ATTACHMENT 2docs.sandiego.gov/reportstocouncil_attach/2006/RA-06-49... · 2020-05-10 · Front &...

ATTACHMENT 2

CENTRE CITY DEVELOPMENT CORPORATION

FISCAL YEAR 2007 BUDGET

$176.4 (In Millions)REVENUE / EXPENDITURE SUMMARY

Tax Increment, $79.1

Interest / Lease/ Notes /

Other, $15.7

Developer Proceeds /

Pass Thurs / Other Rev,

$5.1

Tax Allocation Bonds

Proceeds (Prior Year) ,

$51.0

Prior Years Revenues /

Adjustments, $25.5

Revenue

Project, $80.9

Low/Mod Projects,

$42.1

Debt Service, $33.2

Other / G&A /

Consultants / City

Services, $9.7

Tax Sharing Payments,

$10.4

Expenditures

4/13/06 CHART A

REVENUES

Tax Increment 79.1$

Tax Allocation Bonds Proceeds (Prior Year) 51.0

Developer Proceeds / Pass Thurs / Other (Net) (Attachment A, pg. 1) 5.1

Interest / Lease/ Notes / Other (Attachment A, pg. 2) 15.7

Prior Years Revenues / Adjustments (Attachment A, pg. 3) 25.5

Total Revenues 176.4$

EXPENDITURES

Project (Attachment A, pg. 4) 80.9$

Low/Mod Projects (Attachment A, pg. 7) 42.1

Tax Sharing Payments 10.4

Other / G&A / Consultants / City Services 9.7

Debt Service (Attachment A, pg. 8) 33.2

Total Expenditures 176.4$


REVENUE / EXPENDITURE SUMMARY

(In Millions)

FISACL YEAR 2007 BUDGET

04/13/06 SCHEDULE I

FY06 FY07

Carryover New Total

1 Library 23,500$ 20,000$ 43,500$

2 Parks/Open Space/Fire Stations 28,404 14,000 42,404

3 Transit Projects 22,402 9,100 31,502

4 Downtown Quiet Zone 3,792 1,208 5,000

5 Gaslamp Public Improvements - 650 650

6 North Embarcadero 4,105 11,005 15,110

7 Pinnacle Park - 5,045 5,045

8 Cortez Hill Park and Improvements 3,852 87 3,939

9 East Village Public Improvements 17,200 2,581 19,781

10 Land Acquisition for Educational Facilities 3,318 3,682 7,000

11 Little Italy Public Improvements 4,304 523 4,827

12 Columbia/Core Public Improvements 1,241 2,136 3,377

13 Marina Public Improvements 1,053 939 1,992

14 B Street Pedestrian Corridor 300 300 600

15 Balboa Theatre 500 5,042 5,542

16 Horton Project Public Improvements 1,600 (1,600) -

17 I-5 Bridge Street Lights - 900 900

18 Navy Broadway Complex 200 400 600

19 Marketing Program 62 786 848

20 Children's Museum Park 50 765 815

21 Community Plan Implementation - 2,000 2,000

22 Areawide Public Improvements/Land Acq. 4,139 6,108 10,247

23 FY 06 Budget Adjustments 7,034 (6,434) 600

24 Lyceum Theatre 400 400 800

25 Legal/Engineering/Property Management 50 1,323 1,373

Total Projects Expenditures 127,506$ 80,946$ 208,452$

26 Affordable Housing 23,452 42,142 65,594

27 Tax Sharing Agreements 909 10,435 11,344

28 City Services/Admin/Consultants - 9,650 9,650

Total FY2007 Project Budget 151,867 143,173 295,040

29 Debt Service 4,500 33,188 37,688

Total FY 2007 Budget 156,367$ 176,361$ 332,728$


FISCAL YEAR 2007 EXPENDITURE BUDGET

(In Thousands)

04/13/06 SCHEDULE II



REVENUE DETAIL (In Thousands)

Centre CCRP Horton HortonDescription City Low/Mod Plaza Low/Mod Total Comments

REVENUES

TAX INCREMENT REVENUE

Centre City $57,334 $14,333 $71,667Horton Plaza $5,913 $1,478 $7,391

Total Tax Increment Revenues $57,334 $14,333 $5,913 $1,478 $79,058

TAX ALLOCATION BOND PROCEED

Centre City (Series 2006 A & B) $21,000 $30,000 $51,000 In Addition to $49m programmed in FY06Horton Plaza $0

