HomeMy WebLinkAboutRDA 2 2008/2009 RDA ANNUAL RPT 12-01-09Cf,•~
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AGENDA REPORT
Agenda Item RDA 2
Reviewed:
City Manager
Finance Director N q
MEETING DATE: DECEMBER 1, 2009
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: REDEVELOPMENT AGENCY
SUBJECT: 2008-2009 ANNUAL REPORT
SUMMARY
Redevelopment Law requires that the Redevelopment Agency submit to the legislative
body an annual report for the preceding fiscal year.
RECOMMENDATION
It is recommended the Redevelopment Agency receive and file its annual report and
transmit such report to the Tustin City Council.
It is recommended that the City Council take the following actions:
1. Receive and file its Annual Report for FY 2008-2009.
2. Direct that a copy of its Annual Report for 2008-2009 and all other required
reporting documents and forms be executed in final form and filed with the City of
Tustin, the State Controller and State Department of Housing and Community
Development.
FISCAL IMPACT
The only fiscal impact of this action has been the staff time and supporting audit
services necessary for required State reporting.
BACKGROUND/DISCUSSION
California Health and Safety Code ("CHS") Section 33080 and 33080.1 requires the
preparation and filing of an annual report by a redevelopment agency with its legislative
body. A copy of this report must also be filed with the State Controller and with the
State Department of Housing and Community Development within six months after the
end of the Agency's fiscal year (December 31, 2009).
Pursuant to CHS Section 33080.1, the annual report must contain the following:
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 2
1. An independent financial audit report or the previous fiscal year. The audit must,
at minimum, meet audit guidelines prescribed by the State Controller's Office pursuant
to CHS Section 33080.3 and also include a report on the Agency's compliance with
laws, regulations and administrative requirements governing activities of the Agency,
and a calculation of the Excess Surplus in the Low and Moderate Income Fund as
defined in CHS Section 33334.12.
2. A fiscal statement for the previous fiscal year containing the information required
by CHS Section 33080.5 which requires the following:
a. The amount of outstanding indebtedness of the Agency and each project
area.
b. The amount of tax increment property tax revenues generated in the
Agency and in each project area.
c. The amount of tax increment revenues paid to, or spent on behalf of a
taxing agency, other than a school or community college district pursuant
to subdivision (b) of CHS Section 33401 or Section 33676. Moneys
expended on behalf of a taxing agency shall be itemized per each
individual capital improvement.
d. The required financial transactions report required pursuant to
Government Code Section 53891 to be submitted to the State Controller's
Office.
e. The amount allocated to school or community college districts pursuant to
each of the following provisions: (1) CHS Section 33401; (2) CHS Section
33445; (3) CHS Section 33445.5; (4) paragraph (2) of subdivision (a) of
CHS Section 33676; and (5) CHS Section 33681.
f. The amount of existing indebtedness, as defined by CHS Section 33682,
and the total amount of payments required to be paid on existing
indebtedness for that fiscal year.
g. Other financial information which the Agency believes useful to describe
its programs.
3. A description of the Agency's activities affecting housing and displacement
containing the information required by CHS Sections 33080.4 and 33080.7, regardless
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 3
of whether the activity is funded exclusively by the state or federal government for each
project area and for the Agency overall.
a. The total number of nonelderly and elderly households, including separate
subtotals of the numbers of very low, other lower income households, and
persons and families of moderate income that were displaced or moved
from their dwelling units as part of a redevelopment project during the
previous fiscal year.
b. An estimate of the total number of nonelderly and elderly households,
including separate subtotals of the numbers of very low income
households, or other lower income households, and persons and families
of moderate income that will be displaced or removed during the present
fiscal year and the date of adoption of a replacement housing plan for
each project area subject to CHS Section 33413.5, as applicable.
c. The total number of dwelling units housing very low, other lower income
households, and persons and families of moderate income which have
been destroyed or removed from the housing stock during the previous
fiscal year as part of a redevelopment project of the Agency.
d. The total number of agency-assisted dwelling units which were
constructed, rehabilitated, acquired or subsidized during previous fiscal
year for occupancy at an affordable cost by elderly persons and families,
but only if the units are restricted by agreement or ordinance for
occupancy by the elderly, and by very low income households, other lower
income households, and persons and families of moderate income,
specifying those units which are not currently so occupied, those units
which have replaced units destroyed or removed pursuant to Section
33413, and the length of time any agency-assisted units are required to
remain available at affordable costs.
e. The total number of new or rehabilitated units subject to paragraph (2) of
subdivision (b) of CHS Section 33413, including separate subtotals of the
number originally affordable to and currently occupied by, elderly persons
and families, but only if the units are restricted by agreement or ordinance
for occupancy by the elderly, and by very low income households, other
lower income households, and persons and families of moderate income,
and the length of time these units are required to remain available at
affordable costs.
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 4
f. The status and use of the Low to Moderate Income Housing Fund, created
pursuant to CHS Section 33334.3, including information on the use of this
fund for very low income households, other lower income households, and
persons and families of moderate income. If the Low and Moderate
Income Fund is used to subsidize the cost of onsite or offsite
improvements, then the description of the agency's activities shall include
the number of housing units affordable to persons and families of low or
moderate income which have been directly benefitted by the onsite or
offsite improvements.
g. A compilation of the Agency's annual monitoring reports of rental and
owner-occupied affordable housing under CHS Section 33418 including
identification of the number of units occupied by persons and families of
moderate income, other lower income households, and very low income
households, and identification of projects in violation of this part or any
agreements in relation to affordable units.
h. The total amount of funds expended for planning and general
administrative costs as defined in subdivisions (d) and (e) of CHS Section
33334.3.
i. Any other information the Agency believes is useful to explain its housing
programs.
j. The total number of dwelling units for very low income households, other
lower income households, and persons and families of moderate income
to be constructed under the terms of an executed agreement or contract,
including the name and execution date, of the agreement or contract.
These units may only be reported for a period of two years from the
execution date of the agreement or contract.
k. The date and amount of all deposits and withdrawals of monies deposited
to and withdrawn from the Low and Moderate Income Housing Fund.
The amount of any excess surplus funds which have accumulated in the
Agency's Low and Moderate Income Housing Funds as defined in CHS
Section 33334.10. Excess surplus funds are defined as any unexpended
or unencumbered amount in the Housing Fund that exceeds the greater of
$1,000,000 or the aggregate amount deposited in the fund in the
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 5
preceding four (4) fiscal years. Monies are deemed encumbered if
committed by a legally enforceable contract or agreement.
Of the total excess surplus, the description shall also identify the amount
that has accrued to the Low and Moderate Income Housing Fund during
each fiscal year. The component of the annual report shall also include
any plan required to be reported by subdivision (c) of CHS Section
33334.10.
4. A description of the Agency's progress, including specific actions and
expenditures, in alleviating blight in the previous fiscal year.
5. A list of, and status report on, all loans made by the Redevelopment Agency that
are fifty thousand dollars ($50,000.00) or more, that in the previous fiscal year
were in default, or not in compliance with the terms of the loan approved by the
Redevelopment Agency.
6. A description of the total number and nature of the properties that the Agency
owns and those properties the Agency has acquired in the previous fiscal year.
7. A list of the fiscal years that the Agency expects each of the following time limits
to expire:
a. The time limit for the commencement for eminent domain proceedings to
acquire property within the project area.
b. The time limit for the establishment of loans, advances, and indebtedness
to finance the redevelopment project.
c. The time limit for the effectiveness of the redevelopment plan.
d. The time limit to repay indebtedness with the proceeds of property taxes.
8. Any other information the Agency believes is useful to explain its programs.
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 6
ANALYSIS
The following responds to specific information required by the State:
1. Independent Financial Audit and Compliance Audit:
A copy of the independent financial audit and compliance audit for 2008-2009 is
included as Attachment I.
2. Fiscal Statement:
a. The amount of outstanding indebtedness of the Redevelopment Agency,
as of June 30, 2009, was reported to be $398,499,438 and reported by
Project Areas as follows:
• Town Center Project Area was reported to be $54,947,316;
• South Central Project Area was reported to be $63,645,535; and
• MCAS Tustin Project Area was reported to be $279,906,587.
b. The total amount of gross tax increment property tax revenue generated
by the Redevelopment Agency in 2008-2009 was $21,826,966,
distribution by each individual Project Area as follows:
• Town Center Project Area was $5,652,841;
• South Central Project Area was $4,555,086; and
• MCAS Tustin Project Area was $11,621,039.
c. The amount of tax increment paid to taxing agencies pursuant to Section
33401 was $2,000 to the Orange County Water District in the South
Central Project Area.
d. The required annual report of financial transactions to the State Controller
will be submitted with all final reporting documentation, forms and the final
audit report prior to December 31, 2009.
e. The amount allocated to school and community college districts pursuant
to each of the following CHS provisions: (1) Section 33401; (2) Section
33445; (3) Section 33445.5; (4) paragraph (2) of subdivision (a) of Section
33676 and (5) Section 33681 was $0.
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 7
f. The amount of existing indebtedness, as defined by CHS Section 33682,
and the total amount of payments required to be paid on existing
indebtedness for 2008-2009 was $0.
g. There is no other fiscal information the Agency believes is useful at the
present time.
3. Activities Affecting Housing and Displacement
a. The total number of households displaced or moved as part of Town
Center, South Central, and MCAS Tustin Redevelopment projects during
2008-2009 was 0.
b. The total number of households estimated to be displaced as part of Town
Center, South Central, and MCAS Tustin Redevelopment projects in
2008-2009 is 0.
c. The total number of low to moderate-income dwelling units demolished or
removed from the housing stock in 2008-2009 was 0.
d. The total number of Agency-assisted dwelling units constructed,
rehabilitated, acquired or subsidized during 2008-2009 for occupancy at
affordable cost by persons and families of low to moderate income,
respectively, specifying those units which are not currently so occupied,
those units which have replaced units destroyed or removed pursuant to
CHS Section 33413, and the length of time any agency-assisted units are
required to remain available at affordable costs was 0.
e. The total number of new or rehabilitated units subject to restrictions by
agreement or ordinance for very low, low and moderate income
households respectively and the length of time these units are required to
remain available at affordable costs are listed in the Table. The twenty
affordable housing units listed below are located in the MCAS Tustin
Redevelopment Project Area.
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 8
Income
Level Elderly
Households Non-Elderly
Households Length of Affordability Term
45 Years
2008-2053 2009-2054
Ver low 0 3 0 3
Low 0 13 12 1
Moderate 0 4 2 2
Total 0 20 14 6
f. The following is a status and use of the Low to Moderate Income Housing
Fund, created pursuant to CHS Section 33334.3, including information on
the use of this fund for very low income households, other lower income
households, and persons and families of moderate income. During the
previous fiscal year, the Low and Moderate Income Fund was not used to
subsidize the cost of onsite or offsite improvements, then the description
of the agency's activities shall include the number of housing units
affordable to persons and families of low or moderate income which have
been directly benefitted by the onsite or offsite improvements.
• South Central Project Area. As of June 30, 2009, the Low and
Moderate Income Housing Fund balance was $7,473,035 which,
after an adjustment for land held for resale, results in an available
fund balance of $6,768,035. The available funds balance does not
reflect other Agency approved encumbrances as to be reported on
the HCD Report Schedule C. While the Annual Report indicates an
available fund balance, the Agency entered into a Reimbursement
Agreement with the City on June 5, 2007, and currently has
approximately $41.5 million dollars as a remaining commitment
required to reimburse the City for assistance in carrying out the
Agency's current affordable housing obligations under the MCAS
Tustin Redevelopment Plan and the MCAS Tustin Specific Plan.
The result is the Agency does not have an excess surplus in the
Low and Moderate Income Housing Fund and is in compliance with
CHS Section 33334.10.
• Town Center Project Area. As of June 30, 2009, Low and
Moderate Income Housing Fund balance was $7,148,390. The
available funds balance does not reflect other Agency approved
encumbrances as to be reported on the HCD Report Schedule C.
While the Annual Report indicates an available fund balance, the
Agency entered into a Reimbursement Agreement with the City on
June 5, 2007, and currently has approximately $41.5 million dollars
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 9
as a remaining commitment required to reimburse the City for
assistance in carrying out the Agency's current affordable housing
obligations under the MCAS Tustin Redevelopment Plan and the
MCAS Tustin Specific Plan. The result is the Agency does not
have an excess surplus in the Low and Moderate Income Housing
Fund and is in compliance with CHS Section 33334.10.
• MCAS Tustin Project Area. As of June 30, 2009, the Low and
Moderate Income Housing Fund balance for this Project Area was
$2,949,548. The available funds balance does not reflect other
Agency approved encumbrances as to be reported on the HCD
Report Schedule C. While the Annual Report indicates an available
fund balance, the Agency entered into a Reimbursement
Agreement with the City on June 5, 2007, and currently has
approximately $41.5 million dollars as a remaining commitment
required to reimburse the City for assistance in carrying out the
Agency's affordable housing obligations under the MCAS Tustin
Redevelopment Plan and the MCAS Tustin Specific Plan. The
result is the Agency does not have an excess surplus in the Low
and Moderate Income Housing Fund and is in compliance with
CHS Section 33334.10.
g. A compilation of the Agency's annual monitoring reports of rental and
owner-occupied affordable housing under CHS Section 33418 including
identification of the number of units occupied by persons and families of
moderate income, other lower income households, and very low income
households, and identification of projects in violation of this part or any
agreements in relation to affordable units is included as Attachment II.
The Agency requires participants in the City's affordable housing programs
to complete an annual certification form to verify continuing occupancy.
During the 2008-2009 fiscal year, the Agency monitored 242 ownership
and 156 rental units. There are approximately 583 additional affordable
rental units that are monitored by the County of Orange and State of
California on an annual basis. In addition, in compliance with California
State Assembly Bill 987, also attached are databases of existing, new and
substantially rehabilitated, affordable housing units developed or
otherwise assisted with funds from the Agency's Low and Moderate
Income Housing Fund. The first database is a listing of Tustin's Affordable
Owner-Occupied Housing Units. The second database is a listing of
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 10
Tustin's Affordable Rental Housing Projects (See Attachment III and IV).
h. The Agency has determined the total amount of 2008-2009 Agency Low
and Moderate Income Housing Fund expended for planning and
administrative costs, $327,588, was necessary for the production,
improvement, or preservation of low- and moderate-income housing and
that all costs were consistent with provisions of subdivisions (d) and (e) of
CHS Section 333343.
There is no other information the Agency believes is useful to explain its
housing program.
j. The total number of dwelling units for very low, low, and moderate income
households to be constructed under the terms of an executed agreement
or contract within the last two years is 0.
NOTE: There are currently a total on 153 affordable housing units
to be constructed under the terms of existing executed agreements;
however, these agreements were executed more than two years
ago and no longer need to be reported.
k. Attached is a General Ledger report detailing the date and amount of all
deposits and withdrawals of monies deposited to and withdrawn from the
Low and Moderate Income Housing Fund (See Attachment V).
I. As of July 1, 2009, there is no excess surplus in the Low and Moderate
Income Housing Fund for the combined Project Areas. On June 5, 2007,
the Agency entered into a Reimbursement Agreement with the City and
currently has over $41.5 million dollars committed towards reimbursing the
City for assistance in carrying out the Agency's affordable housing
obligations under the MCAS Tustin Redevelopment Plan and the MCAS
Tustin Specific Plan. As a result, there is no excess surplus in the Fund
and the Agency is not required to submit a CHS Section 33334.10 plan for
expenditure.
4. The Agency has provided funding and/or administrative support for a number of
programs in an effort to reduce blighting conditions in and around the three
Redevelopment Project Areas. While not a complete listing, the following is a
description of the Agency's progress, including specific actions and expenditures,
in alleviating blight in 2008-2009:
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 11
Town Center and South Central Redevelopment Project Areas
• Tustin Town Center, "New Beginnings" -The Agency is focusing on
continuing its efforts on the "Tustin Town Center, New Beginnings" study,
focusing on three neighborhoods in the older areas of the City and
impacting directly large portions of the Town Center and South Central
Project Areas. Agency staff have coordinated with the Agency's
Consultant, Field Paoli Architects, an urban design firm, on the
preparation of Draft Concept Plan Alternatives for each neighborhood and
conducted public workshops for each of the neighborhoods. The
Consultant is now conducting feasibility testing of each of the Concept
Plan Alternatives and will then prepare a Final Concept Plan for each
neighborhood and an Implementation Strategy. To-date, the Agency has
invested over $110,900 in the Study, with over $78,000 committed during
FY 2008-09. The total projected RDA investment will be $185,000.
• Pacific Center East, South Central Project Area -Agency staff have
worked on negotiation of City boundary adjustment (Reorganization) and
LAFCO required tax share agreement with the City of Santa Ana and
Santa Ana Redevelopment Agency in the vicinity of former Caltrans right-
of-way ramps on the west side of the SR-55 Freeway at Edinger Ave. A
portion of the Caltrans property lies within the City of Santa Ana that
borders Pacific Center East, a major South Central Redevelopment
Project Area development opportunity. The Agency's investment on this
effort during the past fiscal year has involved agency staff time and
engineering services for mapping. The Agency's efforts address the
economic blight occurring as a result of the underutilization of these
vacant parcels.
• Prospect Village, Town Center Project Area - Under a Disposition and
Development Agreement (DDA), construction was completed on Prospect
Village, by Pelican Center L.P. for development of the former Utt Juice
Property, on former Agency-owned property. Development of this one
acre site consists of mixed-use retail, office and 12 live/work residential
units and supports the Agency's efforts to revitalize the historic Old Town
district, improving Prospect Avenue, Main Street and Prospect Lane. The
Agency's investment on this effort during the past fiscal year has involved
agency staff time and coordination to ensure monitoring and compliance
with the DDA and completion of required business occupancies in the
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 12
project. The Agency's investment of over $880,000 into Prospect Village
eliminates physical and economic blight by replacing an abandoned
building with a development that reflects Old Town Tustin while providing
additional commercial opportunities for the Project Area.
• Tustin Library, Town Center Project Area -During the past fiscal year, a
majority of the construction of a new 32,000 square foot Tustin Library
was completed. Since end of the fiscal year, all phases of the project
have been completed and the City and Agency will be coordinating any
remaining punch list items on the project with an estimated final
completion and close out of the project expected by November 30, 2009.
Agency staff manages an architectural contract with the firm of Field Paoli
Architect's for architectural, engineering services and construction
administration for the project and also .oversees a construction
management consultant, Griffin Structure. The Agency has invested over
$2,000,000 in the project which is a part of the approximate $29 million
dollars budget. Project costs are within the established budget. By
demolishing substandard residential structures on the new Library site,
vacating an obsolete street surplus to the City's right-of-way needs, and
replacing an outdated Library with astate-of-the-art Library, the Agency
reduced economic blighting conditions in the Project Area.
• Residential Rehabilitation Program, Town Center and South Central
Project Areas - The Agency provided two Single Family Housing
Rehabilitation Program grants totaling $11,346.70 in FY 2008-09. One
grant was to rehabilitate a South Central Project Area home and the other,
in accordance with RDA Resolutions #05-01 and #05-02, was to
rehabilitate a home outside both Project Areas that will be of benefit to the
Project Areas. The Agency also processed and approved one Single
Family Housing Rehabilitation Program application that will begin work in
FY 2009-2010 for the rehabilitation of a home that will be of benefit to both
Project Areas. While the Agency did not provide any Multi-Family Housing
Rehabilitation Program grants in FY 2008-2009, one Multi-Family Housing
Rehabilitation Program application was processed and approved and the
work will begin in FY 2009-2010 that will be of benefit to both Project
Areas.
