HomeMy WebLinkAboutRDA ANNUAL REPORT 09-08-81DATE:
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September 8, 1981
Charles R. Thayer, Interi
No. 6
9,~8,-81
Inter- Corn
Di rector
I{EDEVELOPMENT AGENCY
The Redevelopment Agency
R. Kenneth F1 eagle (t~ ~
RDA Annual Report
Section 33080 et. seq. of the California Community Redevelopment
Law (Health and Safety Code) requires the Redevelopment Agency to
prepare an annual report and submit it to the City Council and to
the State Department of Housing and Community Development.
A draft report has been prepared to satisfy the requirements of
law. This is the first report that has been prepared and required
reconstruction of the past actions of the agency. Subsequent
reports will be less detailed and will permit the compilation of
the required information without reconstruction.
Upon receipt of the audit report, a resolution will be prepared for
the Redevelopment Agency to adopt, transmitting the report to the
City Council and to the State Department of Housing and Community
Development.
The City Council must then review the report and take appropriate
action at the first meeting 21 days after receiving the report.
RECOMMENDED ACTION
Receive and approve the report pending receipt of the audit at
which time a resolution of adoption and transmittal will be
presented for consideration.
RKF/dat
ANNUAL rEPort
1980'81
REDEVELOPMEHT AGENCY
James B. Sharp, chairman
Richard B. Edgar
Ron Hoesterey
.Ursula Kennedy
Don Saltarelli
CITY OF
TUSTIN
ANNUAL REPORT
CITY OF TUSTIN
REDEVELOPMENT AGENCY
FY 1980-81
RDA BOARD
James B. Sharp, Chairman
Richard B. Edgar
Ron Hoesterey
Ursula Kennedy
Don Saltarelli
STAFF
Charles R. Thayer, (Interim) Executive Director
Ron Nault, Treasurer
Mary Wynn, Secretary/Clerk
James B. Rourke, Attorney
ASSOCIATE STAFF
Robert Ledendecker, Public Works Director
Mike Brotemarkle, Community Development Director
Prepared By:
R. Kenneth ~eagle, D.P.A.
Community Development Consultant
i
III.
IV.
V.
VI.
VII.
VIII.
IX.
TABLE OF CONTENTS
INTRODUCTION
A REVIEW OF THE REDEVELOPMENT AGENCY
A. Purpose and Activities
B. Personnel
C. A Profile of the Past and Future
D. Resources and Expenditures
E. Projected Projects and Revenue
CHRONOLOGICAL HISTORY OF THE TUSTIN REDEVELOPMENT AGENCY
1976-77
1977-78
1978-79
1979-80
1980-81
MAJOR PUBLIC PROJECTS WITHIN REDEVELOPMENT AREA
MAJOR PRIVATE PROJECTS WITHIN REDEVELOPMENT AREA
GOALS AND ACHIEVEMENTS FOR 1980-81
GOALS AND PROJECTS FOR 1981-82
RECOMMENDATIONS FOR NEEDED LEGISLATION
AUDIT REPORT
(Under Separate Cover)
Page
1
2
13
14
16
17
18
19
ii
I. INTRODUCTION
The Community Redevelopment Law, (Division 24, Part I, Chapter l, Article 6
Sec. 33080. of the California Health and Safety Code) requires each agency to
file an annual report with the Department of Housing and Community
Development and with the City Council.
The report shall contain:
a. An independent financial audit report for the previous fiscal year.
b. A work program and goals for the coming year.
c. An examination of the previous year's achievements related to the goals
of the work program.
d. Recommendation for needed legislation.
The City Council is required to review the report and take appropriate action
at the first meeting of the Council which is held 21 days after receipt of
the report from the Redevelopment Agency.
This is the first formal report prepared by the Agency to the City Council in
accordance with the requirements of the Community Redevelopment Law.
However, the Council, as the Redevelopment Agency, has received audit and
project status reports during the history of the Agency. In order to create
a base and to recognize achievements of the Agency, this report summarizes
the activities of the Agency since it's inception.
This report includes the contributions of the City and private interests in
revitalizing the economic health of the Town Center Area as evidence of
achieving the intent and purpose of the Community Redevelopment Law.
