HomeMy WebLinkAboutRDA 11-04RDA RESOLUTION NO. 11-04
A RESOLUTION OF THE TUSTIN COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF
TUSTIN, CALIFORNIA, ADOPTING AN INITIAL
RECOGNIZED OBLIGATION PAYMENT SCHEDULE,
TRANSMITTING SUCH SCHEDULE TO THE CITY OF
TUSTIN, APPROVING AN AGREEMENT TO
TRANSFER TAX INCREMENT BETWEEN THE
AGENCY AND THE CITY, AND MAKING CERTAIN
FINDINGS IN CONNECTION THEREWITH
The Tustin Community Redevelopment Agency does hereby resolve as follows:
THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY FINDS AND
DETERMINES AS FOLLOWS:
A. The Tustin Community Redevelopment Agency ("Agency") is a
community redevelopment agency organized and existing under the California
Community Redevelopment Law, Health and Safety Code Sections 33000, et seq.
("CRL") and has been authorized to transact business and exercise the powers of a
redevelopment agency pursuant to action of the City Council ("City Council") of the
City of Tustin ("City"); and
FIF
B. The City Council adopted the Redevelopment Plans for the Town
Center Redevelopment Project, the South Central Redevelopment Project and the
MCAS Tustin Redevelopment Project (collectively, and as amended from time to
time, the "Project Areas"), all in compliance with all requirements of the CRL; and
C. AB X1 26 and AB X1 27 are trailer bills to the 2011-12 budget bills and
were approved by both houses of the Legislature on June 15, 2011, signed by the
Governor on June 28, 2011, and chaptered on June 29, 2011 (together, "2011
Redevelopment Legislation"); and
D. Parts 1.8, 1.85 and 1.9 of Division 24 of the Health and Safety Code
were added to the CRL by the 2011 Redevelopment Legislation and such measures
purported to become effective immediately; and
E. Part 1.8 of the CRL ("Part 1.8") provides for the restriction of activities
and authority of the Agency in the interim period prior to dissolution to certain
"enforceable obligations" and to actions required for the general winding up of
affairs, preservation of assets, and certain other goals delineated in Part 1.8; and
F. Part 1.85 of the CRL ("Part 1.85") provides for the statewide dissolution
of all redevelopment agencies, including the Agency, as of October 1, 2011, and
provides that, thereafter, a successor agency will administer the enforceable
01- obligations of the Agency and otherwise wind up the Agency's affairs, all subject to
Im 110
the review and approval by an oversight committee; andIs
RDA Resolution No. 11-04
Page 1 of 5
G. Part 1.9 of the CRL ("Part 1.9") provides that a redevelopment agency
may continue in operation if a city or county that includes a redevelopment agency
adopts an ordinance agreeing to comply with and participate in the Voluntary
Alternative Redevelopment Program established in Part 1.9 ("Program°); and
N. The Agency is aware that the validity, passage, and applicability of the
2011 Redevelopment Legislation are the subject of judicial challenge(s), including
the action: California Redevelopment Association, et al v. Ana Matosantos, et al; and
I. The Supreme Court accepted original jurisdiction of the CRA Action on
August 11, 2011, notified the parties of the briefing schedule, and, importantly,
issued a stay order affecting Part 1.85 and Part 1.9, but the court did not stay
Sections 34161 to 34167 of Part 1.8, then on August 17, 2011, the Supreme Court
modified its stay order, which released the stay on Sections 34167.5 to 34169.5 of
Part 1.8 and on Section 34194(b)(2) of Part 1.9, making those laws now effective
("Supreme Court Stay"); and
J. Section 34169(h) of the CRL, which was added to the CRL by AB X1
26 and is set forth in Part 1.8 of the CRL, requires the CDA to prepare an Initial
Recognized Obligation Payment Schedule, no later than September 30, 2011, and
provide it to the successor agency, if a successor agency is established pursuant to
Part 1.85 (commencing with Section 34170); and
K. While Part 1.85 (that provides for the dissolution of redevelopmentIBM
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agencies and the creation of successor agencies) and Part 1.9, except Section
34194(b)(2), which authorizes the Cit too opt -in to the Program) are both stayed b
( Y p 9 ) Y Y
order of the California Supreme Court, Part 1.8, specifically including Section 34169,
of the CRL, currently remains in full force and effect; and
L. Of even date herewith and at the same regular meeting hereof the City
Council will consider and take action to confirm and make its election for the City to
be the successor agency in the event the Agency is dissolved; and
M. The Agency desires to adopt the Initial Recognized Obligation Payment
Schedule attached to this Resolution as Attachment No. 1 and incorporated herein
("IROPS") and to transmit the IROPS to the City, as required by Section 34169(h) of
the CRL; and
N. Each city and county electing to participate in the Program, as a
condition of its redevelopment agency's continued existence and operation, is
required to make certain annual remittances ("Program Remittances") to the county
auditor -controller ("CAC") pursuant to Chapter 3 of Part 1.9, beginning with a larger
upfront remittance for FY 2011-12 ("First Remittance"), to be paid in two equal
installments on January 15, 2012 and May 15, 2012; and
O. The City expects it will have sufficient moneys and revenues to fund an
amount equal to the City's payment of the First Remittance and further expects to
have sufficient moneys and revenues to fund the subsequent annual remittances as
may be required by Part 1.9 (collectively "Subsequent Remittances"); and
RDA Resolution No. 11-04
Page 2 of 5
P. The City has adopted Ordinance Nos. 1404 and 1405 pursuant to Part
1.9 to opt -in so that the Agency would continue in operation and perform its
functions; and
Q. The City and Agency desire to enter into an agreement pursuant to
CRL Section 34194.2 whereby the Agency shall make an initial transfer of a portion
of its tax increment to the City in an amount equal the First Remittance, and
thereafter transfer amounts of tax increment equal to any Subsequent Remittances
which the City is required to make to the CAC pursuant to the City's participation in
the Program ("Agreement to Transfer Tax Increment"), all of which shall collectively
be considered an existing debt of the Agency and not new debt; and
R. The Agency, by the adoption of this Resolution, does not represent,
disclaim, or take any position whatsoever on the issue of the validity of AB X1 26 or
AB X1 27, but rather the Agency seeks to comply with the Constitution and laws of
the State of California, in order to preserve the ability of the Agency to continue to
operate and thereby benefit the community; and
S. The dissolution of the Agency would be detrimental to the health,
safety, and economic well-being of the residents of the City and cause irreparable
harm to the community, because, among other reasons, the redevelopment activities
and projects made possible, implemented, and funded by the Agency are highly
significant and of enduring benefit to the community and the City, and are a critical
component of its future; and
T. The Agency has duly considered all other related matters and has
determined that the Agency's adoption of the IROPS, submission of the IROPS to
the City, and approval and execution of the Agreement to Transfer Tax Increment is
in the best interests of the City and Agency and in the health, safety, and welfare of
its residents, and in accord with the public purposes and provisions of applicable
state and local laws and requirements.
Il. THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY DOES RESOLVE AS
FOLLOWS:
1. The foregoing recitals are incorporated into this Resolution by this
reference, and constitute a material part of this Resolution.
2. The Agency approves the IROPS attached hereto as Attachment No. 1
and incorporated herein, and further authorizes the Agency Executive Director to
transmit the IROPS to the City Manager, the City Clerk, and the City's Finance
Director for implementation thereof by the City, acting as successor agency to the
Agency, to the extent authorized and/or required by law, including Part 1.85.
3. The Agency hereby approves that certain Agreement to Transfer Tax
Increment in substantially the form attached hereto as Attachment No. 2 and
incorporated herein, with such changes mutually agreed upon by the Agency
Executive Director, the City Manager, Special Council, and the City Attorney,
RDA Resolution No. 11-04
Page 3 of 5
respectively, as are minor and in substantial conformance with the form of the
Agreement to Transfer Tax Increment submitted herewith. The Chairman and
Agency Secretary are hereby authorized to execute and attest the Agreement to
Transfer Tax Increment on behalf of Agency. In such regard, the Chairman is
authorized to sign the final version of the Agreement to Transfer Tax Increment after
completion of any such non -substantive, minor revisions. Copies of the final form of
the Agreement to Transfer Tax Increment, when duly executed and attested, shall be
placed on file in the office of the City Clerk. The Agency Executive Director (or his
duly authorized representative) is authorized to implement the Agreement to
Transfer Tax Increment and take all further actions and execute all documents
referenced therein and/or necessary and appropriate to implement the purposes of
the Agreement to Transfer Tax Increment. The Agency Executive Director (or his
duly authorized representative) is hereby authorized to the extent necessary during
the implementation of the Agreement to Transfer Tax Increment to make technical or
minor changes, modifications, amendments and interpretations thereto after
execution, as necessary to properly implement and carry out the Agreement to
Transfer Tax Increment; provided any and all such changes shall not in any manner
materially affect the rights and obligations of the Agency thereunder.
4. Agency Counsel is hereby authorized, to the greatest extent permitted
by law, to bring an action or appear in an action brought in the Superior Court
pursuant to Sections 33500 and 33501 of the CRL to determine the validity of the
Agreement to Transfer Tax Increment, or the validity of any bonds contemplated to
be issued by the Agency or other material contracts of the Agency, or any findings of
the governing body or the City Council related thereto, upon the determination of the
Agency Executive Director that such action is reasonably necessary or appropriate
to facilitate the consummation of any Agency transaction for which governing board
approval has been given.