• Newport Avenue Extension, South Central Project Area -The Agency
continued coordination with Public Works Department on completion of
Phase I Newport Avenue/SR-55 Ramp Reconfiguration Project and
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 13
continued design work on Phase 2 including development of a property
acquisition strategy and a potential development strategy for any
remainder properties. The Agency continues to maintain and manage two
(2) occupied Newport Avenue fourplexes purchased for required right-of-
way in Phase 2. In FY 2008-09, the Agency invested $599,368 for Phase
2 acquisition and final design and engineering services. Additionally in FY
2008-09, the Agency made a $10,819,470 repayment to Citigroup for
Series A and Series B Notes used for the Phase 1 acquisition out of Debt
Service funds from the MCAS Tustin Redevelopment Project Area. The
Project addresses the economic blight occurring in the area by addressing
inadequate circulation and infrastructure improvements in the area that
have been an obstacle to further development.
MCAS Tustin Redevelopment Project Area (Tustin Legacy)
The Agency has coordinated implementation activities to eliminate blight on the
former MCAS Tustin site in conformance with the MCAS Tustin Redevelopment
Project Area Plan and MCAS-Tustin Specific Plan. Expenditures for these efforts
are largely staff time, legal services, a contribution towards construction costs
and miscellaneous support services of consultants. A summary of the major
projects that the Agency has been working on follows:
• Affordable Housing at Columbus Grove and Columbus Square -The
Agency coordinated with City departments in the construction of and
monitoring of affordable home ownership projects within the Columbus
Grove and Columbus Square housing developments located in the MCAS
Tustin Redevelopment Project Area. The Agency during FY 2008-09
created 20 affordable housing units with ancillary covenant documents
ensuring affordability of which 3 of the affordable units were for very low
income households, 13 for lower income households, and 4 for moderate
income households.
• 820 acre (master developer footprint) -The Agency has been responsible
for planning, implementation and monitoring activities associated with the
Disposition and Development Agreement (DDA) between the City and
Tustin Legacy Community Partners, LLC (TLCP) for the phased
development of a 820 acre footprint of property at Tustin Legacy.
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 14
• County of Orange Urban Regional Park Site -The Agency has continued
discussion with the County regarding the development of an 84 acre
urban regional park site proposed at Tustin Legacy.
• County of Orange Animal Shelter -The Agency has coordinated with the
County and Navy on acquisition and development of the County of Orange
Sheriff Law Enforcement Training facility and Animal Control facility.
• Tustin Family Campus (County of Orange, Social Services Agency) -The
Agency has coordinated with the County of Orange in review of grading
and on-site drainage, and in providing offsite facilities to support
development of the facilities.
• South Orange County Community College District (SOCCCD) -The
Agency has coordinated with Community Development Department and
Public Works Department on proposed planning and implementation
activities proposed by SOCCCD for the development of the ATEP
campus. The Agency is currently working with SOCCCD on a potential
proposed major campus reconfiguration to optimize development on
SOCCCD properties and City of Tustin owned properties.
• Elementary School - The Agency coordinated with Community
Development on responding to submittals from Tustin Unified School
District on the development of the first elementary school at Tustin
Legacy.
• Environmental Clean-Up and Monitoring - The Agency monitored
environmental clean-up activities at Tustin Legacy, including but not
limited to activities on Navy-owned sites in order to eliminate blight
conditions and to facilitate the future conveyance of remaining Navy
owned property to the City and development of other portions of Tustin
Legacy.
• Coordinated Potential Relocation of Existing Armed Forces Reserve
Center -The Agency coordinated efforts in seeking alternative sites for
the relocation of the existing Armed Forces Reserve Center, currently
located within Tustin Legacy including negotiation of an interim extension
with the Army on an existing parking lot and construction staging license
that supports the "District". The future relocation of the existing Amry
facilities would result in a more efficient development layout for the
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 15
southwestern portion of Tustin Legacy.
• Fire Station -Agency staff has retained a construction services firms to
coordinate the design of a new fire station at Tustin Legacy and design
has begun.
• Infrastructure Design and Implementation -Agency staff have coordinated
with the Public Works Department and other City departments to ensure
progress on capital improvements in or adjacent to the project area funded
by the Agency, MCAS Tustin project developers and/or needed to
eliminate blight and support economic development activities. These
projects included but are not limited to Tustin Ranch Road, Park Avenue,
Warner Avenue, and Barranca Parkway.
• The District at Tustin Legacy -Agency staff continued to coordinate with
Public Works Department and the District's developer, Vestar/Kimco, for
required infrastructure improvements in support of the Redevelopment
Project Area and impacted adjacent areas.
Of Benelrt to the Redevelopment Project Areas
• Graffiti Removal -During FY 2008-09, the Agency provided funding in the
amount of $35,240 to the City's Graffiti Removal Program, a 50% increase
from the previous year. Agency staff participate in the Tustin Against Graffiti
(TAG) committee with the other city departments to provide a coordinated
response to graffiti and to eliminate blight in Project Areas.
5. There are no loans of fifty thousand dollars ($50,000.00) or more that were in
default or out of compliance with the terms of the loan during the previous fiscal
year.
6. The Agency owns three parcels which are listed in the audit as assets totaling
$27,050,000.
• South Central Project Area - 2 residential parcels $ 2,050,000
• MCAS - 1 industrial/commercial parcel $25,000,000
Benefits MCAS Tustin, but outside Project Area.
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 16
7
The table below lists the fiscal years that the Agency expects each of the
following time limits to expire:
Town Center South Central MCAS Tustin
Original Area Added Area
Expiration Date for
Eminent Domain April 20, 2001 Dec. 1, 2011 Dec. 1, 2011 June 13, 2015
Authorit
Last Date to Incur July 16, 2023 or from
Project Indebtedness January 1, 2004 Jan. 1, 2004 July 15, 2005 date of Auditor's
Certification
Redevelopment Plan July 16, 2033 or from
'
Expiration Date + Nov. 22, 2019 July 15, 2018 July 15, 2018 date of Auditor
s
Certification
Last Date to Receive
Project Area Tax
Increment and Pay Nov. 22, 2029 July 15, 2028 July 15, 2028 July 16, 2048
Indebtedness
* On July 28, 2009, the Governor approved budget bill ABX4-26 that enacted a $2.05 billion shift of Redevelopment Tax
Increment from Redevelopment Agencies to the county "Supplemental" Educational Revenue Augmentation Fund
(SERAF). If ABX4-26 withstands legal challenge and Tustin Community Redevelopment Agency is required to make the
May 2010 SERAF payment, the Agency is entitled to extend by one year each Redevelopment Project Area's expiration
date, last date to receive project area tax increment and pay indebtedness.
8
There is no other information the Agency believes to be useful at the present
time.
Agency staff will be available to respond to any questions at the Agency and City
Council meeting of December 1, 2009. As a result of the recommended actions, all final
reporting documentation and forms will be filed with the State Controller and State
Department of Housing and Community Development prior to December 31, 2009.
Christine A. Shingleton
Assistant City Manager
~ ~~- "
Pam Arends-King
Finance Director
Joh Buchanan
velopment Program Manager
Jerry Craig
Redeveloo)
s~~
Manager
City Council Report
December 1, 2009
2008-2009 Annual Report
Page 17
Attachments:
I. June 30, 2009 Independent Financial Audit and Compliance Audit
II. Agency Affordable Housing Monitoring Report
III. City of Tustin AB 987 -Disclosure Requirement (Ownership Housing)
IV. City of Tustin AB 987 -Disclosure Requirement (Rental Housing)
A copy of the Low and Moderate Income Housing Fund General Ledger Report is
available upon request from the City's Finance Director.
Attachment I
Draft June 30, 2009 Independent Financial Audit
and Compliance Audit
TUSTIN COMMUNITY
REDEVELOPMENT AGENCY
Annual Financial Report
June 30, 2009
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Annual Financial Report
June 30, 2009
Table of Contents
Page(s)
Independent Auditor's Report ....................................................................................................................... 1
Management's Discussion and Analysis (Unaudited) ........................................................................................ 3
Basic Financial Statements
Statement of Net Assets ........................................................................................................................ 8
Statement of Activities .......................................................................................................................... 9
Balance Sheet -Governmental Funds ................................................................................................ 10
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Assets .............................................................................................................. 13
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds ................................................................................................................... 14
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities ...................................... 17
Notes to Financial Statements ............................................................................................................. 19
Independent Auditor's Report on Internal Control Over Financial Reporting and on
Compliance (Including the Provisions Contained in the Guidelines for Compliance
Audits of Redevelopment Agencies) and Other Matters Based on an Audit of
Financial Statements Performed in Accordance with Government Auditing
Standards 33
tlV~9,inant}Gt~m,m~
MAGIAS GiNi bt QICONNELL u_P
Certified Public Accountants & Management Consultants
The Board of Directors of the
Tustin Community Redevelopment Agency
Independent Auditor's Report
1201 Dove Street, Suite b8E1
14ewport Beach, CA 92660
949.221.0025
S~€"NAMENt~+
~r~~ r~ ~ t't < sa t~-t' ~,
LCJ4~NC~Ft E~S
?~, M<ik<[~•~
z.": t+t titF r:M
We have audited the accompanying financial statements of the governmental activities and each major fund of
the Tustin Community Redevelopment Agency (Agency), a component unit of the City of Tustin, California
as of and for the year ended June 30, 2009, which collectively comprise the Agency's basic financial
statements as listed in the table of contents. These financial statements are the responsibility of the Agency's
management. Our responsibility is to express opinions on these fmancial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the fmancial statements are free of material misstatement. An
audit includes consideration of internal control over fmancial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Agency's internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinions.
