbad the opportunity to study the feasibility of
creating a second redevelopment project area, and then to move forward to adopt a
redevelopment area as deemed appropriate. The focus of the feasibility study is 1) to make a
preliminary determination of the blighting conditions within the area, 2) determine the feasible
land uses, 3) identify the market demand for such land uses, and 4) analyze the financial
feasibility of establishing a second redevelopment project area. The study results are utilized
to determine if there are, in fact, physical and blighting conditions existing within the area
which demonstrate a need to implement redevelopment activities. If a determination is made
that redevelopment activities would be beneficial to all, or a portion of the survey area, the City
may continue the process to establish a Redevelopment Projecf Area I/ through adoption of
the required Redevelopment Plan and related documents. Staff is recommending that action
be taken to proceed with establishment of a second redevelopment project area as deemed
appropriate by the feasibility study.
For additional information purposes, attached as Exhibit 3 is a Staff Report to the City
Manager, dated July 13, 1999, which provides a more detailed discussion on the proposed
redevelopment strategy and other considerations related to the recommended action to
expand the survey area and pursue adoption of a redevelopment plan.
STAFF RECOMMENDATION
At this time, staff is recommending that the City Council designate the expanded
redevelopment survey area. This is the first planning step in establishing a second
redevelopment project area. Upon completion of the feasibility study, the formal process to
establish a second redevelopment project area may begin. It is anticipated at this time that the
formal process will begin in September, 1999. The feasibility study will determine the
appropriate areas to include within the second redevelopment project area. It typically takes
approximately 8 to 10 months to process the appropriate documents to adopt a redevelopment
project area.
Staff is also recommending that the City Council authorize the Finance Director to appropriate
a maximum of $125,000 in funding (from the Contingency Fund) for consultant services to
complete the redevelopment feasibility study and to prepare the documentation necessary to
establish a second redevelopment project area. The consultant services will include legal
counsel from Kane, Ballmer and Berkman. Staff is recommending that Rosenow Spevacek
Group Inc. (RSG) be retained to continue their work with the City on the feasibility study and
subsequent development of all redevelopment plan documents. Because RSG has already
provided considerable assistance to the City as related to the study of a second
redevelopment area, staff believes that it would be most appropriate to continue the
partnership and provide for an expanded contract with this consultant to save time and money.
RSG is familiar with the area to be studied, the City organization and is well known for its
expertise in the area of redevelopment.
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Page3ofAB# lS,X&‘L
FISCAL IMPACT:
Approval of the attached resolution will authorize the appropriation and expenditure of a
maximum of $125,000 for redevelopment consultant and legal counsel services related to a
completed study of the designated redevelopment survey area, and adoption of a second
redevelopment project area. Staff has recommended that this funding be allocated from the
Contingency Fund. At a future date, staff will return with a request for authorization to
appropriate additional funding for consultant services to complete the required environmental
review documentation for the proposed new redevelopment project area. Currently, the
estimate for environmental consultant services ranges from $70,000 to $100,000.
If the City Council ultimately takes action to establish a second redevelopment project area,
the cost of the consultant services may be considered a loan to the redevelopment agency
(Project Area II) and subsequently repaid through future tax increment.
1. City Council Resolution No. 9cI -a6 S designating an expanded Redevelopment
Swvey Area and appropriating funding for, and retention of, appropriate redevelopment
and legal counsel consultant services.
2. Reduced Black and White Copy of Boundary Map for expanded Redevelopment Survey.
Area (Enlarged Color Copy of Survey Area Boundary Map is on file in City Clerk’s Office).
3. Staff Report to City Manager, dated July 13, 1999.
c.
1 CITY COUNCIL RESOLUTION NO. 99-265
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA DESIGNATING AN EXPANDED REDEVELOPMENT SURVEY AREA,
APPROPRIATING FUNDING FOR CONSULTANT SERVICES AND AUTHORIZING
STAFF TO RETAIN THE CONSULTANT SERVICES OF ROSENOW SPEVACEK
GROUP TO COMPLETE A FEASIBILITY STUDY OF THE REDEVELOPMENT
SURVEY AREA, AND TO PREPARE AND PROCESS DOCUMENTS TO ESTABLISH A
SECOND REDEVELOPMENT PROJECT AREA WJTHIN THE CITY OF CARLSBAD.
WHEREAS, the City Council of the City of Carlsbad, California has been considering
8 options for actions to eliminate or reduce the blighting influences of the existing Power Plant on
9 the community, and to achieve more compatible land uses in the designated area of the coastline
10 within the City of Carlsbad; and,
11 WHEREAS, the City Council has recently considered the potential redevelopment needs
12 of other areas within the community as related to properties located along Carlsbad Boulevard;
13 ad
14 WHEREAS, the City Council finds that there is a need to expand the Redevelopment
15 Survey Area which was initially approved and established on December 8,1998, and to continue
16 the efforts to complete a feasibility study to determine if it would be appropriate to establish a
17 redevelopment project within the designated area, as expanded; and,
18 WHEREAS, the Redevelopment Survey Area, as expanded, is generally described as
19 being bordered by Chinquapin Avenue on the North, Cannon Road on the South, the Pacific
20 Ocean on the West, and the eastern edge of the Agua Hedionda Lagoon on the East, and just
21 south of Ponto Drive and more specifically detailed on Exhibit “A” to this resolution, and Exhibit
22 “2” to the related City Council Agenda Bill, as revised by action of the Council on July 20, 1999,
23 which is herein incorporated by reference; and,
24 WHEREAS, the City Council declares its intent to complete a feasibility study of the
25 survey area, as expanded, and then to proceed with efforts to establish a redevelopment project
26 area within the designated boundaries of the survey area, as deemed appropriate by the results of
the study; and,
28 II
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WHEREAS, the City Council finds it necessary to retain redevelopment consultant and
legal counsel services and hereby authorizes the funding, in an amount not to exceed $125,000,
~ for these redevelopment consultant and legal counsel services to complete the feasibility study of
the designated Redevelopment Survey Area, as expanded, and to prepare and process the
appropriate documents to establish a redevelopment project area, to be known at this time as
Redevelopment Project Area II, based on the results of said feasibility study.