-1-
II. A REVIEW OF THE REDEVELOPMENT AGENCY
A. Purpose and Activities
The City of Tustin created the Redevelopment Agency by Ordinance No. 696
on October 4, 1976, and adopted a plan for the Town Center Project Area
for the purpose of eliminating and preventing the spread of blight and
deterioration. Authorized actions of the agency include the following:
Providing for participation by owners and residents presently
located in the Project area by extending to them preferences to
remain or relocate within the redeveloped areas should their present
structure be suffering from deterioration requiring assistance;
2. Rehabilitation of structures and improvements by present owners,
their successors, or the. Agency;
3. Redevelopment of land by private enterprise or public agencies for
uses in accordance with this Plan;
Installation, construction, or reconstruction of streets, utilities,
and other public improvements such as center islands, street trees
and landscaping;
5. Acquisition of certain real property for public improvements or to
help expedite private development;
6. Relocation assistance to displaced residential and non-residential
occupants should the need arise;
7. Demolition or removal of certain buildings and improvements;
8. Management of any property acquired under the ownership and control
of the Agency;
9. Disposition of any property acquired by the Agency for uses in
accordance with this plan.
Personnel
The City Council a~sumed the duties of the Redevelopment Agency upon the
creation of the Agen~ in 1976.
Members of the Agency were:
Richard B. Edgar, Chairman
James B. Sharp
Donald Saltarelli
Stephen L. Schuster
Ralph Welsh, Jr.
Councilman Schuster, being a property owner with the project limits
abstained from the actions of the Agency.
-2-
Staff was appointed to the Agency on October 20, 1976 as follows:
Executive Director -
Treasurer
Secretary/Clerk -
Redevelopment Attorney -
William L. Bopf
Dan Blankenship
Ruth C. Poe
James G. Rourke
Mr. Walter Fredricksen was selected as chariman of a citizens advisory committee.
Subsequent personnel changes are as follows:
James B. Sharp - March 1977 - March 1978
Ralph Welsh, Jr. - March 1978 - March 1979
Don Saltarelli - March 1979 - April 1981
Chairman:
Members:
Staff:
Ursula Kennedy vice Richad B. Edgar -
Richard B. Edgar - April 1980 - vice
Ron Hoesterey - April 1980 - vice
Ralph Welsh Jr. and Steven Schuster
March 1978
Executive Director:
Dan Blankenship vice William L. Bopf - Dec. 1977
Charles R. Thayer--~Tce Dan Blankenship- June 1981
Treasurer:
Ed Bushong vice Dan Blankenship - Aug. 1978
Ron Nault vice Ed Bushong - Nov. 1980
Secretary/Clerk:
Mary Wynn vice Ruth Poe - April 1980
The Redevelopment Agency on June 30, 1981 was comprised of the following:
Chairman:
Members:
Executive Director:
Treasurer:
Secretary/Clerk:
Attorney:
James B. Sharp
Richard B. Edgar
Ron Hoesterey
Ursula Kennedy
Don Saltarelli
Charles R. Thayer (Interim)
Ron Nault
Mary Wynn
James B. Rourke
--3-
C. A Profile of the Past and Future
The first project area of the Tustin Redevelopment Agency comprised the
Town Center Area outlined on Exhibit 1. Special concern and interest
was focused on the E1Camino Real area bounded by First Street, Newport
Freeway, "C" Street and Prospect. The total redevelopment area consists
of 6% of the land area of the City but 3% of the property values.
Encouragement to private developers and the investment of public funds
were necessary to restore the economic viability of the area.
Four years of investment in the public property has been accompanied by
renewed interest and investment by the private sector.
Residential developments were not given emphasis within the old town
center area since it was first necessary to establish a firm economic
commercial base. However, an immediate goal was to attract new housing
for the elderly, which has been achieved. Within the E1Camino Real
project area, only 20 properties are owner-occupied, as shown by Exhibit
2.
The Redevelopment Agency is unable to issue bonds due to the limitations
upon interest payments and curtailed revenue as a result of Proposition
13. As a result, the Agency has borrowed funds from the general fund of
the City and has constructed public improvements as funds become
available from tax increment revenues.
