HomeMy Public PortalAboutReports •
PROPOSED AMENDMENT TO THE REDEVELOPMENT PLAN
FOR THE TRUCKEE REDEVELOPMENT PROJECT
Paragraph 8 is added to Section 602 of the Redevelopment Plan as follows:
"8. The amount of bonded indebtedness to be repaid in whole or in part from
the allocation of taxes described in paragraph 2 above, which can be
outstanding at any one time shall not exceed SEVENTY-FIVE MILLION •
DOLLARS($75,000,000)."
, Y
FA FRASER & ASSOCIATES ,
Redevelopment and Financial Consulting
225 Holmfirth Court Phone: (916) 791-8958
Roseville CA 95661 FAX: (916)791-9234
Report to City Council
Proposed Amendment to
Redevelopment Plan
Truckee Redevelopment Project Area
Prepared for
Truckee Redevelopment Agency
December 2010
82631.00002\5772692 2
Y !
FA FRASER & ASSOCIATES
INTRODUCTION
This Report to City Council deals with the proposed first amendment to the
Redevelopment Plan for the Truckee Redevelopment Project (Project Area or
Project). The Report has been prepared for the Truckee Redevelopment Agency
pursuant to Sections 33352 and 33457.1 and other applicable provisions in
Chapter 4 of Part 1 of the California Community Redevelopment Law (CRL),
Health and Safety Code Sections 33000 et seq.
Project Area History
The Project Area was adopted on October 15, 1998 by the Town of Truckee City
Council by Ordinance No. 98-06. There have been no amendments to the
Redevelopment Plan. The Project Area includes approximately 1,000 acres of
land, including the downtown area, pockets of residential uses, and other
commercial and mixed use development. A map of the Project Area is shown on
the following page. Some of the major uses are described below:
• The Union Pacific Railroad properties to the east of the downtown area
including the balloon track area. This area was the former site of a lumber
mill and storage area for lumber products as well as a storage area for
railroad equipment. This site is essentially vacant now with some storage
of materials at the site.
• The older residential properties in the center of the Town north of Donner
Pass Road. This includes all of the properties starting from the extension
of Jibboom Street and Church Street on the east to the intersection of
High Street and the Interstate 80 underpass on the west.
• The residential and industrial properties on East and West River Street
north of the Truckee River and the properties on South River Street and
East South River Street.
• The residential area adjacent to the Hilltop ski area, specifically the
properties near Palisades Drive and Hill Top Lodge.
• The commercial properties in the center of the Town on Donner Pass
Road from Trout Creek Road on the east to the intersection of Donner
Pass Road and the Interstate 80 underpass on the west.
• The commercial and mixed use areas fronting Donner Pass Road from the
Interstate 80 intersection on the west to Cold Stream Road on the east.
At the time of adoption of the Project Area, a number of conditions of blight were
found in the Project Area. These included: dilapidation and deterioration of
buildings; inadequate parcel size; lack of parking; incompatible uses;
substandard lots; high business vacancies; and inadequate public improvements.
As a means to address these problems, the Project Area was formed.
Truckee Redevelopment Project Page 1
Report to City Council
82631.00002\5772692 2
FA FRASER & ASSOCIATES
;,r t,.„,gi..- ,p`L:,£ ,a': ,,, F`t,;.;,,,r:sia:'�C,;3'2%,,g�, ', `,f'..„,,�',..,22F _. '- � ...^.._._= ' si ..l t - 'fit-_ 1 .1„."/.7
."/. -
;-_
># -t-,,-:'":-:;,-"'-2-_ 1 ,tegvtYF„ i.�'K'.` .tr*j . ��� _ .. ,3- . 7 , x s ra, a , . ` ,��,t"�,�4rA �� je>•4'.1 , ▪ r-..-,;-z°-„ � .
