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HomeMy WebLinkAbout17 2010-2011 RDA ANNUAL REPORTAgenda Item ~ 7 -¢~~ ~ AGENDA REPORT ReVrewea: ; .~.~- ..~' ~ City Manager - '" Finance Director ` MEETING DATE: DECEMBER 6, 2011 TO: WILLIAM A HUSTON, INTERIM CITY MANAGER FROM: CHRISTINE SHINGLETON, ASSISTANT CITY MANAGER PAM ARENDS-KING, FINANCE DIRECTOR SUBJECT: 2010-2011 ANNUAL REPORT SUMMARY Redevelopment Law requires that the Redevelopment Agency submit to the legislative body an annual report for the preceding fiscal year. RECOMMENDATION 1. It is recommended the Redevelopment Agency receive and file its Annual Report for Fiscal Year ("FY") 2010-2011 and transmit such report to the Tustin City Council. 2. It is recommended that the City Council take the following actions: A. Receive and file the Redevelopment Agency's Annual Report for FY 2010-2011. B. Direct that a copy of the Redevelopment Agency's Annual Report far FY 2010- 2011 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 fiscal impact of this action will be approximately $11,000 in Redevelopment funding expended for independent financial audit services and the staff time necessary to prepare required State reporting. BACKGROUND 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 agency with its legislative body. A copy of this report must also be filed with the State City Council Report December 6, 2011 2010-2011 Annual Report Page 2 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, 2011). 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 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) Sectian 33445; (3) Section 33445.5; (4) paragraph (2) of subdivision (a} of Section 33676; and (5) Section 33681. 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 far that fiscal year. g. Other financial information which the Agency believes useful to describe its programs. City Council Report December 6, 2011 2010-2011 Annual Report Page 3 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 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. City Council Report December 6, 2011 2010-2011 Annual Report Page 4 f. 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, including, but not limited to, housing for persons and families of other than low and moderate income. j. The total number of dwelling units for very low income households, other lower income households, and persons and families of moderate income to be constructed under the terms of an executed agreement or contract, including the name and execution date of the agreement or contract. These units may only be reported for a period of two years from the execution date of the agreement or contract. k. The date and amount of all deposits and withdrawals of monies deposited to and withdrawn from the Law 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 ar 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 ar agreement. City Council Report December 6, 2011 2010-2011 Annual Report Page 5 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 awns and those properties the Agency has acquired in the previous fiscal year. 7. A list of the fiscal years that the Agency expects each of the following time limits to expire: a. The time limit for the commencement for eminent domain proceedings to acquire property within the project area. b. The time limit for the establishment of loans, advances, and indebtedness to finance the redevelopment project. c. The time limit for the effectiveness of the redevelopment plan. d. The time limit to repay indebtedness with the proceeds of property taxes. 8. Any other information the Agency believes is useful to explain its programs, including, but not limited to, the number of jobs created and lost in the previous fiscal year as a result of its activities. ANALYSIS Since there is only one Agency meeting scheduled in December of 2011, 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, 2011. The following responds to specific information required by the State: Independent Financial Audit and Compliance Audit: City Council Report December 6, 2011 2010-2011 Annual Report Page 6 A copy of the draft independent financial audit and compliance audit for 2010- 2011 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, 2011 as reported in the Statement of Indebtedness filed with the County of Orange, was reported to be $1,023,142,155 and reported by Redevelopment Project Areas as follows: • Town Center Project Area was reported to be $175,393,855; • South Central Project Area was reported to be $204,764,402; and • MCAS Tustin Project Area was reported to be $642,983,898. b. The total amount of gross tax increment property tax revenue generated by the Redevelopment Agency in 2010-2011 was $20,735,529, distribution by each individual Redevelopment Project Area as follows: • Town Center Project Area was $4,976,685; • South Central Project Area was $3,508,350; and • MCAS Tustin Project Area was $12,250,494. 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, 2011. e. The amount allocated to school and community college districts pursuant to each of the following CRt_ 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 CAL, and the total amount of payments required to be paid on existing indebtedness for 2010-2011 was $0. g. There is no other fiscal information the Agency believes is useful at the present time. City Council Report December 6, 2011 2010-2011 Annual Report Page 7 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 2010-2011 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 2011-2012 is 0. c. The total number of low to moderate-income dwelling units demolished or removed from the housing stock in 2010-2011 was 0. d. The total number of Agency-assisted dwelling units constructed, rehabilitated, acquired or subsidized during 2010-2011 for occupancy at affordable cost by persons and families of low to moderate income, respectively, specifying those units which are not currently so occupied, those units which have replaced units destroyed or removed pursuant to Section 33413 of CRL, and the length of time any agency-assisted units are required to remain available at affordable costs was 0. e. There were zero (0} new or rehabilitated units subject to restrictions by agreement or ordinance added to the City of Tustin Affordable Housing Program during FY 2010-11. The six affordable housing units listed in the Table below are resale units along with length of time these units are required to remain available at affordable costs. Income Level Elderly Households Non=Elderly Households Length of Affordability Term 45 Years 2009-2054, 2010-2055 Very Low 0 0 0 0 Low 0 2 1 1 Moderate 0 4 4 0 Total 0 6 5 1 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 far 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 affsite improvements, then the description of the agency's activities shall include the number of housing City Council Report December 6, 2011 2010-2011 Annual Report Page 8 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, 2011, the Low and Moderate Income Housing Fund balance was $6,688,008. The available funds balance does not reflect other Agency approved encumbrances which will be reported an 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. 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 $13,983,094, the remaining balance as of June 30, 2011. 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, 2011, Low and Moderate Income Housing Fund balance was $7,158,907. 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 $13,983,094 balance under the Reimbursement City Council Report December 6, 2011 2010-2011 Annual Report Page 9 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 with Section 33334.10 of CRL. • MCAS Tustin Redevelopment Project Area. As of June 30, 2011, the Low and Moderate Income Housing Fund balance Project Area was $3,663,365. 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 $13,983,094 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 2010-2011 fiscal year, the Agency monitored 298 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 City Council Report December 6, 2011 2010-2011 Annual Report Page 10 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 Projects. h. The Agency has determined the total amount of 2010-2011 Agency Low and Moderate Income Housing Fund expended for planning and administrative costs, $234,168 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 33334.3 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 one hundred fifty-three (153). Under the terms of a First Amendment to Housing Agreement for Galumbus Square, a Regulatory Agreement, and Supplemental Regulatory Agreement executed on September 30, 2010, there are 36 very low, 61 low and 56 moderate income senior rental units to be constructed with afifty-five year affordability covenant. NOTE: Originally, the Housing Agreement for Columbus Square was executed on June 20, 2005, more than two years ago, for the development of senior affordable ownership units. 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, 2011, 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 Bands, 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 2010-2011. City Council Report December 6, 2011 2010-2011 Annual Report Page 11 Town Center and South Central Redevelopment Project Areas • Fourth Five-Year /mplementation Plan, Town Center and South Central Project Areas -The Agency completed the Fourth Five-Year Implementation Plan, which includes: revisiting the goals and objectives of the Redevelopment Plans for each Project Area; defining the Agency's strategy far achieving the goals and objectives of the Redevelopment Plan; identifying and describing how anticipated programs, projects and estimated expenditures for the next five year period will eliminate blight; and demonstrate how the Agency is increasing, improving and preserving the community's supply of low and moderate income housing. • "Tustin Town Center.• A New Beginning', Town Center and South Central Project Areas -The City Council 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 identified specific short range to long range implementation measures to eliminate blight by addressing conditions that prevent or substantially hinder the capacity for future development in the neighborhoods. To complete the study, the Agency invested aver $191,000, with $10,806 expended during FY 2010-11. Agency and City staff developed a work program that identified follow-up implementation measures. The first steps were to prepare Request for Proposals soliciting the following services: 1) environmental firms to prepare a Program Environmental Impact Report (PEIR) in conjunction with the Community Development Department amending the General Plan and preparing zoning modifications to the City's Zoning Ordinance; and 2} engineering firms to prepare Engineering Project Study Reports (PSR) of recommended gateway, streetscape and median improvements in the Center City and West Village neighborhoods. The Agency's adopted FY 2011-12 budget committed Agency resources to fund the PEIR and one Engineering PSR. However, the Agency is currently precluded from entering into any new contracts given a current partial stay of provisions of AB 26 and AB 27 pending any California Supreme Court decision on these bills. • Pacific Center East and Newport Avenue Extension, Phase 7, South Central Project Area -The Agency continued coordination with Public Works Department on completion of Phase I Newport AvenuelSR-55 Ramp City Council Report December 6, 2011 2010-2011 Annual Report Page 12 Reconfiguration 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 with the Public Works Department to prepare a parcel map, establishing clearer and more definitive boundaries for property to be conveyed to Cal- Trans as part of the new ramps, property to retained by the City for public right-of-way and public utility purposes, and the remaining remnant parcels to be marketed for future sale 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 2010-11, the Agency made a $8,232,988.49 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 under existing design contracts far Phase 2 including development of a property acquisition strategy 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 2010-11, the Agency invested $258,919 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. • R.D. Olson Hotel Development, South Central Project Area -The Agency staff negotiated and prepared a Disposition and Development Agreement {DDA) between the City and R.D. Olson Development for the development of two (2} hotels {300 rooms) and ancillary restaurantJretail/conference space on three remnant parcels from the Newport Avenue Extension, Phase 1 project. The parcels are on the southwest corner of Edinger and Newport Avenues. The City Council approved DDA 2011-01 on July 5, 2011, the first Council meeting during FY 2011-12. The proposed project addresses economic blighting by facilitating the development of vacant and underutilized land and encouraging additional investment within the South Central Project Area. • Stevens Square Parking Structure, Tawn Center Project Area -Agency staff worked with Community Development Department and the City Attorney to address outstanding issues with the maintenance of Stevens Square Parking Structure, aprivate -public parking structure. A Request for Proposals was City Council Report December 6, 2011 2010-2011 Annual Report Page 13 released, soliciting structural engineer services to assess the structural stability and determine the necessary action to address any structural or deferred maintenance issues with the structure. The City Council has committed $23,530 in Agency resources to fund the engineering report. A preliminary report has been completed and is under review by Agency and City building staff. Upon completion, information and discussions with the primary owner of the Structure will be reinitiated. The project will eliminate physical blighting by addressing deferred maintenance issues and by insuring economic blight does not occur from a lack of parking in the Old Tawn area within the Town Center Project Area. • Residential Rehabilitation Program, Town Center and South Central Project Areas -The Agency provided one Single Family and one Multi- Family Housing Rehabilitation Program grants totaling $24,326.10 in FY 2010-11. 