5. This Resolution shall in no way be construed as requiring the Agency
(or the City) to abide by the 2011 Redevelopment Legislation in the event either, or
both, bills are found unconstitutional or otherwise legally invalid in whole or in part,
nor shall this Resolution effect or give rise to any waiver of rights or remedies the
Agency (and/or the City) may have, whether in law or in equity, to challenge 2011
Redevelopment Legislation. This Resolution shall not be construed as the Agency's
(and/or the City's) willing acceptance of, or concurrence with the 2011
Redevelopment Legislation, either AB X1 26 or AB X1 27; nor does this Resolution
evidence any assertion or belief whatsoever on the part of the Agency (and/or City)
the 2011 Redevelopment Legislation is constitutional or lawful.
6. This Resolution shall be effective immediately upon adoption.
PASSED and ADOPTED at the regular meeting of the Tustin Community
Redevelopment Agency held on the 20th day of September, 2011.
RDA Resolution No. 11-04
Page 4 of 5
ATTEST:
PAME1 A STOKER,
Recording Secretary
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
I, Pamela Stoker, City Clerk and ex -officio Secretary of the Tustin Community
Redevelopment Agency, Tustin, California, do hereby certify that the whole number of
the members of the Tustin Community Redevelopment Agency is five; that the above
and foregoing RDA Resolution No. 11-04 was duly passed and adopted at a regular
meeting of the Tustin Community Redevelopment Agency, held on the 20th day of
September, 2011, by the following vote:
AGENCYMEMBER AYES: Amante, Nielsen, Gavello, Gomez, Murray (5)
AGENCYMEMBER NOES: None (0)
AGENCYMEMBER ABSTAINED: None (0)
AGENCYMEMBER ABSENT: None (0)
PAMELA STOKER,
Recording Secretary
RDA Resolution No. 11-04
Page 5 of 5
Name of Redevelopment Agency: Tustin Communi Redevelopment Aenc
Project Area(5) WAS Tustin, Town Center & South Central
INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34167, 34169, and 34177 (*)
Page 1 of 4
Project Name I Debt ..
Total
'
Total During
Jan
Payments by month for Calendar Year 2012
A61X 27 -Volunear
tary Program Bill (Tax
As a result of the City Council passing
Estimate
Debtor ..
7,100,000
7,100,000
Funding Source
Reserve Balance
Feb
Mar Apr May Jun
3,550,000
Total
$ 7,100,000-00
City of Tustin State of California
3,550,000
Increment Transfer)
Ordinance 41404 (7/19/2011) and
Ordinance #1405(7/1912011 & 8/212011),
the Agency is responsible for an annual
voluntary payment. The estimated
Voluntary Program Bill fee was calculated
by DoF under ABI X 27.
(4) 4urJ
None
N/A
N/A
4egally bIFN1in�,arn1' .777777.
, . , €
:;7777777777777=
jifdq$ea1Ne �gram'ent -.,.
..
..
i
-
r�
T�;
Promissory Note between the City of
Redevelopment Agency
Agency loan of $18,881,750 to the City for
20,978,895
$
Tustin and Tustin Community
the purchase of the AA&E Property. The
Development Redevelopment Agency
payoff to the Agency will be split evenly
(12/2/2008)
between the three Project Areas.
Graffiti removal
Graffiti Control Systems
Graffiti removal in the Town Center and
Estimate
55,000
55,000
Redevelopment
4,600
4,600
4,600
4,600 4,600
4,600
$ 27,600.00
South Central Redevelopment Project
Property Tax Trust
Areas
Fund
Contract for available commercial
LoopNet, Inc.
Web -based Commercial Property Search
3,500
3,500
Redevelopment
$ _
property search
for available retail, commercial, industrial
Property Tax Trust
and other property types in Tustin
Fund
Contract for web -haled business
Tools for Business Success, LLC
Web -based business assistance tools
1,140
1,140
Redevelopment
1,140
$ 1,140.00
assistance information
available on the City of Tustin website
Property Tax Trust
Fund
Contract for Real Estate Data and
First American CoreLogic
Access to property reports, parcel maps,
3,600
3,600
Low & Moderate
300
303
300
300 300
300
$ 1,800.00
Information
grant deeds and foreclosure activity within
Income Housing
Tustin
Fund; &
Redevelopment
Property Tax Trust
Fund
Contract for Property Tax Analysis
HdL Coren & Cone
tax appeal monitoring and tax increment
9,125
9125
Redevelopment
91125
$ 9,125.00
analysis
Property Tax Trust
Fund
{fi}:Agessm9M5$ Co,ntracis ,'.
#?sr tt.e adminfstPdliart dr,; .
... ' . ,
Age
s, .:
'. .. .
, , .
- :`...•
=
- II '
^ „
..r
, r . I
Contract for LegalServices
Armbruster Goldsmith&Delvac LLP
legal counsel for real estate associated
Estimate
350,000
350,000
Low&Moderate
. , ,,.
50,000
50,000
50,000
50,000 50,000
50,000
$ 360.000.00
issues
Income Housing
Fund:
Redevelopment
Property Tax Trust
Fund: Bond
Proceeds
Contract for Legal Services
Woodruff. Spradlin & Smart
legal counsel - public law & specialty legal
Estimate
400,000
400,000
Low & Moderate
40,000
40,000
40,000
40,000 40,000
40,000
$ 240,000.00
(Including: Stradling Yocca Carlson
council as needed
Income Housing
& Rauth; Remy, Thomas, Moose &
Fund;
Manley)
Redevelopment
Property Tax Trust
Fund; Bond
Proceeds
Page 2 of 4
Page 3 of 4
Name I Debt Obligation
Payee
Description
Estimate
Total Outstanding
Debtor Obligation
1 A
Fiscal Year
Funding Source
Jan
FebProject
Mar Apr
May
Lease of Office Space
115K II Holdco, LLC
54,363
54,363
Low & Moderate
4,456 4,456
4,456
Jun
4,456
Total
$ 26,736.00
Office space rent
4,456
4,456
Income Housing
Fund; &
Redevelopment
Property Tax Trust
Fund
Cooperative Agreement between the
City of Tustin
Cooperation Agreement For Payment of
Estimate
155,500,000
26,010,260
Low & Moderate
2,160,000
2,160,000
2,160,000
2,160,000
2,160,000
2,160,000
$ 12,960,000.00
City and Redevelopment Agency
Costs Associated with Certain RDA funded
Income Housing
(211/201 1)(S.. Attachment No. 1)
Capital Improvements, Public
Fund;
Improvements, Affordable Housing Projects
Redevelopment
and Administrative Program Support
Property Tax Trust
Services (The Schedule of Projects,
Fund; Reserve
Payment Schedule and Performance
Balance
Schedule is attached - Attachment No. 1)
City Treasurer
City Treasurer
management of Agency's invested monies
32,600.00
32,600.00
Low &Moderate
2,71200
2,717.00
2,717.00
2,717.00 2,717.00
2,717.00
$ 16,302.00
Income Housing
Fund;
Redevelopment
Property Tax Trust
Fund; Admin Cost
Allowance
Direct Administrative Charge (including
Employees of City funded by the
Payroll for employees & various vendors as
Estimate
850,038.00
850,038.00
Administrative Cost
68:937.00
68,937,00
68,937.00
68,937.00 68,937.00
68.937.00
$ 413,622.00
Salary and Benefits of employees
Agency that perform Agency activities
needed for direct administrative operations
Allowance
funded by the Agency and
& various vendors as needed for
administrative costs)
direct administrative operations
Adopted City/Agency Budget for
City of Tustin
Annual indirect costs of supporting the
2,711,500
2,711,500
Redevelopment
2,711,500
$ 2,711,500.00
Reimbursement of City Support Costs
Agency by other City departments for
Property Tax Trust
(indirect overhead costs for
administration and operations
Fund
administration and operations)
Bank Analysis Fees
Bank of America
Fees Charged by bank for transactions
Estimate
48,000
48,000
Low & Moderate
4,000
4,000
4,000
4,000 4,000
4,000
$ 24,000.00
Income Housing
Fund:&
Redevelopment
Property Tax Trust
Fund
Property Insurance
California Insurance Pool Authority
Property insurance premiums
10,000
10,000
Redevelopment
$ _
Property Tax Trust
Fund
Payment in Lieu of Taxes Agreement -
City of Tustin
Agency monitors to insure receipt of annual
TBD
UNK
$ -
Flanders Pointe (10/1/1999)
payment
Payment in Lieu of Taxes Agreement -
City of Tustin
Agency monitors to insure receipt of annual
TBD
UNK
$ _
Orange Gardens (8113/1998)
payment
Olson DOA+Arbor Walk
Redevelopment Agency
Monitoring of Affordable Housing
TBD
UNK
$ -
Covenants
Heritage Place DDA (4111/02)
Redevelopment Agency
Agency monitors affordability and the
TBD
UNK
$ _
residual receipt payment
Newport Avenue Apartments (1/19/10)
Redevelopment Agency
Rental properties were sold by Agency to
TBD
UNK
$ _
the City. As part of the agreement, the City
agreed to continue to engage the Agency
as the property manager.
Totals - This Page
442,649,999
42,925,483
5,885,010
2,903,470
2,339,080
2,335,010 5,885,010 1
8,498,377
$ 27,845,956.58
Totals - South Central
41,562,619
242,000
30,500
20,500
20,500
30,500 20,500
145,0001$
145,000.00
Totals - MCAS Tustin
137,980,301
41,336,809
3,477,041 1
884,158
185,270
178,9201 178,9201
5,083,229 1
$ 5,083,229.00
Page 3 of 4
Page 4 of 4
Name of Redevelopment Agency: Tustin Communftbv Redevelo ment A enc
Project Area(s) Town Center
INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34167, 34169, and 34177 (*)
TorvnCenter Page 1 of 1
Name of Redevelopment Agency: Tustin Community Redevelopment Agency
Project Area(s) South Central
INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AS 26 - Section 34167, 34169, and 34177 (*)
Project Name I Debt Obligation
(1) Hantfa
Payee
Description
Total Outstanding
Debt or
Estimate Obligation
Total During
Payments by month for Calendar
Year 2012
None
N/A
N/A
$
(2) Loans of Monoys borrowed by Agency
South Central Project Area Loan
City of Tustin
Project purposes loan. Amount is
4,650,000
Redevelopments
$ _
derived from Appendix D of the fourth
Property Tax Trust
Five -Year Implementation Plan of the
Fund; Reserve
South CentrallTown Center Project
Balance
Areas as adopted on October 5, 2010.
