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Home My WebLink About3-23-10 Study Session Materials Distributed at MeetingI r Santa Anita Avenue LRT Grade Separation Design Concepts March 22, 2010 ARCADIA C 229' -4" 1 172' -0" 114' -8" > ; 86' -0" NAw4\C -) 3( 4 (o G�Jf svui" Concept D - Generic Chain -Link Barrier I I I I I I I I I I I I I f.. Architectural Treatment P l T ♦ P N. SANTA ANITA AVENUE (View looking North) City of Arcadia Santa Anita Avenue LRT Grade Separation Design LMMM 1$1 rwur f r It Santa Anita Avenue LRT Grade Separation Design Concepts March 22, 2010 4 < 86' -0" XRC.-01 A 172' -0" 86' -0" Concept A - Single Arch Concrete Barrier II❑❑❑❑j�❑n ❑j ❑ ❑❑❑ �u ❑❑ ❑ji ❑❑❑❑❑I�❑ ❑❑ai�j �� 1 I-A P ♦ l t t P City of Arcadia Santa Anita Avenue LRT Grade Separation Design N. SANTA ANITA AVENUE (View looking North) I_ IBI .j I ' r r C Santa Anita Avenue LRT Grade Separation Design Concepts Concept B - Double Arch March 22, 20 10 229' -4" / 172' -0" P . 86'-D" 1 Concrete Barrier f "IL L iL..Li_L._II L IL Ji II L 1lu❑❑ ❑❑ ❑Cl❑ ❑u❑❑ ❑D ❑❑iI cn i % — -- Architectural Treatment o P I City of Arcadia XRC.4QlA Santa Anita Avenue LRT Grade Separation Design ♦ ♦ ♦ ♦ P N. SANTA ANITA AVENUE (View looking North) P. r Iii J Santa Anita Avenue LRT Grade Separation Design Concepts Concept C - Retro March 22, 2010 ,ARC.ADLA 172' -0" 86' -0" / — Concrete Barrier r nF nF F F]FF ❑❑❑ U❑❑❑ ❑❑❑❑❑❑❑ 86' -0" Architectural Treatment i r P ♦ ♦ t N. SANTA ANITA AVENUE (View looking North) City of Arcadia Santa Anita Avenue LRT Grade Separation Design L t P L IBI f r C Santa Anita Avenue LRT Grade Separation Design Concepts March 22. 2010 Precedent Photos ARCADIA City of Arcadia Santa Anita Avenue LRT Grade Separation Design Orange, CA x �w ,1 I i I /r 1 1 P- pla cn 40 4 � . '--- { / - ] | ) �__-- � J , . ��| \ \ / ~� / `| | r v `r f. ��. F--� 77 hk 14 V ��. F--� 77 hk 14 GENERALFUND FISCAL YEAR 2009 -10 BUDGET REVIEW UPDATE March 2, 2010 -inclusive of the proposed revenues, expenditure savings, and authorized use of reserve fund in resolving the projected shortfall during the November 3, 2009 budget review. FY 2009 -10 FY 2009 -10 FY 2009 -10 Adopted November 2009 March 2010 Budget Review Review Beginning Fund Balance $4,900,612 $4,900,612 $4,900,612 Revenues: Revenues 40, 725, 840 40, 029, 902 39, 892, 060 Transfers in from other funds 4,380,610 4,880,610 4,880,610 Total revenues 45,106,450 44,910,512 44,772,670 Expenditures: Expenditures 44, 736,680 44,401,182 44,401,182 Transfers out to other funds 655,770 655,770 655,770 Total expenditures 45,392,450 45,056,952 45,056,952 Authorized Use of Reserve Fund 286,000 300,000 300,000 Net Revenue / Expenditure (under) - 153,560 15,718 Ending Fund Balance $4,614,612 4,754,172 $4,616,330 -inclusive of the proposed revenues, expenditure savings, and authorized use of reserve fund in resolving the projected shortfall during the November 3, 2009 budget review. CITY OF ARCADIA GENERAL FUND FISCAL YEAR 2009 -10 BUDGET REVIEW UPDATE MARCH 2, 2010 Description FY 2009 -10 Adopted Budget FY 2009 -10 November Projections FY 2009 -10 February Projections November vs. February November vs. February Property tax 9,102,000 9,218,268 9,101,400 (116,868) -1.3% Public Safety Augmentation 390,000 342,903 287,800 (55,103) -16.1% Franchise fee 1,100,000 1,100,000 1,058,100 (41,900) -3.8% Sales tax 9,189,000 8,122,350 7,983,300 (139,050) -1.7% Transient occupancy tax 2,495,000 2,495,000 2,279,800 (215,200) -8.6% Utility users tax 5,300,000 5,300,000 5,300,000 0 0.0% Business license tax 961,580 961,580 1,021,100 59,520 6.2% Building permits 680,000 680,000 790,800 110,800 16.3% Plan check fee 535,000 535,000 631,300 96,300 18.0% Motor vehicle license fee 4,526,000 4,556,642 4,486,400 (70,242) -1.5% Ambulance charge 900,000 900,000 1,033,900 133,900 14.9% All other 5,547,260 5,547,260 5,647,260 100,000 1.8% Total Revenue: $40,725,840 $ 39,759,002 $ 39,621,160 $ (137,842) -0.35% c