SR-413-001 (18)
//
"
'1/5/00/
CA-I
FEB 2 S 1984
C/'::D:'I: :rnb
Council Mcetln~ - 02/28/04
Santa ~onlca, Callfornla
TO:
C~lalrp<2rSOn and i"jernbers of "Clle Redevelo~}'n~rt H.g;ency
rnG/:
Cl-c.y St.afe
SUbJf.:.Cl:
1982-33 !~'1.1Uctl Rep:lrt l;)r :''le Hc:clevelotJ'rent A;SE.:'1CY of
t.he CIty of 03nta ~on~Cd
I iHRODUCTI ON
TnlS r2~ort trcinS'~It.s ~n Ind2pena2n~ 6~Jl~ report far IiS23l j2dr
1922-(,] 01 t.n2 ReJevelop:nerl1~ Agency of toe City of Satlt.a ~jOnlCa
for your reVle,^<.
To co~ply ~l~n ~sall~ ~na Safety CoJe ~ectlo~S
35020.2 - 33J8Q.4
t In s r e p 0 r tal SOl >1 C 1 u des : (1) a 'vi 0 r ;( pro g r 2 m
for fIscal
'te6r
19~3-34;
( ;)'
_J
~;n
2Xdmln~tlon of Lhe preVIOUS
y e .j r 's 6 0 2 1 s ,; n J d C 11 1 2 V e men'..... s; (j) r e C 0 ill ''1 p n d a t 1 0 n s for ;. e e d e d
1 e a 1 S l '" C IOn t. 0 c a r r yon a pro <5 r Q n 0 f j} 0 U SIn 6 ,j n J C 0 Jj ,j; L.1n 1 L.. j
c.evclop-ilent lt1 Cdllfornla; 2nd (4) d. descrlptlon 01 thCl Agency's
')Ci:.lVltl~S olffectlng 'lOusln2.; d1G jl.SlJlaC8J12nL.
INL~P~NDlKT Fr~A~CIAL ~UDIl
]~lr~ .d.iSL.ncy cO'1Lrac..tea ~lcn trlc c::ccountlnz (lr-'"~1 of P2a~, 1..idryoilCK
<.ind.ltcn.::dl for an Inde;:J~ndenl, fplanclal audit of L;1<:; 11SCdl
Year Ju.:cy 1t 19j2 throu.;?;h June :J,
1 oP ?
..1'- ..;"
Tne 2ue l t, per for :12C, to
co~ply WiLD standards see out ln Sectlon 33080.1 of L~2 ~ealt~
dnj 0uft=ty --:o~e 1.5 c...ttci2h'2d to i:~~1.S report 3nj IS ~lereby fIled
vilt.ll tHe k5ency.
'; ,i e :\ 6 en c y 's r ~ cor d So... ere f 0 u :i .j top res e n t.
f~lrly ~ne fln6~clal ~OSltlo~ o~ ~t2 v~rlO~S funds ~nd ~ccoun~
grou~ of tne ~etievelopillent A~en~y of the Cl~Y of SbnLa Vonlcd at
J;]jS
-. .'\
..:;u,
1 ,-..- ~-... --.
I ~: ,J ..) .
~ ,4--1
1
FEB 2 8 }984
~JkK_PH~Gfi~~ FO~ FiSChL XEAR lqq~-~~t I~CLUDi~G G~AL3
T~e h~~ncy ~as arproved ~~e follow1n~ Object1ves for F1scal Yesr
lSj3-31.J as part. 01 t:12 A,:;encY';3 c.nnual OL<J.;38'':'' prOC2'3s.
Acency Gosls
o EstdbllSh an dd~~nlstratlve Pro;~2~ ~~Jdn~~e~ent SysLeiu for ~nE
Redevelopment Agency.
.;: .T, p 1 E ti e i1 t ;... r 0 g r d .'1 ;'j 3. [J ...; :; e rl]~' "1 'C S Y 5 t e '] r c C 0 (G I end e d b Y
1njepentien~ con~U~L~nL5 t~ lm~rcve overbll operdt1~ns.
CoordlnsLe lIi'plemcntatlon :)f l.ne Jcean P",rk c"DG
Downtown red~velopmen'C DroJects.
Ocedn Pdrk Redevelopm~n'C PruJEct Goals
o CoorOlndte Ll€ l'Jlple[i"2-i'i:.2Jt.10il of the final phas:2 of t:18 Ocean
Parx. prOJect.
T L e f 1 n alp 11 Co S e ;) f ;.. nee c c; a :1 f' <.i r t~ :1 e d e 'I e 1 0 .... ,( 0:; n t Pro J C C 1:;
includes development of mdr~et rdte houslng, en on-sIte
P j r ~:, 0 f f - 5 1 t e b:; a c n l'r;) ,... 0 'Ii 21 en t s s n .j a f i 0 r Jab 1 e no u oS 1 ,.\ 2 .
:onsLructlon of th~ ~drKet rat2 ~ouslns 1S to be unj2rta~en
8j _ prlv~t2 aevelopar ~nJ IS scnsjuled to be~ln In
~ei-'t.2(fjOer, 1934.
The Clt.y IS respoLls::.ble for <:ievelOp'Ilent of
Lll~ p..Jr<< and bec...c11 l.cJprO"J'2:n2'lts O'.'lG ;-,1111 contrdcr.. wItll_
,con-proflt jeveloper for aev.~lop:nent of tlJ= 2fford<Jble
nOU.::.ll,g.
o
Dev~lop flr]cin~l~l
1J1Cin
fo"" on- ",md off-site
l'l'JprOVe'G("nts
," '
-4 Li 'u
f l n ale 1 Q S :: - 0 u L Q f t ~l 2 4 U D Fed e r .} 1 U r b a ~l r; :2 n e Vl alP r 0 J ~ c t
:-iot.es _
2
-"
T I' e f 1 11 a n C 1 <l 1 P 1 a Y] <'l U S t P Y' 0 V I j e for f 1 >1 d 1 r e p 3 Y .n <: n C 0 f
prOJ2ct notes frora toe fIrst.. phase of the project and
f 1 nil n c H13 for C 0 ~ s t rue ',:;.1 0 n ;) f L b'2 pC! r k , bed en l'f1 j) r 0 y" e ,il 'v 11 t s
and affordable nouslDg.
Do:,,\'nt.o~~-J1J Re.jevelop7nf~nt. prOject GGr...:ls
o 0eek resol~tlon of Iltlgat101 by Sdota ~0I11Ca P12ce ASSoclates
lnvolvlng Lne DO~I~tOJn PrOject Tax Incre~ent recordIng process
with the County of Los Angeles.
ilL -.:.rils t.l~ne ~dni;.,-, >';0111C3 P1ece J~SS;)CI<-ote5 ::'5 lY'J lltl';ut.,lO~1
WIth Los An~eles CounLY re~ara1nJ the assessed value of
~anta ~onlcd Pl~cc.
