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17 2009-2010 ANNUAL REPORT (2)
Agenda Item 17 AGENDA REPORT Reviewed: Finance Director MEETING DATE: DECEMBER 7, 2010 TO: HONORABLE MAYOR AND COUNCIL MEMBERS VIA: DAVID C. BIGGS, CITY MANAGER FROM: CHRISTINE SHINGLETON, ASSISTANT CITY MANAGER PAM ARENDS-KING, FINANCE DIRECTOR SUBJECT: 2009-2010 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 for Fiscal Year ("FY") 2009-2010 and transmit such report to the Tustin City Council. It is recommended that the City Council take the following actions: • Receive and file the Redevelopment Agency's Annual Report for FY 2009-2010. • Direct that a copy of the Redevelopment Agency's Annual Report for FY 2009-2010 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 Community Redevelopment Law, specifically provisions contained in Section 33080 and 33080.1 of the California Health and Safety Code (collectively referred to as "CRL") requires the preparation and filing of an annual report by a redevelopment City Council Report December 7, 2010 2009-2010 Annual Report Page 2 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, 2010). Pursuant to Section 33080.1 of CRL, the annual report must contain the following: 1. An independent financial audit report of the previous fiscal year. The audit must, at minimum, meet audit guidelines prescribed by the State Controller's Office pursuant to Section 33080.3 of CRL 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 Section 33334.12. 2. A fiscal statement for the previous fiscal year containing the information required by Section 33080.5 of CRL 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 Section 33401 or Section 33676 of CRL. 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 California 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 CRL provisions: (1) Section 33401; (2) Section 33445; (3) Section 33445.5; (4) paragraph (2) of subdivision (a) of Section 33676; and (5) Section 33681. City Council Report December 7, 2010 2009-2010 Annual Report Page 3 f. The amount of existing indebtedness, as defined by Section 33682 of CRL, 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 Sections 33080.4 and 33080.7 of CRL, regardless 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 Section 33413.5 of CRL, 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 City Council Report December 7, 2010 2009-2010 Annual Report Page 4 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 Section 33413 of CRL, 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. The status and use of the Low to Moderate Income Housing Fund, created pursuant to Section 33334.3 of CRL, 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 Section 33418 of CRL 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 Section 33334.3 of CRL. Any other information the Agency believes is useful to explain its housing programs. The total number of dwelling units for very low income households, other lower income households, and persons and families of moderate income City Council Report December 7, 2010 2009-2010 Annual Report Page 5 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 Section 33334.10 of CRL. 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 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 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. City Council Report December 7, 2010 2009-2010 Annual Report Page 6 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. ANALYSIS Since there is only one Agency meeting scheduled in December of 2010, it is necessary to provide the Agency's audit materials to the Council in final draft form. While the materials are assumed to be substantially complete, the Finance Director and independent auditor may need to make non-substantial adjustments to the final numbers prior to submitting them to the State by December 31, 2010. The following responds to specific information required by the State: 1. Independent Financial Audit and Compliance Audit: A copy of the draft independent financial audit and compliance audit for 2009- 2010 is included as Attachment I to this agenda report. 2. Fiscal Statement: a. The amount of outstanding indebtedness of the Redevelopment Agency, as of June 30, 2010 as reported in the Statement of Indebtedness filed with the County of Orange, was reported to be $365,778,152 and reported by Redevelopment Project Areas as follows: • Town Center Project Area was reported to be $30,714,006; • South Central Project Area was reported to be $38,438,246; and • MCAS Tustin Project Area was reported to be $296,625,900. b. The total amount of gross tax increment property tax revenue generated by the Redevelopment Agency in 2009-2010 was $21,219,361, distribution by each individual Redevelopment Project Area as follows: • Town Center Project Area was $4,855,751; City Council Report December 7, 2010 2009-2010 Annual Report Page 7 • South Central Project Area was $4,440,995; and • MCAS Tustin Project Area was $11,922,615. 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, 2010. e. The amount allocated to school and community college districts pursuant to each of the following CRL 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. f. The amount of existing indebtedness, as defined by Section 33682 of CRL, and the total amount of payments required to be paid on existing indebtedness for 2009-2010 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 2009-2010 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 2009-2010 is 0. c. The total number of low to moderate-income dwelling units demolished or removed from the housing stock in 2009-2010 was 0. d. The total number of Agency-assisted dwelling units constructed, rehabilitated, acquired or subsidized during 2009-2010 for occupancy at affordable cost by persons and families of low to moderate income, City Council Report December 7, 2010 2009-2010 Annual Report Page 8 respectively, specifying those units which are not currently so occupied, those units which have replaced units destroyed or removed pursuant to Section 33413 of CRL, 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 which follows below. The eighteen affordable housing units listed below are located in the MCAS Tustin Redevelopment Project Area. Income bevel Elderly Households Non-Eld®rly Households Length of Affordability Term 45 Years 2009-2054 _ 2010-2055 Ve low 0 1 0 1 Low 1 10 9 2 Moderate 0 6 5 1 Total 1 17 14 4 f. The following is a status and use of the Low to Moderate Income Housing Fund, created pursuant to Section 33334.3 of CRL, 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 Redevelopment Project Area. As of June 30, 2010, the Low and Moderate Income Housing Fund balance was $7,816,715. The available funds balance does not reflect other Agency approved encumbrances which will be reported on the HCD Report Schedule C. While the Annual Report indicates an available fund balance, the Agency does have a number of financial obligations as identified below. City Council Report December 7, 2010 2009-2010 Annual Report Page 9 Specifically, the Agency and City entered into a Reimbursement Agreement with the City on June 5, 2007, as was subsequently amended on January 5, 2010 for the Agency's reimbursement to the City of its costs incurred in writing down the cost of land purchased by developers on portions of the Tustin Legacy project to assist the Agency in meeting its obligations to provide affordable housing under the MCAS Tustin Redevelopment Plan and MCAS Tustin Specific Plan to benefit not only the South Central and Town Center Project Areas (based on an adopted resolution of benefit) but also the MCAS Tustin Project Area. Under the Reimbursement Agreement, there remains a current Agency obligation to the City to be funded out of the South Central, Town Center and MCAS Tustin Project Area of approximately $16,393,177, the remaining balance as of June 30, 2009. On March 2, 2010, $26,170,000 in Tax Allocation Housing Bonds, Series 2010 were issued to (a) finance low and moderate income housing activities throughout the city and, in particular, to provide a partial payment of the Reimbursement Agreement obligations relating to the City's accommodation of affordable housing at Tustin Legacy, (b) fund a reserve account for the Bonds, and (c) provide for the costs of issuing the Bonds. The result is the Agency does not have an excess surplus in the Low and Moderate Income Housing Fund and is in compliance with Section 33334.10 of CRL. • Town Center Redevelopment Project Area. As of June 30, 2010, Low and Moderate Income Housing Fund balance was $7,832,410. The available funds balance does not reflect other Agency approved encumbrances to be reported on the HCD Report Schedule C. While the Annual Report indicates an available fund balance, the Town Center Project Area housing set aside balances are also encumbered by the current $16,393,177 balance under the Reimbursement Agreement between the Agency and City as discussed above under the South Central Project Area as well as the Tax Allocation Housing Bonds, Series 2010 issued in March of 2010. The result is the Agency does not have an excess surplus in the Low and Moderate Income Housing Fund and is in compliance City Council Report December 7, 2010 2009-2010 Annual Report Page 10 with Section 33334.10 of CRL. • MCAS Tustin Redevelopment Project Area. As of June 30, 2010, the Low and Moderate Income Housing Fund balance Project Area was $3,601,900. The available funds balance does not reflect other Agency approved encumbrances to be reported on the HCD Report Schedule C. While the Annual Report indicates an available fund balance, the MCAS Tustin Project Area housing set aside balances are also encumbered by the $16,393,177 balance under the Reimbursement Agreement between the Agency and City as discussed above under the South Central and Town Center Project Areas as well as the Tax Allocation Housing Bonds, Series 2010 issued in March of 2010. The result is the Agency does not have an excess surplus in the Low and Moderate Income Housing Fund and is in compliance with Section 33334.10 of CRL. g. A