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SR-RA-1 (3)~ ! ~ ~EC i 5 L496 RMD H G& RDA TR JP F 1SHAREIRDAIREPORTSISTAFF REPORT Counc~l Meet~ng December 15, 1998 Santa Monica, Califarn~a TO Gha~rperson and Rede~elopment Agency Mem~ers FROM Rede~elopment Agency Staff SUBJECT Approval of Annual Report for Frscal Year 1997-1998 for the Rede~elapment Agency of the City of San~a Manica Introduction The California Heafth & Safety Code requires that the Redevelo~ment Agency file an annual report with the Cantroller of the State af Califarnia This stafF report recommends appro~al of the attached Santa Monica Redevelapment Agency Annual Report for FESCa! Year 1997-1998, which inciudes an independent financial audit, pursuant ta Section 33080 1 af the Californ~a Healt~ and Safety Code Background The purpose of the Annual Report of financial transactions of the Rede~eloprnent Agency to the State Controller ~s to prov~de financial data to the state legislature and other interested parties regarding this agency and its acti~ities The report ~ncl~des the following 1) An independe~t financial audrt repart conducted ~n accardance with generally accep#ed auditir~g standarc~s, 2) A fiscal statement that pro~~des rnformatron on the outstandi~g ~ndebtedness of and the amount of tax increment re~enue generated by the Agency and by each pro~ect area, 1 ~ ~~ DEC 151,998 3) A description of the Agency's acti~~ties affecting housing and displacement, 4) Any ot~er tinformat~on wh~ch the Agency f~e~~e~es usefu! ta expla~n ~ts psagrams and act~~ities Discussion The accountmg firm of KPMG Peat Marwick completed an independent financial audit for #he frscal year from July 1, 1997 to June 3Q, 1998 in campliance with standards set out in Section 33080 1 of the Galifornia Health and Safety Code KPMG Peat Marwick ~ssued an unqualified audit report which means that the Agency's records fairly represent the financial posi~ion of the various funds and account groups of the Rede~elopment Agency as of June 30, 1998 Pursuant to fhe Californ~a Community Rede~elopment Law, the Redevelopment Agency is required tQ set aside at least 20% of the tax increment it recei~es each yearfor pur~oses of increasing, impro~ing and preser~ing the community's supply of low and moderate irtcome housing For fscal year 1997-1998, a total af $1,219,835 of ager~cy tax increment funds was set aside for fow and moderate mcome housing to meet the 20% set asid~ requirement as follaws Ocean Pa~k (1a) $278,981, ~cean Park (1 b) $36,~59, Downtown Pro~ect - $219,963, Earthquake - $684,832 The attached annual report prov~des specific information an housing and ather act~~ities af the Redevelopment Agency in ffscal year 1997-~ 998 Adoption of the annual repart by the Rede~elopment Agency is required priar to its transrnittal ta the State Contro~ler 2 Budqet/Fiscal Impact There are no budget/fiscal rmpacts resulting from the approval of #he Rede~elapment Agency's Annual R~port of Fiscal Year 1997-1998 Recammendations It is recommended that the Redevelopment Agency approve the Annual Report and direct the Exectati~e ~}ir~ctor to transmit t1~e report to tY~e ControVler of the State of Califomia Prepared by. Jeff Mathieu, D~rector af Resaurce Management Mike Dennis, Director af Finance/Agency Cantroller Robert Moncnef, Hausmg and RedeWelopment Manager Tina Rodriguez, Earthquaice Recovery Administrator Marty Kenneriy, Accountant - Hausing and Redevelopment D~~ision Ralph Bursey, Crty Treas~rer David Carr, Ass~stan~ City Treasurer Bill Jias, Senior Accountant Attachments' A- Redeveloprnent Agency Annua~ Report for 1997-1998 B- KPMG Peat Marwick Independent Auditor's Report for 1997-1998 C- Statement of Indebtedness far Tax year 1998-99 3 ,~.ttachment a. Redevelopment Agency Annual Report for 1997-1998 ANNUAL REPORT FOR FISCAL YEAR 1997-98 -- REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA INTRODUCTION As required by California Health & Safety Code Section 33080 1, the Redevelopment Agency must file an annual report with the California State Controller withm six manths of the end of the Agency's fiscal year The annual repart must contain 1) An independently prepared f~nancial aud~t report conducted in accordance wi#h generally accepted auditing standards 2) Afiscal staternentthat pro~ides informat~on on the outstanding indebtedness of and the tax increment re~enue generated by t~e Agency and by each pro~ect area 3} A spec~fic description of the agency's activities afFectmg housing and any displacement 4) Any other ~nforma~ion that#he Agency belie~es useful in explain~ng its programs and act~~~ties This annual report far the Santa Monica Rede~elopment Agency contains the information required by s#ate law and includes a reWiew of the oblectives and act~vities of the Redevelopment Agency in FY 1997-98, and previews the Agency's ob~ectives and wark plan for FY 1998-99 DESCRIPTION OF REDEVELOPMENT PR~JEGT AREAS The Santa Monica Redeve[opment Agency was established on August 13, 1957, and ~as four redevelopment pro~ect areas 1) Ocean Park Rede~elopm~nt Proj~ct (1a) 2} Ocean Park Red~~elo~ment Pro~ec# (1 b) 3} Downtown Rede~elopment Pro~ect 4) Earthquake Recov~ry Rede~elo~ment Pro~ect 1 Ocean Park Redevelopment Project The Ocean Park Redevefopment Pro~ect was the ~rst pro~ect to be ~ndertaken by the Santa Monica Redevelopm~nt Agency It was designated for study as a potential rede~efopment proaect in April 1958 when an application was submitted to the ~ederal government for survey and plannmg funds With these funds, the Agency commenced preparation of formal plans for tF~e area encompassing thirty-three acres of land in the southwest corner flf the City In Qctober 1959, as a result of reduction in the availability of federal funds for the praject, we divided the proposed thirty-three acre Ocean Park pra~ect mto two separate pro~ects so that at least on~ pro~ect coufd proceed wif~ the funds available to the Agency at the tEme Ocean Park Rede~elopment Project ~1a~ Ocean Park Rede~elapment ProJect (1 a) encompasses the narthern 25 acres of the originally propased 33 acre pro~ect The City Councii appro~ed the Redevelopment Plan for this Pro~ect an June 30, 1960, following requisite studies and hearings by t~e P~annmg Commission, Rede~elopment Agency, and the C~ty Counc~l The RedeWelopment Plan was amended an Nfl~ember 14, 1967, princ~pally to change the Permitted fand uses in the proJect area Ocean Park Redevelopment Prv~ect (1 a) is botanded by Ocean Park Boulevard on the nor#h, Neilson Way on the east, Ocean Park Pro~ect (1 b) on the south, and the State beach parking lots and beach on the west Ocean Park Redevelapment Pro~ect (1 a} was completed in May 1987 The pra~ec~ contains twa 17 story high rise apartmen~ bu~ldings which were completed in 1967 Each tower contains 2~0 rental apartment units On both sides of the apartment complex is the Sea Colony condomin~um pro~ect Sea Colany confams 340 condommium units which were const~ucted in two phases Phase one af the development was completed m 198D and Phas~ 2 was completed m May 1987 Ocean View Park is a public park located in the center of Pro~ect Area ~1 a) facmg the acean Ocean Park RedeWelopment Project (1 b~ Ocean Park Rede~eloprnent Pra~ect (1 b) encompasses the sou#hern eight acres of the ong~nally proposed 33 acre pro]ect The C~ty Council approved the Rede~elapment Plan for this Pro~~ct on January 24, 1961, fallowrng requisEte studies and hearings by the Planning Commissron, Rede~elopmentAgency, and the City Council The Redevelapment Plan was arnended on January 26,1965, and again on September 12, 1972, principafly ta change the perrnitted land uses in the pro~ect area 2 Ocean Park Rec~evelopment Pra~ect (1 b} ~s baunded by Ocean Park RedevElopment Pro~ect {1 a) on #he north, Neilson Way on the east, the City limit on the south and the State beach parking lots and beac~ on thte west Ocean Park Redevelopment Pro~ect (1b) was campleted in 1983 The pro~ect contains two senior citizen residential apartment complexes and a former utility bu~fdmg Neilsan V~Ilas cantains 100 rental apartment units and was completed in 1977 Bamard Park Villas cantains 61 ~nits and was com~leted in 1983 A utility building was adapted in 1987 to house affices antf art storage for the Eli Broad Family Art Foundation Other Projects The Ocean Park Rede~elopment Pro~ect Area funds provided for the funding of various housing and ather related pro~ects for low and moderate income individuals and fam~lies funded either in whofe or in part by the Agency In addition, certain pro~ects found to be of-benefi# to the pro~ect area were funded by the Agency These other pra~ects include 1~ Renovation and enhancement vf the nearby beach parkmg lot and surraunding streets 2) Rehab~litation and expansion of the Ocean Park Branch ~ibrary 3} RehabilitatEOn of 22 apartment units targeted to very law ~ncome senior and famEly households at 175 Ocean Park Baule~ard 4} Construct~an of 55 rental apartrnent units for low and moderate mcame famdies, at various sites in the Ocean Park neighbvrhood 5) Construction or rehabilitatian of 3'~ 3 rental units at ~anous sites in Santa Monica 6) Purchase of a parking easement for a 40-unit, senior 202 low incame housing {~ro~ect Downtown Rede~elopment Pro~ect The ~vwntown Redevelopment Pro~ect encompasses about 9 9 acres of property located in the downtawn core of San#a Manica The Dawntawn Rede~elapment Pra~ect is bounded by Broadway on the north, 4`h Street on the east, Colorada Avenue an the sou~h, and 2"a Street an #he west The City Councif appro~ed the RedeWelopment Plan for the Downtown Pro~ect in January 1976 3 The Downtawn Redevelopment Pro~ect was completed in ~ 98Q It consists of Santa Monica Place and the ad~oining parking structures The re#ail portEOn of the pra~ect contains approximately 570,000 square feet of floor area and mcludes two ma~or department store anchors and 16D- specia~ity retail shops and food establishments, all of which are linked by th~ee le~el enclosed pedestrian space that extends d~agonally across twa City blocks The pra~ect also includes two Age~cy-owned parking structures containing 2,Q20 parkmg spaces Other Projects The Downtown Redevelapmertt Prolect Area included certain pro~ects to be of-benefit to t~e pro~ect area Various ~mprovements ad~acent to th~ Pro~ect at the Third Street Promenade and Bayside Drs#rECt ad~acent to the Downtawn Redevefopment Pra~ect were funded by the Agency But, the primary funding for these irnpro~ements came from other sources The Agency also appropriated housing funds ta assrst haus~ng pro~ects that prov~cle housrng for low and ~ery low mcome persons and familres Ear~hquake Recovery Rede~efopment Project The Earthquake Recovery Redevelopment Pro~ect was established m 1994 The pro~ect area includes the structures predominantly damaged in the January 1994 Northr~dge ear~hquake Approximately 90°/o of all red-tagged and 80% of all yellaw-taggecf buildings in the City were in this pra~ect area The pro~ect area is hounded on the east by Cloverfield and 26th Street, on t~e west by the Pacific Coast HighwaylBeach Promenade, on the south by approximately Pico Boule~ard and on the north by Montana Avenue The City Council appro~ed the Rede~elopment Plan for the Earthquake Recovery Pro~ect Area in June 21,1994 AGENCY OBJECTIVES AND ACTIVITIES FOR FISCAL YEAR 1997-98 In Fiscal Year 1997-98, the Santa Monica Rede~efopment Agency pr~marily focused Fts effor#s on continuing ongo~ng functions in support of existing and proposed housmg pro~ects Specifically, the foliowing activities by housmg pro~ects are described 2807 Lincoln Boulevard Project Objecti~e: Assist the 40-unit, Sectio~ 202 low ir~came senior housing pro~ec# develaped by Volunteers of America with predeWelopment and canstructian funds 4 During FY 97198, construction activ~ties commenced on the 40-unit, Section 202 low income senior housing pro~ect Previously, we allocafed f~nds for the purchase of a park~ng easement for the projeet ar~d predevelapment costs Agency Funding Source: Ocean Park Pro~ects (1a) and 1b) and Downtawn Pra~ect 101'I 11th Street Project Objectiwe: ,4ssist the 7Q-un~t, Sectsan 202 [ow ~ncame sentor hous~ng pcoyect developed by Upward Bound far prede~elapment and canstruct~on costs This ob~ecti~e is ongoing Durir~g FY 97-98 predevelopment activrties were condUCted for this 70-unit senior housmg pra~ect Agency Funding Source: Ocean Park Pro~ects (1a} and ~b) and Downtown Prolect Earthquake Pro~ect 1116-1'146 4t'' Street Project Objective: Assist the 66-unrt, Section 202 sertior housing development pro~ec# de~eloped by Menorah Housing Foundatian with predevelopment costs This ob~ecti~e is ongoing I n FY 97198, fundmg alternatives for a 66-unit Section 202 senior ~ousing pro~ect vuere identified Some issues remain unsol~ed on this pra~ect tha# we an#icipafe ta be resolved m FY 98-99 Agency Funding Source: Ocean Park Pro~ec#s (1 a) and 1 b} and Downtown Pro~ect 175 Ocean Park Boule~ard The Ocean Park Housing Trust Fund paid $117,502 to subsidize 22 un~ts of housing for ~ery low income senior and family households through #he lease payment made by fhe Agency on behalf of the 175 Ocean Park Boule~ard public housing development operated by the Caunty of Los Angeles Th~s has been an ongoing acti~ity of the Redevelopment Agency #or many years 5 Other Housinq Projects Objecti~e: Analyze funding proposals for Wery low, low and moderate income housing pro~ects This o~~ecti~e is ongomg Agency Funding Source: Earthquake Recovery Project Ocean Park Pro~ects (1a) and 1b} ar~d Downtown Pro~ect Earthquake Pro~~ct Ohjecti~e: Analyze and determine extent o~ base year and current year assessed ~aluation errars as reported by #he County and work with Caunty oific~als to rnake appropriate corrections to assessed valuations and alivcate tax increment revenues as warranted This ob~ecti~e is ongoing The Agency will continue to enhance its tax increment strategies by assuring that assessed valuation errors are corrected Objecti~e: Explore hous~ng funding needs, as ident~fEed by the fve-year implementation plan The Agency ~nitiated the process af a comprehensive review of the goals af the implementation plan as ~t relates #o housing This is angomg process and it is anticipated that by fiscal year 1998/99 a camplete assessment of program alternat~~es will be deveEaped ta meet in a comprehensi~e manner the housing needs as outlined in the implementation plan AGENCY OBJECTiVES FOR FISCAL YEAR '1998-99 The Agency has the following ob~ectives for F~scal Year 1998-99 2807 Lincoln Boufe~ard Project Qbjecti~e: Completion and full occupancy of the 4D-unit, Section 202 low income senior hous~ng pro~ect Balance of Agency funds ta be disbursed during th~s fiscal year Agency Funding Source: Dcean Park Pro~ects (1 a} and 1 b) and Downtown Pro~ect 6 9011 '11th Street Project Objecti~e: Commencement af construction on fhe 70-unit, Section 202 low incame sen~or housing pro~ect being deWeloped by Upward Bound A signif~cant porfion of Agency funds is ant~cipated to be disbursed during this fiscal year for construction costs Agency Funding Source: Ocean Park Pra~ects (1a) and 1b) and Downtown Pro~ect Earthqua~Ce Pro~ect 11 ~ 6-114fi 4t'' Street Objecti~e: Commencement of constructian on the 66-unit, Section 202 senior housing pro~ect being deWeloped by Menorah Foundatian Agency Funding Source: Ocean Park Pro~ects (1a) and 1b} and Downtown Pro~ect ~ther Housinq Projects Ol~jecfi~e: Analyze funding proposals for acquisition and rehabilitatio~ targeted to ~ery low, low and moderate incame hauseholds Agency Funding Source: 4cean Park Pro~ects (1 a) and 1 b) and Downtown Pro~ect Earthquake P~a~ect Earthquake Recovery Project Qbjecti~e: Monitor pending assessment appeals and proWide expert assessment value analys~s to County for use at appeal hearmgs En order to determine an equitab~e valuation of rea! praperty AGENCY ACTIVITIES AFFECTiNG HOUSINGIHOUSING SET ASIDE FUNDS Tf~e Santa Manica Rede~elopment Agency did not participate in any activities that resulted m the d~splacemer~t, r~location or demolition of housing The Agency aiso did nat conduct relocation, dernolition, or displacement ac~ivities outside of the pro~ect areas in FY 1997-98 and no such activ~ty is expected ta occur m FY 1998-99 7 The Ag~ncy contr~buted $1,219,835 into its Law & Moderate Hous~ng Fund, reflect~ng 20% of fhe tax ir~crement revenues rece~ved by the Agency in FY 1997-98 These funds will be used in support of low and moderate incame housmg m future years The following represents the pro~ect breakdown of these contributions Ocean Park Redevelopment Project {1a} In FY 97-98, the Ocean Park R~development Pro~ect (1a) recei~ed $1,394,905 in tax increment revenue and a~~ropriated $278,981 for low and moderate income hausing p~arposes The remainder of the funds was appropriated for debt ser~ice on bonds and associated adminrstrative costs Dcean Park Rede~elopment Project (7 b) In FY 97-98, the Ocean Park Redevelopment Pro~ect (1b) recei~ed $180,294 ~n tax increment re~enue and appropriated $36,D59 for low and moclera~e income housing purposes The remainder of the #unds was appropriated for debt service an bands and associated adm~n~strat~ve costs Downtown Rede~elopment Project In FY 97-98, the Downtown Rede~elopment Pro~ec~ rece~ved $1,099,815 in tax increment revenue and appropr~ated $219,963 for low and maderate mcome hausmg purposes The remainder of the funds was appropriated far debt service on bonds and ass~c~ated adm~nistra#i~e costs Earthquake Recovery Reclevelopment Project In FY 97-98, the Ear#hquake Reco~ery Rede~elopmen# ProJect recei~ed $3,424,162 tax increment revenues and appropriated $684,832 for low and moderate income housing pur~oses An additional $684,832 in AB1290 payrnents wili be distributed ta other taxing entities including the City of Santa Monica Prepared by Jeff Mathie~, Directar of Resource Management M~ke Dennis, Director of F~nance/Agency Controller Robert Moncnef, Hausmg and Rede~elapment Manager T~na Rodnguez, Earthquake Recavery Adm~n~strator Marty Kennerfy, Accountant-Housmg Division Ralph Bursey, City Treasurer Da~id Carr, Assistant City Treasurer Bill Jias, Senior Accountant 8 ~ ~ ~ ~ ~ ~ ~ ~ THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MOIVICA, CALIFORNIA (A Component Umt of the City of Santa Monica, California) ~ General Purpose Financial Statements and Sapplementary Information ~ June 30, 1998 {With Independent Aud~tors' Repart Therean) ~ ~ ~ ~ ~ ~ ~ ~ ' ~ttachment B KPVIG Peat Marwick Independent Auditor's Report -- for1997-1998 ~ ~ THE REDEVEL~PMENT AGENCY OF THE CITY OF SA1~TA :VIONICA, CALIFQRNIA ~ (A Component Limt of the City of Santa Monica. Catifarnia) ~ Table of Contents ~ Page ~ Inc~ependent Aud~tors' Report 1 General Purpose Financial Statements Combmed Balance Shee~ 2 Combmed 5tatement of Revenues, Expendrt~res and Changes m Fund Balances 3 ~ Cambxned Statement of Revenues, Expenditures and Changes m Fund Balances (Defzcit) - Budget and Actual - Ali Capytal Pro~ects Funds 4 ~ Notes to General Purpose Financ~al Statements 6 Supplementary Information ~ Combimng Financial5tatements Combin~ng B alance Sheet - All Capital Pro~ects Funds 14 Combinmg Statement of Revenues, Expenditures and Changes ~n Fund Balanees - ~ AIl Caprtal Pro~ects Fands Combining Siatement of Re~~enues, Expend~tures and Changes m Fund Balances (Deficit) - 16 Budget (Non-GAAP Sas~s} and Actual - All Cap~ta~ Pro~ects Funds 18 ~ Independent Auc3itors' Report on Compliance 32 ~ ~ ~ ~ ~ ~ ~ ~ ~ - . l~ ~ Peat Marwick ~~P ~ ; 25 Saurh Ftigu~sec 5tre~t Los i-+~~eles, CA 9•~~47 ~ ~ ~ LVdEPENDE~T AL'DITORS' REPORT ~ The Agency Board Merr~bers Tt~e Redevelopment Agencyo uf the ~ City af Santa Momca, California We have auditec3 the accompanymg general purpose fananciai statements of the Redevelopment Agency of ~ the City of Santa Mamca, Californ~a, a component unit of the City of Santa Manxca, Californsa, as of and for the year ended June 30, 1998, as listed m the table of contents These general purpose financial statements are the responsibility of the Agency's management Our respnns~b~lity is to express an opinion on these general purpose fmancial statements based on our audit ~ We conducted our audit m accordance with generally accepted auditing standards Those standards reyuire that we plan and perform the audit ta obtain reasonable assurance about whether the general ~ purpose financ~al statemencs are free of mater~al rrusstatement An aud~t inc2udes exarrlimng, on a test basis, ev~dence supporting the amounts and disclosures in the general pu~pose f~nancial statements An aud~t also includes assessrng the accounting pnnciples used and sig~~ficant eshmates made b;~ mana~ement, as well as e~~aluatm~ the averall general purpose fmancial state~nent presencation We belie~~e that our audit pror•ides a rea~onable basis for aur opinion T~ our opinion. the general purpose financial statements referred to abo~e present fairly, in alt matenal respects, the fmancial position of the Rede~~elopcnent Agency of the C~ty af Santa Mon~ca, Californaa as of June 30, 1998 and the results of ~ts operattons for the year then ended in confornuty w~th generally ~ accepted account~ng pnnciples Oar aud~t was made for the purpose of farrrung an opinion on the genera] purpose financia] state~nents taken as a whole The comb~nmg financial statements are presented for purposes of addihonal analysis ~ and are not a required part of the general purpose fmancial statements of the Redevelopment Agency of the City of Santa Mon~ca, Cal~forn2a Such mformat~on has been sub~ected to the auditing procedures applied in the audrt af the general purpose fmanciat statements and, in our opm~on, ~s fairly presented, m ~ all matenal respects, m relatian to the general purpose fmanc~al statements taken as a whole ~ -~C~P`?