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Item No.1 (continued) Mr. Grunwald then gave a slide presentation, beginning with a drawing of the total redevelopment area of the City, which is comprised of four separate areas, and which collectively share in the tax increment funds generated by their being declared a redevelopment area. Referring to slides of the Centre Area, he commented on the access points, the zoning and the significant features of some of the land uses. Referring to a slide showing an analysis of Assessor's records, he stated that this was for the purpose of looking at improvements to land value ratio in order to determine what the relation of improvements to land value is, and that irrespective of appraised value, when the ratio of improvements or buildings on the land is less than 1, that is a good indicator that the use is subject to redevelopment. He describd the various sources and kinds of data accumulated for the study, including the County's geological maps and historical records to locate the Red\Þ,()od Creek bed; noise studies done as it would affect residential development; a real estate study showing a strong demand for affordab le housing, and a potentia 1 for retail market demand; and commissioned a firm specializing in redevelopment financing and fiscal analysis to analyze the current financial capacity of the redevelopment agency to undertake revitalization. He said that most of the tax increment that has been projected in the project area is already committed to projects already entered into by the Agency, hence any further tax increment income would have to come from new development to support redevelopment. He also stated that the larger parcels are the opportunity sites, and are predominantly city-owned land. One of the major planning issues was to coordinate with the Civic Center program; another issue was the competition for funds with other projects in the redevelopment areas. He referred to slides of artist's concepts of proposals for the area of the civic center, depicting residential development over retail stores, separated from city hall by a water feature in the area of Redwood Creek, which presently runs under the parking lot. Discussion followed, and Mr. Grunwald replied to questions and commented regard ing antic ipated park ing requirements, proposa ls for park ing structures; the existing excess inventory of office space, which he estimated would take about five years to absorb; that possibly it is not necessary to replace parking spaces equivalent to what currently exists; that the suggested water feature could be accomplished either by opening up Redwood Creek, or by building a surface water feature next to the storm drain. Mr. Grunwald also recommended with regard to parking that since land costs in the area are $20 per square foot, a parking structure would be more economical use of the land. He ind icated in response to quest ion th at revenue wou ld be generated from net sale proceeds for the property and tax increment income. Mr. Grunwald noted that this presentation was not the final proposal; that he anticipated they will bring back a final report in about six week. He advised in response to request that he will provide copies of the slides and an accompanying report to Council in the near future. The Director commended Mr. Grunwald for the excellent presentation. ---------------------------------------------------------------------------------- Redev.Agency.Mtg. 4/29/85 P ag e 2 MINUTE BOOK NO. 45 Page No. 454