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 State of California Supreme Court placed a stay on portions of AB 26 and 27 since mid August 2011, which prohibits the Agency from entering into any new agreements. Revisions to the Residential Rehabilitation Program including processing of applications are both on hold until pending resolution of the litigation on AB 26 and 27. 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 Tustin Legacy Backbone Infrastructure 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 -Agency staff worked with the Developer and the Community Development Department on converting 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. Agency staff has worked with the developer in City Council Report December 6, 2011 2010-2011 Annual Report Page 14 reviewing marketing, leasing and compliance requirements for Coventry Court. Coventry Court will open in January of FY 2011-12. 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 prepared a revised Policies and Procedures Manual as well as an updated tAMBRA Marketing Plan; provided monthly status reports to the California Department of Housing and Community Development (HCD); and continued to respond to periodic inquiries from tax consultants representing potential and existing businesses either looking to locate or already located within this tax benefit area. 820 acre (former master developer footprint) and Tustin Legacy Disposition Strategy Implementation -Agency staff assumed responsibility for the master developer footprint after the City Council executed a Termination and Settlement Agreement on July 6, 2010, of the Disposition and Development Agreement with Tustin Legacy Community Partners, LLC (TLCP). In reassuming ownership of the properly, the Agency has expenditure obligations for caretaking services, including mowing and weed abatement, slope and erosion control, maintenance of internal roadways, fence maintenance, and miscellaneous services. The caretaking services impeded the expansion of blight and are maintaining the land for future development. Agency staff, along with other City departments and consultants, prepared and the City Council adopted a Disposition Strategy for the former Master Developer footprint. The City will assume a limited role as the Executive Master Developer by subdividing the former master developer site into development packages that will be acquired and developed by private sector developers, including on-site and off-site infrastructure improvements. During FY 2011-12, Agency staff began solicitation of developer interest on "Early Development Opportunity Sites" that tie in with the construction of the Tustin Ranch Road extension from Warner Avenue to Walnut Avenue. The Disposition Strategy addresses the economic blighting that occurs with incompatible land uses and inadequate infrastructure by facilitating economic development through compatible land uses and necessary infrastructure improvements. • County of Orange Urban Regional Park Site -Agency staff time has been involved in the continued coordination and support towards the County's planning efforts regarding the development of an $4 acre urban regional park site proposed at Tustin Legacy. City Council Report December 6, 2011 2010-2011 Annual Report Page 15 • 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. • City of Tustin Community Park Site -Agency staff worked with the Parks and Recreation Department and a design consultant to finish a master park design. In addition, staff assisted the Parks and Recreation Department with the preparation and submittal of a revised "Federal Lands to Parks" application to the National Park Service. 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 praperties and proposed future uses. Staff coordinated with SOCCCD and the Department of Navy on the demolition of existing structures on the SOCCCD properties and the LIFOC property. Staff worked with Community Development staff on preparing an amendment to the MCAS Tustin Specific Plan in order to accommodate changes on behalf of SOCCCD and facilitating a potential land exchange between SOCCCD and the County of Orange. 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 Staff, in working with the City's special Washington D.C. counsel, reviewed and disseminated over twenty-seven draft and final environmental documents to applicable stakeholders, including the Department of Navy, the Environmental Protection Agency, the Department of Toxic Substances Control, the Regional Water Quality Control Board and the environmental insurance carrier, XL, in order to eliminate the blighting conditions of hazardous waste and to facilitate the future conveyance of remaining Navy-owned property to the City and development of other portions of Tustin Legacy. • Fire Station - In order to address the blighting conditions resulting from inadequate public facilities and infrastructure serving the Project Area, Agency staff continued the design process with a design consultant, the City and Orange County Fire Authority (OCFA) Staff for construction of a new fire station to serve the Project Area. Plans and specifications are close to completion. A schedule for Project construction is anticipated to be coordinated with any award of contract for Tustin Ranch Road Phase 2. City Council Report December 6, 2011 2010-2011 Annual Report Page 16 • Infrastructure Design and Implementation Agency staff and resources, in coordination with the Public Works Department and other City departments, provide support to progressing the development of capital improvements in or adjacent to the project area funded by the Agency and MCAS Tustin project developers andior needed to eliminate blight from inadequate public facilities and infrastructure and to support economic development activities. These projects during FY 2010-2011 have included but are not limited to Tustin Ranch Road, Park Avenue, Warner Avenue, and Barranca Parkway, and related storm drain facilities. Current Agency funding is limited at this time to continuing work under existing contracts until litigation on AB 26 and 27 is resolved. • "The District at Tustin Legacy" -Agency staff and resources continued to coordinate with the developer of "The District", the 1 million square foot retail center within the Project, on remaining required infrastructure improvements in support of the Project Area and impacted adjacent areas. Staff explored options to facilitate a land exchange between Vestar and the Army and/or the City on the 14.5 acre Army Reserve Site adjacent to the District and a land swap with Army that would reconfigure the existing properties currently owned by Kimco/Vestar and the Army. Benefiftinp all Three Redevelopment Project Areas • Graffiti Removal -During FY 2010-11, the Agency provided funding in the amount of $44,980 to the City's Graffiti Removal Program, a 2.7% decrease 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. • Agency Administrative Support and Indirect Costs- the Agency expended approximately $4,800,088 in FY 2010-2011 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 casts and office expenses, financial planning activities, and support for the Agency in meeting its affordable housing obligations. These activities 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. • Affordable Housing Default Revolving Fund - In response to a rising number of City of Tustin Affordable Housing Program homeowners in foreclosure City Council Report December 6, 2011 2010-2011 Annual Report Page 17 activities and in an effort to protect the Agency from losing the forty-eve (45) year affordability covenants associated with these units, the City Council approved the establishment of the Affordable Housing Default Revolving Fund including appropriation of $1,250,000 of Housing Set-Aside funds from the three Project Areas into the Default Revolving Fund. In May of 2011, the Agency expended $362,677 to purchase a moderate income affordable housing unit prior to being said in foreclosure. The Agency will sell the unit to another eligible affordable household and the proceeds will be deposited back into the Default Revolving Fund. The Default Revolving Fund preserves the community's supply of affordable housing. • Tustin Housing Authority - In March of 2011, Agency staff submitted a Resolution to the City Council for the establishment of the Tustin Housing Authority. In April of 2011, the Commissioners of the Housing Authority adopted By-Laws for the Tustin Housing Authority. The Housing Authority provides the Agency and City with additional funding opportunities and options towards increasing, improving and preserving the City's supply of affordable housing. 5. During FY 2010-2011, there was one loan of $98,000 provided for the purchase of a moderate income affardable housing unit that was in default with the terms of an Affordable Housing Covenant, Affordable Option Agreement and Reimbursement Agreement. The Agency stepped in and utilized the Affordable Housing Default Revolving Fund to purchase the moderate income affordable unit from the homeowner who was at-risk of losing their home to foreclosure activity and, as a result, was in default with the terms of their agreements. 6. The Agency owns multiple properties listed in the audit as assets totaling $1,948,277. Prior to FY 2010-2011, the Agency awned the following properties: • 1021 Edinger Ave. &15012 Newport Ave. - (2) commercial parcels totaling 4.16 acres in the South Central Project Area, valued at $1,345,000. • 450 EI Camino Real - .17 acres currently serving as a "respite" park in the Old Town Area of the Town Center Project Area, valued at $119,000 • 445 "C" Street -the Agency owns 38.3% of the Stevens Square Parking Structure in the Old Town Area of the Town Center Project Area, valued at $121,600. During FY 2010-2011, the Agency purchased the following property as discussed in #5 above: City Council Report December 6, 2011 2010-2011 Annual Report Page 18 • 14554 Newport Avenue #3 - a three bedroom moderate income affordable unit, one of the units in the City of Tustin's Affordable Housing Program inventory, valued at $362,677. 7. The table below lists the fiscal years that the Agency expects each of the following time limits to expire: Town Center ~'I South Central ~ MCAS Tustin i Original Area Added Area ~!, Expiration Date for Eminent Domain April 20, 2001 Dec. 1, 2011 Dec. 1, 2011 June 13, 2015 Authority July 16, 2023 or from Last Date to Incur January 1, 2004 Jan. 1, 2004 July 15, 2005 date of Auditor's Project Indebtedness Certification (Jan. 21,2025} July 16, 2033 or from Redevelopment Plan Nov. 22, 2019 July 15, 2018 July 15, 2018 date of Auditor's Expiration Date * Certification (Jan. 21,2025) Last Date to Receive Project Area Tax Increment and Pay Nov. 22, 2029 July 15, 2028 July 15, 2028 July 16, 2048 Indebtedness s 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 and May 2011 SERAF payments will entitle the Agency to extend by two years 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 6, 2011. 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, 2011. ,~ , '_ a Christine A. Shingleto Pam Arends-King Assistant City Manage Finance Director City Council Report December 6, 2011 2010-2011 Annual Report Page 19 Attachments: I. Draft June 30, 2011 Independent Financial Audit and Compliance Audit II. Agency Affordable Housing Monitoring Report III. City of Tustin AB 987 -Disclosure Requirement (Ownership Housing) IV. City of Tustin AB 987 -Disclosure Requirement (Rental Housing) 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 I June 30, 2011 Independent Financial "Draft" Audit and Compliance Audit TUSTIN COMMUNITY REDEVELOPMENT AGENCY COMPONENT UNIT FINANCIAL STATEMENTS ~`~ REPQR'I~;.Ol~<AItD~T _ ,:.. .. _ _. ~~ BY INDEPENDENT -- CERTIFIED PUBLIC ACCOUNTANTS TUSTIN COI~MT.~tITY REDEVELdPMENT AGENCY TABLE dF CONTENTS June 34, 2011 Independent Auditors' Report Management's L)iseussion and Analysis (Required Supplementary Information -Unaudited) Basic Financial Statements: Statement of Net Assets Statement 9f.~,G#~V~t~eS_ _ _ ,<»,.:::~,::::::. Balance Sheet -Governmental Funds Pa e s 1 3 8 ~,_~ 14 13 14 Notes to Basic Fw.cial Statements __. Supplementary Information: Computation of the Excess Surplus of the South Central, Town Center and Marine Base Low Income Housing Capital Projects Funds Independent Auditors' Report on Compliance and on Internet Control fiver Compliance - 15 - 17 37 38 39 INDEPENDENT AUDITORS' REPORT The Board of Directors Tustin Community Redevelopment Agency Tustin, California We have audited the accompanying financial statements of the governmental activities and each ma~ar fund of the Tustin Community Redevelopment Agency {the Agency), {a component unit of the City of Tustin, ifct$ :. ~ ~f=.d ="f~~`t~e~- yam. ceded : ~ ~Il,--~~I~: ; = w~~- ~c~~~~r~I~` ~~~arise the Agency'sba.sic financial statements, as listed in the table of contents. These financial star the resposibility of the Agency's management. Our responsibility is to express apiniai financial statements based on our audit. :; _ We cand~ted ate .ucllt irl aucoce ~~ auditi~ ~ndards c,erally ,~.c~ept~; n the U~ of Amara anct- e sta~clards: ~~r~1e to f~z<ui~ auditMined in ~~reriisner :~ Standards issued b~ the ptr~~er neral at ~~ l~.~tted Staffs '~hase sta~~ds requ ,.. :: -:_ .. -~ - :~::w= plan and performy`~he au~~ta abet rd,~~able assurance _abaul`~hetl~ier the bad=financial w ; ... are free of mate~~l: ~tu~stateme%~. An ~~ eludes- cansiderat~an~ of internal tral avi reparting~js a basis far designing audit procedures that are appropriate in the circumstances, the purpose of expressing an opinion an the effectiveness of the Agency's internal cc financial imparting. Accordingly, we express na such opinion. An audit also includes exam Hants are on these ed States Auditing :that we atements financial zt Hat far gal aver Ina. on a .. m test basis=~ ~ s~gi~ #h~=a~`t~=`~.nd~~~ic~ut~es i~ e~ ~ineiai'statL.~ents, wss~ssing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis far our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Agency as of June 30, 2011, and the respective changes in financial position thereof for the year then ended in canfoxmity with accounting principles generally accepted in the United States of America. As described in Note 8 to the basic financial statements, the Agency has implemented the provisions of Governmental Aecaunting Standards Board Statement Number 54, "Fund Balance Reporting and Goveixzmental Fund Type Definitions", far the year ended June 30, 2011, _1.. As explained further in Nate 13, the future operation of redevelopment agencies in the state of California may be impacted by the results of litigation initiated in response to certain legislative actions enacted by the California State Legislature. In accordance with Government Auditing Standards, we have also issued our report dated November 29, 2011 on our consideration of the Agency's internal control aver financial reporting and 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 i.ntemal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control aver financial reporting or an 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. The management's discussion and analysis, identified as required supplementary information in the table of contents, is not a required part of the basic financial statements but is supplementary information required by the accounting principles generally accepted in the TJnited States of America This information is an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the maanag~ement's,.discussion _and., analysis., in accordance_with auditin ._standards enerall acre ted w :~ g ~ ~' p in the Uxt~1e~ Mates of`~~ierca;.~whic~: "coia:Siste~ of`iricjuiries~ of"~riaria~omerit~ about -the methods of preparin~µ the information and comparing the information for consistency with ma?gement's responses=to our inquiries, the basic financial statements, and other knowledge we obtaa.~aeduring the audit of the bask fi~anc~al sta.~ements* We da not egress an ~t~zzuon.or~,ptovzde»~;:a~sur'iice an the management's d~tssia~and analysis 1ause the lrted praa~res do~~tpr~'+~de uscw~tl~sufficient • .: M X ev~denceto expz~"s~ an o~c~n ca ... vi . ~ assui<~. ~ _, ~:~y r~ ..... :~: ;w Our audit was zee fez the pt:rpo~e t~~`:'ormzn ~ ~ . . ~~ on tfle .'~naIlCial state~~llts that t~bllectively comprise the Agcy's basic fi~a~lal: eme~tts T1~ ~omp~an of Excess--~zrplus off' the South Central, '~'"~wn +Center ~ and M~~€rre 'ease how -irit,ome ~Tiiu~irig +~a~i~al Proj ects~ ~`ianils ~s presented for purposes~~f additional analysis and is not a required part of the basic financial statemts of the Agency. ~uch information is the responsibility of management and was derived from d relates .._ :_, ec y tpn:_t}~~:tt~ad~~ly~.u~ru~:tn~:,az~c~t~t~.ex,re~ds_wus.~d,~,~~., x are the.._:~as~~~a1,::st.ents. The infonnatiox bas beeri~ sul;~eet~ed'to the auclitrig procedures app~ed~~iri theaudit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly. to the underlying accounting and other records used to prepare the basic financial statements of the Agency or to the financial statements themselves, anal other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements taken as a whole November 29, 2011 Irvine, California ..2. TUSTIN COMMUNITY REDEVELOPMENT AGENCY MANAGEMENT'S DISCUSSION AND ANALYSIS June 3 0, 2011 MANAGEMENT'S DISCUSSION AND ANALYSIS As management of the Tustin Community Redevelopment Agency (the Agency}, we offer readers of the Agency's financial statements this narrative overview anal analysis of the financial activities of the Agency for the fiscal year ended June 30, 2011. FINANCIAL HIGHLIGHTS ~ Agency assets exceeded its liabilities at the close of fiscal year 2010-11 by $17,831,240. Net assets consist of $240,600 invested %n capital assets, $16,031,845 restricted for law and moderate housing, $6,400,412 restricted far debt service, $39,994,885 restricted far reSlevclo~t:; .~'4?,1~~.x~;.~15~_.?~Str?c~~d:.~,~_.s~t~..c?f,:(~~',;$36 50~ ,,.._....__....~......~...,__~_...,~_........._.._.._..~~ • Tl~~ Agenccy s"fatal nel.~et~i~c~e-ase~~y-$S;~'1u,4 r1't~r~~~~~dat~:~~~~~~ded`~Ji~n~30, 2011. This was mostly due to decreased expenditures for various community development a7p.d capital irtrovement projects. ~ A~ the close of fiscal year 2010-1 1, the Agency's governmental funds reported a,ncombined er~iing ~AI brae of~~~3~J,1~73, an rn~ase of ~$'~`,~'3`4;3~~ ,m ~ gt~,or year. Fund bance sist.~ .~f ~perdabJ:e fungi- ~f $24,5~~~25~, $$2,04 X79 restr~.ited and ..._ . (0,98~~} unassigned. _: _ -~ ~ 'I°c~tal Agcy debt cre:3seu ~y ~32,634~803-~t'xng fiscal Yom' 2010-1 (, ..primarily due to the r .,- _ 1~~ance n~='I'ax t~catzc~n,l3o~~ -__ v:. _~ --- _ . OVEItVI.L'©V OF THE FINANCIAL STATEMENTS This disc"~ssion anal analysis are intended to serve as an introduction to the Agency's basis; financial statement,;,- ~ , Ag~pc~'s basic- financs,agl -.statements .are comprised of ~lsree ,.©mpanents: 1} goverxu~nent=wa.de fuianeial statements, (~} ~'uid ~aiciai statezrierifs, ana (3~-Hates 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 an 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 usefiil indicator of whether the financial position of the Agency is improving or deteriorating. The statement of activities presents information showing haw 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, ali of the current year's revenues and expenses are taken into account regardless of when cash is received ar paid (e.g., uncollected taxes and earned but unpaid interest expense}, See independent auditors' report. -3- TUSTIN CO~!iMUNITY REDEVELOPMENT AGENCY MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINTJED} 3une 30, 2011 Government-wide financial statements ~Cantinuedl The basic services of the Agency are considered to be governmental activities including Community Development and Interest Expense on Long-term Debt. All Agency activities are financed vaith property tax increment, rental income and investment income. 'The government-wide financial statements can be found on pages 8 and 9 ofthis report. Fund financial statements Fund financial statements are fund accounting to ensure and demonstrate compliance has governmental fund types. used The The The Agency mainti~ins individual governmental funds organized by their type (debt seivice 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 an pages 10 -16 of this report. Hates to the basic financial statements The Hates provide additional information that is essential to a full understanding of the data provided in the government-wide and fiuad financial statements. The Hates to the basic financial statements can be found an pages 17 - 35 of this report. See independent auditors' report. -4- --o r --- - - - -- a- __--____ _ ....._.,._ .__...._ ~..._,,...._...~a decisions. Bath the governmental fiznds balance sheet anal the governmental funds statement of revenues, expenditures and changes in fund balances provide a reconciliatian~ ta~ facilitate this comparison between governmental funds and governmental activities. TUSTIN COMMCJNITY REDEVELOPMENT AGENCY MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTl2~`C.3ED) June 30, 2011 +GOVEi2N'IVIENT-WIDE FINANCIAL ANALYSIS Statement of Net Assets The Agency's combined net assets are $17,$31,240 as outlined in Table 1. This is an increase of $5,576,497 franc. the prior year's restated balance of $12,254,743. TABLE 1 Net Assets Assets: Current and restricted assets .:_., . ~~ Cap~t~ asset; ::~-: ,_ .:. _ .~ Tats Assets,.. Liabilities .. :.._r., Langrferm lii~lhe5 Toth Lialaftes~~~" Net Asset: Invested. ~;;;~; Restricted Unrestricted Tat.al Net Assets Statement of Activities °lo °} °I° ~7,21a.3sz~ ~44.s36,saz7 {s2z41°} 12.254.473 $ 17.$31..240 46°la The statement of activities shawl how the government's net assets changed during fiscal year 2010-11. On the fallowing page is a summary of changes in net assets. During the current fiscal year, the Agency's net assets increased. $5,576,497, This was mostly due to a decrease in expenditures for various community development and capital improvement projects. See independent auditors' report. -5- $ 68,371.,780 $ 111.,502,760 TUSTIN C014IlVIUNITY REDEVELf}PMENT AGENCY MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINLF]ED} June 30, 2011 Statement ofActiv%ties fContinued~ Revenues: General. Revenues: Tax increment Investment and rental ~.1 Revenues Net Net TABLE 2 Changes in Net Assets F 0~9-Itl Fy10-11 °lo Change $ 18,687,s36 $ 18,272,685 (2%) 1,573,91$ 1,430,756 (9%) _: l.OS,363 ,.l~269 X93°l0} 531 68} 33,5$5,111 12.254.743 73°l0} "17°l0 6°l0 ~) The 2% and 9% decrease in Tax Increment and Investment and Rental Revenues from prior year is due to the decrease in .property values and law interest gates because of the current economic conditions: The 73°lo decrease in Camixiunity Services Expenses is due to a decrease in spending on law to moderate income housing activities. FINANCIAL ANALYSIS OF AGENCY F~CJNDS As noted earlier, the Agency uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. Governmental funds The focus of the Agency's governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the Agency's f nancing requirements. Refer to pages 10 -16 for more detail of governmental funds. See independent auditors' report. -6- TUSTIN COI~IIvJTJNITY REDEVELOPMENT AGENCY MANAGEMENT'S DISCUSSION AND .ANALYSIS {CtJNT`T~UED) June 30, 2011 A.s of June 30, 2011, the Agency's governmental funds reported combined ending fund balances of $91,730,173, an increase of $37,b74,332 in comparison with the prior year. The primary reason far the increase in the combined fund balances is due to the issuance of tax allocation bands and the significant {73°10} decrease in spending an law to moderate housing activities and other Community Services expenses. Of the $91,730,173, $20,625,257 is nanspendable, $82,094,379 is restricted far low and moderate housing and other activities that benefit the Agency's project areas and {$10,989,463} is unassigned. CAPITAL ASSETS .AND DEBT ADMINISTRATION The Agency's investment in capital assets (net of accumulated depreciation} as of Junk ~ 30, 2010 and 201 Ltataled $244,404 and $240,604, respectively. This investment in capital assets irludes the .. ., ~05t t1 : -_. F10 ICI page 26 zits the'iotes to th~`'b~ financial statements. Lvng-term debt At the end of fiscal year 201 i, the Agency had total bonded debt outstanding of $76,826,831, which is a $32,634,803 increase from the prior year primarily due to the issuance of Tax Allocation Bonds of $44,170,000 in October 2010 to finance capital impxavement activities such as the Tustin Ranch Raad extension that benefit the Agency's MCAS-Tustin Redevelopment Project area. Outstanding banded debt can be found an pages 26 - 30 in the notes to the basic financial statements. REQUESTS FOR ]NFORMATION 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 ar request for additional financial information should be addressed to the Finance Director, City of Tustin, 300 Centennial Way, Tustin, California, 92780, ar call (?14} 573-3060. See independent auditors' report. -7- TUSTIN CO142N1I7NITY REDEVELOPMENT AGENCY STATEMENT OF NET ASSETS June 34, 2011 ASSETS: Cash and investments Receivables: Accounts Interest Loans Allowance for uncolIectibles Advance to City of Tustin Prepaid items Land held for resale Deferred bond issuance costs Restricted assets: Cash ancl:in.