~? Gr -~..eat 7~?~u~o-'u.~-~ ~ ~ctober 2. 1998 ~ ~ _ ~ -- i ~ _-<« - • -~•~ -_ ,_ - _ ~ ~ ~ ~~ ~ ~ ~ ~ -_~ .~ ~ ~' ~ ~ ~ ~ ~ ~ ~ THE REDEVELOPNiENT AGEI~CY OF THE CITY OF SANTA MONICA, CALIFORNIA (A Componen~ Umt of the C~ty of Santa Momca_ California} Comb~ned Balance Sheet June 30, 1998 Cap~tal Debt Pro~ects Service Assets Funds Fund Pooled cash and mves[ments fnote 2 f $ 5,51~3,055 - Restncted pooled cash and ~nvestments (nate 2} 3.i98.869 - Cash and investments mamtuned with f scal agent - resmcEed assets (notes 2 and 4} I,b92 3.658,430 Property tax mcrements recen•abie 2~0,178 - Notes rece-~able ~.?3.2~0 - Capitalized lease rece~vab~e (note Sj 9,Oi5.D0a - Amount a~ailable in Capital Pro~eets and Deb[ Service Funds - - Amount to be provided for payment of loag-term debt (note 5] Capual~zed lease receivable - - Other sources L~ab~lit~cs and Fuad Balances L~ab~l~t~es Accounts payable Due to other agencies Deferred re~enue (note ~1 $onds payable fno[e 3) I`otes payable to the City of Santa Momca (note 3} Tatal lia6tliaes Fund balances Reserved for no[es rece~vable Reserved for debt serrue Reserved for 209o set as~de Unreserr-ed - undes~gna[ed Total fund balances $ 18,203,044 S 19,748 b77,865 9,D I 5,000 9,712,663 223,250 - - 3,658,430 3.248,90~ - S,OI 8,226 - 8.440,381 3,65$,430 ~ 1&.203.044 3,658,430 3,658,430 Long-Term Debt Account Group 3,658,430 Total (memorandum onlv) 5,514,055 3,198,869 3,660. i 22 250,17 S 223.250 9,015,OQ0 3,658,430 9,015,000 9,015.OOQ 27,540.094 27.54D,094 4Q,213,524 62,074,998 - - 19,798 --- - 677,865 - 9,~1~.000 - t9,335,~00 I9,335.000 - 20.878.524 2D,87$,524 --- 40,213.524 49.926. ] 87 5ee accompany~rtg notes [o general purpose financial statements 2 223,250 3>658.430 3,248.905 5.018,226 40,213,524 12,148.8 i 1 62.074.998 ~ ~~ THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA, CALIFORNIA (A Component L'mt af the City of Santa Momca, Calzfarnia) ~ Combmed Statement of Re~~enues, Expend~tures and Changec in Fund Balances ~ r Year ended June 30, 1998 Capital Debt Total ~ Prajects Service (memorandum Funds Fund onl~} ~ Pro~ect re~enues Incremental property taxes $ 6,D99.176 ` b,099, l 76 Interest 643,396 i 32,376 775,772 Rent 1,147,764 - 1.147,764 ~ Total pra~ect re~enues 7,890,336 132.37b 8,d22,712 ~ Pro~ect expenditures Payment of property tax increment in accor- dance witi~ pass-through agreements 672,066 - 672,066 Cap~tai pro~ects i,083.583 -- 1,083,583 ~ Debt serv~ce expenditures Inkerest 1,204,625 1,267,255 2,471,880 Payment on long-term advances 370,299 - 370,299 ~ Bond pnncipal payment - 795,flOd 795,000 Total pro~ect expenditures 3330,573 2,062,255 5,392,828 ~ Excess {defic~ency) of revenues oti~er expenditures 4,559,763 (1,929,879} 2,629,884 ~ Other financtng sources (uses). Increase ~n Iong-term advances frorn the City of Santa Momca (note 3) 1.20~t,625 -- 1,204,b25 Other adr~ances from the City of ~ Santa Momca 160,972 ~ 160,972 Operating transfers m - 1,705,19fi 1,705,196 ~ Operating transfers out Transfers out to the City of Santa Momca ( t,705,196) (656,546) j (1,705,196) (655,546) Total other financm~ sources (uses) (996,145) 1,705.196 709,051 ` Excess (defic~e~cy) Qf revenues and other sources o~ er expend~tures ~ and other uses 3,563.618 (224,$83) 3,338,935 Fund balances, ]uly 1, 1997 4,926,763 3,883,1 l3 8,809,875 ~ Fund balances, ]une 30, 199$ $ 8,490,381 3,658,430 12,148,811 ~ 5ee accompanymg notes to generat purpflse financial statements ~ 3 THE REDEYELOPMENT AGENCY OF THE CITY OF SANTA MOrTICA, CALIFORNiA (A Component Unit of the Cxty of Santa Monica, CaIifornia} Corr~bined Statement of Revenues, Expenditures and Changes ~n Fund Balances (Deficit) ~ Budget and Actual - All Capital Pro~ects Funds Year ended June 30, ].998 Bud~et Pro~ect revenues Incremental progeriy taxes Interest Rent Totat pro~ect revenues ProJect expend~tures- Pa}~me~t of praperty tax mcrement in accordance v~nth pass-throe~~h agreernents Capital pro~ects Debt service Interest Payments of iong-te:rm ad~ances Total pro~ect expenditures Excess {de~ciency) of revenues over expenditures Oxi~er financmg sources (uses)- Increase m lang-term advances ~rom the City of Santa Monzca Other ad~ances from the City of Santa Mon~ca Operat~g transfers out Transfers out to the City of Santa Monica Total other financmg sources (uses} Excess (deficiency) of revenues and other sources over expendrtures and other uses Fund balances, JuIy 1, 1997 Fund balances (defic~t), June 3~, 1998 See accampanyin~ notes t~ general purpose fmancial statements 4 $ 5,6~2,125 265,199 1,147,764 7,065,488 560,000 16, ~.22,763 156,987 16, 869,754 (9,804,662) (2,086,929) {92o,~s2~ (3.0~7,911) ( I2,812,~73} 4,926,763 $ {7.885.81a) Actual 6,099,176 643,396 1,147,764 7,890,336 672,466 I,083,583 1.2fl4,525 370,299 3,330,573 4,559,763 1,204,625 I60,972 (1.7Q5,196) (656,546} (996,145} 3,~b3,618 4,92b,7b3 8.490,381 ~ ~ ~ e ~ ~ ~ ~ ~ ~ ~ ,~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ i ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~' ~ ~ ~ ~ ~ 1996-1997 Plus Actual, Variance - encumbered 1997-1998 budgetary favorable ~xpenditures encumbrances ~85i5 (unfavorable) - - 6,a99,176 447,051 - - 643,396 378,197 -- - l ,147,764 - - _ -_ 7,890,336 825,248 -- b72.066 (112,0661 - 502,521 1,586> i 04 14,53b,659 - - 1,204,625 [ 1,204,625) - - 370,299 (183,312} - 502,521 3,S33,Q94 Z3,036,656 - (502,521} 4,D57,242 13,861,904 - - 1,2.Q4,625 1,204,625 - - 160,972 160.972 - - (1,70~,196) 381,733 - - (656,546} 264,436 - - (99b,145} 2.0] ~,756 - (502,521) 3,461,097 15,873,670 - - 4926,763 - - (502.521) 7,987,860 15,873.67a 5 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA, CALIFORNIA (A Component Unrt of the City of Santa Momca, Calffornia) Notes to General Purpose F~nanczal Statements, Cont~nued as budgetary expenditures in the pnor year, are recognized as GAAP basis expend~tures but not as budgetary expenditures unless reappropnated It is the Agency's poiicy to only reappropnate capztal encumbrances and unencumbered balances of spec~al capital appropnat~ons In addtuon, cap~tal leases are budgeted on a cash bas~s, whereas GAAP reqwres the fuIl aa~ount of the ~eased asset p~rchased be shown as an expenditure of tk~e current year Budgeted amounts are as ang~nally adopted or as amended by the Agency Board MemUers dunn~ the year Ind~v~dual amendments were nat matenal m relation to the an~~nal appropnations Appropnations outstand~ng at year-end lapse, except for encumbered amounts, for which fund balances are reserved at year-end for go~emment fund types_ Debt servjce expenditures -- mterest represents mterest on the one-year notes fram the Crty Such notes are renewed annually, includmg the mterest from the pr~or year 5uch mterest accruals are not budgeted Investments Investments are stated at fair ~alue and generaily consist of Federal Govemment-backed secuntxes (note 2} Long-Term Liabitities Long-term liab~lities are accaunted for m the General Long-Term Debt Account Group Tax Increment Revenues Incremental property taxes are considered as pro~ect reven~es by the Agency when they become bath measurable and available for f~nancing the Agency's redeveloprnent acuv~ties dunng the year Property taxes are cons~dered available if received withm 6Q days followm~ year-end ~n accardance with generally~ accegted accountin~ pnnctples Incremental property tax revenues represent property taxes callected fram the excess of taxes le~~ed and collected each year on any redevelopment pro~ect over that amount which would ha~e been le~ied and collected on the base year praperty tax assessment A property tax base year ~s determmed to be the year pnor to the establzshment of a rede~~elopment pro~ect area Low and Moderate Income Housing ~ Under requ~rements of the State of Califorma Health and Safety Code, the Agency ~s required to set as~de 20~k of tax mcrement revenues for use m ttous~ng pra~ects beneft~ng low and moderate income households At June 30, 1998, the net cumulative unspent low and moderate mcome hous~ng set as~de ~ funds have been obligated by the Agency and are mcluded in the respective pro3ect area Low and Moderate Income Capital Pro~ects Fund for 20~ set as~de Total Columns ~ The columns m the accompanymg general purpose fmanctai statements captioned `"Total (memorandum only)" are not necessary for a fair presentatior~ ~n accQrdance wifh generally accepted accounttng ~ pnnczples, but are presented as additional analytical data ~ ~ ~ THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA, CALIFORN~A ~ (A Component Unzt of the Ctty of Santa Monica, Cal~fornia) Notes #o Ge~eral Purpose FinancFal Statements, Cont~nued ~ {2) Cash and In~estments ~ Dunng the year ended ]une 30, 1998, the C~ty and, by cdnsequence, the Agency adoQted GASB Statement Na 31, "Accounting and Financ~ai Report~ng far Certain Investments and for Externaf Investment Paols " Under GASB 31, m~estments are generally stated at fair value, rather than amortized cast, and the increase ~ pr decrease in fair valve of in~estments is included as a cornponent of mcome In ~mplementing GASB 31, the C~ty's management