M-4/17/1978
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RESOLUTION NO. ~
(Redevelop~ent Agency)
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA MONICA AWARDING $3,700,000 PROMISSORY NOTE OF
ITS SANTA MONICA DOWNTOWN REDEVELOPMENT PROJECT TO
THE BEST BIDDER AND REJECTING ALL OTHER BIDS
WHEREAS, the Redevelopment Agency of the City of Santa Monica (the
"Agency"), by Resolution No. 348 adopted April 11, 1978, authorized the sale
of a $3,700,000 Pro~issory Note for the Agency's Downtown Redevelopment Project
(the "Note") and directed that a Notice of Bids for the Note be published in
the manner specified In said resolution; and
WHEREAS, pursuant to said resolution and to the Notice InViting Bids,
sealed bids for the purchase of the Note were received, publ icly opened, examined
and read, and the contents thereof have been duly communicated to the Agency and
a tabulation thereof has been entered into the minutes
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. Each of said bids has been fully considered by the Agency
in conformance With the terms of the Notice Inviting Bids, and on the basis of
the lowest net interest cost determined In the manner specified In said Notice,
It appears to this Agency that the bid of
Union Bank
attached hereto, marked Exhibit A and ma~e a part hereof, shows the lowest net
interest cost.
SECTION 2. Said bid of
Un Ion Bank
be and the same is hereby accepted, and the Note is hereby awarded in accordance
With the terms of said bid.
SECTIO~ 3. All bids other than the one accepted in Section 2 hereof
are rejected.
SECTION 4. The Secretary of the Agency is hereby authorized and
directed to make immediate delivery of the check accompanying each rejected bid
to each unsuccessful bidder.
SECTION 5
The interest rates on the Note are hereby fixed at the rates
stated in the bid incorporated herein in Section 2 hereof.
SECTION 6. The Secretary of the Agency is hereby authorized and directed
to deliver the Note to the successful bidder upon payment therefor.
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-.::T l.\T ::J: <> N" ~.A.. N" ::a::
April 17, 1978
Redevelopment Agency of
The City of Santa Monica
Interest Cost In Accordance With the Above Bid:
Total Interest Cost (Assuming
Delivery ~4Y 1, 1978):
$3,652,250.00
5.8912%
Average Interest Rate:
Respectfully submitted,
UNION BAN
~<<~
~ '$.J
opk' son
sident
JOF:RH:ss
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SA~T\ \IONICA-80.!9-9
Bowne of SF. Ine, (415) 86-1-2300
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Redevelopment Agency
of the
City of Santa Monica
(Los Angeles County, California)
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OFFICIAL STATEMENT
Relating to
$5,700,000
Ocean Park Redevelopment Project
Tax Allocation Bonds, Series 1984
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THE DATE OF THIS OFFICIAL STATEMENT IS SEPTEMBER 11, 1984
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ProD! of September 4, 1984
SA:'>JTA 1\lONICA-8049-9
Bowne of 5.F , Ine. (415) 864-2300
GALLEY 2-
CITY OF SANTA MONICA
City Council
Ken Edward5, Mayor
Dolores M Press, A-fayor Pro Tempore
James P Conn
DaVId G Epstem
Wilham H Jennmgs
ChnstlOe E Reed
Denms Zane
Redevelopment Agency
Ken Edwards, Chw.rman
Dolores M Press, Vice ChaJrman
James P Conn
David G Epstem
Wilham H J enmngs
Chnstme E. Reed
DennIs Zane
John Jahh, Actmg City Manager and Actmg Agency Executive Director
C M DennIs, Director of Fmance
Mark Tlgan, Dlfector oj Commumty arui Economic Development
Emesto R Flores, EconomIC Development ~lyfanager
Robert M Myers, Cay Attorney
Lmda A Moxon, Deputy City Attorney
Ann M Shore, ClI)' Clerk and Agency Secretary
Special ServIces
Mornson & Foerster, Los Angeles
BOND COUNSEL
Weiser, Kane, Ballmer & Berkman. Los Angeles
SPECIAL COUNSEL
Katz:. HolliS, Coren & AsSOCiates, Inc , Los Angeles
FISCAL CONSULTANT
Bank of Amenca ~ T & SA. Los Angeles
FISCAL AGENT
Pame Webber Incorporated, San FranclS(;O
FINANCING CONSULTANT
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GALLEY 3-
Proot of August 30. 1984
SA~TA }'IOKICA-8049-9
Bowne of SF. Inc. (415) 864-2300
(LETTERHEAD TO COME)
September 11. 1984
TO WHOM IT MA Y COKCER~
The purpose of thiS OfficIal Statement ]5 to furrush mfonnatlOn regardmg S5.700.000
par value of tax allocation bonds to be Issued by the Redevelopment Agency of the Cay
of Santa MOllica (the "'Agency") to provIde add]tlOnal funds to aid In financmg redevelop-
ment projects known as Ocean Park Project :-';os 1(a) and l(b)
The matenal contaIned lfl th]S OffiCial Statement was prepared by Pame Webber
Incorporated as financmg consultant to and under direction of the Agency (WhICh firm Will
receive compensation from the Agency contingent upon sale and delIvery of the bonds and
w/uch firm has been given penmss]on by the Agency to bid on the bonds) for the mformatlon
of all who mIght become holders of the bonds descnbed herem
All of the followmg summanes of the Resolutton, the Commumty Redevelopment Law.
other applicable legislation. the Redevelopment Plans and other documents are made
subJect to the proV]SIOnS of such documents and legislatIOn, and do not purport to be
complete statements of any or all such proVlSlon~ Reference]s hereby made to such documents
on file With the Agency for further mformatlon m connection thereWith
The covenants of the Agency are fully set forth In ResolutiOn No , and thIS
OffiCIal Statement does not constitute a contract "'"Ith purchasers of bonds Any statements
herem mvolvmg matters of opmiOn or estunates. whether or not so designated. are to be
construed as provlSlonal rather than factual
The opmlon of Morrison & Foerster, Los Angeles, California. approvmg the valIdity of
the bonds will be made available to the purchasers at the hme of ongtnal dehvery of the
bonds (See "The Senes 1984 Bonds-Legal Oplfllon")
The executIon and dehvery of thiS OffiCial Statement have been authorIZed by the Agency
REDEVELOPMENT AGE "iCY OF THE
CITY OF SANTA MO....IC>\
KEN Enw ARDS
Chairman
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Prool 01 AUlust 30, 1984
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SA:';TA "\10NICA-8049-9
TABLE OF CONTENTS
Page
TABLES A:-';D SCHEDULES
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Praaf 01 August 30. 1984
SANTA ~!ONICA-8049-9
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REDEVELOPMENT AGENCY
OF THE CITY OF SANTA MONICA
OCEAN PARK REDEVELOPMENT PROJECT
TAX ALLOCATION BONDS, SIRI ES 1984
Introduction
The ConsntutIOn and statutes of the State of Cabfonua proVIde for financmg of redevelopment projects
through the ISsuance of tax allocatlon bonds Such bonds are payable from property taxes collected from
WIthin a project area upon the Increase In assessed valuation of land. Improvements. personal and utIlIty
property as explaIned In greater detaIl herem PartiCIpatIon by the Federal Government III the cost of
redevelopment proJecr financmg IS also permuted and $7,945,000 In grants have been receIved for the
Ocean Park ProJect under the now dlscontmued Title I Urban Renewal Program
The Redevelopment Agency of the City of Santa MOnIca (the "Agency") was actIvated on August 13.
1957 by actIOn of the CIty CounCIl pursuant to the Commumty Redevelopment Law WIth the approval of
the CounCIl. the Mayor appointed the origInal five members of the Agency Simultaneously WIth Its creatIOn
Appointive members contmued to serve untIl May 1972 when the CounCIl declared Itself to be the Agency
and assumed all the rIghts, powers, dutIes. pnvileges and InmlUmneS vested In a redevelopment agency
The Ocean Park Project is the lll1tial prOject undertaken by the Agency The Ocean Park area was
first deSIgnated for study as a potential redevelopment project In Apnl 1958 when apphcatlOn was made
to the Federal government for survey and planmng funds With these moneys. the Agency staff commenced
preparatIOn of formal plans for an area encompassing some tlurty acres In the southwest corner of the
City In October of 1959. as a result of the budgetary reductIon In the amount of Federal funds aVailable
for redevelopment, the Ocean Park Project was dIvided mto two separate projects so that at least one
could go forward WIth the moneys allocated to the Agency The resIdentlal portIon of the Ocean Park
Project became ProJect No 1 (a) and was gIVen pnonty, while the commercIal area mvolvmg about ten acres
was deSignated Project No. 1 (b)
Ocean Park Project No 1 (a) was estabhshed WIth the adoptlon of the Redevelopment Plan for
ProJect ~o l(a) (the "1(a) Plan") by the CIty CouncIl on June 30.1960 and Ocean Park ProJect No I (b)
was established With adoptIon of the Redevelopment Plan for Project No I(b) (the "I(b) Plan") by the
Ctty CounCIl on January 24, 1961, In each case followmg requisite studies and heanngs by the PlaTlT11Tlg
COmmISSIOn, Agency and CIty CounCil Amendments subsequently have been made to both the I ( a) Plan
and the 1 (b) Plan, pnncipally to change permitted land uses
Ocean Park ProJect Nos I (a) and 1(b) (heremafter referred to collectIvely as the '.Ocean Park
Redevelopment Project" or the "Project") are bounded on the northwest by Ocean Park Boulevard. on the
northeast by ~eIlson Way, on the southeast by Barnard Way and on the southwest by State beaches and
parkmg lots of the Slate and aty
In March 1965 the Agency sold $1,415,000 of Ocean Park Project No I(a) Tax AllocatIon Bonds. the
proceeds of which were used for SIte improvements and payment to the City for ItS acqulS1tlOn and clearance
of property for street realIgnment These bonds were retrred III 1975. ten years III advance of thetr scheduled
malUnty No other bonds have been Issued for eIther of the two projects
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SA:-,TTA ~ZOl'\ICA-8049-9
Bowne of 5 F , Ine. (41-5) 864-2300
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The Project area encompasses approximately 30 acres and presently contalOs two 17 -story hIgh me
apartment bUlldmgs of 250 UDlts each, two semor cItizens complexes. Phases I and 2 of Sea Colony. a
condommlUm development with 230 umts and open space used as an mtenm park Proposed development.
whtch the CalIfornia Coastal CommiSSIOn has conditionally approved. mcludes replacement of the llltenm
park and open space wnh 153 condomlnmm umts, a tn-level subterranean and surface garage for 328 vehIcles.
one sWlmmmg pool and SIX spas. SIX tenllls courts. two paddle ball courts. one basketball court, walkways.
landscaplOg and a six-acre public park On August 17. 1983. the developer. Domllllon Property Company.
the CIty and the Agency executed an Amended Sale~ Agreement for Sale of Land for Pnvate Development
which IIlcorporates the condItIons of the Coastal CommIssIon's pern11l (See "The Ocean Park Redevelopment
Project-Proposed Development ")
Proceeds of the $5,700.000 Ocean Park Redevelopment Project Ta>; AllocatIOn Bonds. Senes 1984
(the "Senes 1984 Bonds"), will be used to fund mterest to October 1, 1985. to establiSh a Reserve Account
In the amount of maximum annual debt service. to pay costs of Issuance, Includmg the debt servIce msurance
premIum, If such msurance IS aV8.Ilable, and. together WIth other moneys, to pay the costs of public Improve-
ments and other costs necessary to the redevelopment of the Project area or reqUired by the Coastal Com~
mission permit. mcluding the acquiSItion and constructIOn of a pubhc park and the acquisition of land for
low and moderate mcome housmg
Under a constitutionally authoTlzed statutory process. all property taxes collected on any Increase
ill the assessed valuahon of land. Improvements, personal property and public UtUllY property In the ProJ-
ect area over that shown on the assessment roll for the base year (the 1959/60 assessment roll for Project
1(a) and the 1960/61 assessment roll for Project l(b)) may be pledged to repayment of mdebtedness
incurred In Project redevelopment Resolullan No , adopted September 11, 1984, which authorizes
the Issuance of the Series 1984 Bonds. pledges from such taxes ("Tax Revenues") the portion thereof
which constitutes, on a nonculnulatlve twelve-month baSIS endmg each October 1, an amount equal to 125%
of twelve-month debt sen'lce on the Senes 1984 Bonds and any additIOnal panty bonds (collectively, the
"Bonds") less any amounts then on deposll In the Interest Account and In the Pnnclpal Account plus an
amount. 1f any, necessary to mamtain the reqUIred Reserve Account balance ("Pledged Tax Revenues")
so long as any Bonds remam outstanding or unprOVIded for All Pledged Tax Revenues whIch are tn excess
of the amounts needed for annual debt service on the Bonds and amounts. If any. necessary to m8.Intam the
mimmum balance (maximum annual debt servIce) m the Reserve Account may. under certam conditions.
be used by the Agency for any redevelopment purpose
The 1984/85 tax roll for the Project reflects an Increase III assessed valuation of 582,344,921 over
the combmed base rolls of 513,145,576 and Tax Revenues of $861.000 are to be received Because of the
reSIdential nature of the Project, only S 150 of business Inventory replacement revenue was allocated by the
State ill 1983/84 Tax Revenues for subsequent years as prOjected by the Fiscal Consultant are shown In
Schedule 2 herem Pledged Tax Revenues will be apphed to payment of debt service on the Senes 1984 Bonds
as shown on Schedule 3 Remammg Tax Revenues, and any Pledged Tax Revenues m excess of debt servIce.