>2 �•42'n'-')c ,11. 1 I Truckee Redevelopment Project Area 7. '
-?,',/ °.'�:`Y-1'J:,'"T,._.....,»t1 rM?k, i'`. 1�, ;�'u4 ;" �.7,-:k1-,,,S-32,,,--i `:,%�'.'.'tn.'^„',_'a _.'.1 a = ^, =�',-„4 t?aY - 1 i 1'-pn !
y;,„.3,•t ;''-s ;; -,,?;`,1—,-4) ;.,1M- -4--,;,.a�"”" .i'4$-Z,2”-- --'L'""-Y --� h�*C ;tit3 'N,,,,,..- � r< , � - s ^��r-- - ' "pq ,
/Ax ','gi'<r`7. `; I ,',',,r;',x.;%''*.l..'", - ;
T ' J
FA FRASER &ASSOCIATES
Purpose of Amendment
The sole purpose for the proposed amendment is to establish a maximum dollar
limit on the principal amount of bonds that can be outstanding at one time. The
reason for the proposed amendment is further described in Part I of this Report.
Purpose of Report to City Council
The purpose of this Report is to provide the information, documentation, and
evidence required by Section 33352 of the Community Redevelopment Law to
accompany the proposed Amendment when it is submitted by the Agency to the
City Council. Such information, documentation and evidence is provided to
assist the City Council in its consideration of the proposed Amendment and in
making the various determinations it must make in connection with its adoption.
CRL Section 33457.1 provides that "To the extent warranted by a proposed
amendment to a redevelopment plan... the reports and information required by
Section 33352 shall be prepared and made available." Because of the narrow
scope of the Amendment, some of the reports and analysis required by Section
33352 have not been included in this Report. The reports and analysis required
by Section 33352(d), (g), (i), (I), (m) and (n) were deemed irrelevant to the
Amendment and have been excluded from this Report. The topics that these
sections address, and the reasons they have been excluded, are discussed
below:
1. Section d: This section deals with the reasons blight cannot be eliminated by -
the private sector acting alone or by the City's use of financing alternatives
other than tax increment. This finding was conclusively made at the time the
Redevelopment Plan was adopted, and the proposed Amendment does not
make any changes to the Plan that would call this finding into question.
2. Section g: This section deals with an analysis of the Preliminary Plan. Among
other things, a Preliminary Plan establishes the boundaries of a
redevelopment project area. The Amendment does not propose any changes
to the Redevelopment Plan that would cause the Redevelopment Plan to
depart from its Preliminary Plan basis. Therefore, an analysis of the
Preliminary Plan is not required.
3. Section i: This section requires that a summary of the meetings of a project
• area committee be included in this Report to City Council. A project area
committee was not required to be formed as part of the Amendment.
4. Section m: This section requires that a neighborhood impact report be
prepared when adopting a new project area or adding territory. This report
was prepared as part of the Report to City Council that was considered when
the Project Area was adopted, and the Amendment does not affect the
information in that report.
Truckee Redevelopment Project Page 15
Report to City Council
FA FRASER &ASSOCIATES
5. Section I and n: The CRL requires that when a new project area is adopted or
an existing plan is amended to add territory, and tax increment is to used, that
the county prepare a specific report. The report contains information on the
allocation of property taxes in the project area. The Agency is also required to
provide an analysis of the county report. The propose plan amendment is not
adding territory and therefore these sections are not required.
Truckee Redevelopment Project Page 15
Report to City Council
,FA FRASER & ASSOCIATES
PART I — REASONS FOR AMENDING THE REDEVELOPMENT PLAN
As stated in the introduction to this Report, the sole purpose for amending the
Redevelopment Plan is to establish a maximum dollar limit on the principal
amount of bonds that can be outstanding at one time. The Redevelopment Plan
currently authorizes the Agency to issue bonds, but places no limit on the
principal amount of bonded indebtedness to be repaid with tax increment that
can be outstanding at one time. Section 33334.1 of the CRL requires that a
Redevelopment Plan include such a limitation. The adopted Redevelopment
Plan inadvertently omitted such a limit, and so the Agency is proposing to add a
bond limit of$75 million to the Plan.