Continuation of Loan to Agency on
Administrative Agreement adopted by
Council on September 7, 2010. The
amount was originally loaned to the
Agency on September 2, 2006. Prior
loans to the Agency were for differing
amounts as needed by project area.
Public Works Agreement/South Central
City of Tustin
Original Loan amount to the Agency in
36,646,619
Redevelopment
$
Redevelopment Project (6/7/1993)
1993 was $33,500,000 for the Newport
Property Tax Trust
Avenue Extension (Newport Underpass)
Fund; Reserve
to Edinger Avenue. The interest rate is
Balance
.5%.
Newport Av./SR55 NB Ramp Reconfiguration
Psomas Engineering
Mapping and survey services
Estimate
15,000
15,000
Redevelopment
2,500
2,500
2,500
2,500
$ 2,500
$ 2,500
$ 15,000
Property Tax Trust
Fund;
Newport Av./SR55 NB Ramp Reconfiguration
First American Title
Preparation of title documentation
Estimate
4,500
4,500
Redevelopment
1,500
1,500
1,500
1,500
$ 1,500
$ 1,500
$ 9,000
Insurance Company
Property Tax Trust
Fund;
Newport AvJSR55 NB Ramp Reconfiguration
AndersonPenna
Program management services
Estimate
4,000
4,000
Redevelopment
500
500
500
500
$ 500
$ 500
$ 3,000
Property Tax Trust
Fund;
Newport Av./SR55 NB Ramp Reconfiguration
Coast Surveying
Survey/Plan check services
Estimate
4,500
4,500
Redevelopment
1,000
1,000
1,000
1,000
$ 1,000
S 1,000
$ 6,000
Property Tax Trust
Fund;
Newport Av. Extension, N/O Edinger Av.
Dokken Engineering
Final design services
Estimate
100,000
100.000
Redevelopment
10,000
1 omo
10;000
10,000
5 10,000
$ 10,000
$ 60,000
Property Tax Trust
Fund;
Newport Av. Extension, N/O Edinger Av.
Nuvis
Landscape design services
Estimate
30,000
30,000
Redevelopment
4,000
4,000
4,000
4,000
$ 4,000
$ 4,000
$ 24,000
Property Tax Trust
Fund;
Newport Av. Extension, N/O Edinger Av.
County of Orange
Plan check services
Estimate
25,000
25,000
Redevelopment
5,000
5,000
$ 10,000
(OCFCD)
Property Tax Trust
Fund;
Newport Av. Extension, N/O Edinger Av,
Morrow Management
Dry Utility design and coordination
Estimate
20.000
20,000
Redevelopment
500
500
500
500
$ 500
$ 500
$ 3,000
services
Property Tax Trust
Fund;
Newport Av. Extension, N/O Edinger Av.
AndersonPenna
Program management services
Estimate
10,000
10,000
Redevelopment
500
500
500
500
$ 500
$ 500
$ 3,000
Property Tax Trust
Fund;
SouthCentral
Page 1 of 2
Project Name I Debt Obligation
Total
.-.
During
Newport Av. Extension. N/O Edinger Av,
Southern California
Plan check services
Estimate
Obligationmate
25,000
25,000
Redevelopment
S,uou
r
,5,000
May
Jun
Total
$ 10,000
Regional Rail Authority
Property Tax Trust
SCRRA
Fund;
(3) Payment$ Required by the federal govt,
'Preexisting obligations to the state or obligations
unposed by law
Memorandum of Understanding with Orange County
Orange County Water
Tax share agreement (pre -AB 12901)
28,000
4,000
Redevelopment
$ 2,000
$ 2,000
Water District (Section 33401 Payment; 3120/1985)
District
Property Tax Trust
Fund;
Memorandum of Understanding with Tustin Unified
Tustin Unified School
Tax share agreement pre -1290; no
unknown
TBD
unknown
Redevelopment
$ _
School District (Section 33401 Payment; 9/13/1985)
District
payments have been made to date and
Property Tax Trust
payment since is not been triggered until
Fund;
debt is retired for South Central Capital
projects.
Memorandum of Understanding with Saddleback
Saddleback Community
Tax share agreement pre AB 1290; no
unknown
TBD
unknown
Redevelopment
$ _
Community College District (Section 33401 Payment;
College District
payments have been made to date since
Property Tax Trust
9/13/1985)
payment is not been triggered until debt
Fund;
is retired for South Central Capital
projects.
(4) JudgmentslSettlements
None
NIA
NIA
$ _
(5) Any legally binding and enforceable agreement
None
N/A
N/A
$
(6) Agnumvents 8 Contracts necessary for the
administration Or operation of agency
None
NIA
N/A
S _
Totals - This Page
$ 41,562,619
$ 242,000
30,500
20,500 1
20,500
30,500 $ 20,500
$ 22,500
$ 145,000
"' All monthly payments shown as estimated
ScuthCentral
Page 2 of 2
Tustin Community
Name of Redevelopment Agency: Redevelo ment A envy
Project Area(s) MCAS Tustin
INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34167, 34169, and 34177 (`)
MCAS Tustin
Page 1 of 3
Total
Outstanding Total Due
Debt or During Fiscal
Payments by
month for Calendar Year 2012
Project Name I Debt Obligation
C#)
Payee Description
Tax Allocation Bonds MCAS Tustin, Series
T77
he Bank of New York
Bond issue to fund non -housing
83,384,751
2 282,532
Redevelopment
626,788$
626,788.00
2010
Mellon
projects
Property Tax Trust
Fund;
Fiscal Agent Fees - TA Bond 2010
The Bank of New York
administration of bond activities
Estimate
3,300
3,300
Redevelopment
$ _
Mellon
Property Tax Trust
Fund;
Continuing disclosure services
Redman, Rolapp &
Continuing disclosure services for 2010
1,350
1.350
Redevelopment
1,350
S 1,350.00
Associates, Inc
MCAS bonds
Property Tax Trust
Fund;
Employee responsible for overseeing design
Ken Nishikawa
Tustin Legacy Development Manager
173,750
173,750
Bond Proceeds
14,479
14,479
14,479
14,479
14,479
14,479
$ 86,874.00
and construction of backbone infrastructure
(oversighting bond projects)
Implementation (salary and benefits)
Contract for Environmental Services
Pacific States
Construction of Tustin Ranch Road
Estimate
221,585
161,585
Bond Proceeds
11,585
$ 11,585.00
(11/16/2010)
Phase 1 Grading & Storm Drain
Contract for Mitigation Services (12/07/2010)
Vista Environmental
Tustin Ranch Road - Homeowner
Estimate
9,828
9,828
Other Revenue
9,828
$ 9.828.00
Mitigation Assessments
Sources
Homeowner Agreement Memorandum -
Various Homeowners
Noise mitigation related to Tustin
Estimate
147,425
147,425
Bond Proceeds;
$ .
Noise Mitigation
Ranch Road project
Other Revenue
Sources
Real Property Acquisition for Tustin Ranch
Homeowners
Acquisition of properties located at
671,450
671,450
Bond Proceeds;
$ _
Road
2472 Walnut Ave, 14471 Chambers
Other Revenue
Road, and 2472 Chambers Road
Sources
Contract for Engineering & Planning
RBF Consulting
MCAS Tustin Infrastructure Design
Estimate
1,426,500
924,500
Bond Proceeds;
150,000
$ 150,000.00
(08/08/2010)
Services
Other Revenue
Sources
Contract for GeoTech Services (09/07/2010)
NMG
Construction of Tustin Ranch Road
Estimate
345,708
246,708
Bond Proceeds
21,708
$ 21,708.00
Phase 1 Grading & Storm Drain
Contract for Engineering Services
Hunsaker & Associates
MCAS Tustin Infrastructure Design
Estimate
605,950
283,450
Bond Proceeds
40,000
43,450
$ 83,450.00
(09/07/2010)
Services
Contract for Environmental Services
Vandermost Consulting
Regulatory Agency consulting
Estimate
20,000
20,000
Redevelopment-$
(11/02/2010)
Property Tax Trust
Fund; Bond
Proceeds;
Contract for Archeological & Paleontological
Paleo Solutions, Inc
Archeological & Paleontological
Estimate
28,530
28,530
Redevelopment
$ _
Services (7/19/2011)
compliance and monitoring for TRR
Property Tax Trust
Fund; Bond
Proceeds;
Contract for Engineering Services
Moffatt & Nichol Engineers
To provide engineerings services for
Estimate
30,000
30,000
Bond Proceeds;
$
Bridges, Strucutres, Rail, & Transit
Other Revenue
projects
Sources
Contract for Engineering Services
Hartzog & Crabill, Inc.