deternuned that any djfferences between the fa~r ~alue and amortized cost basis of ~ts mvestments at June 30, 1998 and 1997, as well as Iuly ], 1996, were immater~al to the Crty as a whole ~ as well as to the depaRments ar component un~ts parI3c~pat~ng ~n the Gty's 3nvestment Poo]_ Accord~ngly, the Agency's 1997 general purpose financial statements have not been restated to reflect adapt~on of this statement ~ Cash and investments of the Rede~eIopment Agency are pooled and invested with all other idle funds of the Ci#y The Rede~elopment Agency's portian of this poaled amount was 58,712,924 at June 30, 1998 Deka~led xnforniation concerning the City's pooled cash and ~nvestments can be found m the City's ~ Camprehensive Annual Financia~ Report for the year ended June 30, 1998 In add~tyon, $3,664,122 was held by fiscal agents specifically for the Agency ~n accordance wrth bond ~ndentare agreements {note 4) Inclr~ded in the Agency's pooled cash and cnvestments is $3,2d0,561 in ~ cash and in~estments restncted for contmuing capital pra~ects ~n low and moderate ~ncome housing funds at June 3d, 1998 ~ The Agency's ~nvestments mamtamed by fiscal agents are categonzed m t~e followmg table • Category 1- Includes investments that are ~nsnred or registered or for which the secunties are held ~y the Agency or its agent (other than the counterparty) ~n the Agency's name ~ • Cate~ory 2- Includes un~nsured and unreg~stered investments for wh~ch the secunties are held by the counterparty's trust department or agent tn the Agency's name • Category 3- Includes un~nsured and unregistered investrr~ents for whjch the secunt~es are ~eld by ~ the counterparty or by its trust department or agent but not in the Agency's name Fs~r valae, ~ ,Tuae 30, CatcRor,y i Cate~ory 2 Categ,ory 3 1998 Trustee-held seceuxt~es - treasun no~es/b~lEs (1) $ - 2. I&0,428 - 2,180.428 ~ ~ ~ Not reqaired to be categonzed Cash 9301 U S Treasury money mazket fund 1,A7Q393 ~ Totaf mvestrnents mazntazned 6y fiscal agents S_ 3.650.12? ( 3 j Represents secunues held throu¢h a book entry• system that ehrEUnates the need for physicaliy ti-ansfemng bearer-form paper or reg~stenng secunues by us~og a central depos~tory fac~htr- (3} Bonds, Notes and Advances Payable ~ On October i, 1992, the Redevelopment Agency ~ssued ~I1,635,(100 of Downtown Pro~ect refunding bonds On November 1, 1992, the Redevelopr~en~ Agency ~~ued $11,325,0(l0 of refund~ng bands tv ~ defease che outstandmg 1988 Ocean Park Bonds As af June 34, 1998, $7,750,0(H} of the defeased 1988 bands was stsll outstand~ng and not included m the accompanying combmed financial statements ~ $ ~ ~ THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA M~NICA, CALiFORNIA ~ (A Component Un~t of the City of Santa Mon~ca, Cahfornia) Notes to General Purpose Financtal Statements, Conrinued ~ Earnings Fund - In~esfinent Earnings Accaunt ~ Earnmgs on amounts held in any fund pursuant to the trust agreement are recorded m the Investment Earnmgs Account ~ Reserve Fund The Reserve Fund is to contain, as of any date af calculat-on, the lesser of (i) the maxtmum base rental payable by the Crty m any calendar year between such date of calculation at~d the expuat~on of the lease ~ term or (~~) IO~/o of the imtial aggregate pr~nc~pal amount of the bonds less ong~nal issue drscount, if any, plus onginal ~ssue prem~um, if any ~ Ocean Park Redevelopment Pro~ect Debt Service Fund - Interest and Principa~ Accounts ~ Momes are transferred mta this account hy the trustee on ar befare the last days of June and December m amounts equal to mterest due on the next ensu~ng mterest payment dates In add~t~on, on ar before the last ~ day of June, an amount equal to the principal amount of bonds matunng on the next ensumg Ju~y 1 ts transferred into thES account Reserve F~nd ~ The trustee has deposited ~nto this account an amount chat represents the maximum annual debt serv~ce for all bor-ds oatstand~ng ~ City Fund The amount depossted m the C~ty Fund is to be used to pay eh~ble notes owed to the Giry In turn, the ~ City can only use the proceeds to pay all or a portion of eltgible cap~tal pro~ects of the Caty At June 30, 1998, the Agency was in compl~ance w~th each of these speciai account requ~rements ~ {5} Capitalized Lease ~ On May 1, i978, tE~e Crty of Santa Mon~ca entered into a lease agreement w:th the Agency to provide par~ng for the shoppFng center tn the Do~vntown Pro~ect_ The ~ease requires the City to pay the Agency a base rental at an estimated rate of approx~mately ~ 1,130,400 per year, and m addition, the lease requires the ~ Crty to make add~tional payments each year suffic~ent to operate and mamtain the Parkxng Facil~ty The lease extends for a penod of 35 years or repayment of the bonds issued to ~nance construct~on of the Park~ng Faciltt~=, whiche~er occurs earlier ~ ~ ~ ti~ ~ ~ THE REDEVEL~PMENT AGENCY OF THE CITY OF SANTA MONICA, CALIFORNIA ~ (A Camponent Umt of the City of Santa Mon~ca, Californ~a) Nates to General Purpose Financial Statements, Connnued ~ Upon terrrunahon of the lease, ownersh~p of the Parking Fac~l~ty w~ll rest with the C~ty Such lease meets ~ the critena of a capitalizable financrn~ lease. howe<<er, in accordance with generally accepted accauntmg princ~ples, this long-term rece-vable ~s recorded tn the Downtown Pra~ect Fund with an offsetting equal amount of deferred revenue s~nce it does nat represent available spendable resaurces At June 34, 1998, ~ the present value of the lease paymen€s rece~~able from the C~ty was $9,01 S,Q00 {5) Year 2000 Date Problem (Y2K) ~ The Agency, m can3unct~on with the City, has completed a Y2K impact analysts to deter~rune the scape of Year 2000 issues This analys~s deternuned the ~mpact on the Agency of not correcting spec~fic Year 2000 issaes as~d also fac~lrtated che settmg af prionties and the establishment af contingency plans Y2K ~ compliance costs to date have been ~mmatenal The Agency does not expect the efforts to respond ta potent~a~ Y2K problems to have a matenal effect on the Agency's financ~a~ posit~an or results of aperations Despite these efforts, there can be no assurance that the systerns or products of other ~ compames o~ wh~ch the Agency systems rely will be hmely converted or that any such failure to convert by a vendor, customer or anather company would not have an ad~erse effect on the Agency's systems or operations ~ ~ ~ ~ ~ ~ ~ ~ ~ 12 s i ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ SUPPLEMENTARY INFORMATION 13 THE REDEVELQPMENT AGENCY OF THE CITY OF SANTA MOIVICA, CALIFORNIA (A Component Unit of the City of Santa Momca, California) Combu~mg Balarace Sheet - All Capital Pro~ects Funds 7une 30, 1948 Assets Cash and in~~estments Restncted cash and mvestments Cash and mvestments maintained wrth fiscal agent - restncted assets Property tax increments recervable Notes recei~able Cap~talxzed lease recervable Total assets LiabiIities and ~nd Balances Liabiirtzes: Acconnts payable Ihie to other agencies Deferred revenue Total Itabilitaes Fund balances Reserved for notes receivable Reserved for 20°le set as~de Undesigr~ated fund baiance Tatal fund balances Total Iiabilihes and fund balances See accompanying independent auditors' report Dorti~ntown Redevelopment Pro,~ect LowlMod Housin~ S - 1.?26.~51 235 96,283 Earthquake Recovery Redevelopme~t Project Lov~/Mod Hausing 803,999 28,239 $ 1,323,069 832,238 ~ 96.283 1,226,786 1.3?3,069 S 1,323,069 14 832,238 832,238 832,238 4cean ParK Redevelopment Project Low/Mvd Housin~ 1,16$,319 21,SG2 1?6,967 1,316.848 126,967 1.189.881 1,3 ~6,848 1,316,848 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Downtow~ RedeveEopment Pro~ect 927,132 937 9,015,Q00 9.943,069 Earthqualce Recovery Redevelapment Project 4.042,259 l 7 2,9~7 Oeean Park Rede~eloprnent Pruject 584,664 l ,fi92 86.248 4,115,216 672,604 ~ Total 5,5i4,Q55 3,198,869 1,692 Zi0,178 223,250 9,015.004 18,203,044 - I 9,798 - 19.798 - 677,865 - 677,865 9,O15,QOQ - - 9,015,000 9,O1S,000 697,663 - 9,712.663 - - - 223,250 3.248,905 928,069 3,417,553 672,604 5.018,226 928,069 3,417>553 9,943,069 4,I1S,216 (,72,6Q4 8.490,381 b72,60A 18.2Q3,C~44 15 THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MO1vICA, CALIFORl~'iA (A Component Un~t of the City of Santa Momca, Cahfornia) Combmmg Statement of Revenues, Expenditures and Chan~es in Fund Balances - AlI Capital Pro~ects Funds Yeai- ended June 30, 1998 Earthquake Pro~ect revenues Incremental propert~ taxes Interest Rent Total pro~ect re~enues Pro~ect expenditures Payment of property tax mcrement m accor- dance w~th pass-through agreernents Capital pro~ects Debt ser~ice expendatures Interest Payment on lang-term advances Tatal project expenditures Excess of re~enues over expend~tures Otl~er financing sources (uses) Increase m long-term advances from the City of Santa Momca Other advances from the City of Santa Mozuca ~peratmg transfers out Transfers out to the Crty of Santa Monica Total other ~nanc~ng sources {uses} Excess (deficiency} of revenues and other sources over expendrtures and ather uses Fund balarices, Juiy 1, 1997 Fund baIances, June 30, 1998 See accompanying independent audstors' report. Downtown Recovery- Ocean Park Redevelopment Redevelopme~t Rede~elop~t!ent Project Project Project Low/Mod Low/Mod Lo~/Mod Housin~ Housin~ Housin~ $ 219,953 584.832 31~,040 62,980 19,404 67,Q34 2$2,943 704,23 fi 3 82,074 111,363 - 310,898 111,363 - 310.898 171,580 704,236 7I,176 - - (117,502) - - (117.502) 17 i ,580 704,236 (46,326) 1.151,489 128.OQ2 1,363,174 5 1,323,069 832,238 I,316,8~8 16 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Earthquake Downtown Recor-ery Ocean Parl~ Redevelopment Redevelopment Rede~~elopment Pro~~ect Projeet Project Total 879,852 2.739,~30 1,~60,159 6.099,176 335,175 124,027 34,776 643,396 1,147,7fi4 - - 1.1~7,7G4 2,3b2,791 2,853,35'1 1,494,935 7,890,336 672,066 --- 672,066 500,354 160,972 - 1,083,583 $29,542 63,500 311,583 1.2d4,625 307,200 - 63,099 370,299 1,637,092 896,538 374,682 3,330,573 725,699 1,966,819 920,253 4,559,763 829,542 63.SOD 311.583 1,204,b25 - 1 b~.972 - 166,972 (942,284) - {762,912} {1,705,196) (313,614) {84,460) { 140,970) (656,546) (426,356) 140,012 (592,299} (996,1~t5) 299,343 2,106,831 327.954 3,563,b18 62S,72b 1,3I0.722 344.65Q 4,926,763 928.069 3,417,5~3 672,604 $,49D,381 17 THE REDEVELOP~ZENT AGENCY UF THE CITY OF SANTA MONICA, CALIFORNIA (A Componsnt Umt of the Caty of 5anta Mamca, Cahforn~a} Comb~ning Statement of Revenues, Exper~d~tures and Cha.nges ~n Fund Balances {Defie~t) - Budget (Non-GAAP Basis} and Act~aal - All Capital Pro~ects Funds Downtown RedeveIopment Project LQw/Mod Housmg F~nd Year ended June 30, 1998 Budget Actual Pro~ectrevenues Incremental property taxes ~n~erest Total pro3ect revenues Pro~ect expenditures - caprtal pro~ects Excess {deficzency) of revenues over expendit~res Fund balances, July 1, 1997 Fund balances (deficit}, June 30. 