SR-RA-2 (5)
/(13..-t?t? / RA-2
~MD HSG:JM'MD PM'BJ Santa Monl.ca, Call.fornl.a
Council JV:eetl.ng Decenber 12, 1995 DEe , 2 1995
TO ~edevelopme~~ Agency C~alrperson and Board
FROM City Staff
SUBJECT: Approval of Annua~ Report =or Fl.scal Year 1994-95 for
the RedevelopmeL~ Age~cy 0: the Clty of Santa Monlca
INTRODUCTION
T~e Ca:l!Ornla Health & Safety Code requ~res that each
redevelopnent agency f~~e an ann~al report w~th the Cal~for~~a
30using and Com~unlty DevelopMent Department. ThlS staff report
recommends approval of the at~ached Santa Mo~~ca Redeve~opment
Agency's Ann~al Report =or Flsca: Yea~ 1994-95, whlch ~ncludes an
:..ndeper:dent fi::anclal audlt, pursuant to Health and Safety Code
Sectl.O~ 33080.
ANNUAL REPORT CONTENTS
As requlred by law, ~he Agency's Annual Report l.~cludes:
2.) A speclfl.c descrlptlon 0: the agency's actlvltles affecrlng
houslng and displaceTent;
2) An l.ndependently prepared flr:ancl.al a~dl.t report conducted In
accordance with generally accepted audl.tl.ng standards;
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pEe , 2 1995
---
3 ) A flscal sta::ement that provldes lnformatlon on the
outstandlng lndebted~ess of and the amount of tax increment
revenue generated by ~he agency ana by each pro~ect,
4) Any other lnformat~oTI w~lch the agency belleves useful to
explalr: l::S programs and actlvi~les
5'or ::he aud~t portion of t~e Annual Repo~t, the AgeLcy co~tracted
wlth ::he accounting flrm of ~PMG Peat Marwick for aL independent
flnanClal audl:: 0:: the flscal year commencing on 0uly I, 1994 and
endlLg on June 3D, 1995. The a~dlt was perfor~ed to co~ply wlth
standards set out in Sectlon 33880.1 of the Health a~d Safety
Code rC?MG Peat MarW1C< found that the Agency's records falrly
present the flnanc~al pcs~::~on of t:::e varlO'.;.S fc.nds a~d account
groups of tee Redevelcpmer.:: Agency as 0:: June 30, 1995.
The Annual Report also:
1) ReVlews the obJectlves and actlvltles of the Redevelopment
Agency ln FY 1994-951
2) ?reVlews the Ager:cy's oDJectlves and work plan for FY 1995-
96,and
3) ?rovldes recomT,enda t lons for needed leglslatlon to carryon a
program of hOUSlr-g and comm~nlty development.
AGENCY TAX INCREMENT REVENUE FOR HOUSING
For each redevelopment pro=ect, the Redevelopmer:t Agency lS
requ:..red to set aSlde a~ least 20% 0:: the tax l~crement it
recelves each year fo::::- low and rr.oc:ierate lncome ho~slng proJects
a:J.d act:'Vltles A redevelopment agency may defer the hO:J.slng
obllgat~on of a redevelopmen~ proJect Lhat was started prlor to
1977 lf eXlstlng prograws and obl:..gatlons prevent the agency from
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sett~~g aSlde the full 20% of the tax incre~ent revenue.
F8r FY :'..994-95, Age~cy =unds were allocated for low and moderate
houslng as follows: Ocean ~ark P~oject 1a (20%) and Ocean Park
ProJect 1b (20%) and Dow~town ProJect (20% ) and Earthquake
Redevelopment ProJect (0%) . The Earthquake Redevelopnent ProJect
was establlshed ~~ FY 93-94 and dld not recelve tax l~crement In
FY 94-95.