Total Bond Proceeds $21,000 $30,000 $0 $0 $51,000

DEVELOPER PROCEEDS / PASS THRUS / OTHER (NET)

JMI Contribution toward Bridge $1,000 $1,000Legacy Project-Remediation $650 $650Westfield Horton Plaza-Payment Agreement $1,800 $1,800

7th & Market site ($2,100) ($2,100) Reversal of FY 06 RevenuesOak Shelter ($1,500) ($1,500) Reversal of FY 06 RevenuesDeveloper Impact Fees-Parks $2,320 $2,320Developer Impact Fees-Fire $370 $370Broadway Lofts (Includes $1m of FY 06) $2,500 $2,500 $1.5 m to be received in FY 08Marriott Renaissance Hotel $100 $100

Total Developer Proceeds $4,840 ($1,500) $1,800 $0 $5,140

04/13/06 Attachment A 1 OF 8





INTEREST / LEASE / NOTES / OTHER REVENUE

Interest EarningsInterest Income Centre City $6,100 $6,100Interest Income Horton $600 $600

Interest Income Centre City-Low Mod $1,300 $1,300

Interest Income Horton- Low Mod $200 $200Interest Income Centre City-debt service funds $100 $50 $150Interest Income Horton-debt service funds $82 $30 $112

Lease / Note Receivable IncomeChinese Historical Museum $4 $4Church Lofts $86 $86

Columbia Tower $42 $42

Corner Stone $2 $2

Heritage $60 $60

Horton Fourth Ave $40 $40

Horton House Rental $14 $14Yale Loft Lease $24 $24Yale Loft Loan $23 $23Lind A-1 Loan $50 $50

Lind C-2 Loan $1 $1

Herrman Trust-Receivable $33 $33Villa Harvey Mandel $20 $20

Rental/Other IncomeHorton House - In-Lieu Property Tax $74 $74Lions Manor - In-Lieu Property Tax $122 $122Marina Mortgage Pyts & 1% lien $50 $50Renaissance 1% lien $50 $50City Funding for Kettner & Broadway $700 $700GSA - Pass Thru (Broadway Day Care Center) $322 $322GSA - Lease to Agency (Broadway Day Care Center) $206 $206Muticultural Festival $55 $55East Village acquisition - rent income $50 $50Popular Market $60 $60Misc Rental Income $67 $67Surface Parking Lot Income $550 $550Tailgate Park Lease Income $250 $250Parking Meter Revenue (includes $587 adj from fy 05) $2,087 $2,0876th & Market Parking - NOI before DS $1,400 $1,4006th & K Parkade - NOI before DS $800 $800

Total Interest /Rent/Other $13,034 $1,718 $682 $270 $15,704






PRIOR YEAR REVENUE / ADJUSTMENTS

Pinnacle Residential $5,045 $5,045JMI purchase of Triangle Site $1,334 $1,334Sale Proceeds -The Legend $3,472 $3,472 In excess of creditsSouthbock Lofts $663 $663Conoco Phillips amt over $660 estimate $150 $150 Reimbursement-Smart Corner SiteTailgate Park Lease Income $700 $700 Amts from inception & est. thru 6/30/06Net TI in Excess of Projected $7,736 $2,126 ($1,282) $305 $8,885Net TI in Excess of Projected-additional from FY 05 $0Interest Income FY05 Actual vs FY05 Budget $5,586 ($35) $542 ($121) $5,972Westfield Retail/Parking Excess for Dec 2005 $213 $213

Fed Funding for Ped Bridge ($1,000) ($1,000) Not anticipated until after bid

Muticultural Festival avail for FY07 $25 $25

Total Prior Year Revenue $23,711 $2,091 ($527) $184 $25,459

TOTAL REVENUES $119,919 $46,642 $7,868 $1,932 $176,361




EXPENDITURE DETAIL (In Thousands)

FY06 FY07ITEM DESCRIPTION CARRYOVER NEW TOTAL COMMENTS

1 Library $23,500 $20,000 $43,500 Originally programmed for multiple years

2 Parks/Open Space/Fire Station $28,404 $14,000 $42,404 Includes funding from DIFs

3 Transit Projects Pedestrian Bridge $11,795 $7,400 $19,195 Increased costs-steel/concrete + contingencies At Grade Track Improvement at Park & Harbor $5,000 $0 $5,000 Designed by City and CCDC to construct

Park to Bay $4,073 $300 $4,373Smart Corner $1,534 ($300) $1,234C St Corridor $0 $1,700 $1,700 Includes design and some demolition

