The Acorn Project Area is one of the oldest redevelopment areas in the city. It is a small parcel of land located in West Oakland, just west of 980, and adjacent to downtown. It was established in 1962, and was subject to three major projects. Two low-income, urban renewal residential projects were built, the Acorn and Mohr Housing Developments. In addition, the Acorn Shopping Center was constructed at the corner of 7th and Market. Recent activity in the area involved rehabilitating the old housing developments. This area is considered to be completed according to ORA.
Date Created: 1961
Created by Ordinance/Resolution:
Redevelopment Plan Approved: November 30, 1961
Plan Termination Date: January 1, 2009
Subject to 1993 Reforms: No
Tax Increment Revenue Limit: $30,000,000
Size: 25 AcresLocation (general): Embarcadero to 10th St., Brush to Union, comprising aspects of adjacent blocks in West Oakland
Community Economic Development Agency Staff:
Roy Schweyer
Housing and Community Development Manager
(510) 238-3501
rlschweyer@oaklandnet.com
Complete
- Acorn Development Rehabilitation
- Mohr Housing Development Rehabilitation
- Acorn Shopping Center
Tax Increment (TIF) Revenue
Gross TIF ** $436,885 $712,878 $793,702 $734,679 $781,117 $728,892 $834,339 $849,274 Payments to Other Agencies $0 $0 $0 $0 $0 $0 $0 $0 Set-Asides $87,377 $142,576 $158,740 $166,868 $169,855 Net TIF (before Debt Service Expenditures) $349,508 $570,302 $634,962 $667,471 $679,419 Gross TIF ** $904,285 $982,113 $911,433 $868,271 $938,256 $966,080 $988,150 $1,012,853 Payments to Other Agencies $0 $0 $0 $0 $0 $0 $0 $0 Set-Asides $180,857 $196,423 $182,287 $173,654 $187,651 $306,327 $324,113 Net TIF (before Debt Service Expenditures) $723,428 $785,690 $729,146 $694,617 $750,605 $681,824 $688,740 * Projected in ORA Budget for FY 2003-2005
* *From State Controller “Community Redevelopment Agencies Annual Report”Set-Asides
FY 89-90 FY 90-91 FY 91-92 FY 92-93 FY 93-94 FY 94-95 FY 95-96 FY 96-97 Housing Set Aside $87,377 $142,576 $158,740 $146,936 $156,223 $145,778 $166,868 $169,855 ERAF Shift $0 $0 $0 $0 $0 Total Set Asides $87,377 $142,576 $158,740 $166,868 $169,855 FY 97-98 FY 98-99 FY 99-00 FY 00-01 FY 01-02 FY 02-03 FY 03-04* FY 04-05* Housing Set Aside $180,857 $196,423 $182,287 $173,654 $187,651 $241,520 $247,038 $253,213 ERAF Shift $0 $0 $0 $0 $0 $59,289 $70,900 Total Set Asides $180,857 $196,423 $182,287 $173,654 $187,651 $306,327 $324,113 * Projected in ORA Budget for FY 2003-2005
Expenditures
FY 89-90 FY 90-91 FY 91-92 FY 92-93 FY 93-94 FY 94-95 FY 95-96 FY 96-97 Capital Expenditures Debt Service Expenditures Total Expenditures**
FY 97-98 FY 98-99 FY 99-00 FY 00-01 FY 01-02 FY 02-03 FY 03-04* FY 04-05* Capital Expenditures $0 $0 Debt Service Expenditures $393,050 $391,220 Total Expenditures** $393,050 $391,220 * Projected in ORA Budget for FY 2003-2005 Bonds
Bond Name/Type Issuing Agency Date Maturity Date Principal Total Interest Total Amount to be Paid by ORA Principal Outstanding (as of 7/1/2005 )* Tax Allocation Refunding Bond U.S. Bank 11/1/1988 5/1/2007 $3,375,000 $3,190,387 $6,565,387 $715,000 * Projected in ORA Budget for FY 2003-2005 Total Debt (As of 7/1/2005)
Total Bonded Debt $715,000 Other Debt $1,893,862 Total Debt $2,608,862
Total population 1,941 1,403 -28 % White 3 10 % Black 87 45 % Am. Indian/Alaskan Native 0 0 % Asian/Pacific Islander 5 39 % Other 5 4 % Two or more races % Hispanic 5 12 Mean Household Income (1999 $) 16,062 25,936 61 % Persons Below Pov. 56 42 % Labor Force Unemployed 21 13 % 16 yrs+ not in labor force 59 54 % Owner occupied housing units 5 4 % HH paying > 30% of income for housing 58 42 Mean value of owner occ. housing units (2000 $) 146,444 168,452 15 % 25 yrs. + with HS deg. or higher 50 57 % 25 yrs. + with bach. deg. or higher 3 13 Source: US Census Bureau, Summary File 3, 1990 and 2000