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HomeMy WebLinkAboutApril 3, 2001•Y r A N N O T A T E D A G E.,N' D A Arcadia City Council , and Redevelopment Agency Meeting April 3, 2001 6:00 p.m. . Council Chambers Conference Room ACTION ,ROLL CALL: Council /Agency Members. Chandler, Chang, Marshall, Segal and Kovacic All present TIME RESERVED FOR THOSE IN THE AUDIENCE WHO WISH TO ADDRESS THE CITY COUNCIUREDEVELOPMENT AGENCY (NON- PUBLIC HEARING /FIVE - MINUTE TIME LIMIT PER PERSON) None 1. CLOSED SESSION At 6:04 p.m, the Council /Agency RECESSED to Closed Session. RECONVENED at 6:31 p.m. a. Pending litigation. pursuant to Governrnent'Code Section 54956.9(a) — workers compensation case concerning Joseph Drew. b. Pending litigation pursuant to Government Code Section'54956.9(c) — one (1) case. 2. Report, discussion and direction, City Council Sub - Committee on negotiations with Santa Anita Race Track. At 6:46 p.m. the Council /Agency 7.00 p.m. RECESSED and.RECONVENED in the Council Council Chambers Chambers at 7:00 p.m. 'INVOCATION Reverend Foster Shannon, Arcadia Presbyterian Church PLEDGE OF.ALLEGIANCE Atusa Faghiri:: ROLL CALL: Council Members Chandler, Chang, Marshall, Segal and Kovacic All Qresent City Attorney Deitsch announced the items discussed at the earlier Closed Session., No reportable 3: SUPPLEMENTAL INFORMATION FROM STAFF REGARDING AGENDA ITEMS Noneion taken. MOTION. Read all Ordinances and Resolutions by title only and waive reading in full Adopted 5 -0 4. PRESENTATION of Mayor's Community Service Award to John & Carol Fung. 5. PRESENTATION of Mayor's Youth Service Award to Carl & Patti Anderson. 6. 'PRESENTATION of Mayor's Business Recognition Award to_Domenicos. 7. PRESENTATION of Mayor's Senior Service Award to Warren & Mildred Shaw. ` Gary A. Kovacic „Mayor • Mickey Segal, Mayor Protempore. •. Roger. Chandler, Dr. Shang Chang, Gail A. Marshall, Council Membem, William R. Kelly, city Manager - - .. June D. Alford, City Clerk _ ACTION 8a PRESENTATION of Mayor's Employee Recognition Award to Jackie Faust - Moreno. 9. PRESENTATION to Arcadia High School Students for their Centennial Artwork. 10. TIME RESERVED FOR THOSE IN THE AUDIENCE WHO WISH TO ADDRESS THE CITY COUNCIL (NON - PUBLIC HEARING/FIVE- MINUTE TIME LIMIT PER PERSON) Doug Failing 11. MATTERS FROM ELECTED OFFICIALS City Council Reports /Announcements /Statements /Future Agenda Items See Minutes 12. MEETING OF THE ARCADIA REDEVELOPMENT AGENCY AND CITY COUNCIL ROLL CALL: Agency Members Chandler, Chang, Marshall, Segal and Kovacic All present TIME RESERVED FOR THOSE IN THE AUDIENCE WHO WISH TO ADDRESS THE REDEVELOPMENT AGENCY (NON- PUBLIC HEARING /FIVE- MINUTE TIME LIMIT PER PERSON) None 13. EXECUTIVE DIRECTOR a. Report regarding amendment No. 5 to the Central Redevelopment Plan Adopted ARA -192 (South Arcadia) and recommendation to adopt ARA Resolution No. 192, 5 -0 a resolution of the Arcadia Redevelopment, to receive the Preliminary Report, the Draft Redevelopment Plan (Amendment No. 5), and the Draft Environmental Impact Report; and to authorize the circulation of the Draft Redevelopment Plan (Amendment No. .5) and the Draft Environmental Impact Report to the Planning Commission,' Project Area Committee and City Council, and to approve the preliminary report and authorize staff to transmit it to the affected taxing agencies, the County Taxing Officials; and the State Board of Equalization. b. Recommendation to adopt ARA Resolution No. 191, a resolution of the Adopted ARA -191 Arcadia Redevelopment, authorizing and directing the notice of sale of not 5-0. to exceed $22,000,00.00 principal amount Tax Allocation Bonds for the Central Redevelopment Project; approving an Official Notice of Sale, a continuing , disclosure certificate, approving the preparation and distribution of a Preliminary Official Statement and financing documents; authorizing the .. sale of the 2001 bonds on certain terms and conditions; authorizing certain other official actions and providing for other matters properly relating thereto. C. Recommendation to adopt Resolution No. 6219, a resolution of the City Adopted 5 -0 Council of the City of Arcadia, California, approving the sale of not to exceed $22,000,000.00 principal amount Arcadia Redevelopment Agency ,Tax Allocation Bonds, Series 2001A, and Series 2001 B (taxable) for the Central Redevelopment Project. ADJOURN REDEVELOPMENT AGENCY to April 17, 2001 at 6:00p.m. �4 14. CONSENT 15. ACTION a. Minutes of the March 20, 2001 regular meeting. Approved 5 -0 b. Recommendation to approve a one -year time extension for CUP 92 -003 Approved s -n for the Rodeff er Inert Landfill at 12321 Lower Azusa Road. C. Recommendation to adopt Resolution No. 6216, a resolution of the Adopted 5 -0 City Council of the City of Arcadia, California, amending the South Arcadia Commercial District Survey Area. d. Recommendation to approve Final Map 53257 for a 6 -unit residential Approved. 5 -0 condominium project at 45 -55 Colorado Boulevard. e. Bid results and recommendation to award a contract in the amount of Approved 5 -0 $32,791.85 to Zaino Tennis Courts, Inc. for the resurfacing of tennis courts at various City facilities, and to authorize an additional appropriation of $2,200.00 from the Park Fund for engineering and inspection services. Recommendation to award a contract in the amount of $75,440.00 to Approved 5 -0 General Pump Company, Inc. for the rehabilitation of Longden Well No. 2. g. Recommendation to adopt Resolution No. 6220, a resolution of the City Council of the City of Arcadia, California, approving program supplement agreement No. 004 -M to administrating agency -state agreement No. 07 -5131 to encumber Federal Aid Funds for the pavement rehabilitation of Golden West Avenue from Huntington Drive to south City limit and authorize the City Manager and the City Clerk to execute this agreement in a form approved by the City Attorney. h. Recommendation to authorize the City Manager to amend the existing Professional Services Agreement with RTKL Associates, Inc. /ID8; to enter into a new Professional Services Agreement with the same company; and to approve expenditures in the amount of $41,000.00. Approved 5 -0 Recommendation to authorize the Arcadia Beautiful Commission to name Approved 5 -0 awards for Arcadia Police and Firefighters who lost their lives in the line of duty. CITY MANAGER a. Recommendation to authorize the sale of $8,000,000.00 in City of Arcadia Approved 5 -0 General Obligation Bonds for the Police Station Project by adopting: Resolution No. 6217, a resolution of the City Council of the City of Arcadia, Adopted -0 California, declaring its intention to sell bonds of said City in the amount of not to exceed $8,000,000.00, fixing the time and place for taking bids and directing publication of notice inviting bids; and 3 City Manager continued ACTION Resolution No. 6218, a resolution of the City Council of the City of Arcadia, Adopted 5 -0 California, providing for the issuance of its Series A of 2001 General Obligations Bonds (police station project) in the amount of $8,000,000.00 for police station uses, and a supplemental resolution to the Governing Terms of the $8,000,000.00 Series A of 2001 General Obligation Bonds of the City of Arcadia (police station project). ADJOURN to April 17, 2001 at 6:00 p.m. 0 ADJOURNED at 8:50 p.m. C1 /�_C —'sn cttf�rS �T•p '' STAFF REPORT OFFICE OF THE CITY MANAGER DATE: April 3, 2001 TO: Mayor and City Council FROM: William R. Kelly, City Manager t3' g By: Linda Garcia, Special Projects Manager SUBJECT: RECOMMENDATION TO AUTHORIZE THE CITY MANAGER TO AMEND THE EXISTING PROFESSIONAL SERVICES AGREEMENT WITH RTKL ASSOCIATES, INC./ID8; TO ENTER INTO A NEW PROFESSIONAL SERVICES AGREEMENT WITH THE SAME COMPANY; AND TO APPROVE EXPENDITURES IN THE AMOUNT OF $41,000.00 SUMMARY The fiscal year 2000 -2001 budget includes a Citywide Signage and Banner Program. The first phase of this project is almost finished and we are just about ready to move forward with design development and fabrication. After that is completed we will then purchase and install the signs and banners. Because it is City policy that the City Council approve expenditures over $15,000.00 for work performed on a project by a single contractor, staff is seeking City Council approval to amend the existing Professional Services Agreement with RTKL Associates, Inc./ID8 for creation of a "logo" and approval to enter into a new Professional Services Agreement with them for design development and fabrication. DISCUSSION The fiscal year 2000 -2001 budget includes an allocation of $60,000.00 for a Citywide Signage and Banner Program. To date, $20,407.52 has been expended for the creation of design concepts for City Council review and for the initial preparation of a way finding plan. At their meeting of March 6, 2001 the City Council requested additional concepts that incorporate a peacock into the design. Once this is completed and approved, we will move on to design development and fabrication. RTKL Associates, Inc. /ID8 has submitted the following proposal to the City: Creation of a sign and banner design/logo that incorporates a peacock $ 5,000.00 Designs and specifications for main entry monuments, directional $26,000.00 signage (vehicular, pedestrian and parking) and banners Shop drawing review, fabrication review and post - installation $ 8,000.00 review (maximum of 80 hours) Estimated cost of reimbursable expenses /contingency $ 2,000.00 IMAGEU1,010.00* 0 o</ . /y ..e, M Mayor and City Council — Signage and Banner Program April 3, 2001 Page 2 Below is a financial summary of where this project stands to date: Expended to date: $20,407.52 Additional work described herein: $41,000.00 $61,407.52 Budget allocation (2000 - 2001): $60,000.00 Additional appropriation required: $ 1,407.52 M * These fees do not include electrical or structural engineering, traffic engineering, a site survey of existing conditions, or new concepts after approval of each phase. It is City policy for the City Council to approve expenditures over $15,000.00 for work done on a single project by an individual contractor. Accordingly, it is recommended that the City Council authorize the City Manager to amend the existing Professional Services Agreement with RTKL Associates, Inc. /ID8 for logo design and to enter into a new Professional Services Agreement for the design development and fabrication work noted above. It is further recommended that the City Council appropriate an additional $1,407.52 from the General Fund for this project. FISCAL IMPACT The 2000 -2001 budget includes an allocation of $60,000.00 for this project. To proceed as outlined in this report the City Council will need to appropriate an additional $1,407.52 from the General Fund. There are sufficient funds available. RECOMMENDATION It is recommended that the City Council: 1. Authorize the City Manager to amend the existing Professional Services Agreement with RTKL ASSOCIATES, Inc./ID8 for logo design and to enter into a new Professional Services Agreement with the same company for the design development and fabrication work noted above. 2. Appropriate an additional $1,407.52 from the General Fund. ;t— 1 To- In�r r) � U r STAFF REPORT DATE: April 3, 2001 FIRE DEPARTMENT TO: Mayor and City Council FROM: Dave Hinig, Chief of Polic c; V, Pete Bonano, Fire Chief Submitted by: Michael A. Casalou, Management Analyst 7w— SUBJECT: REPORT AND RECOMMENDATION TO AUTHORIZE THE ARCADIA BEAUTIFUL COMMISSION TO NAME AWARDS FOR ARCADIA POLICE AND FIREFIGHTERS WHO LOST THEIR LIVES IN THE LINE OF DUTY Summary The Arcadia Beautiful Commission recently approached staff requesting permission to memorialize Arcadia police officers and firefighters killed in the line of duty. Fallen police.officers and firefighters would be memorialized by adding their names to signs awarded at the annual Arcadia Beautiful Awards ceremony. Staff is therefore recommending the City Council approve the request of the Arcadia Beautiful Commission to memorialize fallen Arcadia police and firefighters. Discussion Mr. Gary Brewer, Chairman of the Arcadia Beautiful Commission, approached staff to request permission to memorialize fallen Arcadia police officers and firefighters. The City of Arcadia has lost two safety employees in the line of duty, Motor Officer Albert Matthies and Fire Captain Jerry Broadwell. The Commission's idea was to add the names of Arcadia police officers and firefighters to the signs awarded to winners at the annual Spring awards. The Commission previously memorialized the late Councilman Dennis Lojeski in the same manner. Staff is in favor of the Commission's request and is recommending the City Council approve staffs recommendation. Fiscal Impact There is no fiscal impact to the City by approving this recommendation. Recommendation It is recommended that the City Council: Authorize the Arcadia Beautiful Commission to name awards for Arcadia police and firefighters who lost their lives in the line of duty. Approved By: `__Ih William R. Kelly, City Manager '���' LASERPI iAgED ge 0't' ' .i' • 1 rg —��- -y e(w p ' �nxcan \�RpO$AS e+fl STAFF REPORT . DEVELOPMENT SERVICES DEPARTMENT April 3, 2001 • TO: Mayor and City Council FROM: Don Penman, Assistant- City Manager/Development Services Director Donna Butler, Community Development Administrator v �/ j SUBJECT: APPROVAL OF A TIME EXTENSION FOR CONDITIONAL USE PERMIT 92-003 THE RODEFFER INERT LANDFILL SUMMARY The City received the attached letter from The Rodeffer Trusts, requesting a time extension for Conditional Use Permit 92-003, the proposed inert landfill at 12321 Lower Azusa Road, which was approved by the City Council on April 5, 1994. The Development Services Department is recommending approval of a one-year time extension to April 5, 2002. DISCUSSION Since the original approval of Conditional Use Permit 92-003 (Resolution 5785), the City Council has granted six time extensions to allow the applicants time to secure all the required approvals from the various responsible agencies and to comply with the mitigation measures which are part of the conditions of approval.. Section 9275.2.14 of the Arcadia Municipal Code states that an extension for a . conditional use permit may be granted upon written request filed prior to the expiration of the C.U.P. The request should set forth reasons supported by factual data why the C.U.P. has been unused, abandoned or discontinued or compliance with the conditions has not been achieved. No extension shall be granted unless the Council finds justifiable cause for such extension. , Rodeffer Trust recently completed perimeter landscaping, constructed a block wall on Lower Azusa Road with signage and completed access improvements to the site and is working on completion of a revised grading plan that will be Timeext4-3-01 Time Extension CUPP 9 R ,ED Page 1 CoN . /y ri , submitted to the City in the near future. The extension is necessary to allow the • property owners time to finish all the required conditions of approval that are mandatory to be completed before operation of the landfill may commence. RECOMMENDATION The Development Services Department recommends a one-year time extension for C.U.P. 92-003 to April 5, 2002. ACTION The City Council should move to approve a one-year time extension as recommended by the Development Services Department. Attachment: Letter from The Rodeffer Trust Approved by: .-167M William.R. Kelly, City Manager Timeext4-3-01 Time Extension CUP 92-003 April 3, 2001 Page 2 r ' • 83333QD °V SIB�AH�v /7/197"-al • • ° fa 1 11`i stgT uT aD'ue;STSs'e .r-to/ Jul a usApe uT nO/ juR=d1 • ei-TgL Et71L) 4a az.J a .Ano A4I ;au eseatd uOt .aE,.to ut teut? .tppe Auer a,ATTiOa-A no ptnogS `seat pe.,tTrpba..+ at-1-1- ,.04 aTc= ti to 44TS ayrt Q:s: ataaAad 3pa€'sf O T $ a44 r-j.:r.LR• v s t paso Lzu3 •C' t S—P6 ON dm a(4 c uo t sue;xa ue e6o.Adde G; apuebe • —Fou o.- A;y71 eq; uo pa.pptd aq me;r c:Cal. ?retg buTTsej[Za=...3: e.,/.s ate •de e_,T o punogq;-toN r;amaa..td 03 e 'o TE•ne,..tdda .xol sua_n 0T Ltbysap A.,teutSi s..cd e aTo ns o; Ou.,4sda.,*d e-te pus uE'd buEps.,:C esTaa.4C 't sepft3UT q.pizqm essgd p(au aq uo butpee•Dc.,td aa..e em °uO •f= y'T 4S U s ;14E T I bu T U,A2M pu>= ab-etsc?. = 45t ydepspt' G'ea.r.nGa...`. r. L r cLi-"'. pe;eImmoz eAsg am '.Aes-A :;.sed egg u °ge^Lg °ON U.Q1:4nTOS:a)4 t'e.,ztunoo A;13 e Tpe.m tt o; ;uens,.tnd T el ` '_ t T.Fc1 J Gam, paPaa 4xa pue .i:66T lc; S ...&O' j UO pe q.ue..tE se! Lpygm "01,4 dm, e°u`' 40 uoysue;xe IeuoT Tppe ue bt_tTAIdde ACka-Aeg a.4° em apon j edy. yunw L"'tpesa.,tH agrt 4e Suo;f s i A6.Ad aq'_ EI:. quens,4nd 1�a` .7„Cr 0 acJuenUL:t.uo-1 pus dm 4.G uozsuaay.?:3 -too .senbe ; (a+1:S Selo-2e °ate s?C .7 LOOTE t3 °a Tps3.st • eA T.ka uo Zdu ;unf °M r?;;,` e T pe,11.AC ! 0 A^ • -1 .no:.?=,•t-stUTISpL. zuat6udGIaAaQ A:..unW '.C3 "tei ;nc Euuoa •Sw 000L,-I;L(r t L.) 8OLZ6"1; 'het �1..utDluno • 631 e':TnS 'enuel;,• OLL I ZSI HL HHZ GSL0 -GO i` ' .' 4 `OP cY S 3257 r ti I-�- \ i , i . �.r 1. �, ,ARCADE i p ',,,i T.9. i STAFF REPORT April 3, 2001 DEVELOPMENT SERVICES DEPARTMENT T TO: Mayor and City Council FROM: Don Penman, Assistant City Manager/Development Services Director' By: Donna L. Butler, Community Development Administrator SUBJECT: Consideration of Final Map No. 53257 for a 6-unit residential condominium project at 45-55 Colorado Blvd. SUMMARY Tentative maps and final maps are required for all subdivisions that result in five or more parcels or condominiums. The City Council shall approve a final map if it conforms to all the requirements of the subdivision regulations of the Municipal Code and the State Subdivision Map Act. It is recommended that the City Council approve Final Map No. 53257 for a 6-unit residential condominium project at 45-55 Colorado Blvd. DISCUSSION Final Map No. 53257 has been reviewed by the Los Angeles County Department of Public Works and the appropriate City Departments. Said map has been found to be in substantial compliance with the tentative map, as approved by the Planning Commission on September 12, 2000, and is in compliance with the subdivision regulations of the Municipal Code and the State Subdivision Map Act. RECOMMENDATION The Development Services Department recommends approval of Final Map No. 53257. Attachments: 1 . Land use map 2. Letter of compliance from Los Angeles County 3. Final Map No. 53257 Approved: Wi_,.; \4 William R. Kelly, City Manager Lai /1M/ f�r�� Co.v. iy,-ci S.{OF LOS gN • J 1 C 1 1(F COLT TY OF LOS ANGELED IT • `I ifs DEPARTMENT OF PUBLIC WORKS 11f ; 900 SOUTH FREMONT AVENUE �4 UFosVa. ,ALHAMBRA, CALIFORNIA 91803-1331 Telephone:(626)458-5100 HARRY W.STONE,Director ADDRESS ALL CORRESPONDENCE TO: P.O.BOX 1460 ALHAMBRA,CALIFORNIA 91802-1460 March 13, 2001 IN REPLY PLEASE REFER TO FILE: LD-8 Mr. Terry Hagen City Engineer City of Arcadia 240 West Huntington Drive Arcadia, CA 91006-6021 Dear Mr. Hagen: TRACT NO. 53257 The enclosed subject tract map has been reviewed by our Department for mathematical accuracy, survey analysis, title information, and for compliance with the State Subdivision Map Act. The map is now ready for your examination and certification as to compliance with the conditional approval and applicable City Ordinances. The City Council or Advisory Agency should make the findings required by the California Environmental Quality Act and the State Subdivision Map Act. After your approval and the approval of the City Council or Advisory Agency, the map should be returned to Land Development Division, Subdivision Mapping Section for filing with the County Recorder. If you have any questions, please contact Mr. Armando Aguilar of our Subdivision Mapping Section at (626) 458-4915. Very truly yours, . HARRY W. STONE Director of Public Works v' -\-/,-1/-1---e- ,te e /11 L 7u 1 PHIL K. DOUDAR Assistant Division Engineer Land Development Division RS:ca P:WIAPPING\TRACT.LTR Enc. ' ' • .\ 7, IN ■, \41 -', .,.. ''.. N''s, : --"''. '\ 'N N .7! 1, -.---,2 •E t.„5'li5isi te.:2...,,.., .,..( ._.„,, _., , -7.'-' • ...„--'Ll_..., . .''•-• .. 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Scale: 1 inch--- 200 feet 1 IA D3LD / - , ..,,,,,,,,,-..--,,,,,-,...7-,-. .,,,,,,,.--- ,,,,,,,,,,,,,%T.,,..ur.. .W.4.:tlerga,tfaef,..=.,- .4....---_,,,,f,',,,a--,-... ...A.,,,,,,-T.r.-,s,"=:4trx..?....r.4,,,'.:4-f-e..-S,-, f,-",- -... .--',,e`,--‘-',"' -,--'..,...---"f■-',"17"-..,,..' t ■ 1 LOT EET 1 OF 2 SHEETS 19,347 SQ. FT. 53257 IN THE CITY OF ARCADIA COUNTY OF LOS ANGELES, STATE OF CALIFORNIA • BEiNG A SUBDIVISION OF A PORTION OF LOTS 61, 62 AND 63 OF THE HAVEN TRACT AS PER MAP RECORDED IN BOOK 13, PAGES 22 AND 23 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. FOR CONDOMINIUM PURPOSES O'% ER'S STATEMENT: SURVEYOR'S STATEMENT: 0E TAY STATE THAI A�1140 CF di ARE!MEMO 8F WE I FAY STATE NAT I AM A UCE DED L MO 3010100001 CF THE STATE ff LANDS 84 LRRT y311A 140 9PeY.��HE CI 010041 2:70 DNS NAP 971104 THE C 'HAT TM FINAL SAP,l ING OF T!SffESP. IS A TREE 0S761C IVE 9CNDER WES.AHD N0 CONSENT TO THE PREPARATION AND FIRM AND=FLEE.B A5 945794 Ai'D WAS N HY`E Q.9 UNDER'NY CF SAD NAP Apo SL I0'I. LOCA10CN CR 1110. THAT THE CE EST AT 04 0 CHPAACrd AND LDGIIQI 91003/ BLECNd ARE IN PLACE:THAT ACE tF0!'JTINEL75 Afc SFRCf3dT TO t71A5.'c NE 30440?TO 401148CD. HCIESCAFE t10(INNER) .44_MI W74.11.AAL=ND aBASER TA-.c4 100.11ANADAO 1 E R ti STATE NY'=UF00MA DEJ.L L U3TilO - a L'Y NTY L1 LW ANGELES ))00 E OMAN CR BEFORE ME.NE INT :NS%A NOTARY PlF31C IN ,,tom a a� �•.. ' ADO FOR SAID STATE.I4ALLY APPEARED ALAN HSIEH AND TA-R11 I.E.- .' �11`.--- PE'0IALLY mei TO CR PROVED TO HE ON NE BASS OF SATISFACTORY CITY )GINEER'S CERTIFICATE: E TO y THE PS'RSY2FS MEN ME 10 TFE 01)491 INSiRL°IENT AN'D ACIDESEEDMED 10 HE NAT THEY=1.17E0 111E SANE 81 THEIR Alm.CAPADTI£S AM NAT BY THOR SGNATLIMM 01 THE •HEREBY CERTIFY NAT I HAVE EtfAIDECI TNF5 MAP•,THAT IT=FORM "+SRIMERT.THE W,1$CR 11-E RATTY UPON BEHALF OF DIO N THE OMOiAN'RN1Y 111 11(0 1041.41Nd'NAP AND ALL APPROWO ALIEHA1000'MEM THAT ALL PERSOIS ACT-r).EffifTfD 1YF 3a5TFi1NE,YL :r 8 M AT NE� APPROVAL CF THE TENTATIVE HAP HAVE BEEN LERFL®x011 AND NAT I AN 5A4_F8D TLAT 1145 LEAP 40 11S}RSCM Lv=EDT BI N 000100?TO CITY 0000 MIT REIM RYE P FRDOPAL R.=00180MS 861 WS A MES>S4NFY :ATE CITY DIENEE1 C.STEPHEN SUCIONA1 It. 1A1PT°AIet.>i0E.7CADY 04400 Dill CF NUSTS atEccemo=ream 18. i:E 21M33 EaRREID 8/0/2001 2000 AS 845140540 T ND.CA-•„401245 AND a'11 ,'A,MCC AS 4)454 0FLIWIT NC. 0C-184041$BOTH G MEDAL REGIS CITY TREASURER'S CERTIFICATE: I RUMEN 00004^(THAT ALL 0SAL="='ra`=18 L018D=DER THE 11RS1C7{CN OF THE CITY CF ARCA=7O INCA 140 LAND I4D.LE=DI 711E"11404!;T> moo CR MIT PART THE•G,V M,eG Oa MIN HAY STATE CF CAl1FORMA SE PAID IN FULL.HAVE WE PAID P1 FULL COUNTY CF LOS=Im S3 091 RE UE.DE tacmsumED,A nowt PLEUC TH AND 004 SAID 5TA10.PEMONALLY,IPMA ED _TO SE ON NE HAW CF SATICACREY 04051L=10 00 110 FEMME `4810 CITY 7 -CITY OF.400.404* 040, S ARE aid TO TIE WHIN 800151 NENT AVD AQGDSLID0FD TO LE T SY TFEY SMdATI1 111E a1) DI 11-ES 10.140 0 000.CO NE PLANNING COMMISSION'S CERTIFICATE: THAT HY 1140?0 111111 E THE 114 11-ES Af,110 CAPA C THE E;'17FNY • UPON MALI OF 141+01 7F£PEDICRE ACTED..CEC IlID THE INS RUEERT. 169 I9 10 Cfli1TFY NAT 1140 104(0AI0(0 MAP OF TRACT NO.50057 IRAS APPROVED AT A/4001116 HELD IN 1)40 12711 OAT 01 5001»11.2A,1 I HERESY COMFY NAT 11E3 NAP 914TANRALLY COUPLES INN NE YC 10015?RAC PREIND ELY APT04C D 1c41TATNVE MAP. 4010E TE BY=OEM etanlea ILT RECTA RACE CF MEE UE A4x1E5 CITY -CRY CF ARCADIA • NOM FINANCE DIRECTOR'S CERTIFICATE: TYIS SIEDMERN IS APPROVED AS A=OM=PROMS.Y8III1 THE E> a^A CERTIFY THAT 111E T'TS 0001',RfD BY 51x100&011!5.4 CF 17 CARERS 40 CO CF TFE IMRE 1.r AO .04 1�1 1410 MI 41>+r.D 07T 8 W M.CLOE HAS H T THE PAID 10 THE CITY ARGYLL TIE 00E=AREAS EACH 0..61 TURN. 11-E hIMMARY A AND UTILITY EA.DENT!FOR THE UNIT' SAES OF01. ThE 40840400 WEAN_ 1040014 ARE BASED C1 THE CENTERLII E OF COLORADO BOULEVARD EOM AS tESTESICrE 00 TRACT NAP NA 3431.14.13 8810 1104-(1T--L - SGNATURE OMISSIONS NOTES: NE S&NA1ISE OF SANTA AMITA EATER=PAW.EAMENT FNCLDER FOR CITY CLERK'S CERTIFICATE: PLEFWES OF EVER FIPII&ES.BY DSYD FIWZRCED IN BCE(BM PAGE 313 I MEN CERTIFY NAT THE 01Y 0019904 OF THE CITY OF ARCADIA BY CF EEC:.WAS CF LOS ANDELES C71NTY HAS BM 0141108 WEER 711E r'RQNSiaG 01=DON S3433(A)3. 1-4TII OF 711E 40010811 NAP ACT. HDiIW PASTED 6Y APPROVED 1110 ATTADI00 NAP. AS 1T4A 80100001 G 0.004 THAT IT CANNOT Wei ODD A F?£TITLE MD SAID SDNA1LRE IS MDT BECLISIZIO BY TIE LOCAL ADEN= SAD EA43NT G 11AXNET IN NATURE 0410 mew—CTTrtf-ARCAGA ff 1 . SCALE:"1-= 20' EET 2 OF 2 SHEETS . 53257 '' '' . IN THE CITY OF ARCADIA COUNTY OF LOS ANGELES, STATE OF CALIFORNIA FOR CONDOMINIUM PURPOSES 1 N N.• Wa-n wezr xs,�,� sr _ 'au'. pia_NEVfA4AN AVENUE Ar fr— a NN 1 f ' I --_—��--_— A ' 1 1 I tt�Imal zQ 25' a ��i°Ez9,s I-s NOT A PART � ° 1 OF THIS SUBDIVISION 11 1 I c i ® 1} a: NOT I MT 2.a xi'VS-M-12 sus xust Err w °� I 1 A PART 1.2—A Fri. �`z'+t :ate g,rasr2umra' u® 1 I I r 1 OF THIS - - _ {, I 1 SUBDIVISON! l 1 + C� 1 M7 1M IRO MI I �' ' 3'p lliz MI bow 1I.7 ME iatu a+�'�1 w fA I.him � rA¢n a assts 1 711-4' m I MM c7 NOT z 1 I a ; g 1 A PART w `�f 1 THIS ti z 3 i SUBDIVISION © w 19,347 S.F. a a'n w 1 5� i e 1 1 x 25' wm n,a a a a� „0 I o-a 1 Is® �7as7 1 see snw :- _. - _ �q — { V t �I f PJ CM I oI P® �� _ 1,+i' _ C COLORADO BOULEVARD - q�_A,� - ir�r,aa xa7r r` RI 4 MIS MIL& WPM la 111. 2111124-17-411 FR MI Irs ]a On M.IMPS 778 P1 • utdCA1ts 11.E BCOMARY OF LiAC BENG REINIMED BY 44S HAP. ■ • • 11C43- RGTAD tM \ / STAFF REPORT RPORATS9 DEVELOPMENT SERVICES DEPARTMENT April 3, 2001 TO: Mayor and City Council Chairman and Members, Arcadia Redevelopment Agency FROM: CR Don Penman, Assistant City Manager/Development Services Director Tracey Hause, Administrative Services Director el-By: Pete Kinnahan, Economic Development Administrator SUBJECT: REPORT AND RECOMMENDATION TO AUTHORIZE THE ISSUANCE OF UP TO $22 MILLION IN REDEVELOPMENT AGENCY TAX ALLOCATION BONDS AND $8 MILLION IN CITY OF ARCADIA GENERAL OBLIGATION BONDS REDEVELOPMENT AGENCY REPORT AND RECOMMENDATION. TO ADOPT REDEVELOPMENT AGENCY RESOLUTION ARA 191: A ,RESOLUTION OF THE ARCADIA REDEVELOPMENT AGENCY AUTHORIZING AND DIRECTING THE NOTICE OF SALE OF NOT TO EXCEED $22,000,000 PRINCIPAL AMOUNT TAX ALLOCATION BONDS FOR THE CENTRAL REDEVELOPMENT PROJECT, . .APPROVING AN OFFICIAL NOTICE OF SALE, A CONTINUING DISCLOSURE CERTIFICATE, APPROVING THE PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND - FINANCING DOCUMENTS, AUTHORIZING THE SALE OF THE 2001 BONDS ON CERTAIN TERMS AND CONDITIONS, AUTHORIZING CERTAIN OTHER OFFICIAL ACTIONS AND PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO CITY COUNCIL REPORT AND RECOMMENDATION T_O ADOPT CITY 'COUNCIL RESOLUTION 6219: A•44,./.4. 4--g 7 7 41 ieM1 . 9 Al i Teo E D 1 • Mayor and City Council April 3, 2001 . Page 2 • A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA APPROVING THE SALE OF NOT TO EXCEED ' $22,000,000 PRINCIPAL AMOUNT ARCADIA REDEVELOPMENT AGENCY TAX ALLOCATION BONDS, SERIES 2001A, AND SERIES 2001B (TAXABLE) FOR THE CENTRAL REDEVELOPMENT PROJECT CITY COUNCIL REPORT AND RECOMMENDATION TO AUTHORIZE THE SALE OF $8 MILLION IN CITY OF ARCADIA GENERAL OBLIGATION BONDS FOR THE POLICE STATION PROJECT BY ADOPTING: RESOLUTION NO. 6217, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DECLARING ITS INTENTION TO SELL BONDS OF SAID CITY IN THE AMOUNT OF NOT TO EXCEED EIGHT MILLION DOLLARS ($8,000,000), FIXING THE TIME AND PLACE FOR TAKING BIDS AND DIRECTING PUBLICATION OF NOTICE INVITING BIDS. RESOLUTION NO. 6218, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA PROVIDING FOR THE ISSUANCE OF ITS SERIES A OF 2001 GENERAL OBLIGATION BONDS (POLICE STATION. PROJECT) IN THE AMOUNT OF EIGHT MILLION DOLLARS ($8,000,000) FOR POLICE STATION USES, AND A SUPPLEMENTAL RESOLUTION TO THE GOVERNING TERMS OF THE$8,000,000 SERIES A OF 2001 GENERAL OBLIGATION BONDS OF THE CITY OF ARCADIA (POLICE STATION PROJECT). SUMMARY • On November 2, 1999, the electorate approved the issuance by the City of $8.0 million in General Obligation Bonds for the Police Station Project. On February 20, 2001, the City Council authorized the retention of consultants to prepare the necessary documents for the issuance of the General Obligation (G.O.) Bonds. Staff recommends the City Council adopt Resolutions,6217 and 6218 which will authorize the sale of $8 million in General Obligation Bonds. Also at the February 20, 2001 meeting,the Redevelopment Agency Board authorized the retention of these same consultants to prepare the necessary documents for the issuance of up to $22 million in Tax Allocation Bonds (T.A.B.). Four million dollars($4 million) of this amount would be used to repay the Agency's debt to the City, $2.5 million of the bond proceeds would be given to the City as the balance of the Agency's share of the Police Station project. Approximately $3 million would be used to refund the Agency's 1989 bond issue for the City Public Works Services Department Center, and • Mayor and City Council', ; April 3, 2001 Page 3 the balance of the net proceeds would be used for Agency tax-exempt capital projects, e.g., fire station improvements, traffic signal improvements, and other taxable projects, e.g., property acquisition and/or development assistance. Staff recommends that the Redevelopment Agency adopt Resolution ARA-191 and City Council Resolution 6219 which will authorize the sale of up to $22 million in 2001 Series A (tax exempt) and Series B (taxable) Tax Allocation Bonds. DISCUSSION City General Obligation Bonds ($8 million) The voters of the City, on November 2, 1999 by a 76% majority, authorized the issuance of $8 million in General Obligation Bonds. The City's financial consultant for the preparation of the ballot materials, Fieldman Rolapp & Associates (FRA), advised the City Council that an $8 million bond issue would place a tax of approximately$11.28 per $100,000 of assessed value on all properties in the City (FRA recently advised staff that this figure could be 10% less at time of bond issuance). The City Council and Agency at their joint Study Session on February 20, 2001 provided final determination that the balance of the $8 million necessary to fund the design and construction of the $16 million Police facility was to come from the Redevelopment Agency ($4 million) and City Capital Outlay funds ($4 million). On the Agenda this evening are several City Council documents related to the G.O. Bond Issue for your consideration and which will require your approval: Attachment 1 — Draft Preliminary Official Statement for the issuance of $8 million in General Obligation Bonds. - This document has been prepared in large part by the Agency's bond counsel, Stradling, Yocca, Carlson & Rauth, with significant input from staff. This document is a statement of the major facts about the City, its current financial and development history, its management system, the bond issue's purpose, bid, sale and award procedures, payments of principal and interest, the term of the bonds (30 years), registration, redemption, transfer and exchange of bonds, creation of funds, continuing disclosure requirements, tax exempt opinion and Constitutional and State provisions affecting this bond issue. It is the basic source of information to the potential bond buyer and as such it is essential that the information within itibe accurate and complete. Attachment 2 — City Council Resolution 6217 - This resolution sets forth the amount of the 2001 General Obligation Series A issue ($8 million), states where the bids will be received, and when, (Offices of Fieldman, Rolapp in Irvine, CA, on May 15,. 2001 at 10:00 a.m., or on each consecutive Tuesday until sold), and authorizes publication of the proposed sale in the Arcadia Weekly and in the Bond Buyer, and sets forth the bid and award procedure. Mayor and City Council • April 3, 2001 Page 4 Attachment 3 — City'Council Resolution 6218 - This resolution affirms that a vote of the electorate was held, that over two-thirds (2/3) of the voters approved the issuance of$8 million in G.O. Bonds, that the maturity date of the bonds shall be as set forth in the supplemental Resolution included in this Resolution 6218, and authorizes the City Manager to enter into all agreements to implement the sale of the bonds. The supplemental resolution, which is part of City Council Resolution 6218, sets forth the "governing terms" of the $8 million Series A 2001 G.O. Bond Issue. This document sets forth in detail how the bonds will be denominated ($5,000), bid, sold, awarded, executed, authenticated, registered, transferred, exchanged and redeemed. It establishes the required accounting funds —Acquisition and Construction Fund, Rebate Fund, Security/Debt Service Fund, and establishes the investment policy (pursuant to federal and state law), and tax covenants. Redevelopment Agency Tax Allocation.Bonds ($22 million) The Redevelopment Agency Board, at its joint Study Session with the City Council on February 20, 2001, determined that it will issue the maximum amount of bonds possible in order to implement several pending projects. This amount was determined to be approximately $22 million by the Agency's property tax consultant, HdL Coren & Cone. The $22 million (less approximately $2.8 million for costs of issuance and debt service reserve) may be used for lawful redevelopment activities including the following projects and activities: Tax Exempt Refinancing Refund 1989 Issue - $3.0 million - To refund the Agency's 1989 bond issue for the City's Public Works Services Department Center. Series 2001A—Tax Exempt • Police Station - $2.5 million - To pay the balance of the $4 million Agency Contribution to the Police Station Project. Fire Station - $800,000 — To pay the Agency's share of a new or renovated Fire Station. Repay Agency Debt to City - $4 million — The Agency previously borrowed money from the City to carry out earlier redevelopment projects. Other Tax Exempt Projects - $700,000 — This will provide for other public improvements,e.g., traffic signals, etc. Mayor and City Council April 3, 2001 Page 5 • Series 2001 B —Taxable Acquisition Projects - $8 million - These include the typical Agency acquisition/relocation/clearance projects in the downtown, e.g., Fifth Avenue, Foulger area, South Arcadia (if approved). Capital improvements — To fund certain improvements in the public right-of-way. (These may be funded from the tax exempt series if funds are available.) On the Agenda this evening are several Redevelopment Agency documents related to the Tax Allocation Bond Issue for your consideration and which will require your approval. - Attachment 4 — Draft Preliminary Official Statement for the issuance of up to $22 million in 2001 Series A (tax exempt) and Series B (taxable) Tax Allocation Bonds - As with the G.O. Bond Official Statement, this document has been prepared by the Agency's bond counsel, Stradling, Yocca, Carlson & Rauth, with significant input from the Agency's property tax consultant, HdL Coren & Cone, the Administrative Services Department, and the Development Services Department. This document is a statement of the major facts about the City, the.Agency, the Agency's financial and development history, its management system, the purpose of the • bond issues (tax exempt and taxable), bid, sale, award procedures, payment of principal. and interest registration, redemption, transfer and exchange of bonds, creation of funds, continuing disclosure requirements, tax treatment of the two series of bonds, and Constitutional and State provisions affecting the bond issue. It is the basic source of information to the potential bond buyer and as such it is essential the information within it be accurate and complete. Attachment 5 — Redevelopment Agency Resolution No. ARA 191 — This resolution authorizes the publication of the notice of sale of up to $22 million in Tax Allocation • Bonds, approves preparation of the continuing disclosure certificate, approves the preparation and distribution of the preliminary official statement and financing documents, and authorizes the sale of 2001 bonds on certain terms and conditions (i.e., "the indenture"). Attachment 6 — City Council Resolution No. 6219 - By law the legislative body (City • Council) must also approve the refinancing of the 1989 bonds and the issuance of new money bonds. This City Council Resolution authorizes the sale by the Agency of up to $22 million in 2001 Series A (tax exempt) and Series B (taxable) bonds. Present at the meeting will be Tim Schaefer and Jim Fabian of the Agency's financial advisor, Fieldman, Rolapp & Associates, and Kurt Yeager and Mark Huebsch, attorneys with the Agency's bond counsel firm, Stradling, Yocca, Carlson & Rauth. -�. Mayor and City Council April 3, 2001 Page 6 ENVIRONMENTAL IMPACT The issuance of the bonds is an exempt activity. Staff will prepare the environmental documents on other projects at the appropriate time. FISCAL IMPACT City General Obligation Bonds - $8,000,000 Redevelopment Tax Allocation Bonds - $21,400,000 (Up to $22 million) less: Cost of Issuance 820,000 Debt Service Reserve 1,630,000 Sub-Total $18,950,000 less: Refunding 1989 issue 2,950,000 Net Proceeds $16,000,000 (tax exempt $8 million: taxable $8 million) Note: The approval of the Resolutions and the subsequent issuance of the Tax Allocation Bonds will result in the bonds receiving the first draw or call on the tax increment revenues paid to the Agency by property owners in the Redevelopment Project Area. This levy is NOT a debt of the City of Arcadia. RECOMMENDATION It is recommended that the Redevelopment Agency adopt: Agency Resolution ARA-191 - A Resolution of the Arcadia Redevelopment Agency authorizing and directing the notice of sale of not to exceed $22,000,000 principal amount Tax Allocation Bonds for the Central Redevelopment Project, approving an Official Notice of Sale, a Continuing Disclosure Certificate, approving the preparation and distribution of a Preliminary Official Statement and financing documents, authorizing the sale of the 2001 Bonds on certain terms and conditions, authorizing certain other official actions and providing for other matters properly relating thereto. It is recommended that the City Council adopt: City Council Resolution 6219 - A Resolution of the City Council of the City of Arcadia, California approving the sale of not to exceed $22,000,000 principal amount Arcadia Redevelopment Agency Tax Allocation Bonds, Series 2001A and Series 2001B (taxable) for the Central Redevelopment Project. City Council Resolution 6217 - A Resolution of the City Council of the City of Arcadia, California, declaring its intention to sell bonds of said city in the amount of not to exceed eight million dollars ($8,000,000), fixing the time and place for taking bids and directing publication of notice inviting bids. Mayor and City Council April 3, 2001 Page 7 City Council Resolution 6218 - A Resolution of the City Council of the City of Arcadia, California providing for the issuance of its Series A of 2001 General Obligation Bonds (Police Station Project) in the amount of eight million dollars ($8,000,000) for Police Station uses, and a Supplemental Resolution to the governing terms of the $8,000,000 Series A of 2001 General Obligation Bonds of the City of Arcadia (Police Station Project). Approved: City Manager/Executive Director • o 1 .o THE DATE OF S PRELIMINARY OFFICIAL STATEMENT ,2001 I-. ^ -o 'a NEW ISSUE—BOOK-ENTRY ONLY RATINGS: o -o o .r, a o (See"CONCLUDING INFORMATION—Ratings"herein) 0 p -,ht the opinion of Stradling Yocca Carlson &Rauth, a Professional Corporation, Newport Beach, California, Bond counsel, 0 o under existing laws, regulations, rulings and judicial decisions, and assuming certain representations and compliance with certain a ° covenants and requirements described herein, interest (and original issue discount) on the Bonds is excluded from gross income for Y o c federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax >, imposed on individuals and corporations. In the further opinion of Bond Counsel, interest(and original issue discount)on the Bonds is -n o ' • exempt from State of California personal income taxes. The difference between the issue price of a Bond(the first price at which a No o substantial amount of the Bonds of a maturity is to be sold to the public)and the stated redemption price at maturity with respect to the•b Vs 2 Bond constitutes original issue discount. See "CONCLUDING INFORMATION—Tax Exemption"herein. U 4 $8,000,000" at w o SERIES A OF 2001 GENERAL OBLIGATION BONDS 0 o OF THE b° CITY OF ARCADIA 3 P, w~ (Police Station Project) 0,,, o o LOS ANGELES COUNTY,CALIFORNIA 0 0 •° Dated:Date of Delivery Due:August 1,as shown below o U � g w The Series A of 2001 General Obligation Bonds of the City of Arcadia(the "Bonds") in the aggregate principal amount of CO 0;: o $8,000,000*were authorized at an election of the registered voters of the City of Arcadia(the"City"),held on , , •' 0' at which more than two-thirds of the persons voting on the proposition voted to authorize the issuance and sale of$ (the •0 o o "Authorization") principal amount of general obligation bonds of the City. The Bonds are being issued for the purpose of providing 0 ° F funds to pay a portion of the cost of the construction of a police station in the Civic Center area of the City. The Bonds are the first ph) c9 E . series of bonds issued by the City under the Authorization. See"THE PROJECT"herein. E.., The Bonds will be issued pursuant to a Resolution of the City Council adopted April 3, 2001 and that certain Supplement to • -' Resolution No. dated as of June 1,2001. The Bonds will be in fully registered form,without coupons,in the denominations g .2 of$5,000 or any integral multiple thereof. Interest on the Bonds is payable on February 1 and August 1 of each year, commencing - w o' [August] 1, [2001]. The Bonds when issued will be registered in the name of Cede&Co.,as nominee of the Depository Trust Company 0 p -, (" DTC"),New York,New York,and will be initially issued as one bond for each of the maturities of the-Bonds,in the principal amounts m set forth below. Beneficial ownership interest in the Bonds may be purchased in book-entry form only, in the denomination of$5,000 0 .0 a each or any integral multiple thereof. Beneficial owners of the Bonds will not receive physical certificates representing the Bonds o . purchased,except in the event that the use of the book-entry system for the Bonds is discontinued. See"THE BONDS—Book-Entry a.a. 0 Only System." o . 0 The Bonds,which are authorized to be issued pursuant to the City Charter of the City,Article 1 of Chapter 4 of Division 4 of o . 0 Title 4 of the California Government Code, and other applicable law, are general obligations of the City. The Board of Supervisors of Nthe County of Los Angeles, California is empowered and is obligated to levy ad valorem taxes,unlimited as to rate or amount,against .0 ° all taxable property in the City(except for certain classes of personal property,which is taxable at limited rates). The City Council will, o U ,o at the time of levy of general county taxes,levy and cause to be collected in the manner prescribed by law for county taxes,a tax on the o e ° real property within the City, sufficient to provide the amounts necessary for the payment of the Bonds and interest thereon. See 1~ •° "SECURITY FOR THE BONDS"herein. C.' U 0 I. .1 The Bonds are subject to redemption prior to maturity,as described herein. See"THE BONDS-Redemption Provisions" bo w herein. 0 Payment of the principal of and interest evidenced by the Bonds when due will be guaranteed by a municipal bond insurance oo policy issued simultaneously with the delivery of the Bonds by[Bond Insurer]. o [Bond Insurer Logo] 3 MATURITY SCHEDULE a o o o Maturity Principal Interest Price or Maturity Principal Interest Price or o to •o~ August 1 Amount Rate Yield Au ust 1 Amount Rate Yield o u g g 0 • b a 0 v � 5 �N ..4'a' 5 En al .� Cl] g . This cover page contains certain information for reference only. It is not a summary of this financing. A thorough review •� y 8 of the entire Official Statement is necessary to obtain information essential to the making of an informed investment decision. w -� 0 The Bonds are offered when, as and if issued, subject to the approval as to legality by Stradling Yocca Carlson &Rauth, a w w Professional Corporation,Newport Beach, California,Bond Counsel. Certain matters will be passed on for the County and the City by G p c their counsel. It is anticipated that the Bonds in back-entry form will be available for delivery to DTC on or about ,2001. .0 , Dated: ,2001 0 EA - y • Preliminary,subject to change. ATTACHMENT 1 DOCSOC\802907v4\24217.0001 CITY OF ARCADIA (Los Angeles County,California) CITY COUNCIL (Until April 17) Gary Kovacic,Mayor Mickey Segal,Mayor Pro Tern Gail Marshall, Council Member Roger Chandler, Council Member Sheng Chang, Council Member CITY STAFF William Kelly- City Manager Don E.Penman—Assistant City Manager Stephen P.Deitsch-City Attorney • June D. Alford-City Clerk Tracey L.House-Administrative Services Director Gerald A.Parker-Financial Services Manager, Treasurer SPECIAL SERVICES Bond Counsel Stradling Yocca Carlson&Rauth a Professional Corporation Newport Beach,California Paying Agent and Dissemination Agent BNY Western Trust Company Los Angeles, California Financial Advisor Fieldman,Rolapp&Associates Irvine,California ROCS OC\802907v4\24217.0001 No dealer, broker, salesperson or other person has been authorized by the City, the Paying Agent or the Financial Advisor to give any information or make any representations other than those contained herein and, if given or made, such other information or representations must not be relied upon as having been authorized by any of the foregoing. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the Bonds by a person in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This Official Statement is not to be construed as a contract with the purchasers or any of the owners of Bonds. Any statement made in this Official Statement involving estimates, forecasts or matters of opinion, whether or not expressly so stated, are intended solely as such and not as representations of fact. The information set forth herein has been furnished by the City,The Depository Trust Company, and other sources which are believed to • be reliable,but is not guaranteed as to accuracy or completeness. The information and expressions of opinion herein are subject to change without notice and neither the delivery of this Official Statement nor any sale made hereunder will, under any circumstances, create any implication that there has been no change in the affairs of the City since the date hereof. This Official Statement is being submitted in connection with the sale of the Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose, unless authorized in writing by the City. All summaries of documents and laws are made subject to the provisions thereof and do not purport to be complete statements of any or all such provisions. Other than with respect to information concerning [Bond Insurer] (the "Insurer") contained under the caption "BOND INSURANCE" and Appendix D —"Specimen of Municipal Bond Insurance Policy" herein, none of the information in this Official Statement has been supplied or verified by the Insurer and the Insurer makes no representation or warranty, express or implied, as to (i) the accuracy or completeness of such information; (ii)the validity of the Bonds; or(iii)the tax exempt status of the interest on the Bonds. IN CONNECTION WITH THE OFFERING OF THE BONDS, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS THAT MAY STABILIZE OR MAINTAIN THE MARKET PRICE OF SUCH BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE UNDERWRITER MAY OFFER AND SELL THE BONDS DESCRIBED HEREIN TO CERTAIN DEALERS AND DEALER BANKS AND BANKS ACTING AS AGENT AND OTHERS AT PRICES LOWER THAN THE PUBLIC OFFERING PRICES STATED IN THIS OFFICIAL STATEMENT AND SAID PUBLIC OFFERING PRICES MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER. In reliance upon an exemption contained in such act, the Bonds have not been registered under the Securities Act of 1933. The registration or qualification of the Bonds in accordance with applicable provisions of securities laws of any state in which the Bonds have been registered or qualified and the exemption from registration or qualification in other states cannot be regarded as a recommendation. Neither those states nor any of thejr agencies have passed upon the merits of the Bonds or the accuracy or completeness of this Official Statement. • DOCSOC\802907v4\24217.0001 Leave blank page for map • DOCSOC\802907v4124217.0001. TABLE OF CONTENTS Page INTRODUCTION 1 General 1 The City 1 Sources of Payment for the Bonds 1 Purpose of the Issue 2 Description of the Bonds 2 Tax Exemption 2 Authority for Issuance of Bonds 3 Professionals Involved in the Offering 3 Offering and Delivery of the Bonds 3 Continuing Disclosure 3 Other Information 3 THE PROJECT 3 THE BONDS 4 Authority for Issuance 4 Description of the Bonds 4 Redemption Provisions 5 Redemption.Procedure 5 Transfer of the Bonds 6 Exchange of Bonds 6 Debt Service 6 Annual Debt Service 7 Book-Entry System 7 • Creation and Establishment of Funds 8 The City Investment Fund 9 Defeasance 9 Tax Covenants 11 Estimated Sources and Uses 11 SECURITY FOR THE BONDS 12 General 12 Property Taxes 13 BOND INSURANCE 13 The Bond Insurance Policy 14 The Bond Insurer 14 CONTINUING DISCLOSURE 14 GENERAL INFORMATION REGARDING CITY GOVERNMENT 14 Introduction 14 City Council 14 City Manager and Administrative Personnel 15 Employee Relations 15 Retirement System 16 Insurance 16 CITY FINANCIAL INFORMATION 16 DOCSOC\802907v4\24217.0001 Tax Rates,Assessed Value and Tax Collections 17 Principal Taxpayers 18 Indebtedness 19 Accounting and Financial Reporting 22 Budget Procedure, Current Budget and Historical Budget Information 22 Comparative Change in Fund Balance of the City General Fund 24 Comparative General Fund Balance Sheets of the City 25 Major Revenues 26 CONSTITUTIONAL PROVISIONS AFFECTING PROPERTY TAXATION 26 Article XIIIA 27 Article XIIIB 27 Article XHIC and Article XIIID 28 Unitary Property 28 Proposition 62 29 Proposition 218 29 Proposition 111-Revisions to Article XIIIB. 29 Proposition 187 30 Future Initiatives 30 CONCLUDING INFORMATION 31 Tax Exemption 31 Ratings 31 Legal Opinion - 32 No Litigation 32 Underwriting • 32 Professional Fees 32 Miscellaneous 32 APPENDIX A-COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30,2000 APPENDIX B- FORM OF OPINION OF BOND COUNSEL APPENDIX C- CONTINUING DISCLOSURE AGREEMENT APPENDIX D- SPECIMEN OF MUNICIPAL BOND INSURANCE POLICY APPENDIX E- GENERAL INFORMATION RELATING TO THE CITY OF ARCADIA ii DOCSOC\802907v4\24217.0001 $8,000,000* SERIES A OF 2001 GENERAL OBLIGATION BONDS OF THE CITY OF ARCADIA (Police Station Project) ' • LOS ANGELES COUNTY,CALIFORNIA INTRODUCTION General This Official Statement (which includes the cover page, the Table of Contents and the Appendices attached hereto) is furnished by the City of Arcadia (the "City"), Los Angeles County, California to provide information concerning the $8,000,000* aggregate original principal amount of the City's, Series A of 2001 General Obligation Bonds(the"Bonds"). This Introduction is not a summary of this Official Statement. It is only a brief description of and guide to, and is qualified by, more complete and detailed information contained in the entire Official Statement, including the cover page and appendices hereto, and the documents summarized or described herein. A full review should be made of the entire Official Statement. The offering of Bonds to potential investors is made only by means of the entire Official Statement. The City The City is located in Los Angeles County(the "County"), about 20 miles northeast of Los Angeles. The City is a chartered city incorporated in 1903 with a Council-Manager form of government made up of five City Council Members .elected to four-year overlapping terms. The City encompasses an area of approximately 11.2 square miles and the 2000.population is estimated to be approximately 54,000 as of January 1,2000. The City provides police protection, fire protection, animal control, emergency medical aid, building safety regulation and inspection, street lighting,beautification, water and sewer service,refuse collection, land use planning, and zoning, housing and community services, maintenance and improvement of streets and related structures, traffic safety maintenance and improvement and recreational and cultural programs for citizen participation. For more complete information, see "GENERAL INFORMATION REGARDING CITY GOVERNMENT" and Appendix E — "General Information Relating to the City of Arcadia" herein. Sources of Payment for the,Bonds The Bonds are general obligations of the City, payable from ad valorem taxes, unlimited as to rate or amount, levied against all taxable property in the City (except for certain classes of personal property). The City Council of the City(the"City Council")will, at the time of levy of general county taxes,fix a rate or rates for a tax to be levied on all taxable real property in the City as will result in revenues, which will pay the interest on the Bonds and provide a debt service fund for the payment of the principal of such debt as it may become due. It is the duty of the County officers to cause to be collected in the manner prescribed by law for county taxes,the tax on the real property within the City, and when collected to pay the same to the City. The rates determined by the City Council will be calculated to be sufficient,together with available revenues of the City, to provide the amounts necessary for the payment of the interest and principal on the Bonds. See "SECURITY FOR THE BONDS"herein. Preliminary,subject to change. 1• DOCSOC\802907v4\24217.0001 Purpose of the Issue The Bonds are being issued to finance the construction of a police station located, generally, at the Arcadia Civic.Center adjacent to City Hall. See"THE PROJECT"herein. Description of the Bonds Maturity. The Bonds mature on August 1,in the years indicated on the cover page hereof. Registration. The Bonds will be issued in fully registered form only,registered in the name of Cede &Co. as nominee of The Depository Trust Company,New York,New York("DTC"), and will be available to actual purchasers of the Bonds (the `Beneficial Owners") in the denominations set forth on the inside cover page hereof, under the book-entry only system maintained by DTC, only through brokers and dealers who are or act through DTC Participants as described herein. Beneficial Owners will not be entitled to receive physical delivery of the Bonds. So long as Cede&Co. is the registered holder of the Bonds,principal of and premium, if any, and interest due on the Bonds will be paid by the Paying Agent directly to DTC, which will in turn remit such amount to its participants for subsequent disbursement to beneficial owners of the Bonds as described herein. See"THE BONDS—Book-Entry Only System"herein. Denominations. Individual purchases of interests in the Bonds will be available to purchasers of the Bonds in the denominations of$5,000 principal amount or any integral multiple thereof. Redemption. Bonds maturing on August 1, or after may be redeemed prior to maturity at the option of the City, from any source of funds, on August 1, or on any Interest Payment Date thereafter, in whole or in part, as nearly as practicable on a prorata basis among maturities, and by lot within any one maturity in whole denominations of$5,000 and in the manner and at the redemption prices described in the section entitled"THE BONDS—Redemption Provisions"herein. Payments. Interest on the Bonds accrues from their date of delivery, and is payable semiannually on each February 1 and August 1, commencing August 1, 2001. Bond Insurance. Payment of principal and interest on the Bonds when due will be guaranteed by a municipal bond insurance policy to be issued concurrently with the delivery of the Bonds by See "BOND INSURANCE," "CONCLUDING INFORMATION — Ratings" and Appendix D—"Specimen of Municipal Bond Insurance Policy"herein. Tax Exemption In the opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California, Bond Counsel, based on existing statutes, regulations, rulings and judicial decisions and assuming compliance with certain covenants and requirements described herein, interest(and original issue discount) on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals and corporations. In the further opinion of Bond Counsel, interest (and original issue discount) on the Bonds is exempt from State of California personal income tax. In addition,the difference between the issue price of a Bond(the first price at which a substantial amount of the Bonds of a maturity is to be sold to the public) and the stated redemption price at maturity with respect to the Bond constitutes original issue discount, and the amount of original issue discount that accrues to the owner of the Bond is excluded from gross income of such owner for federal income tax purposes, is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, and is exempt from State of California personal income tax. See "CONCLUDING INFORMATION—Tax Exemption"herein. • 2 DOCSOC\802907v4\24217.0001 i • Authority for Issuance of Bonds The Bonds are issued pursuant to certain provisions of the State of California Government Code as well as other applicable law, and pursuant to a resolution adopted by the City Council. See"THE BONDS— Authority for Issuance"herein. Professionals Involved in the Offering BNY Western Trust Company, Los Angeles, California will act as Paying Agent and Fieldman, Rolapp &Associates will act as financial advisor with respect to the Bonds. Certain proceedings in connection with the issuance of the Bonds are subject to the approval of Stradling Yocca Carlson&Rauth, a Professional Corporation,Newport Beach, California,Bond Counsel. Offering and Delivery of the Bonds The Bonds are offered when as and if issued by the City and accepted by the Underwriter, subject to approval as to their legality by Stradling Yocca Carlson&Rauth,.a Professional Corporation,Newport Beach, California, Bond Counsel, and certain other conditions. It is anticipated that the Bonds in definitive form will be available for delivery in New York,New York,on or about June—,2001. Continuing Disclosure The City will covenant for the benefit of bondholders to make available certain financial information and operating data relating to the City and to provide notices of the occurrence of certain enumerated events,if material, in compliance with Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission. The specific nature of the information to be made available and of the notices of material events is summarized below under the caption "CONTINUING DISCLOSURE" and Appendix C — "Continuing Disclosure • Agreement." Other Information This Official Statement speaks only as of its date, and the information contained herein is subject to change. During the period of the offering of the Bonds, copies of the forms of all documents are available at the offices of the Financial Advisor, Fieldman, Rolapp & Associates, 2100 Main Street, Suite 210, Irvine, California 92614, and thereafter from the City Clerk's office, City of Arcadia, 240 West Huntington Drive, Arcadia,California 91007. The summaries and references to documents, statutes and constitutional provisions referred to herein do not purport to be comprehensive or definitive, and are qualified in their entireties by reference to each of such documents,statutes and constitutional provisions. All terms used herein and not otherwise defined shall have the meanings given such terms in the Resolution(as defined below).. THE PROJECT The Project consists of the construction of a new two-story, 42,000 square foot building and two ancillary buildings totaling 12,000 square feet. The main building will house a full service police department including investigations, patrol, records, evidence, administration, crime prevention and a jail facility with a maximum capacity of 18 persons. The two ancillary buildings will house a vehicle maintenance area, an electronic and radio shop and a firing range. The site of the Project is already owned by the City and was previously used, in part, as a National Guard armory. The total estimated cost of the Project is approximately $16,000,000 exclusive of furnishings and equipment. Additional funding is expected to come from the 3 DOCSOC\802907v4\24217.0001 • Arcadia Redevelopment Agency by means of the concurrent issue of tax allocation bonds and from other City sources. The City expects to receive bids on or about , 2001 and to commence construction on or about ,2001 with completion scheduled for ,2003. THE BONDS Authority for Issuance The Bonds are being issued pursuant to the City Charter of the City, and Article I of Chapter 4 of Division 4 of Title 4 of the California Government Code (commencing with Section 43600 thereof) (collectively, the "Law"), Resolution No. 6218 adopted by the City Council on April 3, 2001 and that certain Supplement to Resolution No. 6218 dated as of June 1,2001 (collectively,the"Resolution"). Pursuant to the provisions of the Law, as amended, and pursuant to Ordinance No.2111 adopted by the City Council of the City on August 3, 1999 (the"Ordinance"), a special election was held on November 2, 1999 in the City at which there was submitted to the voters the following proposition: PROPOSITION: Shall the City of Arcadia incur a bonded indebtedness in the principal amount of $8,000,000 for the construction and completion of the following municipal improvement, to wit: police station in the Arcadia Civic Center, including facilities for emergency operations, police dispatch and 911 emergency communications, detective bureau, records, police laboratory, jail facility, evidence storage and other works, property or structures for efficient, effective law enforcement necessary for said City Police Station? More than two-thirds of the votes cast at the election were in favor of the incurring of such indebtedness, and all requirements of the constitution and laws of the State have been complied with in the holding of the election. The City Council of the City is now authorized to provide for the form of bonds of the City and for the issuance of any part thereof for the purpose provided for in the Ordinance and the Resolution. The Bonds are payable as to principal and interest from taxes levied exclusively upon the taxable property within the City as permitted by law. See"SECURITY FOR THE BONDS"herein. Description of the Bonds The Bonds will be dated their Date of Delivery,will bear interest from their Date of Delivery,payable semiannually on February 1 and August 1 (each, and "Interest Payment Date"), commencing August 1, 2001, and will mature on August 1 in each of the designated years and in the principal amounts shown on the cover of this Official Statement. Interest will be calculated on the basis of a 360-day year composed of twelve (12) • 30-day months. Each Bond shall bear interest from the Interest Payment Date next preceding the date of authentication with respect to which interest has been paid or provided for(unless (i)the date of authentication is prior to the first Regular Record Date, in which event from the Date of Delivery, (ii)the date of authentication is after a Regular Record Date and before the following Interest Payment Date,in which event it shall bear interest from such Interest Payment Date, or (iii)it is authenticated as of an Interest Payment Date, in which event it shall bear interest from such date)until the principal hereof shall have been paid. The Bonds will be in fully registered form, without coupons, in the denominations of$5,000 or any integral multiple thereof, provided that no Bond will have principal maturing on more than one principal maturity date. The Bonds when issued will be registered in the name of Cede& Co., as nominee of The Depository Trust Company,New York, New York, and will be initially issued as one bond for each of the maturities of 4 DOCSOC\802907v4\24217.0001 the Bonds. The Depository Trust Company is appointed depository for the Bonds and registered ownership of the Bonds may not thereafter be transferred except as provided in the Resolution. Purchasers of the Bonds (the `Beneficial Owners") will not receive certificates representing their interest in the Bonds. Individual purchases will be in principal amounts of$5,000 or in any integral multiples thereof. Reference herein to "Owners" will mean Cede& Co., as nominee of DTC and not the Beneficial Owners. Payments of principal and interest will be paid by the Paying Agent to DTC for subsequent disbursement to DTC Participants (defined hereinafter) who will remit such payments to the Beneficial Owners of the Bonds. See "Book-Entry Only System"below. DTC may discontinue providing its services with respect to the Bonds at any time by giving notice to the City and discharging its responsibilities with respect thereto under applicable law, or the City may terminate its participation in the system of book-entry transfers through DTC at any time. If the City replaces DTC, or the existing successor securities depository, with another qualified securities depository, a fully • registered Bond for each maturity, registered in the name of the successor or its nominee, will be prepared. If the City fails to locate another qualified securities depository to replace DTC, or the existing securities depository,the book-entry only system will be discontinued,and the following provisions will apply. The interest on the Bonds will be payable by check of the Paying Agent mailed by first class mail on the Interest Payment Dates to the registered Owners thereof at such registered Owners' addresses as they appear on the registration books maintained by the Paying Agent at the close of business on the Record Date or by wire transfer to an account in the United States specified by an Owner of$1,000,000 or more in aggregate principal amount of the Bonds in written wire transfer instructions received by the Paying Agent by the Record Date prior to any Interest Payment Date. The principal of the Bonds and any premium thereon will be payable in lawful money of the United States upon surrender of the Bonds at the Principal Office of the Paying Agent. All Bonds paid by the Paying Agent pursuant to the Resolution will be canceled and destroyed by the Paying Agent. Redemption Provisions* Bonds maturing after August 1, are subject, at the option of the City,to redemption prior to their stated maturities in whole or in part on any Interest Payment Date commencing August 1, , selected among maturities, if in parts as nearly as practicable on a pro-rata basis, and by lot within a maturity, at the following redemption prices, expressed as a percentage of the principal amount thereof, together with accrued interest to the date fixed for redemption: Redemption Dates Redemption Price • August 1, and February 1, 102.0% August 1, and February 1, 101.0% August 1, and thereafter 100.0% Any Bonds designated at the time of sale thereof as Term Bonds are also subject to mandatory redemption in part by lot from sinking fund payments at a redemption price equal to the principal amount thereof to be redeemed, without premium, on August 1 in such years as are determined at the time of the sale of the Bonds. Redemption Procedure The Paying Agent will cause notice of any redemption to be mailed, first class mail,postage prepaid, at least thirty (30) days but not more than sixty (60) days prior to the date fixed for redemption, to the respective Owners of any Bonds designated for redemption, at their addresses appearing on the Bond All redemption dates and prices are preliminary,subject to change. 5 DOCSOC\802907v4\24217.0001 c registration books held by the Paying Agent; but such mailing will not be a condition precedent to such redemption and failure to mail or to receive any such notice will not affect the validity of the proceedings for the redemption of such Bonds. Upon surrender of Bonds redeemed in part only, the City will execute and the Paying Agent will authenticate and deliver to the Owner, at the expense of the City, a new Bond or Bonds, of the same maturity, of authorized denominations in aggregate principal amount equal to the unredeemed portion of the Bond or • Bonds. From and after the date fixed for redemption, if notice of such redemption will have been duly given and funds available for the payment of the principal of and interest (and premium, if any) on the Bonds so called for redemption will have been duly provided, such Bonds so called will cease to be entitled to any benefit under the Resolution other than the right to receive payment of the redemption price, and no interest will accrue thereon on or after the redemption date specified in such notice. Whenever any Bonds are to be selected for redemption by lot, the Paying Agent will determine,m any manner deemed by it to be fair,the serial numbers of the Bonds to be redeemed. All Bonds so redeemed will be canceled and will be surrendered to the City. Transfer of the Bonds Any Bond may, in accordance with its terms, be transferred, upon the books required to be kept pursuant to the provisions of the Resolution, by the person in whose name it is registered, in person or by his duly authorized attorney, upon surrender of such Bond for cancellation, accompanied by delivery of a written instrument of transfer in a form approved by the Paying Agent, duly executed. The Paying Agent may charge a reasonable sum for each new Bond issued upon any transfer and will require the payment by the Owner requesting-such transfer of any tax or other governmental charge required to be paid with respect to such transfer. Whenever any Bond or Bonds will be surrendered for transfer, the City will execute and the Paying Agent will authenticate and deliver a new Bond or Bonds,for like aggregate principal amount. No transfers or Bonds will be required to be made (i)fifteen days prior to the date established by the Paying Agent for selection of Bonds for redemption or (ii)with respect to a Bond after such Bond has been called for redemption in whole or in part. Exchange of Bonds Bonds may be exchanged at the principal corporate trust office of the Paying Agent in Los Angeles, California for a like aggregate principal amount of Bonds of authorized denominations and of the same maturity. The Paying Agent may require the payment by the Owner requesting such exchange of any tax or other governmental charge required to be paid with respect to such exchange. No exchanges of Bonds will be required to-be made(i)fifteen days prior to the date established by the Paving Agent for selection of Bonds for redemption or (ii)with respect to a Bond after such Bond has been called for redemption in whole or in part. Debt Service Pursuant to the Resolution, the City Treasurer will transfer available monies from the Debt Service Fund (as defined herein) to the Paying Agent in amounts sufficient and at such time as are necessary to promptly pay principal and interest on the Bonds as such shall become due. 6 DOCSOC\802907v4\24217.0001 Annual Debt Service The following table sets forth the schedule of annual debt service of the Bonds. Maturing Annual Debt August 1 Principal Interest Service Total N Book-Entry Only System The information in this section concerning DTC and DTC's book-entry only system has been obtained from sources that the City believes to be reliable, but the City takes no responsibility for the completeness or accuracy thereof The following description of the procedures and record keeping with respect to beneficial ownership interests in the Bonds, payment of principal, premium, if any, and interest on the Bonds to DTC Participants or Beneficial Owners, confirmation and transfers of beneficial ownership interests in the Bonds and other related transactions by and between DTC, the DTC Participants and the Beneficial Owners is based solely on information provided by DTC. The Bonds will be initially executed as one fully registered Bond for each of the maturities of the Bonds, in the name of Cede&Co.,as nominee of DTC,as registered owner of all the Bonds. Such Bonds will be retained in the custody of DTC. DTC is a limited purpose trust company organized under the laws of the State of New York,a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. So long as a book-entry system is used for the Bonds, DTC holds securities and facilitates the clearance and settlement of securities transactions through electronic book-entry changes in accounts of its participants, which eliminates the need for physical movement of securities certificates. Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of which (and/or their representatives) own DTC ("DTC Participants"). Access to the DTC system is also available to other entities such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly. Purchases of interests in the Bonds may be made through brokers and dealers who are,or act through,DTC Participants. So long as a book-entry system is used for the Bonds, DTC or its nominee and any successor securities depository or its nominee will be and will be considered to be the owner of the Bonds for all purposes under the Resolution. Beneficial Owners of interests in the Bonds (the`Beneficial Owners")will not receive or have the right to receive physical delivery of the Bonds, and will not be considered to be the owners of the Bonds under the Resolution. The beneficial ownership of an interest in the Bonds, the transfer of such beneficial ownership, and the payments to the Beneficial Owners are to be accomplished by records maintained by DTC, DTC Participants and certain persons acting through DTC Participants. DTC is responsible for maintaining records of the "positions" of DTC Participants in the Bonds, and DTC Participants and persons acting through DTC Participants are expected to maintain records of the purchasers of beneficial ownership interest in those Bonds. • 7 DOCSOC\802907v4\24217.0001 Selling brokers and dealers are expected to send to their purchasers an initial transaction statement regarding and evidencing their purchase of beneficial ownership interest in the Bonds and setting forth certain terms of the Bonds. . As long as DTC's book-entry method is used for the Bonds, the Paying Agent will send any notice of prepayment or other notices to Owners only to DTC. Any failure of DTC to advise any DTC Participant,or of any DTC Participant to notify any Beneficial Owner, of any such notice and its content or effect will not affect the validity or sufficiency of the proceedings relating to the prepayment of the Bonds called for prepayment or of any other action premised on such notice. The Paying Agent, the County, the City and the Underwriter of the Bonds have no responsibility or liability for any aspects of the records relating to or payments made on account of beneficial ownership, or for maintaining,supervising or reviewing any records relating to beneficial ownership of interests in the Bonds. So long as DTC's book-entry system is used for the Bonds, payments of the principal, premium, if any, and interest on the Bonds will be made by the Paying Agent only to DTC or its nominee as the registered Owner of the Bonds, and all such payments shall be valid and effective to fully satisfy and discharge the City's obligations with respect to the principal,premium, if any, and interest on the Bonds to the extent of the sum or sums so paid. Transfer or crediting of the applicable principal, interest or premium payments, if any, to its participants is the responsibility of DTC, and such transfer or crediting to Beneficial Owners or their nominees is the responsibility of the DTC Participants. The City can not and does not give any assurances that DTC, DTC Participants or others will distribute payments with respect to the Bonds received by DTC or its nominee as the registered Owner, or any redemption or other notices, to the Beneficial Owners, or that they will do so on a timely basis, or that DTC will service and act in the manner described in this Official Statement. The City understands that the current "Rules" applicable to DTC are on file with the Securities and Exchange Commission, and that the current"Procedures" of DTC to be followed in dealing with participants, are on file with DTC. In the event the City determines not to continue the DTC book-entry system or DTC determines to discontinue providing its services with respect to the Bonds and the City does not select another qualified securities depository, the City shall deliver one or more Bonds in such principal amount or amounts, in denominations of$5,000 or any integral multiple thereof, and registered in whatever name or names as DTC shall designate. In such event, transfers and exchanges of Bonds will be governed by the provisions of the Resolution. • Beneficial Owners of the Bonds may experience some delay in their receipt of distributions of principal and interest on the Bonds since such distributions will be forwarded by the Bond Registrar to DTC and DTC will credit such distributions to the accounts of the DTC Participants which will thereafter credit them to the accounts of the Beneficial Owners either directly or indirectly through indirect participants. Creation and Establishment of Funds Acquisition and Construction Fund. The proceeds of the sale of the Bonds (except premium, if any, which shall be deposited in the Debt Service Fund (as hereinafter defined) shall be forthwith placed in the treasury of the City to the credit of the "City of Arcadia (Police Station Project) Bond Acquisition and Construction Fund," (the "Acquisition and Construction Fund") and the moneys in said fund shall be applied exclusively to the costs of the Project and the payment of the costs described herein. Debt Service Fund. All monies derived from taxes levied for payment of the Bonds and the interest thereon and all other monies allocated and designated for payment of the Bonds and the interest thereon, 8 DOCSOC1802907v4124217.0001 together with the proceeds of the sale of the Bonds designated as premium, if any, shall be placed in a fund of the City designated City of Arcadia(Police Station Project)Debt Service Fund(the"Debt Service Fund"); and until all of said Bonds and all interest thereon have been fully paid,the monies in said fund shall be used for no other purpose than the payment of said Bonds and the interest thereon. Rebate Fund. The City shall calculate rebatable arbitrage for the Bonds and shall pay required amounts to the United States Government pursuant to the Internal Revenue Code of 1986, as amended (the "Code"). Investment of Funds. Moneys in the Acquisition and Construction Fund shall be invested in Authorized Investments which will by their terms mature, or in the case of an Investment Agreement are available without penalty, as close as practicable to the date the City estimates the moneys represented by the particular investment will be needed for withdrawal from the Acquisition and Construction Fund. Notwithstanding anything in the Resolution to the contrary, the proceeds of the Prior Bonds remaining on deposit in the Acquisition and Cons truction Fund, shall be invested by the City only in Authorized Investments as described in the Resolution the interest on which is excluded from gross income under Section 103 of the Code(other than bonds the interest on which is a tax preference item for purposes of computing the alternative minimum tax of individuals and corporations under the Code) or in Authorized Investments at a Yield not in excess of the Yield on the Prior Bonds or the Bonds, as required in the City's tax certificate executed on the Delivery Date, unless in the opinion of Bond Counsel such restriction is not necessary to prevent interest on the Bonds or the Prior Bonds from being included in gross income for federal income tax purposes. Moneys in the Debt Service Fund shall be invested only in Authorized Investments which will by their terms mature, or in the case of an Investment Agreement are available for withdrawal without penalty, on such dates so as to ensure the payment of principal of, premium, if any, and interest on the Bonds or any Parity Bonds as the same become due. The City Treasurer shall sell at the best price obtainable, or present for redemption,any obligations so purchased whenever it may be necessary to do so in order to provide moneys to meet any payment of transfer to such funds and accounts or from such funds and accounts. For the purpose of determining at any given time the balance in any such funds, any such investments constituting a part of such funds and accounts shall be valued at their market value. The City Investment Fund General. Pursuant to the City's Investment Policy (the "Investment Policy") the City's Treasurer is responsible for investing the cash balances in all City Funds in accordance with the California Government. Code, Sections 53600 et seq. and 53635 et seq. The Investment Policy does not include long term debt reserve funds and deferred compensation funds, which are exceptions covered by other more specific Government Code sections and the legal documents unique to each debt transaction. The Investment Policy provides that investment practices shall conform to California's prudent man rule which states, in essence,that"in investing . . . property for the benefit of another, a trustee shall exercise the judgment and care,under the circumstances then prevailing, which men of prudence, discretion and intelligence exercise in the management of their own affairs. . . ." Under the Investment Policy, the City Treasurer and other individuals assigned to manage the investment portfolio, acting within the intent and scope of the investment policy and other written procedures, and exercising due diligence, shall be relieved of personal responsibility and liability for an individual investment's credit risk or market price changes, provided material deviations from expectations are reported in a timely manner and appropriate action is taken to control any adverse developments. The three principal factors of safety, liquidity and yield are to be taken into consideration, in that order,when making investment decisions. J 9 DOCSOC\802907v4\24217.0001 Authorized Investment Instruments. The City may invest in the following instruments under the guidelines as provided in the Investment Policy: Certificates of Deposit. Time Certificates of Deposit will be made only in FDIC or FSLIC insured accounts with institutions having a branch located within the City. No more than 30% of the investment portfolio may be invested in this investment type. The City will not invest in any institution less than five years old. Government Agency Securities. This category includes obligations issued by Federal Home Loan Banks, Government National Mortgage Association, the Farm Credit System, the Federal Land Bank, the Federal National Mortgage Association,the Student Loan Marketing Association. Treasury Bills, Notes and Bonds. The City will require safekeeping documentation of the treasury instrument in an acceptable safekeeping account in the City's name. State Local Agency Investment Fund (LAIF). Investment of funds in the California LAIF which allows the State Treasurer to invest through the Pooled Money Investment Account. Maximum investment is subject to state regulation. Bankers Acceptance. Bills of Exchange or time Drafts drawn on and accepted by a commercial bank, otherwise known as Bankers Acceptances, both foreign and domestic; the City will invest only in the 15 largest banks in the United States and 100 largest banks in the world. Purchases of Bankers Acceptances may not exceed more than 40%of the cost value of the City's investment portfolio. The maximum investment with one institution will not exceed$3 million. Commercial Paper. . The City will require safekeeping documentation of the security in an acceptable safekeeping account in the City's name. Commercial paper will be used solely as a short-term investment not to exceed 15 days. A rating of Standard and Poor's A-1 or Moody's P-1 is required. The City will only invest in the largest 15 banks (in terms of total assets)in the United States. The investment in any one institution will not exceed. $1,000,000. Repurchase Agreements. The City will require physical delivery of the securities backing the repo or safekeeping documentation in an acceptable safekeeping account in the City's name, depending on the type of security. Repos will be used solely as a short-term investment not to exceed 30 days. The institution from which the City purchases a repo must transfer on an ongoing basis sufficient securities to compensate for changing market conditions and insure that adequate collateral is maintained in the City's safekeeping account to cover the principal invested. Repos will only be purchased through the 15 largest banks in the United States. The investment in any one institution will not exceed$1,000,000. Passbook Savings Accounts. Saving account shall be maintained for accounts under$100,000 that are received too late in the day to invest in other instruments. Defeasance All or a portion of the outstanding Bonds may be paid and discharged in any one or more of the following ways: (1) by well and truly paying or causing to be paid the principal of,Accreted Value of and interest on all Bonds outstanding, as and when the same become due and payable; (2) by irrevocably depositing with a bank or trust company in escrow an amount of cash which, together with amounts then on deposit in the Debt Service Fund, is fully sufficient to pay all 10 DOCSOC\802907v4\24217.0001 or a designated portion of the Bonds outstanding at or before the maturity thereof, including all principal,premium,if any,and interest thereon; and (3) by irrevocably depositing with a bank or trust company in escrow Federal Securities(as hereinafter defined)not subject to call,together with cash, if required,in such amount as will, without reinvestment,in the opinion of an independent certified public accountant,together with interest to accrue thereon and moneys then on deposit in the Debt Service Fund together with the interest to accrue thereon,be fully sufficient to pay and discharge all of the corresponding Bonds (including all principal and interest and premium,if any)to be defeased at or before the maturity thereof. • If a Bond is defeased as described above, then, all obligations of the City and the Paying Agent under the Resolution with respect to such outstanding Bond shall cease and terminate,whether or not such Bond has been surrendered for payment, except only the obligation of the City and the Paying Agent to pay or cause to be paid to the Owners of the Bonds all sums due thereon and the obligations of the City with respect to the Rebate Fund. In the Resolution,Federal Securities are defined as: Direct and general obligations of the United States of America (including the Department of the Treasury of the United States of America), or obligations that are unconditionally guaranteed as to principal and interest by the United States of America; the interest component of Resolution Funding Corp. (REFCORP) strips which have been stripped by request to the Federal Reserve Bank of New York in book-entry form; and pre-refunded fixed interest rate municipal obligations meeting the following conditions: (a) the municipal obligations are not subject to redemption prior to maturity, or the trustee has been given irrevocable instructions concerning their calling and redemption and the issuer has covenanted not to redeem such obligations other than as set forth in such instructions; (b)the municipal obligations are secured by cash and/or United States obligations,which obligations may be applied only to interest,principal, and premium,payments of such municipal obligations; (c) the principal of and interest on the United States obligations (plus any cash in the escrow fund) are sufficient to meet the liabilities of the municipal obligations; (d) the United States obligations serving as security for the municipal obligations are held by an escrow agent or trustee; (e) the United States obligations are not available to satisfy any other claims, including those against the trustee or escrow agent; and(f)the municipal obligations are rated"AAA"by S&P and"Aaa"by Moody's. Tax Covenants In order to preserve the.exclusion from gross income for federal income tax purposes of interest due with respect to the Bonds, the City covenants to comply with all applicable requirements of the Code (as herein defined), together with any amendments thereto or regulations promulgated thereunder necessary to preserve such exclusion.. See"CONCLUDING INFORMATION—Tax Exemption"herein. Estimated Sources and Uses The following table shows the estimated sources and uses of the proceeds of the Bonds: 11 DOCSOC\802907v4\24217.0001 Sources: Par Amount of Bonds Total Sources Uses: Acquisition and Construction Fund Costs of Issuance(W) Total Uses (1) Includes Underwriter's Discount,bond insurance premium and other costs. SECURITY FOR THE BONDS General The City Council, so far as practicable, shall fix a rate or rates for a tax to be levied on the taxable property in the City as will result in revenues which will pay the interest on the Bonds and Parity Bonds (as such terms are defined in the Resolution), and provide a debt service fund for the payment of the principal of such debt as it may become due. If the revenues of the City are, or in the judgment of the City Council will probably be, inadequate for any cause to pay the principal of or interest on the Bonds as principal and interest become due, the City Council must cause a tax to be levied, as provided in the provisions of the Law, sufficient to provide for such deficit and to pay the amount of such principal and interest as will become due before the proceeds of a tax levied at the next general tax levy will be available. The City Council shall determine the fiscal year for all of the amounts above set forth, and shall fix the rate or rates of tax to be levied which will raise the amounts of money required by the City for such purposes, and as required by the provisions of the Law, the City Council shall certify to the County Auditor of the County (the "Auditor") the rate or rates so fixed and shall furnish to the Auditor a statement in writing containing the following: (a) An estimate of the minimum amount of money required to be raised by taxation during the fiscal year for the payment of the principal of and interest on the Bonds, as will become due • before the proceeds of a tax levied at the next general tax levy will be available; (b) An estimate of the minimum amount of money required to be raised by taxation during the fiscal year for all other purposes of the City; and (c) Any other items required by the provisions of the Law. The Auditor shall compute and enter in the County assessment roll the respective sums to be paid as a City tax on the property within the City using the rate or rates of levy as fixed by the City Council and the assessed value as found on the assessment roll for the property subject to the tax. As of March 1, 2001 the assessed valuation for all taxable property within the City was $5,379,905,501. See "CITY FINANCIAL INFORMATION—Tax Rates,Assessed Value and Tax Collections." It shall be the duty of all County officers charged with the duty of collecting taxes to collect such tax in time,form and manner as County taxes are collected and when collected to pay the same to the City. All such taxes for the payment of principal and interest on such Bonds shall be established,levied and collected as provided in the provisions of the Law. All monies derived from such taxes and all other monies allocated and designated for payment of the Bonds and the interest thereon, together with the proceeds of the sale of the Bonds designated as premium and 12 DOCSOC\802907v4\24217.0001 • accrued interest, shall be placed in the Debt Service Fund, and until all of the Bonds and all interest thereon have been fully paid the monies in said fund shall be used for no other purpose than the payment of said Bonds and the interest thereon. Property Taxes The following is a description of the City's tax collection procedures. The City, like other California public agencies, is subject to Constitutional limits on its ability to raise and expend revenues, see "CONSTITUTIONAL PROVISIONS AFFECTING PROPERTY TAXATION"herein. In California,property which is subject to ad valorem taxes is classified as "secured" or"unsecured". The secured classification includes property on which any property tax levied by a county becomes a lien on that property. A tax levied on unsecured property does not become a lien against the taxed unsecured property, but may become a lien on certain other property owned by the taxpayer. Every tax which becomes a lien on secured property has priority over all other liens, arising pursuant to State law, on the secured property, regardless of the time of the creation of other liens. The valuation of property is determined as of January 1 each year, and installments of taxes levied upon secured property become delinquent on the following April 10th and December 10th. Taxes on unsecured property are due March 1, and become delinquent August 31. Secured and unsecured property are entered separately on the assessment roll maintained by the county assessor, The method of collecting delinquent taxes is substantially different for the two classifications of property. The exclusive means of forcing the payment of delinquent taxes with respect to property on the secured roll is the sale of the property securing the taxes of the State for the amount of taxes that are delinquent. The taxing authority has four methods of collecting unsecured personal property taxes: (1) a civil action against the taxpayer; (2) filing a certificate in the office of the county clerk specifying certain facts in order to obtain a judgment lien on certain property of the taxpayer; (3) filing a certificate of delinquency for record in the County Recorder's Office in order to obtain a lien on certain property of the taxpayer, and (4) seizure and sale of personal property,improvement or possessory interest belonging or taxable to the assessee. A ten percent penalty is added to delinquent taxes which have been levied with respect to property on the secured roll. In addition, beginning on the July 1 following a delinquency, interest begins accruing at the rate of 1 1/2% per month on the amount delinquent. Such property may thereafter be redeemed by the payment of the delinquent taxes and the ten percent penalty,plus interest at the rate of 1 1/2%per month to the time of redemption. If taxes are unpaid for a period of five years or more, the property is deeded to the State and then is subject to sale by the county tax collector. A ten percent penalty also applies to the delinquent taxes or property on the unsecured roll, and further, an additional penalty of 1 1/2% per month accrues with respect to such taxes beginning on the varying dates related to the tax billing date. Legislation enacted in 1984 (Section 25 et seq. of the Revenue and Taxation Code of the State of California),provides for the supplemental assignment and taxation of property as of the occurrence of a change in ownership or completion of new construction. Previously, statutes enabled the assessment of such changes only as of the next tax lien date following the change and thus delayed the realization of increased property taxes from the new assessment for up to 14 months. Collection of taxes based on supplemental assessments occurs throughout the year. Taxes due are prorated according to the amount of time remaining in the tax year, with the exception of tax bills dated January 1 through May 31, which are calculated on the basis of the • remainder of the current fiscal year and the full 12 months of the next fiscal year. BOND INSURANCE The following information has been furnished by[Bond Insurer] (the "Bond Insurer")for use in this Official Statement. Reference is made to Appendix D for a specimen of the Bond Insurer `s policy. 