compilation of the Agency's annual monitoring reports of rental and owner-occupied affordable housing under Section 33418 of CRL 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 to this agenda report The Agency requires participants in the City's affordable housing programs to complete an annual certification form to verify continuing occupancy. During the 2009-2010 fiscal year, the Agency monitored 257 ownership and 156 rental units. There are approximately 584 additional affordable rental units that are monitored by the County of Orange and State of California on an annual basis. In compliance with California State Assembly Bill 987, 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. Attachment III to this agenda report is a listing of Tustin's Affordable Owner-Occupied Housing Units and Attachment IV is a listing of Tustin's Affordable Rental Housing City Council Report December 7, 2010 2009-2010 Annual Report Page 10 with Section 33334.10 of CRL. • MCAS Tustin Redevelopment Project Area. As of June 30, 2010, the Low and Moderate Income Housing Fund balance Project Area was $3,601,900-. The available funds balance does not reflect other Agency approved encumbrances to be reported on the HCD Report Schedule C. While the Annual Report indicates an available fund balance, the MCAS Tustin Project Area housing set aside balances are also encumbered by the $16,393,177 balance under the Reimbursement Agreement between the Agency and City as discussed above under the South Central and Town Center Project Areas as well as the Tax Allocation Housing Bonds, Series 2010 issued in March of 2010. The result is the Agency does not have an excess surplus in the Low and Moderate Income Housing Fund and is in compliance with Section 33334.10 of CRL. g. A compilation of the Agency's annual monitoring reports of rental and owner-occupied affordable housing under Section 33418 of CRL 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 to this agenda report The Agency requires participants in the City's affordable housing programs to complete an annual certification form to verify continuing occupancy. During the 2009-2010 fiscal year, the Agency monitored 257 ownership and 156 rental units. There are approximately 584 additional affordable rental units that are monitored by the County of Orange and State of California on an annual basis. In compliance with California State Assembly Bill 987, 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. Attachment III to this agenda report is a listing of Tustin's Affordable Owner-Occupied Housing Units and Attachment IV is a listing of Tustin's Affordable Rental Housing City Council Report December 7, 2010 2009-2010 Annual Report Page 11 Projects. h. The Agency has determined the total amount of 2009-2010 Agency Low and Moderate Income Housing Fund expended for planning and administrative costs, $383,851, 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 Section 333343 of CRL. There is no other information the Agency believes is useful to explain its housing program. 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. The 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 is available upon request. As of July 1, 2010, there is no excess surplus in the Low and Moderate Income Housing Fund for the combined Project Areas and the Agency is not required to submit a CRL Section 33334.10 plan for expenditure. The Agency has remaining obligations under the Reimbursement Agreement between the Agency and City discussed above and encumbrances of housing set aside funds under the Tax Allocation Housing Bonds, Series 2010 issued in March of 2010. As a result, there is no excess surplus in the Fund 4. The following is a description of the Agency's progress, including specific actions and expenditures, in alleviating blight in FY 2009-2010. City Council Report December 7, 2010 2009-2010 Annual Report Page 12 Town Center and South Central Redevelopment Project Areas • Tustin Town Center.• A New Beginning"The Agency prepared and adopted the study "The Neighborhoods of Tustin Town Center: A New Beginning", a Strategic Guide for Development" focusing on three neighborhoods in the older areas of the City and directly impacting large portions of the Town Center and South Central Project Areas which have been identified in each Project Area as containing blighted conditions. The Strategy identifies specific short range to long range implementation measures to improve blighted conditions in the neighborhoods. To complete the study, the Agency will invest over $160,000, with $73,532 expended during FY 2009-10 alone. Follow-up implementation measures and an accompanied work program will be reviewed by the Agency and City Council in early 2011 and will involve additional future commitments of Agency resources. • Pacific Center East and Newport Avenue Extension, Phase 1, 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 assisted in the acquisition of the necessary roadway and freeway right-of-way and remainder parcels impacted by the project. Without the improvements and necessary right- of-way acquisition, future development of this portion of the South Central Project Area would have been significantly impeded. Agency staff worked on the parcelization process with the Public Works Department in order to facilitate future property marketing and disposition of remaining remnant parcels as economic conditions improve. The Agency's investment on this effort during the past fiscal year has involved Agency staff time and engineering services for mapping and title work in researching any potential property encumbrances as well as fielding calls from interested parties. Additionally in FY 2009-10, the Agency made a $6,763,000 repayment to Citigroup for Series A and Series B Notes used for the Phase 1 acquisition. • Newport Avenue Extension Phase 2, South Central Project Area -The Agency continued coordination with Public Works Department and design work on Phase 2 including development of a property acquisition strategy City Council Report December 7, 2010 2009-2010 Annual Report Page 13 and a potential development strategy for any remainder properties. The Agency continues to manage two City owned four-plex units along Newport Avenue purchased for the required right-of-way in Phase 2. In FY 2009-10, the Agency invested $976,544 for Phase 2 acquisition and final design and engineering services. 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. • 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 consisted of mixed-use retail, office and 12 live/work residential units and supported the Agency's efforts to eliminate what was a previous dilapidated blighted property and to revitalize the historic Old Town district, improving Prospect Avenue, Main Street and Prospect Lane. All of the LiveM/ork units have been In addition, the office suites on the second floor of the commercial building along Main Street are leased at 100% and approximately 50% of the ground floor space is still available on the corner of Prospect and Main. 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 project. The Agency's direct investment in the project of over $880,000 into Prospect Village eliminated 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 -The City celebrated the Grand Opening of the new 32,000 square foot Tustin Library in November of 2009. The Agency invested over $2 million dollars in the project which was part of the approximate $29 million dollar budget. By acquiring and demolishing substandard residential and commercial structures on eight properties on the new Library site, vacating an obsolete street surplus to the City's right-of-way needs, and replacing an outdated Library with a state-of-the-art Library, the Agency reduced economic blighting conditions in the Project Area and created a new window to the City's historic Old Town. City Council Report December 7, 2010 2009-2010 Annual Report Page 14 • Residential Rehabilitation Program, Town Center and South Central Project Areas -The Agency provided two Single Family and one Multi- Family Housing Rehabilitation Program grants totaling $20,506.00 in FY 2009-10. The grants were funded in accordance with RDA Resolutions #05-01 and #05-02, allowing the Agency to assist in the rehabilitation of housing units outside both Project Areas that will be of benefit to the Project Areas. The Agency also processed and approved one Single Family and one Multi-Family Housing Rehabilitation Program application for properties within the South Central Project Area with actual work beginning in FY 2010-2011. 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 Square -The Agency coordinated with City departments in the construction of and monitoring of affordable home ownership projects within the Columbus Square housing development located in the MCAS Tustin Redevelopment Project Area. During FY 2009-10, the Agency created eighteen affordable housing units with ancillary covenant documents ensuring affordability for one very low income household, eleven lower income households, and six moderate income households. In addition, staff consulted with the Developer and the Community Development Department on the conversion of the Coventry Court Active Senior residences from ownership to rental. Staff time and legal resources of the Agency were involved in the preparation and finalization of an Amended Housing Agreement and a Regulatory Agreement with the developer to ensure that 153 or 64% of the proposed rental units would be affordable. Agency staff also supported and assisted the developer with applications through the California Debt Limit Allocation Committee and the California Statewide Communities Development Authority to finance the rental affordable project. City Council Report December 7, 2010 2009-2010 Annual Report Page 15 Local Agency Military Base Recovery Area (LAMBRA) -The Agency is responsible for administering and marketing LAMBRA tax benefits within the Project Area which will assist eligible businesses in locating and expanding within the Project Area. Agency Staff are in the process of preparing a revised Policies and Procedures Manual as well as an updated LAMBRA Marketing Plan; provide monthly status reports to the California Department of Housing and Community Development (HCD); and continue to respond to periodic inquiries from tax consultants representing potential and existing businesses within to locate within this tax benefit area. 