Arcadia Redevelopment Agency Discussion of Options for Refunding the 2001 Tax Allocation Bonds and Issuing New 2010 Taxable Tax Allocation Bonds February 2, 2010 HELDMAN I ROLAPP STRADL[NG YOCCA & ASSOCIATES 4CARLSON & RAUTH Attorneys at Law t Purpose of Tonight's Study Session • Discuss refunding of the 2001 Tax Allocation Bonds in today's market • Discuss Agency's capacity to issue additional Bonds in today's market • Discuss Agency's need to fund Housing Fund cumulative obligation • Discuss Agency's use of bond proceeds • Discuss Subordination of Statutory Pass -Thru Payments FIELDMAN I ROLAPP 2 STRADLING YOCCA & ASSOCIATES 40 CARLSON & RAUTH Attorneys at Law c Review of 2001 Tax Allocation Bonds • Issued on May 16, 2001 • Original Principal Amount of $20,895,000 consisting of $11,655,000 Series 2001 and $9,240,000 Series 2001 B Taxable • Proceeds were used to defease the 1989 Tax Allocation Bonds and finance projects in the Central Redevelopment Project including contribution to new police station • 2001 Bonds insured by MBIA • 2001 Bonds outstanding principal is $15,860,000 as of June 30, 2009 FIELDMAN I ROLAPP 3 STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH A morneys at law Discussion of Refunding the 2001 Tax Allocation Bonds • 2001 Bonds can be refunded on any date on a "Current c • In a "Current Refunding ", the new bond proceeds are used to repay the 2001 Bonds on their redemption dates within 90 days of the new bond closing date • The Industry "Rule of Thumb" is to proceed with a refunding if it achieves at least 3% present value savings net of the costs of issuance Based on current market conditions the 2001 Bonds are not able to be refunded to achieve a 3% present value savings net of the costs of issuance HELDMAN I ROLAPP 4 STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH 'ittarne;s at 1"' 0 0 0 c Discussion of Issuance of New Money Taxable Bonds The Agency has two options available to generate new money by either issuing only Current Interest Bonds ( "CIBs ")or issuing CIBs with Capital Appreciation Bonds ( "CABs "). CIBs are structured so that the Agency begins amortizing principal and interest from the date of issuance through the term of the debt. CABs are structured so the Agency accretes or accrues interest until the CABs mature, and therefore enables the Agency to back load debt after the 2001 TABs mature. Due to the fact that CABs accrete or accrue interest until maturity it requires them to be sold at higher interest rates and makes them more expensive than CIBs FIELDMAN I ROLAPP 5 STRADLING YQCCA & ASSOC�s CARLSON & RAUTH AI.- Ornry.s at Lau. Discussion of Issuance of New Money Taxable Bonds (cont.) The table below compares the two options and shows the Agency nets more proceeds by issuing ClBs with CABs: CIBs Principal Amount $83,0005000 *Reserve Fund (For the benefit $80031000 of bondholders and sized based upon IRS regulations) Issuance Costs Project Fund Total Debt Service $370,000 $6,921,871 $ 1354779140 CIBs plus CABs $9,506,498 $950,650 $392,597 $8,163,251 $1952555720 FIELDMAN I ROLAPP 6 STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH ,itrnrney s at Law Based on Issuance of Current Interest Bonds Arcadia Redevelopment Agency Debt Service and Aggregate Coverage Table (1) Based on HdL's worksheet projecting net tax increment revenues dated 10/28/09 and the pending SERAF payments. ' (2) Based upon current market conditions the 2001 Series A & B Bonds are left outstanding due to not achieving required NPV saving threshold. (3) Based on Parity Bond provisions and current taxable market conditions as of December 2009. ' (4) Available to fund Redevelopment Administration. FIELDMAN I ROLAPP 7 STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH mtornrys at ,Caw SERAF 2001 Series A 2001 Series B Proposed Total Tax Increment Payments Existing Existing New Money SERAF & Unused Year Revenues (1) for FY 2010 & 2011 Debt Service (2) Debt