CITY HALL — Redevelopment projects in Burbank generated tax revenue increases in excess of $33.7 million during the 2005-2006 fiscal year, financial documents show.
These increased taxes, or "tax increments" accrue, in part, due to rising property tax revenues linked to improved property values in redevelopment-project areas.
The Redevelopment Agency initiated or completed four project areas this fiscal year, redevelopment project analyst Arelene Roldan said.
The Golden State Area project is turning what is largely an industrial area into a place for office and media-related uses, she said. During the 2006-2007 fiscal year, the agency completed a 180,000-square-foot building, which is now occupied by Yahoo! Search Marketing, a marketing arm of the Internet giant Yahoo!
The Golden State project is also implementing street improvements on Empire Avenue, which are expected to reach completion in January 2007, she said.
In the agency's South San Fernando Project Area, the Redevelopment Agency worked with the United Cerebral Palsy, an organization that works in support of the developmentally disabled, to construct a complex with 18 low-income units designed especially for the disabled.
The facility offers increased accessibility for the disabled, including elevators, ramps and infrared triggers to close and open doors, said Ron Cohen, executive director for United Cerebral Palsy.
In the City Centre Project Area, Burbank Village Walk, a mixed-use residential and retail project in downtown Burbank, was completed in December 2005, Roldan said. Of the 140 residential units on the site, 14 were made available to moderate-income families, she said.
A framework for infrastructure improvements was crafted for the West Olive Redevelopment Project Area, where transportation-related projects include a ramp project for the Ventura (134) Freeway, which is expected to be completed by December 2007, she said.
The council voted Tuesday to send the Redevelopment Agency's annual report to the State Controller's office— in order to meet a state mandated Dec. 31 deadline — but is still waiting to view some accompanying documents, such as an independent auditor's opinion of how the Redevelopment Agency is complying with procedural and legal requirements.
Once those items are made available to council members, the item will return to a council agenda, likely in January, where revisions can be considered if the accompanying documents indicate a need to alter the report, said Ruth Davidson-Guerra, assistant community development director for housing and redevelopment.
