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11 1996-97 ANNUAL RPT 03-02-98
AGENDA NO. 11 B-2-98 DATE· MARCH 2, 1998 Inter-Com TO: FROM: SUBJECT: WILLIAM A. HUSTON, CYI~ MANAGER REDEVELOPMENT AGENCY STAFF 1996-1997 AN.'NUAL REPORT RECOMMENDATION It is recommended the City Council Agency take the following actions: o Receh~e and File the Annual Report for 1996-1997 2. Direct a copy ofthis report be filed with the State Controller BACKGROUND California Health and safety Code Section 33080.1 requires the preparation and filing of an annual ' report by a redevelopment agency with its legislative body. A copy of this report must be filed with the State Controller and also with the State Department of Housing and Community Development. The annual report must contain the following information: An independent financial audit of the previous fiscal year. The audit must include an opinion of the Agency's compliance with laws, regulations and administrative requirements governing activities of the Agency. 2. A fiscal statement containing the following information: ao do The mount of outstanding indebtedness of the Agency. The mount of tax increment property tax revenue generated. The mount of tax increment revenues paid to taxing agencies pursuant to Section ~401. The required report to the State Controller William A.' Huston March 2, 1998 Page 2 3. Any other fiscal information the Agency believes is useful . A description of the Agency's activities affecting housing and displacement containing the foil. owing information: The total number of households displaced or moved from their dwelling units as part of a redevelopment project during 1996-97. b. An estimate of the total number of households that will be displaced during 1997-1998. C. The total number of dwelling units housing persons and families of low-to moderate income which were destroyed or removed from the housing market in 1996-97 as apart of a redevelopment project. do The total number of Agency assisted dwelling ~mits constructed, substantially rehahlkated, acquired or subsidized during 1996-1997 for occupancy at affordable cost by persons and families of low to moderate income. The status and use of the Low to Moderate Income Housing Fund, created pursuant to Section 33334.3 f. Any other information the Agency believes useful to explain its housing progran~ g. Any excess surplus funds which have accumulated in the Low to Moderate Income Housing Funds. Excess funds are defined as any unexpended or unencumbered amoum in the fund greater than $1,000,000 or the aggregate amount deposited in the fund in the preceding~ five (5) fiscal years. Monies are deemed encumbered if conankted by a legally enforceable contract or agreement. 3. Any other information the Agency believes is useful to explain its housing program_ ANALYSIS The following responds to specific information required bythe State. , Independent Financial Audit and Compliance Audit A copy of the audit and compliance audit for 1996-1997 is attached.' William A. Huston March 2, 1998 Page 3 2. Fiscal statement: o o no The amount of outstanding indebtedness of the Redevelopment Agency, as of June 30, 1997, was reported to be $18,475,000. bo The amount of tax increment property tax revenue received by the Redevelopment Agency in 1996-1997 was $3,112,702. The amount oftax increment paid to taxing agencies pursuant to Section 33401 was $-0-. do The required report to the State Controller is attached and will be submitted with this report. There is no other fiscal information which the Agency believes to be useful at the present time. · Activities Affecting Housing and Displacement a, The total number of households displaced or moved as part of the Town center or South Central Redevelopment Projects during 1996-1997 were -0-. b° The total number of households estimated to be displaced as part of the Town Center or South Central project areas in 1997-98 are -0-. C° The total number of low to moderate income dwelling units demolished or removed fi.om the housing stock in 1996-1997 was -0-. d. The total number of Agency assisted dwelling units which were constructed, substantially rehabilitated, acquired or subsidized in 1996-1997 for occupancy at affordable cost by persons and families of low to moderate income was 13. For 1997- 98 the Redevelopment Agency will be continuing with ongoing programq to provide additional oppommities for affordable housing. These programs include participation in the Mortgage Credit Certificate Program, and rehabilitation of dwelling units through the Housing Rehabilitation Progranx During 1997-98 the Mortgage Credit Certificate program assisted fourteen first time homebuyers, and the housing rehabilitation. program assisted thirty eight households. New programs to be initiated in 1997-1998 include a First Time Homebuyers Downpayment Assistance Program> construction of affordable single family homes in William A. Huston March 2, 1998 Page 4 the Town Center ~project Area, and completion of a Planing Study for Housing Oppommities in the South Central Project Area. As of June 30, 1997, the accrued balance in the Agency's low to moderate Income Fund for the South Central Project Area was $2,488,100. There are no excess surplus funds in the Housing Fund for the South Central Project Area. As of June 30, 1997, the accrued balance in the Agency's low to moderate Income Fund for the Town Center Project Area was $1,538,874. There is no excess surplus funds in the 'Housing Fund for the Town Center Project Area.. Agency staffwill be happy to respond to any questions at the Agency's meeting of March 2, 1998. Assistant City Manager David Gotflieb .Senior Redevelopment Project Manager ATTACHMENT 1 A.N.~'NUAL FINANCIAL REPORT JUNE 30, 1997 TUSTIN C01~~~ITY REDEVELOPMENT AGENCY Annual Financial Report June 30, 1997 5:. TUST~ COMMU~~ REDEVELOPMENI AGENCY Annual Financial Report June 30, 1997 TABLE OF CONTENTS FINANCIAL SECTION Independent Auditors' Report General Purpose Financial Statements: Combined Balance. Sheet- All Fund Types and Account Groups Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types ,, Notes to Financial Statements SUPPLEMENTAL INFORMATION combining Balance Sheet- All Debt Service Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - All Debt Service Funds Combining Balance Sheet- All Capital Projects Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - All Capital Projects Funds COi%~LIANCE AND INTERNAL CONTROL SECTION Independent Auditors' Report on Compliance (Including the Provisions Contained in the Guidelines for Compliance Audits of Redevelopment Agencies) and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance With Government Auditine Standards PAGE 14 15 16 18 21 Moreland CERTIFIED PU~UC ACCOUNTANTS September 17, 1997 ,/dl DOVE STREET, SUITE 680 NEWPORT BEACH, CALIFORNIA 92650 (714 ) 221 - 0025 570 RANCHEROS DRIVE, SUITE 269 SAN MARCOS, CA 92069 (760) 752-3390 The Board of Directors of the Tustin Community Redevelopment Agency Independent Auditors' Repo~ We have audited the accompanying general purpose financial statements of the Tustin Community Redevelopment Agency, a component unit of the City of Tustin, California as of and for the year ended June 30, 1997, as listed in the table of contents. These general purpose financial statements are the responsibility of the Tustin Community Redevelopment Agency management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtaha reasonable assurance about whether the general purpose financial statements are fi-ee of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and signifi~t estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fakly, in all material respects, the financial position of the Tustin Community Redevelopment Agency as of June 30, 1997, and the results of its operations for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditine Standard.s, we have also issued a report dated September 17, 1997 on our consideration of the Tustin Community Redevelopment Agency's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. Our audit was made for the purpose ofform~g an opinion on the general purpose financial statements taken as a whole. The aCCOmpanying combining financial statements listed as supplemental information in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the Tustin Community Redevelopment Agency. The information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all mater/al respects in relation to the general purpose financial statements taken as a whole. TU?"~q COMMUNITY REDEVELOPMENT ' GENCY Comb Balance Sheet - .~dl Fund Types and A nt Groups June 30, 1997 Governmental Fund Types Assets and Other Debits Cash and investments (Note 2) Investments with fiscal agent (Note 2) Taxes receivable Interest receivable Accounts receivable Due fi'om other funds (Note 6) Due from City of Tustin Deposits Loans receivable (Note 3) Land held for resale General fixed assets (Note 4) Amount available in debt service funds Amount to be provided for retirement of general long-term debt Total Assets and Other Debits Debt Capital Service Projects 1,203,621 806,480 20,636 3,303,617 4,966 $ 5,339,320 17,770,396 5,159 150,252 296 1,255,5!2 30,000 18,984 1,345,000 $ 20,5.75,599 Liabilities, Fund Balances and Other Credits Liabilities: Accounts payable and accrued liabilities Due to other funds (Note 6) Due to City of Tustin Note payable Bonds payable (Note 5) Total Liabilities $ 102,261 2,159,129 291,550 2,552,940 $ 179,111 2,400,000 14,103' 2,593,214 Fund Balances and Other Credits Investment in general fixed assets Fund balances: Reserved: Deposits Long-term loans receivable Low income housing Land 'held for resale Debt service Unreserved: Designated for capital projects Undesignated Total Fund Balances. and Other Credits Total Liabilities, Fund Balances and Other Credits 2,870,355 (83,975) 2,786,380 $ 5,339,320 30,000 18,984 4,912,678 1,345,000 11,675,723 17,982,385 $ 20,575,599 See Accompanying Notes to Financial Statements. 2 Account Groups General Fixed Assets General Long-Term Debt $ 11,601,288 $ 11,601,288 $ 2,786,380 Totals (Memorandum Only) 1997 1996 $ 18,974,017 $ 22,894,727 806,480 800,824 25,795 19,183 150,252 156,019 296 801 4,559,129 1,273,378 4,966 30,000 30,000 18,984 21,696 1,345,000 1,345,000 11,601,288 11,601,288 2,786,380 3,222,629 15,688,620 15,688,620 16,127,219 $ 18,475,000 $ 55,991,207 $ 57,492,764 $ 18,475,000 18,475,000 281,372 4,559,129 305,653 18,475,000 23,621,154 $ 1,699,340 1,273,378 2,465,723 454,848 18,895,000 24,788,289 11,601,288 11,601,288 11,601,288 11,601,288 $11,601,288 $ 18,475,000 30,000 18,984 21,696 4,912,678 5,259,560 1,345,000 1,345,000 2,870,355 3,222,629 11,675,723 11,254,302 (S3,975) 32,370,053 32,704,475 $ 55,991,207 $ 57,492,764 TUSTIN CO~ REDEVELOPMIEN~ ,-,GENCY Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types For the Year Ended June 30, 1997 Revenues: Taxes Use of money and property Other revenue Debt Capital Service Projects $ 3,112,702 $ 804,307 197,626 935,119 1,760 Totals.. (Memorandum Only) 1997 1996 3,917,009 5; 3,744,170 1,132,745 1,056,152 1,760 Total Revenues 3,310,328 1,741,186 5,051,514 4,800,322 Expenditures: Current: General government Charges from City of Tustin Capital outlay Debt sen'ice: Principal retirement Interest and fiscal charges Total Expenditures 3 6,771 1,688,723 1,725,494 695,396 669,584 669,584 766,000 729,251 729,251 1,050,868 420,000 454,848 874,848 854,848 1,3 64,7I. 0 22,049 1,386,759 1,510,053 2,491,065 2,894,871 5,385,936 4,877,165 Excess (Deficiency) of Revenues Over Expenditures 819,263 (1,153,685) (334,422) (76,843) Other Financing Sources (Uses): Operating transfers in Operating transfers out 2,400,000 3,655,512' 6,055,512 2,497,228 (3,655,512) (2,400,000) (6,055,512) (2,497,228) Total Other Financing Sources (Uses) (1,255,512) 1,255,512 Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses Fund Balances, Be~nning Fund Balances, Ending (436,249) 101,827 (334,422) (761843) 3,222,629 17,880,558 21,103,187 21,180,030 $ 2,786,380 $ 17,982,385 $ 20,768,765 5; 21,103,187 See Accompanying Notes to Financial Statements. o TUSTh,~ COMMUNITY REDEVELOPlX~lx,. .,GENCY Notes to Financial Statements June 30, 1997 SUMI~C~d~Y OF SIGNIFICANT ACCOUN'IING POLICIES Descrir)tion of the Rer)ortin~ Entity.: The Tustin Community Redevelopment Agency xvas established October 20, 1976, pursuant to the State of California Health and Safety Code, Section 33000, entitled "Community Redevelopment Law". Its purpose is to prepar.e and carry out plans for improvement, ~:ehabilitation and redevelopment of blighted areas within the territorial limits of the City of Tustin. The City provides management assistance to the Agency, and the members of the City Council also act as the governing body of the Agency. In accordance with GASB cod. See. 2100, "Defining the Reporting Entity", the Agency's financial activities will be included with the financial activities of the City of Tustin for reporting purposes. Tax Increment Financing The Agency's primary source of revenue, other than loans and advances from the-City, comes from property taxes. Property taxes allocated to the Agency are computed in the following manner:. (a) · The assessed valuation of all property within the project area is determined on the date of adoption of the Redevelopment Plan. (b) Property taxes related to the incremental increase in assessed values after the adoption of the Redevelopment Plan are allocated to the Agency. All taxes on the "frozen" assessed valuation of the property are allocated to the City and other districts. The Agency has no power to Ievy and .collect taxes, and any legislative property tax reduction might correspondingly reduce the amount of tax revenues that would otherwise be ava/lable to pay the principal of, and interest on, long-term debt. Broadened property tax exemptions could have a similar effect. Conversely, any increase in the tax rate or assessed valuation, or any reduction or elimination of present exemptions would necessarily increase the amount of tax revenues that would be available to pay principal and interest on long-term debt. Descriotion of Funds and Account Grout)s: The accounting records of the Agency are organized on the basis of funds and account ~oups as follows: TUSTh% ,.oMMUN1TY KEDEVELOPMEN- _.GENCY Notes to Financial Statements (Continued) June 30, 1997 Governmental Funds: . · Debt Service Funds are used to account for the current interest and principal payments on the long-term debt of the Agency. Capital Proiects Fund_s are used to account for resources used in developing the project areas as well as the adminisWafive costs incurred in sustaining Agency activities. Accost Groups: The General Fixed Assets Account Crrom) is used to account for capital assets of the Agency which are long-term in nature, and which are used in the operation of the Agency. The General Lon~-Term Debt Account Grour~ is used to account for the Agency's outstanding long-term obligations. Basis of Accom~g: Basis of acco~g refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. The governmental funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Expenditures are generally recognized under the modified accrual basis of aecotmting when the related fund liability is incurred. An exception to this general rule is principal and interest on general long-term debt which is recognized when due. Budgetary Data: The budgets of the Agency are primarily "long-term" budgets which emphasize capital outlay plans extending over one year. Because of the long-term nature of redevelopment projects, "annual" budget comparisons are not considered meaningful and accordingly, no budgetary information is included in the accompanying financial statements. TUST~- CO~473NTi'Y REDEVELOPMENq-' AGENCY Notes to Financial Statements (Continued) June 30, 1997 Investments: Investments are stated at cost (See Note 2). If market values decline below cost, no loss is recorded if such declines are considered temporary. The Agency's policy is to hold investments until maturity, or until market values equal or exceed cost. However, if the liquidity needs of the Agency were to require that investments be sold at a loss subsequent to year end, the decline in value would be recorded as a loss.at year end. General Fixed Assets: General fixed ~sets are recorded as expenditures in the govemmental funds at the time of purchase. Such assets include buildings and furniture and equipment, and are capitalized at cost in the General Fixed Assets Account Group. No depreciation is provided on general fixed assets. Land Held for Resale: Land held for resale is carried at the lower of cost or estimated realizable value. The Capital Projects Fund fund balance is reserved in an amount equal to the carrying value of land held for resale because such assets are not available to finance the Agency's current operations. Comparative Data: Comparative total data for the prior year have been presented in the acoompan34,ng £mancial statementsin order to provide an understanding of changes in the Agency's financial position and operations. However, comparative data by fund type have not been presented in each of the statements since their inclusion would make the statements unduly complex and difficult to read. . Memorandum Only Totals: Columns in the accompanying financial statements captioned "Totals (Memorandum Only)" are not necessary for a fair presentation of the financial statements in accordance v,4th generally accepted accounting principles, but are presented as additional anal3~ical data_ Data in these columns do not present consolidated financial information. CASH ANq3 INVESTMENTS Cash and investments at June 30, 1997 consisted of the following: TUST[N ~O~ KEDEVELOPMEN2 -.jENCY Notes to Financial Statements (Continued) June 30, 1997 .. Pooled Deposits: Demand deposits Pooled Investments Investments with Fiscal Agents $ 112,888 18,861,129 806.480 Total Cash and Investments The Agency follows the practice of pooling cash and investments of all funds. Interest income earned on pooled cash and investments is allocated, annually based on the weigJated average cash balances in each fund receiving interest. Authorized Investments: Under provision of the Agency's investment policy, and in accordance with SectiOn 53601 of the California Govemment Code, the Agency may invest in the following types of investments: Certificates of Deposit (or Time Depc;sits) placed with commercial banks and/or savings and loan associations Bankers' Acceptances Medium-Term Corporate Notes Commercial Paper - Local Agency Investment Fund (LAIF) U.S. Treasury Securities with a maturity of five years or less Federal agency short-term bonds or notes with a maturity of five years or less Money market mutual funds The Agency has monies held by trustees or fiscal agents pledged to the payment or security of certain bonds. The California Govemment~Code provides that these monies, .in the absence of specific statutory provisions goveming the issuance of bonds, may be invested in accordance with the ordinance, resolutions or indentures specifying the types of investments its mastees Or fiscal agents may make. Pooled Deposits/Credit Risk: The Califomia Government Code requires California banks and savings and l'oan associations tb secure an Agency's deposits by pledging government securities as collateral. The market value of pledged securities must equal at least 110% of an Agency's deposits. California law also allows financial institutions to secure an Agency's deposits by pledgfing first.trust deed mortgage notes having a value of 150% of the Agency's total deposits. · o 2 - I~STEX/COMMUNITY REDEVELOPMENt-AGENCY Notes to Financial Statements (Continued) June 30, 1997 The Agency may waive collateral requirements for deposits which are fully insur,..ed up to $100,000 by federal depository insurance. In accordance with GASB Statement 3, deposits are classified as to credit risk by three categories as follows: Category 1' Insured or collateralized with securities held by the Agency or by its. agent in the Agency's name. Category 2: Collateralized with securities held by the pledging financial institution's trust department or agent in the Agency's name. Category 3: Uncollateralized Credit Risk. Carm~inz Amount. and Market Value of Investments: Investments that are represented by specific identifiable investment securities are classified as to credit risk by three categories as follows: Cat, pry 1' Insured or registered, or securities held by the Agency or its agent in the Agency's name. Category 2: Uninsured and unregistered with securities held by the counterparty's trust department or agent in the Agency's name. Category 3: Uninsured and unregistered with securities held by the counterparty, or by its trust department or agent but not in the Agency's name. Deposits and inves'anents at June 30, 1997 by credit risk categories are as follows: Cate,,orv Carrying 1 2 3 Amount Pooled Deposits: Demand Deposits (Bank Balance) Less: Outstanding Warrants Add: Deposits in Transit Dem~d Deposits (Book Balance) $100,000 $9,318 $109,318 (1,430) 5,000 112,888. TUSTh% <;OlvrMLrN1TY REDEVELOPMEN~ · ,GENCY Notes to Financial Statements (Continued) June 30, 1997 Category Carrying 1 2 _ . 3 Amount Total Pooled Deposits ~ $9:318_ $ - . ConU-am~ Market Value Pooled Investments: State of California Local Agency Investment Fund°) U.'S. Government SecuritiesO) Medium-Term Corporate Notes(4) Total Pooled Investments Investments with Fiscal A~ents .$2,909,777 _3,0 0,75_s_ _ 5,920.535~ $12,940,594 $12,940,594(2) 2,909,777 2,845,112 3.010.758 2.973.070 18.861.129_ 18.758,776. __ Money Market Mutual Funds(X) . _ 806,.480 806.480 Total Cash and Investments _$19,780:497 O) Not subject to categorization. (2) The management of the State of Califomia Pooled Money InveStment Account (generally referred to as LAI~ has indicated to the Agency that as of June 30, 1997 the carrying amount of the pool was $28,515,398,747 and the estimated market value of the pool (including accrued interest) was $28,637,448,331. The Agency's proportionate share of that value is $12,995,993. Included in LAIF's investment portfolio are certain derivative securities Or similar products in the form of structured notes, totalling $740,750,000, and asset-backed securities totalling $406,649,000. LAIF's (and the Agency's) exposure t° risk (credit, market or legal) is not currently available. o) Includes some derivative securities in the form of structured notes with yields that adjust inversely to the one and six.month LIBOR rates. At June 30, 1997 the carrying amount and market value of these securities were $2,404,202 and $2,345,112, respectively. (4) Maturities for medium-term corporate notes range from January 1997 through March 1998. , . TUSTLN COMI~ggNITY REDEVELOPI~-NT'AGENCY Noles to Financial Statements (Continued) June 30, 1997 LOANS RECEIVABLE The Agency has provided a commercial loan program to small businesses for making improvements. These loans are non-interest beating. Due to the long-term nature of the loans, the Agency has reserved fund balance. GENERAL FIXED ASSETS $18:984 o The speeifid fixed assets included in the General Fixed Assets Account Group at June 30, 1997 are as follows (there were no changes during the year): Balance June 30, 1997' Building-Ci'dc Center Furniture, fixtures and equipment $11,024,198 577,090 $11,601,288 GENERAL LONG-TERM DEBT The following is a summmy of the changes in the General Long-Term Debt Account Group for the year ended June 30, 1997: Balance Balance July 1. 1996 Additions Retirements June 30, I997 Tax allocation bonds $18,895,000 $420,000 $18,475,000 Note payable 454.848 454.848 - Total $19,349,848 $ - $874,848 $18,475,000 Tax Allocation Bonds: In August 1987, the Agency issued $8,060,000 Town Center Area Redevelopment Project Tax Allocation Refunding Bonds, Series 1987, in order to M~,~nce. refund its outstanding $8,105,000 1982 Tax Allocation Bonds. Serial bonds are payable in annual installments ranging from $25,000 to $745,000 commencing on November 1, 1988. Interest is payable semiannually on May 1 and November 1, 1988. Interest is payable semiannually on May 1 and November 1, with rates ranging from 4.40% to 7.50% per annum. · · $ 5,545,000 TUSTEN t_.oM2vlGN1TY REDEVELOPMEN2 ,~GENCY Notes to Financial Statements (Continued) June 30, 1997 . . In July 1991, the Agency issued $13,100,000 Tax Allocation Bonds, Series 1991, for the purpose of renovating the Civic Center, which is located within the Town Center Redevelopment Project Area. Serial bonds are payable in annual installments ranging~ from $40,000 to $895,000 commencing December 1, 1993. Term Bonds orS11,380,000 are due on December 1, 2016. Interest on all bonds is payabl.e semiannually on June 1 and December 1 with rates ranging from 5.25% to 6.80% per annum. 12.930.000 Total Tax Allocation Bonds The annual requirements to amortize the tax allocation bonds are as follows: Year Ending June 30. Principal Interest Total 1998 $ 450,000 $ 1,265,855 $ 1,715,855 1999 475,000 1,234,505 1,709,505 2000 510,000 1,200,195 1,710,195 2001 550,000 1,162,750 1,712,750 2002 590,000 1,121,915 1,711,915 Thereafter 15.900.000 10,143,823. 26,043,823. Total $18:475,000 $16:129:043 $34:604,043 DUE TO/FROM OTtt2ER FUNDS Due From Due To Debt Service Funds: South Central Project Area Town Center Project Area Capital Projects Fund: South Cenlral Project Area $2,400,000 $2,159,129 903,617 1.255.512 2.400.000 ~ ~$4,559:129 DISPOSITION AND DEVELOPMENT AGREEMENT In December 1995, the Agency entered into an agreement with a developer whereby the Agency is to loan the developer an amount not to exceed $397,183 for the development and operation of a 145 unit, single-family, owner-occupied project, in accordance with the agreement, the amounts disbursed shall me interest at the rate of 7% per year, compounded monthly, from the applicable dates of disbursement. Portions of the principal and related o TUSTh~ COMMUN~ REDEVELOPMEN ~ AGENCY Notes to Financial Statements (Continued) June 30, 1997 accrued interest shall be forgiven upon the close of escrow of the ninety-first: and one- hundred-ninth of the mits, and the remaining principal and accrued interest shall be forgiven upon the close of escrow for the last of the one hundred forty-five units. Principal and interest are repayable only upon developer default under terms of the 'agreement. Due to the contingent repayment schedule, the Agency records an expenditure when a portion of the loan is made and no receivable is included in the financial statements. The balance of the loan outstanding at June 30, 1997 is $246,315. COMMITMENTS ,~N'D CONTINGENCIES The California Health and Safety' Code requires redevelopment agencies to set aside 20 percent of their tax increment fi.om project areas established before 1976 for low and moderate income housing. Between fiscal years 1985-86 and 1991-92, the Tustin Community Redevelopment Agency deferred a total of $2,776,042 from its Iow and moderate-income housing obligation. On February 1, 1993, the Agency adopted a plan to eliminate the deficit in subsequent years. 9. REQUIRED INDIVIDUAL FUND DISCLOSURES The South Central Project Area Debt Service Fund has a negative fund balance of $83,975 as of June 30, 1997. The Agency's management intends to eliminate this negative fund balance by transferring funds fi.om the other Agency funds. TUSTIN COMMUNITY REDEVELOPMENT AGENCY Combining Balance Sheet - All Debt Service Funds June 30, 1997 Assets Cash and investments Investments with fiscal agents T~es receivable Due from other funds Due fi'om City of Tustin Total Assets South Town Central Center _ ~Proiect Area Project Area $ 2,400,000 $ 2,400,000 $ 1,203,621 806,480 20,636 903,617 4,966 $ 2,939,320 .-. 'Totals 1997 $ 1,203,621 806,480 20,636 3,303,617 4,966 $ 5,339,320 1996 $ 5,189,6o9 800,824 15,346 1,273,378 $ 7,279,157 Liabilities and Fund Balances Liabilities: Accounts payable and accrued liabilities Due to other funds Due to City of Tustin Total Liabilities Fund Balances: Reserved for debt service Unreserved and undesignated Total Fund Balances 33,296 2,159,129 291,550 2,483,975 (83,975) (183,975) $ 68,965 $ 68,965 2,870,355 2,870,355 102,261 2,159,129 291,550 ,2,552,940 2,870,355 (83,975) 2,786,380 $ 1,656,528 2,400,000 4,056,528 3,222,629 3,222,629 Total Liabilities and Fund Balances $ 2,400,000 $ 2,939,320 5,339,320 $ 7,279,157 14 TUSTiN COM3.~TY KEDEVELOPM]EN 1 AGENCY Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - All Debt Service Funds For the Year Ended June 30, 1997 Revenues: Taxes Use of money and property Total Revenues Expenditures: Current: General government Charges from City of Tustin Debt service: Principal retirement Interest and fiscal charges Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses): Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Deficiency of Revenues and Other Sources Over Expenditures and Other Uses Fund Balances, Beginning Fund Balances, Ending South' Town Central Center Project Area Project Area Totals 1997 1996 $ 1,403,077 $ 1,709,625 $ 3,112,702 $ 2,985,232 26,443 171,183 197,626 190, 871 1,429,520 1,880,808 3,310,328 3,176,103 16,906 19,865 36,771 73,559 494,550 175,034 669,584 766,000 420,000 1,297,809 420,000 1,364,710 66,901 854,848 1,510,053 578,357 1,91'2,708 2,491,065 3,204,460 851,163 (31,900) 819,263 (28,357) · 2,400,000 (3,655,512) (1,255,512) 2,400,000 (3,655,512) (1,255,512) (436,249) (31,900) (404,349) 506,296 (1,990,932) (1,484,636) (1,512,993) 320'374 2,902,255 3,222,629 4,735,622 (83,975) $ 2,870,355 $ 2,786,380 $ 3,222,629 15 TUSTIN 'COMMZ,rlxrlTY REDEVELOPM~N'I AGENCY Combining Balance Sheet - All Capital Projects Funds June 30, 1997 Assets Cash and investments Taxes receivable Interest receivable Accounts receivable Due from other funds Deposits Loans receivable Land held for resale Total Assets Liabilities and Fund Balance_ Liabilities:. Accounts payable.and accrued liabilities Due to other funds Due to City of Tustin Total Liabilities Fund Balances Reserved: Deposits Long-term loans receivable Low income housing Land held for resale Unreserved: Designated for capital projects Total Fund Balances SoUth Central Project Area $ 10,069,496 148 ' 1,255,512 1,345,000 $ 12,670,156 __ $ 137,626 2,400,000 2,209 2,539,835 1,345,000 8,785,321 10,130,321 South Central Low Income Housing $ 2,511,539 15,000 $. 2,526,539 $ 31,420 7,019 38,439 15,000 2,473,100 2,488,100 7..-' Total Liabilities and Fund Balances $ 12,670,156 -- $ 2,526,539 __ 16 Town Center Town Center Project Low Income Area Housing Totals I997 1996 $ 2,748,709 5; 2,440,652 5,159 150,252 148 18,984 15,000 17,770,396 5,159 150,252 296 1,255,512 30,000 18,984 1,345,000 17,705,118 3,837 156,019 801 30,000 21,696 1,345,000 $ 2,918,093 $ 2,460,811 $ 20,575,599 5; 19,262,471 $ 6,498 $ 3,567 $ 179,111 $ 42,812 2,400,000 1,273,378 2,209 2,666 14,103 65,723 8,707 6,233 2,593,214 1,3 81,913 18,984 15,000 30,000 18,984 21,696 2,439,578 4,912,678 5,259,560 1,345,000 1,345,000 2,890,402 11,675,723 11,254,302 2,909,386 2,454,578 17,982,385 17,880,558 $ 2,918,093 $ 2,460,811 $ 20,575,599 $ 19,262,471 17 TUSTIN COIv~~TY REDEVELOP~EN x AGENCY Combining 'Statement of Revenues, Expenditures, and Changes in Fund Balances - All Capital Projects Funds For the Year Ended June 30, 1997 Revenues: Taxes Use of money and property Other revenue Total Revenues South Central Project Area $ 548,9O2 548,902' South Central Low Income Housing _ $ 357,417 127,797 1,000 486,214 ~.. Expenditures: Current: General government Capital outlay Debt service: Principal retirement Interest and fiscal charges Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Financing Sources (Uses): Operating transfers in Operating transfers out Total Other Financing Sources (Uses) 211,078 687,886 454,848 22,049 1,375,861 (826,959) 3,655,512 (2,400,000) 1,255,512 1,264,159 16,627 1,280,786 (794,572) o . Excess (Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses Fund Balances, Beginning Fund Balances, Ending 428,553 9,701,768_ $ 10'130,321_ (794,572) 3,282,672 $ 2,488,100 18 Town Center Project Area $ 155,917 760 156,677 Town Center Low Income Housing $ 446,890 102,503 549,393 Totals 1997 1996 804,307 935,119 1,760 $ 758,938 865,281 1,741,186 1,624,219 141,783 24,738 166,521 (9,844) 71,703 71,703 477,690 1,688,723 729,251 454,848 22,049 2,894,871 (1,1.53,685) 3,655,512 (2,400,000) 621,837 1,050,868 1,672,705 (48,486) 1,990,932 (506,296) 1,255,512 1,484,636 (9,844) 2,919,230 $ 2,909,386 477,690 1,976,888 $ 2,454,578 101,827 17,880,558 $ 17,982,385 1,436,150 16,444,408 $ 17,880,558 19 This page has been left blank intentionally. Moreland CERTIFIED PUBLIC ACCOUN¢fANTS September 17, 1997 .... DOVE STREET, SUITE 680 NEWPORT BEACH. CALIFORNIA 92660 (714) 221-0025 570 RANCHEROS DRIVE, SUITE 260 SAN MARCOS, CA 92069 (760) 752-3390 The Board of Directors of the Tustin Community Redevel6pment Agency l. ndeoendent Auditors' Report on Compliance (Includin= the Provisions Contained in the Guidelines' for Comt~liance Audits of Redevelopment Agencies) and on l. ntemal Control over Financial Reportin~ Based on an Audit of Financial Statements Performed in Accordance with Government Auditine Standards We have audited the accompanying general purpose financial statements of the Tustin Community Redevelopment Agency, a component unit of the City of Tustin, as of and for the year ended June 30, 1997, as listed in the table of contents, and have issued our'report thereon dated September 17, 1997. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditine Standards, issued by the Comptroller General of the United States. Compliance As part of obtaining reasonable assurance about whether the general purpose financial statements of the Tustin Community Redevelopment Agency are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have'a direct and material effect on the determination of financial statement amounts. Such provisions include those provisions of laws and regulations identified in the Guidelines for Compliance Audits of California Redevelopment Aeencies issued by the State Controller's Office, Division of Accounting and Reporting. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditine Standards. Internal Control Over Financial Reporting In Planning and performing our audit, we considered the Tustin Community Redevelopment Agency's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to. provide assurance on the internal control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a 21 relatively loTM level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within'a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses. However, we noted other matters involving internal control over financial reporting that we have reported to management of the City of Tustin in a separate left~r dated September 17, 1997 relating to both the City and the Agency. This report is intended for the information of the Board of Directors and management of the Tustin Community Redevelopment Agency and the State Controller's Office, Division of Accounting and Reporting. However, this report is a matter of public record and its distribution is not limited. 22 ATTACHMENT 2 ANNUAL REPORT oF FINANCIAL TRANSACTIONS SUBMITTED TO THE STATE CONTROLLER JUNE 30, 1997 Z~~ ,=~ ,=~ o,.--., I Oz' .o oo >U Zr.T. ZO .< <~ ~< z<. i i I ~ "= . ,.'¢, .< o ~ ,,:,1 ,=,-, F--, ~~ c::' 'c- .r,--[ (3JI 0 >. r-,. .,~ ,-,..,.; ...~ ~ ~, c:n,. c:::; c-'l, o: ~, - o! = ""-' ~i "- "~ < ~ ~ ~. ui -,-1 o, '- , -- ~, ~ ti--' e-~ U. ~, 0 ~ ~ U ,~! ~ 0 ,--- ~ ' < "< :'. i ' U U · <l Ol roi o o= z ~ U Z ° o A U U c~J kO ,-~ 0 CD CD 0 I I c~ cz) I oo ' i 0 C~ 0 ~D C~ 0 ol x ILl Z Z 0 Z , 0 <~.~' ~< 0 Z ZO Om . .,. , zO O~ 0~ Z: '< r~..< <.~ ,© N .:-- (13 ./ ~._ 0 u ·r- 0 ,_. [...7, ' ~ ~ 0 0 vv vv · I1 ' 041~ · C~,LL;ULATION.OF AVAILABLE REVENUES AGENCY NAME Tustin Community. Redevelopment Agency PROJECTAREA South Central Project Area 96 .TO JUNE 30, 19 97 TAX YEAR 199'7-98 RECONCILIATION DATES: JULY 1. 19 1. Beginning Balance, Available Revenues (See .Instructions) 2. Tax Increment Received - Gross; All Tax Increment Revenues, to include any Tax Increment passed through to other local t~.~dng agaric!es. _---- 3. Ail other Available Revenues Received (See Instructions) 4. Revenues from any other source, included in Column E of the Reconciliation Statement. but not included in (1-3) above 5. Sum of Unes 1 through 4 1,736,946 1,556,404 3,293,350 6. Total amounts p~d against indebtedness in previous year. (D + E on Reconciliation Statement) 7. Available Revenues, End of Year (5 - 6) FOR'WARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS, COVER PAGE, LINE 4 .--. 3,293,350 NOTES Tax Increment Revenues: The only amount(s) to be excluded as Tax Increment Revenue are any amounts passed t~rou, gb to other local taxing agencies pursuant to Health and Safew .Code Section 33676. Tax Increment Revenue set-a, side in. the Low and Moderate Income Housing Fund will be washed in the above calculation, and therefor omit'ted from AvaJlable Revenues at year end. Item 4. above: This' represents any payments from any source other than .Tax Increment OR available revenues. 'For in~ance, an . agency funds a project with a bond issue. 'The previous SOl included a Disposition Development Agreement (DBA) -- which was fully satisfied with these bond proceeds. The'DDA would be shown on the Reconciliation Statement as fully repaid under the 'other' column (Col E).' but with funds that were neither Tax Increment. nor 'Available Revenues'. as defined. The amounts used to satisfy thi~: poA would be included on line 4 above in order to accur~ely determine ending 'Available Revenues.' Rev. (6/'3/9.4) RECONCILIATION STATEMENT - CHANGES EXPLAINED Page 1 Line (A) Per Agreement, amount 'to be collected adjusts annually to reflect increases in Cost of construction. Construction cost index' for June 1997 - 5J%. P.A~I 6: Change97. Sep 0 mm,mm 0 I-- 0 0 0 0 mm,, 0 0 Z o z 'd o t~ ~ 0 ' _:; 7_- -CULATION OF AVAILABLE ~--_VENUES AGENCY NAME. PROJECT AREA Tustin Community Redevelopment AgencS Town Center project Area TAX YEAR 1997-98 RECONCILIATION DATES: JULY 1, 19 96 TO JUNE 30, 19 97 1. Beginning Balance, Available Revenues' (See lnstru=tions) 2. Tax Increment Received - Gross; Ail Tax Increment Revenues, to include any Tax Increment ....... passed through to other local taxing agencie_s. ~--~ 3. AJI other Av-~lable Revenues Received (See Instructions) 4. Revenues fro'm any other source, included in Column E of the Reconciliation .. Statement, but not included in (1-3) above 5. Sum of Unes 1 through 4 396,358 2,131,684 · 2,528,042 6. Total amoun~ Paid againsl indebtedness in previous year. (D + E on Reconciliation Statement) ' 7. Available R.,~venues, End of Year (5 - 6) FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS. COVER PAG~ LINE 4 2.;161,022 , 3677020 NOTES Tax Increment Revenues: The only amount(s) to be excluded as Tax Increment Revenue are any amount~ passed througl3 to (~ther local taxing agencies pursuant to Health and Safety Code Section 33676. Tax Increment Revenue set-aside in the Low and Moderate Income Housing Fund will be washed in the above calculation, and therefor omitted' from Available Revenues at year end. item 4. above: · This represents any payments from any source other than Tax Increment OR available revenues. For instance, an agency funds a project with ~- bond issue. The previous SOl included a Disposition Development Agreement (DDA) which was fully satisfied with these bond proceeds. The DDA would be shown on the Reconciliation Statement as fully repaid under the 'other" column (Col E). but with funds that were neither Tax Increment, nor 'Available Revenues". as defined. The amounts used to ~atisfy thi~: p0A would be included on line 4 above in order to accur~ely determine ending "Available Revenues." -. · · .. 1. Rev. CD -. © · < · i i ., ZZ ~ IJJ Z LIJ UJ r~ Z Z LLJ Z · TOWN CENTER PROJECT AREA 1996-97 REDEVELOPMENT AGENCY STATEMENT OF INDEBTEDNESS RECONCILIATION STATEMENT ADJUSTMENTS Line (A) 1987 Tax Allocation Bonds · Increase Outstanding Balance to Reconcile to Debt Service Schedule CALCULATION OF AVAILABLE REVENUES AGENCY NAME PROJECT AREA TUSTIN COMMUNITY REDEVELOPEMENT AGENCY TOWN CENTER PROJECT AREA 1996-'97 TAX YEAR RECONCILIATION DATES: JULY 1. 19 95 TO JUNE 30, :19 96 1. Beginning Balance, Available Revenues (See Instructions) 2. Tax Increment Received - Gross; All Tax Increment Revenues, to include any Tax Increment passed through to other local taxing agencies. 3. All other Available Revenues Received (See Instructions) 4. Revenues from any other source, included in Column E of the Reconciliation Statement, 'but not included in (1-3) above 5, Sum of Unes 1 through 4 1,688,648. · . 1,977,260. -' 0 - -0- 3.~665~908 '_ 6. Total amounts paid against indebtedness in previous year. (D + E on Reconciliation Statement) 7. Available Revenues, End of Year (5 - 6) FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS, COVER PAGE, LINE 4 . 3,269,550. 396,358. __ NOTES Tax Increment Revenues: The only amount(s) to be excluded as Tax Increment Revenue are any amounts passed througl~ to other lOcal taxing agencies pursuant to Healtt3 and S~fety Code Section 33676. Tax Increment Revenue set-aside in the Low and Moderate Income Housing Fund will be washed in the above calculation, and therefor omitted from Available Revenues at year end. Item 4. above: · This represents any payments from any source other than Tax Increment OR available revenues. For instance, an agency' funds a project with a bond issue. The previous SOl included a Disposition Development Agreement (DDA) which was fully satisfied with ihese bond proceeds.' The DDA would be shown on the Reconciliation Statement as fully repaid under the 'other' column (Col E), but with funds that were neither Tax Increment, nor 'Availabie Revenues' as defined. '~'he. amounts used to satigdy thi~: pDA would be included on line 4 above in order to accurately determine ending'Available Revenues.' Rev. (6/3194) -- : . t.~ : I L.~ ~ ~ '. i I :~ ' i i i ~ ' , - o ~ ~ I i . , ~ ] ' .~ :-:': ~ ~ ~:, ~ :~,.:~ ~ .... ~:~:. --, ~.¢¢~ 'ec-- ' :~::~:ss' ~ ccc.: ~' ~ ~ ~ I ~(~ ............... ~:: cecil ~ :~ ........... i . ~ :~::~:~::, , I ] I ::z:fc~z~ ~ ~ ~ ~ ~ ~::~:':'1' -~ I ' ~· I Z -- iI - ~< ~ I ' ~ o , , ~ I ~ :I~ 'Il .o ~0 01 Z RECONCILIATION STATEMENT - CHANGES EXPLAINED Line (A) Per Agreement, Amount to be collected adjusts annually to refl'ect increases in cost of construction. Working Capital Loan Agreement. Last year's number included an estimate for interest to be paid. This adjustment reflects actual interest paid. CALCULATION OF AVAILABLE REVENUES AGENCY NAME PROJECT AREA TUSTIN 'COMMUNITY REDEVELOPMENT AGENCY SOUTH CENTRAL PROJECT AREA TAX YEAR 1996-97 RECONCILIATION DATES: JULY 1, 19 95 TO JUNE 30, 19 96 1. Beginning Balance, Available Revenues (See Instructions) 2. Tax Increment Received - Gross.' All Tax Increment Revenues, lO include any Tax Increment passed through to other local taxing agencies. 3. Ali other Available Revenues Received (See Instructions) 4. Revenues from ~ny other source, included in Column E of the Reconciliation Statement, bLrt not included in (1-3) above 5. Sum of Lines 1 throUgh 4 -0- 1,416,633. -0- 1,949,078. 3,365,711. 6.Total amounts paid against indebtedness. in previous year. (D + E on Reconciliation Statement) 7. Available Revenues, End of Year (5 - 6) FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS, COVER PAGE, LINE 4 ",i,: 3,365,711. -0- NOTES .Tax Increment Revenues: · The only amount(s) Io be excluded as Tax Increment Revenue are any amounts passed through to other lc;cai taxing agencies pursuant to Health and Safety Code Section 33676. Tax Increment Revenue set-aside in the Low and Moderste Income Housing Fund will be washed in .the above calculation, and therefor omitted from Available Revenues at year end. item 4. above: - - ' This' represents any payments from any. source other than Tax Increment OR available revenues. For instance, an agency funds a project .with a bored issue. The previous SOl included a Disposition Development Agreement (DDA) which was fully satisfied with these bond proceeds. The DDA would be shown on the ReConciliation Statement as fully repaid under the 'other' column (Col E'), but with funds that were neither Tax increment, nor 'Available Revenues' as defined. 'J'he amounts used to satisfy thi~: ?DA would be included on 'line 4 above in order to accu'rately determine ,ending ,'Available Revenues.' .. Rev. (6/3194) .ATTAC~ENT 3 ANNUAL HOUSING REPORT SUBMITTED TO THE CALIFORNIA STATE DEPARTMENT OF ltOUS~G & COMMUNITY DEVELOPMENT ANNUAL REPORT OF HOUSING ACTIVITY OF COMMUNITY REDEVELOPMENT AGENCIES FOR FISCAL YEAR ENDED 6/30/97 Agency Name and Address: County of Jmfsdiclion: Orange County Tustin Community Redevelopment Agency 300. Centennial Way Tustin, CA 92780 Pursuant to Health and Safety Code Section 33080. !, redevelopment agencies must report annually on their housing activities and Low & Moderate Income Housing Fund balances, and pursuant to Section 33080.3 file a copy of this report with the Deparmaent of Housing and Community Development (HCD). Section 33080.6 requires HCD to compile and publish annually a report of redevelopment agencies' housing activities. , Please answer each of the following questions in order to determine which HCD Schedules your agency must preparo to provide a complete report of housing activity and fund balances for the reporting period. 4.,.:.. -.;;;.~ ~. __riod9 How many adopted project areas did the agency have during thexeportmg 1~ . 2 If one or more, prepare and submit a separate copy of SCHEDULE HCD-A for each adopted project area. Ifnone, do not submit Schedule HCD-A. Did the agency conduct any housing activity _outside of adopted redevelopment project areas? X Yes. Prepare and submit one copy of SCHEDULE HCD-B for the agency. No. Do not submit Schedule HCD-B. Did the agency have any adopted project areas, or any funds in the Low & Moderate Income Housing Fund? X Yes. Prepare and submit one copy of SCHEDULE HCD-C for the agency. No. Do not submit Schedule HCD-C. To the best of my knowledge the representations made in the above statement and the disclosures contained in the HCD schedule(s) submitted herewith are true and correct. December 23, 1997 Date signature of Authorized Agency. Representative Assistant City Manager Title (714)-573-3107 Telephone Number 96/97 SCHEDULE HCD-A Project Area Activity for Fiscal Year Ended 6/30/97 HCD-Cover Page I of l Agency Name: Tustin Communily Redevelopment Agency Preparer's Name, Title: Senior Redevelopment project Manager Project Area Name: South Central Project Area Preparer's Telephone No: (714) 573-3128 General Information a. Year project area adopted: 1983 Dttration of redevelopment plan: 7/15/15 b. Ifproject area name has changed, give previous name(s) or number:. N/A c. Year(s) project areas merged: N/A Project areas merged: N/A d. Year(s) real property was added or removed: 1985 Project areas adopted, or portions added thereto, after 1975,.axe subject to affordable housing producton requirements (and implementation plans pursuant to Sections 33413(b)(4)'~n~ 33490). In addition, the agency may, by resolution, elect to make the project area, or portions thereof adopted before 1976, subject to Section 33413. Check here if this area X, or any' portion thereof , is subject to the affordable housing producton and planning requirements. Tax Increment Set-asides Report all actual revenues from this project area which accrued to the agency's Housing Fund this fiscal year. Any income related to agency-assisted housing located outside the project area(s) should be reported as "Other Revenues" (item 3d, below) if this project area is named as beneficiary in the authorizing resolution. Show the full 20% of gross tax increment setaside, prior to any pass through, less exemptions or deferrals only. Reductions for debt service should be reported as an expenditure on Schedule HCD-C. a. Tax Increment: 20% of Gross: $ 321,441' Amount Exempted: ($ 0) Amount Deferred: ($ 0) Tax Increment Deposit to Housing F~md: b. Debt or Bond Proceeds (including principal & interest): c. Grants: d. Other Revenues (e.g., rental income, loan repayments, property. sales, deferral repayments etc.); specify amount for each revenue type: public uti. $34,694, HOE exempt. $1281, Bond refund $1000 e. Interest: f. Total Housing Fund Deposits for this Project Area (add 3. a-e, above): $321,441 $0 $0 $ 36,975 $127,797 $ 486,213 * If less than 20% is being set-aside in this project area in accordance ~th Section 33334.3(0, indicate the actual gross percent here (%), enter the amount in 3a. above, and identi~, the contributing project area(s) a. If you are claiming an exemption from making the full 20% set-aside, indicate the reason(s). Check the appropriate Health and Safety Code Section designation(s): N/A Section 33334.2(a)(1): No need in community to increase/improve supply of low/moderate-income housing. Secton 33334.2(a)(2): Less than 20% set-aside is sufficient to meet the need. Section 33334.2(a)(3): Community is making substantial effort equivalent in value to 20% set-aside and has specific contract-ual obligations incurred before May 1, 1991 requiring continued use of this funding. 96/97 Other: Specify code section, reasons: When were the necessary findings adopted? (Show month/day/year.) / / HCD-A Page I of 6 Agency Name: Tustin CommuniD __~development Agency Project Area Name: South Cern._ .'roject Area 5. ao If you are deferring the setaside, indicate the reason(s). Check the appropriate Health and Safety Code Section designation. N/A Section 33334.6(d): prOject was adopted before 1977 and tax increments are needed to meet existing debts. Section 33334.6(e): Project was adopted before 1977 and tax increments are needed for timely completion of projects to which agency was committed before 1986.) Other: Specify code section, reasons: When were the necessary findings adopted? (Show month/daY/year.) ./___/ . A deferred set-aside pursuant to Section 33334.6(d) or (e) constitutes an indebtedness to the Housing Fund equal to the amount of the set-aside being deferred. Summarize the amount(s) of set-aside deferred during this fiscal year and cumulatively:. Fiscal Year Amount Deferred Amount of Prior FY Cumulative Amount During FY Deferrals Repaid Deferred. (Less Any During FY Amount Repaid) ~:':'::'~'<":~:'::':i~k~'~' ""~:~ '~::':~::~'×' ' -~i:~-'Y~':'"k~:~g~6~i~'~'ff'!::i'~: $ 0 96/97 $ 0 $ $ 0 * The cumulative amount ofdeferredsetaside should also be shown on Line 7b of Schedule HCD-C. If the FY 95/96 cumulative deferral shown here differs from what was reported on the last HCD report, indicate the amount of and the reason for the difference: Section 33334.6(g) requires any agency which defers set-asides to adopt a plan to eliminate the deficit in subsequent years. If this agency has deferred set-asides, has it adopted such a plan? Yes No X e. If)es, by what date is the deficit to be eliminated? htrsuant to Section 33334.2 (b) or 33334.6 (0(2), attach copies of any findings adopted in accordance with items 4 and 5 above for this reporting period if you have not previously submiued them to the Department. 96/97 HCD-A Page 2 of 6 Agency Name: Tusfin Commm ~--edevel°pment Agency Project Al ~e: South Central project Area Housinl~ Units Lost and Households Displaced htrsuant to Sections 33080.4(a)(1) and (a)(3), report the number of dwelling units and bedrooms destroyed or removed from this project area as a result of redevelopment activities; the number of lhose units or bedrooms the agency ii no___[t req~fired to replace; and the income category and type ofhouseholds displaced from the project area ditring the fiscal year. Household Income Households Total No. Lost Number Lost No.__!t and Type Displaced (Removed or Required to be Destroyed) Replaced Units / Bedrooms Units / Bedrooms * Total Very Low _~0__ __ /__ -- / Subtotal Elderly __ 0__ Subtotal Other Total Low __0__ __ /~ ~ / Subtotal Elderly 0~ . Subtotal Other 0 Total Moderate ._____0~ ~~ / ~ -- / Subtotal Elderly 0__ Subtotal Other -~0 Total Above Moderate __0__ __ /~ -- / Subtotal Elderly Subtotal Other 0 * Destroyed units which were vacant but reasonably would be expected to be occupied ~. low or moderate income households should be replaced. As required in Section 33080.4(a)(2), estimate the type and number ofhouseholds, by income category, to be displaced from this project area during the nexg. reporting period (the current fiscal year): Income Level Total Households Subtotal Elderly Subtotal Other Very Low 0 Low 0 Moderate 0 Above Moderate 0 96/97 HCD-A Page 3 of 6 Agency Name: Tustin Community Redevelopment Agency Project Area Name: South Central Project Area Current HousinR Activity Pursuant to Section 33080.4(a)(4), report by income level all other units or households assisted in the project area during the reporting period, which have occupancy or usc restrictions. Do not report thc same units or households in mom than one column. Do no__!t report any of the same units reported in item 8, on thc previous page. N/A Household Income Mobilehomes Units Rehabt~ Households Households Other Maintained (not substantial) Receiving Rental Received Home- Households Assistance or · ownership Assisted Subsidies Assistance (Specify) Very Low 0 Low 0 Moderate 0 Above Moderate 0 10. Pursuant to Section 33080.4(a)(10), report the number of units to be constructed in the project area (with agency assistance), s4thin the next two years, pursuant to an executed contract or agreement. Also include the estimated completion dates of the units. Do not report any units shown in item8 or 9, above. Name of Contract or Agreement Execution Est. Date of Numbers of Units to be Built Date Completion Total Very Low Low Mod Other Tustin Groves-Shea homes 1 ,, , .~ 11. Pursuant to Sections 33080.4(a)(7) and 33418, provide an inventory of all housing projects or units in the project area · which have occupancy or affordability restrictions imposed by agreements or recorded conditions, covenants, or restrictions. Use the form on page 6 to report any additions or corrections to the previous year's inventory. 96/97 HCD-A Page 5 of 6 > > > > > > > > > > g SCHEDULE HCD-A Project Area Activity for Fiscal Year Ended 6/30/97 Agency Namc: Tustin Community Redevelopment Agency Project Area Namc: Town Center project Area Preparer's Name, Title: David Gottlieb, Senior Redevelopment Preparer's Telephone No: (714) 573-3128 General Information 1. a. Year project area adopted: 1976 Duration of redevelopment plan: 11/22/16 b. Ifproject area name has changed, give previous name(s) or number: N/A c. Year(s) project areas merged: N/A Pr. qiect areas merged: cl. Year(s) real property was added or removed N/A. Project areas adopted, or portions added thereto, after 1975,.are subject to affordable housing production requirements (and implementation plans pursuant to Sections 33413Co)(4) and 33490). In ad&tion, the agency may, by resolution, elect to make the project area, or portions thereof adopted before 1976, subject to Section 33413. Check here if this area X, or any portion thereof , is subject to the affordable housing production and planning requirements. ., ',~--'.. ;:~i~ Tax Increment Set-asides Report all actual revenues from this project area which accrued to thc agency's Homing Fund this fiscal year. Any income related to agency-assisted housing located outside the project area(s) should be reported as "Other Revenues" (item 3d, below) ffthis project area is named as beneficiary in the authorizing resolution. Show the full 20% of gr°ss tax increment setaside, prior to any Pass through, less exemptions or deferrals only. Reductions for debt service should be reported as an cxpcncliturc on Schedule HCD-C. a. Tax Increment: 20% of'Gross: $ 438,127' Amount' Exempted: ($ ) Amount Deferred: ($ ) Tax Increment Deposit to Housing Fund: b. Debt or Bond Proceeds (including principal & interest): c. Grants: d. Other Revenues (e.g.. rental income, loan repayments, property sales, deferral repayments etc.); specify amount for each revenue type: pnblic nfil. $7156, Flome owner exempt. $1607 e. Interest: f. Total Housing Fund Deposits for this Project Area g. (add 3. a-e, above): $ 438,127 $ 0 $ 0 8,763 I02,503 549,393 *file. s's than 20% is behsg set-aside its this' project area its accordance with Section 33334.3(0, indicate the actual gross percent here ( %), enter the amount in 3a. above, and identi~, the contributing project area(,') 96/97 If you are claiming an exemption from making the full 20% set-aside, indicate the reason(s). Check the appropriate Health and Safety Code Section designation(s): N/A Section 33334.2(a)(1): No need in community to increase/flnprove supply of low/moderate-income housing. Section 33334.2(a)(2): Less than 20% set-aside is sufficient to meet the need. Seaion 33334.2(a)(3): Commmfity is making substantial effort equivalent in value to 20% set-aside and has specific contractual obhgations incurred before May 1, 1991 requiring continued use of this funding. Other: Specify code section, reason: When were the necessary findings adopted? (Show month/day/year.) / / HCD-A Page 1 of 6 Agency Name: Tustin Comm edeveiopmcnt Agency Project Area Name: Town ¢' Redevelopment Project Area 5. ao If you are deferring the setaside, indicate the reason(s). Check the appropriate Health and Safety Code Section designation. N/A Section 33334.6{d): Project was adopled before 1977 and tax hxcrements are neoded to meet e~isting debts. Section 33334.6(e): Project was adopted before 1977 and tax increments are needed for timely completion of projects to which agency was coiundtted bclbrc 1986.) Other: Specify code section, reasons: When were die necessary findings adopted'! {Show.montlt/day/year.) /--/ A deferred set-aside pursuant to Section 33334.6(d) or (e) constitutes an indebtedness to the Housing Fund equal to the ammmt of the set-aside being dclbrrcd. Stmmmrizc the amount(s) of set-aside delbrred during this fiscal year and cumulatively: Fiscal Year Amount Deferred Amount of Prior FY Cun~ulative Amount During FY Deferrals Repaid Deferred (Less Any During FY Amount Repaid) ,$::?.~::::::.~.:....~:¥?;?~:~i~i.?~:,~i ~:.$~!~!~?:!~:i~i~)?'::i!:iiiii.!!?:.!?..!~:~? $ 2,216,474 95/96 . ::.;-:~ i.:.'.:. ::7.--. ¥:; -:~'::': .... ~----.. .... 96/97 $ 0 $ 0 .:.~,"-- $ 2,216,474 * The cutnulative amount ofdeferredsetm'ide should also be shoa,t on Line 7b of Schedule IICD-C. lfthe FY 95/96 cumulative deferral shown here differs from what was reported on the last HCD report, indicate the amotmt ol'and thc reason Ibr thc dillLmmcc: d. Section 33334.6(g) rcqui~es any agency which dclizrs sct-a~'idcs to adopt a plan to eliminate the deficit in subsequent years. If this agency has detbrred set-asides, has it adopted such a plan? Yes X No ~ e. If yes, by what date is the deficit to be eliminated? 11/22/15 htrmant to Section 33334.2 (b) or 33334.6 (f)(2), attach copies of any findings adopted in accordance with items 4 and 5 above lbr this reporting period il'you have not previously submitted them to the Department. N/A 96/97 HCD-A Page 2 of 6 Agency Nalllg: Tustin Community Redevelopment Agency Project Area Name: Town Center Redevelopment Project Area Housing Units Lost and Households Displaced Pursuant to Scctitms 33080.4(a)(!) and (a)(3), report thc nmnbcr of dwcllhtg milts and 'txxlxooms destroyed or removed from Ihis project area as a result of redevelopment activities; the number of Ihose unils or bedrooms the agency is no.._~t required to replace; and thc income Category and type of households displaced fi.om the project area diwing the fiscal year. Household Income Households Total No. Lost Number Lost No.__[ and Type Displaced (Rc'anoved or Required 1o be Destroyed) Replaced Units / Bedrooms Units / Bedrooms * Total Very Loss' '. __0__ __ / / Subtotal Elderly · · Subtotal Other Total Low 0 / . :/ Subtotal Elderly I:- Subtotal Other Total Moderate 0 __ /__ __ /__ Subtotal Elderly Subtotal Other Total Above Moderate 0 ~~ / ~ __ /__ Subtotal Elderly S;~otal Other * Destroyed unils which ~ere vacant but rea-vonabl, v wouhl be expected lo be occupied by Iow or moderate income households shouM be replaced. As required ia Section 330g0.4(a)(2), esthuate thc type and amber of households, by income category, to be displaced from this project area during the next reporting period (the current fiscal year): Income Level Total Households Subtotal Elderly SUbtotal Other Very Low * Low Moderate * Above Moderate * * The exact amount of households to be displaced form a project currently being considered by the Tustin Community Redevelopment Agency's, at this time is unknown. However, once a relocation plan is adopted and the number of tenants who will remain is known this Information can be supplied. 96/97 ItCD-A Page 3 of 6 Agency N~une: Tustin Community Redevelopment Agency Projc. cl Art~ Name: Town Center Redevelopment Project Area Current Housing Actl,4ty Pursuant to Section 33080.4(a)(4), report by income level all other milts or households assisted iu fl~e project area dtmng the reporting period, which have occupancy or use reslrictions. Do no._It report lhe Same units or households in more than one column. Do no___!t report am.' of the same units reported in item 8, on the previous page. ltmisehold Income Mobilehomes Units Rehabtxal Honscholds Households Other Maintained (not substantial) Receiving Rental Received Ilmne- Ilouseholds Assistance or ownership Assisted .. Subsidies Assistance (Specify) Very. Low 0 Low 0 -,u.:-..,,., Moderate 0 Above Moderate 0 10. Pursuant Io Section 33080.4(a)(lO). report tile m~mber of units to be co~stmclod in lhe project area (with agency ass/stance), within thc next two years, pttrsuant to an executed contract or agreement. Also include thc cstimalcd completion dates of the units. Do no__.! report any units shown in item 8 or 9, above. Name of Contract or Abmmment Execution Est. Dale of Nmnbers of Units to be Bruit Datc Completion Total Very Low I.ow Mod Othcr NONE , ,, 11. h~rsuant to Sections 33{lg{k4(a)(7) and 33418, provide an hwenlory of all housh~g projects or milts in the project area which have occupancy or affordability restrictions flnposed by agreements or recorded conditions, covenants, or restrictions. Use file form on page 6 to report any additions or corrections to fl:e previotn year's inventory. 96/97 HCD-A Page 5 of 6 J% "': F-,' SCHEDULE HCD-B Activity Outside Project Areas for Fiscal Year Ended 6/30197 Ageacy Name: Tustin Community Redevelopment Agency Prepare~'s Name, Title: David Gottlieb Preparer's Telephone No: (714) 573-3128 Pursuant to Health & Safety Code Section 33334.2(g) agencies may use Housing Funds to assist housing affordable to low- and moderate-income households outside of adopted project areas. Report here on the agency's housing activities conducted during the reporting period outside of adopted project areas. This information should no_At be reported on HCD-A. Ho~sinl~ Units Lost and Honseholds Displaced Pursuant to Sections 33080.4(a)(1) and (a)(3), report the number of dwelling units and bedrooms destroyed or removed; the number of those units and bedrooms the agency is no__!t required to replace; and the income category and type of households displaced from °utside of project areas during the fiscal year. Household Income Households , ~ !: Total No. Lost Number Lost No._At and Type Displaced (Removed or Required to be Units / Bech'ocnns Units / Bedrooms * Total Very Low __ 0__ __ /~ __ /__ Subtotal Elderly Subtotal Other Total Low 0 / __ /__ Subtotal Elderly Subtotal Other Total Moderate 0 / __ /__ Subtotal Elderly Subtotal Other Total Above Moderate 0 / __ /__ Subtotal Elderly Subtotal Other * Destroyed units which were vacant but reasonably would be expected to be occupied by iow or moderate income households Should be replaced. As required in Section 33080.4(a)(2), estimate the type and number of households, by income category, to be displaced outside of project areas during the next reporting period (the current fiscal year): Income Level Total Honseholds Subtotal Elderly Subtotal Other Very Low * Low * Moderate * Above Moderate * * The exact amount of households to be displaced form a project currently being considered by the Tusfin Community Redevelopment Agency's, at this time is unknown. However, once a relocation plan is adopted and the number of tenants who will remain is known this information can be supplied. HCD-B 96/97 Page I of 4 Agency Name: Tustin Commum.~ _.edevelopment Agency Pursuant to Section 330g0.4(a)(4), report by income level aH other units or households assisted outside project areas during the reporting period, which have occupancy, or use restrictions. Do no._!l report the same units or households in more than one column. Do no_At report any o£the same units reported in item 3, on the previous page. Household Income Mobilchomes Units Rchabbed Households Households Other Maintained (not substantial) Receiving Rental Received Hotne- Households Assistance or owaership Assisted Subsidies Assistance (Specify) Very Low N/A Low N/A Moderate N lA Above Moderate N/A Pursuant to Section 33080.4(aXi0), report the number 0f dwelhng umts to be developed outside adopted project areas (with agency assistance) within lhe next two years ixu'suant Io an executed contract or agreement. Also include the estimaled .completion dates of the units. Do no__!t report any units shown in items 3 or 4, above. Name of Contract or Agreement Execution Est. Date of Numbers of Units to be Built Date Co~npletion Total Very Low Low Mod Other Laguna Gardens 9/2/96 still being 64 4 5~55 negotiated Pursuant to Sections 33080.4(a)(7) and 33418, provide an inventory of all housing projects or units outside of adopted project areas which were assisted with redevelopment fuads and have occupan~ or afrordability restrictions. Use the form on page 4 to report any additions or corrections to the previous year's inventory. N/A 96/97 HCD-B Page 3 of 4 SCHEDULE IICD-C Agency-wide Activity for Fiscal Year Ended 6/30/97 Agency Name: Tuatin Commnnity Redevelopment Agency PrepaYs Name, Title: David Gottlieb Senior Redevelopment Project Manager Preparers Telephone No: (714) 573-3128 Low & Moderate Income Housinp Funds Report on the "status and use ofthe agency's Low and Moderate Income Housing Fund," including information developed to comply with Seclions 33080.4(a)(6) and (a)(8). Information reported here should be based on that reported to the State Controller. Beginning Cash and Investment Balance (Should ec~ml Line 4, "Total Available Balance" from last year's HCD-C form): $ 5,259,560 ffBeginning Balance is not the same as Line 4 from Schedule HCD-C for FY 95/96, indicate the amount of, and -reason(s) for, the difference: RBvellUeSZ a. Total Receipts From Project Areas: (Sum ofamount(s) fram line 3fon Schedule b. Other revenues not reported on Schedule HCD-A(s)~.~ (Speci~. $1,035,607 $ 0 Subtotal of Expendim.res and Uses (combine a-i below): a. Acquisition of property/building sites (33334.2(e)(I)): $ b. On/off-site improvements (33334.2(e)(2)): $ c. Housing construction (33334.2(e)(5)): $ d. Housing acquisition (33334.2(e)(6)): $ e. Housing rehabilitation (33334.2(e)(7)): $ f. Housing subsidies (33334.2(e)(8)): . $ g. Debt service (33334.2(e)(9)): $ h. Maintenance of mobilehome parks (33334.2(e)(I 0)): $ i. Preservation of at-risk units (33334.2(e)(11): $ j. Planning and admin, costs (33334.3(e)(1)(A)): $ k. Indirect nonprofit costs (33334.3(e)(l)(B)): $ 1. Other (Specify supplies ): $ 9,500 16,627 0 0 397,636 707,034 0 0 0 241,388 0 i,754 Transfers Out: The specific use of transferred funds should be reported in items a-l, above. Net Resources Available (l+2a+2b-3): Total Enenmbrances-sce Section 33334.12(g)(2) for a definition. (Amount of line 4 encumbered per written agreement or contract): 6. Unencumbered Balance (4-5): 7. Other Housing Fund Assets (not included on Line 4, above): a. Value.of land purchased with housing funds and held for development of affordable housing:. b. Indebtedness for steadies deferred (See. 33334.6): c. Loans receivable for housing activities: cl. Other assets (Specify 8. Current Plus Future Fund Resources (4+7a through 7d): 96/97 $1,352,489 $ 4,921,228 $ 1,913,005 $ 3,029,673 $ 2,216,474 $ $ 5,246,147 HCD-C Page I of 4 Agency Name: Tustin Communit) _.~dcvelopmcnt Agency Excess Surplus Pursuant to Section 33080.7, report any excess surplus funds (as defined in Section 33334.12). An excess smplus exists for a fiscal year ff the unencumbered balance in the Housing Fund at year end exceeds the greater of $1,000,000 or the aggregate amount of tax increments deposited into the Fund during the preceding four fiscal years. "Encumbering" means committing funds pursuant to a legally enforceable contract or agreement for expenditure for authorized redevelopment housing activities. In accordance with Section 33334.12(g)(3)(A) and (B), the unencumbered balance may be adjusted to account for revenue added from debt proceeds or the difference between the sales price o£1and for affordable housing and its fair market value. 9.a. Fill in the following table to calculate and track your agency's excess surplus amounts for each fiscal year be~nning with FY 93/94. Fiscal Total Tax Sum of Tax Total Excess Surplus Amount Expended Remaining Year Increments Increments in Unencumbered- and Encumbered Excess Surplus, Deposited in Housing Fund from Balance in Housing against Excess for each FY, as of Housing Fund Previous Four Fys Fund at End ofF"Y* Surplus, for each 6/30/97 ~.... ,:,., FY, as of 6/30/97 93-94 $1,087,764 ~:~:~3;~';:';35~'"::~""3~;~!'~': ~'~ ~'~ ....... :~:'~.~c-,;'~/-~ {'~'~ ......... t. -~)- -~'"~,.; *" -- -- 94-95 $1,092,177 ...... < .......... ' .... v ..... 57 , , ._~-~ ~ .".'~;~;~:~: $ 4,315,937 $ 5,246,147 $ 0 ...... 96-97 * Unencumbered balance for FY 96-97 should equal item 6 on previouspage unless adjustments are madeper 9. b., below. b. Are you eligible to adjust the total ~mencumbered balance? If yes, identify the type and amount of the adjustment below:. 1. Unencumbered balance from line 6 on previous page: 2. Adjustments: Bond Proceeds (33334. ! 2(g)(3)(n): Land Sales (33334.12(g)(3)(A): 3. Adjusted Balance: ($. ) ($ ) If you reported an excess surplus for the current fiscal year, briefly summarize the agency's 'plan (authorized in Section 33334.10) for encumbering or expending that amount: d. If plan described in 9.c. was adopted, give adoption date: / / 96/97 HCD-C Page 2 of 4 Agency Name: Tusfin Commtt .edevelopment Agency Misc. Uses 9~ Funds 10. Purstmnt to Section 33080.4(a)(6), report the total number of very low-, low-, and moderate-income households directly benefited by expenditures for onsite/offsite improvements, which resulted in new construction, rehabilitation, or the elimination of health and safety hazards. (Ifline 3b ofthis schedule does not show expenditures for improvements, no units should be reported here.) Income Level Consm~ction Rehabilitation Health and Safety Ehu'ation of Deed Restriction Very Low 7 Low 2 Moderate 11. If the agency is holding land for future housing development (see line 7a, above), summarize here the sites held, including acreage, date of purchase, zoning, and anticipated start date for the housing development. ,. · , Site Name/Location* No. of Acres Zoning Purchase Date Est. Date Comments Available ,,, 12. 13. 14. * Please attaCh a separate sheet of paper listing any additional sites not reported above. Section 33334.13 requires agencies which have used'thc Housing Fund to assist mortgagom in a homcownemhip mortgage revenue bond program, or home financing program described in that Section, to provide the following information: Has ymu' agency used the authority related to definitions of income or family size adjustment factors prodded in Section 33334.13(a)? Yes__ No__ Not Applieable~ Has the agency complied with requirements in Section 33334.13(b) related to assistance for very low-income households equal to twice that provided for above moderate-income households? Yes__ No__ Not Applicable~ Section 50836Co) allows redevelopment funds to be used as matching funds for federal HOME or HOPE program support. Did the agency use any redevelopment funds for this purpose during the reporting period? Yes__ No__ Not Applicable__ If yes, please indicate thc amount of housing fonds, and/or non-housing funds, thai were used for either HOME or HOPE program support. Housing Funds used: HOME $ HOPE $ ' Non-housing funds used: HOME $ HOPE $ Per Section 33080.4(a)(11) attach to this schedule a summary showing thc datc and amount of all deposits to and withdrawals from the agency's Housing Fund during the reporting period. 96/97 HCD-C Page 3 of 4 Agency Name: Tustin Commun velopment Agency · Achievements 15. On a separale sheet of paper, please briefly describe one outstanding or innovative project, practice, or program the agency participated in dtuing this reporting period to increase, improve or preserve the COmmunity's affordable housing supply. Please provide the following information along with the program or project description: a. Name of Project or Program: b. Description: No. and type of units provided: Resident inCOmes: Services prodded: Agency funding provided: Financing arrangements: c. Agency's Role: Nature and extent of the Agency's role: ' Financial participation in the project or program: d. Brief History: Housing need or problem addressed: Successful aspects: Unusual features: Problems enCOuntered: Lessons learned: e. Contact Person and Telephone Numben. The following year, several agencies will be selected to receive a "Director's Award for Housing Development Excellence". This new award will highlight the important role of redevelopment agencies in addressing California's housing problems. Agencies will be selected based upon the description of an exemplary project or program and in COnsideration of the leadership role of the agency, the creativity or ixmovative nature of the project or program, and the overall merit of the project or program in addressing an identified housing problem or need. Use of Other Redevelopment Funds for Housing 16. Please briefly describe thc use of any non-housing redevelopment funds (i.e., contributions from the other 80% of tax increment revenue) to COnstruct, improve, assist, or preserve housing in the commmfity. Resource Needs 17. What additional mining, infi~rmation, authority, or t~er resources would help your agency more quickly and effectively ~tse its Hm~ng Funds to increase, improve, and preserve affi~rdable housing? 96/97 HCD-C Page 4 of 4