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Annual Report

EAST BAY ASIAN LOCAL DEVELOPMENT CORPORATION

2012–2013

BUILDING HEALTHY AND VIBRANT NEIGHBORHOODS

2012–2013 HIGHLIGHTS Through EBALDC’s Healthy Neighborhoods approach to community development, we’re working to ensure our neighborhoods provide resources people need to live long and productive lives. This organizational strategy is reflected in many highlights from our projects, programs and partnerships, including: Expanding access to affordable housing and revitalizing an Oakland icon: In May 2013, residents moved into 26 new units at Drasnin Manor in Oakland’s Lower San Antonio neighborhood. Another 92 residents moved into 86 new apartments with completion of Phase I at the California Hotel, a local landmark and the cornerstone of our Healthy Neighborhoods work on the San Pablo Avenue Corridor. New partnerships for youth and families: Working with Futures Elementary, we expanded our Lion’s Pride Afterschool and Summer programs. We added middle school leadership training and launched new partnerships with Destiny Arts Center and the Museum of Children’s Arts. This expansion is funded through a three-year grant from the Oakland Fund for Children and Youth. Catalyzing business development at Swan’s Market and in Old Oakland: Miss Ollie’s, Rosamunde and Periscope Cellars all opened in Swan’s Market, building on the success of our flagship restaurant, Cosecha. B-dama and The Cook and Her Farmer, along with additional restaurants and retail, will open in 2014, contributing to the renaissance of Old Oakland.

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HIGHLIGHTS (CON’T) Leveraging creative financing opportunities: We secured New Markets Tax Credits (NMTC) for Swan’s Market and 1825 San Pablo, which houses EBALDC’s new main office. 1825 was also financed through a complex 501c3 bond, which closed in 2012. The bond paid off nearly $8 million in short-term debt, providing long-term, low-cost financing for four residential and commercial properties and solidifying EBALDC’s strong financial position. Organizing for an age-friendly San Pablo Avenue Corridor: More than 80 seniors, neighbors and community partners came together for our Age-Friendly Summit in July 2013. With support from our funder, the Age-Friendly Communities Fund of the TIDES Foundation, four age-friendly advocates applied for and won mini-grants to launch new projects to make the San Pablo Avenue Corridor safer, healthier and more accessible for seniors and residents of all ages. A record year for volunteer tax assistance: After 11 years and more than 7,300 individuals and families served, our Volunteer Income Tax Assistance (VITA) program had its biggest year ever. In 2013, our community volunteers helped more than 1,500 low-income individuals, families and entrepreneurs to file their taxes. The result: $2 million in tax refunds, with 64 individuals putting their refunds directly into savings — representing $90,000 in total savings. Creating new homeownership opportunities: With the help of EBALDC’s Homeownership Programs Department and Metro Bay Realtors, 11 homebuyers purchased affordable condominiums at Pacific Renaissance Center and Sausal Creek Homes. Building on our investments for Healthy Neighborhoods: In December 2013, we were one of 13 organizations nationally awarded a Partners in Progress grant by Citi Foundation and the Low-Income Investment Fund to help strengthen cross-sector coalition-building efforts in the San Pablo Avenue Corridor. We continue to build momentum along the corridor, from downtown Oakland to Emeryville, with four mixed-use buildings (including our new offices at 1825 San Pablo) and a fifth in development. We’re working with residents and neighbors to address priority issues in the neighborhood, with local business owners to spur economic development, and with all our partners to provide resources and opportunities that improve the health of residents and businesses throughout the neighborhood.

PIPELINE PROPERTIES

Havenscourt

San Pablo Avenue Corridor

Lion Creek Crossings Phase 5

California Hotel

6710 Lion Way, East Oakland New Construction 128 Affordable Units (Senior) Anticipated Completion: August 2014

3501 San Pablo Avenue Acquisition Rehab 137 Affordable Units (Studio, 1-Bedroom, 2-Bedroom) 6,500 Sq. Ft. Commercial/Retail Anticipated Completion: May 2014

Chinatown/Old Oakland

West Grand and Brush

Swan’s Market Phase 3 901 Washington Street Portfolio Rehab 41,500 Sq. Ft. Commercial/Retail Anticipated Completion: April 2014

1110 Jackson 1110 Jackson Street New Construction 71 Affordable Units (Family) 5,000 Sq. Ft. Commercial/Retail Pre-Development

2201 Brush Street New Construction 146 Affordable Units 14,000 Sq. Ft. Ground-Floor Commercial/Retail Pre-Development

1825 San Pablo 1825 San Pablo Avenue EBALDC Main Offices (12,000 Sq. Ft., Completed Oct. 2013) 9,500 Sq. Ft. Ground-Floor Commercial/Retail Anticipated Completion: Fall 2014


FINANCIAL SUMMARY

2012 Consolidated Statement of Financial Position

2012 Consolidated Statement of Activities

ASSETS Liquid Assets Real Estate Held for Sale Other Current Assets Total Current Assets