Total $22,402 $9,100 $31,502

4 Downtown Quiet Zone (12 crossings) $3,792 $1,208 $5,000 Increased costs due to refinement of plan

5 Gaslamp Public Improvements/Acq Fifth & G Pop-outs $0 $500 $500 Researching underwayFifth & Market Scramble Modification $0 $50 $50 For traffic and engineering studyProvision for legal expenses - Marriott Renaissance $0 $100 $100 Paid by Developer

Total $0 $650 $650

6 North Embarcadero $4,105 $11,005 $15,110 Provision for a portion of Phase I Construction

7 Pinnacle Park $0 $5,045 $5,045 Reserve for park design/construction/maintenance

8 Cortez Hill Park and Improvements Cortez Hill Park/Tweet St. $136 $133 $269 In addition to amount previously enc. ($2.1M)Cortez Streetlight Ph I & II $2,600 ($800) $1,800 Phase II to be programmed in FY084th & Cedar Public Improvements $400 $0 $400 Provision for Grahlock & SafeFront & Cedar Traffic Signal & Popout $380 $120 $5002nd Ave. Traffic Offramp $120 $0 $120 StudySidewalk Gap Improvement Survey/Eng./Constr. $216 $584 $800 Replacement of certain sidewalksResidential Parking Permit Study $0 $50 $50 Update to a two year program

Total $3,852 $87 $3,939

04/13/06 Attachment A 4 of 8





9 East Village Public Improvements 6th & K Parkade $1,056 ($556) $5007th & Market Cleanup/Design/Inspection $2,437 $0 $2,437 RemediationBallpark Remediation/EIR/Fee Waivers $1,000 $0 $1,000Potential Reversal of Park & Market Acq. $9,000 $0 $9,000 RFP response needed by 11/21/06Potential Reversal of Popular Market Acq. $0 $2,100 $2,100 RFP response needed by 6/26/06Offsites for Private Development $2,131 $380 $2,511 For Potential DevelopmentsIsland Ave Pop-outs (6th -17th) Ph II & sidewalk gap $1,100 $450 $1,550 Replacement of certain sidewalksMarket Street Public Improvement Study $100 $0 $100Southblock $73 $7 $80Popular Market Property Site Study $50 $0 $50Historic Houses Relocation Study $50 $0 $509th & Market Traffic Signal $0 $200 $200General Land Acquisition for Development $203 $0 $203

Total $17,200 $2,581 $19,781

10 Land Acquisition for Educational Facilities $3,318 $3,682 $7,000

11 Little Italy Public ImprovementsIndia Street Phase II ($81) $231 $150 Provision for additional change ordersKiosks, Shuttle & Parking Program $140 $0 $140Little Italy Streetlights $2,760 $0 $2,760 Areawide within Little Italy districtState & Elm Pop-outs $577 $223 $800Little Italy Public Improvement Program $908 ($306) $602Date Street Storm Drains from India to Kettner $0 $300 $300Little Italy Neighborhood Guidelines $0 $75 $75

Total $4,304 $523 $4,827

12 Columbia/Core Public ImprovementGSA Annual Payment Provision $0 $322 $322 Pass thru on private loan pursuant to leaseKettner & Broadway Intersection Improvement $0 $1,500 $1,500 Funded in part by CityOne America Plaza Home Owners Association $132 ($122) $10Core Street Lights Ph II $1,084 $216 $1,300 Increased costsWalker Scott Annual Payment $0 $220 $220 Pursuant to DDA obligationsCounty Courthouse $25 $0 $25

Total $1,241 $2,136 $3,377






13 Marina Public ImprovementAsian Lights & Sidewalk Construction $315 $530 $845First, Front & Island Traffic Signal $116 ($66) $50Kettner & G Pop-outs $400 $0 $400KUSI Balance $12 $0 $12 Pending LitigationPantoja Park Tot Lot $0 $100 $100Third & Market Traffic Signal $0 $250 $250King Promenade Public Improvement/Artist $210 $125 $335 Includes certain pending litigation

Total $1,053 $939 $1,992

14 B St. Pedestrian Corridor $300 $300 $600

15 Balboa theatre $500 $5,042 $5,542 Scheduled program for FY07 plus contingencies

16 Horton Project Public ImprovementsStreetlights $200 -$200 $0Sidewalks and other public improvements $1,000 -$1,000 $0Pavement $400 -$400 $0