Major developments within the redevelopment area that have contributed
to its economic health are listed in Section V of this report. Land
uses approved within the redevelopment district since its creation
consists of the following percentage distribution by permit value:
Commercial and Retail Activities 32.16%
Office Buildings 10.04%
Banks and Savings and Loans 8.28%
Restaurants and Food Establishments 4.85%
Miscellaneous 4.92%
Residential 31.57%
Property Redevelopment 8.18%
The future of the town center area looks even more encouraging with
proposals for new developments to enhance the economic viability of the
area.
The challenge facing the Agency in the years ahead is to assure
compatibility of new developments with the objective of preserving the
community's heritage.
-4-
EXHIBIT I
INVENTORY REDEVELOPMENT AREA
OWNER OCCUPIED RESIDENTIAL UNITS
A.P.#
401-573-10
401-571-06
401-584-03
401-621-11
401-621-05
401-621-08.
' 401-621-09
103-241-32
103-241-12
401-581-07
401-582-01
401-541-22
401-592-09
401-592-07
401-542-01
103-621-34
103-200-43
401-131-12
401-622-11
401-571-11
ADDRESS
305 S. C Street
180 S. E1Camino Real
240 S. Prospect Avenue
500 S. C Street
535 S. B Street
255 W. 6th Street
434 S. E1Camino Real
1052 Bonita Street
1022 Bonita Street
155 S. Prospect Avenue
240 E. Third Street
287 E. Third Street
305 E. Third Street
235 Preble Drive
190 S. Centennial Way
1091E. Bryan Avenue
12952 Elizabeth Way
14652 N. Prospect Avenue
460 S. E1Camino
175 S. C Street
i Stevens sisters - Velma and Estelle
2 Retirement Home
3 Apartment
4 Leased to McCollough
Exhibit 2
OWNER
Li ndsay, Ralph
McCl ure, Tom
Bath, Wi 11 i am
1
Stevens, Velma
Arnot, Reinhart
Anderson, Charles
Pottenger, Margaret
Hol 1 and, Pearl
Lee, Marl anne
Sisk, Francess
2
Wong, Sidney
Snary, David
Cimildora, Mary
Hernandez, Raul
3
De Iorio, Fred
Okonsiki, Chester
Ondemir and McCory
4
City of Tustin
Boosey, Ina
Almond, Albert
D. Resources and Expenditures
The Redevelopment Agency was created with a base year assessed value of
$15,824,960. Tax increment revenues were limited to $600,000 average per
year and a $6.5 million limitation on bonded indebtedness. The first year in
tax receipts amounted to $209,237 in 1977-78. Projetions of incremental tax
revenues available from the area and the inflated costs for public projects
have indicated the need to amend the Finance Plan to authorize a limitation
of an average yearly tax increment of $3 million.
A review of the RDA Finances from 1977 to June 30, 1981 is as follows:
RECEIPTS FROM TAX INCREMENT AND OTHER SOURCES
Audited Revenues:
1977-78 $209,237
1978-79 302,339
1979-80 732,705
Projected Revenue 1980-81
Estimated Revenue 1981-82
$896,139
992,688
TOTAL ESTIMATED REVENUES THROUGH 6-30-82
NON-CAPITAL EXPENDITURES
Audited Expenses:
1977-78 $ 32,709
1978-79 42,429
1979-80 7',360
Projected Expenses 1980-81 $ 15,228
1981-82 109,832
TOTAL EXTIMATED NON-CAPITAL EXPENSES THROUGH
CAPITAL IMPROVEMENTS
$1,244,281
$1,888,827
$3,133,108
$ 82,498
$ 125,060
6-30-82 $ 207,558
Audited Expenses:
1977-78 $ 59,400
1978-79 104,121
1979-80 473,287
Projected Expenses 1980-81'* $1,331,500
Projected Expenses 1981-82'* 2,108,600
TOTAL ESTIMATED CAPITAL EXPENSES THROUGH 6-30-82
$ 636,808
$3,440,100
$4,0~6,908
-5-
TOTAL ESTIMATED REVENUE
Less estimated expenses for:
Non-capital
Capital
BALANCE 6-30-82
Amount loaned from General Fund
Difference
Amount shown in 1981-82 budget
Variance
$3,133,108
(207,558)
(4,076,908)
$1,151,358
$1,125,000
( 26,358
(31,646)
$ (5,288)
* Source: Ron Nault, Treasurer
** These numbers require the necessity of adjusting both years by the $288,000
needed to complete E1Camino Real undergrounding for fiscal year 1980-81.