Truckee Redevelopment Project Page 15
Report to City Council
FA FRASER &ASSOCIATES
PART II- EFFECT.OF AMENDMENT ON PHYSICAL AND ECONOMIC "
CONDITIONS EXISITING IN THE PROJECT AREA
Blighting Conditions at the Time of Project Adoption
When the Redevelopment Plan was adopted in 1998, the Project Area was found
to be conclusively blighted as defined by Health and Safety Code Sections 33031
and 33032. According to the Report to the City Council prepared in 1998 as part
of the process for adopting the Plan, numerous conditions of physical and
economic blighting conditions were found to exist in the Project Area. The extent
of these blighting conditions represented a physical and economic burden on the
City which could not be reversed or alleviated by the City and/or the private
sector acting alone or in concert.
Except for the projects which the Agency has completed to date (that are
described in the following section), the blighting conditions found in 1998
continue to exist. These conditions are briefly summarized below and are based
on the Report to City Council prepared by the Agency at the time the Project
Area was adopted.
Physical Conditions of Blight
Buildings that are Unsafe or Unhealthy in which to Live and Work: These
conditions can be caused by serious building code violations, dilapidation and
deterioration, defective design or physical construction, or faulty or inadequate
utilities.
The field survey conducted at the time of adoption showed that numerous
buildings did not meet building code requirements. In addition, dilapidation and
deterioration were apparent in buildings interspersed in the Project Area with the
"blighting" effect extending to properties throughout the Project Area.
The results of the field survey demonstrated that buildings in the Project Area
required some degree of maintenance or improvement. This was especially the
case with both commercial and residential structures in the Downtown area and
the properties adjacent to the Truckee River along East River Street, West River
Street and along Donner Pass Road, where numerous buildings were considered
in need of substantial rehabilitation or repair. These conditions also were found
in the Hilltop area.
Generally, blighting conditions included the following:
• Broken and boarded windows
• Unreinforced masonry walls
Truckee Redevelopment Project Page 15
Report to City Council
,
FA FRASER &ASSOCIATES
• Broken concrete driveways or deteriorated gravel driveways
• Broken or cracked sidewalks
• Absence of surface drainage facilities
• Rotting or sagging roofs
• Additions or garage conversions not meeting building code requirements
• Junk or abandoned vehicles stored on property
• Buildings appearing to be abandoned
• Buildings and fences needing repainting
• Large vacant areas previously in industrial use
• General blighting adjacent to the railroad right-of-way
Factors which Hinder Economic Viability: This condition can be caused by
substandard site design, inadequate parcel size given present standards and
market conditions, lack of parking, or similar factors. .
In the commercially zoned area facing Donner Pass Road, most parcels were
found to be either too narrow or too shallow to meet current market requirements
for new development. Some of the parcels were as small as 6,500 square feet
with frontage of approximately 50 feet. These same conditions existed along
Jibboom Street in the Downtown Area. While many of the buildings are
historically significant and are being protected, other buildings are not and can be
improved with redevelopment assistance. This condition severely hindered or
. eliminated the ability of the properties to meet current lender requirements for
new commercial development.
•
The insufficiency of parking was observable in the shallow depth, which does not
allow parking on site. Particularly along Donner Pass Road, the shallow setback
and limited lot depth created significant parking deficiencies. There was also an
inadequate pedestrian circulation system in the commercial portions of the
Project Area, which further hindered business activity.
Incompatible Land Uses: This condition involves adjacent or nearby uses that
are incompatible with each other and prevent the economic development of
those parcels or other portions of the area.
While Town policy encourages mixed land use patterns, specific incompatible
uses were noted in the Project Area. Existing site design patterns did not
accommodate the mix of uses. These uses included commercial uses in
residential areas, single family homes in commercial areas, and storage of
vehicles and equipment in residential areas. Scattered throughout the Project .
Area were inadequate storage facilities for heavy construction equipment, trucks
and other construction equipment.
Truckee Redevelopment Project Page 15
Report to City Council
d3
FA FRASER &ASSOCIATES
Lots of Irregular Shape and Inadequate Size: This condition reflects the
existence of subdivided lots of irregular form and shape and Inadequate size for
proper usefulness and development that are in multiple ownership.
