HomeMy WebLinkAboutItem 2b: Redevelopment Agency Audited Financial, State Housing and Community Development, Blight Removal Progress and Loan and Property Reports 11 I
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STAFF REPORT
Arcadia Redevelopment Agency
DATE: December 7, 2010
TO: Mayor and City Council
Chair and Members of the Redevelopment Agency Board
FROM: Jason Kruckeberg, Assistant City Manager /Development Services_
Director
By: Jerry Schwartz, Economic Development Manager l s
SUBJECT: FY 2009 -2010 REDEVELOPMENT AGENCY STATE CONTROLLER,
AUDITED FINANCIAL, STATE HOUSING AND COMMUNITY
DEVELOPMENT, BLIGHT REMOVAL PROGRESS, LOAN AND
PROPERTY REPORTS
Recommendation: Receive and File
SUMMARY
The California Redevelopment Law (CRL) requires that the Agency prepare certain
reports on its activities every year. These reports include the State Controller's Report,
an Audited Financial Report, and the Housing and Community Development (HCD)
Report. These three reports provide a detailed review of the Agency's financial
transactions and low and moderate income housing activities during the 2009 -2010
fiscal year. These three reports have been completed and will be transmitted to the
State by the end of December 2010.
The CRL (Section 33081.1 of the Health and Safety Code) also requires that three
additional reports be prepared annually and presented to the Agency Board within six
months of the end of the fiscal year (December 31, 2010). These reports are, Blight
Removal Progress, Loan, and Property Reports.
Staff is recommending that the City Council and Redevelopment Agency Board receive
and file the State Controller's Report, Audited Financial Report, and HCD Report, and
direct staff to file them with the appropriate State agencies; and receive and file the
Blight Removal, Loan, and Property Reports.
DISCUSSION
The Agency's audit firm, Caporicci & Larson, prepared the 2009 -2010 Audited Financial
Report. The Agency received an unqualified report, meaning that there were no audit
exceptions for the past fiscal year. The Agency submits its annual report to the State
Controller regarding its previous year's finances on forms that are provided by the State.
Caporicci & Larson prepared the financial section of this report, with City and Agency
staff completing the program and projects portions. The State Controller's Report and
HCD Report will be transmitted to the appropriate State agencies via the internet, and
are available for review at the offices of the Development Services Department,
Economic Development Division.
As previously noted, the CRL (Health and Safety Code Section 33080.1) also requires
that the three additional reports (Blight Removal Progress, Property, and Loan reports)
be presented to the Agency Board within six months after the end of each fiscal year.
These reports are attached as Exhibit D to this staff report. The reports and their
purpose are described below:
1. Blight Removal Progress Report, which specifies the Agency's progress in
alleviating blight during the prior fiscal year;
2. Loan Report, which identifies any loans of $50,000 or more made by the Agency
and are in default or not in compliance with the terms of the loan; and,
3. Property Report, which describes properties owned by the Agency and any
acquired during the previous fiscal year.
It should be noted that, although the Agency gave direction to acquire the properties at
101 -111 and 121 -159 North Santa Anita during the past fiscal year, these transactions,
and the purchase of 19 Lucile Street all closed after the start of the current fiscal year
(2010- 2011). These properties will appear on the Property Report next year.
FISCAL IMPACT
There is no fiscal impact to the submission of these reports. It is important that they are
submitted by the December 31 deadline to avoid any potential financial penalties.
RECOMMENDATION
That the City Council and Redevelopment Agency Board receive and file the
Redevelopment Agency State Controller, Audited Financial, Housing and Community
Development, Blight Removal Progress, Loan, and Property Reports for FY 2009 -2010
and direct staff to transmit the necessary reports to the State by December 31, 2010.
Approved by: ` . -.tt4Q
Donald Penman, City Manager /Executive Director
Attachments: Exhibit A: Agency Audit
Exhibit B: State Controller's Report
Exhibit C: HCD Report
Exhibit D: Blight Progress Report, Loan Report, Property Report
2009 -2010 Agency Report
December 7, 2010
Page 2 of 2
Exhibit A
FY 2009 -10
Arcadia Redevelopment Agency
AGENCY AUDIT
Portions of the Agency Audit attached. For entire audit, please contact Jerry Schwartz, Economic
Development Manager at 574 -5409.
