Loading...
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