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Home My WebLink AboutRDA 03 94-95 ANN'L RPT 02-06-95At' ENDA - RDA NO. 3 2-6-95 DATE: February 5, 1996 Inter-'Com TO: FROM: SUBJECT: WILLIAM A. HUSTON, EXECUTIVE DIRECTOR CHRISTINE SHINGLETON, ASSISTANT EXECUTIVE DIRECTOR 1994-1995 ANNUAL REPORT RECOMMENDATION It is recommended the Redevelopment Agency take the following actions: 1. Receive and File the Annual Report for 1995 2. Direct a copy of this 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 Developmem. The annual report'must comain the following information: An independem 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 comaining the following information: a. d. The mount of outstanding indebtedness of the Agency. The amount of tax increment property tax revenue generated. The amount of tax increment revenues paid to taxing agencies pursuant to Section 33401. The required report to the State Controller 3. Any other fiscal information the Agency believes is useful. William A. Huston February 5. 1996 Page 2 4. A description of the Agency's activities affecting housing and displacement containing the following information: The total number of households displaced or moved from their dwelling units as part of a redevelopment project during 1994-95. b. An estimate of the total number of households that will be displaced during 1995-96. C. The total number of dwelling units housing persons and families of low-to moderate income which were destroyed or removed fi'om the housing market in 1994-95 as apart of a redevelopment project. do The total nUmber of Agency assisted dwelling units constructed, substantially rehabilitated, acquired or subsidized during 1994-95 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 Any other information the Agency believes useful to explain its housing program. 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 amount 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 committed by a legally enforceable contract or agreement. o Any other information the Agency believes is useful to explain its housing program: ANALYSIS A new annual report for the Agency's review is attached. In addition, the following surmuary also responds to specific information'required by the state. . Independent Financial Audit and Compliance Audit' A copy of the audit and compliance audit for 1987-88 is attached. 2. Fiscal statement: The amount of outstanding indebtedness, as of June 30, 1995, was reported to be $20,204,696. William A. Huston February 5, 1996 Page 3 The amount of tax increment property tax revenue received by the Agency in 1994-95 was $3,566,539. The amount of tax increment paid to taxing agencies pursuant to Section 33401 was $-0-. do The required report to the State Controller will be submitted with this report. . There is no other fiscal information which the Agency believes to be useful at the present time. 4. Activities Affe~ing Housing and Displacement a. The total number of households displaced or moved as part of the Town center or South Central Redevelopment projects during ! 994-95 were -0-. b. The total number of households estimated to be displaced as part of the Town Center or South Central project areas in 1995-96 are -0-. The total number of low to moderate income dwelling units demolished or removed from the housing stock in 1994-95 was -0-. d. The total number of Agency assisted dwelling units which were constructed, substantially rehabilitated, acquired or subsidized in 1994-95 for occupancy at affordable cost by persons and families of low to moderate income was -0-. As of June 30, 1995, the accrued balance in the Agency's low to moderate Income Fund for the South Central Project Area was $3,518,640. There is no excess surplus in the Housing Fund for the South Central Project Area. As of June 30, 1995, 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 in the Housing Fund for the Town Center 'Project Area.. Agency staffwill be happy to respond to any questions at the Agency's February 5th meeting. /Chris/ine A. ShiP, eton Assistant City Manager • • TUSTIN COMMUNITY REDEVELOPMENT AGENCY ANNUAL REPORT FISCAL YEAR 1994- 1995 ole 0.411P■A•t\ 0 st • • REDEVELOPMENT AGENCY MEMBERS JIM POTTS Chairman TRACY WORLEY Vice Chairman MIKE DOYLE Board Member THOMAS SALTARELLI Board Member JEFFERY THOMAS Board Member REDEVELOPMENT AGENCY STAFF WILLIAM A. HUSTON Executive Director CHRISTINE A. SHINGLETON Assistant Executive Director LOIS JEFFREY Redevelopment Agency Counsel RICHARD ZIMMER • Redevelopment Program Manager DANA OGDON Senior Planner DAVID GOTTLIEB Redevelopment Project Manager • • TABLE OF CONTENTS BACKGROUND AND HISTORY PAGE 2 SOUTH CENTRAL PROJECT AREA PAGE 4 TOWN CENTER PROJECT AREA PAGE 8 ECONOMIC DEVELOPMENT ACTIVITIES PAGE 10 PROPOSED NEW PROJECT AREA: MCAS, TUSTIN PAGE 12 WHAT TO EXPECT IN 1996 PAGE 13 PROJECTS FROM PREVIOUS YEARS PAGE 14 ATTACHMENT 1 Annual Financial Report ATTACHMENT 2 Annual Report of Financial Transactions Submitted to the State Controller ATTACHMENT 3 Annual Housing Report Submitted to the State Department of Housing and Community Development • • • TUSTIN COMMUNITY REDEVELOPMENT AGENCY BACKGROUND AND HISTORY Under the laws of the State of California, every major public improvements and provided needed city and county has redevelopment authority, but needs assistance to private property owners to strengthen to activate its redevelopment Agency by ordinance. The Tustin's economic base. Included among these were Tustin City Council adopted this ordinance in 1976, street scape improvements in Old Town, public creating the Tustin Community Redevelopment Agency. improvements to assist such important developments as Also in 1976, the Agency created its first project area, Tustin Plaza, the Resco Development, Pacific Center the Town Center Project Area, encompassing much of East, street reconstuction, flood control improvements the Old Town area, as well as the commercial properties and other projects which would not have been possible along Newport Avenue,First Street and Irvine Boulevard. without the Redevelopment Agency as a funding source. The Agency added a second project area, the In 1992, the Agency began a major refocusing South Central Project Area, in 1983. The area included and re-emphasis on redevelopment efforts. Early in 1993, residential and commercial areas east ofNewport Avenue it retained•a consultant to begin a major residential between Main Street and Bonita Street. It also included rehabilitation program in the South Central Project Area. Also in 1993, the Agency hired a Redevelopment Program Manager, the first time the Agency had staff to work m ff exclusively By 1994, oe � redevelopment efforts. By 1994, the c = o p a housing rehabilitation program had 9 �� £ I . 11 l�4 z a. a ��rw ,d�.m; become active enough to require the �t a �`�� i;�'� ,, }, fkr� �� r, hiring of full time staff to implement s.. t ,`t d Y '; yk r �E at4 c<< .; 3: it, and the Agency hired a `it :1'4 -Tho,_ -;11 j '1, % ,; . RedevelopmentProjectManagerfor 1_1 `-il this and other housing programs. 1994 also saw the _ evolution of the Agency's activities into a multi-faceted redevelopment LI program, including increased efforts on public improvements and Tustin City Hall. Completed by the Redevelopment Agency in 1993 facilities, housing construction, identification of potential public/ the area south of Interstate 5, between State Route 55 private partnerships,business attraction efforts,business and Newport Avenue. Recognizing the need for major retention activities, and the expansion of the Economic infrastructure improvements to allow for industrial Development Council to more closely reflect the business development in the southern part of the City, the Agency interests of the community. expanded the South Central Project Area in 1985 to include the area known as Pacific Center East, south of The 1994-1995 Fiscal Year was a year in which Edinger Avenue, between State Route 55 and Red Hill many of the Agency's goals began to take shape. In the Avenue. South Central Project Area, several significant steps were taken towards the long-awaited extension of Newport Over the ensuing years, the Agency undertook Avenue south to Valencia Street. The housing Page 2 • • 1994-1995 ANNUAL REPORT rehabilitation program reached well over 200 c TUSTIN COMMUNITY units and expanded its assistance to include the reconstruction of the private alleys. The REDEVELOPMENT AGENCY Cosmopolitan Apartments were demolished and a new, single family subdivision began to Activated by City Council 1976 rise in its place. Town Center Project Area Created 1976 South Central Project Area Created 1983 The Town Center Project Area saw the opening of the Columbus Tustin Gym, South Central Project Area Expanded 1985 providing the entire community with needed Expected Creation of MCAS, Tustin,Project Area 1996-97 recreational opportunities. The Cornerstone \ i Building, at the center of Old Town received a total face lift to bring its architecture into conformance Community Redevelopment Agency is one marked with with the rest of Old Town. And the Agency began the improvements needed by the community, whether this process to completely redevelop the southern entry to be in business enhancement, residential rehabilitation and Old Town to add new vitality to the Town Center Project new housing construction and development of Area. recreational facitlities. It is a history of responding to the needs of a growing and changing community. With the upcoming closure of Marine Corps Air Station, Tustin,the Redevelopment Agency took the first Fiscal Year 1994-1995 was a year of growth and steps to creating a new redevelopment project area to expansion of the Agency's activities. Fiscal Year 1994- help finance over $140 million of infrastructure needed 1995 has set the stage for continuing the Agency's to make the base viable for future development. Through activities into 1995-1996 and beyond. The coming year the Economic Development Council, the Agency began will be one of challenges and expectations, of growth developing a marketing strategy to bring to the Base the and expansion. It will be a year in which the Agency will type of development which the Tustin community expects continue to use the power it is granted by State law to and deserves. serve the Tustin community. • Business attraction and retention efforts expanded in Fiscal Year 1994-1995. By the end of the year,there were less than five major � - industrial buildings available for in the City. Through the -= gr Economic Development Council, ?•. r l� business leaders began visiting other _ t n!, r e j business leaders to increase the _ �ee� � e.;\�`'i �T/ franks , ; dialogue between the City and its o00 � °" A "4 �� business community. And areas _ -- __�� . � . Y � � l facing difficulties in reducing the t t " ' `if, t vacancy rates which climbed in the L, Y s� . . - - early 1990's began to be analyzed =� --- to give them the special attention they need. — The history of the Tustin Plaza Lafayette. Assisted by the Redevelopment Agency in 1985 Page 3 • • TUSTIN COMMUNITY REDEVELOPMENT AGENCY I SOUTH CENTRAL PROJECT AREA NEWPORT EXTENSION �__ � � Jr-- -- i�t1 -j, AND � ��l 1 ,,,,i ---- —�� EDINGER RAMPS `' a_ `�� ,lI j ll..,,a� TO NORTHBOUND 55 \, ;,��° ° -� „ _ -�. = ,,�� ' In 1991,the City adopted the Pacific t' > : -; i ''t 7_ ' ` - , l 'v. Center East Specific Plan, calling for y`, "-y � �� . o ° _ � j �� I, •the development of a major business lie "=` �` � "a F T� .. I I, 1° I and commercial center bounded by ; v -� t l „ .I i- 1; m �' ' e i „ Edinger Avenue Red Hill Avenue j� - i -= - l•'u I� " "" - °' ir. >:`-.. \\ �� i .�� ..