HomeMy WebLinkAboutItem 2b: Redevelopment Agency Report for FY 2008-2009DATE: December 15, 2009
TO: Mayor and City Council
Arcadia Redevelopment Agency Board
STAFF REPORT
Arcadia Redevelopment Agency
FROM: Jason Kruckeberg, Development Services Director /Deputy Executive
Director TK--
By: Jerry Schwartz, Economic Development Manager los
SUBJECT: FY 2008 -2009 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 the Agency to . 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 2008 -2009
fiscal year. Much of the information in these reports was also contained (in a different
format) in the Agency's Five Year Implementation Plan, which was adopted at the
December 1 meeting. These three reports have been completed and will be
transmitted to the State by the end of December 2009.
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, 2009). These reports are, the Blight
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 2008 -2009 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 in the Development Services Department.
As previously noted, the CRL (Health and Safety Code Section 33080.1) also requires
that the three additional reports (Blight, 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 report. The reports and their purpose are described below:
1. Blight 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 approved the acquisition of 15 Lucille
Street during the past fiscal year, the transaction closed after the start of the current
fiscal year (2009- 2010), and 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 2008 -2009
and direct staff to transmit the necessary reports to the State by December 31, 2009.
Approved by: no.c1:2 Pal ....)
Exhibit A:
Exhibit B:
Exhibit C:
Exhibit D:
Donald Penman, City Manager, Executive Director
Agency Audit
State Controller's Report
HCD Report,
Blight Progress Report, Loan Report, Property Report
Staff Report
December 15, 2009
Page 2
Exhibit A
FY 2008 -09
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, 2009
FINANCIAL HIGHLIGHTS
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, 2009. We encourage readers to consider this information in conjunction with the
accompanying basic financial statements.
• The assets of the Agency exceeded its liabilities at the close of fiscal year June 30, 2009 by $6,046,510
(net assets). Net Assets of $9,204,998 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 $2,169,886 in fiscal year 2008 -09.
• As of the close of fiscal year June 30, 2009, the Agency's governmental funds reported combined
ending fund balances of $22,062,461, an increase of $1,453,875 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, interest earnings, and bond proceeds from prior years.
3
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.
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
Current assets $ 14,017,565
Other assets 15,869,520
10,628,782 4,770,232
24,646,347 20,639,752
Net assets:
Restricted
Unrestricted
Total assets
Non- current liabilities
Other liabilities
Total liabilities
Total net assets
4
30- jun -09 30- Jun -08
15,115, 000 15, 860, 000
3,484,837 903,128
18,599,837 16, 763,128
11,050, 769 10, 085,180
(5,004,259) (6,208,556)
6,046,510 3,876,624
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 $6,046,510 at June 30, 2009, an increase of $2,169,886 from the prior year.
Other assets increased $5,858,550 for the additional land acquisition at 21 Morlan Place for the Rusnak
Mercedes -Benz dealership expansion. In exchange of the property, the Agency conveyed to the owner at
the 21 Morlan Place a property at 630 East Live Oak Avenue that was previously owned by the City of
Arcadia. As part of the same transaction, the Agency executed a Promissory Note in the amount of
$2,247,000 for the property at 630 East Live Oak Avenue. The Promissory Note plus interest was paid on
July 7, 2009.
By far the largest portion of the Agency's Liability reflects its bonded indebtedness totaling $15,860,000.
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 $2,169,886. Key elements of this increase are
as follows:
Revenues:
General revenues:
Property taxes
Investment income
Governmental Activities
Total general revenues
Expenses:
Redevelopment activities
Interest on long term debt
Total expenses
Changes in net assets
Net assets (deficit) - Beginning of year
Net assets (deficit) - End of year
30- Jun -09..