may be patd to the Agency and used for allY lawful purpose Tax Revenues due tn 1984/85 would have
covered tnaxnnum annual debt service on the Senes 1984 Bonds at an estimated 10 25 % tnterest rate by
1 26 times (For diSCUSSion of certam factors whIch mIght substanllally reduce Tax Revenues see "The Senes
1984 Bonds-Property Tax and Appropnatlon LlmltatJons" )
Santa MOllica is located on the PacIfic Ocean, 16 miles west of downtown Los Angeles The SIXth
largest CIty m Los Angeles County, ItS populatIOn on January 1. 1984 was estimated at 93,100 compared
WIth 88,314 at the tune of the 1980 census. The CIty IS known for Its excellent resldentJal neighborhoods
and equable climate and IS a center for electromcs. engmeenng, research and development, and allied
mdustnes
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Proof of September 4. 1984
SAXTA ~IONICA-8049-9
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THE SERIES 1984 BONDS
Authority for Issuance
The Senes 1984 Bonds were authorlZed pursuant to Resolution No of the Agency adopted
September 11, 1984 (the "Resolution") m full conformity with the ConstitutIOn and laws of the State of
Cahforrua, includmg the Community Redevelopment Law. bemg Part 1 of DIVISion 24 of the Health and
Safety Code of the State of CalifornIa (the "Law") and acts amendmg or supplementmg that Law
Description of the Bonds
The Senes 1984 Bonds consist of an aggregate pnnclpal amount of $5,700,000 of the deno1Tllnation
of $5,000 or any mtegral multiple thereof, are dated October 1, 1984, are numbered consecutively from 1
upward and mature on October 1 as shown below Interest IS payable semiannually on Apnl 1 and 0cto-
ber I each year Pnnclpal IS payable at the Secuntles SerVIces DIVISIOn of the Fiscal Agent of the Agency
m Los Angeles, California Interest wtll be paid by check or draft maIled to the owners of the Senes 1984
Bonds whose names appear on the regtstry books of the Fiscal Agent 15 days pflor to each Interest pay-
ment date
The serial Senes 1984 Bonds mature annually October 1, 1987 to October 1, 1999, inclUSive, and
term Senes 1984 Bonds mature October I, 2006, as set fonh m the followmg table
Principal PrrnClpal
Year AmoLlnt Year AmoLlnt
. 1987 S 95,000 1994 $ 190,000
1988 105,000 1995 210,000
1989 115,000 1996 235,000
1990 130,000 1997 255,000
1991 145,000 1998 285,000
1992 155,000 1999 310,000
1993 175,000
2006 3,295,000
Redemption Features
The Senes 1984 Bonds maturmg on or before October 1, 1994 are not subject to call and redemption
pnor to matunty. The Senes 1984 Bonds due on and after October 1, 1995 are subject to redemption,
at the optlOn of the Agency, from any source of funds, as a whole, or lD part in IDverse order of matunty
and by lot wltlun a matunty, on any mterest payment date on and after October 1, 1994, at the follow-
mg redemption pnces (computed upon the pnnclpal amount of the Senes 1984 Bonds called for redemp-
oon) together With accrued mterest to the date of redemption
RedemptIOn Dale
RedemptIon
Pnce
October I, 1994 and ApnJ 1, 1995
October I, 1995 and ApnI I, 1996
October I, 1996 and Apnl 1, 1997
October I, 1997 and ApnI L 1998
October L 1998 or thereafter
102 %
10 Ph
101
Iom-'2
100
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Notice of redemptIon wIll be mailed to registered owners of affected Senes 1984 Bonds.
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Prool of Aogost 30. 1984
SA:'\ITA \IONJCA-8049-9
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The term Bonds matunng on October 1, 2006 (except 5620.000 thereof scheduled to be paid at matu-
rity) are subject to mandatory redemptlOn 111 part by lot pnor to their maturity date at the pnnclpal amount
thereof, plus accrued mterest thereon, m the followmg mmlmum amounts on October 1 of each of the foUo\Ving
years
PrincIpal PrincIpal
Year AmotJnl Year AmotJnt
2000 $345.000 2003 $460.000
200t 380.000 2004 5tO,OOO
2002 420,000 2005 560,000
Registration
The Senes 1984 Bonds wIiI be Issued as fully registered bonds without coupons Ownership may be
changed upon the registratiOn books maIntaIned by the Fiscal Agent
Tax Status
The OpInlOn of Bond Counsel referred to below will state that Interest on the Senes 1984 Bonds IS
exempt from Federal mcome taxes and from State of Cahfomia personal mcome taxes under eXlstmg statutes.
regulations, rulings and court deCISions
Legal Opinion
The legal opIDlon of Mormon & Foerster, Los Angeles, Cahfornla, Bond Counsel. approvmg the valIdity
of the Series 1984 Bonds WIll be made avaIlable to purchasers at the ume of ongmal delIvery of the Senes
1984 Bonds, and a copy thereof wIll be pnnted on each bond
The legal opInIOn IS only as to legalIty and IS not mtended nor IS It to be mterpreted or relIed upon as
a disclosure document or an express or ImplIed recommendatIOn as to the mvestmem qualIty of the Senes
1984 Bonds
Legality of Bonds for Investment and to Secure Public Deposits in California
Section 33663 of the Law proVides generally that the State and all publIc officers, mUnIcipal corporatIons.
political subdiVISions and pubhc bodies, as well as banks, bankers, trust compames, savmgs banks. msurance
compames and vanous other financial mstItutIons and fiduclanes may legally !Dvest funds wlthm their control
In bonds or other oblIgations issued by a redevelopment agency Such bonds and other obligatIons are also
made authonzed secunty for all publIc depoSits
The Supenntendent of Banks of the State of CalIforma has ruled that bonds of a redevelopment agency
are by sald statute, ebgIble for Investment by savmgs banks In Cal1forma
Disposition of Bond Proceeds and Other Available Funds
The ResolutIon prOVIdes that proceeds from the sale of the Senes 1984 Bonds Will be allocated as follows
(a) To the Interest Account wIthm the Ocean Park Redevelopment Project Ta\: Allocation Bonds
Debt Service Fund (the "Debt Service Fund"), an amount which together With any accrued Interest and
premIUm received upon the sale of the Senes 1984 Bonds Will equal the amount of mterest payable to
and mcludlllg October 1. 1985.
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PlOof of August 30. 1984
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(b) To the Reserve Account wlthm the Debt Sef\'lce Fund, zn amount equal to maxnTlum annual
debt servIce on the Senes 1984 Bonds
(c) To the Ocean Park Redevelopment Project Tax AllocatIon Bonds Recevelopment Fund (the
"Redevelopment Fund") the balance of proceeds
The Agency expects to apply proceeds of the Senes 1984 Bonds In the amounts as follows
Reserve Account ReqUIrement (Series t984 Bonds)
Funded Interest (1 year @ 1025%)
Allowance for DIscount BId (2 50% )
Bond Insurance PremIUm
Costs of Issuance
Redevelopment Fund
Total
S 681.000
584.250
142.500
142.500
100,000
4,049,750
55,700,000
The Reserve Account
Moneys ill the Reserve Account wIll be withdrawn and used by tbe Fiscal Agent solely for the purpose
of replemshmg the Interest Account or the PrInCIpal Account m the event of any defiCIency In eIther account,
or of paY10g the mterest on or prInCIpal of or redemptIon premIUms, If any. on the Senes 1984 Bonds and
any panty bonds (heremafter collectIvely referred to as "Bonds") If no other Agency moneys are lawfully
avaIlable therefor. or for the purpose of retmng all of the Bonds then outstandmg
A mIlllmum balance equal to maxImum annual debt serVIce on the Bends WIll be mamtamed In the
Reserve Account Should the amount lTI the Reserve Account be less than the reqUIred mlTIlmUm balance,
the FIscal Agent w111 restore the balance by transfer of moneys from the Debt Service Fund Any moneys m
the Reserve Account III excess of the mInImUm balance shall be transferred to the Debt Sen1ce Fund
The Redevelopment Fund
Moneys m the Redevelopment Fund may be used for the purpose of paymg any portIon of the costs of
the Project. mcludmg the cost of Improvements and other costs whIch may not benefit the Project exclUSively
but WhICh are necessary to the redevelopment of the Project and the dlSFoslt1on of land therem. the repayment
of any advances made by the Cay and the necessary expenses III connecl1on WIth the I~suance of the
Senes 1984 Bonds
Pledge and Allocation of Taxes
Under proVISions of the Cahforma ConstItutlOn and the Law, taxes on all taxable property m the Project
area leVled by any taxmg agency when collected WIll be dIVided as follows
(I) An amount each year equal to that amount whIch would have been produced by the. then
current tax rates apphed to the assessed valuatIon of such property wlthm the Prolect area last equalized
pnor to the effectlve date of the ordmance approving the respeclIve Redevelopment Plans (the 1959/60
assessment roll of the County for Project I (a) and the 1960/61 assessment roll for Project I (b))
will be patd mto the funds of the respectIve taxing agenCies.
(2) Taxes (mcludmg all payments. re1mbursements and subvenl1ons. IT any. specIfically attrIbutable
to ad valorem taxes lost by reason of tax exemptIons and ta'l. rate hmltallons) receIved over and above
that amount ("Tax Revenues") will be depOSIted m a speCial fund of the Agency
Under the ResolutIon. the Bonds are payable from and secured by a portIon of the proceeds thereof
and by a pledge of that portion of the first Tax Revenues received by the Agency equal to 125% of the
annual debt servIce on the Bonds for each 12-monrh penod endmg October 1 (less any amounts then on
depOSIt 10 the Interest Account and Prmclpal Account). plus an amount, If any, necessary to mamtalll the
reqUired Reserve Account balance ("Pledged Tax Revenues") so long as any of the Bonds are outstandmg
or unproVIded for
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P,uf of August 3D, 1984
SAKTA :-'IONICA-8049-9
Bowne of SF. Inc. (415) 864-2300
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The Agency has no power to levy and collect taxes. and any leg.slanve property tax de-emphasIs or
provISIon of additIonal sources of mcome to taxln,-! agenCIes havmg the effect of reducmg the property tax
rate must necessanly reduce the amount of Tax Revenues and might therefore reduce the amount of Pledged
Tax Revenues that would otherwIse be aVailable to pay the prmclpal of and mterest on the Senes 1984 Bonds
(See "The Senes 1984 Bonds-Property Tax and Appropnatlon Ll1Iutatlons" ) LIkewIse, broadened property
tax exemptions or any hmltatIon on. or voluntary reductIOn m, the rate of taxatIOn by taXing agenCIes could
have a sImrlar effect
The Debt Service Fund
The ResolutIOn provIdes that the Debt ServIce Fund WIll be held by ihe Fiscal Agent Pledged Tax
Revenues wlll be deposIted 10 the Debt ServIce Fund and wlll be set aSIde m the followmg speCIal accounts
wIthm the Debt ServIce Fund m the foIlowrng order of pnonty
(1) Interest Account-On or before March 31 and SeJ'ltember 30 of each year. begrnOlng on March
31, 1986, an amount WhICh. together WIth any money already contamed 10 the Interest Account. IS equal
to the aggregate amount of mterest becommg due and payable on all outstandmg Bonds on the next
mterest payment date
(2) PrmcIpal Account-On or before September 30 of each year, begmOlng on September 30,
1987, an amount WhICh. together WIth any money already contamed ill the Prmclpal Account. IS equal to
the pnnclpal amount of Bonds matunng or reqUIred to be redeemed through mandatory call on the next
succeedmg pnnclpal payment date. October 1
(3) Reserve Account-On or before September 30 of each year. ~n amollnt that WIll mamtam the
Reserve Account at an amount equal to maXImum annual debt setvlce
(4) Holdmg Account-On or before September 30 of each year. begrnmng on September 30, 1985.
all money then remammg ill the Debt SerVIce Fund after the above-descrIbed transfers have taken place.
to be used (I) to replelllsh the Interest Account, the Pnnclpal Account arid the Reserve Account. m such
order. or (n) to pay pnncIpal of or mterest or redempnon premiums, If any. on the Bonds III the event
no other money of the Agency IS lawfully aVaIlable therefor
Any excess money 1D the Holling Account shall. at the Agency's dIrectIOn, be (I) used for redemption
of any Bonds subject to call and redemptron; (2) used for the purchase of Bonds at publtc or pnvate sale
at such pnces as the Agency in its dlscretron may determme, or (3) If Tax Revenues equal to 125% of
annual debt serVlce have been depOSIted III the Debt ServIce Fund m such year (or If debt servIce for such
year was fully funded from Bond proceeds). the Reserve Account balance equals maxImum annual debt
servIce and the Agency IS not then III default, transferred to the Agency and used for any lawful purpose
When suffiCIent funds have been placed wah the FIscal Agent to redcem all outstandmg Bonds, no
further Pledged Tax Revenues WIll be allocated to the FIscal Agent by !he Agency
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Property Tax and AppropriatIOn Limitations
Article XIlI A of the California Constitution
Section 1 of ArtIcle XIII A lImns the maxunum ad valorem tax on real property to I % of full cash
value (as defined m Section 2), to be collected by the counnes and apportlOned accordmg to law Section
2 of ArtIcle XIII A defines "full cash value" to mean "the County Assessor's valuation of real property as
shown on the 1975/76 tax bIll under 'full cash value' or. thereafter, the appraised value of real property
when purchased, newly constructed, or a change m ownershIp has occurred after the 1975 assessment"
The full cash value may be adjusted annually to reflect mflatlOn at a rate not to exceed 2% per year, or
reductlOn III the consumer pnce mdex or comparable local data, or reduced m the event of dechnmg property
value caused by damage, destruction or other factors The California State Board of Equaltzanon has adopted
regulatIons, bmdmg on county assessors. mterpreung the meanmg of "change III ownershIp" and '"new
constructIon" for purposes of determlOlllg full cash value of property under Article XIII A
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Pra~f af August 30. 1984
SAXTA ~[OKICA-8049-9
Bo\yne of SF. Ine , (415) 864-2300
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A proposed lilinatlve measure whIch wIll appear on the ~ovember 1984 ballot would. If approved by
the voters. amend ArtIcle XIII A and Impose further hnutanons on taxmg agenCIes (See "The SerIes 1984
Bonds-Property Tax and AppropnatJon Lumtauons-November ImtlalIve" )
Implemenrrng Leg/slatlOn
Leglslauon enacted by the CalifornIa LegIslature to Implement Article XIII A (Statutes of 1978.