In our opinion, the fmancial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities and each major fund of the Agency as of June 30, 2009, and
the respective changes in financial position thereof for the year then ended in conformity with accounting
principles generally accepted in the United States of America.
In accordance with Government Auditing, Standards, we have also issued our report dated November 24,
2009, on our consideration of the Agency's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters.
The purpose of that report is to describe the scope of our testing of internal control over financial reporting
and compliance and the results of that testing, and not to provide an opinion on the internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards and should be considered in assessing the results of our audit.
www. cpa.com An Independent Member of the aD0 Seldmon At)lance
The management's discussion and analysis identified in the accompanying table of contents is not a required
part of the basic financial statements, but is supplementary information required by accounting principles
generally accepted in the United States of America. We have applied certain limited procedures, which
consisted principally of inquiries of management regarding the methods of measurement and presentation of
the required supplementary information. However, we did not audit the information and express no opinion
on it.
Certified Public Accountants
Newport Beach, California
November 24, 2009
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
June 30, 2009
MANAGEMENT'S DISCUSSION AND ANALYSIS
As management of the Tustin Community Redevelopment Agency (Agency), we offer readers of the Agency's
financial statements this narrative overview and analysis of the financial activities of the Agency for the fiscal
year ended June 30, 2009.
FINANCIAL HIGHLIGHTS
• Agency assets exceeded its liabilities at the close of fiscal year 2008-09 by $72,968,466. Net assets
consist of $15,756,553 in capital net assets, $22,720,295 in restricted net assets and $34,491,618 in
unrestricted net assets.
• The Agency's total net assets decreased by $2,543,836 during fiscal year ended June 30, 2009. This
was mostly due to increased expenditures for various community development and capital improvement
projects.
• At the close of fiscal year 2008-09, the Agency's governmental funds reported a combined ending fund
balance of $82,268,199, an increase of $2,694,725 from the prior year. Fund balance consists of
$49,777,973 reserved for specific purposes and $32,490,226 in unreserved - undesignated.
• Total Agency debt decreased by $11,143,000 during fiscal year 2008-09, which consisted entirely of
principal payments.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the Agency'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.
Government-wide financial statements
The government-wide financial statements are designed to provide readers with a broad overview of the
Agency's finances, in a manner similar to aprivate-sector business.
The statement of net assets presents information on all of the Agency's assets and liabilities, with the difference
between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful
indicator of whether the financial position of the Agency is improving or deteriorating.
3
TUSTIN REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
June 30, 2009
Government-wide financial statements (Continued)
The statement of activities presents information showing how the Agency's net assets changed during the most
recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the
change occurs, regardless of the timing of related cash flows. Thus, all of the current year's revenues and
expenses are taken into account regardless of when cash is received or paid (e.g., uncollected taxes and earned
but unpaid interest expense).
The basic services of the Agency are considered to be governmental activities including Community
Development and Interest Expense on Long-term Debt. All Agency activities are financed with property tax
increment, rental income and investment income.
The government-wide financial statements can be found on pages 8 and 9 of this report.
Fund financial statements
Fund financial statements are designed to report information about groupings of related accounts 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 legal requirements. The Agency only has
governmental fund types.
Governmental funds are used to account for essentially the same functions reported as governmental activities
in the government-wide financial statements. However, unlike the government-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 a government's near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is
useful to compare the information presented for governmental funds with similar information presented for
governmental activities in the government-wide financial statements. By doing so, readers may better
understand the long-term impact of the government'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 a reconciliation to facilitate this comparison between governmental funds and governmental activities.
The Agency maintains individual governmental funds organized by their type (debt service and capital projects
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.
The fund financial statements can be found on pages 10 - 16 of this report.
4
TUSTIN REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
June 30, 2009
Notes to the basic financial statements
The notes provide additional information that is essential to a full understanding of the data provided in the
government-wide and fund financial statements. The notes to the basic financial statements can be found on
pages 19 - 32 of this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
The Agency's combined net assets are $72,968,466 as outlined in Table 1. This is a decrease of $2,543,836
from the prior year balance of $75,512,302.
TABLE 1
Net Assets
Fv07-08 Fv08-09 % Change
Assets:
Current and restricted assets $ 85,381,742 $ 100,120,565 17%
Capital assets 32,557,861 15,756,553 (52%)
Total Assets 117,939,603 115,877,118 (2)%
Liabilities:
Other liabilities 5,452,301 17,076,552 213%
Long-term liabilities outstanding 36,975,000 25,832,000 (30%)
Total Liabilities 42,427,301 42,908,652 11%
Net Assets:
Invested in capital assets 32,557,861 15,756,553 (52%)
Restricted 56,628,272 22,270,295 (61 %)
Unrestricted (13,673,831) 34.491,618 (352%)
Total Net Assets $ 75.512.302 72.968.466 (3%)
Statement of Activities
The statement of activities shows how the government's net assets changed during fiscal year 2008-09. On the
following page is a summary of changes in net assets.
During the current fiscal year, the Agency's net assets decreased $2,543,836. This was mostly due to increased
expenditures for various community development and capital improvement projects.
5
TUSTIN REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
June 30, 2009
TABLE 2
Changes in Net Assets
Revenues:
General Revenues:
Tax increment
Investment and rental
Other revenues
Total Revenues
Expenses:
Program Expenses:
Community development
Interest on long-term debt
Total Expenses
Change in net assets
Net Assets -Beginning of Year
Net Assets -End of Year
Fv07-08 Fv08-09 % Change
$ 16,882,739 $ 19,297,179 14%
2,878,870 2,138,075 (26%)
27,240 44,349 63%
19,788,849 21,479,603 9%
5,577,908 20,456,657 267%
4,689,887 3,566,782 (24%)
10,267,795 24,023,439 134%
9,521,054 (2,543,836) (127%)
65,991,248 75,512,302 14%
75.512.302 72.968.466 (3%)
The 14% increase in Tax Increment Revenues from prior year is due to the increase in base tax increment for the
Marine Base Project Area. The 267% increase in Community Development Expenses is due to the completion
of an arterial highway extension project that benefited the project areas and transferred to the City of Tustin.
FINANCIAL ANALYSIS OF AGENCY 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. Refer to pages 10 - 16 for more detail of governmental funds.
As of June 30, 2009, the Agency's governmental funds reported combined ending fund balances of $82,268,199,
an increase of $2,694,725 in comparison with the prior year. Of the $82,268,199, $36,568,042 constitutes
unreserved - undesignated fund balance. The remainder of fund balance is reserved to indicate that it is not
available for new spending because it has already been committed (1) to pay debt service of $1,776,505, (2) to
prepaid items of $37,678, (3) to land held for resale of $27,050,000, and (4) for a variety of low income housing
purposes of $16,835,974.
TUSTIN REDEVELOPMENT AGENCY
MANAGEMENT'S DISCUSSION AND ANALYSIS
(CONTINUED)
June 30, 2009
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital assets
At the end of 2009, the Agency had $15,756,553 invested in a broad range of capital assets, including buildings
and furniture, fixtures and equipment. The 67% decrease in Land &CIP is due to the completion of an arterial
highway extension project that benefited the project areas and transferred to the City of Tustin.
TABLE 3
Capital Assets at Year-End
F Oy 7-08 Fy08-09 % Change
Land &CIP $ 24,840,923 $ 8,260,099 (67%)
Building 11,024,198 11,024,198 0%
Furniture and fixtures, and equipment 443,998 443,998 0%
Accumulated depreciation (3,751,258) (3,971,742) 6%
Total 32.557.861 15.756.553 (52%)
Long-term debt
At the end of fiscal year 2009, the Agency had total bonded debt outstanding of $25,832,000, which is an
$11,143,000 decrease from the prior year. Outstanding bonded debt can be found on pages 29-30 in the notes to
the basic financial statements.
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of Agency finances for all those with an interest
in the government's finances. Questions concerning any of the information provided in this report or request for
additional financial information should be addressed to the Finance Director, City of Tustin, 300 Centennial
Way, Tustin, California, 92780, or call (714) 573-3060.
7
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Statement of Net Assets
June 30, 2009
Governmental
Activities
Assets:
Cash and investments $ 50,850,592
Receivables:
Taxes receivable 698,721
Interest receivable 120,913
Loans receivable 1,116,170
Notes receivable 4,575,980
Allowance for uncollectibles (5,290,790)
Advances to City of Tustin 19,284,171
Prepaid items 37,678
Land held for resale 27,050,000
Restricted assets:
Investments with fiscal agent 1,677,130
Capital assets, not depreciated 8,260,099
Capital assets, net of accumulated depreciation 7,496,454
Total assets 115,877,118
Liabilities:
Accounts payable 2,560,113
Deposits payable 2,510
Interest payable 43,588
Due to the City of Tustin 14,470,441
Noncurrent liabilities:
Due within one year 7,913,000
Due in more than one year 17,919,000
Total liabilities 42,908,652
Net assets:
Invested in capital assets 15,756,553
Restricted for:
Debt service 5,854,321
Low and moderate housing 16,865,974
Unrestricted 34,491,618
Total net assets $ 72,968,466
See Accompanying Notes to Financial Statements.
8
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Statement of Activities
For the Year Ended June 30, 2009
Functions/Pro~rams:
Governmental activities:
Community services
Interest on long term debt
Expenses
Net (Expenses)
Revenue and
Change in
Net Assets
Governmental
Activities
Total governmental activities
General revenues:
Taxes:
Tax increment
Rental income
Investment earnings
Miscellaneous
Total general revenues
Change in net assets
Net assets, beginning
Net assets, ending
See Accompanying Notes to Financial Statements.