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. Agency staff time and legal resources were extensively committed to ensuring the developer's performance during FY 2009-2010 while they were in default under terms of their Agreement and in framing and finalizing a Termination and Settlement Agreement with the Developer, which was approved by the City Council on June 8, 2010 and executed on July 6, 2010. • County of Orange Urban Regional Park Site -Agency staff time has been involved in the continued coordination with the County regarding the development of an 84 acre urban regional park site proposed at Tustin Legacy. • County of Orange Animal Shelter- Agency staff time has been involved in continued coordination with the County and Navy on the acquisition and development of the County of Orange Sheriff Law Enforcement Training facility and Animal Control facility. South Orange County Community College District (SOCCCD) -Agency staff time and legal resources continue to be used to monitor compliance with the Conveyance Agreement and Sublease and continue working on resolving issues associated with the SOCCCD owned and lease properties and proposed future uses. Staff also coordinated with the Department of Navy on its approval of a Project environmental Review Form submittal by SOCCCD for Concept Plan Phase 3A and a Building/Utility Demolition and Severance request. City Council Report December 7, 2010 2009-2010 Annual Report Page 16 • Environmental Clean-Up and Monitoring -Agency staff time and legal resources continue to monitor 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. Fire Station - To support inadequate public facilities and infrastructure serving the Project Area, Agency staff continue the design process with a design consultant, the City and Orange County Fire Authority Staff for construction of a new fire station to serve the Project Area. The Basis of Design document was completed during FY 2009-2010, including form approval from OCFA and the Schematic Design phase of the project. Infrastructure Design and Implementation - To support inadequate public facilities and infrastructure serving the Project, Agency staff and resources in coordination with the Public Works Department and other City departments provide support to progressing development of capital improvements in or adjacent to the project area funded by the Agency and MCAS Tustin project developers and/or needed to eliminate blight and to support economic development activities. These projects during FY 2009- 2010 have included but are not limited to Tustin Ranch Road, Park Avenue, Warner Avenue, and Barranca Parkway, and related storm drain facilities. "The District at Tustin Legacy" -Agency staff and resources continued to coordinate with the developer of "The District", the new 1 million square foot retail center within the Project, on remaining required infrastructure improvements in support of the Project Area and impacted adjacent areas. Benefitting all Three Redevelopment Project Areas Graffiti Removal -During FY 2009-10, the Agency provided funding in the amount of $46,200 to the City's Graffiti Removal Program, a 31 % increase from the previous year. Agency staff participates 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. City Council Report December 7, 2010 2009-2010 Annual Report Page 17 Agency Administrative Support and Indirect Costs- the Agency expended approximately $1,840,250 in FY 2009-2010 to administratively support the Agency's program activities including due diligence activities, legal services, management of assets, planning and design, day to day operations with staff personnel costs and office expenses, financial planning activities, and support for the Agency in meeting its affordable housing obligations. These actitivities all supported the elimination of blighted conditions in each Project Area as identified in each Redevelopment Plan and in the most recent Five-Year Implementation Plans. 5 6 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. The Agency owns multiple parcels which are listed in the audit as assets totaling $26,345,000. • South Central Project Area - (3) commercial parcels totaling 4.16 acres located at 1021 Edinger Ave. valued at $1,345,000 at the time of purchase. MCAS Tustin Project Area - approximately 23.64 acres of industrial/commercial property bounded by State route-55 on the west, Edinger Avenue on the north, `New" Del Amo, "Old" Del Amo and Newport Avenue on the east, and Valencia Avenue on the south. The Agency's investment was $25,000,000 at the time of taking Court-ordered possession of the property, representing approximately one-third of the value at the time of the Court's final judgment in February 2010. The parcels benefit MCAS Tustin, but are located in the South Central Project Area. 7. The table below lists the fiscal years that the Agency expects each of the following time limits to expire: City Council Report December 7, 2010 2009-2010 Annual Report Page 18 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 January 21, 2025 or Project Indebtedness January 1, 2004 Jan. 1, 2004 July 15, 2005 from date of Auditor's Certification Redevelopment Plan January 1, 2035 or Expiration Date • Nov. 22, 2019 July 15, 2018 July 15, 2018 from of Auditor's Certification Last Date to Receive Project Area Tax Increment and Pay Nov. 22, 2029 July 15, 2028 July 15, 2028 January 1, 2050 Indebtedness M * 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, Tustin Community Redevelopment Agency's May 2010 SERAF payment will entitle the Agency 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 7, 2010. 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, 2010. --~~~~~r'Z~fYfA,1.L~ ~~~.D~IA Christine A. Shingleto Assistant City Manage ~~~~ ~ / ~~ Pam Arends-King Finance Director Approved for Forwarding By: Davie! C. Biggs City Manager City Council Report December 7, 2010 2009-2010 Annual Report Page 19 Attachments: I. Draft June 30, 2010 Independent Financial Audit and Compliance Audit 11. 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) V. City of Tustin Redevelopment Project Areas Map A copy of the Low and Moderate Income Housing Fund General Ledger Report is available upon request from the City's Finance Director. Attachment Draft June 30, 2010 Independent Financial Audit and Compliance Audit ~.w TUSTIN COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Tustin, California) Report l __ TUSTIN COMII~IUNTTY REDEVELOPMENT AGENCY Annual Financial Report June 30, 2010 Table of Contents Page(s) Independent Auditor's Report ....................................................................................................................... l Management's Discussion and Analysis (Required Supplementary Information -Unaudited) ....................... 3 Basic Financial Statements ~ t~ ~ Statement of Net Assets ................................................: Statement of Activities ............................................ Balance Sheet - Goven~mental Funds ............. Reconciliation of the Balance Statement of Net Ass~t~~ Statement of Reconciliation of the ~ Fund Balances of .......................................... 8 ........"" ...................................... 9 ......' ...............................................10 Funds to the ................................................................13 l ~ges in Fund Balances - .......................................................................................14 3, Expenditures and Changes in 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 ~. The Board of Directors of the Tustin Community Redevelopment Agency Independent Auditor's Report We have audited the accompanying financial statements of the fund of the Tustin Community Redevelopment Agency (Agen y; California, as of and for the year ended June 30, 2010, w c financial statements as listed in the table of contents. Thes a the Agency's management. Our responsibility is to express on our audit. ~tal activities and each major ent unit of the City of Tustin, comprise the Agency's basic tents are the responsibility of ce financial statements based We conducted our audit in accordance with auditin ener~ccepted in the United States of America and the standards applicable to financial dits din overnrnent Auditing Standards, issued by the Comptroller General of the Unite t e s require that we plan and perform the audit to obtain reasonable assurance whe the ancial statements are free of material misstatement. An audit includes conside f int 1 over financial reporting as a basis for designing audit procedures th ria a circ ces, but not for the purpose of expressing an opinion on the effective f the 's al control over financial reporting. Accordingly, we express no such opinio audit also des g, on a test basis, evidence supporting the amounts and disclosure a financial s ments, assessing the accounting principles used and the significant estimates mad manageme as well as evaluating the overall financial statement presentation. We believe that dit pro s a reasonable basis for our opinions. In our opinion, the fmancial state~l~ 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, 2010, 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 30, 2010 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 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. ~._' _ Management's discussion and analysis on pages 3 to 7 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 30, 2010 ty J TUSTIN COMMUNITY REDEVELOPMENT AGENCY MANAGEMENT'S DISCUSSION AND ANALYSIS June 30, 2010 (Unaudited) 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 yeaz ended June 30, 2010. FINANCIAL HIGHLIGHTS • Agency assets exceeded its liabilities at the close of fiscal consist of $14,627,754 in capital net