Chapter 292. as amended) provides that notwtthstandmg any other law, local agenCIes may not levy any
property tax except to pay debt Sef\1Ce on mdebtedness approved by the voters pnor to July 1. 1978, and
that each counry WIll levy the maxImum tax perm1lted by ArtlCle XIII .-\ of $4 00 per S I 00 of assessed
valuation (based on the tradlllonal practlee of usmg 25% of full cash value as the assessed value for tax
purposes) The leglslatlOll further prOVided that. for the 1978/79 fiscal year only. the tax levy by each
county was to be apportJoned among all taxmg agencies wltlun the county III proportIon to thelT average
share of taxes ]e\'1ed m certaIn prevIOus years The apportiOnment of property taxes In fiscal years after
1978119 has been reVised pursuant to Statutes of 1979, Chapter 282 WhICh prOVIdes rehef funds from
State moneys begmmng in fiscal year 1979/80 and IS deSIgned to pro.1de a permanent system for sharIng
State taxes and budget surplus funds WIth local agenCIes Under Chapter 282. cities and countIes receIVe
about one-thIrd more property tax revenues collected under Proposlllon 13 mstead of direct State md School
dIstrIcts receive a correspondIngly reduced amount of property taxes. but receive compensatIon directly
by the State and are gIven addIfIonal relief Chapter 282 does not affect the denval10n of the baSiC tax levy
(54 per $100 assessed valuatIon) and the bonded debt tax rate EffectIVe for the 1981/82 fiscal year. assessors
In Cahforma no longer record property values on the tax rolls at the assessed value of 25 % of market values
All taxable property IS shov.'I1 at full market value Consequently the ta'!: of 54 per SIOO of assessed value
IS expressed as SI per $100 of taxable value In confoIDllty WIth thIS change of procedure, aU taxable propeny
value Included III thIS OffiCIal Statement (except as noted) is shown at 100% of market value and all tax
rates reflect the $ I per $ 100 of taxable value
Future assessed valuatIOn growth allowed undel Article XIII A (new constructIon. change of ownership.
2% value growth) will be allocated on the baSIS of'SIlUS" among the ]UnsdICtlOns that serve the t3.X rate
area wlthm which the growth occurs Local agencies and schools will share the growth of "base" revenues
from the tax rate area Each year's growth allocatIon becomes part of each agency's allocatiOn In the
followmg year The Agency IS unable to predIct the nature or magmtude of future revenue sources whIch
may be prOVIded by the State to replace lost property tax revenues SectlOn 4 of ArtIcle XIII A prohibIts
the leVYIng of any other ad valorem property tax above the lImIts set In SectIon I, even WIth the approval
of the affected voters
The leglslallvely prescnbed method of county assessors IncreaSIng real property valuation to reflect
the mflatIonary rate (but not to exceed 2% per year), commencIng WIth the 1976/77 tax year. has been
upheld by the Cahforfila Court of Appeal. but would be changed as a result of passage of the proposed
amendment to ArtIcle XIII A (See "November ImtIatIve", below)
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'ruut Dr Augusl 3D, '984
SA;\'TA MONICA-8049-9
Bowne of S.F . Inc. (415) 864-2300
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Busmess lnvenrory Exemption
LegLSlatlon enacted m 1979 and m 1980 abolished the assessment and taxation of busmess mventory
property and provided for replacement revenue, III part. for local agencies. mcludmg redevelopment agenCies
The Legislature has now enacted SB 794 (Statutes of 1984. Chapter 447), effectIve for the 1984/85
fiscal year. repeahng the prOVisions for State replacement revenue described above. but holdmg redevelopment
agencies harmless from the loss of such replacement revenue thrOUgh other State payments ("special sub-
ventions") The speCIal subventIons would be m amounts equal to the difference between the prevlOusly
receIved busmess mventory replacement revenue and revenue denved by Virtue of supplemental assessments
(dlscussed below) If m any year, however, the preViOUS year's revenue from the supplemental tax roll
exceeds the former amount of busmess mventory subventIOn revenue, that pnor year's excess w1l1 be credited
agamst the speCial subventIOn due
. Because of the residentIal nature of the Ocean Park Redevelopment Project. the amount of the replace-
ment revenue receiVed by the Agency has been mmrrnal m each fiscal year (approximately S 150)
Supplemental hen Dates
LegIslatron enacted last year (Statutes of 1983, Chapter 498) proVIdes for the supplemental assessment
and taxation of property as of the occurrence of a change of ownership or completiOn of new construction
Pnor law authonzed assessment only as of the March 1 tax hen date next follOWIng the change and thus
delayed the realiZatIOn of mcreased property taxes from the new assessments for up to 14 months Chapter
498 thus would have proVided mcreased revenue to redevelopment agenCies to the extent that new constructIon
Or changes of ownershIp occur withm the boundaries of redevelopment projects pnor to the March 1 hen
date Subsequent legIslatIon (Statutes of 1983, Chapter 1120). however, requued that the revenue generated
by these supplemental assessments be allocated solely to school dlstncts for the next two fiscal years. with
the eXcephon of a small amount wluch would be proVided to counttes as reImbursement for mcreased admrn-
Istratlve costs The recently enacted Chapter 447 (see "Busmess Inventory ExemptIon", above). limits the
allocatIon to school dlstncts to the 1983/84 fiscal year only Thus. effectIve for the 1984/85 fiscal year.
redevelopment agenCies wlll be eligible to receiVe potential increases in revenues as prOVided m Chapter 498
(Addltlonal mformatlOn concerning the Impact of thIS leg;slatlOn is contained m AppendIX B)
Article XIII B of the Callforma ConstitutIOn
ArtIcle XIII B hmits the annual appropriations of the State and any City, county, school distnct,
authonty or other pollt1cal subdlVlsIon of the State to the level of appropnatIons for the pnor fiscal year, as
adjusted for changes m the cost of hving, populatiOn and services rendered by the governmental enl1ty The
"base year" for estabhshmg such appropnatlon hmlt IS the 1978/79 fiscal year and the limn IS to be adjusted
annually to reflect changes in populal1on. consumer prices and certarn mcreases In the cost of services prOVIded
by these public agenCIes
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Praaf af August 3D, 1984
SA~TA ~1ONICA-8049-9
Bowne of SF, Inc. (415) 864-2300
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Appropnahons sub}e<:t to Artlde XIII B mdude generally the proceeds of taxes leVied by the State
or other entity of local government. exdusIve of certam State subventIons. refunds of taxes. benefit pay-
ments from retirement, unemployment insuranCe and dIsability insurance funds "Proceeds of taxes" mclude.
but are not bmlted to. all tax revenues and the proceeds to an entity of government from (l) regulatory
hcenses. user charges. and user fees (but only to the extent such proceeds ex<:eed the cost of provldmg
the service Or regulation). and (2) the mvesttnent of tax revenues ArtIde XIII B mcludes a requirement
that If an entIty's revenUes In any year exceed the amounts permitted to be spent. the excess would have
to be returned by revlsmg tax rates or fee schedules over the subsequent two years To the extent such
tax revenues are reVised. Tax Revenues may be affected. smce taxes allocated to the Agency are generated
by taxes leVied by certain taxmg agenCIes havmg junsmchon Wlthm the Project area
Sechon 33678 of the Law prOVides that the allocation of taxes to a redevelopment agency for the purpose
of paymg pnnclpal of, or mterest on, loans. advances, or Indebtedness shall not be deemed the receipt by the
agency of proceeds of taxes leVied by Or on behalf of the agency Within the mearung or for the purposes of
Article XIII B, nor shall such portion of taxes be deemed receipt of proceeds of taxes by, or an appropnatlon
subject to the l1mItatlon of, any other publIc body Wlthm the meanlllg or for the purpose of ArtIcle XIII B
or any statutory provlSlon enacted 10 implementation thereof While the Agency would thus appear to be
excluded from the hmItatlOns of Artlcle XIII B. the questIon of the constItUtlonahty of SectIOn 33678 IS
currently before the CalIfonua appellate courts 10 two pendmg cases Vnld the Issue IS deCIded by the
appellate courts, the Agency can gIVe no assurance as to the constltul1onahty or scope of Section 33678
However, based upon an analysIS of the Constltutlon and laws of the State of Cal1fomra. Bond Counsel IS
of the opinIon that the CalIfornia Supreme Court should hold that the Tax Revenues are not proceeds of
taxes Wlthm the meaning of Arncle XIII B
November 1984 Imtiatlve
Artlcle XIII A and Article XIII B were adopted pursuant to measures quahfied for the ballot pursuant
to California's constitutional initlatlve process From tIme to lIme, other Imtiative measures could be adopted
by CalIfornIa voters The adoptIon of any such IOmahves ooght cause the Agency to receive reduced revenues.
or to Increase e'l:pendltures, or both One of the authors of the inItIative that led to the adoptIon of ArtIcle
XIII A has qualIfied an IDltIatlVe (PropOSItIOn 36) for the November 1984 general electIOn
If enacted, among the proVISIons of the resultmg constItutIonal amendment affectmg the Agency would
be the requrrement that values on the 1978/79 tax rolls be reconCiled to any annual mflatlOnary
adjustments (Hooted to a maximum of 2.0% annually) to real property values used 10 creatmg that year's
roll (I e, 1975/76 values and subsequent years" values for property wluch changed ownership or was newly
constructed) ThiS would result In a reductIOn of 1978/79 values and would affect the values of each parcel
In the Project area for each subsequent year. unless or untIl such parcel was reassessed under the proVISIOns
of Article XIII A The IIDtiatIve also would require the refundmg of all property taxes paId, plus mterest, 1D
excess of the amount which would have been reqUired With the lower values The InItlatlve does not IDclude
any prOViSions for the method of refundmg moneys should such an action become necessary. State legislatIOn
would be reqUIred to estabhsh such a method
The Agency IS unable to predict whether tlus proposed IDltiahve Will be adopted or to detennme With
absolute certamty the measure's finanCial Impact on the Agency. However. the Agency's Fiscal Consultant
has estImated that the adverse rmpact of the proposed ImtIatlve wIll result In a one-time refund amount,
meluding lUterest, of 579,512, and an annual reductIOn In tax mCrement revenues of approxImately S8,315
m fiscal year 1984/1985 and thereafter (See AppendIX B ) Tax Revenues projected by the Fiscal Consultant
shown 1D Schedule 2 do not reflect the estImated adverse Impact of the proposed InItiative
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Proof of August 30, 1984
SAl\TA ~IONICA-S049-9
Bowne of SF. Inc. (41.:;) 864-2300
GALLEY 14-
Issuance of Additional Bonds
AddItional ta'\: allocatton bonds on a panty with the Senes 1984 Bonds ("Panty Bonds") may be Issued
provided
(a) The Agency shall be m compliance with all covenants set forth III the Resolunon.