1998 18 S 250,175 2I9,9b3 1,728 62,980 251,903 282.943 1,259,039 111,363 (1,007,136) 17~,~8{f 1,151.489 1,1 ~ 1,489 S 144353 1323.069 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ' ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Less 1996-1997 Plus encumbered 1997-1998 exPenditures encumbrances Actual, Variance - budgetary fa~orable basis (unfavorable} '•_' 19,963 {30,212) 62,980 b 1,?52 282,943 31,040 111,363 1,147,676 171,580 f,178,716 -~- - 1,151,489 --- - 1,323.069 19 1,178,716 Cont~nued THE REDEVELQFN~ENT AGENCY OF THE CITY OF SANTA 1~ZOnZCA, CALIFORNIA (A Component Umt of the Crty of Sarita Monica, Cahfornaa) Cambining Statement of Revennes, Exgenditures and Changes in Fund Balances (Deficit) - Budget (rlon-GAAP Basis) and Acmal - All Cag~tal Pro~ects Funds, Con~mued Earthquake Recovery Redevelopment Pra~ect Lowll~~od Hausing Fund Year ended ]une 34 199$ Bud~et Actual Pro~ect revenues Incremental property taxes ~ 560.000 684,832 Interest 53? 19,404 Total pro~ect re~~enues ~60,532 704,236 Pro~ect expendatures - capital pro~ects 777,691 - Excess (deficiency) of re~enues aver expend~tures (217,159) 704,236 Fund bala~ces, July 1, 1997 128,002 12$,002 Fund balances (deficrt}, .Iune 30, 1998 ~ {89,I~7) 832,238 2{l ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Less 1996-1997 encumbered exPenditures Plus 2997-1998 enc~tmbrances - 97,671 (97,671) Actual, budgetary basis 584,832 19,404 704.236 97,b71 606,565 Variance - favarable {unfavarable} 124, 832 18,872 1 ~3,704 b80,020 $?3,724 - - 128,OQ2 - - {97,671 } 734,567 823,724 Continued 2~ THE REDEVELOPIIIE~TT AGENCY OF THE CITY OF SANTA MONICA, CALIF4R~~'IA (A Camponent Umt of the C~ty of Santa Monaca, Califomia) Camb~mn~ Statement of Revenues, Expendite~res and Changes m Fund Balances {De~crt} - Bud~et (Non-GAAP Basis} and Actual - All Capital Pro~ects Funds. Canunued Ocean Park Rede~elopment P~-o~ect Low/fvlod Housin~ Fund Year ended June 30, 1998 Fro~ect revenues Incremental property ta~ces Interest Total pro~ect revenues Pro~ect expenditures - cap~tal pro~ects Excess (deficiency) of revenues over expendttures Other financxnQ uses - trar~sfers out Eo the Gity of Santa Monzca Excess {deficiency) of revenues over expenditures and other uses Fund balances_ July 1, I997 Fund balances (deficit), June 30_ 1998 Bndget $ 320,2~0 1,839 322,089 1,401,737 (1,079,648) (117.502) { 1,197,150} 1,363,174 S 1b6.024 Actual 3I5.040 67,034 382,074 310, 898 71.176 (117,502) {46,326) 1,363,174 i,31b,8~8 22 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ , ~ ' ' ~ ~ ~ ~ ~ ~ Less 1996-1997 encumbered ex~enditures Plus Aetuat, Variance - 1997-1998 budgetary favora6le encumbrances basis (unfa~orable) - - 315,040 (5,210) - - 67,034 65,195 - ---- 382,074 59,985 - 404, 850 715,748 685,9$9 - (4{14,850) (333,fi74) 745,974 - - ( l 17,502) - - {444,850) (451,176} 745,974 - - 1,363,174 - - (404,85b1 911,998 745,974 Contznued Z3 THE REDEVELOPMEnTT A~ENCY OF THE CITY OF SANTA MO~'ICA, CALIFOR~'IA {~ Componene Umt of the City of Santa Monica, Cal~fomia} Combzmng Statefnent of Revenues, Expenditures and Chan~es m Fund Balances (De~cit} - Budget (Nan-GAAP Basis) and Actual - All Capitai Pro~ects Funds, Cont~nned Downtown Redevelopment Pro~ect Fund Year ended June 30, 1998 B~dget Pro~ect re~enues Incremental property taxes Interest Rent Total pra~ect re~enues Pro~ect expenditures Capital pra~ects Debt service Interest Payment on long-term advances Total pro~ect expend~tures Excess (defictency) of revenues a~er expend~tures Other financmg sources (uses) Increase m long-term advances fram the City of Santa Momca Operat~ng transfers out Transfers aut to the City ~f Santa Man~ca Total other financmg sources (uses) Excess (deficiency) of retienues and atheY saurces o~er expenditures and other uses Fund balances, 7ul} 1, I997 Fund halanees (defic~t), June 3D, 1998 " No eneumbrances were vutstandmg at June 3~, 1998 and I997 S 1.000,700 186.1[}0 1,147,7b4 2,334,56~ 500,350 1b6.04~ b66,39~ l ,b6$,170 (1,147,764} ~357,5'?7) (1,~05,291} 162,879 628_726 $ 791.605 ~ ~ 24 Actaal 879.852 335,175 I.i47,754 2,362,791 50(},35D 829.542 307,2D0 1.637,092 725,b99 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 829.542 (942,28~) {313.61~) ~ {426,356) ~ 299,343 b28,726 ~ 928,059 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Less 1996-1997 Plus Actual, encumbered 1997-1996 budget$rr expenditures* encumbrances* basis - ~-- 874,$52 - - 335,17~ - --- 1,147,764 - - 2,362.791 --- - Sb0,3S0 - - 829,542 - - 3~7.200 - - 1,637,492 _._. ~ 725,699 - - 829,542 - - (942.284} - - (313.614) - - [42fi.356) - - 299,343 Variance - favorable (unfa~orable} { 120, 848) 149.U75 28,227 (829,542) (141,156) (970,698) (442,471) 829,542 205,480 43>913 1,fl78.935 136,464 - 628,726 - - 928,4b9 136.464 Cantinued 25 THE REDEVELOPMENT AGENCY 4F THE CITY OF SANTA NZO1vICA, CALIFOR'~IA (A Camponent Umt of the City of Santa Mamca, Californxa) Combming Statement of Revenues, Ex~endltures a.~d C~anges in Fund Baiances {Deficit) -- Bud~et (Non-GAAP Basis} and Actual - All Capital Pro~ects Funds, Contmued Earthqualce Recovery Rede~elopment Pro~ect Fnnd Year ended 3une 30, 1998 Pro~ect re~enues Incremental property taxes Interest Total pra~ect re~enues Pro~ect expen~ztures- Payment of property tax mcrement Zn accordance w~th pass-chrough agreements CapitaI pro~ects Debt servyce - interest Total pro~ect expendrtures Excess (deficiency} of ret°enues over expend~tures Other ~`inancmg sources (uses) Increase in lona-term advances from the City of Santa Momca Other advances from the City of Santa Monica Transfers out to the Cit}~ of Sar~ta Mox~ica Totai other financing sources (uses) Excess (deficiency} of revenues and other sources over expenditures and other uses Func3 balances, July 1, 1997 Fund balances (deficxt}, 7une 30, 1998 ~ No encumbrances were outstandmg at June 30, i998 and 1997. 26 ~ ~ ~ ~ ~ ~ Bud et ~ Actual ~ S 2.240.OOQ 2,739,330 53,OOd 124,027 ?.293,aaa 2,s63,357 ~ ~ ~60,000 672,06b 12,183,946 160,972 - 63,506 ~ 12,743,946 896,535 {10,450,946) 1,966,819 ~ - 63,500 ~ - 16Q972 (271,144} (84.460) (271.144) 140,012 ~ (10,722,090} 2,Ifl6,831 ~ 1,310,722 1,310_722 ~ S (9,411368} 3,417.553 ~ ~ ~ ~ ~ ~ ' i 1 ~ ~ ~ ' , ~ ~ ~ ~ ~ ~ ~ ~ ~ Less 1996-1997 Plus Actual, encumbered 1997-1998 budgetary ex~enditares* encumbrances* basis - - 2,739.330 - - 124,427 -- -- 2.863,357 672,06G 1b0,9~2 53,500 896.538 1,96b.819 63,500 160,972 ( 84,460) 140,OI2 2,106, 831 1,310,722 3,417,553 27 Variance - favar~ble (unfa~orable) 499,330 71,027 570,357 ~ i i Z,a6~} 12,d22,974 (63,Sbt}) 11,847,408 12,417,765 63.500 160,972 185,684 ~11 ~,156 12.828,921 12, 828,921 Contin~ed THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA, CALIFORNIA (A Component Unft of the City of Santa Momca, Califarnia) Combining Statement of Revenue~, Expenditures and Changes m Fund Balances (Deficit} - Bud~et (Non-GAAP Basis) and Actual - All Capita~ Projects Funds, Contmued Ocean Park Redevelopment Pro~ect Fund Yeaz ended lune 3a, 1998 $udget Pro~ect revenues: Incremental property t~es $ 1,281,000 Interest 22,000 Total pro~ect re~~enues 1,303,Od0 Pro~ect expend~tures Debt service- Interest - Payrr~ent on long-term advances 20943 Total pro~ect expenditures 20,943 Excess {deficiency) of re~aenues over expenditures 1,282,057 4ther financmg saurces {uses) Increase ~n long-term advances from the Cxty of Santa Mon~ca - Operat~ng transfers out {939,165) Transfers out to tiie City of Sanc.a Mon.ica (174,809) Total other fmancmg sources {uses) (1.113,974) Excess {deficxency} of revenues and other sources over expend~tures and other uses 168,083 Fund balances, 3uly 1, 1997 344,650 Fund balances (deficit), June 3Q, 1998 $ S 12,733 * No encumbrances were outstandu~g at Ju~e 3D, 1998 and 1997 28 Actual I,260,1.59 34,776 1,294,935 ~ ~ ~ ~ ~ ~ ~ ~ ~ 311,583 b3,099 374,682 , 920,253 ~ 311,583 {762,91 ~) (14a.471) ~ {592,299} ~ 327,954 ~ 34-~,650 672,604 ~ ~ ~ ~ ~ ~ ~ ~ ~ ' ' ~ ~ ~ ~ ' ' ~ ~ ~ ' ~ ~ ~ Less 199b-1997 encumbered expenditures* Plus Actua~, Variance - 1997-1998 budgetary favorable encumbrances* basis {unfa~orable) 1,2fi0,159 34,776 1,294,935 311,583 63.099 374,682 920.253 31 I.583 {762,9] 1) { 140,471) (592,299) 327.954 (20,841} 12,776 (8,065} {311,583) (42,15b) (353,739) (361,8~4) 311,583 176,254 33,838 521,6'15 159,871 - 344,650 - b72,60~ ~9 159,871 Contmued THE REDEVELOPMENT AGENCY O~ THE CITY OF SANTA MONICA, CALIFOR~iIA {A Camponent Unrt of the Cit} of Santa Monlca, Californya) Combtnin~ Statement of Revenaes, Expendrtures ar~d Changes m Fund Balances (Deficit) - Budget (Non-GAAP Basis) and Actual -- All Capical Pro~ects Funds, Cont~nued Total Cap~tal Pra~ects Funds Year ended 7une 34, 1998 Pro~ect revenues Increrflental property ta~ces Incerest Ren~ Tatal pzo~ect revenues Pro~ect expenditures_ Payment af propeRy tax ~ncrement m accordance w~th pass-through agreements Capital pro~ects Debt serv~ce Interest Payment on long-term ad~-ances Total project expenditures Excess (de~c2ency} of revenues over expend~tures Other financing sources (uses). Tncrease in long-texm adti ances from the Citv of Santa Momca Other advances from the Crty of Santa Momca Operac~n~ transfers out Transfers out to the City of Santa Momca Total other financing sources (uses) Excess (defic~ency) of revenues and other sources over expenditures ar~d other uses Fund balances, Juiy 1, 1997 Fund balances (c~eficit), June 30. 