$ 4,158,017
705,540
4,862,557
1,726,912
965,759
2,692,671
2,169,886
3,876,624
$ 6,046,510
30- Jun -08
3,943,073
1,011,326
4,954,399
957,789
999,979
1,957,768
2,996,631
879,993
3,876,624
Property tax increment revenues are the Agency's major revenue source. This revenue increased by
$214,944 or 5.5% from the prior year, attributable to the increase of property assessed value. Investment
earnings of $705,540 were received from investments of available funds, a decrease of $305,786 or 30.2%
from the prior year due to the declining interest rate market. Additional development activities costs
incurred for the land assembly work and relocation activities of Mercedes -Benz dealership expansion and
for street rehabilitation projects in the central redevelopment area.
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.
5
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, 2009, the Agency's governmental funds reported combined ending fund balances of
$22,062,461 an increase of $1,453,875 from the prior year. Unreserved and undesignated fund balances
totaled $4,769,933.
DEBT ADMINISTRATION
Long -Term Liabilities
At the end of the current fiscal year, the Agency had total bonded debt of $15,860,000s are secured solely by
property tax increment revenue.
The Agency's total debt decreased by $710,000 or 4.3% 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 BBB +.
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 continues to work on a possible land assembly in the Downtown for the expansion of
Rusnak/ Arcadia Mercedes -Benz.
4. As part of the 2009 -2010 California state budget, the Agency is required to shift $1.5 million and
$0.3 million in Property Tax Increment to the state as Educational Revenue Augmentation Fund
(ERAF) in fiscal year 2009 -10 and 2010 -11, respectively.
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.
6
Arcadia Redevelopment Agency
Balance Sheet
Governmental Funds
June 30, 2009
ASSETS
Cash and investments $ - $ 6,910,422 $ 5,099,383 $ 12,009,805
Cash and investments with fiscal agents 1,845,771 - - 1,845,771
Interest receivable 54,023 39,832 93,855
Due from County of Los Angeles 43,678 17,456 61,134
Prepaid items and deposits 7,000 7,000
Advances to other funds 4,045,715 4,045,715
Property held for resale 10,628,782 10,628,782
Total assets
LIABILITIES AND
FUND BALANCES
Liabilities:
Accounts payable
Accrued salaries payable
Retention payable
Due to City of Arcadia
Advances from other funds
Total liabilities
Fund Balances:
Reserved for:
Encumbrances
Prepaid items and deposits
Advances to other funds
Property held for resale
Debt service
Unreserved, undesignated, reported in:
Debt service funds
Capital projects funds
Total fund balances
Total liabilities and fund balances
See accompanying Notes to Basic Financial Statements.
Debt Service Funds Capital Projects Funds
Tax Low and Total
Allocation Redevelopment Moderate Governmental
Bonds Projects Housing Funds
$ 1,845,771 $ 17,636,905 $ 9,209,386 $ 28,692,062
14
1,845,771
Major Funds
$ 60,103 $ 1,029 $ 61,132
7 ,881 3,359 11,240
3,000 - 3,000
2,508,514 - 2,508,514
4,045,715 4,045,715
6,625,213 4,388 6,629,601
212,366
10,628,782
170,544
552,894 765,260
7,000 7,000
4,045,715 4,045,715
10,628,782
1,845,771
4,599,389 4,769,933
1,845,771 11,011,692 9,204,998 22,062,461
$ 1,845,771 $ 17,636,905 $ 9,209,386 $ 28,692,062
Exhibit B
FY 2008 -09
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.
