Howard Terminal Ballpark: Alameda Co's Nate Miley Says City of Oakland Didn't Share TIF Estimates
Howard Terminal Ballpark: Alameda Co's Nate Miley Says City of Oakland Didn't Share TIF Estimates - Video
Howard Terminal Ballpark: Alameda Co's Nate Miley Says City of Oakland Didn't Share TIF Estimates Nate Miley, Alameda County Supervisor and Oakland Coliseum Joint Powers Authority Chairperson, told me that the City of Oakland did not share any Howard Terminal Tax Increment Financing TIF District revenue estimates with him when it approached him about the impact of a tax revenue from that area. This is important because when forming a TIF District, the money collected is normally split between (in this case) The City of Oakland, County of Alameda, BART, AC Transit, and the East Bay Municipal Utility District (EBMUD) Flood Control District. So, what the head of the redevelopment agency is supposed to do is meet with each organization to discuss the potential revenue loss, and give the taxing agency a chance to negotiate what is called a "pass through". This can be tricky because if the County asks for its full 35 percent of the TIF revenue, that would be more than what it would get if the tax was collected as if there was no district. Since SB 293 Skinner calls for TIF revenue to be used not just for the A's but also for any project the new city agency picks, the money can be spent to actually help Alameda County in whatever initiative it has going or planned. Supervisor Miley's news about what the City of Oakland is not doing is stunning, and it points to what, in my opinion is a crisis of competence. In the days of the active California Redevelopment Law, and where Oakland had an experienced staff, errors like this were unheard of. My first job out of grad school at Cal was calculating TIF revenue for two project areas: the Coliseum Redevelopment Survey Area and the Oakland / Emeryville Redevelopment Survey Area where the Home Depot exists today. That was 1987-1988, and I created a special spreadsheet I called "The Area Redevelopment Economic Model". Where's the City of Oakland's model today? It seems to me that Oakland has actually regressed in this area. It's wrong for anyone involved in this project to throw around ideas about TIF and tax revenues and direction of monies without a true model where scenarios can be ran. It's completely unfair to the Oakland tax payer. It's also wrong for the East Oakland Stadium Alliance to attack a project without knowing what the revenue estimates are, or how they can be used to help the local maritime industry, in accordance with SB 293 Skinner. Stay tuned for updates.
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https://youtu.be/1lNmzqRZSLw
Howard Terminal Ballpark: Alameda Co's Nate Miley Says City of Oakland Didn't Share TIF Estimates Nate Miley, Alameda County Supervisor and Oakland Coliseum Joint Powers Authority Chairperson, told me that the City of Oakland did not share any Howard Terminal Tax Increment Financing TIF District revenue estimates with him when it approached him about the impact of a tax revenue from that area. This is important because when forming a TIF District, the money collected is normally split between (in this case) The City of Oakland, County of Alameda, BART, AC Transit, and the East Bay Municipal Utility District (EBMUD) Flood Control District. So, what the head of the redevelopment agency is supposed to do is meet with each organization to discuss the potential revenue loss, and give the taxing agency a chance to negotiate what is called a "pass through". This can be tricky because if the County asks for its full 35 percent of the TIF revenue, that would be more than what it would get if the tax was collected as if there was no district. Since SB 293 Skinner calls for TIF revenue to be used not just for the A's but also for any project the new city agency picks, the money can be spent to actually help Alameda County in whatever initiative it has going or planned. Supervisor Miley's news about what the City of Oakland is not doing is stunning, and it points to what, in my opinion is a crisis of competence. In the days of the active California Redevelopment Law, and where Oakland had an experienced staff, errors like this were unheard of. My first job out of grad school at Cal was calculating TIF revenue for two project areas: the Coliseum Redevelopment Survey Area and the Oakland / Emeryville Redevelopment Survey Area where the Home Depot exists today. That was 1987-1988, and I created a special spreadsheet I called "The Area Redevelopment Economic Model". Where's the City of Oakland's model today? It seems to me that Oakland has actually regressed in this area. It's wrong for anyone involved in this project to throw around ideas about TIF and tax revenues and direction of monies without a true model where scenarios can be ran. It's completely unfair to the Oakland tax payer. It's also wrong for the East Oakland Stadium Alliance to attack a project without knowing what the revenue estimates are, or how they can be used to help the local maritime industry, in accordance with SB 293 Skinner. Stay tuned for updates.
via IFTTT
https://youtu.be/1lNmzqRZSLw
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