Parcels of irregular shape and inadequate size existed throughout the Project
Area at the time of adoption. There were 382 parcels totaling 159 acres that
were irregular in shape and in multiple ownership. These irregular parcels ,
existed in the area north of PC-1 along Deerfield Drive, on the north side of
Donner Pass Road adjacent to Northwoods Boulevard, west of the Gateway
Shopping Center, the Downtown Area, the properties along East River Street and
West River Street, and in the Millsite Area. ,
Economic Conditions or Blight The primary indicators of economic blight
included depreciated or stagnant property values, impaired investments,
abnormally high business vacancies, abnormally low lease rates, high turnover
rates, and abandoned buildings or excessive vacant lots within an area
developed for urban use. In addition, the level of private redevelopment activity
in the Project Area had slowed as the number of viable opportunities available to
private developers was further limited. This was largely attributable to the
problems associated with the assembly of sites that are economically efficient
based on current market standards. Principal impediments to site assemblage
included multiple ownerships of numerous irregular parcels.
Redevelopment Activities from Project Adoption to Present
Up until the past few years, the tax increment revenues of the Project Area were
limited and placed a financial constraint on the Agency's ability to implement its
program of redevelopment. Due to this, there have only been limited project
activities. The projects completed included:
• Railvard Master Plan: The Agency helped facilitate the sale of the
railyard site, east of the Historic Downtown, to a private developer, and
the Agency participated in the preparation of the site's approved master
plan.
• Former Nevada County Corporation Yard Site: The Agency acquired the
West River Street site from Nevada County in May 2004. The Agency has
facilitated site redevelopment efforts through environmental clean-up and
technical studies, and is now in the process of conducting a
redevelopment feasibility study for determining a future land use for the
site.
■ Downtown Parking Structure Feasibility Study: The Agency facilitated
preparation of a report which provides a recommended site and design for
a parking structure in Historic Downtown Truckee.
• Brickelltown Streetscape Improvement Project: The Agency participated
in the initial planning and design of a major capital improvement project in
Truckee Redevelopment Project Page 15
Report to City Council
5
t )
FA FRASER &ASSOCIATES
the Historic Downtown. This project involved designing a quarter-mile
stretch of public right-of-way, and is now temporarily on hold while the
acquisition of railroad right-of-way is being negotiated between the railroad
company and the Agency.
• Historic Preservation Program: This program includes two grant programs
and,a loan program to encourage private property owners to invest in
historic residential and commercial properties in the Historic Downtown
area.
• Downtown Streetscape Improvement Program: This program provides
loans to encourage private property owners to invest in the streetscape
frontages of their properties along the public right-of-way, for the
improvement of individual properties and the Historic Downtown area as a
whole.
• Historic Downtown Newsrack Project: The Agency purchased twelve
high-quality newsracks for Historic Downtown Truckee in order to improve
the overall appearance and function of the Historic Downtown area.
• Brickelltown Temporary Sidewalk Project: The Agency'helped to plan,
design and facilitate the construction of a continuous sidewalk connection
in the western portion of the Historic Downtown area.
• Downtown Parking Area Improvements: The Agency acquired new
railroad right-of-way leases in the Historic Downtown area in order to
improve public parking facilities for economic development purposes.
Affordable Housing Projects: The Agency financially participated in the
affordable housing component of two multi-family housing developments near
the Historic Downtown area.
In 2009, the Agency sold its first bond issue in the amount of$12.7million. The
proceeds of the bond issue will be used to fund a number of projects and
improvements, as described in the next section of this report.
Remaining Blight Conditions and Effect of the Amendment on Such
Conditions
With the exception of the projects mentioned above, the blighting conditions
found in 1998 continue to persist. Such conditions are so prevalent and
substantial that they continue to constitute a serious physical and economic
burden on the community.
The Amendment to the Redevelopment Plan would have no impact on the
Agency's ability to alleviate blighting conditions in the Project Area. It will simply
bring the Redevelopment Plan into conformance with the requirements of state
law. The bond limit has been established to take into account potential future
growth in tax increment revenues and the potential to issue new bonds, and
should not impede the Agency's ability to implement the Redevelopment Plan.