Fiscal Year
Project Area Name
Forward from Prior Year
Bond Type
Year of Authorization
Principal Amount Authorized
PrincpaI Amount Issued
Purpose of lssue
Agency Long-Term Debt
edevelopment Agencies Financial Transactions Repor
Agency Long-Terrn Deb
Project Area
Maturity Date Beginning Vear
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Yea
Adjustment Made During Year
Adjustment Explanation
interest Added to Prindpal
Pnncipal Amount Issued During Fiscal ¥ear
Principal Amount Matured During Fiscal ¥ear
Principal Amount oefeuoou During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount mDefault
Interest In Default
Arcadia Redevelopment Agency -
Yes
[Tax Allocation Bonds
2001
11,655,000
• 11,655,000
To Finance Capital Improvements, Repay,
City Loan, and Refund 1989 Bonds
|
2023
'-
� $8J65,000
475,000
$8,290,000
|
Bond Types Allowed:
Tax Allocation Bonds; Revenue Bonds; Certificates of Participation; Tax Allocation Notes; Financing Authority Bonds; City/County Debt; US;State;
Loans; Lease Obligations; Notes; Deferred Pass-Throughs; Deferred Compensation; Other
Page 1 12w/2009
Fiscal Year
Project Area Name
Forward from Prior Year
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
Agency Long -Term Debt
Arcadia Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Agency Long -Term Debt
12009
{Central Project Area
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount In Default
Interest In Default
Yes
Tax Allocation Bonds
2001
9,240,000
9,240,000
To Finance Private Business Incentive
Programs
2002
2023
$7,805,000
235,000
$7,570,000
Page 2
Bond Types Allowed:
Tax Allocation Bonds; Revenue Bonds; Certificates of Participation; Tax Allocation Notes; Financing Authority Bonds; City /County Debt; US;State;
Loans; Lease Obligations; Notes; Deferred Pass - Throughs; Deferred Compensation; Other
12/4/2009
Fiscal Year
Project Area Name
Tax Increment Gross
(Include All Apportionments)
Special Supplemental Subvention
Property Assessments
Sales and Use Tax
Transient Occupancy Tax
Interest Income
Rental Income
Lease Income
Sale of Real Estate
Gain on Land Held for Resale
Federal Grants
Grants from Other Agencies
Bond Administrative Fees
Other Revenues
Total Revenues
Arcadia Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures - Revenues
;2009
Central Project Area
L
Low/Moderate Special
Capital Project Debt Service Income Housing Revenue /Other
Funds Funds Funds Funds
3,481,423
427,697
33,7601
870,355
243,083
$3,909,120 !
Statement of Income and Expenditures - Revenues Page 1
$33,760 J $1,113,438 1
Total
$4,351,778
1 $0
1 $
$0
1 $0
1 $704,540
I $0
$0
$0
r� $0
1 so
$0
$0
0 $5,056,318
12/4/2009
Fiscal Year
Project Area Name
Administration Costs
Professional Services
Planning, Survey, and Design
Real Estate Purchases
Acquisition Expense
Operation of Acquired Property
Relocation Costs
Relocation Payments
Site Clearance Costs
Project Improvement / Construction Costs
Disposal Costs
Loss on Disposition of Land Held for
Resale
Central Project Area
Statement of Income and Expenditures - Expenditures
Arcadia Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures - Expenditures
12009
Capital Project
Funds
1,002,837
141,812 1
1
150,2191
Debt Service Low /Moderate Special
Funds Income Housing Revenue /Other Total
Page 1
96.061
$1,098,898
$0
$0
$0
$0
$253,224
$141,812
$0
$0
253,2241
$150,219
$0
$0
12/4/2009
Statement of Income and Expenditures - Other Financing Sources
Fiscal Year 12009
Project Area Name 1Central Project Area
Proceeds of Long -Term Debt
Proceeds of Refunding Bonds
Payment to Refunded Bond Escrow Agent
Advances from City /County
Sale of Fixed Assets
Miscellaneous Financing Sources (Uses)
Operating Transfers In
Tax Increment Transfers In
Operating Transfers Out
Tax Increment Transfers Out
Statement of Income and Expenditures - Other Financing Sources
Arcadia Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Capital Project Debt Service Low /Moderate Special
Funds Funds Income Housing Revenue /Other
Total
r
P
1,596,222
r
1,596,222
(To the Low and Moderate Income Housing Fund)
Total Other Financing Sources (Uses) ( ($1,596,222) $1,596,222 $0 $0 1
so
so
so
1 so
so _.
