AgdaPkt 2002-01-14 - Laserfiche WebLink

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7.1 3. The Agency worked with Irvine Apartment Communities to implement their development of 206 units of housing on a large vacant parcel that had been a blighting Influence on this area for some years. Construction began during the fiscal year and the project will be completed by April 2002. 4. The Agency staff worked with auto dealers to lease a parcel of City land (the parcel adjacent to the Police Facility and Docktown Marina) that had been under utilized for many years. The improvements made by the dealers helped improve the area and also enabled the dealers to improve the appearance of their businesses elsewhere in town, by relieving the pressure of inventory on these sites. 5. The Agency funded two Storefront Improvement Loans that made significant improvements to the fronts of old retail buildings in the downtown. 6. The Agency developed and paid for banners in the downtown, as part of a broader effort to improve the retail core. 7. The Agency paid for the costs to prepare the draft Downtown Plan, one of the primary purposes of which is to revitalize the business environment downtown. The implementation of this plan will be a major element of the Redevelopment Agency's efforts in the next 5-10 years. Loans in Default The Agency has no loans in default. The Agency made 8 first time homebuyer loans during fiscal 2000-01. Agency Owned Property 1. $964,700 invested in parcels 053-093-070,080,130 and 140 - formerly the "Davies" Property. This property was acquired in 2000-01. 2. $2,600,000 invested in the '~Vay-to-Go" Property - associated with the Retail/Cinema Project. 3. $560,000 invested in the City-owned public parking lot at the corner of Main and Middlefieid. Fiscal Impact There are no fiscal impacts associated with this report. AIternativee lState law requires this report. Michael Church bl~d Everett - - Planning & Redevelopment Manager City Manager Attachments 1, Independent Audit Report for 2000-01 2. Report to the State Controller