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HomeMy WebLinkAboutSA 02 APPROVAL OF ROPS AND EOPSAgenda Item 2 Reviewed: AGEND"'A REPORT City Manager Finance Director SUBJECT: SUCCESSOR AGENCY APPROVAL OF RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) AND THIRD AMENDED ENFORCEABLE OBLIGATION SCHEDULE WMIM Certain actions given the recent California Supreme Court decision upholding AB1X 26, require certain additional actions of the City of Tustin, acting as the Successor Agency to the Tustin Community Redevelopment Agency ("Agency"). It is recommended that the City Council acting as the Successor Agency to the former Agency: 1. Adopt Resolution No. 12-01 approving the Recognized Obligation Payment Schedule ("ROPS") and certain other actions pursuant to Part 1.85 of the Dissolution Act. 2. Adopt Resolution No. 12-02 approving a Third Amended Enforceable Obligation Payment Schedule ("Third Amended EOPS") and certain other actions pursuant to Part 1.85 of the Dissolution Act. The City Council in previous staff reports since adoption of AB 1X 26 has been informed of the financial impacts of elimination of the Agency to the local Tustin community. Actions being requested with this Agenda Report have no additional financial impacts that have not already been identified. 0�,10T �Lp 0 • As reviewed with the City Council in January 2012, the California Supreme Court's decision in California Redevelopment Association, et al., v. Matosantos ("Matosantos") upheld Assembly Bill X1 26, the "Dissolution Act". AB X1 26 added Parts 1.8 and 1.85 to Division 24 of the California Health & Safety Code, which laws cause the dissolution and winding down of all California redevelopment agencies. By resolution, the City Council in September 2011, subject to any court determined effectiveness of the Dissolution Act, Agenda Report — Recognized Obligation Payment Schedule February 21, 2012 Page 2 elected for the City to become and serve as the "Successor Agency" to the community's dissolved redevelopment agency ("Agency"). On and after February 1, 2012, the Agency was dissolved and the City serves as the "Successor Agency". The City will perform its functions as the Successor Agency under the Dissolution Act to administer the enforceable obligations of the Agency and otherwise unwind the Agency's affairs, all subject to the review and approval by a seven -member Oversight Board. Prior to its dissolution and pursuant to Part 1.8, the Agency adopted an original and an amended Enforceable Obligation Payment Schedule ("EOPS") and a draft Initial Recognized Payment Schedule ("IROPS") and authorized the City Manager, Finance Director and/or their authorized designees to augment or modify the FOPS and the IROPS and to transmit the FOPS and IROPS to the City (serving as Successor Agency) and to the County Auditor -Controller, the Department of Finance, and State Controller's Office. Pursuant to Section 34171(g) of Part 1.85, a "Recognized Obligation Payment Schedule" means the document setting forth the minimum payment amounts and due dates of payments required by enforceable obligations for each six-month fiscal period as provided in subdivision (m) of Section 34177. Under the dates in the Dissolution Act as reformed by the Supreme Court, every successor agency is required to consider and adopt a Recognized Obligation Payment Schedule on or before March 1, 2012, which is comparable to the draft Initial Recognized Obligation Payment Schedule (IROPS) previously adopted by the former Agency. Section 34177(k) of Part 1.85 requires the Successor Agency to take actions with regard to the Recognized Obligation Payment Schedule ("ROPS") as follows: "(2)(A) A draft Recognized Obligation Payment Schedule is prepared by the successor agency for the enforceable obligations of the former redevelopment agency by March 1, 2012. From February 1, 2012, to July 1, 2012, the initial draft of that schedule shall project the dates and amounts of scheduled payments for each enforceable obligation for the remainder of the time period during which the redevelopment agency would have been authorized to obligate property tax increment had such a redevelopment agency not been dissolved, and shall be reviewed and certified, as to its accuracy, by an external auditor designated pursuant to Section 34182. (B) The certified Recognized Obligation Payment Schedule is submitted to and duly approved by the Oversight Board. (C) A copy of the approved Recognized Obligation Payment Schedule is submitted to the county auditor -controller and both the Controller's office and the Department of Finance and posted on the successor agency's Internet Web site. (3) The Recognized Obligation Payment Schedule shall be forward-looking to the next six months. The first Recognized Obligation Payment Schedule shall be Agenda Report — Recognized Obligation Payment Schedule February 21, 2012 Page 3 submitted to the Controller's office and the Department of Finance by April 15, 2012, for the period of May 1, 2012, to June 30, 2012, inclusive. Former redevelopment agency enforceable obligation payments due, and reasonable or necessary administrative costs due or incurred, prior to January 1, 2012, shall be made from property tax revenues received in the spring of 2011 property tax distribution, and from other revenues and balances transferred to the successor agency." Staff has prepared for the City Council's consideration and approval, acting as the Successor Agency, an initial ROPS, which is Attachment No. 2 to this report. If adopted, the attached Resolution (Attachment No. 1) of the City Council serving as the Successor Agency approves the ROPS and authorizes the transmittal of the ROPS to the Oversight Board when formed and to the County Auditor -Controller, the Department of Finance, and the State Controller's Office, and to cause posting of the ROPS on the City's/Successor Agency's website. In preparation of the draft ROPS, a number of additional enforceable obligations have been identified which should be included in the previously adopted Enforceable Obligation Payment Schedule ("EOPS"), until final approval of the ROPS by the Oversight Board. The Agency previously adopted an EOPS on August 25, 2011 and subsequently amended the EOPS with a First Amended EOPS on September 20, 2011 and a Second Amended EOPS on January 17, 2012. Appropriately, Resolution No. 12-02 approving a Third Amended EOPS (including supporting attachments and documents) is provided, authorizing transmittal after approval. Christine Shingleton Assistant Executive b�*,ector Attachments: Pamela Arends-King Finance Director 1. City Council Resolution 12-01, acting as Successor Agency including Exhibit A: Recognized Obligation Payment Schedule 2. City Council Resolution 12-02, acting as Successor Agency including Exhibit A: Third Amended Enforceable Obligations Payment Schedule J41111101 WAN 49 ' .O."'. The City of Tustin acting as Successor Agency to the Tustin Community Redevelopment Agency finds, determines, and declares as follows: A. The Tustin Community Redevelopment Agency ("Agency") was established as a community redevelopment agency that was previously organized and existing under the California Community Redevelopment Law, Health & Safety Code Sections 33000, et seq. ("CRL"), and previously authorized to transact business and exercise the powers of a redevelopment agency pursuant to action of the City Council ("City Council") of the City of Tustin ("City"); and B. Assembly Bill X1 26 added Parts 1.8 and 1.85 to Division 24 of the California Health & Safety Code, which laws cause the dissolution and wind down of all redevelopment agencies ("Dissolution Act"); and C. On December 29, 2011, in the petition California Redevelopment Association v. Matosantos, Case No. 5194861, the California Supreme Court upheld the Dissolution Act and thereby all redevelopment agencies in California were dissolved as of and on February 1, 2012 under the dates in the Dissolution Act that were reformed and extended thereby ("Supreme Court Decision"); and D. The Agency is now a dissolved community redevelopment agency pursuant to the Dissolution Act; and E. By a resolution considered and approved by the City Council at an open public meeting, the City chose to become and serve as the "Successor Agency" to the dissolved Agency under the Dissolution Act; and F. As of and on and after February 1, 2012, the City serves as the "Successor Agency" and will perform its functions as the successor agency under the Dissolution Act to administer the enforceable obligations of the Agency and otherwise unwind the Agency's affairs, all subject to review by and approval of a seven -member Oversight Board formed thereunder; and G. Under Part 1.8 of the Dissolution Act, the Agency prior to its dissolution adopted an original and an Amended Enforceable Obligation Payment Schedule ("EOPS") and Resolution No. 12-01 Page 1 of 4 authorized the City Manager and/or Finance Director or their authorized designee to augment or modify the EOPS; and transmitted the EOPS to the City (to be serving as Successor Agency) and to the County Auditor -Controller, the Department of Finance and the State Controller's Office; and H. Under Part 1.8 of the Dissolution Act, the Agency prior to its dissolution adopted a Draft Initial Recognized Payment Schedule ("IROPS") and authorized the City Manager and/or Finance Director or their authorized designee to augment or modify the IROPS; and transmitted such IROPS to the City (to be serving as Successor Agency) and to the County Auditor -Controller, the Department of Finance and the State Controller's Office; 1. Pursuant Part 1.85 of the Dissolution Act, Section 34171(g), a "Recognized Obligation Payment Schedule" means the document setting forth the minimum payment amounts and due dates of payments required by enforceable obligations for each six-month fiscal period as provided in subdivision (m) of Section 34177; and J. Pursuant to the dates in the Dissolution Act, Section 34177(k), as reformed by the Supreme Court Decision, every successor agency is required to consider and adopt a Recognized Obligation Payment Schedule by March 1, 2012, which, as attached to this Resolution, is comparable to the IROPS previously adopted by the former Agency; and K. The City as Successor Agency has prepared its draft Recognized Obligation Payment Schedule ("ROPS"), appended as Exhibit A, together with various attachments, to this Resolution and incorporated herein by this reference; and L. By this Resolution, the City Council, serving as and on behalf of the Successor Agency, approves the BOPS and authorizes the transmittal of the ROPS to the Oversight Board when formed; and M. Pursuant to Section 34177, a copy of the BOPS also is submitted to the County Auditor -Controller for review and certification, as to its accuracy, by an external auditor designated pursuant to Section 34182; and N. Pursuant to Section 34177, a copy of the BOPS also is submitted to the State Controller's Office and the Department of Finance and shall be posted on the Successor Agency's Internet Web site. NOW, THEREFORE, BE IT RESOLVED BY THE TUSTIN CITY COUNCIL SERVING AS THE SUCCESSOR AGENCY: Section 1. The foregoing recitals are incorporated into this resolution by this reference, and constitute a material part hereof. Section 2. The RODS is approved together with such augmentation, modification, additions or revisions as the City Manager and/or the Finance Director or their authorized designees may make thereto. Resolution No. 12-01 Page 2 of 4 Section 3. The City Manager or his authorized designees on behalf of the Successor Agency shall cause the ROPS to be transmitted to the Oversight Board at such time as the Oversight Board has been established and to be transmitted to the County Auditor -Controller, the State Controller's Office, and the Department of Finance; further, the City Manager or his authorized designees on behalf of the Successor Agency shall cause the ROPS to be posted on the City's website. Section 4. This Resolution shall be effective immediately upon adoption. Section 5. The City Clerk on behalf of the Successor Agency shall certify to the adoption of this Resolution. (SEAL) Pamela Stoker, City Clerk on behalf of the Successor Agency CITY OF TUSTIN SERVING AS SUCCESSOR AGENCY John Nielsen, Mayor on behalf of the Successor Agency Resolution No. 12-01 Page 3 of 4 STATE OF CALIFORNIA COUNTY • ORANGE CITY OF TUSTIN FWAM Pamela Stoker, City Clerk City of Tustin, on behalf of the Successor Agency Resolution 12-01 •- 4 • 4 1 mll 11111, u:11111111117 (Pending Oversight Board s,r s i (February! !2012)li R k R w 2 � n k Ix w m wC Luƒ �\ wa 3C m� z\ W e y� a� 0 / R� « 2 u CO 0 O w N z 0 0 Q w Ix I -- LL � O _{; }-li,cr zf#/ �)\\�)\�E {\/ G/{(ya{{»/7 j\}{{/a{\,}B \\{«�IM.2 ,0 0E {( o N N M a CJ cv o V 0 nl M 0 0 N 0 0 O O V O V O O V O � V N � h N M O � O cl V a � � v g o =o a� v o m E- ., o m a H c a o c n m a o@ c o n o W E c o m a v M m y >— E v m m c— E v m y c t0 N r W �- m m F- c 6 as m y 3 v o m 'pp O d 3 O N U O n E a O i 3 O? m N d CLL N a D. a O O LL' J CLL' K a R' J O : K p N 0 On N v N M m ni p o � O cO m O M c0 C✓ W O N O N � N m E - N E N W W E - W cCp C = N O TH 2 U d r m O @ N p 4 U E C p� N w0 T O) L C _ @ C 2 U a' a_ m p xi FO- * 3�MT * G m Q ouMi o c 3 `o Q D g E .c Q T m N LL = N m G O @ O E O .YO. 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CL > 0 -- E 'o a) 0 2\)§{ -a G m cn 0(L < CL 0 So C- M C > > 0 Q \\\ > 0) E co < 0 m m 'Z: E r 30; E \\! > 0 .0 L)ff (fƒ > c C, {!| cr u CL m m a 0> n a) q p of cr 7E= <5,0 \\\� E o W /W m 0 ol Cooperation Agreement: Implementation Plan Schedule of Projects, Payment • and Performance Schedule SOUTH t i. PROJECT USE OF • NON-HOUSING & HOUSINGPROGRAMS PROJECTS, FOURTHAN - TOWN CENTER & SOUTH Vr.l Yr. 2 Yr.3 Yr.4 Yr.5 l t t 2010/11 2011/12 2012/13 2013/14 2014/15 TOTAL Neighborhood Improvement $188,750 $200,000 $3,970,000 53,100,000 $1,220,000; $8,678,75 Economic Development' $47,000 $1,000,000 $2,000,000 $2,000,000 $1,00o,00()i $6,047, Public Infrastructure & Community Facilities S626,755 59,000,000 $4,950,000 $610,000 $500,0001 $15,686,75 Administrative Program & Direct Costs $223,325 $299,540 $314,515 $330,240 $346,7501 $1,514,37 Administrative Indirect Coats $312,200 $1,081,000 $1,157,300 $729,200 $429,90 ' $3,709,5 TOTAL NON-HOUSING PROGRAMS $1,398,030 $11,580,540 $12,391,835 $6,769,440 $3,496,651 $3S,636,475 HOUSING1 , Preservation of At-Risk Housing TBD TBD' TBD' TBD' TBD 'I TBD' Rehabilitation $93,000 $125,000 $175,000 $175,400 $175,4441 $743, New Housing Construction ; Neighborhoods of Tustin Town Center Planning/Zoning $72,000 TBD' TBD' TBD ` TBD'= $72,00 Ownership Multifamily New Construction 50 TBD' TBD' TBD' TBO'1 Multifamily Rental New $ Construction/Acquisition and Rehabilitation $0 TBD' TBD' TBD' TBD'1 $ Tustin Legacy New Construction $0 $1,000,000 $1,000,000 TBD TBD1 $2,000, First Time Homebuyers $0 $150,000 $250,000 $250,000 5250,00 $900, Homeless Assistance (COBG-funded) $0 $0 50 50 SOlI $ Administrative & OperatingExpenses $104,700 5125,000 $145,000 $165,000 $170,0001 $709;7 TOTAL HOUSING PROGRAMS $269,700 $1,400,000 $1,570,000 $590,000 $S9S,0001 $4,424,700 REQUIRED AGENCY PAYMENT' ($1,667,730} ($12,980,S40j ($13,961,815) ' ($7,359,440) ($4,091,650) ($40,061,175 'TBD • To Be Determined: Based on actual costs and wilt be additional draws against the distribution of redevelopment tax increment are Incurred. Any and all balances remaining from prior years will be as costs reallocated to projects in which funding for required. commited projects is ' Program activities and projects outlined on the table are described in more detail in the Project Area's most current Five-Year Implementation Plan, which Is incorporated herein as though fully set forth. TOWN . ••PROJECT USEOFFUNDS PROJECTS, IMPLEMENTATIONFOURTH FIVE-YEAR iSOUTH CENTRAL Yr. 1 Yr. 2 Yr. 3 Yr. 4 Yr. S • • '' 2010/11 2011/12 2012/13 2013/14 2014/15 1 TOTAL Neighborhood Improvement $111,750 $550,000 $500,000 $500,000 $1,150,000; $2,811,75 Economic Development $32,000 $1,000,000 $2,000,000 $1,000,000 $500,000.1 $4,S32,000 Public infrastructure & Community Facilities $169,350 $300,000 $1,500,000 $2,000,000 $500,0001 $4,469,35 Administrative Program & Direct Costs $434,022 $200,000 $210,000 $225,000 $236,250' $1,305,27 Administrative Indirect Costs $374,200 $493,900 $766,000 $619,100 $457,000 $2,720,2 TOTAL NONHOUSING PROGRAMS $1,121,322 $2,543,900 $4,976,000 $4,354,100 52,843,250= i $15,838,572 HOOSING PROGRAMS' Preservation of At Risk Housing $0 $1,000,000 $1,000,000 $0 $0= $2,000,0 OC Rehabilitation $29,000 $40,000 $40,000 $40,000 $40,0001 $189, New Housing Construction ; Neighborhoods of Tustin Town Center Planning/Zoning $9,000 TBD' TBD' TBD' TBD'! , $9, Ownership Multifamily New Construction $0 TBD' TBD' TBD' TBD' $ Multifamily Rental New S Construction/Acquisition and Rehabilitation $0 TBD' TBD' TBD' TBD'i $ Tustin Legacy New Construction $0 $1,000,000 $1,000,000 $1,000,000 TBO' $3,000, First Time Homebuyer $0 $50,000 $50,000 $50,000 $50,000; $200, Homeless Assistance $10,000 $10,000 $10,000 $10,000 $10,000 $50, Administrative & Operating Expenses $93,450 $105,000 $130,000 $150,000 $170,000 $648,45 TOTAL HOUSING PROGRAMS $141,450 $2,205,000 $2,230,000 $1,250,000 $270,000; $6,096,450 REQUIRED AGENCY PAYMENT' ' {$1,262,7721 {$4,748,900 } = {$7.206.000) {$5,604,100) {$3,113,250) {$21,935,022 TBD - To Be Determined: Based on actual costs and will be additional draws against the distribution of redevelopment tax increment as costs are Incurred. Any and all balances remaining from prior years will be reallocated to projects in which funding for commited projects is required. 1 Program activities and projects outlined on the table are described In more detail in the Project Area's most current Five -Year implementation Plan, which is incorporated herein as though fully set forth. o E c a w 0 o 41 o E E 0 �� � •. i • ,_ •, it Tax Allocation Bonds MCAS Tustin Tustin Legacy Master Infrastructure — Backbone Improvements ESTIMATED SOURCES AND USES OF FUNDS The following table sets forth a summary of the estimated sources and uses of funds associated with the issuance and sale of the Bonds. Sources of Funds Par Amount of Bonds $44,170,000.00 Less: Net Original Issue Discount (888,711.70) Total Sources $43,281,288.30 Uses of Funds Deposit to Redevelopment Fund (1) $40,000,000.00 Deposit to Reserve Account (2) 2,827,500.00 Costs of Issuance (3) 453,788.30 Total Uses $43,281,288.30 (1) Represents amount required to finance the 2010 Project. See "FINANCING PLAN." (2) Represents an amount equal to the initial Reserve Account Requirement for the Bonds. (3) Includes Underwriter's discount, fees and expenses of the Trustee, the Financial Advisor, the Fiscal Consultant, Bond Counsel and Disclosure Counsel, printing expenses and other costs of issuance. FINANCING PLAN Proceeds from the sale of the Bonds will be used to (a) finance the 2010 Project, (b) fund a reserve account for the Bonds, and (c) provide for the costs of issuing the Bonds. The types of facilities proposed to be financed are various capital improvements within and outside the Redevelopment Project boundaries (for which a benefit resolution shall have been adopted by the Agency), including those that are contained in the Tustin Legacy Backbone Infrastructure Program established by the City which accommodates much of the environmental mitigation requirements of the Redevelopment Project, including traffic and circulation mitigation to support the Redevelopment Project, street and roadway improvements, including grading, paving, curbs and gutters, sidewalks, street signalization and signage, street lights, parkway and landscaping thereto, and storm drains and flood control channels, runoff management improvements and water quality mitigation measures, integrated utilities backbone (including electricity, gas, telephone, cable, telecommunications, and other dry utilities and domestic and reclaimed water and sewer facilities as permitted to be financed from the proceeds of tax-exempt bonds), telemetry, noise mitigation expenses associated with roadway projects, public parkland and recreation facilities, right-of-way and easements necessary for any such facilities. The initial priority project will be the extension of Tustin Ranch Road from Warner Avenue on the south to Walnut Avenue on the north, including the Tustin Ranch Road bridge and interchange at Edinger Avenue along with the integrated improvements associated with the roadway improvement including necessary and integrated utility backbone systems. 0 Tustin Legacy Master Infrastructure - Backbone Improvements Cost Estimate SARDA\RDA Sharedl_Iegislation 20111Copy of Master Backbone Infrastructure 4-7-11 Rev 1 no resp noted 4:14 PM, 01112/2012 Description Description ReachID No. Total Backbone Cost June 2008 Revised 2011Backbone Cost 21 Roadway t Bridge Improvements 151,130 15,868,098 15,868,098 I Kensington Park (West Connector) - (Incorporated into Item 7, Reach 102) 110 4,584,954 _ 2 Valencia (N. Valencia Loop) - Red Hill to Armstrong (Incorporated into Item 7, Reach 102) 106 5,687,480 5,687,480 3 Valencia (N. Valencia Loop) - Armstrong to Kensington Park (West Connector) - (Incorporated into Item 7, Reach 102) 108 148 182 5,148,182 4 Lansdowne (Incorporated into Item 7, Reach 102) 156 _ 6,538,706 5 Edinger - 1400 Ft East of Redhill To East Connector ( Non -Backbone) 200 704,663 704,663 6 jArmstrong - Barranca to Warner 100 3,433,878 3,433,878 7 Armstrong - Valencia (N. Valencia Loop) to Warner (Included Item 1, 2, 3 & 4) 1102,106,108,110,15 142 20,825,693 20,825,693 8 1 Bridge - Tustin Ranch - Valencia (N. Valencia Loop) to Nath end of Bridge including Ramp 140, 142, 202 23,582,06223,582,062 2,437,685 9 Tustin Ranch Road - North end of Bridge to Walnut (Incorporated into Item 8, React 140) 202 _ 522,566 9A Tustin Ranch Road! Walnut (North East Comer Widening) 154 1,150,142 1,150,142 10 Severyns Road 104 731,412 731,412 11 1 Valencia (N. Valencia Loop) - Kensington Park to Tustin Ranch 112 1,137,113 1,137,113 12 East Connector - Valencia (N. Valencia Loop) to West end of Bridge 116, 118, 120 2,810,154 2,810,154 13 Bridge East Corrector over Santa Ana Santa Fe Channel to Edinger 204 2132 292 2,132,292 14 Moffett - North Loop to West end of Bridge 136 2,323,341 2,323,341 15 Bridge - Moffett over Peters Canyon Channel 138 3,693,373 3,693,373 16 Moffett East old of Bridge to Harvard and Bike Path 139- 1,824,0521 1,824,052 17 Sweet Shade (Mable Mountain) - (Irvine CFD Fair Share) 158 341,6$8 1 341,6$$ 18 Valencia (N. Valencia Loop) - Tustin Ranch to Moffett 114.122 5,795,629 5,795,629 19 North Loop - Moffett to Jamboree Ramp (Incorporated into Item 18, Reach 114,122) 126 _ SARDA\RDA Sharedl_Iegislation 20111Copy of Master Backbone Infrastructure 4-7-11 Rev 1 no resp noted 4:14 PM, 01112/2012 ran v—, -AN/- Y -11m grout) w udilimtm Ramp lmcorporarea Inco non Ll, Keacn 151) 1 130 _ - 21 1 Park (South Loop) - Warner (North) to Tustin Ranch 151,130 15,868,098 15,868,098 22 Wamer - Redhill to Armstrong (Incorporated into item 23, Reach 148) 146 4,584,954 4,584, 954 23 Warner - Armstrong to Tustin Ranch 148 5,687,480 5,687,480 24 Warner - Tustin Ranch to Jamboree (Including Right of Way Acquisition) 1345 148 182 5,148,182 25 Tustin Ranch - Warner (Nath) to Banana 144 6,538,706 6,538,706 26 Warner - Jamboree to Harvard (Irvine CFD Fair Share) 135 704,663 704,663 27 Redhill / Dyer Intersechori Improvermments 206 - _ 28 Tustin Ranch - Valencia (N. Valencia Loop) to Warner North (incorporated into Item 8, React 140) 142 _ 29 South Loop - Tustin Ranch to Armstiong (4 Lanes) ISO -- 2,437,685 2,437,685 30 IJamboree Ramp - Jamboree to Pak 132 522,5661 522,566 31 1 Barranca - Tustip Ranch Rd. to Redhill 154 2,595,704t 2,595,704 32 Barranca - Jamboree to Tustin Ranch (Including Right of Way Aqusition) 152,512 8,907,13 33 SCE Barranca 220kv Transmission Pole Relocations (Deleted) 208 - 34 East Side Redhill - Barranca to Warner 160 2,070,525 35 East Side Redhill - Warner to Valencia Loop 162, 1228 491,684 491,684 35A East Side Redhill - Valencia Loop to 1OW Nath (Incorporated into Item 35, Reade 162) 1228 35B ]Sound SHIPPO Study Estimate 133,500 133,500 35C Mitigation - Warner tram Harvard to Culver Estimate 1,494,002 1,494,002 TOTAL 126,965,715 126,965,715 SARDA\RDA Sharedl_Iegislation 20111Copy of Master Backbone Infrastructure 4-7-11 Rev 1 no resp noted 4:14 PM, 01112/2012 Tustin Legacy Master Infrastructure - Backbone Improvements Cost Estimate Z Description Total Backbone Revised Reach ID No. Cost June 2008 2011Backbone Cost 43 Redhill / Barrance (Upgrade) - (City of Irvine CIP Project) Traffic Signals Deleted 36 Edinger / Kensington Park (West Connector) (New) (Incorporated into Item 7, Reach 102) 110A _ t62A 37 Edinger / East Connector (Upgrade) 204A 166,250 166,250 38 Harvard / Warner (Upgrade) - (Irvine CFD Fairshare) 135A 245,400 245,400 39 Jamboree / Barranca (Upgrade) 152A 288,236 288,236 40 earranca / Milliken (New) 152B 413,074 413,074 41 Barranca / Tustin Ranch (New) 154A 607 079 607,079 42 Barranca !Armstrong (Upgrade) t00A 188 9!;A i as ocn 43 Redhill / Barrance (Upgrade) - (City of Irvine CIP Project) 206 Deleted 45 Redhill / Warner t62A 166,250 166,250 46 Redhill / Valencia (New) (Incorporated into Item 7, Rach 102) 28 16 47 Valencia / Armstrong (New) (Incorporated into Item 7, Reach 102) 162A _ 48 Warner / Armstrong (New) 146A 332,500 332,500 49 Armstrong /South Loop (New) 150A 332,500 332,500 50 1 Wamer/Area E Street (New) - Note. TBD per TLCP Land Man 148A 332,500 332,500 Deleted 52 1 Tustin Ranch / Park (South Loop) (New) 144A 301,250 301,250 53 1 Tustin Ranch / Warner South (New) 1446 465,500 465,500 54 1 Tustin Ranch / Warner North (New) 144C 265,100 265,100 54A I Tustin Ranch / Warner Nath (New) 144C 172,500 172,500 55 Tustin Ranch / Moffett (New) 142A 332,500 332,500 56 1 Tustin Ranch/ Valencia (New) 142B 332,500 332,500 57 Wamer North / Park (North Loop) 134a 301,250 301,250 58 Park (North Loop) / Jamboree S8 Ramp (New) 130A 241,000 241,000 59 Valencia / Kensington Park (West Connecta) 108A 183,087 183,087 60 Moffett / North Loop (New) i36A 299,250 299,250 61 Moffett / Harvard (Upgrade) (incorporated into Item 16, Reach 139) 139A _ 62 Tustin Ranch/ Ramp (New) 140A 332,500 332,500 63 Tustin Ranch / Walnut (Upgrade) 202A 166,250 166,250 64 Edinger/Ramp(New) 1408 465,500 465,500 �5 Sweet Shade (Marble Mountain) I Harvard (Incorporated into Item 17, Reach 158) 158A _ 65 Signal Interconnect System 65 East Connecta / Nath Loop (New) 122A 299,2501 299,250 65 1 Signal interconnect System (Note costs are incorporated into the various traffic signal budgets) Estimate _ 65 Signal Controller (Note costs are incorporated into the various traffx signal budgets) Estimate _ 65 S4nal Controller (Note costs are incorporated into the various traffic signal budgets) Estimate TOTAL, 7,207,476 7,207,476 S:IRDAIRDA Shared\_legislation 20111Copy of Master Backbone Infrastructure 4-7-11 Rev 1 no resp noted 4:14 PM, 01/12/2012 Tustin Legacy Master Infrastructure - Backbone Improvements Cost Estimate 0 Z m Description Reach ID No. otal B Revised 2011Backbone Peters Canyon Channel from Railroad Track to Edinger 504,506 21,310,215 21,310,215 Cost ek2008 Peters Canyon Channel from Edinger to City Limit (Incorporated into Item 79, Reach 504) 506 Water Quality Treatment Systems Phase 1 (Backbone Facility) 81 Peters Canyon Channel from City Umit to Barranca (Irvine CFD Fair Share) Cost 8,700,900 Traffic Mitigation • Santa Ana / Irvine Agreements Backbone Storm Drain Overall (Valencia, Armstrong) 7,210,593 7,210,593 66 Newport / Edinger - Figure 19 - Tustin ATMS Fee Payment 700 25,783,307 25,783,307 82 Backbone Storm Drain Overall (Barranca Channel, Tustin Ranch, Park & Warner) 26,488,109 26,488,109 81,196 81,196 67 Redhill / Edinger - Figure 19 - Tustin ATMS Fee Payment 81,196 81,196 68 Tustin Ranch / Walnut - Figure 19 - Tustin Addition to Items 8 & 9 (Irvine Company Contribution) 195,000 195,000 69 Redhill / Main - Figure 22 - Irvine 1,787,861 70 Michelson / Von Kerman - Figure 23 - Irvine 1,616,625 71 Jarnboree / Alton - Figure 24 - Irvine 2,775,654 72 Harvard / Alton - Figure 25 - Irvine 594,051 73 Culver / Warner - Figure 26 - Irvine 594,051 74 Barranca / Von Karmen Supplemental Improvements (Incorporated into Item 32, Reach 152) 152 139,505 139,505 75 Barranca / Jamboree Intersection Improvements (Potensiai TSTA) Estimate Share 4,482,005 76 lRedhill / Warner (Santa Ana) Estimate Share 2,165,220 2,165,220 77 Grand / Dyer - Santa Ana (Tustin Share = 29%) See Detail 1,659,061 296,090 78 Grand / Edinger- Santa Ana (Tustin Share = 56%) See Detail 7,623,919 8,000,000 TOTAL 23,795,343 10,958,207 Deleted - 86 Barranca Channel Detention Basin / Sports Fields at Redhill / Warner 500,501 1,059,432 1,059,432 87 Barranca Channel - Redhill to south of Tustin Ranch ( Not include Irvine CIP Project) 154, 152 6,788,566 6,788,566 88 1 Santa Ana Santa Fe Channel Embankment (Incorporated into Item 13, Reach 204) 510 TOTAL 111,624,122 111,624,122 Drainage Improvements 79 Peters Canyon Channel from Railroad Track to Edinger 504,506 21,310,215 21,310,215 80 Peters Canyon Channel from Edinger to City Limit (Incorporated into Item 79, Reach 504) 506 Water Quality Treatment Systems Phase 1 (Backbone Facility) 81 Peters Canyon Channel from City Umit to Barranca (Irvine CFD Fair Share) 81700,900 8,700,900 82 Backbone Storm Drain Overall (Valencia, Armstrong) 7,210,593 7,210,593 82 1 Backbone Storm Drain Overall (Including Interim Storm Drain Connection at Warner by RSCCD) 700 25,783,307 25,783,307 82 Backbone Storm Drain Overall (Barranca Channel, Tustin Ranch, Park & Warner) 26,488,109 26,488,109 83 Grading Modification to eliminate Pump Station 520 14,283,000 14,283,000 Deleted - 86 Barranca Channel Detention Basin / Sports Fields at Redhill / Warner 500,501 1,059,432 1,059,432 87 Barranca Channel - Redhill to south of Tustin Ranch ( Not include Irvine CIP Project) 154, 152 6,788,566 6,788,566 88 1 Santa Ana Santa Fe Channel Embankment (Incorporated into Item 13, Reach 204) 510 TOTAL 111,624,122 111,624,122 S:1RDXRDA Shared\ legislation 20111Copy of Master Backbone infrastr8cture 4-7-11 Rev 1 no resp noted 4:14 PM, 01/12/2012 Water Quality/Mitigation Imprrovements 89 89 Selenium Treatment Facility Phase 1 (Backbone Fadl4) juenium Treatment Facility Phase 2 (Backbone Facility) 551 552 4,284,900 2,856,600 4,284,900 2,856,600 90 Water Quality Treatment Systems Phase 1 (Backbone Facility) 561 21285,280 2,285,280 90 91 Water Quality Treatment Systems Phase 2 (Backbone Facility) Resources Agency Mitigation Improvements - Peters Canyon / Railroad to Edinger 562 590 571,320 370,033 571,320 370,033 92 Resources Agency Mitigation Improvements - Peters Canyon t Edinger to City Limit 591 4,627,222 4,627,222 93 Resource Agency Mitigation Improvements - Peters Canyon / City limit to Barranca S:1RDXRDA Shared\ legislation 20111Copy of Master Backbone infrastr8cture 4-7-11 Rev 1 no resp noted 4:14 PM, 01/12/2012 i ustin Legacy Master Infrastructure - Backbone Improvements Cost Estimate Z Description Total Backbone Reach ID No. Revised 2011Backbone Utility Backbone All Phases (All Utilities) 750 11,284,280 11,284,280 Cost June 2008 19,539,703 _ 602 4,408,203 Cost 94 Resources Agency Mitigation improvements - Master Developer 1,194,342 1,194,342 93A Resource Agency Mitigation improvements -Peters Canyon/ City Limit to Barranca TOTAL 16,189,697 16,189,697 Electric Gas TV Dry Utilities Backbone Phase 1 Backbone +Contractor Charges Total (Ail Utilities) 2,602,080 2,602,080 Backbone Phase 1 Backbone + Contractor Charges Total (Ail Utilities) 5,653,3431 5,653,343 Utility Backbone All Phases (All Utilities) 750 11,284,280 11,284,280 TOTAL 19,539,703 19,539,703 Parka and Community Facilities 115 Neighborhood Park; Master Developer Area G Park 01 600 - 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M J ct�Dp% 7 j�� Pi tl1 art ecs f ttHp� c) Qi aj 0 N � N Nl Of � N pp Of oQ'f pN l+f ns tQi � N t+�f m, CL AB 987 — Disclosure Requiremen! (Rental Housing) — FY 10/11 ICL a r1 y A ra 6 t N W ll� W :� 11 SONN� M M Ili N N N a s ii NY � o � p � tpaO� pip ppr 46 a Ci 4 ICL a r1 y A N SUCCESSOR AGENCT TO THE TUSTl,U-00TIWUUlTY REDEVELOPMENT AGENCY • � ;t. fit. �' • •' i late] • The City of Tustin acting as the Successor Agency of the Tustin Community Redevelopment Agency finds, determines, and declares as follows: A. The Tustin Community Redevelopment Agency ("Agency") is a community redevelopment agency organized and existing under the California Community Redevelopment Law, Health and Safety Code Sections 33000, et seq. ("CRL") and has been authorized to transact business and exercise the powers of a redevelopment agency pursuant to action of the City Council ("City Council") of the City of Tustin ("City"); and B. The City Council adopted the Redevelopment Plans for the Town Center Redevelopment Project, the South Central Redevelopment Project and the WAS Tustin Redevelopment Project (collectively, and as amended from time to time, the "Project Areas"), all in compliance with all requirements of the CRL; and C. AB X1 26 ("AB26") and AB X1 27 ("AB27") were trailer bills to the 2011-12 budget bills and were approved by both houses of the Legislature on June 15, 2011, signed by the Governor on June 28, 2011, and chaptered on June 29, 2011 (together, "2011 Redevelopment Legislation"); and D. Parts 1.8, 1.85 and 1.9 of Division 24 of the Health and Safety Code were added to the CRL by the 2011 Redevelopment Legislation and such measures purported to become effective immediately; and E. Part 1.8 of the CRL ("Part 1.8") provides for the restriction of activities and authority of the Agency in the interim period prior to dissolution to certain "enforceable obligations" and to actions required for the general winding up of affairs, preservation of assets, and certain other goals delineated in Part 1.8; and F. Part 1.85 of the CRL ("Part 1.85") provides for the statewide dissolution of all redevelopment agencies, including the Agency, as of October 1, 2011, and provides that, thereafter, a successor agency will administer the enforceable obligations of the Agency and otherwise wind up the Agency's affairs, all subject to the review and approval by an oversight committee; and Resolution No. 12-02 Page 1 of 4 G. Part 1.9 of the CRL ("Part 1.9") provided that a redevelopment agency may continue in operation if a city or county that includes a redevelopment agency adopts an ordinance agreeing to comply with and participate in the Voluntary Alternative Redevelopment Program established in Part 1.9 ("Program"); and H. On December 29, 2011 the California Supreme Court upheld the validity of AB26 but invalidated AB27 in a decision in the action: California Redevelopment Association, et al v. Ana Matosantos, et al ("Matosantos Decision"); and I. The Matosantos Decision reformed and modified various dates set forth in AB26 for its implementation; and J. In accordance with Section 34169(8) of the CRL, which was added to the CRL by AB26 and is set forth in Part 1.8 of the CRL, the Agency approved and adopted an Enforceable Obligation Payment Schedule ("Original EOPS") on August 24, 2011 with adoption of RDA Resolution No. 11-03, and the Agency provided the City with such Original FOPS. The Agency subsequently revised the FOPS on September 20, 2011 by adoption of RDA Resolution No. 11-05 and on January 17, 2012 with adoption of RDA Resolution No. 12-01, provided the revisions to the City ("First Amended FOPS" and "Second Amended FOPS). The Original FOPS, as revised by the First Amended FOPS and Second Amended FOPS, shall be collectively referred to as the Original FOPS; and K. The City of Tustin previously took action on September 20, 2011 with adoption of Resolution No. 11 -71 electing to become and to act as the Successor Agency under AB26 in relation to the Agency; and L. The City, acting as Successor Agency to the Tustin Community Redevelopment Agency has determined that it is necessary and appropriate to amend and restate both the Original FOPS with the Amended Enforceable Obligation Payment Schedule attached to this resolution as Exhibit A with various attachments which is incorporated herein ("Third Amended EOPS"), in further implementation of Sections 34169(8) and 34169(h) of the CRL; and the City, acting as the Successor Agency to the Tustin Community Redevelopment Agency, has duly considered all other related matters and has determined that the City's adoption of the Third Amended FOPS is in the best interests of the City acting as the Successor Agency to the Tustin Community Redevelopment Agency and in the health, safety, and welfare of its residents, and in accord with the public purposes and provisions of applicable state and local laws and requirements. NOW, THEREFORE, BE IT RESOLVED BY THE BY THE TUSTIN CITY COUNCIL SERVING AS THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY: Section 1. The foregoing recitals are incorporated into this Resolution by this reference, and constitute a material part of this Resolution. Resolution No. 12-02 Page 2 of 4 Section 2. The City acting as Successor Agency to the Tustin Community Redevelopment Agency approves the Third Amended EOPS attached hereto as Exhibit A and incorporated herein, together with various attachments, and further authorizes transmittal of the Third Amended EOPS to the City Manager, the City Clerk, and the City's Finance Director for implementation thereof by the City, acting as Successor Agency to the Agency, to the extent authorized and/or required by law, including Part 1.85, pending approval by the Oversight Board of a Recognized Obligation Payment Schedule. Section 3. The City Manager or his authorized designees on behalf of the Successor Agency shall cause the Third Amended EOPS to be transmitted to the County Auditor -Controller, the State Controller's Office, and the Department of Finance; further, the City Manager or his authorized designees on behalf of the Successor Agency shall cause the Third Amended EOPS to be posted on the City's website. Section 4 This Resolution shall be effective immediately upon adoption. Section 5 The City Clerk on behalf of the Successor Agency shall certify to the adoption of this Resolution. APPROVED AND ADOPTED this 21st day of February 2012. (SEAL) ATTEST: Pamela Stoker, City Clerk on behalf of Successor Agency John Nielsen, Mayor on behalf of Successor Agency Resolution No. 12-02 Page 3 of 4 STATE OF CALIFORNIA COUNTY OF ORANGE ss. CITY OF TUSTIN 1, PAMELA STOKER, City Clerk, on behalf of the Successor Agency, hereby certifies that the foregoing resolution was duly adopted by the Board of said Agency at its regular meeting held on the 21 st day of February 2012, and that it was so adopted by the following vote: AYES: NOES: ABSENT: Pamela Stoker, City Clerk on behalf of Successor Agency (SEAL) Resolution No. 12-02 Page 4 of 4 Series 1 (August 1, 2011 through December 31, 2011) R, LL vs E In ti (0 In a mw p E 0 E 0 i5 0 0) N Z5 0 as C) 15 5o LL 4) E w o CL a 0 0 c .2 2 X c M 0 0, CL 2 m C 0 11 C: 0 11 06 �6 C E o LL E CL,� '0 C, 0 w c 2 a) -0 76 m . 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E¢ a- 0 0 < 6, > LL cn lV) c UJ w 0 co 2 V) 0 B 2 Q, 0 0 Lo 0 L > 0 X > IL 0 -0 > <E -6 in w 0) ELo '15 F- N0- E < c N 0 aoi mo 0 4w N > U) >c a) 0 F- (L c (D im < T o 0 6 0 u i C, j;^ 6 .0 Cc n. c 0 0) 0 X 0 LLJ Q— Z — m U cm (D to Fq ol c w -E o E o u. P E lo m o Im iz F- o o o m m o F- L D E o 16 E o I M -c E Z6 , �> �; E E > > Fm- cc) E > > o m oc m o c r 0� 2 - w O 2 - . - m 2 - am 0 o 0 D w. o -ow LL cr w cL w" 2� Q. QT w o w o o od. f m Q o w w o o w of Ct n� LL Im c oc, 0 c ol.2 ig 'o 7— c E o 7;— Eo -- (5 o E E Lu Lu uj Lu V CO E E C cm o y2.� > F- 4 o LL c 2c m 2 o 0 E a. -a a 2 o co c.0 3 oa o E c o v o E° E CL m F- cn aNi I o O < 2 a7 n < ro F- M o m mO e O om < LL z a) Q, N 0) 0 < E a) z 412 m a El m < Q Eo o f O o cL E- O v mc, o o Ul oo l T c m i m �: . U low 0 m CL m cN 00 10 'o \\{/}\\\ f6 0 T 0 2 5 E LL E 0 16 3r CL E —W tm ip 1XI CL 02 w P 0 > w \\\�� 0 E E w E 0, > 0 Z5 cn CL 0 LU \ \ -0 IL c 0 .0 LU M -0 E r E wo U) < /2; 3: r!! <)> 0 0 0 = o M (m _0// > M M m CL Cl 412, z a cn 0 o mu 2 c < c t 0 a) 0 4) 0 a, LU E L) = 0 u 0 U) m Cooperation Agreement: Implementation Plan Schedule • Projects, Payment Schedule and Performance Schedule SOUTH . PROJECT USE OF FUNDS NON -HOUSING & HOUSINGPROGRAMS FOURTHPROJECTS, & EXPENDITURES SOUTH P. Yr. 1 Yr. 2 Yr. 3BONNE ' • " 2010/11 2011/12 2012/13 2013/14 2014/15 ' TOTAL Neighborhood Improvement $188,750 $200,000 53,970,000 $3,100,000 $1,220,000= $8,673,75 Economic Development $47,000 511000,000 $2,000,000 $2,000,000 $1,000,000= $6,047, Public infrastructure & Community Facilities $626,755 $9,00,000 $4,950,000 $610,000 $500,0001 S15,6"JS Administrative Program & Direct Costs $223,325 $299,540 $314,515 $330,240 $346,750 $1,514,37 Administrative Indirect Costs $312,200 51,081,000 $1,157,300 $729,200 $429, $3,709, TOTAL NON -HOUSING PROGRAMS $1,398,030 $11,580,540 $72,391,815 $6,769,440 $3,496,6S $35,636,4TS HOUSING PR06RAMS' Preservation of At-R1skHousing TBD' TBD' TBO' TSO' TBD'1 T@p' Rehabilitation $93,000 $125,000 $175,000 $175,000 5175,000 $743, New Housing Construction , Neighborhoods of Tustin Town Center f Planning/Zoning $72,000 TBD' TBD' TBD' TBD' $72, Ownership Multifamily New Construction $0 TBD' TBD' TBD' TBD', Multifamily Rental New i $ Construction/Acquisition and Rehabilitation $0 TBD' TBD' TBD' TBD'1 $ Tustin legacy New Construction $0 $1,000,000 $1,000,000 TBD TBr $2,0, Fiat Time Homebuyers $0 $150,000 $250,000 $250,000 5250,00000 $400, Homeless Assistance (CM -funded) $0 $0 $0 50 $0 $ Administrative A Operating Expenses $104,700 $325,000 $145,000 $165,000 $170,0001 $709,7 TOTAL HOUSING PROGRAMS $269,700 $1,400,000 $1,570,000 $590,000 $S9S,0001 $4,424,700 REQUIRED AGENCY PAYMENT ' {$1,667,730} {512,980,540) {$13,961,815) {57,359,440) {54,091,650) {540,061,175 ' TBO - To Be Determined: Based on actual costs and will be additional draws against the distribution of redevelopment tax increment are Incurred. Any and all balances remaining from prior years will be reallocated to projects in which as costs funding for cornmited projects is required. ' Program activities and projects Outlined on the table are described in more detail in the Project Area's most current Five -Year implementation Pian, which is incorporated herein as though fully set forth. TOWN CENTER REDEVELOPMENTPROJECT OF FUNDS PROJECTS,USE ! FIVE-YEAR IMPLEMENTATIONFOURTH !SOUTH CENTRAL Yr.1 Yr. 2 Yr. 3 Yr. 4 Yr. S 1' • 2010/11 2011/12 2012/13 2013/14 2014/15 i TOTAL Neighborhood Improvement $111,750 $550,000 $500,000 $500,000 $1,150,000 52,811,7 Economic Development $32,000 $1,000,000 $2,000,000 $1,000,000$500, $4,532,0 Public infrastructure & Community facilities $169,350 $300,000 $1,500,000 $2,000,000 $500,0000 $4,469,35 Administrative Program & Direct Costs $434,022 $200,000 $210,000 $225,000 $236,2501 $1,305,27 Administrative Indirect Costs $374,200 $493,900 $766,000 $629,100 $457,0001 $2,720,2 TOTAL NON -HOUSING PROGRAMS $1,121,322 $2,543,900 $4,976,000 $4,354,100 $2,843,2501' $15,838,572 Preservation of At Risk Housing $0 $1,000,000 $1,000,000 $0 $0 $2,000, Rehabilitation $29,000 $40,000 $40,000 $40,000 $40,000 $189, New Housing Construction Neighborhoods of Tustin Town Center = Planning/Zoning $9,000 TBD' TBD' TBD' TBD'; $g Ownership Multifamily New Construction $0 TBD' TBD' TBD' TBD' $ Multifamily Rental New Construction/Acquisition and Rehabilitation $0 TBO' TBD' TBD TBD'= $ Tustin legacy New Construction $0 $1,000,000 $1,000,000 $1,000,000 TBD' 53,000, First Time Homebuyer $0 $50,000 $50,000 $50,000 $50,000 $200, Homeless Assistance $10,000 $10,000 $10,000 $10,000 $10,000 $50, Administrative m Operating Expenses $93,450 5105,000 $130,000 $150,000 S170,000 S648,4 TOTAL HOUSING PROGRAMS $141,450 $2,205,000 $2,230,000 $1,250,000 5270,0001' $6,096,45 REQUIRED AGENCY PAYMENT', ' ($1,262,7721' ($4,748,9001' ($7,206,000} ($5,604,100) {53,313,250} {$21,935,022 TBD - To Be Determined: Based on actual costs and will be additional draws against the distribution of redevelopment tax increment as costs are incurred. Any and all balances remaining from prior years will be reallocated to projects in which funding for conmited projects is required. ' Program activitles and projects outlined on the table are described in more detail in the Project Area's most current Five -Year implementation Plan, which is incorporated herein as though fully set forth. . .......» ............ 94.. . . ...... . . . ... .................. . ............................ ................. .... ...... . ......... .... 44 q qjg lag -R Igai"� It lot x. list Ila all 111.11,13-i fit j r=.• • • >1 Tustin Legacy Master Infrastructure — Backbone Improvements ESTIMATED SOURCES AND USES OF FUNDS The following table sets forth a summary of the estimated sources and uses of funds associated with the issuance and sale of the Bonds. Sources of Funds Par Amount of Bonds Less: Net Original Issue Discount $44,170,000.00 Total Sources (888,711.70) $43,281,288.30 Uses of Funds Deposit to Redevelopment Fund (1) $40,000,000.00 Deposit to Reserve Account (2) 2,827,500 00 Costs of Issuance (3) 453,788.30 Total Uses $43,281,288.30 (1) Represents amount required to finance the 2010 Project. See "FINANCING PLAN." (2) Represents an amount equal to the initial Reserve Account Requirement for the Bonds. (3) Includes Underwriter's discount, fees and expenses of the Trustee, the Financial Advisor, the Fiscal Consultant, Bond Counsel and Disclosure Counsel, printing expenses and other costs of issuance. FINANCING PLAN Proceeds from the sale of the Bonds will be used to (a) finance the 2010 Project, (b) fund a reserve account for the Bonds, and (c) provide for the costs of issuing the Bonds. The types of facilities proposed to be financed are various capital improvements within and outside the Redevelopment Project boundaries (for which a benefit resolution shall have been adopted by the Agency), including those that are contained in the Tustin Legacy Backbone Infrastructure Program established by the City which accommodates much of the environmental mitigation requirements of the Redevelopment Project, including traffic and circulation mitigation to support the Redevelopment Project, street and roadway improvements, including grading, paving, curbs and gutters, sidewalks, street signalization and signage, street lights, parkway and landscaping thereto, and storm drains and flood control channels, runoff management improvements and water quality mitigation measures, integrated utilities backbone (including electricity, gas, telephone, cable, telecommunications, and other dry utilities and domestic and reclaimed water and sewer facilities as permitted to be financed from the proceeds of tax-exempt bonds), telemetry, noise mitigation expenses associated with roadway projects, public parkland and recreation facilities, right-of-way and easements necessary for any such facilities. The initial priority project will be the extension of Tustin Ranch Road from Warner Avenue on the south to Walnut Avenue on the north, including the Tustin Ranch Road bridge and interchange at Edinger Avenue along with the integrated improvements associated with the roadway improvement including necessary and integrated utility backbone systems. -6- Master Infrastructure - Backbone Improvements Cost Estimate z Description Reach ID No. Total Backbone Cost June 2008 Revised 2011Backbone Cost Roadway t Bridge Improvements 1 Kensington Park (West Connector) • (Incorporated into Item 7, Reach 102) 110 _ 2 Valencia (N. Valencia Loop) - Red Hitt to Armstrong (Incorporated into Item 7, Reach 102) 106 3 Valencia (N. Valencia loop) - Armstrong to Kensington Park (West Connector) - (Incorporated into Item 7, Reach 102) 108 _ 4 Lansdowne (Incorporated into Item 7, Reach 102) ' 5 Edinger - 1400 Ft East of Redhill To East Connector ( Non -Backbone) 156 200 6 Armstrong - Banana to warner 7 Arm Valencia N. v�encia L strong ( Loop) to warner (included Item 1, 2, 3 & 4) 100 3,433,878 3,433,878 8 Bridge • Tush Rands - Valencia (N. Valencia Loop) to North and of Bridge including Ramp 102,106,108, t 10,1 20,825,693 20,825,693 9 Tustin Randa Road - North end of Bridge to Walnut (Incorporated into Item 8, Reach 140) 140, 142, 202 23,582,062 23,582,062 202 9A I Tustin Ranch Road t Walnut (North East Comer Wdening) ' to Severyrna Roar! 1,150,142 1,150,142 11 Valencia (N. Valencia Loop) - K Kensington Park to Tustin Ranch 1 04 73 1,412 731,412 12 East Connector • Valencia L N. Valencia cop) ( to west end � Bridge 10 1,131,113 1,137,113 13 Bridge East Connector over Santa Ana Santa Fe Channel to Edinger t 16,118,120 2,810,154 2,810,154 14 Moflatt•North Loop to went end oferktge 104 2,132 292 2,132,292 15 f8ridgO • Moffett over Patera Canyon Channel 136 2,323,341 2,323,341138 16 Moffett East and of Bridge to Harvard and Bike Path 3,693,373 3,693,373 17 Sweet Shade, (Marble Mountain) • (Irvine CFO Fair Share) 139 1,824,052 1,824,052 16 Vaiernrtia (N. Valencia loop) - Tustin Ranch to Moffett 158 341,688 341,688 19 lNorth Loop - Moffed to Jamboree Rant/ (Incorporated into Item 18, Reach 114,121) 114,122 5,795,629 5,795,629 20 Pak (North Loop) - Warner (North) to Jamboree Ramp (Incorporated into Item 21, Reach 151) 126 _ 21 Pak (South Loop) - Warner (North) to Tustin Ranh 130 22 wamer - Redhill to Armstrong (Incorporated into Item 23, Reach 148) 151, 130 15,86$,09098 15,86$,09$ 23 Wamer • Armstrcrig to Tustin Rand, 146 4,584 , 4, 84954 , 24 Warner -Tustin Ranh to Jamboree (Inducing Right of Way Acquisition) 148 5,687,480 5,687,480 25 Tustin Rauh •Warner (North) to Barranca 134 5,148,182 5,148,182 26 Werner - Jamboree to Harvard (Irvine CFD Fair Share) 144 6,538,706 6, 538, 706 27 Redh� /Oyer Intersection Improvemmenta 135 X04,663 704,663 28 Tustin Ranch - Valencia (N. Valencia Loop) to Warner North (Incorporated into Item 8, Reach 140) 206 . 29 South Loop • Tustin Rands to Armstrong (4 Lanes) 142 - 30 Jamtores Ramp • Jamboree to Pa 150 2,437,685 2,437,685k 31 Barranca - Tustin Rands Rd. to Redhill 132 522,566 522,566 32 Barrahca - Jamboree to Tustin Randa (Inducting Right ofWay Aq 154 2,595,704 2,595,704usition) 33 1 SCE Bana rce220kv Transmission Pole Relocations (Deleted) 152, 512 8,907,136 8,907,136 34 East Side Redhill - Barranca to Warner 208 . ' 35 East Side ReMill - Warner to Valencia Loop 160 2,070,525 2,070,525 35A East Side Redhill - Valencia loop to 1000' North (Incorporated into Item 162, 1228 491,684 481,6$4 35, Reach 161) 358 SHIPPO Study 1228 ' 35C Sound Mitigation - Wena from Harvard to Culver Estimate 133,500 133,5001 Estimate 1,494,002 1,494,002 TOTAL 126,965,715 128,965,715 S:`iRDAIRDA Sharedl_legislation 20111Copy of Master Backbone Infrastructure 4-7-11 Rev 1 no resp noted 4:14 PM, 01/12/2012 Master Infrastructure - Backbone Improvements Cost Estimate Description Total Backbone Revised Reach 10 No. Cost June 2008 20118ackbone Cost 52 1 Tustin Ranch / Park (South Loop) (Nein,) Traffic Signals - 53 Tustin Ranch ! Wermer South (New) 36 Edinger / Kensington Park (West Connector) (New) (Incorporated into Item 7, Reach 102) 301,250 54 Tusifn Ranch / Warner North (New) t448 37 Edinger / East Connector (Upgrade) 110A 144C - 38 Hervard/Warner U (Upgrade) - (Irving CFD fairshare) 204A166,250 172,500 16$,250 39 Jxrtbor�ee ! 8arranca (upgrade) t35A 245,400 245,400 40 Barranca! Milliken (New) t52A 288,236 288,236 41 Barr�ca /Tustin Ranch (Now) t528 413,074 413,074 42 Barrenca / Armstrong (upgrade) 154A 607,079 607,079 43 1 RedhiN / 8ammmU ( pgrada) • (City � twine CIP Project) 100A 166,250 166,250 139A Deleted 205 63 1rustin Randst Watnut(Upgrade) 140A 45 Redhill / Werner 64 Etkrtggr/Ramp (New) z02A 166,250 46 Rer9ti9 J Valencia (New) (Incorporated into Item 7, Rath 101) tsu 166,250 166,250 47 Valencia / Armstrong (New) (Incorporated into item 7, Reach 102) 162E - - 48 1 Warner / Armstrong (New) 102A 65 Signal Interconnect System (Note costa are incorporated into the various traffic signet budgets) - 49 Armstrtxng /south Loop (New) 146A 332,500 332,500 50 Werner/Area E Street (New) •Note: TBD per TLCP Land Plat 150A 332,500 332,500 Deleted 148A 332,500 332,500 52 1 Tustin Ranch / Park (South Loop) (Nein,) - 53 Tustin Ranch ! Wermer South (New) 144A 301,250 301,250 54 Tusifn Ranch / Warner North (New) t448 465,500 465,500 54A Tustin Ranch / Warner Nath (New) 144C 265,100 265,100 55 Tustin Ranch/ Mo>frett (New) 144C 172,500 172,500 56 I Tustin Rands /Valencia (New) 142A 332,500 332,500 57 Warner North !Park (Math Loop) 1 428 332,500 332,500 58 Park (Nath loop)t Jamboree SB Ramp (Naw) 1I 34A 301,250 301,250 59 Valenda f Kensington Pant (West Connector) 130A 241,000 241,000 60 Moffett t Not Loop (New) 108A 183,087 183,087 61 Motlett Jr Harvard (Upgrade) (incorporated into Item 16, Reach t 39) t36A 299,250 299,250 61 Tustin Ranch / Ramp (New) 139A - - 63 1rustin Randst Watnut(Upgrade) 140A 332,500 332,500 64 Etkrtggr/Ramp (New) z02A 166,250 166,250 i5 Sweet Shade (Marblein} t Harvard (Incor Mountain) into Item 11, Reads 158) 1409 465,500 465 500 , 65 Signal interconnect System 158A - 65 Eat Connector / Nath Loop (New) - . 65 Signal Interconnect System (Note costa are incorporated into the various traffic signet budgets) 122A 299,250 299,250 65 Signal Controller (Note costs aro incorpaated inlo the various hal k signal budgets) Estimate . 65 Signal Controller (Note casts are incorpaabd into the various traf k signal budgets) Estimate . Estimate _ TOTAL 7,207,476 7,207,47$ S:1RDAXRDA Shared•_legistation 20111Copy of Master Backbone InfrastrEcture 4-7-11 Rev 1 no resp noted 4:14 PM, 01/12!2012 Master Infrastructure - Backbone Improvements Cost Estimate 0 z Water Quality/Mitigation Imprrovententa Description Reach ID No, Total Backbone Revised Cost June 2008 2011 Backbone 551 4,284,900 4,284,900 Cost Traffic Mitigation - Santa Ana / Irvine Agreements 552 2,858,600 2,856,600 66 Newport / Edinger - Figure 19 - Tustin AIMS Fee Payment Water Quality Treatment Systems Phase 2 (Backbone Facility) 561 2,285,280 67 Redhii9 / Edinger - Figure 19 - Tustin ATMS Fee Payment 91 81,196 81,191 68 Tustin Ranch / Walnut - Figure 19 - Tustin Addition to Items 8 b 9Irvine Com t PAY Contribution} 571,320 81,196 81,19E 69 Redhill / Main - Figure 22 - Irvine 370 033 ,70 195,000 195,000 70 Michelson / Von Karmen - Figure 23 • Irvine 591 1,787,861 4,627,222 71 Jamboree / Alton • Figure 24 - Irvine 1,616,625 72 Harvard / Alton - Figure 25 - Irvine 2,775,654 73 Culver/ Warner - F gore 18 -Irvine 594,051 74 Banana / Von Karman Su Supplemental Improvements (Incorporated into Item 32, Reach f 52) 594,051 / Jamboree Intersection im 75 Barna Improvements (Pntenaal TSIAj 152 139,505 139, 505 76 Redhill / Wer(Santa Ana) Estimate Sharener 4,482,005 77 Grand !Dyer -Sonia Ana (Tustin Share = 29%) Estimate Share 2,165 220 , 2,165,220 Til Grand /Edinger -Sante Ana (Tustu► Sham = 56%j See Detail 1,659,061 296,090 � oeta� T1sa31sls 8,000,000 TOTAL 23,795,343 10,958,207 Drainage Improvements 79 Patera Canyon Channel from Railroad Track to Egger 80 Petara Canyon Channel from Edinger to City limit (Incorporeted into Item 79, Reach 504) 504,506 21,310,215 21,310,215 81 Peters Canyon Channel from City Limit to Barrens (Irvine CFD Far Share) 506 82 Backbone Storm Drain Overall (Valencia, Armstrong) 8,700,900 8,700,900 82 Backbone Storm Drain Overall (Inducting Interim Storm Dian Connection at Winer by RSCCD) 7,210,593 7,210,593 82 t3adtbrxre Storm Orcin Overall (Barra Channel, Tustin Ranch, Park & Warner) Too 25, 783, 307 25, 783,307 83 Grading Modification to eliminate Pump Station 26,488,109 26,488,109 Deleted 520 14,283,000 14,283,000 Deleted - - 86 18wance Channel Detention Basin / Sports Fields at Redhill / Warner - 87 18arrarica Channel • Redhillto south of Tustin Randy ( Not include ire rip Project} 500.501 1,059,432 !,059,432 88 Santa Ana Santa Fa Channel Embankment (Incorporated into Item 13, Reach 204) 154, 152 6,788,566 6,788,566 510 TOTAL - 111,624,122 111,624,122 S:tRDXRDA Shared/ Iegisialion 20111Copy of Master Backbone Infrastructure 4-7-11 Rev 1 no resp noted 4:14 PM, 01!12/2012 Water Quality/Mitigation Imprrovententa 89 Selenium Treatment Facility Phase I (Backbone Facility) 89 Selenium treatment Facility Phase 1(Backtlone Facility) 551 4,284,900 4,284,900 90 Water Quality Treatment Systems Phase i (Backbone Facility) 552 2,858,600 2,856,600 90 Water Quality Treatment Systems Phase 2 (Backbone Facility) 561 2,285,280 2,285,280 91 Resources Agency Mitigation Improvements - Peters Canyon / Railroad to Edinger 562 571,320 571,320 92 Resources Agency Mitigation Improvement •Peters Canyon ! Edinger to City Limit 590 370 033 ,70 3 ,033 93 Resource Agency Mitigation Improvements •Peters Canyon !City limit to Barranca 591 4,627,222 4,627,222 S:tRDXRDA Shared/ Iegisialion 20111Copy of Master Backbone Infrastructure 4-7-11 Rev 1 no resp noted 4:14 PM, 01!12/2012 _. - --- - --.7--J Master Infrastructure - Backbone Improvements Cost Estimate 0 ZRevised Description Reach 10 No. Total Backbone Cost June 2008 2011Backbone Cost 94 Resources Agency Mitigation Improvements - Master Developer 93A Resource Agency Mitigation Improvements - Peters Canyon / City Limit to Barrance 1,194,342 1.194,342 TOTAL 16,189,697 16,189,697 Dry UtiliUss 602 4,40$,203 Electric 604 des 18,211,264 11$ Aquatic Center in Master Developer Community Pard Tsiphone 640 6,237,601 Cable TY 119 Tennis Coater in Master Developer Community park Telecomunications 3,5$5,603 3,5$5,603 120 Tustin Legacy Park; City Area (14.5 Acres) Backbone Phass 1 Backbone+ Contractor Charges Total (AN Utilities) 2,602,080 2,602,080 Backbone Phase t Backbone+Contractor Charges Total (AN Utilities) 5,653,343 5,653,343 UWky Backbone AN Phases (AN Utilities) TOTAL 750 11,284,280 19,539,703 11,284,280 19,539,703 Parks and Community Facilities 115 Neighborhood Parc, Master Developer Area G Park 01 600 116 1 Neighborhood Park, Master Developer Area G Parc 02 117 Comm�nityPark; Master DeveloperArea (46Aaes) 602 4,40$,203 4,40$,203 604 18,211,264 18,211,264 11$ Aquatic Center in Master Developer Community Pard 640 6,237,601 6,237,607 119 Tennis Coater in Master Developer Community park 642 3,5$5,603 3,5$5,603 120 Tustin Legacy Park; City Area (14.5 Acres) 608 5,73$,8$9 5,73$,8$9 121 Linear Park; Master Developer Ares G including waterway, ponds 608 122 Linear Park; Master Developer Area D kludSrg waterway, ponds 123 Linear Park Master Developer Area E including waterway, ponds 610 6,9$9,666 6,989,668 612 124 Other Public -owed Open Space Master Developer Area G _ 125 Other Public -owned Open Space Master Developer Arse D . 126 10thsr Pubtic.ownsd Open Space Master Developer Area E 127 Pedestrian Bridge - Wanner / Unear Part 7 s42,009 3,7 3,142,009 128. PedestranBrdge-Armstrong/UnearPark 6t1 11,818,1521 11, 818,152 129 Bridge Tustin Ranch over Linear Parr Pedestrian Crossing 622 4,830,000 4,830,000 130 1 Legacy Arch Structures in Linear Parr 624 6,210,000 6,210,000 626 131 O.C.F.A. Fire Station -Edinger/ Kensington Park (2 -Bay 8000 SF) 132 City of Tustin Library Tustin Civic Center 628. 5,48$,855 5,488,855 133 City of Irvine Public Park (Marble Mountain) 630 7,953,900 7,953,900 2,600,000 2,600,000 S:1RDAIRDA Sharedl legislation 20111Copy of Master Backbone lnfrastructure 4-7-11 Rev i no resp noted 4:14 PM, 01/12/2012 --Zl -Y Master Infrastructure - Backbone Improvements Cost Estimate ci—__ z Description Reach ID No. Total Backbone Revised Cost June 2008 2011Backbane 133 Community Entry Signage C ost6g0 120A Tustin Legacy Park; City Area (24.5 Acres) 1,325,287 1,325,28 1208 Tustin Legacy Park; City Area (24.5 Acres) 607 2,321,060 2,321,06{ 1200 Tustin Legacy Park; City Area (24.5 Acres) - Contingency 608 4,998.480 4,998,48( 132A City d Tustin Library; Tustin Civic Center 288,044 288,044 1328 City of Tush UtxarY Tustin Civic Center 1,000,000 1,000,000 1328 City of Tustin Lilxary; Tustin Civic Center 1,082,000 1,082,000 133A Community Entry Signage • Venae / Redh41 -Sign Only 2,854,000 2,854,000 81A I Patera Canyon! Trail Improvements 225,000 225,000 248,856 248,856 TOTAL 102,156,874 102,156,874 GRAND TOTALS 407,478,930 394,649,793 S:1RDAlRDA Shared! legislation 20111Copy of Master Backbone Intastructure 4-7-11 Rev 1 no resp noted 4:14 PM, 01112/2012 i � s' � - �' s � i,' jil Z $ } g } } g } } $ } ,- } I I I I I I I I I I I I I I I I I I I I sJ4,s $ CM� " � N I N N N N N 8 a N N N N N N N c E � o Y 41 6S O F "- fY r 0 > } O r a � 0- H Jl- O r > r r �- r > r r } snM �31�J $ z 8}$ z$ r$}$ z z} z r N N - s s $ 8" t� � � � N t�Npp �Ma• � f+5 ^ � e - Ne+ .N• N N N h 8 h g N N N tV N N N N N N N N N N p � O h 8P h Of h �V cQS �V M — co M N —M M N N M M N M M M M N N M M z z} z z° z }� z}} }� z H } z z } N N N N r h g � pp N N N yr+ g O O p pp r N •- N N N 8 J 8 O p N N N N H, U M M M N M M M N M M N M M N t"f M M N c9 N S 9 (n Cc �c N Y! 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