SR-120208-1M~~ City Council and
~;tY of Redevelopment Agency Report
Santa Monica
Redevelopment Agency Meeting: December 2, 2008
Agenda Item:
To: Mayor and City Council
Chairperson and Redevelopment Agency
From: Andy Agle, Director, Housing and Economic Development Department
Subject: Annual Report for Fiscal Year 2007-2008 for the Redevelopment Agency
of the City of Santa Monica
Recommended Action
Staff recommends that the:
1. City Council receive the Annual Report for Fiscal Year 2007-2008 for the
Redevelopment Agency of the City of Santa Monica;
2. Redevelopment Agency direct the Executive Director of the Redevelopment
Agency to transmit the report to the Controller of the State of California for filing;
and
3. Authorize the City Manager to report to the Los Angeles County Auditor-
Controller that the Agency intends to remit the. required ERAF payment for 2008-
09 by May 10, 2009.
Executive Summary
The Annual Report of the Redevelopment Agency complies with California Health &
Safety Code 33080.1 which requires the Redevelopment Agency to present an annual
report to the City Council and file this report with the Controller of the State of California
no later than December- 31, 2008. The attached report includes the following
components:
1) Annual Report Summary which summarizes the Agency's programs and
activities for Fiscal Year 2007-2008 (Attachment A);
2) An independent financial audit and report conducted in accordance with
generally accepted auditing standards (Attachment B);
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3) A fiscal statement that provides information on the outstanding indebtedness and
the amount of tax increment revenue generated by the Agency in total and by
each project area (Attachment C); and
4) A description of the Agency's activities including those affecting housing and
displacement (Attachment D).
Discussion
The accounting firm of Mayer Hoffman and McCann P.C. completed an independent
financial audit for the fiscal year from July 1, 2007 to June 30, 2008, in compliance with
standards set out in Section 33080.1 of the California Health and Safety Code. Mayer
Hoffman and McCann P.C. issued an unqualified audit report, which means the basic
financial statements of the Agency present fairly, in all material aspects; the financial
position of the Redevelopment Agency as of June 30, 2008. Additionally, Mayer
Hoffman and McCann P.C. performed tests of the Agency's compliance with certain
provisions of laws, regulations, contracts, and grants, the results of which disclosed no
.instances of noncompliance under government auditing standards.
In addition to providing a copy of the independent financial audit from Mayer Hoffman
and McCann P.C., the attached annual report for FY 2007-2008 includes a summary of
Agency funded activities and projects, the Redevelopment Agency Financial
Transactions Report to the State Controller's Office and the Housing Activity Report to
the California Department of Housing and Community Development. Council is
required to receive and review the annual report prior to its transmittal to the State
Controller by December 31, 2008.
In addition, for FY 08-09, the Agency, in accordance with Chapter 751, Statutes of 2008
requires redevelopment agencies to shift $350 million in property tax revenues to K-12
schools and community colleges during the 2008-09 fiscal year. The Agency will be
remitting $4,295,401 from available tax increment to the Los Angeles County Auditor-
Confrollerfor the 2008-09 ERAF shift. This payment will be made pending the outcome
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of any legal action taken by the California Redevelopment Association against the State
for violation of Article XVI, Section 16 of the State Constitution.
Financial Impacts and Budget Actions
There is no budget/fiscal impact resulting from the approval of the Redevelopment
Agency's Annual Report of Fiscal Year 2007-2008.
Prepared by:
Tina Rodriguez, Redevelopment Administrator
Approved:
Forwarded to Council:
Andy Agle, Dir ctoPont EN
Housing and Economic Development Ci y Manager
Attachment A: Annual Report Summary
Attachment B: Mayer Hoffman and McCann P.C. Independent Auditor's Report
Attachment C: State Auditor Controller's Report of Financial Transactions
Attachment D: State Housing and Community Development Department Annual
Report of Housing Activity of Community Redevelopment Agencies
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Attachment A
ANNUAL REPORT SUMMARY
FOR FISCAL YEAR 2007-2008
REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA
I. INTRODUCTION
As required by California Health & Safety Code Section 33080.1, the Redevelopment
Agency must file an annual report with the California State Controller within six months
of the end of the Agency's fiscal year. The annual report must contain:
1) An independently prepared financial audit report conducted in accordance
with generally accepted auditing standards (Independent Auditor's Report);
2) A fiscal statement that provides information on the outstanding
indebtedness of, and the tax increment revenue generated by, the agency
and by each project area (State Controller's Report of Financial
Transactions of Community Redevelopment Agencies and Statement of
Indebtedness);
3) A specific description of the Agency's activities affecting housing and any
displacements (Annual Report of Housing Activities of Community
RedevelopmentAgencies); and
4) Any other supplemental information that the Agency believes useful in
explaining its programs and activities.
