The Americana at Brand generated about $1.16 million in sales tax revenue in 2010, 19% below expectations, but the mega-retail development has far exceeded property value projections, city officials reported Tuesday.
The Americana’s assessed value in fiscal year 2011-12 was $479.9 million, more than double what had been projected, according to staff report presented to the Redevelopment Agency. The higher-than-expected valuation generated about $3.67 million in tax revenue for the agency.
“There were a number of individuals that doubted whether this development would generate any revenue and support itself and at this point it’s doing more than that,” Councilman Rafi Manoukian said.
In addition, in 2010 the Redevelopment Agency reaped about $95,000 from a shared revenue agreement with the Americana’s paid parking structure.
The economic report echoed a similar performance for 2009, when the outdoor, multi-use development beat property tax projections, but fell short on the sales tax side.