RDA Min 1997-04-21 - Laserfiche WebLink

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. I I III Mr. Thompson said lAC'S request of the Redevelopment Agency was limited to a few very specific items. He said, "We are asking for street abandonment and - condemnation of the carburetor shop property. We are not requesting any up ITont cash subsidy of this property. We are requesting tax increment financing. We believe our development of this property will increase the tax assessment, assessed value of the property ITom approximately $3 million today to $30 million upon completion of the project in a couple of years. Finally, if you desire 'for sale' development in this neighborhood that is something that I would encourage you to encourage on adjacent properties, adjacent parcels, and you will hear ITom people tonight who control adjacent properties. We are comtnitted to the rental business, the Irvine Apartment Communities Company has 55 large scale, very high quality apartment communities in California. I am confident that you will be very, very pleased with the product that we ultimately can develop, construct and will manage." In response to Chairman Hartnett's questions regarding tax increment financing, Mr. Thompson said, "The specific request we have made of staff is that some support be given to this project out of the additional tax increment that would accrue as a result of its development. I believe that our specific request has been for 60% of that additional tax increment as financing of the project. I want to remind you that this is a project that will satisfy 15% affordable housing need, and in addition, under the terms of your requirements, will have a prevailing wage requirement. It is somewhat of a quid pro quo." In further response to questions regarding the 60%, Mr. Thompson said, "It - could be negotiated in any different number of ways, but essentially the 60% would be future taxes that would not be collected for some period of time. We are talking about future dollars not current dollars or cash contributions." Don Saye, 2021 Broadway, Redwood City, said he did not have experience with construction, but wanted to describe some of the anxiety he had heard ITom downtown merchants, although he was speaking as an individual not on behalf of a group. Mr. Saye said the Main/Middlefield residential/retail project, which will be affordable housing over shops, had not as yet been completed. He said no one knows how that development will affect the downtown or the economy of residents participating in downtown business. Mr. Saye said many downtown residents and merchants have concerns about rental units, "the standard of maintenance, the standard of appearance, the judgment of tenants, and the mix of those economic factors." Mr. Saye urged the Board to "consider a percentage at least, of housing within the Franklin Lonestar area, 50/50,75/25 ownership/rental." Mr. Saye said the existence of the railroad tracks must be considered. He said "additional retail, businesses on the El Camino, naturally that is something that we would welcome to change the view of that block, and the perception of the public who drive through Redwood City." He said, "I would like to see a heavy preponderance of ownership establishing pride, maintenance and taxes for Redwood City." - SPECIAL REDEVELOPMENT AGENCY MEETING MINUTE BOOK NO.1 APRIL 21,1997 MINUTES Page No. 419 PAGE 3