1998 See accompan}°ing independent audi~ors' report ~o ' ~ ~ ~ ' ~ Bud et g Actual , ~ ~,652,125 6,d99,176 265,149 643,346 1,I47.7f~ 1.i47.76=k ~ 7,065,088 7,890,336 ' ~6b,OQQ 672,066 I6,122,763 I,D83.583 ~ - t,204.625 186,987 370,294 ~ 16,869,75~ 3,330,573 {9,804,662) 4,559,763 ~ - } ,204,625 160,972 ~ (2,486,929} (1,7fl5,196) (920982) (b~6,546) (3 OU7 911) (996 145 ~ , , , ) (12,812.573) 3,~63,618 ! ' 4.926,763 4.926.7b3 S (7,885.81D) 8,49U,381 ~ ' ~ ~ ~ 1 1 1 ~ ~ , ~ ' ~ ' ~ ' 1 ' ~ ~ ~ Less 1996-~997 Plus encumbered 1997-1998 ex~enditures encumbr~nees --- 502,521 - 5~2,~21 --~-~ (502,52I} - {502,521) - (502,521} Actual, Variance - budgetary favorable basis (unfavorable} b,a99, ~ ~~ a~~,as i fi~3,396 378,197 1,147,764 - 7,890,336 825,248 672,466 (112,066) 1,586,104 14,536,659 1,204,625 (1,204,b25) 37~,299 (183,312) 3,833,q94 13,036,656 4,057,242 13,861,904 1,2a4,625 1,204,625 160,972 160972 (1,705,196) 381,733 {b56,546) 264,436 (996,145) 2,011,756 3,06 f ,097 15.873,670 4.926.763 -- 7987,860 15.8?3,670 31 ' -_ . ~-~- ~ = Peat Marwick~~P ~ 725 Scut~ Fi~u°~ea Stre~t Los A~celes. i.~. 96~~17 ' V ~ ' , INDEPE'VDE'_~T AUDITORS' REPQItT O_'V CO.M~LIANCE ' The Agency Board Members The Redevelopment Agency of the ~ Gity of Santa Monica, Caltfornia We have audited the accompanyir~g general purpose f~nancial statements of the Redevelopment Agency of the C~ty of Santa Momca, Cahfarnia, a component umt of the C~ty of Santa Monica, Califorr~~a, as of and ~ for the year ended June 30, 1998 and have issued our report thereon, dated October 2, 1998 We conducted our aud2t m accordance w~th generally accepted audumg standards Those s~andards ~ require that we plan and perform the audrt ta obtam reasanable assurance about whether the general purpose financial statements are free of matenal mzsstatement ~ Compl~ance with laws and reg~ulations appl~cable to the A~ency ~s the respansyb~lity of the Agency's management As part of ol~tam~ng reasanable assurance about whether the Agency's general purpose financial statements are free of matenal rrusstacement, we performed tests of its campl~ance wrth certam ' provisions of laws and reeulat~ons coatained ~n the Guidel~nes for Compliance Audrts of Cal~fornxa Rede~~elopment Agenc~es, ~ssued by the State Cantraller's Off~ce, Division of Local Government Fiscal Affa~rs ~ The results of our tests mdicated that, wrth respect to the items tested, the Agency compl~ed, in all mater~al respects, wikh the pro~isxons referred to in the preced~ng paragraph With respect to items not tested, not~~ng came ta our attention that caused us to believe that the Agency had not complied, i~ ail matenal ~ respects, with those prav~sions Th~s report is ~ntended solely for the ~nfarmation of the Board of Duectors and management of the Agency and the State Controller's Office and is not ~ntended to be and sho~ld not be used by anyone other than ' chese speci~ed parties ~ ~C`'P`?~? C~' y~.,eat `?~ ~ October 2, 1998 ~ ~ -- .-` - 32 ~~t~-= ~-: -- _ --,_-_,-~ ~ ~ , ' ' r ~ ~ ~ ~ i ~ ~ ~ ~ ~ ~ ~ ~ ~ _ CiSy of , S~nta -io~fea'" September 29, 1998 Charl~s M. QennF~ Orrector of F~nance/Gry Controller F~nance Admm~strat~on 17t7 4th 5treet, Su~te 250 Santa Man~ca, Cai~farma 90401 Mr Alan T. Sasak~ Audito~ Controlfer County af Los Angeles 500 3fVest Tem~le St., Suite 525 Los Arageles, CA 90012 Dear Mr. Sasalti: Encfased p(ease f~nd the statements af ~r~de~tedness for tF~e fvl(owing pra~ects Dawntown Red~veiopmerrt Pro~ect Earthquake Recor~ery Redevelapment Pro~ect Ocean Partc RedeveEapment Project 1A Ocean Park Redevelopmerrt Pro~ect 1 B Attachment C Statement of Indebtedness far Tax year ~ 998-99 Also enclosed ara copies of supporting ctocumentatiore for ali new debt incurred after July 1, 1997. Tha audit re~on far the City's Rede~elopirent Agency for the year snded June 30.1998 w~if be sent ta you when it ~as beert compiete~. If yac~ require ft~rther ir~fcrmation ar have~ any questions, p~ease call me a# {310) 458-8287. Very truly yaurs, C~wt.P C. M. Denr~is City Car~trollerlDirector of Fina~ce CMD:rah End~sures tEnanaeladnnnUetts~sUtrdo~2 , tel 31Q 458-828~ . fax 3~0 393-6i42 • e-mar~ mdenr~~s~pen c~ santa-mon,ca ca us "WGRKING WITFI YOU FOR A SOUND FIHANCIAI. FUTURE' STATEM~NT OF INDEBTEDNESS -- CQNSOLIDATED F~LED FOR TFIE 1998 - 99 TAX YEAA Nama df Rcdtv~bpme~ll A~tncy Santa Mon~ca ltedevelopment Agency Na~of P[+ojedA~ .,.,,,. ., Downtarrtn_. Redeye~apment 1'ro ect $alaaccs Carricd Forw~rd From: (UPt~oral) `r Ta~l Lin~e oadst.ndin~ l 2 3 ~8,480,h18 ~„ ~,3az,sia ~ ~~_ 1 C~ver Pag~: Prlndpal~lnt~~~t Q~W ~~u~ ~udna 7~r Yrar 16:694:47t I . . • ~ ~ '~•, .~ .~ .~ Coaaol~da~e on tl~ [orm sll of the dala aoot~ia~cd oa Form A aad B(u~cluding supplementa~ pagrs) I~orm A~s ia tnclude aII yu~bl,eclaess aat~ered iaw ~ of J~ne 34 0[ the Fi~c~-! Year. F~orat 8 m~y be fekd as ihe optioo of ~he agency~ and a Ia inclu~ mdebtedness enterr,ci ialo pou .1uno 30 of t6e Fisc~l Ycar, purs3sant lo Ir~u-IUs aad SAfety C.oda Secl~oa a3675(c)(2}. ~~s ~s optioual t'or each ~gt~ry and ~s nat a roqui~nt Wr iiliag lbe SEAte~e~t at In~kbtedac~. Tbc Re,coucili~iiow Stateme~l ~s to iaclude iuckbt~dness [rom Form A only. Cert~Catiad o~ C~iet F"iaaocial Offioer: P~w~ItoSiection33b7S(b)oftheHealt~aodSafeiy~'.ode, Char.~es M. Dennis Uirector of Fi~~ance l i~ere~y aorti[y t~t the abova is A true aacl aocura-te Staumcnt Name T«i~ of ~mdoi~edaa~ ~ot #~a aboMe 4amed Ager~cy. U9/z9/9s ,. ~._ ,.~~ ~ ~ .11Knx1{YC ~ r ~ ~~14 ~ZCY 6/3/Qf ~ STATEMENT OF 1NDEBTEDNESS - FISCAL YEAR [NDESTEDNESS FILED ~OR 77iE 1998 - 99 TAX YEAR Nama oi Rcd~rclopmcal A~cnc~l 5anta Monica RPdevela ment A enc Name of projacEAres ' Downtown Redevelopment Project _,. ~ ~ For tndebtedaGe~s F.~t~ered i~lo as of ~aaa 3a.1998. Form A Pa~a 1 aL 1 O~i ln~l Datw .^~ Curr~nt a~bt id~ntlAwRNon bat~ PHnd ~1 T~rm Irtw~4t Rwt• Tot~l IM~r~rt Total Out~tandin D~bt Psindpwl/1ne~r•at ou• D~+dn 7ax Y~ar A Park n Lea e R B r, S b 8H 11 12 1 09 I 13l 883 B Santa Monics NQte ~1 Ob/3Q/8 871,840 1 ear* 5~ 0 1,y27,222 1,921,22'L C ~ M ca Na e~b lU 24 7 4 400 0~0 1 ear~ CSM ~ .n, ;~+~4io_r_ai„ ~ Ob/Z5/7 3,Od9,724 0 one 0 1s915,187 11'1,73c] E PtC Structure lt~imb. R ree. ll/29/7 . ~0,717,707 ._ 0 years None 0 5,71j,495 499,034 D/T Coap/Reimb Agreemer~t 12/17/85 16,187~b26 Open one 0 3,413,Oi3** U G 1 2 3 20 Shor Lalt 12 !4 93 15 3fi5 0 en o~e 0 10, 310 ~0, 3 t(l H 1947/98 Refmb. A reement 06/2419 362,187 Open None 0 0 (] ~ 1997/98 20x Hou~sing Set Aside 06/24/9 250,i15 Open None 0 ~ U j 1998/99 Reimb. A reement Ob/23/9 318,139 o~e,~ Nol~e 0 318,139 318,139 Srb To4af. ~j/~i~C .. ... ~ ~~ ^ • ~ `} .r~ ~ ~ ~%' ~qrt~ .'r' ••~ f ~ Toul~ Faward Frnta beherPa e~ ~~~ ~. ~ . ' ' ~`~r ',~' ' ~#*~ ~~ • } . . '+ ~ ~ r '' 238,$36 238,83Fi Tutals. Fi 1Year ~a ~ . *, ~ . ' . .. - " + „ ,~-r,r„~~-•-• --.~.-~• - - -----.~~~~,.~ 38,480,618 1b,694,471 P~r~osa al I~tM~s: ~,~~ Fi.naxtce ~Portion ot (s) Lai-d. eoris~ru~tion (~ ,~ __F~r ~,~nd,~.~r~sfer (~)_ _~w in~ca~ hnusinl (~') ~~1!~~~~ Third Street ma1.1 imp. (reduced for sale a€ CU4"s (~) 8b-87 (~) d (1i) _ OperaCfng e;spen tures (Ij 20x Housine Set Aqic~e (Per Sec 33 3. o .a Re ev aw) {~~ Operatin~ ~expenditures *Notes are rene~red annually if tptal amount owing is no[ paid. **O~igina~ ag~reement {~16,187,626) less 198b Certificate of Partici.pation ($12,714,613) equals outStandin~; debt. cost of ~kg 3tructure (itefunded) STATEMENT Oi~ 1NDEBTEDNESS - FISCAL YEAR INDEBTEDNESS Form A F1LED FOR THE 199$ - 94 TAX Y= paae t or ~_ Nam~ o~ Rdd~w~bpi~ot Aj,oscy SanCa Monica Redevelopment Agency NaQO of ProjodAt~ ~p~~o~ Redevelopment Project For ja3eb~ads~ss F.st~rcd inta as ot Ju~e 3~.1998. _. ~......_._ ... _._._..- --- .. ..._. _ __. . . . _.... ~.... O+i in~l ~it^ Curr~nl lnt~r~d Totd Totd Prinap~l/IntW~st p~ Id~~rG1i~~lion Dat~ fMnd al T~rm Ra!• Int~r~s! Oueslsndin D~bt Du~ Du~in 7~x Yeer A 0 en None 0 2.i$,836__ 238,836 ~_ e - ~ ..._._ ~ ' - -~ ---~ ~ . _.- ------- G - - ---- ...._ H . __._.~_- ~ _. _._.__ -- J - - - •-- --.. „._ ~ ._ Twal }" , r. t;,~ s `` r r : ~ <~ ~ . ~~~ A~ ~~~_ '~>~~'~~ °~~~t _ z~a a36 r~rro.. ac l.a.bue.~..: (w) 20X Housit-g Set Aside (Per Sec. 33s34.2 of Ca Redev Law) ~~~ ~C} {D) (E) (F) ~_____._.._ -~_..__-.- --- ~C') .---- ~~~~ - t~) ~~ ~ ---•- iK) _..___..._.._ ~L~ -- AECONClLIATiON 5Tr°tTEMENT - CHANGES IN INQEBTEONESS 1 Nama ot Agsncy ~anta Monica R~development Agency ~,~~ t,~1 Nama of Projact Are~ Q~~Q~'n e eve opment rojecC 'I~ax YMr: 1~0-~ R~ca~YYtlan D~t~s: FYOa~ .~+1~1 1. i~T TG Jun~ ,0. 199a - ---- - -- --.. . _.__._ ... -- --._ . . _.._. . ~ --- _ ~ ~ ~ E .-_.-- -...- _ E O~6I~.__. ~..-.~_... GL_~...~..~ G~ AdM1~bf1N11i MIOIMI{1 P~ ~11If1~1 R~1~y~1~ • s~a. o.o..na w,.: L~rMe Iw e.pinNnp tri«.~.:.. o.or.aso. fnd.blydr,.ss. ton, ad.nc. PHor~lr _ ---- - -- -- ._~_~~,____ l~~ E~~~1 Whch ExP~nationl Tax kiorarwnt Olfw fur-d~ _ ----_-_. __ ~~.~..~____ (At9-G-O-E1 ~ ~ ~ 1 _ ~y,~A ~ A Parking i.eas~ Revenue Bonds ;13,545,113 ~ ~ $ Q $ 819,852 ~ 247,162 ---- 12,4L~,U99 _ ~ 1 ~ 1 __ w+. B I.Irr~ B Santa Monica Ko e 114,403* ~ 0 -.--~Y~ -----~~~c~ . _~ a~~ `~~.~ p~ i p~p 1 .. IriC urr C Santa Monica Nntp ~K t~ n~5 505 6C,[~.917~ n n 22„~11Q(} 12,k5b.317 - ~ 1 ~i ~ _ ~D ~ D Vatale-Gy,iipin 2,016,624 D 0 0 i01,437 - 1,915,187 -- Po 1 ~ 1 _.. LNrE i~r E PICG Structure Reimb. A ree. 6 223 $G5 0 0 Q 500 35(l -' 5-7~'~ 4~~5 ~ ~ ~ ~ -~ - J,.._ ~ _,L..~..-- L~ ~~ . .-~.47~.01~-- ~ 1 ~ 1 - ~I ~ I F99T/98 20,Z Set Aside 25U,175 U 30,212** 219,963 0 0 ~ 1 ~ 1 L.kt~G Llrr G 1992-93 20~ Shortfall 15_~F,S A 0 0 5.f155 ~l)_31O , IIL- TFNSP 39, 435, S58 7 79, 315 30, 212 L ~ 923 b43 _ , ~ TdTiLLBFOI#Af'~D _~ __ __ ___~62.1$7 556.475 48.573 0 313,614 556,975 c~wp 7bTl-~,s ;39,797~745 ;1,33b,290 $78,785 ~,099,g15___ $1,47k,817 38.480,b18 ~ NOTE: 'i~1111lo~1N la to ~roandb ~ pr~rkrys ~a~~ d Ind~O'T ~'.~~ b tlwr e~~wM an~ bMnp tdfd. Morwwr. rk~c~ tlr r~conc111etion p~bd i~ iimlt~d w ls~r IIIa Julr 1- J1rn~ i0 N~~ ~ p~tlod. oNr p~w~ iWna `--'~-'~ on Ilw SOI Form A i~ to b~ Ineludrd on Ihis doeum.nt. To a~~lst In falbwle~p woh {I~rn ol --- -...a lraiu a1~ SW io 1M n~, w~ p~~ and lin~ -_'-`~ rMK~nc~s f oa- ~ah SOI lhat tl~ it~n o1:...:_:.:~.:..~a~ la U~d on {! fh~ Ind~bl~dnw Is ~w 1Q tl~is Mc~l ~r. «+M- •~~" In IIN •Pria Ys' prp~ ~nd Mnr oolw~r~a. Column F mwl wq~al ~ c~rrwnl SOI. Faren A To41 Oula~ndirp D~I~t ~._.~.. *Interest _.__ ._. .~.. . ___.... __._ _.. . _... ._~ Accrued f~r 1997/98 . . ..- ----- -- **ReducCion in estimate ~sed on the previaua SOI. Fi~v. ey3ya4 REG~NCiL1ATiON STATEMENT -- CHANG~S tN INDEBTEDNESS P~,$~ z~ 2 Nifl14o1AgB~C~ Santa Mnnica Reveda~n,~nm~nt.,~,PILrT_.,, Namf ot Prdject Atea DQy~;:Q~,j~~~,~~r~lonment Proiect ~, T~ Ywr: i ~8-~ R.~oneWatlon o.b.: Fran.luly ~. 