$ 20,456,657 $ (20,456,657)
3,566,782 (3,566,782)
$ 24,023,439
(24,023,439)
19,297,179
583,962
1,554,113
44,349
21,479,603
(2,543,836)
75,512,302
$ 72,968,466
9
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Balance Sheet
Governmental Funds
June 30, 2009
Debt Service Funds
South Central Town Center Marine Base
Project Area Project Area Project Area
Assets:
Cash and investments $ 1,485,715 $ 1,203 $ 2,296
Investments with fiscal agents - 1,677,130 -
Receivables:
Taxes receivable 64,823 23,281 486,525
Interest receivable 32,085 2,655 4,647
Loans receivable - - -
Notes receivable - - -
Allowance for uncollectibles - - -
Advances to City of Tustin 6,428,058 6,428,057 6,428,056
Prepaid items - - -
Land held for resale - - -
Total assets $ 8,010,681 $ 8,132,326 $ 6,921,524
Liabilities:
Accounts payable $ - $ - $ 2,331,236
Deposits payable - - -
Deferred revenue 139,119 134,553 134,861
Due to City of Tustin 4,650,000 5,365,014 4,455,427
Total liabilities 4,789,119 5,499,567 6,921,524
Fund balances:
Reserved for:
Debt service 3,221,562 2,632,759 -
Prepaiditems - - -
Land held for resale - - -
Low income housing - - -
Unreserved - undesignated - - -
Total fund balances (deficits) 3,221,562 2,632,759 -
Total liabilities and fund balances $ 8,010,681 $ 8,132,326 $ 6,921,524
See Accompanying Notes to Financial Statements.
10
Capital Proiects Funds
South Central Town Center
South Central Low Income Town Center Low Income
Project Area Housing Project Area Housing
$ 15,492,305 $ 6,719,206 $ 9,930,612 $ 7,106,549
450 17,258 450 10,164
4,647 26,159 7,745 27,265
- 912,119 - 204,051
- 1,434,910 - 320,535
- (2,119,424) - (350,831)
4,986 15,000 1,346 15,000
1,345,000 705,000 - -
$ 16,847,388 $ 7,710,228 $ 9,940,153 $ 7,332,733
$ 68,967 $ 7,150 $ 3,447 $ 5,468
_ _ _ 2,510
721 230,043 1,202 176,365
69,688 237,193 4,649 184,343
4,986 15,000 1,346 15,000
1,345,000 705,000 - -
- 6,753,035 - 7,133,390
15,427,714 - 9,934,158 -
16,777,700 7,473,035 9,935,504 7,148,390
$ 16,847,388 $ 7,710,228 $ 9,940,153 $ 7,332,733
(Continued)
11
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Balance Sheet
Governmental Funds (Continued)
June 30, 2009
Assets:
Cash and investments
Investments with fiscal agents
Receivables:
Taxes receivable
Interest receivable
Loans receivable
Notes receivable
Allowance for uncollectibles
Advances to City of Tustin
Prepaid items
Land held for resale
Total assets
Liabilities:
Accounts payable
Deposits payable
Deferred revenue
Due to City of Tustin
Total liabilities
Capital Projects Funds
Marine Base Total
Marine Base Low Income Governmental
Project Area Housing Funds
$ 7,257,288 $ 2,855,418 $ 50,850,592
- - 1,677,130
450 95,320 698,721
8,408 7,302 120,913
- - 1,116,170
- 2,820,535 4,575,980
- (2,820,535) (5,290,790)
- - 19,284,171
1,346 - 37,678
25,000,000 - 27,050,000
$ 32,267,492 $ 2,958,040 $ 100,120,565
$ 136,487 $
1,305
7,358 $ 2,560,113
- 2,510
1,133 819,302
- 14,470,441
137,792
8,491 17,852,366
Fund balances:
Reserved for:
Debt service - - 5,854,321
Prepaid items 1,346 - 37,678
Land held for resale 25,000,000 - 27,050,000
Low income housing - 2,949,549 16,835,974
Unreserved - undesignated 7,128,354 - 32,490,226
Total fund balances (deficits) 32,129,700 2,949,549 82,268,199
Total liabilities and fund balances $ 32,267,492 $ 2,958,040 $ 100,120,565
See Accompanying Notes to Financial Statements.
12
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets
June 30, 2009
Amounts reported for governmental activities in the Statement of Net Assets
are different because:
Fund balances for governmental funds
When capital assets that are to be used in governmental activities are
purchased or constructed, the costs of those assets are reported as
expenditures in governmental funds. However, the Statement of Net
Assets includes those capital assets among the assets of the Agency as
a whole.
Beginning balance, net of depreciation $ 32,557,861
Current year additions 732,622
Current year deletions (17,313,446)
Current year depreciation (220,484)
Ending balance, net of depreciation
Deferred revenues which are deferred because they are not currently
available are taken into revenue in the Statement of Activities and,
accordingly, increases the net assets on the Statement of Net Assets.
Long-term liabilities applicable to the Agency's governmental activities
are not due and payable in the current period and, accordingly, are not
reported as fund liabilities. All liabilities, both current and long-term,
are reported in the Statement of Net Assets.
Interest on long-term debt is not accrued in govermnental funds, but rather
is recognized as an expenditure when due.
Net assets of governmental activities
See Accompanying Notes to Financial Statements.
$ 82,268,199
15,756,553
819,302
(25,832,000)
(43,588)
$ 72,968,466
13
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the Year Ended June 30, 2009
Debt Service Funds
Revenues:
Taxes
Use of money and property
Rental income
Other revenue
Total revenues
Expenditures:
Current:
Community services
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures
Excess of revenues over
(under) expenditures
South Central Town Center Marine Base
Project Area Project Area Project Area
$ 3,564,558 $ 4,470,290 $ 6,761,962
388,035 174,219 134,591
- - 2,100
3,952,593 4,644,509 6,898,653
632,000 254,085 157,000
- 1,105,000 10,038,000
99,030 550,665 781,470
731,030 1,909,750 10,976,470
3,221,563 2,734,759 (4,077,817)
Other financing sources (uses):
Transfers in _ _ _
Transfers out (20,176,849) (10,046,985) (7,010,397)
Total other financing sources (uses) (20,176,849) (10,046,985) (7,010,397)
Net change in fund balances (16,955,286) (7,312,226) (11,088,214)
Fund balances (deficits), beginning 20,176,848 9,944,985 11,088,214
Fund balances (deficits), ending $ 3,221,562 $ 2,632,759 $ -
See Accompanying Notes to Financial Statements.
14
Capital Projects Funds
South Central Town Center
South Central Low Income Town Center Low Income
Project Area Housing Project Area Housing
$ - $ 939,605 $ - $ 1,139,482
24,086 144,962 31,430 152,761
15,000 104,762 - -
4,343 11,128 - 1,128
43,429 1,200,457 31,430 1,293,371
141,412 436,476 136,504 363,400
601,135 - 1,767 -
- 713,223 - 713,223
742,547 1,149,699 138,271 1,076,623
(699,118) 50,758 (106,841) 216,748
20,176,849 - 10,046,985 -
20,176,849 - 10,046,985 -
19,477,731 50,758 9,940,144 216,748
(2,700,031) 7,422,277 (4,640) 6,931,642
$ 16,777,700 $ 7,473,035 $ 9,935,504 $ 7,148,390
(Continued)
15
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds (Continued)
For the Year Ended June 30, 2009
Revenues:
Taxes
Use of money and property
Rental income
Other revenue
Total revenues
Expenditures:
Current:
Community services
Capital outlay
Debt service:
Principal retirement
Interest and fiscal charges
Capital Projects Funds
Marine Base
Marine Base Low Income
Project Area Housing
$ - $ 2,421,282 $ 19,297,179
35,263 53,071 1,138,418
464,200 - 583,962
25,650 - 44,349
525,113 2,474,353 21,063,908
279,355 580,886 2,981,118
71,329 - 674,231
- - 11,143,000
- 713,223 3,570,834
Total expenditures 350,684 1,294,109 18,369,183
Excess of revenues over
(under) expenditures 174,429 1,180,244 2,694,725
Other financing sources (uses):
Transfers in 7,010,397 - 37,234,231
Transfers out - - (37,234,231)
Total other financing sources (uses) 7,010,397 - -
Net change in fund balances 7,184,826 1,180,244 2,694,725
Fund balances (deficits), beginning 24,944,874 1,769,305 79,573,474
Fund balances (deficits), ending $ 32,129,700 $ 2,949,549 $ 82,268,199
See Accompanying Notes to Financial Statements.
16
Total
Governmental
Funds
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities
For the Year Ended June 30, 2009
Amounts reported for governmental activities in the Statement of Activities
are different because:
Net change in fund balances -total governmental funds
When capital assets that are to be used in governmental activities are
purchased or constructed, the resources expended for those assets are
reported as expenditures in governmental funds. However, in the
Statement of Activities, the cost of those assets is allocated over their
estimated useful lives and reported as depreciation expense. Capital
asset activities for the fiscal year are as follows:
Capital asset additions 732,622
Capital asset transfer to City (17,313,446)
Depreciation expense X220,484)
Deferred revenue does not provide for current financial resources and,
therefore, is not reported as revenues in the governmental funds.
The issuance of long-term debt provides current financial resources to
governmental funds, while the repayment of the principal of long-term
debt consumes the current financial resources of governmental funds.
Neither transaction, however, has any effect on net assets. This is the
amount of repayment of principal in the current period.
Interest on long-term debt is not due and payable in the current period and,
therefore, is not reported in the governmental funds.
Change in net assets of governmental activities
See Accompanying Notes to Financial Statements.
2,694,725
(16,801,308)
415,695
11,143,000
4,052
$ (2,543,836)
17
This page left blank intentionally.