E. Projected Projects and Revenue
Plans have been approved for the following major projects within the
redevelopment aea:
Gfeller Development of Steven's Square
(Main and "C" Street)
Blanco Development
(100 block E1Camino Real and "C" Street)
Spirit Development
(135 W. Main St.)
Far West
(First and Fashion Lane)
Kornwasser Project
(El Camino Real and Santa Ana Fwy)
Projects that are probable or in the preliminary stage include the following:
Segerstrom properties
(Newport Ave - Main to Laguna Road)
Burnett/Ehline
(Holt and Irvine Blvd.)
Mitchell Properties
(100 block, S. Prospect)
Prescott Properties
(El Camino Real)
Utt Juice Properties
(193 E. Main St.)
Based upon the approved and proposed projects, tax increment revenues are
projected as follows:
1982-83 $1,272,845
1983-84 1,612,508
1984-85 2,004,465
1985-86 2,550,511
-7-
III.
October
Nobember
December
January
February
April
June
CHRONOLOGICAL HISTORY OF THE TUSTIN REDEVELOPMENT AGENCY*
1976 - 77
The City of Tustin Redevelopment Agency was created on October 4,
lg76, by the adoption of Ordinance No. 696. The City Council was
designated as the Redevelopment Agency and William F. Bopf was
appointed as the executive director. Procedures were established for
the disbursement and control of RDA funds.
The Redevelopment Plan was reviewed by the Planning Commission and
adopted by Ordinance No. 701 on November 22, 1976.
The Planning Commission and Community Development Department were
delegated.authority for architectural control and design review.
The Agency approved the first structural project within the district
by the approval for Use Permit for the development of the Tustin Lanes
Bowling Alley at 1091 Old Irvine Boulevard.
An invitation was extended to the public for the creation of an
on-going advisory committee.
The Redevelopment Advisory Committee met on February 14 to develop
plans and recommend priorities for the central area of the City to
include E1 Camino Real lighting, landscaping, storm drain, traffic
signals and the extensions of Sixth Street.
Stene and Youngberg were identified as the financial consultant for
the Redevelopment Agency.
Walt Fredricksen, Chairman of the Advisory Committee, presented the
committee's report on projects and priorities.
The plans for the redevelopment of Larwin Square were approved and
plans were approved for the development of the former City Hall site
at 218 E1Camino Real.
1977 - 78
July
August
The fiscal year budget was adopted and revenue appropriated for
projects during 1977-78.
Right' of way acquisition was approved for the widening of Newport
Avenue from Bonita to Andrews Street.
* Source: RDA Minutes
-8-
September
October
November
December
January
February
March
April
May
June
A report of capital improvement needs in the redevelopment area was
presented by the executive director.
The agency appropriated $5,000 to establish the precise alignment of
the 6th Street extension to Newport Avenue and a workshop was held on
October 24 to review projects and plans.
Budget allocations were approved and a loan was accepted from the
general fund for land acquisition and widening of Newport Avenue.
Dan Blankenship, City Administrator, was appointed as Executive
Director of the Redevelopment Agency.
Approval was granted for the Packer's Square project at 13122 Newport
Avenue.
Progress report of the first years operation of the RDA was received
and filed.
The preliminary budget for 1978-79 was presented and' the upgrading of
the E1Camino Real water lines was approved in conjunction with storm
drains and sewer projects.
The preparation of plans for the undergrounding of utilities on
Newport Avenue was approved.
Plans were approved for the construction of Coco's Restaurant in the
Courtyard Shopping Center and for Spires Restaurant in Larwin Square.
The widening of Newport Avenue was authorized from 210' southerly of
Walnut Avenue to 180' northerly of San Juan.
A loan to the RDA from the City general fund was accepted.
1978 - 79
July
August
September
October
November
The 1978-79 budget for the Redevelopment Agency was adopted.
Status report was presented by executive director
A public hearing was conducted on Tax Increment Revenue to be received
in 1978-79.
Authorization was granted for the sale of surplus property on the
easterly side of Newport Avenue which was not required for road
construction.
Authorization was granted for the extension of 6th Street to Newport
Avenue
Funds were appropriated and a bid awarded for the widening of Newport
Avenue.
-9-
February
May
June
July
August
October
December
January
March
April
May
Undergrounding District No. 4 was approved for the undergrounding of
utility lines adjacent to Larwin Square. The budget was revised and a
capital improvement status report presented.
Plans were approved for a water main in E1Camino Real extending from
First to Sixth Street.
Plans were approved for the Sixth Street extension. Upgrading and new
traffic signals were authorized for E1Camtno Real and Main, E1Camino
Real and First Street, and a new installation at First and Centennial.
A bid in the amount of $78,796.65 was approved for undergrounding
utilities on First Street.
A loan in the amount of $1,125,000 was accepted from the City and
$984,500 was appropriated for the E1Camino Real Undergrounding
Project.
1979 - 80
The E1Camino Real Water Main bid in the amount of $83,615 was
approved. The construction of traffic signals was approved for E1
Camino Real and Main, E1Camino Real and First, and First at
Centennial in the amount of $126,200.
Staff was directed to solicit development proposals on a case by case
basis for presentation to the Agency.
Sanitary Sewer lines were approved for the development at 150-160 E1
Camino Real. The Capital Improvement Budget for 1979-80 was
approved. The E1Camino Real Water Main was completed.
Undergroundlng District No. 4 for Larwin Square was completed.
The audit of compliance with the regulations was presented. The Sixth
Street impovement project was accepted.
Demands were approved in the amount of $257,243.15.
Plans and specifications were approved for modifiction of the center
island east of Prospect on First Street.
Demands were approved in the amount of $203,216.53. A bid was awarded
for the modification of the First Street center island in the amount
of $8,141.
The Agency stated that they did not want to make a policy statement
about the use of the power of eminent domain but when it is in the
best interest of the City, they would be willing to consider it on a
case by case basis.
Staff was directed to contact the School District about leasing or
acquiring school property next to Peppertree Park and to search for
developers willing to develop projects within the redevelopment area.
-10-
June
July
August
September
October
December
February
March
April
Demands were approved in the amount of $16,882.68.
Demands were approved in the amount of $267.50.
1980 - 81
The 1980-81 budget was approved allocating $1,602,300 for capital
improvements for a total of $1,823.051. Staff report was presented by
the Community Development Director indicating parking needs and
desirable locations.
Notice of completion was received for the installation of traffic
signals.
A list of public improvement projects was presented by the Community
Development Director and approved.
Notice of completion was received for the First Street Center Island
modification.
Design review and modifications were considered for the proposed
office building at 150 E1Camino.
An additional $15,170 was appropriated for the center islands on
Newport Avenue.
An appropriation of $36,800 was made for the Bryan-Main Triangle. An
additonal $18,000 was appropriated for Newport Avenue center islands.
The E1Camino Real Undergrounding District was approved. Staff was
directed to propose to the Gfeller Company a joint parking facility
between "C" and E1Camino Real.
Funds were appropriated in the amount of $14,650 for engineering
studies for the Main Street and Sixth Street storm drains.
A bid was accepted in the amount of $530,945 for the E1Camino Real
Underground District.
Plans and specifications were approved for sanitary sewers for Second
and "C" Streets.
A bid was awarded in the amount of $22,226.78 for the Second and C
Streets sewer improvements. Staff was directed as follows:
1. Participation with Gfeller on joint parking facility.
2. Continue exploration of acquisition of school property for
parking.
3. The property at Prospect and Second was proposed for purchase at
appraised value, to explore as lengthy an escrow as is feasible,
come back to the Agency with a proposal, and simultaneously find a
developer who will proceed in a manner of most benefit to the
City.
4. To make a study and report on an amendment to the Redevelopment
Finance Plan.