This annual report for the Santa Monica Redevelopment Agency contains information
required by state law and includes a review of the objectives and activities of the
Redevelopment Agency in FY 2007-2008, and previews the Agency's objectives and
work plan for FY 2008-2009.
IL DESCRIPTION OF REDEVELOPMENT PROJECT AREAS
On August 13, 1957, the City Council of the City of Santa Monica established the
Redevelopment Agency of the City of Santa Monica, pursuant to Redevelopment Law.
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In May 1972; the City Council declared itself the Agency and assumed all the rights,
powers, duties and privileges vested in a redevelopment agency. There are four
redevelopment projects within the city:
Ocean Park Redevelopment Project 1A
Ocean Park Redevelopment Project 1 B
• Downtown Redevelopment Project
Earthquake Recovery Redevelopment Project
Ocean Park Redevelopment Project 7A
The City Council adopted the Redevelopment Plan for the Ocean Park Redevelopment
Project 1A on June 30, 1960 and amended the Plan on November 14, 1967, primarily to
change the permitted land uses in the project area. The project area is 25 acres
bounded by Ocean Park Boulevard to the north, Neilson Way to the east, Ocean Park
Project 1 B to the south and the State beach parking lots and the beach to the west.
Phase one of Ocean Park Redevelopment Project (1a) was completed in 1980 and
phase two was completed in 1987. The project contains two 17-story, 250 rental unit
high-rise buildings known as Santa Monica Shores and is surrounded bythe Sea
Colony condominium project, which consists of 340 condominium units. Ocean View
Park is a public park located in the center of the project area facing the ocean.
Ocean Park Redevelopment Project 76
The City Council adopted the Redevelopment Plan for the Ocean Park Redevelopment
Project 1B on January 24, 1961, with subsequent amendments implemented on
January 26, 1965, July 13, 1971, and again on September 12, 1972, principally to
change the permitted land uses within the project area. The project area consists of 8
acres bounded by Ocean Redevelopment Project 1A to the north, Neilson Way to the
east, the City limit to the south, and both the State beach parking lots and the beach
itself to the west. The project was completed in 1983.
Currently the project contains two senior citizen residential apartment complexes,
Neilson Villas and Barnard Park Villas, which contain 100 and 61 rental units
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respectively. A former utility building within the project area was adapted into offices
and art storage for the Eli Broad Trust Art Foundation.
Downtown Redevelopment Project
The City Council adopted the Redevelopment Plan for the Downtown Redevelopment
Project on January 13, 1976. The Downtown Redevelopment Project encompasses 9.9
acres of property- located in the downtown core of Santa Monica bounded by Broadway
to the north, 4th Street to the east, Colorado Avenue to the south, and 2"d Street to the
west. Completed in 1980, the project consists of Santa Monica Place; a retail center
containing approximately 570,000 square feet of floor area, included two .major
department store anchors and 160 specialty retail shops/food uses, linked by a three
-level enclosed common area, which is owned and operated by the Macerich Company.
-The project includes two Agency-owned parking structures that provide a total of 1,968
parking spaces. The shopping center is currently undergoing remodel and will re-open
by Fall 2009.
Earthquake Recovery Redevelopment Project
The City Council adopted the Redevelopment Plan for the Earthquake Recovery Project
on June 21, 1994. The project is 2.89 square miles bounded to the east by Cloverfield
Boulevard and 26th Street, to the west by Pacific Coast Highway/Beach Promenade, to
the south generally by Pico Boulevard, and to the north by Montana Avenue and
includes the structures predominately damaged in the January 1994 Northridge
earthquake. Approximately 90 percent of all red-tagged and 60 percent of all yellow-
tagged buildings in the City were in the project area. To date the Earthquake Recovery
Project has funded disaster prevention and mitigation, commercial revitalization,
community revitalization and institutional projects.