Truckee Redevelopment Project Page 15
Report to City Council
FA FRASER &ASSOCIATES
PART III —IMPLEMENTATION PLAN•
The Agency recently completed its Five Year Implementation Plan for the period
through 2013-14. It provides the most recent statement of the projects and
programs the Agency intends to undertake. It is incorporated by reference into
this document. The Amendment does not affect the adopted Implementation
Plan or require any changes to the Plan.
Truckee Redevelopment Project Page 15
Report to City Council
, a
FA FRASER &ASSOCIATES
PART IV-- EFFECT OF AMENDMENT ON METHOD OF FINANCING AND
CONTINUED FEASIBILITY OF PROJECT
This section of the Report deals with the impact of the proposed Amendment on
the method of financing the Project Area. Two major areas are analyzed: the
methodology used to establish the maximum principal amount of bonds that can
be outstanding at one time; and the impact of the Amendment on economic
feasibility.
Tax Increment Revenues, Bonds and Limitations
Table 1 in the Appendix provides an estimate of the tax increment revenues that
could be generated for the Project Area between now and 2020-21. The tax
increment revenue projections are based on the following assumptions:
• The Proposition 13 allowable inflationary adjustment of up to 2 percent
annually;
_ • An additional 2 percent adjustment to taxable values to reflect changes of
ownership; and
• New development activity shown below that is assumed to occur based on
Agency activities, as contained in the Downtown Specific Plan:
Square Footage Units
Single Family Residential 148
Multi Family Residential 516
Commercial 206,000
Office 44,000
Lodging 552
Table 1 shows that total tax increment could equal $9.3 million in 2020-21.
Housing set-aside funds are estimated at $1.9 million. After reductions for
property tax administrative fees, the housing set-aside, and mandatory tax
sharing payments, net tax increment is estimated at$4.0 million.
The projected net tax increment and housing tax increment in 2020-21 have
been used to set the limit on the principal amount of bonds that can be
outstanding at one time. The current Agency time limit on the incurring of new
debt is October 15, 2018 (2018-19 fiscal year). It is assumed that the Agency
would issue a final bond issue during that fiscal year. It is further assumed that
the Agency would issue bonds that would include an escrow component that
would be sized in accordance with the amount of net tax increment and housing
set-aside revenues in 2020-21. Under an escrow structure, a portion of the
Truckee Redevelopment Project Page 15
Report to City Council
a. 1f a
FA FRASER &ASSOCIATES -
bonds are held in a fund and cannot be released until tax increment has grown
sufficiently to provide coverage. - . . -
Table 2 in the Appendix shows our calculation of the bond, limit. Using an
assumption of a 5.5 percent interest rate and a 30 year term, it is estimated that
the Agency could issue $40 million of tax increment bonds and $22 million of
housing bonds. When combined with the currently outstanding bonds from 2010
of$12.7 million, the total bond amount, when rounded, would total $75 million.
This is the principal amount of bonds that can be outstanding that will be included
in the Redevelopment Plan.
Impact of Amendment on Economic Feasibility
The Amendment will have no impact on the economic feasibility of the Project
Area. The bond limit has been set in a manner to take into account future growth
in the Project Area. The bond limit should therefore have no impact on the ability
of the Agency to finance projects and programs in the Project Area and continue
to eliminate blight.
Truckee Redevelopment Project Page 15
Report to City Council
3 t
FA FRASER & ASSOCIATES
PART V-- EFFECT OF AMENDMENT ON METHOD OR PLAN FOR
- RELOCATION OF FAMILIES AND PERSONS
Section 33352(f) of the Community Redevelopment Law requires this Report to
contain a "method or plan" for"the relocation of families and persons to be
temporarily or permanently displaced from housing facilities in the project area,
which ... shall include the provision required by Section 33411.1". This Part V
has been prepared in compliance with Sections 33352, 33411 and 33411.1 of the
Community Redevelopment Law.