18
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements
June 30, 2009
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Description of Reporting Entity
The Tustin Community Redevelopment Agency (Agency), a component unit of the City of Tustin
(City), was established October 20, 1976, pursuant to the State of California Health and Safety
Code Section 33000, entitled "Community Redevelopment Law". Its purpose is to prepare and
carry out plans for improvement, rehabilitation, and redevelopment of blighted areas within the
territorial limits of the City of Tustin. The City provides management assistance to the Agency,
and the members of the City Council also act as the governing body of the Agency.
In accordance with Governmental Accounting Standards Board (GASB) Code Section 2100,
"Defining the Reporting Entity", the Agency's financial activities are included (blended) with the
financial activities of the City of Tustin for reporting purposes.
Tax Increment Financing
The Agency's primary source of revenue, other than loans and advances from the City, comes
from property taxes. Property taxes allocated to the Agency are computed in the following
manner:
(a) The assessed valuation of all property within the project area is determined on the date of
adoption of the Redevelopment Plan.
(b) Property taxes related to the incremental increase in assessed values after the adoption of the
Redevelopment Plan are allocated to the Agency. All taxes on the "frozen" assessed
valuation of the property are allocated to the City and other districts.
The Agency has no power to levy and collect taxes, and any legislative property tax reduction
might correspondingly reduce the amount of tax revenues that would otherwise be available to
pay the principal of, and interest on, long-term debt. Broadened property tax exemptions could
have a similar effect. Conversely, any increase in the tax rate or assessed valuation, or any
reduction or elimination of present exemptions would necessarily increase the amount of tax
revenues that would be available to pay principal and interest on long-term debt.
(b) Government-wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the statement of
activities) report information on all of the activities of the Agency. For the most part, the effect
of interfund activity has been removed from these statements.
The statement of activities demonstrates the degree to which the direct expenses of a given
function are offset by program revenues. Direct expenses are those that are clearly identifiable
with a specific function. Program revenues include 1) charges to customers who purchase, use, or
directly benefit from goods, services, or privileges provided by a given function and 2) grants and
19
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements (Continued)
June 30, 2009
contributions that are restricted to meeting the operational or capital requirements of a particular
function. Taxes and other items not properly included among program revenues are reported
instead as general revenues.
Fund financial statements for the Agency's governmental funds are presented after the
government-wide financial statements. These statements display information about major funds
individually and nonmajor funds in the aggregate for governmental funds. All funds of the
Agency are reported as major funds.
(c) Measurement Focus, Basis of Accounting and Financial Statement Presentation
1. Measurement Focus
Measurement focus is a term used to describe "which" transactions are recorded within
the various financial statements. Basis of accounting refers to "when" transactions are
recorded regardless of the measurement focus applied.
In the government-wide Statement of Net Assets and the Statement of Activities,
activities are presented using the economic resources measurement focus. Under the
economic resources measurement focus, all (both current and long-term) economic
resources and obligations of the government are reported.
In the fund financial statements, all governmental funds are accounted for on a spending
or "financial flow" measurement focus. This means that only current assets and current
liabilities are generally included on their balance sheets. Their reported fund balances
(net current assets) are considered a measure of "available spendable resources".
Governmental fund operating statements present increases (revenues and other financing
sources) and decreases (expenditures and other financing uses) in net current assets.
Accordingly, they are said to present a summary of sources and uses of available
spendable resources during a period.
Noncurrent portions of long-term receivables are reported on the governmental fund
balance sheets in spite of their measurement focus. However, special reporting
treatments are used to indicate that they should not be considered "available spendable
resources", since they do not represent net current assets. Recognition of governmental
fund type revenue represented by noncurrent receivables are deferred until they become
current receivables. Noncurrent portions of other long-term receivables are offset by
fund balance reserve accounts. Revenues, expenses, gains, losses, assets, and liabilities
resulting from nonexchange transaction are recognized in accordance with the
requirements of GASB Statement No. 33.
Because of their spending measurement focus, expenditure recognition for governmental
fund types excludes amounts represented by noncurrent liabilities. Since they do not
affect net current assets, such long-term amounts are not recognized as governmental
fund type expenditures or fund liabilities. Amounts expended to acquire capital assets are
20
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements (Continued)
June 30, 2009
recorded as expenditures in the year that resources were expended, rather than as a fund
asset. The proceeds of long-term debt are recorded as other financing sources rather than
as a fund liability. Amounts paid to reduce long-term indebtedness are reported as fund
expenditures.
When both restricted and unrestricted resources are combined in a fund, expenses are
considered to be paid first from restricted resources, and then from unrestricted resources.
2. Basis of Accounting
In the government-wide Statement of Net Assets and Statement of Activities, the
governmental activities are presented using the accrual basis of accounting. Under the
accrual basis of accounting, revenues are recognized when earned and expenses are
recorded when the liability is incurred or economic assets used, regardless of timing of
related cash flows. Revenues, expenses, gains, losses, assets, and liabilities resulting
from exchange and exchange-like transactions are recognized when the exchange takes
place. Property tax revenue is recognized in the fiscal year for which taxes have been levied.
Government-mandated and voluntary nonexchange transactions are recognized as
revenues when all applicable eligibility requirements have been met.
In the fund financial statements, governmental funds are presented using the modified-
accrual basis of accounting. Their revenues are recognized when they become
measurable and available as net current assets. Measurable means that the amounts can
be estimated, or otherwise determined. Available means that the amounts were collected
during the reporting period or soon enough thereafter to be available to finance the
expenditures accrued for the reporting period. For this purpose, the Agency considers
levied property tax increment revenues, investment income and rental income to be available
if they are collected within 60 days of the end of the current fiscal period.
Revenue recognition is subject to the measurable and availability criteria for the
governmental funds in the fund financial statements. Exchange transactions are
recognized as revenues in the period in which they are earned (i.e., the related goods or
services are provided).
Investments
Investments are stated at fair value (the value at which a financial instrument would be
exchanged in a current transaction between willing parties other than a forced or
liquidation sale), except for certain investments which have a remaining life of less than
one year when purchased, which are stated at amortized cost.
21
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements (Continued)
June 30, 2009
Capital Assets
Capital assets are recorded at cost where historical records are available and at an
estimated original cost where no historical records exist. Contributed capital assets are
valued at their estimated fair market value at the date of contribution. Generally, capital
asset purchases in excess of $5,000 are capitalized if they have an expected useful life of
one year or more.
The Agency does not own any infrastructure assets.
Capital assets used in operations are depreciated over their estimated useful lives using
the straight-line method in the Government-wide Financial Statements. The range of
lives used for depreciation purposes of each capital asset class are:
Building 50 years
Furniture, fixtures and equipment 10 years
Land Held for Resale
Land held for resale is carried at the lower of cost or estimated realizable value
determined at the date of an executed disposition and development agreement. Fund
balances are reserved in amounts equal to the carrying value of land held for resale
because such assets are not available to finance the Agency's current operations.
3. Description of Funds
The Agency reports the following funds:
Debt Service Funds are used to account for the current interest and principal payments on
the long-term debt of the Agency.
Capital Proiects Funds are used to account for resources used in developing the project
areas as well as the administrative costs incurred in sustaining Agency activities.
The Agency's major governmental funds are as follows:
The South Central Project Area Debt Service Fund is used to account for the tax
increment revenues and expenditures of the South Central Project Area.
The Town Center Project Area Debt Service Fund is used to account for tax increment
revenues and expenditures of the Town Center Project Area.
The Marine Base Project Area Debt Service Fund is used to account for tax increment
revenues and expenditures of the Marine Base Project Area.
22
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements (Continued)
June 30, 2009
The South Central Proiect Area Capital Proiects Fund is used to account for the fiscal
activity of the South Central Project Area.
The South Central Low Income Housing Capital Proiects Fund is used to account for the
redevelopment requirement to set-aside 20% of available tax increment, and to use those
funds only for the benefit of providing low and moderate income housing to residents of
the South Central Project Area.
The Town Center ProLct Area Capital Proiects Fund is used to account for the fiscal
activities of the Town Center Project Area.
The Town Center Low Income Housing Capital Proiects Fund is used to account for the
redevelopment requirement to set aside 20% of available tax increment, and to use those
funds only for the benefit of providing low and moderate income housing to residents of
the Town Center Project Area.
The Marine Base Proiect Area Capital Proiects Fund is used to account for the fiscal
activities of the Marine Base Project Area.
The Marine Base Low Income Housing Capital Proiects Fund is used to account for the
redevelopment requirement to set-aside 20% of available tax increment, and to use those
funds only for the benefit of providing low and moderate income housing to residents of
the Marine Base Project Area.
(2) STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
(a) Budgetary Data
The budgets of the Agency are primarily "long-term" budgets which emphasize capital outlay
plans extending over one year. Because of the long-term nature of redevelopment projects,
"annual" budget comparisons are not considered meaningful and, accordingly, no budgetary
information is included in the accompanying financial statements.
23
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements (Continued)
June 30, 2009
(3)
DETAILED NOTES ON ALL FUNDS
(a) Cash And Investments
Investments held by fiscal agents are owned separately by the Agency. Except for the cash held
in escrow consideration accounts, the Agency's cash and investments not held by fiscal agents are
pooled with the City of Tustin. The Agency does not own specifically identifiable securities in
the City of Tustin Pool. See the City of Tustin's annual report for the year ended June 30, 2009
for additional disclosures on deposits and investments.