-Ili Valencia Avenue and the Newport __ _ Freeway(SR55). Because oftraffic -�-r ,“: - -- ' _ -m- --•- _rt• congestion, development can not - 11° nil i b-r- td 4uj A •L-% .l1_J proceed. until major infrastructure oe improvements are made. Engineering drawings for the new Edinger Avenue Ramps to the When the Newport Freeway was built, CalTrans ended Northbound Newport Freeway Newport Avenue several hundred feet south of Sycamore The most significant improvements needed are tht Avenue. With the development to the south, extending extension of Newport Avenue and the modification o. Newport Avenue will provide a needed north-south artery the Edinger Avenue ramps serving the northbounc to relieve the congestion. It will give the existing and Newport Freeway. Several recent actions have been taker future employees working south ofEdinger with a direct, to further these projects. quick access to the commercial centers of Newport Avenue and Old Town. In Fiscal Year 1994-1995, the Agency negotiated anc won approval from CalTrans of tht Project Study Report for the needec " r_ — improvement. Approval of thi: <. , .. report places the new ramps or -'' *�" CalTrans list of freeway f; x improvements and allows for tht ]T ' preparation of the CalTrans Projec j i Report, the final engineering plan , � i sr ti i'4;-' , and specifications and ultimately j1),1 t construction of the ramps. —z -,i iJ +t j < 1g. ,`.:.. , ,r , i„, .1 _t �il�! ' �ipu i pi p,. n�.r;r i ,'a',I � _ The Agency also purchased the Cas w Swayne property on Edinger Avenui for right-of-way to extend Newpor - _ and obtained from Shea Homes mos of the right-of-way needed north o the railroad right-of-way. The Case Swayne warehouse purchased by the Agency for the Newport Avenue extension. Page 4 • • 1994-1995 ANNUAL REPORT FOCUS ON THE SOUTHWEST x • NEIGHBORHOOD Known locally, as the Southwest 3140.0)7 CO — - / 9_._ Neighborhood, the residential and ,,,aim commercial areas south of Interstate I. 3103 5 and west of Newport Avenue to ! +' the Newport Freeway are a major focal point of the fforts of the Redevelopment Agency. This area represents just over 10% ,,, L� of the geographic area of the City, FISCAL va 9499 but houses close to 25% of the population. It is experiencing Increase in housing rehabilitation program annual expenditures tremendous changes in its demographics and economic base. This brings both new vitality to the City as well as new challenges. To assist the area, the Redevelopment Agency and the City have begun several major programs to the Southwest Neighborhood to maintain and strengthen the area. These activities in the area coordinate around the funding and efforts of the Redevelopment Agency. Housing Rehabilitation Program Because of the age of the structures and their intensive use, many of the structures have deferred maintenance which the property owners have been unable to finance because of the reduction in the ; . 3 rental rates in Orange County in the past several years. Thus, the I. Redevelopment Agency is helping these owners rehabilitate their _- - property. The Program has been in operation for three years. It provides grants and deferred loans to owners of both multiple family and _ _ single family homes. Focusing primarily on the triplexes and four- plexes in the area, these grants and loans help property owners hit hard with the economic changes which have buffeted residential properties since the late-1980's. ,°.v' .lr Vic: With each passing year, more property owners take advantage of - , the program, rehabilitate their buildings and improve their IRS' '. na l neighborhhoods. And their efforts, assisted by the Redevelopment — - Agency, translate into much needed work on the buildings in Southwest Tustin. s :5.55 Typical improvements are new roofs, driveways, exterior painting, new garage doors and replacement of patio decks. Improvement from a multi-family rehabilitation project Page 5 • • TUSTIN COMMUNITY REDEVELOPMENT AGENCY In Fiscal Year 1994-1995, recognizing a need to expand its efforts and focus them on specific probems,the Agency added two new BEFORE grants to the Rehabilitation Program. These grants ensure that every property owner who participates in the program will be able - . ;1, 4. y. + f to paint their building and can install security lighting to increase - 71; the safety of themselves and their tenants. ��?t, Alley Improvement Program t � >�� -_ A major problem in the area is condition of the alleys used to serve wa °° several properties,but privately owned. The Housing Rehabilitation ; '" r • air loans and grants cannot be used for these alleys. However, with ' r a ''^ Cs #` A••?-. t F y more and more buildings being rehabilitated,the condition of these - alleys has become a major concern AFTER to the City, property owners and ' l !` residents alike. r4p� Therefore, starting in Fiscal Year 1994-1995, Agency funds were A ' / set aside specifically for the repair of the privately owned alleys in u ` ' the area. Over the past thirty years the alleys have deteriorated 3 /'':e because of their poor design and heavy use. Several alley projects have been completed. The new alleys being constructed by the ' Agency are built according to City codes and are designed to last • for a longer period of time. Improvements from the Agency's new private alley reconstruction program If a property participating in the rehabilitation program has an alley that is used by surrounding properties, the alley is eligible for alley replacement program. Besides Working with the Police Department results in the providing aesthetic benefits, the repaved alleys and the targeting of rehabilitation resources to very specific blocks addition of security lighting makes these allow for the within the area. Based upon information received from safe, easier delivery of emergency services and for use the Police, marketing of the Rehabilitation Program to by the residents of the area. owners takes place to clean-up problem areas. Coordination With Other Departments The Agency works with the Public Works Department to improve City-owned right-of-way.Begun in Fiscal Year The issues facing the residents and businesses of the 1994-1995, and expected to be completed early in 1996, Southwest Neighborhood go beyond what the Housing is the relandscaping of the Sycamore Avenue median, Rehabilitation Program can provide. Thus, the Agency where it begins at the Newport Freeway, a major entry coordinates closely with other City departments, most point into the City. often with Code Enforcement,Police and Public Works. Public Works also identifies other areas needing attention Code Enforcement inspections refer a significant number and implements the improvement program approved and of properties to the Rehabilitation Program. Participation financed by the Agency. One of the most ambitious of in the Program gives the property owner the financial these is the extension of Newport Avenue south to ability to correct the violations in a timely manner. Edinger Avenue. Page 6 • • 1994-1995 ANNUAL REPORT Youth Center and Recreational - 4- Opportunities = °p ; Over the past few years, families ` 'r - with children have increasingly - I called the Southwest Neighborhood - ` home. To provide increased - - -- opportunities for the youth in the !I l it i area, the Agency is purchasing the I existing, vacant retail site at the u��l I c!AI northeast corner of Newport and s " �' Sycamore Avenues. j s. Currently developed with a 6000 The building the Agency is acquiring to house the new Youth Center square foot building, it has been vacant for the past three years and is a blight on the ownership and single family homes in the Southwest neighborhood, the Agency will use the site for a Youth Neighborhood. The end result was an agreement between Center and will be working with the TAFFY Program to the Redevelopment Agency and the developer that will provide both a the Head Start program for pre-schoolers provide for the construction of 145 detached, single- as well as recreational and other services for older youths family homes. Construction began in mid-1995, and the within the community. Through its Community first new homeowners are expected to move in early 1996. Development Block Grant Program, the City is assisting the Agency in funding for both programs. To encourage affordable home ownership, the Agency required the developer provide twenty-one affordably Also through its Community Development Block Grant priced units. Seven homes will be sold to moderate- program,the City has provided funds to establish a second income households, six to low-income households and location for the Tustin Boys and eight homes to very-low-income households. The Agency Girls Club at Heideman School on is providing silent seconds, downpayment assistance as Williams Street. well as mortgage credit certificates to those who qualify. New Housing Opportunities x 7°v! The most significant improvement to ,c�.4, ,u . +' the Southwest Neighborhood has . ,g)404'.1.2,1 /j I c been the construction of the Tustin n '>��. _ ! 1i - .; i Grove project. Working with the .4,�'v f I 1 ),,' T �� j .. "fc- , a.' developer, the Agency financed a �, . v ';,a K tC �L portion of the demolition of the 296 t ; , I' y abandoned apartments that had been 'd,i 14"k'." ordered closed by the City due to I: r major health and safety violations. an - ^--+-� ' ' "-r;:. c -,-., C —tal�. fly° '–�;Tiu QWO .\ saq,arnni ' 1 . +'+ l`C- .Z The Agency worked with a it. i i a ■ ysoni 'ir"J'!" —•'`•�L�L�` developer to develop the site in -, 111 g_1r. 1111r- . accordance with City goals of home Tustin Groves. The first new single family development in this area in almost 30 years Page 7 • • TUSTIN COMMUNITY REDEVELOPMENT AGENCY I TOWN ;CENTER PRO)E; T AREA .• GATEWAY PLAZA - The southern entrance to Old Town, j" off of Newport Avenue, was "`. developed in the 1950's and early _ �� . ::.. , . , 1960's to serve the motoring public as they traveled through Old Town. y;. '6 . This is about to change. In FY 1994- _ - ` 1995, the Redevelopment Agency - - �� began a lengthy process to determine n I if it is possible to redevelop El Camino Plaza and the properties i° CoJuoibus TmErn _. , t_- — t1" south of it to Newport Avenue, into _ `_ „'• an entertainment retail center. This center will tie the southern end of El Camino Real with the center of Old The new Columbus Tustin Gym, built by redevelopment Bond proceeds Town and bring much needed vitality to this commercial district. COLUMBUS TUSTIN GYM After sending out over 300 Requests for Proposals to After years of planning, the new Columbus Tustin Gym developers and users alike, by the end of 1995 the was completed in Fiscal Year 1994-1995. Paid for with Redevelopment Agency had narrowed the potential Redevelopment Agency bonds, the gym has become a developers to two. If the Agency finds the development one of the major facilities in Tustin providing needed financially feasible in today's market, development recreational opportunities. Located in Columbus Tustin negotiations with one of these two parties will begin in Park just north of Irvine Boulevard, the gym provides early 1996. space forclasses,league and individual play and athletics. ADAPTIVE REUSE As El Camino Real swings through the heart of Old Town there are several historic homes which have .. ,i.;,' i - a T n been adapted to their commercial t j .- ' environment. The newest one is the 1913 Company,named after the year : J it was built. Through the efforts of 1 ! ^ the Redevelopment Agency and the <- i r__!!!i d" '"_ i CommunityDevelopment (t.4 .i� O-'�' i � �11 Department, the new owner began i ,---< �J' a ib the rehabilitation of this house in - _ . 1995. When it opens in 1996, it will —_ - i be a quaint and cozy coffee house. The 1913 Company. An example of Historic Buildings being used to serve modern needs Page 8 • 0 1994-1995 ANNUAL REPORT CORNERSTONE BUILDING OLD TOWN BANNERS AND DIRECTIONAL kt the corner of Main Street and El Camino Real is the renovated Cornerstone SIGNS 3uilding. Formerly a stucco-finished building,the owner received assistance iom the City's Commercial Rehabilitation Program and a loan from the Many merchants in Old Town had kgency to install a brick facade, new doors,windows and other architectural been concerned that people drive .elief to bring it into the architectural character of Old Town through the area, without appreciating its historic • ,:'_ -'` significance. Working with representatives of the merchants, the Agency installed 32 banners on ,� light posts along El Camino Real • 41/. _ i- and Main Street to signify the _ _-c-� historic nature and architectural ) ,y :..° _ heritage of Old Town. The Agency f; ; - - ri .. also installed new directional signs,lk ,L1a r l p rjt == using the same design as the iri= I " .}' l I .'�• banners, at each of the major ' '_� �_,a entrances into Old Town. An -- = v� .- additional sign, designed by a long time property owner in the area, ,r;,;:ia.