2008-05-20 Joint 3-A Power Point
DEVELOPMENT SERVICES
DEPARTMENT
^
Resources for
Development
^ ECONOMIC:
r BWIP/WECIP/APIP 80%
~ ARRA/FISC Lease
n Catellus Project-
Alameda Landing
^ HOUSING:
c BWIP/WECIP/APIP 20%
r HOME (HUD)
~ CITYWIDE
AFFORDABLE
HOUSING FEES
^ COMMUNITY:
CDBG -
Housing/Commercial
Rehab/Neighborhood
Improvements/Lead
Paint Removal; Safety
Net Continuum of Care
c IN-LIEU FEES
^ i
Top BWI P/WECI P Area Assessees
History
200506 Assessed Valuation 2006.01 Assessed Valuation 2001.06 Assessed Valuation
Property0wner AssessedValualion Propedy~v~er AssessedValuatio~ Property0~ner AssessedValuatio~
Alameda Real state louest~nt $ 210,037,281.00 Alar~da Real Mate Investments $ 215,837,283.00 Legacy Padoers $ 210,017,241.00
V~otl R~uer S~ste~ hc. $ 58,535,579.00 lMnd Rver S~sterrs Inc. $ 60,593,386.00 Vend River Syste~s Inc. $ 62,171,560.00
BaypodAlar~daAssociatesL~C $ 42,017,251.00 BaypodAlamedaAssociates~~C $ 49,815,105.00 Baypo~AlarretlaAssocialesLLC $ 29,010,391.00
~i~erRealtyCorp. $ 21,391,218.00 Oak~n~islo(Alar~daLP $ 18,369,680.00 Alar~daBridgesideShoppingCe~terLLC $ 21,790,399.00
Alameda Belf Line $ 17,594,544.00 Alarr~da BeK line $ 17,575,197.00 Alar~da Real dale hvesirr~nfs $ 21,161,866.00
FOGLBPL~C $ 14.419,425.00 LimarRealtyCa~p~33 $ 16,965,414.0 Alar~daBeM~i~e $ 11,382,159A~
Victoria ~~ioa LAC $ 13,815, 00.00 Victoria Nari~a ~~C $ 14,225,500.0 OaNbm~fsl of Rla~da LP $ 15,726.032.00
BREESN Ropedies LAC $ 11,014,765.00 BREESR Ropert~s PLC $ 11,159,607.0 Victoria Marina PLC $ 14,510,009.00
Roche Molecular Syslem~ Inc $ 10,961,188.00 Operon Bio Technologies $ 10,031,473.00 Lucky (Dfl) NOCRL louestor ~~C $ 11,880,611.00
SC L1D 604 & SC ~ID 701 $ 9,392,569.00 SC L1D 604 & SC LTD 701 $ 9,579.002.00 BRE ESR Ropedles LLC $ 11,427.116.00
Total $ 409.358,832.00 Total $ 424,152,241.00 Total $ 415,083.386.00
^
CIC MAJOR BUDGET
ACCOMPLISHMENTS
Tinker Avenue design complete
Park Street Parking Structure complete
Demolition of obsolete residential buildings -Alameda Point complete
Restoration of Historic Alameda Theatre complete
Conveyance of all Bayport Residential Parcels complete
39-unit Shinsei Gardens commenced
Woodstock Neighborhood Improvements commenced
Alameda Landing DDA -Tinker Avenue Extension Acquisition
progressing
21 Commercial storefronts improved via commercial rehab program
2 retail leases executed for Alameda Theatre -The Alameda Wine
Company & Wine bar and Burgermeister.
4 Downpayment Assistance Loans made
Refinance Mortgage Recovery Program created
DSD Staffing History
FY FY FY FY FY
04/05 05/06 06/07 07/08 08/09
Total 34 28 28 28 19.5
FTE
^
^
PROPOSED
DEPARTMENT STAFFING
Development Services
Director
Executive Assistant
Base Reuse &
Community Development
Manager
Comm. Dev. Prog. I Program
Manager Specialist
Development I I Administrative
Manager Assistant II
.5 FT
Administrative
Services
Coor inator
* Currently Underfilled with Administrative Technician I
FTE = 19.5
Business Development
Manager
Finance & Administration
Manager
Development
Manager
3.0 FTE
Development
Coordinator
Administrative
Services
Coordinator
Contracts/Reporting
Accounting
Technician
Administrative
Technician III
Office
Assistant
^
a
CIC MAJOR BUDGET
ASSUMPTIONS
^ No new ERAF in 08-09
^ Have not seen the worst of assessment
appeals
^ Tax increment will increase at 3%
^ Fund balance from previous year will be used
to close gap
^ Transfer $100,000 from FISC to CIC Admin
^
a
CIC MAJOR FY 08/09
^ Continue cost allocations to the City at current level
^ Fund PSBA, WABA and GABA at previously approved
levels
^ Continue Business retention outreach
^ Fund North Garage Elevation mitigation
^ Commence DDA negotiation with Suncal for Alameda
Point
^ Fund commercial rehab at $200,000
^ Construct Park Street Streetscape Phase II
^ Fund Webster Street Catalyst Project OPA
^ ~ti
CIC MAJOR FY 08/09
BUDGET INITIATIVES cont.