I'l1~ H-=Jevelo~~lJ=nt A.5~nc",;l of' ~ile C:.ty of
San t a tv] 0 n I c: a (\ a s en t. ere j t nee oJ s eon be:1 c:. 1 f ;) f t n e L. 0 U n t y .
-..,- ~""""' (:!o
.1 J.-__
aSSe S s~d 'J 21 uat Ion n-.:.s lon ';;-1..;:; i.n COY] scqus-sc:::;:; s for t;i~
1,.. a x 1 n ere ,0 e n t. rev e n u e tot.. he.; e; e n c y .
The m~tter 1S still
bc-fOr"e t.lle COJrt.
o lYj~lernent; ;; Co'nmercla:i rl2VltdllZd...:..:)'1 Fro[!,ra'TI fo'" tfL 'lrnrc
Street 'v'cll.
r,2-evdl;.;ate current ;, 311 IL6~jtli1~ ~rogf ,.r<'; to l"Ji--'rove
securlLj.
Es~abllSD clra ~onltor ~~~~opr1~tc Lns~ltutl~ns ~nJ
m e C Cl c n 1 SUI S toe a r r y 0 i.n: 0 1 \) n g t e r "i ~i U 11 rev 1 1.. a 11 z a l:, 1 0 n
pro6 r ~:! i1i .
:nlt1'Vate 3rC;11L.e:cturc:l ,-,nQ .1n61n~er1nG stU(jlCS f..::>r
. ~ ;:..11 j e S 1 g n an d2 0 ,n . 'Ion a r ~ 2 1 iJ pro v e n c n t. s .
:~Jlc:]c~~ ~dll jcSl~11 pr06r3(~.
N to! ~ u t 1 a. t.. t: 2 n d 1 ~'l P 1 e .:1 e n 1.- Ci l'~ C:! 11 1 :1 pro v e (il 0 n t. 1 Q a n fun d
... 1 "n 1 0 c u 1 b Cl n ~:s v'J J t i... r a c t.'l e w bus 1 n e s;:, '" n d 1 ra pro v e
prlVElte bl.llldlI1e:; f<:lcdde::..
lrllt~a~e lci:l~5c~pln~ ~ro~rain.
Hcgot...ldte acquisItIon .)1
~o toe ~all's pedestr~on
poT ,<ltJ~
...all<.
EarGge
aCC2SS
j)OI'1....,s
Ident.Ify
C1V <..i.ll21ble
a n ~ p r () -2 U r e rJJ. ~ X i ~n 'J III
for ~all revItalIlatlon.
federal.
reSQUrC23
AJCltlonal A~ency ~ctlvl~les
r II t:' Age n c y i1 a S tJ 1 c. ti 'i 2 doG d 1. 1- 1 0 n <.: 1'1 'J ...l SIn 6 .,j '1 G .:; 0 [[I 'n U 111 'C Y
Improvement actIvItIES 1ar FY 1934-35.
lhese Hlclu.Je re:1QVdtl.on
ci rJ J ~ e 1 s rn .i. elm pro v e n e ,n, S 1- 0 L'l 2 (I c e d '1 P ,) r,{ L 1 b r dry, f u 1 tl 1 n is c
com~unlty basej non-profIt for dcquIsl~lon and renovaLlon of
ilOusIng
fur
10.-J
.:... Yl .-,
L...oLJ.........
lJoder,;'(,~
In20p-~~ t--lersonj un:i
iU.!'lI~lrJ~
(. iJrogr c;n
tor provIdIng snelt€r to the nOMclebs under tne VItale-Gllp1n
Fund.
The VItdle-GIlp1n Fund 1S _ l~gal se1-tle~~'1t agreement
reqUIrIng the Abency to set aSIde d portIon of Agepcy fU'1ds from
tne DOJntow~ Redeve1o~m2nt pro~cc~ exp~essly for fU16L~g pr02ra~s
that provlde hOUSIng for low and very low Inco~e persons.
F :;:SL'-\.L YEAi~ EiS2-:; j GCi\LS A!~D ::'Cr;lE:V r-.:.;t:;..,J ~
PrIor Y2:lr Ag~ncy 60c.:.13 c;~j actlvltle.s are preS2'1tecl by proJect.
dr2~ :JS folloN"s:
Ocean Pdr~ R~develop~2nt prOJSCt. Goals
\) F",Cl.1.1tdte com:nuDlLy' lnvolve'Jent l/; t~e pr2parutlon of fIndl
P l c: :1 S for 0 f f - S I te1::l p r Q v 3 n ':':: n 1:. S t. 0 '02 U "l .j e r t a k 2 -'1 t :1
COrlJ'J:>C<...lO:1 ',ntn 1...;lc OC€",ri Par,,; kedeV021o;Htei1i:. ProJ'2ct.
Select ~nd reta1n Lr~nSlt &1d ~~:1~SCQP~ ~la~~ers La
conduc~ loc~l ~orkshops.
Con due t pub 11 c il C c ~ 1 n; s.
~dopt off-sIte Inprovem2nt pl~n.
4
II. S e r 1 e S 0 f CO 'n m U?il t. Y .. :) r i<: s r. <.) p s ....... C I' e II ~ 1. d 1. j ;.. L 2 'v c e c n P .:J ~ ~{
ne1.shbor:lOod to Hlvolve cC:W'lUnlty res1Je'1t.s lr! Ll02 ofr-:31;:'~
1 ~n pro V e r1 e n t S ]J 1 ci n <1 1 n g pro c e S 5 .
L ci f' J s C -j P ~ <:; 11 j i... r '-' n s 1 '~
consul:..ants ',.jere re::'illned ta ledd the p13:1nl'1~ process dnd
prepEJre dra..i1D;;5 of ,,;12 r2sultlDJ p.UlD.
L;cse ..ior,.;;s;;ops
resuli...ed
1"
..
3 0eciC~ lroprOV0ffient plan
le18...i-'1
ciS
tn€:
Jettlenent
Be2.ch
P:i.a:1
~nj p12ns
~ ~
L..v
jev~lop 90 U~ltS uf ~fforjaD1E
r10USll16 0;1 t:le [.;ro,ject. 511:.e an.J j'J u!1lGS 1n 1:.i12 CCedn Pdr~(
1l.=15i~boV'hooJ .
Pi..lD1IC hearll'1SS ~";~r~ '1eld -Jt l..l1c J81n't- t'G~ncy/Co:"mc11
'118etlngs of
July 6 cine July 27,
1932 for
t. "." -:::..
..~
!Jur;::;ose of
r e eel v 1 r, 3 p u :J 11 ceo m .>j 2 rJ L 0 '1 t n " p 1 d Y) .3 .
'.1.'[; (; pI an -J 3 S
Gl P pro v ;:0 a b y 1... n <: A.;; e '1 c y / Co U (] c 11 d c. (.. j) " J u 1 y 2. 7 t 1 9 .3 2 :n e e t 1 n is .
o C b t. 2 1 n C.) a ;s 1.. .3 1 ~: e r "-0 1 ":.. L 0 ~ L1 ~~ [) 1. ~ j ~ 'i C lop m e~) L u f ~ 2: LL~ ~ 1 n 1 n s
proJecL dred land.
1'l<2 A..~ency c:'1Q Rej2v~lo;..er J:JH11,1y ""e'lLl~::'GE:o. 3:1 ,_1~njlr;.::n\.. ,,0
L ,) e 0 r 1 J. 1 r. <~ 1 COd::' t ci 1 Per ['; 1 L.. l n C 2 C L- U] be!", 1 9 3 2 .
= 'i :i "" Y 2 6 ,
1 9 5 j ~ il e ~ r1 2 n d ;1 2 n t
req~.:sl
0-. c:.
Wd_
,]pproveJ
by the
Co:llfornL3
COOlst.c.l l,Gl1mlSS1QI1.
r3cfor'2 t.ne SOds'Lal Per"'llt..- IS actually
1. S S U 2 d L h eel 1:. y .Jj us'" o...J 11 d "" 11 in 1... e r 1 I~ Par "- 0 '1 1:. tl '? P r;) J e c t.
.,l't-e (co~t->le~2ci D:;:>cember, 19(3) and post let1..<..:rs of cred1t
~'lt.tl. ::'(12 L.LJ:-;5t.dl CO!n'tllS510n g:Jc.rZiYlt,'2clni, CO~r1pll:..l.lon Jl t.:-J:;:;
Per narSl1:'
PdT/{
dt.:J D€dCn IY1provt:[ne~iL.:::r.
1;'12
" .,
iin]e~l~ea
Cacstdl
P :' r 'I; 1 t r e ~l U 1 r f:; .3 t, n ~ 1. ~ ."; e .~ 6 s n 2 y con s t r ;J c l. a n -:) n - s 1. t e
')
P~r~anent Pdrk ~nj orI-Sl~e ~e~ct l~provements.
1 ~-. '2 1\5':' n c y
exp~cts ~o ootdlO
. .
'::;:1 .timei1;JE;:1
Coastal PermIt In September,
1934.
o faCIlItate compl~tIon of ~ldns 3nj 5tr~ctur~ flnanclnz tor
affordable hou~ln; ~o be provldeJ aD-sIte.
Prepare J;2v:::loj:im~~t. (jnJ HJdr.';..i5~~;lent. pr;Jbr~:r...
~elect. drC::111 "ecl../;jevel;J~er.
Structure fIr.2ncIog.
To rcsolvt:" llt.lgaL-lo.l ::o;~..:t.~r:1l.r~.; t.l~2 pr-OJ2Ct., ~""jO pld"15 '"i2rr-
ceveloped In l",te 1952 for t:.nc flYlEl phas8t :""nown 23 tile
~eLtle~[i~llt ~~~ Alt~rn~t~ ?ld~s.
l-ie ~ettle:n~~nt Pl~n called
for constrUC~lon of 80 units of aifordaole ~OUSln~ on-SIt:.2
<:i n d L ri e Ii. 1 t ern.... t.. e P 1 3 n ::: <J 11 e d fer C 0 ~] s t rue:, 1 0 ~l 0 i ) 5 u n 1 :.. S
of crffordOlb12 nou~ln6 off-sIt-E.:. FInal seleccl.on of a ~la'1
and IHl91err;'c~1tCltlon of 1:. DE hOUSIOj progra r. ',,23 .j~laY2j
tJ e 11 dIn 6" a P pro v d.L 0 f the p 1 '" n s .f"" 0 :;1 t n,,= Co J S tal Go rr. -"11 S S Ion.
botn
;,;l<:.i13
ir-Jere
dt-'i-irOved
\to 2. Y
;) -
~o,
, G c, "<
I -" '..-: ---I .
Act.l.Vltles
;"0
complei..e tins obJ8ctlve :~2ve beer. contInued Into t.rlC 1983-(<4
fiscal year.
Do.:nC0vill R.ed~velop;nen~ ProJ2c-" Go::;ls
o aSsI5t in t.~2 upgrJCIO; of lh0 ~~~ta ~~nlca ~Jll.
i'1 c;'onSUi'lEn:,lOi. ..,-,-Ul :>ther (;It-y
0L3ff, ~lcct~~ 8fflClul~
~...... -..j
.:;;'I.....t
comlnunl~i 12aders, Aa~ncy st~fl developed a ~ork p""o;ram for
t r: -~ rev 1 taIl z a t Ion 0 f ';:; he::) c. n " a ;-10 Yj 1 C a i-; a 11 . T tl ~ S 3 n ~ a
;conIC'::; ?jc,~l 15 a ped231-r13:1 >--e'(,all CE:nter Imw2G10tely
t.
c1JJdcent
:- .......
vV
'- ~l'~ Do.-i '1 i:. 0 'tJ;1 Ii::.j e v c: lop 'll e n t Pro J E. C L .
1112 pldr'
cd11s for est.dbllSCllD5" 8 develop:'J2nl corporaLlorJ to averse;?
revltdllzatlon, 2 Ccvolvlng lo~n funJ ~0 aSS1S~ ne~ ana
eXIstIng bUSlneSS<2S,
a "idOa,;eW'2nl. plan to coordl:13te
Jet 1 V 1 tIe::, 0 n C 11 e ~, '-' 11 Cl ,..., j c. ;:: S 1 Co (] :; U .L JEll n e 5 i. 0 g U 1 0 ('
renova~lO~ efforts. Iro~lementJtlon of toe rcvLta11zdtlon
~or^-progr~~ 15 sCDeJuled fer i15cal
Y r~ -....
~c:.;..;
F .s3-~ 'L
Ad,! L1I S ~ rat 1 on
:=;-url~}.'; };y 1J32-33 the H..g2DCY retd~n2j l..rlC serV1C2S ,-"OJ. ~-j...r-j)11t..-:JL1,
Habl~CVltz ana 3zan~on, lntiependent cons~lta~LSt to jevelop an
1 ~_o~ ~ r 0 v =2 ~ f 1 n <..:: n C 1 d 1 Li'l d n c g ~ -iJ e:--l t. ~ r 0 is r ~.If} fer L 11 e ~L J e n c y.. I _.. e
cO(j~ul t.ci'1t.'S r:,,:cO.ilIGen(;atlons adJressed le5c::.l r~qulr-='ilent5 t budget.
orep~raLlO~ ~nd i'lnanclal an~ Jebt ~~n~~~rnent.