----- y was installed at the beginning of Main Street, east of Newport The recently refurbished Cornerstone Building at Main Street And El Camino Real Avenue at the intersection with NEWPORT CAMINO Bryan Avenue. PLAZA 'he property at the northeast corner f Newport Avenue and El Camino - :%� ' rZ,'` Leal sat vacant as the property U wner worked to clean up ontamination from previous use of 0- tT ie site. In Fiscal Year 1994-1995, • 4y1 . • ito property was redeveloped, - -'"7,,, -- `_[i - roviding the community with a I L ts, – – :14;').. ,a ; ew retail center. �, ��" i 1 ki III 1 I rll �lt" 'o help offset the increased cost of 1 s a1 A I 1)— ,i P I L vs project, the Redevelopment s 1 � .gency provided funding to assist ":'" ; ..... i the cost of undergrounding the 1, a tilities making the development - nancially feasible. Newport Camino Plaza At Newport Avenue and El Camino Real Page 9 • • TUSTIN COMMUNITY REDEVELOPMENT AGENCY ECONOMIC "DEVELOPMENT ACTIVITIES In Fiscal Year 1994-1995, the Agency dramatically commercial and industrial areas of the City to determine expanded its economic development efforts. Through which areas require special attention from the City. The coordination with the Current Planning and Building Committee is focusing its efforts on the garden offices Divisions of the Community Development Department along Irvine Boulevard, which have yet to bounce back and the Public Works Department, the approval from the recession ofthe last few years. The Committee processing has been dramatically eased and existing and will be working closely with the property owners and new businesses are being brought into the City. their representatives, as well as with outside experts, to identify actions which can be taken to reduce the vacancy rates in these offices. I \ ‘.. Business Retention Committee ekzmc® The Business Retention Committee is focusing its efforts on working with existing businesses iri the community, ' ; identifying their needs and assisting in j A TDK Group Company .1 meeting those needs. Its major effort is a Business Visitation Program. In this program, the members meet with top management of the major employers and _C_. - _ companies in the City. This improves atat )it '- ";, j,, dialogue and identifies problems and concerns the City might not know about otherwise. ECONOMIC DEVELOPMENT COUNCIL One result of these visits was an industrial security The Agency staffs and works closely with the Economic workshop provided to the businesses in the South Central Development Council(EDC)to further the City's economic development goals. __ _. —� The EDC was formed by the City i f Council in mid-1993 and was R' ;vl ° ! _,' • A restructured and expanded in late-1994. There are now 30 members of the EDC. each is assigned to a committee. These - committees undertake the actual work of the EDC. Business Attraction Committee r 1 The Business Attraction Committee works to identify and locate new '_ businesses in the City. During 1995, the v " ' Committee studied the various $ ' Page 10 • • 1994-1995 ANNUAL REPORT ?roject Area and the southern part of the City. :oordinating with the Police Department,the Committee BUSINESSES ATTRACTED sponsored the workshop at Steelcase, Inc., bringing AND RETAINED ogether the businesses to discuss common concerns and levelop common responses to these concerns in :ooperation with the Agency and the City. Bagel Me .18 Boston Market 35 MCAS, Tustin, Marketing Committee Burger King 30 Chuy's Restaurant 35 With the closure of the Marine Corps Air Station, Tustin, Duncan Electronics 125 mminent, this Committee advises the Agency on how FH1 Inc. 250 )est to market the base to both interim and permanent Finders Keepers Furniture 35 isers. Composed of professionals in the development FunDazzle 25 Ind business site location fields, the Committee reviews Gary's Clothiers 10 nformation already compiled, advises the Agency on J-Tech Industries 75 additional information needed and will offer K-Mart 350 'ecommendations on the structure and nature of a Lane Bryant 25 narketing campaign to bring development to the Base. Leather Furniture 35 Long's Drugs 80 RED TEAMS McDonalds . 50 Michael's Crafts 65 [he Agency is also the focal point for the creation and Micro Center 150 :oordination of"Red Teams". A Red Team is an ad-hoc Millers Outpost 40 ' :ommittee assembled for the purposes of helping to retain Mrs. Gooch's 35 u attract specific businesses. The membership of each 1913 Company 5 :ommittee is based on the expertise needed to assist the Old Navy Company 45 rusiness being helped. Orange County Teachers Federal Credit Union 175 .n cooperation with the Current Planning and Building Pairgain, Inc. 400 )ivisions, the Agency invites every business, which Payless Drugs 75 :ontacts the Agency, seeking to locate or expand in the PetCo (Expansion) 20 :ity's industrial areas, is invited into a meeting at the Play It Again Sports 20 )eginning of their selection process. At this meeting, Primary Care Physicians 50 )otential issues are identified, possible problems are Rafi's Cafe 8 . esolved and the City is informed of the time frame and Raley's 35 seeds of the particular business. . Ralphs 125 Revere Transducers 200 If a business needs assistance from outside agencies, the Ricoh Electronics (New Product Line) 200 tedevelopment Agency brings these agencies into the Scantron 125 )rocess also. During Fiscal Year 1994-1995, these Silicon Systems 1,000 agencies have included the Southern California Edison, SMC Corporation 150 he Gas Company, the Air Quality Management District Tustin Brewing Company 35 and the State Department of Trade and Commerce. Tustin Plaza Medical Group 30 Tustin Renaissance 5 Page 11 • • TUSTIN COMMUNITY REDEVELOPMENT AGENCY 1'ROPQSED pRO CT A MCAS, TCJ STYN The Marine Corps Air Station, Tustin, must be closed by July, 1999. Since the Base was ordered closed, the City has undertaken an extensive re-use process to plan for the future ° hr- - - development of the Base. The Re- -- ; j ��. - use Plan and the Specific Plan for the -- Base are due in Fiscal Year 1995- 1996. NEED FOR PROJECT f - AREA — Development of the Base will require it be placed into a redevelopment project area. Current estimates are that the public base closures. When other communities have failed to infrastructure needed to develop the Base will be in excess get the needed amendments to the general law,they have of $140,000,000. Tax increment revenues and sought special legislation. In Fiscal Year 1994-1995, the accompanying bonding ability of the Redevelopment City of Tustin drafted such special legislation for MCAS, Agency is a primary source for these fiords. Tustin. Agency staff will continue to work with the City's representatives in Sacramento to obtain legislative In addition, attracting prime development to the Base approval. requires the City to compete with other locations in the County and Southern California for users and developers. SILICON SYSTEMS TO LOCATE ON Therefore, the ability of the Agency to work closely with MCAS TUSTIN developers and users, providing them technical and financial assistance is crucial to obtaining the highest Silicon Systems, a high technology firm employing over quality development. 1000 at its Tustin facility, must relocate from the buildings ACTIONS TAKEN it currently occupies because of growth. In 1995, Silicon Systems undertook a major corporate location search. Competing against other cities,the Agency staff met with During Fiscal Year 1994-1995, the Agency began the the company and proposed locating the company's process of creating a project area by adopting a corporate headquarters on MCAS,Tustin,when it closes. Redevelopment Survey Area. This is the first step in creating a Redevelopment Project Area. The Agency was successful and reached agreement with Silicon Systems. The company will remain in it present Current State Redevelopment Law does not specifically location for a few more years. During that time, the or adequately address the special issues associated with Agency will work with it to plan and develop 25-30 acres closing military bases. Throughout California, cities with at the Southwest corner of the Base for Silicon System's closed bases have urged the State legislature to amend international headquarters. the law so that it assists in solving problems caused by Page 12 • • 1994-1995 ANNUAL REPORT WHAT TO EXPECT IN 1996 Additional efforts to create the Agency's third Redevelopment Project Area serving the Marine Corps Air Station. Initiation of the Project Report and the preliminary plans and specifications for both the Edinger Avenue on-and-off ramps and the extension of Newport Avenue. Selection of a developer and initiation of negotiations of a Disposition and Development Agreement for the development of the Old Town Gateway Plaza Completion of design and start of construction on the Youth Center at Sycamore Avenue and Newport Avenue Re-landscaping of the McFadden Avenue off-ramp from the Newport Freeway Greater activity in the Housing Rehabilitation Program. More private alleys reconstructed in the Southwest Neighborhood Two to three new phases built at Tustin Groves Development of a strategy to revitalize the Irvine Boulevard garden offices between the Newport Freeway and Newport Avenue Preparation of a marketing strategy for the development of MCAS, Tustin. Publication of a high quality brochure to market the City to existing and future businesses and residents. Publication of a semi-annual Redevelopment Newsletter to keep the community informed of the Agency's activities. Production of a video showing the virtues, values and character of tustin as a community. Page 13 • TUSTIN COMMUNITY REDEVELOPMENT AGENCY • _ PROJECTS YEARS • • - '`• — • r - • • , ,;;;L- .. • " . A TUSTIN CIVIC CENTER t. 31 , ." 0 0 ( E N T. E r i s ! A L W A Y - .IC • • ' " - a ,■•••••■:::::9or „ . The Tustin Civic Center • Built by the Agency in 1991-1993 - •e • I■r-• • • .; .1"" tztrblit. . — . • : f- •- . n ••■* P. 1. . °AIX; Watt 't NE 2 ,u lay f; • 4 - Tustin Plaza Assisted by the Agency in 1985 Page 14 • • 1994-1995 ANNUAL REPORT PROJECTS PROM PREVIO€JSYEARS • MICRO Glitipp iii':) r � 1st/I�fi st 1.4 afees - r • MicroCenter Assisted by the Agency in 1993 • 4Li: ix ..µia 1. • ue 14, t v1� , k+ xr.£ -mo' r kal ti.: t5�•r.- Pacific Commerce Center Assisted by the Agency in 1986• • Page 15 AT TA C EWE N I ANNUAL FINANCIAL REPORT JUNE 309 1995 • • TUSTIN COMMUNITY REDEVELOPMENT AGENCY Annual Financial Report June 30, 1995 TUSTIN CO UNITY REDEVELOPMENT •NCY Annual Financial Report June 30, 1995 TABLE OF CONTENTS PAGE FINANCIAL SECTION Independent Auditors' Report 1 General Purpose Financial Statements: Combined Balance Sheet - All Fund Types and Account Groups 2 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types 4 Notes to Financial Statements 5 SUPPLEMENTAL INFORMATION Combining Balance Sheet - All Debt Service Funds 13 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - All Debt Service Funds 15 Combining Balance Sheet - All Capital Projects Funds 16 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - All Capital Projects Funds 18 Schedule of Tax Increment Shift to Educational Revenue Augmentation Fund 20 COMPLIANCE AND INTERNAL CONTROL SECTION Independent Auditors' Report on Compliance Based on an Audit of General Purpose Financial Statements Performed in Accordance With Government Auditing Standards 21 Independent Auditors' Report on Compliance With Provisions of Laws and Regulations Contained in the Guidelines For Compliance Audits of California Redevelopment Agencies 23 Independent Auditors' Report on the Internal Control Structure Based on an Audit of General Purpose Financial Statements Performed in Accordance With Government Auditing Standards 25 • 610 NEWPORT CENTER DRIVE.SUITE 840 NEWPORT BEACH.CALIFORNIA 92660 Moreland &A4aorialea" (714)760-9788 CERTIFIED PUBUC ACCOUNTANTS 2111 PALOMAR AIRPORT ROAD.SUITE 150 CARLSBAD.CALIFORNIA 92009 (619)431-8476 September 15, 1995 The Board of Directors of the Tustin Community Redevelopment Agency Independent Auditors' Report 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, 1995, 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 Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free 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 significant 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 fairly, in all material respects, the financial position of the Tustin Community Redevelopment Agency as of June 30, 1995, and the results of its operations for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The accompanying combining financial statements and schedule 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 fmancial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. In accordance with Government Auditing Standards, we have also issued a report dated September 15, 1995 on our consideration of the Tustin Community Redevelopment Agency internal control structure and a report dated September 15, 1995 on its compliance with laws and regulations. tin aQ.R.L dadaua� 1 TAIL COMMUNITY REDEVELOP AGENCY Combined Balance Sheet — All Fund Types and Account Groups June 30, 1995 Governmental Fund Types Debt Capital Service Projects Assets and Other Debits Cash and investments (Note 2) $ 3,838,059 $ 14,951,978 Cash and investments with fiscal agent(Note 2) 801,167 Taxes receivable 96,396 24,300 Interest receivable 78,268 Accounts receivable 2,573 Deposits 48,000 Loans receivable(Note 3) 24,408 Land held for resale 1,345,000 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 $ 4,735,622 $ 16,474,527 Liabilities,Fund Balances and Other Credits Liabilities: Accounts payable and accrued liabilities $ 9,451 Due to City of Tustin 20,668 Note payable(Note 5) Bonds payable(Note 5) Total Liabilities 30,119 Fund Balances and Other Credits Investment in general fixed assets Fund balances: Reserved: Long—term loans receivable 24,408 Low income housing 5,057,514 Land held for resale 1,345,000 Debt service $ 4,735,622 Unreserved: Designated for capital projects 10,017,486 Total Fund Balances and Other Credits 4,735,622 16,444,408 Total Liabilities,Fund Balances and Other Credits $ 4,735,622 $ 16,474,527 See Accompanying Notes to Financial Statements. 