Section 33411 of the CRL requires an agency to prepare a feasible "method or
plan" for relocation of families or persons to be temporarily or permanently
displaced from housing facilities in a project area, and for nonprofit local
community institutions to be temporarily or permanently displaced from facilities
actually used for institutional purposes in a project area. Section 33411.1
requires a city council to insure that "...such method or plan of the agency ... shall
provide that no persons or families of low and moderate income shall be
displaced unless and until there is a suitable housing unit available and ready for
occupancy by such displaced person or family at rents comparable to those at
the time of their displacement. Such housing units shall be suitable to the needs
of such displaced persons or families and must be decent, safe, sanitary, and
otherwise standard dwelling. The agency shall not displace such person or
family until such housing units are available and ready for occupancy."
This Part V is not intended to be a "Relocation Plan"within the meaning of
Section 6038 of the "Relocation Assistance and Real Property Acquisition
Guidelines" promulgated by the California Department of Housing and
Community Development (California Code of Regulations, Division 1 of Title 25,
commonly called the "State Guidelines"). As described below, a Section 6038
Relocation Plan is not prepared until an agency initiates negotiations for the
acquisition of real property and prior to proceeding with any phase of a public
improvement or facility project or other implementation activity that would result
in any displacement other than an insignificant amount of non-residential
displacement.
AGENCY RELOCATION IN THE EVENT OF AGENCY DISPLACEMENT
The Agency anticipates that its pending projects that are described in the
Implementation Plan will continue to provide an incentive for the private sector to
develop or redevelop vacant, underutilized and blighted properties. As a part of
these projects, the Agency may selectively acquire and dispose of property. To
the extent that the Agency acquires occupied property for land assembly or other
purposes, or enters into agreements with developers or others under which
occupants will be required to move, the Agency will cause or will be responsible
for causing such displacement of occupants. The Agency is not responsible for
any displacement which may occur as a result of private development activities
Truckee Redevelopment Project Page 15
Report to City Council
FA FRASER & ASSOCIATES
not directly assisted by the Agency under a disposition and development, owner
participation, or other such agreement: ..
As noted within this Report, displacement of persons, families, businesses or
tenants is a possibility under the Agency's continued projects and activities in the
Project Area. At this time, it is not known how many persons, households or
businesses may be relocated over time. Should any displacement occur, the
Agency would be required to provide persons, families, business owners and
tenants displaced by Agency activities with monetary and advisory relocation
assistance consistent with the California Relocation Assistance Law
(Government Code, Section 7260 et seq.) and the Redevelopment Plan.
The Agency would pay all relocation payments required by law. The following
portions of this Part V of the Agency's Report to City Council outline the general
relocation rules and procedures which the Agency would follow. The Agency's
functions in providing relocation assistance and benefits are also summarized.
RULES AND REGULATIONS
The Agency has adopted rules and regulations that: (1) implement the
requirements of California Relocation Assistance Law (Government Code,
Chapter 16 of Division 7 of Title 1, commencing with Section 7260) (the "Act");
(2) are in accordance with the provisions of the State Guidelines; (3) meet the
requirements of the California Community- Redevelopment Law and the
provisions of the Redevelopment Plan; and (4) are appropriate to the particular
activities of the Agency and not inconsistent with the Act or the State Guidelines.
RELOCATION ASSISTANCE ADVISORY PROGRAM AND ASSURANCE OF
COMPARABLE.REPLACEMENT HOUSING
When required by any project involving the Agency, the Agency will implement
a relocation assistance advisory program which satisfies the requirements of
the State Law and Article 2 of the State Guidelines and the Civil Rights Act.
Such program would be administered so as to provide advisory services which
offer maximum assistance to minimize the hardship of displacement and to
ensure that (a) all persons and families displaced from their dwellings are
relocated into housing meeting the criteria for comparable replacement housing
contained in the State Guidelines, and (b) all persons displaced from their
places of business are assisted in reestablishing with a minimum of delay and
loss of earnings. No eligible person would be required to move from his/her
_ dwelling unless within a reasonable period of time prior to displacement a
comparable replacement dwelling or, in the case of a temporary move, an
adequate replacement dwelling is available to such person.