assets, $31,328,2t}~ unrestricted net assets. ~ • The Agency's total net assets decreased by $21,330,3 This was mostly due to increased expenditures for improvement projects contributed to the City of Tj~ • At the close of fiscal year 2009-10, the balances of $79,055,841, a decrease o $66,206,661 reserved for specific puzp~ • Total Agency debt of Tax Allocation I 2009-10 by $51,638,097. Net assets acted net assets and $17,789,648 in ear ended June 30, 2010. development and capital funds reported combined ending fund prior year. Fund balances consist of unreserved - undesignated. fiscal yeaz 2009-10, primarily due to the issuance FINANCIAL STATEMENTS This discussion and analysis are irate rve as an introduction to the Agency's basic financial statements. The Agency's basic financial statemen a 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 COMMUNITY REDEVELOPMENT AGENCY MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED) _ __ June 30, 2010 (Unaudited) Government-wide financial statements (Continnedl 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 yeaz's revenues and expenses are taken into account regazdless 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 Services and Interest Expense on Long-term Debt. All Agency activities ~ with property tax increment, rental income and investment income. The government-wide financial statements can be found on Fund financial statements Fund financial statements aze designed to report maintain control over resources that have been s fund accounting to ensure and demonstrat governmental fund types. Governmental funds aze o ac~ in the government-wide f 1 governmental fund financial s as on balances of spendable reso evaluating a government's neaz-term ~,roupings of related accounts used to ;tivities or objectives. The Agency uses requirements. The Agency only has tiall~he same functions reported as governmental activities owever, unlike the government-wide financial statements, az-term inflows and outflows of spendable resources, as well t the end of the fiscal year. Such information may be useful in 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 neaz-term financing decisions. Both the governmental funds balance sheet and the governmental funds 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 funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances. The fund financial statements can be found on pages 10 -17 of this report. 4 ~.~, TUSTIN COh~VRJNITY REDEVELOPMENT AGENCY MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED) June 30, 2010 (Unaudited) 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 Statement of Net Assets The Agency's combined net assets aze $51,638,097 as outlined ' e This is a decrease of $21,330,369 from the prior yeaz balance of $72,698,466. A significant rea Other liabilities resulted from the Agency's payment of amounts due to the City of Tustin. under king capital agreement. TABLE 1 Net Asy~ Assets: Current and restricted assets Capital assets Total Assets Liabilities: Other liabilities Long-term liabilities Total Liabilities Net Assets: Invested in capital asp _ Restricted Unrestricted Total Net Assets Statement of Activities Fv09-10 Change 1 ,565 $ 93,371,780 756 553 14.627.754 5.877.118 107.999.534 17,076,552 25.832.000 42.908.562 15,756,553 16,865,974 40.345.939 72.968.466 (7%) (7%) (7%) 12,169,409 (29%) 44.192.028 71 56.361.437 31% 14,627,754 (7%) 19,220,695 14% 17.789.648 (56%) $ 51.638.097 (29%) The statement of activities shows how the government's net assets changed during fiscal year 2009-10. On the following page is a summary of changes in net assets. During the current fiscal year, the Agency's net assets decreased $21,330,369. This was mostly due to increased expenditures for various community development and capital improvement projects contributed to the City of Tustin upon completion. 5 TUSTIN COMMUNITY REDEVELOPMENT AGENCY MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED) June 30, 2010 (Unaudited) Revenues: General Revenues: Tax increment Investment and rental Other revenues Total Revenues Expenses: Program Expenses: Community services Interest on long-term debt Total Expenses Change in net assets Net Assets -Beginning of Y Net Assets -End of Yeaz TABLE 2 Changes in Net Assets Fv08-09 Fy09-10 % Chance $ $ 18,687,536 (3%) ,13 1,573,918 (26%) 105,363 138% 9 60 366 817 5% 6,65 38,437,632 88% 3 2 3.259,554 (9%) 24 439 41.697,186 74% ,543,836) (21,330,369) (739%) 75.512,302 72,968,466 (3%) $ 72.968.466 $ 51.638.097 (29%) The 3% decrease in Tax Incremen ues prior year is due to the decrease in property values because of the current economic conditions. Th ecrease in investment and rental income from prior year is due to lower returns on investments because o the current economic condition. The 88% increase in Community Services expenses related to spending on low to moderate income housing activities. FINANCIAL ANALYSIS OF AGENCY FUNDS As noted earlier, the Agency uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental fends The focus of the Agency's governmental funds is to provide information on neaz-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 Govenzment's net resources available for spending at the end of the fiscal year. Refer to pages 10 -17 for more detail of governmental funds. 6 TUSTIN COMMiJNITY REDEVELOPMENT AGENCY MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED) June 30, 2010 (Unaudited) As of June 30, 2010, the Agency's governmental funds reported combined ending fund balances of $79,055,841, a decrease of $3,212,358 in comparison with the prior year. Of the $79,055,841, $12,849,180 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 $1,720,833, (2) to advances $18,881,750 (3) to prepaid items of $38,383, (4) to land held for resale of $26,345,000, and (5) for a variety of low and moderate income housing purposes of $19,220,695. CAPITAL ASSET AND DEBT ADMINISTRATION At the end of 2010, the Agency had $14,627,754 invested in a capital assets, including buildings and furniture, fixtures and equipment. The 11% decrease in Con 'on in 's due to the completion of the Library that benefited the project areas and was transferred to th of T Capital Construction in progress Building Furniture and fixtures, and Accumulated depreciation Total Lone-term debt 8-09 Fv09-10 % Change 8,260,099 $ 7,351,784 (11%) 11,024,198 11,024,198 0% 443,998 443,998 0% ( 3,971,742) (4,192,226 6% $ 15.756.553 $ 14.627.754 (7%) At the end of fiscal year 2010, the Agency had total bonded debt outstanding of $44,192,028, which is an $18,360,028 increase from the prior year primarily due to the issuance of Tax Allocation Housing Bonds of $26,170,000 in March 2010 to refinance low and moderate income housing activities throughout tl~e geographic boundaries of the City and, in particular, to repay a reimbursement obligation from the Agency to the City, relating to the City's write down of land for use for affordable housing purposes. Outstanding bonded debt can be found on pages 28-31 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 COMMiINITY REDEVELOPMENT AGENCY Statement of Net-Assets June 30, 2010 Assets: Cash and investments Receivables: Accounts receivable Interest receivable Loans receivable Allowance for uncollectibles Advances to City of Tustin Prepaid expenses Land held for resale Deferred bond issuance costs Restricted assets: Investments with fiscal agent Capital assets, not depreciated Capital assets, net of accumulated Total assets Liabilities: Accounts payable Deposits payable Interest payable Due to the City of Tustin Noncurrent liabilities: Due within one year Due in more than one year Total liabilities Net assets: Invested in capital assets Restricted for: Low and moderate income housing Unrestricted Total net assets See Accompanying Notes to Financial Statements. Governmental Activities $ 41,474,322 404,850 160,527 1,094,306 (720,342) 20,112,456 38,383 26,345,000 889,524 3,572,754 7,351,784 7,275,970 107,999,534 2,574,481 10,050 418,467 9,166,411 10,659,000 33,533,028 56,361,437 14,627,754 19,220,695 17,789,648 $ 51,638,097 8 TUSTIN COMMITNITY REDEVELOPMENT AGENCY -- - Statement of Activities For the Year ended June 30, 2010 Net (Expenses) Revenue and Change in Net Assets Functions/Programs• Governmental activities: Community services Interest on long-term debt Total governmental activities General revenues: Taxes: Tax increment Rental income Investment e~ (41,697,186) 18,687,536 100,324 1,473,594 105,363 20,366,817 (21,330,369) 72,968,466 $ 51,638,097 See Accompanying Notes to Financial Statements. Governmental Expenses Activities $ 38,437,632 $ (38,437,632) \~, 3,259,554 (3,259,554) 9 Net assets,~ending ~; TUSTIN COMMUNITY REDEVELOPMENT AGENCY Balance Sheet - Governmental Funds June 30, 2010 Assets: Cash and investments Investments with fiscal agents Receivables: Accounts receivable Interest receivable Loans 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 Fund balances: Reserved for. Debt service Advances Prepaid items Land held for resale Low and moderate income housing Unreserved - undesignated Total fund balances (deficits) Total liabilities and fund balances See Accompanying Notes to Financial Statements. Debt Service Funds South Central Town Center Marine Base Project Area Project Area Project Area $ 2,636,638 $ - $ - - 1,700,253 - 106,932 21,138 193,309 8,213 - - 6,704,1 152 6,704,151 $ s455,~~ $425,543 $ 6,897,460 $ 558 $ 2,266,581 410,236 410,235 - 4,516,411 410,794 7,193,227 - 1,720,833 - 6,293,918 6,293,916 6,293,916 (1,905,393) - (6,589,683) 4,388,525 8,014,749 (295,767) $ 9,455,936 $ 8,425,543 $ 6,897,460 10 Cauital Protects Funds South Central Town Center South Central Low Income Town Center Low Income Project Area Housing Project Area Housing $ 14,211,044 $ 7,135,398 $ 4,830,627 $ 7,166,894 - 624,167 - 624,167 1,568 27,274 - 5,372 44,274 37,867 15,052 38,004 - 901,187 - ,119 - (700,978) - 64) 5,056 15,165 1,416 15,1 1,345,000 - - - $ 15,606,942 $ 8,040,080 $ 4,84 95 8,02 , 57 $ 96,271 $ 24,268 120,539 $ 7,78 2,268 - 2,685 49 185,994 16,038 190,947 5,056 15,165 1,416 15,165 1,345,000 - - - - 7,801,550 - 7,817,245 