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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 « Previous Page Agency:ARCADIA Fiscal Year :2008/2009 Prepared by: Don Penman • Admin • Select Year • FAQ • User Info • Status • Print • Logout 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 « Previous Agency:ARCADIA Fiscal Year :2008/2009 Prepared by: Don Penman Page For Project Area:CENTRAL REDEVELOPMENT PROJECT • Admin • Select Year • FAQ • User Info • Status • Print • Logout 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 « Previous Page • Admin • Select Year • FAQ • User Info • Status • Print • Logout 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: