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Current Council Agenda and Past Meeting Information

REDEVELOPMENT AGENCY AGENDA ITEM NO. 3

Meeting Date: April 27, 2004

Subject/Title: Discussion and approval of revised Redevelopment Agency project priorities funded by the 2001 Tax Allocation Bond Proceeds and coordination with Capital Improvement Program (H. Sword/G. Rozenski)

Prepared by: Gina Rozenski, Redevelopment Manager

Submitted by: Howard Sword, Director of Economic Development

RECOMMENDATION
Discuss and approve revised Redevelopment Agency project priorities funded by the 2001 Tax Allocation Bond Proceeds and direct staff to coordinate the approved project priorities with the Capital Improvement Program as needed.

PREVIOUS ACTION
In February 2001, the Redevelopment Agency identified 12 redevelopment projects it wished to pursue using the proceeds of the Tax Allocation Bond (“TAB”) issued and sold in September 2001. These 12 projects are identified below, with Agency action shown in boldface:

• Groundfloor retail / multi-level parking structure in Downtown District
• SPA B infrastructure
• Sunset Industrial Complex
• e-Bart in Downtown
• Brentwood Center façade, signage and sitework
• Brentwood Plaza façade, signage and sitework
• Downtown revitalization projects
• Highway 4 improvements (sidewalks, curbs, roadways)
• Voluntary relocation of non-conforming businesses along Brentwood Boulevard
• Extension an/or improvement of water and sewer services
• Amendment to Project Area to include Lone Tree Way corridor
• Realign Sunset Road to Grant Street

In addition to the above project expenditures, the Redevelopment Agency authorized the 2001 TAB proceeds be spent for repayment to the City for outstanding loans it made to the Agency for earlier projects. These loan repayments are identified as the first five items on Attachment A.

On February 11, 2003, the Redevelopment Agency considered recommendations to spend the remaining TAB proceeds to fund redevelopment and capital improvement projects. The Agency agreed that the recommended “high strategic” and “medium strategic” projects be funded, while holding the “low strategic” priority projects until a future bond issuance. At the Agency’s direction, staff included the “high” and “medium” priority projects in the Agency’s 2003-2005 operations budget as well as the Capital Improvement Program budget. These projects are identified in Attachment A as the February 2003 project priorities.

The Agency based its 2003 decisions to fund the “high” and “medium” priority projects on meeting the following redevelopment goals and strategies:

• Leverage the bond proceeds to increase future tax increment revenues.
• Create jobs.
• Improve existing vehicular circulation and install new infrastructure.
• Generate sales tax to the City.
• Encourage future private investment in the redevelopment project areas.
• Implement the North Brentwood Strategic Plan.
• Promote sustainable commercial uses.
• Encourage infill commercial and housing development.
• Promote business retention and attraction.

BACKGROUND
A year has passed since the Agency’s last priority setting discussion, and priorities have changed for a variety of valid reasons. In preparing for the upcoming Capital Improvement Program, it is timely for the Agency to revisit its project priorities and decide how it wishes to spend the remaining 2001 TAB balance.

Using the same goals and strategies as above, Staff recommends the following revisions and new priorities for the Agency’s review, discussion and approval (refer to Attachment A):

1. Maintain the following priorities:
a. $50,000 for special events and functions in City Park.
b. $4,000,000 for retail/parking structure (current CIP).
c. $388,310 for partial water system upgrades in Downtown (increased due to inflation) (current CIP).
d. $245,500 partial sewer collection system upgrades in Downtown (increased due to inflation) (current CIP).

2. Postpone the following priorities at this time. Staff recognizes the importance of these projects and recommends that they be funded a separate bond issuance issued at a future date.
a. $1,250,000 for Brentwood Blvd. Widening Phase II (CIP).
b. $2,000,000 for Central Business Park infrastructure improvements.

3. Eliminate the following priorities:
a. $162,000 for water and sewer improvements for North Brentwood area. (The improvements were installed, but other funding sources were found; consequently, $162,000 was returned to the Agency by the City [CIP])
b. $75,000 for mapping water and sewer improvements in North Brentwood area.

4. Adjust funding of the following priorities:
a. $290,000 for Downtown Studies, such as EIR, Phase I/II, traffic, parking, economic, and other studies to implement Downtown projects as approved by the Specific Plan.
b. $290,000 taken from (i) Business Assistance Relocation Program, (ii) Specific Plans and (iii) retail/parking structure studies.

5. Add the following new priorities:
a. $1,490,000 for Lone Oak/Sand Creek/Gracie Lane water & sewer improvements (new CIP).
b. $40,000 for Downtown kiosks (new CIP).
c. $130,000 for Downtown safety improvements (new CIP).
d. $1,000,000 towards Walnut Boulevard Widening (new CIP).