(b) Tax Revenues (exclusIve of State of Caltforma business mventory subventlon pa}ments)
receIved or to be receIVed from the most recent assessed valuatIon of taxable property m the Project area
(as reported by the Auditor-Controller of Los Angeles County) and upon the most recently established
tax rates. are at least equal to 125 % of maximum annual debt service on all Bonds to be outstandmg
followmg Issuance of the Panty Bonds,
(c) Proceeds are depoSIted to ralSe the mInimum balance in the Reserve Account to Its requIred
level of maximum annual debt servIce and the balance (except for premIUm. accrued mterest and
funded \Dterest. If any, and except for any portIon of such proceeds to be used to refund a portIOn of
the outstandmg Bonds) IS deposIted m the Redevelopment Fund,
(d) The Panty Bonds mature on October 1 and mterest IS payable Aprtl 1 and October I
each year
Investment of Funds
AU moneys held by the Agency or the FIscal Agent pursuant to the ResolutIOn must be secured at all
tImes by obligatIOns elIgIble to secure depOSits of public moneys and must be of a market value at least
equal to the amount reqUired by law
Moneys In the Redevelopment Fund and the Debt ServIce Fund (mcludIng the Accounts therem)
may. and upon wntten request of the Agency WIll. be mvested III Federal Secuntles (as defined III the
ResolutlOn) or negottable certIficates of depOSIt Issued by a natIonally or state chartered bank Investment
of moneys III the Debt SerVIce Fund, Interest Account and PnnClpal Account must mature pnor to the
date on which the money represented by such Illvestment IS estImated to be. reqUIred to be paId out under
the ResolutIon Moneys III the Reserve Account may, and upon wntten request of the Agency. shall be
mvested In Federal Secuntles (as defined In the Resolution) whIch shall mature not later than ten years
from the date of purchase nor later than the final matunty of the Bonds All mvestment mcome received
pnor to completIon of the financmg of the PrOject shall be deposIted In the Redevelopment Fund and all
Investment Income receIved thereafter shall be deposIted m the Debt Sen;lce Fund
Other Covenants
Other covenants of the Agency under the ResolutIOn are summanzed below
(a) The Project wIll be completed WIth all practIcable dispatch III a sound and economIcal man-
ner and In accordance With the I (a) and 1 (b) Plans and the Law ;-':0 amendment to the Plans ,vll1
be made which would substantially lll1paIr the securIty of the Senes 1984 Bonds or the nghts of
Bondholders
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Procl 01 August 3D, 1984
SA~TA ~rO!\ICA-8049-9
Bowne of SF, Inc. (415) 864.2300
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(b) The Agency Wll! punctually pay, or cause to be paid, the pnnclpal and mterest to become
due on the Senes 1984 Bonds, and will comply with the reqUirements of the Law for the annual filmg
of a statement of mdebtedness with the Auditor-Controller of LDS Angeles County
(c) ~o other obligations payable from Ta.x Revenues WIll be Issued havmg a hen upon the Tax
Revenues supenor to tbe lien of the Senes 1984 Bonds, and Panry Bonds may only be lssued as pro-
Vided m the Resolutton
(d) The Agenc)' wIll at all urnes keep, or cause to be kept. proper and current books and
accounts (separate from other records and accounts} m which complete and accurate entnes wIll
be made of all transactions relatmg to the Project and the Tax Revenues and the Pledged Tax Reve-
nues. and will prepare Wlthm 180 days after the close of each fiscal year a complete finanoal state-
ment covenng the Project and Tax Revenues and Pledged Tax Revenues certified by a cerufied
pubhc accountant selected by the Agency. copies of which WIll be furnished to any Bondholder upon
request
(e) The Agency will punctually pay. or cause to be paid, any lawful governmental charges
imposed and all vahd claims for labor. matenals and supplies whIch If unpaid mIght become a lien
or charge which might Impair the securIty of the Senes 1984 Bonds
(n The net proceeds reahzed by the Agency from any emment domalll proceedmgs agamst
the Agency WII! be treated as Tax Revenues
(g) The Agency Will not dispose of more than 10% of the land area III the Prolect to publIc
bodies or other entItles whose property IS tax exempt (other than property shown by the ] (a) and
l(b) Plans In effect at the date of adoption of the Resolution as planned for pubhc use) If as a result
of such actlOn the secunty of the Senes 1984 Bonds or the nghts of the Bondholders would be sub-
stantially lmpmred
(h) The Agency wlll not use Bond proceeds m such a ma:mer as to cause the Scnes 1984
Bonds to be classIfied as arbItrage bonds wnhm the meanmg of Section 103 ( c) of the Internal Reve-
nue Code of 1954, as amended, and the Income Tax RegulatIOns Issued thereunder
The Resolutlon also proVides that whenever any property m the Prolect area has been redeveloped
and thereafter IS leased by the Agency to any person or persons, the property shall be assessed and taxed
1D the same manner as pnvately-owned property, as requlTed by SectIOn 33673 of the Law
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Remedies
Any Bondholder has the nght by mandamus or other appropnate remedy to compel the performance
by the Agency and Its members of the duUes Imposed by the Resolutlon and by the Law
Refunding Bonds
The Senes 1984 Bonds may be redeemed and pald pnor to matunty. or paId at matumy, from pro-
ceeds of refundmg bonds Issued pursuant to law.
Amendment of the Resolution
The Resolutlon may be modlfied or amended WIth the ,,,ntten consent of holders of 60% of all Senes
1984 Bonds then outstandmg (exclUSIve of Senes 1984 Bonds owned by the Agency or the City of Santa
Momca) No modIficatIon or amendment shall extend the matunty or Jnrerest payment date, reduce the
Interest rate. redemption premium or prmclpal amount payable. advance the redemptIOn date or change
the monetary medIUm of payment Without the express consent of the holder of the Senes 1984 Bond
affected. and no modlficatlon or amendment shall reduce the percentage of consent reqUIred for amend-
ment or modlficatlOn The Resolution may be modlfied or amended Without Bondholders' consent to con-
fer addItIonal nghts or powers upon the Fiscal Agent or to cure arnblgultJes or defects
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Proof of Seplemller S, 1984
SANTA :\lONICA-8049-9
Bowne of SF., Inc, (415) 864-2300
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Bonds Not a Debt of the City of Santa Monica
The Senes 1984 Bonds are not a debt of the City of Santa MOllica, the State of California, or any of its
political subdIvISIons.. and neIther saId City, State nor any of Its polmcal SUbdIVIsions IS liable therefor The
Senes 1984 Bonds do not constitute an indebtedness WIthin the meanmg of any constitutIonal or statutory
debt hmlt or restnction
REDEVELOPMENT AGENCY OF
THE CITY OF SANTA MONICA
Authority and Personnel
The Redevelopment Agency of the CIty of Santa Monica was activated on August 13. 1957, by action
of the City Counctl pursuant to the Commuruty Redevelopment Law With the approval of the Councll. the
Mayor appomted the ongmal five members of the Agency simultaneously With ItS creatIon AppomtIve
members contmued to serve unttl May 1972 when the Council, pursuant to Section 33200 of the CommUIllty
Redevelopment Law as amended by Cahfomla Statutes 1970. Chapter 1392, declared itself to be the Agency
and assumed all the nghts, powers. dunes. pnVlleges and Immumtles vested m a redevelopment agency
The current chairman of the Agency IS Mayor Ken Edwards who was elected to the City Councd for a
four-year term III 1981 and was voted to hiS current posItIon m 1983 to serve for two years Mayor Edwards
[S a probatIon officer With the County of Los Angeles Mayor Pro Tempore Dolores Press IS Vice Chairman
of the Agency An offiCial with the Ret3.1l Clerks Umon. Ms Press was elected to the City Council m April
1981 Other members of the Agency are the Rev James P. Conn who was elected to the CIty Councd 1Il
Apnl 1981 and serves as mmlster at the Ocean Park Methodist Church; Denms Zane. a school teacher, who
was elected to hiS first term to the City CounCil In Apn11981. DaVld G Epstem. an attorney and commumty
orgaruzer, who was elected to the CIty CounCil In Apnl 1983, Wtlham H. Jenmngs, an attorney. who ]S
servmg hiS second term on the City Council havmg been re-elected m April 1983; and Chnstme E. Reed, a
homemaker and Citizen actiVIst. servmg her third term on the City Council havmg been re-elected In Apn11983
The Agency has no permanent employees and mstead relies upon City staff and outSide consultants for
planmng, engmeenng. fiscal. legal, housmg development, mamtenance and property management senices
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Proof of AugusI 30. 1984
SA.'JT\ ~[O\'"ICA-8049-9
Bowne of SF, Inc. (4151 864.2300
GALLEY 17-
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Powers
Redevelopment III the Stare of California is earned out pursuant to the Commumt\' Redevelopment Law
(SeclJon 33000 et seq of ,he Health and Safet) Cede) Secnon 33020 of the Law defines redevelopment as
the plannmg, development, replannmg. redesIgn. clearance. reCO'lstructIon or rehabllnatlOn. or any comblllatJon
of these. of all or part of a survey area and the proviSIon of such resldenl1al. commercial. mdustnal. publIc or
other structures or spaces as may be appropnate or nece~sary III the mterests of the general welfare. mc1udmg
recreational and other factllt1es lllcldental or appurte:Jant to them
The Agency IS charged \vnh the rcsponslbrhty for elImmatlOn of blight through the process of redevelop-
ment Generally, thIS process IS culmmated when the Agency disposes of land for development by the prIvate
sectOr. but before thiS can be accomplIshed. the Agency must complete the process of acqumng and assemblmg
the necessary sites. relocatlllg residents and bUSInesses. demolIshIng t1,;: deteriorated ImprOVements, gradmg
and prepanng the sites for purchase by developers and provldmg for ancIllary off-slte Improvements
All powers of the Agency are vested m ItS seven members The Agency exercises governmental functIOns
III carrymg out projects and has suffiCiently broad authOrIty to acquire, develop. admllllster and sell or
lease property, mcludmg the nght of emment domam and the nght 10 Issue boads and expend then proceeds
The Agency can clear bUlldmgs and other Improvements. can develop as a bUlldmg site any real
property owned or acquired. and III connectIon With such devclopmeilt ~an cause stre~ts. hIghways and
sidewalks to be constructed or reconstructed and publIc utdllles to be lllstalled
The Agency may, out of the funds available to It for such purposes. pay for all or part of the value
of land and the cost of bUIldings. facllmes. structures or other Improvements to be pubhcly owned and
operated. to the extent that such Improvements are of benefit to the project area and no other reasonable
means of financmg IS avallab1e The Agency must sell or lease rernmmng property wIthm a prOject for
redevelopment by others In stnct confofIIllty with the redevelopment plpn. and may speCIfy a perIOd wlthm
which such redevelopment must begm and be completed
Tax Allocation Financing
The Law proVides a SUitable means for financmg redevelopment projects based upon an allocation of
taxes collected Within a project area The assessed valuation of a project area ~ast equalIzed pnor to adoptIon
of the redevelopment plan, or base roll, IS establIshed and. C'l:cept for :lny penod dunng which the assessed
valuatIon drops below the base year level. the taxmg bodIes thereafter receIve the taxes produced by the
levy of the current tax rate upon the base roll Taxes collected upon any mClease m assessed vdluatton Qver
the base roll may be pledged by a redevelopment agency to the repayment of any llldcbtedness mcurred m
financmg or refinancmg the project Redevelopment agencies themselves have no authonty to levy taxes and
must look speCIfically to the allocatIon of taxes produced as ahove mdlcated
Any property tax de-emphaSIS or prOVISion of addItIonal SO'.lrces of revenue to taxmg agencle<; havmg
the effect of reducmg the property tax must necessanly reduce the amount of taxes that would othern'lse be
avaIlable to redevelopment agenCIes Llkev""lse. broadened property tax exemptIOns could have a ~Imllar effect
(See "The Senes 1984 Bonds-Property Tax and AppropnatlOn LUnItalIons")
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Other Projects
The Agency has one other active redevelopment prolect. the Downtown Redevelopment Project, which
was created With the adoptIon of Ordlnance)/o 1021 of the CIty Councd on January 13. 1976 The Down-
town Project contams 10 acres and IS bounded by Second and Fourth Streets. Broadway and Colorado A.venue
It contams a regional shoppmg center. Santa MOllica Place. of 510.000 square feet with two major tenants
and more than 100 speCialty shops The Agency sold 514.470,000 of Downtown Redevelopment Project
Parkmg Lease Revenue Bonds In 1978 to finance constructlOn of two garages provldmg 2,030 parkmg spaces
for the project
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Proof of AOIUSI 311. 1984
SAKTA \IONICA-8049-9
Bowne of SF. Inc, (41j) 864-2300
GALLEY 18-
THE OCEAN PARK REDEVELOPMENT PROJECT
Background
The Ocean Park Redevelopment Project IS the IDltIal project undertaken by the Redevelopment Agency
of the CIty of Santa Moruca The Ocean Park area was first designated for study as a potential redevelopment
project III Apnl 1958 when application was made to the Federal government for survey and plannmg funds
WIth these moneys, the Agency staff commenced preparatIon of formal plans for an area encompassmg some
thrrty acres m the southwest comer of the City In October of 1959. as a result of the budgetary reductlOn
lD the amount of Federal funds avadable for redevelopment. the Project was diVided mto two separate
projects so that at least .one could g.o fonvacd WIth the moneys allocated to the Agency The residentIal portJOn
of the Ocean Park Project became Project No 1 (a) and was giVen pnonty. whIle the commercial area
lDvolvmg about ten acres was deSIgnated PrOject No 1 (b)
The Redevelopment Plan for Project No 1(a) was approved by the City Council on June 30. 1960 and
the Redevelopment Plan for Project No 1 (b) was approved by the CIty CouncIl on January 24, 1961. m
each case followmg reqUISIte studIes and heanngs by the Planmng COIDOllsslOn, Agency and City CounCil
Amendments sUbsequently have been made to both Plans, pnncipally to change permItted land uses
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Ploof of August 30. 1984
SA:"<TA ~mNICA-8049-9
Bowne of SF. Inc, (41.5) 864-2300
GALLEY 19-
Location and Surrounding Area
The Project compnses approxImately tluny acres and IS located near Santa MOnica's boundary with the
Clty of Los Angeles (Vemce) and adjacent to the publ1c beach. The Project IS bounded on the northwest by
Ocean Park Boulevard. on the northeast by NeIlson Way. on the southeast by Barnard Way. and on the
southwest by State beaches and parkmg lots of the State and CIty
Situated wlthm a mile and a half of the pnncipal shoppmg and commercIal areas of Santa MODIca, the
Project IS only sIxteen mIles from downtown Los Angeles and one mile from the westerly tennmus of the
Santa Momca Freeway. whIch affords easy access to the extenSIve freeway net\\ork lmkmg major cmes of the
County wIth adjacent population centers
The surroundmg neIghborhood IS composed of one- two- and three-story structures. mostly reSidential
One block east of the ProJect. along Mam Street. a slgmficant resurgence of commercial activitIes has occurred
wIth many restaurants, boutIques, and specialty stores now located there
Current Development
The Agency and DommIon Property Company (formerly Lmcoln Property Company) had agreed to
an anginal sales agreement in 1977 for pomons of the Project on whIch market rate housmg, an on-site park,
off-SIte beach Improvements and affordable housmg were to be developed Phase I of the market rate housmg
was completed m 1980 (Sea Colony I and Sea Colony II) when dIsputes arose between the partIes resultIng
in litigation
Two plans were developed to resolve the lItIgatIOn, both of whIch received condItIonal approval from
the Coastal CommISSIOn. and the CIty. Agency and DomInIOn Property Company ("Dominion") entered into
an Amended Sales Agreement for Sale of Land for Pnvate Development m August 1983 The alternate
plan selected by the CIty! Agency prOVIdes for 153 market rate condomInIUms (Sea Colony III), a 5 89-acre
on-Site pubhc park, off-Site beach Improvements and development of affordable housmg off-SIte The
purchase pnce for the Sea Colony III SIte remams at the ongmally agreed upon 52.139.320 Other terms and
conditIons are
Domllllon WIll develop Sea Colony III as 153 market rate condomimums
2 Dommlon wIll be responsIble for implementatIon of the Housing Assistance and RehabihtatIon
Program ("HARP") to proVIde 80 UllltS of affordable housmg withm the Ocean Park coastal zone
Dommion WIll contnbute the HARP structures to a chantable orgamzatIon deSIgnated by the City, If
the contnbUl1on IS tax deductIble. WIthin two years from completIon of Sea Colony III Domlmon IS
oblIged to expend $3,000,000 cash equity on the acqwsIClOn and rehabilItation of the HARP structures
3 The City will execute a publIc works contract and commence construction of the on-Site park
occupymg 589 acres Wlthm 120 days of conveyance of the Sea Colony III SIte to Dommlon ThIS park
is planned to contam SIX tenrus courts, two paddle tenms courts, one basketball court, a play area and
pedestnan paths DommIon IS to pay to the CIty $1,000,000 wlthm 30 days of the later of the execution
of the contract, commencement of constructIon or conveyance of the Sea Colony III sIte to DOJDIDlOn
The park IS to be substantially completed wlthm 12 months from execution of the pubhc works contract.
