Rent Increase Survey

Have you submitted your latest rent increase data to the rent increase survey?

Six Years On, City Still Waiting for Cineplex and Parking Garage Project to Move the Needle on Sales Tax Revenue

Six years on, the Alameda Cineplex and parking garage haven't produced significant gains in sales tax revenue. (Wikipedia)

Six years on, the Alameda Cineplex and parking garage haven’t produced significant gains in sales tax revenue. (Wikipedia)

Some six years after the opening of the Alameda Cineplex and attached parking garage – a redevelopment project sold to the public on its ability to generate sales tax revenue for the city – and with an economic recovery apparently in motion, sales tax in the Park Street – South of Lincoln district, home to the Cineplex, is down.

Alameda City Council will review all the sales tax numbers at a February 17th meeting, where the quarterly sales tax report for revenue collected from July 1, 2014 through September 30, 2014, will be presented.

According to the report, revenue for the quarter for the Cineplex’s district is down two percent from the same quarter the previous year, or down $3,896 to $201,667. Revenue in the district comprised 11 percent of total sales tax revenue in the quarter, consistent with the district’s share in the years immediately prior to the opening of the Cineplex.

For the collection quarter immediately before the one to be reported to council this month, ending June 30th, 2014, the Park Street – South of Lincoln district generated $223,453 of sales tax revenue, or 11 percent of total sale tax, again consistent with the pre-Cineplex share.

In total, for the most recent quarter to be reported, sales tax generated $1,972,214 in revenue for the City of Alameda, and sales tax continues to be the fourth largest source of revenue.

The Alameda Landing district, which saw a Target store open in October 2013 – also billed as a sales tax generator by recovering retails sales “leakage” – generated $132,894 in revenue, or just over $530,000 per year, annualized, without adjustments for the holiday shopping season, or new stores that have opened since September 30th of last year. That district generated 6.7 percent of total revenue.

The district generating the largest share of revenue, $483,589 or 24.5 percent is Harbor Bay Business Park, with its commercial businesses that generate business-to-business sales tax.

Comments are closed.