Traffic engineering services
Estimate
30,000
30,000
Bond Proceeds;
$ _
Other Revenue
Sources
MCAS Tustin
Page 1 of 3
MCAS Tustin
Page 2 of 3
MCAS Tustin
Page 3 of 3
Total
Outstanding
Total Due
Project Name I Debt Obligation
Payee Description
Estimate
Debt
Obligation
Contract for Financial Analysis (01/04/2011)
David Taussig & financial advisory services associated
Estimate
47,500
47,500 Redevelopment
$ _
Associates with determining distribution of
Property Tax Trust
assessments associated with
Fund; Bond
background infrastructure costs
Proceeds;
Contract for Design Services
Field Paoli Architects
Review of proposed design
Estimate
100.000
100,000
Redevelopment
$ _
Property Tax Trust
Fund;
Newport/SR-55 Gateway Master plan &
RBF Consulting
Preparation of Gateway Master plan
Estimate
125,979
68,206
Redevelopment
$ _
landscape Improvements
and design of landscape improvements
Property Tax Trust
Fund;
Contract for Engineering Mapping Services
Psomas
preparation of maps at MCAS Tustin
Estimate
125,000
125,000
Redevelopment
$ _
(07/15/2005)
Property Tax Trust
Fund;Bond
Proceeds;
Website Hosting Agreement (12/8/2010)
Comnl LLC
Website hosting for the MCAS Tustin
1,800
1,800
Redevelopment
150
150
150
150 150
150
$ 900.00
website
Property Tax Trust
Fund;
Contract for fence repair (6/18/2008)
National Construction
Fence repairs as needed at MCAS
Estimate
10,000
10,000
Redevelopment
$ _
Rental, Inc
Tustin
Property Tax Trust
Fund;
Developer Selection Process, Expert Panel
Various (18 panelists)
Stipend/Honorarium for service of
Estimate
18,000
18,000
Redevelopment
$ -
Stipends
development professional on a Panel
Property Tax Trust
Fund;
Contract for fence rental (10/5/2010)
National Construction
fence rental at MCAS Tustin
Estimate 1,400
1,400
Redevelopment
$ _
Rental, Inc
Property Tax Trust
Fund'
r ., _J rt;,r /. ,....-
4 .1 r ._.
..- `, ..
.. ,✓
}
.F* h
,;:+,�..�
..:. f
L. :� .:.
2'" ,c, ' ..
, 1f...=- /
l "i'... W"..
.,.,... 41 -
'�`
,tr,r F f F „_,,..
3i,. ,. -,!`<r
�^Y'
#... a, :, ..3, .,
.. c , r,. ,.
'-^�.,Y
':'i.L. : wrr.
. , 1 ar
•.,.. �-
r ..r< .,. f. ,.
4 c
. ,.:x . t
�
.... .
F �,..
r. , .
, .s+z 2,J
x .. , s
5 , , r
,. .., t
',-i...: <. �:°,
t .:_-x ,T'
.af.
_ .
, �. �
,..c.. t
..? ?
-}`
.y. iY
f � r
:. ., ,
rx P
� s`
�}.
,...f_ I
. V :arF' / r
� : r'
.Z ..-. „ L9
_ ...�r xr, _
w .. r. r
5 ..!
f .gin,.
,� . ;,
.....r ,.. ...
_ r �'_
,... rx. ,...
; ,.. ..,, � :,
�` <r°o
#v; „.
� r . r �
�„a.2
r
.nr .., .
Y, >,,,.u..,.
�
r
w
r..� »n,...
....
.
_ .,,
..v a
r...
.,
.=n,..
�.�.v
..
,ts.,.
r..
.. ,» �. x,^+ .,
... bg
(c�„"
. ^-
k^`* ,::,...
..
,,:_. .,. _
S
S
Contract for Maintenance &Erosion Control
So Cal Sandbags
Maintenance of undeveloped portions
Estimate 547,524
547,524
Redevelopment
48,357
48,357
48,357
,.:
'i.y� „s. r, €, ='-.
48,357 48,357
.r.Nift"'
48,357
,n.��t2�2r�=�',}U'^::='E:.
$ 290,142.00
including erosion control
Property Tax Trust
Fund;
Contract for Maintenance of undeveloped
Spectrum Landscaping
Maintenance of undeveloped land
71,208
71,208
Redevelopment
5,934
5,934
5,934
5,934 5,934
5,934
$ 35,604.00
properties
Property Tax Trust
Fund;
Special Legal Counsel for MCAS Tustin
Cappello and Noel LLP
Legal services associated with
Estimate
150,000
150,000
Redevelopment
$ _
potential litigation opposing liens filed
Property Tax Trust
on property within MCAS Tustin
Fund;
Special Legal Counsel for MCAS Tustin
Kutak Rock
Legal Services for Environmental
Estimate
110,000
110,000
Redevelopment
15,000
15,000
5,000
$ 35,000.00
Issues and interface with federal
Property Tax Trust
agencies impacting MCAS Tustin
Fund;
including the US Navy
MCAS Tustin Newsletter
Studio 360
Layout, printing and distribution of bi-
Estimate
8,000
8,000
Redevelopment
$ _
annual newsletter publication.
Property Tax Trust
Fund;
Coventry Court Regulatory Agreement &
Redevelopment Agency
Agency monitors affordability receipt of
TBD
LINK
Redevelopment
$ _
Declaration of Restrictive Covenants and
payment in lieu of taxes
Property Tax Trust
Supplemental Regulatory Agreement
Fund;
(9/30/2010)
Totals - This Page
137,980,301
41,336,809
3,4771041
884,158
185,270
178,920 178,920
178,920
$ 5,083,229.00
All monthly payments shown as estimated
MCAS Tustin
Page 3 of 3
Tustin Community
Name of Redevelopment Agency. Redevelo Went A enc
Project Area(5J
OTHER OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34167, 34169, and 34177 (1)
,~:::;✓ tl .:,, c "v- .;. ) t{ ,.. a,AT ,.:, ,;,: m.Y
c, ,tt { �. ,.:_u :.
r F � u
�
.-.,.
.. w.:�
- v
...,:; .,, 1 „_+,.,
Man
Redevelopment
76.580
$ 76.580.00
76 , .00
Cityof T�,,stin
City of Tustin
pass thru payments per A8 1250
p
5,040,723
76,580
Property lax Trust
Furo;
Tustin Unifed School District (TUSD)
TUSD
pass thv payments per A6 1290
56,531,860
858,850
Redevelopment
853,850
$ 858.850.00
Property Tax Trust
Fund',
Santa Ana Un&.r! School District (SAUSD)
SAUSO
pass lhru payments per AD 1290
2,644,380
40,174
Redevelopment
40,'74
$ 40 17400
Property Tax Trust
Fund
Iry-.ne Unified School District (TUSD)
TUSD
pass thru payments per AD 1290
43,344,635
658,506
Redevelopment
658,506
$ 658,506.00
Property Tax Trust
Fund;
South Orange County Community College District (SOCCCD)
SOCCCD
pass Ihru payments per A8 1290
21,465,486
326,111
Redovelop-t
326,111
$ 326,111.00
Property Tax Trust
Fund;
Rancho Sartiago Community College District (RSCCD)
RSCCD
pass [hr4 payments per AB 129C
581,386
8,833
Redevelopment
8,833
$ 8,833.00
Property Tax Trust
Fund;
Orange County Water DisrC (OCWD)
OCWD
pass thv payments per AB 7290
1,590,627
24,165
Redevelopment
24,165
S 24,165.00
Property Tax Trus:
Fund;
Orange County Transi`- Authority (OCTA)
OCTA
pass thm payments per AB 1290
544,294
8,269 Redevelopment
8,269
S 6,269.00
Property Tax Trust
Fund;
Orange County Sanitation District (OCSD)
OCSD
pass thru payments per AB 1290
3,180.448
48,318 Redevelopment
48,318
$ 48,318.00
Property Tax Trust
Fund;
Orange County LiSrary Ds`.rici
County of Orange
pass thn: payments per AB 1290
3,234,474
49,139 Redevelopment
49,139
$ 49,139.00
Property Tax Trust
Fund;
Orange Ceunty Department of Education
County of Orange
pass thr4 payments par A8 1290
4,048,576
61,507 Red-u-ment
61,507
$ 61,507.01
Property Tax Tvst
Fund;
County of Orange
County Of Orange
pass thru payments per A81290
11,950,912
181,562 Redevelopment
181,5622
$ 181,562.00
Property Tax Trust
Fund;
Oravge County Food Control District
County of Orange
pass thm payments per AB 1290
3,835,858
58,276 Redevelopment
58,276
$ 58,276.00
Property Tax Trust
Fund;
Orange County Harbors, Beaches, & Parks
Count e Orange
County 9
pass thr payments per A81290
2,965,150
45,048 Redevelopment
45,048
$ 45,048.00
Properly To Trust
Fund'
Orange County Vector Control District
County of Orange
pass ;fvu payments per AB 1290
216,511
3,295 Redevelopment
3,295
$ 3,295.00
Property Tax Trull
Fund;
Orange County Cemetery District (OCCO)
OCCD
pass thru payments per All 1290
96,279
1,463 Redevelopment
1,463
$ 1,463,00
Property Tax Trust
Fund;
Tote's -This Pae 161,271,999
2,450,096 0
0 0
C 2,450,096
$ 2,450,03fi.00
"' All month) ments shown as eetimatetl
Other
Page 10 of 10
Supplemental Exhibit A
to Attachment 1 of Resolution No. 11-04
To Initial Recognized Obligation Payment Schedule
Cooperation Agreement: Implementation Plan Schedule of Projects, Payment Schedule and Performance Schedule
SOUTH
USEOFFUNDS
a.
