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<br /> TABLE 3
<br /> REDWOOD CITY REDEVELOPMENT PROJECT NO. 2
<br /> PROPOSED PROGRAM AND PROJECT EXPENDITURES 2005 TO 2009
<br /> Estimated Total
<br /> 2005 - 2009 �
<br /> I. Revenues Available for Projects and Progrems
<br /> A. Tax Increment
<br /> Gross Tax Increment 51,250,000 -
<br /> (Less) Pass Throughs to Taxing Agencies (11,740,000)
<br /> (Less) ERAF Transfers (1,080,000)
<br /> (Less) Deposits to Housing Fund Z �15.010.000)
<br /> 23,420,000
<br /> B. Other Sources
<br /> Interest Income 2,350,000
<br /> Capital Projects Fund Balance 11,600,000
<br /> Other Sources/loan and gap funding 3 (to be determined) 8 890.000
<br /> 22,840,000
<br /> C. (Less) Non-Discretionary Obligations
<br /> Annual Payment to Developer- Sequoia Station (1,350,000)
<br /> Annuai Payment to School District - Cinema Project (210,000)
<br /> Debt Service - 1997 Bonds (Non-Housing Portion) (6,160,000)
<br /> Debt Service - 2003 Bonds (3,8$0,000)
<br /> Loan Repayment (to be determined) p
<br /> (11,620,000)
<br /> 34,600,000
<br /> II. Projects and Programs
<br /> A. Economic Development Programs
<br /> Economic Development - General 1,110,000
<br /> Storefront Improvements 320,000
<br /> Development Incentives - Future Projects 1,000.000 '
<br /> 2,430,000
<br /> B. Public Facilities Improvement Program
<br /> New Parking Garage Beneath Cinema Project 9,500,000 °
<br /> Expansion of Existing Public Parking Lot 550,000 `
<br /> Cinema Project Land Assembly 50,000 '
<br /> Cinema Project Streetscape Improvements 2,230,000 `
<br /> Courthouse Fa�ade Renovation and Public Plaza 8,970,000 `
<br /> Downtown Gateways and Directional Signage 250,000 °
<br /> Public Open Space and Park Improvements 330,000 °
<br /> Child Care Site Acquisition 320,000 °
<br /> Public Improvements - General 50.000
<br /> 22,250,000
<br /> C. Administration and Planning
<br /> Administrative Budget 8,740,000
<br /> Completion of Downtown Precise Plan 30.000 `
<br /> 8,770,000
<br /> D. Contingency
<br /> Project Fund Contingency 410,000
<br /> General Contingency / Discretionary 780.000
<br /> 1,190,000
<br /> 34,600,000
<br /> Notes:
<br /> ' Rounded to the nearest $10,000.
<br /> z Assumes 20°/, housing setaside in 2004-05. Reinstatement of prior setaside calculation method per the Legal Aid Agreement
<br /> (resulting in a housing setaside in excess of 20%) is assumed for 2005-06 forward.
<br /> ' Assume the Agency takes a loan from the General Fund or developer to cover anGcipated cost overruns related to the cinema
<br /> and couRhouse plaza projects. Amount reflects the net gap over the five year period.
<br /> ' These items were programmed primarily in the 2003-04 budget and funded primarily through bonds issued in 2003. Included
<br /> here is an estimate of the remaining expenditures to be incurred after January 1, 2005.
<br /> Source: Fraser Associates; Redwood City Redevelopment Agency, KMA
<br /> Prepared by Keyser Marston Associates, Inc.
<br /> Filename: 16610.001\0301RedwoodCity impl plan 2005-09 update3; Table 3; 12/6/2004; dd
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