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HomeMy WebLinkAboutItem 2b: Redevelopment Agency Audited Financial, State Housing and Community Development, Blight Removal Progress and Loan and Property Reports 11 I Pr PI 1.1 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. 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CO _ 0 L y :_i V 00 m O 0 0 N CO Z 07 Z ► ' - E m and coo °i > m yy C o N N O O... Q c ✓ mu c c , - c r - O W as a. W . Q L i L L D L 1 7 c la o LL m 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 to O N N .. N in 01 r d C r) in ei N in O F O o Q d 2 r W G aoa d E N •- L 0 N Oc o c N N ▪ N • t w • al CO 2 G C x O. o 0 0 A 0 O e ti ° o C N 6 N H 4i c O c0 7 « y at 00 V U. y C O Cal h O a- C c LL N 0) C N A g C C 2 V, J DI 0) C 1- d1 c G = w N 0 N r • ' 0 9- o d 0 w o S E'er a�Z a a ii m m c u) 13 i 0 C-0 N c 7 0. ° O i N d C fa< w C a a Ct a x w 0 0 d J u w W = E o c v v a «o E� o o o c O a► a co o ao m ° Q c _o w c 3 t 4► ) � � 0. C 0 .03 EU 0 0 o a) o l0 a w co co 0 Q Q E N N ✓ 01 .- cn Co) C E N '3 w w O d . N .... O a d N N r. N 0 0 r F y 0 co 0 0 V A oU w w c a O G CO J 2 C 2 O a a o ` W H o W W r C i H 0. Q J F- IZ W 0 i. O O. C a Q Z 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