-11-
May
June
Plans were approved for Main Street and Sixth Street storm drains.
Architectural design plans were approved as modified for the
development of property at 150 E1Camino Real.
The Agency determined that it would not compete with a private
developer for acquisition of the Mitchell property on Prospect Street.
Payment in the amount of $288,747.35 was authorized for the E1Camino
Real underground district.
The Agency denied a waiver of parking requirements for the property at
E1Camino Real and Second Street.
Demands were approved in the amount of $491,778.33. A bid was awarded
for the Main and Sixth Street storm drains in the amount of $277,333
and additional budget appropriations was made in the amount of $25,000
for the project.
-12-
IV.
MAJOR PUBLIC PROJECTS WITHIN REDEVELOPMENT AREA
(1976 to July 1981)
Street Projects
Newport Avenue widening (Bonita to Andrews)
Sixth Street extension to Newport Avenue
Traffic Signals
Newport Avenue and Bryan
Main and E1Camino
E1Camino and First
First and Centennial
Beautification
Newport Avenue Center Islands
Brian and Main Triangle Landscaping
Flood Control Projects
E1Camino Real Storm Drain {Partial)
Main Street Storm Drains (Preble to "B" St)
Sixth Street Storm Drain
Water Distribution
Sixth Street Main from Newport Aveue
E1Camino Ral Main from First to Sixth Street
Undergrounding Of Utilities
E1Camino Real District
Lrwin Square District
Sanitary Sewers
E1Camino Real and "C" Street Project
-13-
MAJOR PRIVATE PROJECTS WITHIN THE REDEVELOPMENT AREA
EXCEEDING $10,000 PERMIT VAUUE
1976 TO JULY 1981
Commercial Developments
Mervyn's Dept. Store
Tustin Village Center
Retail/Office Bldg.
Drug Store (Sav-On)
Courtyard
Retail Shops
Retail Shops
Commercial/Office
Retail Shops
Packer's Square
Commercial Bldg.
Commercial Bldg.
Commercial Bldg.
Office Buildings
Financial Center
Centennial Bldgs.
Wellington Plaza
Clock Towers
Hummel Bldg.
Banks and Savings & Loan
Allstate Savings & Loan
Lloyds
Security Pacific
Coast Savings & Loan
Central Federal Savings & Loan
Restaurants & Food Est.
Address
18182 Irvine
1081-91 Main
100 W. First
Holt - First
Holt-First-Irvine
380 E. First
220 E1Camino
250 E1Camino
18331 Irvine
13112-32 Newport
13762 Newport
14751 Plaza Dr.
14771 Plaza Dr.
Address
161-231 Fashion Lane
275 Centennial
505-15 E. First
14742 Plaza Drive
13732 Newport
Permit Value
$1,355,000
608,000
107,889
600,000
692,500
80,000
160,000
393,822
145,800
1,305,308
202,320
580,060
488,507
$6,865,006
32.16%
Permit Value
314,100
341,718
865,188
489,811
131,151
$2,141,968
10.04%
Address Permit Value
18232 Irvine 80,000
701 E. First 264,000
13471 Newport 222,000
662 E. First 402,480
13522 Newport 800,000
Address
$1,768,480
8.28%
Permit Value
Tony' s Sea Food 13612 Newport 109,400
Swensons 13572 Newport 150,000
Burger King 13421 Newport 130,000
Pizza Shop 651 E. First 45,000
Del i-Market 1095 E. Mai n 40,000
Sandwich Shop 14921 Holt 22,500
-14-
Restaurants & Food Est. (continued)
Spires
Cocoas
Bob's Big Boy
Miscellaneous
Tustin Lanes
Auto Repair
Southern Calif. Oil
Residential
56 Units
138 Units
101 Senior Citizens
Triplex
Redevelopment Projects & Improvements
Tustin Square
Assistance League
Car Wash
Restaurant
Restaurant
Office Building
Larwin Square
Fiddlers Three
McDonalds
Von's Market
Mercury Savings & Loan
Sunwest Bank
E1Camino Bank
Tustin Heights
Shops & Stores
Shopping Center
Address
13451 Newport
14971 Holt
13102 Newport
Address
1091 Old Irvine
90 Laguna Road
1011Laguna Road
Address
Plaza Way
Packer's Circle
275 6th St.
