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Press Release, Office of Treasurer Phil Angelides
July 22, 2004
OAKLAND, CA - California State Treasurer Phil Angelides and
Oakland Mayor Jerry Brown today visited Fruitvale Transit
Village to see first-hand the successful transformation of
the area surrounding the Fruitvale BART station into a transit-oriented,
mixed-use development in the heart of Oakland's Fruitvale
neighborhood. Treasurer Angelides and Mayor Brown praised
Fruitvale Transit Village as an example of the types of projects
the California Recycle Underutilized Sites (CalReUSE) program
is trying to finance - an infill project that creates a mixed-use
community that includes housing, retail and offices and that
is also a transportation hub.
CalReUSE will provide $125,000 to undertake the critical task
of determining whether the site identified for Phase II of
the Fruitvale project poses a threat of environmental contamination
and, if so, how to assure clean up of the area. The CalReUSE
program is part of an initiative sponsored by Treasurer Angelides
to help cities spur the clean up and redevelopment of contaminated
sites called "brownfields."
"The Fruitvale Transit Village is a shining example of how
uncertainty can be turned into opportunity," Angelides said.
"CalReUSE enables local communities to turn underutilized
sites into economic assets - helping to create housing, jobs
and commerce on what would otherwise be vacant lots."
Added Mayor Brown, "The CalReUSE program encourages development
of underutilized sites in Oakland into economic catalysts
for neighborhoods. Phase II of Fruitvale Village will build
more than 200 residential units and enable more Oaklanders
to become homeowners."
CalReUSE provides financing to help communities overcome obstacles
that have, in the past, prevented the redevelopment of many
"brownfield" properties - parcels of land within the urban
fabric that remain vacant because of real or perceived toxic
contamination. Those obstacles have included the high costs
that potential developers face in assessing the amount of
contamination on a site and what steps are needed to remove
it. Through the program, forgivable loans can be issued to
property owners and developers to pay for such costs.
In the case of the Fruitvale Village project, the $125,000
loan will enable the development team to proceed with the
environmental assessment of Phase II, while Phase I, completed
in February 2004, is already a thriving development that includes
47 housing units, 38,000 square feet of retail, 150,000 square
feet of community facilities and 147 parking spaces. When
completed, the entire Fruitvale project is expected to provide
200-plus residential housing units and approximately 35,000
square feet of retail, all with easy access to an adjacent
BART station.
Joining Treasurer Angelides and Mayor Brown at the news conference
today was Arabella Martinez, CEO of the non-profit Unity Council,
the developer and driving force behind the Village development.
"We are so grateful to the City of Oakland, the CalReUSE program
and all those who have supported this project, which will
truly be a centerpiece of the social and economic renewal
of the Fruitvale community," said Martinez.
Also in attendance were representatives of the California
Environmental Redevelopment Fund and the California Center
for Land Recycling, the program's statewide "strategic partners,"
who, along with the cities of Oakland, Emeryville and San
Diego, administer the loans on behalf of the State.
The CalReUSE program is part of the Treasurer's "Double Bottom
Line" investment strategy, which focuses on achieving successful
investment results while simultaneously broadening economic
opportunity in California communities. The Treasurer serves
as Chairman of the California Pollution Control Financing
Authority (CPCFA), which oversees the statewide, $10 million
CalReUSE program.
Financing made available through the "Double Bottom Line"
initiative also assisted in the development of Phase I of
the Fruitvale Village Project. The California Health Facilities
Financing Authority, also chaired by Angelides, provided $750,000
in grants and loans to the LaClinica de La Raza health clinic
located in the Village.
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