13 c DOCSOC\802907v4\24217.0001 • The Bond Insurance Policy [To come.] - The Bond Insurer [To come.] ' CONTINUING DISCLOSURE The City has covenanted for the benefit of Owners to provide certain financial information and operating data relating to the City by not later than February 1 after the end of the City's fiscal year (which fiscal year presently ends June 30), commencing with February 1, 2002 (the "Annual Report"), and to provide notices of the occurrence of certain enumerated material events. The Annual Report will be filed by BNY western Trust Company, as Dissemination Agent(the "Dissemination Agent") on behalf of the City with each Nationally Recognized Municipal Securities Information Repository. The notices of material events will be filed by the Dissemination Agent on behalf of the City with the Municipal Securities Rulemaking Board. The specific nature of the information to be contained in the Annual Report or the notices of material events is summarized herein in Appendix C—"Continuing Disclosure Agreement."These covenants have been made in order to assist the Underwriter in complying with Securities and Exchange Commission Rule 15c2-12(b)(5). The City has never failed to comply in all material respects with any previous undertakings with respect to said rule to provide annual reports or notices of material events. GENERAL INFORMATION REGARDING CITY GOVERNMENT Introduction The City is located in Los Angeles County(the "County"), about 20 miles northeast of Los Angeles. The City encompasses an area of approximately 11.2 square miles and the 2000 population is estimated to be approximately 54,000 as of January 1, 2000. The City provides police protection, fire protection, emergency medical aid, building safety regulation and inspection, street lighting, beautification, water and sewer service, land use planning, and zoning, housing and community services, maintenance and improvement of streets and related structures, traffic safety maintenance and improvement and recreational and cultural programs for citizen participation. For more complete information, see Appendix E—"General Information Relating to the City of Arcadia"herein. City Council The City is governed by a five-member City Council, all serving four-year terms. Each year the City Council elects from its membership a Mayor to serve as its presiding officer for a one year term. The City Council serves as the legislative and policy making body of the City. The City Council establishes policy; adopts all Ordinances and Resolutions of the City; reviews and adopts the annual operating budget and five- year capital improvement program; and maintains communications with citizens and other government agencies to provide and obtain information necessary for the operation of the City. 14 DOCSOC\802907v4\24217.0001 Table 1 CITY OF ARCADIA City Council • Name Position Term Expires Gary Kovacic Mayor April 2002 Mickey Segal Mayor Pro Tem April 2004 Gail Marshall Council Member April 2002 Roger Chandler Council Member Apri1,2002 Sheng Chang Council Member April 2004 • Source: City City Manager and Administrative Personnel The City Council employs a City Manager to carry out its policies,to serve as executive officer of the City and to supervise the work of other City administrators. The names and backgrounds of the City Manager and some senior administrative staff are set forth below. William Kelly, City Manager has been employed by the City since November, 1993, serving as City Manager and Executive Director since January, 1994. Mr. Kelly has over 25 years of experience with cities, and has served as Director of Community Development for the City of Burbank, Director of Development Services for the City of Brea, Director of Community Services for the City of Baldwin Park, and Director of Planning and Building for the City of San Bruno. Mr. Kelly has a Bachelor of Science.Degree in City Planning from California State University, Pomona, and a degree of Master of Public Administration (University of Southern California, 1974), Master of Arts in Management (Claremont Graduate University, May, 1982) and Master of Business Administration(Claremont Graduate University, February, 1985), and has engaged in additional studies in business management at Claremont Graduate University. Tracey L. Hause, Administrative Services Director has been with the City of Arcadia since February, 2000. Prior to working for the City, Ms. Hause worked for three cities in Southern California, in addition to cities in central California and Washington State and has 19 years experience in local government. Ms. Hause received a Bachelor of Arts Degree in Business Administration with a concentration in Accounting and a Master of Arts Degree in Public Administration from California State University,Northridge. Employee Relations • The City currently employs 306 full-time and approximately 5 (excluding seasonal) part-time employees. 249 of such employees are represented by four formal labor organizations as shown below. The City has 57 executive and managerial employees who are not represented by any formal bargaining unit. • 15• DOCSOC\802907x4\24217.0001 Table 2 CITY OF ARCADIA Employee Relations Labor Organization Number of Employees Contract Expiration Date Arcadia Police Officers Association 65 June 30,2001 Arcadia Firefighter's Association 48 June 30,2001 Arcadia Public Works Employees 41 June 30,2001 • Association Teamsters 72 June 30,2001 (Confidential/Supervisory/Professional Teamsters(General Employees) 23 June 30,2001 Source: City Retirement System The City participates in the State of California Public Employees Retirement System("PERS")which provides benefits to full-time and part-time employees who are employed more than 1,000 hours during the year. The City was required to contribute to PERS at an actuarial determined rate; the rate during the fiscal year ended June 30, 2000 was 1.176 percent for non-safety employees and 0.576 percent for safety employees. For Fiscal Year ended June 30, 2000 the City's annual pension cost was $$91,023 for non-safety employees and$44,227 for safety employees. These contributions were determined as part of the June 30, 1998 actuarial evaluation using the entry age normal actuarial cost method. Insurance The City maintains a comprehensive insurance program for general liability and workers' compensation. The City is self insured for the first$250,000 on each workers' compensation claim. The City is also self insured for the first $500,000 on each general liability claim. The City maintains insurance with commercial companies for all other risks of loss, including property insurance, vehicle insurance and special events insurance. The City is insured for claims in excess of such self-insurance amounts through a Joint Powers Authority, Independent Cities Risk Management Authority (the "JPA") and two private insurance companies, General Reinsurance Corporation and Firemans Fund Insurance Companies (the "Private Insurers"). The Private Insurers provide workers' compensation insurance for the City for claims in excess of$250,000 up to a limit of$10,000,000. The JPA provides general liability insurance for its members, 28 California cities. The JPA is governed by an independent board consisting of representatives from its members. The governing board controls the operation of the JPA,independent of any influence by the City beyond the City's representation on the governing board. The City pays premiums commensurate with the level of coverage requested and shares surpluses and deficits in proportion to its participation in the JPA. The JPA is independently accountable for its fiscal matters. The JPA provides insurance for general liability for claims in excess of$500,000 up to a limit of$9,5.00,00. CITY FINANCIAL INFORMATION The following is a description of the City's tax rates, assessed valuation, tax collections, principal taxpayers and its indebtedness. The City's Financial Statements along with accompanying notes and opinions 16 DOCSOC\802907v4\24217.0001 from the Independent Auditor for the Fiscal Year ended June 30, 2000, are set forth in Appendix A - "Comprehensive Annual Financial Report For The Fiscal Year Ended June 30,2000." Tax Rates,Assessed Value and Tax Collections Table 3 below sets for the property tax rates for the City for the fiscal years 1996-97 through 2000-01. The information in Table 3 has been provided by California Municipal Statistics, Inc. The City has not independently verified the information in Table 2 and does not guarantee its accuracy. Table 3 CITY OF ARCADIA Property Tax Rates (Per$100 of Assessed Value) Fiscal Year 1996-97 to 2000-01 1996-97 1997-98 1998-99 1999-00 2000-01 General Tax RateW1W 1.000000 1.000000 1.000000 1.000000 1.000000 Los Angeles County .001604 .001584 .001451 .001422 .001314 Arcadia Unified School District .025126 .025884 .024837 .036479 .033672 Los Angeles County Flood Control District .001991 .002197 .001953 .001765 .001552 Metropolitan Water District .008900 .008900 .008900 .008900 .008800 Total Tax Rate 1.037621 1.038565 1.037141 1.048566 1.045338 (1) The passage of Proposition 13 on June 6, 1978 established a maximum countywide levy of 1% of market value or$1.00 per$100 of assessed value. Source: California Municipal Statistics,Inc. Table 4 below sets forth the secured and unsecured assessed valuations for property in the City for the fiscal years 1996-97 through 2000-01. The information in Table 4 has been provided by California Municipal Statistics, Inc. The City has not independently verified the information in Table 4 and does not guarantee its accuracy. Table 4 CITY OF ARCADIA Assessed Valuation Fiscal Years 1996-97 to 2000-01 Year Secured Utility Unsecured Total 1996-97 , $4,368,679,106 $150,664 $140,152,422 $4,508,982,192 1997-98 4,425,335,003 156,700 137,188,393 4,562,680,096 1998-99 4,596,919,606 186,271 144,147,754 4,741,253,631 1999-00 4,847,875,621 384,492 137,400,499 4,985,660,612 2000-01 5,217,761,761 196,960 161,946,780 5,379,905,501 Source: California Municipal Statistics,Inc. Table 5 below sets forth property tax collections and delinquencies in the City for fiscal years 1995-96 through 1999-00. • 17 DOCSOC\802907v4\24217.0001 Table 5 CITY OF ARCADIA Property Tax Levies and Collections Fiscal Years 1995-96 to 1999-00 Percent of Delinquent Delinquent Year Ended Current Current Tax Levy Tax Tax June 30 Tax Levy Collections Collected Collections Receivables 1996 $3,937,613 $3,768,896 95.7% 1997 3,892,078 3,971,565 102.0 1998 4,056,182 4,417,491 108.9 1999 4,237,151 3,865,804 91.2 2000 4,516,004 4,204,893 93.1 Source: City Principal Taxpayers The 20 largest taxpayers in the City as shown on the 2000-01 secured tax roll, the amounts of taxes paid by each and the percentage of the City's total property tax revenues attributable to each are shown on Table 6 below. The information in Table 6 has been provided by California Municipal Statistics, Inc. The City has not independently verified the information in Table 6 and does not guarantee its accuracy. • • • 18 DOCSOC\802907v4\24217.0001 Table 6 CITY OF ARCADIA Largest Local Secured Taxpayers June 30,2000 2000-01 Assessed Property Owner Primary Land Use Valuation of Total(1) 1. 234567 Developments Inc. Race Track $123,420,000 2.37% 2. Santa Anita Fashion Park LLC Shopping Center 99,583,684 1.91 3. Arcadia Bonheur Inc. Hotel 30,707,361 0.59 4. PHMJ LLC Commercial Properties 27,301,320 0.52 5. Arcadia Gateway Centre Society Ltd. Commercial Properties 25,568,382 0.49 6. Safeway Inc. Office Building 21,511;475 0.41 7. Santa Anita Realty Enterprises Inc. Medical-Dental Building 15,005,858 0.29 8. Heprand Hospitality Inc. Hotel 12,159,914 0.23 9. Arcadia Oaks Institutional 11,220,000 0.22 10. Ralph M. Parsons Co. Office Building 9,647,213 0.18 11. Alexander and Mei Nu Chen Shopping Center 9,215,116 0.18 12. Arcadia-Peck Storage Associates Industrial-Storage 8,750,000 0.17 13. PBR Realty LLC Shopping Center 8,570,519 0.16 14. Residence Inn by Marriott Inc. Hotel 8,541,544 ' 0.16 15. Orlando Clarizio,Trust Apartments 8,515,381 0.16 16. Ralphs Grocery Co. Commercial Store 8,430,572 0.16 17. Francisco and Martha B. Ortiz Office Building 8,428,407 0.16 18. California Trinity Housing Inc. Institutional 8,428,358 0.16 19. 624 Medical Center Medical-Dental Building 8,188,845 0.16 20. Arcadia Landmark 'Commercial Store 8,106,538 0.16 $461,300,487 8.84% (1) 2000-01 Local Secured Assessed Valuation: $5,217,761,761 Source: California Municipal Statistics,Inc. Indebtedness General Obligation Debt. The City currently has no general obligation debt outstanding. Long Term Debt As of June 30,2000,the City had$10,097,781 of long-term debt outstanding. A schedule of changes in long-term debt for the year ended June 30,2000 is set forth in Table 7 below: 19 DOCSOC\802907v4\24217.0001 Table 7 CITY OF ARCADIA Schedule of Long-Term Debt General Long-Term Balance Balance Debt Account Group July 1, 1999 Additions Deductions June 30,2000 Special Assessment Bonds $ 30,00 -- $ 30,000 $ 0 Redevelopment Agency Bonds 3,110,000 -- 105,000 • 3,005,000 Advances to Other Funds 4,360,122 -- 140,000 4,220,122 Claims and Judgments Payable 2,178,051 $ 269,622 -- 2,447,673 Compensated Absences _ 510,203 -- 85,217 424,986 Totals $ 10,188,376 $ 269,622 $ 360,217 $ 10,097,781 Source:City Short-Term Debt: [The City has no short term debt.] Estimated Direct and Overlapping Bonded Debt: The estimated direct and overlapping bonded debt of the City as of April 1, 2001 is shown in Table 8 below. The information in Table 8 has been provided by California Municipal Statistics, Inc. The City has not independently verified the information in Table 8 and does not guarantee its accuracy. • 20 DOCSOC\802907v4\24217.0001 Table 8 CITY OF ARCADIA Direct and Overlapping Debt 2000-01 Assessed Valuation: $5,379,905,501 Redevelopment Incremental Valuation: 250,093,205 Adjusted Assessed Valuation: $5,129,812,296 ti DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT: %Applicable Debt 4/1/01 Los Angeles County 0.985% $ 471,470 Los Angeles County Flood Control District 1.020 277,236 Metropolitan Water District 0.523 2,758,720 Arcadia Unified School District • 96.184 22,245,538 Monrovia Unified School District 0.807 189,315 Pasadena Unified School District 0.031 30,126 Temple City Unified School District 9.075 1,676,447 El Monte School District 3.774 528,360 City of Arcadia 100.000 - Los Angeles County Regional Park and Open Space Assessment District 0.985 4.314,497 TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT $32,491,709 DIRECT AND OVERLAPPING GENERAL FUND OBLIGATION DEBT: Los Angeles County General Fund Obligations 0.985% $16,721,235 Los Angeles County Pension Obligations 0.985 20,312,891 Los Angeles County Superintendent of Schools Certificates of Participation 0.985 329,775 Los Angeles County Flood Control District Certificates of Participation 1.020 1,716,099 Pasadena Area Community College District Certificates of Participation 17.048 1,185,688 El Monte Union High School District Certificates of Participation 1.909 96,691 Other School District General Fund Obligations Various 61,759 City of Arcadia General Fund Obligations 100.000 425,029 (2) Los Angeles County Sanitation District No. 15 Authority 21.740 6,133,984 Los Angeles County Sanitation District No.22 Authority ' 0.162 31,535 San Gabriel Valley Mosquito Abatement District Certificates of Participation 10.146 136,971 TOTAL GROSS DIRECT AND OVERLAPPING GENERAL FUND;OBLIGATION DEBT $47,151,657 Less: Los Angeles County Certificates of Participation(100%self-supporting from leasehold revenues on properties in Marina Del Rey) 1,124,082 TOTAL NET DIRECT AND OVERLAPPING GENERAL FUND OBLIGATION DEBT $46,027,575 GROSS COMBINED TOTAL DEBT $79,643,366 (3) NET COMBINED TOTAL DEBT $78,519,284 t11 Excludes general obligation bonds to be sold. (2) Share of Independent Cities Risk Management Authority Liability Insurance Certificates of Participation. (3) Excludes tax and revenue anticipation notes,revenue,mortgage revenue and tax allocation bonds and non-bonded capital lease obligations. Ratios to 2000-01 Assessed Valuation: • Direct Debt - % Total Direct and Overlapping Tax and Assessment Debt 0.60% Ratios to Adjusted Assessed Valuation: Combined Direct Debt ($425,029) 0.01% Gross Combined Total Debt 1.55% • Net Combined Total Debt 1.53% • STATE SCHOOL BUILDING AID REPAYABLE AS OF 6/30/00: $0 Source: California Municipal Statistics,Inc. 21 DOCSOC\802907v4\24217.0001 Accounting and Financial Reporting The following is a description of the City's budget process, current budget, historical budget information, changes in fund balance, balance sheets, its major revenues and expenditures and certain other financial information relating to the City. The City's Financial Statements along with accompanying notes and opinions from the Independent Auditor for the Fiscal Year ended June 30, 2000, are set forth in Appendix A "Comprehensive Annual Financial Report For The Fiscal Year Ended June 30,2000." The City maintains its accounting records in accordance with Generally Accepted Accounting Principles (GAAP) and the standards established by the Governmental Accounting Standards Board (GASB). On a quarterly basis, a report is prepared for the City Council which reviews fiscal performance to date against the budget and recommends any necessary changes. Combined financial statements are produced following the close of each Fiscal Year. The City Council employs an independent certified public accountant, who, at such time or times as specified by the City Council, at least annually, and at such other times as they determine, examines the financial statements of the City in accordance with generally accepted auditing standards,including tests of the accounting records and other auditing procedures as such accountant considers necessary. As soon as practicable, after the end of the Fiscal Year, a final audit and report is submitted by the independent accountant to the City Council. The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures, or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various governmental funds are grouped, in the City's annual financial statements,into generic fund types, which include the General Funds, Special Revenue Funds,Debt Service Funds and Capital Project Funds. The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Tables 1 through 4 below set forth certain historical and current fiscal year budget information for the General Fund. Information on the remaining governmental funds of the City as of June 30,2000 is set forth in Appendix A. Budget Procedure,Current Budget and Historical Budget Information • The Fiscal Year of the City begins on the first day of July of each year and ends on the 30th day of June of the following year. At such time as the City Manager determines, each department head must furnish to the City Manager an estimate of revenues and expenditures for the depaitiuent for the ensuing Fiscal Year, detailed in such manner as may be prescribed by the City Manager. In preparing the proposed budget, the City Manager reviews the estimates, holds conferences thereon with the respective department heads, and revises the estimates as he/she deems advisable. Prior to the beginning of each Fiscal Year,the City Manager submits to the City Council the proposed budget. The City Council determines the time for the holding of a public hearing and causes a notice of public hearing to be published. Not less than ten days prior to the date of the public hearing, copies of the proposed budget are available for inspection by the public in the office of the City Clerk and at the City Library. During the public hearing and after its conclusion, the City Council further considers the proposed budget and makes • 22 DOCS O C\8 02907v4\24217.0001 • any revisions thereto that it deems advisable. On or before June 30, of each year, the City Council adopts the budget with revisions,if any,by the affirmative vote of at least a majority of the total members. From the effective date of the budget, the amounts stated as proposed expenditures become appropriated to the several departments, offices and agencies for the objects and purposes named,provided that the City Manager may transfer appropriations of a fund from one object or purpose to another within the same department in any amount up to $15,000. All other transfers or amendments require City Council approval. All appropriations lapse at the end of the Fiscal Year to the extent that they have not been expended or lawfully encumbered. At a public meeting after the adoption of the budget the City Council may amend or supplement the budget by motion adopted by four votes of the City Council. Set forth in Table 9 below are the adopted General Fund budgets for fiscal years 1999-00 through 2001-02. Table 9 CITY OF ARCADIA General Fund Budgets (in 000's) Final Adopted Final Adopted Final Adopted 1999-00 2000-01 2001-02 Budget Budget Budget Revenue: Taxes $ 16,740 $ 17,580 $ 17,880 Intergovernmental 3,107 3,444 3,459 Licenses and Permits 2,647 2,986 2,986 Charges for Services 1,870 1,376 1,431 Fines and Forfeitures 303 281 241 Interest and Rent 220 305 305 Other 108 410 415 Total Revenue $24,595 $26,382 $26,717 Expenditures: General Government 3,307 $3,581 $3,370 Public Safety 16,322 17,028 16,685 Public Works 3,492 3,503 3,410 Recreation and Community Services 1,088 1,379 1,299 • Library 1,757 1,868 1,676 Development Services 1,990 2,009 1,942 Total Expenditures $27,596 - $29,367 $28,380 ' Excess(deficiency)of revenue over expenditures $(3,361) $(2,985) $(1,663) Other Financing Sources(Uses): Proceeds from long-term debt -- -- -- Operating transfers in 3,284 $ 3,091 $ 2,608 Operating transfers out -- -- -- Total Other Financing Sources(Uses) $ 3,284 $ 3,091 $ 2,608 Excess of Revenue and other Sources over Expenditures and other Uses $ (77) $ 106 $ 945 Source: Adopted Budgets of the City for fiscal years 1999-00,2000-01 and 2001-02. 23 DOCSOC\802907v4\24217.0001 • Comparative Change in Fund Balance of the City General Fund Table 10 below presents the City's General Fund Statement of Revenues,Expenditures and Change in Fund Balance for the past five Fiscal Years. Table 10 • CITY OF ARCADIA .- General Fund Statement of Revenues,Expenditures and Change in Fund Balance Five Year Comparison (in 000's) Fiscal Year Ending June 30, 1996 1997 1998 1999 2000 Revenue: Taxes $15,793 $15,251 $16,166 $16,435 $17,609 Intergovernmental 2,974 3,103 2,335 3,405 2,321 Licenses and Permits 1,708 2,148 3,005 3,421 • 3,508 Charges for Services 1,243 1,373 1,861 1,353 1,396 Fines and Forfeitures 272 253 294 266 278 Interest and Rent 1,021 850 925 736 857 Other 1,545 1,526 1,825 4,366 4,465 Total Revenue $24,556 $24,506 $26,411 $29,982 $30,434 Expenditures: General Government $ 3,641 $ 5,451 $ 3,770 $ 6,431 $ 5,305 Public Safety 16,197 15,831 16,170 15,772 15,761. Public Works 3,285 3,075 3,017 2,859 3,843 Recreation and Community Services 1,033 981 967 966 1,034 Library 1,403 1,480 1,404, 1,560 1,549 Development Services 1,979 1,988 2,000 2,018 1,857 Total Expenditures $27,538 $28,806 $27,328 $29,606 $29,349 Excess(deficiency)of revenue over expenditures $ (2,982) $(4,300) $(917) $376 $1,085 Other Financing Sources(Uses): . Proceeds from long-term debt -- -- -- -- -- Operating transfers in $ 1,803 $ 3,265 $ 3,936 $ 2,157 $ 2,376 Operating transfers out (980) (580) (2,008) (614) (5) Total Other Financing Sources $ 824 $ 2,685 $ 1,928 $ 1,543 $ 2,371 (Uses) • Excess of Revenue and other Sources over Expenditures and other Uses $ (2,158) $ (1,615) $ 1,011 $ 1,919 $ 3,456 Fund Balance,Beginning of Year $15,885 $14,095 $12,480 $13,396 $ 15,345 Adjustment to Beginning Fund Balance 368 -- (95) 30 -- • Fund Balance,End of Year $14,095 $12,480 $13,396 $15,345 $18,801 Source: Audited Financial Statements for fiscal years 1995-96,1996-97,1997-98,1998-99 and 1999-00. 24 DOCSOC\802907v4\24217.0001 • Comparative General Fund Balance Sheets of the City Table 11 below presents the City's General Fund Balance Sheets for the past five Fiscal Years. Table 11 , CITY OF ARCADIA General Fund Balance Sheet Five Year Comparison (in 000's) Fiscal Year Ending June 30, 1996 1997 1998 1999 ' 2000 ASSETS Pooled cash and investments $ 12,145 $ 10,153 $ 11,601 $ 14,992 $ 18,387 Accounts receivable 2,446 769 404 357 569 Interest receivable 155 140 194 202 268 Advances Receivable 613 1,716 1,776 -- -- Due from other funds 1,036 613 374 323 125 Due from other governments -- -- 162 738 1,915 Inventories 321 298 293 437 471 Prepaid Expenses 9 9 162 23 17 Taxes Receivable -- 1,904 2,093 1,532 -- Total assets $ 16,725 $ 15,602 $ 17,059 $ 18,604 $21,752 LIABILITIES,EQUITY . AND OTHER CREDITS Liabilities Accounts payable $ 495 $ 500 $ 609 $ 565 $ 594 Accrued salaries payable 494 593 253 610 742 Due to other funds 253 253 569 253 136 Compensated absences 1,313 957 954 911 1,099 Claims and judgments payable 75 743 1,211 847 279 Deferred revenues 76 67 72 100 Total liabilities $ 2,630 $ 3,122 $ 3,663 $ 3,258 $2,950 EQUITY AND OTHER CREDITS Fund balances: Reserved:- Encumbrances $ 335 $ 297 $ 241 $ 366 $ 475 Petty cash 19 18 18 15 15 Inventory 321 298 293 437 471 Prepaid items 10 9 22 23 17 Unrealized Gain -- -- 71 -- -- Advances 613 1,716 1,716 -- -- Unreserved: Undesignated 9,676 6,944 9,014 12,440 17,029 Designated 3,121 3,198 2,021 2,065 795 Total equity and other credits $14,095 $12,480 $13,396 $15,346 $18,801 Total liabilities,equity and credits $16,725 $15,602 $17,059 $18,604 $21,752 Source: Audited Financial Statements of the City for Fiscal Years 1995-96,1996-97, 1997-98,1998-99 and 1999-00. 25 DOCSOC\802907v4\24217.0001 Major Revenues The City derives its revenues from a variety of sources including ad valorem property taxes, sales and use taxes, licenses, permits, aid from other governmental agencies, charges for services provided by the City and other miscellaneous revenues. For fiscal year 1999-00, approximately 55.28% of revenues were proceeds of taxes, 11.75% intergovernmental transfers, 5.99% charges imposed by the City for services, 8.72% license and permit fees and 18.27% miscellaneous revenues, fines, interest and rent. The City's total revenues for selected major revenue sources for the past five fiscal years are set forth in Table 12 below: Table 12 CITY OF ARCADIA Governmental Revenues by Source Last Five Fiscal Years Licenses, Charges Fiscal Fees and Fines and Inter- for Year Taxes Permits Forfeitures Governmental Services Other Total 1996 $20,047,563 $1,707,787 $383,196 $5,400,416 $1,406,690 $4,486,751 $33,432,403 1997 21,879,697 2,148,230 357,553 5,718,428 1,873,069 1,937,110 33,914,087 1998 20,766,945 3,005,069 297,058 4,937,789 2,141,917 4,457,560 35,606,338 1999 21,069,025 3,421,259 529,950 6,154,130 1,957,086 6,458,282 39,589,732 2000 22,234,855 3,508,221 579,556 4,724,267 2,409,302 6,767,371 40,223,572 Source: City The method of levy and collection of ad valorem property taxes is described under the caption "Property Taxes" below. The sales tax received by the City results from a tax imposed on retail sales and. consumption of personal property. The sales tax rate is established by the State Legislature. The current statewide tax rate is 5.75%. The City also collects a transient occupancy tax on all hotel, motel and lodging bills within the City, a utility users tax and various franchise fees. Table 13 below illustrates the City's expenditures for fiscal years 1995-96 through 1999-2000. Table 13 CITY OF ARCADIA General Governmental Expenditures by Function Last Five Fiscal Years Fiscal General Public Public Community Capital Debt Year Government Safety Works Services Library Outlay Service Total 1996 $4,505,823 $16,546,802 $5,373,352 $1,093,700 $1,403,052 $12,001,371 $2,270,525 $43,194,625 1997 4,326,144 16,107,275 7,376,545 1,034,044 1,479,748 5,042,804 2,386,635 37,753,195 1998 4,329,558 16,518,867 5,947,999 1,055,628 1,404,110 3,147,251 2,109,031 34,512,444 1999 4,565,730 16,147,564 8,702,273 1,068,964 1,560,101 4,888,743 2,891,036 39,824,411 2000 4,798,484 16,077,308 8,831,415 1,316,055 1,594,694 1,702,342 790,144 35,110,442 CONSTITUTIONAL PROVISIONS AFFECTING PROPERTY TAXATION The City, like other California public agencies, is subject to the following Constitutional limits on its ability to raise and expend revenues. 26 DOCSOC\802907v4\24217.0001 Article XIIIA Article XIIIA of the State Constitution: (i)limits ad valorem property taxes on all real property to 1% of the "full cash value" of the property; (ii)exempts voter approved bonded indebtedness from the 1% limitation; (iii)defines "full cash value" as the assessor's appraised value of real property as of March 1, 1975, increased by changes in the Consumer Price Index-not to exceed 2% per year and decreased by reductions in market value; (iv)permits establishment of a new "full cash value" at market value when there is new construction or a change in ownership; (v)permits the reassessment, up to the March 1, 1975 value, of property which was not current on the 1975-76 assessment roll; (vi)requires counties to collect the 1% property tax and to "apportion according to law to the districts within the counties;" (vii)prohibits new ad valorem taxes on real property, except to pay bonded indebtedness for the acquisition or improvement of real property approved by two-thirds of the votes cast by the voters on a proposition pertaining to such bonded indebtedness; (viii)prohibits sales taxes or transaction taxes on the sale of real property; (ix)permits the imposition of special taxes by local agencies, other than those prohibited,by a two-thirds vote of the"qualified electors" of such agencies, and (x)requires a two-thirds vote of all members of both houses of the State Legislature for any changes in State taxes which would result in increased revenues. California trial and appellate courts have upheld the constitutionality of Article XIIIA's assessment rules in three significant cases. The United States Supreme Court in an appeal to one of these cases upheld the constitutionality of Article XIIIA's tax assessment system. The City cannot predict whether there will be any future challenges to California's present system of property tax assessment and cannot evaluate the ultimate effect on the City's receipt of property taxes should a future decision hold unconstitutional the method of assessing property. Article XIIIB Under Article XIIIB of the State Constitution, state and local government agencies are subject to an annual "appropriations limit" and prohibited from spending "appropriations subject to limitation" above that limit. "Appropriations subject to limitation" consist of tax revenues, certain state subventions, and certain other funds. This Article does not affect the appropriation of money exclusive of"appropriations subject to limitation," such as debt service on indebtedness existing or authorized by January 1, 1979, or subsequently authorized by the voters, and appropriations mandated by court. The provisions also exclude from limitation the appropriation of proceeds from regulatory licenses, user charges, or other fees to the extent that such proceeds equal"the cost reasonably borne by such entity in providing the regulation,product,or service." In general terms,Article XIIIB provides that the appropriations limit will be based on certain 1978-79 expenditures and will be adjusted annually to reflect changes in cost of living, population, and transfer of the fmancial responsibility of providing services from one governmental unit to another. A recent amendment to Article XIIIB (Proposition 111) revised the method of calculating the annual adjustment to the appropriations limit. These revisions resulted in an increase in the City's appropriations limit for fiscal year 1992-93. Article XIIIB further provides that if an agency's revenues in any fiscal year and in the fiscal year immediately following it exceed the amount which is appropriated by such agency in compliance with Article XIIIB during that fiscal year and the fiscal year immediately following it, the excess must be returned during the next two subsequent fiscal years by revising tax rates or fee schedules: There are many remaining uncertainties and ambiguities in Article XIIIB which will require clarification by the State Legislature or the courts. Accordingly,the City cannot now determine the effect that future legislation or court actions regarding Article XIIIB may have upon its operations and financial obligations. • 27 DOCSOC\802907v4\24217.0001 • Article XIIIC and Article XIIID On November 5, 1996, the voters of the State approved Proposition 218, the so called"Right to Vote on Taxes Act." Proposition 218 added Articles XIIIC and XIIID to the State Constitution, which contain a number of provisions affecting the ability of local agencies, including municipalities, to levy and collect both existing and future taxes, assessments, fees and charges. Among other things, Article XIIIC establishes that every tax is either a"general tax" (imposed for general governmental purposes)or a"special tax"(imposed for specific purposes); and prohibits any local agency from imposing, extending or increasing any special tax beyond its maximum authorized rate without a two-thirds vote. Article XIIIC also provides that no tax may be assessed on property other than ad valorem property taxes imposed in accordance with Articles XIII and XIIIA of the California Constitution and special taxes approved by a two-thirds vote under Article XIIIA, Section 4. Article XIIIC also provides that the initiative power shall not be limited in matters of reducing or repealing local taxes, assessments, fees and charges. The State Constitution and the laws of the State impose a mandatory, statutory duty on the County Treasurer-Tax Collector to levy a property tax sufficient to pay debt service on the Bonds coming due in each year. The City believes that the initiative power cannot be used to reduce or repeal the authority and obligation to levy such taxes which are pledged as security for payment of the Bonds or to otherwise interfere with performance of the mandatory, statutory duty of the City with respect to such taxes which are pledged as security for payment of the Bonds. Article XIIID deals with assessments and property-related fees and charges. Article XIIID deals with assessments and property-related fees and charges. Article XIIID explicitly provides that nothing in Article XIIIC or XIIID shall be construed to affect existing laws relating to the imposition of fees or charges as a condition of property development; however it is not clear whether the initiative power is therefore. unavailable to repeal or reduce developer and mitigation fees imposed by the City. No developer fees imposed by the City are pledged or expected to be used to pay the Bonds. The interpretation and application of Articles XIII C and XIIID will ultimately be determined by the courts with respect to a number of the matters discussed above,and it is not possible at this time to predict with certainty the outcome of such determination. Unitary Property Some amount of property tax revenue of the City is derived from utility property which is considered part of a utility system with components located in many taxing jurisdictions ("unitary property"). Under the State Constitution, such property is assessed by the State Board of Equalization ("SBE") as part of a "going concern"rather than as individual pieces of real or personal property. State-assessed unitary and certain other property is allocated to the counties by SBE, taxed at special county-wide rates, and the tax revenues distributed to taxing jurisdictions (including the City) according to statutory formula generally based on the distribution of taxes in the prior year. Until fiscal year 2000-01, SBE assessment of investor-owned gas and electric companies, incumbent _ local exchange companies, AT&T Corp., and AT&T Communications of California, Inc.,will be subject to a court-approved agreement dated May 1, 1992 (the "Settlement Agreement"), among those companies,the SBE and all California counties. The Settlement Agreement arose, from litigation against the SBE in which the court held that the SBE's valuation approaches had overvalued AT&T's unitary property,and ordered AT&T's statewide assessed value to be reduced from approximately $1.75 billion to approximately $1.1 billion. The Settlement Agreement provides that its valuation method is not intended to be precedent for calculating fair market value of unitary property in years following its expiration. While the Settlement Agreement has been in effect, the California electric utility industry has been undergoing significant changes in its structure and in the way in which components of the industry are regulated. Sale of electric generation assets to largely unregulated,nonutility companies may affect how those 28 DOCSOC\802907v4\24217.0001 • • assets are assessed following the expiration of the Settlement Agreement, and which local agencies are to receive the property taxes. The City is unable to predict the impact of these changes on its utility property tax revenues, or whether legislation may be proposed or adopted in response to industry restructuring, or whether any future litigation may affect the State's methods of assessing utility property and the allocation of assessed value to local taxing agencies,including the City. See"CITY OF ARCADIA FINANCIAL DATA"herein. Proposition 62 On November 4, 1986, California voters approved Proposition 62, an initiative statute limiting the imposition of new or higher taxes by local agencies. The statute(a)requires new or higher general taxes to be approved by two-thirds of the local agency's governing body and a majority of its voters, and requires new or higher special taxes to be approved by two-thirds of both such local agency's governing body and such local agency's voters; (b)requires the inclusion of specific information in all local ordinances or resolutions proposing new or higher general or special taxes; and (c)penalizes local agencies that fail to comply with the foregoing. Most of the provisions of Proposition 62 were affirmed by the 1995 California Supreme Court decision in Santa Clara County Local Transportation Authority v. Guardino ("Guardino")which invalidated a special sales tax for transportation purposes because fewer than two-thirds of the voters voting on the measure had approved the tax. Although by its terms, Proposition 62 applies to municipalities, because the City does not receive any material amount of tax revenues from any tax levied in contradiction to Proposition 62, the City has not experienced nor does it expect to experience any substantive adverse fmancial impact as a result of the passage of this initiative or the Guardino decision. The requirements of Proposition 62 have generally been superseded by the enactment of Article XIIIC of the California Constitution(Proposition 218) in 1996. Proposition 218 An initiative measure entitled the "Right to Vote on Taxes Act" (the"Initiative")was approved by the voters of the State of California at the November 5, 1996 general election. The Initiative added Article XIIIC and Article XIIID to the California Constitution. According to the "Title and Summary" of the Initiative prepared by the California Attorney General,the Initiative limits"the authority of local governments to impose taxes and property-related assessments,fees and charges." The Initiative also adds a new Article XIIIC to the California Constitution which, among other things, states that "....the initiative power shall not be prohibited or otherwise limited in matters of reducing or repealing any local tax, assessment, fee or charge." The Bonds are secured from the proceeds of ad valorem taxes which the City is empowered and are obligated to levy, without limitation as to rate or amount, upon all property subject to taxation by the City, except certain personal property which is taxable at limited rates. The Initiative's affect on the obligation of the City to levy ad valorem taxes to pay the principal of and interest on the Bonds is unclear since a literal reading of such provision could be interpreted to allow the voters within the City to reduce or repeal the ad valorem tax securing the Bonds. Notwithstanding the foregoing,Bond Counsel is of the opinion that such interpretation would be unreasonable and that a court would hold that the initiative power could not be applied to effect a.repeal or reduction of the ad valorem taxes if the result thereof would be to impair the security of the Bonds. Proposition 111-Revisions to Article XIIIB. On June 5, 1990, the voters approved "Traffic Congestion Relief and Spending Limitation Act of 1990" hereafter "Proposition 111," which modified the constitution to alter the spending limit. Proposition 111 took effect on July 1, 1990. The most significant provisions of Proposition 111 are summarized below: 29 DOCSOC\802907v4\24217.0001 1. Annual Adjustments. The annual adjustments to the spending limit have been liberalized to be more closely linked to the rate of economic growth. Instead of being tied to the Consumer Price Index,the"change in the cost of living"is measured by the change in State per capita personal income. That definition of"change in population"specifies that a portion of the State's spending limit has been adjusted to reflect changes in school attendance. 