SR-800-001
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Pier Restoration COrporation
AnnUal Report 1989 .. 1990
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Pier Restoration Corporation
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Dear Mayor Zane and City Council Members:
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The pier Restoration Corporation and the Pier continued in the
development phase in FY 1989/90. The long and arduous
negotiation process with developers began this year and
leases were executed. Two new annual events were added
Pier's burgeoning repertoire drawing many new visitors.
construction of the Municipal pier completed, the Santa
Pier is finally whole once again.
six new
to the
With
Monica
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Construction work will begin in October 1990 on the Municipal
Pier Cafe and facilities, renovation of the Billiards Building
and reconstruction of the Playland Arcade. All of these projects
have estimated completion dates of Spring 1990.
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The corporation has also made great strides in providing quality
entertainment and events for Pier visitors. In FY 89/90, the
pier hosted a very successful Cinco de Mayo celebration as well
as the first annual Great Southern California Duck Race. We hope
to expand our event schedule in FY 90/91 with the addition of
several large scale events.
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The Corporation's agenda in the coming year is focussed primarily
on completing the lease negotiation process for Sinbad's, the Fun
Zone and the Central Plaza and the continued implementation of
the development program. We will also continue to manage
existing leases, promote the Pier and advise the City on
maintenance, security and capital construction projects.
We look forward to another year of working closely with the City
to achieve a fully revitalized Pier.
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Sin~ere~y ~~urs,/
If'
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Ruth Y. Goldway
Chair
r
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,~ohn E. Gi~~~--~ ~
~Executive Director
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201 Santa MoniCa Pler. Santa Momca. Califorma 90401 · (213) 458~8900
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ANNUAL REPORT
FY 1989 - 90
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XNTRODUCTXON
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The Santa Monica pier Restoration Corporation, a non-profit
public benefit corporation created by the Santa Monica City
Council in 1983, made tremendous strides in the redevelopment
and leasing of the Santa Monica Pier in fiscal year 1989-90.
Highlights of the Corporation's activities over the past year
include the negotiation and execution of leases with Pacific
Fare, Inc., Crown and Anchor, seaview Seafood, Jack's, Playland
Arcade, Westside Arts Center: completion of the plan approval
process for the Billiards Building, the Municipal Pier Cafe and
Playland Arcade; continued negotiations with the Fun zone,
Sinbadts and Central Plaza developers: repair and repainting of
the Carousel horses; demolition of Jack's and reconstruction of a
temporary building: production of a successful special events
program consisting of Senior Day on the Pier, the spring kite
festival, the rededication of the Municipal Pier, Earth Day,
Cinco de Mayo, the Great Southern California Duck Race, Kids Day,
Fourth of July and the ever-popular Twilight Dance Series.
The Corporation also assisted the City in the development of
parking alternatives for the Pier, the planning and presentation
of the Municipal Pier opening and the coordination of numerous
capital projects.
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PIER DEVELOPMENT AND LEASING
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Throughout FY 89/90, Corporation staff worked diligently on
drafting and negotiating new leases for the Pier and
responsibly managing existing leases.
The PRC Board of Directors approved the following leases this
year:
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Pacific Fare, Inc.
Crown and Anchor, Inc.
Westside Arts Center, Inc.
Lee & Choi dba Jack's
Yong & Haeju Kim dba Seaview Seafood
George Gordon Enterprises, Inc. dba Playland Arcade
with these leases approved, staff began the plan approval process
with city and State Boards and Commissions. In the case of
Pacific Fare, Inc., the City is building the structure and is
proceeding with gaining approvals from the various local and
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state agencies. Construction is expected to begin in November
1990 with an estimated opening date of May 1991. The restaurant
will seat 320 including inside and outside patios.
The design for the Crown & Anchor and Seaview Seafood, both
tenants in the Billiards Building, was approved by the Board.
