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RDA Resolution No. 07-01
RESOLUTION NO. 07-01 A RESOLUTION OF THE CUPERTINO REDEVELOPMENT AGENCY STATING THE INTENTION OF THE BOARD TO ALLOCATE 50% OF DISCRETIONARY FUNDS TO BE EARMARKED FOR INFRASTRUCTURE AND TENANT IMPROVEMENTS IN THE CUPERTINO SQUARE PROJECT AREA WHEREAS, the Cupertino Square Project Ar~a is currently in development with major planned improvements; and WHEREAS, such planned improvements will produce future tax increments which can be utilized for investment back into the project area; and WHEREAS, the owners of Cupertino Square have requested tax increment monies to assist in the financing of these infrastructure and tenant improvements; and WHEREAS, a infrastructure improvements were planned as a part of the original Cupertino Square redevelopment; NOW, THEREFORE, BE IT RESOLVED that the Cupertino Redevelopment Agency does hereby state its intent to allocate 50% of discretionary funds from the Redevelopment Agency future tax increment to be earmarked for infrastructure and tenant improvements, based on the estimates in Schedules A and B (attached). PASSED AND ADOPTED at a regular meeting of the Cupertino Redevelopment Agency this 5th day of June 2007, by the following vote: Vote Members of the Redevelopment Agency AYES: NOES: ABSENT: ABSTAIN: K wok, Lowenthal, Sandoval, Wang, Mahoney None None None APPROVED: ATTEST: ~~hU~ Secretary Schedule A I Real Property Value Added Cupertino Square Redevelopment Project City of Cupertino OOO's Omitted) Value I 2 3 4 5 6 Develooment Descriotion Added 2005-06 2006-07 2007 -08 2008-09 2009-2010 2010-2011 I AMC 16 Theatre 70,000 70,000 2 Parking Structures At Macy's and JCP 30,000 30,000 3 Hotel 30,000 30,000 4 North West Housing (150 Units) 75,000 75,000 5 Rose Bowl Retail/Garage 120,000 120,000 6 2 pad restarrants 8,000 8,000 7 Retail in front of Penneys 5,000 5,000 8 12 food court units (ciJ $250K each 3,000 3,000 9 Zale's improvements, etc 4,000 4,000 10 IT's - 30 tennants (4,000 su ft * 30*$175/ft 21,000 21,000 II food court improvements 1,000 1,000 12 IT's - 30 tennants (4,000 su ft * 30*$175/ft 21,000 21,000 Total Real Property Value 388,000 0 100,000 13,000 134,000 141,000 0 Total Real Property Value (Inflated) 3.00% Cumulative Value with Prop 13 Increases 102.00% Per information from Mike Rohde. General Mgr, Cupertino Square - 5130/07 ROA -tax increment projections 5-07.x1s Schedule B Tax Increment Revenue Projection Cupertino Square Redevelopment Project City of Cupertino 1000's Omitted Gross Base Base Total Total Total Increment Increment Housing Tax TIer] TIer 2 Tier 3 Statutory Net City SCC Net Fiscal Real Inflatlonaf) New Real Personal Project Over Base ~evenue (1 Set Aside Revenue Pass Thru Pass ThruPass Thru Pass Tax xpenditunObligatiorc Available Year Pronertv Growth Pro iects Pronertv Pronertv Value $]]6135 ####### -25.00% After HSP -1875% -]5.75% -]0.50% Through Revenue (2) (.1) Incremen 1 2000-01 0 (284) 0 0 2 2001-02 0 (39) 0 0 3 2002-03 0 (100) 0 0 4 2003-04 0 (99) 0 0 5 2004-05 0 (59) 0 0 6 2005-06 ] 02,500 ] 02,500 4,2]5 106,715 0 0 0 0 0 0 0 0 0 (105) (159) 0 7 2006-07 ] 02,500 2,050 104,550 4,215 108,765 0 0 0 0 0 0 0 0 0 (110) (166) 0 8 2007-08 104,550 2,091 ] 00,000 206,64] 4,215 2]0,856 94,721 986 (246) 739 (185) 0 0 (185) 554 (1 ]5) (175) 265 9 2008-09 106,64] 2,133 115,000 223,774 4,215 227,989 ] 1l,853 ],]64 (29]) 873 (218) 0 0 (218) 655 (438) (184) 33 10 2009-10 ]08,774 2,]75 25],300 362,249 4,2]5 366,464 250,329 2,605 (651) ],954 (488) 0 0 (488) ],465 (460) (193) 8]2 11 20]0-1] ] 10,949 2,2]9 397,326 510,494 4,2]5 5]4,709 398,574 4,]47 (1,037) 3,1l0 (778) 0 0 (778) 2,333 (483) (202) ],648 ]2 20]]-12 113,]68 2,263 405,273 520,704 4,2]5 524,9] 9 408,784 4,253 (1,063) 3,]90 (798) 0 0 (798) 2,393 (507) (212) ],673 13 20]2-13 115,432 2,309 413,378 53],1l8 4,215 535,333 4]9,]98 4,362 (1,090) 3,27] (818) 0 0 (818) 2,453 (532) (221) 1,698 ]4 2013-14 ]]7,740 2,355 42],646 54],74] 4,215 545,956 429,820 4,472 (],] ]8) 3,354 (839) 0 0 (839) 2,5]6 (559) (234) ],722 15 20]4-15 120,095 2,402 430,078 552,575 4,2]5 556,790 440,655 4,585 (1,]46) 3,439 (860) 0 0 (860) 2,579 (587) (246) ],746 ]6 20]5-]6 122,497 2,450 438,680 563,627 4,2]5 567,842 451,707 4,700 (1,175) 3,525 (88]) 0 0 (88]) 2,644 (6]6) (258) ],769 17 20]6-]7 ] 24,947 2,499 447,454 574,899 4,2]5 579,1l4 462,979 4,8]7 (1,204) 3,613 (903) 0 0 (903) 2,7]0 (647) (27]) ],79] 18 20]7-]8 ] 27,446 2,549 456,403 586,397 4,215 590,6] 2 474,477 4,937 (1,234) 3,703 (926) LJllilI 0 (1,703) ],999 (679) (285) ],035 19 20]8-]9 ] 29,995 2,600 465,53 ] 598, ]25 4,2]5 602,340 486,205 5,059 (1,265) 3,794 (949) (797) 0 (1,745) 2,049 (713) (299) ],036 20 20]9-20 132,595 2,652 474,84] 610,088 4,2]5 6]4,303 498,168 5,183 (1,296) 3,888 (972) (8]6) 0 (1,788) 2,099 (749) (3]4) ],036 21 2020-2] 135,247 2,705 484,338 622,290 4,2]5 626,505 5]0,369 5,310 (1,328) 3,983 (996) (836) 0 (1,832) 2,15] (787) (330) 1,034 22 202]-22 137,952 2,759 494,025 634,735 4,2]5 638,950 522,8] 5 5,440 (1,360) 4,080 (1,020) (857) 0 (],877) 2,203 (826) (346) 1,031 23 2022-23 ]40,711 2,814 503,905 647,430 4,2]5 65],645 535,510 5,572 (1,393) 4,179 (1,045) (878) 0 (1,922) 2,257 (867) (363) ],026 24 2023-24 ] 43,525 2,870 513,984 660,379 4,2]5 664,594 548,458 5,707 (1,427) 4,280 (],070) (899) 0 (1,969) 2,3] 1 (91l) (382) ],019 25 2024-25 ] 46,395 2,928 524,263 673,586 4,2]5 677,80] 56],666 5,844 (1,461) 4,383 (],096) (920) 0 (2,0]6) 2,367 (956) (40]) ],010 26 2025-26 149,323 2,986 534,748 687,058 4,215 691;273 575,138 5,984 (1,496) 4,488 (1,122) (943) 0 (2,065) 2,424 (1,004) (42]) 999 27 2026-27 ]52,3]0 3,046 545,443 700,799 4,2]5 705,0]4 588,879 6,]27 (1,532) 4,595 (1,]49) (965) 