III. AGENCY ACTIVITIES FOR FISCAL YEAR 2007-2008
The Agency's activities for the last fiscal year, which implement the 2004
Implementation Plan objectives for Ocean Park 1A, Ocean Park 1B, Downtown and
Earthquake Recovery Redevelopment Project Areas, are discussed below:
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Non-Housing Activities:
415 Pacific Coast Highway. Phase two of the adaptive reuse of 415 PCH is 70%
complete. This project, anticipated to be finished by Spring 2009, entails
rehabilitation of the historic guest house and pool; construction of a new entry
pavilion, event and pool houses; restroom and site improvements including a
children's play area, water play feature, picnic and garden terraces, sand paddle
tennis, volleyball courts; renovations to the Back on the Beach Cafe and existing
North, South and East parking lots; and, installation of a traffic signal on Pacific
Coast Highway. Major work involving the restoration of the marble pool deck,
mechanical, electrical, plumbing, installation of new elevator and renovation of Back
on the Beach Cafe was completed. Agency assistance on this project is $3,891,000.
Disaster Prevention and Mitigation:
Downtown Parking Program. In accordance with Council and Agency
authorization, staff proceeded with work related to seismic retrofit- of Parking
Structures #4 and #2 and the facade improvement program for. Parking Structures
1-6.
o Parking Structure 4. Work to seismically retrofit Parking Structure 4,
located at 1321 2"d St., is underway -dowel holes and micropiles have
been drilled to support footings, steel reinforcing dowels have been
epoxied into place, and open window infill rebar have been installed.
The remaining work involving demolition and .construction of new
restrooms and installation of clarifier is anticipated to be finished by late
Fall 2008. Agency assistance on this project is $5,486,208.
o Parking Structure 2. Schematic design for the seismic retrofit of Parking
Structure 2, located at 1235 Second Street, was completed. Final design
is scheduled to be completed in early 2009 and construction of seismic
retrofit work is scheduled to commence in Summer 2009. In addition, the
project will feature a bike parking facility -conceptual design work for the
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bike parking is anticipated to be complete by early 2009. Agency
assistance on this project is $509,500.
o Fagade Improvements to Parking Structures 1-6. A construction
contract with AWI builders was executed to implement work related to
painting Downtown Parking Structure Nos. 1-6 and upgrading the facades
of Parking Structure Nos. 2, 4 and 5 with public art and sculptural entry
signage. In addition to painting and fapade upgrades, this project will
include improvements to the existing monument signs. (to make them
compatible with the proposed parking structure painting and fapade
program), upgrade of exterior lighting, and enhancement of existing
landscaped areas.
o Fagade Improvements to Parking Structures 7 & 8. On March 11,
2007, the Agency approved the proposed attendant packing and fapade
improvement programs for Parking Structures 7 and 8 and directed staff to
move forward with: converting the structures to full-day attendant parking
and installing parking controls and related .capital improvements; pursuing
valet parking and commencing preparation of necessary environmental
review and text amendments to the City's valet parking ordinance;
completing proposed fagade improvement designs and incorporating
appropriate pedestrian oriented uses for ARB review; negotiating terms
with Macerich to manage the leasing of proposed pedestrian oriented
retail spaces and developing standards; negotiating terms with Macerich
to construct the attendant parking and fapade improvements; and,
implementing the streetscape improvements on Colorado between
Second and Fourth Streets.
o Land Acquisitions. The City has been pursuing the acquisition of
property within the area bounded by 4th Street, 5th Court, .Wilshire
Boulevard and Olympic Boulevards for future public projects that may
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include light rail transit, public parking, affordable housing or other public
supportive commercial uses. During FY 07-08, the City opened escrow
on the property located at 1632-1636 5~h Street.
Downtown Parking Program Financing Project. In August 2007, a request for
proposal for parking and financial consultants was issued. The consultant services
will include evaluating the parking operations and updating the financing program
associated with the Downtown Public Parking Program.
Palisades Bluff Stabilization. On August 14, 2007, the resolution approving the
Mitigated Negative Declaration/Mitigation Monitoring Reporting Program was
adopted for the project and the City's Engineer was authorized to proceed with the
development of bidding documents for implementation of the Palisades Bluffs
Improvement project as recommended in the Geotechnical Study of the Palisades
Bluffs. On December 20, 2007, the City was granted its national pollutant
discharge elimination permit.