4. The CIty wIll execute a pubhc works contract and commence constructiOn of the beach
improvements wlthm 120 days of conveyance of the Sea Colony III site to DommlOn and will complete
such construction wIthm 12 months DommlOn is to pay to the CIty $1.000,000 under the same terms
as (3) above Major components of the off-sIte park and beach Improvements expected to cost
$4,000,000 mclude
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Proof of September 4. J 964
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a A redesIgned and separated bIkepath and pedestnan promenade extendmg from Bay
Street to the south city lmnt
SA:\TA ~fONICA-8049-9
Bowne of SF, Ine. (415) 864-2300
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b A 3 5-acre Imear park extendmg from Crescent Bay Park to the south city bmlt
c ExpansIOn of the eXIsting park at the foot of Ocean Park Boulevard to 4 0 acres. additIon
of 1 5 acres of parkmg and redesign of concession and restroom faculties, shade pavllhons, new
plCOlC areas and children"s play area
d RedesIgn of the entrance to the beach parkmg lot at Ocean Avenue and Ocean Park
Boulevard to expedIte movement of wartmg vehIcles
e Redesign and repavmg of the entire parkmg area from Crescent Bay Park to the south
CIty hmIt and IDlProvement m pedestnan access to the beach
f. Improvements ro vanous streets m the area to llI1prove traffic clrculalJon
5 The Agency IS reqUired to construct at least 55 units of housmg affordable to low and moderate
IOcome persons withm the area bounded by PIca and Lmcoln Boulevards. the city boundanes and the
Pacific Ocean Such houslOg IS to mclude a substanUal number of fanllly umts and IS to be commenced
WIthin one year of the start of frammg for Sea Colony III (expected to be January 1985). Affordable
housmg for low and moderate mcome persons IS defined by State law to be for those ha\lng mcomes
of less than 120% of the area median adjusted for famuy SIZe SIte acqmsltlon costs are esnmated at
$2,200,000 at three or more scattered SItes Construction costs are estImated at approxunately 560,000
per umt, or $3,300,000 EstImates assume one, two and three bedroom umts with an average umt size
of 850 square feet and a total bundmg area of 45,000 square feet Based upon a mlX of rent levels
at 25% of household mcome, pnvate sector financmg of $2,000,000 could be supported leavmg approXI-
mately $3,500.000 to be proVIded by the Agency The Agency expects development to be undertaken
by a not-far-profit sponsor
The Coastal CommISSIon 1Il Its NOllce of Intent dated May 26, 1983, reqUires that the Agency
put up letters of credit III the amount of $1.000.000 for parkmg lot Improvements and $500,000 for
the on-stte park before a perlIl1t WIll be Issued and requIres DommlOn to Iillplement and complete the
HARP before a certlficate of occupancy for Sea Colony III WIll be Issued Height hlIl1ts and vehIcular
access restnctlOns are also imposed
If DOIDlmon commences constructIon m January 1985 as expected, all umts of Sea Colony III
should be completed by November 1986 and approximately $44,4{)O.OOO of additIonal assessed valua-
tion \vIII be added to the Project's tax rolls over the next several years (see Table 2 of AppendiX B)
The City and Agency expect to fimsh theIr respective developments by November 1986
Proceeds of the Senes 1984 Bonds depoSIted m the Redevelopment Fund (estnnated to be
$4.049,750) Will be used by the Agency to pay portions of the above mentIoned pubhc Improvements
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- Ploof of Augusl 3D, 1984
SA~TA ~IO:-J"ICA-8049-9
BO,^T1e of S F _ Ine, (41.5) 864-2300
GALLEY 21-
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ESTIMA TED TAX REVENUES AND BOND RETIREMENT
Estimated Tax Revenues
Monevs denved each vear from the levy and collectIOn of taxes on any tncrease In the assessed valuauon
of land, l~provements, p;rsonal property -and pubhc uuhty property l~ Ihe Project over and above the
1959/60 base roll for Project 1(a) and the 1960/61 base roll for Prolect 1 (b) for such property are to
be allocated to the Agency. and a portIon of those taxes ("Pledged Tax Revenues") are to be applied to
the payment of Interest and pnnclpal of the Senes 1984 Bonds and for mamtenance of a minunum Reserve
Account balance equal to maxImum annual debt servIce on all outstandmg Bonds Excess money lIT the
Debt SerVIce Fund may be used to purchase or call Senes 1984 Bonds pnor to malUnty (See "The Senes
1984 Bonds--The Debt Service Fund~Holdtng Account ") Under certam spec1fied condmons the Agency
may Issue Panty Bonds (See "The Senes 1984 Bonds-Issuance of AddltlOnal Bonds ")
The Assessor of Los Angeles County WIll assess all real property III the Project (except pubhc Utlltty
property) at 100% of full cash value as defined m Arocle XIII A of the Cahfornia Constttutton (see "The
Senes 1984 Bonds~Property Tax and Appropnatton Limttattons") Pubhc utthty property IS assessed by the
State Board of EquahzatlOn Shown below IS the combmed base roll assessed value of the Project area as
compared to the 1983! 84 assessed value As a result of the reSldentml constructIOn already completed m
the area, the Project enloys an mcremental assessed value of $82.344,921 for the 1984/85 fiscal year
SCHEDULE 1
REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA
OCEAN PARK REDEVELOPMENT PROJECT
1984/85 INCREMENTAL TAXABLE VALUE
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1984/85 1984/85
Taxable Base Year Incremental
Value Value Value
Secured
Land $34,395,101 $ 2,294.640 $32,100.461
Improvements 60,271,531 7,812,200 52,459,331
Personal Property 748,940 631,640 117,300
Total Secured 95.415,572 10.738,480 84.677,092
Less Exemptions 120,080 (120,080 )
~et Secured 595,415572 510.618.400 $84.797,172
Unsecured
Land $ $ $
Improvements 8,880@ 1,006.876 (997,996)
Personal Property 66,O45@ 1.521,272 (1,4S5,227}
Total Unsecured 74,925 2,528,148 (2,453,223 )
Less Exemptions 972 (972)
"'et Unsecured S 74,925 S 2,527.176 S (2,452,251 )
Total Secured and Unsecured 595,490,497 $13,145.576 $82,344,921
Tax Revenue at 5l 045375 per $IQO@ $ 860,813
CD Values shown for Fiscal Year 1984i85 are based on unequahzed taxable values reported by the Los Angeles County
Auditor-Controller Reported values have been reduced by $3S 1.572 to exclude Identlfied uns(X:ured assessments mcorreeth
mcluded m the lotal Project area value
@ The tax rate shown for 1984i 85 IS an estimated rate based on the hlslofIeal declme m the tax override rate smee
1978179
Source Katz' HollIS, Coren & AssOCiates, Inc. August 21. 1984
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Proof of Augusl 3D, 1984
SAXTA ~10NICA--8049-9
Bow-ne of S F < Ine, (415} 864-2300
GALLEY 22-
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Any property tax levied by the County on real propeny becomes a hen on that property. A tax levIed
on personal property does not become a lien agalOst the personal property, but may become a hen on certam
real property owned by the owner of the personal property and located \vnhm Los Angeles County
Every tax wh1ch becomes a hen on real property has pnonty over all other hens on the real property.
arising pursuant to State law, regardless of the time of the creatlOn of other hens
In CahfomIa, property which IS subJect to ad valorem taxes IS class1fied as "secured" or "unsecured"
Secured and unsecured properues are entered on separate parts of the assessment roll mmntamed by the county
assessor. The "secured roll" is that part of the assessment roll contammg State assessed property and
property the taxes on which are a hen on real property suffiCIent, 10 the opmIOn of the assessor. to secure
payment of the taxes. Other property IS placed on the "unsecured ron"
The method of collectmg dehnquent taxes IS substantIally dIfferent for the two classIficatIOns of property
The taxmg authonty has four ways of collectmg unsecured personal property taxes (1) filmg a CIVIl actIOn
agaInst the taxpayer; (2) fihng a certIficate 10 the office of the county clerk specuY10g certam facts 10 order
to obtain a judgment lien on certam property of the taxpayer, (3) filmg a certIficate of delmquency for
record in the county recorder's office, 10 order to obtam a hen on certam property of the taxpayer. and
(4) seIZUre and sale of personal property, Improvements or possessory mterests belongmg or assessed to
the assessee The exclUSive means of enforcmg the payment of delInquent taxes 10 respect of property on
the secured roll IS the sale of the property seennng the taxes to the State for the amount of taxes which
are delmquent_
A 10% penalty is added to delmquent taxes which have been leVied m respect of property on the secured
roll In additIon, property on the secured roll With respect to which taxes are delmquent IS sold to the State
on or about June 30 of the applicable fiscal year Such property may thereafter be redeemed by payment of
the delInqueut taxes and a delInquency penalty. plus a redemptIOn penalty of 1 5 % per month to the time of
redemption If taxes are unpaId for a penod of five years or more. the property IS deeded to the State and
then IS subject to sale by the county tax collector A 100/,; penalty also :!ttaches to delinquent ta,xes m respect
of property on the unsecured roll and, further, an addltlona] penalty of 1.5% per moath begms to accrue In
respect of such taxes begmnmg the first day of the third month followmg the delinquency date
The valuatIon of property ]s determlOed as of Marcil 1 each year and mstalJments of taxes le\1ed upon
secured property become delInquent on the followmg December 10 and Apnl 10 Taxes on unsecured propeny
are due March 1 and become delinquent August 31, and such taxes are leVIed at the pnor year's secured tax
rate. It has been the Agency's expenence that the Tax Revenues (exclUSive of busmess Inventory replacement
revenues) are receIved apprOXImately 45% by January 15 and 45% through May 30. and the remamder
through August of the followmg fiscal year
Among the larger taxpayers located 10 the Project are the followmg whose properties comprISe
apprOXImately 49% of the total assessed value
Assessee
1984/850
Taxable Value
Use
General Telephone .
Santa Momca Shores
Lmcoln Property Company (Dommlon Property Company)
NIelson VIlla
Choa Property
Lundsberg Propeny
Gache Properties .