~as~ts,: ~__~.____..____.._.,..~..._, _ __ :, ;:; ~ ~:~ w:::w:~ Investments with fiscal agent Capital sse#s, not depreciated Capital sets, net of accu~nuiated depreciation ancurnt liabilities: Due Within one year Due imore than one year TOTAL LIABILITIES NET ASSETS: Invested in capital assets Restricted for low and moderate income housing Restricted for debt service Restricted for redevelopment projects Unrestricted TOTAL NET ASSETS See independent auditors' report and notes to basic financial statements. Governmental Activities $ 44,446,SS2 216,9$6 143,157 33,524,54b {33,147,347) 24,976,31'1 35,834 1,747,677 1,287,?45 =~'=- 6,444,412 119,444 121,644 ;:~ 3,471,952 14,936 1,089,116 ' `12,913,285 ti 2,594,444 =y,'~4,236,831 93,912,124 244,644 16,431,845 6,444,412 39,994,885 {44,83b,542) $ 17,831,244 -8- TUSTIN COMVItJNITY REDEVELt}PMENT AGENCY STATEMENT OF ACTIVITIES For the year ended June 30, 2011 Net (Expense} Revenue and Changes in Program Revenues Net Assets Operating Capital Charges for Grants and Grants and Governmental Functions/Programs Expenses Services Contributions Contributions Activrfres Governmental activities: Community services ~ 10,322,708 $ - $ - $ - $ (14,322,708} Interest on long-term debt 3,811,505 - - - {3,811,505} Total governmental activities $ 14,134,213 $ - $ - $ - {14,134,213} Taxes: Tax increment Rental income Investment earnings -_ ~ellari=~~, :. __ . V T t~tai dal r~~ies ,~_._ ...~...Cl3A~-=>>IN:ASSE~:S' #.8,272,685 93,961 ` ' 1,336,795 ` `.. 7,269 ' ~' "1~~ET ASSN` -13~GII~T1~1'1`~`~~l~YEA~"t, A NET ASSETS -END OF YEAR 710.71(? 5,576,497 :`:1.2,254,743 $ ~-1.7,$31,240 See independent auditors' report and notes to basin financial statements. -9- TUSTIl~I COMMUNITY REDEVELOPMENT AGENCY BALANCE ST-IEET - GOVEItI~T1t4ENTAL p`i.TNI7S June 30, 2011 Debt Service Funds ASSETS Cash and ]S1VBStJnentS Investments with fiscal agent Receivables: Accaun#s receivable Interest receivable Loans receivable Allowance for uncollech'bie; Advance to City of Tustin Prepaid expease& Land held forasale South Central Town Center Marine Base Project Area Project Area Project Area $ 4,993,843 $ 1,649,x59 $ - - 1,70x,25s 2,827,62a 46,866 37,x57 88,876 3,813 1,259 - 6,992,1x6 6,992,1x6 6,992,1x5 TOTAL ASSETS $ 12,x36,62$ $ 1x,379,736 S _.. , -~ -:a~ w~.IABILf~ ANI~ ~~D $AI..1\~ ~ ;, ~ LIABIL,TI'1~: _ Accaunts=yable _; ==w :' ;.. ~$~ ~ De~srts payable __. .. Defera~ecii''enue.:~._:_.:~..:~.~... _:~M._._._____. .._. 69$T'}I1= Due to Ci€~ of Tustin 4,65x,xxa - TO'L LIABILITIES 5,3s2,869 698,674 FUND BALANCES: 2,472,4x7 698,189 1 Nonspendable 6,293,918 6,293,916 6,293,916 Restricted 389,841 3,387,146 2,827,b2x Unassigned - - {Ix,646,816} TOTAL FUND BALANCES {DEFICIT} 6,683,759 9,681,x62 {1,525,28x) TOTAL LIABILITIES AND FUND BALANCES $ 12,036,628 $ 1x,379,736 $ 9,9x8,641 See independent auditors' report and notes tg basic financial statements, -10- Capital Projects Funds South Central Town Center Marine Base Total South Central Low Income Town Center Low Income Marine Base Law Fncome Crovernmental Project Area Housing Project Area Horsing Project Area Housing Funds $ 13,743,371 $ 5,943,194 $ 4,649,628 $ 6,427,871 $ 44,153,343 $ 2,881,128 $ 84,401,43? - 624,179 - 624,179 - 624,179 6,404,412 - 12,467 - 9,352 SSO 22,218 216,986 Ip,49b 25,379 3,553 25,796 34,661 2,200 143,157 - 11,379,497 - 9,394,982 - 12,746,467 33,520,546 - (21,198,618} - (9,202,262} - (12,746,467} (33,147,347} - - - - - - 20,976,317 ;~k~4~` _..; 15.:44}4-~: ~ t1{` 1~> _ ~1$LI : :- -- :..:.._:...:::, :.~. 3S,83p _ _ 1,34~40d I4S,p71 - _ 72,53.5 __ ..._ ..___.... - -_. - 145,071 . 1,747,677 $ IS,I(,362 $ b,945,369 $ 4,654,436 $ 7,367,453 $ 40,185,034 $ 3,674,746 $ ~14,2I5,015 .. ', - _ - - ,._ -.~y. r •ei - x ~i . $ 1£, ?~ 5 1. ,9~ 1 5 ~ 14 ~~: $ 7,~2~~, $ .:.~ '. s ? ~, 531,316 $ -::.:~.:W:: .:: __::•.- `=N~~,431 .: :'f :.:.: $ ~ ~' 3,071,952 <; - ^;2S`1 ~ .• ,: 2,6~~ ~ 1,004 - ; .~: 10,936 <H_.. _:..__._. TS6,169 '.._.n ~~~ _>.__.....: _.: _ 197",933 _; :....: , ;.; , .,. ,..,:.,>.R~, ;; 2,488,669 - - - - - - ! 12,913,285 :' ~Y . t~,323 217,361 11,441 208,546 532,315 11,431 `°=18,484,842 1,349,495 164,071 85S 87,535 484 145,471 24,625,257 I3,73S,544 6,527,937 4,641,744 7,471,372 39,994,885 3,518,294 82,494,379 - - - (342,647) - (14,989,413} 1S,08S,039 6,688,408 4,642,595 7,158,947 39,652,718 3,663,365 91,734,173 $ 15,103,362 $ 6,905,369 $ 4,6S4,p36 $ 7,367,453 $ 40,185,034 $ 3,674,796 $ 110,215,015 -11- The page left blank intentionally _12_ TUSTIN COM.M[1:JMTY REDEVEI.©PMENT AGENCY RECONCILIATION OF GOVERT3IvlENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET ASSETS June 30, 2011 Fund balanoes for governmental funds Amounts reported for governmental activities in the Statement of Net Assets are different because: Capital assets, net of accumulated depreciation, used in governmental activities are not current financial resources and, therefore, are not reported in the governmental funds: Capital assets Accumulated depxeciation Referred revenues which are deferred because they are not currently available:az~tal~n interre~u;~~t~S~#~u~1~_; .: ,.. accdingly, increases the net assets on the Statement of Net Assets. sng ;arm liabilities applicable to the Agency's goverruuental activities -w:: aret~t due and payable in the current period and accordingly are not ~... 3.::. .. :: reputed as f~a~~:AAtsa,~isstiee_ costs are not corded as wets undt[e modie~~accru~:sis o~unting. f_ ~ilities, ~. :: -: .m. 3 .: both=current lone-tgr~:'are ifnrted ~t.~e Staterne~tt u~~ et Assety~ -" at 30, premium teresf=tii 1ox€g~fe~.del~~'iit ~airnerifuta~ss ~dt=r~hz~- is recognized as an expenditure when due. Net assets of governmental activities $ 309,000 (bs,~oa} $ 91,730,173 z~o,~o0 See independent auditors' report and notes to basic financial statements. -13- TUSTIN C014iZviLTN[TY REDEVELOPMENT AGENCY STATEA~NT OF REVENUES, EXPENDITURES AND CHANGES IN FUNll BALANCES - GOVERNIVIENTAL FUNDS For the year ended June 30, 2011 Debt Servs"ce Funds REVENUES: Taxes Investment income Rental income Other revenue TOTAL REVENUES EXPENDITURES: Current Commvaity services Debt B~~a OTHER retirement is fiscal eharges ;ance'c~t _' - L EXPiN[~ITL`RF.S >S OF RE~~'tir ~I:~:G~~F DER) ~k~V~`~ ~ )~ NCING SOURCES {USES}: Discount~#n bnszds` .. __ _< Issuance of debt TOTAL OTHER FINANCING SOURCES (USES} NET CHANGE IN FUND BALANCES FUNf) BALANCES {DEFICIT} -BEGINNING OF YEAR, AS RESTATED FUND BALANCES (DEFICIT} -END OF YEAR South Central Town Center Marine Base Prajact Area Project Area Project Area $ 2,846,680 $ 3,981,348 $ 7,337,551 36,215 104,021 2,952 2,842,895 4,094,369 7,340,543 518,057 772,722 = 2,536,276 8,199,000 662,241 429,731 11,827. _._~. ___. _= (888,711) - 44,170,000 - - 3,257,232 2,295,234 1,666,313 {1,229,Si3} 4,388,525 8,014,749 {295,767} $ 6,683,759 $ 9,681,462 $ {1,525,284} See independent auditors' report and notes to basic financial statements. -14- Capital Projects Funds South Central Town Center Marine Base Total South Central Low Income Tawn Centex Low Income Marine Base Law Income Governmental Project Area Housing Project Area Housing Project Area Housing Funds $ - $ 701,670 $ - $ 995,337 0 $ 2,450,049 $ 18,272,685 49,537 18,178 16,351 21,730 271,296 9,770 535,050 15,000 74,561 - - 4,400 - 93,961 - 400 - 399 6,470 - 7,269 64,537 794,809 16,351 1,017,466 282,166 2,459,869 18,908,965 ~~758 873,814' ' 200,686 .. 681,803 ~ . 3,032,103 1,229,630 _30,298,849 418,333 - 418,333 10,659,000 590,833 1,251 750,441 ~` 3,128,342 :> .~ ~,~:, - ,~ .- 429,731 ._ __~ l,~ '~i9 ::_ ~,~.;3,3~4 .. ...98}404 ,,. {673 SB a) ~';5 1,188} b 1,165 - - - - 40,024,057 - . - - - - 44,170,000+ - 40,024,057 (401,364} (1,128,707} {188,462} (673,503) 37,272,869 - 43,281,289 61,465 37,674,332 15,486,403 7,816,115 4,831,057 7,832,410 2,379,849 3,601,900 54,055,841 $ 15,085,039 $ 6,688,008 $ 4,642,595 $ 7,158,907 $ 39,652,718 $ 3,663,365 $ 91,730,173 . 3g _ TUSTTN CUMMJTY~TITY REDEVELOPMENT AGENCY R.ECONCILTATIt~N OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IE~I FUND BALANCES OF GflVERNiVlENTAL FUNDS TU THE S'T'ATEMENT OF ACTIVITIES For the year ended June 30, 2011 Net change in fund balances -total governmental fends Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cast of those assets is allocated aver the estimated useful 1rves as depreciation expense. This is the amount by which capital expense exceeded depreciation in the current period: Depreciation expense Deferred revenue does eat provide for current financial resources and, The isuance of long term debt provides current financial resources to gave~nmentai funds, while the repayment of the principal of tong-term debf`i~onsumes the current financial resources of governm~ntai funds $ 37,674,332 {3,800} :: °= 813,196 -~ :x. w_. ,_ ,, z,.,~rc,n, i~~?~~er, had ~ e£C~~~ net assets ..lso, - :~ ~ ...M _.n _~-. ~ F ~: tatl.ds rep~e e$'e~t~af isstttt;e costs ms -.. ,:_ ~::..~ s ndsixapilar it°>~heri,clseydeh~~i~st issued'v~lx~asJthese ``' ~ ,, amc~nts are ;tte~errea a nc1;tortLc2 YC Theme amour~#.re the ieffect_Q~'t~ie of ling-tern~,c.:and:~eiated ite~irs.:~~, . Bird issuance°=~'__ _.._.._._.___-.~..~_ I~S$count on band issuance Tend issuance casts Plncipal repayments pl'!'titYt'~T~t~i'YID°+a~t~=C~is~t'.r'13~=: ~s.~s=. Amortization of band premium Amartizat3an of band issuance casts $ (44174,~i00) 888,711 429,731 10,659,000 3,532 {31,510} {32,236,582} Interest on long-term debt is not due and payable in the current period and, therefore, is eat reported in the governmental funds. Change in net assets of governmental activities See independent auditors' report and notes to basic financial statements. {670,649} $ S,S76,497 -16- TUSTIN COI4ZMIJNITY REI7EYELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATEMENT`S June 3 0, 201 i 1. REPORTING ENTITYANI} SIGNIFICANTACCOUNTINGPQLICIES: a. Description ofthe 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 Cade Section 33000, entitled "Community Redevelopment Law". Its purpose is to prepare and carry out plans far improvement, rehabilitation, and redevelopment of blighted areas within the territorial limits of the City of Tustin. The City provides management assistance to the Agency, and the members of the City Council also act as the governing body of the Agency, .--_..:. nce with Governmental Accounting Standards Board {GASH} Code the Reporting Entity", the Agency's financial activities are included al activities of the City of Tustin for 7 s p ty tads. I 2100, } with carves The assessed valuation of all property within the project area is determined on #~e date of aciopti~lan.~fth~~.~d~Y~~p.~meaat_Plan.~ ~~W:::=::~~ -~-w-.w-~w-:-~w~-:.:~~~_~- (b} Property taxes related to the incremental increase in assessed values after the adoption of the Redevelopment Plan are allocated to the Agency. All taxes an the "frozen" assessed valuation of the property are allocated to the City and other districts. The Agency has no power to levy and collect taxes, and any legislative property tax reduction might correspondingly reduce the amount of tax. revenues that would otherwise be available to pay the principal of, and interest on, long-term debt. Broadened property tax exemptions could have a similar effect. Conversely, any increase in the tax rate ar assessed valuation, or any reduction ar 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. See independent auditors' report. -17- TUSTIN COMMUNITY REDEVELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATEMENTS {CONTINUED} June 30, 2011 1. REPORTING ENTITY AND SIGNTFICANT ACCOUNTING POLICIES (CONTINUED}: b. Government-Wde and Fund Financial Statements: The government-wide financial statements (i.e., the statement of net assets and the statement of activities} report information an all of the activities of the Agency. Far the most part, the effect of interfund activity has been removed from these statements. 'The statement of activities demonstrates the degree to which the direct expenses of a given function are offset by program revenues. Direct expenses are these that are clearly identifiable with a specific functtan Program revenues include 1} charges to customers who purchase, use, ... - ~. o~ M directf~`"~~ene~" f~ii~r'Tg~ods, =s~rvrces ~ ors°privt'~~ges provtde~ by-=~--given="fc`utian and 2~»grants and contributions that are restricted to meeting the operational or capital xectirements o~";~ particular function. Taxes and other items not properly included among program revenues reported: ipstead as far Agency s ~~ents. These s ids a~ presented ;after the ~£orma~~ about major funds All c. Focus ::,rT~,, n. easiz~re~ient.. ~acits.. is ~ a terua used to c~escn'~ie' w~uc~i . transactr`ans ~~: r~;co~d'~d"~~rttlun the various financial statements. Basis of accounting refers to "when" transactions are recorded regardless afthe measurement focus applied. In the government-wide Statement of Net Assets and the Statement of Activities, activities are presented using the economic resources measurement focus. Under the economic resources measurement focus, all (bath current and long-term} economic resources and obligations of the government are reported. In the fund financial statements, all governmental funds are accounted far an a spending or "financial flow" measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balances (net current assets} axe considered a measure of T'available spendable resources". Governmental fund operating statements present increases {revenues and other financing sources} and decreases {expenditures and other financing uses} in net current assets. Accordingly, they are said to present a surnmaxy of sources and uses of available spendable resources during a period. See independent auditor's report. _ 1g_ TUSTIN COMMI.TNTTY REDEVELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED} June 30, 2Q11 1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED}: c. Measurement Focus, Basis ofAccounting and Financial Statement Presentation (Continued): Measurement Focus (Continued} Noncurrent portions of long-term receivables are reported on the governmental fund balance sheets in spite of their measurement focus. However, special reporting treatrrients 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 lasses, assets, and liabilities resulting from nanexchange transaction are recgnized in ante with the requirements of GASB Statement No. 33. -~~~ _:=~:~~ ~f their ~pendu^ ~nea~~:nent fo~~ expend rec~~~on ~ gox~xuxintal fund fides apnt~ repres~~d by r.~aa~~rnxent liti~~. Since dc~~not=;~.ffect net meets, scl~ l~in,~: ~ amount a~ not reed as ga~~mental :und type .:; ar end lia~tx_w~?moun eked to; _~u eapxtal its are corded as ~ in tJiiu dear ~ res~t~s ire exiled, rra,er than as a fi~ Basset. Thy proceeds __ ~ :.,.. arm debt are`'~t`ect~rded ° a~i~r firY~e~ng 'so~~~ rather tlaiau as~ a fund; habihty. paid to reduce long-term indebtedness are reported as fund expenditures. .._ s re~txicted...and unrestricted resources, are cc-mbinerl in a .fund,. expenses are to be ~a1d. first tloi~ r~stsii:~~.i r:at~urc~s, aaad'theil frazh u~~res~Erictec~ resources. Basis of Accounting In the government-wide Statement of Net Assets and Statement of Activities, the governmental activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred ar economic assets used, regardless of timing of related cash flows. Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. Property tax revenue is recognized. in the fiscal year far which taxes have been levied. Government-mandated and voluntary nonexchange transactions are recognized as revenues when all applicable eligibility requirements have been met. See independent auditors' report. -19 TUSTIN COM.Va[UNITY REDEVELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED} June 3 0, 2011. 1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED}: c. Measurement Focus, Basis ofAccounting and Financial Statement Presentation (Continued}: Basis of Accounting (Continued) In the fund financial statements, governmental funds are presented using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Measurable means that the amounts can be estimated, or otherwise determined. Available means that the amounts were collected during the reporting period or soon enough., thereafter, to be available to finance the ,expenditures accrued for the reporting pet7ta~. Pdt`. tl~~"'pt'a~e, =the :Agetie~ =~'~~ts~der~'~ fed'icd"'-pro~terty;`"~rt~reitierlt ~~revenues, izestn~ent income and rental income to be available if they are collected within 60 ys of the er1 of the current fiscal period. _ .~ ~:-~~ _ Revenue og~n ~g sect`-tlae measu.le and a'abilit~:,cri#er~pr ~ goyrnmental .:: fitds in ~ func~°~nci;~tatez~.ts Excie transaac?ns ~e recag~ as'~evees m. the p~~iod ut~ich tl~ are e~rf~e€1 ~.~., the re~ateoads o~~s are pr~~ed}. Irt~estm~~s ; s i .: ~ :, u. ;.. '.._.. _.i.. Iriestments are stated at fair value (the value at which a f nancial instrument w~vould be e~.ehanged in a current transaction between willing parties other than. a forced ar ~quidation s}t_~xce~~ ~c~~_~y~~a~;»w~; save a r~~ing lxfe_a~ leis than„one year when Land Held for Resale Land held far resale is carried at the lower of cast or estimated realizable value determined at the date of an executed disposition and development agreement. Description of Funds The Agency reports the following funds: Debt Service Funds are used to account for the current interest and principal payments on the fang-term debt of the Agency. Capital. Projects Funds are used to account for resources used in developing the project areas as well as the administrative costs incurred in sustaining Agency activities. See independent auditors' report. -20- TUSTIN COMIVJ[UNITY REDEVELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATEMENTS {CONTIlVUED} June 30, 2011 1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES {CONTINU7ED}: c. Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued}: Description of Funds {Continued} 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 ofthe South Central Project Area. and expenditures of the Town Center Project Area. ect the fiscal activity ._.......... .....__.r - ::: __.. __ - ~:s Satt'llr°C~ttral La'v~ Izfcome ~bu~i`ng Ca;~i~a~ Prdj~ct~~°Fund is `"t~cil W~c~ account for the ~elopment requirement to set-aside 20°l0 of available tax increment, and to use tl~se funds far the benefit of providing low and moderate income housing to residents oche South ~.ProjectwAsea.:::W.w,.,;.~._...,-,.~,~.w _.. _.~.::w~_::-:.-~-.-:~:::;:~= The Town Center Project Area Capital Projects Fund is used to account for the fiscal activities of the Town Center Project Area. The Tawn Center Low Income Hausin~ Capital Pra' eJ cts Fund is used to account far the redevelopment requirement to set aside 20°/a of available tax increment, and to use those funds only for the benefit of providing law and moderate income housing to residents of the Tawn Center Project Area. The Marine Base Project Area Capital Projects Fund is used to account far the fiscal activities of the Marine Base Project Area. The Marine Base Law Income Hausin~; Capital Projects Fund is used to account far the redevelopment requirement to set-aside 20°l0 of available tax increment, and to use those funds only fox the benefit of providing low and moderate income housing to residents of the Marine Base Project Area. See independent auditors' report. -z1- TUSTIN C01~~11~[tTNITY REDEVELOPMENT AGENCY NOTES T4 BASIC FINANCIAL STATEMENTS {CONTIIVUED) June 34, 2411 2. STEVi~ARDSHIl', COMPLIANCE AND ACCOUNTABILITY: ~efici# Fund Balance The Marine Base Project Area Debt Service Fund had deficit fund balance of $1,525,280 at June 30, 2011. This deficit is expected to be relieved from future revenues or transfers. 3. CASH AND I]~IVEST~TS: Cash and investments as of June 30, 2011 are classified in the accompanying financial statements as fellows: ~ ~.'a+,A.A!!.#.d..~isZ...rY~6.kA.d:..:Mk,.+7.kSS~i...FM;~1.'J~A7 .. Total Cash and Investments See independent auditors' report. $ 44,208,860 40,1.92,577 . _____ --- . _ _..x,.400 4.12 $ 86 8.41.849 -22- $ 40,406,552 TUSTIN COMMUNITY REDEVELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATEMENTS (CONTI]~TYJED} June 30, 2Qll 3. CASH AND INVESTMENTS (CONTINUED}: Investments Authorized by the Agency's Investment Policy The table below identifies the investment types that are authorized by the Agency's investment policy. The table also identifies certain provisions of the Agency's investment policy that address interest rate risk and concentration of credit risk. This table does not address investments of debt proceeds held by band trustee that are governed by the provisions of debt agreements of the Agency, rather than the general provision of the Agency's investment policy. al Agency Bands . Tx~~,s Qbliga . Age ~e~iti ker's kept amex~~ Pa er p ~.;_ ;atiable_.~erti • De~sit .-:: 3 urclia~se ~greeme erse Repurchase Authorized. Maximum Maximum .. . .TAY ~ _ by I'n`tr'~Stn:.nt - __ _ _ .._~ _.: Peentage ;. ~;, : ~ 'fttstment _ Policy ~t~ of Portfolio in C33~.e Issuer Yes 5 years None ''Tone Yes 5 y~ar~ I~on~ ~ ;^ 'Nane Yes ~ _, 5 yea, and done Yes '=. ;ti l$0 d~.~~,. : _ , .: 40°/rt~ .~ 30% -..._: 'Yes := 90 dam 150~~ :,,; -=:~Q% Yes,.. ~. yew.::. 30ora .. mane .__.-_- ~,`eS~..~_~.. .._. -=~-~e~ .;x_: None..::-~ =_ =Nane Mutual Funds Money Market Mutual Funds Mortgage Pass-Through Securities Gaunty Pooled Investment Funds Local Agency Investment Fund (LATE} JPA Pools {other Investment Pools} United States Government N1A -Not Applicable See independent auditors' report. No 92 days ~Q% of b~nvalu~: _;, .'None _.... Yes ~ S aar~ ,, ~~~~ .- Dane Yes N/A l 5°l0 10°l0 Yes N/A 20°l0 14°la Yes 5 years None Nane Yes NlA Nane Nane Yes NIA Nane None Yes N1A None Nane Yes 5 years Nane Nane _23_ TUSTIN COMMUNITY REDEVELOPl~1ENT AGENCY NOTES TO BASIC FINANCIAL, STATEMENTS (CONTINUED} June 30, 2011 3. CASH ANO INVESTMENTS (CONTINUED}: InvestnaEents 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 Maximum Maximum :er's Acceptances mercial Paper Tr~a~~ :_ ey het i~'.s ~ r >tm m~ontar " r. - Nc~plic~ _~..__ ~r~iela~ to In'f~r~t Rat~,Risk Percentage Investment ~f Portfolio in One Issue ........ .............v._,.._...._.._.~. ___........_...... ..::~ ...:::.w......~._.....__........__..~. . _. _ . brie_~::.,,, ~ ,:-=._rr..yw,,,.._, one None N'ne None N~ane :~ Node-_.:.~:::w~:: ~_:: . _._. N~~e Iv~~.e Nave `~l~`ba1e Nine rate risk is the risk that changes in market interest rates will adversely affect the fair value -: .. of anY~t~,i,~ut~~CT~zall_:~:~e1an ~xth~._m~tur.:.:a~~n_~nye~l~xi~~~~Mth~ ,~r~~#~x._a,~:~itivity of its fair'va~ue to c~ianges"isi. market"interest"rales~ {one`"o~the ways.thai;~°~ie °Ageiicy::inanages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow anti liquidity needed for operations. Disclosures Relating to Credit Risk 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. The Agency's investments consist of investment in LAIF, which is not rated. The Agency's investments held by bond trustee consist of $4,723,400 in money market mutual funds, which are rated AAA by Standard and Poor's and $1,b77,012 in guaranteed investment contracts, which are not rated. See independent auditors' report. -24- TUSTIN COI~1].V.[UNITY REDEVEL(~l'MENT AGENCY NOTES TO BASIC FINANCIAL STATEMENTS {CONTINUED} June 30, 2011 3. CASH AND INVESTMENTS {CUNTIl~UED): Custodial Credit Risk Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits ar will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event failure of the counterparty {e.g., broker-dealer} to a transaction, a government will not be able to recover the value of its investment of collateral securities ~ that are in the possession of another party. The California Government Code and the Agency's wnvestment,,:p,~lic~ ,do..mnot contain le~al.µor._policy. requirements that would limit the exposri`~"fo'~ustoc~i~:cred~`ri.:sk~ar ~e~sos~=r~r'hivest~:grts'other'~'(h~~~fcill~'~ii'g:;pi'~~ision for depots: The California Government Cade requires that a financial institution secu deposits made ~y state of local governmental units by pledging securities in an undivided colleral pool half ~ a depositor. regulated,. under state law (~aaaless so w~tTed ~~ t]~,e„governmental :knit). The marked value ~ the ~dged Puri ux the co~teral poa~~s~ust e~'at ~t I~lrl7}°lo c~~ the fatal .:::j Y ~ .... „~ .. L t": amount dep~ed b~V pu~~ a.get~.s Cali~~ Iaw al alla~vs=anc~t~'~xutz~on~ta secure Agenir deptas~~ by P!~~ ~-t~ deed r~tort~e notes,~~'~ a value i~.~`50°l0 of the secured . .._ w publre~depos.Ii~,; _`-:. W .~, _ _ _~...:.....w Discl~ures~~2+e~a~ed'~ta In~er~'Rate ~tsk. ed=~s`~ ~.at~ G~stadiai C~r+~~~=~.isk The agency's cash and investments are pooled with the City of Tustin's cash and inestments. Addi~i~nal disclosuxes ~eg~z'r~?