Redevelopment Department


DATE: March 3, 1998
TO: Mayor Frank Roberts
FROM: Stafford Parker, Redevelopment Director

1. Query:  What is the total bond indebtedness for the life of the project area?
Staff Response:  On January 1, 1994, the Lancaster Redevelopment Agency issued $3,035,000 of Fox Field Redevelopment Project Area Tax Allocation Refunding Bonds Issue of 1994.  The principal portion of these bonds is payable from August 1, 1997 to august 1, 2022.  Interest is payable semi-annually on February 1 and august 1 of each year at rates of 3.00% to 6.125% per annum, commencing August 1, 1994.
2. Query:  What is the cost of the Fox field Project Area annual debt?
Staff Response:  The annual debt service for the life of the bonds will be approximately $215,000 to $220,000 per year beginning August 1, 1994 and ending August 1, 2022. 
3. Query:  What is the cost of total infrastructure build-out to date and future for the project area?
Staff Response:  The Fox Field Redevelopment Project Area is not confined to one area of the City and it is impossible to project what type of development will come to the area or when it will come.  Any attempt to forecast future cost would be an unsupported guess twenty-three years in the future and probably range from totally unreliable to fool hardy.  As a result, it is far too speculative to project what the total infrastructure build-out cost amount will be for this project area.
cc: Vice-Mayor Hearns
Council Member Shelton
Council Member Singer
Council Member Jeffra
Jim Gilley

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