CallforOla FIrst Bank
POInt FermlO Productlons
FIndlay Ltd
Total
$16,656,340
13.116.332
10.686.782
1.723.126
1,014,937
858.883
821,941
816.000
759.084
746.895
547,200,320
1: 1I1lty
Resldenllal Apartments
Resldenllal CondomIniums
Semor Cltlzen Resldenl1al
Resldenlial CondomIOIums
Resldenlial CondomlOlUms
Resldenual CondomInIUms
ReSIdentIal CondommlUm
ResIdenllal CondomlOlum
Resldenllal CondoffilDlUffi
@ ValuatIons shown are based on the State Board of EqualIzatIOn's and the Los Angeles County Assessor's unequalIzed
1984/85 tax rolls
Source. Katz, HOUIS. Coren & AssOCIates, Ine
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Proof of August 30, t 984
SA:;.tTA ~WNICA-8()49-9
Bowne of SF, Tnc, (415) 864-2300
GALLEY 23-
Over the past SIX years. the Agency has receIved Tax Revenues m the followmg amounts
Tax Revenues
Fiscal Prolect PrOject
Year No 1 (a) No 1(b) Total
1978/79 S 92,347 S S 92,347
1979/80 139,657 2.730 142,387
1980/81 281,180 81.158 362.338
1981/82 488,458 174,432 662.890
1982/83 545.530 223,811 769,341
1983/84~ 547.756 233,486 781.242
'CD Actual tax receipts, per Los Angeles County Auditor-Controller reports. Includmg busmess InVentory replacement
revenue (apprOXImately $150 annually) and pnor year redemptiOn payments
@Recelpts through August 17, 1984
Source Katz, Holhs, Coren & AssocJales, Inc
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SCHEDULE 2-
REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA
OCEAN PARK REDEVELOPMIENT PROJECT
PROJECTED TAX REVENUES
(aDOs Omitted)
Tolal Value Over
Fiscal Real New Devel- Total Other Total Base of Tax
Vear Property.::!) opment@ Real Property Value 813,146 Revenue@
1984/85@ $ N/A $ N/A S 78,430 S17,061 ') 95,491 S 82 345 S 861
1985/86 78,430 2,139 80,569 17,061 97,630 84,484 872
1986/87 80,569 11,315 91,885 17.061 108.946 95.800 975
1987/88 91,885 9,969 101.854 17,061 118,915 105.769 1.062
1988/89 103,891 13,167 117.058 17,061 134,119 ] 20.973 1,210
1989/90 119,399 7.878 127.277 17,061 144,338 13 I.l92 1.312
1990/91 129,822 0 129,822 17,061 146.883 133.737 1.337
1991/92 132,419 0 132,419 17,061 149.480 136.334 1.363
1992193 135.067 0 135,067 17.061 152.128 138,982 ] 390
1993/94 137,768 0 137.768 17.06] 154,829 141.683 1.417
1994/95 140,524 0 140,524 17.061 157.585 144439 1.444
<!: No trended growth has been assumed In F,scal Years 1985/86. 1986/87 or 1987/88 In 1988/89 and thereafter.
an annual mflauonary mcrease equal to the maximum mflal10nary rate allowable under ArtJ.c1e XIlIA of the California
Constitution (two percent) has been assumed
@See Schedule of Taxable Value Added (Table 2)
@ Excludes Busmess Inventory Replacement revenue
@ Based on 1984/85 taxable values as reported by Los Angeles County Audllor-Controller, adJusled to reflect the
ehmmatlon of unsecured assessments Incorrectly mcluded 10 total Project value
Source Katz. HolliS, Coren & ASSOCiates, Inc
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Section 33675 of the Health and Safety Code
SectIon 33675 of the Law requITes each redevelopment agency to file With the county auditor, not later
than the first day of October of each year, a statement of mdebtedness certIfied by the chief fiscal officer of
the agency for each redevelopment plan which provides for the allocation of taxes The statement of indebted-
ness is required to contam the date On which the bonds were delivered, the pnnclpal amount, term. purpose
and mterest rate of the bonds and the outstandIng balance and amount due on the bonds Similar infor-
matIon must be given for each loan, advance or mdebtedness that the agency has IDcurred or entered into
to be payable from tax increment The Agency has covenanted to comply Wlth the annual filing requIrements
of thIS Section. (See "The Senes 1984 Bonds-Other Covenants".)
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Praaf af AUIIISl 3D, 1984
SA]'\TA ~IONICA-8049-9
BO\vne of S FIne. (415) 864-2300
GALLEY 24-
Section 33675 also provides that payments of tax allocatIons from the county auditor to the agency
may not e'(ceed t)1e amounts shown on the agency's statement of mdebtedness The Sectlon further pro-
VIdes that the statement of mdebtedness IS prima facIe eVIdence of the mdebtedness of the agency. but
that the county auditor may dIspute the amount of mdebtedness shown on the statement 1I1 certam cases
and the disputed amount may be Withheld from allocatlon and payment to the agency PrevlSIon IS made
for bme hmIts under whlch a dIspute can be made by the county audItor as well as proVISlOns for a deter-
nunatlOn of the proper dlsposltlon of the matter by the Supenor Court 111 a declaratory relIef action The
Issue 111 any such actIon shall mvolve only the amount of the Indebtedness and not the valIdity of any
contract or debt Instrument, or any expendIture pursuant thereto Payments to a trustee under a bond
resolutlOl1 or mdenture or payments to a pubhc agency 1U connectiOn With payments by such public agency
pursuant to a bond Issue shall not be disputed II1 any actIon under the Secllon
Debt Service
Schedule 3 below shows the projected debt servIce coverage of the Senes 1984 Bonds, which uses an
estImated borrowmg rate of 1025% and assumes that Ta" Revenues are receIved as shown m Schedule :2
~o purchase \11 the open market or early redemptiOn of Senes 1984 Bonds IS assumed
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SCHEDULE 3
REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA
OCEAN PARK REDEVELOPMENT PROJECT
$5,700,000 TAX ALLOCATION BONDS, SERIES 1984
ESTIMATED ANNUAL DEBT SERVICE
Period Projected Total
EndIng Tax Par Value Debt Cover.
October 1 Revenues'::!> Outstandtng@ 1 nterestG:; Prlnclpal1! ServIce age
1985 $ 861.000 $5,700.000 S 584,300 $ S 584,300 147'(
1986 872,000 5,700,000 584.300 584,300 149
1987 975,000 5,700,000 584.300 95,000 679.300 144
1988 1,062,000 5,605.000 574,500 105.000 679,500 156
1989 1,210,000 5,500.000 563,800 115.000 678,800 178
1990 1,312,000 5,385,000 552,000 130,000 682.000 192
1991 1,337,000 5,255,000 538.600 145,000 683,600 196
1992 1.363.000 5.110,000 523,800 155,000 678.800 201
1993 1,390,000 4,955,000 507,900 175.000 682,900 204
1994 1,417,000 4,780,000 490,000 190,000 680.000 208
1995 1,444,000<]) 4.590.000 470,500 210.000 680.500 212
1996 1,444,000 4,380.000 449,000 235,000 684,000 :.> 11
1997 1,444.000 4,145,000 424.900 255.000 679.900 212
1998 1,444,000 3,890.000 398,700 285,000 683.700 211
1999 1,444.000 3,605.000 369,500 310,000 679.500 213
2000 1,444,000 3,295.000 337.700 345,000 682.700 212
2001 1,444,000 2,950,000 302,400 380,000 682,400 212
2002 1,444,000 2.570,000 263,400 420.000 683,400 211
2003 1,444,000 2.150.000 220,400 460,000 680,400 212
2004 1,444,000 1.690.000 173,200 510.000 683.200 21J
2005 1,444,000 1,180,000 121.000 560,000 681.000 212
2006 1,444,000 620.000 63,600 620,000 683,600 211
59,097,800 $5.700000 $14,797.800
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CD From Schedule 2-
o Beginmng of period
@ AI an assumed rate of 10 25%
@ Senal maturitIes and mandatory PrinCIpal Account redemptions
@ Assumed to remam constant 199.5 and thereafter
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'roof 01 August 30, 1984
SA:">JTA ~lONICA-8049-9
Bowne of SF. Jnc. (415) 864-2300
GALLEY 2.5-
THE CITY
General
The City of Santa MOnIca IS situated on the western sIde of Los Angeles County bordered by the
City of Los Angeles on three sides and by the PaCIfic Ocean to the west Santa Monica encompasses an
area shghtly greater than eight square miles and has an estJmated current populatIOn of 93.100 persons
which makes It the SIXth largest city In Los Angeles County
The Santa Momca Freeway passes through the approximate center of the CIty on an east-west course
and provides dIrect connectIOn With downtown Los Angeles, approxImately 16 miles to the east About
SIX mIles southeast of the City IS the Los Angeles InternatIOnal Airport, whIch IS eaSily acceSSIble Via the
San Diego Freeway, about one mile beyond the eastern border of Santa MOllica on a north-south course
The clImate IS generally mIld With an average mean temperature of aoout 62= (F) Extremes range
from an average nummum temperature of 560(F) to an average high of 680(F) Ramfall has averaged
about 14". ElevatIon ranges from sea level to 400 feet above sea level
Santa MOllica IS a center of electromc, engmeenng, research and allIed mdustnes Among ItS largest
manufactunng employers are G & H Technology (electromc assembly), Paper Mate (pens), and Lear-
Siegler (aerospace) General Telephone, St John's Hospital, Santa MOllica Hospital, and the Rand Cor-
poratIOn (research) are the largest non-manufactunng employers III Santa Momca
City Finances
Table L taken from the City's audited annual finanCial reports. proVides a compan5on of general
city income and expenses dunng the last five years
TABLE 1
CITY OF SANTA MONICA
GENEhAL FUND
SUMMARY OF REVENUES AND EXPENDITURES
YEARS ENDED JUNE 30
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1979 1980 1981 1982 1983
Revenues and Transfers
Property Taxes $ 2,431.381 S 3.499 000 S 4.290.000 $ 5.383.939 S 6.518.796
Other Local Taxes 9.519.468 12,934,000 15.066.000 17.130.467 17,070.847
Licenses and PermItS 803.181 1,141,000 1.462.000 1,473,807 3.498 710
Fmes, Forfeitures and Penalt1es 1.057.364 1.466,000 1 601.000 2.203.766 3,051.209
Interest and Rents 2.148.342 2,154.000 1,521.000 2.521.751 3,515,399
Revenue from Other AgenCies 2.206.552 9.606.000 3.665,000 1.644.610 95.630
Charges for Current ServIces 3.287,222 2.040.000 2 208.000 1.809.634 763.361
Other Revenue 451.848 684.000 383,000 1.858.508 431,722
Transfers from Other Funds 3,299,928 900,000 7.041.338 640.160
Sulnotal 525,205.286 533.524.000 531.096.000 541.067,820 $35.585,834
Expenditures and Transfers.
Pu blIc Safety $ 7,860.455 S 8,416,000 $10.818,000 512,179508 $12.739.678
Health, Welfare and Retirement 3,370.781 3.105.000 3.657,000 5.472.327 3.806,750
Parks. Recreation and Culture 3.012.861 2.856.000 4.103.000 5.129 109 4.459,036
General ServIces 3,690.808 3,212.000 5.273.000 5,035.493 5.096,858
Engmeermg and Development 562,413 415,000 425.000 584,497 593,966
Miscellaneous 5,793,980 12.137.000 7.483.000 9.321.729 7,679.105
Transfer to Other Funds 487.000 65,028
Subtotal $24,291,298 $30.628.000 $31,759.000 537.722.663 534.440,421
Excess (DefiCiency)
Revenues Over Expenditures $ 913.988 S 2,896,000 S (663.000) 5 3.345,157 S 1,145,413
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Fund Balances and Reserves . S 12.5 86, 844 $15.482.844 $14,819.844 518,165,001 519.310,414
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Source CJty of Sama MOllIca Fmance Department
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Proal 01 Augusl 30, 1984
SAXTA !l.fONICA-8049-9
Bowne of S.F , Inc, (415) 864-2300
GALLEY 26---.
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Assessed valuatIon m the City has shown a consIstent growth pattern dunng the past eIght years
mcreasmg from 51.698.084.000 m 1975/76 (converted to current assessment practIce w~ere total assessed
valuation equals 100% of market value and not 25% of market value as was the case m 1975/76) to
$3,950,329,000 m 1982/83 Table 2 provides a record of assessed valuatIons. tax rates. leVies, collec-
tIons and dehnquenCle~
TABLE 2
CITY OF SANTA MONICA
ASSESSED VALUATIONS, TAX RATES, SECURED LEVIES,
COLLECTIONS AND DELINQUENCIES
Fisca!
Year
Tax Rates
(Per $100
Total Assessed Valuation) City Uncollected Percent
Assessed Secured Currenl Delin.