$18,500,000 $7,500,000 $900,000 $26,900,000

SUPPORT & REVENUE Rental Revenue Grants & Contributions Fees Other Income

Developments in Progress Property & Equipment Net Other Assets

$19,730,000 $154,360,000 $7,570,000

TOTAL ASSETS

$208,560,000

LIABILITIES Accounts Payable Construction Costs Payable Notes Payable, Current Portion Other Current Liabilities Total Current Liabilities

$1,160,000 $3,650,000 $2,030,000 $1,370,000 $8,210,000

Notes Payable, Net Deferred Interest Other Long Term Debt Total Long Term Liabilities

$123,300,000 $33,600,000 $3,100,000 $160,000,000

TOTAL LIABILITIES

$168,210,000

NET ASSETS

$40,350,000

TOTAL LIABILITIES & NET ASSETS

$208,560,000

$11,980,000 $1,436,000 $1,236,700 $337,300

TOTAL SUPPORT & REVENUE EXPENSES Program Services Management & General Fundraising

$14,990,000

$12,120,000 $1,760,000 $450,000

TOTAL OPERATING EXPENSES NET OPERATING INCOME

$14,330,000 $660,000

Note: Net Operating Income does not include other revenue or expenses, such as Depreciation Expense, Deferred Interest Expense, Debt Forgiveness and other non-cash accounting transactions.

Support and Revenue

Expenses

Rental Revenue (80%)

Program Services (85%)

Grants & Contributions (10%)

Management & General (12%)

Fees (8%)

Fundraising (3%)

Other Income (2%)


FUNDERS AND DONORS $100,000 and Above Atlantic Philanthropies • Enterprise $50,000–$99,999 Causa Justa: Just Cause • Oakland Fund for Children & Youth • United Way of the Bay Area • Walter & Elise Haas Fund • Wells Fargo Bank • Y & H Soda Foundation $25,000–$49,999 Arthur J. Gallagher Risk Management Services • Bay Area LISC • Citi Foundation • Green and Healthy Homes Initiative • JP Morgan Chase Foundation • MetLife Foundation • Metropolitan Transportation Commission • The San Francisco Foundation • U.S. Environmental Protection Agency • Walter and Elise Haas Fund • Wells Fargo $10,000–$24,999 Amos Ben Asher Fund • Bank of America Charitable Foundation • Bank of the West • Charles Schwab Bank • East Bay Community Foundation • Union Bank • US Bank $2,500–$9,999 Bank of America Merrill Lynch • BBI Construction • Branagh, Inc. • Cahill Contractors, Inc. • The Clorox Company Foundation • CMA Asset Managers, Inc. • Comerica Bank • Community Economics • Fitzgerald Abbott & Beardsley LLP • Goldfarb & Lipman Attorneys • J.H. Fitzmaurice, Inc. • Lowney Architecture • National CAPACD • NCR Construction, Inc. • Northern California Community Loan Fund • Oliver & Company, Inc. • One PacificCoast Bank • Related California • Dr. K.M. Tan, M.D. • Union Bank $250–$2,499 Kathryn Alexander • Rosie Allen • American Century Investments Foundation • Asian Health Services • John Benson • California Bank & Trust • Center for Elders Independence • Chinatown Community Development Center • City National Bank • Susan Colson • Commonwealth Real Estate • Community Bank of the Bay • Korin Crawford • Edward Del Beccaro • Family Bridges, Inc. • First Federal Savings and Loan of San Rafael • Karoleen Feng and Damien Howai • Charise Fong • Jim Govert • Grantmakers in Health • Gubb & Barshay LLP • Earl Hamlin • HKIT Architects • Kathryn Hoover • Janet Howley • Roy Ikeda • IngrahamDeJesse Associates • Jones Hall Law Corporation • Kaiser Permanente • Kaiser Permanente Asian Association • KPWSE Structural Engineers • Lake Pharmacy • Lynette Jung Lee • Rosanna Lerma • Sherman Lim • Lindquist Von Husen & Joyce LLP • Luk and Associates • David McClain and Merilyn Wong • Mechanics Bank • Merritt Community Capital Corporation • Thomas McCoy • Nibbi Brothers General Contractors • Novogradac & Company • Okamoto Saijo Architecture • Oto Bailey Fukumoto & Mishima, Inc. • Kristin Palm • Lynette Pang • PES Environmental • Portfolio Property Investors • Niels Povlsen • Property Investment Services • PSR West Coast Builders Inc. • Michael Pyatok • Pyatok Architects, Inc. • Leah Segawa • Segue Construction • Seifel Consulting, Inc. • Silicon Valley Bank • Joshua and Ruth Simon • Peter Sopka • Sun Light and Power • Tenderloin Neighborhood Development Corporation • John Tastor • Rosalyn Tonai • Nicole Wong (List reflects funders and donors through October 2013)


EBALDC Annual Report 2012-2013