1 $
$1,596,222
1 $0
1 $1,596,222
1 $0
$0
Page 1 12/4/2009
Fiscal Year
Project Area Name
Decline in Value of Land Held for Resale
Rehabilitation Costs
Rehabilitation Grants
Interest Expense
Fixed Asset Acquisitions
Subsidies to Low and Moderate Income
Housing
Debt Issuance Costs
Other Expenditures Including Pass -
Through Payment(s)
Debt Principal Payments:
Tax Allocation Bonds and Notes
Revenue Bonds, Certificates of
Participation, Financing Authority
Bonds
City /County Advances and Loans
All Other Long -Term Debt
Total Expenditures
Excess (Deficiency) Revenues over
(under) Expenditures
Central Project Area
Statement of Income and Expenditures - Expenditures
276,520
Arcadia Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures - Expenditures
(2009
Capital Project Debt Service Low /Moderate Special
Funds Funds Income Housing Revenue /Other
$1,824,612
$2,084,508
971,770
710,000
$1,681,770 I
($1,648,010)
$96,061
$1,017,377
T
Total
$0
T
so
$0
$971,770
$0
$0
$0
$276,520
$710,000
$0
$0
$0
$0 I $3,602,443
$0 ! $1,453,875
Page 2 12/4/2009
Fiscal Year 2009
Assets and Other Debits
Cash and Imprest Cash
Cash with Fiscal Agent
Tax Increments Receivable
Accounts Receivable
Accrued Interest Receivable
Loans Receivable
Contracts Receivable
Lease Payments Receivable
Uneamed Finance Charge
Due from Capital Projects Fund
Due from Debt Service Fund
Due from Low /Moderate
Income Housing Fund
Due from Special
Revenue /Other Funds
L
r
L
Balance Sheet - Assets and Other Debits
Arcadia Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Balance Sheet - Assets and Other Debits
Low /Moderate Special
Capital Projects Debt Service Income Housing Revenue /Other General Long- General Fixed
Funds Funds Funds Funds Term Debt Assets
6,910,422
1,845,771
54,023
L
1
5,099,383
39,832
r
Page 1 12/4/2009
j
Total
$12,009,805
$1,845,771
$0
$o
$93,855
$0
$0
$0
$0
$0
$0
$0
$0
Fiscal Year
Project Area Name
Excess (Deficiency) of Revenues and
Other Financing Sources over
Expenditures and Other Financing Uses
Equity, Beginning of Period
Prior Period Adjustments
Residual Equity Transfers
Equity, End of Period
Statement of Income and Expenditures - Other Financing Sources
Arcadia Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures - Other Financing Sources
2009
Central Project Area
Capital Project Debt Service Low /Moderate Special
Funds Funds Income Housing Revenue /Other Total
$488,286 ($51,788) $1,017,377
$10,523,406 i $1,897,559
$8,187,621
0 l $1,453,875
$0 1 $20,608,586
$0
$0
$11,011,692 $1,845,771 $9,204,998 $0 $22,062,461
Page 2 12/4/2009
Fiscal Year 2009
Liabilities and Other Credits
Accounts Payable
Interest Payable
Tax Anticipation Notes Payable
Loans Payable
Other Liabilities
Due to Capital Projects Fund
Due to Debt Service Fund
Due to Low /Moderate
Income Housing Fund
Due to Special
Revenue /Other Funds
Tax Allocation Bonds Payable
Lease Revenue, Certificates of
Participation Payable,
Financing Authority Bonds
All Other Long -Term Debt
Total Liabilities and Other
Credits
Arcadia Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Balance Sheet - Liabilities and Other Credits
60,103 1
1,029
Low /Moderate Special
Capital Projects Debt Service Income Housing Revenue /Other General Long- General Fixed
Funds Funds Funds Funds Term Debt Assets
1
I:
6,565,110
3,359
$6,625,213 $0 $4,388 J
Balance Sheet - Liabilities and Other Credits Page 1
15,860,000 j.."
0 f $15,860,000 !`
r
Total
$61,132
$0
$0
_ ...................
$0
$6,568,469
$0
$0
$0
$0
$15,860,000
$0
$0
$22,489,601
12/4/2009
Fiscal Year 2009
Investments
Other Assets
Investments: Land Held for
Resale
Allowance for Decline In Value
of Land Held for Resale
Fixed Assets: Land,
Structures, and Improvements
Equipment
Amount Available In Debt
Service Fund
Amount to be Provided for
Payment of Long -Term Debt
Total Assets and Other
Debits
(Must Equal Total Liabilities,
Other Credits, and Equities)
C
Balance Sheet - Assets and Other Debits
Redevelopment Agencies Financial Transactions Report
Low /Moderate Special
Capital Projects Debt Service Income Housing Revenue /Other General Long- General Fixed
Funds Funds Funds Funds Term Debt Assets
43,678
4,070,171
10,628,782 t:=
Arcadia Redevelopment Agency
Balance Sheet - Assets and Other Debits
15,860,000
$17,636,905 J $1,845,771 $9,209,386 J $0 ' $15,860,000
Page 2 12/4/2009
Total
$0
$4,113,849
$10,628,782
$0
$0
"" $o
$0
$15,860,000
$0 1 $44,552,062
Fiscal Year 2009
Equities
Investment In General Fixed
Assets
Fund Balance Reserved
Fund Balance
Unreserved-Designated
Fund Balance
Unreserved - Undesignated
Total Equities
Total Liabilities,
Other Credits, and
Equities
Balance Sheet - Liabilities and Other Credits
Arcadia Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Balance Sheet - Liabilities and Other Credits
Low /Moderate Special
Capital Projects Debt Service Income Housing Revenue /Other General Long- General Fixed
Funds Funds Funds Funds Term Debt Assets
10,841,148 1 1,845,771 I 4,605,609
170,5441
$11,011,692 I $1,845,771
4,599,389 I
$9,204,998 1 $0
Total
$0
$17,292,528
1 $0
r $4,769,933
$0 1 $22,062,461
$17,636,905 J $1,845,771 , $9,209,386 I $0 $15,860,000 ! $0 I $44,552,062
Page 2 12/4/2009
Exhibit C
FY 2008 -09
Arcadia Redevelopment Agency
HCD REPORT
Portions of the HCD Report attached. For complete report, please contact Jerry Schwartz, Economic
Development Manager at 574 -5409.
rWri rs pur tiiig ysteiit - rroject Area venerai info
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 > Project Area Selector > Proiect Area Activity Menu > Project Area General Info
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For Project Area:CENTRAL REDEVELOPMENT PROJECT
1.a Project Area Information
1. Year plan for project area was adopted:
2. Year that plan was last amended (if applicable):
3. Was Plan amended after 2001 to extend time limits per Senate Bill 211
(Chapter 741, Statutes of 2001) ?:
4. Current expiration of redevelopment plan:
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):
(b) Expiration date to incur debt (mm/dd /yyyy):
(c) Expiration date to receive property tax revenue (mm /dd /yyyy):
(d) Expiration date to start Eminent Domain (mm /dd/yyyy):
Save
1974
2008
Yes
2017
Redevelopment Agency Reporting System - General Project Area Information
California Department of Housing and Community Development
01/25/2017
01/25/2007
01/25/2027
Page 1 of 1
https: / /ssw2.hcd.ca.gov/ RDA /editProjectAreaGenerallnfo .jsp 12/9/2009
RDA Reporting System - Housing Fund Revenues
California Department of Housing and Community Development
Redevelopment Agency Reporting System
Housing Fund Revenues & Other Resources Sch A, p2
You are Here: Select Year > Schedule Menu > Proiect Area Selector > Proiect Area Activity > Housing Fund Revenues
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Page For Project Area:CENTRAL REDEVELOPMENT PROJECT
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3. Project Area Housing Fund Revenues and Other Sources Instructions
NOTE:
Expenditures for debt service(HCD -C (Page 2, Line 4c.)) should be reported on Agency -wide
Financial Information 4c.