The Agency's funds appropr~ated for eligible houslng set aSlde
expendltures lnc::"'ude the follcwlng funds allocated ~o ~ce CltylS
Cl~ywide Houslng ACqhlSltlO~ and ~ehab~:~tatlon proqram ( CHARP) [
Vltale Gllpin fu~ds (from the Downtown proJect) used for houslng
proJects[ and the lease payment to the Parklng Author~~y ( from
t~e Ocean Park projects/ for the parcel at 175 Ccea~ Park
Boulevard on wnlch 22 unlts of ve~y low incoTe houslng are
located
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:JOWNTOlV-i\' OCEk"JPARK 1a OCEAN PARK ::..b
CHARP $104,C78 $ 188,797 527,187
VI'='ALE/G::L:.,PIN 105,759 0 0
L:SASE PAYMENT 0 98.629 12,678
TOTA:'" $ 209,837 $ 287,426 $ 39,865
Tax Incre'11ent 1,049,184 2.,437,130 199,327
% of Tax IncreMent 20%- 20% 20%
BUDGET/FISCAL IMPACT
There are no Dudge~/flscal ~wpac~s resulting fro~ the approval of
the Redevelop'11ent Agency's anLual report of FY 1994-95
RECOMMENDATIONS
It lS recommended tb-a~ ~he Redevelopment Agency approve the
Annual Report and dlrec~ the Executlve Dlrector to execute and
S1..bLll t t~e report to the Call:ornla Deparc~ent of Houslng and
CC~'11Unl~y Developmen~
?repared by: Jeff Matlne'J, Dlrector
Peter Mezza, Senlor Admlnlstratlve Analyst
Resource ManageTent ~epartme~t
Ml;.c.e Dennls, Dlrector
Bill Jlas, SeDlor Accountant
Flnance Department
Attachment: Santa Mo~~ca Redevelopment Agency Annual Report
for Flsca: Year 1994-95_
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ANNUAL REPORT FOR FISCAL YEAR 1994-9~
REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA
INTRODUCTION
As requlred by Callfornla liealth & Safety Code SectlOr.. 33080,
each redevelonment agency must fl1e an annl..:al report wlth ~he
Callfornia Houslng and Comm1.:nity Development Depa::::-tment wlthln
SlX months of the end of the agency's flscal year. ?he annual
:ceport must co~taln for the agency and each pro]ec~:
11 A sDeclf:..c descrlptlO:l. 0:: the agency's actlvltles affecting
houslng and dlsplacerrent
2} A~ lndepe~dently p::::-epared flnanclal audit report conducted in
accordance Wlt~ generally accepted audltlng standards.
3; A flsca::" state-rent that provldes lnfo::::-mation C~ the
outstandl::1g lr:debtedness of and the amount of tax increment
revenue generated by tGe agency and by each proJect.
4; A~y other lnforna~lon whlch the agency belleves useful to
explaln ltS programs and actlvltles
ThlS an:r:.ual report for t:r.e San:.:. a Monlca Redeveloprrtent Agency
contai:ls the ~n~or~a~lon requlred by State law and also lncludes
a rev:..ew of the ODject:.ves and actlvlties of the Redevelopment
Agency ln FY 1994-95, prev:..ews the Agency's Ob]ectlves and work
p::'an for FY 1995-96, and provldes recommendatlons for :leeded
leglslatl0:l ~o carry ~~ a program 0:: nouslng and conmunlty
'--'--
development
DESCR=?TIOX OF REDEVELOPMENT PROJECTS
The Santa Monlca Redevelopment Agency was establlshed on August
13, 1957, and ~as four redeve::"cpment proJect areas:
1) Ocean Park ReQevelop~en~ ?ro]ec-= (2.a)
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2) Ocean Park Redevelopment ProJect (lb)
3) ~owntown Redevelopment ProJect
4) Earth~~ake Recovery ~edevelopment ProJect
Ocean ?ark Redevelooment PrOlect
The Ocean Park RedevelopT.ent ProJect was the flrst proJect
~:ldertaken by ~he Sa:lta f>.l:onica Redevelopment Agency. It was
deslg~ated for st.;.dy as a po~ential redeveloument proJect in
Aprl=" :958 w~e:l an appllcatlon was made to ~he Federal goverhment
for survey and plar.nlng ::unds. Wlth these funds, the Agency
cO:TTenced preparaClon of forna:;" p_ans ::or the area encompasslng
::hirty-three acres 0:: land in the southwest coy",-er or ::he City
adJacent to t;.e Ve!lice community of the City or Los Angeles.
In Oc'::ober 1959, as a result of a reductlon In the avallabillty
of Pederal fc.;.nds for tne proJecL., the proposea thlrty-t~ree acre
Ocean Park proJect was dlv~ded lutO two separate proJects so that
a:: least one proJect cculd go forward wlth the ~unds avallable to
the Agency at the ::lTre
Ocean Park RedevelopITent proJec:;: 1a
Ccean Park Redevelopment Project 1a encompasses the northern 25
acres ~f ~~e oYlginally proposed 33 acre proJect The
Redevelopment Plan for ?roJect 1a was approved by the City
Ccuncll en J-1ne 30, 1960, followlng requlslte s:::.udles and
hearl~gs by the P:Lannlng CommlSS10!l, Redevelopment Agency, and
:.he City Council. T~e Redevelopment P~an was amended on November
14, 1967, pn.nc~pally tc change ~he penu t tea lar:d uses in the
project area.
Ocean ~ ' Redevelopment pro:.;ect 1a lS bounded by Ocean Park
_ aT.";;:
Bo\:levard on the north, Nellson Way on the east, Ocean Park
Pro:.;ect No. 1b on the south, and the State beach parklng lots and
beach on the west PrOlec::: 2-a lS zoned R4 H~gh ~ensity ~ultlple
-'
Famlly Reslde:J.tlal wh~ch permits the hlghest resldential denslty
ln the Clty
Ocea:l Park Redevelopmen:: :?ro]ect 1a was completed :...n :vray 1987
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The ~roJect contalns two 17-story hlgh rlse apartmen~ buildings
whlc1 we:::-e corr.pleted :..c 1967. :2:ach tower con;:a1ns 250 rental
apart Tent '..:nits. Cn both Sloes of the apa!:'"Lment complex lS
located ::he Sea Colony co~dom1~1~m pro:ect. Sea Colony cor..talns
34J condomln:..U'1\ U~lts wl:lcn were const:ructed In two phases.
Phase 1 0: t:le deve=-opTent was completed in 1988 and Phase 2 was
cCITlpleted 1n May 1987. Ocea:l. Vlew Park lS located 1n the center
of ?roJect Area 1a fac1ng the beach. ThlS publlC park conta1ns
SlX tenons courts, :.wo padd=-e ball courts, one basketball court,
walkways, and =-andscaping. The park offers a rest area w1th a
panoram:..c Vlew of the Pacific Ocean.
Ocean 2ar~ RedeveloDment pro-iect 1b
Ocear:. Park Redevelopment ProJect Ib encoT:1passes the southerYl 8
acres r-,-= the orlglnally proposed 33 acre project T~e
v~
Recieve=-ovne:lt Plan for ProJect Ib was approved by tr_e Clty
CU:.lr:C1l on .Ja:l.uary 24, 1961, followlng requ1S2.te stll.dle8 and
hea:::1ngs by tr_e Plannlng Comrllssion, Redevelopnent Agency, and
::he C:.ty Counc:.l. The Redevelopment Plan was amended 01;. January
26, :i..965 , 3:l.d agaln on September 12, 1972, pr1llcipally to change
the permitted land uses In the project area.
Ocea:l Park Redevelop'lle:::: ProJect No Ib 18 bounded by Ocea:: Park
Redevelopment Project la on the north, Neilson 'V.J"ay on t:'l.2 east,
the City limit on the sou-ch ~adJacent to the Venlce co:nmunlty of
the Clty of Los Ange~e8) , and the State beach park1ng lo-::.s and
oeach cn the west. PyoJect Ib 1S zoned C3 General Co:m:lerclal
wh::...cl: perputs conPlercial and resldentlal uses.