2. Treatment of Excess Tax Revenues. "Excess"tax revenues are determined based on a two-year cycle,so that the State can avoid having to return to taxpayers excess tax revenues in one year if its appropriations in the next fiscal year were under its limit. 3. Exclusion from Spending Limit. Two new exceptions have been added to the calculation of appropriations which are subject to the limit. First,there are excluded all appropriations for"qualified capital outlay projects"as defined by the Legislature. Second,there are excluded any increases in gasoline taxes above their current nine cents per gallon level,sales and use taxes on such increment in gasoline taxes and increases in receipts from vehicle weight fees above the levels in effect in January 1, 1990. These latter provisions were needed to make effective the transportation funding package approved by the State Legislature and the Governor,which counts on raising over $15 billion in additional taxes over the next ten years to fund transportation programs. 4. Recalculation of Appropriations Limit. The Appropriations Limit for each unit of government,including the State,is to be recalculated beginning in the 1990-91 fiscal year. It will be based on the actual limit for the 1986-1987 fiscal year, adjusted forward to 1990-91 as if Proposition 111 had been in effect. Proposition 187 • On November 8, 1994, the voters in California approved Proposition I$7, an initiative statute ("Proposition 187"). Proposition 187 specifically prohibits funding by the State of social service, health care services and public school education for the benefit of any person not verified as either a United States citizen or a person legally admitted to the United States. The State Legislative Analyst estimates that verification costs could be in the tens of millions of dollars on a statewide level (including verification costs incurred by other local governments)with first-year costs potentially in excess of$100 million. Opponents of Proposition 187 filed at least.eight lawsuits (which were subsequently consolidated) in federal district court challenging the constitutionality and validity of the measure. On March 18,.1998, a United States District Court judge entered a final judgment in the case, holding key portions of the measure unconstitutional and permanently enjoining the State from implementing those sections which would have required law enforcement, teachers and social service,and health care workers to verify a person's immigration status and subsequently report illegal immigrants to authorities and deny them social service, health care and education benefits. An appeal by State Attorney General Dan Lungren was filed with the Ninth Circuit Court of Appeals on March 25, 1998. Governor Davis invoked the Ninth Circuit's mediation system and on July 29, 1999, a settlement on Proposition 187 was announced. Such settlement was subsequently approved by the appellate court on September 13, 1999. The mediated settlement,which essentially nullifies the majority of Proposition 187,will enforce the sole surviving provision of Proposition 187 that was upheld by the federal District Court, namely prohibiting the manufacture and use of false documents to conceal illegal immigration status. Future Initiatives Article XIIIA, Article XIIIB and Proposition 218 were each adopted as measure that qualified for the ballot pursuant to California's initiative process. From time to time other initiative measures could be adopted, 30 DOCSOC\802907v4\24217.0001 further affecting City revenues or the City's ability to expend revenues. The nature and impact of these measures cannot be anticipated by the City. CONCLUDING INFORMATION Tax Exemption In the opinion of Stradling Yocca Carlson&Rauth, a Professional Corporation,Bond Counsel,under existing statutes, regulations, rulings and judicial decisions, interest on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals and corporations; however, Bond Counsel notes that, with respect to corporations, interest on the Bonds may be included as an adjustment in the calculation of alternative minimum taxable income which may affect such corporation's alternative minimum tax liability. In the further opinion of Bond Counsel, interest on the Bonds is exempt from California personal income tax. Bond Counsel opinions are based on an analysis of existing statutes, regulations,rulings and judicial decisions. Such opinions may be affected by actions taken(or not taken)or events occurring(or not occurring) after the date hereof. Bond Counsel has not undertaken to determine, or to inform any person, whether any such actions or events are taken or do occur. The Resolution and the Tax Certificate relating to the Bonds permit certain actions to be taken or to be omitted if a favorable opinion of Bond Counsel is provided with respect thereto. Bond Counsel expresses no opinion as to the exclusion from gross income of interest on the Bonds for federal income tax purposes with respect to any Bond if any such action is taken or omitted based • upon the advice of counsel other than Stradling Yocca Carlson&Rauth. Additionally, Bond Counsel's options are based upon certain representations made by the City, and others, and are subject to the condition that the City comply with certain covenants and the requirements of the Internal-Revenue-Code-of 1986;as amended,that must-be-satisfied-subsequent to-the issuance--of-the-Bonds-to- assure that interest on the Bonds will remain excludable from gross income for federal income tax purposes. Failure to comply with such requirements possible could cause interest on the Bonds to be included in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds. The City has covenanted to comply with all such requirements. Although Bond Counsel has rendered an opinion that interest on the Bonds is excluded from gross income for federal income tax purposes, as-provided above, the ownership of the Bonds and the accrual or receipt of interest on the Bonds may otherwise affect the tax liability of certain persons. Bond Counsel expresses no opinion regarding any such tax consequences. Accordingly, all potential purchasers of the Bonds should consult their tax advisors before purchasing any of the Bonds with respect to collateral tax consequences relating to the Bonds. Should the interest on the Bonds become includable in gross income for federal income tax,purposes, the Bonds are not subject to early redemption as a result of such occurrence and will remain outstanding until maturity or until otherwise redeemed in accordance with the Resolution. A copy of the proposed form of opinion of Bond Counsel is attached hereto as Appendix B. Ratings Standard & Poor's Credit Markets Services, a division of the McGraw-Hill Companies ("S&P") has assigned their municipal bond rating of"_"to the Bonds: The rating assigned to the.Bonds by S&P is based upon the issuance of the Bond Insurance Policy by the Bond Insurer. See "BOND INSURANCE"herein. In addition, S&P has assigned their municipal bond rating of"_"to the Bonds notwithstanding the delivery of the Bond Insurance Policy. 31. DOCSOC\802907v4\24217.0001 Such ratings reflect only the views of such organizations, and an explanation of the significance of such ratings may be obtained from the respective rating agency. The City furnished to the rating agencies certain information and materials concerning the Bonds and the City. Generally, rating agencies base their ratings on such information and materials and on investigations, studies and assumptions made by the rating agencies themselves. There is no assurance that such ratings will continue for any given period of time or that such ratings will not be revised downward or withdrawn entirely by such rating agency, if in the judgment of the rating agencies circumstances so warrant. The City has not undertaken any responsibility to bring to the attention of the owners of the Bonds any proposed change in or withdrawal of the ratings or to oppose any such proposed revision or withdrawal. Any such downward revision or withdrawal of such ratings may have an adverse effect on the market price of the Bonds. • Legal Opinion The unqualified opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation, approving the validity of the Bonds in substantially the form set forth in Appendix B hereto, will be furnished to the successful bidder at or prior to the date of delivery of the Bonds, at the expense of the City. A copy of the legal opinion certified by an officer of the City by his/her facsimile signature will be printed on the back of each Bond without cost to the successful bidder. - Bond Counsel's employment is limited to a review of the legal proceedings required for the authorization of the Bonds and to rendering the opinion referred to herein. Such option will not consider or extend to this Official Statement, or any sections, documents, agreements,representations, offering circulars or other material of any kind concerning the Bonds. Bond Counsel takes no responsibility for the accuracy, completeness or fairness of this Official Statement. No Litigation There is no litigation of any nature now pending with service of process accomplished or to the best of the City's knowledge pending or threatened to restrain or enjoin the issuance, sale, execution or delivery of the Bonds or in any way contesting or affecting the validity of the Bonds, the proceedings of the City taken with respect to the issuance or sale thereof, the existence of powers of the City or the title of any officer of the City to his/her respective position. Underwriting • The Bonds were awarded to pursuant to competitive bidding. The original purchase price to be paid for the Bonds is $ (which reflects the par value less underwriter's discount of$ ). The public offering prices may be changed from time to time by the underwriter. The underwriter may offer and sell Bonds to certain dealers and others at prices lower than the offering price stated on the cover page hereof. Professional Fees In connection with the issuance of the Bonds, fees payable to Fieldman, Rolapp & Associates, as Financial Advisor, Stradling Yocca Carlson&Rauth, as Bond Counsel, and BNY Western Trust Company, as Paying Agent are contingent upon the issuance of the Bonds. Miscellaneous All of the preceding summaries of the Resolution, applicable legislation, and other documents are made subject to the provisions of such legislation and documents, respectively, and do not purport to be complete statements of any or all of such provisions. Reference is hereby made to such documents on file with the City for further information in connection therewith. 32 DOCSOC\802907v4\24217.0001 Any statements made in this Official Statement involving matters of opinion or of estimates, whether or not so expressly stated, are set forth as such and not as representations of fact, and no representation is made that any of the estimates will be realized. The execution and delivery of this Official Statement by the Mayor of the City have been duly authorized by the City Council. CTTY OF ARCADIA By: Mayor • • 33 DOCSOC\802907v4\24217.0001 APPENDIX A COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30,2000 A-1 DOCSOC\802907v4\24217.0001 APPENDIX B FORM OF OPINION OF BOND COUNSEL ,2001 City of Arcadia Arcadia, California Re: $8,000,000 Series A of 2001 General Obligation Bonds of the City of Arcadia (Police Station Project) Members of the City Council: We have acted as bond counsel for the City of Arcadia (the "City") in connection with the authorization and issuance of the above-captioned bonds (the"Bonds"). The Bonds are authorized pursuant to the provisions of the City Charter of the City and Chapter 4 of Division 4 of Title 4 of the Government Code of the State of California and Articles 4.5 (collectively,the"Act") and a resolution of the City adopted on April 3, 2001, together with that certain Supplement to Resolution dated as of June 1, 2001 executed in connection therewith (collectively, the "Resolution"). Capitalized terms used herein and not defined shall have the meanings given such terms in the Resolution. In such connection, we have examined originals or copies identified to our satisfaction as being true copies of the Resolution and certain other documents and records of the City. As to questions of fact material to our opinion,we have relied upon certifications of officers of the City,the initial purchasers of the Bonds and others which have been furnished to us, but we have not undertaken to verify the accuracy thereof through independent investigation. Based upon and subject to the foregoing, and in reliance thereon,we are of the following opinions: 1. The proceedings of the City relating to the issuance of the Bonds have been taken in accordance with the Constitution, laws of the State of California, including the Act, and the Resolution. 2. The Resolution has been duly adopted by the City Council of the City. The Bonds constitute the valid and binding general obligations of the City payable, as to both principal and interest, from revenues of the City and, to the extent that principal and interest on the Bonds are not payable therefrom, ad valorem taxes, which the City has the power to levy and is obligated by the Resolution to levy without limit as to rate or amount upon the property within the City subject to taxation by the City(except certain personal property which is taxable at limited rates). 3. Under existing statutes, regulations, rulings and judicial decisions, interest on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals and corporations; however, it should be noted that, with respect to corporations, such interest may be included as an adjustment in the calculation of alternative minimum taxable income,which may affect the alternative minimum tax liability of corporations. 4. Interest on the Bonds is exempt from State of California personal income tax. B-1 DOCS OC\802907v4\24217.0001 • • The opinions expressed herein may be affected by actions taken(or not taken) or events occurring(or not occurring) after the date hereof We have not undertaken to determine, or to inform any person, whether any such actions or events are taken or do occur. The Resolution and the Tax Certificate relating to the Bonds permit certain actions to be taken or to be omitted if a favorable opinion of Bond Counsel is provided with respect thereto. No opinion is expressed herein as to the exclusion from gross income of interest for federal income tax purposes with respect to any Bond if any such action is taken or omitted based upon the advice of counsel other than ourselves. Other than expressly stated herein, we express no opinion regarding tax consequences with respect to the Bonds. The opinions expressed herein as to the exclusion from gross income of interest on the Bonds are based upon certain representations of fact and certifications made by the City and others and are subject to the. condition that the City complies with all requirements of the Internal Revenue Code of 1986, as amended(the "Code"), that must be satisfied subsequent to the issuance of the Bonds to assure that such interest will not become includable in gross income for federal income tax purposes. Failure to comply with such requirements of the Code might cause interest on the Bonds to be included in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds. The City has covenanted to comply with all such requirements. The opinions expressed herein are based upon our analysis and interpretation of existing laws, regulations, rulings and judicial decisions and cover certain matters not directly addressed by such authorities. We call attention to the fact that the rights and obligations under the Bonds and the Resolution are subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer, and other similar laws affecting creditor's rights, to the application of equitable principles if equitable remedies are sought, to the exercise of judicial discretion in appropriate cases and to limitations on legal remedies against cities in the State of California We -express- no opinion herein- as to the accuracy, -completeness or sufficiency of the- Official ... �I . Statement relating to the Bonds or other offering material relating to the Bonds and purchasers of the Bonds should not assume that we have reviewed the Official Statement on their behalf Respectfully submitted, STRADLING YOCCA CARLSON&RAUTH B-2 DOCSOC\802907v4\24217.0001 APPENDIX C CONTINUING DISCLOSURE AGREEMENT THIS CONTINUING DISCLOSURE AGREEMENT (the "Disclosure Agreement") is executed and delivered by the City of Arcadia(the "Issuer") and BNY Western Trust Company, Los Angeles, California, as dissemination agent, in connection with the issuance and delivery of $8,000,000 2001 General Obligation Bonds,by the Issuer(the"Bonds"). The Bonds are being issued pursuant to a resolution of the Issuer,adopted on May 19,2001, together with the Supplement to Resolution dated as of June 1, 2001 executed in connection therewith (collectively, the "Resolution"). The Issuer and BNY Western Trust Company, Los Angeles, California,as dissemination agent, covenant as follows: SECTION 1. Purpose of the Disclosure Agreement. This Disclosure Agreement is being executed • and delivered by the Issuer and BNY Western Trust Company, Los Angeles, California for the benefit of the Owners (including Beneficial Owners) of the Bonds and in order to assist the Participating Underwriter in complying with the Rule. SECTION 2. Definitions. In addition to the definitions set forth in the Resolution,which apply to any capitalized term used in this Disclosure Agreement unless otherwise defined in this Section, the following capitalized terms shall have the following meanings: "Annual Report" shall mean any Annual Report provided by the Issuer pursuant to, and as described in, Sections 3 and 4 of this Disclosure Agreement. "Beneficial Owner" shall mean any person which (a)has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds_. through nominees, depositories or other intermediaries), or(b)is treated as the owner of any Bonds for federal income tax purposes. "Disclosure Representative" shall mean the Director of Administrative Services of the Issuer or his or her designee, or such other officer or employee as the Issuer shall designate in writing to the Dissemination Agent from time to time. "Dissemination Agent" shall mean, initially, BNY Western Trust Company, Los Angeles, California, acting in its capacity as Dissemination Agent hereunder, or any successor Dissemination Agent designed in • writing by the Issuer and which has been filed with the then current Dissemination Agent a written acceptance of such designation. "Listed Events"shall mean any of the events listed in Section 5(a)of this Disclosure Agreement. "National Repository" shall mean any Nationally Recognized Municipal Securities Information Repository for purpose of the Rule identified as such from time to time. "Participating Underwriter" shall mean any of the original underwriters of the Bonds required to comply with the Rule in connection with offering of the Bonds. "Repository"shall mean each National Repository and each State Repository. "Rule" shall mean Rule 15c2-12(b)(5)adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time C-1 DOCSOC\802907x4\24217.0001 "State Repository" shall mean any public or private repository or entity designated by the State of California as a state repository for the purpose of the Rule and recognized as such by the Securities and Exchange Commission. As of the date of this Disclosure Agreement,there is no State Repository. "Tax-exempt" shall mean that interest on the Bonds is excluded from gross income for federal income tax purposes, whether or not such interest is includable as an item of tax preferences or otherwise includable directly or indirectly for purposes of calculating any other tax liability, including any alternative minimum tax or environmental tax. SECTION 3. Provision of Annual Reports. (a) The Issuer shall, or shall cause the Dissemination Agent, upon written direction, to, not later than seven (7) months after the end of the Issuer's fiscal year, commencing with the report for the fiscal year ending June 30, 2001,provide to each Repository an Annual Report which is consistent with the requirements of Section 4 of this Disclosure Agreement. The Annual Report may be submitted as asingle document or as separate documents comprising a package, and may include by reference other information as provided in Section 4 of this Disclosure Agreement; provided that the audited financial statements of the Issuer may be submitted separately from and later than the balance of the Annual Report if they are not available by the date required above for the filing of the Annual Report. The Annual Report shall be provided at least annually notwithstanding any fiscal year longer than 12 calendar months. The Issuer's fiscal year is currently effective from July 1 to the immediately succeeding June 30 of the following year. The Issuer will promptly notify each Repository or the Municipal Securities Rulemaking Board and,in either case,the Dissemination Agent of a change in the fiscal year dates. The Issuer shall provide a written certification with each Annual Report furnished to the Dissemination Agent to the effect that such Annual Report constitutes the Annual Report required to be furnished by it hereunder. The Dissemination Agent may conclusively rely upon such certification of the Issuer and shall have no duty or obligation to review such Annual Report. (b) Not later than fifteen (15) Business Days prior to the date specified in subsection (a) for providing the Annual Report to Repositories, the Issuer shall provide the Annual Report to the Dissemination Agent. If by fifteen(15)Business Days prior to such date the Dissemination Agent has not received a copy of the Annual Report,the Dissemination Agent shall contact the Issuer to determine if the Issuer is in compliance with subsection(a). (c) If the Dissemination Agent is unable to verify that an Annual Report has been provided to .Repositories by the date required in subsection (a), the Dissemination Agent shall send a notice to each Repository,in substantially the form attached as Exhibit A. (d) The Dissemination Agent shall: (i) determine each year prior to the date for providing the Annual Report the name and address of each National Repository and each State Repository,if any; and (ii) promptly after receipt of the Annual Report, file a report with the Issuer certifying that the Annual Report has been provided pursuant to this Disclosure Agreement, stating the date it was provided and listing all the Repositories to which it was provided. The Dissemination Agent's duties under this clause (ii) shall exist only if the Issuer provides the Annual Report to the Dissemination Agent for filing. SECTION 4. Content of Annual Reports. The Issuer's Annual Report shall contain or include by reference the following: C-2 DOCSOC\802907v4\24217.0001 (a) (i)The audited fmancial statements of the Issuer for the most recent fiscal year of the Issuer then ended; (ii)the most recently adopted budget of the Issuer; and(iii)an update of the information contained in the Tables (excepting only the Table entitled "Direct and Overlapping Debt") contained under the heading "CITY OF ARCADIA FINANCIAL DATA" in the Official Statement for the Bonds. If the audited fmancial statements are not available by the time the Annual Report is required to be filed, the Annual Report shall contain any unaudited financial statements of the Issuer in a format similar to the financial statements, and the audited financial statements shall be filed in the same manner as the Annual Report when they become available. Audited fmancial statements, if any, of the Issuer shall be audited by such auditor as shall then be required or permitted by State law or the Resolution. Audited fmancial statements shall be prepared in accordance with generally accepted accounting principles as prescribed for governmental units by the Governmental Accounting Standards Board; provided, however, that the Issuer may from time to time, if required by federal or state legal requirements, modify the basis upon which its financial statements are prepared. In the event that the Issuer shall modify the basis upon which its fmancial statements are prepared, the Issuer shall provide a notice of such modification to each Repository, including a reference to the specific federal or state law or regulation specifically describing the legal requirements for the change in accounting basis. (b) Any or all of the items listed above may be included by specific reference to other documents, including official statements of debt issues of the Issuer or related public entities, which have been submitted to each of the Repositories or the Securities and Exchange Commission. If the document included by reference is a final official statement, it must be available from the Municipal Securities Rulemaking Board. The Issuer shall clearly identify each such other document so included by reference. SECTION 5. Reporting of Significant Events. (a) Pursuant to the provisions of this Section 5,the Issuer shall give, or cause to be given,notice of the occurrence of any of the following events with respect to the Bonds, if the Issuer determines that such event is material: , (1) principal and interest payment delinquencies. (2) non-payment related defaults. (3) unscheduled draws on debt service reserves reflecting financial difficulties. (4) unscheduled draws on any credit enhancements reflecting financial difficulties. • (5) substitution of credit or liquidity providers, or their failure to perform. (6) adverse tax opinions or events adversely affecting the Tax-exempt status of the Bonds. (7) modifications to rights of Bond owners. (8) unscheduled redemption of any optional,contingent or unscheduled bond calls. (9) defeasances. (10) release, substitution or sale of property securing repayment of the Bonds. (11) rating changes. . C=3 DO CS OC\802907v4\24217.0001 • (b) Whenever.the Issuer obtains knowledge of the occurrence of a Listed Event, the Issuer shall as soon as possible determine if such event would be material under applicable federal securities laws. (c) If the Issuer has determined that knowledge of the occurrence of a Listed Event would be material under applicable federal securities laws, the Issuer shall promptly notify the Dissemination Agent in writing. Such notice shall instruct the Dissemination Agent to report the occurrence pursuant to subsection(e). (d) If in response to a request under subsection (b), the Issuer determines that the Listed Event would not be material under applicable federal securities laws, the Issuer shall so notify the Dissemination Agent in writing and instruct the Dissemination Agent not to report the occurrence pursuant to subsection(e). (e) If the Dissemination Agent has been instructed by the Issuer to report the occurrence of a Listed Event, the Dissemination Agent shall file a notice of such occurrence with (i)the Municipal Securities Rulemaking Board or (ii)the National Repository, and in either case, to each State Repository. Notwithstanding the foregoing, notice of Listed Events described in subsections (a)(4) and (5) need not be given under this subsection any earlier than the notice (if any) of the underlying event is given to Owners of affected Bonds pursuant to the Resolution. In each case of the Listed Event,the Dissemination Agent shall not be obligated to file a notice as required in this subsection(e)prior to the occurrence of such Listed Event. (f) The Issuer hereby agrees that the undertaking set forth in this Disclosure Agreement is the responsibility of the Issuer and that the Dissemination Agent shall not be responsible for determining whether the Issuer's instructions to the Dissemination Agent under this Section 5 comply with the requirements of the Rule. SECTION 6. Termination of Reporting Obligation. The obligation of the Issuer and the Dissemination Agent under this Disclosure Agreement shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds. If such termination occurs prior to the final maturity of the Bonds, the Issuer shall give notice of such termination in the same manner as for a Listed Event under Section 5. SECTION 7. Dissemination Agent. The Issuer may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under the Disclosure Agreement, and may discharge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. The initial Dissemination Agent shall be BNY Western Trust Company, Los Angeles, California The Dissemination Agent may resign' by providing thirty days written notice to the Issuer. The Dissemination Agent shall not be responsible for the content of any report or notice prepared by the Issuer. The Dissemination Agent shall have no duty to prepare any information report nor shall the Dissemination Agent be responsible for filing any report not provided to it by the Issuer in a timely manner and in a form suitable for filing. SECTION 8. Amendment. Notwithstanding any other provision of this Disclosure Agreement, the Issuer and the Dissemination Agent may amend this Disclosure Agreement, and any provision of this Disclosure Agreement may be waived,provided that the following conditions are satisfied: (a) If the amendment or waiver relates to the provisions of Sections 3(a), 4 or 5, it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity,nature or status of an obligated person with respect to the Bonds, or the type of business conducted. (b) The undertaking, as amended or waived, would, in the opinion of nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the original issuance of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and C-4 DOCSOC\802907v4\24217.0001 (c) The proposed amendment or waiver either(i)is approved by the Owners of the•Bonds in the same manner as provided in the Indenture for amendments to the Indenture with the consent of Owners, or (ii)does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the Owners or Beneficial Owners of the Bonds. (d) In the event of any amendment or waiver of a provision of this Disclosure Agreement, the Issuer shall describe such amendment in the next Annual Report, and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type(or in the case of a change of accounting principles, on the presentation) of fmancial information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements, (i)notice of such change shall be given in the same manner as for a Listed Event under Section 5(e), and(ii)the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. The Dissemination Agent shall not be obligated to enter into any such amendment that modifies or increases its respective duties or obligations hereunder. The Dissemination Agent may rely on an opinion of counsel that the amendment or waiver complies with the requirements of the Rule. SECTION 9. Additional Information. Nothing in this Disclosure Agreement shall be deemed to prevent the Issuer from disseminating any other information,using the means of dissemination set forth in this Disclosure Agreement or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Agreement. If the Issuer chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Agreement, the Issuer shall have no obligation under this Agreement to update such information or include it in any future Annual Report or notice if occurrence of a Listed Event. SECTION 10. Default. In the event of a failure of the Issuer or the Dissemination Agent to comply with any provision of this Disclosure Agreement, any Owner of the Bonds may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the Issuer to comply with its obligations under this Disclosure Agreement. A default under this Disclosure Agreement shall not be deemed an Event of Default under the Resolution, and the sole remedy under this Disclosure Agreement in the event of any failure of the Issuer to comply with this Disclosure Agreement shall be an action to compel performance. SECTION 11. Duties, Immunities and Liabilities of Dissemination Agent. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Agreement, and the Issuer agrees to indemnify and save the Dissemination Agent, its officers, directors, employees and agents, harmless against any loss, expense and liabilities which it may incur arising out of or in the exercise or performance of its powers and duties hereunder, including the costs and expenses (including attorneys fees) of defending against any claim of liability, but excluding liabilities due to the Dissemination Agent's negligence or willful misconduct. The Dissemination Agent shall be paid compensation by the Issuer for its services provided hereunder in accordance with•its schedule of fees as amended from time to time and all expenses, legal fees and advances made or incurred by the Dissemination Agent in the performance of its duties hereunder. The Dissemination Agent shall have no duty or obligation to review any information provided to them hereunder and shall not be deemed to be acting in any fiduciary capacity for the Issuer, the Bond holders, or any other party. The obligations of the Issuer under this Section shall survive resignation or removal of the Dissemination Agent and payment of the Bonds. No person shall have any right to commence any action against the Dissemination Agent hereunder, seeking any remedy other than to compel specific performance of this Disclosure Agreement. The Dissemination Agent shall not be liable under any circumstances for monetary damages to any person for any breach under this Disclosure Agreement.• C-5 : DOCSOC\802907v4\24217.0001 • I SECTION 12. Beneficiaries. This Disclosure Agreement shall inure solely to the benefit of the Issuer, the Dissemination Agent, the Participating Underwriter and Owners from time to time of the Bonds, and shall create no rights in any other person or entity. SECTION 13. Notices. Notices should be sent in writing to the following addresses The following information may be conclusively relied upon until changed in writing. Disclosure Representative: Director of Administrative Services City of Arcadia 240 West Huntington Drive Arcadia,CA 91007 Dissemination Agent: BNY Western Trust Company 700 South Flower Street, Suite 500 Los Angeles,CA 90017 SECTION 14. Counterparts. This Disclosure Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Date: ,2001 CITY OF ARCADIA By: Its: City Manager • I •BNY Western Trust Company, as Dissemination Agent By: Its: Authorized Officer • C-6 DOCSOC\802907v4\24217.0001 • EXHIBIT A NOTICE TO REPOSITORIES OF FAILURE TO FILE ANNUAL REPORT Name of Issuer: City of Arcadia Name of Bond Issue: City of Arcadia,2001 General Obligation Bonds Date of Issuance: June_,2001 NOTICE IS HEREBY GIVEN that the City of Arcadia (the "City") has not provided an Annual Report with respect to the above-named Bonds as required by Section 3 of the Continuing Disclosure Agreement, dated , 2001, by and between the City and BNY Western Trust Company, as dissemination agent. [The City anticipates that the Annual Report will be filed by .] Dated: BNY Western Trust Company, as Dissemination Agent cc: City • • • C-7 DOCSOC\802907v4\24217.0001 APPENDIX E GENERAL INFORMATION RELATING TO THE CITY OF ARCADIA Information contained in herein is presented as general background data. The Bonds are payable solely from the ad valorem taxes of the City of Arcadia. The County of Los Angeles and the State of California have no obligation to make any payments with respect to the Bonds.. See "SECURITY FOR THE BONDS"herein for a description of the security for the Bonds. General The City is located approximately 20 miles northeast of Los Angeles and consists of approximately 11.2 square miles. Located in Los Angeles County,the City is a chartered city incorporated in 1903. The City provides police protection, fire protection, emergency medical aid,building safety regulation and inspection, street lighting, water and sewer service, land use planning, and zoning, community services, maintenance and improvement of streets and related structures, traffic safety maintenance and improvement and recreational and cultural programs for citizen participation. Government The City has adopted a Council-Manager form of government made up of five City Council Members elected to four-year overlapping terms. The Mayor is selected on an annual basis from its ranks. Community Service Facilities - There is an acute-care hospital and more than medical doctors and allied professionals in the City. There are three daily newspapers and one weekly newspaper serving the City. The City has one public library. Recreational facilities within the City include seventeen parks, a community center, the Par-3 Golf Course,the Santa Anita Golf Course, a fishing park and the Arboretum of Los Angeles County. The City also provides many trails for hiking, biking and jogging and many of the parks are equipped with tennis and basketball courts,picnic tables,play areas and restroom facilities. The City is the home of the Santa Anita Park, one of the best known thoroughbred horse racing tracks in the nation. Santa Anita Park has been staging horse races since 1934. The City has many and various churches,service,fraternal and civic organizations. Utilities Electric power is provided by Southern California Edison. Natural Gas is provided by The Gas Company. Pacific Bell Telephone Company provides telecommunication services. The City provides water and sewer services. Transportation Interstate 210 provides full freeway access from the City west to Los Angeles and east to the Inland Empire Counties, Orange County and San Diego County. • E-1 DOCSOC\802907v4\24217.0001 • • Daily bus connections serve the City and Burbank-Glendale-Pasadena Airport is approximately 30 minutes from the City, Ontario International Airport is approximately 40 minutes from the City and Los Angeles International Airport is approximately 50 minutes from the City. Education Public educational instruction from kindergarten through high school is provided by the Arcadia Unified School District. The Arcadia Unified School District administers 7 elementary schools, 3 middle schools and a high school. There are twenty-one junior colleges, technical schools, colleges and universities within a fifteen mile radius of the City. Geography and Climate The City is located in the San Gabriel Valley bordering the Cities of El Monte and Temple City and unincorporated Los Angeles County on its southern perimeters, the Cities of Irwindale and Monrovia and unincorporated Los Angeles County on its eastern perimeters,the City of Sierra Madre and unincorporated Los Angeles County on its northern perimeters, the Cities of Pasadena and Temple City and unincorporated Los Angeles County on its western perimeters. The climate of the City is mild and typified by short, mild winters and long, dry summers. Fog is a common occurrence during the year. Temperature averages from highs in the upper 80s to lows in the lower 60s during the Summer and highs in the upper 60s to lows in the mid 40s during the Winter. The majority of the precipitation falls during the Winter. No Default The City has never defaulted in the payment of principal or interest on any of its loans,bonds,notes or • other debt obligations [or on any of its lease obligations]. Population The population of the City as of January 1, 2000, was 54,000 according to the State Department of Finance. A historical summary of the City's population is shown below. CITY OF ARCADIA Population Year Population 1990 48,284 1991 48,550 1992 48,950 1993 49,450 1994 50,100 1995 51,100 1996 51,400 1997 51,800 1998 52,400 1999 53,000 2000 54,000 Note: Population data is dated as of January 1 for each respective year except for 1990 which is dated as of April 1. Source: California Department of Finance,Demographic Research Unit. • E-2 DOCSOC\802907v4\24217.0001 Commerce ' The number of establishments selling merchandise subject to sales tax and the valuation of taxable transactions is presented in the following table. CITY OF ARCADIA Taxable Sales Taxable Transactions (in thousands of dollars) 1995 1996 1997 1998 1999 Retail stores $438,604 $449,411 $450,886 $461,370 $487,345 All other outlets 143,859 78.630 82.365 90,228 96.360 Total $582,463 $528,041 $533,251 $551,598 $583,705 • Source: California State Board of Equalization. Employment and Industry • The City is a part of the Los Angeles County Primary Statistical labor market area. The distribution of employment is this area is as follows: LOS ANGELES COUNTY MSA Labor Force and Industry Employment Data Not adjusted for Seasonality) . Annual Averages 1996-2000 1996 1997 1998 1999 2000 Civilian Labor Force 4,377,100 4,491,900 4,647,600 4,662,400 4,761,400 Civilian Employment 4,017,400 4,184,800 4,343,300 4,389,300 4,506,100 Civilian Unemployment 359,700 307,100 304,300 273,100 255,300 Civilian Unemployment Rate 8.2% 6.8% 6.6% 5.9% 5.4% Agriculture 7,200 7,000 7,700 7,300 7,500 Mining 5,700 5,500 4,900 4,300 4,000 Construction 107,500 109,500 118,400 125,800 133,200 Manufacturing 352,300 364,000 368,000 352,700 340,800 Transportation&Public 82,400 82,600 831,00 76,200 69,800 Utilities . Wholesale Trade 257,400 265,100 270,200 272,800 ' 275,100 Retail Trade 583,400 593,500 601,600 615,100 633,100 Finance,Insurance&Real 217,200 220,200 228,400 231,600 231,100 Estate Services 1,234,900 1,261,900 1,292,200 1,315,500 1,352,900 Government 533,000 536,300 541,000 561,600 582,200 Total,All Industry 3,795,800 3,872,000 3,951,300 4,010,200 4,091,900 Note: Employment is reported by place of work;it does not include persons involved in labor-management disputes. Figures are rounded to the nearest hundred. Columns may not add to totals due to rounding. Source: California Development Department,based on March 2000 benchmark. • E-3 DOCSOC\802907v4\24217.0001 • Employment The ten largest employers in the City as of June 30,2000 are shown in the following table. CITY OF ARCADIA Major Employers Employer Description Employment • Source: City of Arcadia The following is a table of the twenty-five largest private employers in the County of Los Angeles. COUNTY OF LOS ANGELES Major Private Employers Enipl oyer Description Employment Kaiser Permanente Healthcare 26,000 Boeing Co. Aircraft and Aerospace Manufacturing 17,881 Ralphs Grocery Co. Grocery Retailer 16,367 Pacific Bell Telecommunications 13,000 Kelly Services Employment Placement • 12,500 Bank of America Commercial Banking 12,100 Walt Disney Co. Entertainment 11,152 ABM Industries Inc. Maintenance Services 8,900 University of Southern California Private University 8,861 Cedars-Sinai Medical Center Medical Center 8,791 Northrop Grumman Corp. Military Electronics,Aircraft&Aerospace Manufacturing 8,000 Edison International Utilities 7,029 M.M.C.Inc. Outsourcing Services 6,521 Sempra Energy Utilities 6,487 Lockheed Martin Corp. Military Electronics&Aerospace Manufacturing& 6,399 Environmental Services Washington Mutual F.A. Commercial Banking 4,888 Federated Department Stores,Inc. Department Store Retailer 4,200 Toyota Motor Sales USA Inc. Sales and Marketing of Automobiles 4,012 Paramount Pictures Corp. Entertainment 3,644 Farmers Insurance Group Insurance 3,622 Costco Wholesale Bulk Retailer 3,063 Wellpoint Health Networks Inc. Medical Insurance 2,673 Litton Industries Inc. Military Electronics,Naval&Aerospace Manufacturing 2,650 The Aerospace Corp. Engineering Support to Air Force&NASA 2,300 Countrywide Credit Industries Mortgage Lender 2,246 Source: Los Angeles Business Journal—The Lists 2001,dated July 24,2000. E-4 DOCSOC\802907v4\24217.0001 The following table summarizes the labor force, employment and unemployment figures over the past five years for the City of Arcadia, the County of Los Angeles, the State of California, and the nation as a whole. ' CITY OF ARCADIA County of Los Angeles,State of California, and United.States Average Annual Civilian Labor Force,Employment and Unemployment Unemployment Year and Area Labor Force Employment(') Unemployment(2) Rate 3) 1996 Arcadia 23,480 22,520 960 4.1% Los Angeles County 4,377,100 4,017,400 359,700 • 8.2% California 15,511,600 14,391,500 1,120,100 7.2% United States 133,943,000 126,708,000 7,236,000 5.4% 1997 • Arcadia 24,270 23,450 820 3.4% Los Angeles County 4,491,900 4,184,800 307,100 6.8% California 15,947,300 14,942,500 1,004,700 6.3% United States(4) 136,297,000 129,558,000 6,739,000 4.9% 1998 Arcadia 25,150 24,340 810 3.2% Los Angeles County 4,647,600 4,343,300 304,300 6.6% California 16,336,500 15,367,500 969,000 5.9% United States(4) 137,673,000 131,463,000 6,210,000 4.5% • 1999 Arcadia 25,330 24,600 730 2.9% Los Angeles County 4,662,400 4,389,300 273,100 5.9% California 16,596,500 15,731,700 864,800 5.2% United States(4) 139,368,000 133,488,000 5,880,000 4.2% 2000 Arcadia 25,940 25,260 680 2.6% Los Angeles County 4,761,400 4,506,100 255,300 5.4% California 17,090,800 16,245,60Q 845,200 4.9%. . United States(5) 140,863,000 135,208,000 5,655,000 4.0% (') Includes persons involved in labor-management trade disputes. (2) Includes all persons without jobs who are actively seeking work. . (3) The unemployment rate is computed from unrounded data; therefore,it may differ from rates computed from rounded figures in this table. (4) Not strictly comparable with data for prior years. (5 Beginning in January 2000,data are not strictly comparable with data for 1999 and earlier years because of the revisions in the population controls used in the household survey. Source: California Employment Development Department,based on March 2000 benchmark and U.S.Department of Labor, Bureau of Labor Statistics. • 5 • E-5 . DOCSOC\802907v4\24217.0001 Effective Buying Income "Effective Buying Income" is defined as personal income less personal tax and nontax_payments, a number often referred to as"disposable"or"after-tax"income. Personal income is the aggregate of wages and salaries,other than labor-related income(such as employer contributions to private pension funds), proprietor's income, rental income (which includes imputed rental income of owner-occupants of non-farm dwellings), dividends paid by corporations, interest income from all sources and transfer payments (such as pensions and welfare assistance). Deducted from this total are personal taxes (federal, state and local, nontax payments, fines, fees, penalties, etc.) and personal contributions to social insurance. According to U.S. government definitions;the resultant figure is commonly known as"disposable personal income." The following table summarizes the Effective Buying Income for the City of Arcadia, the County of Los Angles and the State of California for the period 1995 through 1999. • CITY OF ARCADIA • County of Los Angeles and State of California Effective Buying Income(l) Total r Effective Per Capita Median Percent of Buying Effective Household Effective Households Income(Z) Buying Income Buying Income over$50,000 1995 Arcadia $ 1,111,281 $21,371 $43,911 43.0% Los Angeles County 129,910,738 14,052 32,979 28.9% California 477,640,503 14,759 34,533 30.5% 1996 Arcadia $ 1,152,284 $21,575 $44,463 43.7 Los Angeles County 133,522,302 14,189 33,272 29.6 California 492,516,991 15,068 35,216 31.7 1997 Arcadia $ 1,204,377 $22,512' $46,022 45.8% Los Angeles County 142,050,140 14,794 34,356 31.2% California 524,439,600 15,797 36,483 33.5 1998 Arcadia $ 1,257,629 $23,033 $47,196 47.1% Los Angeles County 147,629,445 15,164 34,554 31.7% California 551,999,317 16,299 37,091 34.6 1999 Arcadia $ 1,244,011 $23,516 $46,477 46.5% Los Angeles County 157,009,411 \ 15,946 36,729 34.9% California 590,376,663 17,245 39,492 38.3 (t) Not comparable with prior years. Effective Buying Income is now based on money income(which does not take into account sale of property,taxes and social security paid,receipt of food stamps,etc.)versus personal income. (2) Dollars in thousands. Source: "Survey of Buying Power,"Sales&Marketing Management Magazine,dated 1996, 1997, 1998, 1999 and 2000. • E-6 DOCSOC\802907v4\24217.0001 i Construction Activity The following table is a five-year summary of the valuation of building permits issued by the City: CITY OF ARCADIA Building Permit Activity Summary: Units and Valuations 1996 1997 1998 1999 2000(1) Valuation($000): Residential Single-Family $29,548,609 $31,520,006 $62,103,823 $ 68,684,782 $51,604,986 Multifamily -- 4,166,241 6,112,445 -- 1,754,625 Alt.