a. Tax Increment
b. Interest Income:
c. Rental /Lease Income:
d. Sale of Real Estate:
e. Grants:
f. Bond Administrative Fees:
(1) 100% of Gross:
(2) Calculate Only 1 set -aside amount (either (A) or (B) below):
(±) (A) Minimum Deposit required by 33334.2 (Gross x 20 %): $870,355
( (B) Minimum Deposit required by 33333.10(g)
(Senate Bill 211, Chapter 741, Statutes of 2001)(Gross x 30 %):
(3) Tax Increment Allocated to Housing Fund:
$4,351,777
$870,355
$243,083
Yage 1 of 2
If less than 20% of the Gross Tax Increment (see (2) above) is being set aside in this project
area in accordance with Section 33334.3(i); identify the project area(s) contributing the
difference in the box below:
Or
Explain below if less than 20% is being set aside for any other reason:
Less:
(4) Amount Exempted* : ( $0
(5) Amount Deferred* : ( $0
If Amount Exempted or Amount Deferred is entered, after you SAVE, you need to go to
Project Area Activity Menu and select Exemption(s) And /Or Deferral(s) to enter Sch A data.
(6) Total Deposit to the Housing Fund
[Calculated from above, (3) - (4) - (5)] $870,355
https: / /ssw2.hcd.ca.gov/ RDA /addEditHousingFundRevenues.jsp 12/9/2009
RDA Reporting System - Housing Fund Revenues Page 2 of 2
g. Repayment of Prior Year Deferrals:
h. Loan Repayments:
i. Debt Proceeds:
j. Other Revenue:
(Specify)
k. Total Housing Fund Deposits for this Project Area (3a. through
3j.):
Save
so
$1,113,438
Redevelopment Agency Reporting System - Housing Fund Revenues & Other Resources
California Department of Housing and Community Development
httns: / /ssw2.hcd.ca.2ov/ RDA/ addEditHousin>?FundRevenues.isp 12/9/2009
KVA Keportmg System - Agency Wide P manciats
California Department of Housing and Community Development
Redevelopment Agency Reporting System
Agency -wide Financial Information- Sch C, p1 -4
You are Here: Select Year > Schedule Menu > Agency Wide Financials
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Agency:ARCADIA Fiscal Year :2008/2009 Prepared by: Don Penman
Low & Moderate Income Housing Funds
Report on the "status and use of the agency's Low and Moderate Income Housing Fund."
Most information reported here should be based on that reported to the State Controller.
1. Beginning Balance:
a. Describe and Provide Dollar Amount (Positive / Negative ) Making Up
Total Adjustments:
Expenditure adjustment for FY07 -08
b. Adjusted Beginning Balance:
2. Project Area Receipts and Housing Fund Resources
a. Project Area(s) Receipts (Total of all Schedule As):
b. Housing Fund Resources not reported on Schedule A(s)
Describe and Provide Dollar Amounts (Positive / Negative) Making Up
Total Housing
Fund Resources:
3. TOTAL RESOURCES : [Line lb + 2a + 2b]
$4,151,906
$- 10,000
$4,141,906
$1,113,438
$0
$5,255,344
rage
https://ssw2.hcd.ca.gov/RDA/addEditAgencyFinancials.jsp 12/9/2009
RDA Reporting System - Agency Wide Financials Page 2 of 5
4. Expenditures Subtotal: Sch C, p1 - 3 #4 $96,061
httns: / /ssw2.hcd.ca.2ov/ RDA /addEditAgencyFinancials.i so 12/9/2009
RDA Reporting System - Agency Wide Financials Page 3 of 5
5. NET RESOURCES AVAILABLE: $5,159,283
6. Encumbrances and Unencumbered Balance
a. Encumbrances (End of Year): Help?