2 • • Account Groups General General Total Fixed Long—Term (Memorandum Assets Debt Only) $ 18,790,037 801,167 120,696 78,268 2,573 48,000 24,408 1,345,000 $ 11,601288 11,601,288 $ 4,735,622 4,735,622 15,469,074 15,469,074 $ 11,601,288 $ 20,204,696 $ 53,016,133 $ 9,451 20,668 $ 909,696 909,696 19,295,000 19,295,000 20,204,696 20,234,815 $ 11,601,288 11,601,288 24,408 5,057,514 1,345,000 4,735,622 10,017,486 11,601288 32,781,318 $ 11,601,288 $ 20,204,696 $ 53,016,133 3 TtN COMMUNITY REDEVELOP AGENCY Combined Statement of Revenues,Expenditures,and Changes in Fund Balances — All Governmental Fund Types For the Year Ended June 30, 1995 Total Debt Capital (Memorandum Service Projects Only) Revenues: Taxes $ 3,566,539 $ 897,253 $ 4,463,792 Use of money and property 267,121 726,974 994,095 Other revenue 13,007 13,007 Total Revenues 3,833,660 1,637,234 5,470,894 Expenditures: Current: General government 54,160 600,592 654,752 Payment to State of CA Educational Revenue Augmentation Fund 250,738 250,738 Payment to City of Tustin 766,000 766,000 Capital outlay 2,514,111 2,514,111 Debt service: Principal retirement 3,829,848 3,829,848 Interest and fiscal charges 1,524,191 1,524,191 Total Expenditures 6,424,937 3,114,703 9,539,640 Excess(Deficiency) of Revenues Over Expenditures (2,591,277) (1,477,469) (4,068,746) Other Financing Sources(Uses): Long—term debt proceeds 1,364,544 1,364,544 Operating transfers in 2,315,856 2,315,856 Operating transfers out (2,315,856) (2,315,856) Total Other Financing Sources(Uses) (951,312) 2,315,856 1,364,544 Excess(Deficiency) of Revenues and Other Sources Over Expenditures and Other Uses (3,542,589) 838,387 (2,704,202) Fund Balances,Beginning 8,278,211 15,606,021 23,884,232 Fund Balances,Ending $ 4,735,622 $ 16,444,408 $ 21,180,030 See Accompanying Notes to Financial Statements. 4 TUSTIN CcUNITY REDEVELOPMENT •NCY Notes to Financial Statements June 30, 1995 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of the Reporting Entity: The Tustin Community Redevelopment Agency was established October 20, 1976, pursuant to the State of California Health and Safety Code, Section 33000, entitled "Community Redevelopment Law". Its purpose is to prepare and carry out plans for improvement, rehabilitation and redevelopment of blighted areas within the territorial limits of the City of Tustin. The City provides management assistance to the Agency, and the members of the City Council also act as the governing body of the Agency. In accordance with GASB Cod. Sec. 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 levy and collect taxes, and any legislative property tax reduction might correspondingly reduce the amount of tax revenues that would otherwise be available to pay the principal of, and interest on, long-term debt. Broadened property tax exemptions could have a similar effect. Conversely, any increase in the tax rate or assessed valuation, or any reduction or elimination of present exemptions would necessarily increase the amount of tax revenues that would be available to pay principal and interest on long-term debt. Description of Funds and Account Groups: The accounting records of the Agency are organized on the basis of funds and account groups as follows: 5 TUSSOMMUNITY REDEVELOPS 1 AGENCY Notes to Financial Statements (Continued) June 30, 1995 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 Projects Funds are used to account for resources used in developing the project areas as well as the administrative costs incurred in sustaining Agency activities. Account Groups: The General Fixed Assets Account Group 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 Long-Term Debt Account Group is used to account for the Agency's outstanding long-term obligations. )3asis of Accounting: Basis of accounting 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 accounting 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. • 6 TUSTIN COINUNITY REDEVELOPMENT SNCY Notes to Financial Statements (Continued) June 30, 1995 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 assets are recorded as expenditures in the governmental 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. Memorandum Only Totals: Columns in the accompanying financial statements captioned'Total(Memorandum Only)" are not necessary for a fair presentation of the financial statements in accordance with generally accepted accounting principles, but are presented as additional analytical data. Data in these columns do not present consolidated financial information. 2. CASH AND INVESTMENTS Cash and investments at June 30, 1995 consisted of the following: Pooled Deposits: Demand deposits $ 301,827 Pooled Investments 18,488,210 Cash and Investments with Fiscal Agents 801.167 Total Cash and Investments $19.591,204 7 TUSTOOMMUNITY REDEVELOP/ AGENCY Notes to Financial Statements (Continued) June 30, 1995 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 weighted 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 Government Code, the Agency may invest in the following types of investments: . Certificates of Deposit (or Time Deposits) 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 Bills with a maturity of five years or less . Federal agency short-term bonds or notes with a maturity of five years or less Fooled Deposits/Credit Risk: The California Government Code requires California banks and savings and loan associations to 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 pledging first trust deed mortgage notes having a value of 150% of the Agency's total deposits. The Agency may waive collateral requirements for deposits which are fully insured 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 8 TUSTIN CUNITY REDEVELOPMENT•NCY Notes to Financial Statements (Continued) June 30, 1995 Credit Risk. Carrying 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: Category 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. Contractual/ Category Carrying Market 1 2 3 Amount Value Pooled Deposits: Demand deposits (Bank Balance) $ 100,000 $221,481 $ 321,481 $ 321,481 Less: Outstanding Warrants (19.6541 (19.654) Demand Deposits (Book Balance) 301.827 301.827 Total Pooled Deposits 100,000 221,481 301,827 301,827 Pooled Investments: State of California Local Agency Investment Fund()) 4642,928 4642,928(2) U.S. Government Securities(3) 7,825,730 7,825,730 7,334,732 Medium-Term Corporate Notes 4.019552 4.019552 3.946,650 Total Pooled Investments 11.845.282 18.488.210 17.924.310 9 TUSOMMUNITY REDEVELOP AGENCY Notes to Financial Statements (Continued) June 30, 1995 Contractual/ Category Carrying Market 3 Amount Value Cash and Investments with Fiscal Agents Money Market 0) 801.167 801.167 Total Pooled Cash and Investments $11,945,282 $221,481 $ - $19.591,204 $19.027,304 (1) Not subject to categorization. (2) At June 30, 1995 market value of LAIF was $27,116,056,206. The Agency's proportionate share of that value is$6,672,157. Included in LAIF's investment portfolio are certain derivative securities or similar products in the form of structured notes, totalling $826,200,000, and asset-backed securities, totalling $333,672,000. LAIF's (and the Agency's) exposure to risk (credit, market, or legal) is not currently available. (3) Includes a derivative security in the form of a structured note with a variable interest rate (4.95% - 24%). At June 30, 1995 the carrying amount and market value of this security was $487,431 and $487,445, respectively. 3. LOANS RECEIVABLE The Agency has provided a commercial loan program to small businesses for making improvements. These loans are non- interest bearing. Due to the long-term nature of the loans,the Agency has reserved fund balance. $24,408 4. GENERAL FIXED ASSETS The specific fixed assets included in the General Fixed Assets Account Group at June 30, 1995 are as follows (there were no changes during the year): Balance June 30. 1995 Building-Civic Center $11,024,198 Furniture, fixtures and equipment 577.090 $11,601,288 10 TUSTIN C4UNITY REDEVELOPMENT•ENCY Notes to Financial Statements (Continued) June 30, 1995 5. GENERAL LONG-TERM DEBT The following is a summary of the changes in the General Long-Term Debt Account Group for the year ended June 30, 1995: Balance Balance July 1. 1994 Additions Retirements June 30, 1995 Tax allocation bonds $19,670,000 $ 375,000 $19,295,000 Note payable 3.000.000 51.364,544 3.454.848 909.696 Total $22,670.000 $1,364,544 $3,829,848 $20,204,696 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 advance 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. $ 6,275,000 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 of $11,380,000 are due on December 1, 2016. Interest on all bonds is payable semiannually on June 1 and December 1 with rates ranging from 5.25% to 6.80% per annum. 13,020,000 Total Tax Allocation Bonds 119,295,000 11 TUS•COMMUNITY REDEVELOPIT AGENCY Notes to Financial Statements (Continued) June 30, 1995 The annual requirements to amortize the tax allocation bonds are as follows: Year Ending June 30, Principal Interest Total 1996 $ 400,000 $ 1,319,779 $ 1,719,779 1997 420,000 1,294,130 1,714,130 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 Thereafter 17.040.000 11.306,573 28.346.573 Total $19,295,000 $17.621.037 $36.916,037 Note Payable: In January 1995, the Agency purchased land for right of way and executed a note payable of$1,364,544 as consideration for the land. Interest on the note is 6.375% per annum, payable quarterly commencing April 1, 1995. Principal is due in three annual installments of$454,848 commencing April 1, 1995 with the final installment due April 1, 1997. $909.696. The annual requirements to amortize the note payable is as follows: Year Ending June 30. Principal Interest Total 1996 $454,848 $58,798 $513,646 1997 454.848 29.399 484.247 Total $909.696 88197 $997,893 6. SUBSEOUENT EVENT In August 1995,the Agency approved the acquisition of a$3,250,000 working capital loan from First Interstate Bank. The loan for South Central Project Area and Town Center Project Area is $2,500,000 and $750,000, respectively. 12 TUSTINIIUNITY REDEVELOPMENT SCY Combining Balance Sheet — All Debt Service Funds June 30, 1995 South Town Central Center Assets Project Area Project Area Total Cash and investments $ 612,883 $ 3,225,176 $ 3,838,059 Cash and investments with fiscal agent 801,167 801,167 Taxes receivable 23,587 72,809 96,396 Total Assets $ 636,470 $ 4,099,152 $ 4,735,622 Fund Balances Fund Balances: Reserved for debt service $ 636,470 $ 4,099,152 $ 4,735,622 13 • • This page has been left blank intentionally. 