^ Receive STIP Grant for Stargell Avenue Improvements
^ Begin construction of Stargell Avenue
^ Continue Commercial Revitalization and Facade Program
^ Establish Section 108 payment reserve fund
^ Continue Planning work on North of Lincoln/Park St. Area
(towards design guidelines, Specific Plan)
^ Continue Business Attraction efforts
^ Complete Buena Vista Commons "for-sale" Housing Project
^ Implement Parking Master Plan recommendations
^ Complete Construction of 39-unit Shinsei Garden Apts.
^ Implement Koka and Hawthorne Suites expansion on
Webster Street
^
^
CIC Expenditures vs. Revenue
100%
80%
60%
40%
20%
o~io
FY 08/09 FY 09/10
FY 2008 -2010
^ Projects/Contractual
Obligations
^ Housing Funds
^ Passthroughs
^ Debt Service
D Cost Allocation
^ DSD Staff/Ops
^
^
Status of 2003 Merged Bonds
~ Bond Par Amount $46,595,000 (Net $40,,~~,921)
Use of Bonds
Alameda Theater
Parking Garage
Webster Streetscape
Park Streetscape
Alameda Library
Bridgeside Shopping Center
Alameda Library
Bridgeside Shopping Center
Marina Village OPA*
Repayment of General Fund Loan
Series Al Series A2 Series B
Net Proceeds $6,501,742 $25,675,000 $8,001,179
Expenditures $6,501,742 $22,049,202 $7,631,179
Balance $0 $3,625,798 $370,000
Interest Income $0 $2,703,845 $114,702
Total
Remaining $0 $6,329,643* $484,702
*Funds are held in Marina Village GIC (Guaranteed Investment Contract)
^
a
STATUS OF FUTURE
^ Over the past 10 years, Average Annual Growth in WECIP is 3%,
BWIP (including Bayport) is 8%
^ Analysis Assumes 2% growth per year (conservative estimate)
^ First new bond in late FY08/09 -uses Bayport increment to retire
outstanding debt and meet Alameda Landing financial obligation.
^ New housing bond $4-5 million may accompany Bayport issue
^ New Alameda Landing bond anticipated for FY 12/13 - $14-$15
million assuming current development schedule
^ New unrestricted tax increment issue projected no earlier than FY
2014/15 - $18 million
MARKET
CHANGES
^ Possible bond refunding/refinancing
capacity in next couple of years
^ Reserve fund liquidation may be possible/
Surety Bonds
ARRA
Major 07/08 Budget Accomplishments
^ Fund balance higher than projected due to reduced
operational spending
^ ARRA Lease Revenue stable
^ 21 leases executed; 22 licenses
^ MV Faithful Removal
^ Final Payment to Operation Dignity per contract
^ No other major capital fund expenditures/emergencies
^ Rental housing leasing averaged 98%
^ AP Bond unappropriated balance $325,000
^ Increased municipal fee payment
^ i
ARRA/Lease Revenue
Staffina
DSD Director 0.65
Admin Services Coordinator 1.00
Development Manager 0.20
Redevelopment Manager 0.30
Division Manager (Financing/leasing) 0.60
Total 2.75
ARRA Projected Budget
($ millions) 2007/08 2008/09
Previous Fund
Balance $8.5 $7.9
Lease Revenues $11.6 $11.9
Expenditures $12.2 $14.6
Projected Fund
Balance $7.9 $5.2
ARRA
08/09 Initiatives
^ Continue payment of City-wide Development
fee
^ Begin repayment of $2.5 General Fund Loan
^ Make upgrades/improvements to Pier 2
^ Continue making contribution to Pier Piling
Replacement Fund - $3M
^ Replace roof on BEQ (Bldg. 3)- $300,000
^ Maintain Port Services Contract at current
level
^ Maintain higher City Municipal Fee payment
level
^
FISC
08/09 Initiatives
^ Water Capital Project
^ Installation of new, taller fencing at
Hospital
^ Continue regular street sweeping for dust
control
^
a
Bayport Project Budget
Annual Status 08/09
ups
P redevelopment (includes interest)
Soft/Hard Costs
S hortfal I Loan Interest
K-8 School
Park 8~ Community Building
Total Expenses
N
Sources
Land Steles, Profit Participation
Tax Increment Payment 07/08-08/09
Estimated 2009 TAB
Totes 1
Potential Revenues for Alameda Landing
(in millions)
$ 1 2. 1
$ 53.4
$ 3.8
$ 3.2
$ 2.O
$ 74.5
$ 64.5
$ 2.O
$9.4 - 10.6
$75.9 - 77. 1