14,136,347 - 4,829,641 - 15,486,403 7,816,715 4,831,057 7,832,410 $ 15,606,942 $ 8,040,080 $ 4,847,095 $ 8,023,357 11 l,_ TUST]TT COMMUNITY REDEVELOPMENT AGENCY Balance Sheet__ _ Governmental Funds (Continaed) - - June 30, 2010 Capital Projects Funds Marine Base Total Marine Base Low Income Governmental Pro.iect Area Housing Funds Assets: Cash and investments $ 2,555,256 Investments with fiscal agents - Receivables: Accounts receivable 8,669 Interest receivable 7,962 Loans receivable - Allowance for uncollectibles - Advances to City of Tustin - Prepaid items 1,581 Land held for resale 25,000,000 Total assets $ 27 Liabilities: Accounts payable Deposits payable Deferred revenue Due to City of Tustin Total liabilities 9 10,475 13,426,415 Fund balances: Reserved for. Debt service - Advances - Prepaid items 1,581 Land held for resale 25,000,000 Low and moderate income housing - Unreserved - undesignated 2,378,268 - 1,720,833 - 18,881,750 - 38,383 - 26,345,000 3,601,900 19,220,695 - 12,849,180 Total fund balances (deficits) 27,379,849 3,601,900 79,055,841 Total liabilities and fund balance: $ 27,573,468 $ 3,612,375 $ 92,482,256 See Accompanying Notes to Financial Statements. $ 2,938,465 624,167 40,588 $ 41,474,322 3,572,754 404,850 160,527 1,094,306 (720,342) 20,112,456 ,383 i 6 $ ,457 $ 2,574,481 1, - 10,050 ,3 5,018 1,675,473 - 9,166,411 12 TUSTIN COMMUNITY REDEVELOPMENT AGENCY -- - Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets June 30, 2010 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 Stat ent of Net Assets includes those capital assets among the assets ~~~cy as a whole. ~' Beginning balance, net of depreciation Current yeaz additions Current year deletions (2 39) Current year depreciation (22 , 84) Ending balance, net of depreci ' Deferred revenues whi • d b e they aze not currently available aze tak o revenu a ent of Activities and, accordingly, in es the net asset the ement of Net Assets. Long-term liabilities ap a to are not due and payable e reported as fund liabilities. are reported in the Statement ~gency's governmental activities t period and, accordingly, are not ilities, both current and long-term, Assets. Interest on long-term debt is not accrued in governmental funds, but rather is recognized as an expenditure when due. Bond issuance costs are not deferred in governmental funds, but rather are recorded an expenditure. Net assets of governmental activities See Accompanying Notes to Financial Statements. $ 79,055,841 14,627,754 1,675,473 (44,192,028) (418,467) 889,524 $ 51,638,097 13 ~_._ ~v TUSTIN COMMUNITY REDEVELOPMENT AGENCY Statement of Revenues, Eapenditares snd Changes in Fund Balances Governmental Funds For the Year Ended June 30, 2010 Debt Service Funds Revenues: Taxes Investment income Rental income Other revenue Total revenues Eapenditures: Current: Community services Capital outlay Debt service: Principal retirement Interest and fiscal charges Total expenditures Excess of revenues (under) expendir Other financing sources (uses): Transfers in Transfers out Premium on bonds Bond proceeds Total other financing sources (uses) Net change in fund balances Fund balances, beginning Fund balances (deficits), ending South Central Town Center Marine Base Project Area Project Area Project Area $ 3,496,027 $ 3,841,365 $ 7,106,272 - 102,491 - 3,496, ,943,856 7,106,272 3,036,457 1,150,000 500,452 6,763,000 219,798 3,607,298 10,019,255 336,558 (2,912,983) - 5,045,432 2,617,216 - 5,045,432 2,617,216 1,166,963 5,381,990 (295,767) 3,221,562 2,632,759 - $ 4,388,525 $ 8,014,749 $ (295,767) See Accompanying Notes to Financial Statements. 14 ~._ _ ~_ Caaital Protects Fands South Central Town Center South Central Low Income Town Center Low Income Project Area Housing Project Area Housing $ - $ 888,199 $ - $ 971,150 184,207 77,352 88,704 82,039 15,000 85,324 - - - 13,601 - 13,602 199,207 1,064,476 88,704 1, 1 235,780 8,648,983 147,719 1,254,724 - - ,~ - - ~ - - 829,882 - 788,460 1,490,504 9,4 719 9,140,839 (1,291,297) (8,074,048) - - (5,045,432) - - 34,735 - 34,735 - 8,723,334 - 8,723,333 - 8,758,069 (5,045,432) 8,758,068 (1,291,297) 343,680 (5,104,447) 684,020 16,777,700 7,473,035 9,935,504 7,148,390 $ 15,486,403 $ 7,816,715 $ 4,831,057 $ 7,832,410 (Continued) 15 TUSTIN COMMUNITY REDEVELOPMENT AGENCY Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds (Continued) ~- For the Year Ended June 30, 2010 Capital Projects Funds Revenues: Taxes Investment income 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 (under) expendit~ Marine Base Marine Base Low Income Project Area Housing $ - $ 2,384,523 49,656 32,974 78,159 - 127,815 Total Governmental $ 18,687,536 617,423 100,324 105,362 19,510,645 6,054,108 1,254,724 7,913,000 3,775,376 10,523,214 48,997,208 (8,105,717) (29,486,563) Other financing sources (uses): Fund balances, beginning 32,129,700 2,949,549 82,268,199 Fund balances (deficits), ending $ 27,379,849 $ 3,601,900 $ 79,055,841 See Accompanying Notes to Financial Statements. Transfers in - - 7,662,648 Transfers out (2,617,216) - (7,662,648) Premium on bonds - 34,735 104,205 Bond proceeds - 8,723,333 26,170,000 Total other financing sources (uses) (2,617,216) 8,758,068 26,274,205 Net change in fund balances (4,749,851) 652,351 (3,212,358) 16 ~. C TU5TIN 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, 2010 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 aze to be used in governmental activities are purchased or constructed, the resources expended for those assets aze reported as expenditures in governmental funds. However, in the Statement of Activities, the cost of those ass d over their estimated useful lives and reported as eci pence. Capital asset activities for the year aze as follow Capital asset additions Capital asset transfer to City Depreciation expense Deferred revenue does not rovid~ therefore, is not re ve The issuance o -term debt p governmenta ,while the term debt cons the current funds. Neither tr ion, h Long-term debt activ o~ Bond issuance Premium on bond issuance Principal repayments Amortization of bond premium $ (26,170,000) (104,205) 7,913,000 1,177 Issuance costs on long-term debt is not deferred and amortized in the current period and, therefore, is reported as interest expense in the governmental funds. $ (3,212,358) (1,128,799) 856,171 (18,360,028) 889,524 Interest on long-term debt is not due and payable in the current period and, therefore, is not reported in the governmental funds. (374,879) Change in net assets. of governmental activities $ (21,330,369) See Accompanying Notes to Financial Statements. 1,139) rent ~ resources and, the governmental funds. cunt financial resources to Went of the principal of long- ial resources of governmental has any effect on net assets. yeaz are as follows: 17 ~~ 18 TU5TIN COMMUNITY REDEVELOPMENT AGENCY _ Notes to Financial Statements June 30, 2010 (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 gover~ng body of the Agency. In accordance with Governmental Accounting S ar d (GASB) Code Section 2100, (a) The assessed va ~~~~~ro within the project area is determined on the date of adoption oft evelopm an. "Defining the Reporting Entity", the Agency's fin vi included (blended) wittl`t!!C financial activities of the City of Tustin for reportin es. Tax Increment Financing The Agency's primary source of revenue, er and advances from the City, comes from property taxes. Property tare a the cy are computed in the following manner: (b) Property tare ted to the inc ental increase in assessed values after the adoption of the Redevelopment are allo to the Agency. All taxes on the "frozen" assessed valuation of the pro are ated to the City and other districts. The Agency has no power ti~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. 19 TUSTIN COMMUNITY REDEVELOPMENT AGENCY Notes to Financial Statements (Continued) June 30, 2010 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) chazges to customers who purchase, use, or directly benefit from goods, services, or privileges provided by a given function and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particulaz 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. All funds of the Agency are reported as major funds. (c) Measurement Focus, Basis of Accounting and Financial Statement Presentation Measurement focus is a term used to desc~ the various financial statements. Basis of recorded regazdless of the measurement In the government-wide Sta activities are presented using economic resources measur resources and obligations sources) and ddll~ Accordingly, they spendable resources are recorded within en" transactions are Ri the Statement of Activities, measurement focus. Under the Trent and long-term) economic ~ernmental funds are accounted for on a spending . This means that only current assets and current sir balance sheets. Their reported fund balances i measure of "available spendable resources". s present increases (revenues and other financing and other financing uses) in net current assets. t a summary of sources and uses of available 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. 