14 TUSTINS MMUNITY REDEVELOPMENT/I/ NCY Combining Statement of Revenues,Expenditures,and Changes in Fund Balances — All Debt Service Funds For the Year Ended June 30, 1995 South Town Central Center Project Area Project Area Total Revenues: Taxes $ 1,714,790 $ 1,851,749 $ 3,566,539 Use of money and property 87,481 179,640 267,121 Total Revenues 1,802,271 2,031,389 3,833,660 Expenditures: Current: General government 26,538 27,622 54,160 Payment to State of CA Educational Revenue Augmentation Fund 117,381 133,357 250,738 Payment to City of Tustin 406,000 360,000 766,000 Debt service: Principal retirement 3,454,848 375,000 3,829,848 Interest and fiscal charges 175,747 1,348,444 1,524,191 Total Expenditures 4,180,514 2,244,423 6,424,937 Deficiency of Revenues Over Expenditures (2,378,243) (213,034) (2,591,277) Other Financing Sources(Uses): Long—term debt proceeds 1,364,544 1,364,544 Operating transfers out (1,364,544) (951,312) (2,315,856) Total Other Financing Sources(Uses) (951,312) (951,312) Deficiency of Revenues and Other Sources Over Expenditures and Other Uses (2,378,243) (1,164,346) (3,542,589) Fund Balances,Beginning 3,014,713 5,263,498 8,278,211 Fund Balances,Ending $ 636,470 $ 4,099,152 $ 4,735,622 15 AIN COMMUNITY REDEVELOPWT AGENCY Combining Balance Sheet — All Capital Projects Funds June 30, 1995 South Central South Central Town Center Project Low Income Project Area Housing Area Assets Cash and investments $ 7,959,553 $ 3,502,113 $ 1,989,930 Taxes receivable 6,097 Interest receivable 78,268 Accounts receivable 2,573 Deposits 24,000 Loans receivable 24,408 Land held for resale 1,345,000 Total Assets $ 9,304,553 $ 3,532,210 $ 2,095,179 liabilities and Fund Balance Liabilities: Accounts payable and accrued liabilities $ 4,885 $ 2,915 $ 1,187 Due to City of Tustin 3,248 10,655 3,518 Total Liabilities 8,133 13,570 4,705 Fund Balances Reserved: Long—term loans receivable 24,408 Low income housing 3,518,640 Land held for resale 1,345,000 Unreserved: Designated for capital projects 7,951,420 2,066,066 Total Fund Balances 9,296,420 3,518,640 2,090,474 Total Liabilities and Fund Balances $ 9,304,553 $ 3,532,210 $ 2,095,179 16 Town Center Low Income Housing Total $ 1,500,382 $ 14,951,978 18,203 24,300 78,268 2,573 24,000 48,000 24,408 1,345,000 $ 1,542,585 $ 16,474,527 $ 464 $ 9,451 3,247 20,668 3,711 30,119 24,408 1,538,874 5,057,514 1,345,000 10,017,486 1,538,874 16,444,408 $ 1,542,585 $ 16,474,527 17 N COMMUNITY REDE VELOPr AGENCY Combining Statement of Revenues,Expenditures,and Changes in Fund Balances — All Capital Projects Funds For the Year Ended June 30, 1995 South Central South Central Town Center Project Low Income Project Area Housing Area Revenues: Taxes $ 429,747 Use of money and property $ 376,058 141,331 $ 156,132 Other revenue 140 12,867 Total Revenues 376,058 571,218 168,999 Expenditures: Current: General government 275,915 237,035 62,968 Capital outlay 1,705,034 809,077 Total Expenditures 1,980,949 237,035 872,045 Excess(Deficiency) of Revenues Over Expenditures (1,604,891) 334,183 (703,046) Other Financing Sources: Operating transfers in 1,364,544 951,312 Excess(Deficiency) of Revenues and Other Sources Over Expenditures (240,347) 334,183 248,266 Fund Balances,Beginning 9,536,767 3,184,457 1,842,208 Fund Balances,Ending $ 9,296,420 $ 3,518,640 $ 2,090,474 18 0 • Town Center Low Income Housing Total $ 467,506 $ 897,253 53,453 726,974 13,007 520,959 1,637,234 24,674 600,592 2,514,111 24,674 3,114,703 496,285 (1,477,469) 2,315,856 496,285 838,387 1,042,589 15,606,021 $ 1,538,874 $ 16,444,408 19 Tit COMMUNITY REDEVELOP.AGENCY Schedule of Tax Increment Shift to Educational Revenue Augmentation Fund For the Year Ended June 30, 1995 Total Tax Increment to be shifted to the Educational Revenue Augmentation Fund(ERAF)per State Department of Finance(DOF) letter dated October 1, 1994. $ 250,738 Funding Sources: Redevelopment Agency: Agency Tax Increment $ 250,738 Other agency funds — Total Agency Funds $ 250,738 Agency Borrowing: From current 20% Low and Moderate Income Housing funds $ — From Legislative Body — Total Borrowed Funds — Total Tax Increment Shift to ERAF $ 250,738 20 . 610 NEWPORT CENTER DRIVE.SUITE 840 ,,/� ,,, f NEWPORT BEACH,CALIFORNIA 92660 Moreland &e � (714)760-8788 CERTIFIED PUBUC ACCOUNTANTS 2111 PALOMAR AIRPORT ROAD,SUITE 150 CARLSBAD.CALIFORNIA 92009 (619)431-8476 September 15, 1995 The Board of Directors of the Tustin Community Redevelopment Agency Independent Auditors' Report on Compliance Based on an Audit of General Purpose Financial Statements Performed in Accordance With Government Auditing Standards We have audited the 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, 1995, and have issued our report thereon dated September 15, 1995. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Compliance with laws, regulations, contracts, and grants applicable to the Tustin Community Redevelopment Agency is the responsibility of the Tustin Community Redevelopment Agency management. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of the Tustin Community Redevelopment Agency compliance with certain provisions of laws, regulations, contracts, and grants. However, the objective of our audit of the general purpose financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards. This report is intended for the information of the Board of Directors and management of the Tustin Community Redevelopment Agency. However, this report is a matter of public record and its distribution is not limited. `771 a ' � 44.0e-ca-745 21 • • This page has been left blank intentionally. 22 • 610 NEWPORT CENTER DRIVE.SUITE 840 [, � ��f� NEWPORT BEACH.CALIFORNIA 92660 Moreland C7 0 /4CZC ko' (714)760-9788 CERTIFIED PUBUC ACCOUNTANTS 2111 PALOMAR AIRPORT ROAD.SUITE 150 CARLSBAD.CALIFORNIA 92009 (619)431-8476 September 15, 1995 The Board of Directors of the Tustin Community Redevelopment Agency Independent Auditors' Report on Compliance With Provisions of Laws and Regulations Contained in the Guidelines For Compliance Audits of California Redevelopment Agencies We have audited the general purpose financial statements of the Tustin Community Redevelopment Agency as of and for the year ended June 30, 1995, and have issued our report thereon dated September 15, 1995. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. Compliance with laws and regulations applicable to the Tustin Community Redevelopment Agency is the responsibility of the Tustin Community Redevelopment Agency's management. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatement, we performed tests of the Tustin Community Redevelopment Agency's compliance with provisions of laws and regulations contained in the Guidelines For Compliance Audits of California Redevelopment Agencies issued by the State Controller's Office, Division of Local Government Fiscal Affairs. The results of our tests indicated that, with respect to the items tested, the Tustin Community Redevelopment Agency complied,in all material respects,with the provisions referred to in the preceding paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Tustin Community Redevelopment Agency has not complied, in all material respects, with those provisions. This report is intended for the information of the Tustin Community Redevelopment Agency management and the State Controller's Office. However, this report is a matter of public record and its distribution is not limited. A ///1 A L/`succ atcf % as eceCtJ 23 • • i This page has been left blank intentionally. 24 • 610 N PORT CENTER DRIVE.SUITE 840 NEWPORT BEACH.CALIFORNIA 92660 Moreland &d (714)760-9788 CERTIFIED PUBLIC ACCOUNTANTS 2111 PALOMAR AIRPORT ROAD.SUITE 150 CARLSBAD.CALIFORNIA 92009 (619)431-8476 September 15, 1995 The Board of Directors of the Tustin Community Redevelopment Agency Independent Auditors' Report on the internal Control Structure Based on an Audit of General Purpose Financial Statements Performed in Accordance With Government Auditing Standards We have audited the 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, 1995, and have issued our report thereon dated September 15, 1995. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. The management of the Tustin Community Redevelopment Agency is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. In planning and performing our audit of the general purpose financial statements of the Tustin Community Redevelopment Agency for the year ended June 30, 1995, we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide assurance on the internal control structure. 25 Our consideration of internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a reportable condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the general purpose 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 structure and its operation that we consider to be material weaknesses as defined above. However,we noted certain less significant matters involving the internal control structure and its operation that we have reported in a separate letter dated September 15, 1995 to the management of the City of Tustin, relating to both the City and the Community Redevelopoment Agency. 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I O p0 u w N I . = • RECONCILIATION STATEMENT CHANGES EXPLAINED LINE (A) Correct typo on previous years statement LINE (F) Amount necessary to pay existing construction contracts was estimated last year and adjusted for actuals on current reconciliation statement. • •CULATION OF AVAILABLE•ENUES AGENCY NAME TUSTIN COMMUNITY REDEVELOPEMENT AGENCY PROJECT AREA TOWN CENTER PROJECT AREA TAX YEAR 95-96 RECONCILIATION DATES: JULY 1, 1994 TO JUNE 30, 19 95 1.Beginning Balance, Available Revenues 1 ,687 ,924 (See Instructions) 2.Tax Increment Received — Gross; 9 91 P 254 All Tax Increment Revenues, to include any Tax Increment passed througn to other local taxing agencies. 3.All Other Available Revenues Received 0_ (See Instructions) 4.Revenues from any other source, included in Column E of the Reconciliation Statement, but not included in (1-3) above 1 ,311 ,674 5.Sum of Lines 1 through 4 5 .318,852 5.Total amounts paid against indebtedness in previous year. (0 + Eon Reconciliation Statement) 3 630 704 7.Available Revenues, End of Year (5 — 6) 1 628.648 • FORWARD This AMOUNT TO STATEMENT OF INDEBTEDNESS. COVER PAGE. LINE 4 NOTES • Tax Increment Revenues: The only amount(s) to be excluded as Tax Increment Revenue are any amounts passed through to other local taxing agencies pursuant to Health and Eatery 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 omined 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 tunas a project with a bond issue. The previous SOt included a Disposition Development Agreement (DDA) which was fully satisfied with these bond proceeds. The DDA would be shown on the Reconciliation Statement as tufty repaid under the 'other column(Col E), but with tunas that were neither Tax Increment, nor'Available Revenues' as defined. The amounts used to satisfy lhig aDA would be included on lino 4 above in order to accurately determine ending 'Available Revenues: ire/. ter t 4) • • • w � • • ce 1 0 0 lC v Cr) .. < ( N 0 u') y B �pp 7 z a o L • 0 N O 0 .T E u 2 E CO N r- 01 a v 2 E- _ N H K - U .. o Z ..-.. r h a h V t� m On O^ 6 a. _ _ i Cal 0 P. a \ e • < W $ $ $ a k K g cF o o ? ? a t. k xx < G i W W < C ti w g < 5 as u u<6� yr" u a < �' .E-i F<- < N pia ,., -' •}j Paz FF-- . a5t g t < 2 as ti U . ' P < al O 'a WW E• E < o O p C •j U 6' a) U < > 5 •U o d U a C § o < Z o 3< a. a. C ow `a H a. V 'W' q . 0 %, ,, E ,,„ “ W § V) irw 'cis 14 0 W hl a < a" Q W . 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CADJLATION OF AVAILABLE REIDuES • AGENCY NAME TUSTIN COMMUNITY REDEVELOPMENT AGENCY PROJECT AREA South Central Protect Area TAX YEAR 95/9h RECONCILIATION DATES: JULY 1, 19 94 TO. JUNE 30. 19 95 • 1.Beginning Balance, Available Revenues -0- (See Instructions) 2.Tax Increment Received - Gross: 2,144 ,539 • All Tax Increment Revenues, to include any Tax Increment passed through to other local taxing agencies. 3.All other Available Revenues Received -0- (See Instructions) 4.Revenues from any other source, included • in Column E of the Reconciliation Statement, but not included in (1-3) above 1 ,938,561 • • 5.Sum of Lines 1 through 4 4,083,100 6.Total amounts paid against indebtedness in-previous year. (D + Eon Reconciliation Statement) 4 DR4 100 • 7.Available Revenues, End of Year (5 - 6) _()_ FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS, COVER PAGE, LINE 4 NOTES Tax Increment Revenues: The only amount(s)to be excluded as Tax Increment Revenue are any amounts passed through to other 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 a bond issue. The previous SOI 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 satisfy tnig pDA would be included on line 4 above In order to accurately determine ending 'Available Revenues.' Rev. (613/94) • AC rATACEM,IWT ANNUAL Iri:OUIG ) 1.4TAPOT SZJ3MarirlE:11) T- 0 THE STATE DEYARTIVIENT am--7 P101 SING AND C 1 1\ A 0 V 7-11W\Ut V In17 VFLLT OPMFYrs, cr \Fr,t Uh 9 ,24 • • • . • ANNUAL REPORT OF HOUSING ACTIVITY OF COMMUNITY REDEVELOPMENT AGENCIES FOR FISCAL YEAR ENDED _6 /30 /q5 Agency Name and Address: County of Jurisdiction: ;Tustin Community RDA Orange 30936000 300 Centennial Way Tustin, CA 92680 Pursuant to Health and Safety Code Section 33080.1,redevelopment agencies must annually report on their housing activities and Low & Moderate Income Housing Fund balances, and per Section 33080.3 file a copy of this report with the Department of Housing and Community Development (HCD). Section 33080.6 requires HCD to annually compile and publish a report of redevelopment agencies' housing activity. Please answer each of the following questions to determine which HCD Schedules your agency must prepare to provide a complete report of housing activity and fund balances for the reporting period. 