&Additions 6,965,230 8,709,983 9,533,135 12,023,893 11,575,486 Total $36,513,839 $44,396,230 $77,749,403 $ 80,708,675 $64,935,097 Non-Residential New Commercial $ -- $ 114,935 $ 821,571 $ 15,236,256 $14,289,088 New Industrial 537,405 385,536 2,933,373 7,119,124 412,633 Other(2) 887,001 945,898 1,269,228 1,262,293 1,543,511 Alt.&Additions 3,707,132 5,711,534 4,138,312 18,269,921 9,810,180 Total $ 5,131,538 $ 7,157,903 $ 9,162,484 $ 41,887,594 $26,055,412 Total All Building(3) $41,645,377 $51,554,133 $86,911,887 $122,596,269 $90,990,509 Dwelling Units: Single family 90 80 205 220 143 Multiple family 0 21 28 0 10 Total 90 101 233 220 153 (1) Data for missing months are estimated. (2) Includes churches and religious buildings, hospitals and institutional buildings, schools and educational buildings, residential garages,public works and utilities buildings and miscellaneous nonresidential structures. (3) "Total all Building"is the sum of Residential and Nonresidential Building Permit Valuations. Individual totals may not add to sum because of independent rounding. Source: Construction Industry Research Board. • • • • E-7 DOCSOC\802907v4\24217.0001 The following table represents the median sales prices and the distribution of sales prices for new homes sold in the County of Los Angeles for the last five years: COUNTY OF LOS ANGELES New Homes Sold(1) • 1996 1997 1998 1999 2000 Median Values Median Price $230,000 $257,000 $292,000 $295,800 $297.500 Living Area per 2,020 2,100 2,160 2,130 1,935 Square Feet Price per $113.86 $122.38 $135.18 $138.87 $153.75 Square Feet • Distribution of Sales By Price Range Under$250,000 53.7% 49.3% 42.7% 41.1% 41.1% $250,000-$324,999 16.2% 13.6% 11.3% 15.5% 15.3% $325,000-$424,999 14.2% 16.7% 14.3% 14.3% 12.5% $425,000-$599,000 9.2% 11.8% 17.7% 12.0% 12.5% $600,000 and over 6.7% 10.7% 14.0% 17.1% 18.6% (1) Not adjusted for inflation. Source: Construction Industry Research Board.. • • • E-8 DOCSOC\802907v4\24217.0001 ' o61 3 --2-7 „ �-, ,1 J e.R�'oasT0 ° STAFF REPORT . • DEVELOPMENT SERVICES DEPARTMENT DATE: April 3, 2001 - TO: Mayor and City Council FROM: Don Penman, Assistant City Manager/Development Services Director 'By: Pete Kinnahan, Economic Development Administrator Prepared by: Brian Saeki, Redevelopment Project Analyst SUBJECT: REPORT AND RECOMMENDATION TO ADOPT CITY COUNCIL RESOLUTION NO. 6216, AMENDING THE SOUTH ARCADIA COMMERCIAL DISTRICT SURVEY AREA DISCUSSION The City Council and Redevelopment Agency at their meeting on August 1, 2000, directed staff to prepare a possible amendment to the existing Central Redevelopment Project Area Plan to include the South Arcadia Commercial District. At their November 21, 2000 meeting, the City Council adopted the South Arcadia Commercial District Survey Area to be studied to determine the feasibility of amending the Central Redevelopment Project to add territory. Pursuant to the Council's direction, . Keyser Marston & Associates was retained as the Agency's consultant and has prepared a Preliminary Plan ("Plan"), which includes the approved South Arcadia Commercial District Survey Area ("Survey Area") and Legal Description, for Amendment No. 5 to the existing Central Redevelopment Project. As required by Section 33322 of the California Community Redevelopment Law, the Planning Commission reviewed and approved the Preliminary Plan and Legal description on December 12, 2000 and directed the submittal of the Plan to the Agency for approval and subsequent transmittal to LA County Taxing Officials, State Board of Equalization, and other taxing.agencies. The Agency approved the Plan on December 19, 2000, and directed staff to transmit the Plan-to LA County and other taxing agencies. After transmitting the Plan to the various taxing agencies, the Los Angeles County Assessor's Office informed staff of a technical matter in the preparation of the approved South Arcadia Commercial District Survey Area map. In our attempt to exclude all residential zones and uses, staff had split the ownership of seven (7) parcels on the north side of Live Oak Avenue between Greenfield Avenue and Fourth Avenue (see Attachment 2). These seven (7) parcels have two zoning LASER !M AGED T Mayor and City Council April 3, 2001 Page 2 of 2 designations, General Commercial.(C-2) and Parking Multi-Family (PR-3). The current South Arcadia Survey Area, as approved by the Planning Commission and City Council, splits the parcels along the zoning line, thereby excluding the PR-3 portion from the amendment area. According to the Assessor's Office, because of this division, the seven (7) affected property owners would receive two tax bills splitting their property tax charges proportionally. However, they would be billed twice for their property assessments. In other words, the overall property tax bill could increase. It was not staff's intention to create a hardship for the property owners. Therefore, the Agency's Consultant, RKA Civil Engineers, revised the approved South Arcadia Commercial District Survey Area (Attachment 3) to include the entire ownership for each of the seven (7) affected parcels. Staff is therefore recommending that the Survey Area line be moved slightly to the north to include the seven (7) PR-3 zoned parcels. This is set forth in the attached City Council Resolution 6216 (Attachment 4). ENVIRONMENTAL IMPACT Adoption of this resolution amending the survey area does not require environmental review. An Environmental Impact Report is being prepared for the proposed South Arcadia Commercial Area Project (Amendment No. 5 to the Central Redevelopment - - Project Area). RECOMMENDATION Staff recommends approval of Resolution No. 6216 amending the South Arcadia Commercial District Survey Area • Approved by: ' 'uciti William R. Kelly, City Manager Attachment 1 — Existing approved South Arcadia Survey Area Map, with affected PR-3 areas circled Attachment 2 — Assessor's Maps (5789-020-027,033,039,040 & 5790-028-028,032,033), showing affected PR-3 areas Attachment 3 — Revised South Arcadia Commercial District Survey Area Map, with affected PR- 3 areas circled Attachment,4—City Council Resolution No. 6216 • J - CODE 1887 --.2:-.-CODE 1093• s m° RODELL PL. m 60 20.5.30 , /00.14 R" /0.22.65 REVISE•W i '''.• I • 10-10-I 60 *.•�72.6z 70 7o 0761 Q' 1 n • 3 3 8 r�..i r q !B 4• ..`4.:60 d as4s reaz3 .. /2-.1-S ' mr, °o O •2. O• C 4 r..l a� 7z 3 W • �� 60 /4.53 208.29 100.44 ...F� 11-1';l% 43 P..M./7.40 W oZ0.6 Q ` O O 12. 11 ;10 O h /S 460 rd t2' ° 4. ,. w Z650M• . Po4. 44 w A 2-dd-6 44 43 42 41 : dJ 0 O 39 30. 49 5 „i it & I �l r0_a/-c • h.M . 49204°• . 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April 3,.2001 • TO: Chairman and Members, • • Arcadia Redevelopment Agency FROM: *Don Penman, Deputy Executive Director • pi3y: Pete Kinnahan, Economic Development Administrator SUBJECT: REPORT REGARDING AMENDMENT NUMBER FIVE TO THE CENTRAL REDEVELOPMENT PLAN (SOUTH ARCADIA) AND 'RECOMMENDATION TO ADOPT ARA RESOLUTION NO. ARA-192, A RESOLUTION OF THE ARCADIA REDEVELOPMENT AGENCY TO RECEIVE THE PRELIMINARY REPORT, THE DRAFT REDEVELOPMENT PLAN (AMENDMENT NO. FIVE), AND THE DRAFT ENVIRONMENTAL IMPACT REPORT; AUTHORIZE THE CIRCULATION OF THE DRAFT REDEVELOPMENT PLAN (AMENDMENT NO. FIVE) AND THE DRAFT ENVIRONMENTAL IMPACT REPORT TO THE PLANNING COMMISSION, PROJECT AREA COMMITTEE, THE PUBLIC, AND CITY COUNCIL, AND TO APPROVE THE PRELIMINARY REPORT AND AUTHORIZE STAFF TO TRANSMIT IT TO THE AFFECTED TAXING AGENCIES, THE COUNTY TAXING. OFFICIALS, AND THE STATE BOARD OF EQUALIZATION SUMMARY . On August 1, 2000, the Agency authorized staff to proceed with phase 2 of the plan adoption process to prepare a formal amendment to the Central (Downtown) Redevelopment Project Area to add most of the South Arcadia business district into the redevelopment area (Amendment No. 5). The Agency's consultant, Keyser Marston Associates Inc. (KMA), has prepared with staff assistance, the final Preliminary Report (Attachment 1) and the draft Redevelopment Plan (Attachment 2). KMA's sub- consultant, Terry A. Hayes Associates, (TAHA), has prepared the draft Environmental Impact Report (DEIR) of the proposed amendment (Attachment 3). Staff recommends the Agency adopt Resolution ARA-192, A Resolution of the Arcadia Redevelopment Agency to receive the Preliminary Report, the draft Redevelopment Plan (Amendment No. Five), and the draft Environmental Impact Report, and authorize •the circulation of the draft Redevelopment Plan (Amendment No. Five) and the Draft Chairman and Members, Arcadia Redevelopment AgOcy April 3, 2001 Page 2 • Environmental Impact Report to the Planning Commission, Project Area Committee, the public, and City Council, and to approve the Preliminary Report and authorize staff to transmit it to the taxing agencies, County taxing officials, and State Board of Equalization (Attachment 4). . DISCUSSION The Agency Board has directed staff to prepare the documentation for a proposed amendment to the existing Central Redevelopment Plan, to add most of the South Arcadia Business District. Based upon the advice of the consultant, KMA, the proposed, Project Area Amendment does not include the new Ralph's, Albertson's, or Save-On stores since clearly these are not blighted. Staff has also endeavored to include only commercial or industrial properties. There are, however, approximately three (3) non- conforming residential dwellings in the proposed amendment area. (The Agency Counsel has advised staff that this small number of residential units will not require the creation of a Project Area Committee [PAC] for the area.) The unzoned City property (former Mounted Police site) at Live Oak and the Santa Anita Wash is also included. KMA, pursuant to the Redevelopment Law (Health & Safety Code Section 33000 et seq.), has prepared a detailed analysis of the proposed amendment area, which demonstrates that blight exists. Over 45% of the buildings suffer from detrimental conditions; more than 50% of the buildings are of inadequate size (i.e., less than 5,000 sq. ft.) based upon modern retail and commercial standards; 21% have inadequate parking; over 74% were on lots less than 200 feet in depth, an inadequate depth for economic efficiency; assessed property values in the,amendment area over the last 4 years rose only 7.9% vs. a 17.9% in the City as a whole and a 16.3% rise in L.A. County. Taxable sales decreased over 20% while sales in the City increased over 11% over the last 3 years, and there are numerous public infrastructure needs. KMA's report pro_poses specific goals and objectives to be met. These are identical to those adopted by the Agency in the original Plan or added in the 1980's, and re-adopted as part of the 5-year Implementation Plan by ARA Resolution 183 in December 1999. Several programs, projects and activities similar to those in the current Implementation Plan and the Agency's annual work program have been set forth to address the blight along with a financing' plan to pay for these improvements. Essentially, the majority of the revenues to fund the programs and projects will come from the existing project area and the proposed bond issue. The substance of the Agency's redevelopment effort in South. Arcadia is contained in this Preliminary,Report. The draft Redevelopment Plan (Attachment 2) is essentially the same as the original 1974 Plan, with certain legally required sections included, i.e., time limits on the life.of the amendment (30 years), list of specific capital projects in the amendment area, 12 year limit on the power of eminent domain (condemnation), etc. However, staff, KMA and the Agency attorney have updated certain sections of the existing plan text. Basically, these revisions delete more detailed statements and are replaced with text that says the Agency's land uses, development and design policies, etc., are to be T- Chairman and Members, Arcadia Redevelopment Agency April 3, 2001 Page 3 consistent with the City General Plan and Zoning. Staff has used a "blackline" version in Attachment 2 to show the existing adopted text and the proposed changes. The proposed 76-acre amendment has been,environmentally assessed by TAHA, and a draft Environmental Impact Report has been prepared. This report analyzes the possible impact of three basic development scenarios. In all projections the full build- out capacity is estimated at 939,000 sq. ft.; existing build-out is 797,000 sq. ft., and therefore the remaining build-out capacity is estimated to be,approximately.142,000 sq. ft. (Each scenario assumes there will be some displacement of existing buildings and their subsequent replacement.) Net New • Development No Project 57,000 sq. ft. Proposed Project— 50 Housing Units (45;0.00 sq. ft.) ) 142,000 sq. ft. Commercial —257,0010 sq. ft. ) Alternative 1 - . 150 Housing Units (135,000 sq. ft.) ) 142,000 sq. ft. Commercial _ 167,000 sq. ft. ) Alternative 2 - , All Commercial - 302,000 142,000 sq. ft. The Draft Environmental Impact Report' (Attachment 3 - Due to its length, the draft Environmental Impact Report is available for review in the Development Services Department) discusses the impacts created by the above scenarios and addresses the proposed programs, projects and activities to eliminate or mitigate the blighting influences in the South Arcadia area. As part of the review process and as required by CEQA, the. Agency notified numerous State, County and local agencies of the preparation of an Environmental Impact Report for this proposed project. Their comments and concerns are addressed in the Draft Environmental Impact Report. KMA has prepared Resolution 192 (Attachment 4) and the Agency Attorney has approved it. The resolution authorizes staff to circulate the draft Redevelopment Plan • (Amendment No. 5) and the draft EIR to the public, the Project Area Committee (PAC), the Planning Commission, and City Council. It also approves the Preliminary Report and directs staff to submit it to the taxing agencies, County taxing officials, and State Board of Equalization for their review. Although not required, staff proposes to inform the property owners and businesses in South Arcadia, as well as the Monrovia/Arcadia/Duarte Town Council and other community organizations serving the South Arcadia business community. (e.g., Chamber of Commerce) of the availability of these documents, and schedule a meeting Chairman and Members, Arcadia Redevelopment Agency April 3, 2001 Page 4 in the South Arcadia area if possible to describe the proposed amendment and respond to questions. Certain other procedural steps are necessary prior to final submittal to the Agency and City Council.- The Planning Commission will review the Preliminary Plan, draft Redevelopment Plan and Draft Environmental Impact Report and will be requested to certify that the Redevelopment Plan conforms to the General Plan. The PAC will also meet to review the documents and forward their recommendation on the Amendment to the Agency Board. The "final" Redevelopment Plan and "final" EIR as well as the.recommendations, of the PAC, Planning Commission; and public will be presented to the Agency Board and City Council in a noticed Public Hearing on July 3, 2001. As required by law, first class mail notices of this public hearing will be sent to all property owners, business/residential tenants, and community organizations both in the existing project area and in the proposed amendment area and certified mail notice will be given to all taxing agencies. The Public Hearings will also be noticed in the Arcadia Weekly. ENVIRONMENTAL IMPACT The impacts of the proposed South Arcadia amendment are described in detail in the Draft Environmental Impact Report (Attachment 3). Further public review as set forth above is required prior to Agency and City Council consideration of the "final" - Environmental Impact Report at the Public Hearing. FINANCIAL IMPACT KMA estimates that the Project Area will generate property tax revenue ranging from approximately $65,000, (including 20% housing set aside) in 2002-03 to $458,000 in 2031 (Total - $8,257,000). The amendment tax increment ceiling is set at $60 million so that the Agency will have sufficient capacity to issue bonds. However,. the very low tax increment generated in the early years of the amendment is why funds from the existing Central Redevelopment project area, and from the proposed Agency bond issue, would be used to implement.redevelopment. The estimated expenditures over the life of the project area are almost $6 million for public improvements, with an additional unknown but substantial amount for property acquisition/relocation/clearance. RECOMMENDATION It is recommended that the Arcadia Redevelopment Agency adopt Resolution ARA- 192, A Resolution of the Arcadia Redevelopment Agency to receive the I_ Chairman and Members, Arcadia.Redevelopment Agency April 3, 2001 Page 5 Preliminary Report, the Draft Amended and Restated Redevelopment Plan (Amendment No. Five), and the draft Environmental Impact Report; authorize the circulation of the draft Redevelopment Plan (Amendment No. Five) and the draft Environmental Impact Report to the ..Planning Commission, Project Area Committee, the public, and City Council, and to approve the Preliminary Report and authorize staff to transmit it to the affected taxing agencies, the County taxing officials, and the State Board of Equalization. Approved: . William R. Kelly, Executive Director , THE PRELIMINARY REPORT FOR AMENDMENT NO. 5 TO THE CENTRAL REDEVELOPMENT PROJECT Prepared for: CITY OF ARCADIA Prepared by: Keyser Marston Associates, Inc. MARCH 2001 ATTACHMENT 1 , THE PRELIMINARY REPORT FOR AMENDMENT NO. 5 TO THE CENTRAL REDEVELOPMENT PROJECT Prepared for: CITY OF ARCADIA MARCH 2001 Prepared by: Keyser Marston Associates, Inc. 500 South Grand Avenue, Suite 1480 Los Angeles, California 90071 1660 Hotel Circle North, Suite 716 San Diego, California 92108 Golden Gateway Commons 55 Pacific Avenue Mall San Francisco, California 94111 TABLE OF CONTENTS. • I. INTRODUCTION - 1 A. PURPOSE AND CONTENT 1 B. BACKGROUND 2 II. REASONS FOR SELECTION OF THE AMENDMENT AREA 3 A. THE SOUTH ARCADIA BUSINESS DISTRICT 3 B. DEMOGRAPHIC CHARACTERISTICS OF THE SURROUNDING AREA 3 C. AMENDMENT AREA DESCRIPTION 5 D. AGENCY GOALS AND OBJECTIVES 6 III. EXISTING PHYSICAL AND ECONOMIC CONDITIONS IN THE AMENDMENT AREA'" 8 A. BLIGHT DEFINITIONS 8 1. Physical Blighting Characteristics 8 2. .Economic Blighting Characteristics 8 B. SURVEY AND ANALYTICAL METHODOLOGY 9 C. GENERAL CONDITION OF BUILDINGS AND LOTS 10 D. PHYSICAL BLIGHTING CONDITIONS 11 1. Factors That Prevent or Substantially Hinder the Economically Viable Use or Capacity of Buildings or Lots 11 a. Substandard Design 12 b. • Inadequate Parking 13. c. Lots of Irregular Shape and Inadequate Size in Multiple Ownership 14 E. ECONOMIC BLIGHTING CONDITIONS 16 1. Depreciated or Stagnant Property Values and Impaired Investments 16 2. Stagnant Property Values 16 3. Declining Sales Revenues 18 IV. INFRASTRUCTURE DEFICIENCIES 20 A._...._...__JNAQEQUAT__PIJBLIC LMPRQV_EM EN_T_S_AN D_U_T_ILITJES,.__...__ . _........ ._._..... ....., 20. _ .. ... V. ANALYSIS.OF.URBANIZATION.OF THE.AMENDMENT AREA ............................................. 21-.-.........:_. .. ... . ._ VI. DESCRIPTION OF PROJECT AND PROGRAMS PROPOSED BY THE AGENCY AND HOW . THE PROJECTS AND PROGRAMS WILL IMPROVE OR ALLEVIATE BLIGHTING CONDITIONS 23 A. REDEVELOPMENT PROGRAMS 23 1. Capital and Public Improvements 23 2. Commercial Façade Rehab Program 24 3. Business Retention/Attraction and Incentive Programs 24 4. Property Acquisition 24 5. Housing 25 The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page • City of Arcadia PA0101003.ARC:QVB:gbd 10201.002.004/03/20/01 B. HOW THE PROPOSED PROJECTS AND PROGRAMS WILL IMPROVE OR ALLEVIATE EXISTING CONDITIONS IN THE AMENDMENT AREA 26 VII. PRELIMINARY ASSESSMENT OF PROPOSED METHOD OF FINANCING, ECONOMIC FEASIBILITY,AND REASONS FOR INCLUDING DIVISION OF TAXES PURSUANT TO SECTION 33670 28 A. ESTIMATED TOTAL PROJECT COSTS 28 1. Central Project Housing Deferral Repayment 29 2. Central Project Debt Service 29 3. Central Project City Loan Repayment 29 4. Affordable Housing Programs 30 5. Departmental Operations 30 6. Central Project Marketing Program 30 7. Central Project Identified Projects, Programs or Activities • 31 8. South Arcadia Amendment Identified Projects, Programs or Activities 31 9. Future Discretionary Projects, Programs or Activities 31 B. FINANCING METHODS AVAILABLE TO THE AGENCY 32 1. Tax Increment Revenues and Housing Set Aside 33 2. Net Bond Proceeds from 2001 Bonds 34 3. Land Sale and Land Lease Proceeds 34 4. Interest Income 35 5. Beginning Cash Balance 35 C. PROPOSED FINANCING METHOD, ECONOMIC FEASIBILITY,AND REASONS FOR INCLUDING TAX INCREMENT FINANCING 35 D. BONDED INDEBTEDNESS LIMIT 36 The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 • jl LIST OF TABLES Table 1: Organization of the Preliminary Report 1 Table 2: Land Uses in the Amendment Area ' 6 Table 3: Distribution of Buildings By Age 10 Table 4: Analysis of Parcel Depths 16 Table 5: Historic Net Assessed Property Values 17 Table 6: Historic Sales Tax Revenues 19 Table 7: Urbanization Analysis 22 LIST OF FIGURES Figure 1: Number of Persons Per Household — City of Arcadia vs. Amendment Area Community, 2000 4 Figure 2: Estimated Per Capita Income —City of Arcadia vs. Amendment Area Vicinity, 20004 Figure 3: Median Owner Occupied Property Value — City of Arcadia vs. Amendment Area Vicinity 5 Figure 4: Relationship Between Programs Proposed by the Agency and Blighting Conditions in the Amendment Area 27 The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page III City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 LIST OF EXHIBITS Following Page Exhibit 1: Amendment Area Boundaries and Land Use 5 Exhibit 2: Detrimental Building Conditions 11 Exhibit 3: Substandard Design 13 Exhibit 4: Poor Site Configuration 13 Exhibit 5: Inadequate Parking 13 Exhibit 6: Lots of Irregular Shape and Inadequate Size in Multiple Ownership 15 Exhibit 7: Urbanization 22 Exhibit 8: Economic Feasibility Cash Flow 37 Exhibit 9: Identified Projects, Programs, & Activities 39 Exhibit 10: Tax Increment Projection — Central Redevelopment Project 41 Exhibit 11: Tax Increment Projection — South Arcadia Amendment Area 43 The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page IV City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 1 . INTRODUCTION A. PURPOSE AND CONTENT The Preliminary Report for Amendment No. 5 to the Central Redevelopment Project (the "Report") has been prepared to fulfill the requirements of Section 33344.5 of the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq. or the "CRL"). As part of the process of adopting or amending a redevelopment plan, the CRL requires that specific information be provided to taxing agencies and officials (the "affected taxing entities") prior to adoption of the plan. Such information includes, but is not limited to, the reasons for adopting or amending the redevelopment plan, a description of existing conditions in the project area, and a preliminary assessment of the proposed method of financing the redevelopment of the project. This Report contains the above information, and other required information per Section 33344.5 of the CRL in sections as outlined below. Table 1: Organization of the Preliminary Report CRL CRL Requirement Section Reference Number 33344.5(a). The reasons for selection of the Amendment Area and for Section II amending the existing Central Redevelopment Plan. 33344.5(b). A description of the physical and economic blighting Section III • conditions in the Amendment Area. 33344.5(c). A description of the Amendment Area that is sufficiently Section V detailed for a determination as to whether the Amendment Area is predominantly urbanized. 33344.5(d). • A preliminary assessment of the proposed method of Section 0 financing the redevelopment of the Amendment Area, including an assessment of the-economic-feasibility of the project and the reasons for including a provision for the. division of taxes pursuant to Section 33670 in the Redevelopment Plan. 33344.5(e). A description of the specific projects and programs Section VI proposed by the Agency. 33344.5(f). A description of how the projects and programs to be Section VI pursued by the Agency in the Amendment Area will improve or alleviate the blighting conditions described in 33344.5(b). The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 1 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 B. BACKGROUND Despite its relative affluence and suburban setting, selected areas of Arcadia's business and commercial districts have been in decline. These areas continue to be impacted by demographic, economic and commercial development patterns that influence the business and economic climate throughout the United States. As with other cities, by the 1970s, Arcadia's downtown was no longer competitive, with retailers and other businesses relocating to the newer shopping centers being built away from the downtown. These new shopping centers, constructed with supermarkets or other major anchor(s), ample parking and layouts oriented toward new retailing patterns, were difficult for the older "main street" retail stores to compete with. In 1973, the Agency adopted the Central Redevelopment Project in order to alleviate the blighting conditions that resulted from the decline of the downtown area. Through aggressive and on-going revitalization efforts, the Agency and the City have been able to attract new businesses, help existing businesses thrive, and alleviate much of the blighting conditions in the Central Redevelopment Project Area. Other commercial areas of the City that have larger parcels sizes, large traffic volumes, and/or convenient freeway access, have been able to adapt to changing retail and business patterns. Unfortunately, other commercial areas, such as the Amendment Area, have not been as successful due to smaller lot sizes, difficulty in attracting major tenants, and weaker locations from the point of view of major retailers. The Agency plans to apply the strategies and programs that have been successfully used in the existing Project Area to revitalize the Amendment Area, which incorporates most of the South Arcadia Business District. The South Arcadia Business District originally developed along with the surrounding neighborhoods of modest homes that were developed primarily between 1940 and 1960. Designed to meet suburban retailing requirements during the time, these properties have gradually become more obsolete and.less desirable since the 1960s. Revitalization efforts are hampered by the location of the area (away from major freeways and other main arterial streets) and the fact that the area is at the extreme southern boundary of the City. In addition, the suburban development pattern in the area surrounding the Amendment Area is disrupted by the nearby industrial uses and gravel pits to the east. As a result, the area has been less attractive to anchor tenants that are able to draw shoppers and support smaller retail and commercial businesses. Due to the relatively small lot sizes and limited lot depths prevalent in the Amendment Area, it has been difficult to attract anchor tenants and to retain and attract smaller tenants that can provide the variety of goods and services needed in the less competitive environment of the South Arcadia Business District. The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 2 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 1 II. REASONS FOR SELECTION OF THE AMENDMENT AREA A. THE SOUTH ARCADIA BUSINESS DISTRICT The South Arcadia Business District was once a vital shopping area for the surrounding neighborhoods. Over time and due to changes in retailing, the area has become less competitive with other neighborhood shopping centers and less viable. The area also lacks a visible physical or architecturally cohesive theme. Due to the mix of architectural styles, building configurations, and the many vacancies, the area does not present an attractive shopping and business environment. The small lots sizes make reuse of properties in the area difficult. Despite the development of two new supermarkets (outside of but adjacent to the Amendment Area), the Amendment Area is continuing to decline as evidenced by stagnant property values and declining retail sales described in Section III.E of this Report. Despite sustained efforts over the past several years on the part of property owners to revitalize the area, conditions remain stagnant.- . B. DEMOGRAPHIC CHARACTERISTICS OF THE SURROUNDING AREA The City of Arcadia is considered a largely affluent suburban community. However, the Amendment Area, which serves the southern portion of the City and portions of adjacent cities and unincorporated Los Angeles County, serves local neighborhoods which have much more modest incomes and larger household sizes. - In order to assess the character of the surrounding community, demographic _ data for a two-mile ring around the key intersection in the Amendment Area and for the City of Arcadia were analyzed and compared. The demographics of the community surrounding the Amendment Area differ from those for the City of Arcadia in many key ways. As illustrated in the following tables and charts, the surrounding neighborhoods have more persons per household and are less affluent than the City. In addition, the median home value is considerably lower than that for the City. • (REMAINDER OF PAGE LEFT BLANK) The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 3 City of Arcadia PA0101003.ARC:DVB:gbd • 10201.002.004103/20101 . Figure 1: Number of Persons Per Household —City of Arcadia vs. Amendment Area Community, 2000 No.of Persons/Household 3.5 - 3.25 • 3.02 3 2.75 2.66 2.5 - City of Arcadia Amendment Area Community Source: Ciaritas As shown in Figure 1, households in the Amendment Area community are larger, having 3.02 persons per household versus 2.66 persons per household in the City of Arcadia. • Figure 2: Estimated Per Capita Income— City of Arcadia vs. Amendment Area Vicinity, 2000 Estimated Per Capita Income $40,000 - $35,592 $35,000 • $30,000 - $24,660 $25,000 $20,000 - $15,000 $10,000 7111F- $5,000 - $0 City of Arcadia Amendment Area Community Source: Claritas The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 4 City of Arcadia PA0101003.ARC:DV B:gbd 10201.002.004/03/20/01 • 1 . The estimated per capita income in the Amendment Area community is 31 percent lower than that for the City of Arcadia at $24,660 vs. $35,505 for the City. Figure 3: Median Owner Occupied Property Value— City of Arcadia vs. Amendment Area Vicinity • Median.Owner Occupied Property Value $600,000 $500,000 $482,112 $400,000 • $290,708 $300,000 $200,000 - $100,000 - - $0 City of Arcadia Amendment Area Community Source: Claritas The median owner-occupied property value within the Amendment Area community is.40.percent lower than that.for the City as a whole;at$290;708 vs. $498,112. C. AMENDMENT AREA DESCRIPTION The proposed Amendment Area includes much of the commercial corridor that is generally referred to as the South Arcadia Business District. This area, located along the southern border of the City of Arcadia, serves the residents and businesses of the southern portion of the City as well as residents and businesses in portions of the neighboring cities of Temple City, El Monte, and unincorporated portions of Los Angeles County. Land uses in the Amendment • Area are predominantly commercial, with a scattering of industrial uses throughout the area. A map illustrating the Amendment Area boundaries and land uses is included as Exhibit 1. A breakdown of the land uses in the Amendment Area is included as Table 2. • The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. 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ARCADIA REDEVELOPMENT AGENCY -....., ) ....' Prepared by: Keyser Marston Associates,Inc. Filename: Land Use.ai;3/21/01;pc • . . • ' • • Total gross acreage for the Amendment Area is.approximately 75 acres and net acreage (excluding streets and public rights of way) is 50.7 acres. Table 2: Land Uses in the Amendment Area No. of Total Acres Percent of No. of Parcels (Net) Total Acres Buildings Commercial 77 33.9 67.0% , 75 Industrial 8 4.8 9.5% 8 Public/Quasi- 7 4.5 8.8% . 6 public Residential 3 .7 1.4% 3 Vacant Land 7 6.8 13.3% 0 Totals 102 50.7 92 Numbers may not total due to rounding. Source: KMA Field Survey D. AGENCY GOALS AND OBJECTIVES Certain goals and objectives were identified in connection with the redevelopment of the existing Project Area, most of which were intended to alleviate blighting conditions and improve the community and quality of life for residents in the Downtown area. The Redevelopment Plan amendment will apply these goals and objectives to the Amendment Area. The goals and objectives,' which were adopted by the Agency in 1973 and 1984, will become the goals and objectives for the amended Project Area, including the Amendment Area, and are as follows: —Goals and-Objectives adopted-In-1973: —. _- _. • Create an aesthetic, healthful and functional environment. • Arrest and eliminate further deterioration. • Promote the productive and efficient use of land and improve the tax • base. • Provide adequate off-street parking for shoppers, employers and businesses within the Project Area. • Encourage, through Owner Participation Agreements, the construction by others of development consistent with the Redevelopment Plan. Specific references to the Downtown area have been omitted. The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 6 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 • Provide necessary public facilities, beautification and off-site improvements consistent with the objectives of the Redevelopment Plan. • Assist property owners and developers in an effort to redevelop certain portions of the Project Area to provide land uses in harmony with each other, and with other portions of the City and the Redevelopment Plan. • Maintain existing buildings and improvements within the Project Area which are consistent with the Redevelopment Plan. • Promote affordable housing programs within the Project Area. Goals and Objectives adopted in 1984: • Bring to the City Redevelopment Project Area new, quality intensive • development that is attractive and contributes to the quality of life and economic growth of Arcadia. • Encourage the revitalization of the City's underutilized and economically stagnant areas. • Cooperate with business, educational, civic, and service organizations to improve the quality of life and economic opportunity for all in Arcadia. • Increase sales and other direct and indirect tax receipts to the City. • Increase tax increment and other revenues to the Agency. • Provide increased employment opportunities for Arcadia residents. • Improve the image of Arcadia as a place to live, shop and work. Redevelopment of the Amendment Area will attain the purposes of the California Community Redevelopment Law through: 1. The elimination of areas experiencing economic dislocation and disuse; 2. The re-planning, redesign and/or redevelopment of areas that are stagnant or improperly utilized, which would not be accomplished by private enterprise acting alone without public participation and assistance; 3. The protection and promotion of sound development and redevelopment of blighted areas and the general welfare of the citizens of Arcadia by remedying such injurious conditions through the employment of appropriate means, and; 4. The installation of new, or the replacement of existing public improvements, facilities, and utilities in areas that are currently inadequately served with regard to such improvements, facilities, and utilities. The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 7 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 III. EXISTING PHYSICAL AND ECONOMIC CONDITIONS IN THE AMENDMENT AREA A. BLIGHT DEFINITIONS In order for an area to be included in a redevelopment project, it must have at least one or a combination of physical blighting conditions, and one or a combination of economic blighting conditions. The combination of the conditions must be so prevalent and substantial that they cause a reduction or lack of proper utilization of an area to such an extent that it constitutes a serious physical and economic burden on the community that could not be alleviated without redevelopment. These blighting conditions are defined as follows: 1. Physical Blighting Characteristics a. Buildings in which it is unsafe or unhealthy for persons to live or work. Serious building code violations, dilapidation and deterioration, defective design or physical;construction, faulty or inadequate utilities, or similar factors can cause these conditions. b. Factors that prevent or substantially hinder the economically viable use or capacity of buildings or lots. This condition can be caused by substandard design, inadequate building size given present standards and market conditions, lack of parking, or other similar factors. c. Adjacent or nearby uses that are incompatible with each other and which prevent the economic development of those parcels or other portions of the Project Area. d. The existence of subdivided lots of irregular form and shape and inadequate size for proper usefulness and development that are in multiple ownership. 2. Economic Blighting Characteristics a. Depreciated or stagnant property values or impaired investments, -including but not necessarily limited to, those properties containing hazardous wastes that require the use of agency authority. The Preliminary Report For Amendment.No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 8 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 b. Abnormally high business vacancies, abnormally low lease rates, high turnover rates, abandoned buildings, or excessive vacant lots within an area developed for urban use.and served by utilities. _ c. A lack of necessary commercial facilities that are normally found in neighborhoods, including grocery stores, drug stores, and banks and other lending institutions. d. Residential overcrowding or an excess of bars, liquor stores, or businesses that cater exclusively to adults that has led to problems of public safety and welfare. e. A high crime rate that constitutes a serious threat to the public safety and welfare. B. SURVEY AND ANALYTICAL METHODOLOGY • The discussion in the following sections of this Report regarding blighting conditions within the Amendment Area is based, in part, on a parcel-by-parcel field survey conducted by KMA in December 2000. The information gathered in the field survey has been supplemented by secondary data. The purpose of the field survey was to determine the location, prevalence, and type(s) of physical blighting characteristics impacting the Amendment Area. The parcel-by-parcel field survey consisted of evaluating the existing condition of the exterior portion of each primary structure in the Amendment Area, and the various building and site conditions that affect the usability and economic viability of each property. Buildings were rated as "sound", "deferred maintenance", "deteriorated" or "dilapidated." Buildings rated as sound were.well maintained; those rated as deferred maintenance needed cosmetic or moderate repairs; buildings rated as deteriorated needed extensive repairs or repairs to major components of the building; and those rated as dilapidated were in need of major rehabilitation. Parcels were rated as "sound", "deferred maintenance", or"deteriorated". Parcels rated as sound were well maintained and without any apparent major defects; those rated as deferred maintenance needed minor improvements such as clean-up, de-weeding or minor repairs to fencing; and those rated as deteriorated required extensive,improvements such as a major re-landscaping or repair of walkways or paved surfaces. The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 9 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 N 1 1 KMA also evaluated secondary data sources including Los Angeles County assessor property information, taxable sales data, and property transaction data to assess economic conditions in the Amendment Area. C. GENERAL CONDITION OF BUILDINGS AND LOTS The Amendment Area was originally developed during the 1940s and 1950s, a period that coincided with the rapid development of the City. It was during this period that the South Arcadia business area developed as a neighborhood retail/commercial area to serve the surrounding residential neighborhoods. In order to assess the approximate ages of the buildings in the Amendment Area, data regarding year built was compiled from Metroscan property data and analyzed in ten-year increments. As shown in Table 3, over 50 percent of the buildings in the Amendment Area were constructed before 1960 and 71 percent were built before 1970. With a normal life expectancy of 35-40 years2, many of the buildings in the Amendment Area have exceeded their normal life expectancy. As discuss in Section III.D.1, the physical characteristics of the properties in the Amendment Area related to the age of development (small lot sizes and inadequate parking) impairs the ability of owners and investors to effectively reuse them to accommodate modern commercial uses. Table 3: Distribution of Buildings By Age Number Percent of Cumulative Total Percent of Total Pre-1940 1 1.1% 1.1% 1940-49 16 17.4% 18.5% 1950-59 29 31.5% 50.0% 1960-69 19 . 20.7% 70.7% 1970-79 7 7.6% 78.3% 1980-89 12 13.0% 91.3% 1990-99 7 7.56% 98.9% 2000+ 1 1.1% 100.0% TOTAL 92 100.0% Source: Metroscan 2 Marshall&Swift. The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 10 City of Arcadia PA0101003.A RC:D V B:g b d 10201.002.004/03/20101 A total of 92 buildings were evaluated as part of the field survey. Twenty-six percent (26%) of the buildings were found to be in less than sound condition, with the vast majority of these categorized as "deferred maintenance". A deteriorated industrial building was observed near the intersection of Live Oak Avenue and McCulloch Street, and a dilapidated commercial building was observed on the south side of Live Oak Avenue west of Welland Avenue. The location of the less than sound buildings is illustrated in Exhibit 2. As part of the field survey, data was collected on the condition of specific building elements, the condition of which affect the soundness, usability and appearance of the building. For each building element, the condition was noted and rated "good", "minor repair", "major repair", or"rehab unfeasible". The building elements rated were roofing materials, doors/windows, wall surfaces, entries/porches, signage, and storefronts. Where observable, major structural elements (foundations, walls and roofs)were also rated. Over 43 percent of the buildings were observed to have some faulty building condition. As illustrated in Exhibit 2, these conditions were found throughout the Amendment Area. In total, 41 buildings in the Amendment Area (or 45 percent)were found to suffer from detrimental conditions. The prevalence of these detrimental conditions, in combination with the other blighting conditions described in this Report, creates an overall negative image of the area and discourages reinvestment and upgrading of properties. D. PHYSICAL BLIGHTING CONDITIONS • 1. Factors That Prevent or Substantially Hinder the Economically Viable Use or Capacity of Buildings or Lots Factors that inhibit the usability of buildings or lots reduce their economic viability. These factors may include building obsolescence, inadequate parking, inadequate loading facilities, lot shape and size, or other characteristics that are not easily solved without major demolition or remodeling, or acquisition of adjacent properties to allow reconfiguration of buildings and/or sites. The costs to cure these defects are often prohibitive, diminishing or eliminating the potential return to an owner or investor. As discussed in Section III.C, most of the properties in the Amendment Area were developed before 1960. Since that time, retailing patterns, commercial site and building configurations, and parking needs have changed considerably. Parcels sizes and configurations in the Amendment Area were well suited to the small size local retailer that The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 11 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 • • • • • 1 W�� .��M ' I =y^(Ti i i j li r i i �E 1 I _�_1T ;� —�i1 . r � � i LEGEND I I , 1 ! II Ht—i I 1111ii . � r /.._ • 'r Amendment Area Boundary l I I ` I I I Ili r • Serious Code Violation ' WWII l i NI ' ( =-; IN (�– l 0 Poor Quality Materials/Construction .�` 1 ' ! �M ; rC — it��` i • p Faulty Addition/Alteration _-- f ' , -- _g A Exterior Wiring • 1 I ' 1 11 I ► I ' �l 1 1 , - I Defferred Maintenance r LF i , ' ma l I i Its iT I _ 1 Note:These boundaries are estimates only,and i' I , - ' '—S I I I } i I i F I L i ; - are based upon GIS and paper boundary maps :�.� 1 ; ( I i (—' i provided to KMA by the City. , UM 1 1 r I 1 — _. l — 1 1 —I r-'i 1 ii i In 1 I I ,, I I NA „ `-, I I1 ' I `--' 'f ` I i` *. '• -' , I 1 I l I,_ -- ! ; '� ' \�l i ,, L i • , L,��`r >//. , 1-._ tom--I i I . . . . ,11 j i i 1 !1 . , I J 1 { I� i �I 11 --- '1-._>I I� I I { i , I , �.�.± I i i 1 1 , i �'• I l i "� '� '� 11 i i l '1 I I i 1 r ' i" --�-� ° ��. I I I , ' , 1 7 1 „ I ( 1 a 1;1 , W..../... 11 I I I I I I I I +, I I I I , _�� ._-.� NE OAK AV l i t -1 LAS TUNAS DR ' _, '1_,,...1 1' '.5111 !II 1 i rY� :t�-1 1 a• i� I I a . 1 1 i i 1-1 n _I 1 I I •: i OAS Al E + \ 1 t ! i' 111..-1.---)1 ' �� . j—� oc1 .�;• i �— 11vE 3 ' + —t;1 i t SS S� 1 r I I i r r E 1 I—L� r. �i+— j —L_.„,0 3= ,1r • 1—I j--y ..,,,t-E:4; - ,1 1 1' 1 1n 1� 1, f�-k -{;-`-:`i� �F '�-'1.-• —T }. +^_.�j •? ���9 i 1 1 i 1 1 1 1 �I�NP �+' '' I i ' i1—? �-" J ^'• ;,i; ; ; 1 �*'—'• ;_._<„� rte' ! :Q �,' _V 1\ ,';1, ,;1 1 1 1.'a1q�f■ =1—! t �� __i �'� �_F �1 1 1 t'• 1 1� �. �-_�kGt_--- 11°, +1 + : k 1 �" R C'--I s� L� J �'+!;' i_ 1': 1. ``. ; �• _� T�, , 1 +. H 4-7-_--i I tom, � r _, 0�11 •rte — f': , i t1il1;1 ! x-11_ }- {� S 1 l -.--1--- 1 1 ; i '-1:' .1--- ' 'rte-4 I 1___-=; 5=— ` 1 T \i ^i =, 1 . I,1 ,rr-`f; 1 r 1✓ ;-1,-; ' ,1 1 1 1 :,A, l F-zj. -�_, 1-_. .� t" r'7 , 1 , : � —ice 1 ' rnJ } ' 1 l'`1 � �lr ft * l ■ Ir_-, , r r f1`1--- ;�, / .:-'r i-1.- l! ! y 1 "` r; ! �,--7 • • N EXHIBIT 2 . DETRIMENTAL BUILDING CONDITIONS W-4.•-,1-‘4-,,,,, E AMENDMENT NO.5 TO THE CENTRAL REDEVELOPMENT PROJECT , This map was prepared for illustrative purposes only and is not s necessarily to scale, nor should it be used to ascertain precise distances. ARCADIA REDEVELOPMENT AGENCY Prepared by: Keyser Marston Associates,Inc. I Filename: Detrimental Bldg Cond.ai;3/21/01;pc served residents whose primary mode of shopping was on foot or by the use of public transportation. Early neighborhood retailers provided limited or no parking facilities. Most operated street-oriented small stores that specialized in a narrow retail niche. As the demand for convenience, and the rise in two-car and two-career families emerged, the neighborhood shopping center with a major supermarket and plenty of parking became the modern retailing standard. Since many shoppers want to be able to accomplish multiple errands with one driving trip, ample and convenient parking has become critical to most retailers. Areas that have buildings developed on small lots in multiple ownership often have a difficult time competing effectively with modern retailing centers. a. Substandard Design Substandard design of buildings causes physical constraints on the effective use of_a property. Buildings that are poorly laid out, buildings that are inadequate in size for their current use, and shifting of uses from one category of land use to another, are all indications that the building design is substandard relative to current market demands. Within the Amendment Area, 51 buildings (or 55 percent)were found to have one or more of these conditions. These buildings are scattered throughout the area. All lacked sufficient size or are poorly configured for their use. The locations of these buildings are illustrated in Exhibit 3. (i) Buildings of Inadequate Size Based on current requirements for typical stand-alone retailers, 5,000 square feet is the minimal viable building size acceptable for most uses.3 Available building size data from Metroscan was analyzed for commercial buildings in he Amendment Area. Building square footage information was available for 85 of the 86 commercial buildings in the Amendment Area. The median square footage was 4,000 square feet. Forty-six (46) or 54 percent of the buildings were less than 5,000 square feet. Based upon this analysis, more than half of'the buildings in the Amendment Area are of inadequate size based upon 3 Source: Keyser Marston Associates, Inc. The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 12 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 • modern commercial standards. The location of these inadequately sized buildings is illustrated in Exhibit 3. (ii) Poor Site Configuration It was noted during the field survey that many of the retail properties were configured to meet building orientation standards from the 1950s and 1960s. These include buildings that front directly onto the street with no front yard setbacks and very few side yard setbacks. Limited parking is provided at the rear of the building that conflicts with the loading and servicing activities. While corner parcels may have parking access from a side street, the lack of parking access from the street for mid-block parcels makes them undesirable to businesses that need plentiful and visible parking for customers. Although not necessarily the City's preferred urban design model, modern retailing standards require parking in the front of the buildings to allow easy access for customers to park. Servicing and loading is at the rear of the building. Review of field survey data and aerial photos revealed that the problem affects several buildings along the south side of Live Oak Boulevard. The • . location of these parcels is illustrated in Exhibit 4. b. Inadequate Parking Inadequate parking can have a significant impact on communities and neighborhoods. In commercial areas, inadequate parking makes it more difficult for businesses to remain competitive with - rivals located on larger or newer sites with plentiful parking. Within the Amendment Area, due to the relatively small size of many of the lots (discussed below) and the fact that many of the older properties in the Amendment Area were designed to meet earlier and less stringent parking needs, many of the lots lack sufficient parking spaces, have no off-street parking spaces, or suffer from poor parking layout and circulation due to the constraints caused by lot size and configuration. Based upon field survey observations and review of aerial photos, 1 parcel was found to have no on-site parking, 9 were found to have poor parking accessibility, and 14 were found to have The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 13 City of Arcadia PA0101003.ARC:DVB:gbd " 10201.002.004/03/20/01 ' 1 L . ' ' I .1 mum 11F__,, ,,--FLiulii II ---a ." I / 1111 -1-1 " ill , -- -1-1-- -i, i 1 1 I I, 1 l'i I 1 iTrri -fi--IH-1-1-1-1--1-,-' , \ .1---1 i 1 1 1 ' I I 1 i 1 , • j I 11 , i H I "J-f-17 P-1 0 LEGEND • ji I 11111 , H , I i . , 1 1 if----1-1 I // ,— I 1 ! 11111-1WI i R 1 vii,:_-_- 1 i , . : : , , . , , , , , , ,__, , E11 , tf,___A 1 , i ■ Amendment Area Boundary -- i . _i A Ti 1 I ' —I 1 ' i 1 I ' -11 ti-Nr-1 1 I 11-:LT 1 1 _i • 1 7 1— /---,___il---1 ' + It- i IS Inadequate Design/Shifting Use A I I 1.. ,.. 1 ,, (t)-1-, ' 1 , t , •• , ------, t I i • Faulty/Inadequate Layout ° 1 1 1 1 I \ rTf, ; 1 1 1 -1----2,\I ,. 1 1 1, 1 , 1.----I 1---1 .4_- - --/__) ' I I . . I i • / / ..O.. Poor Building Access --1-1 H , I I !IT - F_.1, ET---Lit t - I 1 i---1 , -1 1 p i - , ' % • /-, , T 1-,--4„ ,_ 1 1---1. 1 I No j ,_1 _, : j , , ,_- , , i , . / t--,c4 r- • . . 1 ; ■ 1 1 •--1---1, i 1 [' , i 17.:-] i ! 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ARCADIA REDEVELOPMENT AGENCY Prepared by: Keyser Marston Associates,Inc. . • Filename:Substandard Design.ai;3/21/01;pc : i . . , • I I I I I I I — j--I ' I NU • IMMO. ,...—, , , . 1 , H ' LI' ,___1 I 1 1 ,--h / / 11 " ii [ , i 111 , 1-1-7-7-11 ; ! 1 , ,___i I : 1 , : s i , , 1 , ! . lilliriill I si -ii , , , ,.._____L_____ 1 , tis , , LEGEND [ 1 ) 1 h ;_i_l__) : , , , , i , . , ;„,. •:, , • i , , [ .• • r■—■—• r , 1 ; — ■ • i I I ' • • ' 1 ' ■ 1 1,______)71=1 I I/ /# . ■. • ' lilt I I I I 1 1 1 1 1 I i ; I ■■ i i 1 1 1 i '--1 11 Eli 1 1 ! H---1 k :111 ; 11 ; 1 —, •----,_ . INNI Amendment Area Boundary 4 ' ' 1 I • N i i i , - 1 I 1 1 , 1.---1. r--,—H , „__:.__I , 1,..,11 . . i____,: _._,, -1-- roam Poor Site Configuration 1.---n--) , I k..r. 1---I —, 1 • i___.1 1 I 1 ,--, r---1 1 ,---,---4 ! (•—•,_; , _r-L— L?-•---1--i„. 1 ■ I ,----i— '----I i-i -H-H i 1 i ,---1_4 IL] it---•:— s , : , • : , __ , • i—s ,---, • i'...4 I__•,\---= . : I , ,s---1 , H ,_____ ___I 1 I 1 1 i ,, ,.---I, —• , s : , s ,--,2-/ I rs-s-,,,i 1 , ,...—.4 :, s: , 1 1 1' ''c- ; 1 • I. 1 1 A I I I i 1 i---1 kl.,i•--1-:>. '_' 1 '' ___I \--1,-i T --, 11--11 , ; 1 1 , L..._., 1 ,---,, L : 11 Note:These boundaries are estimates only,and hil 1_11 l , ; ; im 1 ,---1 1 : -• i • • • , s H _j___L/i L__,/ : ,,i I- ; i t----t ,r . /- - .. i are based upon GIS and paper boundary maps _j_li I I I i I I iiii i I ! I !---I I ; 1L_ , , ,---; I : ,___• . H i_. provided to KMA by the City.• 1 , L_, : „ ! 1 1 171 I 1---i ri--.? Tad I I T-1 ' , : H , „ ! I l l 1-1i F i I : ' I -1- 1 I 1---1 ri_____I l_J__:_.! i • ; 1 ;, I „ I n I I i I ' - , 7-1 , , . I I I, 1 ; ' •;----, ' , I ,' I —I • . i----1:_- ' • ' I Willi i I . : ii , i , , • 1 . , 1---', /=n --, . . ■ , - , i ' •; 1 L I 1 [71,,. \ \ ■ I I I i i I ! 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N EX-1 IBIT 4 POOR SE CONFIGURATION je., W Veil E This map was prepared for illustrative purposes only and is not AMENDMENT NO.5 TO THE CENTRAL REDEVELOPMENT PROJECT g necessarily to scale, nor should it be used to ascertain precise distances. ARCADIA REDEVELOPMENT AGENCY Prepared by: Keyser Marston Associates,Inc. Filename: Poor Site Config.ai;3/21/01;pc • , . .• 1 . 111111 , 1 —ri._i_a_i_u_i-,..........__________ . „..,.____, , , ---• ,_____, A, I-9- i-1-------.7.1.-- • , , ----,--Tml--1,-- /-1 _i_ 11J , ; ET iii--1 i TI Li iri 11 , 1 E.— I L.Lj I 1 " ri ,... , 1 1 i , 11 1_ \ 1 I . I I 1 , 1 LI I ---I _L. , NI _ _— 1 LEGEND . , • (---r-----u 1 1 i 1 1 i 1 1 1 Ft 1 I 1----, ----H • , I• 1 1.___, •-ii II —T— MI I , 11 1111 I LI j 1 1 1 I ,.__i I i I 114_1 1,__1 ■ I ; I I— ' '---1 :/---t- i Amendment Area Boundary j , , I 1----1 [ 1 , 1 kr_ 1_ 1 ! , —__ I ..,)„ I I, . . , 1 . - 1 1_ , i !-- - , 1 i.......,____, -- 414_. A No On-Site Parking JS I -1 1---1 1-1( --7. HHF 1 % , I I I 1 1- ' —7— • I • Insufficient Number of Spaces 3-11----r-K E--1 1....__, si t r--,,___I I 1 : 71 1 ---I I-- ---i---I,! , -• 1--,1 t.-", _. --1 F—H I-- ---1 i--. ,-+ -' 1 1 I / / ' I • .- I t , _ ___, • , , : ,-. , ,,,, , , ,.,..... 1 t__ 642S Poor Parking Accessibility -- 41-7-1-- 1 i _..1 1 1 1 71- tii 11 _Li H --1 1 I n 1 ; i H , • , ,,, i . ,. (,-F Note:These boundaries are estimates only and , LI,'_)-1-1 i-1-7---] 1--r—i 1--ri - 11 , 1 . 1 . are based upon GIS and paper boundary maps i I 1 •,,,- 1--L___I f I I --1 ; ' .-i_l ._i____ -1111h17; ; I li ; ; 1 iii-! i , -I I?ii____i i I , -1--I provided to KMA by the C4 1,7 I , • ! , I 4 ---I 1 1 1 . 1 , , , ■ • i I 1 1 1 1 ET-, rr. it_ i ' ' -.,, . , Lu.--;_il •„ 11 ,1 ' 1 1 , 1 1 RQUELT P H - FT' II i 1 '' 1 " „ , . 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'; ; 1 11 ____ , IV: t ', ", '; 1 -1', 1 1---....., I 'I / ' ' 1 Ct----1 V----"'( / •‘.,\ ---‘-_...L.3- \ '._,--....-,- ' '1.-, \-',._, ' ' ‘,'--•.,---L1--------\ ---- -3--A /-' _,E-ya 11 1_,..t---/ --r --1 r------- - , - _ TI..,_,..d.- -\-1--r.\- . , \ \ ( t.--3,--J 1----1---1H7-__ ..-- ---4 ----- r-----)----7 ---i IL-• (--- .._,_, , \ p,,,,_„--,:,. ;,•,,_.• ____-, •c::____\r--- --_____,..---3 , ..;.1_3--1, 1 , 11 ; 111 \ 1 ,--- r-.1... , t----,. --I ----/--- JJ a , • ,__,---1----; I --_L----. ----71- -1.-.. / --1-- 1--- - , --I ; / • L:11-74 IcL3------11-':11-1; i i _ --.11-11 I---r---) 1-----1:Z1.•...::•:/ 1 / --c-zi 1 ,•:_-_-, t_i, 1 , •-"-!---,-;--1 1171--n-r--;7., .--I ; E -IIMT5 • N •IP. INADEQUATE Pi RKING W E This map was prepared for illustrative purposes only and is not Ass‘gt.i. AMENDMENT NO.5 TO THE CENTRAL REDEVELOPMENT ir AGENCY ROJECT ARCADIA REDEVELOPM EN 1.10 s necessarily to scale, nor should it be used to ascertain precise distances. -- • ,---. I I Prepared by: Keyser Marston Associates,Inc. , Filename:Inad Parking.ai;3/21/01;pc I . • insufficient parking spaces. Parcels identified as having poor accessibility were those that only had access via a alley. Parcels identified as having inadequate parking had parking that was not visible from the street or that appeared to have too few spaces for their location (i.e., customers double parked, etc.).. In total, 21 parcels (or 21 percent)were found to have inadequate parking. The location of these parcels is shown on Exhibit 5. c. Lots of Irregular Shape and Inadequate Size in Multiple Ownership Appropriate parcel size and dimension is necessary if land is to be effectively utilized. In order for property to have attractive reuse potential, it must be large enough to build a structure that not only meets building and zoning code standards, but must also accommodate current industry standards for building size, and building and lot configuration. Parcels must accommodate the building, required setbacks, parking and circulation. These requirements also apply to relatively large but'irregularly shaped parcels because a triangular or otherwise odd shape must also be able to accommodate building and land use requirements. Given the largely commercial nature of the Amendment Area and the fact that most of the properties are zoned for commercial us_es, the analysis of lot size and shape focused on the requirements for commercial uses. Criteria For Inadequate Parcel Size and Shape in Multiple Ownership In order to provide for building setbacks, parking and efficient site • circulation, the rule of thumb for building to site ratios is 3:1.4 The typical minimum size for a free-standing commercial building is 5,000 square feet. A 5,000 square foot building would require a site of 20,000 square feet or .46 acres. Specific types of retailers may have their own specific requirements. For example, a McDonalds restaurant requires a high land-to-building ratio of 7:1 or 21,800 square feet for a restaurant, parking, and drive-through operations including a 3,000 square foot building pad. 4 Shopping Center Development Handbook,3rd edition, 1999. The Preliminary Report For Amendment No. 5 Keyser Marston Associates,'Inc. To The Central Redevelopment Project Page 14 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 - Using .46 acres as the minimum parcel size, actual parcels sizes were reviewed in the Amendment Area to determine how many parcels were at least the minimum size in area. For parcels determined to be less than .46 acres, the ownership of the parcel and adjacent parcels were reviewed. If an adjacent parcel was under the same ovmership and could therefore be combined to create a potential site in excess of .46 acres, the parcel was considered larger than .46 acres. Results indicated that a total of 54 parcels or 53 percent of all parcels were less than .46 acres in area. The location of these parcels is illustrated in Exhibit 6. In addition to small size, most of the parcels in the Amendment Area are not of sufficient depth to accommodate modern retail development that includes adequate parking and site amenities. The City of Arcadia requires between 4 and 10 vehicle spaces per 1,000 square feet of gross floor area for most commercial and office uses. The rule of thumb for planning for parking is to allow 350 to 400 square feet per space (including aisles and minimal landscaping) per car. Assuming an average parcel width of 50 feet and a minimum building size of 5,000 square feet, most property owners and developers would require a site of approximately 200 to 250 feet in depth in order to accommodate the on-site parking required for neighborhood strip retail development, assuming depths of 80-120 feet for shop space.5 In order to assess the lot depths of parcels in the Amendment Area, lot depths were reviewed based upon dimensions illustrated on parcel maps.6 Public and quasi-publicly owned parcels were excluded from the analysis. The analysis was performed for a total of 90 of the 96 parcels that could be analyzed. Results are illustrated in Table 4. Of the 90 parcels, over 74 percent were less than 200 feet in depth. The average lot depth was 179 feet and the median lot depth was 159.5 feet. The parcels under .46 acres in area were analyzed using the same criteria. A total of 49 of the lots were identified, of which 46 or almost 94 percent were less than 200 feet in depth. The average lot depth was 148 feet and the median lot depth was 140 feet. These data further illustrate the small lot sizes and physical 6 ULI: Shopping Center Development Handbook, 1999. 6 For parcels of irregular depth,the average depth was estimated and used for analysis. The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 15 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 i • I ! ! - � -- ----,.j---1______I ---- - .._ in `y' r-� _ I.- . .i ', I j ' '--�-� 1 I ! : 1 ,! ; !! I ! : 7 1 _I ! . . T ' 1 -1.1 -? / III ._u I 1-1-1-1---',I ; j 1 • , ! Ell , �,�. i I 1 , : , I I r! f 1 i_I'�l ".. .'- • t-1 i I�" ' r--,-1 I i _ ! ! LEGEND ! l i i ` 1 j'1 , ! 1 : I i I i ! ' ! ` j t� "li ' 1 ! I I ! 1 1 1I1 ' 1 i I ! I I ! IilI i f! t� I i I I I ! H ! I III II I ! • ! rt L I MN Amendment Area Boundary �,� ,' i ! I \ 1 • ai i i i 1_1._ ! -I 1`: -- L' ! 1 j—i ' 1 I ; I • I I -. P ' '---1 j--.- N, i Lots of Irregular Shape and r—' I i,r<—j I I '+= •Inadequate Size in Multiple �—� 1 r — j I I '� —1 -I i j `1 1 ! i F-; r-/ i t Ownership r—i ' {— I j—i j I ! I I ! 1 I I ;,s -�; t-7 rT%-a !I , j 1 1 ,--j ; I I--- LI 'I - -I i I 1 I j--1 1 I i 1 i m__ -rte, I i 1-1 j I , , ! ! r,!, Note These boundaries are estimates only and i— i i I ! ( —� �i 1 ! _i! ! f j ! i � l ' y T are based upon GIS and paper boundary maps I I--1 i 1 I • ' j s.\i--- -,--, 1 I I ! ! . ! I I la I provided to KMA by the City. i �- Ii 1 I ! l 1 j 1 �I 1 ' —i ' I ; I ! - ,\ I !/`/--` `~i ' • = - - I I ' ; ! I i:i rr p ! I: j ! j ii ii : ,____,! :'—j '_= i 1 I 11 - i ' i--1 ' I I : • 9 I: , \� C 1 ! ! ! __ f m ; _ i.�.t- I j i� i I I! j F-j j 1 ` 1; I ! \\ I1. :i—' -; 6.,,,_ 1 ! 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L` 1 `fix " t i � ��0 � 11717171‘‘ u�-� f -i - —'b--2"--H___: -'J r rl i ` i ' 1 a�1 --- �4t` \i :1,`''- `RI°-.1`; I ;� _ 1�--l/a ;-T�, , '\s '1.01' „.. --' "-" t _`�-; t ;s- �': , , i-1`--, F - i- t---,i- • .•- a' ✓��Qiv_rjl tl -,-ice 1 1 , 1-' ;1 A-3-1-1-' i ^T�' ',�-U ` 'u F ,- ,, �:Z.. '�` S 1 i; ; l' iii i l_' �: f/ N t :1 :� 1---ft,••..i 1:"--2`2�,, 1--TI, ,i✓_t_ -, `---4.-'•=✓ ;+--'_.,-i 1 i. t i i';': .It.'.a'`'y �J H-1= -t4 1 / / /��., • I ,_-^5 `r_''. . ;, 1: �/�-'mil 1:-- : �' si' . ';i ---1 ! '_-, ,---•' 1 E ! -,--rte ' l' '•, ; F-.-14-r-rl;--t y F-,-- ;._ -is--- __:,._..--i--‘1----‘,: - , .` ;-:. L,; -- �-; I /� ."�J / • 1''; -,.-,'..__i,•, _ ---='; i .ice J t II n ;i : k -J h� L:1-....4 (---,..� 'L --,./ ;'I (7 '�� ice: t l..-'"' 'i 1 '1 '(.-i, i. ."_-,: t "' "-_"``. �.� -., --i 1 1✓ 1 t ~r l / E)HIBIT 6 N LOTS OF IRREGULAR SHAPE AND INADEQUATE SIZE w �•��E IN MLI,LTIPLE OWNERSHIP ``: This map was prepared for illustrative purposes only and is not AMENDMENT NO.5 TO THE CENTRAL REnEVELOPMENT PROJECT • . s necessarily to scale, nor should it be used to ascertain precise distances. ARCADIA R♦TDEVELOPMENT AGENCY ! Prepared by: Keyser Marston Associates,Inc. I Filename:Irreg Shaped Lots.ai;3/21/01;pc 1 • I a , constraints that make rehabilitation and reuse of properties in the Amendment Area difficult. Table 4: Analysis-of-Parcel Depths All-Non-public.. ._Parcels Under.. Parcels .46 Acres Number of Parcels 90 49 Number under 200 LF 67 46 Percent under 200 LF 74.4% 93.9% Average Lot Depth 179.3 148.2 Median Lot Depth 159.5 140.0 Source: Metroscan,KMA E. ECONOMIC BLIGHTING CONDITIONS 1: Depreciated or Stagnant Property Values and Impaired Investments Depreciated or stagnant property values or impaired investment discourage property owners from reinvesting in their properties due to the uncertainty of receiving an adequate return on their investment within a reasonable investment time horizon. Over time, a lack of reinvestment can accelerate the physical deterioration of an area and negatively affect the viability of an area's businesses. Rents also stagnate or decline, reinforcing the property owner's disincentive to invest. This lack of investment and weakening of an area's businesses further contributes to physical deterioration, creating a downward cycle of physical and economic decay that is unlikely to reverse itself. • 2. Stagnant Property Values Depreciated or stagnated property values can be indirectly observed • through the changes in assessed valuation over time. Changes (increases) in assessed value reflect sales of properties, which have appreciated or re-assessments triggered by improvements to, and therefore investments in, the property. In accordance with Proposition 13, annual increases in a property's assessed value may not exceed 2 percent unless improvements have been made or a change of ownership has taken place. Under such The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 16 City of Arcadia PA0101003.ARC:D V B:gbd 10201.002.004/03/20/01 • circumstances, a property's assessed value increases (or decreases)to the new market value or to the appraised value. Thus, annual increases in assessed valuation above 2 percent per year generally reflect some combination of the level of new improvements, the rate of market turnover, and higher property values. • While an examination of assessed values will not allow conclusions to be drawn as to the absolute value of all property in an area (given the Proposition 13 re-assessment limitation), such an examination does a"Ow • • property reinvestment trends to be identified. To the extent assessed value . growth is minimal or declining, conclusions can be drawn as to the lack of reinvestment in the area. Within the Amendment Area, trends in assessed value data were analyzed and compared to trends for the City of Arcadia and Los Angeles County over a four-year period. As illustrated in Table 5 and Figure 4, total assessed value for properties in the Amendment Area increased by 7.3 percent over the four-year period, vs. a 17.9 percent increase in value over the same period for the City of Arcadia, and a 16.3 percent increase for Los Angeles County. These increases result in an average annual increase of only 1.8 percent for the Amendment Area versus a 4.5 percent increase for the City as a whole, and a 4.1 percent increase for Los . Angeles County. These data suggest that assessed values in the City and Los Angeles County are increasing at a rate that is roughly double that for the Amendment Area. Figure 4: Comparison of Net Change in Assessed Property Values 20.0% - 17.9% 16.3% 10.0% 7.3% 4.5% 4.1% 0.0% Amendment City of Los Angeles Area Arcadia County •Net Change p Average Annual Growth Source: HdL Coren&Cone,Los Angeles County Auditor/Controller The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 17 City of Arcadia PA0101003.ARC:DV B:gbd 10201.002.004/03/20/01 Table 5: Historic Net Assessed Property Values Fiscal Year Amendment City of Los Angeles Area Arcadia County 1997-98......... ........._.._............ 52,503,,-175..._...._.......4,562,523,396_ 496,354;450,361 _.._.__.__................._._.___.................___._............_ 1998-99 _..........._.._._._--._._...............55,446,357 4,741,067.,360 -__--_511,391,91.1.,401 _. 1999-00 55,928,939 4,985,278,649 541,157,056,426 2000-01 56,313,794 5,379,273,744 577,373,379,106 Net Change 3,810,619 816,750,348 81,018,928,745 Net Percent 7.3% 17.9% 16.3% Change Average Annual .. 1.8% 4.5% 4.1% • Growth Data excludes SBE-assessed non-unitary utilities Source: HdL Coren&Cone,Los Angeles County Auditor/Controller The increase in assessed value in the Amendment Area over the four- year period, at 1.8 percent per year, is less than the maximum automatic increase allowed under Proposition 13 limitations without significant improvements being made to a property or the property being transferred to a different owner. This suggests that either there has been little to no investment (improvements) to properties in the Amendment Area, or the value increases that have occurred on some properties has been counterbalanced by a decline in value in other properties in the Amendment Area. In either case, assessed property values are stagnant relative to those in the City overall and the County. 3. Declining Sales Revenues The amount and growth of taxable sales is a major indicator of the economic health of a community's commercial (especially retail) sector. Declining taxable sales, in particular,,are indicative of declining sales, business closure, or a combination thereof. Taxable sales data was collected and analyzed for a three-year period from fiscal year 1997-98 through 1999-2000 for the Amendment Area and the City of Arcadia. The overall trend in sales was calculated for the three-year period for the Amendment Area and compared to that for the The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 18 City of Arcadia PA0101003.ARC:DV B:gbd 10201.002.004/03/20/01 City. As shown in Table 6, taxable sales declined by over 20 percent in the Amendment Area, while taxable sales increased by over 11 percent • for the City during the same period. These data suggest that despite the opening of two supermarkets adjacent to the Amendment Area within the past three years, other businesses in the South Arcadia Business District (and thus the Amendment Area) are continuing to lose business. Figure-5: Net Change in Taxable Sales Revenues.............. .... :. .. . _ ... ...................... Net Percent Change -FY 1997/98 to FY 1999/2000 15.0% - 11.4% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% -25.0% - _-20.4% Amendment Area City of Arcadia Source: Hinderliter de Llamas and Associates Table 6: Historic Sales Tax Revenues FY 97/98 FY 98/99 FY 99/00 Net Change Net Percent Change Amendment Area 167,415 163,253 133,240 (34,167) -20.4% • City of Arcadia 4,181,014 4,414,821 4,657,337 476,323 11.4% Source: Hinderliter,del Llamas and Associates The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 19 City of Arcadia PA0101003.ARC:DVB:gbd . 10201.002.004/03/20/01 J , IV. INFRASTRUCTURE DEFICIENCIES Section 33030(c) of the CRL states that a blighted area may also be characterized by the existence of inadequate public improve_men ,_parkinaIacilities.,o.r_ufihties_Alt ough not a primary blighting factor, these conditions impede the private sector's ability to develop and rehabilitate an area and thereby alleviate blighting_conditions. A...:.............INADEQUATE--PUBLIC-IMPROVEMENTS-AND-UTILITIES _..._.... . I Private owners and developers can be inhibited in their efforts to upgrade or redevelop their property if the public facilities and utilities needed to serve the property are inadequate or non-existent. If, for example, traffic circulation is poor • or utility lines have insufficient capacity, public sector involvement is urgently needed to alleviate these inadequacies. Portions of the Amendment Area are characterized by the existence of inadequate public improvements and utilities. Along Live Oak Avenue and Las Tunas Drive in the Amendment Area, the sewer and water mainlines have exceeded their useful service life and are in need of replacement. Overhead utility lines (telephone and electrical) can be a deterrent to investment and reinvestment by causing an area to look cluttered and by creating a poor image, thus limiting development. However, the costs involved in relocating utility lines are substantial. If private owners are required to pay for undergrounding the lines before development, the feasibility of the development may be impaired. In the Amendment Area, overhead electrical lines are found along Live Oak Avenue. Repairs and improvements are also needed for the traffic signals and traffic median along Live Oak Avenue and Las Tunas Drive. The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 20 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 V. ANALYSIS OF URBANIZATION OF THE AMENDMENT AREA A-s-defined-in-Section3332M--ofthe-CRL to-qualify as a iedevelopmentproject or amendment area, the area must be both blighted and predominantly.urbanized. In the CRL, an area that is predominantly urbanized is one in which not less than 80 percent(80%) of the land: 1. Has been or is developed for urban uses; or 2. Is characterized by lots of irregular shape or inadequate size under multiple ownership; or . 3. Is an integral part of one or more areas developed for urban uses which area • surrounded or substantially surrounded by parcels that have been or are developed for urban uses. In order for a project or amendment area to be considered predominantly urbanized, it must meet at least one of the above three conditions. An analysis of the land uses and acreage of the Amendment Area demonstrates that it is predominantly urbanized under all three of the above criteria. All properties within the Amendment Area are an integral part of an area developed for urban uses. The Amendment Area is an integral part of, and is substantially surrounded by developed residential neighborhoods in Arcadia and the adjacent cities of Temple City, El Monte and unincorporated portions of Los Angeles'County. Section 33344.5(c) requires a Preliminary Report to provide a description of the Amendment Area that is sufficiently detailed for a determination as to whether the area is predominantly urbanized. The description must include, at a minimum, the following information: 1. The total number of acres within the project area; 2. The total number of areas that are characterized by parcels of irregular shape and inadequate size in multiple ownership;' 3. The total number of acres in agricultural use; 4. The total number of acres that is an integral part of an area that is developed for urban uses; Refer to Page 15,"Criteria for Inadequate Parcel Size and Shape in Multiple Ownership"for a more complete definition. The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 21 City of Arcadia • PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 5. The percent of property within the project area that is predominantly urbanized, and; . 6. A map of the project area that identifies the property described in paragraphs 2, 3, 4, and the property not developed for urban use. Table 7 below provides the information identified in paragraphs 1 through 5 above in. tabular form. Exhibit 7 illustrates the information required in paragraph 6 above. • Table 7: Urbanization Analysis Acres Percent Total number of acres in the Amendment Area (net) 50.7 100% Total number of acres characterized by the existence of 13.6 26.9% subdivided lots of irregular form and shape and inadequate size for proper usefulness and development that are in multiple ownership Total number of acres in agricultural use 0 0% Total number of acres that are an integral part of an area 6.8 13.3% developed for urban uses (vacant land) Percent of property that is predominantly urbanized 50.7 100% The Amendment Area contains a total of approximately 50.7 acres (net) categorized in a number of land uses including commercial, industrial and vacant land. The analysis illustrated in Table 7 demonstrates that the Amendment Area is one hundred percent (100%) urbanized and thus meets the urbanization criteria as defined in Section 33320.1 of the CRL. • The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 22 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 • 1 ■ ii1 , 1 `=_-_)--' 1,--LLI-L11-1-` , , . . ,4-1 1 . ;.........?„....- _ ____„_„, , __T___.,__L__ , I 1- 1Th1111 i_. ,__.1 11 . 1 ii111 , 11 ( 11_ • ri-r- 111 . , , 111 \ 1____11 1---'1. 1---111111 " " 1 1 1 1 : 1 1 1 1 i 1 ,--1-,-H, 1 1 i 1--.f, ,1 '--1---L-1._ 11111- -111111111_1i--4-,----1-H--1-1--r-o_ i r , I-, 1 1 I 1 , , 1 , , ; , T- I I i I! I l 1 i 1 1 [---I ______, 1 1 . i 1 1 1 Inliiiii ,_ 1 , 1 t.-4. i LEGEND 1. 1 111 [ 1 1_1 1___I 1----111--7/ 1 i 1 1_1: 1 1 1 1-.1 1 r 11 1 ■ r-1 I -i 1■1 Amendment Area Boundary i ---, 1 i -r-,(1,71 • i I I I I i I r-1 1 1 ! 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I &Inadequate-Size in Multiple : -.4 F----- ,.--I ?-='--1 !---1 i : . , I 1 1; !------k Ownership H '___1 ‘.! 1 .rs-11-1-1 H-1 ' ' ' I 1-1 :; 1 1 1 ' i II ! li 71,..__, 7 r-, 7,: : '17' :-,---1 F---; ---1___ , I 1---1-1 —1 h i I - 'y ' --1-.--1 ,__, 1 L._....2.1 I___1, i___+-1 1-1-- H ( r- 1 , I__.,--; z_i L___1 1-:/Fr- :, / I--7 ;I m 1,i::ml Developed Parcels 1,--T-1 LI I i 1 I , i--1-1 , _____ ---,..._ ;(__ • - i t-i • 1 1_, - „ ..---,-: „!__,; 1 Vacant Parcels i Hi ii i i : Liu li__i___ ___i ! , 1---i----I 1 I . i i :_-___! , . \i--1 . , , . , _...,-.., , 1 1: i 1 , i111111-1 I ( T-1 !--1- 1 [,:_il------ --- ---11-1------11- 1 ril I , ,, ,-;-- 11 , H ; 1 : 1 , , , , Id 1_ , 1 ---;-,_/ -i -,-- , 1_1 , , 1 , , 11 : ; ,____I--; , ___ . , 1 1 I ; • , , , • , I Note:These boundaries are estimates only,and 1 i ; • i_i_.„•,, i • „ , i i i 1 1-1 li ) 1 ,i,,,,, [ I• (__.1 1 I i :____.4 : _d_.4 li : , : iiiil---IN ' lit( ', k j, are based upon GIS and paper boundary maps 1 1---r I I 1 11-1 I i i_ i__1_, . , . , ,-,1 ■ ' ' • , -RQUELLP1 , I---t n 1 : i • 1 • F--1 1 1 1 I I Ei ! , ,, . : provided to KMA by the City -11 11 IL-ILI IIIIIIITII-1— P 1 i--1---td I 1-1/ 1 i i \\ 1 i)mIAL i. -r1 i ( -, i g 1 ' 1----...---5,.---, 1--- i •' 4 11 ir--2-=----r-I I n I 1 , 1 I !---, . 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AMENDMENT NO.5 TO THE CENTRAL REDEVELOPMENT PROJECT W W'pr .- This map was prepared for illustrative purposes only and is not REDEVELOPMENT AGENCY g ' necessarily to scale, nor should it be used to ascertain precise distances. ARCADIA , - / ,,,. I - Prepared by: Keyser Marston Associates,Inc. • Filename: Urbanization.ai;3/21/01;pc • .. ,;5 Vii } �_ VI. DESCRIPTION OF. PROJECT AND PROGRAMS PROPOSED BY THE AGENCY AND HOW THE PROJECTS AND PROGRAMS WILL IMPROVE OR ALLEVIATE BLIGHTING CONDITIONS .... .... ... . The__CRLrequires that_.a...preliminary report_inciudea description of the specific projects.-.._.. and programs-to be undertaken by an agency, anti-how such-projects-and-pro-grams will alleviate blight in the project area. This section describes the Agency's proposed program of redevelopment and it's relationship to blight alleviation in the Amendment Area. The redevelopment program presented herein is conceptual in nature. Due to the lengthy timeframe involved in implementing the Redevelopment Plan, the redevelopment program needs to be flexible and provide the capacity to respond to changes and private sector interest in the Amendment Area. Within the redevelopment program, the Agency will develop specific projects and activities as opportunities arise.' The Agency will also develop more specific program goals and projects for the first five , years of the project implementation as part of its Implementation Plan. A. ' REDEVELOPMENT PROGRAMS The redevelopment,program has been divided into five categories that include the following: Capital and Public Improvements; Commercial Façade Rehab, Business Retention/Attraction; Property Acquisition; and Housing. The Programs non- housing programs are designed to address the most significant blighting conditions in the Amendment Area. The housing program will be designed to effectively utilize the housing set-aside funds generated in the Amendment Area to increase the supply of affordable housing elsewhere in the City. As the most significant blighting conditions are diminished, the Agency believes that more private sector investment will occur in the Amendment Area, leading to further alleviation of blighting conditions. Therefore, the Agency's program of redevelopment will serve as a catalyst to the removal of blighting conditions. 1. Capital and Public Improvements • Anticipated capital and public improvements include, but are not limited to, the addition of street lights, replacement/upgrading of traffic signals, concrete street paving replacement, redesign and reconstruction of street The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 23 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 medians, undergrounding of electrical transmission lines, replacement of . aging water and sewer mains, and replacement of an aging water well. 2. Commercial Façade Rehab Program __.-......_.....__..................._...--...._.............._...._...._.._... _....._...._...._The Commercial Facade._Rehabilitation_P_rogr_am_.(CFRP)_is_an_existing_......,,.. .... __...... .... ...... Agency program that will become available to businesses in the Amendment Area. The CFRP is a loan program that makes funds available for property owners and local merchants to improve the exterior of their property or business location. The program includes four elements: reimbursement for architectural design services, sign replacement loan rebates, façade improvement loan rebates, and general property improvement loan rebates. A business or property owner may apply for one or more of these elements. The CFRP is intended to increase business in the Amendment Area and improve the physical appearance of private commercial properties. 3. Business Retention/Attraction and Incentive Programs The Business Retention/Attraction and Incentive Programs currently in place for the existing Project Area will become applicable to the Amendment Area. These programs allow the Agency to focus efforts on encouraging quality businesses to remain in the Project Area. Working in partnership with the Chamber of Commerce and other City agencies and departments, on-going efforts will be made to attract businesses to the Amendment Area through marketing activities, business development and training programs aimed at business and merchants, and offering incentives to appropriate businesses. 4. Property Acquisition ;, The Agency proposes a selective property acquisition/land assembly program for the purpose of assembling parcels into site suitable for development, and to transfer property for private development. The Agency's efforts in assembling land would be applied in selective cases. The Agency could assist in the selective assembly of parcels of land through negotiated purchase or acquisition. The objective of the program would be the centered on the elimination of existing blighting conditions, such as parcels suffering from inadequate parking or that are too small for development. The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 24 City of Arcadia • PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 Property acquisition would likely take place in response to property owner or developer initiated efforts in which public participation is required to assemble property needed for the expansion or existing uses, or for the creation of a site capable of being developed for new uses. The Agency may choose to participate in the acquisition of property where an existing owner may desire to sell, or to acquire certain parcels for infrastructure or public purposes._. Te propertyacquisftion program wou inc u e, where appropriate, relocation assistance and other incidental costs associated with acquisition. 5. Housing Utilizing the 20 percent housing set-aside tax increment generated, the existing Housing Programs for the existing Project Area will be applied and expanded to the Amendment Area. Since the focus of the redevelopment projects and programs is to alleviate blighting conditions affecting the commercial uses in the Amendment Area, and the fact that the Amendment Area is predominantly commercial and has minimal residential uses, housing funds will be used both inside of and outside of the Amendment Area. The Agency's highest priorities, as described in the Implementation Plan for the existing Project Area, will be to provide 55 housing units to very- low, low, and moderate income seniors and to provide replacement housing for any units destroyed by the Agency. The Agency's next priority will be to help the City to meet its low- and moderate-income housing needs as outlined in the City's General Plana through a variety of programs, including: • Home Rehabilitation Loan Program • First Time Home Buyer Loan Program • Mortgage Assistance Program 8 The Housing Program component of the Original 1994 Plan stated that the Agency's first housing objective was to meet any replacement housing requirements. The Agency has not removed or destroyed any low-or moderate- income units as a result of a redevelopment project since January 1, 1996. However, it is possible that the Agency could be involved in a project,which will require the Agency to replace some units over the duration of the Plan. The Agency's second housing objective, if the first objective does not occur, is to provide housing assistance to 55 very low, low-, and moderate-income families over the duration of the Original Plan. The housing assistance to the 55 units is consistent with the approximate number of households displaced by Agency activity prior to December 1995. As part of this Plan,the Agency is helping a third housing objective,which is to help the City of Arcadia meet its low-and moderate-income housing needs as identified in the Arcadia General Plan adopted September 1996. Objectives two and three overlap—addressing one will in some measure achieve the other. The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 25 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 • Free Market Housing Participation Program • Rental Subsidy Program • Section 8 Program through L. A. County Housing Authority B. HOW THE PROPOSED PROJECTS AND PROGRAMS WILL IMPROVE OR .._.___.._._.ALLEVIATE EXISTING CONDITIONS IN THE AMENDMENT AREA_... .__. . ........_.......... .......... . .. The Agency's proposed program of redevelopment is designed to alleviate the most prevalent conditions of blight, as discussed above, that are found in the Amendment Area. The Agency, acting alone, cannot eliminate all conditions of blight. However, the Agency intends to act as a catalyst to spur the private, sector and area residents and businesses to further assist in the revitalization of the Amendment Area. Figure 6 provides a matrix illustrating the relationship between the proposed programs and the blighting conditions in the Amendment Area. Depending upon the specific projects undertaken under the Capital and Public Improvements program, infrastructure related blighting conditions such as a deficient sewer and water mains, inadequate street lighting, and improvements to traffic signals, will be addressed. Each reflects a shortfall between current demand for public improvements and the level of service provided. As capital improvements are made, the shortfall or gap between adequate levels of service and then current levels will be reduced. Implementation of the Commercial Façade Rehabilitation Program will reduce the number of buildings suffering from deferred maintenance and detrimental building conditions. Façade and site improvements will make the Amendment'Area more attractive and desirable as a place to shop or do business. A more successful commercial area will naturally generate more employment opportunities, support property values, and increase sales tax revenues to the City. The Business Retention/Attraction and Incentive Programs will allow the Agency to support local businesses and attract new businesses to the Amendment Area using the variety of programs and incentives available. Since the number of residential buildings in the Amendment Area is limited, the housing programs to be implemented using the housing set-aside funds will primarily impact the surrounding community by supporting the City's goal of providing safe, decent and affordable housing to households of low and moderate incomes. The Preliminary Report For Amendment,No. 5 Keyser Marston Associates, Inc.. To The Central Redevelopment Project Page 26'. City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 , • • , Figure 6: Relationship Between Programs Proposed by the Agency and Blighting • Conditions in the Amendment Area • Business Capital and Retention/ Public Commercial Attraction and Improvements Facade Rehab Incentive Property Program Program Program Acquisition Blighting Condition Factors That Substandard Design X X Prevent or Substantially Hinder the Inadequate Parking X X Economic Viable Use or Lots of Irregular Shape Capacity of and Inadequate Size in Buildings or Lots. Multiple Ownership Stagnant Property Values X X Declining Sales Revenues X X Inadequate Public Improvements and X Utilties r The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 27 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 VII. PRELIMINARY ASSESSMENT OF PROPOSED METHOD OF FINANCING, ECONOMIC FEASIBILITY, AND REASONS FOR INCLUDING DIVISION OF TAXES PURSUANT TO SECTION 33670. Section 33344.5(c) of the California Redevelopment Law(CRL) provides that the Preliminary Report for the Amendment to add territory (the South Arcadia Amendment Area- to-the existing Central-Redevelopment'Project-the-Central-Project Area- contain a preliminary assessment of the proposed method of financing the Project as amended, including an assessment of economic feasibility and the reasons for including a provision for the division of taxes pursuant to Section 33670 of the CRL. Economic feasibility, for purposes of this analysis, is defined to be a comparative analysis of anticipated costs for implementation of the Amended Project and the resulting revenues expected to be generated. Economic feasibility is determined through a summarized feasibility cash flow analysis of the Project Fund for the Amended Project as summarized on Exhibit 8 (the Central Project Area and the South Arcadia Amendment Area will be collectively referred to as the"Amended Project" in the following discussion). A. a ESTIMATED TOTAL PROJECT COSTS A determination of economic feasibility requires an identification of the potential costs associated with redevelopment of the Amended Project. Redevelopment could require significant participation from the Agency in activities to promote and achieve the goals and objectives of the Amended Plan and to address blighting conditions. The redevelopment activities assumed in this analysis are summarized on Exhibit 9 and are based upon the anticipated projects, programs or activities for both the Central Project and the South Arcadia Amendment, as preliminarily budgeted by the Agency. The redevelopment program described in this section outlines a set of activities to , be implemented by the Agency for the purpose of facilitating private reinvestment in the Amended Project and eliminating physical and economic blighting influences, and increasing, improving and preserving the community's supply of low and moderate income housing. The estimated costs of the proposed redevelopment programs over the life of the Amended Plan are as follows: The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project . Page 28 City of Arcadia . PA0101003.A RC:D V B:g bd 10201.002.004/03/20/01 • Central Project Housing Deferral Repayment $4,046,000 Central Project Debt Service 37,282,000 Central Project City Loan Repayment 800,000 Affordable Housing Programs 16,808,000 Departmental Operations 12,691,000 `_.._ Central_Project-Marketing-.Prog 1,600;000 ram Central Project Identified Projects 17,697,000 South Arcadia Amendment Identified Projects 5,930,000 Future Discretionary Projects 6,015,000 Totals Estimated Costs $102,869,000 • 1. Central Project Housing Deferral Repayment For the period between 1985 through 1996 the Agency elected to defer the housing set aside requirement for the Central Project. As allowed under the CRL, this $4,045,715 cumulative deferral has become an indebtedness of the Central Project and will be repaid from available tax increment revenues commencing in 2014 when the effectiveness of the Central Project redevelopment plan terminates. 2. Central Project Debt Service The Agency will consider funding alternatives allowable under the CRL to finance the anticipated redevelopment programs discussed above, including, for purposes of this analysis, the.issuance of tax allocation bonds. The Agency may utilize tax increment revenues generated in the Amended Project to secure the debt service of tax allocation bonds to assist in the financing of anticipated project costs. The feasibility cash flow anticipates that the Agency will issue tax allocation bonds (taxable and tax exempt) in 2001 secured by tax increment from the Central Project.. The issuance of tax exempt bonds and the use of said proceeds are subject to certain federal tax restrictions. Net bond proceeds have been estimated to be $16,000,000. While the Agency may elect to incur additional bonded indebtedness in the future, for purposes of this analysis, no other future • bond issues are assumed in the Exhibit 8 projection. 3. Central Project City Loan Repayment The Agency annually makes principal and interest payments to the City totaling $400,000 per year to repay a loan advanced from the City Capital The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 29 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 Outlay fund. For FY 2000-01, the Exhibit 8 projection assumes that in addition to the$400,000 debt repayment, an additional one time payment of$400,000 is paid from development proceeds (as assumed in the • Agency's Two Year Operating Budget 2000-2002). Commencing in FY 2001-02, it is assumed that the full $4 million loan amount will be repaid from the 2001 tax allocation bond proceeds. 4. Affordable Housing Programs The Agency is annually required to deposit 20 percent of gross tax increment revenues generated by the Amended Project into the Low and Moderate Income Housing Fund for the purposes of increasing, improving and preserving the community's supply of low and moderate income housing. Specific housing projects, programs and activities have not been delineated in the Exhibit 8 projection, but assume that as housing set aside funds become available they are used by the Agency to fund such expenditures. To the extent that tax increment revenues continue to be allocated'to the Agency past the effective time limits imposed upon the respective redevelopment plans (in order to repay existing indebtedness), 20 percent of such allocation will continue to be deposited in the Housing Fund, as illustrated for the Central Project on Exhibit 8. 5. Departmental Operations The projected cost to administer the redevelopment program over the life • of the Amended Project is initially based an anticipated$600,000 operating budget for FY 2000-01). Subsequent year administrative costs are projected to increase by an assumed 2 percent cost of living factor until FY 2013-14 when the effectiveness of the Central Project redevelopment plan terminates. Commencing in FY 2014-15, upon termination of the effectiveness of the Central Project redevelopment plan, the operating budget is assumed to be reduced by 80 percent and annually increased thereafter by a 2 percent cost of living factor. The reduced operating budget is assumed to reflect the Agency's administration of affordable housing programs and ongoing projects, programs or activities of the South Arcadia Amendment Area. 6. Central Project Marketing Program It is assumed that the Agency's existing marketing program for the Central Project will continue through FY 2013-14 when the effectiveness of the The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The_Central Redevelopment Project Page 30 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 Central Project redevelopment plan terminates. Based upon the Agency's projected budget, it is assumed that the annual budget will be $200,000 per year through FY 2005-06, after which the annual budget will be $50,000 per year until termination of the Central Project Plan. The marketing program currently consists of the Agency's commercial facade rehabilitation program, business attraction and retention efforts and various marketing_campaigns_.... . ...::.. .... _.... .._ _ ._.__... ......_ . .. . ___. ....... . ..... ....... ._. . .. 7. Central Project Identified Projects, Programs or Activities As summarized on Exhibit 9, the assumed projects, programs and activities of the Central Project represent anticipated funding of Agency contributions to police or fire facilities, loan repayment to the City Capital Outlay fund, various capital improvements throughout the Central Project, funding of the contemplated plan amendment and the potential funding of other Agency- assisted development projects as presently budgeted by the Agency. Of the total costs assumed, it is anticipated that much of the identified Central Project costs will be financed by the Agency's anticipated 2001 tax allocation bond. Any additional costs are assumed to be funded on a pay- as-you-go basis as tax increment funds become available, unless the Agency elects to incur future bonded indebtedness to finance any of the additional activities assumed. 8. South Arcadia Amendment Identified Projects, Programs or Activities As summarized on Exhibit 9, the assumed projects, programs and activities of the South Arcadia Amendment Area represent anticipated funding of various public improvements including water, sewer, traffic signalization, street medians, street lighting and utility undergrounding, as identified and budgeted by City and Agency staff. It is assumed that the identified South Arcadia Amendment costs will be funded on a pay-as- • you-go basis as tax increment funds become available, unless the Agency elects to incur future bonded indebtedness to finance any of the additional activities assumed. . 9. Future Discretionary Projects, Programs or Activities To the extent future tax increment revenues continue to be allocated to the Agency and exceed presently identified projects, programs or activities (as shown on Exhibit 9), the financial feasibility analysis assumes that the Agency will exercise its discretion in funding other future projects, The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 31 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 programs or activities of benefit to the Amended Project. For purposes of this projection, commencing FY 2009-10, 100 percent of available funds are assumed to be annually available for future discretionary projects, programs or activities over the effective life of the Central Project or the South Arcadia Amendment. B. AVAILABLE TO THE AGENCY .............. ........ The Amended Plan is prepared with the intent of providing the Agency with the necessary legal authority and flexibility to implement the revitalization of the Amended Project. The Amended Plan authorizes the Agency to finance the Amended Project with financial assistance from any or all of the following sources: (1) City of Arcadia; (2) State of California; (3)federal government; (4)tax increment funds in accordance with provisions of the existing CRL; (5)Agency bonds; (6) interest income; (7) loans from private financial institutions;. (8) lease or sale of Agency-owned property; (9)donations; (10) developer payments and (11) any other legally available public or private sources. Current provisions of the CRL provide authority to the Agency to create indebtedness, issue bonds, borrow funds or obtain advances in implementing and carrying out the specific intents of a redevelopment plan. The Agency is authorized to fund the principal and interest on the indebtedness, bond issues, borrowed funds or advances from tax increment revenue and any other funds available to the Agency. To the extent that it is able to do so, the City may also supply additional assistance through City loans or grants for various public facilities or other project costs. Potential revenue sources to fund project costs, as assumed in the Exhibit 8 financial feasibility cash flow, include, but are not limited to, the following: (1.)tax increment revenues; (2) housing set aside funds; (3) proceeds from the 2001 tax • allocation bond; (4) land sale or lease income; (5) interest earnings and (6) carryover of prior year ending fund balances. The estimated resources available to finance the proposed redevelopment programs are summarized as follows: The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 32 City of Arcadia PA0101003.ARC:DV B:g b d 10201.002.004/03/20/01 Net Tax Increment Revenue—Central Project $58,436,000 Net Tax Increment Revenue—South Arcadia Amendment 6,058,000 Housing Set.Aside—Central Project 14,609,000 Housing Set Aside—South Arcadia Amendment 2,199,000 Net Bond Proceeds-2001 Issue 16,000,000 L and-Sale-Proceeds/L ease-Income............. - _... .._.._.. .....__........ ........4-1-9,000 _... Interest Earnings 2,773,000 Beginning Cash Balance FY 2000-01 Total Aggregate Resources 2.400,000 $102,894,000 • • 1. Tax Increment Revenues and Housing Set Aside • The projections of the incremental taxable values and resulting tax increment revenues for the Central Project and the South Arcadia Amendment are shown on Exhibits 10 and 11, respectively. Reported assessed values for the Central Project provide the basis for the Central • Project tax increment projection (as reported by the Los Angeles County Auditor-Controller for FY 2000-01). The County Fiscal Officer's Report prepared by the Los Angeles County Auditor-Controller on March 6, 2001 provides the basis for the South Arcadia Amendment projection. Future tax increment revenues are based upon assumed increases in the annual incremental assessed valuation resulting from (1)Agency-identified new construction activities and (2)2 percent real property annual inflationary increase allowable under Article XII IA of the California Constitution.9 The net tax increment revenues projected for the Central Project over the remaining life of the Central Project redevelopment plan amounts to $38,163,000 and $9,541,000 would be deposited into the Low and Moderate Income Housing Fund over the same time period. Tax increment generated from the Central Project could be allocated to the Agency for up to an additional 10 years after the Central Project redevelopment plan termination date to repay indebtedness incurred from tax allocation bonds. The Exhibit 8 feasibility projection assumes that an additional allocation of$20,273,000 would be required to repay outstanding indebtedness for a total amount of$58,436,000. As a result of 9 The Central Project tax increment revenues estimated for FY 2000-01 through FY 2009-10 were prepared by HdL Coren and Cone on March 7, 2001 and have been incorporated on the Exhibit 10 projection. The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 33 City of Arcadia PA0101003.ARC:DVB:gbd 10201.002.004/03/20/01 the additional allocation, the Central Project will also deposit an additional $5,068,000 into the Housing Fund for a total Housing Fund deposit of $14,609,000. The net tax increment revenues projected for the South Arcadia Amendment over the 30 year effective life of the South Arcadia - . ._.J.. ......... .. .... . . Amendment._amounts to $6,058,0001u and--$2,1.99,000-would_be_deposited_... .......:.,. ......... . into the Low and Moderate Income Housing Fund. Although not assumed in the Exhibit 8 projection, tax increment generated from the South Arcadia Amendment could be allocated to the Agency for up to an additional 15 years after the South Arcadia Amendment plan termination date to repay indebtedness. Since bonded indebtedness of the South Arcadia Amendment Area is not assumed in the Exhibit 8 projection, the additional allocations of tax increment dollars after the Amendment Area's Plan termination date are not shown. 2.. Net Bond Proceeds from 2001 Bonds The Agency may pledge tax increment revenues to secure the principal and interest payments of tax allocation bonds issued to finance anticipated program costs. The financial feasibility incorporates the Agency's anticipated issuance of 2001 tax allocation bonds which is expected to generate approximately$16 million in net bond proceeds. The 2001 bonds will be secured by tax increment revenues generated by the Central Project. 3. Land Sale and Land Lease Proceeds Based upon the Agency's Two Year Operating Budget for 2000-2002, land sale proceeds totaling $400,000 and land lease proceeds totaling $18,750 have been received by the Agency and have been passed on to the City as repayment for outstanding debt in FY 2000-01. These revenue sources are incorporated in the Exhibit 8 financial feasibility cash flow for reconciliation purposes only. Therefore, for purposes of this projection, no future land sale proceeds or lease income sources are identified for inclusion in Exhibit 8. 10 This amount is net after the statutory pass through payments required,under AB 1290. . The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 34 City of Arcadia . PA0101003.ARC:DV B:gbd . 10201.002.004/03/20/01 4. Interest Income The Agency may receive interest earnings generated from funds on deposit in the bond reserve funds, project operating funds, housing set ------_....__..._....._.........____._._._._:....__.._._................. _aside_funds_and_atheLsp_ecial-funds-_established_ar_theA_mended_Project .__ ._..._...._.. _ ............ Bond reserve funds are assumed to maintain a-fund-balance egwval—to outstanding debt service. Interest earnings are based upon an assumed 5 percent rate and are applied to the balances available in the respective funds. 5. ,Beginning Cash Balance For FY 2000-01, a beginning cash balance of$2.4 million has been incorporated in the Exhibit 8 projection, based upon information provided in the Agency's Two Year Operating Budget for 2000-2002. Subsequent year beginning balances shown on Exhibit 8 are based upon projected ending cash balances from the preceding fiscal year of the projection. C. , PROPOSED FINANCING METHOD, ECONOMIC FEASIBILITY,AND REASONS FOR INCLUDING TAX INCREMENT FINANCING The anticipated costs to implement a program of revitalization in the Amended Project will require significant participation from the Agency as it implements activities which promote and achieve the stated goals and objectives of the Amended Plan. Economic feasibility of the Amended Plan has been determined based upon a comparative cash flow analysis of the.anticipated costs for implementation of the proposed redevelopment program to the resulting projected resources expected to be generated over the life of the Amended Project. The financial feasibility cash flow summarized on Exhibit 8'was,created to - represent one scenario of economic feasibility. At the discretion of the Agency, other funding sources discussed above may also represent viable funding alternatives for economic feasibility of the Amended Plan. Although the Agency may consider other funding sources permitted in the Amended Plan, not all of the funding sources may be available or be feasible for the Agency to use in financing the anticipated costs and revenue shortfalls. In the event that neither the City nor • the private market acting alone could fully bear the costs associated with revitalization of the Amended Project, the implementation of a redevelopment program utilizing tax increment revenues must be considered as a viable financing tool. The Preliminary Report For Amendment No. 5 _ Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 35 • City of Arcadia . PA0101003.ARC:DVB:gbd • 10201.002.004/03/20/01 . • ~ D. BONDED INDEBTEDNESS LIMIT Based upon the financing method discussed above, the following bond limit, as required by the CRL for inclusion in the South Arcadia Amendment, has been determined. The ----------------total bonds supported-hl+whole-opin-part by-tax-increment-revenues, which-may be — -------------- outstanding-at one O� ti time may not exceed a prin cip oal amount of$80,000.000. 7hi S '--------'--' - amount has been determined based on p jected gross bonding capacity supportable from cumulative p jected tax increment revenues generated by the South Arcadia Amendment over the effective life of the amended Redevelopment Plan. • • The Preliminary Report For Amendment No. 5 Keyser Marston Associates, Inc. To The Central Redevelopment Project Page 36 City of Arcadia PA0101003.ARC:DVB:gbd Exhibit 8 . Economic Feasibility Cash Flow _ Central Amendment to Add Territory Arcadia Redevelopment Agency - (000's Omitted) • Original Original Area Plan Area Debt Limit Incurrence 1-25-2014 Amendment Plan Year: 0 1 2 3 4 5 6 7 8 9 10 11 12 131 14 15 16 • 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 I. Beginning Balance 2,400 1,261 1,709 1,958 2,058 2,057 1,691 1,562 1,865 1,772 0 0 0 0 ' 0 0 0 II. Resources: Net Increment-Central Project 2,257 2,361 2,457 2,528 2,579 2,631 2,684 2,739 2,794 2,851 2,930 3,022 3,117 3,215 3,315 3,419 2,155 Net Increment-South Arcadia 0 0 49 74 100 126 134 142 151 159 168 175 181 188 195 203 210 Housing Set Aside-Central Project 564 590 614 632 645 658 671 685 699 713 732 755 779 .804 829 855 539 Housing Set Aside-South Arcadia 0 0 16 25 33 42 45 47 50 53 56 59 62 65 68 71 75 - Net Bond Proceeds-2001 Issue 0 16,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Bond Proceeds-Future Issue 0 0 0 0 0 0 0 0 0 ,0 0 , 0 0 9 0 0 0 Land Sale/Lease Proceeds 419 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest Earnings at 5% 140 141 164 ' 177 182 182 164 157 173 ' 168 79 79 80 79 79 81 81 . i 'Total Projected Resources 3,379 19,091 3,300 3,435 3,538 3,638 3,697 •3,770 3,866 3,942 3,964 4,089 4,219 4,350 4,486 4,629 3,059 III. Expenditures: Central Project Housing Deferral Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,719 1,795 531 2001 TA Bond Debt Service 320 1,576 1,596 1•,595 1,599 1,595 1,591 1,599 1,601 1,596 1,598 1,593 1,601 1,595 1,596 1,624 1,624 Future Debt Service 0 0 0 0 0 0 0 0 0 0 0. 0 0 0 0 0 0 City Capital Outlay Loan Repayment 800 0 0 0 0. 0 0 0 0 0 0 0 0 0 0 0 0 Affordable Housing Program 564 590 630 657 678 700 716 732 749 766 788 814 841 869 897 926 • 614 Departmental Operations at 2%growth 600 612 624 637 649 662 676 689 703 717 731 746 761 776 155 158 162 Central Project Marketing Program 200 200 200 200 200 200 50 50 50 50 50 50 50 50 0 0 0 Central Project Identified Projects 2,033 15,664 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 South Arcadia Identified Projects 0 0 0 246 412 846 793 396 856 909 409 326 43 96 43 96 43 Future Projects(100%of Available) 0 0 0 0 0 0 0 0 0 1,677 387 560 923 964 75 29 86 'Total Projected Expenditures 4,517 18,642 3,051 3,334 3,538 4,003 3,825 3,466 3,958 5,714 3,964 4,089 4,219 4,350 4,486 4,629 3,059 IV. Ending Balance 1,261 1,709 1,958 2,058 2,057 1,691 1,562 1,865 1,772 0 0 0 0 9 ' 0 0 0 Prepared by Keyser Marston Associates,Inc. Filename:ArcadiaFeas_03_13_2001:Cash:3/29/2001:GSH:Page 1 of 2 Exhibit 8 • Economic Feasibility Cash Flow • Central Amendment to Add Territory Arcadia Redevelopment Agency (000's Omitted) South Original Arcadia Area Debt South Debt Repay Arcadia Limit 1-25-2014 j Pltn Limit Amendment Plan Year: 17 18 19 20 21 22 23 24 25 26 27 28 29 ' t 30 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-3012030-31 Totals I. Beginning Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 i 0 2,400 II. Resources: Net Increment-Central Project 1,629 1,625 1,625 1,626• 1,625 1,625 1,628 0 0 0 0 0 0 0 58,436 Net Increment-South Arcadia 218 225 233 241 249 257 266 275 283 292 302 311 320 330 6,058 Housing Set Aside-Central Project 407 406 406 407 406 406 407 0 0 0 0 0 0 0 14,609 Housing Set Aside-South Arcadia 78 82 85 89 92 96 100 104 107 111 116 120 124 1 128 2,199 Net Bond Proceeds-2001 Issue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 16,000 Net Bond Proceeds-Future Issue 0 0 0 0 0 0 0 0 0 0 0 0 0 c, 0 0 Land Sale/Lease Proceeds 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 419 • Interest Earnings at 5% 81 81 81 81 81 81 81 0 0 0 0 0 0 0 2,773 ITotal Projected Resources 2,412 2,419 2,430 2,443 2,453 2,465 2,481 378. 390 403 417 430 444 1 1 458 102,893 III. Expenditures: Central Project Housing Deferral Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 . 0 4,046 2001 TA Bond Debt Service 1,629 1,625 1,625 1,626 1,625 1,625 1,628 0 0 0 0 0 0 0 37,282 • Future Debt Service 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 City Capital Outlay Loan Repayment 0 0 0 0 0 0 0 0 0 0 0 0_ 0 0 800 Affordable Housing Program 485 488 491 495 498 502 507 104 107 111 116 120 124 1 128 16,808 Departmental Operations at 2%growth 165 168 171 175 178 182 186 189 193 197 201 205 209 213 12,691 • Central-Project Marketing Program 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,600 Central Project Identified Projects 0 0 0 0 • 0 0 0 0 0 0 0 0 0 0 17,697 South Arcadia Identified Projects 96 43 96 43 96 43 0 0 0 0 0 0 0 0 5,930 Future Projects(100%of Available) 37 95 46 104 55 113 161 '85 89 95 101 105 111 1 117 6,015 'Total Projected Expenditures 2,412 2,419 2,430 2,443 2,453 2,465 2,481 378 390 403 417 430 444 1 458 102,869 . IV. Ending Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 i 0 • • - Prepared by Keyser Marston Associates,Inc. Filename:ArcadiaFeas_03_13_2001:Cash:3/29/2001:GSH:Page 2 of 2 - 0 0 0 0 0 0 0 O 0 0 O O O b O 0 O O CO 0 0 0 0 0 01 + .. ' N A- O O O 0 O O O O O O O O 0 0 0 0 0 0 0 0 0 0 0 0 CO uS ca CC)" O N O O O O O O O O O O O O 0 0 0 0 0 0 co O O O O O 07 O N m o 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CO 0 0 0 0 CO O d J N M C) C) N O C N CO O O O O O O O O O O O O 0 0 0 0 0 O CO O O O O O 01 — N N d• N- N • 0 0 0 C7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CD 0 0 0 0 CO 01 O) N N CO 0 N A- O O O O O O O O O O O O O A- O O U1 O 01 O o 0 0 0 O �o O N 1- 0 N O O O O O O O O O O O O O 0 0 0 0 0 0 0 CO O O Ch O 0 0) C) 0 0) CO 0)) 0 N (A O O O O O O O O O O O O O 0 0 0 0 0 0 CO O O O CO O CO O O CO ac0 O N O 0 0 0 0 0 0 0 0 0 0 0 0 O O O O 0 OHO CO O O O O CO 0) 0 O) N- 14' 01 C') 0 N N- O O O O O O O O O O O O O 0 0 0 0 0 0 C`7O O O O O O N CO o ti ti 0 N CO O O O O O O O O O O O O O 0 0 0 0 0 0 0 (O O O O O OD N o N CA - C) 0 N Ct) O O O O.O 0 0 0 0 0 0 0 0 O O O CO O O Ch O O O O CO N V' p N CO .Tv 0 N To y 0 �O O O O O O O O O O O O O 0 0 0 0 0 0 0 CO 0 0 0 0 CO 'rnO CA U1 1 O f0 .5 o") Oo N m U O Q N co O O O O O O O O O O O O O 0 0 0 0 0 0 0 0 0 0 0 0 0 N 0 CD N N co O O O O 00 1- 0 0 0 00 CO O O O O O O O O O O O O O CD CD CD 9 r. o (0 00 O r- O CO O C' c a0 ui N r C-, O O O O o N 0 0 0 0 M O O O O O O O O O O O O O 00 lO .- - "' N p O N N N O 0 0 0 0 0 CO 0 0 0 0 1� 0 O C r) CO 0 0 0 0 0 111 CO 0 is p) O O 0.0 N 00 .- C`') Cr) CC) 0 C) Co) C) O Cn n to CO') CO Cn 0 N CO co a) 7 O CO O <- y- N N O CO N N C1 N 1- O) . C`') CO C) N m 'V' 'V' a0 r Cn 0_ . _ op ca 0 8 o co N •Q N Ea. .0 a O y (n to O C a) a) 7 N a) > co > O c .. : �jj C) ,Q y U :� - C Y J J C am --) 0 0 (5 d o Bon. °- 2 . c H 0 fC°op L �u �3 o g Q ¢ Mi N - d U N O aa)) m 0 co N > ` N m N J (0 y $ Chi V Q o a� � ami s 10 CO o C . , I . (� O F o . U N U � °N1 2 ca A o c . m o U m m aci ro •o .00 - 0C >. v U o 0l. 4, m Q � § � � ZnC7 ¢E �� Q � � � g � E > � � � d > co w d o a c „ W . ' m m m >m m m ° mc > ai m `p o m ` . D. o mm 3: 3: in - a o m c -a c ° _ Qa ;� m ` al o c m r iLL a m U (T QU GC . � � a a) min c � T CO al m v C Q m o y_> �' ° cco CC o w o o a> CD a°i m Cl.)° m aci a3i m v o - a it � m0 UaLLU = LDCO - OC (nOF- uocc cc oc oc cc UZi- :EW :Dini- L C G r- N C`'),1- CC7 CO N OO 0) O . <- N CO Yr CC) CO C- CO (A O .- N 15 8 V Q O W v L m a G E m 000000000000 O o 0 0 0 0 0 0 0 0 0 0 0 o v J (02 co CO O N M O O O O O O O O O O O O 0 0 0 0.0 0 0 0 0 0 0 0 0 0) 0) N N O N N O O 00 O O O O O O O O 0 0 0 co co 0 cc 00 0 00 0 N N O N co O 0000000 O O O O 00 O O O 00 00 O 000 r N N N O N N 000000000000 0 0 0 0 0 0 0 0 0 0 0 0 0 CO (0 , N N O N N 0000000000 O O 0000000000000 O 0 N N O N N 0 0 0 00 0 0 0 00 0 0 0 000000 0 0 0 0 0 0 N V' N N . 0 N '500N N ' 000000000000 O O O O O O O O O O O O O O g 0 N N N '_ a N 0 . 0 . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 m N N N N 0 N N 00 0000000000 0 0 0 0 0 0 0 (O O O O O CO 0) 0) N N O N ✓ CO A ' 5`ooE N 000000000000 C OOOOO Cn 00000 M 8 U L]n O O d' ' < N NO N , N 0 000000 0 0 0 0 0 00 0 00 0 00 0 0 00 CO 0) O CA 0) O N C,1) 000000000000 0 0 0 O O O M O O O O O Cn CO CO V J O N Co. 000000000000 0 0 0 0 0 0 0 CO O O O O (O N- r ) O) O N CO N ro ro Q 0 c 0 L N .ca = ON O ) Y > C > O m G1 O ro J u) J V1 a_es r c m y I- N a co= a ca _L v L . Q _,c co ro a w oQ c C.on c o o NE a o 0 « O - ro � •_ o 0 ac U aQ a ~ .0 ..- U ' E2 y Q N N ~ d O R O > ro ro - n cco 0 m C O N ID__ Q ro D y � c J J Q 1 ��O T NL m C ) off OV y cn ci X a Od w ` d • c ca a 2 0 c ) ` U N N a ro o ro •co m c73 -1 a)o »J E N• U 0,-. p c v j ) E c a 0 0 d u -o u p = c aa3 ° D : w co c N N oc ce2 a-i czc � a) a) - 73 = I d .o > 'a moc 2oEmm � c � mma) ao) oo)c� a Iocow 1o . aQ � a1:3 <, 88888 ce inc $ � -0 0M a of a' d 'C -• ° C OO ` a)C • 0 y o 'D c ' 7 V m a CO a a a c fz CO -o a) a • MC, 7 Q - d o c E a o o 0 a) a) a) a) a) a) a) a) c .c o o C� diu. U2u. Du) I- CC u) 0I- CO W f: CeiYOZI- ce nu) F- , 0 21 = ro y — L N M -4. O Co co 0) O N M 'cF to CO f- 000) 0 ,- N N m m' t Cam) G Q r N- 6 r r T o p x 0 CD I-W 'a0Q ° ,na a ai E E m m 0) 0) . E N a it • Exhibit 10 - Tax Increment Projection Central Redevelopment Project Arcadia Redevelopment Agency • (000's Omitted) DebL Incurrence . Reported 1-1-2004 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06' 2006-07 2007-08 2008-09 2009-10 2016-11 2011-12 2012-13 1 I. Real Property 264,795 266,571 288,207 296,377 302,304 308,350 314,517 320,807 327,224 333,768 3431,781 354,095 364,717 II. Personal Property&SBE 22,432 22,432 22,432 22,432 22,432 22,432 22,432 22,432 22,432 22,432 221432 2 22,656 22,883 Ill. Total Project Value 287,227 289,003 310,639 318,809 324,736 330,782 336,949 343,239 349,656 356,200 3661,437 376,977 387,829 Less Base Value. (37,132) (37,132) (37,132) (37,132) (37,132) (37,132) (37,132) (37,132) (37,132) (37,132) (37132) (37,132) (37,132) Incremental Value Over Base 250,095 251,871 273,507 281,676 287,604 293,650 299,817 306,107 312,523 319,068 329',305 339,845 350,697 i IV. Gross Tax Revenue 2,790 2,802 3,042 3,132 3,197 3,263 3,331 3,400 3,470 3,542 3i 642 3,759 3,879 Add Unitary Tax Revenue 82 82 82 82 82 82 82 82 82 82 r 82 82 82 Less County Admin Fees+2% (51) (52) (53) (54) (55) (56) (57) (59) (60) (61) ; (62) (63) (65) Subtotal 2,821 2,832 3,071 3,160 3,224 3,289 3,356 3,423 3,493 3,563 31662 3,777 3,896 Add Projected Supplemental Tax 0 119 0 0 0 0 0 0 0 0 • 0 0 • 0 Less Housing Set Aside at 20% (564) (590) (614) (632) (645) (658) (671) (685) (699) (713) (732) (755) (779) V. Net Tax Increment Revenue 2,257 2,361 2,457 2,528 2,579 2,631 2,684 2,739 2,794 2,851 21930 3,022 3,117 Prepared by Keyser Marston Associates,Inc. Tax increment between FY 2000-1 through 2009-10 prepared by HdL Coren Cone on March 7,2001. Filename:ArcadiaFeas_03_13_2001:Orig:3/29/2001:GSH:Page 1 of 2 • • • Exhibit 10 Tax Increment Projection Central Redevelopment Project Arcadia Redevelopment Agency (000's Omitted) .. •- • Debt Plan Limit Repayment 1-25-2014 I 1-25-2014 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23, 2023-24 I. Real Property 375,659 386,929 398,537 410,493 422,807 435,492 448,556 462,013 475,873 490,150 504,854 II. Personal Property&SBE 23,112 23,343 23,576 23,812 24,050 24,291 24,534 24,779 25,027 25,277 25,530 Ill. Total Project Value 399,002 410,505 422,349 434,543 447,098 460,025 473,335 487,040 501,150 515,679 530,639 Less Base Value (37,132) (37,132) (37,132) (37,132) (37,132) (37,132) (37,132) (37,132) (37,132) (37,132) (37,132) Incremental Value Over Base 361,870 373,373 385,216 397,411 409,966 422,893 436,203 . 449,908 464,018 478,547 493,507 IV. Gross Tax Revenue 4,002 4,130 4,261 4,395 4,534 4,677 4,824 4,976 5,132 5,293 5,458 Add Unitary Tax Revenue 82 82 82 82 82 82 82 82 82 82 82 Less County Admin Fees+2% (66) (67) (69) (70) (71) (73) (74) (76) (77) (79) (80) Subtotal 4,018 4,144 4,274 4,407 4,545 4,686 4,832 4,982 5,137 5,296 5,460 . Add Projected Supplemental Tax 0 0 0 0 0 0 0 0 0 0 0. Less Housing Set Aside at 20% (804) (829) (855) (881) (909) (937) (966) (996) (1,027) (1,059) (1,092) V. Net Tax Increment Revenue 3,215 3,315 3,419 3,526 3,636 3,749 3,866 3,986 4,109 4,237 4,368 • • • • -Prepared by Keyser Marston Associates,Inc. • Tax increment between FY 2000-1 through 2009-10 prepared by HdL Goren Cone on March 7,2001. • Filename:ArcadiaFeas_03_13_2001:Orig:3/29/2001:GSH:Page 2 of 2 • • Exhibit 11 Tax Increment Projection South_Arcadia Amendment Area Arcadia Redevelopment Agency (000's Omitted) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1st Year of TI Base Year Receipt 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 I I. Real Property 49,156 49,156 52,939 56,798 60,734 64,748 68,843 70,220 71,624 73,057 74,518 76,008 77 5R9 79,079 80,661 82,274 Inflationary Growth 0 983 1,059 1,136 1,215 1,295 1,377 .1,404 1,432 1,461 1,490 1,520 1�5 1 1,582 1,613 1,645 New Development Value Added 0 2,800 2,800 2,800 2,800 2,800 0 0 0 0 0 0 i 10 0 0 0 Total Real Property 49,156 52,939 56,798 60,734 64,748 68,843 70,220 71,624 73,057 74,518 76,008 77,529 79;079 80,661 82,274 83,919 II. Personal Property&SBE 5,641 5,641 5,981 6,321 6,661 7,001 7,341 7,341 7,341 7,341 7,341 7,341 713 1 7,341 7,341 7,341 • Subtotal 5,641 5,641 5,981 6,321 6,661 7,001 7,341 7,341 7,341 7,341 7,341 7,341 7;341 7,341 7,341 7,341 Inflationary Growth 0 0 0 0 0 0 0 0 0 0 0 0 ■ 0 0 0 0 New Development Value Added 0 340 340 340 340 340 0 0 0 0 0 0 : 0 0 0 0 Total Personal Property 5,641 5,981 6,321 6,661 7,001 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7;341 7,341 7,341 7,341 III. Total Project Value 54,797 58,920 _63,119 67,395 71,750 76,185 77,562 78,966 80,398 81,860 83,350 84,870 86141 88,002 89,615 91,261' • Less Base Value (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (541797) (54,797) (54,797) (54,797) Incremental Value Over Base 0 4,123 8,322 12,598 16,953 21,387 • 22,764 24,169 25,601 27,062 28,553 30,073 311623 33,205 34,818 36,464 IV. Gross Tax Revenue 0 0 83 126 170 214 228 242 256 271 286 301 13'6 ' 332 348 365 Less County Admin Fees at 2% 0 0 (2) (3) (3) (4) (5) (5) (5) :(5) (6) (6) I (6) (7) (7) (7) , Subtotal 0 0 82 123 166 210 223 237 251 265 280 295 1 310 .325 341 357 a, Less Housing Set Aside at 20% NA NA (16) (25) (33) (42) (45) (47) (50) (53) (56) (59) i(62) (65) (68) (71) Less Statutory Pass Through at 20' NA NA (16) (25) (33) (42) (45) (47) (50) (53) (56) (59) 1(62) (65) (68) (71) Less Statutory Pass Through at 16. NA NA 0 0 0 0 0 0 0 0 0' (2) (5) (7) (9) (12) Less Statutory Pass Through at 11. NA NA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 V. Net Tax Increment Revenue 0 0 49 74 100 126 134 142 151 159 168 175 1>}1 188 195 203 • • Prepared by Keyser Marston Associates,Inc. Filename:ArcadlaFeas_03_13_2001:Added:3/29/2001:GSH:Page 1 of 3 • • - Exhibit 11 • Tax Increment Projection • - South Arcadia Amendment Area • Arcadia Redevelopment Agency (000's Omitted) 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 South • Arcadia Plan . Limit 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 I. Real Property 83,919 85,598 87,310 89,056 90,837 92,654 94,507 96,397 98,325 100,292 102,297 104,343 106,430 108,559 110,730 112?345 Inflationary Growth 1,678 1,712 1,746 1,781 1,817 1,853 1,890 1,928 1,967 2,006 2,046 2,087, 2,129 2,171 2,215 2,259 New Development Value Added 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Real Property 85,598 87,310 89,056 90,837 92,654 94,507 96,397 98,325 100,292 102,297 104,343 106,430 108,559 110,730 112,945 115,203 II. Personal Property&SBE 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 Subtotal 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341_ 7,341 7,341 Inflationary Growth 0 0 0 0 0 0 0 0 . 0 0 0 - 0 0 0 0 0 New Development Value Added. . 0 0 0 0 0 0 0 0 0 0 0 0 01 0 0 0 Total Personal Property 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 . 7,341 7,341 7,341 7,341 7,341 7,341 7,341 •7,341 Ill.Total Project Value 92,939 94,651 96,397 98,179 99,995 101,848 103,739 105,666 107,633 109,639 111,685 113,772 115,900 118,071 120,286 122,545 Less Base Value (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797 (54,797) (54,797) (54,797) Incremental Value Over Base 38,142 39,854 41,600 43,381 45,198 47,051 48,941 50,869 52,836 54,842 56,888 58,974 61,103 63,274 65,489 67,748 IV. Gross Tax Revenue 381 399 416 434. 452 471 . 489 509 528 548 569 590 611 633 655 677 Less County Admin Fees at 2% (8) (8) (8) (9) (9) (9) (10) (10) (11) (11) (11) (12) (1121 (13) (13) (14) Subtotal 374 391 408 425 443 461 480 499 518 537 557 578 5091 620 642 664 •Less Housing Set Aside at 20% (75) (78) (82) (85) (89) (92) (96) (100) (104 Less Statutory Pass Through at 20' (75) (78) (82) (85) (89) (92) (96) (100) (104) (107) (111) (116) (120 (124) (128) (133) (104) (107) (111) (116) (120 (124) (128) (133) Less Statutory Pass Through at 16. (14) (17) (19) (22) (25) (27) (30) (33) (36) (39) (42) (45) (48) (52) (55) (58) Less Statutory Pass Through at 11. 0 0 0 0 0 0 0 0 0 0 0 0 1 01 0 0 (2) V. Net Tax Increment Revenue 210 218 225 233 241 249 257 266 275 283 292 302 311 320 330 338 • • Prepared by Keyser Marston Associates,Inc. - Filename:ArcadiaFeas_03_13_2001:Added:3/29/2001:GSH:Page 2 of 3 • • Exhibit 11 Tax Increment Projection South Arcadia Amendment Area Arcadia Redevelopment Agency • (000's Omitted) 32 33 34 35 36 37 38 39 40 41 42 43 44 45 South Arcadia Debt Repayment Limit 2032-33 2033-34 2034-35 2035-36 2036-37 2037-38 2038-39 2039-40 2040-41 2043-44 2044-45 2045-46 2045-46 2045-46 I. Real Property 115,203. 117,508 119,858 122,255 124,700 127,194 129,738 132,333 134,979 137,679 140,432 143,241 146,106 149,028 Inflationary Growth 2,304 2,350 2,397 2,445 2,494 2,544 2,595 2,647 2,700 2,754 2,809 2,865 2,922 2,981 New Development Value Added 0 0 • 0 0 0 0 0 0 0 0 0 I 0 0 0 Total Real Property 117,508 119,858 122,255 124,700 127,194 129,738 132,333 134,979 137,679 140,432 143,241 146,1061 149,028 152,009 II. Personal Property&SBE 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,3411 7,341 7,341 -- - Subtotal 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,34.1 7,341 Inflationary Growth 0 0 0 0 0 0 0 0 0 0 0 0 0 0 New Development Value Added 0 0 0 0 0 0 0 0 0 0 0 ,0 0 0 Total Personal Property 7,341 7,341 7,341 7,341 7,341 7,341 7,341 7,341 .7,341 7,341 7,341 7,3411 7,341 7,341 Ill. Total Project Value 124,849 127,199 129,596 132,041 134,535 137,079 139,674 142,321 145,020 147,774 150,582 153,447 156,369 159,350 . .- Less Base Value (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797) (54,797. (54,797) (54,797) Incremental Value Over Base 70,052 72,402 74,799 77,244 79,738 82,282 84,877 87,524 90,223 92,977 95,785 98,650 101,572 104,553 IV. Gross Tax Revenue 701 724 748 .772 797 823 849 875 902 930 958 987 1,016 1,046 Less County Admin Fees at 2% (14) (14) (15) (15) (16) (16) (17) (18) (18) (19) (19) (20) (20) (21) _ Subtotal 687 710 733 757 781 806 832, 858 884 911 939 9671 995 1,025 Less Housing Set Aside at 20% (137) (142) (147) (151) (156) (161) (166) (172) (177) (182) (188) (193 (199) (205) Less Statutory Pass Through at 20' (137) (142) (147) (151) (156) (161) (166) (172) (177) (182) (188) (193) (199) (205) Less Statutory Pass Through at 16. (62) (65) (69) (72) (76) (80) (84) (88) (92) (96) (100) (104) (108) (113) • Less Statutory Pass Through at 11. (5) (7) (9) (12) (14) (17) (19) (22) (24) (27) (30) (33y (36) (39) V. Net Tax Increment Revenue 346 354 362 370 379 387 396 405 414 424 433 443 453 463 • Prepared by Keyser Marston Associates,Inc. Filename:ArcadiaFeas_03_13_2001:Added:3/29/2001:GSH:Page 3 of 3 • ARCADIA REDEVELOPMENT AGENCY CITY OF ARCADIA, CALIFORNIA REDEVELOPMENT PLAN FOR THE CENTRAL REDEVELOPMENT PROJECT AND SOUTH ARCADIA Adopted- December 26, 1973 (Ordinance No. 1490) Amendment No. 1 - May 19, 1981 (Ordinance No. 1722) Amendment No. 2 - November 4, 1986 (Ordinance No. 1847) Amendment No. 3 - November 1, 1994 (Ordinance No. 2025) Amendment No. 4 - June 4, 1999 (Ordinance No. 2102) Amendment No. 5- , 2001 (Ordinance No. ) ATTACHMENT 2 REDEVELOPMENT PLAN FOR ARCADIA REDEVELOPMENT AGENCY CENTRAL REDEVELOPMENT PROJECT Table of Contents Redevelopment Plan PREFACE Section I. [§ 100] INTRODUCTION AND TERM OF REDEVELOPMENT PLAN Pg. 1 A. [§ 101] Introduction101] Introduction Pg. 1 B. [§ 102] Term of Redevelopment Plan Pg. 1 Section H. [§ 200] PROJECT AREA BOUNDARIES Pg. 1 Section III. [§ 300] PROPOSED REDEVELOPMENT ACTIONS Pg. 21 A. [§ 301] General3011 General Pg. 1 B. [§ 302] Property Acquisition Pg. 32 1. [§ 303] Acquisition of Real Property 2. [§ 304] Acquisition of Personal Property Pg. 1 • C. [§ 305] Owner ParticipationParticipation by Owner and Tenants Pg. 3 1. [§ 306] Tenant Participation 2. [§ 307] ' . • . . • e . Owner Participation 3. [§ 308] Rules for Participation Opportunities .. Pg. 5 4. [§ 309] Participation Agreements D. [§ 310] Cooperation with Public Bodies . Pg. 4 4 E. [§ 311] Property Management Pg. 5 _ � . ii F. [§ 312] Payments of Taxing Entities Pg. 5 F. [§ 312]G. [§ 313]Relocation of Persons Displaced by the Project Pg. 6 Pg. 5 1_..__ -__ 313]3-141 Assistance-in Finding-Other Locations 2. [§ 3-144315] Relocation Payments G. [§ 315]H. [§ 316]Demolition, Clearance, Public Improvements, Building and Site Preparation ..Pg. 5 1. [§ 34-6}317] Demolition and Clearance 2. [§.317]3181 Public Improvements, Public Facilities, and -Public Utilities 3. [§ 3 }319} Preparation of Building Sites H. [§ 319]I. [§ 3201Rehabilitation and Moving of Structures by the Agency .. Pg. 7Agency Pg. 6 1. [§ 320}321] Rehabilitation 2. [§ 321]322] Moving of Structures I. [§ 322]J. . r§ 323] Real Property Disposition and Development .Pg. 7 1. [§ 323]324] General 2. [§ 32443251 Purchase and Development by Participants 3. [§ 325]326] Purchase and Development Documents Pg. 8 1. [§ 326] Development _ . . . S 4. [§ 327] Development 5. [§ 328] Personal Property Disposition . Section IV. [§ 400] USES PERMITTED IN THE PROJECT AREA Pg. 8 iii A. [§ 401] Map .Pa. 8 I B. [§ 402] Residential Uses .. Pg. 9 I C. [§ 403] Commercial Uses ....Pg. 9 _ D. [§ 404] Industrial Uses Pg. 10 E. [§ 405] Planned Development F. [§ 406] Mixed Uses G. [§ 407] Public Uses 1. [§ 408] 1. [§ 404]Commercial Office Areas 2. [§ 405] Commercial General Areas .D. [§ 406] Industrial Uses :Pg. 9 E. [§ 407] Planned Development ..Pg. 9 F. [§ 408] Mixed Uses .Pg. 9 G. [§ 409] Public Uses .Pg. 10 1. [§ 410] Rights-of-Way 2. [§ 409}411] Public, Semi-Public, Open Space, Institutional, and Non-Profit Uses Pg 11 H. [§ A ! _ -- • .. . 12] General Controls and Limitation • Pg. 11 1. [§ 4 ]4131 New Construction 2. [§ ;. 3. [§ 413]414] Existing Non-conforming Uses • 3. [§ 415] Rehabilitation 4. [§ 44-444 161 Limitation on the Number of Buildings 5. [§ /115] Approximate Number'117] Number of Dwelling Units iv 6. [§ 44-64418] Limitation on Type, Size, and Height of Buildings of Buildings .. Pg.13 7. [V44-714191 Open Spaces, Landscaping, Light, • Air, and Privacy 8. [§ /118] Signs 9. [§ 419] Utilities 10. [§ 4201120] Signs 9. 421] Utilities 10. [§ 422] Incompatible Uses 11. [§ 421] Nondiscrimination423] Non-discrimination and Non- segregation 12. [§ '122] Rcsubdivision of Parcels Pg.11 13. [§ 423] Minor Variations I. {§ 424] Design for Development J. [§ 125]Building Permits . Pg 15/24] Resubdivision of Parcels 13. [§ 425] Minor Variations I. [§ 4261 Design for Development ..Pg. 13 J. [§ 427] Building Permits Pg. 14 1. [§ 42644281 Review of Applications for Issuance of Permits K. [§ 427]429] Conformity with the Municipal Code and General Plan Pg. 14 Section V. [§ 500] METHODS FOR FINANCING THE PROJECT .....Pg. 14 A. [§ 501] General Description of the Proposed Financing Methods ...Pg. 14 B. [§ 502] Tax Increments . Pg.17 V r C. [§ 503] Other Loans and Grants B. [§ 502] Time Limits for the Establishment of Debt...........................Pg. 15 • C. [§ 503] Time Limit for the Repayment of Debt .. .Pg. 15 D. [i 5041 Tax Increment Pg. 15 E. [§ 5051 . Otherr. Loans and Grants .. Pg. 17 F. [§ 506] Bonded Indebtedness Limit Pg. 17 Section VI. . [§ 600] ACTIONS BY THE CITY Pg. 17 Section VII. [§ 700] ADMINISTRATION AND ENFORCEMENT OF THE PLAN OF THE PLAN Pg. 17 Section VIII. [§ 800] PROCEDURE FOR A:M:ENDMENT Pg,1-9AMENDMENT Pg. 18 Section IX. [§ 900] NEIGHBORHOOD IMPACT ELEMENT Exhibit"A" Map • vi • • • Exhibit A Original Project Area Boundary and Land Use Map Exhibit B Original Project Area Legal Description Exhibit C Amendment Area Boundary and Land Use Map Exhibit D Amendment Area Legal Description Exhibit----E--Properties-P-otentiall-y-Subject-to-Eminent Domain • • • • • DEFINITIONS Amendment Area- means the 75± acres of territory added to the existing Central Redevelopment Project. Original Project Area- means the 250 acre territory adopted as the Central Redevelopment Project on December 26, 1973 by Ordinance No. 1490. Project Area- means the Amendment Area and the Original Project Area combined. • • • • • • • ii • PREFACE The Redevelopment Plan ("Original Plan") for the Central Redevelopment Project ("Project") was adopted by the City Council of the City of Arcadia on December 26, 1973 by Ordinance No. ........ .....--_L490. The_area-inc-luded_as-part_of_the e_Or_igi nal-Plan-(`-Original-P-r-oj.ect-Area")-consists-of—_._---_ . ... approximately 250 acres in the downtown area of the City. Subsequent amendments (Amendment Nos. 1 through 4)may be summarized as follows: . Amendment Date Adopted Brief Description Amendment No. 1 May 19, 1981 . Added Planned.Development (PD) Land Use in the area east of Second Street. Amendment No. 2 November 4, 1986 Added term limits for Project, term limits for the use of eminent domain, and the maximum amount • • of tax increment to be received as required by AB 1135. • Amendment N o. 3 October 18, 1984 Added time limits for the incurrence of debt,plan termination and the pay off of debt. • Amendment No. 4 March 17,s1999 Reinstated the use of eminent domain for twelve years with certain residential areas exempted. The Arcadia Redevelopment Agency has proposed a fifth amendment to add territory located in the South Arcadia Business District(the"Amendment Area"), to make minor technical changes, and to eliminate language or requirements that are addressed in the City's General Plan or zoning regulations and to conform to the Agency's current practices in the Project.Area. .As the Redevelopment Plan is an implementing tool of, and is in conformance with the City's General Plan and Zoning Ordinances, the specific language in the Plan regarding permitted uses, density, and other land use controls were redundant. The deletion of this language (as outlined below). does not affect existing city land use controls in the Project or the Agency's ability to redevelop the Project Area. The major changes to the Redevelopment Plan are described as follows: • • Section 200 (Project Area Boundaries)—The boundary description for the Original Project Area was moved to Exhibit B. • • iii • Section 400 (Uses Permitted in the Project Area)—Sections 402 through 406 have been edited to state that permitted land uses in each land use category will be as permitted by the City's General Plan and Zoning Ordinances. • • Section 411 (New Construction)—Specific requirements for setbacks,parking structures, --- ----- par-ki-ng—faciaiaies and-oCfstree�-loading]lave been�eleted Allmewconshuctionss_....._ .... . .. required to comply with the City's General Plan and Zoning Ordinances. ■ Section 415 (Approxi.mate Number of Dwelling Units)—The estimated number of existing dwelling units in the Project Area and the maximum number of dwelling units allowed for the different residential densities has been deleted. The number of dwelling units permitted in the Project Area will be that allowed by the City's General Plan and • Zoning Ordinances. • Section 417 (Open Space, Landscaping, Light, Air and Privacy)—The language governing the amount of open space to be provided has been deleted. This requirement will be governed by the City's General Plan and Zoning Ordinances. The requirement for landscaping plans to automatically be submitted to the Agency for review has been deleted. The Agen.cy may require the submittal of landscaping plans at its discretion. • Section 418 (Signs)—The requirement for sign designs to automatically be submitted to - the Agency for review has been deleted. The Agency may require the submittal of sign designs at its discretion. • Section 424 (Design for Development)—The requirement for the Agency to adopt Design Review Standards has been deleted (Design Review Standards have been • adopted). • Section 426 (Review of Applications for Issuance of Permits)-- The specific process outlined and the requirement for a'written report by the Agency's Executive Director in this section has been deleted. The new text permits the Agency to adopt separate procedures for processing permits. Subsequent to the adoption of the 1973 Plan, the Agency adopted Use and Design.Requirements and Guidelines and a time limit on Agency reviews. These documents establish a procedure for evaluating proposed projects and permit applications. Said documents remain in effect and will be applicable to the Amendment Area until they are amended, deleted or. replaced. • • Section 900 (Neighborhood Impact Element)—This section has been deleted. The neighborhood impacts of the Fifth Amendment to the Plan have been analyzed in the Environmental Review documents and the Agency's Report to the City Council. • • • iv R EDEVELOPMENT PLAN • FOR THE CENTRAL REDEVELOPMENT PROJECT I. [§ 100] INTRODUCTION AND TERM OF REDEVELOPMENT PLAN A. [§ 101] Introduction • The Redevelopment Plan("Plan") for the Central Redevelopment Project("Project") consists of Part I("Text") and Part II("Map").the text and maps ("Exhibits") included herein. This Redevelopment Plan has been prepared by the Arcadia Redevelopment.Agency ("Agency")pursuant to the Community Redevelopment Law of the State of California ("Redevelopment Law"), the California Constitution, and all applicable local laws and ordinances. The California Community Redevelopment Law is located in the California • Health and Safety Code Section 33000, et. seq. The Original Project Area and Amendment Area are collectively referred to as the Project Area. B. [§ 102] Term of Redevelopment Plan This:For the Original Project Area, this Redevelopment Plan shall remain in effect until January 25, 2014, unless this Redevelopment Plan is amended to provide a different time limit permitted under the Redevelopment Law. • For the Amendment Area, this Redevelopment Plan shall remain in effect for aperiod ending 30 years from the effective date of the City ordinance adopting Amendment No. 5. H. [§ 200] PROJECT AREA BOUNDARIES • The boundaries of the Redevelop entOriginal Project Area("Original Project Area") are illustrated on the Map,a map,incorporated herein and attached hereto as Exhibit"A."A. The legal description of the boundaries of the Project Area is as follows:Original Project Area is incorporated herein and attached hereto as Exhibit B. • California, described as follows: BOUNDARY DESCRIPTION _. . . . .• - • •- . ■ • o. 15318 as shown on map • • • • blanch of the Arcadia Sierra Madre Flood Control Chat• .. ; - - .. . : • •: way line to the southerly line of that parcel of land described in deed to Maude Lapham and Mari. • . .. . ... - - 2. . 2, • -- - - . . recoFder hence easterly along the last mentioned line and its castcrly_prolongation to the ___-. San ).. . .9. . • .. • . . . e 7. ' . shown on map recur d in Beek 26-4, pages 3 and ', - - .. - . . ; -..- .. - - 44 !. 4 . thence easterly and northeasterly along the southerly and northeasterly boundary of said recorded in Book 346, pages 12 and 13, of said map. records; the - . northerly along the boundary of last said tract to the southerly line of previously mentioned northeasterly line of the Atchison, Topeka and Santa Fe Railroad right of way; thence - •• . . . . .. - - - - • - - _ .. . .. -- . :; . . • Atchison, Topeka and Santa Fe railroad right of way; thence northwesterly along last said line to the asterly line of Santa Anita Avenue 100 feet wide; thence north along said west line to the south line of . .: . ;. .• Records of said County; thence northwesterly along last said line and its westerly • . . . . . ' - - - •2 -- -- _ - - - -tington Drive as described in the deed to the City of Arcadia recorded in Book 9396, page 145, of Official Records of - - . . ... . .; .- _ -. , . . . - . orthwesterly prolongation to the point of beginning. The boundaries of the Amendment Area are as illustrated on a map incorporated herein and attached hereto as Exhibit C. The legal description of the boundaries of the Amendment Area is incorporated herein and attached hereto as Exhibit D. III. [§ 300] PROPOSED REDEVELOPMENT ACTIONS A. [§ 301] General The Agency proposes to eliminate and prevent the spread of blight in the Project Area by: (1) Acquisition of certain real property. • • 2 (2) Demolition or removal of certain buildings and improvements. (3) Relocation assistance to displaced residential and nonresidential occupants. (4) Installation, construction, or-reconstruction-of-streets, utilities,and other public improvements. (5) Disposition of any property acquired for uses in accordance with this Plan. (6) Redevelopment of land by private enterprise or public agencies for uses in accordance with this Plan. (7) Housing assistance to low and moderate income families as required by law. B. [§ 302] Property Acquisition 1. [§ 303] Acquisition of Real Property Except as specifically exempted herein, the Agency may acquire, but is not required to acquire, any real property located in the Project Area,by any means authorized by law. The Agency shall not within the Project Area acquire (1) interests in oil, gas or other mineral substances, or(2) the right to extract such substances through any opening or penetration for any purpose connected therewith more than 500 feet from the surface. The Agency shall not acquire real property to be retained by an owner pursuant to a participation agreement if the owner fully performs under the agreement. The Agency is authorized to acquire structures without acquiring the land upon which those structures are located. The Agency is authorized to acquire either the entire fee or any other interest in real property less than a fee. The Agency shall not acquire real property on which an existing building is to be continued on its present site and in its present form and use without the consent of the owner, unless (1) such building requires structural alteration, improvement,modernization or rehabilitation, or(2) the site or lot on which the building is situated requires modification in size, shape or use, or(3) it is necessary to impose upon such property any of the standards, restrictions and controls of the Plan and the owner fails or refuses to participate in the Plan by executing a participation agreement. The Agency may commence eminent domain'proceedings within the Original Project Area for the acquisition of prope •-• - - -- . .•- ., T: from January 1, 1999 through and including December 31, 2010. 3 The Agency may commence eminent domain proceedings within the Amendment Area for a period of twelve years from the effective date of the City ordinance adopting Amendment No. 5. For purposes of this Redevelopment Plan, the Agency will be deemed to have. "commenced"--'-eminent domain n proceedings-when-it-has-adopted-a resolution of-necessity pursuant to Codes of Civil Procedure Sections 1245.210 et. seq. (or successor statutes). The properties in the Original.Project Area shown on Exhibit BE to this Redevelopment Plan shall be exempt from the power of eminent domain for this period. • • • 4 2. [§ 304] Acquisition of Personal Property Generally personal property shall not be acquired except in connection with acquisition of related real property. However, where necessary in the execution of this Plan, the Agency is authorized to acquire personal property in the Project Area by any lawful means except eminent domain.—C. [§ 305] Participation by Owner and Tenants 1. [§ 306] Tenant Participation The Agency shall extend preferences to persons who are engaged in business in the Project Area to re-enter in business within the redeveloped areaProjeet Area if they otherwise meet the requirements prescribed by tthis Plan. The Agency shall also extend preferences to other tenants in the Project Area if they otherwise meet the requirements prescribed by thethis Plan. The Agency is authorized to permit business, residential, institutional and semi- public tenants, if they so desire, to purchase and develop real property in the Project Area. 2. [§ 307] Owner Participation The Agency is also authorized to permit persons who are owners of residential, business and other types of real property in the Project Area to be given the opportunity to participate in redevelopment by rehabilitation,by retention of improvements, or by new development by retaining all or a portion of their properties,by acquiring adjacent or other properties in the Project Area, or by selling their properties to the Agency and purchasing other properties in the Project Area. In the event an owner-participant fails or refuses to rehabilitate or newly develop his real property pursuant to this Plan and the agreement, the real property or any interest therein may be acquired by the Agency and sold or leased for rehabilitation or development in accordance with this Plan. If conflicts develop between the desires of participants for particular sites or land uses, the Agency is authorized to establish reasonable priorities and preferences among the owners and tenants. In addition to opportunities for participation by individual persons and firms, participation to the extent it is feasible shall be available for two or more persons, firms or institutions to join together in partnerships, corporations or other joint entities. • Participation opportunities shall necessarily be subject to and limited by such factors as the expansion of public facilities; elimination and changing of land uses; realignment of streets; the ability of owners to finance acquisition and development in accordance with the Plan; the ability of the Agency to pay for any and all costs pertinent to participation opportunities; any reduction in the total number of individual parcels in the Project Area; and development of sites for commercial centers, office and/or industrial parks. 5 '3. [§ 308] Rules for Participation Opportunities The Agency shall provide an opportunity to owners and tenants in the Project Area to participate in the growth and development of the Project Area, and shall promulgate rules for _ owner and tenant par-Gicipation.. . . 4. [§ 309] Participation Agreements Each person desiring to become a participant shall enter into a binding agreement with the Agency by which the participant agrees to rehabilitate, develop or use the property in conformance with thethis Plan and to be subject to the provisions hereof.. In such agreements,participants who retain real property shall be required to join in the recordation of such documents as are necessary to make the provisions of this Plan applicable to their properties. Whether or not a participant enters into a participation agreement with the Agency., the provisions of this Plan are applicable to all public and private property in the Project Area. D. • [§ 310] Cooperation with Public Bodies Certain public bodies are authorized by State law to aid and cooperate,with or without consideration, in the planning, undertaking, construction or operation of this Project. The Agency shall seek the aid and cooperation of such public bodies and shall attempt to coordinate this Plan with the activities of such public bodies in order to accomplish the purposes of redevelopment and the highest public good. The Agency, by law, is not authorized to acquire real property owned by public bodies without the consent of such public bodies. The Agency, however, will seek the cooperation of all public bodies which own or intend to acquire property in the Project Area. The Agency shall impose on all public bodies the planning and design controls contained in the Plan to insure that any future development by public bodies will conform to the requirements of this Plan. Any public body which owns or leases property in the Project Area will be afforded all the privileges of owner and tenant participation if such public body is willing to enter into a participation agreement with the Agency. E. [§ 311] Property Management During such time as property, if any, in the Project Area is owned by the Agency, such property shall be under the management and control of the Agency. Such property may be rented or leased by the Agency pending its disposition for redevelopment. F. [§ 312] Payments to Taxing Entities 6 The Agency is authorized,but not required, to make payment in lieu of property taxes to one or more taxing agencies. The Agency shat-lmay also pay to any school district with territory located within the Project Area any amounts of money which in the Agency's reasonable determination are -_ appropriate to alleviate-any financial burden or detriment caused-to any sueh school district by the Project. F. [§ 312]G. [§ 313] Relocation of Persons Displaced by the Project 1. [§ 313]314] Assistance in Finding Other Locations The Agency shall assist all persons (including families, business concerns and others) displaced by the Project in finding other locations and facilities. In order to carry out the Project with a minimum of hardship to persons displaced from their homes, the Agency shall assist individuals and families in finding housing that is decent, safe, sanitary, within their financial means, in reasonably convenient locations, and otherwise suitable to their needs. The agencyAgency is also authorized to provide housing inside or outside the Project Area for displaced persons. 2. [§ 3-1-4}315] Relocation Payments The Agency is authorized to payall relocation payments and to provide relocation advisory assistance to all Project residents and business concerns that is in the best interest of the Project and as authorized by law. G. [§ 315]H. [§ 316] Demolition, Clearance, Public Improvements, Building and Site Preparation 1. [§ 3-13171 °Demolition and Clearance The Agency is authorized to demolish and clear buildings, structures and other improvements from any real property in the Project Area as necessary to carry out the purposes of this Plan. 2. [§ 317}31.81 Public Improvements, Public Facilities, and Public Utilities The Agency is authorized to install and construct or to cause to be installed and constructed the public improvements, public facilities, public buildings and public utilities (within or outside the Project Area) necessary to carry out the Plan. Such public improvements, public facilities,public buildings and utilities include, but are not limited to, over or underpasses,bridges, streets, curbs, gutters, sidewalks, street lights, sewers, storm drains, traffic signals, electrical distribution systems,natural gas distribution systems, water distribution systems, parks,plazas,playgrounds,telephone systems,motor vehicle parking facilities and landscaped areas. 7 • For the Amendment Area, in addition to the general improvements listed above,the following improvements are anticipated: — _ 1. Replace water mains along Las Tunas Drive from El Monte to Live Oak Avenue. 2... ._Replace-:water-mains-along-Live•Oak.-Avenue-fi om,Second A.venue..to..the.eastern_City • boundary. 3. Replace the existing Baldwin Well with a water well near the Arcadia Wash. 4. Replace sewer mains at Sixth Street and Live Oak Avenue, and Santa Anita Avenue and Live Oak Avenue. 5. Install center medians on Live Oak Avenue and Las Tunas Drive. 6. Install new traffic signal and.related equipment at the intersection of El Monte Avenue and Live Oak Avenue, and replacement traffic signals in the Amendment Area. 7. Replace pavement on Santa Anita Avenue and Second Avenue. 8. Install traffic signal synchronization equipment in streets in the Amendment Area. 9. Redesign the street median at City limit on Live Oak Avenue. 10. Underground electrical transmission lines on Live Oak Avenue. 11. Install or replace street lights along Live Oak Avenue. 3. [§ 3-113191 Preparation of Building Sites The Agency is authorized to prepare or cause to be prepared as building sites any real property in the Project area. • • • 8 320] Rehabilitation and Moving of Structures by the Agency 1. [§ 32-9}3211 Rehabilitation The Agency is authorized to rehabilitate or to cause to be rehabilitated any building or structure--in-the Project Area The Agency is-also-authorized and directed,to-advise;- encourage, and assist in the rehabilitation of property in the Project ar-eaArea not owned by the Agency. . . 9 2. [§ 321]3221 Moving of Structures As necessary in carrying out this plan and only in accordance with applicable provisions of the City's Municipal Code, the Agency is authorized to move or to cause to be moved any standard structure or building to a location within or outside the Project Area. I. {§ 322] REAL PROPERTY DISPOSITION-AND DEVELOPMENT 1. {§ 323} J. [§ 323] Real Property Disposition And Development 1. [[ 3241 General For the purposes of this Plan, the Agency is authorized to sell, lease, exchange, subdivide, transfer, assign, pledge, encumber by mortgage or deed of trust, or otherwise dispose of any interest in real property. To the extent permitted by law, the Agency is authorized to dispose of real property by negotiated leases or sales without public bidding. All real property acquired by the Agency in the Project Area shall be sold or leased to public or private persons or entities for development for the uses permitted in thethi.s Plan. Real property may be conveyed by the Agency to the City or any other public body without charge. Property containing buildings or structures rehabilitated by the Agency shall be offered for resale within one year after completion of rehabilitation or an annual report concerning such property shall be published by the Agency as required by law. The Agency shall reserve such powers and controls in the disposition and development documents as may be necessary to prevent transfer, retention or use of property for speculative purposes and to insure that development is carried out pursuant to this Plan. All purchasers or lessees of property shall be made obligated to use the property for the purposes designated in this Plan, to begin and complete development of the property within a period of time which the Agency fixes as reasonable and to comply with other conditions which the Agency deems necessary to carry out the purposes of this Plan. 2. [§ 32.4}325] Purchase and Development by Participants Pursuant to the provisions of this Plan and the rules adopted by the Agency, the Agency shall offer real property acquired by the Agency in the Project Area for sale to and development by owner and tenant participants prior to, contemporaneously with, or within a reasonable period of time after the time that real property is made available for sale to and development by persons who are not owners or tenants in the Project Area. 3. [§ 325]3261 Purchase and Development Documents 10 • To provide adequate safeguards to ensure that the provisions of this Plan will be carried out and to prevent the recurrence of blight, all real property sold, leased or conveyed by the Agency, as well as all property subject to participation agreements, shall be made subject to the provisions of this Plan by leases, deeds, contracts, agreements, declarations of restrictions,provisions of the zoning ordinance, conditional use permits or other means. Where appropriate, as determined by the Agency;such documents or portions thereof shall be recorded in the Office of the Recorder of the County. The leases, deeds, contracts, agreements and declarations of restrictions may contain restrictions, covenants, covenants running with the land, rights of reverter, conditions • subsequent, equitable servitudes or any other provision necessary to carry out this Plan. All propertyin the Project Area is hereby subject to the restriction that there shall be no discrimination or segregation based upon sex, race, color, age, religion,national origin or property in the Project Area. All property sold, leased, conveyed or subject to a participation agreement shall be made expressly subject by appropriate documents to the restriction that all deeds, leases or contracts for the sale, lease, sublease or other transfer of land in the Project Area shall contain such nondiscrimination and nonsegregation clauses as are required by law. 4. [§ 326]3271 Development To the extent now or hereafter permitted by law, the Agency is authorized to pay for, develop or construct any building, facility, structure or other improvement either within or outside the Project Area for itself or for any public body or public entity to the extent that such improvement would be of benefit to the Project Area. During the period of development in the Project Area, the Agency shall insure that the provisions of this Plan and of other documents formulated pursuant to this Plan are being observed, and that development in the Project Area is proceeding in accordance with development documents and time schedules. Development plans, both public and private, shall be submitted to the Agency for approval and architectural review. All development must conform to this Plan and all applicable Federal, State and local laws must receive the approval of the appropriate public agencies. 11 5. [§ 327}328] Personal Property Disposition For the purposes of this Plan, the Agency is authorized to sell, lease, exchange, transfer, assign,pledge, encumber or otherwise dispose of personal property. IV,..... [§ 400] ... USES-PERMITTED-1-N THE PROJECT AREA A. [§ 401] Map In addition to illustrating the location of the Project Area Map boundaries, the map (Exhibits A and C) also illustrates the proposed public rights-of- way and the proposed land uses to be permitted in the Project Area. Area. Limitations on the type, size, height and number of buildings shall be as allowed for the land uses illustrated in Exhibit C to this Plan and as allowed by the City's General Plan and zoning ordinances. The MapExhibits A and C shall be deemed automatically to be amended to conform to, and shall be deemed to include any and all changes in, the General Plan of the City of Arcadia as the General Plan hereafter may be amended from time to time. B. [§ 402] Residential Uses Low, medium and high densityhigh-density residential developments and related uses are permitted in the areas so designated on Exhibits A and.C and as allowed by the Map,General Plan. New developments in these areas shall be developed in accordance with City standards. Except as inconsistent with this Plan, all requirements of the City's ordinances now existing or as hereafter amended shall apply to such developments. The population density in these residential areas shall not exc--: : . -. ._ - _ following limitations: ! . . . • •.• . . . . (2)7 to 12 dwelling units per acre for medium density residential areas. (3)13+ dwelling units per acre for high density residential areas. C. [§ 403] Commercial Uses 1. f§ 4041 Commercial Office Areas Areas shown on the MapExhibits A and C as Commercial Office shall be developed for commercial office uses and related activities as allowed in the General Plan. 2. [§ 405] Commercial General Areas 12 Areas shown on the-MapExhibits A and C as Commercial General shall be developed for general commercial uses. These general commercial uses shall include but not be limited to office, retail, service, entertainment, planned commercial and for recreational uses,plus related ancillary uses as permitted by the Arcadia Municipal Code and the General Plan. Code. D. [§ 404}406] Industrial Uses Industrial uses shall be allowed in the areas as shown on the Map.Exhibits A and C. These industrial uses shall include all those industrial uses permitted by the applicable zone in the Arcadia Municipal Code and the General Plan including but not limited to uses related to research and development facilities. E. [§ 40.4407 Planned Development Areas shown on the MapExhibits A and C as Planned Development shall be developed in accordance with the City's Planned Development objectives and policies. The Planned Development uses shall include office, retail, hotel,recreational, limited research and industrial uses, and limited residential uses which are developed in uses consistent with the General Plan. such a manner as to encourage architectural and spatial compatibility of structures and uses. AMENDMENT NUMBER ONE ADOPTED BY CITY COUNCIL MAY 19, 1981 F. [§ 406]408] Mixed Uses In the vicinity of Rolyn Place and Santa Anita Avenue, where designated on the Map,Exhibit A, general commercial uses and/or light industrial uses may be permitted in conformance with the zoning ordinance and the General Plan. G. [§ 407] • 13 G. [$ 409]Public Uses 1. [§ 40544101 Rights of Way The principal streets and highways in the Project Area are shown on the mapExhibits A and C and are as follows: . Alta Street La Porte Street Wheeler Avenue ... ' C 11 Driy R l e Second A. - D. . , . • Huntington Drive Santa Anita Avenue Fifth Avenue Indiana Street Santa Clara Street Alta Street La Porte Street Wheeler Avenue Colorado Boulevard Live Oak Avenue Windsor Drive Colorado Place Las Tunas Drive First Avenue Cornell Drive Morlan Place Second Avenue Flower Drive Newman Avenue Fourth Avenue Front Street Rolyn.Place Fifth Avenue Gateway Drive St. Joseph Street Huntington Drive San Rafael Road Indiana Street Santa Clara Street Such streets and alleys in the Project Area may be widened, altered, abandoned or closed as necessary for proper development of the Project. Additional public streets, alleys and easements may be created in the Project Area as needed for proper development and circulation. The public rights-of-way may be used for vehicular and/or pedestrian traffic as well • as for public improvements,public and private utilities, and activities typically found in public rights-of-way. 2. [§ 1109]4.11] Public, Semi-Public, Open Space, Institutional, and Nonprofit Uses With the approval of the Agency, parking, open space, public, semi-public, institutional, and nonprofit uses may be interspersed with other uses in any area. In any area in addition to these areas designated on the MapExhibits A and C as Open Space and Public Facilities Uses, the Agency is authorized to permit the establishment or enlargement of public, semi-public, open space, institutional or nonprofit uses, including civic center buildings and facilities;police and fire stations; park and recreational facilities, 14 hiking and riding trails and facilities; libraries; schools; hospitals; educational, fraternal, employee, philanthropic, and charitable institutions; and facilities or other similar associations or organizations. All such uses shall conform so far as possible to the provisions of this Plan and the General Plan applicable to the uses in the specific area involved. The Agency shall impose such other reasonable restrictions as are necessary to protect the development and use in_the_Project_Area. ....;. 15 • • H. [§ 4914121 General Controls and Limitations All real property in the Project Area is hereby subject to the controls and • requirements of this Plan, which controls and requirements shall conform to and not be less .... .than-those provided in.the.City's.-Municipal--Code-and...Gener-al-Plan.-.. • - . • No real property shall be developed, rehabilitated or otherwise changed after the date of the adoption of the Plan except in conformance with the provisions of this Plan. • 1. [§ 4 }4131 New Construction All construction in the Project Area shall comply with all applicable State-and local • laws in effect from time-to-time and with the City's General Plan and Zoning Ordinances. All setback areas shall be landscaped an: --.; .: - : • -- - -- :- necessary for vehicle access shall be paved. Parking structures and parking facilities for the joint use of two or more parcels of a size sufficient to meet the combined requirements of such parcels may be constructed with - - __ . ._ .• be landscaped in accordance with the City's zoning ordinance to prevent unsightly or barren or in parking spaces. Off street loading facilities shall be located in a manner to avoid interference with public use of sidewalks from the street. All off street loading facilities shall be located at such a depth within a completely The Agency shall establish setback, off street parking and off street loading requirements for all new development within.the Project Ar-a which may exceed but shall • 2. [§ - - , • : . .° -in; 4141 Existing Non-conforming Uses The Agency is authorized to permit an existing use to remain in an existing building • in good condition, which.use does not conform to the provisions of this Plan, provided that such use is generally compatible with the developments and uses in the Project Area. The owner of such a property must be willing to enter into a participation agreement and agree to • 16 the imposition of such reasonable restrictions as are necessary to protect the development and use of the Project Area. The Agency may authorize additions, alterations, repairs or other improvements in the Project Area for uses which do not conform to the provisions of this Plan where such _ improvements_are within..a..portion-of.the-Project-where, in the-determination of the-Agency such improvements would be compatible as interim uses with surrounding uses and development. 3._ [§ 41-314151 Rehabilitation Any existing structure within the Project Area which the Agency shall approve for retention and rehabilitation shall be repaired, altered,reconstructed or rehabilitated in such manner that it will be safe and sound in all physical respects and be attractive in appearance and not detrimental to the surrounding areas. 4. [§ 44-44416] Limitation on the Number of Buildings The number of buildings in the Project Area shall not exceed that which is determined by the Agency and the City Council to be consistent with redevelopment pursuant to this PlanAbe General Plan and Zoning Ordinances. • 17 • 5. [§ Number of Dwelling Units Theapproximato number of dwelling units prcsentlypermitted in the Project Area is xerszsrrgru Lama �eirmiroiromr.sys� :�eu '.tire -emit acre in areas designated and permitting high dc • =E.• • _ :- acre in medium density residential use areas, and 6 shall be consistent with the General Plan and.Zoning Ordinances. dwelling units per acre in low density residential use ar as. 6. [§ 44614181 Limitation on Type, Size, and Height of Buildings The type, size and height of buildings shall be as limited by the applicable Federal, State, and local statutes, ordinances and regulations. 7. [§ 494191 Open Spaces, Landscaping, Light, Air and Privacy The approximate amount of open space to be provided in the Project Area is the total buildings.an.d all other outdoor areas not permitted to be covered by buildings pursuant to ensure optimum use of living plant material. With respect to-the amount of open space to be provided in the Project Area and with regard to the maintenance of sufficient space between buildings to provide for adequate light, air and privacy, the requirements and controls of this Plan shall conform to and not be less • than those provided in the City's General.Plan and Municipal Code. 8. [§ 418] Signs All signs shall conform to City sign ordinances as they now exist or are hereafter review and approval before erection. • 9. [§ 419] Utilities The Agency shall require that all utilities be placed underground when physically and the Agency. 10. [§ 420] Incompatible Uses permitted in any part of the Project Area. Within the Project Arca, c --- • -• •- • 18 • . - - , . • . . - 7 •--• --. •- . . . -- , . . opening or penetration for any purpose connected herewith within 500 feet of the surface. 11. [§ 421] Nondiscrimination and Nonsegregation • creed, religion, national origin or ancestry pemaitted in the sale, lease, sublease, transfer, use, .., •, , _ .-•_ - - . .. - • •- - - Area.• • • • • • • 19 12. [§ 422] Resubdi •i.sion of Parcels After rehabilitation and development pursuant to the.Plan, no parcel in the Project•A• -., .'.- , .., - e. -_ . . . -.. . .. . . .. 7 . .- resubdivided without the approval of the Agency. 13.. [§ 423] Minor Variations Under exceptional circumstances, the Agency is authorized to permit a variation from variation, the Agency must determine that: (1)the application of certain provisions of the Plan would result in practical • difficulties or unnecessary hardships inconsistent with the general purpose and intent of the Plan. the intended development of the property which do not apply generally to (3)Permitting a variation will not be materially detrimental to the public welfare or injurious to property or improvements in the area. • purposes of the Plan. restriction or control provided in the City'sMunicipal.Code. • I. [§ 424] Design for Development setback requirements, design criteria, traffic circulation, traffic access, and other development and design controls necessary for proper The Agency may require submittal of landscaping plans for review and.approval by the Agency before installation. 8. [§ 420] Signs • All signs shall conform to City sign ordinances as they now exist or are hereafter amended. The Agency may require that the design of all new, revised or altered signs shall be submitted to the Agency for review and approval before erection. • 20 • 9. [§ 421] Utilities The Agency shall require that all utilities be placed umd.erground when physically and economically reasonable, or when not feasible, above ground utilities may be permitted by the Agency. • 10. [§ 422] Incompatible Uses No use or structure which by reason of appearance, traffic, smoke, glare, noise, odor or similar factors would be incompatible with the surrounding areas of structures shall be permitted in any part of the Project Area. Within the Project Area, except with the approval of the Agency there shall be no extraction of oil, gas or other mineral substances, nor any opening or penetration for any purpose connected herewith within 500 feet of the surface. 11. [§ 423] Non-discrimination and Non-segregation There shall be no discrimination or segregation based upon sex, race, color, age, creed, religion, national origin or ancestry permitted in.the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of property in the Project Area. 12. [§ 424] Resubdivision of Parcels • After rehabilitation and development pursuant to this Plan, no parcel in the Project Area;including any parcel retained by a conforming owner or participant, shall be resubdivided without the approval of the Agency, consistent with State law, the City's General Plan and Zoning Ordinance. 13. [§ 425] Minor Variations • • Under exceptional circumstances, the Agency is authorized to permit a variation from the limits,restrictions, and controls established by this Plan. In order to permit such variation, the Agency must determine that: (1) the application of certain provisions of this Plan would result in practical difficulties or unnecessary hardships inconsistent with the general purpose and intent of the Plan. (2) There are exceptional circumstances or conditions applicable to the property or to the intended development of the property which do not apply generally to other properties having the same standards, restrictions and controls. (3) Permitting a variation will not be materially detrimental to the public welfare or injurious to property or improvements in the area. (4) - Permitting a variation will not be contrary to the objectives of this Plan. • 21 • • • In permitting any such variation, the Agency shall impose such conditions as are necessary to protect the public health, safety or welfare and to assure compliance with the purposes of this Plan. In no event, however, shall the Agency permit a variance which violates any limit restriction or control providled in.the City s GeneratPlan and 1Vlunicipal. Code. I. [§ 426] Design for Development Within the limits, restrictions and controls established in this Plan, the Agency. ., --- . .. ., . . . • . ..• . -- • ., . -. - standards may impose more stringent requirements but may not impose less stringent development design requirements than those set forth in the City's Zoning e -. -- .doption or amendment thereof is published for two (2) successive weeks in a substantially modified, altered, repaired or rehabilitated except in accordance with architectural, landscape and site plans submitted to and approved.in writing by the Agency. Project Area. There..: b'. - : b-;: : , :. .- . other amenities to enhance the aesthetic quality of the Project Area. The Agency shall not approve any plans that do not comply with this Plan. J. [§ 125] Building Permits • 1. [§ 426] Review of Applications for Issuance of Permits construction on an existing building in the Project Area from the date of adoption of this Plan • until the application for such building permit has beetecessed in the manner herein provided. Any such permit that is issued must be in conformance with the provisions of this Plan. The Applicant shall provide such infennatien as is deemed-necessary by the Agency to permit the Agency to review the application hereunder. • Agency shall be requested by the City to review the application to determine what effect, if .r. - . ... • . ° - . - . .. . ... other requirements set forth in the Plan; and • 22 • (2)What modifications, if any, in the proposed improvements would be necessary in order to meet the requirements of the Plan. City may allow the issuance of the permit with conditions; or shall withhold the issuance of ..��._.....:� • - • - D c * ''S - -. . - r. .mss::.._ permit the City shall notify by certified mail the applicant and the Executive Director of-its decision. • The applicant shall appeal the decision to the City Council within fifteen(15) days after notification of the decision or the decision becomes final. K. [§ 427] Conformity with the Municipal Code Notwithstanding anything provided to the contrary in the Plan, all uses, limits, City'sMunicipal Code; and no building permit or plan for the development, construction or rehabilitation of improvements shall be approved by the Agency which is not in conformity with the City'sMunicipal Code. V. [§ 500] METHODS FOR FINANCING THE PROJECT A. [§ 501] General Description of the Proposed Financial Methods City, State of California,property tax increments, interest income, Agency bonds or any other available source, public or private. Advances and loans for survey and planning and for the operating capital for nominal . administration of this Project have been and are to be provided by the City until adequate tax increments or other funds are available or sufficiently assured to repay the loans and to facilities. The Agency is authorized to issue bonds from time to time if it deems appropriate to de-se-: 23 • The Agency is authorized to obtain advances,borrow funds and create indebtedness indebtedness may be paid from tax increments or any other funds available to the Agency. The Agency shall not establish or incur any loan, advance or indebtedness to be 33670 later than January 1, 2004, unle^ ' ._ .. . . . . • - • The Agency shall not repay any indebtedness or receive any property taxes pursuant ! _. e_',•Agency to the extent required to eliminate project deficits created under subdivision(e) of ' : . the Redevelopment Law for the purpose of eliminating deficits or to implement a • • • • • • • • • • 24 B. [§ 502] Tax Increments All taxes levied upon taxable property within the Project Area.each year by or for the • . . . •... .. .. s. » •.. -. . (1)That portion of the taxes which would be produced by the rate upon which the tax is levied each year by or for each of said taxing agencies upon the total sum of the-assessed value of the taxable property in the Redevelopment Project as shown upon the assessment roll used in connection with the taxation of such . .. . . . - . • . .6'- ., ast equalized prior to the effective date of such ordinance, shall be allocated to and when collected shall be paid into the • funds of the respective taxing agencies as taxes by or for said taxing agencies on all other property are paid (for the purpose of allocating taxes levied by or for any taxing agency or agencies which did not include the territory of the Project on the effective date of such ordinance but to which such territory is annexed or otherwise included after such effective date, the assessment roll determining the assessed valuation of the taxable property in the Project on said.effective date); and (2)That portion of said levied taxes each year in excess of such amount shall be allocated to and when collected shall be paid into a special fund of the Agency . . . .. a , - .. .. °, indebtedness (whether funded, refunded,-assumed or otherwise) incurred by Project exceeds.the total assessed value of the taxable property in the Project as shown by the last equalized assessment roll referred to in paragraph(1) Project shall be paid into the funds of the respective taxing agencies. When • said.bonds, loans, advances and indebtedness, if any, and interest thereon, have been paid, all monies thereafter received from taxes upon the taxable property in the Project shall be paid into the funds of the respective taxing • The portion of taxes mentioned in paragraph(2), above,s arc hereby (vhethcr funded, refunded, assumed or otherwise)by the Agency to finance .;• o specific advances, loans • 25