The Alency nas
rev lev; e J '" n d a J 0 {.J t <:: d t.. n e J e r ~ com f!l end a .:- :L 0 11 S '" Y} Q 1 ill P 1 e ,D ~ 11 tat. 1. 0 n
~lll conLlnu~ t~ro~gh FY 1913-84.
liG ELCY ;'.C1 IV I TIES ;~Ff Ei..... '[ I NG LOU S I r~G H.:W J I ::.:>PLJ.Cl:.. -. EN I
.M.SS.~ LJQiy :Jill 112~) re'-iulres ...113L tilr:; .A""":.'1uc::.l R,2jJc-.....t ~tlcllJje
r;'-' '"
.......'.......
foIl 0 ..; 1. n bIn f:) r m d :.. 1. 0 n r 0 .=, ;::, r J 1 e s S 0 r t., ~ f U'I G 1. :1 2; sou r .;:: e for t l1 2
aC';..lvI;;le.s:
ACt.l.Vlt,y
:"J u 'i~ b 2 r
'1 ') ~ tot J 1 :1 U '11 b e r 0 1 : ; 0 U S 2 h 0 1 j S t; h cJ L ... ~ red 1 ::, P 1 d C C (~
or Hoved fro"u t..n~~lr a~v~llln; u"Y".Lts 65 part of J
redev<::lopment proJect, of l.ne hse:1cy durin,:!; ~Oje
prevlo~s fIscal fear.
"-
'J
Tbe totdl
number of households
~lll DC uLs?12ced or
tn~t ttlc f~62r.cy
,.,111 move r....om
eSLlll.:a::"es
C7
i
t~e~r dwelllngs ~s part oi ~ red~velopmEnt proJec~
oft h e A .; en;:: y d u r i n is ': tl e pre s e tll; f 1 .s C cd y e dr.
(n~locatlon of 175 OC2a~ Par^ ten3~ts.) 4
Tile tot21 number of jwelllD2 uDlts nousing ~crsor,s
dOu ld~l":'les or 10." _-),) 'IIOdei"i'-,t2 lncO,tl~ ..iillCCj tL,iV<2
been destroyed or removed fro~ the low and
Ln 0 d e r d L E. l n c 0 fJ 2 ~ 0 U S l ~ g TI1 ..-::. r ~ e t.. j u r 1 n g l... L .:.:: }J rev 1 Q d S
flSCcil ye3r as part of ~ rejevelop~2nt prOjEct of
t'le AgerJcy.
o
Durln~ the ~revlous flSC~l year che ft~ency jld not
con5~r~~t, reudblllLct2, or ~~v21op ~~y ~d~lt~on~l
dwell HIt!; U'll ts c.I ff ord at Ie to per son s or f5l:nlles
{) f 1.J v; .;; '1 j '1.;:) C c r d l.. -= 1 n ::: 0 lj -: .
",.1
HEcmH'lENDriTIS;..3 FOE i'd:.EDED LEGISLi\.Tlu:~
'1 t 1 e f 0 11 0 '" 1 n 6 C:1 f: n g ~ S l D S ~.:; c. tel a,~ 'I( 0 u L j c: S S 1 S t t :1 c- Ii ; c n c y 1 n
pur SuI C1 bIt s :10 c.l 5 1 n,; C:. n d CO .'Jlr; u rll t y '" II a e c 0 Yl 0 [11 C J eve lop ,7j en 1..
tJr0drdTIS:
3 E:- n a t. c 61 11 i~ 0 . E. 1 7 f.; r 0 p -8 S C S c In -=: n Q i~~ ~~ (j t s ~ 0 He a <2 v c lop L1i ~ [) L. 1 ~ ',-J
..;rHe 1 ",.jOuld lLfilt t.ne a~flnltlOi1S of b116:.1: under wI'll..;n <::;n Agency
CdD ~Lc1ar~ o~ ~recl a r~jeve1op~enL area.
:';f.h~ClflCully, "l1e
p r () p 0 s e .j .J ijj end. n ..:: n L. S r.l 0 U 1 d d ~ 1 :....- 1.. 2 ~ eel. 1 0 r'1 3.3 G 3 2 ( G ) ," i j l C ~i des c r 1 b e s
cJ 6",t. 01 ~.13racterlstles of ::.l bll~nL.~J dl e2 GS .tTne eXIstence or'
H1L,.d2qu<=.~e pUblIC l'nprove nents, publlC f8.C111 ties, open spaces,
an:] ul.lll"Cles '-Jllich2annot be rE:.ned12c! by prlVc.:.e cr cov<2rn'rl2'ntci
dcLlon, .~.jit;-lout redev~lop:11e"""I..r'
TillS set. of cnar2ctErlS'.:.lCS ,nasI,
dccurcLe~y .:.Jes:::rlbes L.'2 cor,jl"lC):)S 01 I..oP~ '[iura St.......c.2l. ;.1811 L'ldl,
';,.. h eel t y If' a y ,,; 1 oS h t. 0 r e ,n <: .:l Y t r:: r 0 U IS nth e .... oS e Q f Fi e d eve lop In e f; l
fJ.Jwers.
',;.' n 2 ref are, 1. tIS r eel] ;IT :il (; n d -:: d L t j at:.. r; 1 s c 1 '-' ~ 5 e O~.J
reL!ln~ci '...J1'ttnn :-:',_C~lon 33032 of ~he i'ealtl1 dr-a ~afe-;;.y Code.
,-...-
.~
h t. CO:", '.1 E tJ D r\ r lOr.
;) l, ci 1 f res pee t full y r 2 C 0 ~1 "1 ~ n C s 'L i 1 a 1:, 1.. h Eo: A,; 2 n (' y
1) cHiopt LOIS
;,. n:1 'J ill i1 e po r;:. ",:1 d J. l r e c ,_ L ~1 e Ex e c u t.1 \1 '2 D 1 r e c tor to sub:n 1 t t tl ::. s
r e p;) ... t to the C ci 11 for D 1 a Ii 0 ;j .5 1 :1 ~ '" n J Com L1 :J n ::. t y Dc v ~ 1 ;:) P 'n:; n t..
Dcp~rt02n~; ~na 2) d1rect tne Executlve D1rector to work wIth the
C:~Y's legISlatIve ciivocates ~o affect th2 le3ls1~tlve d2Llon
,jescrlbed 1n L,J1S report.
P"'epc::reG by:
Ernesto R. }lores, l~~~a~Er
to1ar Jorle :lat.tUccl t ProJect'. <:inager
Econoill1c D~veloJm2nt D1vLSIon
Co..n~i1',..Hi ~ t Y ;:in d Ec 0 ~oni 1 c DE-vel 0 p~n e r= t De pa r trn en t.
.L.. t L ~ C it.1l e tl t s
~.