The entire exterior of the building will be renovated as will
both of the tenants' interior spaces. The minimum initial
investment for the Crown & Anchor is $600,000. Seaview Seafood
will be investing $300,000 in initial improvements which include
a major reconfiguration of the fish market and dining areas.
In October 1989, the Corporation issued a Request for proposals
seeking a qualified local public benefit user to lease the
Carousel Park Commercial Facility on an interim basis. The
Wests ide Arts Center was then selected based upon their ability
to provide the services and their financial capability to
undertake a $40,000 renovation. Renovations were completed and
in July 1990 classes for children began.
In February 1990, the City issued a 30-day notice of lease
termination to Jae Lee, the owner of Jack's, after inspections
revealed that the substructure of the building was unsafe. Staff
worked with Mr. Lee to design and get approvals for a temporary
location for his business at the west end of the Pleasure Pier.
The temporary building, owned by the tenant, is situated in close
proximity to the west end restrooms to facilitate retaining the
beer and wine license. The temporary building will remain in
operation until the Central Plaza is completed.
Plans for the renovation of the P1ayland Arcade were approved in
FY 89/90. The existing arcade building will be demolished in
October 1990 because it has exceeded its useful life and does not
conform to current building and fire codes. The new building
will occupy the same footprint, dimensions and location as that
of the existing building. It will include new arcade games as
well as gift shop space. The new building is estimated to open
in May 1991. During the construction period, the tenant, George
Gordon Enterprises, will operate his business from a temporary
structure located west of Jack's. A new long-term lease for the
Arcade was approved by the Board in April 1990 and executed on
July 1, 1990.
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Corporation staff continued negotiations with pier Fun Zone, Inc.
on the development of an amusement area on the Pier. While there
had been delays during the preceeding year, the developers
maintain that they are ready and anxious to proceed with the
program. Pier Fun Zone, Inc.'s architects have prepared concept
drawings and site plans of the area and negotiations with ride
manufacturers are continuing. Proposed rides include an
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eleven-story Ferris wheel, a 65 foot high roller coaster, a wave
swinger, childrens rides and games. Staff will continue working
with the developer on design, agency approvals and negotiation of
the lease during the next fiscal year. The estimated opening of
the Fun Zone is summer 1992.
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staff continued to work with KBL & Associates to accomplish a
feasible project for the Central Plaza. This included detailed
construction estimates of project costs and costs to the city
related to the project, evaluation of potential sub-tenants and
the impact both these factors have on the project design. The
Central Plaza is being analyzed in conjunction with the Pier
parking system in determining the business terms for the master
lease agreement. Lease negotiations will continue into FY 90/91.
Negotiations on sinbad's continued with Long Walk, Ltd. During
the year, there was considerable discussion regarding
eXClusivity, changes in use and the size of the entertainment
space. The current proposal includes a staged development of a
three story westward addition to the building with an initial
more modest outdoor patio use of the same area. Sinbad's will
provide full restaurant facilities and a showroom for live
musical entertainment. Changes in use for Sinbad's during the
term of the lease will be considered, however, they will require
landlord approval.
Staff began preliminary lease negotiations with Long Walk, Ltd.
during FY 89/90 and will continue these negotiations as well as
finalization of design in FY 90/91. The estimated opening of
Sinbad's is summer 1992.
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Once again this summer, the Corporation entered into a License
Agreement for the operation of the Fun Zone amusement area
adjacent to the carousel. This year an agreement was entered
into with Trafton and Associates. Thaxter Trafton was associated
with Ray Cammack Shows and purchased the ride package from
Cammack. The rides and terms of the agreement were essentially
the same as in previous summers. The operation included seven
children's rides, a Cyclone and a Ferris wheel.
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The Fun Zone opened on April 6, 1990 and will remain open until
September 3, 1990. Last summer, the Fun Zone generated $535,320
in sales and paid the City $89,630 in rent during the 5.5 month
period. This year, Trafton collected $577,035 in sales and paid
the City $104,308 in rent for the same period. At this point,
the estimated opening of the permanent Fun Zone is Spring 1992 so
it seems likely that Trafton and Associates will be invited to
return to the Pier to operate the Fun Zone for the summer of
1991.
