pages: CityCouncil/2007-02-06.pdf, 5
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CityCouncil | 2007-02-06 | 5 | Councilmember deHaan inquired whether consideration was given to impacts on other taxing entities; further inquired whether the School District would be impacted. The Base Reuse and Community Development Manager responded all entities have pass-through agreements; stated AB 1290 sets pass- throughs statutorily; the School District receives some portion of the proceeds ; the City provided assistance with the Ruby Bridges Elementary School and joint use park; the School District benefits. Councilmember deHaan stated money would not be going to other taxing entities after 35 years; some money goes to the County. The Base Reuse and Community Development Manager stated every taxing entity reaps the benefits of increased property values when the project area goes away. Councilmember deHaan stated the clock would start over again by merging with another development area. The Base Reuse and Community Development Manager stated she was not sure whether the clock would start over by merging with another project. Councilmember Matarrese inquired whether the BWIP final date is 2025. The Base Reuse and Community Development Manager responded she is not sure whether the final date extends another twenty years passed 2011. Councilmember Matarrese inquired whether the ability to pay back bonds out of proceeds would be compromised by being close to the end of the redevelopment area time limit. The Base Reuse and Community Development Manager responded in the negative stated outstanding debt can be serviced with the collection of sufficient increments at the end of the project time limit. Councilmember Matarrese inquired why timing is not being set; stated the City would have ten years to pay the bond back if the bond was issued on the last day. The Base Reuse and Community Development Manager responded the limits are set automatically by statue stated tax increments can be collected for another ten years after the project area expires. Regular Meeting Alameda City Council 5 February 6, 2007 | CityCouncil/2007-02-06.pdf |