1. How many adopted project areas did the agency have during the reporting period? 2 If one or more, prepare and submit a separate cop;of SCHEDULE HCD-A for each adopted project area If none, do not submit Schedule HCD-A. 2. 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. 3. Did the agency have any adopted project areas, or housing activity outside of redevelopment 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 RPdevelnpmnPt Prngram Manager Date Signature of Authorized Agency Representative (714) 573-3121 Title Telephone number HCD-Cover 93!94 Page 1 of I 1 • • SCHEDULE HCD-A Project Area Activity for Fiscal Year Ended 6 / 30 / 95 Agency Name: Tustin Community RDA Project Area Name: Town Center 30936067 Preparer's Name, Title: Richard Zimmer Preparer's Telephone No: (714) 573-3171 Redevelopment Program Manager General Information 1. a. Year project area adopted: 76 b. If project name has changed,give previous name(s)or number. o. Year(s) merged: Areas merged: d. Year(s) areas were added or removed: , • 2. Redevelopment project areas adopted or portions added thereto after 1975 are subject to affordable housing productit requirements (including"AB 315 plans')per Section 33413. In addition,the agency may,by resolution,elect to make t project area, or portions thereof adopted prior to 1976 subject to this section. Check here if this area y , or pons thereof , is subject to the affordable housing production and planning requirements. Tax Increment Set-asides 3. Percentage of project's gross tax increments set aside for housing and deposited in the L.&M Fund: (Show exact %.) 20 4. a. If set-aside is less than 20% of the total gross tax increments, indicate the reason(s). Check the appropri: Health and Safety Code Section designation(s): Section 33334.2(a)(1): No need in community to increase/improve supply of low/moderate-income housing. Section 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 1 specific contractual obligations incurred prior to May 1, 1991 requiring continued use of this funding. Section 33334.6(d): Project was adopted prior to 1977 and tax increments are needed to meet existing debts Section 33334.6(e): Project was adopted prior to 1977 and tax increments are needed for timely completion projects to which agency was committed prior to 1986.) Other. Specify code section, reasons: b. When were the necessary findings adopted? (Show month/day/year.) _/_/_ Please attach copies of any findings adopted for this reporting period per Section 33334.2, if you have not yet submit them to the Department. 5. If agency is exempting per Section 33334.2(a)(1), (2) or (3), identify the amount by which the set-aside was reduced during the fiscal year: $ HCI 93/9< Page 1 • • • ,AgencyName: Tustin Community RDA Project Area Name: Town Center 6. a. A deferred set-aside pursuant to Section 33334.6(4) or (e) constitutes an indebtedness to the L&M 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. Show total Deferred through 93/94 • Fiscal Amount Deferred . Amount of Prior Cumulative Amount Year During FY- FY Deferrals Deferred (less any Repaid During FY amount repaid) 93/94 S' .-: `��x` ale Ss� i :' + S 2.767.000 94/95 5 -0- S -0- S -0- If 93/94cumulative deferral•shown.here+differs•from•whatwas•reported on-the last report, indicate the amount of and the reason for the difference: b. Is the cumulative amount of indebtedness included in the agency's L&M Fund ending balance (Schedule HCD-C)? Yes_ No c. 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 X No If yes, by what date is the deficit to be eliminated? 11 1 22 1l z_ 7. Report all actual (not deferred) revenues from this project area added to the agency's L&M Fund this fiscal year. An) income related to agency-assisted housing located outside the project area(s) should be reported as 'Other Revenues' (item 7d, below) if this project area is named as beneficiary in the authorizing resolution. • a. Tax Increments: S 457.804 b. Debt Proceeds (include bond proceeds): 5 53.453 c. Interest: S -0- d Other Revenues (e.g., loan repayments, rental income, transfers in, deferral repayments, property sales); specify: Exp. Recovery and Pub. Utilities Tax S 9.702 • e. Total L & M Deposits for this Project Area (a+b+c+d): S 520.959 If item 3,above,indicates the agency is setting aside tax increments but SO is entered in item 7a,above,indicate the reason for that inconsistency: Project has not yet generated tax increments. • Tax increments are used to pay debt service on debt proceeds added to L&M Fund. Other (explain): HCD- 9 /94 Page 2 of t • • Agency Name: Tustin Cmmnumity Pf1A Project Area Name: Town Center Housing Units Lost and Households Displaced 8. Pursuant to Sections 33080.4(a)(1) and (a)(3), report the number of dwelling units and bedrooms (33413(a)) destroye or removed from this project area as a result of redevelopment activities; the number of those units the agency is nc required to replace;and the income category and type of households displaced from the project area during the fiscal yea (Note that under redevelopment law, "elderly household' means one in which the head of household is 60 years of al or older, or handicapped, as specified in Section 50067.) NONE Household Income Households Households Total No. Lost Number Lost Not and Type Displaced Displaced (Removed or Required to be by Income by Type Destroyed) Replaced Units / Bedrooms Units / Bedrooms Very Low / / Elderly Family (non-elderly) Other (not E or F) Low Elderly Family (non-elderly) Other (not E or F) Moderate Elderly Family (non-elderly) Other (not E or F) Above Moderate Elderly Family (non-elderly) Other (not E or F) 9. As required in Section 33080.4(a)(2), estimate the type and number of households, by income category, to be displac from this project area during the next reporting period (the current fiscal year): NONE Income Level Total Households Subtotal Elderly Subtotal Other Households Households Very Low Low Moderate Above Moderate 10. Sections 33413(d)and 33413.5 specify that project areas adopted or amended to add areas after 1975 are required to ad replacement housing plans at least 30 days prior to entering certain agreements affecting properties from which low- moderate-income dwelling units will be removed. Other project areas may adopt such plans. If the agency has adopted a replacement housing plan for this project area, report the date it was adopted: —/—/- N/A HC 93.94 Page 3 • • Agency.Name: Tustin Community RDA Project Area Name: Town Center Current Housine Activity 11. Pursuant to Sections 33080.4(a)(4)and(a)(5),report units in this project area assisted by the agency during the reporting period which have occupancy restrictions based on household type or income level. Report any multifamily units for which the agency purchased or otherwise acquired long-term affordability covenants per Section 33413(b)(2)(B). Include': information on units located outside redevelopment areas for the benefit of this project area (e.g., replace units lost in this project area, supported by funds from this project area). Report units built or rehabilitated only if the work was completed during the fiscal year. NONE Household Income Built with Rehabbed w/ Acquired by Receiving Affordability and Type Agency Help Agency-Help Agency Subsidies Covenants from Agency Acquired by Agency Total Very Low Subtotal Elderly Subtotal Other Total Low Subtotal Elderly Subtotal Other Total Moderate Subtotal Elderly Subtotal Other Total Above Mod. Subtotal Elderly Subtotal Other 12. Indicate how many of the units listed in item 11 are replacements for units previously removed through redevelopment activities, as required in Section 33080.4(a)(4): NONE Household Income Built with Rehabbed w/ Acquired by Receiving and Type Agency Help Agency Help Agency Subsidies from Agency Total Very Low Subtotal Elderly Subtotal Other Total Low Subtotal Elderly Subtotal Other Total Moderate Subtotal Elderly Subtotal Other HCD-A 93/94 Page 4 of f • • Agency Name: Tustin Community RDA Project Area Name: Town Center 13. Report by household income level any units in this project area assisted by the agency during the reporting period which do not have occupancy restrictions based on household type or income level and thus are not reported in item 11. Household Income Built with Rehabbed w/ Acquired by Receiving and Type Agency Help Agency Help Agency Subsidies NONE from Agency Total Very Low Total Low Total Moderate Total Above Mod. 14. Report any additional households in this project area assisted by the agency during the fiscal year but not reported it items 11 or 13, and explain the type of program and assistance (e.g., shelter beds, emergency rental assistance). Very low Low Moderate Above Moderate 15. Pursuant to Section 33080.4(a)(10), report the number of dwelling units to be built in the project area per an execute contract or agreement including their estimated completion date. Note that these units may only be reported for a perio of two years from the execution date of the contract. Do not report any units shown in items 11 or 13. Name of Contract or Agreement Date Execution Com p Numbers Completion Built letion Total Very Low Low Mod Other NONE 16. Does the project area contain units which have occupancy or affordability restrictions imposed by agreements or moon conditions, covenants, and restrictions? X No. Stop here. Complete HCD-B and/or C, as needed. _Yes. Pursuant to Sections 33080.4(a)(7) and 33418, provide an inventory of all such restricted housing u in this project area. Did the project area submit an inventory last year? _Yes. Use the form on page 6 to report any additions or corrections to last year's inventory. No. Use the form on page 6 (duplicate as needed) to provide the information requested. Hi Page 9794 : - � \ \ ( §({ k • ! ! 22 ' ( . 3 / • o - !2 z E) T \ = , _ ! ! ƒ I [f | ` [■ f . ( ? ! G: | & & \ | E ! `« ! ( [ > 5. J 32. ( 02 ! { -35 r6 \ to / ! ! | | § ' 3E3 P i I [ ; - E - ( | ( | k ? • ( \ 0 '0 Fr § !§ g = 0 § , - z [ i ' C. / 3 3' OQ 0. o ag 0. E g (\ { (\ | - f § a o „ zz - jr- � ( \\ % ! ! ; _ § r = ; . k 2 =« c § } ( ( ( ; a) / j [ ( § EI /\ of ) \ 7 §\\\.n{ Mfg LO hI / zt ! � = ± R! x \ [ k4. b (EI | § % k ) E 0 0 % ; ! ! r# 2 . k« 2. ■ 7, % ({ �� 0 ( 9 H } MI / ) ir,4 | K[I En e. F i_ isi : , _ . . . I?I i • » ) • • SCHEDULE HCD-A Project Area Activity for Fiscal Year Ended 6 / 30 / 95 Agency Name: Tustin Community RDA Project Area Name: South Central Project Area 30936064 Preparer's Name, Title: Richard Zimmer Preparer's Telephone No: (714) 573-3121 Redevelopment Program Manager General Information a. Year project area adopted: 1983 b. If project name has changed,give previous name(s)or number. c. Year(s) merged: Areas merged: d. Year(s) areas were added or removed: 1985 , 2. Redevelopment project areas adopted or portions added thereto after 1975 are subject to affordable housing production requirements (including'AB 315 plans')per Section 33413. In addition,the agency may,by resolution,elect to make the project area, or portions thereof adopted prior to 1976 subject to this section. Check here if this area X ,or portion thereof—, is subject to the affordable housing production and planning requirements. • Tax Increment Set-asides 3. Percentage of project's gross tax increments set aside for housing and deposited in the ISM Fund: (Show exact %.) 20 4. a. If set-aside is less than 20% of the total gross tax increments, indicate the reason(s). Check the appropriate Health and Safety Code Section designation(s): Section 33334.2(a)(1): No need in community to increase/improve supply of low/moderate-income housing. Section 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 ha specific contractual obligations incurred prior to May 1, 1991 requiring continued use of this funding. Section 33334.6(d): Project was adopted prior to 1977 and tax increments are needed to meet existing debts. _ Section 33334.6(e): Project was adopted prior to 1977 and tax increments are needed for timely completion ( projects to which agency was committed prior to 1986.) Other: Specify code section, reasons: b. When were the necessary findings adopted? (Show month/day/year.) _/ / Please attach copies of any findings adopted for this reporting period per Section 33334.2, if you have not yet submits them to the Department. 