18~7 To .1w~. sa. t~9a. -~-~ ~ ~ f -.. ~ - __.... . . .. . . C ~ E -. . _ .--- - . ___ - ---- - _ ~ - --~--.~...--~-- Drbt'.~. "..:.~tioe: [~;,r.~.. Q~bl Adwst m~n~ lur~ts Pdd AqNirul - .~_._.:.-~ sa,~..na wrr« a~.~ ~ a.~w,r,a ~....s n.a..~ dw.bma~,..~. *«s, e.~. PtlorYr Grnnl ~ar~llon ~~'~.:.~ ~/Id~ch Expl~nat~an) (Atlsch Explane~bon) Tax Inaw~nt O~Fwr Funds (A+B-C-p-~ ----R-. pA I3ev ~ 2 1~» t~ A 1 - 2 e- 238 836~ $ 0 $ 0 $ 0 $L38,83h W 1 ~9 1 -~-.-- _....__._. ~ H I.Mr~ H - 8 R A eem 362 187 0 k$,573*** 0 313,6I4 Q Po New Po 1 I.w Llr~,~ J 8- 9 iteimb. A reement 31$, 139** U 0 3l8, I jy ~ ~ _.~.. .__.. _ ......_. -~---- ---- __.._._...----~ lJn~ lbr ~ ~ 1 ~ ...^_.__ -.____... ..-..--- - Llrr lln~ ~ ~ '._..." ----- ....~.,~ - .•--- . . lin~ L~ qi ~ _m~.. ______T_.._.._.W._. t~ li» Po ~ _. _-- •-- -- _... ___ . ... _ lkM Lir~ ~ ~ .. --- - - ._. .... --~ ----- -~-- ~ -- - - LY+~ Lln~ ~ ~1 -- .~ ....._.___ _. Lrr L~ ~ ~ .. ~ .~ - -". . . , LY» lJn~ Po ~ _. __ ~ I~ Llrr~ 7ps11t-~FpBp ~362,I$7 ~556,975 $48,573 $ 0 ~31~,614 $556,975 * Tp Low/Moderate Incoms Hausing Fund. ** See attached ReimbursemenC Agreement. *** CALCULATiOM QF AVAlLABLE RF1/ENUES AGENCY NAME Santa ~Ionica Redevelopment A~ency PRO,JECTAqEJ! Dos~*ntown Redevelnoment Praiect TAX YEAA: ~ 9gH ~ ~ RECONC~uAno~ ~~,rss: ,~ULY ~, 199a Ta JUNE 30~ ~ 998 t eegu~n~ng Ba~lance, Arailabie F1aMenuea 1, 23d,905 (Sea ~nstructians) 2 Tax Inerement Recen~sd - Grass 1, 099 , 815 A~t 7ax tncremsnt ~tewnues, tc mclude any Tax fn~rement ~ passed tttrou~ ta othsr lacak tawnq agencbs. 3 AIf otf~er Ava~fable Revanusa Recenrsd 1~ 5G6 fi 7 2G (See Instrucilorrs) 4 Revenues ftom any ott+er source, included rrt Co~umn E of ths Recancrl~atrort Sta~ement, but not ~ncludad ~n ~ t-3) aba~ p 5 Sum of Vnes t through 4 _3 , 87l . 44~ a~o~ai amoeuRS pa~d against ~ndebt~dr~s m pra~ yaar. (D + E or~ Recone~f~ati~an Sta~emer~ 2, 574, 63 Z 7- Availsbls Rswnues. F.nd d Year (S - a) 1, 302 , 8~ 4 wAr~a-Aa nrES ~woexrr ~o sr~ra~a+~r oF ~a~r~~ESS. COVEi~ FA~O~ UN~ ~ N4TES Tax lncrem~r+t Rw~nt~s: The anly amaunt(s) to b~ ueclc~d aa Uuc {ncrem~nt Aswnue are any amounh ~~sd thco~gh ta other loeal ts~ang agencia #~urwa~'1It ta i~aW! and Sihi~f Cods $«.'tlo~1 33e7~. Tix inCnm~nt ~wnt~ s~t-esid~ in iIx LAw and Mod~ra~ Incar~ Hacrsing ~urid w~! ~ wuh~d k- tl~ aboMt catccrl~tlor~ ~enQ tt~ara[+or omdt~Q trom Aw~able Rewnws tt yur ant~. ltem 4. abovs; T~s~t repre~enh anyl R~Y~~ trom erty sa~rc:~ ather then Tax Irkar~m~nt CR nrtr~t~ rswnues. For snstenes. an ~gency tundt a ptaja4t with a bond ipu~. The previv~ 801 ~ciud~d a~i~pa~lvn Dw~loQm~rrt ASn~m~t 1~~~1? which wsy 1ully satisfMd wit~t th~ bo~d proce~ds. Th~ QDA would b~ showr~ an th~ R~eor-edf~on Stattment ss fully rspaid und~r tt+~'otMe' cdumn (Co~.q. I~ w~th i~nds that w~tr neith~r Tax Iner~msr~t~ nar •Avedabls A~wnuea~ aa aefin~d. Thi amourtr ~w~d ta sad~'this Doa vrould ba ~ncfudd ae la~ 4 abor~ m~r ~a accurstaiy dst~rtnu~ ~~dl~'Atra~abl~ R~vrnw~' Aw (7~Rq STATEMENT DF I1riDEBTEDNESS - C4NSOLIDATED FILED ~OR THE 1948 - 99 TAX YkAR Name of R~bpmaat Aatary Sanra Manica Redevelo ment A~;enc i Na^~o[proj~cctAte,i Ear~ qua e itecovery Developmen~ Project Covc r Pagc - - ---- -Curr~nl -- - - _. Baaa~ccs Carricd Forw~rd From: Y~.~ ~+na~~~+o~.~..i -. ~.IRC Out~tandln D~6t pw Oudn 7wx Y4~r Fi:cal Period - Totsk Ftan Fnrro A Pa ~ i Tow~ ~ (o~~t) ____.._ _ Post Fiical Pociod - Toiak Ftom For~ e ToW~ - [2} ~ ~ _____ $ ~ ~ _~ Gra~~ ' . Tnut~ ~ f3! $21.$65.IR2 ~~1_ ~31.y5fi A.._a.~~- xst~as~s _ --- - , - Fraa Glculat a~ a(Avadable Reveoue~ I.~ne 7 ~1 $ 3, 206, 530 ~ ~~ ' .._. - ~ ~ . ~:~ Co~alid~~ oo thiF tnrm ail of the daw oQat~ua~ed oa Form A aud B(iaclud,~ag suppkmeatal pages). Form A is ta ~nclude au ~ndebtecinrss eat~~red iaW ~ o[ Juoa 30 of the Fiscal Yeu. Form 6 u~y bc ~ilod at tiu aptioo of she ageary, and is ta include iadebtec~ess en~errai i~1o pat ~uoe 30 0#' tLe Fiseal Year, pursuant to H~aiW aad S~tety Code Sect~oa 3.'iS7S(c)(2). '1'hs ~s aplic~aal for each ageary and ~s aot a ral~erit for Gling t1r~ Sl~tta~cat of Iad~btsdnos~s. T~e Recaac,~li~~ion Statement is tv ~dclude incie~edness from Fotm A oa1y. Cert'~'ialiaa af Cbiat F'u~a~l Offir~cr: Pwr~t to Sediow 336TS (b) of lhe H~altti aa~ Sat~q Codc, Y~neb~r ccrli~j- tmt t~ abo+~e ia s trae snd ~c~cur~u 5t~t~aaent o~ indabtadioe~ ~or 1~e sbav~e osmed aaeuc.y. Charles NS. Dennis Director oi' Fi~tance Name Tiile aglzy/9~ S~gna[ure AMte Rev 6/3/94 STATEMENT OF INDE~TEDNESS ~- FISCAL YEAR INDEBTEDNFSS FILED FOIt TH~ 1998 - 94 TAX YkAR Name o[ Rcdavcb}~mooi A~oory ~~~C$ Monica Redevelopment Namd a~ ProjactArca Earthquake Recovery Reaeve For ladebt~daess Batar~ci ialo as ot ~~ae 31t. 299$. ro~ect Furrn A Pa6c 1 ar 1 --~-- - -- -- _. . On in~i Oda __.... _.._..._... ..._.. .... ---~-- .,- . Curr~nt ~i p~bt 1d~ntiRc~tlon • Prlnd al T+rm IM~r~~t Rata Total Intor~st 1'oe~l Oulalandin p~bl ~rincxpal/Int~~~l I Dw i]udn Tix Yfrr Santa Monica Note #7 A G/28/94 ~ 4Q0~000 0 en 5~ 0 425 400 ~25 4U0 a 5anta ~[onica Npte ~S CSM ftat ~ 638,10(} 63$, lU0 c 1997-98 ~efmb. AgreemenC 6/24197 271,144 p en None 0 () p D 1997-98 20X Ho n en N ne ~ ~ Q g 1947-98 A.8~240 ~'a~ss Throe~gh b/24/~7 2b0,000 C7pen Nqne n L~ (1 F 149b-47 Re~b. A reen~ent 0 18,554,288 5,821,06'L Q 1998-99 Reimb. Agreeraent 6/2.3/98 b46 38fi bpen i3one ., f~46.38b____,_ ~ 80Q,504 Open None 0 Sfl0,504 KU0,504 ~ 1998-99 AB1290 Pass Throu h 6 23 98 800 504 0 en None ~~ ~ Srb Twd. '1'Mwh - - ,.. • ~R~~. a+ ~ti' . . . : ~~)~ Rf,S 1A9 - . $9.13}.95h _ _ Talah ~oKwatd FraaaAl P~ ai ~ ~ . ~ ^ ~ , • ~ • • ~a~ r ~ '~ ~,^. _ , . • ~ ~ 0 ~_ 0 ~ ~ . ~ . ~: . . . ,~ • ^ s~~~~rr•~r• ~ • •• -.r+~r~~$21~865~1$2 _ ~9-131,956 _ Pr~~ss ot 1a~N ~w~ I994-95 ~ (B) 1995~-96 (~ ~~.. (Q~ Ot18 (F.) P,ass ,~ itures ec . a a e ev Law) ~.~ _C.~. Redev ~,aw} ~F~ Co~nmercial Steetscape Project (Gy__ 144_8-99_~erating ~xpe,n,, itures (H) ~~ ~?~~~.~C,..,.A~.ic~__(Per Sec 333;i4.2 of C,~ Re~ev i.aw) `,; _ ~,....n ~ f:a R 'E1~~11. ~ .lw ~ RECONGILIATION STATEMENT - CHANGES IN INDEBTEDNESS ~a~e ~ ot 1 Name otAgency Santa ~~$~~~velopment Agencv _ Name of ProJect Ikoa Earth uake Recover Redevelo ment Pro act T~c YMr: !~-~ R~conoYiatim i~t~s: Fsaa .k+l~ 1, t~97 TO Ju~ 90. 199a A --._..---- --- @ ~ - --~ --- ... _._- D _ . _ . - --- ---- E --- . _...-- -- - F .. ~ .. _.._ _.. /~L ~JRyI~~A~~~_ Y~@~ ~~y~ ^~- YF/P~p V~ yJ {~Y~ - -- A~kISY'~,li AY+'._y lY114Mi~1 ~ ~~~ ~~~~{~ - '~MN~If~ SOI. ~~ard ir~ f~Ll /W ~__.~ Inorars~s D~a~as~s Ind~~.s ~a. tom Brlrnc~ PNarYr O«~Y G~crblion :..:~....~...a (Amch E~nadoN IAe1~ch ExDlsna0onl Tax kwanwM OIFwr Funds (A+B-C-D-E~ P~ 1 Pa 1 ' l,k~A 1,kis A Cit of Santa Manica Loan 400,000 ~ 25,400 $ U $ 0 $ 0 425,4(}{) ~ I ~ ~ - .., ~.h. ~+. _ *** n _.._ -______°_ ° ~,~u _ i ~~ ~ 1 P~p 1 . -----.- - _ - - ~,.C ~ C 1997-98 Reimb. Agreement 271,144 0 232,771* 38,373 0 U W 1 ~ 1997-98 - -_ ~--- lk~ D tlrr D 2Qx hau~in Sek-Aside 26Q 000 424 $32* 0 b$4 832 0 0 ~ ~ ~ 1 _.._~._____. -.~. U~ ~ R,ir E * n . P~ Hew P~ 1 -._ _ __. ~ ~,~, 6 1998-99 Reimb. Agreement 0 646,386** 0 0 0 646,386 ~ New p1p 1 l~n. t~ S 1998-99 20~ Set-Aside 0 500, 504 0 () U 80U, SU4 p,~ New ~ 1 ~ ~ I Passthroughs Per AB1290 {)4 spTk-~FUgP 1, 79I,144 3,147, 792 232, 771 t.395.271. 4 3, 3l0,894 TOTI~I.SFDFMtAFii 1$,715,2b1 0 0 160,973 D 18,554,288 Gt~RNDT~D'~A~e 2 50b 405 ~47 792 23'l 17! 1 55b 244 (? ?.1 8h52 ]$1_ NOZE: Thir lnrw ia to.~......_::~ IM piMa~+r S* 1~nt of :. --- '...s io !M c~r~nt onr b~ina fd~d How~wr. slnc~ tl~ r~car~clNrtlon pubd la Iknl~d ~ ia~rtda Julr 1-,Nw~ ~0 N~d Ywr p~1od. w~h qwM it~.~. M~~ an 1h. S01 Fo~ m w~. ~o ~s lnclud.d ar~ thl~ dacum.ne. To ~~dst in tdbwlnp ~seh 1#~m d' "'"'...s fan on~ BW 1o thw ~r~~, ~p~p~ ~nd WM .._...:._ rM~r~nc~s Mom ~ach SOI tlrt Ih~ i1~m ot Ind~6Mdr~s~ is qatrd on. If t!w kKlM~tfdn+~s ir Mw b 1bi~ #~1 ~wr. ~nbr •e~ in Ih~'Prior 1ft' pa~ ~e~d lins wium~. Caluma F must ~qu~l thr cuirraN SOI. Fam A To0~1 Oub~andin~ ~ ~~~~ *I~tcrea~e in est~mate used on the previous **See attached Reimbursement Agreement, ***Accrued interest for 199~-98. F~w. bl3lw REGONCILIATiON STATEMENT -- CHANCES IN INDEBTEDNESS ~~Se ~~r 2 Name ol Aganc~l Santa Monica Redevelopment Agency Na~ ot Project A~ar art qua e ecovery e eve npment roje~t Tiac Y.r: /~D$-~ R.conalu~tion O.s.s: Froai .luy t. t si97 To .1un. sa. r 8se. D~711d~f1Y~C~~of1. ONd~1dY14 D~b! /IdJusRrlYf1lR A[Ttounb P4id Agpir101 f~Mtlrlflk~p ~. ~Y w11d ~M: ~~ ~ ~+ryww.~l~ ~fIRM*M ~~QiM6~ ~fK',~Yt?~f1Kt ~q11 ~(1G~ RiorYr (~r~NAY~ (ndrbMdnMS ~A~Ch Ex~natior-) (Atosch Explanatwn) Taxkwxwrwnt Oltwr Funds (A+B-C-O-E~ ~I 1 ~4 1 ~ ty+~ F~ F 1996-9 7 Re imb . As~reem~nt S 18 . 7~. 2~1 ,~ __ ,_ d ~ 0 __ _~~~r,,.,_,~g_. _ ~ ~ ~ Po un. urs~ ---- --~ -- ---~~-- •-~---._ . _._ . _ _. _ ~ ~ L1n~ ~inr .... _. ~~ _~.~~"...~" ____'~ . ~ -- - . ~ , . ~ ~ y Y~ YR ' ~~.. ...~"'~~~~. .~., . - ~ __., ...... _.. . ~ , • ~ ~ ~ ~~.-.-~,~. __ _...~~~ __ _ . ,~~..~. _..,.._.._. .. ...._ ~ ~ ~ ~ - ~..~..~~~~ ' ..'~'~"~_ ""., ...._ _,_... • r ~ ~ ~ ~.__~'."__' _ _... , . _ '__ _"" ._~~.~~.~ . _ _ ,~ '"___.. . _, _ . ~ ~ ~ ~ ' _ ~ _ _ _- ~ _ .. . ~ _ _ ..~ _~ "'__' _'_",._.. .. . ~- ~ ~ ~ YR . ~~ . ...~ " ~ ~~ ~ ~_ _ , ~~_ ~,~. -.~ ,,, ~ ~ ~ ~ ~~ _...., ,. ~ ~ .~~- ~~~ ~18,715,261 ~ Q $ 0 ~16U,973 ~ U $18,554,28H CALCULATlaN OF AVAILABLE REV~NUES AGENCY NAME ~a~ta Monica Redevelopment ~.gency PRO.~CT AF~~A Earthquake Aecover Redevelapment Pro~ect TAX YEAR:' ~ ~~-~ RECONCILIAT]ON pATEB: .1ULY f, 1997 TO JUNE 30, 1998 t Heg~ninq 9~I:noe, Avsilabl~ Asvrnuss $1,196 , 83 2 (Ssf ~nstreKUona~ - 2. Tax Incremerrt Aeesivrd - Gross 3, 424 , 16 2 A1! 