HomeMy WebLinkAboutRDA PROJECT PRIOR'S 09-20-82OATE:
Sept. 15, 1982
~EDEVELOPM~NT AGENCY
~. 9
9-20-82
Inter-Corn
TO:
FROM:
SUBJECT:
REDEVELOPMENT AGENCY
BILL HUSTON, EXECUTIVE DIRECTOR
PROJECT PRIORITIES
At its September 7, 1982 meeting, the Agency directed staff to place this
item back on the September 20, 1982 agenda in order that the Board can
adopt its project priorities. The Agency has previously received staff
reports regarding this item. Listed below are those priorities suggested
by the Chairman which he requested be submitted to the Board:
1. Land Acquisition
$ 1,800,000
2. Senior Citizen Housing 200,000
3. Columbus Tustin Park/Community Center
1,000,000
4. Undergrounding of Utilities (area bounded by
Holt/Irvine Blvd/Newport Avenue)
750,000
5. Parking Structure 1,000,000
6. Water System Improvements (within the Town Center
project area)
500,000
7. Repayment of General Fund loan
1,125,000
TOTAL $ 6,375,000
As indicated at the last meeting, the Agency financial consultant has
revised the projected tax increment revenue and bonding capacity based upon
the latest information on bond interest rates and discount rates. As
indicated in that report under current market conditions the Agency would
be able to sell a gross bond issue of $8,135,000 with net bond proceeds of
approximately $6,597,000. And, as was also pointed out, the Agency will be
able to modify the allocations for specific projects depending upon the net
bond funds available after the bonds are sold.
WH:dmt