Ocean Par-<- R.edeveloprrent ProJect No. :..b was cOTTlDJ..eted In 1983
The p2CcJec:: conta1TIS two senlor cltlzen resldent:ial apartnent
comp_exes and a former ut1l1ty D~11dlng. Nel::"son V1llas contalns
100 :::-ental apartment u~:..ts ar..d was cOIT,pleted In 1977. Barnard
Pa~-~ V.lllas conta1TIS 61 :J.n1ts and was completed In 1983. ~he
util1ty bU1ldlng cC:lta1ned :.elephone sWltch1ng equlpT'lent and was
replaced In 1986 DY a faclllty ou~side the project area
contalr:lng more 'llodern sWltch:"!lg equ1pmer.t: 7he fo~mer utll1ty
hl...1ld1::-:g was adapteci In 1987 to Louse offlces and art storage for
t~e Ell Broad Faml1y Ar:: FOl.J.r..datlon
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Downtown Redevelonment PrOl2ct
The Downtown Redevelopne~t ProJect encoLlpasses about 9.9 acres of
property :::"ocated at the soc.thern end of the C.:..ty's T1urd Street
P~o:renade in the dow::1towr.. core 0:: Santa Monlca The
Redevelop'1lent Plan for the Downtown ProJect was approved by the
C2.::Y :=our!cll ln January 1976.
':'::e :c owr;.:: own Redevelopment ProJect lS bounded by Broadway on the
:r:.orthr 4tr.. Street on the eastr Colorado Avenue on the south, and
2r_d Street on the west. Tl:e project lS zoned ~3 General
COIT~erclal whlch pern~ts comrrerc::..al uses.
':'he Downtown Redeve::op--rent ProJect was completed ln 1980. It
cons:..s~s of Santa Monlca Place and adJoin!.ng parklng st:::uctures.
The reta:.l Fo~tion 0:: the p~oJect contalns approx::!..mately 570rOOO
scua~e foo- cf floor a~ea and lncludes two maJor departnent store
~~ <-
anchors and 160 speclalty reta~l shops and food establlshments,
aL_ of WhlCh are linked by a three level enclosed pedestrlan
space that exte:lds dlagonally across two City blocks The
proJect also u:cludes two Agency-owned parklng structures
co~::alnlng 2r020 paYklng spaces.
Ea~thJ~ake Recoverv PrOlect
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The Earthqua~e Redevelop'llent ?roJect was establlshed in -gy 93-94
and dld n.ot receive tax lncrernent In FY 94-95 The ::lrst tax
inc:::errent wou:i..d normally De recelved ln FY 95-96. The proJect
area lncludes the g:::-eacest number of damaged bUlldlngs in the
City, lnc::"ua..:..ng approx:..nately 90% of all red-tagged aClQ 80% of
- 1 yellow-tagged bUllclngs ::..n the City The proJ2c:' area :.s
a.L.J_
bounded on tr~e eas':. by Cloverf.:..eld and 26tr_ Street, on ~he west
by the Paclflc Coast =tlghwayjBeach Promenader on the south by
approx:.mate~y ?ico Boulevard and on ~he north by Montana Avenue.
Off-Slte ProJects
Be::'1: tr_e Ocea:: Par:';: RedevelopmeClt Projects and the Downtown
Reo.eve 1 op-ne:". t ?ro~ect llC.cl:lde certa:.n off-site irrprovements that
were found t-::: be 'Tof -be::1e:lt II to eacr. proJect. In addition to
Varl0JS houslng and e::.he::::- related p~oJects for low and moderate
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l::::CCLle ~ndlVldl.A.als and faml11es elther funded lD wr.ole o~ i:: part
by each pro::;ect, major off-sli:.e lrrprove:nents :..nclude
Ocea~ PaL~ Pro] ects I Off-Slte Improve:nenL:s
I} ?encvation and e::lhancement of the beach par~ing lot and
surrcundlng s~yeets :hat conSlst of a landscaped central
par'.{ ad] acerL:: :'0 the beach at the end of Ocean Park
Soulevard, a l::near park along Barnard Way from the
sou:.hern Clty llffilt to Blcknell Ave!1ue, landscaplng and
restrlplng of the beach parking lo~, reconstructlon of
the pedestr13::l promenade and blJ.cepath, and COGstructlon
of new concess:..on and restroow facil:..~:..es.
