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Home My WebLink AboutRDA 5 CASH FLOW ANYL 02-01-93RDA NO. 5 2-1-93 UA I Inter-Com� io'- DATE: FEBRUARY 1, 1993 s-c TO: WILLIAM A. HUSTON, EXECUTIVE DIRECTOR FROM: RONALD NAULT, DIRECTOR OF FINANCE CHRISTINE A. SHINGLETON, ASSISTANT CITY MANAGER SUBJECT: TOWN CENTER AND SOUTH CENTRAL PROJECT AREA CASH FLOW ANALYSIS RECOMMENDATION It is recommended that the Agency: 1. Receive and file this repert; 2. Instruct staff to create a Town Center Housing Set -Aside Fund and begin making deposits :o the fund in fiscal year 1992-93; and 3. Adopt the Housing Deficit Plan for the Town Center Project Area. BACKGROUND AND DISCUSSION The City Council at a regular meeting on December 21, 1992, requested that staf f provide t1 -Le Agency with a current cash f low analysis for the Town Center and South Central Redevelopment Project Areas. Attached for the Agency's information is a current 10 year cash flow analysis for each Redevelopment Project Area organized and presented for each project area in Attachments A and B as follows: Table 1: Draft Cash Flow Table 2: Agency Adm_nistration and Activity Costs Table 3: Tax Increment Revenue Projections Staff is more comfortable with the cash flow for the Town Center Project Area. As the Agency is aware, a Financing Plan is anticipated to be completed in the near future for the South Central Redevelopment Project Area in order to identify priorities and possible bond financing opportunities. Specific assumptions utilized in the cash flow analysis for each project area are discussed in greater detail in this memorandum. However, the Agency should be cautious in reviewing anticipated future carry-over balances since there have been no assumptions included in the cash flow analysis of any impacts on either project area as a result of any State budget proposal. As the Agency is Redevelopment Agency Report Town Center and South Central Project Area Cash Flow Analysis February 1, 1993 Page 2 aware, it is anticipated that the State will hit agencies. hard during State budget deliberations. In fiscal year 1992-93, the Agency lost to the State $370,941 in Town Center Project Area funds and $327,811 in South Central Project Area funds. The 1993-94 Governor's proposed budget could result in an additional $1,327,477 loss to the Agency (see Attachment C). The cash flow analysis provided in Table 1 for each Project Area is a ten year analysis which also includes fiscal year 1991-92 and the current 1992-93 fiscal year. The analysis is broken out into three separate funds: the Debt Service Fund, Capital Projects Fund and Housing Set -Aside Fund. Revenues, expenditures and anticipated carry-over balances through fiscal year 2002-2003 within each fund are identified. Debt Service Fund Within the Debt Service Fund for each Project Area revenues have been identified to include both tax increment, interest income, and any other income sources. 1991-92 tax increment revenues are actual figures and net tax increment projections for fiscal years 1992-93 through 2002-03 are based on information for each project area contained in Table 3. Future year projections for the Town Center Project Area contained in Table 3 are based on projections and assumptions used in the Agency's 1991 Town Center Allocation Bond Issue. Future year tax increment projections for the South Central Project Area are based on tax increment projection assumptions prepared in 1990 by the Agency's Redevelopment Consultant, Katz -Hollis. These projections have been modified to reflect anticipated delays in the Pacific Center East project. It was anticipated that the proposed South Central financing plan would update the revenue analysis for the South Central Project Area before the end of fiscal year 1992-93. However, there may be a need to delay initiation of the study to determine any potential 1992-93 State budget proposal impacts which would restructure funding for local redevelopment agencies. Expenditures included in the Debt Service Fund include annual debt service from existing bond indebtedness (as in the case of the Town Center Project), General Fund repayment of loans to the Capital Projects Fund and reimbursement of the General Fund for Agency expenses, payments to eliminate housing set-aside fund deferrals for the Town Center Project Area (explained under Housing Set -Aside Fund) and any transfers to the Capital Projects Fund. As the Redevelopment Agency Report Town Center and South Central Project Area Cash Flow Analysis February 1, 1993 Page 3 Agency is aware, by State law net tax increment cannot be received by the Agency unless debt is created in excess of the tax increment the Agency is eligible to receive. In the case of the Town, Center Project Area, additional expenses are incurred for annual debt service for Town Center based on the actual debt service schedule for the 1987 Series A Tax Allocation Refunding Donds and the debt service schedule on the 1991 Series B Bond Issue (See Table 5 under Town Centex Project Area - Debt Service Schedules). Until issuance of any bond financing for the South Central Project Area, South Central Project Area debt is created by loans from the General Fund to the Capital Projects Fund (note: loans to the potential project area are now +$3,000,000) in order to create debt. This approach is used by redevelopment agencies to meet the debt requirement of State law. Repayment of General Fund loans and a reimbursement of Redevelopment Agency incurred expenses by' the General Fund are in the Debt Service Fund. Available carryover funds are estimated revenues in excess of assumed expenditures. 1991-92 ending carryover balances is information contained in the Agency's Annual Financial Statement and Audit. Capital Projects Funds 1991-92 Beginning Balances in the Capital Projects Fund for each Project Area is information contained in the City's 1991-92 Annual Financial Statement. Revenues identified in the Capital Projects Fund include bond proceeds (in the case of the Town Center Project), interest income as a percentage of any carryover fund balance, loans from the General Fund (to create debt), and any other revenue source such as developer contributions on the Civic Center project in the Town Center Project Area. Agency expenditures in the Capital Project Fund are comprised of agency administration, capital improvement projects and other program costs. For the Town Center Project Area, the source of information for administration, public improvements and development assistance costs is based on the Report to the City Council prepared by Katz -Hollis for the Second Amendment to the Town Center Project Area approved in March, 1989. Certain adjustments to these figures have been made to reflect capital project priorities established in the Redevelopment Agency's 1992-93 Budget, elimination of projects to be financed by the anticipated water bond issue and the Agency's Five Year Capital Budget as shown in Redevelopment Agency Report Town Center and South Central Project Area Cash Flow Analysis February 1, 1993 Page 4 the Stone Youngberg financing plan associated ti_th the 1991 bond issue (this financing plan was included in the City Council's January 4th Redevelopment Workshop notebook). See Table 2 for detail. While the Capital Project cash flow analysis projects fund balances for ten years through fiscal year 2-02-2003, capital improvement projects have only been programmed through fiscal year 1989-99. How future projected fund balances though fiscal year 2002-2003 will be expended will need to be de%ermingd based on future capital project programming by the Agency. For the South Central Project Area, the source c- information for public improvements proposed in fiscal year 92-93 is based on the Redevelopment Agency's 1992-93 budget. Future year projections are those identified in the South Central Redevelopment Plan, improvements anticipated for the Pacific Center Z-ast project, and any anticipated projects that may need Redevelopment Agency funding within the Project Area. All improvements are specifically identified on Table 2 for the South Central Project Area. However, as shown on the table, many of the projects have not yet been programmed or have unknown costs at this time pending additional engineering analysis, anticipation of a share contribution on some projects from the Pacific Center East project, and anticipation of future completion of a financing plan for the South Central Project Area. Cost estimates for the projects also need :o be evaluated as additional engineering information becomes available. The purpose of the Financing Plan for the South Central Project Area would be to solidify estimated construction costs and Program costs and prioritize projects by program year based on projected future tax increment revenues and anticipated bonding capac_ty. Housing Set -Aside Fund The Housing Set -Aside Fund includes 200 of tax _ncrement revenue generated within each Project Area that is required by State law to be set-aside to maintain, improve and increase :he supply of low and moderate income housing in the community. Annual set-aside increment projections are based on gross tax _ncrement revenue estimates as shown on Table 3 for each Project A --ea. Redevelopment Agency Report Town Center and South Central Project Area Cash Flow Analysis February 1, 1993 Page 5 Expenditures in the Housing Fund within the South Central Project Area are those budgeted in 