July 15, 2011 - City of Pinole

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Administrative Report July 15, 2011 Page 4 of 8 Once a Sponsoring Community enacts the appropriate opt-in ordinance, its RDA will no longer be subject to the provisions of the Dissolution Act and may immediately recommence normal redevelopment activities under the CRL, At a Special Meeting held last Tuesday Night (July 12 th ), the Finance Director presented information regarding the financial impacts of this policy decision. Because the elimination legislation restricts the amount of Agency’s liquidation payments back to the City to only 19% of the value of the Agency’s assets and future income streams (the remaining 81% being disbursed to local schools and the County) there is significant financial advantage ($47 million versus $20 million) for Pinole to select the “Pay to Play” option. Considering our Agency’s: • substantial ($23 million) investment in commercial real estate holdings, • the current ($500 thousand/year) and anticipated (additional $500 thousand/year) incomes generated by ground lease payments from completed projects (shopping centers and assisted living center), and • repayments of outstanding development loans ($250 thousand/year) There is about a 2.5 to 1 financial benefit from retaining rather than dissolving Pinole’s Redevelopment Agency. The Pinole City Council will have this issue before them on the July 19 City Council agenda. Staff is recommending that we move ahead under the “Pay to Play” option as the return to the community is far greater than the dissolution of the Agency will bring back. • SUMMER SOUNDS IN THE PARK Summer Sounds in the Park kicked off with the Stairwell Sisters on Thursday, July 7 and continues through July. Come hear bands showcasing a variety of musical styles and talents. Residents and neighbors are encouraged to stroll through Pinole Old Town and explore the myriad of shops and restaurants. The series continues through July 28 and is always on Thursday evenings from 6:30 pm to 8:00 pm. July 14 Big Cat Entertainment Blues and Soul July 21 Vocal-ease Music of the 40’s, 50’s and 60’s July 28 Jun Simundo Band Country Outdoor Cinema will begin August 5 with four showings through the end of August. • FORECLOSURE ASSISTANCE The California Housing Finance Agency (CalHFA) is overseeing a $2 billion federally-funded program that began early this year and is providing up to $50,000 (per household) in financial assistance to California residents who have fallen on hard times and are in danger of losing 4
Administrative Report July 15, 2011 Page 5 of 8 their homes to foreclosure. The program is available to low and moderate income households, which the program defines as Contra Costa County households who earn $110,750 or less. Learn more about the assistance opportunities at the CalHFA website: http://www.keepyourhomecalifornia.org/ Community Housing Development Corporation (CHDC) - CHDC is a local organization that provides free counseling to households in danger of foreclosure. CHDC is part of the National Foreclosure Mitigation Counseling Program created by the United States Congress. Learn more from their website at www.chdcnr.com or call (510) 412-9290. • ADVERTISING OPPORTUNITY IN THE FALL 2011 PINOLE COMMUNITY GUIDE The City of Pinole is offering a new advertising opportunity for local businesses in the Pinole Community Activity Guide. The Guide is produced three times annually and provides an effective and very affordable marketing opportunity to reach Pinole residents and beyond. The Guide is family-oriented and focused on recreation and cultural activities in addition to providing information on City and Redevelopment projects and programs. For information, contact Recreation Director, Amy Wooldridge at (510) 724-9062 or recreation@ci.pinole.ca.us. The Advertising Information Packet is attached. • CURRENT BUILDING PERMIT ACTIVITY Below is a brief summary of the City’s building permit activity for the past six months of 2011. Month Number of Building Permits June 2011 21 May 2011 20 April 2011 42 March 2011 45 February 2011 27 January 2011 49 Value $643,264 $206,174 $675,298 $ 1,281,969 $ 432,427 $859,229 Source: Development Services Department July 8, 2011 5
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July 15, 2011 - City of Pinole

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