Cash and investments as of June 30, 2009 are classified in the accompanying financial statements
as follows:
Statement of net assets:
Cash and investments -unrestricted
Cash and investments with fiscal agent
Total cash and investments
Cash and investments as of June 30, 2009 consist of the following:
Cash pooled with City of Tustin
Investments
Total cash and investments
$ 50,850,592
1,677,130
$ 52,527,722
$ 50,850,592
1,677,130
$ 52,527,722
24
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements (Continued)
June 30, 2009
Investments Authorized by the Agency's Investment Policy
The table below identifies the investment types that are authorized by the Agency's investment
policy. The table also identifies certain provisions of the Agency's investment policy that address
interest rate risk, credit risk, and concentration of credit risk. This table does not address
investments of debt proceeds held by bond trustee that are governed by the provisions of debt
agreements of the Agency's, rather than the general provision of the Agency's investment policy.
Maximum Maximum
Maximum Percentage Investment in
Authorized Investment Type Maturity Allowed One Issuer
Local Agency Bonds 5 years None None
U. S. Treasury Obligations 5 years None None
U. S. Agency Securities 5 years 50% None
Banker's Acceptances 180 days 25% 30%
Commercial Paper 90 days 25% 10%
Negotiable Certificates of Deposit 5 years 30% None
Repurchase Agreements 1 year None None
Corporate Notes 5 years 10% None
Mutual Funds investing in eligible securities N/A 20% 10%
Money Market Funds N/A 20% 10%
County Pooled Investment Funds N/A None None
Local Agency Investment Fund (LAIF) N/A None None
Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustee are governed by provisions of the debt
agreements, rather than the Agency's investment policy. The table below identifies the
investment types that are authorized for investments held by bond trustee.
Authorized Maximum
Investment Type Maturity
Maximum Maximum
Percentage Investment
of Portfolio in One Issuer
U.S. Agency Securities None None None
Banker's Acceptances 180 days None None
Commercial Paper 270 days None None
U.S. Treasury None None None
Money Market Funds N/A None None
Investment Contracts 30 years None None
25
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements (Continued)
June 30, 2009
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value
of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity
of its fair value to chfinges in market interest rates. One of the ways that the Agency manages its
exposure to interest rate risk is by purchasing a combination of shorter term and longer term
investments and by timing cash flows from maturities so that a portion of the portfolio is
maturing or coming close to maturity evenly over time as necessary to provide the cash flow and
liquidity needed for operations.
Authorized
Investment Type
Investment in City Pool
Held by fiscal agent:
Money Market Funds
Disclosures Relating to Credit Risk
Remaining Maturity
Amount (in Months)
$ 50,850,592 less than 6 months
1,677,130 less than 12 months
Generally, credit risk is the risk that an issue of an investment will not fulfill its obligation to the
holder of the investment. This is measured by the assignment .of a rating by a nationally
recognized statistical rating organization. Presented below is the minimum rating required by
(where applicable) the California Government Code, the Agency's investment policy, or debt
agreements, and the actual rating as of year end for each investment type.
Minimum
Legal
Investment Type Amount Rating
Investment in City Pool
Held by fiscal agent:
Money Market Funds
$ 50,850,592 N/A
1,677,130 N/A
$ 52,527,722
Concentration of Credit Risk
Actual Rating
at Year End
Not Rated
$ 50,850,592
1,677,130
$ 52,527,722
The investment policy of the Agency contains no limitations on the amount that can be invested
in any one issuer beyond that stipulated by the California Government Code. At June 30, 2009,
the Agency had no investments in any one issuer (other than U.S. Treasury securities, mutual
funds, and external investment pools) that represent 5% or more of total Agency's investments.
26
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements (Continued)
June 30, 2009
Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository
financial institution, a government will not be able to recover its deposits or will not be able to
recover collateral securities that are in the possession of an outside party. The custodial credit
risk for investments is the risk that, in the event failure of the counterparty (e.g., broker-dealer) to
a transaction, a government will not be able to recover the value of its investment of collateral
securities that are in the possession of another party. The California Government Code and the
Agency's investment policy do not contain legal or policy requirements that would limit the
exposure to custodial credit risk for deposits or investments, other than the following provision
for deposits: The California Government Code requires that a financial institution secure deposits
made by state of local governmental units by pledging securities in an undivided collateral pool
half by a depository regulated under state law (unless so waived by the governmental unit). The
market value of the pledged securities in the collateral pool must equal at least 110% of the total
amount deposited by the public agencies. California law also allows financial initiations to
secure Agency deposits by pledging first trust deed mortgage notes having a value of 150% of the
secured public deposits.
(b) Loans Receivable/Notes Receivable
Multi-Family Development Loan: The Agency provided a Bridge Loan to Senior Apartment
Developer to assist in the development of 53 affordable rental units. The total outstanding
balance as of June 30, 2009, was $347,510.
Home Improvement Loans: The Agency has provided deferred home improvement loans to low
and moderate income households (rental and ownership). These deferred loans are due upon sale,
refinance, or when the rental units are no longer available as affordable units. Term is 30 years.
The total outstanding balance as of June 30, 2009, was $59,573. An allowance of $59,573 has
been recorded to reflect the amount of the loans not expected to be collectible.
Homebu~er Program Loans: The Agency has provided down payment assistance to qualified
first time homebuyers. The loans provided in the Ambrose Lane Development are due beginning
in 2016, or when the homeowner sells or refinances. The loans provided in the Tustin Grove
Development are due when the homeowner sells or refinances. If the homeowner does not sell or
refinance before July 2015, the loan is forgiven. The total outstanding balance as of June 30,
2009, was $709,087. An allowance of $655,237 has been recorded to reflect the amount of loans
not expected to be collectible.
Notes Receivable: The City of Tustin is holding second deeds of trust on low and moderate
income homes located in the Tustin Legacy development. The Agency will purchase these notes
from the City as funds are readily available. Total outstanding balance as of June 30, 2009 was
$4,575,980. An allowance of $4,575,980 has been recorded in the fund statements.
27
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements (Continued)
June 30, 2009
(c) Interfund Transfers
Transfers In
Transfers Out
South Central Project Area
Debt Service Fund
Town Center Project Area
Debt Service Fund
Marine Base Project Area
Debt Service Fund
South Central
Project Area
Capital Projects
Fund
Town Center Marine Base
Project Area Project Area
Capital Projects Capital Projects
Fund Fund
$ 20,176,849 $ - $ - $ 20,176,849
- 10,046,985 - 10,046,985
- - 7,010,397 7,010,397
$ 20,176,849 $ 10,046,985 $ 7,010,397 $ 37,234,231
Transfers from Debt Service Funds were made to Capital Projects Funds to provide funding for
current and future capital projects in South Central, Town Center, and Marine Base Project Areas.
(d) Capital Assets
The following is a summary of the capital asset activity for the year ended June 30, 2009:
Capital assets, not being depreciated:
Construction in progress
Total capital assets,
not being depreciated
Capital assets, being depreciated:
Building -Civic Center
Furniture, fixtures and equipment
Total capital assets,
being depreciated
Less accumulated depreciation
Total capital assets,
being depreciated, net
Governmental activities
Balance at Balance at
July 1, 2008 Additions Deletions June 30, 2009
$ 24,840,923 $ 732,622 $ 17,313,446 * $ 8,260,099
24,840,923 732,622 17,313,446 8,260,099
11,024,198 - - 11,024,198
443,998 - - 443,998
11,468,196 - - 11,468,196
(3,751,258) (220,484) - (3,971,742)
7,716,938 (220,484) - 7,496,454
capital assets, net $ 32,557,861 $ 512,138 $ 17,313,446 $ 15,756,553
* This amount was contributed to the City of Tustin upon the completion of the various projects.
(e) Long-Term Liabilities
28
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements (Continued)
June 30, 2009
The following is a summary of the long-term liability activity for the year ended June 30, 2009:
Balance Balance Due Within
July 1, 2008 Additions Deletions June 30, 2009 One Year
Tax allocation bonds $ 11,975,000 $ - $ 1,105,000 $ 10,870,000 $ 1,150,000
Notes payable 25,000,000 - 10,038,000 14,962,000 6,763,000
$ 36,975,000 $ - $ 11,143,000 $ 25,832,000 $ 7,913,000
Tax Allocation Bonds:
Serial bonds are payable in annual installments ranging from $775,000 to
$1,315,000 commencing on December 1, 1998. Interest is payable
semiannually on June 1 and December 1, with rates ranging from 3.5%
to 5.0% per annum. The bonds maturing on or after December 1, 2009,
are subject to redemption prior to maturity as a whole or in part, at the
option of the Agency, on any date on or after December 1, 2008 at prices
ranging from 100% to 101 % of principal. 10.870.000
The annual requirements to amortize the tax allocation refunding bonds
are as follows:
Year Ending
June 30,
Principal Interest Total
2010 $ 1,150,000 $ 497,180 $ 1,647,180
2011 1,205,000 443,289 1,648,289
2012 1,255,000 385,466 1,640,466
2013 1,315,000 323,771 1,638,771
2014 1,380,000 258,073 1,638,073
2015-2017 4,565,000 339,906 4,904,906
Total $ 10,870,000 $ 2,247,685 $ 13,117,685
Notes Payable:
On April 1, 2007, the Tustin Community Redevelopment Agency
entered into two related Note Purchase Agreements in the amounts of
$19,900,000 Series B (Tax-exempt) and $5,100,000 Series A (Taxable)
with Citigroup Global Markets, Inc. for the acquisition of a thirty-seven
acre parcel of land adjacent to the Marine Base Project Area that will
29
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements (Continued)
June 30, 2009
provide freeway access to and from the Marine Base Project Area.
Principal is payable in annual payments due in November of each year.
Interest payments are payable monthly during the Initial Note Period
with a fixed interest rate of 4.32% through November 2008. After the
Initial Note Period, variable rate interest payments are payable monthly
based upon the current Securities Industry and Financial Markets
Association Municipal Swap Index (SIFMA) on the 2007 Series A Note
and the London Interbank Offered Rate (LIBOR) for the 2007 Series B
Note. Interest payments after the Initial Note Period have been calculated
based upon the maximum interest rate of 12% per the Note Agreement.