1992-93. Future expenditure details are pending completion of the Agency's Housing Affordability Strategy Plan currently under preparation. Expenditures within the Town Center Project Area have also not been identified in future years pending completion of the Strategy Plan. As previously authorized by Community Redevelopment Law, the Redevelopment Agency deferred deposits of housing set-aside funds between fiscal year 1986-87 and fiscal year 1991-92 for the Town Center Project Area based on existing financial obligations and to ensure completion of existing program commitments. The Community Redevelopment Law requires that an Agency which defers its housing set-aside obligation must establish a plan to fund the deferred amount in subsequent fiscal years. The Housing Set -Aside Fund for the Town Center Project Area assumes that the Agency's deferred housing set-aside obligation through fiscal year 1991-92 of $2.7 million dollars will not start to be funded until fiscal year 1996- 97. This approach was authorized by the Agency when it approved the financing plan for the Town Center Project in 1991. It is assumed that the Agency will begin setting aside its required 20 percent of annual tax increment for housing in the Town Center Project in fiscal year 1992-93. The Town Center Project Area Financing Plan recommended that a program be developed (referred to as the Housing Deficit Plan) for funding the deferred 20% set-aside obligation. Table 4 for the Town Center Project Area delineates funding of the Housing Deficit Plan. The proposed Deficit Plan includes the assumption that commencing in fiscal year 1996-97, funds within the Town Center Debt Service Fund will be utilized to reduce the accumulated Housing Fund deferred in Town Center. This will result in the elimination of 100% of the 2.7 million dollar deferral in -the Town Center Housing Fund by fiscal year 2002-2003. The proposed Deficit Plan is based. on current fund balances in the debt revenue fund. Any significant actions by the State to reduce tax increment to the Town Center Project Area may necessitate reevaluation of the proposed Deficit Plan. Redevelopment Agency Report Town Center and South Central Project Area Cash Flow Analysis February 1, 1993 Page 6 Staff will be available to answer any questions the Agency may have. Ronald A. Nault Director of Finance CAS:RN:kbc\tcscflan.cas Christine A. Shik4leton Assistant City Manager ATTACHMENT A TOWN CENTER PROJECT AREA Towu Ceatcr Redevelopment Project AOl14CY ADMINISTRATION AND ACTIVITY COSTS (in 000's) 1STLMATIS(4) CAPITAL PROJECTS Agency Administration Costs (1) Public Facilities and Improvements 1. Civic Center Construction Project Management 11. Street & Traffic Improvements A. Traffic Signals B. Strcct Lighting C' SUccl WiJuting 1) U1111lics llmlcl(iounJing III Walcr Syslcni & Swlm Dlain Inil�i�ivcini•.iil. \ I)iill lii.l.11 W.1, I Wall. i(y I 1•utuic Sight IUD U. Replace UnJeraiLed Water Mains 1. B Street 1/0 0th Street 2. Prospect b/ Main & Ist C. Enlarge Existing Reservoir D. Renovate Maintenance building E. Amagansctl Way Storm Drain IV. Parks and Rccrcation Facilities A. Renovate Pcppertrce Park B. Improve Columbus Tustin Park Phase IIA Phase IIB V. Other Public Improvements Net Public Improvements Contingency to Coats (2) Total Public Improvements Development Assistance Programs Commercial Rehabilitation Residential Rehabilitation (3) Land Assemblage (3) Other Assistance Programs School District Admin. Bldg. (4) 7'OTA1. COSTS Table 2 Total Cost ---------- Agency Cost ---------- Start Completion FY 91-92 FY 92-93 FY 93-94 FY 94-95 FY 95-96 FY 96-97 FY 97-98 FY 98-99 FY 99-0t) FY 00-01 FY 0 1 -02 FY 02-03 -------- --------- --------- 902,000 --------- 600,000 ---------- 300,000 -------- 3W,000 --------- 300,000 -------- 300,000 --------- 300,000 --------- 300,000 --------- 283,164 --------- 180,000 -------- 180,000 -------- 180,000 11,410,000 11,100,000 7/1/91 9-9/93 4,900,000 5,700,000 500,000 0 0 0 0 0 0 0 0 0 336,000 336,000 3/1/91 8-9/93 99,000 107,000 160,00 0 0 0 0 0 0 0 0 0 90,000 58,5W 7/1/95 6/30/96 0 58,500 0 0 0 0 0 0 0 0 0 0 400,000 50,000 7/1/95 6/30/% 0 0 0 0 50,000 0 0 0 0 0 0 0 ux),w) 300,000 7/1/96 6/30/2006 100,(X)0 100'w1 100,000 0 U 0 0 4/M1,IM1U 2(X),(NM) 7/1/96 6/3()/'1006 ll 11 0 0 11 Illl1,UW I(X),(111) 0 0 (1 11 U 4511,t111U 258,750 7/1/94 6/30/95 0 12,(1)0 U 258,750 U U U U U U U 0 44,000 22,000 7/1/96 6/30/97 0 0 0 0 0 22,000 0 0 0 0 0 0 95,000 47,500 7/1/97 6/30/98 0 U 0 0 0 0 0 0 0 0 0 0 3,500,000 1,540,000 7/1/92 6/30/94 0 150,000 1,390,000 0 0 0 47,500 0 0 0 0 0 700,000 437,500 7/1/95 6/30/96 0 0 0 0 437,5W 0 0 0 0 0 0 0 330,000 295,000 7/1/91 8/30/93 0 295,000 0 0 0 0 0 0 0 0 0 0 400,000 250,000 7/1/94 6/30/96 0 0 0 50,000 200,000 