Truckee Redevelopment Project Page 15
Report to City Council -
} aF ..
FA FRASER &ASSOCIATES
APPENDIX- FINANCIAL PROJECTIONS
•
Truckee Redevelopment Project Page 15
Report to City Council
I
J
Table 1
Truckee Redevelopment Agency
Truckee Project Area
TAX INCREMENT PROJECTION
(000's Omitted)
(4) (5) Net
(1) (2) (3) Value Total Property (6) (7) Sub.Tax Sharing(8) Tax
Fiscal Real New - Other Total Over Base Of Tax Tax Admin. Housing Senior Tax To To Increment
Year Property Development Property Value 110,918 Increment Fees Set-Aside Tax Shanng Revenues City Others Revenue
2010 - 2011 $287,434 N/A $32,416 $319,850 $208,933 $2,089 $43 $418 $43 $1,585 $57 5361 $1,167
2011 - 2012 290,309 0 32,416 322,725 211,807 2,118 44 424 44 1,606 58 371 1,178
2012 - 2013 296,115 0 32,416 328,531 217,613 2,176 45 435 45 ` 1,651 59 391 1,201
2013 - 2014 307,959 59,039 32,416 399,415 288,497 2,885 60 577 59 2,189 78 632 1,478
2014 - 2015 381,678 60,810 32,416 474,905 - 363,987 3,640 '76 728 74 2,762 99 889 1,774
2015 - 2016 460,188 62,635 32,416 555,239 444,321 4,443 92 889 90 3,372 121 1,163 2,088
2016 - 2017 543,736 64,514 32,416 640,665 529,747 5,297 110 1,059 107 4,021 144 1,454 2,422
2017 - 2018 632,579 66,449 32,416 731,444 620,526 6,205 129 1,241 125 4,710 169 1,764 2,777
2018 - 2019 726,989 68,442 32,416 827,848 716,930 7,169 149 1,434 144 5,442 195 2,092 3,155
2019 - 2020 827,249 70,496 32,416 930,161 819,243 8,192 170 1,638 165 6,219 223 2,441 3,555
2020 - 2021 933,655 72,611 32,416 1,038,681 927,764 9,278 193 - 1,856 186 7,043 _ 252 2,811 ,3,980
Footnotes
(1) Prior Year Real Property increased by 2 percent in 2011-12;and then by 4%per year: ,
(2) New Development based on Specific Plan buildout figures
(3) Includes the value of secured and unsecured personal property,and state-assessed railroad and non-unitary property.
(4) Based on the application of the 1 percent tax rate to incremental value.
(5) Estimated based on 2.08 percent of tax increment.
(6) Calculated at 20 percent of tax increment. -
(7) Payments per the provisions of CRL Section 33676.
(8) Payments per the provisions of CRL Section 33607.5 - ,
Fraser Associates Truckee Tiproj 11 for Plan Amd
tiproj(2) 12/13/2010
,r
Table 2
Truckee Redevelopment Agency
Truckee Project Area
Bonded Debt Limit
(000's Omitted)
Tax Revenues(1) 7,043
Less: Subordinate Obligations 3,063
Net Tax Revenues 3,980
Less: Current MADS 1,217
Tax Revenues for Parity 2,763
Assumptions:
Interest Rate 5.5%
Term 30
Gross Bond Proceeds 40,000
Housing Revenue (1) 1,856
Less: Coverage 1.25 371
Net Tax Revenues 1,484
Less: Current MADS 0
Tax Revenues for Parity 1,484
Assumptions:
Interest Rate 5.5%
Term 30
Gross Bond Proceeds 22,000
Total Gross Bond Procees 62,000
Plus: 2010 Bonds 12,740
Total Bond Limit(Rounded) 75,000
(1) Based on Tax Revenues in 2020-21, assuming Agency sells
bonds in 2018-19 that include an escrow feature.
Fraser Associates 12/13/2010
cash1 Truckee Tiproj 11 for Plan Amd