pages: CityCouncil/2005-08-16.pdf, 7
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CityCouncil | 2005-08-16 | 7 | redevelopment dollars cannot be used for infrastructure improvements that are generally covered by the General Fund Capital Improvement Budget inquired whether redevelopment dollars could be used under certain circumstances. The Development Services Director responded in the affirmative; stated redevelopment dollars cannot be used to pay for street resurfacing; pass-through agreements with the County preclude the City from using redevelopment project tax increment on certain projects, such as Estuary Park. Councilmember deHaan inquired what projects have been obligated with the $47 million bond issue. The Development Services Director responded the projects include the new Library and matching funding for some grant money for Webster and Park Streets; there was an existing obligation as part of the construction of the Marina Village Project $13 million went to capitalize the payments on the long-term obligation to repay the infrastructure improvements made at Marina Village years ago. Councilmember deHaan inquired whether $200,000 was used for intersection remediation at Otis and Park Streets. The Development Services Director responded that money for intersection remediation came from regular operating tax increment revenues, not bond money. Councilmember Daysog stated the report states that project results in a net cost to the CIC; that he understands Mr. Kelly's comments regarding estimated CIC costs; the $13 million bond will be paid from the increase in tax increment in the redevelopment area, not the project itself; the staff analysis compares the estimated CIC costs against the estimated CIC revenues, which results in a $7 million negative. Mr. Kelly stated there is a cost; however, the City will own the historic theater, the parking garage and the land underneath the theater; the City is buying assets. Councilmember Daysog inquired whether the purpose of edevelopment is to generate value; inquired whether the City would collect property taxes if the City owns the assets. The Development Services Director responded one objective of redevelopment is to create value; redevelopment also serves to build the projects which the community needs; the existing tax increment supports the construction of the parking structure; the Regular Meeting Alameda City Council 7 August 16, 2005 | CityCouncil/2005-08-16.pdf |