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6.1. B. - Page 18 Property Taxes Property tax projections for FY 2011/12 call for a 1% increase in secured taxes over FY 2010/11 with indications that growth will increase modestly in FY 2012/13. The downturn in the housing market has affected the San Francisco Peninsula, although not as severely as some areas of the State. Based on property transfer tax revenues and supplemental secured taxes it appears that the housing market is still not showing signs of recovery and that assessed values will not be increasing significantly in the near term. Educational Revenue Augmentation Fund Refunds In FY 1992/93 and FY 1993/94, the State shifted property taxes from cities, counties, and special districts to school districts to supplant funding that the State was providing to school districts. The funds shifted from cities, the county, and special districts are placed into the Educational Revenue Augmentation Fund ("ERAF") by the county controller. The controller then disburses these funds to school districts based upon the formula prescribed by State law. Any funds remaining in ERAF (after the distribution to the school districts) are returned to the cities, county, and special districts in proportion to the amount they contributed to ERAF. The continued receipt of these funds, which amounted to $3.9 million in FY 2009/10 and $3.5 million in FY 2010/11, depends upon the State's complicated school financing formula and the State legislature not redirecting these revenues elsewhere. Long-Term Financial Planning Economic development is a high priority of the City Council which has directed staff to implement strategies in support of this priority. Significant City-sponsored plans, prompt review of major private development proposals, and delivery of key initiatives directly supports economic development throughout the community with a focus on Downtown. Subsequent to the adoption of the new General Plan in 2010, the City has moved forward with the zoning amendments necessary for implementation. Zoning changes to encourage mixed use residential/commercial and high density housing reduce the time-to-marl<et for these desirable projects. Adopted in 2011, the Downtown Precise Plan is already reaping the fruits of its vision. New housing starts and excitement in the development community for the planned release of the City's Depot Circle Project demonstrates the value of a clear plan with environmental clearance. To smooth the development process even more, the City Council consolidated two departments: Planning, Housing, and Economic Development with Building Infrastructure, and Transportation, to form a single Community Development Department with the specific focus to streamline and expedite development. The City's solicitation for proposals to develop its Depot Circle property was released in August 2011, with responses received in October. The City Council determined with the release not to dictate a specific project or program, but to push the development community to devise a proposal that could be assured of prompt delivery to the market place in support of the City's vision of Downtown as a center of arts and activity. The One Marina Project, a 231-unit condominium project along the San Francisco Bay brol<e ground during the summer of 2011. Infrastructure improvements with new roadways, bicycle trails, sewers, water, and recycled water are complete and buildings were being erected as early as August 2011. This development has spurred other property owners, especially owners of aging marinas, to renew discussions with developers and the City about plans and development of their properties. Improvements in this Inner Harbor area will include an extension of Blomquist Avenue across Redwood Creek connecting Seaport Boulevard with Whipple Avenue. This improvement will open up new development opportunities for both residential and commercial properties, such as the former Century Theatres site, as well as the Bayfront marinas. iv