b. Unencumbered Balance (End of Year):
7. Designated /Undesignated Amount of Available Funds:
a. Unencumbered Designated:
b. Unencumbered Undesignated:
$1,100,000
$4,059,283
$19,000
$4,040,283
https://ssw2.11cd.ca.gov/RDA/addEditAgencyFinancialsjsp 12/9/2009
RDA Reporting System - Agency Wide Financials Page 4 of 5
8. Total Other Housing Fund Assets: Sch C, p3 #6
$4,045,715
htt„c•//ccw? heel na anv/ R 1 )A /addEditAaencvFinancials.isp 12/9/2009
RDA Reporting System - Agency Wide Financials rage D or
9. TOTAL FUND EQUITY: $9,204,998
10. Reporting Year End Unencumbered and Adjusted Balance Instructions
a. Unencumbered Balance (End of Year):[Page 3, Line 6,b] $4,059,283
b. If you are eligible to adjust the Unencumbered Balance (End of Year), identify the type and
amount of the adjustment.
(1) Debt Proceeds: $0
(2) Land Sales:
c. Adjusted Unencumbered Balance:
11. Excess Surplus Tax Increment Deposit Calculation:
2005/2006 - Tax Increment:
2006/2007 Tax Increment:
2007/2008 - Tax Increment:
FY 08 -09 Reporting Year Tax Increment:
Sum of 3 Prior Years' and Reporting Year Tax Increment:
12. Excess surplus to track during fiscal year 2009 -2010 is:
Your current excess surplus, calculated last fiscal year, is
Save
Redevelopment Agency Reporting System - Agency -wide Financial Information
California Department of Housing and Community Development
$0
$4,059,283
$844,302
$779,028
$821,753
$870,355
$3,315,438
$743,845
$1,059,722
https: / /ssw2.hcd.ca.gov/ RDA /addEditAgencyFinancials.jsp 12/9/2009
Exhibit D
FY 2008 -09
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 03080.1(d)
ALLEVIATION OF BLIGHT
For FY 2008 -09, 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 2008 -09, specific
activities on the project included closing escrow on the Church in Arcadia
property at 21 Morlan Place and the replacement site at 630 East Live Oak
Avenue, rehabilitating the Self Storage Building at 35 West Huntington Drive and
placing the two commercial spaces on the market for lease, and approving leases
with Rusnak to store parts in the bottom two floors of the Self Storage Building
and to store cars at 21 Morlan Place.
2. Reached agreement on the acquisition of a vacant two -unit residential property at
15 Lucille Street and opened escrow to purchase the site for an affordable housing
project.
3. During FY 2008 -09, the Agency completed one facade rehab project at 43 -45
East Huntington Drive, and continued to market the program to properties in the
redevelopment project area.
II. HEALTH AND SAFETY CODE §33080.1(e)
REPORT ON ALL LOANS IN DEFA UL T
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.
The Agency completed the acquisition of the property at 21 Morlan Place during
FY 2008 -09.
Property List:
APN A
Address C
City, State C
Current Use
1 5
5775- 025 -030 3
35 W. Huntington Dr. A
Arcadia, CA S
Self Storage
Facility
2 5
5775- 025 -026 2
21 Morlan Place A
Arcadia, CA V
Vacant (was
site of Church
in Arcadia)
HEALTH AND SAFETY CODE §33080.1(1)
PROPERTY LISTING
The Arcadia Redevelopment Agency owns two parcels of land in the downtown area.
The Agency completed the acquisition of the property at 21 Morlan Place during
FY 2008 -09.
Property List: