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Currently the SAH project area has approximately $34 million available for qualifying redevelopment projects. This amount is split between bond proceeds ($22M) and tax increment not currently obligated to any particular project ($12M). The SAH Project area generates approximately $10 million dollars a year in tax increment. Approximately $8.8 million of this is used to service the outstanding indebtedness on the bonds issued for the project area and to pay a portion of the $4 million a year OCDA obligation regarding the OC bankruptcy. The OCDA bonds are in good standing and OCDA is able to make its bond payments and keep sufficient reserves as recommended by government accounting standards. OCDA is audited every year along with the County and has always been found to be operating in accordance with accepted accounting principles and has not received any notice of correction or defect from the auditors. OCDA's funds are invested along with other county funds and the funds of other governmental agencies in the OC Treasurer's investment pool and receive the same interest rate as the other pool participants. Interest earned by OCDA funds is returned back to that fund and can be used to finance projects or pay for agency activities. OCDA is charged a fee by the treasurer's office for their investment services that is at the same rate as other investors in the pool. Expenses for the agency are estimated to approximate 1.5% of the agency budget devoted to SAH which is a very good ratio and better than most redevelopment agencies throughout the state. Over the years OCDA has accomplished a number of projects in the SAH project area. They include: · Acoustical Insulation Program (385 units insulated since inception) · Coordinated the construction of 75 affordable rental units on Lange Drive · Mesa/Birch street widening and realignment · Mesa/Birch Design for Development · Mesa/Birch business park entrance sign · Riverside Drive storm drain · Orchid Street storm drain · Execution of Newport Beach/Costa Mesa Sanitary District agreement for major sewer improvements · Properties purchased within Professional/Administrative Commercial Consolidation district for reuse in conformance with SAH Specific Plan · Cypress Street Reconstruction including Trail · Cul-de-sac on Cypress Street · Block wall at Cypress Street cul-de-sac · Traffic signal at Mesa Drive and Santa Ana Avenue · Water main along South Bristol · Back Bay Interpretive Center · Funding for a portion of the Upper Newport Bay Regional Park Future projects (pending design work and/or start of construction) include the following: · Implementation of Newport Beach/Costa Mesa Sanitary District Sewer Improvements · Equestrian Center Future projects (pending Board approval) could include the following: · Utility undergrounding on Cypress and Mesa Drive · Koll Property purchase · Permanent Fire Station · Mesa trail · Other items from PAC project list The proposed budget includes projects previously approved by the Board of Supervisors. As additional projects are approved by the Board funds can be moved from the Specific Plan Implementation category and be designated for a specific project (e.g. utility undergrounding, trail projects etc.). The budget is intended to provide a framework for the SAH Project Area expenditures and can be modified as needed to reflect the addition of new projects or changes in Board policy. It is intended as a guide for the expenditure of funds and to meet the requirements of state law. |
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