Commerce Drive was a $1 million controversy when it was first funded using the Manteca Redevelopment Agency to cover 100 percent of the cost of building it a decade ago.
Critics argued it was a tax giveaway that the city would never recoup in terms of new property taxes when the City Council invested the money to make it possible for Home Depot to build in Manteca.
The $1 million “loan” was forgiven when Home Depot opened on time. It was coupled with a follow-up loan of $7 million – that was repaid ahead of time with interest - to put in place sewer, water and streets in Spreckels Park to lure employers.
That original $1 million that started Spreckels Park is now generating over $2 million annually in property taxes. Since 1998, the city has parlayed their initial outright investment into 15 times that in new property taxes alone. The assessed value of Spreckels Park is in excess of $200 million. The 362-acre multi-use development that rose from the debris left after Spreckels Sugar was demolished is home to 11 of Manteca’s top 35 property taxpayers – including the top three overall - that are located within the boundaries of the redevelopment agency. Those 11 taxpayers have property assessed at $127.7 million in value. The top three property taxpayers also happen to be located in Spreckels Park account for $65.9 million in assessed value.
Spreckels Park generates enough tax increment needed to bond for new projects to invest in infrastructure that allowed more than $60 million in new retail assessment to be developed along Daniels Street as part of the Manteca Retail Stadium Center. It also provided the $28 million plus need to build the Big League Dreams sports complex.
The property taxes paid by retail and employment centers in both the Spreckels Park and Stadium Retail Center were credited with almost a 5 percent increase in property tax receipts in 2008 to counter massive loss in value on the residential side due to foreclosures.
Even with The Promenade Shops at Orchard Valley coming on line this year property receipts for Manteca for 2009 are expected to drop 10 to 15 percent in overall in the city after the county assessor adjusts housing values based on what they were on the first day of the year.
Millard Refrigeration Services – a massive cold storage operation in the heart of Spreckels Park – tops the list at $22.9 million in assessed value. Metropolitan Life Insurance, which owns the ADPS Packaging warehouse, is next at $21.5 million followed by Prologis that owns warehouse buildings also in Spreckels Park that carry a value of $20.4 million.
Doctors Hospital of Manteca is fourth on the list with overall property valued at $19.7 million.
Critics argued it was a tax giveaway that the city would never recoup in terms of new property taxes when the City Council invested the money to make it possible for Home Depot to build in Manteca.
The $1 million “loan” was forgiven when Home Depot opened on time. It was coupled with a follow-up loan of $7 million – that was repaid ahead of time with interest - to put in place sewer, water and streets in Spreckels Park to lure employers.
That original $1 million that started Spreckels Park is now generating over $2 million annually in property taxes. Since 1998, the city has parlayed their initial outright investment into 15 times that in new property taxes alone. The assessed value of Spreckels Park is in excess of $200 million. The 362-acre multi-use development that rose from the debris left after Spreckels Sugar was demolished is home to 11 of Manteca’s top 35 property taxpayers – including the top three overall - that are located within the boundaries of the redevelopment agency. Those 11 taxpayers have property assessed at $127.7 million in value. The top three property taxpayers also happen to be located in Spreckels Park account for $65.9 million in assessed value.
Spreckels Park generates enough tax increment needed to bond for new projects to invest in infrastructure that allowed more than $60 million in new retail assessment to be developed along Daniels Street as part of the Manteca Retail Stadium Center. It also provided the $28 million plus need to build the Big League Dreams sports complex.
The property taxes paid by retail and employment centers in both the Spreckels Park and Stadium Retail Center were credited with almost a 5 percent increase in property tax receipts in 2008 to counter massive loss in value on the residential side due to foreclosures.
Even with The Promenade Shops at Orchard Valley coming on line this year property receipts for Manteca for 2009 are expected to drop 10 to 15 percent in overall in the city after the county assessor adjusts housing values based on what they were on the first day of the year.
Millard Refrigeration Services – a massive cold storage operation in the heart of Spreckels Park – tops the list at $22.9 million in assessed value. Metropolitan Life Insurance, which owns the ADPS Packaging warehouse, is next at $21.5 million followed by Prologis that owns warehouse buildings also in Spreckels Park that carry a value of $20.4 million.
Doctors Hospital of Manteca is fourth on the list with overall property valued at $19.7 million.