NOW, THXBEFOBE, BE IT RESOLVED by the City Council of the City of Carlsbad
as follows:
1. That the above recitations are true and correct.
2. That the attached “Exhibit A” accurately represents the boundaries of the Redevelopment
Survey Area, as expanded, and that this area requires additional study to determine if a
Redevelopment Project Area is feasible.
3. That the City Council hereby authorizes the City Manager, or designee, to proceed with
efforts to prepare the appropriate documentation to establish a redevelopment project area, to
be known at this time as Redevelopment Project Area II, and to process said documentation
accordingly, as deemed appropriate by the results of said feasibility study of the expanded
Redevelopment Survey Area.
4. That the City Council authorizes the City Manager to prepare and execute the appropriate
documents to retain the consultant services of Rosenow Spevacek Group, Inc. to complete
said feasibility study of the designated Redevelopment Survey Area, as expanded by this
Resolution, and to proceed with efforts to prepare and process the appropriate documentation
for establishment of a redevelopment project area, subject to approval by the City Attorney.
If/l
CC Resolution No. 99-265
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5. That the City Council authorizes the Finance Director to appropriate $125,000 from the
0
Contingency Fund to finance the costs of the redevelopment consultant services and related
legal counsel for completion of the survey area feasibility study and preparation and
processing of documentation required to establish a redevelopment project area, as deemed
appropriate by the results of said study, and to add said appropriation to the account
previously established for the initial survey area, which is hereby expanded.
6. That the $125,000 in funding for consultant services, including legal counsel, required to
complete the feasibility study for the expanded survey area and to prepare and process
appropriate legal documents to establish a redevelopment project area as deemed appropriate
by the results of said study shall become a loan to the Redevelopment Agency for
Redevelopment Project Area II, which shall be repaid in full with interest from future tax
increment, if a second Redevelopment Project Area is approved by the City Council.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the
City of Carlsbad held on them day of .I&, 1999, by the following vote to wit:
AYES: Lewis, Finnila, Nygaard, Kulchin
NOES: None
I ti4L I ALETHA L. RAUTENKRANZ, City Cl&k
(SEAL)
CC Resolution No. 99-265
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- EXHIBIT 3
July 13, 1999
TO: CITY MANAGER
VIA: COMMUNITY DEVELOPMENT DIRECTOR
FROM: HOUSING AND REDEVELOPMENT DIRECTOR
STATUS REPORT ON STUDY EFFORTS RELATED TO ESTABLISHMENT OF A SECOND
REDEVELOPMENT PROJECT AREA
On December 8, 1998, the City Council took action to approve establishment of a Redevelopment Survey
Area which included the Power Plant and related SDG&E owned properties. This action allowed the City
to study the benefits that could be potentially realized through establishment of a redevelopment project
area. It was anticipated that redevelopment law would be more successful as a tool for eliminating
blighting influences created by the existing power plant. These blighting influences include the visual
appearance of the plant and the incompatible land use it creates on the scenic coastline of Carlsbad.
With the assistance of the Rosenow Spevacek Group, a redevelopment consulting firm, staff studied the
feasibility of establishing a second redevelopment project area which would include the power plant and
related properties. The subject properties appear to pass the “blight test” required to establish a
redevelopment project area. However, staff faced difficulty in assessing the actual benefit of establishing
a redevelopment project area for the following two reasons:
l This year Dynegy/NRG purchased the power plant and related properties from San Diego Gas and
Electric. Due to the high purchase price, it was difficult to determine if there would be any interest
by the new property owner in pursuing actions which would result in the elimination of the blighting
influences created by the existing power plant.
l The taxing structure for the power plant and related properties was uncertain. At the time the study
was initiated, the power plant property was being assessed on total utility assets. It was, and is, not
assessed under the property tax structure. The property tax structure is the basis of financing for
redevelopment areas. Without this assessment, there would be no financing available to the
redevelopment agency to implement blight elimination activities as related to the subject properties.
As a result of the above two situations, staff temporarily discontinued its feasibility study efforts as
related to the establishment of a second redevelopment project area. Staff decided to wait until further
action was taken by the State Board of Equalization related to the assessment of power plants for taxing
purposes.
In May of this year, the State Board of Equalization indicated its intent to allow for local assessment of
companies owning generation facilities and selling electricity to the public, and not subject to the Public
Utilities Commission’s Certificate of Public Necessity and Convenience. It is anticipated that the State
Board of Equalization will establish a formal rule on local assessment of the subject facilities and related
property on July 28, 1999. This action by the Board of Equalization will set the framework to allow the
Encina Power Plant to be assessed property taxes which is essential to the successful implementation of a
redevelopment program.
Second Redevelopment Project Area Report
T/13/99
Page 2
Staff met with the new owners of the Encina Power Plant and shared information about redevelopment
and the intent of the City in creating a redevelopment project area to eliminate, or reduce, the blighting
influences created by the existing plant. The new owners indicated their general support for
redevelopment activities, but did not make a commitment as to what actions they might be willing to
take to address the City’s concerns.
With the above-noted action by the State Board of Equalization and general expressed support from the
new owners of the Encina Power Plant, staff decided to continue its efforts to complete an analysis of the
benefits of establishing a second redevelopment project area. On June 18, 1999, a team of City staff met
to discuss a strategy for addressing the redevelopment needs of the community. The team consists of the
following members: Assistant City Manager, Community Development Director, Housing and
Redevelopment Director, Planning Director, Finance Director, Administrative Services Director, Risk
Manager, and Assistance City Attorney (Mobaldi). The Staff Team is assisted by consultants Frank
Spevacek and Jim Simon, of the Rosenow Spevacek Group. Staff and the consultants will be referred to
as the Encina Redevelopment Project Team in the remainder of this report.
Initially, the Encina Redevelopment Project Team continued to study the establishment of a
redevelopment project area which included the power plant and related properties and various other
surrounding properties owned by San Diego Gas and Electric only. Further review of other potential
redevelopment needs and opportunities, however, led to additional discussions on the appropriate
strategy to recommend to the City Council. The Project Team considered the following:
l Should the existing Village Redevelopment Project Area be amended to add property (ie., Encina
Power Plant) to it, and to extend the time frame to receive tax increment revenue?
l What financial returns could be generated from a redevelopment project that encompassed only the
Encina Power Plant?
l Are there other properties located within the Carlsbad Boulevard corridor which could (or should) be
included within the Encina Redevelopment Project Area?
After much discussion, the Encina Redevelopment Project Team decided that it would not be prudent to
open the existing Village Redevelopment Project Area to add additional properties to it, or otherwise
take action to modify the existing redevelopment plan. Therefore, the Team has no recommendation at
this time to take any action related to the existing Village Redevelopment Project Area. However, the
Team has decided that it would be appropriate to continue with efforts to create a second redevelopment
project area in Carlsbad which includes the Encina Power Plant and other surrounding properties.
At this time, the strategy supported by the Project Team is to expand the previously approved
Redevelopment Survey Area for the potential second Redevelopment Project Area to include various
properties along the Carlsbad Boulevard Corridor extending from the Power Plant to the Ponto Area. An
agenda bill is currently being processed to expand the survey area and to obtain authorization from the
City Council to proceed with efforts to prepare and process the documents required to establish a second
redevelopment project area, with the boundaries dependent upon the final results of the feasibility study
and legal review. Attached is a map which indicates the expanded redevelopment survey area which will
be recommended to the City Council within the next couple of weeks.
Second Redevelopment Project Area Report
7/I 3199
Page 3
Several issues related to formation of a Second Redevelopment Project Area remain outstanding and
uncertain. These issues will be addressed as the City proceeds with the actions to form a second
redevelopment area. For example, a property value for the Power Plant and related properties has not yet
been established by the County Assessor’s Office and there is no identified time frame for doing so.
Consequently, it is difficult for the Team to provide a specific analysis of the amount of tax increment
which could be generated if the Power Plant property is included within the second redevelopment
project area. The Team believes that the City will probably find it necessary to “force” the value of the
Power Plant property to be set in a timely manner. By pursuing establishment of a second redevelopment
project area which includes the Power Plant property, the City will, in effect, force a decision on the
property value. If the City Council supports the Project Team’s recommendation to pursue establishment
of a second redevelopment project area, the process is anticipated to begin in September, 1999
The process to establish a redevelopment project area is complex and time consuming. It will take
approximately 8 to 10 months to complete the process. Preparation and adoption of the appropriate
redevelopment/legal documents to establish the second redevelopment project area will require the use of
substantial staff resources and funding from the City. The Community Development Departments of
Housing and Redevelopment and Planning will have very key roles in implementation of this project,
and will assume the leadership role. However, there are several other City Departments which will also
be significantly impacted by this project, including Engineering, Finance, Police, Fire, Water and the
City Attorney. The implementation of this project, if approved, will represent a team goal for several
departments in fiscal year 1999-2000.
Initially, the consultant costs for preparing the appropriate redevelopment and related documents is
estimated to be approximately $215,000 to $245,000. This estimated cost for consultants include
redevelopment services, legal counsel, and environmental review. Although there are substantial costs
associated with establishment of a second redevelopment project area, it should be noted that there will
ultimately be a substantial return on this investment of staff resources and initial funding.
If additional information is desired on the specific issues or the schedule related to creation of a second
redevelopment project area, please let me know.
DEBBIE FOUNTAIN
c: Encina Redevelopment Project Team
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July 19, 1999
For the Information of the:
CITY COUNCIL
Asst.CM -CA
Date-ity
TO: CITY MANAGER
FROM: HOUSING AND REDEVELOPMENT DIRECTOR
ADDITIONAL INFORMATION FOR THE MAYOR ON THE SECOND
REDEVELOPMENT AREA
The attached financial information was distributed to the City Council as related to formation of
a second redevelopment area. Unfortunately, I failed to provide the Mayor with a copy of the
financial information. The attached is, therefore, forwarded to you for distribution to the Mayor.