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In July 1989, The Board of Directors terminated the license
agreement with Barbara McCoy for management of the Carousel as a
result of her move to Colorado. Debra Mandelkorn, Barabra's
assistant, continued operating the Carousel during an interim
period. After issuing a Request for Proposals in October and
receiving six responses, staff recommended and the Board approved
continuing the operation of the Carousel under a license
agreement with Debra Mandelkorn.
During this fiscal year, the Carousel generated $105,371 in ride
revenue and $66,487 in private rental. Private rental was down
14% from last year. This reduction can be attributed to an
overall slump in private rentals throughout the Los Angeles area.
In March 1990, Corporation staff recommended and the City council
approved revision to the fee schedule for rental of the Carousel
and Pier. Since the creation of the original fee schedule for
filming and private rental in 1984, the types and number of
private rental of pier faci1itiies had increased as had the
administrative costs of staff time required to facilitate
such rentals. The approved fee categories were further
differentiated to include private rental of the entire Carousel,
private rental of only a portion of the Carousel, business
parties and commercial and promotional events. The increased
fees reflect the varying amounts of staff time required to plan,
set up and clean up.
In April 1989, the Corporation was approached by the Aresia
Ensemble, a Santa Monica-based theatre group regarding the
temporary use of vacant space on the Pier. Aresis requested free
use of the unimproved space. The Corporation reviewed the
request and approved a month-to-month license agreement for the
group's use of the vacant portion of the Billiards Building for
$10 per month. since plans for the Billiards Building were still
being developed, the Board approved the theatre use temporarily
until a commercial tenant could be acquired.
The theatre has had a variety of successful performances over the
past year garnering good reviews in the press. They have
expanded their repertoire to include childrens theatre as well.
The Arasis Ensemble will continue to use the space until
construction begins on the entire Billiard Building.
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Lease management has resulted in a more professional management
approach to existing leases through computerization of sales data
and frequent individual exchange sessions. On-going lease
management activities included insuring that all lease conditions
were met such as prompt rental payments, renewal of expired
insurance policies, tracking of tenant sales, and adjustments to
base rents and security deposits per increases in the CPl.
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Overall pier revenues to the city were up by 2% this year from
FY 88/89. The most significant changes were an 8% decrease in
tenant rent to the City, a 36% decrease in vendor rent and a 18%
increase in parking revenues.
PIER PROMOTION AND EVENTS
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The Corporation continued the implementation of its promotional
plan this year as part of its efforts to attract a larger and
broader cross-section of people to the Santa Monica Pier. The
Corporation has placed particular emphasis on the creation of an
annual special events program as a way to promote the Pier and
establish it as a center for quality entertainment.
There is no question that the santa Monica Pier Twilight Dance
Series has become a legitimate entertainment experience in Los
Angeles. In its sixth year, the concerts drew, on average,
20,000 per performance. Due to the Corporation's success at
attracting corporate sponsors, the calibre of talent booked for
the series was greatly increased. Staff estimated that
approximately 25,000 people attended the Bo Diddley concert.
Corporate contributors in 1990 included: the Santa Monica Pier
Lessees Association, SMarts, Loews Santa Monica Beach Hotel,
Pepsi, Ben & Jerry's, LA Weekly, KPCC 89.3 FM, IBS TV Channel 62,
Janss Foundation and The Tavern on Main.
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Prior to the opening concert on June 28, 1990, the corporation
hosted a reception in the Carousel for corporate sponsors and
friends of the Pier. Following the reception, guests strolled
down the pier and enjoyed a tremendous performance by nBilly Vera
and The Beaters". nJunior Walker and the Allstars" were
originally scheduled to open the series but cancelled at the
last minute citing personal reasons.