Valuallon City Total Tax levy levy quent
S 350,220,000 51 19 $1052 53.787.502 $ 55.405 15%
424,521.000 1 19 1088 4,323.980 5 1.3 94 12
425,196,000 1 15 1081 4.461.742 37,565 8
504.438,000 105 1012 4.865,467 78.185 16
499.191,000 451 1.610,262 58,291 36
653,717,000 436 2,998.286 103.082 34
735,093,000 430 3,689.342 146.587 40
3,495.380,000CD 107 4,475,494 222,218 50
3,950.329,00O::D 106 5182,774 251.227 48
4,381.504.000Q) 109 5.705,064 292,511 51
1974175
1975176
1976177
1977/78
1978179
1979/80
1980/81
1981/ 82
1982/83
1983/84
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(!) Market Value (4 tImes pre.198Jl82 basIS of assessment)
Government and Administration
The City of Santa MOllica was Incorporated In 1886 and subsequently adopted Its CIty Charter m
1945 In 1947 a counCil-manager form of government was set up followmg a vote of the CIty's reSIdents
and approval by the CalIfornIa Legislature The City Council consists of seven members WIth overlappmg
terms of four years ElectIons are held every two years, at WhICh tIme three CounCIl members or four
CounCIl members are elected After each election, CouncIl members select one of theIr group to act as
Mayor, who then preSides over CounCil meetmgs
The CIty Council. appomts, to serve at its pleasure, a City Manager who serves as ChIef Executive
Officer and IS responSIble for supervlSlng day-to-day opera lions of the City and for carrymg out polICIes
set by the CouncIl
Members of the CIty CounCIl are also members of the Agency as descnbed In an earher sectIOn of
this OffiCial Statement
Labor Relations
The CIty has adopted a procedure by which Us employees meet and confer WIth the City on all nego-
tiable matters under the Meyer-Mlhas-Brown Act.
Of the 1,2515 permanent City employees, most are represented by one of nme UUlons. mcludmg
300 by the Teamsters Umon, 290 by the MUUlclpal Employees ASSOCiatIOn, 164 by the TransportatIon
Dillon, 144 by the Santa MOl]Jca Pollee Officers ASSOCIation and 92 by the Santa MOnIca Flrefighters
AssoclatlOn
There are currently multi-year contracts m efI~t through June 1985 and 1986. The CIty has not
expenenced mtenuption m CIty servIces due to labor dIsputes_
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Proof of AqgUSI 30. 1984
SA::\T >\. ~10NICA-8049-9
Bowne of SF. Inc. ! 415) 864-2300
GALLEY 27-
Building Activicy
Durmg 1979/80. Santa MOnIca Issued oUlldmg perlTIlts wIth a record total valuatIon of SI59.158.755
In contrast wIth Santa MOllica's hlstoncal de'ie1opment actlvlty. recent years have brought an Increased
level of commercIal and mdustnal bUllding actIVIty Santa MOnIca's Ideal clImate has attracted a sub-
stantial amount of new office development as older small commercial bUlldmgs are replaced with modem
office bU1ldmgs
Table 3 below IS a summary of total bmldmg penmts Issued by the CIty as well as the revenue col-
lected by the CIty for processmg apphcatlons The slowdown m Santa MODIca's bmldmg acn~'lty m 1982
and 1983 reflects the economic recessIOn whIch affected the construction mdustry nationWIde Recovery
began ill 1983 and contmues m 1984 Valuanon of bmldmg permIts lssued m the first SIX months of 1984
totalled S42.114,000 Decreases m act1V1ty may also have resulted from uncertamty regardmg develop-
ment standards as a revIew and reVISIOn of the Cay's long range land use plan was undertaken Adoptlon
of the proposed Land Lse Plan by the CIty CounCIl IS antICIpated In Fall 1984
TABU: 3
SANTA MONICA BUilDING ACTIVITY
1979/80
1981/82
1983/84
1982/83
1980/81
Total Permits Licenses. Approvals
Issued
ValuatlOn of BUlldmg Permits Issued
Commercial
ResIdent1al
8.532
6,.1.44
7.250
9,869
7,786
5112.970 022 565.008.536 $ 98,816.508 515810.628 $45,280.161
46.188.733 34.0]2.753 17.080.376 9.575.323 ]4.801.900
$159.158,755 599.021.289 $115,896.884 525.385.951 560.082,061
S 948.461 S 788.733 S 583,331 S 323.545 S 431.775
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Total
Construction Perron Fee and Receipts
(Excludes Taxes)
Retirement System
Employees of the CIty are partiCIpants In the State's PublIc Employees" RetIrement System (PERS)
under provISIOns of a contract between that system and the Clty The CIty has participated m PERS smce
July 1. 1944 Contnbutlons to PERS are made by both employees and the City The Oty's cost vanes
based on whether the employee IS claSSIfied In the "Safety" (polIce. fire, etc) or "MIscellaneous" (all
other) category As of July I, 1983. Santa Momca had 244 active, 53 maclIve and 236 retired In the
Safety category and \V1\1 contrIbute an amount equal to 32 11 % of the 1983! 84 annual payroll for Safety
category employees, or 52.585.900 There are 999 active, 308 mactIve and 432 renred employees In the
Miscellaneous group for which the City wIll contnbute 1250% of the estimated 1983/84 payroll. or
S2.531,300
These contnbuuons by the City mcIude amounts necessary to fund PERS's costs for both current
benefits and to fully amortIze vanous unfunded habll1ues totalhng S36.943,300 not later than the year
2001 Safety membershIps account for $17,540.100 of the tolal unfunded habIhty
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Proof of August 30, 1984
SA:\"TA ~1ONICA-8049-9
Bowne of SF. Inc. (415) 864-2300
GALLEY 28
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Self-Supporting Operations
Santa Momca operates an mrport. bus lIne, cemetery. and pier and provIdes water and sewer service
A portIon of the net mcome from these enterpnses IS transferred annually to the general fund A five-year
history of operatIons IS shown III Table 4 followmg
The Santa Monica Airport IS a 215-acre gener"l aViatIon aIrport, located at the southeastern edge of
the CIty It IS the base for approxunately 550 aircraft The City rents an average of 150 to 200 of Its own
mrcraft tIe-down spaces. and also recelVes commISSIons on fuel sold at the AIrport. operations which help
make the arrport a profit-makmg venture
In 1984. the City'S 136 buses earned almost 13 8 mIllion revenue passengers. while travehng 3 9
mdhon mIles RIdershIp Increases every year due to excellent coverage (a bus route operates wlthm a
quarter-mIle of almost every reSIdent) and low cost (regular fares are 50~ ",mh dIscount fares aVaIlable
for the elderly. handIcapped and students through the purchase of tokens) The City's TransportatIOn
Department has also sponsored charter and excursion programs
The Woodlawn Cemetery Mausoleum was purchased by the City m 1976 and IS operated as a self-
supportmg enterpnse cornpetltIve WIth comparable pnvate facI11tJes It IS located m the southeastern portIon
of the CIty
The Water Department of Santa MOnIca IS operated as a self-supportmg enterprIse About 45 % of
the City's water IS supplIed by its O'k"II wells. stored mover 16 acres of well field~ .md reservOIr grounds
on City-owned property InSIde and outside the city hmlts The remammg 55% of the water IS purchased from
The Metropol1tan Water Dlstnct of Southern Cahforma The CIty's modern. automated system debvers over
15 mlllion gallons per day to 15,500 water accounts. at a cost of less than 22e per ton The City's own water
chemist supervIses oyer 1, 70D separate water qualIty and safety tests per monrh in State-hcensed labora-
tones. to ensure that the highest standards are met before dehvenng the water to the customer's tap.
The Santa Momca Pier IS a Los Angeles County hlstoncal landmark budt at the turn of the century.
It currently contams vanous restaurants. amusement and other retatl establishments Its restoration and
reconstructIon IS the object of a mulu-mIlhon dollar rejuvenation project, the first phase of WhICh IS underway.
The PIer's famous 1900-villtage carousel has been completely restored Also mcluded III Phase I of the
project IS the constructIon of a new entry-way to the PIer 10 contam a chlldren's park. deck space extensIOn
and additional retali space Construction IS scheduled to commence m Wmter 1985 Feaslblhty analyses are
under review as 10 the actual reconstructIon of the Pier Further testmg w1.Il be done over the next several
months Once the prOject IS completed. It IS antIcipated that addmonallmprovements w1ll be made to the PIer
Sewage treatment IS prOVIded for the Clty by the Los Angeles County SamtatlOn DlSInct's Hypenon
Plant, located m El Segundo One sewer hft plant eXIsts Wlthm the CIty boundanes Sewage treatment IS
self-supportmg from sewer trearment fees based on the amount of warer consumed by the customer
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Bowne of SF. Inc. (41.5) 864-2300
Proot 01 AagllSl 30, 1984
GALLEY 29
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TABLE 4
CITY OF SANTA MONICA
MAJOR UTILITY OPERATIONS
REVENUES AND EXPENDITURES
FISCAL YEARS ENDING JUNE 30
1978/79 1979/80 1980181 -981/82 1982/83
A,rport
Gross Revenue 579 491 S 814.000 $ 9(;7000 $1.019.101 1.044377
Operatmg and Mamtenance Expen~e 352.103 557.000 473.000 448,755 543,882
Depreclallon 45,000 46.231 45.735
Transfers lIn} Out 181.602 571.000 (337.0001 382,114 269.840
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"et Income (Loss) S 786 $ 1314.0001 $ 831.000 " 142001 182 920
CapItal Oullar S 57.389 $ S 62.000 S
MUnICIpal Bus Lme
Gross Revenue 5,992,089 7,092.000 8,498.000 9.141.612 :0.036.832
Operann!! and Mamtenance Expense 5,992,089 7,092.000 8,498.000 9,141.612 10.036.832
Depreclalion 41i7,305 827.000 838.000 982.255 1.225.689
"iet Income (Loss) ( 467.305) (821.000) (838.000 ) (982.455 ) ( 1.225.6891
CapItal Oullay S 1,030, IT:! $5,673.000 S 2.732 .000 S 469,284 $ 8.352.902
MUnICIpal Cemetery
Gross Revenue 313,448 274.000 312.000 330.162 385.569
Operanng and \.famtenance Expense 250.283 264.000 323.000 368.497 428.041
DepreCiatIOn 7.266 5.223
Transfers nn) Out (]5.Q00) (81.2141
"et Income (Loss) 63.165 25.000 (11,0001 35,613 (47.6951
Capital Outlay $ 11.000 5.000 S 5.210 S
Water
Gross Revenue 3,749.646 2,936.000 3.481.000 8,135.556 7.813,727
Operacrng and Mallltenance Expense 3.303.327 2.648.000 3.388.000 4.327.538 4.566.319
DeprecIatIon 741.063 1.183.000 1 388,000 415,266 412,149
Transfers (In) Out (1,659.000 ) (550001
:-iet Income (Loss) $ 1294.744) S 764.000 $(1.295.000) 53.392.752 2.890.259
CapItal Outlay $ 864.151 S 689,502 $ 1.445.656 S 1.033 559 $ 892.051
Santa :\lollIca PIer
Gross Revenue 567,856 754.000 809.000 766,057 '775.321
Opera[l1lg and lfam[enance Expense 470,5(}] 589.000 890,000 458.892 654.109
DepreCIatIon 59.239 44.762
Transfers rIn) Out (1.000) (25000)
Jo.;'et InCOme (Loss) $ 97.355 $ 166.000 S /81.0001 S 247 926 S 201.450
CapItal Outlay S S 251.803 188.205 S 332,819 S 498.255
Sewers
Gross Revenue ],309.000 2.245.000 2.656,425 2.222.011
Operatmg and Mallltellance Expense 746.000 876.000 1.073.530 7493il
DepreCIatIon ]02,279 114419
Transfers (In) Out 50.000 55.000
Ne[ Income 5 $ S 513,000 S 1.369.000 51,480,616 $ 1,303.22]
CaPItal Outlay S $ 30.106 S 348.958 $ 850,637 S 448.134
{D Water and Sewer Fund are combmed for 1978/79
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P,DDf Qf August 30. 1984
SA~TA ....W:-lICA-0049-9
Bo\'me of SF. Inc. (415) 864-2300
GALLEY 30
Direct and Overlapoing Debt
The City of Sama MOllica has no general obhgatIon bonds outstandmg. none are authonzed and the
CitY IS precluded by ArtIcle XIII A of the California ConstitutIOn from authonzmg such mdebtedness
Duect and overlappmg bonded mdebtedness IS shown III the followmg tabulatIOn compiled by Cahforma
Mumclpal StatIstics, Inc , of San FranCISco. Cahforma
TABLE 5
DIRECT AND OVERLAPPING BONDED DEBT
CITY OF SANTA MONICA
Issuer
Percent
Applicable
Debt as of
October 9. 1984
Los Angeles County
Los Angeles County BUlldmg AuthoTlnes
Los Angeles County Flood Control Dlstncl
)"fetropohtan Water Dlstnct
Los Angeles Community College DIstnct
Los Angeles Cnlfied School DlstTlCL
Santa MOnica l:mfied School DIstnct
City of Santa MOnica Parkmg Authonty and Redevelopment Agency
Total DIrect and Overlappmg Bonded Debt
2 022 %
2022
2085
1 164
0010
0003
72 597
100
S 50.550
14.720665
6.133,201
5.331.248
326
3.203
2.123.462
17,595.0008
S45.957.655
RatIos to Assessed ValuatIOn @
Direct Debt
Total Debt
Per Capita RatIOS (population 93.100)
Direct Debt
Total Debt
Assessed Valuation
S 189
$ 494
545.327
042%
109%
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
Share of Aurhonz;ed and L'nsold Bonds
Metropohtan Water DIstrIct
Los Angeles Counry Flood Control Dmncr
Stare School BuddIng Aid Repayable as of 10/9/84
$4.248.600
S 384.683
S
Q) Excludes Sene. 1984 Bonds to be sold
0$4.219,975,970 after deductIon of 5161.527.785 tax Increment allocatiOn
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. GALLEY 31