0 0 0 0 0 0 0 653,920 653,920 7/1/91 4/30/92 0 0 0 0 0 0 0 0 0 U 0 2,573,100 2,573,100 7/1/92 12/93 40,000 1,100,000 1,433,000 0 0 0 0 0 0 0 0 0 UNKN ---------- UNKN ---------- 0 --------- 0 --------- 0 ---------- 0 -------- 0 --------- 0 -------- 0 --------- 0 --------- 0 --------- 0 --------- 0 -------- 0 -------- 21,982,020 18,122,270 5,039,000 7,422,500 3,483,000 308,750 746,000 222,000 247,500 100,000 0 0 0 0 2,198,202 ---------- 1,812,227 503,900 742,250 3,483,700 30,875 74,600 22,200 24,750 10,000 0 0 0 0 24,180,222 ---------- 19,934,497 -------- --------- --------- 5,542,900 --------- 8,164,750 ---------- 6,960,700 -------• 339,o25 --------- 8'20,600 -------- 444,200 --------- 272,250 --------- 110,000 --------- 0 --------- 0 -------- 0 -------- 0 700,000 7/1/91 6/30/2006 0 200,000 0 0 0 80,000 80,000 80,000 80,000 80,000 0 300,000 7/1/97 6/30/2006 0 0 0 0 0 0 60,700 60,800 61,100 60,800 56,600 0 3,580,000 7/1/97 6/30/2006 0 0 U 0 0 0 700,000 700,000 700,OW Ow'000 600,000 0 3,500,000 ---------- 3,500,000 ---------- 24,180,222 24,514,497 --------- 6,444,900 --------- 8,764,750 ---------- 4,313,700 -------- 639,625 --------- 1,120,600 -------- 322,200 --------- 1,412,900 --------- 1,250, SW --------- 1,124,264 --------- 920, SW -------- 916,600 -------- 180,000 (1) Katz -Hollis projections, as modified (1) Contingency Cu..ta are calculated at 10% of Nct Public Improvements (3) Specific land acyuisitiun and residcntial rehabilitation not Iiwuccd by Housing Set -Aside funds estimated by Katz-Hullis and modified (4) A,nount is only fur presentation purposes, it is not part of the calculated "rotas Improvement figure CAS: 1/20 Redevelopment Agency of the City of Tustin Town Center Project TAX INCREMENT REVENUE PROJECTION ESTIMATES (1) (000's Omitted) TABLE 3 1 2 3 4 5 6 7 8 9 10 11 12 FY 91-92 (3) ----------- FY 92-93 FY 93-94 FY 94-95 FY 95-96 FY 96-97 FY 97-98 FY 98-99 FY 99-00 FY 00-01 FY 01-02 FY 02-03 ----------- Adluslud Real Property @ 2% 235,797 267,725 ---------- 283,788 ---------------------- 300,816 318,865 ----------- 337,998 ---------- 358,276 ---------- 379,773 ---------- 402.559 ---------- 426.713 -------- 452.316 -------- 461.362 Now Uuvulupnwnt - Rual (2) 0 0 0 0 0 0 0 0 0 0 0 0 Adjustment Fur Assessnluot Appeals 0 0 0 0 0 0 0 0 0 0 0 0 Total Real Property 235,797 267,725 283,788 300,816 318,865 337,996 358,276 379,773 402,559 426,713 452,316 461,362 Adjusted Other Property (3) 44,032 28,294 28,294 28,294 28,294 28,294 28,294 28,294 28,294 28,294 28,294 28,294 New Development - Other (2) 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Property 44,032 28,294 28,294 28,294 28,294 28,294 28,294 28,294 28,294 28,294 28,294 28,294 Total Taxable Value 279,829 298,019 312,083 329,110 347,159 366,291 386,571 408,067 43b,854 455,007 480,610 489,656 Increase Over Base of: $57,283 (4) 223,410 (4) 238,736 254,800 271,827 289,876 309,008 329,288 350,784 373,571 397,724 423,327 432,373 Gross Tax Increment Revenue 2,234 2.418 2,568 2,727 2,899 3,090 3,293 3,508 3,736 3,977 4,233 4,324 Special Subvention 0 0 0 0 0 0 0 0 0 0 0 0 Unitary Revenue 100 40 40 40 40 40 40 40 40 40 40 40 Total Gross Revenue 2,334 2,458 2,608 2,767 2,939 --- 3,130 ---------- 3,333 --------- 3,548 ---------- 3,776 ---------- 4,017 -------- 4,273 4.364 Less: Housing Set -Aside (5) 492 522 553 588 626 667 710 755 803 855 873 Net Revenue 2,334 1,968 2,086 2,214 2,351 2,504 ---- 2,666 -----^--- 2,838 ------- 3,021 ---------- 3,214 ------- 3,418 -------- 3,491 (1) Projections are estimates not actuals, except for Fiscal Year 1991-92 (2) Unlike the South Central Project Area, there are currently no known private development projects that the Agency can be sure of. For purposes of the 1991 Bond issue, Katz -Hollis assumed no development. Tax increment projections are therefore conservative and will need to be adjusted to reflect new development proposals as they become known. (3) Unsecured property (4) Actual base in 1991-92 - $56,419 (5) Housing Sot -Aside requirements were deferred between 1987-88 and 91-92 until 1996-97 CAS: 1126/93 Tustin Community Redevelopment Agency TABLE 4 PAGE I Town Center Area Redevelopment Project HOUSING DEFICIT REDUCTION PLAN FY 91-92 FY 92-93 FY 93-94 FY 94-95 FY 95-96 FY 96-97 FY 97-98 FY 98-99 FY 99-00 HOUSING DEFICIT REDUCTION Gross Cumulative Housing Deficit 2334 2334 2334 2334 2334 2334 1834 1334 834 Less: Available Tax Increment 0 0 0 0 0 500 500 500 500 --------------------------------------------------------------------------------------------------- Net Total Housing Deficit 2334 2334 2334 2334 2334 1834 1334 834 334 CAS: 1/18/93 Tustin Community Redevelopment Agency TABLE 4 Page 2 Town Center Area Redevelopment Project HOUSING DEFICIT REDUCTION PLAN HOUSING DEFICIT REDUCTION Gross Cumulative Housing Deficit Less: Available Tax Increment Net Total Housing Deficit FY 00-01 FY 01-02 FY 02-03 FY 03-04 FY 04-05 FY 05-06 FY 06-07 FY 07-08 334 34 300 34 34 0 TUSTIN CCS': . UNITY REDEVELOPMENT AGED NOTES TO FINANCIAL STATEMENTS June 30, 1992 4. GENERAL- LONG-TERM DEBT (CONTINUED): a. Tax Allocation Refunding Bonds (Continued): TABLE 5 PAGE 1 Year Total Ending Principal Interest Debt November 1, Maturing Rate Interest Service 1992 $ 300,000 5.40 $ 5031,770 $ 803,770 1993 315,000 5.70 4871570 8021570 _ 1994 335,000 5.90 469,615 804,615 1995 355,000 6.20 , . 