5. If agency is exempting per Section 33334.2(a)(1), (2) or (3), identify the amount by which the set-aside was reduced during the fiscal year: HC[ Page 1 c 93194 • • Agency Name: Tustin Community RDA Project Area Name: South Central Proiect Area 5. a. A deferred set-aside pursuant to Section 33334.6(4) or (e) constitutes an indebtedness to the L&M 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 Amount Deferred Amount of Prior Cumulative Amount Year During FY- FY Deferrals Deferred (less any - Repaid During FY amount repaid) 92/93 S s r v� S -0 93/94 If 92/93 cumulative deferral shown here-differs•from•what was reported on the last report, indicate the amount of and the reason for the difference: b. Is the cumulative amount of indebtedness included in the agency's L&M Fund ending balance (Schedule HCD-C)? Yes= No • c. 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 ci If yes, by what date is the deficit to be eliminated? —I 7. Report all actual (not deferred) revenues from this project area added to the agency's L&M Fund this fiscal year. An) income related to agency-assisted housing located outside the project area(s) should be reported as 'Other Revenues' (item 7d, below) if this project area is named as beneficiary in the authorizing resolution. a. Tax Increments: S 389,303 b. Debt Proceeds (include bond proceeds): S c. Interest: $ 141,331 d. Other Revenues (e.g., loan repayments, rental income, transfers in, deferral repayments, property sales); specify. H/0 Exemption and Public Ilti 1 i tiac Taw S 40,444 e. Total L &M Deposits for this Project Area (a+b+c+d): S 571.078 If item 3,above,indicates the agency is setting aside tax increments but SO is entered in item 7a,above,indicate the reasol for that inconsistency: Project has not yet generated tax increments. Tax increments are used to pay debt service on debt proceeds added to L&M Fund. Other (explain): HCD- Pagc 2 of 93f94 • • • Agency Name- Tustin Community RDA Project Area Name: So. Central Project Area Housine Units Lost and Households Displaced NONE 8. Pursuant to Sections 33080.4(a)(1) and (a)(3), report the number of dwelling units and bedrooms (33413(a)) destroyed or removed from this project area as a result of redevelopment activities; the number of those units the agency is not required to replace;and the income category and type of households displaced from the project area during the fiscal year. • (Note that under redevelopment law, 'elderly household' means one in which the head of household is 60 years of age or older, or handicapped, as specified in Section 50067.) Household Income Households Households Total No. Lost Number Lost Not and Type Displaced Displaced (Removed or Required to be by Income by Type Destroyed) Replaced Units/Bedrooms Units / Bedrooms Very Low / Elderly Family (non-elderly) Other (not E or F) - Low / / Elderly Family (non-elderly) Other (not E or F) Moderate / / Elderly Family (non-elderly) Other (not E or F) Above Moderate / / Elderly Family (non-elderly) Other (not E or F) 9. As required in Section 33080.4(a)(2), estimate the type and number of households, by income category, to be displaced from this project area during the next reporting period (the current fiscal year): NONE Income Level Total Households Subtotal Elderly Subtotal Other Households Households Very Low Low Moderate Above Moderate - 10. Sections 33413(d)and 33413.5 specify that project areas adopted or amended to add areas after 1975 are required to adop' . replacement housing plans at least 30 days prior to entering certain agreements affecting properties from which low- anc moderate-income dwelling units will be removed. Other project areas may adopt such plans. If the agency has adopted a replacement housing plan for this project area, report the date it / /— was adopted: N/A HCD- Page 3 of 93614 • • i Agency Name: _ Tustin Community RDA Project Area Name: South Central Project Area Current Housing Activity - 11. Pursuant to Sections 33080.4(a)(4)and(a)(5),report units in this project area assisted by the agency during the reporting period which have occupancy restrictions based on household type or income level. Report any multifamily units for which the agency purchased or otherwise acquired long-term affordability covenants per Section 33413(b)(2)(B). Include: information on units located outside redevelopment areas for the benefit of this project area (e.g., replace units lost in this project area, supported by funds from this project area). Report units built or rehabilitated only if the work was completed during the fiscal year. NONE Household Income Built with Rehabbed w/ Acquired by Receiving Affordability and Type Agency Help Agency-Help Agency Subsidies Covenants from Agency Acquired by Agency Total Very Low Subtotal Elderly Subtotal Other Total Low Subtotal Elderly Subtotal Other Total Moderate Subtotal Elderly Subtotal Other Total Above Mod. Subtotal Elderly Subtotal Other 12. Indicate how many of the units listed in item 11 are replacements for units previously removed through redevelopment activities, as required in Section 33080.4(a)(4): NONE Household Income Built with Rehabbed w/ Acquired by Receiving and Type Agency Help Agency Help Agency Subsidies from Agency Total Very Low Subtotal Elderly Subtotal Other Total Low Subtotal Elderly Subtotal Other Total Moderate Subtotal Elderly - Subtotal Other _ HCD-A Page 4 of t 93194 • • Agency Name: .Tustin Community RDA , ., Project Area Name: • • t •:- ! - . - •- • • • 13. Pursuant to Sections 33080.4(a)(5), report all newly constructed atxy c..naantially rehabilitated'-units-developed in the project area during the reporting period by persons other than the agencyzttQTave occupancy restrictions pursuant to Section 33413(c). Report only those units for which the work was completed during the reporting period. NONE Household Income Units Units and Type Constructed Substantially Rehabilitated Total Very Low Subtotal Elderly - • Subtotal Other Total Low Subtotal Elderly Subtotal Other • Total Moderate Subtotal Elderly Subtotal Other 14. Pursuant to Section 33080.4(a)(4),report all newly constructed a6d substantialie_rm.hilitatedinits developed or assisted by the aeencv,in the project area during the reporting period, wfiltlfstiCt.e-accatp-rnhy=LestriCtions pursuant to Section 33334.3(f) and thus are not reported in item 11,above. - NONE • Household Income Built with Substantially • and Type Agency Rehabbed w/ Assistance Agency Assistance Total Very Low Subtotal Elderly Subtotal Other Total Low Subtotal Elderly - SubtotalOther • Total Moderate Subtotal Elderly Subtotal Other • • HCD-A Page 5of1 94/95 • ;envy Name: Tustin Community RDA /Project Area Name: South Central Project Area Pursuant to Section 33080.4(a)(4), re on b income level all other units or households assisted in the project area during the reporting period, whi rnr"nancv restrictio' Do not report the same units or households in more than one column. Household Units Units Rehabbed Households Households Other Income Maintained or (minor or Receiving Rental Received Home- Households Preserved moderate) Assistance or ownership Assisted Subsidies Assistance (Specify) Total Very Low • Total Low Total Moderate 2 Total Above 2 - S i. Pursuant to Section 33080.40)(10),report the number of units to be constructed in the project area,within t years.pursuant to an executed contract or agreement Also include the estimated completion dates of the units. Do not report any units shown in items 11 or 14, above. • Name of Contract or Agreement Execution Est. Date of Numbers of Units to be Built Date Completion Total_ Very Low Low Mod Other hex Homes DDA 19/95 - 6/30/97 77 __8_— 6 fi3 • • • • • 17. Pursuant to Sections 330S0.4(a)(7) and 33418, provide an inventory of all housing projer-s 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 7 to report any additions or corrections to the previous year's inventory. HCD-A 94/95 Page 6 of 7 70 70 J3 o w Cnnx - • o • �Na- = ? cos cco > .rf 9 > osoo > Q -I 0-' c � . c7 0 '� D < a e v ,2: c a C V c cn c �O c 0 .z l e e a o e 3 Co -�' tn O w w N O V1 C7 'V e = I; - n - f+ N -, N -- CO {`a� 9 aa ? . s R n a 7c • n Z tl = v O 3 c-G (D y .-1 cnn Cw8 a 0Ve 0 �. n -5 0 > n —. B C o a y n 173 nom+ nc* n T.c< n � g 8 2 g ' > > Q o w n = n 0 w ° m - co c-ok< La N co = co = a c g 9 8 c rl ,9 °- N N N N CO CI 2 ¢ > $ a ,'2 w o CO CO CO N CO 0 2 3 < 9, - 0 O O O O C n p w c.a C N zJ "O T CO N J a„ ^B 3o Cr < - 7 g . ; ago S -c co av S O o -s 1 w � 8 -. -e, 8 3 B Cl 3 8 2 L J c n O 3 g `go u _c n w = °Rv ...0 NJ cn cn ha CM Ip o o a 8'n 3 co I G 6 2. r e r^. _ g = -, co 7u '< v co ft co a- 7 a ?1 B =- 3 a 3 = C Ir 0 .a y 1 8 cna N 'o x A �r an a •°; o 0 o. g c I O 4. 0v03fl = 3 2 o c = daozxn a ° a00 e Q1 a ° 3 2. 2 H o Ile � e e � >� � to, Q G Zoo a n n oo b i au ice -ni w O 0 - 2o - d "• 0 0 C ∎<Oa C o Il >_ > O fi Q (f b u C n c A W S. 'J a to y° � c " Mti Ir 8 A a' Q Z.-?° m n ca 0.m o g c 8 12. N a a al a I3 o n PO'O t. = n 9 Y ET N o a �� ; a ri .e G 0 jr n O ei - Ia a one • •O 0 0 0 0 0 ir 0 c n n n n ?. _i3 e C C C C C 0 0 0 0 0 Mil F P (7 V, tn CO CO N tp 0 7 J 0+ d 7 P a CD CD CD /D (D • • • SCHEDULE HCD B Activity Outside Project Ares for Fiscal Year Ended 6 / 30 / 95 ;ency Name: Tustin Community RDA • eparer's Name, Title: Richard Zimmer Preparer's Telephone No: (714) 573-3121 Redevelopment Project Manager rsuant to Health & Safety Code Section 33334.2(g) agencies may use Low and Moderate Income Housing Funds to assist housing brdable and available to very low-, low-,and moderate-income households outside of adopted redevelopment project areas. Report re on the agency's housing activities conducted during the reporting period outside of adopted project areas which were not reported HCD-A. Busing Units Lost and Households Displaced NONE Pursuant to Sections 33080.4(a)(1) and (a)(3), report the number of dwelling units and bedrooms (33413(a)) destroyed or removed; the number of those units the agency is not required to replace; and the income category and type of households displaced from outside of project areas during the fiscal year. Household Income Households Households Total No. Lost Number Lost Not and Type Displaced Displaced (Removed or Required to be by Income by Type Destroyed) Replaced Units/Bedrooms Units/Bedrooms Very Low / 1 Elderly Family (non-elderly) Other (not E or F) • Low / / Elderly Family (non-elderly) Other (not E or F) Moderate / / Elderly Family (non-elderly) Other (not E or F) • Above Moderate / / Elderly Family (non-elderly) Other (not E or F) 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): NONE Income Level Total Households Subtotal Elderly Subtotal Other • Households Households Very Low Low Moderate Above Moderate HMI 7)94 Patti or• • • Agency Name: Tustin Community RDA Current Housing Activity 3. Pursuant to Sections 33080.4(a)(4)and (a)(5),report units outside of adopted project areas which were assisted by the agency and have occupancy restrictions based on household type or income level. Report any multifamily units for which the agency purchased or otherwise acquired long-term affordability covenants per Section 33413(b)(2)(B). Report units built or rehabilitated only if the work was completed during the reporting period. Do not iniude any units reported on Schedule HCD- A NONE Household Income Built with Rehabbed w/ Acquired by Receiving Affordability and Type Agency Help Agency Help Agency Subsidies Covenants from Agency Acquired by Agency Total Very Low Subtotal Elderly Subtotal Other Total Low Subtotal Elderly Subtotal Other Total Moderate Subtotal Elderly Subtotal Other Total Above Mod. Subtotal Elderly Subtotal Other 4. Indicate how many of the units listed in item 3 are replacements for units removed through redevelopment activities,as required in Section 33080.4(a)(4). Units reported on Schedule HCD-A(item 12) should not be included here. NONE Income Level Built with Rehabbed w/ Acquired by Receiving Agency Help Agency Help Agency Subsidies from Agency Total Very Low Subtotal Elderly Subtotal Other Total Low • Subtotal Elderly Subtotal Other Total Moderate Subtotal Elderly Subtotal Other _ • BCD( Page 2d- 93/94 • • ,gencyName: Tustin Community RDA Report by household income level any units outside of adopted project area assisted by the agency during the reporting perio' which do not have occupancy restrictions based on household type or income level and thus are not reported in item 3,above or on HCD-A. NONE Household Income Built with Rehabbed w/ Acquired by Receiving and Type Agency Help Agency Help Agency Subsidies from Agency Total Very Low Total Low Total Moderate Total Above Mod. Report any additional households outside of adopted project areas which were assisted by the agency during the fiscal year bu not reported in items 3 or 5,or on HCD-A,and explain the type of program and assistance(e.g.,shelter beds,emergency rents assistance). NONE Very low Low Moderate Above Moderate Pursuant to Section 33080.4(x)(10), report the number of dwelling units to be built outside of adopted project areas per at executed contract or agreement including their estimated completion date. Note that these units may only be reported for period of two years from the execution date of the contract. Do not report any units shown in items 3 or 5, or on HCD-A NONE Name of Contract or Agreement Execution Est. Date of Numbers of Units to be Built Date Completion Total Very Low Low Mod Other • Are there any agency-assisted units outside of adopted project areas which have occupancy or affordability restrictions imposed by agreements or recorded conditions,covenants, and restrictions? No. Stop here. Complete HCD-C. Yes. Pursuant to Sections 33080.4(a)(7)and 33418,provide an inventory of all such restricted housing units outside of adopted project areas. Did the project area submit an inventory last year? Yes. Use the form on page 4 to report any additions or corrections to last year's inventory. _ No. Use the form on page 4 (duplicate as needed) to provide the information requested. tflDr V94 Page 3 of • /(I. 0o0 < t a } \ \ . \ k \/ ;1 ) $ \ \ 7 g\ § ! \I ƒ ! E} / ` « ; g _ Q = = e p te = -ao-pi \ \ : . ! z & � ; l3 » 7 } ¥ ! 