{~~~~$~~t};;p~Q~t~~:v~si~.t~nts~ ~~~?t~c~ to,.nt~rest r~.te 'risk, credit is - :~ __ risk an~i custodial credit ris~C are ava~able iii the~Cify~©f`T"u.sfii's~Cciiripr"ehe5ive Anhual"Financial Report. The Agency's investment in LAIF is due within 12 months. The restricted cash and investments held by the bond trustee consist of investments in money market mutual funds and guaranteed investment contracts and are not subject to interest rate risk. 4. L©ANS 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 fatal outstanding balance as of June 30, 2011, was $347,510. Home Improvement Loans: The Agency has provided deferred Name improvement loans to Iaw 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, 2011, was $67,468. An allowance of $67,468 has been recorded to reflect the amount of the loans not expected to be collectible. See independent auditors' report. - 25 - TUSTIN COM1V[UNTTY REDEVELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) June 30, 2011 4. LOANS RECEIVABLE (CONTI]'~UED}: Hamebuyer Prag~am Loans: The Agency has provided dawn payment assistance to qualified first time homebuyers. The loans provided in the Ambrose Lane Develapment are due beginning in 2016, or when the homeowner sells or refinances. The loans provided in the Tustin Grave Develapment are due when the homeowner sells or refinances. If the homeowner does not sell ar refinance before July 2015, the loan is forgiven. The total outstanding balance as of June 30, 2011, was $680,926. An allowance of $655,237 has been recorded to reflect the amount of loans not expected. to be collectible. 5. CAPITAL AS SETS: The :.TM ;~:~~:::~ .. ,.. ::~::- is a summary o~'tl~e capital asset activity for tie year Balance at :cl J`une-~{~ at Less - ~ 19a,aaa =~=~ (FR_4(}tl 1, nit _ ~ i:~-~ 4QD : `~_~;~ 3 saa ,_, - . ~ :- I21L6a0 Total capital assets, net ~ 244,4(la ~ __...__f3.8Qa} $ - $ 24a Depreciation expense of $3,800 was allocated community services function. 6. LONG-TERM LIABILITIES: The following is a summary of the long-term liability activity far the year ended June 30, 2011: Balance at July 1, 2a1a Additions Tax allocation bonds $ 35,89a,4a4 $ 44,174,4aa Unamflrtized premium 1x3,028 - Unamortized discount - (,888 711} Tax ailaeation bonds, net 35,993,428 43,281,289 Notes payable $.199.4x4 Total long-term liabilities $ 44 192.428 $ 43.281289 Deletions $ (2,464,aaa} (3,532} 16,446 (2,447,486} ~;8,199,aaa} $~la,{46.486) Balance at June 30, tall $ ~~,6aa,aao 49,496 (872,665} 76,826,831 Due Within. One Year $ 2,59a,aaa 2,59x,404 See independent auditors' report. -26- ings 19a,aaa - ~umulated depreciation ,_~~b4.6aa} (3,8aa} ~l capital assets TUSTIN COMMUNITY REDEVELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATEI~~NTS (CONTINUED} June 30, 2011 5. LONG-TERM LIABILITIES: Tax Allocation Bonds Payable 1998 Town Center Tax Allocation Bonds On July 1, 1998, the Tustin Commuiaity Redevelopment Agency issued $20,805,000 Tax Allocation Refunding Bonds tc> 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 Toum Center Area Redevelopment Project Subordinate Tax Allocation Bonds, Series.,~.~~,1_~~.ggre~~.te pac~pal ax~UUrt ~sf $~2,880~:0~0 ~~~.~u~c 30, ~OOf, the ] 987, and 1991 Serial=`fonds are payable in annual installments ranging from $775,000 to $1,315,000 comencing on D~ember J„ 198 Intcxesl ~s- ~~yable semi...a~rmually pn ~~ ~ <_l~e~~axabp~ 1, with rates :; _ _ ~: _ ; rangaailg from ~~ 5°fo'` ,~ 0°f der ar~n The ~ls matu~ on or aver ~eml~er 1, X009, are . - .,... U sub~ek to re~~mptlor~~ar ~o'~atr.~~ as a w~t~;-or m pa~~t tie ciption ~tl" ~e .~genc, on any date u or air De~.ber ~2=~`at prig' xf.~ng frc~ ~~°lo to 10.°,1~ of prinpal. At .. .:rv.. .. :.. June 30, 201 l; the 19~$or~dzng I~anr..~~s $8,~~500~. .~ ~ -: -m;~:::: .,. The annual lz~f setv~ce regzirerilents tc~'oz~ze _e~ allocalian bonds'are as~follows ' Year Ending June 3Qz Pruzcinal...... Interest. Total 2012 ._ : ~..._~, ~ ~1,255,(}~0 :~...~.. _...__..._... 385,46 . ,~.., ~:.~ ...,1,640,466 2013 1,315,000 323,7'71 1,638,771 2014 1,380,000 258,073 1,638,073 2015 1,445,000 188,138 1,633,138 2016 1,525,000 113,888 1;638,888 2017 1,595,000 37,881 1 632 881 Totals $ 8,515.000 $ 1.307,217 ~ 9.822.217 See independent auditors' report. - 27 - TC7STIN COMMUNITY REDEVELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATEM]c,NTS (CONTINt.iED} June 30, 2011 6.~ LONG-TERM LIABILITIES (CONT'INUED}: Tax Allocation Bonds Payable (Continued) 2010 Housing Tax Allocation Bonds On March 1, 2010, the Tustin. Community Redevelopment Agency issued $26,170,000 Tax Allocation Housing Bonds, Series 2010 to refinance low and moderate income housing activities throughout the 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 affordbl.c.___k~c~t~~,g::::P.~e~.~:~ ~~.,~~.,:..b~~~s.._._~r.~..::.,p~y_.~~?~.~:::,,~~4~~,::::~~t~~a._,~x~. ing from $5501~OO~to4 $1~;~00~0176~-ci~iiuiiencing oii ~eplem~Caer T; 207LL0~: Tn~eirest~~s~~paya~~e seininually on Mare=1 anal September 1, with rates ranging from 2°lo to 5°1o per annum. At June 3t~~2011, the 2010 dousing Bonds outstanding balance eras $24,915,000. ~.' 'The tax. a1lion~lnds arm tol~€~ws 69~~fl00 ,~ ~:- ;.,21,331 $ 1,$16,331 ;:.' _ ,_,-'~~~;000 1;100,181 ,__=°ry 1,815,1.81 2014 735,000 1,078,431 1,81~~~31 2015 760,000 1,054,106 1,81 ~~Al 06 ... = ~0~ 6 ..:~ . :.: -_- -: .. .__..:'785,000. ~ 1~~025;106 ..,_ ,:. __~~ ..~~~1~~~ 06 -- - 241~ - 2021- 4,420;000 4,619,031 ...._.........,._._.__,039,431 2022 - 2026 5,415,000 3,595,753 9,010,753 2027 - 2031 4,620,000 2,251,125 ~. 6,871,125 2032 - 2036 3,375,000 1,352,531 4,727,531 2037 - 2040 3 395 000 .367 894 3,762,894 Totals ~__ ___._~w4..~~4 ~ 17.565489 $ 42.480.489 See independent auditors' report. - 28 - TL35TIN COI~i]VI[JNITY REDEVELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATEMENTS {CONTINUEED) June 34, 2411 6. LONG-TERM LIABILITIES {CONTINUED}: Tax Allocation Bands Payable {Continued) 2010 MCAS Tax Allocation Bands On October 27, 2014, the Tustin Community Redevelopment Agency issued $44,174,004 Tax Allocation Bands, Series 2410 far. the purpose of financing redevelopment activities within ar for the benefit of the Agency's MCAS-Tustin Redevelopment Project Area. The bands are payable in annual installments ranging from $644,440 to $12,234,444 commencing an September 1, 2411. Interest ~.,p~ .~k~l~:,:s.;a~na:I~::pn wl~~ur~h, l.,aan.~:::~~. ~~m .1: with: rat~rs::r....... `.. _ from 2.4°l~ to _.._._..._.... ~~~. ~?_..._._..._.._..._s4::~.:. ~~ v ._,..~ ....~a. 5.4a/o er annum. The ~ohds' :mat~u~ng an ar after Sepfeinlier" 1. 2019 are su~6ject" f~, optional redei>tron prior to maturity, as a whole or in part, from any available source of fads, at a redenm~;atian price equal to the principal amount thereof, together with accrued interest ~c the date _,a, fixed far re~xnptagn, wit~ip1~' Q~~,, the ?~IO,NI.~..A~~`,,.;~is ostanding balar was ,1 i :a The annual sei Ync ~~~~~ ~ 2012 2013 2416 2417 - 2421 2022 - 2026 2027 - 2431 2432 - 2036 2437 - 2444 Totals See independent auditors' report. 884,444 4,874,044 5,955,444 7,524,404 9,585,404 12,230 444 bands 2,025,375 2,446,944 _,...,,,~ti., 1,931,075 9,157,740 8,435,881 b,422,431 4,342,625 1,588,404 S 39.409.462 $ 2,66~~75 2,81 =,=44 .~...__ .......::..:::.:.2,812,144 . 2,811,075 14,427,744 13,994,881 13,942,431 13,887,625 13.818,440 -29- $ 640,440 $ $45,400 TUSTIN COMMUNITY REDEVELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATEMENTS {CONTINUED} June 30, 2011 6. LONG-TERM LIABILITIES {CONTINUED}: Notes Payable On April 1, 2007, the Tustin Community Redevelopment Agency entered rota two related Nate Purchase Agreements in the amounts of $19,900,000 Series B {Tax-exempt} and $5,100,000 Series A {Taxable} with Citigraup Global Markets, Inc, for the acquisition of a thirty-seven acre parcel of land adjacent to the Marine Base Project Area that will provide freeway access to and from the Marine Base Praject Area. Principal is payable in annual payments due in November of each year. Interest payments are payable monthly during the Initial Nate Period with a fixed interest rate of 4,3~% hrol~gh,~V~ye~1?er ?008. ,A~ex die rnit~alNot~ ~e~us~ y~.riab~~M~.te interest uavmts" are" i~avab'le-in~nv~~ased"uiaoza the cent Secrz~s:es ~Iiidustzv`~aiid~~cz Markets ion Municipal Swap Index {SIFMA} on the 2007 Series A Note and the Load Rate {LIBOR} for the 2007 Series B Nate. Interest payments after the Initial have The e Period 56% far _ ~ w~= i•ar increment -nues anc~~~ledicated 'T"~at~'~~ebt servc~~~riuiremenf~ far tax alloca't'ion bonds through 2041 are $135,882,168 consisting of principal payments of $',600,000 and merest payments of $58,282,168. Pledged tax increment revenue recognized durir the year .:~ ~- was :x'18.3. milli aix agar x~:t~tal de~1t:~~c,~~: _. _ :...._.. nt; a~,~;12,.~;~: _ ~~ ~-~ = _:::-~-= .- ,~~. Although the incremental property taxes were projected to produce sufficient revenues to meet the debt service requirements over the, life of the bands, certain eanditians could have a material, adverse impact on revenues allocated to the Agency. These include future decreases in the assessed valuation of the project areas, decreases in the applicable tax rates or collection rates, general decline in the economic condition of the project areas, ar a change in the law reducing the tax increment received by the Agency. 7. DUE TO CITY OF TUSTIN: The City made loans to the South Central Project Area, Town Center Project Area, and Marine Base Project Area Debt Service Funds to provide short-term loans to fund operations. The total amount of the loan outstanding is $12,913,285 and is to be paid within one year. See independent auditors' report. - 3Q TUSTIN COnrIMUNITY REDEVELOPMENT AGENCY NOTES TO BASIC FATANCIAL STATEMENTS {CONTINUED} June 34, 2411 8. FUND BALANCES: The fund balances reported on the fund statements consist of the follav~ring categories: Nonspendable Fund Balance -This includes amounts that cannot be spent because they are either (a} not in spendable farm or {b} legally ar contractually required to be maintained intact. Restricted Fund Balance -This includes amounts that can be spent only far the specific purposes stipulated by constitution, external resource providers, ar through enabling legislation. fitted Fund Balance -This includes amounts that can be used only far the Assied Fund Balance -This includes amounts that are designated by the board =:~ purpa~es. Unassigned-l~x~nd B---- ~ fiats ~ nat ct~ptazn in the c~ cl~;~ns :%':J ~~l5autlxm j» t Project Area Debt _ ~er=zcc _.___. Ziund balances {de~CCit}: Nonspendable: Prepaid items $ - $ - $ - $ 4,495 ~ Advance to City of Tustin 6,293,918 6,293,916 b,293,91b - Land bald for resale - - - 1,345,000 Restricted for: Law income housing projects - - - - Redevelopmentprojects 389,841 1,686,891 - 13,735,544 Debt service - 1,700,255 2,827,620 - Unassig~aed (10,646,8Ib) _ purposes SpeC1f1G its 15,004 145,071 5,903,758 624,179 Total fund balances (deficit) ~ 6.683A152 ~ 9.681.062 ll_525.280) $ 15.085.039 $~,688.QQ$ See independent auditors' report. -31- TUSTIN COMMUNITY REDEVELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) June 30, 2011 8. FUND BALANCES (CONTINNUED): Town Town Center Marine Marine Base Center Low Income Base Low Income Project Area Housing Project Area Housing Capital Capital Capital Capital Projects Projects Projects Projects Fund Fund Fund Fund Total Fund balances {deficit): Nonspendable: held far resale ed for. - 72,535 - ::.a::::~~:_:~::~:;~w.~, 35,830 145,071 ;x;70?,677 844,115: 1;245,066 -- - ' C44&,901 5,179 ,400,412 ..._ _ ftfoQQa~a' a fiizi~` ......_. Ices (deficit} 9. The Marine Base Project Area Debt Service Fund transferred $40,024,057 to the Maxine Base PrajectArea Capital Projects Fund to transfer debt proceeds designated far capital projects. 10. COMMITMENTS AND CONTI'N'GENCIES: The California Health and Safety Cade requires redevelopment agencies to set aside 20 percent of their tax increment from project areas established before 1976 far law and moderate income housing. Between fiscal years 1985-86 and 1991-92, the Tustin Community Redevelopment Agency deferred a fatal of $2,776,042 from its law and moderate-income housing obligation, and is the amount outstanding as of June 30, 2011. See independent auditors' report. -32- TUSTIN COMMUNITY REDEVELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATES {CONTINUI~D} June 3 0, 2011 1 ].. CITY AND AGENCY REIMBURSEMENT AGREEMENT: On June 5, 2407, the City and Tustin Community Redevelopment Agency executed a Reimbursement Agreement far 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 deveiapers to economically develop the required number of affordable housing units and has encumbered the sale of the properties and units with covenants, promissory Hates and deeds of firust to ensure main#~iinixig the affordability of those units in accordance with the California Community Redevelopment Law. _.:~_... As of` June 30 20l 1, approximately 1,703 new units have been constructeciYin the Mi~ine Base Project Area, including 273 affordable units, which reflect an average subsidy of $351,00 per unit to se,~re the long-term affordability covenants. The affordable units are located at Tusf~n Fields I and ~ and.,:a~~~~c~mlar~ed,saf,::tl~irty-three very,Zow, two-:wlo~~~::and~::~i~-tw~~>moderate ::w income unrts~ ~rhic~. a sect by ~missory ~tptes and d~ of"~~: by #~ C~ that;reflect an .. _:- aver " of k ~toxiin~ $S~W~60(1~`very locome $4_85;~~ fo~~v-iiicamaunits and ...~ ~, $279x:00 fo..odera~icg3~,~ ~ 'The Cm's ;omissc~s and de~d~ of trust ~~flect the ~. ~.:. dzffeznce bgeen =fair x-~?alue o ~° ellm~-wit t the tu~ra~ ~of purchase and the affordble liunirig ~has~aice pie uxts. Tl~otal l~~riissory notes v~Iue assouated with the p~ducti~i~~~f tb.~affar~I~hou:=u~ts-pis $;~g5,'~~~.