For the Mayor’s information, this financial summary provides a breakdown on the revenue which
could be generated under the various scenarios for creating, or expanding, a redevelopment area.
The financial information which is key to the recommendation to be presented by Staff is noted
on Page 4 of the attachment.
If there are any questions related to this information, please contact my office at X293.5.
I+ D BBIE FOUNTAIN
- VILLAGEAREAREDEVELDPMENTPROJECT
- PROJECTEDTAXINCREMENTREVENUES
fiscal Year Secured Secured Unsecured Total Incremental Gross Statutory Housing Redevelopment Cumulative
Growth Assessed 8 Utility Assessed Value Tax Tax. Ag. Fund Fund(Net) Net Redev.
Rate 11 Value Values 2.1 Value Increment31 Payments Fund
BY 1980-81 38,305,360 6.974,948 45,280,308
1998-99 174.201.578 13,634.619 187,836,197 142,555,889
1999-00 2.0% 177.685610 13,634.619 191.320,229 146.039,921
20 2000-01 2.0% 181,239,322 13,634,619 194,873,941 149,593,633 1,495.936 - 299,187 1,196.749 1,196.749
21 2001-02 2.0% 184,864,108 13.634,619 198,498.727 153.218.419 13532.184 - 306,437 18225.747 2.422.496
22 2002-03 2.0% 188.561,390 13.634,619 202.196,009 156.915701 1,569.157 - 313,831 1,255,326 3,677,822
23 2003-04 2.0% 192,332,618 13.634,619 205967,237 160.686,929 1,606,869 - 321,374 4.963.317 24 2004-05 1,285,495 -- 2.0% 196.179,271 13,634.619 209,813.890 164,533.582 1,645,336 - 329,067 1,316.269 fZ279.586
25 2005-06
26 2006-07
27 2007-08
28 2008-09
29 2009-10
30 2010-11
31 2011-12
32 2012-13
33 2013-14
34 2014-15
35 2015-16
36 2016-17
37 2017-18
38 2018-19
39 2019-20
40 2020-21
41 2021-22
42 2022-23
43 2023-24
44 2024-25
45 2025-26
46 2026-27
47 2027-28
48 2028-29
49 2029-30
2.0% 200.102.856
2.0% 204,104,913
2.0% 208.187.011
2.0% 212.350,752
2.0% 216.597.767
2.0% 220,929,722
2.0% 225,348,316
2.0% 229.855,283
2.0% 234,452.388
2.0% 239.141,436
2.0% 243.924,265
2.0% 248,802,750
2.0% 253,778,805
2.0% 258,854,381
2.0% 264,031,469
2.0% 269,312.098
2.0% 274.698,340
2.0% 280,192,307
2.0% 285,796,153
2.0% 291,512,076
2.0% 297.342.318
2.0% 303,289.164 2.0% 309.354,947
2.0% 315542,046
2.0% 321s852.887
13.634.619 213.737,475 168,457.167
13.634,619 217,739,532 172,459,224
13.634.619 221.821.630 176,541,322
13,634.619 225.985.371 180,705,063
13.634,619 230,232.386 184,952.078
1.684,572 - 336,914 1,347,657
1.724.592 - 344.918 1 v379.674
1,765,413 - 353,083 lv412.331
1,807,051 - 361,410 18445.641
1,849.521 - 369,904 1,479.617
1,892.840 - 378,568 1,514,272
1,937,026 - 387,405 1,549.621
1,982.096 - 396,419 1,585,677
2.028,067 - 405,613 1,622,454
2,074,957 - 414,991 1,659,966
2.122.786 - 424,557 1,698.229
7.627,243
9,006.917
10,419.248
11,864,888
13,344,505
13.634,619 234.564,341 1898284,033
13.634619 238.982,935 193.702,627
13,634,619 243.489,902 198,209,594
13.634.619 248.087,007 202,806,699
13,634,619 252,776,055 207,495,747
14.8589777
16,408,398
17,994.075
19,616.529
21.276,495
13,634.619 2573558,884 212,278,576
13,634,619 262,437,369 217,157,061
13634,619 267,413,424 222,133,116
13,634,619 272,489,OOO 227.208,692
13,634,619 277,666,088 2323385.780
22.974.723
22.974.723
22,974,723
22,974,723
22.974,723
13,634,619 282.946,717 237.666,409
13,634,619 288,332,959 243.052,651
13,634,619 293,826,926 248,546,618
13.634.619 299.430,772 254,150,464
13,634.619 305.146,695 2598866,387
22.974.723
228974,723
229974,723
22.974.723
22.974.723
13.634.619 310,976,937 265.696.629 228974,723
13.634,619 316.923,783 271s643.475 22,974,723
13,634.619 322,989,566 277,709,258 22,974,723
13.634,619 329,176,665 2833896,357 22,974,723
13,634.619 335,487,506 290.207.198 22s974.723
50 2030-31 2.0% 328,289,945 13.634.619 341.924,564 296.644.256 22.974,723
Cumulative Total 28,718,404 - 58743,681 22,974,723
Net Present Value (7%) 17,550.983 - 3.510.197 14,040,786
11 Secured Growth Rate assumes Proposition 13 inflationary increases
2/ Unsecured and utility values assumed to remain constant.