449, 850 804, 850 1996 375,000 6.40 4271,840 8023,840 1997 400,000 6.70 403Y840 8037840 1998 425,000 7.00 3773,040 8023,040 1999 455,000 7.10 3477290 8027290 2000 490,000 7.20 314,985 804,985 2001 525,000 7.30 2793,705 804,705 2002 560,000 7.30 2413,380 8019380 2003 605,000 7.40 2009500 8057500 2004 645,000 7.40 1559730 8009730 2005 695,000 7.50 1082000 803,000 2006 745,000 7.50 55.875 800,875 Totals $7,225.000 $1,822,199Q $ 12,047,990 The Agency is required to deposit an amount equal to maximum annual debt service on the bonds in a reserve account. At June 30, 1992, the Agency was required to have a reserve of $803,770. The amount of cash held by fiscal agent in a reserve account was $170157904. b. 1991 Tax Allocation Bonds: In July 1991, the Tustin Red�,zlopment Agency issued $13,100,000 of Tax Allocation Bonds, Series 1991 for the purpose of renovating the Civic Center, -which is located within the Town Center Redevelopment Project Area. Interest rates on the bonds vary from 5.25% to 6.80% per annum payable semi-annually on June 1 and December 1 with principal maturing annually on December 1 from 1993 through 2016. See independent auditors' report. TABLE S PAGE 2 ,,,TIN COMMUNITY REDEVELOP., .41T AGENCY NOTES TO FINANCIAL STATEMENTS June 301 1992 4. GENERAL LONG-TERM DEBT (CONTINUED): b. 1991 Tax Allocation Bonds (Continued): The future required payments are as follows: Year Ending June 30, Principal Interest Total 1993 $ 40,000 $ 120533,983 $ 1,093,983 1994 401000 885,477 925,477 1995 451,000 8833,327 928,327 1996 459000 880,934 925,934 1997 502000 8781290 928,290 1998 50,000 8751415 9253,415 1999 559000 8727340 9273,340 2000 60,000 8692058 929,058 2001 65,000 865,405 93031405 2002 65,000 861,373 9261,373 2003 707000 8571148 927,148 2004 751,000 85210725 927,725 2005 809000 8471903 9271,903 2006 85,000 842,690 927, 690 2007 895,000 8371121 1,73231121 2008 960,000 804,046 1317643P046 2009 11025,000 741,200 1,7661200 2010 131095,000 673,710 117683,710 2011 1,1659000 6013,630 117661630 2012 130245,000 52431790 1317693,790 2013 12330,000 4421850 11772,850 2014 1,420,000 355,300 197751,300 2015 115201,000 261,800 17781,800 2016 1,620,000 216,920 1,836,920 Totals $ 13,100.CQJ $ 17,78514351-30,885_L435_ The Agency is required to reserve an amount equal to the maximum annual debt service on the bonds in a reserve account. However, the Agency may elect to maintain the reserve requirement by obtaining a letter of credit, a surety bond, a policy of insurance or any other security device in any amount which together with any funds on deposit in the Reserve Account, will guarantee to the Agency the full amount of the Reserve Requirement. At June 30, 1992, the Agency has purchased a surety bond to cover the reserve requirement if debt payments are not made by the Agency. See independent auditors' report. Tustin Conununity Redevelopment Agency TABLE 1 Town Ccntcr Area Redevelopment Project - Cash Flow Analysis (in 000'x) PAGE I CASH I'I.OW I)I.111' til;NVI('li FUNDS I'Y 91 9"L (1) FY 92 91 ------------ FY 91 9.1 ----------- FY 94 9S FY 95 9r, FY 96 97 1;N, 9/ 9H F), 98 99 I�Y v') (K) 1-Y M ul 1.1" M ut 1'Y u! u t Beginning Balances: ---------------------- ----------- ---------- ---------- ---------- ---------- -------- CARRY-OVER FUNDS AVAILABLE 5,499 8,079 6,706 4,292 4,393 3,633 3,305 2,992 2,661 2,298 1,932 1,738 REVENUES: Net Tax Increment (1) 2,334 1,966 2,086 2,214 2,351 2,504 2,666 2,838 3,021 3,214 3,418 3,491 Bond Proceeds 1,792 0 0 0 0 0 0 0 0 0 0 0 Interest Income (2) 508 289 390 120 240 200 185 170 150 135 115 105 SB 844 Transfer to State (3) (371) Total Revenues ----------- 4,634 ----------- 1,884 ----------- 2,476 2,334 ---------------------- 2,591 ----------- 2,704 2,851 ---------- 3,008 ---------- 3,171 ---------- 3,349 ---------- 3,533 -------- 3,596 DEBT SERVICE EXPENSES: Total Debt Service (Series A) 804 803 805 805 803 804 802 802 805 805 801 806 Total Debt Service (Series B) 791 1,094 925 928 926 928 925 927 929 930 926 927 General Fund Return on Advances 0 0 0 200 322 500 637 810 1,000 1,180 1,400 1,460 General Fund Expenses 459 360 360 300 300 300 300 300 300 300 