+~u<:Tustin F~eld.i`~~~.d $22,22,01.0 on Tusti~tField Il, for a total of $46,407,736. Reimursements are to be paid from tax increment revenues, including but not Iim~ed. to the Agency's Lvw and c~c~.~m~w~~~~~~.de, ;~'ro t mt~~te.€se Project Area, Town Center and South Central Project Areas as determined on an annual basis as part of the budget process. Interest is payable annually by the Agency to the-City. at the rate of 5°l0 of the amount outstanding under the reimbursement agreement. The Agency reimbursed the City in the amount of $2,410,083 during the fiscal year. . 12. RESTATEMENT OF BEGIN~G BALANCES: The balance of net assets at July 1, 2010 was restated as follows: Net assets at July 1, 2010, as previously reported $ 51,638,097 Remove capital assets that are owned by City of Tustin {14,383,354} Remove land held for resale that is owned by City of Tustin _{25.000,000} Net assets at July 1, 2010, as restated 12.254.743 The fund balance of the Marine Base Project Area Capital Projects Fund at July 1, 2010 was restated by $25,000,000 from $27,379,848 to $2,379,849 to remove land held for resale that is owned by City of Tustin.. See independent auditors' report. -33- TUSTIN CONMT~ITY REDEVELOPMENT AGENCY NOTES TO BASIC FINANCIAL STATEMENTS {CONTINUED) June 30, 2(}11 13. RECENT CFl[ANGES IN LEGISLATION AFFECTING CALIFORNIA REDEVELOPMENT AGENCIES: On June 29, 2011, the Governor of the State of California signed Assembly Bills Xl 26 and 27 as part of the State's budget package. Assembly Bill XI 26 requires each California redevelopment agency to suspend {effective July 1, 2011} nearly all activities except to implement existing contracts, meet already-incurred obligations, preserve its assets and prepare for the impending dissolution of the agency. Assembly Bill XI 27 provides a means for redevelopment agencies to continue to exist and operate by means of a Voluntary Alternative Redevelopment Program. Under this program, each city would adopt an ordinance agreeing to make certain payments to the County Auditor_ Controller in fiscalµ.-Year 20I 112 and annual payments each fiscal year, .thereafter. Assez~~ ~$~l"~~~ 2b rnids~~,~es° ftat-~es'ci ;~~~ `e an availa~e ~~~ not ~~~ obli ated for other uses" to make this payment. The City of Tustin intends to use tux;it~ereme~t ~calili~ to its revelopment agency far this purpose. The amounts to be paid after fiscal year 2{~1-12 and 1 ~,._3 ave yet to be determined by the state legislature._._.__ -:m _::. Assembly B~.~l 2-ect.~.~ St~~ontrol]r t~~ the Sta€-~f C`.aiaa ttx_~vie~v thpropriety of and`; transl' of ~~~ bei~ns~t~evelopi~t-~tgencie~~'~.td.~her publtodies th occurred after :~nuar~{_ ~,~ 2011; ~ the ~~c=body that ~+~~~~ such ~sfe~ is not cvactually mmitted ,: ;m to a third paa~ ~or tt ~xper~dlture ~~ ~p.cu."rance-~.thos~ eta; the State ~ntroller required to arcr the,~~~~-asse.trat~~e€i~~~t~ th~'pt1~,c ~~ ,.designated .~succesr agency by Assembly Bill XI 26. In th~vent that Assembly Bill X126 is upheld, the receivable recognized by funds of the City that had p~~y~~~~'~;~u~~t-.~eivp~.eu~~a~~_-e.ollectible with a loss recognized by the advancing funds. Funds of the City may also be impacted by the elimination of reimbursements previously paid to the City by the redevelopment agency for shared administrative services. The League of California Cities anal the California Redevelopment Association {CRA} filed a lawsuit on July 18, 2011 an behalf of cities, counties and redevelopment agencies petitioning the California Supreme Court to overturn Assembly Sills XI 26 and 27 on the grounds that they violate the California Constitution. On August 11, 2011, the California Supreme Court issued a stay of all of Assembly Bill X1 27 and mast of Assembly Bill XI 26. The California Supreme Court stated in its order that "the briefing schedule is designed to facilitate anal argument as early as possible in 2011, and a decision before January 15, 2012." A second order issued by the California Supreme Court on August 17, 2011 indicated that certain provisions of Assembly Bills XI 26 and 27 were still in effect and not affected by its previous stay, including requirements to file an appeal of the detern~tir~tion of the community remittance payment by August 15, the requirement to adopt an Enforceable Obligations Payment Schedule ("EOPS"} by August 29, 2011, and the requirement to prepare a preliminary draft of the initial Recognized Obligation Payment Schedule {"ROPE") by September 30, 2011. See independent auditors' report. -34_ TUSTIN COMhI1:.TNITY REDEVELOPMENT AGENCY NOTES T4 BASIC FINANCIAL STATEMENTS {CONTINUED} June 30, 2011 13. RECENT CHANGES IN LEGISLATION AFFECTING CALIFORNIA REDEVELOPMENT AGENCIES {CONTINUED): Because the stay provided by Assembly Bill X1 26 only affects enforcement, each agency must adapt an Enforceable Obligation Payment Schedule prior to September 30, as required by the statute. Enforceable obligations include bonds, loans and payments required by the federal or State government; legally enforceable payments required in connection with agency employees such as pension payments and unemployment payments, judgments or settlements; legally binding and enforceable agreements ar contracts; and contracts ar agreements necessary for the continued administration or operation of the agency that are permitted for purposes set Earth in AB1X 26. ,,._ , .. ,..,.. _ .. , .,., .,x , , ,~ .............. _,. _. . ~ ~,...n. ~ , , . ~ _ On gust 2, 2011, Agency Ordinance No. 1405 was adapted, indicating that the A~'ency will cam~1~ with the Voluntary Alternative Redevelopment Program in order to permit th~rvcontinued existce and operation of the agency, in the event Assembly Bills X1 26 and/or 27 ar~:npheld as :, canst~#utio~al. ~~utial:-~~-bv the agent is estirn~#,~7~~4~,f;~:~±~~~h ale half due an 3a~uany i.~ 201 ~ tad the"ether f' due M~ .15, 2{} 1 ~'he amc~ant~. Abe laid meter fiscal year ~~111 l ahd 2Q~.3 y~.t tv be deed by ~ stye iegisla~; The s~tni-annual paym~ts vr~ e du~'n;~ Ja~t~~ ;and Mays; l ~ beach y--~t would ~na~se ar decease with ~~ chan~~s m t~~ncrer~ent i~€~ditiz~~ly, an~~amatvvoiald be dua z schools many new x.. :,:::m. .: r_.~, . debt lncun`x'exnbl~~,^,X:~al~ws a._~ea.~~~eve on the ncy's obgation to cantr#~ute 20°l0 of tax increment to the low-and-moderate-income pausing zun~. sa as to.ermit the Agen to assemble sufficient funds to make its initial payments. Mana~~m~=~ ~. ~ .~~::~~~,., -~~ :~q,~~ ~,.~ to pay ~~_~b}atlgr~s as they become due during the fiscal year ending June 30, 2012. The nature and extent of the operation of redevelopment agencies in the State of California beyond that fiscal year are dependent upon the outcome of litigation surrounding the actions of the state. In the event that Assembly Bills Xl 26 and/or 27 are specifically found by the courts to be unconstitutional, there is a passibility that future legislative acts of the California State legislature may create new challenges to the existence and funding of redevelopment agencies in view of the California State legislature's declared intent to eliminate redevelopment agencies and to reduce their funding. See independent auditors' report. -35- The page left blank intentionally -36- SUPPLEMENTARY INFORIVIATIUN _3~_ TC7STIN COM1V[UNITY REDEVELOPMENT AGENCY COMPUTATION OF THE EXCESS SURPLUS OF THE SOUTH CENTRAL, TOQVN CEN"I'ER AND l~Ir~;t2TNE BASE INCOME HOUSING CAPITAL PROJECTS FUNDS Julp 1, 2410 All Praj ect Areas OPENING FUND BALANCE -JULY 1, 2014 $ 19,251,025 LESS UNAVAII.A$LE AMOUNTS: Encumbrances {16,393,177} AVAILABLE LOtV/MODERATE INCOME HOUSING FUNDS 2,$57,848 See independent auditors' report. -38- INDEPENDENT AUDITORS' REPORT ON C(JMP`LIANCE AND ON INTERNAL CUNTRQL OVER COMPLIANCE The Board of Directors Tustin Community Redevelopment Agency Tuslan, California Com lance We haver~udited Tustin Community Redevelopment Agency's compliance with the California Health and Safer Code as required by Section 33080.1 for the year ended June 30, 2011. Comp ~~ with the requuments referred to above is the responsibility of Tustin Community,Redeyelopmen~A,gency's managern~nt ~- res~~s~bilit~ ft~-, "express an ~pinian a~ 'd'ust. m~~ty' ~:2.edeelopment :~~. Agency's compl~~ce bas~on a~ir~ut~it, -.~,_ ,~ , ~;:.:~; We conducted ~~ ~.udit Ei~~om~tl~ance m;accorc~c~ i.~ audr,~~g sfi.dards gezxelly accted in the _ United Mates o ~Ame,~; the .ndard~_ ap~cable finai~.l audits coned in vernment Auditing~S`tara`c~t`ds`, =~~sbed Iii °t'ke° Com~~:ral~~`~" General flf=.~ 'tl~ited St~.te~;-:mod Guilines far C'ompliare ~Iudits of Cal~arnia Redevetopment.flgencies, .Tune ZQI1, issued by the Stateontroller and as irerpreted in the Auditing Procedures for Accomplishing Compliance Audits of California Redevelaprament Agencies, ~Iugu~t 20111, zssued by the Governmental Accounting, .yang., Auditing Comimrttee"of thy. ~alif'~rzua ~~crety-ofCe~~d"~'ubi~c-:Accouhn.is. ._...._._.__...___.._ Those standards require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the compliance requirements referred to above that could have a material effect on Tustin Community Redevelopment Agency has occurred. An audit includes exa~-?~*~~ng, on a test basis, evidence about Tustin Community Redevelopment Agency's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. ~Ve believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination of Tustin Community Redevelopment Agency's compliance with those requirements. In our opinion, Tustin Community Redevelopment Agency complied, in all material respects, with the compliance requirements referred to above that are applicable for the year ended June 30, 2011. -39- Internal Control Over Compliance Management of Tustin Community Redevelopment Agency is responsible for establishing and maintaining effective internal control over compliance with the compliance requirements referred to above. In planning and performing our audit, we considered Tustin Community Redevelopment Agency's internal control over compliance to determine the auditing procedures far the purpose of expressing our opinion on compliance, but not for the purpose of expressing an opinion an the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of Tustin Community Redevelopment Agency's internal cantroi over compliance. A deficiency in internal control over compliance exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance an a timely basis. A material weakness in internal control over compliance is a deficiency, ar combination of deficiencies in internal control over compliance, such that there is a reasonable possibility that rxzaterial noncompliance with a compliance requirement will not be prevented, or detected and corrected, on a timely basis. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph~£;taus;,se~n;_antlw.~W~Vde~?gu.~~c~ ~d~nt~~y_::::d~~.c~~.G~::i,~::i.~.#~~.~1::~.an~~~::~hat mi t be deficr~zcies,~sgni~icanf ~.e~ciences, o~ r`raterial weaknesses %~~~interrxal` contxol'aver caim~~iance. We did rift identify any deficiencies in internal control over compliance that we consider to material -u --,. weaknesses aS fuie€~.-above.,:: _, _ 4 ~ .; M:_.:: -, -r~ ; _ A - :. This rept~xt is ~ded lily fc~x tiae ~~matio~=ate use of t~ Tt~si ~ommut~.ty Red~elapment .. : ~ ..: Agency's Direct~~ and =a~;~€ ~~ the TuErtr ~nmuri%~ ~development;'Agency end is not intended be a should hit be~ u~d ~~ anyone ~t:~ these s~ec~fic pardes ,. .. .. 7 ........._._ ......~...... tY V Y 151i1tJVi[".iCi-.T~j LsV is ~ _. ....... .. .... _.., .. .. .. :.„ Irvine, California 44 Attachment II Agenc~r Affordable Housing IUlonitoring l~eort N 1 W a 0 ir'~^^ Vl O w J x N O M W z w O d L N W W ~~ ~ v L .C .L' ~+ ..~ _ _ ( y' O A M M M M M M ~ .... 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I ~ N .~ ~ L' ~ t0 ~ DQ 3 ~ G ~ C V ~ 'y O v ~ ~ ~ ~ O c +~ u Q. 2 ~ c ~ m ~ ~' m ~ ~ LL 'V G1 VO 40 C ~ ~ C c 'y 3 ~ ia. ct ~ _ +_~ ~ L c ~ O ~ x ~ s W Z N 3 ° v z3~~' L Y G3 Q. f0 N ~- O ~`' ~ v N N N N N N N N N O d N N U3 N N N N N U3 r r r r r r r r r r r r r r r r r r r r r r i r r z z ~ z ~ } ~ ~ } z ~ z z z z ~ 3 3 3 3 S 3 3 3 3 3 3 3 ~ 3 3 3 3 3 3 N N N N N N N N N N N N tU .~ N N N N U3 N z z z z z z z z z z z Z z W z z z Z z Z h CO M 6Y ~ h- i~ cD t~ u'1 O 0 0 ~ h 61 h N h- I~ 63 O O O O O O O O 6 O O O O O O O 4 O O O O O O O O O U) O O O O O O O O O O O O ~- N N N N N N .- N N N N N N N N N N N N V' CO 00 M1 h N N c0 C O Z ~ M <''~ V 63 M N W (L1 cp O td0 O N O 0 M1 N V r N ,~ yE O ;y ++ ~ N_ O N N 0 h O O O V N b cD O N ~'6 a+ y,, O O 6) O 0 0 O M O O O t~ N to 00 M M M h V O 'p C V 'L7 Q3 ctO O V' V' cD I` 0 M N V 6C) V N M Cp ~ V" c0 0 ~~ •i' i~ ! ~ O O O O O O 00'} O O O O O O O O O O O O `~ C~ v0 ` ~ O O O O O O O O O O O O O O O O O O O O Q u O' C O I 6l O O O O O O 603 O O O O O O O O O O O O O O O O O O O O O O O O O O O p O O O O ~'- N N N N N N r N N N N N N N N N N N N i d R C -O ~ I~ 0 W m 0 M1 I~ (Ll M 0 p3 0 .B H O d 6r O O O O O O 6} O O O O O O O O O O O O N t4 ,~,~ .a j m O O O O O O O O O O O O O O O O O O O ~~ C ~' i N_ N N _N N N ,~- N N N N _N N N N N N N _N G O C~ O I ~- ~ N N ~ ~ M M O N N N ~ O N N N N N O Q~~ °C ~ o ° o o ~- 0 0 o a ° a o 0 0 °0 " ° 0D O O O O V `- ~ t(') M V O N N to M O ~ O O N V' N `N N N O `+- .a C C O O O O O O O O O O O O O O O O O ++ O R f0 -a i+ N N N N N N N N N N N N N N N N N O ~ N ~~ 'O C O .