Commercial Revitalization:
Santa Monica Place. On September 11, 2007, the Agency and Council approved
the proposed remodel of Santa Monica Place, adopted findings that the project is in
conformance with the Downtown Redevelopment Plan, and adopted the resolution
adopting the Mitigated Negative Declaration (MND) for the project. In addition, the
Agency and Council authorized the Executive Director and City Manager, to
negotiate amendments to the Sublease, Operation and Maintenance of Parking
Facilities and the Construction Agreement and the Operation. and Reciprocal
Easement Agreement. Macerich closed Santa Monica Place on January 31, 2008,
commenced demolition work in March and construction in June 2008. The
construction is anticipated to be completed in time for the 2009 Holiday Shopping
Season
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• 2nd and 4th Street Improvement Project. On August 14, 2007, -the Agency
authorized the execution of a cooperation agreement between the City and the
Agency for payment of costs associated with the 2"d and 4th Streets Pedestrian and
Streetscape Improvements Project. The project consists of eight blocks of
pedestrian and streetscape improvements along 2"d and 4th Streets between
Wilshire Boulevard and Colorado Avenue. These improvements were identified as a
third phase in the Downtown Urban Design Plan, adopted in 1997. Specifically the
improvements entail: the installation of-new Ginkgo trees, removal of some existing
ficus trees, new closely-spaced pedestrian lighting to illuminate the sidewalk area,
the enlargement of tree-wells and the addition of decorative uplighting to the ficus
trees, enhancement of the six mid-block crosswalks on 2"d and 4th Streets,
accessibility improvements and repair of ficus tree damaged sidewalks and curbs.
The goal of this project is to further enhance the pedestrian environment within the
downtown area, encourage pedestrian circulation beyond the 3`d Street Promenade
and improve the pedestrian experience for the patrons of the many transit Tines that
run through downtown. Agency assistance on this project is $2.5 million.
Community Revitalization:
• 20th Street and Cloverfield Streetscape Improvement Project. On
December 11, 2007,. Council approved .the concept design for this project, which
provides various streetscape enhancements on 20th Street and Cloverfield
Boulevard, between the Santa Monica Freeway (I-10) and Pico Boulevard, to
address safety, traffic and aesthetic. improvements on these major thoroughfares.
The concept design includes planting of .new trees and parkway landscaping,
installation of pedestrian lighting, installation of .colored concrete sidewalk sections,
curb extensions on Cloverfield Boulevard, traffic signal modifications and streetlight
circuit upgrades. Agency assistance on this project is $550,000.
• Redevelopment .Priorities. On April 8, 2008, the Agency confirmed its funding
priorities and directed staff to prepare the necessary budget actions to move forward
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the capital programs identified in the long-term priorities for Agency funding. The
Agency and. Council also approved the creation and hiring of supplemental staff
positions to implement the capital programs and projects proposed to be funded by
the Agency.
Affordable Housing Activities:
The Agency continued efforts to increase, presence, and improve the supply of
affordable housing in Santa Monica, as set forth in the adopted housing programs of the
2004 Five-Year Implementation Plan, by carrying out the following activities:
• Line of Credit -Leveraging Housing Set-Aside Funds. In May, the Agency
entered into a Credit Agreement with Bank of America for a line of credit in the
amount of $50,000,000, with an option to increase the line of credit by an additional
$25,000,000. This financing method leverages the Agency's ongoing housing set-
aside revenue stream and provides a means to acquire desirable properties that
come up for sale in a timely manner by increasing the near-term funding available
for affordable housing development, the Agency can decrease its exposure to
inflationary increases in land and construction costs.
• The Civic Center Village. On August 14, 2007, the Agency authorized staff to
commence development agreement negotiations for the. Civic Center Village
residential development: The Village project will meet the goals of the Civic Center
Specific Plan by providing for a vibrant residential community which includes 160
units of affordable housing in the City's civio core as well as neighborhood serving
retail, open space and additional public benefits that reflect the City's values and
policies toward supporting affordable child care, artist housing, alternative energy
production and sustainable design and transportation.
On May 13, 2008, an Ordinance amending the Zoning Ordinance to allow
neighborhood serving uses in the Civic Center Area and approving a Disposition
and Development Agreement (DDA) for the Civic Center Village Residential Project
was introduced. On June 10, 2008, the Agency adopted the resolutions approving
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the DDA and Lease Agreement between the Agency and Related/Santa Monica
Village, LLC.
1458 14t" St: In January 2007, the Agency provided funding to acquire this property
and the developer was awarded federal low income tax credits in June 2007.
Construction commenced in Winter 2007, with excavation work completed by
Summer 2008. This project is new construction consisting of twenty 1-bedroom
apartment units affordable to seniors at low income and very low income.