3/ Assumes 1% levy rate, and excludes 519.375 in annual unitary utility revenue
VILLAGEAREAREDEVELOPMENTPROJECT
PROJECTEDTAXINCREMENTREVENUES
Fiscal Year Secured Secured Unsecured Total Incremental Gross Statutory Housing Redevelopment Cumulative
Growth Assessed & Utility Assessed Value Tax Tax. Ag. Fund Fund(Net) Net Redev.
Rate 11 Value Values 21 Value Increment 31 Payments Fund
BY 1980-81 38,305.360 6,974,948 45,280,308
1998-99 174,201,578 13.634,619 187.836,197 142,555,889
1999-00 2.0% 177,685.610 13.634,619 191,320,229 146,039,921
20 2000-01 2.0% 181,239.322 133634,619 194.873.941 149J593.633 1,495,936 299.187 13196.749 1,196,749
21 2001-02 2.0% 184,864,108 13,634,619 198,498.727 153,218.419 1,532.184 - 306,437 17225,747 2.422.496
22 2002-03 2.0% 188.561,390 13,634,619 202,196,009 156.915,701 1,569,157 - 313.831 1.255,326 3,67?,822
23 2003-04 2.0% 192.332,618 13,634.619 205.967,237 160,686.929 1,606.869 321.374 1.285.495 4.963,317
24 2004-05 2.0% 196,179,271 13,634,619 209613,890 1643533,582 19645.336 7,693 329,067 1,308.575 6271,893
25 2005-06
26 2006-07
27 2007-08
28 2008-09
29 2009-10
30 2010-11
31 2011-12
32 2012-13
33 2013-14
34 2014-15
35 2015-16
36 2016-17
37 2017-18
38 2018-19
39 2019-20
40 2020-21
41 2021-22
42 2022-23
43 2023-24
44 2024-25
45 2025-26
46 2026-27
47 2027-28
48 2028-29
49 2029-30
50 2030-31
2.0% 200.102.856
2.0% 204,104.913
2.0% 208,187,Oll
2.0% 212.350,752
2.0% 216,597,767
2.0% 220,929.722
2.0% 225,348,316
2.0% 229,855,283
13,634,619 213,737,475 168.457,167 1,664,572 15,540 336,914 1,332.117 7,604,OlO
13,634.619 217,739,532 172,459,224 1,724,592 23,545 344,918 1.356,129 8,960,139
13,634,619 221,821,630 176,541.322 13765,413 31,709 353,083 1,380.622 10,340,761
13,634,619 2253985.371 180,705,063 1.807,051 40,036 361,410 1,405,604 11,746,365
13,634.619 230,232,386 184,952,078 1,849,521 48,530 369,904 1,431,086 13,177,451
13,634,619
13.634619
13,634,619
2342564,341 la9,284,033 19892,840 57,194 378,568 1,457,078 14,634,529
238,982,935 193,702,627 1,937,026 66,031 387,405 1,483,590 16.118,119
243,489,902 198.209,594 1,982.096 75,045 396.419 1.510,631 17.628,750
248,087,007 202.806.699 2.028.067 84.240 405,613 1.538,214 19,166,964
252,776,055 207.495.747 2.074,957 99,624 414,991 1,560.342 20,727,306
2.0% 234,452,388 13,634,619
2.0% 239.141.436 13,634.619
2.0% 2433924,265
2.0% 248,802.750
2.0% 253,778,805
2.0% 258,854,381
2.0% 264,031.469
2.0% 269,312,098
2.0% 274,698,340
2.0% 280.192,307
2.0% 285,796,153
2.0% 291,512,076
2.0% 297.342.318
2.0% 303,289,164
2.0% 309.354,947
2.0% 315,542,046
2.0% 321,852,887
13,634.619 2573558,884 212.278,576 2,122.786 115,317 424.557 1,582,912 22,310,218
13.634.619 2629437,369 217,157,061 2,171,571 131,323 434,314 1,605.933 23,916,151
13,634.619 267.413,424 222,133,116 2,221,331 147.650 444,266 1.629,415 25,545,567
13,634.619 272,489,OOO 227,208,692 2,272,087 164,302 454,417 1.653,367 27,198,934
13,634,619 277,666,088 232,385,780 2,323.858 181,289 464,772 1,677,798 28.876,732
13.634,619 282,946,717 237,666,409 2,376,664 198,614 475,333 1,702,717 30,579,449
13.634,619 288,332,959 2433052,651 23430.527 216,287 486,105 1,728,135 32,307,583
13,634,619 293,826,926 248.546,618 2,485,466 234,312 497,093 1,754,061 34.0613644
13,634.619 299,430,772 254,150.464 2,541,505 252,698 508,301 1,780,505 35,642,149
13.634,619 305,146,695 259,866,387 2,598,664 271,452 519,733 1.807,479 37,649,628
13,634,619 310,976,937 265,696.629 2,656,966 290,581 531,393 1,834,992 39.4847620
13.634619 316,923,783 2?1,643,475 2,716,435 310,093 543,287 1.863.055 41.347,674
13,634.619 322,989,566 277.709,258 2,777,093 329,995 555,419 1.891,679 43.2398354
13,634,619 329,178,665 2838896,357 2.838,964 350,295 567,793 1,920,876 45.160,230
13,634,619 335,487,506 290,207,198 2,902.072 371,001 580,414 1,950.657 47.110,887
1,981.033 49691,920 2.0% 328,289.945 13.634.619 341.924,564 296.644.256 2.966.443 392,121 593,289
Cumulative Total 66.998,047 4,506,518 13,399.609 49,091.920 __- Net Present Value (7%) 25,744.025 1,080,862 5.148.805 19,514.357