The Corporation hired Athena Productions, a corporate sponsorship
company, to obtain funding for the 1990 series. Unfortunately,
they were only able to bring one new sponsor to the series, Ben &
Jerry's Ice Cream. Staff also hired Peggy Clifford to produce a
7-minute video of the concert series that accompanied the
sponsorship proposals. The video included highlights from the
1989 series and was narrated by William Scha1lert.
On April 6 and 7, the City officially re-opened and dedicated the
neWly-constructed Municipal Pier. The Friday dedication ceremony
was attended by local, state and national dignitaries. The first
annual "Peer of the Pier" award was presented to Joan Crown for
her constant support and dedication to the Pier. On Saturday,
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the celebration continued with live jazz, hot dogs and drinks
provided by Grand American Fare at 1940's prices and a fireworks
salute at dusk. Corporation and city staff worked together to
coordinate the two-day event which attracted upwards of 5,000
people over the two days.
other special events in FY 89/90 included the continuation of the
pier kite festival held in April on the beach north of the Pier.
The kite festival has averaged approximately 200 kite flyers and
hundreds more observe the spectacle. The fourth annual Santa
Monica Kids Day was held on the pier in June. Over 400 kids
attended the Pier and partook of the day'S numerous recreational
activities including free Carousel rides, sandsculpting on the
beach, gymnastic demonstrations and a City vehicle display.
The Pier successfully hosted the second annual "Senior Day" on
the pier on september 28, 1989. The corporation, in conjunction
with the Commission on Older Americans and the Department of
Cultural and Recreation Services, sponsored a day of activities
on the pier for area seniors. Transportation to and from the
Pier was provided from a variety of locations in the City. A
tent was donated by Regal Rents so the event was held out at the
west end of the pier. The seniors were served lunch in the tent
and were entertained by the Mariachi Nuevo Uclatlan. After lunch
was served, Swingstreet Band performed big band music and a dance
contest followed. Approximately 400 seniors attended Senior Day
at the Pier and look forward to the 1990 event.
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Two new events were held on the pier in FY 89/90 and their
successful debut will hopefully ensure their continuation on an
annual basis. The first event was Cinco de Mayo, held on sunday
May 6th. The corporation issued a Request for proposals for an
independent producer to produce a Cinco de Mayo event on the
Pier. Richard Vasquez of Vasquez Entertainment, Inc. was
selected. The event consisted of musical entertainment
throughout the day, ethnic food booths and a beer garden. The
day was an overwhelming success. There were over 100,000 people
in attendance over the course of the day. Contributing to the
overall attendance were thousands of beach-goers who flocked to
the beach to escape the city heat.
Several issues that arose from the event will be addressed by
staff in planning Cinco de Mayo in 1991. The first was the noise
level. The amplification system used for the event was very
large and was elevated on twenty-foot speaker platforms. A much
smaller system will be used next year. Traffic congestion proved
to be significant as a result of the event and the warm weather.
Staff will work with police and Executive Parking, Inc. to
improve traffic circulation. staff will also work with Mr.
Vasquez in reducing the amount of pre-event promotion which may,
in turn, reduce the size of the crowd.
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The second new event in FY 89/90 was the Great Southern
California Duck Race. This event was independently produced by
The Donohue Group to raise money for Childrens Hospital Los
Angeles. Thousands of numbered rubber ducks were launched off a
boat by the breakwater. The ducks rode the waves to the shore
and the first to arrive won prizes for their owners. In addition
to the actual race, the day started out with a brunch reception
at Guest Quarters Hotel followed by a parade down the pier led by
Donald Duck, musical entertainment by the Killer Ducks band, and
sponsor booths.
The Duck Race garnered extensive media coverage and was well-
attended by the public. Plans are in the works to combine
the Duck Race with Kids Day over a two-day weekend in 1991.