300 300 Transfer Expenses to Capital Fund 1,000 2,800 0 1,000 0 0 0 0 0 Payment to Housing Deficit 0 0 ----------- 0 ----------- 0 0 500 500 500 500 500 0 300 0 34 Total Debt Service Expenses 2,054 3,257 4,890 2,233 ---------------------- 3,351 ----------- 3,032 ---------- 3,164 ---------- 3,339 ---------- 3,534 ---------- 3,715 3,727 -------- 3,527 CARRY-OVER BALANCE 8,079 6,706 4;292 4,393 3,633 3,305 2,992 2,661 2,298 1,932 1,738 1,807 CASH FLOW CAPITAL PROJECTS FUND: Beginning Balances 295 5,858 808 52 485 996 1,084 785 796 1,135 1,875 2,871 REVENUES: Bond Proceeds 11,308 0 0 0 Interest Income (4) 422 865 40 15 10 32 36 21 22 40 76 126 Loan from General Fund 459 360 360 500 622 800 937 1,100 1,300 1,480 1,700 1,760 Other (5) 0 1,490 558 558 1,000 0 0 0 0 0 0 0 Advance from Debt Service 0 1,000 -------- 2,600 ----------- 0 0 0 0 0 0 0 0 0 Total Revenues 12,189 3,715 3,558 1,073 ---------------------- 1,632 ----------- 832 ---------- 973 ---------- 1,121 ---------- 1,322 ---------- 1,520 -------- 1,776 1,886 EXPENDITURES Program Costs Adma. 901 600 300 300 300 300 300 300 283 180 180 180 Capital Improvements 5,091 8,165 3,814 340 821 444 272 110 0 0 0 0 Development Assistance 634 0 200 0 0 0 700 700 700 600 600 0 Bond Issue Expense 0 0 -------- 0 ----------- 0 0 0 0 0 0 0 0 0 Total Expenditures: 6,626 8,765 4,314 640 ---------------------- 1,121 ----------- 744 ---------- 1,272 ---------- 1,110 ---------- 983 ---------- 780 -------- 780 180 CARRY-OVER FUND BALANCE 5,858 808 52 485 996 1,084 785 796 1,135 1,875 2,871 4,577 Tu -Jin Community Redevelopment Agency TABLE 1 PACT'-. 2 eater Area Redevelopment Project q CASH FLOW HOUSING SET -A -SIDE FUND: BEGINNING BALANCES REVENUES: Housing Set -Aside Increment Interest Income Payment for Housing Defi6t (7) Total Revenues EXPENDITURES Program Costs (Adorn) Capital Improvements Housing Projects Total Expenditures: CARRY-OVER BALANCE Footnote: FY 91-92 (1) ---------------------- FY 92-93 ----------- FY 93-94 ----------- FY 94-95 ----------- FY 95-96 ----------- FY 96-97 ----------- FY 97-98 FY 98-99 ---------- FY 99-00 ---------- FY 00-01 ---------- FY 01-02 FY 02-03 ------------------ 0 0 492 1,039 1,592 2,180 3,306 4,473 5,683 6,938 8,241 9,396 0 492 522 553 588 626 667 710 755 803 855 873 0 0 25 (6) (6) (6) (6) (6) (6) (6) (6) (6) 0 0 0 (6) (6) 500 500 500 500 500 300 ---------- 0 -------- ---------------------- 0 ----------- 492 ----------- 547 ----------- 553 ----------- 588 ----------- 1,126 1,167 ---------- 1,210 ---------- 1,255 ---------- 1,303 1,155 873 0 0 (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) 0 (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) 0 (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) (6) 0 (6) (6) (6) ----------- (6) ----------- (6) (6) (6) ---------- (6) ---------- (6) ---------- (6) ---------- (6) -------- ---------------------- 0 ----------- (6) ----------- (6) (6) (6) ----------- (6) (6) (6) (6) (6) (6) (6) 0 492 1,039 1,592 2,180 3,306 4,473 5,683 6,938 8,241 9,396 10,269 (1) Net tax increment based on table 3 (2) Interest income is actual in FY 91-92 and 92-93, and 5% of carry-over balance for subsequent years (3) SB 844, Statutes of 1992, transfers tax increment revenues to the Educational Revenue Allocation Fund (ERAF) of the State. (4) hitcrest income is actual in FY 91-92 and 92-93 and 5% of beginning balance in capital project service fund (5) Other income includes Irvine Company & developer fee contributions on Civic Center Project (6) Pending completion of Housing Affordability Strategy (7) Payment to housing fund from debt service fund CAS: 1/26/93 Tustin Community Redevelopment Agency TABLE l PAGE I South Central Project - Cash Flow Analysis (in 000's) CASH FLOW DEBT SERVICE FUND: FY 91-92 (1) FY 92-93 FY 93-94 FY 94-95 FY 95-96 FY 96-97 FY 97-98 FY 98-99 FY 99-00 FY 00-01 FY O1-02 FY 02-03 ----------------- Beginning Balances: ----------------- ----------------- ----------------- ---------------------------------- ----------------- ---------------- ---------------- -------------- ---------------- ------------- Carry-uver Funds Available 5,086 6,719 6,466 5,765 5,533 5,297 5,548 5,792 6,028 6,155 6,389 6,667 REVENUES: Net Tax Increment (1) 1,649 1,735 1,789 1,843 1,899 2,108 2,428 2,458 2,549 2,816 2,948 2,764 Bund Proceeds 0 0 0 0 0 0 0 0 0 0 0 0 Interest Income (2) 336 175 310 275 265 253 266 278 128 268 280 294 Other (3) 152 0 0 0 0 0 0 0 0 0 0 0 SB 844 Transfer to State (4) (328) - ----------------- Total Revenues ----------------- 2,137 ----------------- 1,582 ----------------- 2,099 2,118 ----------------- -- 2,164 ------------------------------- 2,361 2,694 ---------------- 2,736 ---------------- 2,677 --------------- 3,084 ---------------- 3,228 ------------- 3,058 DEBT SERVICE EXPENSES: Debt Service on Bonds (5) 0 0 0 0 0 0 0 0 0 0 0 0 General Fund Return on Advances 0 1,235 1,300 1,350 1,400 1,610 1,950 2,000 2,050 2,350 2,450 2,300 General Fund Expenses 504 500 500 500 500 500 500 500 500 500 500 500 ----------------- Total Debt Service Expenses: ----------------- 504 ----------------- 1,735 ----------------- 1,800 1,850 ---------------------------------- 1,900 ----------------- 2,110 2,450 -------------------------------- 2,500 ---------------- 2,550 ---------------- 2,850 2,950 ------------- 2,800 Transfer to Capital Projects 0 100 1,000 500 500 0 0 0 0 0 0 0 Carry-over Fund Balance 6,719 6,466 5,765 5,533 5,297 5,548 5,792 6,028 6,155 6,389 6,667 6,925 CASH FLOW CAPITAL PROJECTS FUND: Beginning Balances 1,956 3,105 5,791 8,681 11,162 13,920 16,530 19,607 22,887 26,377 30,347 3.3,617 REVENUES: Bond ProccWs (5) 0 0 0 0 0 0 0 0 0 0 0 0 Interest lncomc(2) 118 155 290 331 558 700 827 980 1,140 1,320 1,520 1,730 Loan from General Fund 1,300 1,735 1,800 1,850 1,900 2,110 2,450 2,500 2,550 2,850 2,950 2,800 Transfer from Debt Service Fund 1,000 1,000 500 500 0 0 0 0 0 0 0 ----------------- Total Revenues ----------------- 1,418 ----------------- 2,890 ----------------- 3,090 2,681 ---------------------------------- 2,958 ----------------- 2,810 ---------------- 3,277 ---------------- 3,480 ---------------- 3,690 ---------------- 4,170 4,470 ------------- 4,530 EXPENDITURES (6) 0 0 0 0 Program Costs (Admn) (6) 200 127 200 200 200 200 200 200 200 200 200 200 Capital Improvements 69 77 0 0 0 0 0 0 0 0 0 0 Developer assistance (5) 0 0 0 0 0 0 0 0 0 0 0 0 Bond Expense 0 0 0 0 0 0 0 0 0 0 0 0 ----------------- Total Expenditures: ----------------- 269 ----------------- 204 ----------------- 200 200 ---------------------------------- 200 ----------------- 200 ---------------- 200 ---------------- 200 --------- 200 _-------- ---------------- 200 200 ------------- 200 Carry-over Fund Balance 3,105 5,791 8,681 11,162 13,920 16,530 19,607 22,887 26,377 30,347 34,617 38,947 Tustin Community Redevelopment Agency TABLE 1 PACE 2 South Central Project - Cash Flow CASH FLOW FY 91-92 (1) FY 92.93 FY 93-94 FY 94-95 FY 95-96 FY 96-97 FY 97-98 FY 98-99 FY 99-00 FY 00-01 FY 01-02 FY 02-03 HOUSINGSET -A -SIDE FUND: ----------------- ----------------- ----------------- ----------------- -------------------------------------------------------------------------------------------------------------------------------- Beginning Balances 1,805 2,346 2,189 (7) (7) (7) (7) (7) (7) (7) (7) (7) Revenues: Housing Set -Aside Increment 442 434 447 461 475 527 607 615 637 704 737 691 Interest Income 117 ---------------------------------- 117 ----------------- 109 ----------------- (7) (7) (7) (7) (7) (7) (7) (7) (7) Total Revenues 559 551 556 ----------------- ----------------- ----------------- ---------------- ---------------- ---------------- ---------------- ------------- Expenditures: 0 0 (7) (7) (7) (7) (7) (7) (7) (7) • (7) (7) Administration 0 7 (7) (7) (7) (7) (7) (7) (7) (7) (7) (7) Capital Improvements 0 110 (7) (7) (7) (7) (7) (7) (7) (7) (7) (7) Housing Projects 18 ---------------------------------- 591 ----------------- (7) (7) (7) (7) (7) (7) (7) (7) (7) (7) Total Expenditures 0 708 ----------------- (7) ----------------- (7) ----------------- (7) ----------------- (7) ---------------- (7) ---------------- (7) ---------------- (7) ---------------- (7) ------•------ (7) (7) Carry-over Balance 2,346 2,189 (7) (7) (7) (7) (7) (7) (7) (7) (7) (7) Footnotes: (1) Net increment based on Table 3 (") Interest is actual for fiscal year 91-92 and estimated for 92-93, and 5% for carryover balance for subsequent years (3) Loan from general fund (4) SB 844, Statutes of 1992, transfers tax increment revenues to the Educational Revenue Allocation Fund (ERAF) of the State. (5) Pending future financing plan recommendations (6) Please note that all expenditure details are not complete and pending completion of a Financing Plan for the South Central Project Area; carryover balances as well as interest income could, therefore, significantly change. (7) Pending completion of Housing Affordability Strategy document. CAS: 1/26/93 SOUTH CENTRAD. REDEVELOPMENT PROJECT TABLE2 PAGE I AGENCY ADMINISTRATION AND AM ivr1'Y COSTS (m OW's) TOTAL COSTS AGENCY (in 000'a) COST FY 91-92 FY 92-93 FY 93-94 FY 94-95 FY 95-96 FY 96-97 FY 97-98 FY 98-99 FY 99-00 FY 00-01 FY 01-02 FY 02-03 ------------ ------------ ------------------------ ------------------------------------ ------------ Agency AJmir.I.:..Ilve Costs ------------- ------------ NA NA ------------ 200 ----------------------- ------------ 127 200 200 200 200 200 200 200 200 200 200 Public F•al'ililics/Improvements 1. Tranaporution A. Newport Estension south of EJingcr 2,800 0 0 - north of Flinger 15,500 0 0 B. Uingcr WiJwing/lntcrsation z Work NCwporI/EJin6Cr 2,386 0 0 - Newpon/Dcl Amo 1,370 0 0 Del Amo/Uingcr 2,170 0 0 - SR55 SB ramp. A FAinger 2,997 0 0 C. SK 55 NO Ramps 1,650 0 0 D. DW Amo Rcaligtutrnt 265 0 0 E. Red Hill - EJingcr 4,174 0 0 - Valencia 2,591 0 0 Sycamore 5,136 0 0 Walnut 3,280 0 0 Warner 2,417 0 0 F. San Juan UNK 0 0 G. Walnut UNK 0 0 H. Alley South of Sao Juan UNK 0 0 I. Alley South of Walnut UNK 0 0 1 'B' Sllw bclwccn h1,F.JJcn 11NK 0 0 .I.1 Mad.11 UNK 0 0 K. M,0.11 1<I ween Nc I—i A N.....l 1 '1" \:, Ir AIiI. 1. 