20 TUSTIN COMMUNITY REDEVELOPMENT AGENCY Notes to Financial Statements (Continued) June 30, 2010 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 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 N governmental activities are presented usin~ accrual basis of accounting, revenues are; recorded when the liability is incurred or e related cash flows. Revenues, expense from exchange and exchange-like tr place. Property tax revenue is recd in Government-mandated and v revenues when all applicable ~i ity -s d Statement of Activities, the asis of accounting. Under the ' e n earned and expenses are ' arse gardless of timing of s, s, ass ,and liabilities resulting are 'zed when the exchange takes yea~or which taxes have been levied. transactions are recognized as have been met. In the fund f tern govenu~al funds are presented using the modified accrual ba ' ac , g. eir revenues are recognized when they become measura d available etc t assets. Measurable means that the amounts can be est' or otherwise a .Available means that the amounts were collected during th rting perio soon enough thereafter to be available to finance the expenditures ed for reporting period. For this purpose, the Agency considers levied property r revenues, investment income and rental income to be available if they are collecte 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, 2010 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 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 can determined at the date of an balances are reserved in am< because such assets are not aw ~r estimated realizable value welopment agreement. Fund value of land held for resale 's current operations. account for the current interest and principal payments on used to account for resources used in developing the project trative 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, 2010 The South Central Project Area Capital Projects Fund is used to account for the fiscal activity of the South Central Project Area. The South Central Low Income Housin¢ Capital Projects 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 Project Area Capital Projects Fund is used to account for the fiscal activities of the Town Center Project Area. The Town Center Low Income Housing Capital Projects 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 de to income housing to residents of the Town Center Project Area. The Marine Base Project Area Capital P activities of the Marine Base Project Area. The Marine Base Low Income redevelopment requirement to funds only for the benefit of p the Marine Base Project Area (2) STEWARDSHIP, Deficit Fund The Marine Base Pro 30, 2010. This deficit is ABILITY to account for the fiscal Fund is used to account for the :aac increment, and to use those income housing to residents of ervice Fund had deficit fund balance of $295,767 at June relieved from future revenues or transfers. (3) DETAILED NOTES ON ALI. 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 yeaz ended June 30, 2010, for additional disclosures on deposits and investments. Cash and investments as of June 30, 2010 are classified in the accompanying financial statements as follows: 23 TUSTIN COMMiJNITY REDEVELOPMENT AGENCY Notes to Financial Statements (Continued) June 30, 2010 __. Statement of net assets: Cash and investments -unrestricted $ 41,474,322 Cash and investments with fiscal agent 3,572,754 Total cash and investments $ 45,047,076 Cash and investments as of June 30, 2010 consist of the following: Cash pooled with City of Tustin Investments Total cash and investments Investments Authorized by the Agency's Investment The table below identifies the investment types t1 policy. The table also identifies certain provisions interest rate risk and concentration of credit risk. proceeds held by bond trustee that are governe Agency, rather than the general provision of t Investment Types Authorized by State Law Local Agency Bonds U.S. Treasury Obligati U.S. Agency Securities Bankez's Acceptances Commercial Paper Negotiable Certificates of Depose Repurchase Agreements Reverse Repurchase Agreements Medium-Term Notes Mutual Funds Money Market Mutual Funds Mortgage Pass-Through Securities County Pooled Investment Funds Local Agency Investment Fund (LATE) JPA Pools (other Investment Pools) Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes 24 5 years 5 years 5 years 180 days 90 days 5 years 1 year 92 days 5 years N/A N/A 5 years N/A N/A N/A Maximum Investment in One Issuer None None None 40% 15% 30% None 20% of base value 30% 15% 20% None None None None $ 41,474,322 3,572,754 $ 45,047,076 by the Agency's investment tvestment policy that address ss investments of debt s debt agreements of the t policy. None None None 30% 10% None None None None 10% 10% None None None None TUSTIN COMMUNITY REDEVELOPMENT AGENCY Notes to Financial Statements (Continued) June 30, 2010 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. Maximum Authorized Maximum Percentage Investment Type Maturi of Portfolio U.S. Agency Securities Banker's Acceptances Commercial Paper U.S. Treasury Money Mazket Funds Investment Contracts None None 180 days None 270 days e None N/A e 30 years ne Disclosures Relating to Interest Rate Risk Interest rate risk is the risk that changes in of an investment. Generally, the lon of its fair value to changes in mar er exposure to interest rat 's by 1 investments and by o maturing or corm ose to ma eve liquidity neede operations. Investment Investment in City Pool' Held by fiscal agent: Money market funds Investment contract Disclosures Relating to Credit Risk Maximum Investment in One Issuer None None None None None et " r es will adversely affect the fair value of vestment, the greater the sensitivity f the ways that the Agency manages its ination of shorter term and longer term maturities so that a portion of the portfolio is er time as necessary to provide the cash flow and Amount $ 41,474,322 1,895,741 1,677,013 Remaining Maturity (in Months) less than 6 months less than 12 months 77 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 yeaz end for each investment type. 25 TUSTIN COMMUNITY REDEVELOPMENT AGENCY Notes to Financial Statements (Continued) June 30, 2010 Minimum Legal Actual Rating at Year End Investment Type Amount Rating AAA Not Rated Investment in City Pool Held by fiscal agent: Money market funds Investment contract $ 41,474,322 1,895,741 1,677,013 $ 45,047,076 N/A $ - $ 41,474,322 N/A 1,895,741 - N/A - 1,677,013 $ 1,895,741 $ 43,151,335 Concentration of Credit Risk The investment policy of the Agency contains no 1 in any one issuer beyond that stipulated by the Ca~ the Agency had no investments in any one issuer funds, and external investment pools) that represent Custodial Credit Risk the amount that can be invested ent Code. At June 30, 2010, Treasury securities, mutual encv's investments. Custodial credit risk for deposits is r~ m ent of the failure of a depository fmancial institution, a government w t e to r over its deposits or will not be able to recover collateral securities that the pos an outside party. The custodial credit risk for investments is t, ' event fa of the countetparty (e.g., broker-dealer) to a transaction, a goy ent t b to recover the value of its investment of collateral securities that ar a possessi ano party. The California Government Code and the Agency's inves policy do no ntain legal or policy requirements that would limit the exposure to Gusto edit risk for osits or investments, other the tfre foilou+iag ptu~vision for deposits: The Cali Gove t Code requires that a financial institution secure deposits made by state of local g units by pledging securities in an undivided collateral pool half by a depository regula er state law (unless so waived by the governmental unit). The market value of the pledged s curities 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 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, 2010, was $347,510. 26 ~y;` TUSTIN COMMUNITY REDEVELOPMENT AGENCY Notes to Financial Statements (Continued) June 30, 2010 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, 2010, was $65,104. An allowance of $65,104 has been recorded to reflect the amount of the loans not expected to be collectible. Homebuyer 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, 2010, was $681,692. An allowance of $655,238 has been recorded to reflect the amount of loans not expected to be collectible. (c) Interfund Transfers Transfers Out Town Center Project Area Debt Service Fund Marine Base Project Debt Service Fu Transfers from Capital operations. Town Center Project Area Capital Proj Fund Totals 5,045,432 2,617,216 2,617,216 $ 2,617,216 $ 7,662,648 were made to Debt Service Funds to provide funding for 27 ~~ ,.., TUSTIN COMMUNITY REDEVELOPMENT AGENCY Notes to Financial Statements (Continued) June 30, 2010 (d) Capital Assets The following is a summary of the capital asset activity for the year ended June 30, 2010: Capital assets, not being depreciated: Construction in progress Total capital assets, not being depreciated Capital asset,, 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 capital assets, net * This amount was (e) The following is a stul~r of the Balance at Balance at July 1, 2009 Additions Deletions June 30, 2010 $ 8,260,099 $ 1,242,824 $ 2,151,139 * $ 7,351,784 8,260,099 1,242,824 2,151,139 7,351,784 11,024,198 - 11,024,198 443,998 ~_~_ - 443,998 11,468,196 - - 11,468,196 (3,971,742) 0,484 (4,192,226) 7,454 =(220, - 7,275,970 $ 2,151,139 $ 14,627,754 upon the completion of the various projects. liability activity for the year ended June 30, 2010: Balanl~ Balance Due Within July 1, 200 Additions Deletions June 30, 2010 One Yeaz Tax allocation bonds $ 10,870,000 $ 26,170,000 $ 1,150,000 $ 35,890,000 $ 2,460,000 Unamortized premium - 104,205 1,177 103,028 - Tax allocation bonds, net 10,870,000 26,274,205 1,151,177 35,993,028 2,460,000 Notes payable 14,962,000 - 6,763,000 8,199,000 8,199,000 $ 25,832,000 $ 26,274,205 $ 7,914,177 $ 44,192,028 $ 10,659,000 28 TUSTIN COMMUNITY REDEVELOPMENT AGENCY Notes to Financial Statements (Continued) June 30, 2010 Tar Allocation Bonds: On July 1, 1998, the Tustin Community Redevelopment Agency issued $20,805,000 Tax Allocation Refunding Bonds to refund the Agency's Town Center Area Redevelopment Project Tax Allocation Refunding Bonds, Series 1987, in aggregate principal amount of $5,145,000 and the Agency's Town Center Area Redevelopment Project Subordinate Tax Allocation Bonds, Series 1991 in aggregate principal amount of $12,880,000. As of June 30, 2006, the 1987 and 1991 bonds have been fully redeemed. 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 ran from 3.5% to 5.0% per annum. The bonds maturing on or after e , 2009, are subject to redemption prior to maturity as a whole in a option of the Agency, on any date on or after December 1, t pn ging from 100% to 101 % of principal. On March 1, 2010, the Tustin Community $26,170,000 Tax Allocation Housing Bonc and moderate income housing acti 'tie boundaries of the City and, in p , obligation from the Agency to the rela land for use for afford ing s annual installments g 50, September 1, 2 terest is ble . September 1, w es ranging fro o to cy issued ce low geographic ;'~~1~'6 ~s write down of Se onds are payable in $1,300,000 commencing on iannually on March 1 and ~ per annum. 