Approximately $115,000 TAB funds will remain from the original $16.3 million bond issuance if the Staff recommendations are approved by the Agency. Ultimately, over 99% of the bond proceeds will be used on project-related expenditures. No proceeds from the bonds were used for administrative costs or salaries, which are permitted uses.

Staff anticipates the Agency will be in a position to issue tax increment bonds in another three to four years, when new projects are constructed within the Merged Redevelopment Project Area and in turn generate increased tax increment revenues. Proceeds for a future bond will then be used for new projects as identified and approved by the Agency.

FISCAL IMPACT
None at this time. Each of the projects identified as priorities will be brought before the Agency for consideration and official approval prior to commencement.

Attachment A

REDEVELOPMENT AGENCY OF THE CITY OF BRENTWOOD
MERGED REDEVELOPMENT PROJECT AREA TAX ALLOCATION BONDS, SERIES 2001
Issued September 11, 2001
ACTUAL OR
PROJECT USES and PRIORITIES ORIGINAL AMOUNT NEW AMOUNT
Original Bond Issuance - September 11, 2001 21,415,000.00 21,415,000.00
Refinance Series A TAB, Bond Issuance Costs and Misc. Fees -5,073,062.66 -5,073,062.66
$16,341,937.34 $16,341,937.34

pre-FEBRUARY 2003 APPROVED EXPENDITURES
Repay Water Facility Fee Fund, Res. RA-36 , December 11, 2001 322,000 322,000
Repay Water Facility Fee Fund, Res. RA-36 , December 11, 2001 574,167 574,167
Repay Parks & Trails Fee Fund, Res. RA-36, December 11, 2001 521,223 521,223
Repay Roadway Facility Fee Fund, Res. RA-36 , December 11, 2001 287,390 287,390
Repay City for KB/Meadows Loan, Res. RA-61, October 8, 2002 553,215 553,215
Reimbursement Agrmt. with CL Land Management, RDA Reso RA-42, 3-26-02 1,202,330 1,202,330
McGill Martin Self for SPA B Financial Analysis 14,670 14,670
Reimbursement Agrmt. with City for SIC Infrastructure Imprvmts, Res. RA-58 & RA-78 3,000,000 3,728,000
Gruen Gruen Associates for Economic Strategic Plans, Res. RA-59, October 8, 2002 85,000 85,000
Watry Consultants for Downtown Retail/Parking Structure Study 155,280 155,280
Brentwood Boulevard/Lone Tree Way Sewer and Water Impr. Res. RA-67, 1-28-03 162,000 0
TOTAL APPROVED EXPENDITURES $6,877,275 $7,443,275

PROJECT PRIORITIES (APPROVED BY AGENCY IN FEBRUARY 2003)
Extension of O'Hara Avenue to Second Street, Res. RA-76 9-23-04 1,000,000 1,000,000
Portable Stage for Downtown Events, Res. RA-80, 1-13-04 150,000 150,000
Reserve for special events and functions in Downtown 50,000 50,000
Reserve for Retail/Parking Structure Assistance (CIP) 4,000,000 4,000,000
Reserve for Partial Water System Upgrades in Downtown (CIP) 377,000 388,310
Reserve for Partial Sewer Collection System Upgrade in Downtown (CIP) 171,000 245,500
Reserve for Business Assistance Relocation Program 200,000 0
Reserve for Additional Retail/Parking Studies 20,000 0
Reserve for Specific Plans 70,000 0
Reserve for Brentwood Blvd. Widening Phase II (Grant Street to Lone Tree Way) (CIP) 1,250,000 0
Reserve for Central Business Park Infrastructure Improvements 2,000,000 0
Reserve for mapping existing water and sewer improvements in North Brentwood 75,000 0
TOTAL FEBRUARY 2003 PROJECT PRIORITIES $9,363,000 $5,833,810

APRIL 2004 RECOMMENDATIONS FOR NEW PROJECTS
Reserve for Downtown Studies (parking, EIR, Phase I/II, traffic, economic, etc.) 0 290,000
Reserve for Lone Oak/Sand Creek/Gracie Lane water & sewer improvements (new CIP) 0 1,490,000
Reserve for Downtown Kiosks (new CIP) 0 40,000
Reserve for Downtown Safety Improvements (new CIP) 0 130,000
Reserve for Walnut Blvd. Widening (McClarren to Oak) (new CIP) 0 1,000,000
TOTAL NEW PROJECTS $0 $2,950,000

REMAINING BALANCE $101,662.34 $114,852.34

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