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HomeMy WebLinkAboutPOWER POINT - RDA ELIMINATIONRedevelopment Elimination City Council and Tustin Community Redevelopment Agency January 17, 2012 Background • Effective February 1, 2012, City will be vested with authority, rights, powers, duties and obligations previously vested with Agency including: ❑ Making payments and performing obligations. ❑ Taking control of assets, properties, contracts, leases, books, records, buildings, and equipment. ❑ Disposing of assets and properties. ❑ Overseeing development projects underway. ❑ Transferring housing assets and functions. Activities of City will be reviewed by this Committee to include 7 members: • 1 by County Board of Supervisors • 1 by Mayor • 1 from largest single special district • 1 from Chancellor of California Community Colleges. • 1 public member by County Board of Supervisors • 1 by Mayor representing RDA employees represented byTMEA Financial Impact -cont. • Since 1994, in the Town Center and South Central Project Areas, over $218 Million in building valuation and over 5,810 permanent new jobs generated with significant public improvements and community. • Over 1,700 new dwellings at Tustin Legacy, 1 million square feet of non-residential sq.ft., representing over $1.1 billion in valuation and over $130 million in basic backbone infrastructure. • In all Projects, over 890 affordable rental units and 305 affordable ownership units created. • Critical city services have been funded including graffiti removal and neighborhood improvements. Actions • Adopt Resolution No. 12-01 to amend the Enforceable Obligations Payment Schedule and to amend the Draft Recognized Obligation Payment Schedule. • Legislative Strategy SB 659 ❑ SB 654. ❑ Any special military base related support legislation. ❑ Authorization for travel and legislative outreach through May 1, 2012 not to exceed $5,000. Financial Impacts of Elimination Projects with significant dollar values identified in Implementation Plans for neighborhood improvements, economic development, public infrastructure, community facilities, housing and administrative support ✓ $20,672,250 in Town Center Project Area thru FY 2014-15 ✓ $38,393,446 in South Central Project Area thru FY 2014-2015 ✓ $23,802,705 in MCAS Tustin Project Area thru FY 2012-2013 For every $1 dollar in redevelopment spending, nearly $13 in total economic activity (good and services ) in one year.