2 ¥ - - }\ }o ; 8 ƒ f !. // ( \ \ , o § ! ) \ fk \ \) \ / ] 7® a \ @ z .c \ § ; R £ E } 2 ' 4 ¢ ( 3 \ ) {j \ \ ) \ \ 0- } \ \� 2 m / ?\ )< ({ � ( k. 2 } » \ }$ \ \ § : � o � � \ \ / / ! \\ § % % } \}k£ } @3c � (/ � 9a keE if ! ƒ 2E . E 5"7 c. ' \i ƒ E74 § � ! ! \¥ / • () ,3 • _ \) . ƒ MK2 R} ) (\ / ate • ! ƒ1 IF\ 0 \ / 2 . . C P ( % ca • • SCHEDULE HCD-C • Agency-wide Activity for Fiscal Year Ended 6 /30 / 95 gency Name: Tustin Community RDA 30936000 reparer's Name, Title: Larry Schutz, Assist. Fin. Dir.Preparcr's Telephone No: (714) 573-3062 ow & Moderate Income Housing Funds eport on the'status and use of the agency's Low and Moderate Income Housing Fund; including information developed to comply ith Section 33080.4(a)(6) and (a)(8). Information reported here should be based on that reported to the State Controller. Beginning Balance: $ 4,227,045 If Beginning Balance is not the same as the Total Ending Balance reported for the last fiscal year, indicate the amount of, and reason(s) for,the difference: Total Revenues, Other Income and Transfers In: a. Total deposits from project areas:.. S 847.107 (Sum of amount(s) from line 7e on Schedule HCD-A(s)) b. Other revenues not reported on Schedule HCD-A(s): $ 244.930 (Specify: ) c. Operating transfers in (specify: ) S -0- Total Expenditures and Transfers Out: a. Total expenditures: (S 261.569 ) 1) Subtotal for onsite/offsite improvements S 2) Subtotal for planning& admin. costs as [Note: total of subtotals defined in Sections 33334.3(d) and (e): S 111 .028 should equal 3a.] 3) Subtotal for acquisition of land S 4) Subtotal for acquisition of housing S 5) Subtotal for new housing construction $ 150,541 6) Subtotal for housing rehabilitation $ 7) Subtotal for housing subsidies $ 8) Subtotal for debt service $ 9) Subtotal for purchase of affordability $ covenants (per 33413(b)(2)(B)) 10) Other (Specify: $ b. Other transfers out (including to other housing agencies specify: ) (S ) Total Ending Balance (1+2a+2b+2c-3a-3b): $ 5,057,513 a. Amount of line 4 encumbered ("reserved') for written agreements or contracts: (S 5.057.513 ) b. Amount of line 4 unencumbered but designated for specific purposes (Specify: ) (S ) c Amount of line 4 representing value of land purchased with L&M funds and/or held for development of affordable housing: (S ) d. Amount of line 4 representing indebtedness for set-asides deferred (per 33334.6) (S ) e. Amount of line 4 representing loans receivable for housing activities (S ) f. Amount of line 4 representing total (all years) ERAF loans receivable per 33681 (S ) g. Other unavailable funds included in line 4 (specify: ) (S ) Unencumbered, uncommitted balance available for housing activities (4 minus 4a - 4g): S -0- HmC id Paw 1 of 6 • • Agency Name: Tustin ,Community RDA Excess Surplus 6. a. Pursuant to Section 33080.7, report any excess surplus funds (as defined in Section 33334.12). An excess surplus exists for a fiscal year if the unencumbered balance in the Housing Fund at year end exceeds the greater of 51,000,000 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 bond proceeds or the difference between the sales price of land for affordable housing and its fair market value. Agencies should track each fiscal year's excess surplus, if any, separately. Fill in the following table to calculate and track your agency's excess surplus amounts for each fiscal year beginning with 93/94. Fiscal Total Tax Sum of Tax Increments Unencumbered Excess Surplus Amount Expended Remaining Excess Year Increments in Housing Fund from Balance in Housing and Encumbered Surplus,for each Deposited in Previous Four FYs Fund at End of . -against Excess FY,as of 6/30/95 Housing Fund FY• Surplus,for each FY,as of 6/30/95 90-91 S 407,476 91-92 S 411,420 92-93 S 918,315 93-94 S 915,606 S 2,652,817 S -0- S -0- S 3,550,070 S -0- 94-95 S S 897,253 S -0- S -0- S $ Unencumbered balance for FY 94-95 should equal item 5 on previous page unless adjustments are made per 6.b., below. b. Did you adjust the unencumbered balance for bond proceeds? Yes _ No _ Not Applicable X or land sales? Yes _ No _ Not Applicable X If yes, please describe the amounts and methodology of the adjustments: • • c. If you reported an excess surplus for the reporting fiscal year, briefly summarize the agency's plan (authorized in Section 33334.10) for encumbering or expending that amount: d. If plan described in 6.c was adopted, give adoption date: / / Misc Uses of Funds 7. • . Pursuant to S ' .4(a)(6),report the total number of very low-, low-, and moderate-income households directly benefitted b ' e enditures for onsite/offsite improvements. (If line 3.a.1 of this schedule shows no expenditures for improvements, no units should be reported here.) 48 • 9495 HCD-C Page 2 of 5 ncy Name: Tustin Community R • . Uses of Funds Per Section 33080.4(a)(6),report the total number of very low-, low-,and moderate-income households directly benefitted b} expenditures for onsite/offsite improvements. (If line 32.1 of this schedule shows no expenditures for improvements, no units should be reported here.) If the agency is holding land for future housing development (such as reported on item 4.c),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. Housing Comments Start Date NONE . Section 33334.13 requires agencies which have used the LAM Fund to assist mortgagors in a homeownership mortgage revenue bond program, or home financing program described in.that Section, to provide the following information: NONE a. Has your agency used the authority related to definitions of income or family size adjustment factors provided in Section 33334.13(a)? Yes _ No_ Not Applicable c , b. 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 50835(b) requires agencies to report the use of non-L&M funds for federal HOME or HOPE program support. Has this agency used any funds in this reporting period for this purpose? Yes _ No . Not Applicable Set-aside funds used: HOMES HOPE S Non-set-aside funds used: HOME S HOPE S a. Did the agency borrow from the L&M Fund to make its FY 93/94 transfer to the Educational Revenue Assessment Fund? (If yes, amount should be included in line 4.f, above.) Yes X_No Not Applicable_ b. If yes,specify the amount borrowed for FY 93/94: S c. If yes, was this indebtedness reported on the Agency's next Statement of Indebtedness? Yes_No_ d. If yes,when was the finding of necessity adopted? (Attach copy.) 12/5 al_ Has the agency completed an affordable housing production plan(-AB 315 plane) for all project areas adopted or added to after 1975 as required by Section 33413(6)(4)? Yes _ No _ Not Applicable If yes, give date of adoption: / /_ HmC Page 3of6 Agency Name: Tustin Commt ity Redevelopment Agency • • • Programs 14. Identify your agency's currently active housing programs by checking the line, where applicable, and write in other programs in the spaces provided, as needed. Program "Type • Acquisition: Land Housing Other Bldg. Rehab., Owner: - Substantial Major Minor � • Rehab., Rental: Substantial Major X . Minor New Construction: Owner X Self-Help Owner Rental Apts. 2nd Units SRO's Mobilehome Park Conversions: Ownership Assistance: Downpayments X MCC's X' 2nd Mortgage Renter Assistance: Emergency Household " Project Preservation of At-Risk Units: On/Off Site Improvements: • Other: HCD-C 94A5 Page 4 of 5 t'a' • • Agency Name: Tustin Community Redevelopment Agency Ach i evanents 15. Please briefly describe one outstanding project, cooperative or partnership financing or development arrangement, or other innovative practice or program used to increase or improve the affordable housing stock during this reporting period. (If you wish to report more than one, please make and attach additional copies of this page.) Name of Project or Program: Tustin Groves - Contact Person and Telephone Number: Richard Zimmer, (714) 573-3121 Description (NO. of units, resident incomes, type and address of structures, services provided, financing arrangements, etc): Development of 145 single family, detached, owner-occupied dwelling units. All 145 are low to moderate' income units. Twenty one of the 145 have covenant restrictions to maintain affordability. Brief History (successful aspects, unusual features, lessons learned, problems encountered, etc): The Cosmopolitan Apartments were built in the early 1970's and by mid- 1980 's had become a center of major violent and drug - related crime in Central Orange County. The buildings had deteriorated through lack of maintenance and had extensive health and building code violations. The City ordered them closed and vacated. The Resolution Trust Corporation took them over. The City worked closely with the investors who purchased the property and, with over $1 million in assistance, has created a showpiece project of how to moderate income ownership housing on 11 acres which once were the primary blight in the City. Use of Other Redevelopment funds for Housing 16. Please briefly describe the 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 community. N/A Resource Needs 17. What additional training, information, authority, or other resources would help our agency more quickly and effectively use its Housing funds to increase, improve, and preserve affordable housing? To eliminate the inclusionary housing requirement for owner occupied housing and allow it to be met with rental housing. • 4 • SUPPLEMENTAL TO THE ANNUAL REPORT OF COMMUNITY REDEVELOPMENT AGENCIES 30936000 TUSTIN COMMUNITY REDEVELOPMENT AGENCY 14-244--0&,4W4O- 300 Centennial Way TUSTIN, CA 92680 The U.S. Bureau of the Census requests the following information about the fiscal activities of your government for the year ended June 30, 1995. Governments furnishing this information will no longer receive Census Bureau Form F-32, Survey of Local Government Finances. If you have any questions please contact Marion Paddy at the Census Bureau 1-800-242-4523. A. PERSONNEL EXPENDITURES Report your government's total expenditure for salaries and wages during the year, including amounts paid on force account construction projects. ZOO S 766,000' B. MORTGAGE REVENUE BOND INTEREST PAYMENTS Indicate the amount of interest paid on mortgage revenue bonds during the year. U20 $ -0- C. CASH AND INVESTMENTS HELD AT THE END OF THE FISCAL YEAR Report separately for each of the three types of funds listed below, the total cash on hand and on deposit and investments in Federal government, Federal agency, State and local government and non-governmental securities. Report all investments at par value. Include in the sinking fund total any mortgages and notes receivable held as offsets to housing and industrial financing loans. Exclude accounts receivable, value of real property and non-security assets. 1. Sinking funds - Reserves held for redemption 001 of long term debt. $ -0- 2. Bond funds - Unexpended proceeds from sale of bond W31 issues held pending disbursement. $ -0- 3. All other funds - Exclude employee retirement funds. W61 S 19.591,204 •