~
t .
r;J PEAT
I ~ MARWICK
THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA, CALIFORNIA
Combined Financ1al Statements
June 30, 1983
(With Accountants' Report Thereon)
..., PEAT
I ~ MARWICK
Peat. :\olarwlek, .\lUthell & Co
Centfied Publ1c Accountants
555 South Rower Street
Los Angeles. Cahfomla 90071
..i
The Members of the Redevelopment Agency of
the City of Santa Monica, California:
j
We have examined the comb~ned balance sheet of the various funds and account
group of the Redevelopment Agency of the City of Santa Mon~ca as of June 30,
1983 and the related comb~ned statement of revenues, expend~tures and changes
in fund balances (deficits) for the year then ended. Our examination was made
in accordance with generally accepted auditing standards and, accordingly.
included such tests of the accounting records and such other auditing
procedures as we considered necessary in the c1rcumstances.
In our opinion, the aforementioned combined financial statements present
fairly the financial position of the var~ous funds and account group of the
Redevelopment Agency of the City of Santa Monica at June 30t 1983 and the
results of operations of such funds for the year then ended. 1n confo~ty
with generally accepted accounting principles applied on a basis consistent
with that of the preceding year.
1JM-t 711~ ~i:{W) f &.
I I '
October 14, 1983
<
~~
[:;S!:
;5
,..J
><
uu
~
<~
.....
E-'Z
:Z:C
a:::E
:::;:
1>.<
OE-'
,",Z
"'<
>tr
'"
c:::r..
"'0
t.:
~~
;:I:....
E-'<..:
-'
"
~
V'
"
;:
OJ
......
0:
OC
....
a:
0<
o
""
~
~
.&.
E!
o
u
<:,
!:j
-<;
"'2 ....... =.........1
It! It!~'
C!:.............
wee c.
'- ~ !:! ::lol
01;
:0:
E!
- ...
~ :Ii ....,~
.... -' ..Q~
~ k~~
~~
,
!
....,~
<./ ~
a.:-!~
-:1.:0
t:-
=--;
-'
~ ~
~ S. <;::!
I::-. "-" oCli!
c:"';:~
0: > loLl
Q.: al~l
<.;
o :1J
'"
.......:
:"
""
~ c ~:
~I'-:; ~ ~ ::
>~c=___
G; -a.. (J ==.....
"'O~." c:,...-
~I& - ~
t.! < -.
~!
""I
t:"i
~1
51
c
-
-' -'
-,
: 5 ;1
i- e tl,,;j
c ~.....~
3: c. to.'
C C ~
.......
c a.: c
3' > ...
c a.: 0..
"'''''
..
'"
-"''''
- ....,
o ...,
-0"..... -0"
-0-'"
....
..;
'" "'....
........r; ........
..... ..... -0
...., '"
>D -
....,
....
.,.,
'""
-I
'""
"'0< ....
"""''''
.....- -.0
"''''-
'"".... -
.....
<
-'
N..r;;OO
.....~o
"'.... .....
0-""
o ...,.
...,.
N
..,.
""
......!
.,1
~!
<I
EO
u
C
'" <II
__ E!
<II
., ...
E! <.;
-' c
., ....
to
> ~
a:
...
Cl:
....
.c
<t!
>
....
OJ
<.;
Cl:
...
Il'\
....
~
.....
-D
'"
......
-0"
.....
'"
"C
'"
c
....
It!
...
c
....
.,
E!
<II
......
~ s ~
c- >.. :>
Q.I f'I""'o Ci ....
E! '"
.,.JQ.I _1;.1
to .... ...<'" Q.I
Q,I co...
>I::~(!.;
1::'- -'0
-c -,::c-to
.... ~ c r;;:
~ ~-!: rT
~ b.:e"t' ~
So- ~ ~; s:
c.",::::: r.: C
'"
E......
... '"
G;:.Jo J...
-' - ~-
I c....::::
btCi...J
~Eu
?-
E
<
~311
..., >D
..... ....
..... ....,
..... -
"" ""j
"'-<r
"'-0"
...., -.0
..... ""
.... ....,
"" -
....
-.o~'
""I
00'
..cl
01
""Ii:;j
",I
-I
gli
~ll
';!I'
-I
~ll
-:"1
c:: ~ I
L""".I,
..!'
-II
~II
~1,
,I
H
a:~'
..... '
r-...~
"" '
~i
::11
~
..,.
'I'
'"
<.;
C
0::
0::
oc
.::
~I
--;:::!
=1
"I
'1',
:11,
.......
.0.,1;
.:::1
...1
~I
o~
.00:
-0" <C
.... '""
'"
:c
""p-.:r
C:e
-0" ""
.... ....,
'"
"'-0"
Cl :e
-0" 00
.... ....
'"
;J.
c
""
If'
'"
r. :i:
'I'
<: 0::
-'
<:
" C It
oQ.i =:,.. :r
"'O:::u...
~ -i C
... >.
<..: ~ .,.J
'" ...
'="= :: G-
o::
-'"
C
It!:! ~.o..J
~ 001
~ ::}O'
r-.... co!
.. .. --l
; gg!
a: L/' -J
...... -:;::1
'"
....,
-::-
...., ,
," -
...'" ...-
a-
M
-0"0
.., I
," -
'" .....
"'" -
~
,...
01
'"
<""
'"
r.:
'-
-
'" c
~ >...>
~ ;::., tt CI,:
>-,';,)- G.l-
~ ~ ..... .c
o.eo.:~_c~
.; ~N ~
C. _ Q..
... "
1'1:- CJ ~
q; C """''"0
.w....... 0. l:
C ... 0
z =...;::c;
" 'I'
.::~
-' :l _
.... C
~ (..i ~
.... '-
.0<_
r.:
<II I
......
.0 '"
"'--
> t>
'"" m_
Q.I 1',1) e
t.o ~ t.o Q,;
_ IN .0
......" -
l:.'....... C
"C- >. ~ w ...J
I: w 'J; tJ.,J::
r: .... c.;.-......,.
Q; :L. Li_
...c Q. e. ~ ):
~. 0 6..1 {f-
e:. J... _ _
tJCi.........::.:::
:3
5...;
'- .
'-
.'
..,.'
-'
~~
....""
Cl: Cl:
......
C C
<: <:
~~
""
~i
-,
=i
,.;
.......~
",'
.-..:
-.
-,
51
g~
-'
~:
....,
::::l"'o~
.....
~.
-0"
"'I'
.....
<:
~,
-,
~j
-0";
"'.
.....
..:
--:,,'
""
~
m
OJ
....
...
....
.....
....
.0
II:
....
.....
'1'-0:::
a.: "".
'-...
!:: r:
0: _
m ... <>t
......c:__
.... c q
tJ = t;
.,., "'-0:::
~ i g
""
........ ~ I
:r:~;:;
;:;"t:: ;:
OJ ...
~. >- a.:
... 'I'
OJ '"
- "'...
<II C
""~
~
'"
..>
2.
."'::::1 ;:;1
.....,~ .~
00 0 "'.1
.... '" -0"1
--0" '"
..... ....
~
L...... :::,l
I
'I
1
~
~ ~~'
-0"0
-0" :e
--0"
::C.
