While commercial property owners in Alameda are checking with the Alameda County Tax Assessor to see how much Measure H will add to their tax bill, the AUSD District Housing Fund and District Capital Outlay Fund – money held at the City of Alameda for AUSD – are growing.
In accordance with an agreement between the City of Alameda Community Improvement Commission and the Alameda Unified School District, the Business and Waterfront Improvement Project passes-through some redevelopment tax dollars to two funds intended to benefit Alameda schools.
The total of the two funds now amounts to $3,954,154.89, according to documents provided by the City of Alameda. The District Housing Fund is intended to fund the construction of housing primarily for school district employees, and the District Capital Outlay Fund is intended to pay for “part or all of the cost of land and/or certain capital improvements, including school-related buildings, facilties and improvements incidental thereto, and improvements to existing buildings and facilities which are determined….to meet the requirements of the Community Redevelopment Law.” The new figure reflects recent contributions for the 2007 to 2008 tax year.
See the image below for a detailed summary of contributions and adjustments to these funds over the past 15 years.