pages: CityCouncil/2007-03-20.pdf, 18
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CityCouncil | 2007-03-20 | 18 | explanation on how annual payments are made through the Education Revenue Augmentation Fund (ERAF) and how the funding relates to School District housing, i.e., the conversion of Island High School. The Housing Development Manager responded ERAF is State funding; stated a portion of tax increment goes to the State to be distributed to school districts; the capital improvement and housing funds are a negotiated pass-through agreement the housing funds are being accessed for the development of Island High School ; she would need to verify whether capital improvement funds have been accessed. The Development Services Director stated two payments were required by the State over the last few years; one large bulk payment was made a few years ago; a decision was made to finance the second payment of $770,000 and pay it over ten years; capital improvement funding went to the School District for projects constructed over the past year such as Ruby Bridges Elementary School and the park and community building; the pass-through agreements reflect that the School District negotiated for 20% of the money instead of 80%; 20% of all redevelopment money collected must be spent on low and moderate income housing the School District's goal is to develop affordable housing for teachers and employees; the City is banking the funds for the School District; redevelopment housing money must be used for affordable housing purposes. Commissioner Tam inquired whether three separate pots of money are set up for education from redevelopment districts, to which the Development Services Director responded in the affirmative. Commissioner deHaan inquired what was the payment two years ago. The Development Services Director responded the last payment was $470,000. stated the payment was over $1 million the year before. Commissioner deHaan inquired whether the support was for Ruby Bridges Elementary School infrastructure. The Development Services Director responded the support was for infrastructure, land, and predevelopment activity. Commissioner deHaan stated the School District provided some funding for the building through a Bond Measure. The Development Services Director stated that she was not suggesting that the City paid for everything; significant money was contributed for infrastructure, site preparation, demolition, etc. Special Meeting Community Improvement Commission 3 March 20, 2007 | CityCouncil/2007-03-20.pdf |