525 "B" St.
Address
690 E1Camino Real
160 E. 2nd St.
101W. First Street
158 W. Main
556 E. First
180511rvine
Newport & First
1222 Irine
245 E. First
550 £. First
1095 Irvine
535 E. First
300 E1 Camtno Real
1142 Irvine
303-305 E1Camino
12991 Newport
Total
Permtt Value
$ 156,748
183,738
198,180
$1,035,566
4.85%
Permit Value
972,000
42,000
36,000
$1,050,000
4.92%
Permit Value
$1,386,400
3,378,559
1,822,850
152,202
$6,740,011
31.57%
Permit Value
$ 100,000
47,000
10,000
40,000
70,000
10,000
475,000
63,000
50,000
660,000
15,000
80,000
20,000
20,000
22,000
10,000
$1,747,000
8.18%
$21,348,031
-15-
VI. GOALS AND ACHIEVEMENTS FOR 1980-81
The goals of the Redevelopment Agency within the Town Center Area Project for
1980-81 were consistent with the original intent and purpose of the agency -
to stimulate private redevelopment by the investment of tax revenues in
public projects to enhance the safety convenience and welfare of the property
owners, merchants, and shoppers within the Town Center Area.
ProJects approved by the Agency for FY 1980-81 included the following:
Construction and landscaping of Center Islands on Newport Avenue.
2. Undergrounding of utilities on E1Camino Real.
3. Construction ofstorm drains on Main Street and Sixth Street.
4. Construction of sanitary sewer facilities to serve properties in the 100
block of Second and "C" Streets.
5. Landscaping and beautification of the Main-Bryan triangle.
6. The development of public parking accommodations to serve the E1Camino
Real commercial area.
All of the proposed projects for FY 1980-81 were completed with the exception
of providing public parking accommodations for the E1Camino Real Commercial
area. Substantial progress was made on this project during the fiscal year
with project completion programmed for FY 1981-82.
The primary goal of the Redevelopment Agency for the year was to complete the
underground infrastructure of the redevelopment area to enable proceeding
with more visible public amenities for the area. The goal was achieved.
-16-
VII. GOALS & PROJECTS FOR FY 1981-82
The Redevelopment Agency will move from an emphasis on planning to
implementation during FY 1981-82. A primary goal and project is to provide
public parking accommodations in the town center area serving E1 Camino Real
southerly of Main Street. Funds have been carried over from previous year
allocation and commitment made for participation of joint public and private
parking facility.
Other parking related goals are the acquisition, lease, or joint
participation in parking facilities serving the E1Camino Real area northerly
of Main Street.
Continuing projects consist of sign identity, landscaping, and street
furniture for the E1Camino Real project area.
The preparation of design plans is authorized for the development of Columbus
Tustin Park.
Reconstruction and improvements to streets and alleys are programmed for the
year.
The Redevelopment Agency finds that it is necessary to increase the
limitation on tax increment revenues and bonded indebtedness to carry out the
objectives of the plan. This is an objective for FY 1981-82.
The initial goal of the Redevelopment Agency was to encourage private
redevelopment within the area. Projections for 1981-82 forecast a greater
commitment of private funds to development and redevelopment within the area
than any year in the history of the agency thereby contributing to the goals
of the Redevelopment Agency.
VIII RECOMMENDATIONS FOR NEEDED LEGISLATION
Section 33645(d) of the Health and Safety Code establishes the maximum rate
of interest on agency bonds at ten percent (10%). Federal legislation now
authorizes savings and loan associations to issue tax free certificates at
rates that are considerably higher and related to the rates paid for Treasury
Bills.
It thus becomes impossible for a Redevelopment Agency to market bonds at a
artificially restricted low interest rate when private institutions can make
far more attractive investment opportunities with tax exempt status.
Legislation is required to permit redevelopment agency bonds to be issued at
market rates, subject only to assurances of the financial security of the
issue.
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IX. AUDIT REPORT
(UNDER SEPARATE COVER)
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CITY OF
TUSTIN
Appendix A
Vacant Land
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