Materials continued to be collected for the Pier archive FY
89/90. Peggy Clifford was hired by the Corporation as Pier
archivist. Much of the year was spent collecting and cataloguing
historic photographs, newspaper and magazine articles, books and
memorabilia. Discussions for a permanent installation for the
collection and the library are still underway.
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PIER OPERATIONS
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The Corporation continued to work closely with the City of Santa
Monica in an advisory capacity on Pier operations. The City
retains responsibility for capital projects, the provision of
security, the maintenance of the pier platform and all other
public areas and oversees the operation of the parking lot.
On April 6, 1990, the City opened the neWly-constructed Municipal
Pier to the public. The reconstruction of the 45,000 square feet
of deck that was destroyed by the storms of 1983 began in January
1989 and was completed in March 1990. The contractor for the
project was Kewitt Pacific. Cost for the reconstruction was $6
million. When combined with the 1989 completion of the
reconstruction of the damaged Pleasure Pier deck and
substructure, the Pier has been restored to its approxiMate form
and dimension prior to the 1983 storms.
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The design development has been completed for the facilities to
be located on the west end of the Municipal Pier. The project
has been approved by the Corporation, Planning Commission,
Landmarks Commission, ARB, and the Coastal Commission. The
project includes a 6,525 square foot cafe, a 966 square foot
Harbor Office, 625 square feet of restrooms, 180 square feet of
utility space, a 1,344 square foot bait shop, a 1,675 square foot
observation deck and a 60 square foot ticket booth.
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Construction is expected to begin in Fall, 1990 and be completed
in Spring, 1991.
The Corporation, working together with city staff, has developed
alternatives to the previously proposed 600+ space centralized
parking structure.
The decentralized parking schemes will significantly lower
construction costs, may diffuse traffic circulation impacts, and
eliminate the larger mass of a central structure. Two
alternatives will be analyzed in the Pier Environmental Impact
Report (EIR).
The first alternative replaces the 471 spaces which existed on
the pier prior to the 1983 storms and increases 96 additional
spaces. Public parking on the pier would be removed except for
82 valet parking spaces. Remaining parking would be located
at 3 adjacent sites:
- 1640 Appian Way: a 2-story partially subterranean parking
structure (244 spaces) and 5,200 square feet of retail.
- 1550 PCH: restripe the existing 706 space lot and pave a
residual unpaved area for an increase of III spaces. An
outdoor performance stage for special events would be
located at the northwest corner of the lot.
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- 1590 Appian Way: The Deauville property and the Beach
Maintenance Facility lots would be paved to gain 205 net
parking spaces. The existing Beach Maintenance Facility
would be relocated.
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The alternative approach requires an additional structure, and
creates 104 more spaces. The difference from the above
alternative is a one-level above-grade parking platform (152
spaces) that would be built above the 1550 PCH lot adjacent to
the north side of the Pier. This would serve as an event deck for
special events and as additional parking otherwise. The event
deck and the 1550 lot below would be accessible from the pier
bridge, which would remain open to general vehicular traffic.
The City pier Maintenance Crew completed the fire wall beneath
the Pier along the north and south perimeter to the surf line,
the east wall of the bike path, the west wall of the service
road, and removed the chain link fence on either side of the bike
path. City staff has refined a scope of work for the pier Fire
Study which would identify the fire risks to various locations
on the Pier, (i.e. public assembly area, buildings, roadway) and
analyze the effectiveness of several types of fire resisting
systems, including sprinklers, comparting, fire shields, and
protection walls. City staff is also in discussion with other
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cities that have wooden piers about joining in the study since
much of the information gained would be applicable to conditions
on other timber piers.
CONCLUSION
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Fiscal year 1989/90 saw many accomplishments for the corporation.
with the finalization of lease negotiations and the execution of
new leases, the Pier is about to realize its long-awaited
redevelopment.
Over the next year, the Corporation will continue to work with
the selected developers to implement their programs.