Arcadia
Redevelopment
Agency
Arcadia, California
Basic Financial Statements
and Independent Auditors' Reports
For the year ended June 30, 2010
Management Discussion and Analysis
The information presented in the "Management's Discussion and Analysis" is intended to be a narrative
overview of the Redevelopment Agency of the City Of Arcadia's (Agency) financial activities for the fiscal
year ended June 30, 2010. We encourage readers to consider this information in conjunction with the
accompanying basic financial statements.
FINANCIAL HIGHLIGHTS
• The assets of the Agency exceeded its liabilities at the close of fiscal year June 30, 2010 by $6,916,773
(net assets). Net Assets of $10,125,542 is restricted for Low and moderate housing projects. The
Agency has outstanding long -term debt for redevelopment of assets of which the Agency does not
own or subsequently contribute. (State law requires the Agency to operate only when in debt,
please see page 6).
• The Agency's total net assets increased by $870,263 in fiscal year 2009 -10.
• As of the close of fiscal year June 30, 2010, the Agency's governmental funds reported combined
ending fund balances of $22,181,366, an increase of $118,905 from the prior year. The increase in
ending fund balance is attributable to the additional taxes revenues in excess of the expenditures.
OVERVIEW OF THE BASIC FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the Redevelopment Agency of the
City Of Arcadia's basic financial statements. The Agency's basic financial statements are comprised of three
components: 1) government -wide financial statements, 2) fund financial statements, and 3) notes to the
basic financial statements. In addition to the basic financial statements and required supplementary
information, this report also contains a report on compliance and on internal control over financial
reporting based on an Audit of Financial Statements Performed in Accordance with Government Auditing
Standards.
Government -Wide Financial Statements
The government -wide financial statements are designed to provide readers with a broad overview of the
Agency's finances. These statements include all assets and liabilities, using the full accrual basis of
accounting, which is similar to the accounting used by most private- sector companies. All of the fiscal
year's revenues and expenses are reported as soon as the underlying event giving rise to the change occurs,
regardless of the timing of related cash flows. Thus assets, liabilities and expenses are reported in these
statements for some items that will result in cash flows in future fiscal periods.
• The Statement of Net Assets presents all of the Agency's assets and liabilities, with the difference
reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator
to determine whether the financial position of the Agency is improving or deteriorating.
• The Statement of Activities presents information showing the Agency's revenues and expenses for the
fiscal year. Functional activities are highlighted in this statement, whereby direct and indirect
functional costs are shown net of related program revenue. This statement shows the extent to
which the various functions depend on general taxes and non - program revenues for support.
Both of the government -wide financial statements highlight functions of the Agency that are principally
supported by property tax increment and interest earnings. Redevelopment activities, in general, include
providing needed public improvements, assisting with development and rehabilitation of existing
properties, and providing low and moderate - income housing to eliminate or alleviate blighting conditions.
3
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The Agency uses fund accounting to ensure and demonstrate
compliance with finance - related legal requirements. The Agency only has governmental fund types.
Governmental funds - Government funds are used to account for essentially the same functions reported as
governmental activities in the agency -wide financial statements. However, unlike the agency -wide financial
statements, governmental fund financial statements focus on near -term inflows and outflows of spendable
resources as well as on balances of spendable resources available at the end of the fiscal year. Such
information may be useful in evaluating the agency's near -term financing requirements.
Because the focus of governmental funds is narrower than that of the agency -wide financial statements, it is
useful to compare the information presented for governmental funds with similar information presented
for governmental activities in the agency -wide financial statements. By doing so, readers may better
understand the long -term impact of the agency's near -term financing decisions. Both the governmental
fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund
balances provide reconciliation on pages 15 and 17 to facilitate this comparison between governmental
funds and governmental activities.
The Agency maintains three individual governmental funds, of which all three are considered major funds.