FOURTH FIVE YEAR IMPLEMENTATION
NOWHOUSING
PROJECTS,
& HOUSING PROGRAMS
Yr.1
PLAN - TOWN
Yr.2
CENTER & SOUTH
Yr.3
C�LN IRAL
Yr.4
Yr.5
2010/11
2011/12
2012/13
2013/14
2014/15
TOTAL
Neighborhood Improvement
$188,750
$200,000
$3,970,000
$3,100,000
$1,220,000;
$8,6781
Economic Development
$47,000
$1,000,000
$2,000,000
$2,000,000
$1,000,000
$6,047,000
Public Infrastructure & Community Facilities
5626,755
$910001000
$4,950,000
$610,000
$500,0001
$15,686,75
Administrative Program & Direct Costs
$223,325
$299,540
$314,515
$330,240
$346,75011
$1,514,37
Administrative Indirect Costs
$312,200
$1,081,000
$1,157,300
$729,200
$429,9001
$3,709,
TOTAL NON -HOUSING PROGRAMS
$1,398,030
511,580,540
$12,391,815
$6,769,440
$3,496,650; $35,636,475
Preservation of At -Risk Housing
TBD `
TBD'
TBD'
TBD'
TBD';
TBD'
Rehabilitation
$93,000
$125,000
5175,000
$175,000
$175,000
$743,000
New Housing Construction
Neighborhoods of Tustin Town Center
PlanMng/Zoning$72,000
TED
TBD'
TBD `
TBD';
$72,00
Ownership Multifamily New Construction
$p
TBD'
TBD'
TBD'
TBD''
$p
Multifamily Rental New
Construction/Acquisition and
Rehabilitation
$0
TBD
TBO i
TBD'
I
TBD ,I
$0
Tustin Legacy New Construction
$0
$1,000,000
$1,000,000
TBD
TBDI
$2,000,000
First Time Homebuyers
$0
$150,000
$250,000
$250,000
$250,0001
$900,000
HamelessAssistance(tDBG-funded)
$D
50
$0
$0
$O!
$0
Administrative & Operating Expenses
$104,700
$125,000
$145,000
$165,000
$170,0001
$709,1 00
TOTAL HOUSING PROGRAMS
$269,700
$1,400,000
$1,570,000
$590,000
$595,000;
$4,424,700
REQUIRED AGENCY PAYMENT'
($1,667,730)
(512,980,540)
($13.961,815)
(57,359,440)
($4,091,650)1 ($40,061,175)
`TBD - To Be Determined: Based on actual costs and will be additional draws against the distribution of redevelopment tax increment as casts
are incurred. Any and all balances remaining from Prior years will be reallocated to
projects in which
funding for
commited projects is
required.
' Program activities and projects outlined on the
table are described in more detail
in the Project Area's most current Five -Year
Implementation Plan, which Is Incorporated herein as though fully set forth.
REDEVELOP
USE OF FL
Yr. 1
Yr. 2
Yr. 3
Yr. 4
Yr. S 1.
NON-HOUSING2010/11
2011)32
2012/13
2013/14
2014/15 i
TOTAL
$111,750
$550,000
$500,000
5500,000
$1,150,0001
$2,811,75
Neighborhood Improvement
Economic Development
$32,000
$1,000,000
$2,000,000
$1,000,000
$500,0001,
$4,532,000
Public Infrastructure & Community Facilities
$169,350
$300,000
$1,500,000
$2,000,000
$500,0001,
$4,469,35
Administrative Program & Direct Costs
$434,022
$200,000
$210,000
5225,000
$236,250'
$1,305,27
Administrative Indirect Costs
$374,200
$493,900
$766,000
$629,100
$457,0001
$2,720,200
TOTAL NON -HOUSING PROGRAMS
$1,121,322
$2,543,900
$4,976,000
$4,354,100
$2,843,250:
$15,838,572
HOUSING•
Preservation of At Risk Housing
$0
$1,000,000
51,000,000
$0
$O:
$2,000,000
Rehabilitation
$29,000
$40,000
$40,000
540,000
540,0001
$189,000
New Housing Construction
Neighborhoods of Tustin Town Center
Planning/Zoning
$9,000
TBD
TBD'
TBD'
TBD':,
$9,000
Ownership Multifamily New Construction
$0
TOD'
TOD'
TBD'
TBD'!
$
Multifamily Rental New
;
Construction/Acquisition and Rehabilitation
$0
TBD'
TOD'
TOD'
TBD']
$
Tustin Legacy New Construction
$0
$1,000,000
$1,000,000
$1,000,000
TOO'
$3,0W,000
First Time Homebuyer
$0
$50,000
$50,000
$501000
$50,000:
$200,
Homeless Assistance
$10,000
$10,000
$10,000
$10,000
$10,000`
$50,
Administrative & Operating Expenses
$93,450
$105,OW
$130,000
$150,000
5170,00011
SWA4
TOTAL HOUSING PROGRAMS
$141,450
$2,205,000
$2,230,00(1
$1,250,000
$270,000;
$6,096,450
REQUIRED AGENCY PAYMENT'
($1,262,772)
(54,748,900)
($7.206,000)
(55,604,100)
($3,113,250)1
($21,935,022
'TBD -To Be Determined: Based
on actual costs and
will be additional
draws against
the distribution
of redevelopment
tax Increment
as
costs are incurred. Any and all balances remaining from prior years will be reallocated to projects in which funding for commited projects is
required,
' Program activities and projects outlined on the table are described in more detall in the Project
Area's most current
five -Year
Implementation Plan, which is incorporated hereln as though fully set forth.
"M-
yl.
Yr.3
Yr.4
yr. s
I AWAkfU n,onyedMpr,.WdD^! *" yntcwM*sean
7M/10
lown
7033 i
WWII
TOTAL
vesbrM TYj21n (7he D'utrst at TY34n'
LesKy)
37,065
38,940
40,890
20,645
6,000
143360
Tush Legacy Community PartM73
385,000
740,000
345,545
557.994
205,536i;
2,234,075
wl Hortwz Rtatm Pnm I mtl u1
5.60C
- ro1AW (The V34/m W CWumbu3;.
15,Om
15,000
71500
5.000
2,500 ;
SAm
45,000
Newport EHension
SW4)ntion hota3-lBacn s�M
10,000,kW
30,000,000
-
20,000
IOenm Wiin/antl Lkansin/
40,000
150Am
50.000
25,000
25,0001
290.000
Paroel Acpuisition attivities Ks tw LIFOC PK
7,500
7,500
7,500
7,500
7,5001
37,500
TOW 'A[gvftlt %DWPOWh eed D-Iopmem CoM,, on
5016M
50,6m
50.600
25.ow
12300 1
189,300
,
10,540,185
11,002,000
502,035
640,939
259,036:
22344.235
Public kkw"O Wft Intl fKW6H
GenerN CNU
Turtn ft- RP,oa. d
013,510
3.451,475
1,264,070
1,052,228
SW,OW
4,691,283
Vaasnon/4mutrory
1.106,391
The 0is0kt nTs4an Le{sq lnfrastrvttun
25,000
IO,mO,Om
-
20,DOCAW
25,000
Red Hill Awnw Med-lmp*aram
2,500,000
-
I
30,000,000
Tusiln Lepcy Park. M acre [ommunny Pu*
-
1,557,765
-
2.500,000
TOW, Public imNo'Fbnem4 aW FulOtln
14,046,701
23,019,240
1,284,070
3.052,226
SW,Omt
455).)65
38039339
3 DemWRbn(SBe OerMce
Site Prcparatlpn and DeRIOMJan
180.DDO
Woo
50.000
50.006
50.000 '
aw,=
Tobi•D--IkI n/.pn cl-
180,60C
SOADD
So,=
KOM
SCOW j
380,00(1
4 Etoeornk D..Ww e4l
Business AttrKtpn, Gro th lndRwnOon Pro/ram
127,920
127320
127,920
127.920
127,9201
639,600
UMBRA Promotbn and Monrtorin/ Pra/nm
SO,OW
SO,OW
50,000
SCOW
" 7
250.000
Tata) - ELonOrnk Da'40ePment
177,920
177,920
177,920
177,920
177,920 1
889,600
5 fim+ronmtetm
Spaciai5wdies and Mon Rorin6
30.0m
30.400
so,=
30.000
30,Om 1
150,Cm
IWI u-
T.W-E7M--."
25,000
25Am
25.00
25.000
25,000 I
125,000
55,OW
SS.OW
SSFW
53,000
55.0001
275,Om
6 Admin Pm/r.. L IMirecn
Ad -atm- Pm/ram (:Oi14
$ 750,Om S
1,DW,WD S
1,25C,MC $
1300,000 $
1,75 001
6,250,000
Ot.W.db C-
ye0,0000
5 645.000 S
WDADD $
JAM,.000 S
1.IX,= 5
1200,1
4,745,600
TOW •Atlmie Hh'aBFYaLind9edn
1,395,Om
1,BOD,OW
2,350,000
2.6m,OW
2.9w=
10,99SAM
TOTAL NON-HOU5 Wr P80GMM$
$ 26392,806 3
TBD'
36,104,200 S
T80 r
4,299.025 S
TSD'
4,S76A87 $
THD'
3,991356 1 5
I
TBD'!
75364,074
THD I
TImM Lots ty-Owrterehtp
T -Um tgaq• Rental
THD
TBD'
TBD'
TBD'
TBD si
TBD'
FirstThee HOnteww and/or Frtredosure Nnotlsled P -h..
SO
530.000
SD
SBD,DW
54;
5/60,000
Homeless Assktsnce(CDBG-funded)
SO
SO
50
5D
S01
$o
ReanburnBmtOt A[retntmL
53,292.743
$3,292,743
$3,292,743
$3,292,743
53.292.74311
$:6,463,715
Amended Admtwr .-t to City
TBD'
TBD'
TBD'
TBD-
T80';
TDD'
Admini3traNve & Indbe4 E nus
S187,799
$274,37
$30:
$331990
5343 609;
51439 579
TOTAL HOUSING PROGRAIAS
SIAW S4
$3,647,125
53.594,55
$3.704,733
$3,636,35
511,063.299
ItEOMAm AGENCY PAYMENT'
129,873,346
39,751,315}
(7,893.5771
,280,8201
17.628,3081
(93,427,368
TT*
To Be Determined: BKed m a[rlsat corb mU will SM gddklOnW Craws A&mt th d4t7Mudon W reseyebmm W incrtmem
from Rdor yem w91 be rtabxand to prvlecn in wuch fuMin2 Far
F-Vz"o
eammld pmjetts'am
nintoned.
