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City Council Atwater Redevelopment Agency Board February 12, 2007

City Council Atwater Redevelopment Agency Board February 12, 2007. Goals of the Agency. Eliminate Blight – both physical and economic factors Encourage economic development Maintain an attractive and viable downtown commercial center Ensure decent housing for all income levels.

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City Council Atwater Redevelopment Agency Board February 12, 2007

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  1. City Council Atwater Redevelopment Agency Board February 12, 2007

  2. Goals of the Agency • Eliminate Blight – both physical and economic factors • Encourage economic development • Maintain an attractive and viable downtown commercial center • Ensure decent housing for all income levels

  3. Agency Overview • Residential and commercial development have increased = improved financial viability of the Agency • Tax Increment = property taxes above the base year is kept in the project area to be used for financing of projects – reinvested without raising taxes • Projects are financed by either pay as you go – cash on hand, or through indebtedness - bonds

  4. Past Year - Redevelopment Strategy • Evaluate Agency position and options • Develop Strategy and mile stones • Form Team: City Staff, FA, RDA Fiscal Consultants, Bond Counsel • Update Plan components was needed • Develop solid financial projections • Implement strategy

  5. Atwater Redevelopment New Bond Issuance Benefits • Approximately a $155,000 in savings • Approximately $3.6 million of money for redevelopment projects. • Approximately $1.8 million of money for redevelopment housing projects.

  6. Redevelopment Financial Overview • Fiscal Year ending June 30, 2006 the Agency Collected a Gross Allocation of $1.2 million in tax increment. • 20% of Gross TI is set aside for Low and Moderate Income Housing – • 80% is for all general activities and debt payments • Projected TI growth in property tax increments (TI) – 2% per year

  7. Bond Issuance Process

  8. Purpose - New Bond Issuance Benefits • Approximately a $155,000 in savings • Approximately $3.6 million of money for redevelopment projects. • Approximately $1.8 million of money for redevelopment housing projects.

  9. Public Involvement • Redevelopment Advisory Committee to reactivate • Potential for several workshops • Chamber will play a key role • Downtown Business Owners and Property Owners to be informed and requested to participate in process • Agency Board – City Council

  10. Past RDA Bonded Projects • Applegate Business Park infrastructure – sewer, water, and storm drain lines, road improvements • Atwater Business Park – conversion of former municipal air port • Downtown Street and Façade improvements

  11. Potential RDA Projects • City Entrances – Atwater Boulevard Streetscape Project • Extension of curb, gutter, sidewalk lacking in many neighborhoods – east of First St. and west of Winton Way • Extension of infrastructure to help encourage business park development adjacent to Hwy 99 near Railroad Ave. • Road improvements to improve connection with south – west side of City in the Atwater Blvd - Applegate – Sycamore and Winton Way vicinity • Olive Ave. improvements to connect with new Bellevue Rd. and West Side Blvd. interchange • Housing Projects throughout the project area

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