2411-23 Centinela Ave. This project is nearly complete, the certificate of
occupancy is anticipated to be issued in Fall 2008.Thirty-six newly constructed rental
units, affordable to very-low and low income households, in six buildings on 35,830
square feet of land located on Centinela Avenue just south of Pico Boulevard will be
available to occupy by Winter 2008.
Acquisition and Rehabilitation
0 2900 4th St. Exterior and interior rehabilitation work was completed in
Spring 2008.. This project contains nineteen (2 three-bedroom, 9 two-
bedroom, and 8one-bedroom) units affordable to low-income households.
0 1944 20th Street. Rehabilitation efforts consisting of exterior and interior
improvements, such as a new roof, light fixtures, railings, windows, heaters,
flooring, showers, painting and landscape improvements was completed in
Spring 2008. This project is an existing apartment containing eight three-
bedroom units suitable for large families, affordable to very-low and low-
income households.
1930 Stewart (Mountain View Mobilehome Park). Construction bids and selection
of contractor was completed in early 2008. Construction commenced in Spring 2008
to implement partial reconfiguration of the existing 105 unit mobile home park,
establish lot lines for individual spaces as part of a repair/replacement plan for on-
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site utilities, install new natural gas, potable water, sanitary sewer and street lighting
systems, construct new curbs, gutters and roadway pavemeht surfaces, and install
eight new mobile home units. Griffith Company was the best bidder for construction
and Harris & Associates was selected to perform construction management and
community relations services. This project is funded by Tenant Ownership Rights
Charter Amendment, .Low-Moderate Income Housing, and Redevelopment funds.
• Senior Homeless Prevention and Rental Assistance Program. Since its
inception, 57 senior households have been assisted by this program, receiving RDA
senior rental assistance. During the reporting period, 30 homeless seniors
participated in the program and 9 received housing vouchers.
Low/Moderate Income Housing Redevelopment Funds in the amount of $1..34
million was budgeted to fund this program which is a component of the City's
homeless continuum of care.
Additionally, several affordable housing projects assisted with Agency funds, in previous
fiscal years, are currently under construction or in pre-development. The status of these
projects as well as the anticipated completion dates are summarized in the FY 2008-
2009 Affordable Housing Objectives and Activities.
The Agency will continue to secure as many low and moderate housing opportunities
within the city as feasible with funding assistance for land acquisition, new construction,
and acquisition and rehabilitation of existing properties..
IV. AGENCY OBJECTIVES AND ACTIVITIES FOR FISCAL YEAR 2008-2009
Non-Housing Objectives and Activities:
Disaster Prevention and Mitigation:
Downtown Task Force Parking Program. Continue to implement the Downtown
Parking Task Force Strategic Plan by completing seismic retrofit work and
construction of new restroorn facilities at Parking Structure 4 and completing the
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design work on the seismic retrofit and bicycle parking facility at Parking Structure 2;
initiate the planning design process for the first tear down and rebuild of parking
structures 1, 3, or 6.
• Downtown Parking Program Financing Project. Walker Parking Consultants to
complete assessment of parking supply and demand conditions and complete an
update to the financing program including parking rates for the downtown parking
structures, by Spring 2009.
• Parking Structures 1-6 Facade Improvement Project. Commence construction
and complete improvements including painting the garages by Fall 2009.
• Parking Structure 2. Complete designs for the seismic retrofit and bicycle parking
facility and prepare the project for Coastal Commission approval by Spring 2009.
• Palisades Bluff Stabilization. Continue to carry out environmental review and
work on obtaining waiver from the Coastal Commission and a NEPA categorical
exclusion determination from Caltrans. In addition, conduct public outreach and
prepare advertisement and award of contract to construct proposed improvements.
Commercial Revitalization:
• 2"d and 4th Streets Pedestrian and Streetscape Improvement Project. Install
ficus tree lights, new street and sidewalk light fixtures, irrigation controllers and
control valves, and new underground electrical conduits. Commence Ginko tree
installation Fall 2008 and complete heavy construction work by the Thanksgiving
holiday.
• 20th Street and Cloverfield Streetscape Improvement Program. Conduct
community meeting for public input of the proposed conceptual designs on October
16, 2008. Prepare and present proposed conceptual design for Council for
consideration in Winter 2008.
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• Santa Monica Place Remodel. Continue to work with Macerich Company on the
remodel of Santa Monica Place by coordinating and phasing construction efforts of
Parking Structure 7 & 8 Fagade Improvement and Parking Attendant Program
projects; complete all modifications to existing agreements between the Agency, City
and Macerich; and coordinate construction of public improvements with Macerich to
ensure the City and Agency's conditions of project approval are satisfied.