Mry -1 all bW-
attiyities aM pro --tlW d an the table ire tlestribM in more d tail in the PrpjeRNei s most -u
Fiye-Yeer Impkm
f,my set form.
mfid Pim, whk
u inCorV-W
h -in u
Supplemental Exhibit B to Attachment 1 of Resolution No. 11-04
Initial Recognized Enforceable Obligation Payment Schedule
MCAS Tustin -Backbone Infrastructure Projects
ESTIMATED SOURCES AND USES OF FUNDS
The following table sets forth a summary of the estimated sources and uses of funds
associated with the issuance and sale of the Bonds.
Sources of Funds
Par Amount of Bonds $44,170,000.00
Less: Net Original Issue Discount (888,711.70)
Total Sources $43,281,288.30
Uses of Funds
Deposit to Redevelopment Fund (1) $40,000,000.00
Deposit to Reserve Account (2) 2,827,500.00
Costs of Issuance (3) 453,788.30
Total Uses $43,281,288.30
(1) Represents amount required to finance the 2010 Project. See "FINANCING PLAN."
(2) Represents an amount equal to the initial Reserve Account Requirement for the Bonds.
(3) Includes Underwriter's discount, fees and expenses of the Trustee, the Financial Advisor, the Fiscal Consultant,
Bond Counsel and Disclosure Counsel, printing expenses and other costs of issuance.
FINANCING PLAN
Proceeds from the sale of the Bonds will be used to (a) finance the 2010 Project, (b) fund
a reserve account for the Bonds, and (c) provide for the costs of issuing the Bonds.
The types of facilities proposed to be financed are various capital improvements within
and outside the Redevelopment Project boundaries (for which a benefit resolution shall have
been adopted by the Agency), including those that are contained in the Tustin Legacy Backbone
Infrastructure Program established by the City which accommodates much of the
environmental mitigation requirements of the Redevelopment Project, including traffic and
circulation mitigation to support the Redevelopment Project, street and roadway
improvements, including grading, paving, curbs and gutters, sidewalks, street signalization and
signage, street lights, parkway and landscaping thereto, and storm drains and flood control
channels, runoff management improvements and water quality mitigation measures, integrated
utilities backbone (including electricity, gas, telephone, cable, telecommunications, and other
dry utilities and domestic and reclaimed water and sewer facilities as permitted to be financed
from the proceeds of tax-exempt bonds), telemetry, noise mitigation expenses associated with
roadway projects, public parkland and recreation facilities, right-of-way and easements
necessary for any such facilities.
The initial priority project will be the extension of Tustin Ranch Road from Warner
Avenue on the south to Walnut Avenue on the north, including the Tustin Ranch Road bridge
and interchange at Edinger Avenue along with the integrated improvements associated with
the roadway improvement including necessary and integrated utility backbone systems.
-b-
Master Infrastructure - Backbone Improvements Cost Estimate
ci
ZTota)
Description
Reach ID No.
Backbone
Revised
20118ackbone
Cost June 2008
Cost
Roadway I Bridge Improvements
1
Kensington Park (West Connector) - (Incorporated into item 7, Reach 102)
110
2
Valencia IN, Valencia Loop) - Rea Hit to Armstrong (Incorporated into Item 7, Reach 102)
106
-
-
3
Valencia IN Valencia Loop) - Armstrong to Kensington Park (West Connector) - (Incorporated into Item 7- Reach 102)
108
_
4
Lansdowne I Incorpoaled into Item 7, Reach 102)
156
-
-
5
Edinger 1400 Ft East of Redhill To East Connector ( Non -Backbone)
200
6
Armstrong - earranca to Warner
100
3,433,878
3,433,878
7
Armstrong - Valencia IN. Valencia Loop) to Warner (Inoaoed item 1, 2,3 8 4)
102, 106, IM,110, 1561
20,825,693
20,825,693
8
Bridge - Tustin Ranch - Valencia (N. Valencia Loop) to Nath end of Bridge Including Ramp
140,142, 202
23,562,062
23,582,062
9
Tustin Randa Road - Norm and of Bridge to Walnut (Incorporated into Item 8. Reach 140)
202
-
-
9A
Tustin Rand Road / Walnut (North East Comer Widening)
1,150,142
1,150,142
10
SewnrynsRoad
104
731,412
731,412
11
Valencia (N. Valencia Loop) - Kensington Park to Tustin Ranch
112
1,137,113
1,137,113
12
East Connecta - Valencia (N. Valencia Loop) to West end of Bridge
116,118,120
2,810,154
21610,154
13
Bridge Fast Connector over Santa Ana Santa Fe Channel to Edinger
204
2,132,292
2,132,292
14
Moffett - North Loop to West and of Bridge
136
2,323,341
2,323,341
15
Bridge - Moffett over Palm Canyon Channel
138
3,693,373
3,693,373
`d
?uioltrt E. sr rad c( Bu ttie Ia Har au 'n Sime Pa(',,
`3J
1.824.L52
1.824,052
-
tweet Snaoo o.5a.bl i emL.� r rr I u i'au c d el
,.
341. ,Sl
341,688
18
Valencia (N. Valencia Loop) - Tustin Ranch to Moven
114,122
5,795,629
5,795,629
19
North Lout - Moffett to Jamboree Ramp (Incorporated into Item 18, Reach 114,122)
126
20
Park (North Loop) - Wainer (Norm) to Jamboree Ramp (incorporated No Item 21, Reach 151)
130
-
-
21
Park (Sour Loop} -Warner (Nam) to Tustin Ranch
151,130
15,868,098
15,868,098
22
Warner - Radhill to Amstrong (Incorporated into Item 23, Reach 148)
146
4,584,954
4,584,954
23
Wainer - Armstrong to Tustin Ranch
148
5,687,480
5,687,480
24
Warner - Tustin Ranch to Jamboree (including Right of Way Acquisition)
134
5,148,182
5,148,182
25
Tustin Ranch - Warner (North) to Banana
144
6,538,706
6,538,706
amu r nor.» t. rrr. Ir;,n ra t u zt
704 663
704,663
ka anal ) ern : erse f i m , ra;em renis
?a6
-
28
Tustin Ranch - Valencia (N. Valencia Loop) to Wainer Nam (Incorporated into
Item 8, Reach 140)
142
29
Sour Loop - Tustin Ranch to Armstrong (4 Lanes)
150
2,437,685
2,437,685
30
Jamboree Ramp - Jamboree to Park
32
522,566
522,566
31
Bamarra - Tustin Ranch Rd. b Redhill
154
2,595,704
2,595,704
32
Barran -Jamboree to Tustin Ranch (Including Right of Way Aqusdion)
152,512
8,907,136
8,907,136
33
SCE Barranca 220kv Transmission Pole Relocations (Deletea)
208
34
East Side Redhill - tiarranca to Wormer
160
2,070,525
2,070,525
3s
East Side Redhill - Warmer to Valencia Loop
162, 1228
491,684
491,684
35A East Side Redhill - Valencia LAop to 1000' Nodh (Incorporated alio Item 35, Reach 162)
1228
-
35B
SHIPPO Study
Estimate
133,500
133,500
35C
SoundMitigalbn- WarnerfromHarvardtoCulva
Estimate
1,494,002
1,494,002
TOTAL
126,965,715
126,965,715
Traffic Signals
36
Edinger I Kensington Park (West Connector) (Naw) (Incorporated into Item 7. Reach 1021
11GA
-
37
Edinger I East Connector (Upgrade)
204A
166,250
166,250
d
ttanar� >r i Jp1 ne irsine: � i ,,rtira�el
�$3A
245,400
245,400
39
Jamboree 1 Baranrd (upgrade)
152A
288,236
288,236
Barranca /Milliken (Naw)
1528
413,074
413,074
Barranca / Tustin Ranch (New)
F42
Barranca I Armstrong (Upgrade)100A
54A
607,079
607,079
P pw( oo
166,250
166,250
45
Redhill I Water
46
Redhill / Valencia (New) (Incorporated into item 7, Rach 102)
162A
166,250
166,250
1628
47
Valencia f Armstrong (New) (Incorporated into Item 7, Reach 102)
102A
48
warner / Armstrong (New)
146«
332,500
332,500
SARDAIRDA Shared\_legislation 20111Copy, of Master Backbone Infrastructure 4-7-11 Rev 1 no rasp noted.xisx 11:23 AM, 08/22/2011
Master Infrastructure - Backbone Improvements Cost Estimate
0
zTotal
Description
Reach ID No.
Backbone
Revised
20118ackbone
21,310,215
1 Edinger -Figure 19 -Tustin ATMS Fee Paymem
r� -
Cost June 2008
Cal y'.n L.n2noe! t >m ; ty "unl E r. a"C" tzF o Fs;r SI -.are'
8 71;Q9 l7
fan
rte Sfomr ;)rain Uver,ai! ivalenna. Armshcngi
81 196
Cost
49
Armstrong /South Loop (New)
25,783,307
ne Storm Drain Overall (Banana Channel, Tustin Rands, Park 8 Warner)
21
26,468,109
Modification to eliminate Pump Station
150A
332,500
332,500
50
WamedArea E Street (New) - Note: TBD per TLCP Land Plan
IAA rrrwle :7 inane
14aA
332,500
332,500
861
52
Tustin RanchIPark(SouthLoop)(New)
44A
301,250
301,250
53
Tustin Ranch! Warner South (New)
14488
465,500
465,500
54
Tustin Ranch I Warner North (New)
144
265,100
265,500
54A
Tustin Ranch I Warner North (New)
1440
172,500
172,500
55
Tustin Ranch I Moffett (New)
1a2A
332,500
332,500
56
Tustin Ranch/ Valencia (New)
-1
1420
332,500
332,500
57
Warner North 1 Park (North Loop)
134A
301,250
301,250
58
Park (North Loop) ! Jamboree SB Ramp (New)
130A
241,000
241,000
59
Valencia I Kensington Park iWest Conneclor)
See Detail
7,623,919
8,000,000
TOTAL
198A
1$3,0$7
183,087
60
Moffed I North Loop (New)
'
136A
299,250
299,250
.. i
MUltell Harvard (i.ipgra i" {InCorpt tib i i,G liem Next, 139,
139A
_
62
Tustin Ranch I Ramp (New)
140A
332,500
332,500
63
Tustin Ranh I Walnut (Upgrade)
202A
166,250
166,250
64
Edinger lRamp (New)
1408
465,500
465,500
r.