l/ Secured Growth Rate assumes Proposition 13 inflationary increases
21 Unsecured and utility values assumed to remain constant.
31 Assumes 1% levy rate, and excludes S19,375 in annual unttary utility revenue
ENClNAREDEVELOPMENTPROJECT-ASSUMlNGLOCALROLLREASSESSMENTOFPOWERPLANT
PROJECTEDTAXINCREMENTREVENUES
Fiscal Year Secured Local Potential New Incremental Gross Statutory Housing Redevelopment Cumulative
Growth Assessed Value 31 Value Tax Tax. Ag. Fund Fund(Net) Net Redev.
Rate II Value 2/ Increment Payments Fund
BY 1999-00 9.072.696
1 2000-01
2 2001-02
3 2002-03
4 2003-04
5 2004-05
6 2005-06
7 2006-07
8 2007-08
9 2008-09
10 2009-10
11 2010-11
12 2011-12
13 2012-13
14 2013-14
15 2014-15
16 2015-16
17 2016-17
18 2017-18
19 2018-19
2.0% 249,900,OOO
2.0% 254,898,OOO
2.0% 259,995.960
2.0% 265.195,879
2.0% 270,499.797
2.0% 275,909,793
2.0% 281,427,989
2.0% 2873056,548
2.0% 292,797,679
2.0% 298,653,633
2.0% 304,626,706
2.0% 310,719,240
2.0% 316,933,624
2.0% 323,272,297
2.0% 329,737,743
2.0% 336.332.498
2.0% 343,059,148
2.0% 349,920,331
245.000,OOO 235.927,304 2,359,273 471,855 471,655 1,415,564 1,415,564
240,827,304 2.408,273 481,655 481,655 1,444,964 21860,528
245,825,304 2,458,253 491,651 491.651 1,474,952 4.335.479
250,923.264 2.509,233 501,847 501,847 1,505,540 5.841.019
256,123,183 2,561,232 512,246 512,246 17536,739 7s377.758
261,427,101 2,614,271 522,854 522,854 1,568,563 8.946.321
266,837,097 2,668,371 533,674 533,674 1,601,023 10,547,343
272,355,293 2.723,553 544,711 544,711 1,634.132 12,181,475
277,983,852 2.779,839 555,968 555,968 1,667,903 13,849,378
283.7243983 2,837,250 567,450 567,450 1,702,350 15,551,728
289,580.937 2.895.809 586,663 579,162 1,729,984 17,281,712
295,554,OlO 2,955,540 606,261 591,108 1,758,171 19,039,883
301.646,544 3,016,465 626,251 603,293 1.786,922 20,826.805
307,860,928 3,078,609 646,640 615,722 1,816,247 22.643,052
314,199,601 3,141,996 667,437 628,399 1,846,160 24,489,212
320,665,047 3,206,650 688,650 641,330 1,876,670
327,259,802 3,272,598 710,288 654,520 1,907,791
3333986,452 3.339,865 732,358 667,973 1,939,534
340,847,635 3,408,476 754,869 681,695 1,971,912
20 2019-20 2.0% 356,918,737 347,846,041 3,478,460 777,831 695,692 2,004.937
26,365.882
28.2739673
30,213,207
32,185,118
34,190,056
21 2020-21
22 2021-22
23 2022-23
24 2023-24
25 2024-25
26 2025-26
27 2026-27
28 2027-28
29 2028-29
30 2029-30
31 2030-31
32 2031-32
33 2032-33
34 2033-34
35 2034-35
36 2035-36
37 2036-37
38 2037-38
39 2038-39
40 2039-40
41 2040-41
42 2041-42
43 2042-43
44 2043-44
45 2044-45
2.0% 364.057,112
2.0% 371,338,254
2.0% 378,765,019
2.0% 386,340,320
2.0% 394,067,126
2.0% 401,948,469
2.0% 409,987,438
2.0% 418.187.187
2.0% 426,550,931
2.0% 435,081,949
2.0% 443,783,588
2.0% 452,659,260
2.0% 4613712,445
2.0% 470,946,694
2.0% 480,365.628
2.0% 489,972.940
2.0% 499.772.399
2.0% 509,767,847
2.0% 519,963,204
2.0% 5308362,468
2.0% 540,969,718
2.0% 551,789,112
2.0% 562,824,894
2.0% 574.081,392
531.897,022 5,318,970 1,472,131 1,063,794 28783.046 84,694.136
542.716,416 5,427,164 1,516,869 1.085,433 2,824,863 87,518,998
553,752.198 58537,522 1,562,502 1,107,504 2.867,516 90,386.514
565008,696 5,650.087 1,609,047 1,130,017 2.911,022 93,297,536
2.0% 585.563,020 576,490,324 5.764,903 1.656.524 1.152,981 2.955,399 96.252.935
Cumulative Total 172 054 427 --.----.-----L-L. .-.~..- 41 390,607 34.410,885 96252,935 , .-L-- _~.----.
