Work Program Budget Narratives 14

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Work Program Budget Narratives 14 Community Redevelopment Agency of the CITY OF LOS ANGELES Building communities with jobs & housing www.crala.org conquest housing - south los angeles region tierra del sol housing - west valley region vermont senior housing - south los angeles region fiscal year 2006 Work Program Budget Narratives 14 5 SIMI VALL E Y F WY 118 VD. SAN FERNANDO VALLEY BALBOA BL VENTURA COUNT . 405 VD . E VE. AV . E LOS AV RESEDA BL ROSCOE BLVD. A B DE SOTO A ANGA CANYON RD. ANGELES COUNT C AMP G WINNETKA T A TOP SATICOY ST. Project Areas D V a n N u y s SHERMAN WAY. Y A i r p o r t 1. Reseda / Canoga Park VANOWEN ST. 4 . E F E H 4 AV VE. VICTORY BLVD. VE. RA FWY CANOGA A NTU Y E WHITE OAK SHOUP A V 101 SANTA M O N I C A MOUNTAINS West Valley Region EARTHQUAKE DISASTER ASSISTANCE PROJECT FOR PORTIONS OF COUNCIL DISTRICT 3 (RESEDA/CANOGA PARK) Project Information Sheet Area 2,400 acres Council District(s) 3 Date of Adoption December 13, 1994 Date(s) of Amendment(s) November 21, 2003 Project End Date December 13, 2015 Eminent Domain Expires December 13, 1999 Tax Increment Cap None Tax Increment Received Through FY04 $17,976,963 Balance to Reach Cap N/A Annual Tax Increment Cap N/A Last Date for Receipt of Tax Increment June 30, 2041 Maximum Bonded Indebtedness $190,000,000 Debt Establishment Time Limit December 13, 2009 LOUISE AVE. ENCINO AVE. WHITE OAK AVE. NORTH HESPERIA AVE. LINDLEY AVE. ETIWANDA AVE. RESEDA BLVD. KITTRIDGE ST. RESEDA BLVD. YOLANDA AVE SATICOY WILBUR AVE. ROSCOE BLVD. VANALDEN AVE. ST. HART TAMPA AVE. VANOWEN ST. VANOWEN ARCHWOOD ST. ARCHWOOD BELMAR AVE. CORBIN AVE. VICTORY BLVD. VICTORY COVELLO ST. COVELLO WINNETTKA AVE. OSO AVE. MASON AVE. CRA/LA SATICOY DE SOTO AVE. INDEPENDENT AVE. VARIEL AVE. CANOGA AVE. VANOWEN ST. VANOWEN OWENSMOUTH AVE. TOPANGA CANYON BLVD. ELKWOOD ST. ELKWOOD FARRALONE AVE. FARRALONE SATICOY ST. SATICOY SHERMAN WAY SHERMAN AVE. SHOUP Reseda/Canoga Park ERWIN ST. ERWIN VICTORY RESEDA/CANOGA PARK EARTHQUAKE DISASTER ASSISTANCE PROJECT FOR PORTIONS OF COUNCIL DISTRICT 3 Summary The Council District 3 Disaster Assistance Project was created in December 1994 in response to the physical and economic impacts of the Northridge Earthquake. Agency activities have been directed to the revitalization of the three commercial districts of Reseda, Canoga Park and Winnetka. These older commercial districts were suffering from declining retail sales and physical deterioration prior to the earthquake; the disaster exacerbated these conditions. A major accomplishment since 1994 has been the completion of the Madrid Theater in Canoga Park. Funded with Federal disaster relief funds from the Economic Development Administration and the Department of Housing and Urban Development, this new 480-seat performing arts facility was constructed on the former site of an adult theater in the Canoga Park business core. The Agency functioned as the City's agent in the acquisition of the property and construction of the theater. The Madrid Theater, which is owned by the City Cultural Affairs Department and operated by a private nonprofit organization, the Valley Cultural Center, opened in December 1998. This facility is serving as a catalyst for the economic revival of the Canoga Park community. Other ongoing Agency activities in the Project’s commercial districts include approximately $2 million in façade and signage upgrades, streetscape improvements, financial and technical assistance to Main Street Canoga Park, including securing additional funding for Main Street activities, and implementing the Business Attraction and Retention Program. The FY06 Budget includes additional façade and streetscape improvements in Canoga Park and Reseda, rehabilitation of a large parking lot in the Reseda commercial core, administration of the Main Street Program and the Business Attraction and Retention Program, implementation of the First Time Homebuyers’ Program, development of the Hart Village (47 units and child care facility), and Tierra del Sol (119 units) affordable rental housing projects, ongoing community participation initiatives, disposition and rehabilitation of the Reseda Theater, evaluating the feasibility of a new parking structure in the Canoga Park commercial core and pursuing its development, if feasible, disposition and adaptive reuse of the former Canoga Park Library, the Reseda Specific Plan Compliance Program and other residential, commercial, and industrial development initiatives. -3- FY 2005-2006 Proposed Work Program • Complete two additional blocks of façade improvements in Reseda (35 storefronts). • Complete third phase of streetscape improvements in Canoga Park. • Provide ongoing assistance to the Main Street Canoga Park Program. • Implement First Time Homebuyers