�weet '1ar'�ac ,inrfa �y'nr ,rl .rrr ,- ,
65
Signal Interconnect System
65
East Connector I North Loop (Now)
122A
299,250
299,250
65
Signal Interoonnecl System (*As costs are incorporated into the various traffic signal budget)
Fermate
-
-
65
Sign! Conlroser (Note vests are incorporated into the various tragic sgnal ddets)
Estimate
_
65
S"I Controlier Now costs are incorporated into the various tragic signal buaWls)
Estimate
_
TOTAL
7,207,476
7,207,476
Drainage Improvements
Traffic Mitigation _ Santa Ana I Irvine Agreements
Canyon Channel from Railroad Track to Edinger
504,506 21,310,215
21,310,215
1 Edinger -Figure 19 -Tustin ATMS Fee Paymem
r� -
Cal y'.n L.n2noe! t >m ; ty "unl E r. a"C" tzF o Fs;r SI -.are'
8 71;Q9 l7
fan
rte Sfomr ;)rain Uver,ai! ivalenna. Armshcngi
81 196
Bt 196
rte Storrs ih Ovaa(I (inducting Interim Stwm Drain ConrrecBonal blamer by RSCCD)
Edinger - Fgure 19 - Tustin ATMS Fee Payment
25,783,307
ne Storm Drain Overall (Banana Channel, Tustin Rands, Park 8 Warner)
21
26,468,109
Modification to eliminate Pump Station
520 14,283,000
81 196
81 196
,n Walnt -Figure ?9 -Tustin Addition ur Items 8 d9;Company Ccn4,b,f,on)195,000
IAA rrrwle :7 inane
861
't)1,787
;tkr is Hann ;,<=[3 vin„
161E,625
7
I mu;)W Ai; "d,"Zi :ire
2.775,854
_
Harvarz q t n73
594,1051
CL, vGi ; Y ar;er - FiU.rrt t . �rvale
594,051
74
Banana I Von Kaman Supplemental Improvements yn mpomted into Item 32, Reach 152)
152
139,505
139,505
75
Baran Improvements (Pow TSTA)
JamborLf-
-1
Estimate Share
4,482,005
76
Rer l Wormer (SEst
ma a Stnaa
2,165,220
2,165,22077
Grand / Dyer -SanShare = 29%)
Sea 0e4'd
1,659,Q61
29fi,D9076
Grand l Edinger - Stin Share = 56%)
See Detail
7,623,919
8,000,000
TOTAL
23,795,343
10,958,207
Drainage Improvements
Canyon Channel from Railroad Track to Edinger
504,506 21,310,215
21,310,215
Canyon Channel from Edinger to City Limit (Incorporated into Item 79, Reach 504)
r� -
Cal y'.n L.n2noe! t >m ; ty "unl E r. a"C" tzF o Fs;r SI -.are'
8 71;Q9 l7
8,70U00
rte Sfomr ;)rain Uver,ai! ivalenna. Armshcngi
7210,5=)3
7,210,593
rte Storrs ih Ovaa(I (inducting Interim Stwm Drain ConrrecBonal blamer by RSCCD)
700 25,783,307
25,783,307
ne Storm Drain Overall (Banana Channel, Tustin Rands, Park 8 Warner)
21
26,468,109
Modification to eliminate Pump Station
520 14,283,000
14,283,000
icor Channel Detention Basin I Sports Fields al Radial! I Wartier 500,501 1,059,432 1,059,432
rra Channel - Redhill to soah iN Tustin Ranh ( Not indnne Irvine CIP Project)152
6,788,566 6,788,566
Ana Santo Fe Channel Embankment (incorporated into Iters 13, Reach 204) 510 _
S:1RDA\RDA Shared\ legislation 2011\Copy of Master Backbone Infrastructure 4-7-11 Rev 1 no resp noted.xisx 11:23 AM, 08/22/2011
Master Infrastructure - Backbone Improvements Cost Estimate
0
Z
E
Description
Reach ID No.
Total Backbone
Revised
201 tBackbone
89
Selenwm Treatment Facility Phase t (Backbone Facility)
551
Cost June 2008
Cost
TOTAL
111,624,122
111,624,122
Dry Utilities
Water QualitylMitiption tmprrovements
Electric
89
Selenwm Treatment Facility Phase t (Backbone Facility)
551
4,284,900
4,284,9()0
89
Selenkan Treatinenl Facility Phase 2 (Bac tom Facility)
552
2,856,600
2,856,600
90
Water Quality Treatment Systems Phase 1 (Backbone Facility)
561
2,265,280
2,285,280
90
Water Quality Treatmentms System Phase 2 (Backbone Faatity)
562
571,324
571,320
91
Resources Agency Mitigation Imprpvements - Peters Canyon I Raroad to Edinger
590
370,033
370,033
92
Resources Agency Mitigation Inprovements - Pell Canyon I Edinger to City Lkrat
591
4,627,222
4,627,222
93
Resource Agency Mitigatm lmprovemenls - Peters Canyon I Cily Limit to Barranca
5,653,343
5,653,343
Utaay Backbone Aa Phases (All Utilities)
TOTAL
94
Resources AgencyMtigationimprovements- MasterDeveloper
1,190,342
1,194,342
93A Resource Agency Mitigation Improvements- Peters Canyon! City Limit to Banranca
TOTAL
16,189,697
16,189,697
Dry Utilities
Electric
Gas
Tetphare
Cable TV
Telecomunications
Backbone Phase 1 Backbone t Cuotractor Charges Total (AII Utilities)
2,602,080
2,602,080
Backbone Phase 1 Backbone * Contractor Charges Total (Ali Utilities)
5,653,343
5,653,343
Utaay Backbone Aa Phases (All Utilities)
TOTAL
750 11,284,280
19,539,7()3
11,284,280
19,539,703
SARDAIRDA Shared!—legislation 20111Copy of Master Backbone Infrastrudure 4-7-11 Rev 1 no resp noted.xlsx 11:23 AM, 08122/2011
Master Infrastructure - Backbone Improvements Cost Estimate
z
Description
Total Backbone
Reach ID No.
Revised
2011Backbone
Cost June 2008
cost
120C Tustin legacy Park. City Area (24.5 Acres) - Contingency
',32A Cityxi ;tin '�_itlra sur, l;iJii: Cerle�
288 044
288,044
000.000
1,000,000
1320 City of Tustin library; Tustin Civic Center
1328 City N Tustin li0rary; Tustin Civic Center
1,082,000
1,082,000
133A Community Entry Signage - Valencia i RedhAl -Sign Only
2,854,000
2,854,000225,000
81A Pegs Canyon I Trail Improvements
225,000
248,856
248,858
TOTAL
102,156,874
102,156,874
GRAND TOTALS
407,478,930
394,641,793
S:\RDAtRDA Shared\_Iegislation 2011\Copy of Master Backbone Infrastrudure 4-7-11 Rev 1 no resp noted.xlsx 11:23 AM, 06/22/2011
ATTACHMENT NO.2
AGREEMENT TO TRANSFER TAX INCREMENT
[Attached]
AGREEMENT TO TRANSFER TAX INCREMENT
This AGREEMENT TO TRANSFER TAX INCREMENT ("Agreement") is entered
into as of September , 2011 ("Date of Agreement"), by and between the CITY OF
TUSTIN, a California municipal corporation ("City"), and the TUSTIN COMMUNITY
REDEVELOPMENT AGENCY, a public body, corporate and politic ("Agency").
RECITALS
A. The Agency is a community redevelopment agency organized and existing
under the California Community Redevelopment Law, Health and Safety Code Sections
33000, et seq. ("CRL") and has been authorized to transact business and exercise the
powers of a redevelopment agency pursuant to action of the City Council ("City
Council") of the City.
B. The City Council adopted the Redevelopment Plans for the Town Center
Redevelopment Project, the South Central Redevelopment Project and the WAS
Tustin Redevelopment Project (collectively, and as amended from time to time, the
"Project Areas").
C. The Agency receives and has available to it tax increment revenues from
the Project Areas in accordance with and pursuant to the Redevelopment Plans, CRL
Section 33670(b) and Article XVI Section 16 of the California Constitution.
D. Assembly Bilis X1 26 and X1 27, which are trailer bills to the 2011-12
budget bills, were approved by both houses of the Legislature on June 15, 2011, signed
by the Governor on June 28, 2011, and chaptered on June 29, 2011 (together, "2011
Redevelopment Legislation").
E. Parts 1.8, 1.85 and 1.9 of Division 24 of the Health and Safety Code were
added to the CRL by the 2011 Redevelopment Legislation and such measures
purported to become effective immediately.
F. Part 1.8 of the CRL ("Part 1.8") provides for the restriction of activities and
authority of the Agency in the interim period prior to dissolution to certain "enforceable
obligations" and to actions required for the general winding up of affairs, preservation of
assets, and certain other goals delineated in Part 1.8.
G. Part 1.85 of the CRL ("Part 1.85") provides for the statewide dissolution of
all redevelopment agencies, including the Agency, as of October 1, 2011, and provides
that, thereafter, a successor agency will administer the enforceable obligations of the
Agency and otherwise wind up the Agency's affairs, all subject to the review and
approval by an oversight committee.