` ~ ~ O V h. 63 O r N t[? 'Q f0 O j R ++ -. N N M M O N N O ~ M N N N N _N ~ X 0~ O 61 i n N O oO c0 M ti 0 tf? O O rt t~f3 N W Q U y. O O O O r O O O O O O O r O 6 ~ O O ~ O 3.aj O O .6 ~' M M N M M M M M M M M M M M N N M M M M H ~ Z m i d ~ O O N N N N N O N N N N N N N N N N N N O o0 a0 M M M 0 W o0 OO OO cO a3 W W N OO d M M O V h h h h M1 M1 h h t~ t~ h h h M1 M1 h h h h h O. N N N N N N N N N N N N N N N N N N N N N ~ 6) 63 b 63 crn 63 d O O 63 O O't b 6Y d 63 63 OS QS O ~ GJ ~ ~ ~ ? ~ ~ o a ~ o Q > i, a cu o ~ ~ m v >, ~ m ~ D >, m U .C Q as ~ O S' U °~ av`3 w S> m a`°~i m ~ ~ ~ ~ m d ~ A ~ U O ~ O t4 ~ ~ C C J ~ 6 C C p ~ ~ ~ J ~ m Y ~ ~ ~ m uy ~, ~' 3 m 'gyp ~ N ~ C ~ ~ p ~ N ~ ~ ~ O T C 7 ~ ~ O G Q ~ Z y ~ >. U m W () ~ fn N > N = ~ N ~ t6 Q7 _ _ .O Ol Oh0 t~ N N ~ N N V O J 0 Q} O J 0 d' Z U U s- '~ V tt d' d' p N ~ ~ .0- ~ ~ ~ ~ `' ~ tN ON M N t0A Vi !: M M r, ~ i M M M O V Op c7' t~ eN~- V l0 c0 6r O tf7 O M M V' cl' , M_ M - aO O of N O _ 0 0 O 6C3 h~ O CO M <!' 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C~~ C ~ O N O N N N O N N O N N N N ~ N N N Q} ~ •~ 3 '_ ~ ~- Z r Z r r r Z r r z r r r r r r r r r LL d ~ O ; ~_ j ~ •C c O~ 3 3 3 3 3 7r 3 3 3 3 3 $ 3> 3 3 3 $ 3 3 ~i N N N N N v N a) N N N N N N N N N N N N y~ Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z w ~ N i ~ ~ d ~ ~i v I Z 3 R m ' o 0 0 o rn o 0 0 o rn o 0 0 0 o a o 0 o rn i +L"i N O' O O O O O O O O O 61 O O O O O O O O O 4) t0 ~n ~~ i N N N N ~ N N N N r N N N N N N N N N .- ~ a``$ u i 'a o ~~ ~ ~ rn M rn v M o n n u~ n s co 0 ~ N = C M CO V' _O a0 CO O 4'f t[? 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O CO W ~ rA J N i ', O t0 V M ~' M d' M M N <1' M ~' CO O mot' M n N to r e- •- •- ~- •- •- d M M .- r n ~- m a- ' c~4 CQ'i M ~ d' CO ~ 0 ~ ~ N V' c0 Ono n O O 40'1 V O N M et .- O M .- ~ ~' N e- .- N O N Z (D ~i C4 CO M !D c4 Q j u'1 O M M N tNCS i( M U N M M t(j LLN9 U 4N'S tlj U tN N ~ O V' ~ 4) C' ~ 61 Q m V ~ ~ O W ~ Q O Ol ~ 'd' W O N M ct tf) tp (.. ~ m O N M i N N N N N N N N N N M M M M M M M M M N N N N N N N N N N N N N N N N N N N N 0 O N a~ rn m d ~ ~. ,~ N ~ ~ ~ vl ~ ~ O O ~ d ~ N N N N N N N N N N N N N N N N N N N N N Ci ~ •y~ O V O *- I (U N N N N N N N N N N N N N N N N N N N .~. 3 ~ ~ o ~ >- >- >- >- r >- >- r >- r >- >- >- >- >- >- >- >- >- >- c ° u Q- = a~i ~ ~ ~ ~~ y m ~ ~ I m ~ O ~ _~~= I ~ O ~ O ~ O O N N N d O O N N ~ O N N N _ •y 3 '~ >- z r z r z z >- >- >- >- z z >- >- >- Z >- >- >- LL = i a" c~~ ~ ~ ~ 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 ~ ~ ~ a: ~ m a~ w ~ a~ ~ m m m m a~ m ar a~ w u"''+ ~ I' x Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z w Z 'cnr uI z o 'a a~'i 'C ~ *' ~ r~ ~n ao rn n. h rn u~ u~ u~ r- rn rn o ~ r~ ~n o co Z~ s~ o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o 0 0 0 0 0 0 0 o a o 0 0 0 0 0 o a !0 v~ ~~ ~ N N N N N N N N N N N N N N N N N N N N > O ~`' 60j U 'O ~ I o0 Q N N O'~ O) N c0 e0 M c0 N to N N M o~ _N N M Ol ~ vt C Z i9 ~ h N V' W «) V' M ot7 7 M1 V N h to f6 C O d• Q 61 O'~ 00 00 N i~ (D ~ N M ~ ~ ~ O ~ ++ ~ O to W N O to tC) U'~ M op O (S'! rt r.[) O) Cfl M i N to «~ cD M u7 O V c0 ~ tt') M M h u'1 N a(7 N ~ _ ~ ~ y t0 6i et c0 CO M tD '~ cD 6) M V' V O U? tIl ap O o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o 0 o c ,~ p E 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o 0 N ~~ o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a d o z z~,~, ~ 0 0 0 0 0 0 o a o a o a o 0 0 0 0 0 ° o V = O O O O O O O O O O O O O O O O O O O O N N N N N N N N N N N N N N N N N N N N i .a a c9 C~ I O O O O O O O O O O O d O O O O O O O O ~ v+ O M o a o 0 0 0 0 0 0 0 o a o 0 0 0 0 0 0 0 r~ C V~ N N N N N N N N N N N N N N N N N N N N tC s. t9 'i v V' 6'f O M O tC5 N tD 01 O CD tD C ~ r- N ~ M 0~ O +.r t- N M O N N N O .- .- M .- N e- O ~- N e- N N ~ N~ M O O O tD N CD a0 %~ a0 00 N ap o0 O N N Q O M O ~- ~ .- .- e- O .- O O .-- O O O O O O s- O O v I N O N O M cp N N ~i' O O O N V C O N O to C 4J ~ C tCy t('I tC) ti') to t,f) t(} US rf) «~ to t0 tt) ~ «[~ t(7 to to to to o ~+- ,~ ~ O i o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a o 0 •u O t6 fp •a ++ N N N N N N N N N N N N N N N N N N N N ~ y~ O C •~ N ~ O M M tIy N N CO 65 O tD CO rt ~ N tt) M •Q is O j t0 ~,. ~ O N C~ O N N N O ~- ~- (` r N ~- O r N ~- N N `X 0 `~ O y 07 O ~ O r O Q N CO ~ ~ tf') c0 ~ N ~ ~ O N N q~ V ~ o ~- .- .- a .- 0 0 0 0 0 0 0 0 ~- 0 0 o ~ o '" M N M M M M .- N M M M M .- N M M M N M M N C O .a i`n ~ Z m i v ~ ~ N N N N N N N N N N N N N N N N N N N O ~ M W c0 e0 c0 aQ c0 06 c0 op W a0 c0 W W c0 aJ o0 ap ot> t~ M1 h ice- Imo- h- N f~- M1 h~ t~ h~ 1~- t`~ h h~ f~ h h h O. ~ fN3? ~ fff ~ ~ ~ 6Nf ONS ~ ~ ON'S ON7 ~ ~ 6NS ~ ~ ~ ~ N N ~ ~ ~ N N ~ N M X O Y ~ ~ N ~? j N ~t a a`~. v°~ >~ o o a ~ cn v c~ in a in a~ ~ ~ ~ N o ~ o ~ ~ ~ N rn w S' ~ ~ a~ Q y m c_' -~ ~° L 3 ~' ~+ °~ m J ~ a ~ c c ~ m ~ o i '~ N p > N p N ~. 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W ~ O .- N M ~ ~ c0 r CO j M V V C <Y V' d' V 7 V' C' ~ ~ tf) t[) to u7 to ~ tt~ N N N N N N N N N N N N N N N N N N N N O M a, (~ N ~ ~ c a ~ 'II O ~ C ~' N N N U! to fA N N N N N N N N N N N N N N °~° ~" 4/ N d~ N N N N N W N N N N N N 4) Q7 N C) N N N N Y 3~° c~ '° ~ r r r r r r r r r r r r r r r r r r r ~- ~ z }•T01 ~ I . m ~ ° •= v ~ ~ i a a o as ai ° ai aNi aNi ° ° m aNi aNi ° ° aNi ° aNi ai ~ ,v ~ •~ ~ Z Z Z r r Z r r >. Z Z r } r Z Z r Z r } LL = Q j ° I C C°~ ~ N N N O N N N in N N N N N N N N N O N N ,~ ~_ j Z Z Z Z Z Z Z tll Z Z Z W Z Z Z Z Z Z Z Z W Z d ~' I C .6 ~O C! V 'O ~ Imo- h h OU lY) °) W <D cD h t`~ tt~ ~ CO h (`~ ~n h ~C5 t° Z i s v O O O O O O O O O O O O O O O O O O O O O- O O O O O O O O O O O O O O O O O O O O ~ v~j ~~ j N N N N N N N N N N N N N N N N N N N N ~ O~"'V v 'O ~ I O O N CO OS c0 cp N to O O 6~ W h CO W 67 ~= 0 Z W W M OOS O h W N M O r 1' O V' h ~ COO N N .G a O ;~„~ a+ i h Ctx M M V' Q) c0 N h- Qi' W h O V' QY ~!' M M W fD to W M N M t1' 00 O) O V ~.(') t.f) c!' M ~~ V .a y tq M tD V N O ~t7 tt' N h M 4 M f~• to N O 6S O O O O O O O C! O O O O O O O O O O O C ,F d E O O O O O O O O O O O O O O O O O O O v- of C~ 3 O O O O O O O O O O O O O O O O O O O Q~~~ c i o a o 0 0 0 0 o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o O o 0 0 0 0 0 N N N N N N N N N N N N N N N N N N N i N t=9 C 'O h h h c0 Ct> O O h c0 h h Ct) CO h h to h t.() C(') ~ ~ Y g ~ °o °a °o o° °o °o o° °o o° o° °o o° °o °o o° °o °o °o °o N N N N N N N N N N N N N N N N N N N m~ m~ o j m h m o rn m oa ao M ~n rn m w rn h isr o O O C +~+ V O N N N N N Q- O ~- .- O N N O ~- M N Q~ ON! ~ ~ CD O O M N ~ t0 'V N CO M N ~ N h b~" N e- O~ O .- .- O O O O <- O O O O r O O .- V i N ! 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S ~ i ~ ~ ~ ~ i a ~ _>m ~ 3 f6 'O ~ LL C~= C ~ N N N N N ~ ~ N N N Q7 O N U1 N O N to vi ~ LL Q J = i Y C ~ i c°~ 3 3 3 3 3 3 ~ 3 3 3 3 3 3 3 3 3 3 3 3 ~ 3 si ~ ~ ~ m ~ cu ~ w ~ ar m m m a~ a~ m v w ~ N ~, ,~ I z z z z z z z z z z z z z z z z z z z x w Z v ~ W i Z` ,~ w o ° 0 0 0 0 o a °o 0 0 0 0 0 0 0 0 0 0° o ~ ,,., y c- o 0 0 0 0 0 0 0 0 0 0 0 o a o 0 o a o 0 fC of a. ~ ~ N N N N N N N N N N N N N N N N N N N N > O \ O v u ~ _ v v ..n ~n fC C O O I N t~ n ~ to ~ t[j (~U 0.1 ep 1`- d. to N p p m N Z Cn M c0 N ~ M t~ W 67 d0 (O M M 00 07 rP (~ C35 N t` .Q y O ;~,~ ++ r^ ~f cD q3 M M M M ap f0 a+ 'y ~p C - ~' M i~ f,p M p tC1 O cD 01 M M tom. h tp tN N M N V' 'Q c V A N ~ O O d ~ O O O O 6~f O O O O O O O O O O O ,`~~ q~j can ~ 3 ~ O O O O O O O 6 O O O O O O O O O p p q `x ~~ o0/C ~ j o 0 0 0 o a o 0 0° 0 0 0 0 0 0 0 o a °0 0 0 0 0 0 o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N N N N N ~ i ~ t~0 C ~ ! tl) _O to Ct} CO h- I~ ttY O to tt3 ep tf) to ~ h O tt7 O O N N~~ .a ,I O O O O O O O O O O O O O O O O O O O O ~.' .a C ~! ~- '. 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H N N .> ~ N t6 t0 N N ~ m _ o ~ c ~ ~ ~S c C -~ N = ,a ~ O ~ c ~ ~ O C ` ~ p ~ N tII ~ ~ N T N ~ N ~ Q ~ ~ cn ~ is ~ ~ io ~- ~ .a U ~ N >, U Y ~ d C.) _ ~t a~ o Q o 2 OJ J t~ V ~'j' O it3 ON C' ~ ~ c0 N ~.. J ~ M J oU V O Vf 6Mi r r ~ Cep .~- ~ PN^- ~ ~- r .~- ~ ONi M r N O M V' (D M N 7 h- 6'~ p ti to O W O N W tfy N p p~ Z (O N ~ N W ~ (O W t0 ~ O N N N _~ V N_ O M Q I tN M M tN M M M ~ p to N ~ ~ M N OC) (p W N N op N '.!') c0 ~ M M M M M M M M O M M M M M M M M M O M (n 65 61 O O O O p V O 6l O O O O OY Cfl O <t O O) O N M 7 to t.0 r.. ~ p5 O ~- N M ' N N N N N N N N N N N N N N N N N ~ m ~ N N N u~ 0 a IO ~ ~ a c ~ ~! ~ c EI O ~ O L 3~° y! •a 41 ~ a p 3~ N ~ 4} r M ~ !/1 r to ~ N r N r ° = r c . ~ ~ v a il ~ ~~ I -a T m £ ~ LL j f0 ~ O ~~ O Q ~ ,~ •~ ! O z N ~ O z O z N i U/ r N r 3 " a-Q+= I i+ .~ c o w I ~ 3 3 3 3 3 3 ,C y~ I Z z Z z Z Z X W Z y i W ~ O N Z i ,C ~ I O O o 0 0 0 0 t0 i'~'it ~~ I N N ON N ON N O Y- O ~" V V ~ o I N M m ~ o ~' ~ c o~ rn c~ oNa o rn uCDi •O N O ;,, ++ ~ O to M O C' (+ ~~ i• ~~ I O O O O O O O O C +. O ~n u L O O O O O O O Q O~~ N ! O O O O O O b ~•'~ ~ ~ N N N N N N N a ~ c~a c -a I h u~ rn h m m y ~ ,~ o ~ ~ °o °o o° °o °o °0 0 N N N N N N N f0 ~ tp ~ O to N t('f t0 N (n 0 O C u.+ V O M O r O O N Q~ O~ I O O O ~ O O O O ~ i CJ +n C I N O V N O O `~' .G C O O O O d O O O a+ O t0 t0 -Q ++ N N N N N N N ~ y~~ C ~ ~ Lt7 h N ~C! in N N •~ t6 O ~ t6 as I O N O ~- •- O ~- X 0 `~ O y ~' ~ O O N N tC5 W c( (,j ~ ~ O O O O O O O C ~O vz j N C O N M M M M M M H ~ Z CG d ~ N CQ W GO oD aN6 M U °' rn aNS rn rn rn rn rn N w N >~ T {p ~ > _ j ~ N p N p C Q N ~ O N U1 ~ ~ U A > U Q N ~ ~ c 'C ca ~ N ~ C q ~ ~ U ~ Z m .Q ' -~ J y M O O (~D L ~' a0- ~ e((}- ~ ~ h H ~ ~ ~ ~ N N O ~ Z i c0 CD N e! ~ N d Q ' M M M M m M M rY O 67 d' t37 O O 6) O ~- N C7 ~ in ~ M O O O M O 0 m a I~ Attachment IV pity o~ Tustin A~ 987 - ®isclosure Re~uirernent (Rental Housing) ~ C C U « + d d 'O O O O_ d 'y N O y O O O V„ } M O N O ~3 } } y } } Z Z Z C aQe U 2= ~ ~ ~ ~ ~ 'O _''mE~ LL U N U O) ~ m ~ j O Z O Z O Z O Z O Z. O Z O Z C N 3' N LL ¢ J = ._ c `o ~ 3 ~ ~ ~ ~ ~ ~ ~ ar 3 l9 N Z N x N x y "x N x N 'x Vi % N x W Z m W W W W W W W C ?i ~ d m 2 ~ s 6 O o 'p c crn0 s t00 m ~ rn ~N m w m W m d c~ E N n. T~~~j II H C N C O d N C O Z h ~ N N N M' N uS ~' fO ~ M N m ~ .- N ~ O O O O R w'ar iC C Obi h M O N G T O L~ ~ W. W ~ E ~ ~ ~ p P T ~ ? O ~ ~ D oJ.. o~ ~ O O C ~ OS N U ~ > N G) O O O D O> rn ~. OZ m N m' N O '"' ~" N > > ~~ 0 ~ TN N . O? OY. rn rn O~ rn w Q U ~ ~ c N xk N. xk # # o o b q = ~. tk ik N m ~ m m c a ° rn a i o m '« ~ O ° N o N i o e- m m'.. •- rn •- rn '. e- C ~6 O M V r- ~ ~ ~ h m i ayi ~ o o ~ ° o o ci ' m p ~ .. ~ U C CI N C i~ eft OJ N N N. N N. '~,,,,. a b L C O ~ N h Q) ~ O O O ~'O C~ U . O O M N N N' ~'~. a¢ ~ ° ~ ° ~ ~ ~ w ci a 0 0 `~' 0 o O o rn m N [D a+ M M ~ E d O a E rn m r` ° v i v 9 $m m .- ~ Q O N '!~ O Z N m ~ A « ~ o ~O ~ N M 0] O O. N:. ~ M ~O N. ` ~ ~i ~ ° '~ °m m °m °m ~ m m m N O a J ~ > Q p~ R` II ~ ° II c ~ m ~ m ' ~° aci U ~ ~ ' d E . ~ ~ ~ x a ~ a ~ `~' u c i ~ Z ~ ' t- in z a ~~~ "y N c7 N W O' O O iI~ m O t00 f0 N h ~"'}. ~ M ~ •- P ~- e- N a- ,- ,- O O ~ r ii~~ w Z O O O M O': t0 N C V rn C L ~ V M V'. ~*Ni O O N O ~D O N ~ O N 0.' V ? V ? '1' ~ u5 YJ G~ N ~ G N ~ T F ~wRR m .~ O N = II .D O N =4 O W °~'S O 0 0 A T Sn. Q O O O ~ ~ A A A {T N N ~ O t0 LL l9 W N W: N (n O f1J ... LL W N. ~~~ N U N.... N F~ ~ E z m ~ ~ ~ o a m ~ a rn m ~ ~ _ ° ~ ~ a ro y ti II.. °~ c u ~ . c c: w d S 'S U tL F ~ ~ _ m .- N M C N LO h oJ: v h M s~~r M ~ N P E °o 3 y m m m ~ ~ Attachment V City of Tustin Redevelopment Project areas IViap ----- -- ~L - _ ~ s a~ $ Axn~3tG '~~~ LfW l~~I _ .. ~ _~P>~ ~ ~ a ~ ~ '~'S ~ .~~r R1Nn ~~ ~ ~ lafvcc I~ -_ _ ~3 ~ V ^ .J ~t4r~,,((~~ \~T ~-~/ d u OU STREET IIMNE ~~~ a IG ~y~ ~ No Scale -~ - _ -_ _ ~"~~ p LL]_~ .,~ W. FlRST STREE WI£R/A!£A >i a~~~1m t ~E ~ FlRST ~ a ~ ~` 5RiEEf l/ ~~ ~ J J ~~ ~~ t ~~ (StiJ ~~ . 1 ~~ 9 F ~ ~pu \ ~ I j '~L'W~~i ~J~~I~R CH / \Y -~~ ~ A ~W. WIN BTXEET-1il- U- E ~ ~~~ /0.. c ~ r EL GM/NO REAL n~,tF~ 1nh~~ a F ~ 4~f~~~b ry~~ si ~~_J Y LJ LJ LPAFKCTTE wx g 5 4 ~ ~ ~~ ~~ mil' ~ ~~3~~~~/ \ ~ `N`t%/ / ° ~~Cg/ J N/ ~ ~ ~/ PARK _ ~ ~.~ r t7 ~ AY ~ ® R ~~' ~, .- ~ RO q~~ ~ ~ x. ti, ~~ "" R~Y11 ~~ ~a~3 ~~ Eaa ~R~,. "~. ~ / ~ r I~ 9` 1 ~ ~ b } ~ ~~ , ~ ~ ~ xx~ D ~ ~~ 4 xePaooex avExuE ~ •' ' •!' a rNTmlr ~. ~ ?' ` ~ ~ CITY ~ ~ ~, , ,.~~ . ~ ~ ~ ~ ~ g ~p.~'' ~. °~ LEGEND: iy --_ ~ p~~ ~ia/r ® Q' a' pF ~ 4 ,~ ~ y .. ~ » g ~, \ f I TOWN CENTER SANTA ~ ~'+ ~ /% ~ a ~ SOUTH CENTRAL ~ i \~ ~ ~. ~ i MCAS TUSTIN EDiNGER ~ AVVENNl1E ~:.~~~\~ ~ ~ qN~ ~ O '~~ ~ ' ~~~ ~~ ~ ~ ~, i REDEVELOPMENT AGENCY ~ ~,k~~ „m„T , ~ \ ~~p PROJECT AREAS ~ ,,' ~ I~ P A ' N N T ~ ,• \~HOW =~ 4't4 my~- - -' +L",,? ~~,,,~~ , 2 ~' ~. ~'~ /~ ! ~ "' • i February 25, 2011 ~n~~, q ; ~: ay/i ~ x ~uo J ~ a ~.: 3' \ % / sr mxv o / /~ ~~ i ~_-, TUSTIN LEGACY o ~~~ TM i ~~ ~~s` "~%~ .\~ 4~' ~ ~~ (Raxcx aoao Fs ® ~ ~ e~K a. ~~~J" ~ v 9A. P ~., ~ a ~" z ~~ ~ ~ ~ ,. O ~`a ~ ~p ~'~ ~~ ° ° °'` CITY ~~ ~ OF ~~ ° ~ File: Beae Mep.dw8 '~~~9y ~ R V ~ N