2, Rehablllta~lon and expa!:s10::l of the Ocean Park Branch
Llbrary.
3 ; Rehabllltatlon of 22 apartment unlts fer very ~ow income
sen::or and ::arnl1y ho.......seholds at 175 Ocean Park
3oulevard.
4) ConstructlO::l of 55 U::llts of rental apartments .:or low
and moderate lnCOT:1e familles located on seveyal sites ln
the Ocea::l Park celghborhood of the City.
5} Constrc.ctlon or rehablllta~lon of 3:3 rental l...nlts at
varlOJ.S Sl:.es u: Santa MODlca.
c:;' P~rc~ase of a parkl:1g easement for a 40 un:.t senlor 202
~ ,
low income hOLslng pro]ec:
Downtown ?ro=ect Off-Slte Irrprovements
~ , Varlous lmprovements to tr~e Clty'S Tlard Street (Ma~l)
.L)
Promenade and do\tln~own (Bays:.de) distrlc:' adJacent to
the Downtow::l Redeve~opmen: ProJect were found to be "of-
Der..ef:.:." to t~e Downtown ProJect Whl~e prl1Tary fundlng
:0::::- :hese lmprovenents has been provlded by other
sources, tte ~owntown pro:ect may provlde funds that are
r_eeaec for :uture lmproverr,ents In the area.
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AG~NC~ OBJECT=VES AND ACTIVI?I~S FOR FISCAL YEAR 1994-95
In F:.scal ~ear 1994-95, the Santa Monlca Redevelopment Agency
sLDstantla~~y acco~pllshed ltS cbJectlves for the Flscal Year and
conducted the followlng actlvlties:
Ocean Park Proiects la and Ib
Obiective: Analyze ::l.ndl:J.g proposals for ve::y 2.ow, ~ow and
r.1Odera~e lnco~e houslng projects.
ThlS Ob]ectlve lS on-golng. During FY 94 - 95, the Ocean Park
Eeus lng Tr.ls t Fund allocated $31C,266 to purchase a parkl~g
ease'l1ent for a 40 u:at senlor 202 low lncorne ho~slng proJect.
Obiective: ASS1St. a hOUS1:J.g development proJect for the very
low l:J.COToe wlth predevelopment costs.
ThlS OD]ectlve was net ach:..eved lD ?Y 94-95. However, t:ce Agency
worked c::"osely ar:d cont:..nues to work closely wlth Unward Bour:d
Project aUT1:r:g the f1scal year analyz1ng var10US fundlng optlO::S
for the1T homeless famlly proJect.
The Ocea:s Park. Eouslng Trust Fund also was used to SUbs1dlze 22
U"-.l::S of hO-Jsing for very ::"ow l:J.come senlor and famlly households
t.hr8,.;.g~ ::he ::"ease payment nade by the Agency on behalf of the 175
Ocean Park Bo~levard publlC houslng development.
Downtown Project
ObJective: A~alyze fundlng proposals for very low, low and
moderate i:J.come ho~slng proJec~s.
Th:.s obJectlve lS on-golI:g During ?Y 94-95, the Downtown Hous1ng
Trust ?u:J.d allocated $13J,73~ to purchase a park1ng
easemeEt. for a 40 u:1lt senlor 202 low lucorne hous~ng proJect.
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Objective: ASS1St a causing development pro]ec~ for the
very low lncc~e wlth 9redeveloprnenc costs
':'hlS Ob]ectlve was r_ot achleved 1:1 FY 94-95 ~owever, the Agency
worked closely and contlnues to wor-c closely wlth :?ro]ecc Upward
Bound dUYlng the f:..scal year ar..alyzlr..g varlot:s fund:..ng optlons
fa::: tne thelY very ~ow lncerne famlly proJect
Obiective: Irnple[Tlent Phase I~I publlC lmprovemen.ts lD the
Bayslde (Downtown) District and complete che
analysls and lTrplementation of an overall downtown
parklng program.