Total $1,600 -$1,600 $0

17 I-5 Bridge St. Lights $0 $900 $900

18 Navy Broadway Complex $200 $400 $600 Design for Park

19 Marketing Program $62 $786 $848 Business Attraction/Paradise in Progress/Spec Ev.

20 Children's Museum Park $50 $765 $815 Includes provision for remediation and revised

constr. estimates(in addition to $1.5M encumbered)21 Community Plan Implementation Follow Up $0 $2,000 $2,000 Various consultants and studies






22 Areawide Public Improvements/Land AcquisitionRemediation Fund $919 $231 $1,150Offsites for Private Development $614 $0 $61413th St. Public Improvement $0 $350 $350Pedestrian Handicap Ramp $150 $0 $150Relocate/Underground above ground Utilities $215 $185 $400Areawide Public Improvement $265 $0 $265Downtown corridor Railroad Safety & Freight Study $300 $0 $300General Land Acquisition for Development $0 $2,242 $2,242Other Plan Implementation Cost $0 $3,000 $3,000SUSMP consulting $50 $0 $50 Storm Water IssuesGIS Consultant $100 $100 $200Downtown Transit Study $75 $0 $75Public Art - Misc. $100 $0 $100Public Art - 2% Ordinance $770 $0 $770African American Thematic District $50 $0 $50Litter Receptacles $300 $0 $300Downtown Shuttle Program $231 $0 $231

Total $4,139 $6,108 $10,247

23 FY06 Budget Adjustment $7,034 ($6,434) $600

24 Lyceum Theatre $400 $400 $800 Life Safety, sound equipment/lobby improvements

25 Legal/engr/Prop Mgmt $50 $1,323 $1,373

TOTAL FY2007 PROJECTS $127,506 $80,946 $208,452

26 Affordable Housing

Administration/Consultants $0 $1,824 $1,824 Estimate15th & Imperial (Studio 15) Under NegotiationsOak Shelter - Condo Site (Add'l Enc) Under NegotiationsOak Shelter - Apartment Site Under NegotiationsPark Blvd. & Market RFQ/P to be issued1625 Newton Ave. - Acquisition Acquisition to occur next fall9th & Broadway RFQ/P issuedCortez Hill Transitional Center Updated cost estimately recently receivedEmergency Shelter for Seniors Annual request from CityHotel Metro Request from the Housing CommissionOutside - Salvation Army Door of Hope Under NegotiationsOutside - La Entrada Newly received proposalSRO Preservation - Star Hotel PotentialOther $23,452 $40,318 $63,770

Total $23,452 $42,142 $65,594






27 Tax Sharing Agreements $909 $10,435 $11,344

28 City Services/Admin/Consultants $0 $9,650 $9,650

Total Other $909 $20,085 $20,994

TOTAL PROPOSED FY2007 PROJECT BUDGETS $151,867 $143,173 $295,040

29 Debt Service Centre City Parking Revenue Bonds, Series 1999 $0 $963 $963Centre City Parking Revenue Bonds, Series 2003B $0 $1,517 $1,517Horton Plaza Tax Allocation Bonds, Series 1996 $0 $1,139 $1,139Centre City Tax Allocation Bonds, Series 1999 A&B $0 $1,984 $1,984Centre City Tax Allocation Bonds, Series 1999 C $0 $803 $803Centre City Tax Allocation Bonds, Series 2000A $0 $452 $452Centre City Tax Allocation Bonds, Series 2000B $0 $1,465 $1,465Horton Plaza Tax Allocation Bonds, Series 2000 $0 $1,366 $1,366

Centre City Tax Allocation Bonds, Series 2001A $0 $2,576 $2,576 Centre City Tax Allocation Bonds, Series 2003A $0 $4,014 $4,014Horton Plaza Tax Allocation Bonds, Series 2003 A&B $0 $809 $809Horton Plaza Housing Bonds, Series 2003C $0 $653 $653Centre City Tax Allocation Bonds, Series 2004 A&B $0 $8,899 $8,899Centre City Housing Bonds, Series 2004 C&D $0 $2,973 $2,973Centre City Tax Allocation Bonds, Series 2006 $4,400 $925 $5,325Centre City Housing Bonds, Series 2006 $0 $2,650 $2,650Centre City Loan Repayment (CDBG) $100 $0 $100

$4,500 $33,188 $37,688

TOTAL FY2007 PROPOSED BUDGET $156,367 $176,361 $332,728


ATTACHMENT 2docs.sandiego.gov/reportstocouncil_attach/2006/RA-06-49... · 2020-05-10 · Front &...

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