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27
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SA'\TA ~fONICA-8049-9
Bo,vne of SF. rnc. (415) S64-2.300
Economic Characteristics of Populatlon
FIgures concernmg !Dcome gmuplllg per household are shown m Table 6 The O!y of Santa yloTIIca has
a hIgher percentage of It5 populatIOn m the high Income group tl1an the 3ther areas It _s lower than the other
areas III the hIgher Imddle Illcorne levels and meets or exceeds the other areas m low and moderate mcome
levels
TABLE 6
INCOME GROUPING FOR 1983
Income Per Santa Los Angeles State of United
Household Momca Cou nty CalIfornia Slates
$ 0- 9.999 165% 172% 159% 188%
$10.000-19.999 233 220 21 3 235
520.000-34,999 295 285 29 I 307
535,000-49.999 157 179 190 169
$50.000 and over 150 144 142 101
Effective buymg !Dcome III Santa MOUlca Increased by 34% between 1979 and 1983 compared to 38%
for Los Angeles County as a whole and 51 % for the State Santa MonICa's per household mcome was less
than Los Angeles County and the State of CalIfornia but greater than the nation as a whole (see Table 7
below)
It should be noted that per capita lUcorne ill 1983 for Santa MOnica ($15,048) was hIgher than III Los
Angeles County (SlO,979), the State ($11.222), and the nation ($9,890)
31
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37
38
39
40
41
42
43
44
45
46
47
48
49
SO
S1
S2
TABLE 7
EFFECTIVE BUYING INCOME
(OOOomllled)
SarHa
Monica
Los Angeles
County
State of
California
Umted
Slales
Year
1979
1980
1981
1982
1983
Median Household
Effective Buymg Income 1983
(000 meluded)
$ 921,440
988,098
1,094,342
1,239,248
1.351.3 94
$188.288064
216.4.59.459
240,060.169
261,868,372
284.288.701
$1.618.642.884
1,814.166.815
2.012.116,899
2.169,679.437
2.329.209.922
$61,425,789
68,250.824
74.740,865
79.155.146
84.749.032
$25.280
526.040
$23.420
$24.518
5a
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2 Proof of August 30. 1984
. GALLEY 32
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7
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9
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13
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20
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26
26
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SA.\TA ~fONICA-S049-9
Bownl:' of SF. Ine, (415) 864-2300
In terms of retaIl sales between 1979 and 1983. Santa .\1onIca Increased by 57o/c, well above the 23 %
to 30% Increases shown In Table 8 below for La> Angeles County and the State of Cahfomla Santa MOnIca
accounts for 1 2% of Los Angeles County's total populatIon whIle ItS retml saks volume represents over 2 3 %
of the County total One logical conclusIOn Is that Santa MODIca serves as a retail center wnhm Los -\ngeles
County
TABLE 8
CITY OF SANTA MONICA
RETAIL SALES
(000 omitted)
Calendar
Year
Los Angeles
CountyQ:
State of
CallfornlaQ;
Santa
Monlca(i;
1979
1980
1981
1982
1983
S 87,270.460
94.210,919
101.665,786
102.008.817
113349875
$498.513
567.450
679.348
709.682
782.128
S27,264.393
29.706.332
31 724.831
31.081.240
33.570.253
Q; Source State Board of EqualizatIOn. Taxable Sale. In Callforma
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
61
52
Taxable transactIOns between 1979 and 1983 lUcreased by nearly 53%. whIch IS shghtly lov,er than the
merease III volume of retaIl sales The larger lllcreases were noted In the General Merchamhse and the
Apparel catcgones, as shown m Table 9 followmg
TABLE 9
CITY OF SANTA MONICA
TAXABLE TRANSACTIONS 1979-1983
(000 omitted)
Type of BUSiness 1979 1980 198' 1982 1983
Apparel 5 28.210 5 34.613 S 51.653 S 53.473 S 54991
General merchandise 48.561 54,824 78.555 89,991 100.704
Eatmg and drmkmg 85.836 104.383 115.347 125.200 130.675
Auto dealers and supphes 131,382 137,283 159.455 172.918 213.121
All others 328.980 381,673 427.035 436.726 451.717
~
Totals 5622.969 5712.776 5832.045 5878.308 $95] .208
Source Cahforma State Board of Equahzalion
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60
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64
66
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67
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2 Proof of Augusl 30. 1 S84
. GALLEY 33
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7
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SAXTA ~1O~ICA-8049-9
Bowne of SF. Inc, (41,5) 864-2300
Employment
Santa Momca"s locatIon In Los Angeles County, the second largest metropolitan area III the Umted
States. proVIdes access to vaned employment opportull1tIes for Its CItIzens. many of whom work outsIde
the City
The foUowmg Table 10 summanzes hlstoncal employment of nonagncultural wage and salary workers
In the Los Angeles-Long Beach metropohtan area over a five-year penod The figures presented are annual
averages whIch are estimated by the CalifornIa Employment Development Department The changmg employ-
ment figures reflect the growmg Importance of the sel"V1ces sector
TABLE 10
LOS ANGELES-LONG BEACH METROPOUTAN AREA
ESTIMATED AVERAGE ANNUAL EMPLOYMENT BY INDUSTRY
NONAGRICULTURAL WAGE AND SALARY WORKERS
1979
1981
'983
1980
'982
~anufacturmg
Retail and Wholesale Trade
SerVIces
Government
Fmance, Insurance and Real Estate
Transportatlon. CommUllIcatlons and CtlhtIes
Construction
Mmeral Extraction
912.100
816900
829.300
482.900
234.600
200.800
122.400
13.000
3.612.000
916.100
820.700
857.100
475.300
239.300
201.400
122.400
14.400
3,646,700
924,900
814.100
808.700
482,800
224.200
198.300
J19.800
12 000
-~
3584.800
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
Total
Source State of Cahfom,a Employment Development Department
TABLE 11
LOS ANGELES COUNTY
ESTIMATED AVERAGE ANNUAL EMPLOYMENT AND UNEMPLOYMENT
OF RESIDENT LABOR FORCE
861.900
813.300
869.1 00
461,600
237.000
196.700
105.200
14,700
3559 500
849.700
80B.lOO
882.700
462.000
235.900
I 94.:WO
94.600
12700
3.540.000
1979 1980 1981 1982 1983
Employed 3.447,000 3.544.000 3.481.000 3.432.000 3.377.000
Unemployed 202,000 250.000 258000 352.000 363.000
Total Work Force 3,649.000 3.794.000 3.739000 3.784000 3.740,000
Unemployment rate 55% 68% 69% 93<:;; 97%
Source State of Callforma Emplo\'ment Development Department
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85
66
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2 Proof of August 30. 1984
. GALLEY 34
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SA~TA ~IO:\ICA-8049-9
Bowne of SF, Ine. (415) 864-2300
Utilities and Community Facilities
Southern Cahforma Gas Company IS the supplIer of natural gas to the Clt} and eleetncn}' IS offered
through the fae1l1tles of Southern CahfoIDla Edison Company General Telephone Company proVIdes tele-
phone service
Santa MODIca has two major hospitals-Santa Momca HospItal MedIcal Center and St Johns Hospital
Medical Center-plus numemus medIcal cllllICS and convalesc'='nt hosp'tals
The City has one mam library and three branches. over 50 churches, two newspapers two radlO sta-
tLons. a TV cable system. 22 savmgs and loan offices. 17 bank branches. ten parks. two playgrounds and a
mUnICipal pier
EducatIOnal facilIties m the CIty mclude mne elementary schools. two Jumor high schools. one high
school. a community college and a contmuallon school There are many other hIgher education Institu-
tIOns located wlthm easy commutmg dIstance, such as the Umversay of Cahforma at Los Angeles (UCLA),
the CmversIty of Southern CalIfornia (USC), CalIforma State Umverslty at Long Beach. CalIfornIa Scate
Umversity at Dommguez Hills and Loyola-Marymount Unl\'ersuy
T ransportatlon
Santa MOhlca is located adjacent to two pnncipal Cahfom13 coastal highway routes and is bisected
by the Santa MOnica Freeway. thus hnked to the Los Angeles Metropolitan Area and the Los Angeles
InternatIOnal Airport
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
The Southern Cahfornla Rapid Transit DIstnct's extenslVe network of bus routes mcludes several
which serve the. Santa Momca area and proVides mterface wnh other passenger earners. mc1udmg Santa
~1omca's bus system
The Los Angeles InternatIOnal Airport. only SIX mdes from the CIty. IS the west's largest and bUSIest
commerCIal airport It IS served by most major airlines as well as by numerous feeder hnes. charter ser-
vices and scheduled and non-scheduled atr-frelght earners Air traffic volume for calendar year 1983
lfic!uded 33,095.648 passengers and 730.058 tons of aIT freight and mall
Deep water shlppmg facll111es at Los Angeles and Long Beach Harbors are wlthm a short distance
from Santa Momca
Los Angeles County IS studymg countYWide POSSlbllItles for routes for a Metrorall system The City
has been actlvely Involved In diSCUSSIOns WIth the County. and Santa ;vIomca IS bemg conSidered for future
extenSIOns of the MetroraIl
56
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.
APPENDIX A
- f ..' ~( '_ . '._ .. ,/-. ,," > " . T " ''r'',1- ,~~._.:~ A.
r:;'1 PEAT
I ~ MARWICK
THE REDEVELOPMENT AGENCY OF r.-iE
CITY OF SANTA MONICA, CALIFORNIA
Combined Financial Statements
June 30, 1983
(With Accountants' Report Thereon)
.
.
.
r=1 PEAT
I ~ fv1AR\VICK
Peal. \lai""lck, \lllchell &. Co
Cel1ltied Pubhc ,>,cCDuntaOlS
555 SO'J~h F\""l\l.,~T S'l\..et
Los -\ngdcs. C~lltoml3 90lFl
The Members of the Redevelopment Agency of
the City of Santa Monica, California:
We have examined the combined balance sheet of the various funds and account
group of the Redevelopment Agency of the City of Santa Monica as of June 30,
1983 and the related combined statement of revenues, expenditures and changes
in fund balances (deficits) for the year then ended. Our examination was ~ade
in accordance with generally accepted auditing standards and, accord~ngly,
included such tests of the accounting records and such other auditing
procedures as we considered necessary 1n the circumstances.
In our op1nion, the aforementioned comb1ned flnancial statements present
fairly the flnancial position of the various funds and account group or the
Redevelopment Agency of the City of Santa ~onica at June 30, 1983 and the
results or operations of such funds for the year then ended, in confor~lty
with generally accepted accounting prlnc~ples applled on a basls conSiStent
with that of the preceding year.
-P~i: 7'1~ r10.i:{htf f &.
I I .
October 14, 1983
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.
WRITTEN CONSENT PURSUANT TO
GOVERNMENT CODE S53691(c)(2)
The Redevelopment Agency of the C1ty of Santa
Monlca hereby consents, as requ1red by Section 53691{c){2) of
the Government Code, to the acquisltion, as princ1pal, elther
alone or as a particlpant in a syndicate or other similar
account formed for the purpose of purchasing, directly or
indirectly, from the Agency all or any portlon of the
Agency's "Ocean Park Redevelopment Project Tax Allocation
Bonds, Ser1es 1984" by Paine Webber Incorporated, or to the
arrangement by said firm for such acqu1sitlon or
particlpatlon by a person controlling, controlled by, or
under common control wlth said flrm.
REDEVELOPMENT AGENCY OF CITY
OF SANTA MONICA
By 12. /11 ~
Secretary
Dated:
September II, 1984
2
.
Project revenues
[ncremental p~opertJ [a~e5
Interest.
Rent
Ocher income
Total project revenues
T"E REDE~ELOP~ENT AGENCY OF THE
CITY OF S~~TA MONICA, CALIFURNIA
Combined State~nt of Reven~es, ExpendiCures
and Changes in Fund Balances (Deficits)
Year ended June 30, 1983
Oo~ntown
Redevelooment
Project
S 843,080
450,41!>
\,L89,705
110,591
2,593,792
O~ean
Tax
Allocation
Fund
757.800
100.400
858,200
Park Redevelopmenc Prolect
Federal Total
Allocation Ocean Park
Fund Redevelopwent
(R-37/44) froject
757,800
100,400
29,241
29,241
.. H,,41
887,501
Toca1
(Memorandum.
only)
l,oUO,8110
550,870
1,189,705
139,832
3,481,293
Les. project expendiCures
Program salarIes and administra-
tive r.09tS. including technical
and professional personnel 77 ,680 190,567 2,814 193,381 VI,Ool
. Real estace acqui~ition 5,665 5.665 5,665
Interest 2,588,453 (100) 346,169 346,069 2.934,522
Site clearance and imp rov-ements 3,300 3,300 3,300
Relocation and co...nHy
orga.niz;atlolJ 1,734 1,734
Reimbursed to Cicy for bond
paymencs 538,893 538,893
Bond principal paYment 190,000 190,000
Total project expenditures 3,396,760 199,432 348,983 548,415 3,945,17 5.
Excess (defiCiency) of
reven~e5 over {under)
expendicut'es (802,968) 658,828 (Jl9.742) 339,086 (463,882)
F~nd balances (deficIts) at
beginning of year (2,087,7110) 700,950 (3,873,6)0) (3,172,680) (5,260,380)
Fund balances (deficits) at
end of year $(2,890,068) i ,359,718 (4,193,372) (2,8)),594) (5,724,262)
.
See accompanying notes to combined financial statements.