~~e oDJectlve 18 on-golng ln nature Progress has oee::1 deferred
due to t-1.e A':.tendant park:..ng Program. The schedule has been
altered ::0 ace O'T'lloda t e the creat:.on of the Attendant Parklng
Program.
The Agency also approp::::..ated lts Vitale Gllpln housing fllnds to
aSS1S':: In the hous:.r:g proJects descrlDed above. The Vltale
Gllpl:: Fu::d lS a lega::" settlement reqtarlng t~.e Ager_cy ~o set
aSlde a portlon o:E ::he tax lncrement revenue generated by the
Down::own ?.edevelop'T'er:~ ?ro]ect to fund prograTs that provlde
hOt:Sl::g =o~ low and very low lnco~e persons and ra'll111es.
AGENCY OBJECTIVES FOR FISCAL YEAR 1995-96
The Agency has the followlng obJec::ives for Flscal Year 1995-96:
Ocean Park Redevelooment proiects la & Ib
- -
Obiective: ASSlst a houslng development proJect for the
very low lnco~e wlth fredevelopment costs.
Obiective: Analyze fu::dlng proposals for very low, low and
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moderate i~come houslng proJec~s.
Downtown RedeveloDment Proiect
- ~
Objective: Ass.::..st a hous:.ng development proJect ::or the
very low i:lcome wltn predevelopment costs
Obiective: Contlnue ::0 lmpleTent Phase III publlC l'Tlp:!:"ovements
in tne BaYSlde (Downtown) Dlstrlct: and complete t!le
analysls and H'lplementatlon of an overall downtown
parklng progran.
Objective: Analyze fundlng proposals for very low, low and
moderate lncome houslng proJects.
Earthquake Recovery Project
1:1 ar.~lclpat::..on of :.he recelp:: of ~ax :":1crement, the City
D-...:dgeted var:"Ol:S proJec:::s to be ::unded :Oy these f"'Jnds. However
the assessed values i~ :::he project area as reported by t:~e COl.lnty
to ::he Cl~y wll1 resu::"t in :10 tax lncrement: for FY 95-96 The
Clty 1S .::..n the process of revlewlng tax assessments w:..th the
Co~nty to determlne lf ~he assess~ents are correct.
AG~NCY ACTIVITIES AFFECTING ~OUSING AND DISFLACEM~NT
The Santa MOTI1Ca ?edevelcpnent Agency contrlbuted fu::ds to Low &
~oderate Ho~slng Fund In the amou~t of $537,128.
8neclflc ~OUSlnq Act~vities
Gove:!:"r_IT'en :. Code SectlO:1 33080 4 requires that tr.e Annual Repor~
lnc::"ude the :ollowlng l:lfo~ma:.~on co~cernlng dlsplacenent 0:
res:..dents, demol:..:.ion of U::lts, and p~ovlS1on of houslng
- 8 -
resultlng from actlvltles of redevelopme~t proJects durlng the
flscal year Informa~10n co~cernlr-g the provlslo~ of houslng is
to l~clude any agency-asslsted ~ousing regardless of ~he agency's
f:....n:i=-~g source and is ~n lncl~je o~:y that ~o~slng avallable for
l-~
occupancy l~ the flscal year.
No relocatlo~, de:nolltlon, or dlsp:"aCer.1ent activl~y occhrred as a
res~2.t of redevelopment proJect aC::::i..vit.:..es ln -gy 1994-95 and no
suc~ actlvlty wlll occur ln FY 1995-96. The Agency also dld not
cond~ct relocation, demolition, or displacement aC~lvltles
cLltslde of the proJect areas In FY 1994-95 and no such aC:'lvlty
T,11111 occur 1~ FY 1993-96.
