Oakland News Now – Howard Terminal Update – Oakland Doesn’t Need Alameda County For TIF, Loren Taylor Town Hall Tonight – video made by the YouTube channel with the logo in the video’s upper left hand corner. OaklandNewsNow.com is the original blog post for this type of video-blog content.
Howard Terminal Update – Oakland Doesn’t Need Alameda County For TIF, Loren Taylor Town Hall Tonight
The reason that the City of Oakland does not need The County of Alameda for Howard Terminal Financing using tax increment financing. The City of Oakland is putting out that idea, but it’s not true. The law does not say that the County must be involved in a tax increment financing effort – they don’t play, their money is not used. But that does not stop the financing. The County of Alameda represents just 15 to 20 percent of total expected TIF revenue – you can make that up, if you know the math.
The reason is the City can replace the lost tax increment revenue from the County of Alameda’s share by adding 15 percent more to the base year assessed value that the City of Oakland should be planning to have in place for base year one. That should be $2 billion, which would yield $1.6 billion in tax increment revenue assuming a 4 percent annual rate of growth in assessed value over a 45 year period. A bond issue should be 50 percent of that $1.6 billion to reflect a 2-to-1 debt coverage ratio ($2 of tax increment revenue to $1 of the bond issue size).
So, if you lose the County of Alameda, you face a 15 percent drop in TIF revenue. That’s OK. If you want to make up the difference, just get a developer partner (The A’s want one) and add another structure that would bump up the $2 billion in base year assessed value to $2.15 billion.
That’s how it can be done. But the Oakland A’s are tired of waiting for the City of Oakland to get it together and I think are off to Las Vegas, which is more friendly toward building large structures in public-private partnerships.
You can try any Howard Terminal land use and fiscal scenario via my spreadsheet, click here.
Also, ask Councilmember Taylor why does he not use the new AB 464 legislation to make TIF zones in his district and Oakland to get billions (yes, I wrote that) for Oakland business? Ask him.
Here’s the info for this evening:
Councilmember Taylor will be hosting a virtual community discussion regarding the Oakland A’s Howard Terminal Project this Monday, September 27th at 6:00PM over Zoom.
The link is: https://bit.ly/2ZekA82
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