Net Present Value (7%) 45,023.406 9.815,510 9.004,681 26,203,215
354,984,416 33549,844 801,252 709,969 2,038,623 36.228.679
362,265.558 3,622,656 825,142 724,531 2,072,983 38,301,662
369.692,323 3.6963923 849,509 739,385 2.108,030 40.409,691
377,267,624 39772,676 874,363 754,535 2,143,778 423553,469
384,994,430 33849,944 899,715 769,989 2,180,240 44733,709
392.875,773 3,928,758 925,574 785,752 2,217,432 46,951,142
400.914,742 4,009,147 951,950 601,829 27255,368 49.206,510
409,114,491 4,091,145 978,853 818,229 2,294,063 51.500,573
417,478.235 4,174,782 1,006,294 834,956 2,333,531 53.834,105
426,009,253 4,260,093 1,034,285 852,019 2.373,789 56.207,894
434,710,892 4,347,109 1,070,266 869,422 28407,421 58,615,315
4438586,564 4,435.866 1,106,967 887,173 2,441,726 61,057,041
452,639,749 4,526,397 1.144,402 905,279 2,476,716 63,533,757
461,873,998 4,618,740 1,182,585 923,748 2,512,407 66,046.164
471,292,932 4,712,929 1,221,533 942,586 2.5488811 68,594.975
480.900,244 4,809.002 1,261,259 961,800 2v585.943 71,180,918
490,699,703 4,906,997 1,301,780 981,399 2,623,818 73.804.736
500,695,151 5,006,952 1,343,111 1.001,390 2v662.450 76,467.186
510,890,508 5,108.905 1,385,269 1.021,781 2.7019855 79.169,041
52lt289.772 5,212,898 1,428,270 1,042,580 2,742,049 81.911,090
11 Secured Growth Rate assumes that the power plantwill be moved to local roll, and subject to Proposition 13 inflationary increases
21 1998-99Assessed Value reflects amount of land value on the nonunitary, state-assessed roll. Unitary values excluded.
31 Includes local roll reassessment of Enctna Plant, at70% of5350 million estimated sales value
ENClNAREDEVELOPMENTPROJECT-ASSUMlNGLOCALROLLREASSESSMENTOFPOWERPLANT
PROJECTEDTAXINCREMENTREVENUES
Fiscal Year Secured Local Potential New Incremental Gross Statutory Housing Redevelopment Cumulative
Growth Assessed Value 31 Value Tax Tax. Ag. Fund Fund(Net) Net Redev.
Rate I/ Value 21 Increment Payments Fund
BY 1999-00
1 2000-01
2 2001-02
3 2002-03
4 2003-04
5 2004-05
6 200506
7 2006-07
8 2007-08
9 2008-09
10 2009-10
11 2010-11
12 2011-12
13 2012-13
14 2013-14
15 2014-15
16 2015-16
17 2016-17
18 2017-18
19 2018-19
20 2019-20
21 2020-21
22 2021-22
23 2022-23
24 2023-24
25 2024-25
26 2025-26
27 2026-27
28 2027-28
29 2028-29
30 2029-30
31 2030-31
32 2031-32
33 2032-33
34 2033-34
35 2034-35
36 2035-36
37 2036-37
38 2037-38
39 2038-39
40 2039-40
41 2040-41
42 2041-42
43 2042-43
44 2043-44
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
13,158.901
249,900.000
254,898,OOO
264,738.960
274,164,739
280515,034
286,125,335
297.814,841
309.126,138
321,122,661
327545,114
342,740,516
358,239,827
374,049.123
390,174,606
397,978,098
417,004,660
436,411,753
456.2068988
465.331.128
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
474,637,750 461,478,850 41614,788 1,119,611 922,958 2,572,220 40.992.898
484,130,505 470.971605 4,709,716 1,150.756 941,943 2.617,017 43,609,914
493,813.116 480,654,215 4,806,542 1,182.525 961,308 2.662,709 46,272,623
5039689,378 490,530,477 4,905,305 1,214,929 981,061 2,709,315 48,981,938
513,763,165 500,604,265 5,006,043 1,247,981 1,001,209 2,756,853 519738,791
524,038,429 510,879,528 5,108,795 1,281,694 1,021.759 2,805,342 54.544,133
534,519,197 521,360,297 5,213,603 1,316,082 1.042,721 2,854,801 57.398.934
545,209,581 532,050,681 5,320,507 1,351,157 1,064,lOl 2,905,249 60,304,183
5568113.773 542,954,872 5.429,549 1,386.933 1,085,910 2,956,706 63,260,888
567,236,048 554,077,148 5,540,771 1,423,426 1,108,154 3,009.192 66.270.080
578,580,769 565,421,869 5,654,219 1,470,336 1,130,844 3,053,039 69,323,119
590,152.385 576,993,484 5.769.935 1,518,185 1 ,153,987 3,097,763 72.420,882
6013955,432 588,796,532 5,887,965 1,566,990 1,177,593 3,143,382 75,564,264
613.994,541 600,835,640 6,008,356 1,616,772 1,201,671 3,189,913 78.754,178
6261274,432 613,115,531 6,131,155 1,667,549 1,226.231 3,237,375 81,991.553