0 (2,]]4) 2,482 (1,054) (442) 986 28 2027-28 155,356 3,]07 556,352 714,8]5 4,215 7] 9,030 602,895 6,273 (1,568) 4,705 (],]76) (988) 0 (2,164) 2,54] (1,107) (464) 970 29 2028-29 158,463 3,]69 567,479 729, Il 2 4,215 733,327 617,]9] 6,422 (1,605) 4,8]6 (],204) (1,01l) 0 (2,216) 2,60] (1,]62) (487) 952 30 2029-30 161632 3213 578 829 743 694 4,215 747909 63] 773 6574 iJ 643) 4930 I] 233) iJ 035) 0 (2 268) 2662 (] 220) (51]) 93] 3] 2030-31 164,865 3,297 590,406 758,568 4,215 762,783 646,647 6,728 (1,682) 5,046 (1,262) (1,060) 0 (2,32]) 2,725 32 203]-32 ]68,162 3,363 602,2]4 773,739 4,2]5 777,954 661,8]9 6,886 (1,722) 5,165 (1,29]) (],085) 0 (2,376) 2,789 33 2032-33 171,525 3,431 6]4,258 789,2]4 4,215 793,429 677,293 7,047 (1,762) 5,285 (1,32] ) (1,1l0) 0 (2,43]) 2,854 34 2033-34 174,956 3,499 626,543 804,998 4,2]5 809,213 693,078 7,211 (1,803) 5,409 (1,352) (1,136) 0 (2,488) 2,921 35 2034-35 ] 78,455 3,569 639,074 82],098 4,2]5 825,313 709,]78 7,379 (1,845) 5,534 (1,384) (1,]62) 0 (2,546) 2,988 36 2035-36 ] 82,024 3,640 65],855 837,520 4,2]5 84],735 725,600 7,550 (1,887) 5,662 (1,4]6) (],]89) 0 (2,605) 3,058 37 2036-37 ] 85,665 3,713 664,893 854,270 4,2]5 858,485 742,350 7,724 (1,93]) 5,793 (1,448) (1,2]7) 0 (2,665) 3,128 38 2037-38 ] 89,378 3,788 678,]90 87] ,356 4,2]5 875,57] 759,435 7,902 (1,975) 5,926 (1,482) (1,245)~ (3,556) 2,371 39 2038-39 ]93,]65 3,863 69],754 888,783 4,2]5 892,998 776,863 8,083 (2,021) 6,062 (1,5]6) (1,273) (849) (3,637) 2,425 40 2039-40 ] 97,029 3,94] 705,589 906,559 4,2]5 910,774 794,638 8,268 (2,067) 6,20] (1,550) (1,302) (868) (3,72]) 2,480 4] 2040-4 ] 200,969 4,0]9 719,701 924,690 4,2]5 928,905 812,769 8,457 (2,1l4) 6,343 (1,586) (1,332) (888) (3,806) 2,537 42 2041-42 204,989 4,100 734,095 943,]84 4,2]5 947,399 83],263 8,649 (2,]62) 6,487 (1,622) (1,362) (908) (3,892) 2,595 43 2042-43 209,088 4,]82 748,777 962,047 4,215 966,262 850,]27 8,846 (2,211) 6,634 (1,659) (1,393) (929) (3,98]) 2,654 44 2043-44 213,270 4,265 763,753 981,288 4,215 985,503 869,368 9,046 (2,26]) 6,784 i:,6~; ;:,425) (950) (4,07]) 2,7]4 45 2044-45 217 536 4351 779,028 ####### 42]5 ####### 888994 9,250 (2312) 6,937 ] 734 ],457) (97]) (4 ]62 2775 TOTAL (YEARS 6-30) TOTAL (YEARS 6-45) ] ]0,524 (27,63]) 82,893 (20,721) (1 ],723) o (32,446) 50,446 (17,195) (7,568) 26,224 229,551 (57,388) 172,]63 (43,041) (30,470) (7,]93) (80,703) 9],460 (]7,195) (7,568) 26,224 Input Growth % ~ 2% Input City cost incr ~ 5.0% (1) Includes pre-1989 property tax override County Retirement Levy (.0388%) and County Library (2) Includes staff costs, audit, consultants and an economic/RDA division (3) Includes part of the SCC contractual obligation - sheriff cost only; no annexation costs !Dcluded Prepared by Keyser Marston Associates, Inc. Filename: RDA -tax increment projections 5-07.xls; T'-Summary wformulas; 6/29/2007, 3:41 PM; RJW