Construction will begin on the Billiards Building, the Municipal
pier Cafe and the Arcade. Leases will be executed for the Fun
Zone and Sinbad's. Events will continue to flourish, bringing
new visitors to the Pier. The Corporation will be considering
the creation of several new events to add to the pier's annual
roster.
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Over the next several years the Pier will be undergoing a strong
resurgence, both as a viable commercial and entertainment entity
and as an attractive destination for local residents and visitors
alike.
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PIER RESTORATION CORPORATION
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The Santa Monica pier Restoration Corporation was created as a
non-profit public benefit corporation in November 1983 by the
Santa Monica City Council to manage the Pier and oversee its
reconstruction and revitalization.
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Chosen trom a large number of applicants, the Board is made up of
business and community leaders who not only represent the full
range of community interests, but also have the requisite skills,
experience and expertise in real estate, development, finance and
design.
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Members of the Board serve without compensation and are
responsible for setting policy and developing plans for the
reconstruction and redevelopment of the Pier.
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BOARD OF DIRECTORS
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Rae Archibald
Henry custis
Donald Girard
Paul Giuntini
Ruth Goldway
Nancy Greenstein
Margaret Henry
Barbara JiJi
Brad Jones
William Spurgin
Wayne Wilson
CORPORATION STAFF
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John E. Gilchrist, Executive Director
Susan Maysels, Assistant Director
Elaine Mutchnik, Operations Manager
Bridget Stermer, Office Administrator
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SANTA MONICA PIER
RESTORATION CORPORATION
FINANCIAL STATEMENTS
JUNE 30, 1990 AND 1989
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Santa Monica Pier Restoration Corporation
Table of Contents
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Accountant's Report 1
Statement of Assets, Uabitities and Fund
Balance, June 30. 1990 and 1989 2
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Statement of Revenue, Expenses and Fund
Balance, for the Years Ended June 30,
1990 and 1989 3
Statement of Cash Aow for the Years Ended
. June 30. 1990 and 1989 4
Notes to Financial Statements 5
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HOLLANDER, FREEDMAN, HARRISON & FINE
CERTIFIED PUBLIC ACCOUNTANTS
11620 WILSHIRE BOULEVARD, SUITE 700, LOS ANGELES, CALIFORNIA 90025
TELEPHONE (213) 473-2001 FAX (213) 4n-4355
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Board of Directors
Santa Monica Pier Restoration Corporation
Santa Monica, California
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Ladies and Gentlemen:
We have reviewed the accompanying statement of assets, nabilities and fund
balance of Santa Monica Pier Restoration Corporation as of June 30, 1990 and
1989, and the related statements of revenue, expenses and fund balance and
ca~h flow for the years then ended in accordance with standards established by
the American Institute of Certified Public Accountants. All information included in
these financial statements are the representations of the management of Santa
Monica Pier Restoration Corporation.
A review consists principally of inquiries of company personnel and analytical
procedures appned to financial data. It is substantially less in scope than an
audit in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarcfang the financial statements taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the accompanying financiaf statemefi~ in order for them to be in
conformity with generally accepted accounting principles.
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HoOander, Freedman, Harrison & Fine
Certified Public Accountants
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Los Angeles, California
August 3. 1990
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Santa Monica Pier Restoration Corporation
Statement of Assets, Uabirlties and Fund Bafance
June 30. 1990 and 1989
Assets
.. 1990 1989
- Current Assets
Cash $ 44,630 $ 10,274
Prepaid expenses 93,404 56&99~
Total current assets 138,034 01.269
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Furniture and fixtures - at cost. less
accumulated depreciation (Note 3) 2.864 6.896
. Other assets
Organization costs. less accumulated
amortization of $14,061
, 140.89& , 741165
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Liabifrties and Fund Balance
Current liabilities
Accrued expenses $ 37,176 $ 33.533
Accrued vacation 6,768 3,689
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Total current liabilities 43.944 37.n?
Fund balance
96,954
, 1401898
36.943
, 741165
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Unaucflted
See Accountant's Review Report
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Santa Monica Pier Restoration Corporation
Statement of Revenue. Expenses and Fund Balance
- For the Years Ended June 30. 1990 and 1989
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1990 1989
Funding - City of Santa Monica $ 520.841 $ 363.464
. Operating expenses
Salaries 224.228 199.418
Payroll taxes 14.165 15.268
Insurance - employee retated 14.853 13.130
Employee reJocation 5.200 1.576
. Office supprses and postage 10.457 15,614
Advernsing 1.010 4.964
Equipment rental 4,530 5.604
Automobile 206 74
Conference and travel 2,376 2,603
Dues. subsaiption and memberships 1.232 1.760
. Insurance - business 5.006 8.263
SMPLA Matching funds 15.007 15.692
Brochures and pubrlC information 15.677 19.511
Special evef.\i. - costs 72,145 60,615
Special events - revenues (76.138) (13,522)
Professional services
. Accounting 5.700 4.450
Legal 65.990 14.226
Promotion 39,506 38.239
Lease aucfds ~115
Police services 15,000
Economic services 1.800 4.472
. Development services 23,077 37.602
Market research 15.500
Depreciation and amortization 4.034 7.833
Total operating expenses 465,059 475,007
. Excess of funding over expenditures 55.782 (111.543)
Interest and other income 4.229 4.070
Excess funding and other revenues
over expenditures 60.011 (107,473)
. Fund balance, beginning 36.943 144,416
Fund balance, ending ~ 961954 , 36,943
. Unaudited
See Accountant's Review Report
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Santa Monica Pier Restoration Corporation
Statement of Cash Flow
For the Years Ended June 30, 1990 and 1989
1990 1989
Cash flow from operating activities:
. Excess of funding and other revenues ($ 107,473)
over expenditures $ 60,011
Non-cash items incfuded in excess of
funding and other revenues over
expenditures:
Depreciation and amortization 4,032 7.833
. Increase in prepaid expenses (36,409) (22,686)
Increase in accrued expenses 6.722 19tOO4
Cash flow provided (used) by (103,322)
operating acbvities 34,356
. Cash Flow from Investing Activities:
Acquisition of furniture and equipment (2,781)
Cash Flow from Financing Activities:
None
. Net increase (decrease) in cash 34,356 (106,103)
Cash at beginning of year ., 0.274 116.3n
Cash at end of year ~ 44,630 ~ 10.274
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Unaudited
See Accountant's Review Report
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Santa Monica Pier Restoration Corporation
Notes to FU13r1CiaJ Statements
June 30. 1990
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Note 1. Orqanization
Santa MOnica Pier Restoration Corporation was formed on November 21, 1983.
as a non-profit public benefit corporation. The primary funding source for the
corporation is from the City of Santa Monica.
This funding is pursuant to a five (5) year agreement with the City of Santa
Monica commencing on July 1. 1985. This agreement provides for automatic
one year renewals after the expiration of the initial term with provisions for
termination with appropriate notice and agreement.
.
Note 2. Siqnificant Accountinq Pofice!!
A
Furniture and fixtures are stated at cost Depreciation is being provided
on a straight-line basis based upon the estimated useful life of the
respective assets.
B. The corporation quaflfied as a non-profit public benefit corporation which
is exempt from federal and state income taxes. Accordingly. no provision
for income taxes has been recorded on the finandal statements.
.
.
Note 3. Furniture and Fixtures
Furniture and fixtures, accumulated depreciation and estimated usefuj fIVes at
June 30 are as follows:
.
.
Fumiture and fixtures
Accumulated depreciation
____t~
$ 31.789
28.925
$ 2.864
1~
$ 31.789
24.893
$ 6f896
Estimated
Usefut ute
5 years
.
.
Unaudited
See Accountant's Review Report
5
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