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Central District
The Central District Redevelopment Area has been the overwhelming focus of the redevelopment agency for nearly the past 20 years. It was created in 1969, encompasses the downtown area from Embarcadero past Grand Ave between Lake Merritt and I-980, as well as a few other areas. This project area has seen significant amounts of development in the past two decades. This focus was increased with the introduction of Mayor Jerry Brown's 10K Housing Initiative, which was designed to bring 10,000 residents back to the downtown area. This initiative is nearing completion, with approximately 5,000 units built in the downtown area during Mayor Brown's term. The overwhelming amount of activity means that the large majority of revenue generated by ORA has come from this area, as has much of its debt (see below).
Description of Project Area
Date Created: 1969
Redevelopment Plan Approved: June 12, 1969
Plan Termination Date: January 1, 2009
Subject to 1993 Reforms: No
Tax Increment Revenue Limit: $1,348,862,000
Size: 827 Acres
Location (general): Embarcadero West to 28th St., I-980/Telegraph Ave to Lake Merritt/Fallon St./Bay St.
Contacts
Community Economic Development Agency Staff:
Dan Vanderpriem
Redevelopment Director
(510) 637-0241
dvanderpriem@oaklandnet.com
City of Oakland Central District webpage
Financial Information
Tax Increment (TIF) Revenue
| |
FY 89-90 |
FY 90-91 |
FY 91-92 |
FY 92-93 |
FY 93-94 |
FY 94-95 |
FY 95-96 |
FY 96-97 |
| Gross TIF ** |
22,522,518 |
24,281,199 |
28,233,254 |
25,468,789 |
26,302,123 |
22,360,804 |
23,090,268 |
20,835,725 |
| Payments to Other Agencies |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
| Set-Asides |
4,504,504 |
4,856,240 |
5,646,651 |
|
|
|
4,618,054 |
4,167,145 |
| Net TIF |
18,018,014 |
19,424,959 |
22,586,603 |
|
|
|
18,472,214 |
16,668,580 |
| |
FY 97-98 |
FY 98-99 |
FY 99-00 |
FY 00-01 |
FY 01-02 |
FY 02-03 |
FY 03-04* |
FY 04-05* |
| Gross TIF ** |
21,355,521 |
21,663,262 |
23,771,923 |
25,329,930 |
29,288,188 |
34,078,821 |
33,437,947 |
34,273,895 |
| Payments to Other Agencies |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
| Set-Asides |
4,271,104 |
4,332,652 |
4,754,385 |
5,065,986 |
5,857,638 |
9,576,149 |
10,365,764 |
10,967,646 |
| Net TIF |
17,084,417 |
17,330,610 |
19,017,538 |
20,263,944 |
23,430,550 |
24,502,672 |
23,072,183 |
23,306,249 |
* Projected in ORA Budget for FY 2003-2005
* *From State Controller “Community Redevelopment Agencies Annual Report” |
Set-Asides
| |
FY 89-90 |
FY 90-91 |
FY 91-92 |
FY 92-93 |
FY 93-94 |
FY 94-95 |
FY 95-96 |
FY 96-97 |
| Housing Set Aside |
$4,504,504 |
$4,856,240 |
$5,646,651 |
$5,093,758 |
$5,260,425 |
$4,472,161 |
$4,618,054 |
$4,167,145 |
| ERAF Shift |
$0 |
$0 |
$0 |
|
|
|
$0 |
$0 |
| Total Set Asides |
$4,504,504 |
$4,856,240 |
$5,646,651 |
|
|
|
$4,618,054 |
$4,167,145 |
| |
FY 97-98 |
FY 98-99 |
FY 99-00 |
FY 00-01 |
FY 01-02 |
FY 02-03 |
FY 03-04* |
FY 04-05* |
| Housing Set Aside |
$4,271,104 |
$4,332,652 |
$4,754,385 |
$5,065,986 |
$5,857,638 |
$8,519,705 |
$8,359,487 |
$8,568,474 |
| ERAF Shift |
$0 |
$0 |
$0 |
$0 |
$0 |
$1,056,443 |
$2,006,277 |
$2,399,173 |
| Total Set Asides |
$4,271,104 |
$4,332,652 |
$4,754,385 |
$5,065,986 |
$5,857,638 |
$9,576,149 |
$10,365,764 |
$10,967,646 |
| * Projected in ORA Budget for FY 2003-2005 |
Bonds
| Bond Name/Type |
Issuing Agency |
Date |
Maturity Date |
Principal Outstanding
(as of 7/1/2005 )* |
| Refunding Revenue Bonds (Local Government Financing Authority) |
U.S. Bank |
8/1/1989 |
9/1/2019 |
$0 |
| Subordinated Tax Allocation Refunding Bonds |
U.S. Bank |
8/25/1992 |
9/1/2019 |
$0 |
| Senior Tax Allocation Refunding Bonds |
JP Morgan Chase Bank |
11/15/1992 |
2/1/2014 |
$52,365,000 |
| Subordinated Tax Allocation Refunding Bonds |
U.S. Bank |
3/1/1993 |
9/1/2021 |
$0 |
| Subordinated Tax Allocation Refunding Bonds |
U.S. Bank |
8/1/1995 |
9/1/2021 |
$0 |
| Subordinated Tax Allocation Refunding Bonds |
BNY Western Trust Company |
1/7/2003 |
9/1/2019 |
$112,950,000 |
| * Projected in ORA Budget for FY 2003-2005 |
|
Total Debt (As of 7/1/2005)
| Total Bonded Debt |
$ 165,315,000 |
| Other Debt |
$ 18,498,884 |
| Total Debt |
$ 183,813,884 |
TIF Projections (from 2003 Subordinated Tax Allocation Refunding Bonds)
| |
FY 04-05 |
FY 05-06 |
FY 06-07 |
FY 07-08 |
FY 08-09 |
FY 09-10 |
Yearly Incremental
Revenue |
$2,540,704 |
$2,593,010 |
$2,646,363 |
$2,700,782 |
$2,756,290 |
$2,812,908 |
| Total Gross TIF Revenue |
$32,630,000 |
$33,225,000 |
$33,833,000 |
$34,452,000 |
$35,083,000 |
$35,727,000 |
| Total Net TIF Revenue |
$25,803,000 |
$26,275,000 |
$26,755,000 |
$27,245,000 |
$27,744,000 |
$28,253,000 |
Demographics
| |
Central District |
1990 |
2000 |
% change |
| Total population |
11,926 |
13,911 |
17 |
Race |
|
| % White |
24 |
19 |
|
| % Black |
29 |
27 |
| % Am. Indian/Alaskan Native |
1 |
0 |
| % Asian/Pacific Islander |
44 |
48 |
| % Other |
3 |
3 |
| % Two or more races |
N/A |
4 |
| % Hispanic |
6 |
7 |
Income |
|
| Mean Household Income (1999 $) |
33,182 |
29,295 |
-12 |
| % Persons Below Pov. |
21 |
26 |
|
Employment |
|
| % Labor Force Unemployed |
10 |
7 |
|
| % 16 yrs+ not in labor force |
48 |
53 |
Housing |
|
| % Owner occupied housing units |
10 |
12 |
|
| % HH paying > 30% of income for housing |
50 |
41 |
|
| Mean value of owner occ. housing units (2000 $) |
169,666 |
214,725 |
27 |
Educational attainment |
|
| % 25 yrs. + with HS deg. or higher |
61 |
65 |
|
| % 25 yrs. + with bach. deg. or higher |
16 |
21 |
| Source: US Census Bureau, Summary File 3, 1990 and 2000 |
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