Information is presented separately in the governmental fund balance sheet and in the governmental fund
statement of revenues, expenditures, and changes in fund balances, for each of these funds.
Notes to Basic Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in
the agency -wide and fund financial statements.
AGENCY -WIDE FINANCIAL ANALYSIS
Our agency -wide analysis focuses on the net assets and changes in net assets for the Agency's
governmental activities.
A summary of the Agency's net assets is as follows:
•
Governmental Activities 30- Jun -10 30- Jun-09
Current assets $ 10,780,573 14,017,565
Other assets 11,459,836 10,628,782
Total assets 22,240,409 24,646,347
Non- current liabilities 14,335,000 15,115,000
Other liabilities 988,636 3,484,837
Total liabilities 15,323,636 18,599,837
Net assets:
Restricted 11,965,821 11,050,769
Unrestricted (5,049,048) (5,004,259)
Total net assets $ 6,916,773 6,046,510
4
As noted earlier, net assets may serve over time as a useful indicator of the agency's financial position. In
the case of the Agency, it is $6,916,773 at June 30, 2010, an increase of $870,263 from the prior year.
Other assets increased $831,054 for the additional land improvement made on the site at 21 Morlan Place.
The property is currently leased to Rusnak Mercedes -Benz dealership. The decrease of current assets is
attributable to the pay off of a Promissory Note in the amount of $2,247,000. The note was established as
part of the land acquisition of 21 Morlan Place. Additionally, the Agency also made a payment of $1.5
million to Los Angele County as mandated by the California State in its FY2009 -10 budget to shift property
taxes revenues from redevelopment agencies to K -12 schools.
By far the largest portion of the Agency's Liability reflects its bonded indebtedness totaling $15,115,000, of
which $780,000 is due within one year. The Agency, operating under California Redevelopment Law, must
maintain debt in excess of its available assets to legally receive tax increment revenue. Bond funds may be
used to acquire properties, construct buildings and infrastructure, and to alleviate blight. These
expenditures do not generally create assets to offset bonded debt. Future tax increment revenues must be
used to liquidate noncurrent bond liabilities.
Governmental Activities
Governmental activities increased the Agency's net assets by $870,263. Key elements of this increase are as
follows:
Governmental Activities 30- Jun -10 30- Jun-09
Revenues:
General revenues:
Property taxes $ 4,438,668 4,158,017
Investment income 336,095 705,540
Total general revenues 4,774,763 4,862,557
Expenses:
Redevelopment activities 2,975,138 1,726,912
Interest on long term debt 929,362 965,759
Total expenses 3,904,500 2,692,671
Changes in net assets 870,263 2,169,886
Net assets (deficit) - Beginning of year 6,046,510 3,876,624
Net assets (deficit) - End of year $ 6,916,773 6,046,510
Property tax increment revenues are the Agency's major revenue source. This revenue increased by
$280,651 or 6.7% from the prior year, attributable to the increase of property assessed value. Arcadia
continues to experience moderate growth on real estate value despite the downturn in the real estate
market statewide. Investment earnings of $336,095 were received from investments of available funds, a
decrease of $369,445 or 52.4% from the prior year due to the declining interest rate market. The
expenditures include additional development activities costs incurred for the land assembly of Mercedes -
Benz dealership expansion, construction costs for the street rehabilitation projects in the central
redevelopment area and an Education Revenue Augmentation Fund (ERAF) shift payment of 1.5 million to
Los Angeles County for K -12 schools.
5
FINANCIAL ANALYSIS OF THE AGENCY'S FUNDS
As noted earlier, the Agency uses fund accounting to ensure and demonstrate compliance with finance -
related legal requirements.
Governmental Funds
The focus of the Agency's governmental funds is to provide information on near -term inflows, outflows,
and balances of spendable resources. Such information is useful in assessing the Agency's financing
requirements. In particular, unreserved fund balance may serve as a useful measure of a government's net
resources available for spending at the end of the fiscal year.
As of June 30, 2010, the Agency's governmental funds reported combined ending fund balances of
$22,181,366 an increase of $118,905 from the prior year. Unreserved and undesignated fund balances
totaled $800,889.
DEBT ADMINISTRATION
Long -Term Liabilities
At the end of the current fiscal year, the Agency had total bonded debt of $15,115,000s are secured solely by
property tax increment revenue.
The Agency's total debt decreased by $745,000 or 4.7% during the current fiscal year, due to scheduled debt
service payments made for the tax allocation bonds issued in 2001.
Standard & Poor's rates the Agency's overall 2001 credit rating as A -.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
1. It has eliminated its "incur debt limit," as permitted by Senate Bill 211, but the Agency must now
pass through 25% of the growth in tax increment between FY2003 -04 and future year's annual tax
increment to various taxing entities.
2. The Plan Termination and Debt Payoff dates have been extended for an additional two years to
1/25/2017 and 1/25/2027 respectively, pursuant to Section 33607.7 of the Health & Safety Code.
3. The Agency purchased a property located at 15 -15 1 /2 Lucille Street in FY2009 -10 and its adjacent
property located at 19 Lucille in August 2010. The site is intended to be used for the development
of a low income housing project.
4. The Agency purchased the properties located at 101 -111 N. Santa Anita Avenue and 121 -155 N.
Santa Anita for a total of $3.3 million. Both transactions were closed on August 26, 2010. The
properties are intended to be used for redevelopment purpose in the Arcadia central development
area.
5. The Agency issued Tax Allocation Bond Series 2010 of $19,830,000 on September 7, 2010. The bond
proceeds were used to refund the Agency's outstanding 2001B bonds and pay off the deferred loan
of $4,045,715 to the Low and Moderate Income Housing Fund. The balance will be used for general
development projects.
6
6. The Agency Board has approved a 43 -unit senior housing project that will be located at 16 Campus
Drive and agreed to provide up to $6.9 million of low and moderate income set aside funds to
make the project financially feasible. This development will target low and very low income
senior citizens.
7. As part of the 2009 -2010 California state budget, the Agency is required to shift in total of
approximately $1.8 million in Property Tax Increment to the state as Educational Revenue
Augmentation Fund (ERAF) in fiscal year 2010 -11 and 2011 -12. The Agency has made the
payment of $1.5 million in 2010, and the balance of 318,643 is due in May 2011.
REQUEST FOR INFORMATION
This financial report is designed to provide a general overview of the Agency's finances. Questions
concerning any of the information provided in this report or requests for additional financial information
should be addressed to the Redevelopment Agency of the City of Arcadia, 240 W. Huntington Drive,
Arcadia, California 91006.
7
Arcadia Redevelopment Agency
Statement of Net Assets
June 30, 2010
Governmental
Activities
ASSETS
Current assets:
Cash and investments $ 8,671,062
Cash and investments with fiscal agents 1,840,279
Interest receivable 68,171
Due from County of Los Angeles 101,061
Prepaid items and deposits 100,000
Total current assets 10,780,573
Noncurrent assets:
Property held for resale 11,459,836
Total noncurrent assets 11,459,836
Total assets 22,240,409
LIABILITIES
Current liabilities:
Accounts payable 44,916
Accrued salaries payable 14,127
Interest payable 149,593
Long -term debt - due within one year 780,000
Total current liabilities 988,636
Noncurrent liabilities:
Long -term debt - due in more than one year 14,335,000
Total noncurrent liabilities 14,335,000
Total liabilities 15,323,636
NET ASSETS
Restricted for:
Low and moderate housing 10,125,542
Debt service 1,840,279
Unrestricted (deficit) (5,049,048)
Total net assets $ 6,916,773
See accompanying Notes to Basic Financial Statements.
12
Arcadia Redevelopment Agency
Statement of Activities and Change in Net Assets
For the year ended June 30, 2010
Net (Expense)
Revenue and
Changes in
Net Assets
Governmental
Functions/Programs Expenses Activities
Primary government:
Governmental activities:
Economic development $ 2,975,138 $ (2,975,138)
Interest on long term debt 929,362 (929,362)
Total government activities $ 3,904,500 (3,904,500)
General revenues:
Property taxes 4,438,668
Investment income 336,095
Total general revenues 4,774,763
Change in net assets 870,263
Net assets - beginning of year 6,046,510
Net assets - end of year $ 6,916,773 .
See accompanying Notes to Basic Financial Statements.
13
Arcadia Redevelopment Agency
Balance Sheet
Governmental Funds
June 30, 2010
Major Funds
Debt
Service Funds Capital Projects Funds
Tax Low and Total
Allocation Redevelopment Moderate Governmental
Bonds Projects Housing Funds
ASSETS
Cash and investments $ - $ 3,185,680 $ 5,485,382 $ 8,671,062
Cash and investments with fiscal agents 1,840,279 - - 1,840,279
Interest receivable - 37,386 30,785 68,171
Due from County of Los Angeles - 73,718 27,343 101,061
Prepaid items and deposits - 100,000 - 100,000
Advances to other funds - - 4,045,715 4,045,715
Property held for resale - 10,908,745 551,091 11,459,836
Total assets $ 1,840,279 $ 14,305,529 $ 10,140,316 $ 26,286,124
LIABILITIES AND
FUND BALANCES
Liabilities:
Accounts payable $ - $ 34,081 $ 10,835 $ 44,916
Accrued salaries payable - 10,188 3,939 14,127
Advances from other funds - 4,045,715 - 4,045,715
Total liabilities - 4,089,984 14,774 4,104,758
Fund Balances:
Reserved for:
Encumbrances - 3,234,789 699,858 3,934,647
Prepaid items and deposits - 100,000 - 100,000
Advances to other funds - - 4,045,715 4,045,715
Property held for resale - 10,908,745 551,091 11,459,836
Debt service 1,840,279 - - 1,840,279
Unreserved, undesignated, reported in:
Debt service funds - - - -
Capital projects funds - (4,027,989) 4,828,878 800,889
Total fund balances 1,840,279 10,215,545 10,125,542 22,181,366
Total liabilities and fund balances $ 1,840,279 $ 14,305,529 $ 10,140,316 $ 26,286,124
See accompanying Notes to Basic Financial Statements.
16
Arcadia Redevelopment Agency
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the year ended June 30, 2010
Major Funds
Debt
Service Funds Capital Projects Funds
Tax Low and Total
Allocation Redevelopment Moderate Governmental
Bonds Projects Housing Funds
REVENUES:
Taxes and assessments:
Property taxes $ - $ 3,506,062 $ 932,606 $ 4,438,668
Use of money and property:
Investment income 16,508 198,666 120,921 336,095
Total revenues 16,508 3,704,728 1,053,527 4,774,763
EXPENDITURES:
Current:
Economic development - 2,842,155 132,983 2,975,138
Debt service:
Principal retirements 745,000 - - 745,000
Interest and fiscal charges 935,720 - - 935,720
Total expenditures 1,680,720 2,842,155 132,983 4,655,858
REVENUES OVER (UNDER) EXPENDITURES (1,664,212) 862,573 920,544 118,905
OTHER FINANCING SOURCES (USES):
Transfers in 1,658,720 - - 1,658,720
Transfers out - (1,658,720) - (1,658,720)
Total other financing sources (uses) 1,658,720 (1,658,720) - -
Net change in fund balance (5,492) (796,147) 920,544 118,905
FUND BALANCES:
Beginning of year 1,845,771 11,011,692 9,204,998 22,062,461
End of year $ 1,840,279 $ 10,215,545 $ 10,125,542 $ 22,181,366
See accompanying Notes to Basic Financial Statements.
18
Exhibit B
FY 2009 -10
Arcadia Redevelopment Agency
STATE CONTROLLER'S REPORT
Portions of State Controller's Report attached. For complete report, please contact Jerry Schwartz,
Economic Development Manager at 574 -5409.
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Exhibit C
FY 2009 -10
Arcadia Redevelopment Agency
HCD REPORT
Portions of the HCD Report attached. For complete report, please contact Jerry Schwartz, Economic
Development Manager at 574 -5409.