....
~
~
:~
~~I
:- :-1
- ';1
""I
-"1
~ :;1
cc LA!
rc!
.'
....... -:f ~
".'
o:~
",'
~
~
..,..
(:'0'
.....
,...,
0:....;
N'
~
N'
~
C""~
-:
..,.
~
::1
j
~I
-;
~
=-;:1
:c~
a::j
::ci
.:i
~
~
a:
...
-
<.;
....
"'"
~
'"
Cl:
<..
~
'"
&.
.."
'"
~
....
"
.,
.... '"
__ Cl:
.... <.;
..... C
'"
.&.....
~~
.....
<t!
...
o
E-'
~~
~ :;
.".,J .....
~
,0'1
~~I
:;g,l
~il
--I:
:=:!
311
F: !~
=Jl
:: !I
,,-I:
r"-n
e:l!
-II
_11
""1.'
........1
~ ,
- '
....,
M,!
"
Ii
""I'
..... ,
r-..J!
""I
IJ"\I!
-I!
.!
....1
-11
0<"
"'Ji
~~I'
-0",
I
"
....
<:
~
"
~
....
..
"
"
0::
<:
....
""'
.."
'"
C
-
e
c
<.;
c
...
'"
OJ
g
~
'"
~
0::
v
I ,
1
<
1=:z
[z..~
:;:
>-<
Z- Q
~
<<
~
E-
z~
~~
5~
~z
><
EV
~':z.
c.:
==i:
E=....
<;.;
'"
0;
...~
"
... ""
_ r...
c-
o;-
~Ci
:><:::>
""~
. oF
.. '"
a; r...
'"
a;-
> -
0;'"
<>:
.....
C _
...
...
C
II!-
Ei
~ r
'" '"
...
'" '"
"'CD
0;
c.",
.... c:
.c '"
Ei
C
U
'"
'"
-.
II;
g
""
0;
""
C
lI!
..
'"
'"
>-
!!
0: :;: """'~'
w .:.....
~ ~. g
i
... - ~ i~~
I;..; rt.:;:,. :0 J.I
'"
-"". ~ 0
0:"" ... > ....
t '3,:::..0 ~
- 3~
... '"
c:
~
c <5
~
Q;r:-.....-.:;l..;r
> ~ ~ ~-....
(1;1 c.: (.i :::!.....
~1~3. ~
1'.:1"-- :>:i
< -
."'-
~I
"I
~
~
5
:; ""'I
,. "
co:: tJ :J
E-oi :;0 ~
- ~~.
3: 0.. tJ
e 0 'lJ
........
lI! e
:0 > ..
C lI! p..,
"''''
Ii>
'"
~ ~ ~ ~~
<C. 0::. ": "'1
cCO--O"
=V"'-~~
-c.'~ -.-1
i
'- ~ ;;:1
~:; -..
........Clao.
'" 0 ~11
......-
CO
~::;
......01
U"O
......-
....
<
C-o"'-J
CC-==O"
C ~...... L....
~~~=J
cc<t__
- I
,
>,
..
..
..
~
i::
.. "-
lI! <;,
C r: f
II! .., _
I> c: .....
a.; Ci.r lit
.. E '"
\li w 50.
..., Jot .u Q.
t; t,; ~ c:...:::
Q,I l: I: QJ-4..I
-.......~
C
..
~
'"
<;,
"
:;,
NI
~l
,
i
I
II
I
j
IT"
"'i
N.J
-'
o:-!
.,.:!
..
IT'
_.......-...a~
..c'>&........~
;:;-..c ;,J"',o('I""l
_ ~...:t-
.... IT'
"'l 0-
-..
c;
L~
~!
co'
j
_Lf"'Q':)
:;C ...c: .or::;-
...... oJ:: =........
......u---~......
e-- ~
...::2'j
N;
0--.;
Ni
'"" 0-
..c
<X:
"'ll..c
..,.
....
;:c:!
N'
(Ci
,-,
",I
,
1
~
,...........0_
...;,.zlC=:
........c-('I"'"
_In IT'
C"
N;
~
~i
t"j
.x;
-:;
....
,-
...
,..."ICCI
.... co
U"
N
"
~
....
I '"
~ Co;
.......
..... c
~"f-;; s
a; ~
-.j..J t: :>
..gee,," Et'
~~~~~ ~~
~'g-g c..;: ~
.a.J '":' _ _ U" "'C E
..... '-' ~ c
ar~g;. ~(,;
q,I (..: ~ "C
C. s.. '"'- rt' tt! ~ ...... ...
tI< ~ tc tI" _ ro -...
QJ-.....-a;CL: 'Ct: ~
'I': OJ.......u ....!:: <<" "'C'
~ ~ 0 c ~ r. 0 ~ ~
t.i tJ.....j..J.ud;....._W'
QJ E Q.. t;C v:. - .... _ :L,.
~ ~ ~ ~ ~ ~ m e _
C "'" > ":::: ... tJ bt.l:
....~-....!::-1Coi"O...E
Q. .u~~.u..........e-
i-I (lI _ OJ 4.:
me.. g;:;.....;r;::.=: g:;:
'"
~
..
>
..
...
c
...
"-
'"
..,
....
'"
...
IT'
.....
-<r
r-,
....
~
.E
...
C
...
>,
..,
-.01
""'0
XlO
Xl 0
-. '"
.... .....
.... 01
~o
"" 0
ec-.o
'" '"
-.!"--
~
'"
....
~
'" r...
~ "
~ ..
Ei 0.
;>-
-;:"0
e.~
<is
q
-.J
~I
"'J
-.!
U"I
-:1
ii
I
ij
1
~1
:;>1
>.!)!
:~
a:!
rn!
1
......
<r
;;:
t
"
'"
t
<:;
~
;:
"-
~
'-'
C
E-<
~
.... ...
C ~
......c
>, ::
"'~
~
~ ~ 'f
'"' > -
C ..
....
t,I tr L.;;
~~
C
:n <L:
Ll) > _
l;,o q; x
.... lo.o c.'
"
.~.
......
-..:
oc
'"
.c,
-s
~
~
:to
~
~
~
.....
...
....
.;
r-
~
GC
N
GC
'"
'.f'
..c
"""'
GC
-c
0'
N
~
GC
-,
~
-0
j
;:. ~'
~ ~jl
] ~,
~~ :1
::> or
'" ...
~
..,
...
r.
~
.-
'-'
<r
'-'
~
"
r... ...
'"
u... :.;0
2:
e
...
[ ~
=- >-
c::....
..
Q; t..:.
:::
;::
c:
r.
,J::. ~.
.l:
;
:..
r.
.c
-g :,..
:..
~
~~
-c
~
;;;
0:::
i1
~
..
...
~
Ei
oJ;
...
"
....
'"
....
"
.,..;
"
~
~
.....
.....
