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Alameda Redevelopment Revenues Top $15 million

The California State Controller’s office has published on their website their annual report on California redevelopment agencies for the 2006-07 fiscal year. Total revenues including property tax increments, interest income and “other” revenue has topped $15 million.

That’s $15 million that doesn’t go into the general fund to pay for city services such as police and fire services. Instead, this money is used to pay back bonds issued to subsidize developers who build real estate projects in the City of Alameda.

The report indicates that the Alameda Point Improvement Project (APIP) contributed $64,016 to the school district. (See PDF Page 439 in the report.) The Business and Waterfront Improvement Project contributed $626,763 to the school district, and we know this money goes into the District Housing Fund and District Capital Outlay fund. But we haven’t yet been able to identify where the APIP money lands on the School District’s books.

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