The Notes are secured by a lien on the aggregate tax increment revenue
generated in the Marine Base Project Area. In addition, any proceeds
from sale of land are pledged to the repayment of the notes.
The annual debt service requirements are as follows:
Year Ending
June 30, Principal Interest Total
2010 $ 6,763,000 $ 1,752,268 $ 8,515,268
2011 8,199,000 765,240 8,964,240
Total $ 14,962,000 $ 2,517,508 $ 17,479,508
Pledged Revenues:
14.962.000
The tax allocation refunding bonds are secured and to be serviced from tax increment revenues
excluding dedicated housing tax increment, through the fiscal year 2017. Total debt service
requirements through 2017 are $13,117,685 consisting of principal payments of $10,870,000 and
interest payments of $2,247,685. Pledged tax increment revenue recognized during the year was
$14.6 million against the total debt service payment of $13.7 million.
The notes payable are secured and to be serviced from the Marine Base Project Area tax
increment revenues excluding dedicated housing tax increment, through the fiscal year 2011.
Total debt service requirements through 2011 are $17,479,508 consisting of principal payments
of $14,962,000 and interest payments of $2,517,508. Pledged tax increment revenue recognized
during the year was $6.8 million against the total debt service payment of $10.8 million.
Although the incremental property taxes were projected to produce sufficient revenues to meet
the debt service requirements over the life of the bonds, certain conditions could have a material,
adverse impact on revenues allocated to the Agency. These include future decreases in the
assessed valuation of the project areas, decreases in the applicable tax rates or collection rates,
30
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements (Continued)
June 30, 2009
general decline in the economic condition of the project areas, or a change in the law reducing the
tax increment received by the Agency.
(~ Due to City of Tustin
The City made loans to the South Central Project Area, Town Center Project Area, and Marine
Base Project Area. The total amount of the loan outstanding is $14,470,441 and is expected to be
paid with future tax increment revenue.
(g) Commitments and Contingencies
The California Health and Safety Code requires redevelopment agencies to set aside 20 percent of
their tax increment from project areas established before 1976 for low and moderate income
housing. Between fiscal years 1985-86 and 1991-92, the Tustin Community Redevelopment
Agency deferred a total of $2,776,042 from its low and moderate-income housing obligation. On
February 1, 1993, the Agency adopted a plan to eliminate the deficit in subsequent years.
(h) Ciry and Agency Reimbursement Agreement
On June 5, 2007, the City and Tustin Community Redevelopment Agency executed a
Reimbursement Agreement for reimbursement to the City to assist the Agency in meeting
obligations to provide affordable housing under the MCAS Redevelopment Plan and the MCAS
Tustin Specific Plan. In order to assist the Agency in meeting its affordable housing obligations,
the City has entered into an agreement to sell property at a discount sufficient to permit
developers to economically develop the required number of affordable housing units and has
encumbered the sale of the properties and units with covenants, promissory notes and deeds of
trust to ensure maintaining the affordability of those units in accordance with the California
Community Redevelopment Law.
As of June 30, 2009, approximately five hundred sixty-five new units have been constructed in
the Marine Base Project Area, including one hundred eighteen affordable units, which reflect an
average subsidy of $351,000 per unit to secure the long-term affordability covenants. The
affordable units are located at Tustin Fields I and II and are comprised of thirty-three very low,
twenty-three low and sixty-two moderate income units which are secured by promissory notes
and deeds of trusts by the City that reflect an average of approximately $502,600 for very low-
income units, $485,900 for low-income units and $279,100 for moderate-income units. The
City's promissory notes and deeds of trust reflect the difference between the fair market value of
the dwelling unit at the time of purchase and the affordable housing purchase price of the units.
The total promissory notes value associated with the production of the affordable housing units is
$23,585,726 on Tustin Field I and $22,822,010 on Tustin Field II, for a total of $46,407,736.
Reimbursements are to be paid from tax increment revenues, including but not limited to the
Agency's Low and Moderate-Income Housing Set-Aside deposits from the Marine Base Project
Area, Town Center and South Central Project Areas as determined on an annual basis as part of
the budget process. Interest is payable annually by the Agency to the City at the rate of 5% of the
31
TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Notes to Financial Statements (Continued)
June 30, 2009
amount outstanding under the reimbursement agreement. The Agency reimbursed the City in the
amount of $961,605 during the fiscal year and obtained ownership of promissory notes in this
amount. The promissory notes are considered notes receivable in the financial statements. An
allowance of $961,605 has been recorded to reflect the amount of the notes not expected to be
collectible. Interest paid by the Agency to the City under the reimbursement agreement during
the fiscal year was $2,139,668.
(4) SUBSEQUENT EVENT
On July 24, 2009, the State Legislature passed Assembly Bill (AB) 26 4x, which requires
redevelopment agencies statewide to deposit a total of $2.05 billion of property tax increment in
county "Supplemental" Educational Revenue Augmentation Funds (SERAF) to be distributed to
meet the State's Proposition 98 obligations to schools. The SERAF revenue shift of $2.05 billion
will be made over two years, $1.7 billion in fiscal year 2009-2010 and $350 million in fiscal year
2010-2011. The SERAF would then be paid to school districts and the county offices of
education which have students residing in redevelopment project areas, or residing in affordable
housing projects financially assisted by a redevelopment agency, thereby relieving the State of
payments to those schools. The Agency's share of this revenue shift is approximately $6,191,557
in fiscal year 2009-2010 and $1,274,732 in fiscal year 2010-2011. Payments are to be made by
May 10 of each respective fiscal year. In response to AB 26 4x, the Agency intends to make the
required payments from tax increment revenues from the South Central (27.39%) Town Center
(26.46%) and Marine Base Project Areas (46.15%) in May 2010 and 2011.
The California Redevelopment Association (CRA) is the lead petitioner on a lawsuit to invalidate
AB 26 4x, similar to last year's successful lawsuit challenging the constitutionality of AB 1389.
CRA filed its lawsuit on October 20, 2009. The lawsuit asserts that the transfer of property tax
increment to the SERAF is not permitted under Article XVI, Section 16 of the California
Constitution. The complaint also asserts impairment of contract and gift of public funds
arguments. While the State made adjustments in AB 26 4x to address the constitutional issues
raised by the Superior Court over last year's lawsuit challenging AB 1389, the Agency, along
with the CRA and other California redevelopment agencies, believe that the SERAF remains
unconstitutional.
32
:w.
+,i,.. ~~,:~±:
'.r:...~
f~acias GiNI ~ QICONNELL ~~P
Certified Public Accountants & Management Consultants
The Board of Directors of the
Tustin Community Redevelopment Agency
Independent Auditor's Report on Internal Control Over Financial Reporting and on
Compliance (Including the Provisions Contained in the Guidelines for Compliance
Audits of Redevelopment Agencies) and Other Matters Based on an Audit of
Financial Statements Performed in Accordance with Government Auditing Standards
SAC'.. F2~4hAf.M iC7
14"~t N~J3 Ci2EEh.
I.e)S ANCnf f X °:
'±ii tti MdRa ~.'<
5AN i7tk C, ::3
We have audited the financial statements of the governmental activities and each major fund of the Tustin
Community Redevelopment Agency (Agency), a component unit of the City of Tustin, California as of
and for the year ended June 30, 2009, which collectively comprise the Agency's basic financial
statements, as listed in the table of contents, and have issued our report thereon dated November 24, 2009.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Tustin Community Redevelopment Agency's
internal control over financial reporting as a basis for designing our auditing procedures for the purpose
of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion
on the effectiveness of the Agency's internal control over financial reporting. Accordingly, we do not
express an opinion on the effectiveness of the Agency's internal control over financial reporting.
A control deficiency exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A significant deficiency is a control deficiency, or a combination of
control deficiencies, that adversely affects the Agency's ability to initiate, authorize, record, process, or
report financial data reliably in accordance with generally accepted accounting principles such that there
is more than a remote likelihood that a misstatement of the Agency's financial statements that is more
than inconsequential will not be prevented or detected by the Agency's internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies, that results in
more than a remote likelihood that a material misstatement of the financial statements will not be
prevented or detected by the Agency's internal control.
Our consideration of internal control over financial reporting was for the limited purpose described in the
first paragraph of this section and would not necessarily identify all deficiencies in internal control that
might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal
control over financial reporting that we consider to be material weaknesses, as defined above. However,
we noted other control deficiencies that we have reported to management of the City of Tustin in a
separate letter dated November 24, 2009 relating to both the City and the Agency.
33
NE:wPrstzr i~~c_.ac:r~
1201 Dove Street, Suite b80
Newport Beath, CA 42660
449.221.0025
____ ___.~ _ ~ ~.~.~___._.__.v.m_.~.a._~Mw ~_.___~_ _._ __. _ __
www.~rF~utpa.com An Independent Member of the SD a mon ante
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the basic financial statements of the Tustin
Community Redevelopment Agency are free of material misstatement, we performed tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance
with which could have a direct and material effect on the determination of financial statement amounts.
Such provisions include those provisions of laws and regulations identified in the Guidelines for
Compliance Audits of California Redevelopment A encies issued by the State Controller's Office,
Division of Accounting and Reporting. However, providing an opinion on compliance with those
provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
This report is intended for the information of the Board of Directors, management and others within the
Tustin Community Redevelopment Agency and the State Controller's Office, Division of Accounting and
Reporting and is not intended to be and should not be used by anyone other than these specified parties.
~,, ray,., s' o c,.~ «~
Certified Public Accountants
Newport Beach, California
November 24, 2009
34
Attachment II
Agency Affordable Housing Monitoring Report
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Attachment IV
City of Tustin AB 987 -Disclosure Requirement
(Rental Housing)
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