1W11 1 \Gp011111g D SlC111 - rtujeet t11ca 1JG11C1c11 11110 rage 1 01 1
California Department of Housing and Community Development .��;
-$: Redevelopment Agency Reporting System '
General Project Area Information Sch A, p1
You are Here: Select Year > Schedule Menu > Proiect Area Selector > Project Area Activity Menu > Project Area General Info
« Previous
Page Agency:ARCADIA Fiscal Year :2009/2010 Prepared by: Don Penman
• Admin
For Project Area:CENTRAL REDEVELOPMENT PROJECT
• Select
Year
• FAQ 1.a Project Area Information
• User Info
• Status 1. Year plan for project area was adopted: 1974
• Print 2. Year that plan was last amended (if applicable): 2008
• Logout 3. Was Plan amended after 2001 to extend time limits per Senate Bill 211 Yes
(Chapter 741, Statutes of 2001) ?:
4. Current expiration of redevelopment plan: 2017
If the redevelopment plan for the subject project area was adopted before 1/1/76, and the agency has
elected to apply all or part of Section 33413, identify the resolution date and scope (elected
provisions).: Help?
Date: (mm /dd/yyyy)*
* Note: If dd for the date is not available assume 01
Scope:
5. Project Area Time Limits:
(a) Expiration date of Redevelopment Plan (mm /dd/yyyy): 01/25/2017
(b) Expiration date to incur debt (mm /dd/yyyy): 01/25/2017
(c) Expiration date to receive property tax revenue (mm /dd /yyyy): 01/25/2027
(d) Expiration date to start Eminent Domain (mm /dd/yyyy):
i Save �
Redevelopment Agency Reporting System - General Project Area Information
California Department of Housing and Community Development
https:// ssw2. hcd. ca. gov/ RDA /editProjectAreaGenerallnfo.jsp 12/1/2010
California Redevelopment Agencies - Fiscal Year 2009/2010
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
ARCADIA
Beginning Balance $5,159,283
Adjustment to Beginning Balance $0
Adjusted Beginning Balance $5,159,283
Total Tax Increment From PA(s) $932,604 Total Receipts from PA(s) $1,053,525
Other Revenues not reported on Schedule A • $0
Sum of Beginning Balance and Revenues $6,212,808
Expenditure
Item Subitem Amount Remark
Planning and Administration Costs
Administration Costs $132,982
Subtotal of Planning and Administration Costs $132,982
Property Acquisition
Acquisition Expense $538,519
Site Clearance Costs $12,571
Subtotal of Property Acquisition $551,090
Total Expenditures $684,072
Net Resources Available $5,528,736
Indebtedness For Setasides Deferred $4,045,715
Other Housing Fund Assets
Category Amount Remark
Total Other Housing Fund Assets
Total Fund Equity $9,574,451
2005/2006 $844302
2006/2007 $779028 sum of 4 Previous Years' Prior Year Ending Excess Surplus for
2007/2008 $821753 Tax Increment for 2009/2010 Unencumbered Balance 2009/2010
2008/2009 $870355 $3315438 $4,059,283 $743,845
12/01/10
Page 1 of 2
California Redevelopment Agencies - Fiscal Year 2009/2010
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
ARCADIA
Sum of Current and 3 Previous Years' Tax Increments $3,403,740
Adjusted Balance $4,828,878
Excess Surplus for next year $1,425,138
Net Resources Available $5,528,736
Unencumbered Designated $4,000,000
Unencumbered Undesignated $828,878
Total Encumbrances $699,858
Unencumbered Balance $4,828,878
Unencumbered Balance Adjusted for Debt Proceeds $0
Unencumbered Balance Adjusted for Land Sales $0
Excess Surplus Expenditure Plan No
Excess Surplus Plan Adoption Date
Site Improvement Activities Benefiting Households
Income Level Low Very Low Moderate Total
Land Held for Future Development
Site Name Num Of Zoning Purchase Estimated
Acres Date Start Date Remark
Use of the Housing Fund to Assist Mortgagors
Income Adjustment Factors Requirements Completed
Home $ Hope $
Non Housing Redevelopment
Funds Usage
Resource Needs
LMIHF Deposits/Withdrawls
Document Document Custodian Custodian Copy
Name Date Name Phone Source
Achievements
Description
12/01/10
Page 2 of 2
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California Redevelopment Agencies- Fiscal Year 2009/2010
Project Area Contributions to Low and Moderate Income Housing Fund
Sch A Project Area Financial Information
Agency ARCADIA
Address PO BOX 60021
ARCADIA CA 91066 -6021
- roject Area CENTRAL REDEVELOPMENT PROJECT
Type: Inside Project Area Status: Active
Plan Adoption: 1974 Plan Expiration Year: 2017
Gross Tax Calculated Amount Amount Amount Total % Cumulative
Increment Deposit Allocated Exempted Deferred Deposited Def.
$4,663,022 $932,604 $932,604 $0 $0 $932,604 20.00% $4,045,715
Repayment $0
Category
Interest Income $120,921
Total Additional Revenue $120,921
Total Housing Fund Deposits for Project Area $1,053,525
Agency Totals For All Project Areas:
Gross Tax Calculated Amount Amount Amount Total off, Cumulative
Increment Deposit Allocated Exempted Deferred Deposited Def.
$4,663,022 $932,604.4 $932,604 $0 $0 $932,604 20% $4,045,715
Total Additional Revenue from Project Areas: $120,921
Total Deferral Repayments: $0
Total Deposit to Housing Fund from Project Areas: $1,053,525
Page 1 of 1 12/01/10
Exhibit D
FY 2009 -10
Arcadia Redevelopment Agency
HEALTH AND SAFETY CODE §33080.1
o ALLE VIA TION OF BLIGHT
o LOAN DEFAULT REPORT
o PROPERTY LISTING
1. HEALTH AND SAFETY CODE §33080.1(d)
ALLEVIATION OF BLIGHT
For FY 2009 -10, the Arcadia Redevelopment Agency worked on the following
programs /projects to assist in the alleviation of blight in the Central Downtown Project
Area:
1. Agency staff worked towards implementation of the Land Assembly and
Development Agreement that was approved by the Agency on January 4, 2005.
The Agreement provides that the Agency will assist in the acquisition of
properties adjacent to or near the existing Rusnak Mercedes Benz dealership,
which properties will be sold to the Rusnak Group. During FY 2009 -10, specific
activities on the project included demolishing the building that formerly housed
the Church in Arcadia at 21 Morlan Place, clearing the site, grading and paving
ter property, and entering into a lease agreement with Rusnak Mercedes Benz to
store cars on the entire site.
2. Closed escrow on the acquisition of a vacant two -unit residential property at 15
Lucille Street and demolished the buildings and cleared the site. Issued a Request
for Qualifications to developers to determine interest in developing an affordable
housing project on the site.
3. Reached agreement with the property owners to purchase the commercial
properties at 101 -111 and 121 -159 North Santa Anita Avenue. Escrows were
opened for both property acquisitions.
11. HEALTH AND SAFETY CODE §33080.1 (e)
REPORT ON ALL LOANS IN DEFAULT
The Arcadia Redevelopment Agency has no loans in excess of $50,000 that are in default
from the previous fiscal year or that are not in compliance with the terms of any loan
approved by the Agency.
III. HEALTH AND SAFETY CODE §33080.1(1)
PROPERTY LISTING
The Arcadia Redevelopment Agency owns two parcels of land in the downtown area and
one residential parcel. The Agency completed the acquisition of the property at 15 Lucile
Street during FY 2009 -10.
Property List:
APN Address City, State Current Use
1 5775- 025 -030 35 W. Huntington Dr. Arcadia, CA Self Storage
Facility
2 5775- 025 -026 21 Morlan Place Arcadia, CA Vacant (was
site of Church
in Arcadia)
3 5779- 014 -006 15 Lucile Street Arcadia, CA Vacant two unit
residential
property