Service (2) Debt Service (3) Debt Service Revenues (4) Coverage 2010 $3,285,000 $1,549,203 901,331 779,389 $0 $3,229,923 $55,077 101.7052% 2011 3,285,000 318,643 900,046 777,514 627,819 2,624,022 660,978 125.1895% 2012 3,285,000 907,386 779,626 934,415 2,621,428 663,572 125.3134% 2013 3,285,000 902,861 780,389 938,880 2,622,130 662,870 125.2798% 2014 3,285,000 901,589 779,801 942,632 2,624,022 660,978 125.1895% 2015 3,285,000 783,269 782,864 1,055,104 2,621,236 663,764 125.3225% 2016 3,285,000 783,269 969,064 870,029 2,622,361 662,639 125.2688% 2017 3,285,000 787,019 970,424 869,104 2,626,546 658,454 125.0692% 2018 3,285,000 789,269 973,724 857,041 2,620,034 664,966 125.3801% 2019 3,285,000 790,019 973,574 858,554 2,622,146 662,854 125.2791% 2020 3,285,000 788,500 974,584 862,573 2,625,656 659,344 125.1116% 2021 3,285,000 790,444 977,044 858,060 2,625,548 659,452 125.1168% 2022 3,285,000 795,594 975,400 850,285 2,621,279 663,721 125.3205% 2023 3,285,000 793,694 974,838 329,160 2,097,691 1,187,309 156.6007% 2024 3,285,000 2,623,485 2,623,485 661,515 125.2151% 2025 3,285,000 0 3,285,000 2026 3,285,000 I 0 I 0 I 3,285,000 1 (1) Based on HdL's worksheet projecting net tax increment revenues dated 10/28/09 and the pending SERAF payments. ' (2) Based upon current market conditions the 2001 Series A & B Bonds are left outstanding due to not achieving required NPV saving threshold. (3) Based on Parity Bond provisions and current taxable market conditions as of December 2009. ' (4) Available to fund Redevelopment Administration. FIELDMAN I ROLAPP 7 STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH mtornrys at ,Caw r Bases on Issuance of Capital Appreciation Bonds (1) Based on Hdl-'s worksheet projecting net tax increment revenues dated 10/28/09 and the pending SERAF payments. (2) Based upon current market conditions the 2001 Series A & B Bonds are left outstanding due to not achieving required NPV saving threshold. (3) Based on Parity Bond provisions and current taxable market conditions as of December 2009 with certain assumptions regarding the CAB interest rate. (4) Available to fund Redevelopment Administration. FIELDMAN I ROLAPP g STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH Attorneys at Lau, Arcadia Redevelopment Agency Debt Service and Aggregate Coverage Table SERAF 2001 Series A 2001 Series B Proposed Total Tax Increment Payments Existing Existing New Money SERAF & Unused Year Revenues (1) for FY 2010 & 2011 Debt Service (2) Debt Service (2) Debt Service (3) Debt Service Revenues (4) Coverage 2010 $3,285,000 $1,549,203 901,331 779,389 $0 $3,229,923 $55,077 101.7052% 2011 3,285,000 318,643 900,046 777,514 625,105 2,621,308 663,692 125.3191% 2012 3,285,000 907,386 779,626 937,064 2,624,076 660,924 125.1869% 2013 3,285,000 902,861 780,389 943,269 2,626,519 658,481 125.0705% 2014 3,285,000 901,589 779,801 940,757 2,622,147 662,853 125.2790% 2015 3,285,000 783,269 782,864 1,056,709 2,622,842 662,158 125.2458% 2016 3,285,000 783,269 969,064 871,994 2,624,327 660,673 125.1750% 2017 3,285,000 787,019 970,424 865,514 2,622,957 662,043 125.2404% 2018 3,285,000 789,269 973,724 858,210 2,621,202 663,798 125.3242% 2019 3,285,000 790,019 973,574 858,259 2,621,851 663,149 125.2931% 2020 3,285,000 788,500 974,584 861,203 2,624,287 660,713 125.1769% 2021 3,285,000 790,444 977,044 859,170 2,626,657 658,343 125.0639% 2022 3,285,000 795,594 975,400 850,700 2,621,694 663,306 125.3007% 2023 3,285,000 793,694 974,838 857,767 2,626,298 658,702 125.0810% 2024 3,285,000 2,625,000 2,625,000 660,000 125.1429% 2025 3,285,000 2 620,000 2,620,000 665,000 2026 3,285,000 I 2,625,000 I 2,625,000 660,000 I 125.1429 % (1) Based on Hdl-'s worksheet projecting net tax increment revenues dated 10/28/09 and the pending SERAF payments. (2) Based upon current market conditions the 2001 Series A & B Bonds are left outstanding due to not achieving required NPV saving threshold. (3) Based on Parity Bond provisions and current taxable market conditions as of December 2009 with certain assumptions regarding the CAB interest rate. (4) Available to fund Redevelopment Administration. FIELDMAN I ROLAPP g STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH Attorneys at Lau, 14 Discussion of Agency's Housing Fund cumulative obligation • The Department of Housing and Community Development audited the Agency's Low and Moderate Housing Fund. • The Agency contends that its requirements to repay the $4,045,715 cumulative obligation begins in 2014 per the 5 year Implementation Plan for the period (2010 — 2015). FIELDMAN I ROLAPP 9 STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH Attorneys at Lain f Discussion of Agency's Housing Fund cumulative obligation (coast.) • Agency Counsel, Bond Counsel and Financial �i Advisor have concluded that in order for the Agency to issue future Tax Allocation Bonds the Agency must address the Housing Fund cumulative obligation. • The Agency plans on addressing the Housing Fund cumulative obligation by appropriating future bond proceeds. FIELDMAN I ROLAPP 10 STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH Arrom ys at Last• Discussion of Use of Bond Proceeds 0 0 Under the recommended Financing plan presented on S c No. 5 whereby the Agency issues both CIBs and CABs, the Agency will net approximately $8.2 million new money proceeds and $4.1 million will be paid into Housing Fund and approximately $4.1 million will be available for new projects. If the Agency decides to issue only CIBs as presented on Slide No. 5, the Agency will net approximately $6.9 million new money proceeds and $4.1 million will be paid into Housing Fund and approximately $2.8 million will be available for new projects. FIELDMAN I ROLAPP 11 / STRADLING YOCCA & ASSO ATES CARLSON & RAUTH Attorneys ar Lim 4 Discussion of Use of Bond Proceeds (cont.) c • The Agency has earmarked the use of bond proceeds for economic development activities such as land purchases, site assembly and developer assistance. • Due to the private activity use of the bond proceeds it requires the Bonds to be sold on a taxable basis. FIELDMAN I ROLAPP 1 STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH Atwncys at ,Law Discussion of Subordination of Statutory Pass -Thru Payments • By adoption of the amendment to the Redevelopment Plan under SB 211 the Agency became obligated to make statutory pass-thru. payments to other tang entities in FY 04/05. • The SB 211 payments are estimated to be $232,000 in FY 09/10 escalating to $435,000 in FY 16/17. HELDMAN I ROLAPP 13 STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH Attorneys at Lau, 1 f � Discussion of Subordination of Statutory Pass -Thru Payments (cont.) • The Agency is able to subordinate its obligation to pay SB 211 payments to debt service by notifying the recipients of the SB 211 payments of its intent to do so and demonstrating there is no financial impact. • The Subordination of the SB 211 payments will improve the Agency's Debt Service Coverage. • The Agency's Bond Counsel will draft a letter to send to the SB 211 recipients. FIELDMAN I ROLAPP 14 STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH Artarncys at Lmv f Recommendations • Authorize staff to move forward with the issuance of Current Interest Bonds and Capital Appreciation Bonds to generate taxable new money proceeds. • Authorize staff to bring bond documents for approval in May by the City Council and the Redevelopment Agency. HELDMAN I ROLAPP 15 STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH Aaorneys at ,Law r � Recommendations (cont.) • Authorize staff to plan for use of proceeds of the new money issue to fund repayment of the Housing Fund cumulative obligation and to fund economic development related projects. • Authorize staff to distribute Subordination letters to recipients of SB 211 payments, FIELDMAN I ROLAPP 16 STRADLING YOCCA & ASSOCIATES CARLSON & RAUTH Auomeys ar Law