Several Texas Rangers OakleyRDA projects are in the

Several surveys alex rodriguez OakleyRDA projects texas rangers badge defines are in the planning phase, and if they proceed, will enhance anddiversify the project area. The city benefits from its relativeaffordability and proximity to several regional labor markets. Coverage levelshold up to Fitch-designed stress scenarios, including the loss of the top tentaxpayers (a moderate 18% of total AV.) The City of Oakley is located in eastern Contra Costa County, equidistantbetween Sacramento and San Francisco. Revenue continuing at these lower levels will require Oakley RDAto forgo some spending and use reserves to make the subordinated pass-throughpayments to overlapping municipalities in the next few years. Debt service coverage of the seniorbonds alone in fiscal 2010 is now projected to be 4.4x down from originalprojections of 5.1x.

Assuming just 2% AV growth in fiscal 2011, MADS coveragewould be 1.3x baseball tickets . Maximum annual debt service (MADS) on both senior andsubordinated bonds is covered 1.28 times (x) by fiscal 2010 projected revenues,down from the original forecast of 1.66x texas rangers badges . Pledged revenues for debt service are derived from tax increment revenues net ofvarious senior tax sharing obligations and a portion of the 20% affordablehousing set aside walker texas rangers . Fifteenmonths ago fiscal 2010 AV was projected to reach $525.9 million texas rangers badge . Resultingaverage annual AV growth rates between fiscals 2001-2010 slowed to 7% for totalAV and 10% for incremental AV, down from 11% and 15%, respectively, from fiscals2001-2008.

Fiscal 2010 AV losses follow the 1.8% decline in fiscal 2009 michael young autograph . While several medium-term commercial and industrialdevelopments continue in the planning phase, growth has slowed considerably.Preliminary fiscal 2010 AV of $396.8 million marks a steep 20.1% decline, withincremental value falling 25.3%, led by declines in the residential tax baseresulting from home foreclosures, appeals, and a general decline in home saleprices texas rangers badges . Oakley RDA's redevelopment project area encompasses 1,537 acres, approximately19% of the city's acreage and 17% of its total AV walker texas rangers . The project area is primarilyresidential (67% of project area AV) but also includes commercial (18%) andindustrial (6%) acreage . Tax sharingagreements with other municipalities provide for their subordination to debtservice on both senior and subordinate bonds, and current projections showOakley RDA needing to use accumulated reserves to meet the tax sharing payments.Offsetting these credit concerns is the diverse tax base, maturity of theproject area and Oakley RDA's integral position within the planning and economicdevelopment efforts of the city. The two-notch higher rating for the senior lien bonds results fromhigher debt service coverage levels and from closure of the lien. The downgrades reflect sharp declines in Oakley RDA's assessed valuation andattendant debt service coverage resulting from extreme assessed valuation (AV)declines in this largely residential project area.