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Alameda Parking Structure and Theatre Not Yet a Sales Tax Boon

On December 2nd, Alameda City Staff reported the sales tax figures for the three months ended June 30th, 2008, which include the first full quarter that the Alameda Civic Center Parking Structure was open, and the first partial quarter that the Alameda Theatre was open. For that quarter, the parking garage and theatre barely moved the needle on sales tax revenue.

The Alameda Civic Center Parking Structure opened in February of 2008, and the Alameda Theatre and Cineplex opened in May. Proponents promised that both structures and the roughly $40 million tab they generated were well worth it due to the retail sales tax revenue they would indirectly generate. (There is no sales tax on movie theatre tickets.)

The sales tax numbers for the second quarter of the year are just coming in – it takes time for the State Board of Equalization to finalize all the reporting and feed the data back to the municipalities – and it shows that sales tax for the Park Street – South of Lincoln district increased merely 2.9% from the same quarter in 2007. The South of Lincoln district is the area that should see the biggest benefit from the parking garage and the Cineplex. Sales tax for the district for the first quarter of 2008 was $153,755, or a 3.2% decline from the same quarter in 2007 so this 2.9% increase in the second quarter of 2008 seems to be within the range of typical fluctuations for the district.

The Park Street – North of Lincoln district, which includes the rapidly vanishing auto-row, saw a 9% decline in sales tax revenue from the same quarter in 2007. Overall, the transportation category declined 13.4% reflecting a decline in auto sales. Note that these figures don’t reflect the recent loss of Good Chevrolet on Park Street, which closed after the June 30 closing date for the period.

Alameda Theatre and Parking Garage Not Yet Driving Sales Tax Revenue

Alameda Theatre and Parking Garage Not Yet Driving Sales Tax Revenue

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