11 IINK IINh I) II 0 0 rrl I...„ ...1 11. Il.:l ll.11y Kll,lulu. IINK U U II. rral fie C,•nlr..! h..ililies A. Newport Ave. Iwcrwrtmect UNK 0 0 south of Walnut A new 0 0 irutallaliun at Walnut A 0 0 M,F.JJcn 0 0 B. Sl , cl;.n-,.: 200 0 0 SOUTH CENTRA. REDEVEIDPMENT' PROJECT TABLE 2 PAGE 2 AGENCY ADMINISTRATION AND ACTI VTI'Y COSTS (in 000's) III. BuutiTluti�r A. Nisson un:crgroutaling B. Newport/\Isin Ilndergrounling C. (kmr.l Ilgkl �l.ar IJW (a911om D. Signsgc A L�Wl ping Ediugct/ E. NcwpJrt Ave. ucnter W.W. Maadden to Sy�mom F. Pacific Center utility upsiting, rclo lion, cic.7ri,: J lines IV. Wstcr Supply/Distrib. Float F-dilw A. Edinger betwccA Del Amo std mw dcvclopmcnl to wt B. Newport Ave. Syc .re south to Edinger C. W.Ict .rd Scwcr Newport Ave. uwuion D. Storm Drains - Newport Extension NET PUBLIC ISIPRUVEAIENT COSTS CON FINGENCY COSTS 101 At. PL;BLIC IMPROVENIENT COSTS DEVELOPNEN I ASSISTANCE 'I W'I Al COSTS CAS: 1/26/93 TOTAL 0 0 UNK 0 0 COSTS AGENCY 1,450 ------------- ------------ 0 0 ------------ ------------ (in 000'1) ------------- COST ------------ FY 91-92 ------------ FY 92-93 FY 93-94 FY 94- 95 FY 95 96 FY 96-97 FY 97-98 FY 99-99 FY 99-00 FY 00-01 FY 01-02 FY 02 03 ----------------------------------------------------------------------- ------------ ----------------------- ------------ ------------ 33 33 0 33 22 22 0 22 22 22 0 22 100 0 0 UNK 0 0 1,600 0 0 UNK 0 0 UNK 0 0 910 0 0 1,450 ------------- ------------ 0 0 ------------ ------------ 51,273 77 0 77 5,127 0 0 0 56,400 77 0 77 Not ProgrammcJ 56,400 77 200 204 Redevelopment Agency of the City of Tustin South Central Project TAX INCREMENT REVENUE PROJECTION ESTIMATES (2) (OOO's Omitted) TABLE 3 4 1 2 3 8 FY 91-92 (3) FY 92-93 FY 93-94 Adjusted Real Property @ 2% (1) 299,054 308,862 315,139 New Development - Real (2) 0 0 0 Total Real Property 299,054 308,862 315,139 Adjusted Other Property 25,611 25,168 25,672 New Development - Other (2) 0 0 0 Total Other Property 25,611 25,168 25,672 Total Taxable Value 324,665 334,030 340,811 Increase Over Base of: $117,178 (3) 207,487 216,852 223,833 Gross Tax Increment Revenue 2,091 2,169 2,238 Less: Housing Set -Aside (1) 442 434 447 Not Revenue 1,649 1,735 1,789 Footnote 3,035 3,073 461 (1) Projections are estimates not actuals, except for fiscal year 1991-92 607 615 (2) New development is Pacific Center East project 1,899 2,108 2,428 (3) Base year value estimated at $117,178 CAS: 1/26/93 TABLE 3 4 5 6 7 8 FY 94-95 FY 95-96 FY 96-97 FY 97-98 FY 98-99 321,442 327,871 334,428 341,116 347,938 0 0 10,040 37,319 31,065 321,442 327,871 344,468 378,435 379,003 26,185 26,709 27,243 27,788 28,344 0 0 9,000 14,487 17,088 26,185 26,709 36,243 42,275 45,432 347,627 354,580 380,711 420,710 424,435 230,449 237,402 263,533 303,532 307,257 2,304 2,374 2,635 3,035 3,073 461 475 .527 607 615 1,843 1,899 2,108 2,428 2,458 9 10 11 12 FY 99-00 FY 00-01 FY 01-02 FY 02-03 354,897 369,093 376,475 384,004 31,148 46,403 49,693 13,003 386,045 415,496 426,168 397,007 28,911 29,489 30,079 30,681 20,806 24,217 29,457 35,006 49,717 53,706 59,536 65,687 435,762 469,202 485,704 462,694 318,584 352,024 368,526 345,516 3,186 3,520 3,685 3,455 637 704 737 691 2,549 2,816 2,948 2,764 Projected Impact of Proposed State Budget for 1993/94 on the Tustin Community Redevelopment Agency (two year comparison) Estimated Tax Increment Less: ERAF Transfer(1) Excess of current years Debt -Service Net Tax Increment to Agency Debt. Service: Ihic Io Genera) I"und 1987 Bonds 1991 Bonds 92/93: SB844 1 193/94: Govenor's Budget Town South Town South Center Central Center Central $2,618,000 $2,172,000 $370,941 $327,811 N/A N/A $2,247,059 $1,844,189 $159,000 $1,000,000 $804,000 Total Debt Service $1,263,000 $1,000,000 Tax Increment Available $984,059 $844,189 Estimated Loss to Agency $370,941 $327,811 Cummulative 2yr Loss: Total Agency 2yr Loss: (1) ERAF: Educational Revenue Allocation Fund. Chapter 700 (SB 844) $2,618,000 $2,172,000 $370,941 $327,811 ($9,494) 638 189 $2,256,553 $1,206,000 $360,000 $1,200,000 $804,000 $1,092,553 $2,256,553 $1,206,000 $0 $0 $361,447 $966,000 $732,388 $1,293,811 $2,026,199