RECOY1:vJEKDATIONS CONC~RNING X~EDEJ LEGISLATION
Purs'~an t to Hea~th a~d Safety Code Sectlon 33080, ~hlS report
should transrit any reco~menjatlo~s concernlng needed legislatlon
fcr redevelop~ent aaenCles At this time, there are r-o bills
-'
before the State Leglslature whlch cou~d have an lmpac':. OD. the
Agency's aD~:lty ~o carryon a program of redevelopmect:. glven ::.he
s:.at:....s of DOt~ proJect areas. Therefore, no recomme~datlons
regardlng needed leSlslatio~ are prov:..ded. Tr..e Agency v11ll
CC::~ln"'..J.e to ron~tor leglslative lnformatlon on ltems concernlng
redevelopment.
FIN~INGS R~LAT3u TO AG3NCY'S HOUSING ~~UST FUND
As requ:..red :..n Sectlon 33334.6 of ::he Health and Safety Code, t~e
Santa V.onlca Redevelopment Agency ~ust make a fl::::.dlng In each
flscal year :..n WhlCh the Agency was unable to approprlate a
mlnlTl..:n of 20% of the tax lncremen':. revenue lt recelvea ~hat year
to provlde houslng for low a~d ~oderate lncome households. State
lao,v perml ts the Santa ~O~lca ~edevelopment Age~cy to appropriate
less than the full 2'\9,- of tax lncre:uent revenue In three proJect
v 0
areas because these prcJec::.s were es~ablished prlor to January I,
1977, and beca'J.se the Agency adopted a State~ent of Existlng
Ob=-lgatlons and a StateTent 0= EXlstlng Programs prlor to
September I, 1986 There are no flDdlngs requlred for FY 94-95
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Ocea~ Park RedeveloD~ent PrOlect 1 ~
~ct
In F1scal Yea::::- 1994:-35, t~e Ocean ?ark ~edevelopnent ?roJect la
recelved $1,437,130 :.n tax l:lCrement reve:lue The total amO:J.n~
requl:::-ed to be apprcpr~ated for low and moderate lncome hCl...s lr...g
proJec::s foy Ocean Park ProJect la was $287,426 which 18 20% of
t:r:e tax l~cre~ent Yeven~e rece1ved 1n FY 1994-95 In F"Y 1994-
951tl:e ~equ1red aTounl:. 0:: tax lnCyeT'lent revenue for hous:...ng was
appropr1ated to t~e ~ow & ~oderate Houslng Fund for houslng
proJects
Ocean Park Redevelopment PrOlect ~b
=n ?lscal Year 1994-95, t~e Ocean Park RedevelopT'lent ProJect Ib
yecelved $199,327 in tax incre'l'ent revenue The ::otal anoc.nt
realared to be approprlated for low and moderate lncome houslng
proJec::s fey Ocean Park ProJect 1b was $391865 :!:n FY 1994-951
L: l:e requlred amo~nt of tax l:J.cre'l'ent revenue foy hU'Jslng was
approprlated to t~e ~ow & ~oderate Houslng Fund for houslng
proJects.
Ccwn::own RedeveloD~ec:: ?yo-iec-:.
In Flscal Year 1394-351 ::he ~owntown Redevelopnent ProJect
recelved OY accounted as recelvable $1,049,184 in tax lncrement
re~Je:::.ue The t:otal aT'lount requlred to De appycprlated for low
ane. mcdera::e lncorre ~ous~ng proJects for Downtown Project was
$209,837 which is 20% of the tax lncrewent revenU.e receJ.ved In FY
1993-94. In FY 199';-951::.he requlred amount of tax lnCrel1'e!lt
reve::..ue reqlared for hous~ng was approprlated to the Low &
~oderate Ho~sing Fund for hO~Sl=g proJects.
Eart~auake Recoverv ~edeveloDITent PYo~ect
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In F:...scal "Year 1994-9S1 the Eart~quake Recovery Redevelop~ent
Area dld not recelve a~y tax :"':lcre~ent
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Prepared by Jeff Ma~hleu, Resource Management ~lrector
Peter lICezza, SeDlar Admlnlstratlve Analyst
yaan35b
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