29 $9,720,000 $26,170,000 TUSTIN COMMUNITY REDEVELOPMENT AGENCY Notes to Financial Statements (Continued) June 30, 2010 The annual requirements to amortize the tax allocation bonds are as follows: Year Ending June 30, Principal Interest Total 2011 $ 2,460,000 $ 1,577,955 $ 4,037,955 2012 1,950,000 1,506,798 3,456,798 2013 2,030,000 1,423,952 3,453,952 2014 2,115,000 1,336,504 3,451,504 2015 2,205,000 1,242,244 3,447,244 2016-2020 7,370,000 4,944,200 12,314,200 2021-2025 5,190,000 3,831,5 , 21,534 2026-2030 5,220,000 2,497,1 7,125 2031-2035 3,210,000 1,524,6 4, 63 2036-2040 4,140,000 565,68 4,70 , Total $ 35,890,000 $ 2(j~6,78~$ Notes Payable: On April 1, 2007, Co 'ty Redevelopment Agency entered into two ,d Note a ements in the amounts of $19,900,000 S (Tax-exemp d $ , 0,000 Series A (Taxable) with Citigroup Markets, Inc. the acquisition of a thirty-seven acre parcel of lan ent to the a Base Project Area that will provide freeway acce and the Marine Base Project Area. Principal is payable in eats due in November of each year. Interest payments are paya onthly 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 year-end interest rates of 1.03% for Series A and 4.56% for Series B. The remaining balance of the notes are due in fiscal year 2011. 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. $8,199,000 30 TUSTIN COMMUNITY REDEVELOPMENT AGENCY Notes to Financial Statements (Continued) June 30, 2010 The annual debt service requirements are as follows: Year Ending June 30, Principal Interest Total 2011 $ 8,199,000 $ 145,383 $ 8,344,383 Total $ 8,199,000 $ 145,383 $ 8,344,383 Pledged Revenues: The tax allocation bonds and notes payable are s e ~ e serviced from tax increment revenues and dedicated housing tax increment, thro a fis ear 2040. Total debt service requirements for tax allocation bonds through 2 $56,3 onsisting of principal payments of $35,890,000 and interest pa of 50,66 and total debt service requirements for notes payable through 201 ,38 fisting of principal payments of $8,199,000 and interest payments of $145, Ple incr ent revenue recognized during the year was $18.7 million against the t 1 t ce t of $8.6 million. Although the increme 't t were pr ed to produce sufficient revenues to meet the debt service re ents a li the bonds, certain conditions could have a material, adverse impact venues allo to Agency. These include future decreases in the assessed valuate the project decreases in the applicable tax rates or collection rates, general decline in onomic con n of the project areas, or a change in the law reducing the tax increment receive a Aee Due to City of The City made loans to the South Central Project Area, Town Center Project Area, and Marine Base Project Area to provide short-term loans to fund operations. The total amount of the loan outstanding is $9,166,411 and is to be paid within one year. (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, and is the amount outstanding as of June 30, 2010. 31 TUSTIN COMMUNITY REDEVELOPMENT AGENCY Notes to Financial Statements (Continued) June 30, 2010 (h) City 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 Marine Corps Air Station (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, 2010, approximately five hundred sixty-five new units have been constructed in the Marine Base Project Area, including one hundred ei teen affordable units, which reflect an average subsidy of $351,000 per unit to secure affordability covenants. The affordable units are located at Tustin Fields I and d .prised of thirty-three very low, twenty-three low, and sixty-two moderate income c secured by promissory notes and deeds of trusts by the City that reflect an avers appro 502,600 for very low- income units, $485,900 for low-income units and for te-income units. The City's promissory notes and deeds of trust re dill between the fair market value of the dwelling unit at the time of purchase e a ble h g purchase price of the units. The total promissory notes value associate 'th 'on of the affordable housing units is $23,585,726 on Tustin Field I and $22~, ust' d II, for a total of $46,407,736. Reimbursements are to be aid in Agency's Low and me it Area, Town Cente South 1 the budget pros terest is pay ann amount outstan der the reim ement amount of $25,438, wring the fi year. (4) SUBSEQUENT EVEN re~enues, including but not limited to the ~ Set- side deposits from the Marine Base Project Areas as determined on an annual basis as part of ~by the Agency to the City at the rate of 5% of the agreement. The Agency reimbursed the City in the $44,170,000 Tustin Community Redevelopment Agency Tax Allocation Bonds, Series 2010 On October 27, 2010, the Tustin Community Redevelopment Agency issued $44,170,000 Tax Allocation Bonds, Series 2010 for the purpose of financing redevelopment activities within or for the benefit of the Agency's MCAS-Tustin Redevelopment Project Area. The bonds are payable in annual installments ranging from $640,000 to $12,230,000 commencing on September 1, 2011. Interest is payable semiannually on March 1 and September 1, with rates ranging from 2.0% to 5.0% per annum. The bonds maturing on or after September 1, 2019, are subject to optional redemption prior to maturity, as a whole or in part, from any available source of funds, at a redemption price equal to the principal amount thereof, together with accrued interest to the date fixed for redemption, without premium. 32 The Boazd of Directors of the Tustin Community Redevelopment Agency 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 GovernmentAudittng Standards 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 yeaz ended June 30, 2010, which collectively mprise the Agency's basic financial statements, as listed in the table of contents, and have issued ereon dated November 30, 2010 We conducted our audit in accordance with auditing stan g accepted in the United States of America and the standards applicable to financial audits ernment Auditing Standards, issued by the Comptroller General of the United States. Internal Control Over Financial Reporting In planning and performing our audit, reporting as a basis for designing our au~ the financial statements, but not for the Agency's internal control over 'al effectiveness of the Agency' A deficiency in intern management or employe , detect and con-ect misstate of deficiencies, in internal of the entity's financial sta ~y's internal control over financial pose of expressing our opinions on n opinion on the effectiveness of the we do not express an opinion on the the~esign or operation of a control does not allow e of performing their assigned functions, to prevent, or is. A material weakness is a deficiency, or a combination sere is a reasonable possibility that a material misstatement prevented, or detected and corrected on a timely basis. Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over fmancial reporting that might be deficiencies, 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. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Agency's basic financial statements 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 33 Agencies 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 solely for the information of the Board of Directors and management of the Agency and is not intended to be and should not be used by anyone other than these specified parties. Certified Public Accountants Newport Beach, California November 30, 2010 34 Attachment II Agency Affordable Housing Monitoring Report -_ l~ O /W~/ 1'~h V O h~l z 0 ~O~1 FBI W ~M O P'y N 0 rrtiT~ I~ O ~- ~. ° .~ s .~ o s ~ r O ~ O s O o ~ ~~ . a O ~ Mqq M ~ q G C ~ 'Y ~ W q ~ ^~.. ¢~ a n ti ? ti ~ n ~ ~ ' W p W i. J. ~+ ~. T ^~. ~' ~ ~ o A ~ a C q ~ ~ d ¢ Q d d fA T ~ Q pa ro 7 C d n r" 4~~ ~ ~ ~ .. ~ ~r 4'` Y.: t d ' d d ' d d d d ' d d z Y z z z z z z z z Y 'a 1 ~~ "~ ~~' ~ O ~ vi O O .-. .-. N N ~ ry O ~ N O N O N O N a M 4.^ ~O ~' ~ ~ N v'1 O N .. v-,~ °' ~ 3 ?: a°~ 3 ~ a° 3 ~ 3 :: Jo~ 3 y -0~3 ~ y ~ 3 :: a3~ 3 a 3 3 °~ ~~ ~~ .~.; ~ p p .~.; .-7 ~ ~i ~; , , ~; ~~ .., ..r~ ~? J ~ p ..] ~ N ~ O ' , ~„~ ~" N ~ I ~ ~ I °O ; om; ~ M y) I I V b I I W [~ .-. N ~ N I .. O~ .--~ I ,.., ~ ~ j I ~Y .-. N ~ M ~ ~ I ~ O M ,6 . yp. 1 .: ~ t Hip. ,~ N tat CY.. N G N d V U ~ V ~ ~' 7+ ~ ~ ~„~ ~ ~ > ~ > ~ b0 C M .a y,0 oy .-1 ~ .~ yy~ ..1 ~ ~ ~ ~ [gam pq. ~ C ~ C q ~ ~ + V r.~~' ~ 5 5 ~ F F H w z z F H c ~~ a~ ~~ ~' s,. ~. ~ ~t Stdk~~ 7`~ } ~ ~ ~ n . u;~ ~ ~ 3 F F ".`_J > . r i ;' ~'.~z f ~ T ~ ~ ~ b a :.. t... ~ y ii U ~ ~ _ ~ "~ ~ ~ L d ~ ~ 8 = e ', U ,,,a r ~ ~ a o 3= o ~ a u a d a d `o n. ~ y o o °'0 .~ o o °o ..~ u a 8 e A a) ~ y z ue °^~ F~ ec ~ ~ ~.o ae~^ o~na~ 8. eta°~ ~~'=~ 0 O C z~ O rC r~. C W a 9~ W O of C ~ O ~ 4N3 Oy ~ ~+ _ ~ L ip„ i. ~ v a~ .~ .~ .C 3 8Op, N~ p O C~ d Cp ~ ~ q ~ O E O ~ O y~ y~~ 4 'q O A C 'L v :~ y .C' a O U >. O ~j L V "~' >. O rj A U 7 >. O ar'7. A U '~ ~ ~ ~ ~-. N ° OO T , j ~ ~ O ~vN¢ L ~~ ¢ ~ ~~ ¢ $ ~ ~ >' c ~ '° o °' b a .° C3 a°i ° 3 v 3 ~3 ° y .... ~ ' V O O ,~'~ V1 O ~ O ~ by Opp ~ ~ O O ~ w ~ A > ~ > ~ ¢ ¢~ ~ ¢ ~ ~ Ep E~ ° Ep ~ c ~° = .w . .w.°. ~ U U U 0 a 0 O N N ~ N ~ ~ ~ ~~ '3 z U ~a °~'a .c ~ w >o ~~o ~ ~c z ~ z z z ~~ ~o° '° Q •E a d ,.~i ¢ , Q ~ ~ ~ ~ ¢ ,a ~ ~ E ~ ~ ~ O N ~ O a ~ N N N N N N `~ N ~ ~ R: M N N ry ~ N O i 7 ~ O O ~ _. 7 '. - y~ h O ~ h ~ O N M o 0 N N V ~O A ,. Q ¢ ¢ 3 ~ aEi ~ ¢ ¢ ~ ~ ¢ ¢ 'S c .. .S ° ~ c4 $ ~ ~ `E ~ ~ 3 ~ a a i i ~ 9 33 ~ ~ ~ i i a 9 ~ > ~o N M ^ ~ V c+l Y N T ~ a ~ ~ '~ o ¢ 3 ,~ ~ o :E ¢ ~ ~ ° x g ~ ~ 3 a o 3 !~ ~ ~ ~ o c ~ > U ~ o ,a ~ ~ ~ z ~ z ~ ~ ~ -~ x ~ ~~ ` ~ ~ ,n ~ a y p ~ - F , a oo ° N ° d g ~.~' ~ N ~ et Q ~ ~ , ~ c N V1 g 00 . ~ M M o ~ cy . _~ u _ .. Vl M C~ ~` ~, P s ~ ~ -{.3' R ~ S ~r ~ A a~ ~R R , ., j { r s `t,;;" ~r -~ ~ F U F F _ . r.- a _ A~~,.~ -u .- . ° > b ~ ~ D U ~ ~ ° `~ O 7 ~ ~ L i O 3 - ~ t ~ - ,~ ~ O 1 ~ Y~ "~ ~ 61 N ~ ~ ~ ~. (,7 ~: u '^] ~ ~ ~ W ~ ~ p ~ ~ p 'n i y eA 4 ~S~~z ~ar t ea ~ y ' fl L 4 ~ Q ~ `~ ° b0 ~ W ' b ~ t w ~. ° v m;3~ ~ ffi ~ ~ °' 'Q o ~ ~ o ¢ ~ °'E F ~ o ~-`'"~ br ~.;'~. +~ 'C O v C pU ~ ~~ v d y d N oii . 