H. Part 1.9 of the CRL ("Part 1.9") provides that a redevelopment agency
may continue in operation if a city or county that includes a redevelopment agency
DOCS001513301 v2/200350-0000
adopts an ordinance agreeing to comply with and participate in the Voluntary Alternative
Redevelopment Program established in Part 1.9 ("Program").
I. The Agency is aware that the validity, passage, and applicability of the
2011 Redevelopment Legislation are the subject of judicial challenge(s), including the
action: California Redevelopment Association, et al v. Ana Matosantos, et al.
J. The City adopted Urgency Ordinance No. 1404 on July 19, 2011 and
Ordinance No. 1404 on August 2, 2011 pursuant to Health and Safety Code Section
34193 to elect to implement participation by the City and Agency in the Alternative
Voluntary Redevelopment Program pursuant to Part 1.9 of the California Community
Redevelopment Act
K. The Supreme Court accepted original jurisdiction of the CRA Action on
August 11, 2011, notified the parties of the briefing schedule, and, importantly, issued a
stay order affecting Part 1.85 and Part 1.9, but the court did not stay Sections 34161 to
34167 of Part 1.8, then on August 17, 2011, the Supreme Court modified its stay order,
which released the stay on Sections 34167.5 to 34169.5 of Part 1.8 and on Section
34194(b)(2) of Part 1.9, making those laws now effective ("Supreme Court Stay"). The
City and Agency recognize that this Agreement is subject to the Supreme Court Stay.
L. Each city and county electing to participate in the Program, as a condition
of its redevelopment agency's continued existence and operation, is required to make
certain annual remittances ("Program Remittances") to the county auditor -controller
("CAC") pursuant to Chapter 3 of Part 1.9, beginning with a larger upfront remittance for
FY 2011-12 ("First Remittance"), to be paid in two equal installments on January 15,
2012 and May 15, 2012, and additional annual remittance payments subsequently.
M. The City is expected to have sufficient funds and revenues exclusively
from tax increment transfers (the annual portions of its tax increment equal to annual
Remittance Payments to fund an amount equal to the City's payment of the First
Remittance and expects to have tax Increment transfers and, or other funds that
become available sufficient to fund amounts equal to the subsequent fiscal years'
remittances required by Part 1.9 ("Subsequent Remittances"). The City did not intend
by enactment of Ordinance No. 1404 or 1405 to pledge any of its general fund revenues
or other assets to make the annual Remittance Payments, it being understood that any
remittance payments will be funded solely from agency tax increment transfers and/or
other assets transferred to the City in accordance with AB x 1 27.
N. The City and Agency desire to enter into this Agreement pursuant to CRL
Section 34194.2 whereby the Agency shall transfer tax increment to the City in an
amount equal to the First Remittance, and thereafter shall transfer amounts of tax
increment equal to each and all subsequent fiscal years' remittances that the City is
required to make to the CAC as a condition of the City's participation in the Program.
The First Remittance and any and all Subsequent Remittances shall be not be
considered "new debt" of the Agency.
2
DOCS001513301 v2/200350-0000
AGREEMENT
NOW, THEREFORE, for and in consideration of the mutual promises, covenants,
and conditions herein contained, the parties hereto agree as follows:
Section 1. The Agency shall be liable to City for the payment of the Program
Remittances in connection with the City's participation in the Program. The Agency
agrees that no later than fifteen (15) days prior to the date upon which the City shall be
statutorily required to make any full or partial payment of a Program Remittance in any
fiscal year, the Agency shall transfer funds to the City in an amount equal to such
payment; each such payment by the Agency shall be referred to herein as a "Required
Agency Payment" and, as such payments are combined, "Required Agency Payments."
Interest shall accrue on any unpaid balance of the Required Agency Payments at an
annual interest rate equal to the maximum rate permitted by Section 53531 of the
Government Code. Interest on amounts paid as Required Agency Payments shall be
deemed to begin accruing on the date upon which the City makes any required Program
Remittance to the CAC.
Section 2. The Agency hereby pledges Tax Increment (defined below) to repayment
of its indebtedness to the City hereunder; provided that such pledge is junior and
subordinate to all outstanding bonds of the Agency, any refunding bonds issued by or
through the Agency, and any additional bonds issued hereafter by or through the
Agency. The City and Agency agree that such obligation by Agency to City may be
further subordinated by agreement of the City and the Agency.
(a) As used in this Section 2, "Tax Increment" means all taxes annually
allocated to the Agency with respect to the Project Areas in each year following the
Date of Agreement, pursuant to Article 6 of Chapter 6 (commencing with Section 33670)
of the CRL and Section 16 of Article XVI of the Constitution of the State of California
and as provided in the Redevelopment Plans for the Project Areas, including all
payments, subventions and reimbursements (if any) to the Agency specifically
attributable to ad valorem taxes lost by reason of tax exemptions and tax rate
limitations; but excluding (i) all amounts of such taxes required to be deposited into the
Low and Moderate Income Housing Fund of the Agency in any Fiscal Year pursuant to
Sections 33334.2 or 33334.6 of the CRL, (ii) all amounts of such taxes required to be
paid to taxing entities under Sections 33607.5 and 33607.7 of the CRL to the extent
such required payments create a prior lien on such taxes, (iii) amounts, if any, payable
by the State of California to the Agency under and pursuant to the provisions of Chapter
1.5 of Part 1 of Division 4 of Title 2 (commencing with Section 16110) of the
Government Code of the State of California, (iv) amounts retained by the County of
Orange as costs of collection pursuant to Chapter 466, Statutes of 1990, and (v) such
taxes, to the extent subject to a prior express pledge by the Agency.
Section 3. The obligations of the Agency under this Agreement shall constitute an
indebtedness of the Agency within the meaning of Section 33670, et seq. of the CRL.
DOCSOC/ 1513301 v2/200350-0000
Section 4. The City agrees to spend those funds received from the Agency under this
Agreement 'for the purpose of financing activities within the redevelopment area that
are related to accomplishing the redevelopment agency project goals" pursuant to CRL
Section 34194.2 (or as otherwise determined by the courts or subsequent law) and in
accordance with the laws of the United States and the State of California, all as
applicable.
Section 5. This Agreement shall become effective upon a final order of a court of
competent jurisdiction and/or a decision or order from the California Supreme Court, or
other court of competent jurisdiction, that the provisions of AB X1 27 (including Sections
34194.2 and 34194.3) are valid and enforceable.
Section 6. If any provision of this Agreement or the application thereof to any person
or circumstance is held invalid, such invalidity shall not affect other provisions or
applications of this Agreement which can be given effect without the invalid provision or
application, and to this end the provisions of this Agreement are severable. The City
Council and Agency each hereby declares that it would have approved this Agreement
irrespective of the invalidity of any particular portion hereof as long as and subject to
Part 1.9 being declared valid and enforceable.
Section 7. An event of default occurs under this Agreement when: (a) there is a
breach of any condition, covenant or promise set forth herein; (b) written notice thereof
has been given to the defaulting party; and (c) such breach has not been cured within
thirty (30) days after such notice was given to the defaulting party or, if such breach
cannot reasonably be cured within such thirty (30) day period, the defaulting party fails
to commence to cure the breach and/or fails thereafter to diligently proceed to complete
such cure. A waiver, if any, by a party must be in writing; and, such waiver by a party of
a breach shall not be construed as a waiver of any succeeding breach of the same or
other condition, covenant or promise.
Section 8. The occurrence of an event of default hereunder shall give the non -
defaulting party the right to proceed with any and all remedies available at law or equity,
including without limitation an action for damages, an action or proceeding for specific
performance, and/or an action or proceeding for injunctive relief.
Section 9. City shall maintain authority of this Agreement and the authority to
implement this Agreement through City Manager and Finance Director (or duly
authorized representative(s)) and Agency shall maintain authority of this Agreement and
the authority to implement this Agreement through the Executive Director and Treasurer
(or duly authorized representative(s)); each shall have the authority to make approvals,
issue interpretations, waive provisions hereof.
Section 10. This Agreement shall be binding upon City and Agency and their
successors and assigns. Whenever the terms "City' or "Agency' are used in this
Agreement, such terms shall include any other successors and assigns as herein
provided.
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Section 11. This Agreement shall be governed by and construed in accordance with
the laws of the State of California.
Section 12. If any term, provision, condition or covenant of this Agreement or its
application to any party or circumstances shall be held, to any extent, invalid or
unenforceable, the remainder of this Agreement, or the application of the term,
provision, condition or covenant to persons or circumstances other than those as to
whom or which it is held invalid or unenforceable, shall not be affected, and shall be
valid and enforceable to the fullest extent permitted by law.
Section 13. Any amendment, alteration, change or modification of or to this
Agreement, in order to become effective, shall be made in writing and in each instance
signed by a duly authorized representative on behalf of each party. Each party agrees
to consider in good faith and exercise reasonable discretion in its consideration of a
request by another party to amend this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement to Transfer
Tax Increment as of the Date of Agreement.
CITY:
CITY OF TUSTIN,
a California municipal corporation
Lfi
ATTEST:
Pamela Stoker, City Clerk
APPROVED AS TO FORM:
WOODRUFF, SPRADLIN & SMART
David E. Kendig, Esq., City Attorney
William Huston, Interim City Manager
[ Additional Signature blocks appear on following page.]
DOCSOC/ 1513301 v2/200350-0000
AGENCY:
TUSTIN COMMUNITY REDEVELOPMENT
AGENCY, a public body, corporate and politic
By:
William Huston, Interim Executive
Director
ATTEST:
Pamela Stoker, Recording Secretary
APPROVED AS TO FORM:
STRADLING YOCCA CARLSON & RAUTH
Celeste Stahl Brady, Special Counsel
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