Parking Structure 7 & 8 Fagade Improvement and Attendant Parking Program.
Negotiate agreement with Macerich to carry out the project, including preparation of
the final construction designs, selection of the contractor, construction of the
proposed fapade improvements including the installation of solar systems and
.pedestrian oriented uses. In addition, coordinate efforts to convert the parking
facilities to attendant parking and valet parking program..
Affordable Housing Objectives and Activities:
• The Civic Center Village. Following approval of the Disposition and Development .
Agreement (DDA), initiate applications to the Architectural Review Board and
California Coastal Commission and prepare application to the California Multifamily
Housing Program (MHP) for funding. Staff will also explore funding opportunities
from State bond proceeds targeted toward infrastructure for mixed-income infill
developments for the Palisades Garden Walk Park. Commence construction in
Spring 2009, with completion targeted for 2012.
• 1548 5th Street. Complete construction by December 2008. This project will
provide 46 affordable single room occupancy (SRO) units for mentally disabled and
homeless persons. Anticipated completion: Winter 2008
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• 1942-54 High Place (High Place West). Assist developer with predevelopment
phase, complete preliminary design work and coordination of an EIR with the
companion ownership project, High_ Place East, and obtain permanent funding.
.Coordinate efforts to submit this project to Architectural. Review Board in January
2009 and pull building permits by January 2010. Upon completion of this project,
approximately fifty affordable rental units will be available to low income households.
Anticipated completion: Winter 2010
• 1943, 1945,.1955 and 1959 High Place (High Place East): Assist developer with
predevelopment phase, complete preliminary design work ahd coordination of an
EIR with the companion rental project, High Place West. Coordinate. efforts to
submit this project to Architectural Review Board in January 2009 and pull building
permits by January 2010. In addition, proceed with the preparation of final tract map
(subdivision) and submit to County of Los Angeles in November 2008. This
development will provide approximately forty-five two and three bedroom affordable
ownership units targeted to moderate income households. Anticipated completion:
Winter 2012
• 1930 Stewart (Mountain View Mobilehome Park). Complete reconfiguration of lot
lines, repairs, construction and infrastructure upgrades by June 2009. Anticipated
completion: Summer 2009
• Acquisition and Rehabilitation:
0 2211 4t" St. Complete interior rehabilitation work and finish project by Winter
2008 This project contains twenty-two (2 two-bedroom and 20 one-bedroom)
units restricted to low-income households. Anticipated completion: Winter
2008
0 2624 Santa Monica Blvd. Commence rehabilitation work on this existing
eight-unit motel for use as single-room occupancy housing for very low
income young adults with mental illness. Anticipated completion: Winter
2009
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175 Ocean Park Boulevard. Fulfill lease payment obligations to maintain twenty-
two housing units for very low-income senior and family households. The lease
payment made by the Agency is on behalf of the 175 Ocean Park Boulevard public
housing development operated by the County of Los Angeles. This has been an
ongoing activity of the Redevelopment Agency for many years.
V. PROJECT AREA HOUSING FUND REVENUES AND OTHER SOURCES
During the reporting period the Agency contributed $13,110,428 into its Low & Moderate
Housing Fund, reflecting 20 percent of the tax increment revenues received In FY 2007-
2008. These funds will be used in support of low and moderate income housing in
future years. The following represents the breakdown of these contributions:
Ocean Park Redevelopment Projects 1A & 1B
In FY 2007-2008 the Ocean Park 1A and 1B Redevelopment Projects received a
$3,823,157 in tax increment revenue of which $764,632 is housing set-aside revenues.
These funds were expended on debt service, associated administrative costs and
deposited in the affordable housing fund.
Downtown Redevelopment Project
In FY 2007-2008, the Downtown Redevelopment Project received $1,460,897 in tax
increment revenue of which $292,259 is housing set-aside revenues. These funds were
expended on debt service, associated administrative costs and deposited into the
affordable housing fund.
Earthquake Recovery Redevelopment Project
In FY 2007-2008, the Earthquake Recovery Redevelopment Project received
$60,267,687 in tax increment revenue of which $12,053,537 is housing set-aside
revenues. AB1290 payments of $14,236,964 will be distributed to other taxing entities
including the City of Santa Monica from tax increment revenues.
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