Program. • Implement the Business Attraction and Retention Program, which will result in the upgrade of 40 storefronts in Canoga Park and Reseda and the attraction of approximately five new businesses into existing retail space. • Complete third phase of the Canoga Park Streetscape Project. • Provide financial assistance for compliance with the signage component of the Reseda Community Design Overlay District Ordinance. • Identify and commence predevelopment activities for at least one major economic development project in the Project Area. • Provide ongoing technical assistance to the Canoga Park business improvement district and other community-based organizations. • Provide ongoing technical support for the CD3 Council Office and the Mayor’s Office. • Continue staff support for the CD3 Community Advisory Committee. • Provide assistance for and oversee construction of the Hart Village Project (47 units and child care facility). • Provide financial assistance for construction of Tierra del Sol community center and assist developer with community outreach activities • Begin construction on the Reseda Parking Lot Rehabilitation Program (if feasible) • Implement the disposition and adaptive reuse of the former Canoga Park Library as a restaurant. • Complete Reseda Strategic Plan. • Identify alternative reuse and proceed with redevelopment of the Reseda Theater. • Complete construction of phase three of the Guadalupe Center Rehabilitation Project. • Maintain productive relationships with the Project Area’s three Neighborhood Councils. • Identify new residential and economic development projects, such as mixed-use developments on public parking lots in Reseda and use of the new Small Lot Subdivision Ordinance on vacant sites in the Project Area. -4- Background The Disaster Assistance Project for Portions of Council District 3 was adopted on December 13, 1994 in response to the economic and physical recovery needs resulting from the Northridge Earthquake. The 2,500-acre project area is located in the West San Fernando Valley communities of Canoga Park, Reseda and Winnetka and generally includes the Sherman Way commercial corridor from Topanga Canyon Boulevard on the west to Louise Avenue on the east and Saticoy Street from Mason Street on the west to Oakdale Avenue on the east. Portions of the residential communities of Canoga Park and Reseda are also included within the project area boundaries. The Project was adopted to provide for and facilitate the repair, restoration, demolition and/or replacement of properties damaged as a result of the Northridge Earthquake and to take actions necessary for the economic recovery of communities impacted by this disaster. Conditions at Time of Adoption The Council District 3 Disaster Assistance Project Area was found to contain the following conditions resulting from the Northridge Earthquake: • The Project Area contained 286 (59%) of the sites in Council District 3 containing damaged commercial/industrial buildings. • The Project Area contained 930 of the sites containing damaged single family homes (10% of the Council District’s damaged single family units), 434 of the District’s damaged multiple family apartment sites (41% of the damaged apartment units), and 84 of the District’s damaged condominium sites (12% of the damaged condominium units). • The Project Area contained 350 or 76% of the residential units located in “red tagged” buildings within the council District, 1,894 or 38% of the “yellow tagged” units, and 10,936 or 27% of the “green tagged” units with damage. • A number of retail stores were destroyed, including those located in small strip centers, major centers and freestanding structures. • The decline in population in the immediate market area as a result of residents vacating damaged units reduced retail expenditures. Retail outlets located near (or in) the residential and commercial “ghost towns” had suffered a great deal from a loss of their customer base. • The Earthquake required a reorientation of personal expenditure patterns on the part of many individuals and families as a greater percentage of disposable income was needed to pay for repairs and replacement of items destroyed, e.g., televisions, cars, stereos, etc. This reallocation of expenditures impacted discretionary expenditures. • Retailers looking to repair their damaged shops and replace lost inventories faced an even weaker market than existed prior to January 1994. Those located in heavily damaged areas, such as the designated “ghost towns”, faced the dual burden of a poor economy and lack of a consumer base. Without a reliable revenue source, many of these businesses were being forced to close. -5- Key Accomplishments through June 30, 2005 • Completion of the new 480-seat Madrid Theater in Canoga Park. • Completion of eight blocks of
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