638,799,920 625,641,020 6,256,410 1.719,342 1,251,282 3,285,786 85.277.339
651,575,919 638,417,018 6,384,170 1,772,171 1,276,834 3,335,165 88.612.504
664,607,437 651,448.537 6,514.485 1,826,056 1,302,897 3.385,532 91,998.036
677,899,586 664,740,685 6,647,407 1,881,019 1.329,481 3,436.906 95.434,942
691,457,578 678,298,677 6,782.987 1.937,082 1.356,597 3,489.308 98,924.250
705,286,729 692,127,829 6,921.278 1,994.265 1,384,256 3542.758 102.467,007
719,392,464 706,233,563 7,062.336 2,052.592 1,412.467 3,597,276 106.064.284
7333780.313 720,621,412 7,206,214 2,112,086 1,441,243 3,652,885 109,717.169
748,455,919 735,297,019 7,352,970 2,172,770 1,470,594 3,709,606 113,426,775
245.000,OOO
4,650,OOO
4,050,000
850,000
5850,000
5,250,OOO
5,700,000
8,475,OOO
8,475,OOO
8.475,OOO
8,475,OOO
10,850,OOO
10.850,OOO
10,850,OOO
231,841,099 2.318,411 463,682 463,682 1,391,047 1,391.047
236,741,099 2,367,411 473,482 473.482 1,420,447 2,811.493
246,389.099 2,463,891 492,778 492.778 1,478,335 43289,828
255,630,059 2,556,301 511,260 511,260 1,533,780 5,823.608
261,855,839 2,618,558 523.712 523,712 1,571,135 7,394,743
267,356,133 2,673,561 534,712 534,712 1,604,137 8,998,880
2780816,434 2.788.164 557.633 557,633 1,672.899 10.671,779
289,905,941 2,899,059 579,812 579,812 1,739.436 12,411.214
301,667,238 3,016.672 603,334 603,334 1,810,003 14,221.218
307,963.760 3,079,638 615,928 615,928 ln847.783 16,069,OOO
322,861,214 3,228,612 664,806 645,722 1,918,084 17,987,084
338,056.616 3,380.566 714,662 676,113 1,989.791 19,976.875
353,555,926 3,535,559 765,515 707,112 2,062,932 22.039.807
369,365.223 3,693,652 817,386 738,730 2.137,536 243177,343
377,015,705 3,770,157 842,487 754,031 2,173,639 26,350,981
395,669,197 3,956,692 903,689
414,695,759 4,146,958 966,115
434,102,852 4,341,029 1,029,790
443,048,087 4,430,481 1,059,139
4528172,227 4,521,722 1,089,076
791,338 2,261,665
829,392 2,351,451
868,206 29443,033
886,096 27485,246
904,344 2,528,302
28,612,646
30,964.097
33,407.130
35.892,375
38.420.677
45 2044-45 2.0% 763,425,038 750,266.137 7,502.661 2,234,667 1.500.532 3,767,462 117.194.237
Cumulatrve Total 214,525,264 54,425,974 42.905,053 117,194,237
Net PresentValue(7%) 52,243.838 11.921.914 10,448.768 29,873,156
11 Secured Growth Rate assumesthatthe power plantwill be moved to local roll, and subject to Proposition 13 inflationary increases
21 1998-99 Assessed Value reflects amountofland value on the nonunitary, state-assessed roll. Umtary values excluded.
3/ Includes local roll reassessment of Encina Plant at 70% of estimated $350 million sales price, plus developmentofvacant properties
PROJECTED TAX INCREMENT REVENUES
2000-01 to 2044-45
Planning Alternatives
Village Area Village Area Village Area New Project New Project
with Encina with Encina Encina Only with Encina
Only and Expanded and Expanded
Do Nothing Cumulative Gross Tax Increment 28,718,404
Less: Housing Set Aside (5,743.681)
Less: Statutory Payments
Net Nonhousing Tax Increment 22,974.723
PreseiiiVdob of Nei Nobhou&ng ?’ ‘14,040,786 “_’ *-w.,-“>,,~. _I/aII, .,,,,_.a ,.,. *, j . .),,“, .’ j.. ‘.
Amend Existing Cumulative Gross Tax Increment 66,998,047 239,052,474 281,523,311
Village Area Less: Housing Set Aside (13.399,609) (47,810,495) (56,304,662)
Less: Statutory Payments (4,506,518) (45.897,124) (58,932,492)
Net Nonhousing Tax Increment 49.091,920 145,344,855 166,286,158
Present V&&of Net Nonhousing “‘, $9,514,357 : ‘45,717,573 --‘~.~ 49,387,5,4 ~~ .. -_ ,’ ‘( : I
Create New Cumulative Gross Tax Increment
Project Area Less: Housing Set Aside
172,054,427 214,525,264
(34,410,885) (42,905,053)
Less: Statutory Payments (41,390,607) (54,425,974)
Net Nonhousing Tax Increment 96,252,935 117,194,237 > - -. IT.‘.“. -qyq~~,se.mt 1. p&&‘\ii&;,,f f&if No&,omng &; ri,“,i<:’ :,-, ::,:s-<~,,~ .“~,..;*i<~~‘;;,b,ji’~~,?..~,: :F+ :. _1 I- 9. 1 m->,.>xw “:~uqy-- -.>;.x~?ylp’ qpq ; Typp”-* :ml*<- _ 1 , ” . . >,‘F ““>*F, g5@3;@@$q@&~73, $56 :