0 p Q ~ U . u C u i u d ~,, ~ 4.::.~ u ~, m a ~. F ° 3 v ffi " ~ o`o 33 ~ "~ o ~ ~ v aka .° z aaa .° a . _ 0 ~,e aw a c =,F ~ a a_ ~ z N a ~.: Attachment III City of Tustin AB 987 -Disclosure Requirement (Ownership Housing) E` ..,` H ?~ V ~ f.. V1 ~p N b0 OJ i , p~ O ~. y~ d N 0) N @ . N :. m w m v~ m m m ur m N m ~ O) N: 61 N m yr Gf` N ¢) N 01 N -. N N 41 N m N.' CY a ° c x ~ ~ c ~ ~~ ~ T m ~ ~ .V d O~ .~ 3 •~ O z O z O z y ~ O z N y p z O z O z O. ~ O z N. } O z O z ..- N r O z _ O Z N -> LL ~ y, .s J = ~C c o w 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3' X y L ~" m Z m Z' m Z m Z m Z m ~ m Z w Z m Z m Z m r: Z m Z a~ Z m Z m Z m Z a~ Z m Z ; W Z O! . C _ O 4! i Z . 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' S tM ~ O ~ ~~ ~ ~ ~ UK•J O tY~ ~ 11} -' ~ O ~ N ~ ~, ~, N N~ N H~ ~ N N ~ . `~~ C • m C I .;, R in n OD ~ ~ r J; a a0 0~ ~ ~ cG , Sri O c0 iLT b a ~ O" ~ ~ ~ C~ ~.,,. N r ~ : ~ ~ N N '~ N N' ~ M ~ M r N ~ ,: W Q u ~ i fp r r i}' 7 ,~,. •" Y1 Y * t1~ r 1~ ~ . ~ (~ .: O ~ ~ ~ '. O ~ ~ d i I `~ . ` i9 ~N i + ? O~ M N =~ M M. ~+ N M "y c'~ M S N N N N ,,.~~ M M r' N M M' ~~ d7 i ~ ? ~J .A 5 i m _ ~' ~ ~ O ~ N N N ((VV - N ' N~~ N O ~ N N ~ N N" - O O N z Cpl N O ~~ N N V 00 r c0 c0 n n 41 00 n n W " ap n ~. ' I~ Op n 00 n [O (`~- co I~ d -° m n I~ a0 n aD n 06 ", n 00 ~ 00 n 00 1~ c0 n ~. O. N N N N >. N N .- N N '' N N' N N N N ;'` N N .' N N ~' N N '~ N O O< O O) O Qi O O~. d O. O 01 - O O O Qf m O> O OT ':_' L m ty ~ L L O ~ ~ m m ~ ~ m T a m c°n cn° ~ m s' "` m m- ~ m ''~ '~ m U Q m o ~ r c c ~ o J ~ ~ N ql ~ ~ Q. m N 0 O O ~ ~ m ~ ~ N W ~ M ~ ~ ~ m J ~ J O ~ M O ~ N M O M O N -~ 00 tOA ' pOO N ~ ~ ~ ~ _ ~ O N N O - (D '• r. 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G) N i m ~' ~ m m - m ~, dl m~ O m O m m ". m O m m ~ m O ~ N ~ }a. a, ~ _ m E ~ ~.osm V1 V1 N N N N '~ N 3 ~ } ~ " z° Z z° z° z° z° z° z° ~ ~ ~ ~ ~ ~ Z ~ ~ z° ' 'u. o 0 J = a.1 ~C o~ 3 3 3 ; ; 3 3 3 3 ; 3 ~ 3 ; 3 3 ; 3 3 ; ~~ Z Z Z 2` Z Z Z Z Z Z Z 'X Z Z Z Z Z 2 Z Z Z ~ l1J C d 'fl ~ ` 2 7 L d o pi r o O} O O o O o Q o ~ o O ' o o O O:, o o ,.~ d a t o rn o o o 0 o O o a o rn- o O o O o o o o, T O O ~ N r N N O N N. ,? N N N N -: N r- ~ N N N N N N5 ~ N N ~ ~ ~ r i 'O C ~~ O a~ thy- T (tUt~S~ .-- U9 ~~ ~7 tt~ '. M ,. c0 CO M 1~ t7 M -~. c~~ N - ~ N C O Z I V ~ ,`"~ O tt} - ~ ~Opp ~: ' ~ ~ ~' ~ t~ -~ ~ QQ~is ~ N h ~Tp ~A ~~ cOD I~Oph'.._ - opphD (Nj !~, E fC0 'u ~ ~ ~ ~ ~ ~: O Q O 0~ ~' O Q ',"~ O d :. O 01" ~~ 0 4~'~~~ O O O 0,- ~ O p E 'I o o a o 0 0 0 0 0 o N o 0 0 0 0 0 0 0 Q c~~ N { o ~ o a ,5 0 0~ o 0 0 0~ ° ° ~i ° ° °n ,°~ o ~i o o- o 0 0 0 0 0 o ~ o ~ o o `~ o 0 0 L.1 C N O N N N N:;': NO N :. 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N N N N N N~ N N N N N N- N N~ m m m m m m rn m m m m m m m m m m rn rn m ~i m A m ~ 7 m y m T ~O 3 m c0 ~ cA 4 O to ~ d c ~ > ~ T m ar c m m m m > ~ >, L9 ~ N ~ Q A i 6 ~ ~ T tV m ~ 0) 41 O C J ~ _ M Q Uj ~ T ~ ~ U Cn } . } N L ~ C d' fII J N ~ ~ ~ J O N ~ ~ ~ ~ ~ .~ ~ . . ~ 1] ~ ~ ~ G1 .~ c0 01 n Y LL U Y X ~ > a ~ U S @ . ~ ~ ~ (n R > fn ~ J C) ~ ' C7 N S N O 8 in ~ N L ' O O ~ ~ ~ ~ L ~ ~ ~ ~.. it7 e- ~ M ~ ~ N N _ ~ ~ ~ ^ ~D V j O ~ ~ M O O m CO cmp I~ <y7 O 00 O O ~ ~ CQ U N N ~ N ~ ~ _ N O_ M 00 tD 1~ N CO O N ~ M N M O O tf! (O N N N M N ~ N .c .~}~ M o p (D N m ~ N ~ p M ch M tp (+~ M M - O - t!1 0'> ~ ~ O to M N ~Cf ~ N O ch O M to M O ~ M : M M M ('~ M M c~ c'~ M M M c~ M ~ M M M- rn m- m m: m m m ax rn m m v m rn m v m m m v. T ~ ~ ~ v ~ ro w o N ch u~ n cp 0 00 (~ I ~ a ~. z c « ~ v Y m, ~ ~ ~ >m ~ ~ m ~ 3 W (A to y fn y : ~ to N N UJ N VA fn W '. Y } ~ ~ ~ ~ r ~ ?~ ?~• r ~ ~ c Y,a, ~ c ' a~ > ~ ' ~ >- °' z ° z w ° z ayi aNi m, m o z o z ~ o o m ~ , ~ ° ' ~ N~ > LL ~ ~ } y >- r >- >- r z z >• >- _~ Z _ Y .C ~ c°~ • ~ 3 3 3 3 3 ~ 3 3 3 3 3 3 3 3 3 3 3 3 3 3~` ~ 3~ . z m z a~ ~ z z ~ z m z u, w a~ z m z m z ~ z m z ~ z m z m z a~ z m z m z m z ~ z v z ~ ~ I a c m ~ ~ v i k ~ ~ f0 °' ~ s g ~ o o ~ o 0 o ~ iQ `~ ~ o `cPi ..' o ~` oo o n ' a < ~ n 0 . u~ ` m 0 rn 0. ~ ~ o ~ o = n m ` h° y Ze ~ o N 0 0 N _ N 0 N o N c N o N a~ .- o _~ N o o o ; o ~ ~ Q o o o '~ • ~ ~~ o ~ ~ N N N- N N N N '•~ N N' ~ N~ )' { \~ yJ .. d 6 2 fC0 C o ~ ifj ~ ~ ~ ~ qNy ~ (G `.. ~ m ,; q~ : O .' O fCCV1 ' m ~ O O ` Q ~ - o~ Gp - , pp " M M M o ~ O ~ N h,. em _ IIIIO ~ N e M O ~ <D ~ N ~ ~A u S M . .' ~ ~ v rD d ~ .~. ~ - oO ~ .. f ~ C d '~ ~ 0 ! c p tf> ~ c!' r" ~ ~ if7 P... ~ : 1~ ' tQ ~ ~. 6 O ~ O C O~ 0 - .. O d o O' O c 3 . O O O: O O O O ~ o O ' ~ p Q p O' K o O ' O Q o O o ~ O O ' 0 . . n R H v c o . ., o o . 0 ' 0 0 o ... rn '. = o . o 0 o 4`.: < o= O o . 0 .. O 0 0 0 .. O 0 4: : O 5 O>' N ~~ N N N' N N N r ; N t _ N " N N.. '- N N N N N 0 N. rn ~ o N .. ~ C m a m c ~o ~ O N I ~n ~ o u~ h n o -- r~ o ~ ° 'Q ca ~ °D n. n ~n rn '; u~ ~ .i r ~p ' N N N CY ~ N N N ` - ; f O N- N O ~'~ N NO O N N S N O N N ~ O O C~~~ v _ i n N~ ~ ~ N . ~ C~~ M W ~~ ~ o _ O O N N ip r a7 C lt7 Q ~ ~ L3' ~ CJ ~ cD to .n iA . : vY ~ L ,i tom. ""S : ~ r ~ ,:. r ~ Q`p ay N r `~ '. _~ ~ Q V r G 07 r C ° II O S '$ O N ~ N ~ N ~ ~~ ~ r '.~ ~ N ~~` ~ O ~ U O ~' S . ~ N •~ O~~ ~~ -„ 'O ~ O N N ~ O N O N O N O O N O N O ,. N O s ~ b N O p . O ::; O b ~ ~~ .~ C C7 ~ ~ ~ T ~ ~ <t t~ ~ N. ~ ~ ~ ~ y3 O N' O~ °D N '_-, y~ .. O N C:~ O N O ~ N Q~ ~ (p• N i N p, ~ ~ ~ ~ a: ~ a ~ a ~„ . ~ fs W a~ ~ . ~~ ~. r ry r ~ ~ o=_o~ I j ~ ~ ~ 4 .~ N C O z M M ~ M M' e <''~ M t7 M ~ M N' N M r r M M M' M M M N Vf ~ m i ~' a .~#a a ' d ~ .~ N c0 fV N O ~ O N m N o~ N CO '- N 00 ~ Op ~ d OO N - CO N W N ~ N CV N ~ GV~ N lV .~ o N U O f~ N li n n N~ N n N i n N n N n N h N h n n M ~, n s i 00 n W h OD - n Op - n, o~ n cp h r N I~ OQ ' n . N , Q> Gh O O Q) 61.. :. O O .. N O N O N Q~ N O N m N W. N Q> N O' N m N O N T N Of N ~ T ~ ~ ~ ~ ° m ~ ~ - d (0 f0 Q ~ G ~ VUi ~ C C .. fQ E ` C V > > T Q m ~ V CJ , ~ ~•' _ C~J - ~~ J O - ~ ~ J ' ~ .. hO - .J n ~ eO~ GA cD ~ dT T to M p~ S N N N : O 2 = O M ~. N ~ ~ O ~ N r N ~ ~ N ~ ~ ~ O N N ~ i ~ r M M r r r .- W ' r. . - c p ~ ~ o o ~ ` °i ~ c"'n coa ~ ~ o - _ m o ~ r ~ h o c_° M c , w cc M M r d ~ Q ~, N ~ . N ~ i!? ~ ~ N _ ~ N ~ O N ~ ~ N N - N N N ~N ~ . 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M O c~li M '- ~j .. ~ cM~ c~ M ~ (D ~~: O> ~ rn rn rn erns rn rn rn ~pv rn m rn a3 rn rn rn yap: rn v n ~ a0 ~ ~ a0 47 ~. ~ W. aO a0. ~ ~ ~ N N ~ N N N N N N N N N N N N N N - N N O m a I~ N ~ ~+ ~ C N A d ~ a c E C E O~ D ~ y '~ d a_ C 7 O ~ O ~7 ~ ~ C 47 d a: ~ _''m E ~ '~ a s on c = c m. c '^ 3 ~ 'w " ~ =O ~+ ~ ` C c c ~ ~;~ 3 .o W Z d 3 ° v z ~ ~ L {y N > o ~' u° v O °' ~ c o Z ~ ,~ o•„.. v c ~ ~ aci o c .: o` E y,. GJ N V ` a v ~ ¢ c ~ A C "8 w ~ ~ ~ 'D °~~~ a ?~°~ 3 N C ~ r C O "' .c c g o ,D ~ w0. ~ C C •u .a ~ o i ~ N O ~ O ~ E W~zm m O v a N N d .n V Q Gl C! N Z a Q } °t } Y ~ y . ~ } } . } I !I z i Z ~ Z Z r } QI ~ 3 3 3 ~i 3 3 3 Z z j W z z z z v ~~ ~ + 'r: 0 o 0 'F A o L 1 O) N i M OD ~ ~ p. u~ ~i o 0 ~ C ,, 0 s O ~ N N N o N a N N ' . `- N ~, o N N p N p ~ ~. ; a ~ ax o ~ c~ -~ `{ ~: ~ ' p ~ ~ N p{ N N N ~ O~ N V ~ jn 03 ~ O ~ ` . (~ ,~ k l d N N N M ~~, ~i M M ~s' I OJ ~ ~ p O) ± Q~ Qf ~ i , > ~ ~ ~ ~ , m ~ ~. ~ y , y 01 o m ~ ~ C C ~ ` E Q c - r U . > ~ m c ~^ , U J U m ,~ ~ U ~ Z ~ rn o ~ t c*Y ~~ ~ p ~ ~ ~ ~ m lL I ~ '- V" O ~ ~ ;: ui ~ . V..". M e- N ~ OD u ? c0 M p M~ _~ t O N N ~ M N c ~ t t! ~pp ~ I ~~ M ~ ~~ M M c*} M O CO a (~ Attachment IV City of Tustin AB 987 -Disclosure Requirement (Rental Housing) i ~ r "= m »~ ~mE ono ~•~m U; 3 0 W o •~ °~ ax $' ~ a ~ ~.m~~ ~ ~~ ~ ~ ~ w w c ; ~ "~~z° c cow ~ ~ '~ z m K c m V ~ ` z ~"~ a ' ~o~~ I U 0 ~ N $ A c o Z c I( ~~c~itlm ~ bN ~d~Q~ 7 O d' 0.' m U ~ my 9 ~ Q ~~~ 3 m i m>m~ O U ~ G m ~ C 0 ~ C C U W ~ C ~ w a ~dv ~ ~ E ~ m S ~ o~ ~ ~ ~ ~o ~ j 0 ~ oZ N C 0 N m ~~ ~' ~~ a N 4ay m y O m ~ N C ~ z m ~~ a s a y w } Z Z Z Z 2 Z Z ~ ~ ~ ~ ~ Z W u~ '~ 5 5R u W W W W o d N O ~ f(pp Q1 fCpp O1 ~ ~ ~ Oj Oj a ~ N ~ N ~ ~ ~ ~~~ ~ ~~=r~~~ ep O ~ Ol ~ OA S ~ ~ ~ ~ ~ .r N ~ ~ ~ p pp ~Qj ~ ~ ~ at # 91e. p 7+ 0 l0 Q = N N a W # - Ol ~t . SR - ..-+t N O ~Q! ~ ~.: ~ OQ~f 01 ~.: 8 ~ ~ ~ ~ ~ ~: ~ ~ ~ r ~n O N ~ ry O ~ O ~ C N ~ N ~y O N ~ C ~ ~ ~.. A N ~ t0 N V O O O O N! y ~ y 0 ~ - ~ (V N tV W W - 01 Of ~ ~ • ~ O T ' O~ Ql ~ ~ Q m ?~ J Q ° C ~ ~ m ~ a ~ ~ ~ N °' ~ a E ~ ° ` ~ a:. ~{ g tp c a UTI 0 2 0 M ~..: o ` tq ui Y o a S ~: o r ~ ~ ~ N ~ ~ ~ ~ O d.. N '. n^ ty ~ ~ < r _ T .~- V ?. O y _ ry ry O)~ CC ~ T ~ ' S1 ~ ti 2 v _r 2• ,, 2 'v o~ ,, N L i L N n ( O l t I t p ! (A IL 1L G ~ ti. m ~ ~ N l7 Q 1LJ fO !~ ap N r m ..; Attachment V City of Tustin Redevelopment Project Areas Map ~ °` ~ ~ ~ w ~ ~ ~~'~ '~ S ~ F RTH6 STREET nv.~ IRVINE IEN~RD ~ ~ P No Scale E g Lg D W. FIRST 8 tSTREET E, FIpBT ~ $ gipEEf 8n" care W. NNN STREET J~ E. STREET ~J ~ C n IRCE ~ ~ ~ ~ ~ I ~ ~+I~~ ,~~ I~s~ s4ro I ~ S~ ~ ~ ~~~ RARR Cid I~~ I~ rr. i I~ ~ Rd. ~ 4 F ~~~ - ~ J HFFw Y K ~ ~A ~d ~ ~ a ~ won. n°®cr y µa ~~ ~ .u.a ~ :~ mce scwoi J ~ 4 ~ z III 3 ~ 3 ~ GM ~ ~ r 7 ~_ ~ rn~ ~ NeF~ODEN AVENUE I ~I ~i uuox ~ / ~ ~TF~, V 2J cvrorx ~~ ~ ~~ fl ` ~ J' ~@ `~' P _ ~ _ D Y ~O CITY w ~, 3 ~3~~a`~ O ,~;~ ,~'' ^~ LEGEND: P i/ OF ~ ~ ~'~ ~mn !`~ ~ ~ ,Aa ~ ~E '~ ~ ~ U TOWN CENTER SANTA 4 ~`' ~~ ~ ~ + % SOUTH CENTRAL t $ y`a.~ sy r. ~~ ~ ~, ~~~'~ `s ~ MCASTUSTIN ANA ~ $ ro ~` ~~°~ ~ c ~~~~~ $. d ~`~ ° '~ ~ EDINGER AVENUE ~te,~?+~~~ J d. 'ty ^~ ^"~.:. M ~~~~ ~~ ~S~ `~ ~ s ~ i ~ REDEVELOPMENT AGENCY ~ ~ ~,~ ~; ~ ~ ~' pp PROJECT AREAS e I ' ~ ~ \'A ^ ~ ,mo F m~ ~~ P ~ ~ ~ +~~ : ~~ zn. v.wi m ~ `~Oly ?~ , ~ ~,~ 4 i ~. g. ~ ~,~~: ,/ ~'~ 'r/p ~.~~~f~~~ ~ ~~l/ ~, '~ - % August 4, 2010 ~.~ r` -`°' ~ ~ `.:, , ~~.~°'~ ~ ~.~° /ski '~ ~ \ > ,~ ~ '' --~ ~ k ~~ ~ ~~ ~ 6 ~~, ~ ``a 3 ~ / ~ w rT,~L'e r~ \ ~ /~ \ 0 \\ re-iRCiew~ y ~ \' ~ E ~\ SIB Mv/ J ~ ~ ~ _ G~' o ~ ~ ~ m nnvx6 wnv ~v. wmdwT +4r ~ ~ TUSTIN LEGACY ~ ~~ s, ~ l_~ ~ b s~ ova' 1 ~ - ~: \~ \ ~~i ~ Z~ ^ `~ , >'?y~~~C,.~ s4 ilk ~, \\ ,.....m \~ `~.\~G, ~n~ 4 5 q '- sd. a` ~ ° '+,r~~; ~H R~WON ROM ~y © ism anx av 0 ~^~~ c~' ~' \ .. CITY 4'''A ~ ~ ~ ~\ ~` ~ ~~~~~~~` ~ Q RnRK nvfl'u - 1, i; 2 P C~ ~ "~~ b. / , Q ,FP ae0 ~ / ~ ~ ~p ~' xr C a ~., ,~i~~ ~+ ~ d° ~w , Pile: Base Map.dwg ti9~ I A V' I ~, ~ ~~~ u ~ 1