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Concentration risk is mitigated somewhat by the availability, on a subordinate basis from 2026-2036, of a portion of tax increment from the much larger and diverse 980-acre CCCRA, which would cover about one-half of debt service on the proposed series 2018 bonds.
DOWNTURN IN CRA VALUATIONS: Significant declines in either project area AV or the CCCRA's AV leading to narrowing debt service coverage or senior CRA debt issuance beyond Fitch's expectations could have a negative impact on the rating.
The CCCRA from which the $2 million of coverage revenue is derived encompasses 980 acres, incorporating much of the downtown portion of the city, including the project area and district.
Total tax increment revenues generated from the CCCRA totaled roughly $32 million for fiscal 2018.
(101) The Comprehensive Contingency Contracting Reform Act (CCCRA) of 2012, S.
(33) CCCRA, Parks and Recreation Department fonds, unknown file, William R.
These consist of the remaining 20% of project area increment revenues ($989 thousand in fiscal 2016) and tax increment revenues generated within the CCCRA but outside of the project area, up to a maximum of $2 million.
The CCCRA from which the $2 million of coverage revenue is derived encompasses 980 acres incorporating much of the downtown portion of the city, including the project area and district.
While economic and market factors affecting the project area and the CCCRA are highly correlated, the strong financial margins built into the structure enable the transaction to perform under severe economic pressures such as those of the past recession.
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