Yorba Linda's Redevelopment Agency: Here are some interesting, surprising facts for residents
Here are a few interesting--and sometimes surprising--facts about Yorba Linda’s city-run Redevelopment Agency, gleaned from a number of documents presented City Council regarding a $24 million bond sale to pay for Town Center infrastructure improvements.
--Single-family residential development heavily outweighs combined commercial and industrial development in the 2,984-acre project area, created for the city’s east-end in 1983 and amended to include some westside land in 1990.
More than 65 percent of project area property is single-family residential, with the average home price currently estimated at $550,000, down from $800,000 in 2007.
Correspondingly, 66.2 percent of the project area’s $2.1 billion assessed value involves residential development, with commercial at 15.4 percent, industrial (mostly office and research/development) at 12.8 percent and unsecured at 5.6 percent.
The non-contiguous 2,984-acre project area comprises nearly 27 percent of the city’s total 11,125 acres. The eastside “original area” includes 2,640 acres and the westside “amended area” 344 acres.
--Most of the project area’s residential development occurred 1990 to 2000 and includes a large swath of homes in the Hidden Hills area, with about 200 more units built in 2006.
In addition to the single-family homes, the project area’s eastside portion includes Savi Ranch and the nine-acre Bryant Ranch neighborhood center. Assessed value of the east-side residential, business and office areas is about $1.8 billion.
The project area’s westside portion includes the Town Center area and the strip of mainly commercial property running northwest along Imperial Highway approaching the western city limits. Assessed value is about $283 million.
--Assessed value of project area properties in both the eastside and westside areas have increased exponentially since the areas were designated for redevelopment, and it’s the property taxes paid on this huge increase that funds projects, including low-cost housing.
The eastside project area valuation increased from about $17 million in the 1983 base year to more than $1.88 billion for the 2010-11 fiscal year, for a net gain of more than $1.86 billion.
And the westside project area valuation increased from about $90 million in the 1990 base year to more than $283 million in 2010-11, for a gain of more than $193 million.
After doling out “pass through” payments to 19 other taxing agencies that would have normally received a portion of the increased property tax revenue, the agency keeps a yearly income of about $20 million.
--Some project area property owners, including several in Savi Ranch, appealed their assessments, requesting, on average, a 37 percent reduction for the current fiscal year.
Since 2005, 84 of 129 resolved cases resulted in lower assessments. The 65 percent success rate could carry over to 61 pending appeals for 2010-11, 13 for 2009-10 and a handful from prior years.
--By the end of the most recent fiscal year, the agency had collected about $303.6 million from project area property taxes, far short of the $2.8 billion limit. Issued bonds total $77 million, short of the $675 million limit.
The eastside project area expires in 2023 and the westside in 2028. The agency’s final “increment” property taxes will be collected in 2033 in the east and in 2038 in the west.
--Single-family residential development heavily outweighs combined commercial and industrial development in the 2,984-acre project area, created for the city’s east-end in 1983 and amended to include some westside land in 1990.
More than 65 percent of project area property is single-family residential, with the average home price currently estimated at $550,000, down from $800,000 in 2007.
Correspondingly, 66.2 percent of the project area’s $2.1 billion assessed value involves residential development, with commercial at 15.4 percent, industrial (mostly office and research/development) at 12.8 percent and unsecured at 5.6 percent.
The non-contiguous 2,984-acre project area comprises nearly 27 percent of the city’s total 11,125 acres. The eastside “original area” includes 2,640 acres and the westside “amended area” 344 acres.
--Most of the project area’s residential development occurred 1990 to 2000 and includes a large swath of homes in the Hidden Hills area, with about 200 more units built in 2006.
In addition to the single-family homes, the project area’s eastside portion includes Savi Ranch and the nine-acre Bryant Ranch neighborhood center. Assessed value of the east-side residential, business and office areas is about $1.8 billion.
The project area’s westside portion includes the Town Center area and the strip of mainly commercial property running northwest along Imperial Highway approaching the western city limits. Assessed value is about $283 million.
--Assessed value of project area properties in both the eastside and westside areas have increased exponentially since the areas were designated for redevelopment, and it’s the property taxes paid on this huge increase that funds projects, including low-cost housing.
The eastside project area valuation increased from about $17 million in the 1983 base year to more than $1.88 billion for the 2010-11 fiscal year, for a net gain of more than $1.86 billion.
And the westside project area valuation increased from about $90 million in the 1990 base year to more than $283 million in 2010-11, for a gain of more than $193 million.
After doling out “pass through” payments to 19 other taxing agencies that would have normally received a portion of the increased property tax revenue, the agency keeps a yearly income of about $20 million.
--Some project area property owners, including several in Savi Ranch, appealed their assessments, requesting, on average, a 37 percent reduction for the current fiscal year.
Since 2005, 84 of 129 resolved cases resulted in lower assessments. The 65 percent success rate could carry over to 61 pending appeals for 2010-11, 13 for 2009-10 and a handful from prior years.
--By the end of the most recent fiscal year, the agency had collected about $303.6 million from project area property taxes, far short of the $2.8 billion limit. Issued bonds total $77 million, short of the $675 million limit.
The eastside project area expires in 2023 and the westside in 2028. The agency’s final “increment” property taxes will be collected in 2033 in the east and in 2038 in the west.
posted by Jim Drummond at 12:00 PM
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