'"
'"
c:
.....
~
~
:.,
"
:L
~
':.;:.
~
€-
C
...
"
t
<r
THE REDEVELOPMENT AGENCY OF THE
CITY OF SAi'lTA MONICA, CALIFOR..'lIA
Notes to Combined Financial Statements
June 30, 1983
(1) Summary of Si~ificant Accounting Policies
General
The Redevelopment Agency of the City of Santa Monica (Agency) was
established by the Santa Monica City Counc~l in 1957 pursuant to the
Community Redevelopment Law of California as codified ~n the State of
California Health and Safety Code. The purpose of the Agency ~s to
eliminate blight and to promote economic revitalization within designated
project areas of the City of Santa Mon~ca.
The Agency is funded by Federal and local sources. The only source of
Federal funding has been provided under programs sponsored by the u.S.
Department of Housing and Urban Development (HUD). Through HUDt the
Agency has received funds for its Conventional Urban Renewal Program
(Title I) and the Communi~y Development Block Grant Program (CDBG). All
Federal programs are still operational; however, additional fund1ng for
the Title I Program, other taan that which is necessary to complete
existing redevelopment activities, has ceased. Local funds are prov1ded
principally from incremental property taxes and rentals for the park~ng
facilities.
Basis of Accounting
The accompanying combined financ1al statements of the Agency have been
prepared on the modified accrual basis of accounting. The modified
accrual basis of account1ng 1S defined as the bas~s of accounting under
which revenues are recognized when they became both measurable and
available to finance operations of the current period. Expenditures are
recognized when the related liab~lity is Incurred, except for principal
and interest on general long-term debt which is recognized when due.
Investments
Investments are stated at cost and generally consIst of Federal
Government-backed securities.
Lon~-Term LiabIlities
Long-term liabilities are accounted for in the General Long-Term Debt
Account Group.
THE REDEVELOPMENT AGENCY OF THE
CITY OF SA..."lTA MONICA, CALIFORNH.
~otes to Combined Financial Statementst Cont~nued
(1) Summary of Si~ificant Accounting Policies, Continued
Tax Increment Revenues
Incremental property taxes are considered as proJect revenues by the
Agency when they become both measurable and available for financ1ng the
Agency's redevelopment activities during the year. Property taxes are
considered available 1f received w1thin 60 days following year-end, 1n
accordance with the National Counc1l on Governmental Accounting's
Interpretation Number 3.
Incremental property tax revenues represent property taxes collected from
the excess of taxes levied and collected each year on any redevelopment
project over that amount which would have been levied and collected on the
base year property tax assessment. (A property tax base year is deter-
mined to be the year prior to the establishment of a redevelopment project
area. )
Total (Memorandum Only)
The column in the accompanying combined financial statements captioned
"Total (Memorandum only)" is not necessary for a fa1r presentation in
accordance with generally accepted account1ng pr1nciples but lS presented
as additional analytic data.
(2) Project Notes and Bonds
On November 2t 1978t the Agency authorized the offering of $14t470tOOO in
Downtown Redevelopment Project Parking Lease Revenue Bonds. Proceeds
from the bonds have been used by the Agency to finance the acquis1t10n
and construction of two garages (the Parking Facility), wh1ch prov~de
park1ng facilities for a major shopp1ng center in the City of Santa
Monica.
A summary of project bonds payable held in the Agency's general long-term
debt account group at June 30, 1983 follows (see note 3).
2
<>::
...
_20
f-o""
C
"',..
0-
>-.<
'-'-
:<!:
<<; -
::.:<
<::u
...
z
2:0
1>>;<:
~<
0....
..l2o
~<
:::.- :r-
'"
;::,....
~c
<<
>'
~...
z....
E-<""
"t:
~
t:
"
.....
t:
'"
S
0;
....
..
;r
'"
t)
"
0:
t:
...
"-
."
"
t:
~
L
=
o
u
c
..
..
~
"
:z
'Zij'
=>
c:
....
.....
::;
8
~!
t:
$.
;!
ii!
.,
'"
"",
~
~l
t""
~ ;~
.a.,.; If'; 1
r."t:l
:;:
"'I
- II
<~
El
"'rl
ot)<t>
<::<:1'0
~ ...
-g
0:0
.... '"
~ c
- t:
C ::I
..,
-
'"
~ ~I
"
....
~ %1
'" "
.. .,
"'....
"'"
~l
..
.,
....;
"t:l
'"
"
"'"
c
....
...,ee
c:co
""-
... -.;
tJ ~
t)
Q~
11'0_
""oc
t: C
= ~
~ =c ~
OJ'" -
<I> _
'"
=<1>
- "
~ ...
....... .hJ
:>
;1
<I>
....
'"
r--
r--
I
..e
'"
N
'"
co
r--
a>
-
...
.Si
'"
"0
C
.g
...
t.
..
....,
"
....
~
c
~
....
<::
:it
c
Q
"
:;
c
i5
'"
~
~
.....
....;
c
....
~ N r-"\
:;;...... :.. cc
'"'"
::: Q,l-
:fCiiIS-
-
ry t.C n
..... t:
c.....-....
0:: ::: >.. Ci.i
v:...._...:;.
<.; _ =
.... (,; .0 Co-
~ t.'
..... '"
~6.J~Q
u: Co
~QJ....
U... (.i....
'" t:
QJ.... -ei
.,:::. L.--"
... -. o..L
'"
QJ ...
.a..;-......,J:::::ro
T1.1-l~
:it
=' :::-
.", c-
~ It
.. -
,,"-
'"
c.....
'"
... 0:
- Q,l a.:
Ilj :::: .....:
... "
Q.I C _..
"
'"
c
~
..
"
....
.",
'"
:E
'"
;;
'"
III
It
>,
"
...
<:
'"
-'"
....
g
-
""
-
"'C
"'0
'"
C
...
'"
....
.....
81 ~11
=> ....1
:- ; I
<no
e;::
..:
V'"
EO 0:
::> ..
C '"
C
~
'"
e.c~
ct'.:_
... .
......~ ...
0:
....,...~
C ~ ~
!:: ~ ,&.J
<: Co
"" .. Q;
t: ... <r
:><.>
~ -:0: :;
E E ....
....- ...
.....=....
.. ...
u..... :::
e <:
- q; ~
<' [E
C ....
0:
":l ::;
.... > d.:
.;;~.;
..
.... >.~
III
"'" - Q.
.... ....
~ ~ ~ ~
E <x:
!::O:lo.iic:J'.
m U .t:--
QJ
(;
o
....
'-'
..
t:
C
... r.
P-
"
....
t: '"
<:. EO
tc
0...
.....
QJ
:> ..
0: L.
't:
~r:r
0:
c ..
:it
c ..
.... ....
;l ....
C t:
::> ..
'>t
lD '"
>,-
:;.;: m
_ c; ~"
~;': ~
<....-
'"
....
OJ
'"
~
QJ C
..<: ...
.... .....
11'
I-t ... ~
..
.....
:r
.. - "'"
...... c::; ;
~ ~ ~
>' c... :.c
C > t:
(,.; ::,. u
DO
1:
]1
....
...
..
OJ
'"
OJ
"'.....
~ ~
'- It
" f:
.AJ :;.U i
.. t:
'" .... OJ
;:..~ lJ.i
.. ..
':L ~
<:>-""
.....
M
_ c
_....: ~
~~t
to:: [:: ~
~ t::: V'
~f-I
....
~
c ..
;; ..
., ....
'"
~
....
.... e
t:
c
":;"':;
;li
ET'_"""1-/
:;;.. co:' !wi
EO ""
>- >.- '-
i. C" ~
.,..;
... ..
tD eo..,&..J
2 ~ (.. ~
-:J.:"..!: .....
.........,:
':: 0
.c ,,-,.Lr
.... be c.;
<. '" -.<>
e.,..l e
rt' <r l;""" ~
"T-I Q.I ~
.c::) Q
..,
....,
"'I
?I
:-,
...
.....!
;:1
il
'"',
...
:0:;
t:
r;: ~ "5
"'1-1 ,&,,; a:J It::
>< '"
"!:i Ci ::: _
t ~ ~
c
'" :>
'"
.... I..... X
G.I _ (i.I
..........:: C
'" ...
... Q.: 0;.:
: c ~-=.
- ~ (j,.
;; ;;.. -
OJ ""C 0 ::-
... z
"'..., OJ:
:J1.c r:::
.. '" ....
.... . ..
CI,: ~
'" ....
'" "'..
;i; - 0 E
....
:;> ....
....
--......
~c
"
....:= ......
~ r.r --(To-
'"
~ "'i:l ~
'tt __ "-i ~
r" t: c.:
X QJ ::"'''tJ
a: ""' ~ C;J
.I..l c.. ~
..,,~
>.""';:: I:. r!"
::: ....- 1:'__
'" :0
'"
>,,,,
~-
t.....
It
EO
0;
.. t: _
::;. .z c.:..o-
.....I..l .....
t: 0
"'t:(:-.o.J
~. _ II:
:r e u:
:0'-
CJ Q.I '::''":;1
~... :;:
<L: ::t ::
.... '-
c a;
-:. Qi
<. ~
....
c
u-
..., It
- .....,
~ >. CI;J
:: ;: cr C-i
:::-.;.. ~
(... te..... ~
tJ <( <,
'"
~!
01
;)
~
~
~I
il
'"
~~
"'
- (;
I~
... .....
<:0.'"
~
... s
c
.,..;
<: :>
"1:'. a.:
.... ~
,.
o "'
.. -
;:"j:;Q.1
QJ <.: >-.
EO lEi ..,
~ !'I' ~......
tQ tf").. U
q; :I' I',l) ...
"'<:..<:
t- a:: .... ..,J
....
t .
THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICAt CALIFORNIA
Notes to Combined F~nancial Statements, Continued
-,
j
-}
(3) Restricted Assets, Continued
Reserve Fund Account
1
j
1
-~
A sum to be equal to at least the maximum annual debt service amount over
the life of the bonds is to be maintained in this account. ~onies in the
Reserve Fund may be used by the Agency; first, for the payment of losses
sustained by reason of accident or destruction of the Parking Facil~ty
financed by issuance of the bonds and not covered by the required insur-
ance so long as the balance remaining in the Fund is equal to 50% of
maximum annual debt service; second, to help redeem the bonds outstanding
under circumstances where the Parking Facility is not to be repaired or
rebuilt; and third, for the payment of interest on and principal of the
bonds in the event no other funds are available therefart or for the
f~nal retirement of all bonds then outstanding.
On June 30, 1983, the aforementioned accounts reflected the follow~ng
balances:
Bond Service Fund
Working Capital Fund
Reserve Fund
$ 476,770
5tOOO
17189~70S
Total
$ 1,671t475
The balances of each of such assets are held in trust by an independent
fiscal agent.
(4) Capitalized Lease
On ~ay it 1978, the City entered ~nto a lease agreement w~th the Agency
to prov~de parking for the shopping center in the Downtown ProJect. The
lease requires the C~ty to pay the Agency a base rental at an estimated
rate of approximately Slt190tOOO per yeart and, 1n add1t1on, the lease
requires the City to make add~t~onal payments each year sufficient to
operate and maintain the Parking Facility. The lease extends for a period
of 35 years or repayment of the bonds issued to finance construct~on of
the Parking FacilitYt whichever occurs earlier (note 2).
Upon termination of the lease, ownership of the Parking Facility w~ll
rest with the City. Such lease meets the criteria of a capitalizable
financing lease. At June 30, 1983, the present value of the lease
payments receivable from the City was $12t773,55B.
4
..
J
,
~
j
~
THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICAt CALIFOR."'lIA
Notes to Combined Financial Statementst Continued
(5) Deficit Fund Balances
At June 3D, 1983, the Downtown and Ocean Park Redevelopment Projects had
deficit fund balances of $2,890,668 and $2,833,594t respectively. It ~s
anticipated that these fund deficits will ultimately be alleviated through
future tax increment revenue and other project revenues.
5
..
... M\ ~...
-\
"
r;w PEAT
I ~ MARWICK
Peat. "Ial"'lnck. :\InchelI & Co
C~rufied Pubhe Accountants
555 Soutb Flower Street
Los Angeles_ CJlLfOmla 90071
-:
j
J
The Board of Directors
The Redevelopment Agency of the
City of Santa Monica, Californ~a:
We have examined the financial statements of the various funds of the
Redevelopment Agency of the City of Santa Monica (Agency) for the year ended
June 30t 1983 and have issued our report thereon dated October 14, 1983. Our
examination was made in accordance with generally accepted auditing standards
and, accordingly, included such tests of the accounting records and such other
auditing procedures as we considered necessary in the circumstances.
We performed the procedures contained Ln the publication entitled Gu~del~nes
for Compliance Audits of California Redevelopment ~enc~es as promulgated by
the Controller of the State of California in connection with a reVLew of the
Agency's compliance with laws, regulations and admin~stratLve requ~rements
governing activities of the AgencYt as required by Section 33080.1(a) of the
Health and Safety Code of the State of CalLfornia. The procedures we performed
would not necessarily disclose instances of noncompl~ance because they were
based on selective tests of accountLng records and related data.
J
During the performance of the aforementioned procedurest nothing came to our
attention that would lead us to believe that the Agency did not comply wLth
applicable laws, regulations and admanistrative requirements governing 1tS
activities. Th1S report is to be used solely for f1lings with appropr1ate
regulatory agencies and is not intended for any other purpose.
-?~t 1'Jf~ ~tJui.!J. f~
I ,I .
October 14, 1983