7ax lncrem~r~i He~rar~ues, to uzcl~e any Tax ir~cremer~t ' passed tMrougr~ ta other local tawnq agenc~es. 3 All other AvadabN Revenues Reee~ved 141, 7 80 (See Inatructions) 4 Revsnues irom any other source, ~ncluded ~n Coiumn E ~ the Recanc~l~ahan StaL~meM, but not ~rtc~crded m t t-3) abvrre ~ 5 5um of Vna~ t th roush 4 ~+ ~ 7 6 2, 7 7 4 ~. Ta~l amounts pad against usdeb~sdns:s in prsvwu~ ye~r. (0 + E on Fi~eancd~atlon Sta~ecnsr~ 1, 555:244 7 Awdab~ Rawnu~s, End d Yaar (S -$} $ 3, 206 , 5 3 0 FGRWIWD THtS I~MOCNUT TQ BTAT~t61tT of IND~~IE88r C01fER PAGE, LJNE + NOTES Ta~c Incnm~r~t Fiawnu~s: The anly amourn(s) to b~ s~ocluded as Tex IncnmerK f~aMenue at~ srry amounb past~d tl~~h ta act~r loce! ta~nng agencNS purw~rrt rc ~Ma~t s~t S~trly C.ods 8~ctior~ 33e7d. Tax Ir+crs+~e~t Awren~ m-aslde in th~ 1.ow and Maderatf inCOr~ Hou~irp Fund wi~ b~ wash~d m th~ abov~ catcvWion, end ther~br omiltrd trom Ava~able Revenlms ~t ]l~at an~. itam 4, a3~ovs: This npn~a anY P+~Y~rd nam any sourc~ aRh~r than Tax lncnmrnt OR arailab~ rawnus~. Fat ~r~atance. an agsncy iunds ~ proj~et with a bcr~d iau~. Th~ prev~aus SO~ ir~ciud~d a OisposiCiOn Dsv~topmerK I~grMn~nt (DOA) which wss fulty sstisflesl ~rRh tl~rN bond ~roc~ds. Th~ DaA woul~ b~ ~ho~vrt on th~ F~SCOrx~f~iaer Statsmer~t as fully npud ur~r th~ ~vtl'~' caiwnri i~ ~}. ~ut w~h h~d~ tltat w~n r~~ Tax Inct~n#. n~ •Ava~ab~ Firwnuas• as d~ad. ~h! ert~ounls ua~d to satidx thi~ ODA would b~ includb on fir~ 4 abc~ in crd~r to aoct~~st~Iy dstsnr~uw ~nd)rg'Av~~labl~ i~vrnu~' R.r. (~lal~a) STAT$MENT C?F iNDEBTEDNESS -- CQNSOLIUATED I~ILED FOR THE 1998 - 941"AX YEAR Namo af Rodevcbpmeal A~,cacy Santia Monica Redev~lopment Agency Name of Pto~f:cctA[~a _ _,,, Sal i fornia_R .~T_144, COcean Park3 1A _ ~laacc: Carricd Foiward Frorn: - T~1s (Froa Fore~ A. pate 1 Cuver P~gc _ _ Curr~nt . ,. ,---- - = Tolirl ~ Prlndpd~Mt«.st_. ic OWd~ndin p~b1 Dw gudn T~x Y~~~ ~~] $ 2~1~5)Q~~92 $ b~2~i0~I61 poa~i Fi~c~1 P~~iod - Totak Fram Fara 8 Tocal~ 2 0 0 craad • _~... .~.p~ ' ~ " 3 24,590,192 6,280,161 A~~1WIs t~MO~ua 1 ' ••- ~ From Ca~~W oa o[Awil~ble Revanue~ L+ee 7 41 Z~ 687 ~ 1n0 r ' ~ ~ ~ Nk a ~ira~ert __ ~, $ 22 , 903 , 012 ~ ~ Coas~olic~ta au ~his [otm all oi 1he dats~ co~laia~d oa Fpim A and B(iaclnd~og supplemental pages) Form A ~s to ipcludc all ~ndef~ICdaess eat~ctad in~o as ot ]wte 3Q af iWe Fis~:al Yeatr. Farui B may be ~kd s-t the optwn of thc agesry, and ~s to includc ~ude~iedaess eatered iaW post Jwie 30 of the Fiscal Year. pursuaal to Healt6 and Safery Code Section 33675(c)(Z) 1'h~s ~s opi~oqal for eac~ ageuryr aad is n4t a roq~ir~culeAt far ~'t~ t1~ 5latement o~ ~ndebie~. Thc Reaoacilialiaa 5taleuyent i~ lo includc tadcb~eclncss Irom ~orm A onty. Certifx~tiaa o~ (~iet F'~ecial Qt~'raer: ~wr~wot to Sodion 3~675 {b) at t6e Hea11l~ aad Safery Code, I bcrcby oortify t6at tho sbove i~ a ~ruc ~nd aaurate Smiement Ot ~pikat~00*i fiD[ ~C ~~O~VC ~IDC~ tlgC~l. Charles M. Dennis D1rec~.or of Fina~lce Name Tiile 09129/~38 R cv N3/9~ STAT~MEN1' 4F 1NDEBTEDNES$ - FISCAL YEAR 1NDEBTEDNESS FILED FOR 7'IiB 1998 - 99 TAX YNAR Na~o oXR~-~bpmaatAyc~~- Santa Mon1Ca Kedevelopment Agency Naara o[ project Arca Cal~.fornia R 37 44 (Ocean Park) lA For ladebi~d~css F.rNorcd inw as of ]u~c 3Q 1998. Int~r~s1 ~ Total Fdrm A P*a~ z ar ~ Total ~-~p~inppd/lnlwr*~t A Santa Mon~ca I3ate #2 Ob 3D 8 * .S~ $ 0 3 552 Zd7 ~3 5~:zo7 B Santa Monica Note #4 09/13/8 2q3,056 x year* bove 0 635 713 _ _ 635 713 --- , , Santa Monica No~.e #5 09/I4/$ 88,354 1 year* SMrat 0 _.....~.~ 905,745 ....~ 405,745 p Rehab Off-S3te Housin[~ 05/OS/84 2,810,500 5a yeaxs I3one Q 1 E398 300 120,000 ~ OP ReEundinq Honc~sF1992 ~1/O1/92 10,035,083 27 years 6.89~ 10,131,094 ^ 17,358,095 ~3~6,369 19$8/$9 20$ Shortfall 12/~2/89 180,353 Open None 0 180,383 - --~-._.180,383 -. G 1990/91 20$ Shortfall O1/14/92 i5,030 Op~n None 0 . 2 500 2 ~ 500 . ' H 1991/92 2U~ Shortfal l Ql/26/93 32, 58~ O er~ None Q 32 582 . ., 3 S~i2 . ....--- , __._~ --- - 2 _. ..e.- j 1992/93 20$ Shortfall 12/14/93 72,763 Open None ~ ~ 71,7c~3 "l1,763 ~ 1997/98 Rexmb. ,Agreement Q6/24/97 154, B98 Open None p p ^--- -- ~-- ., s~b 7'oeal. ,; ~ ~ ' ~~~~ To/w~ d ~~'~ ~''~'e~~~ ~ ' t ~" ~".'V~' 29,138,288 5,82$,,~57 orwr Fraa Ot1~er ~a es y~ ~,. ., ~ir ~ + ~ ' r.'~~e. ~,,~} .__ 452 , 909 _ 951, 904 ' . . +, ~~~ ~ ` ~P y..~ii '* " . . 24,590,192 6,180,1b1 ~-• •- - - --~_ . ~ .~ } _ . __._ _ ~rr~ ot L~bterseu: ~Ay e eveiopment and aperatios~ costs (8)~'eaeral pr~~ect portion closeout casts (C} FedQral~~+_a_i~ct__part~.on 9~.~ou~ cos~ (A)~.ease o un ta at T~~an Parc Boulevard " CP1$~.Y.~il~~~#~~.~~q,_~ _Q~~an ~ark. bs~ns~._. _ .. . ,. *Notes are ren~wed annually ~.f tatal amount ow~ng ~.s not pa~.d. ~F~Low and tt~oderate income housing funds (G)Low and moderate income hous~.n funds ~ "~`--~~~ ~N~1 ~ 1l411.5~9 ~ilY1~S_....~ --•- -- . {I}LOw an moderate income housin funds -~-~"-- {~)Qperatzng ~xpenditttzes ,.___... ,...... . .. _ .. STATCMENT OF 1NDE~TEDNESS -- FISCAL YEAR 1ND~aTEDNESS FILED FOR THE 194$ - 94 TAX YFAR Nama ot Rodavelopm~at, A~cac~- santa Manica Redevelopment Agenc N~mro o[ PitojedAtcs ~ 1 drn a 3t ocean Park) lA For Iadeb~dae~ Ealcrad inta a~s of June 3Q, I998. Form A p~a~ ~~x~~x 2 of 2 O - - ~----~--- -.- n in~l Dat~ .__ _.___ . ------- - _..--- --. .- .. Curr~nt D~f Id~nllRtaLOn l~at~ Prlnci il T~rm IMar~~t Rwt• Ta~a1 Intsr*at Totd Outatand~n D~bt Prinnp~/Int~r+st Uu~ qurin 7w~c Y~ar A 1997/98 20$ Housin Set Aside 06 24 9 275 400 ~~Q ~ B 1998/99 Rea.mts. AgXeement Llb/23/9 17b, 872 Open i3one 0 17Q, 872 170, F37'l C k998/99 20~t Housing Set Aside 06/23/9 ~81,032 Open None 0 281,03~ 281,032 ~ • r Q ~ H ! J K L ~ -- To1a1 '[~is ! a ;:,, '~ '~ ~x, ° "~;t:> :~~~'~ ~._. ,:~:.v;xv ~ ;~` '~~~°,a~.`` •~~`-~: x~° 451, 904 451, 904 ~w oR Iad~{edaw~: {A~~~ Housa~nq 5et Aside (Per Sec 33334.2 0€ Ca Redev Law) ~~j ~gj ra ing pen ures (H) 4..,,T._~ _._ (C~ 20$ Housinq__Set Aside „~P~r ec_~3334~f ~a R~d~~,,,w) (t) __, (p) - - (j) ._...---- --,... -~-- - ~E~ {K~ _._...,_...-__ .- .---._ ._.._. --- (~} _ ~ _ ~ _ -- -. .,.~ - ----.._ . _..~ ~~'~ -- - - REC~NCILIATiON STATEMENT -- GHANGES IN INDEBTEDNESS Page ~ or ? N~une otAganCy Santa Monica Redevelopment Agency Name of Project Area a 1 n a cean ar Tsa~ Y~r: y ~8- 4~ Fi~CalCilillrion D~MS; Fran Jug/ 1. 1~7 TQ Jun~ 90. 199s. - e .. .._, ~ . . ..__._. ~ __. ....- ..__P~ . . - -- ~ - -- ~ -- ~ ~--- - a.+~ ia.~.~or,: a~r.w,d~+o n.~ ,~~er,.~,~. ._ ru~o~s. P.~a ,~.~ r~,.~,+r,a 8a. .na wr: ed.~ ~w 8.pir,nk,p ~na~+s.. o~.ases ~ne.b:.an.ss. lrom e.l~r,c. PriorYr CrrnntYi D±ialpran k~d~bwdnws V~t ~h Expl~muon) (Atmch Explana4on} Tax Irxrarn~nt 41Mr Funds (AtB-C-p-E) ._. p,~ 1 pp 1 ~A ~- Santa Monica No~e #2 $ 3~340,110 $ 212,p97* $ U $ 0 $ 0 $ 3,551,~07 _ Pfp 1 P~ 1 ~MnC l1n~B Santa Monica t~ote #4 654 259 37 36b* ..~Q_ .._ ,..,~,_„~~,~12 0 E35.._7~,3 p,o 1 p~ 1 ~A ~C Santa Monica [3ote #5 381,519 24,226* 0 0 0 405,745 P+0 1 P~,f 1 ~E ~] l2ehab Qgf-Site Hous 2,002,906 0 0 1a4,106** p l,a<)F3L300__ ~ 1 ~1 lln~F Wr~ E OP Refundin Honds - 1992 I8 186 811 0 __ 0~, ~ 818,4b4 _,~0.252 17,35~,095 . pQ 1 p~ 1 ~G ~ F 198&/89 2U$ Shortfali 18U,383 Q ~ 0~ ~ 0 ~ N~ __Q 18U,383 p~ 1 p~ ; ~H ~ G 1990/91 20$ Shortfall 15,030 ~ 0_ 12,530 Q~ ! 2,500 Po 1 P~ 1 ~I lJn~ H 1991/92 20$ Shoztfall - 32, 582 0 0 ,,,,, .. ,,,,,..,,,..,,._„ 0 0 32. ~~82 r,.~.~ ~~_~P~ $~4,793,100 ? 273,689 $ 0 ~ 991,Oi2 $ 10,252 $24,Q65,525 ~T~~~ 503,061 455,485 29,985 403,894 0 524,6f~7 ~p~iy,g $25,296,161 $ ~ 729,174 _ $ 29,985 $ 1,394,906 $ 10,252 $24,590,191 - -- N07E: "lids b~n Mi 1or~oaacib Ilw p~~Mo~n BhM~M d Ind~bMdrMSS b~ a~rr~nt or~ 6dnp 1d~cl. Hawrwr. slnc~ tlM r~cancifiatlon p~r bd la IImf1~d by Mnrtos.l~1~-1 ~ JtrM ~0lwn~i ~r pubd. aN~l flw~~ N~w~ I~~rJuOrd an th~ SOI ~orm A k to h. inGud~d on thls doaunNnt To u~1st Ir~ followk~p wch It~n d M~MdnMS~ lraa on~ SOi b MM n~. w pa{pand lin~ ~w~nb~r r~lr~ne~a ~am.~ch SOI thrt 1h~ le~m of ind~bMdn.w Is Ild.d on. M tl~ ind~btrd+NS~ is rrr~r to llMs M~al ~r. ~rMr '~~P in 1!M'Rior YP p~~ u~d lin~ coiwona. Coiumn F musl ~qual 1~ arrrnt SOI. Far~ A ToW O~tandinp ~Irt oo~+~n. ilnterest acC~ued for FY 1997-98 **Use of 1997-98 20~h Set-Aside Func3s Ftw. 61~1a4 i , AECONCILIATI~N STATEMENT - CHANGES iN INQEBTEDNESS ' Pa~e? ot? ~ Nan~ ot Agency M~M~ ot Pro~ect Are~ .. Cal~for nia~ }.'j~,~ (~~ P~n Park1 1,j9.-- ~ fiuc Yw: t~- oY q~ww~cWalian Da1Mr: Fran .1uFr 1. 1~7 TO Jww ~0. t~9d. I • --- ~ - - ~ _._.. ~ C _ . _......----- - p - - - -- ~ . . . . . . . _ _ F .... L~b1lduMi6cAtlo~: _ Oe~Irndkq p~bt 11d1uiku~Ilts ~a p~y~ ~E k'+,-,G ~~ ~ ; SOI, p~pa ~ed YrM: BriM AM Bpir~Nnp k~cw~s D~ar~srs 1nd~6~dn~as. tom B~lenc~ Pl~ior Yt G1r~w~t r....:.:... M-~-~-~_ ~- WMoh FxpMnsba~) W~ch Exo~nabanl -- 7u lrwanwq OII~ funds (A tB-C-D - en , ~ 1 pY ; tlnM I ~ I ~992/93 20$ ShortfaZi S 72.763 ~ 0 $ 0 S n $ 0 2 - ... .... ~` ~ ~~ P'Y ur i. u~. C Y498-9? 20~ Set-Asi.~e - - O 281.03z* 0 ~ ~ ~ ~ ' - -._~ _ 28,I.032 ~. .7 ~- 1997-98 Reim6. Agreeu-ent 154,898 0 z9.985** 129 913 o ~~W ~ Z . p - _._...... ~ ~ B ]998-99 Reimb. Aqreement 0 170,872* 0 0 ~ ---~-------- - 0 174,872 ~ ' ti _~ - ~ ---__._. . ._.._... .__....------ ~~ - ~_ 199 I/98 20~ ~ous. Set As~.d 275,400 -_ 3,581* - -- * 0 278,9aJ. p a _. _.._ ._ _.~ .__. . _.. _.__~ ~ ~ ~ ~ ~ Po -..__.. __ _..._.__._ ---,--- ~n. u~. ~ ~ -- - __. _. _ _._ ----~-- ----_. . u~. -- ur,. p~ pp _ - -- .--._ - _. . __ . . . ,.._ ..._ --- ---- _. .---- -- - -- -~- -~ L!~ C~ _._ ~ -- - --- -•-----..._..___ . -.• -_._---- ~ -ZFN~BPAti~ ~S 5n.a.ng1 ~ $ 455.485 ~S 29,.~85..-- ~5 403.894 ~__..._. ~ I~S ~21..~.{~Z * To Low/Moderate Income Housing Ftind. ~**Increase/Decrease zn Est~mate Used on the Previous SUi ** See Attached Rein-bursement Agreement. . CALCUlJ~TION ~F AVAILABLE REI/ENUES AGENCY NAME Santa ~tonica ~edevelonment AQ~nsy PfiOJECT AREA California R 37J44 {OCea~ Park~ ~A TAX Y~AFl: 199~--~ aECO[~c~un~ow ~A~s: JULY 1, 1997 ra .~UNE 30, 1998 ~ 8eg~nrnng $alance, Available Aer~eneras (Se~ InstrucUOns) 2 Tax Intrsment Recs~ - Gross RII Tax fn~remerrt Revenues, to u~clude ar~y Tax Incremant passed through to ott~er Ixal ta~xin9 agenc~as. 3 All other A~atlabis fievenus~ Necenred (See instruationsy a Revenue~ F~om any othar source, ~neluded in Calurrtn E of th~ Raconcd~aaor~ Statsment, but nqt u~Gludsd ~n (1-3) above 5 Sum a~f Linas 1 throcgh 4 6 Totai amounta pad aga~nat ~ndebtadness an pre~nous year. {D + E on #ieconc~l~adan Sfa~emarn} 7 Avadabl~ F#awnuq, End d Yaar (5 -~ FORWRAD THIS AMOI!lrff TO STATB~f~FT OF WOee~ anYESBr CCYEli PAGE. UNE 4 N~TES $ 1,6Q5,471 I,394,906 90,961 0 3,092,338 1,405,158 1f687,18a rax ~ncramene As~rtw.: Tha anh/ ~~~1 ~~~ludd ss Tax Inen~nt R~wRw ua rMny emotent# pew~d th .ugh to o#hsr iocaf tax~ng ager~s purwant t~ Haalth and Sahty Ca~ S~ctlan 33076. Tax Incmr~nt I~v~nu~ s~t-asdi ~n th~ low and Mod~rah le~oen~ Housh~ ~urd wW b~ wash~d ~ th~ abaw eal~urtbn, and ther~tqE am~ted ham Avadabfe Revenu~ at ysar ~nd. it~m ~. aba+~: - Th~s ~~P~~ ~Y P~Y~~ iroer~ any aourct artMr than Tax ~ncnrrrnt OF! zvall~bM nv~ncia. For u~stance. an aQenc.y funds s projld t~rittl ~ bond issul. Th~ p~svlous 301 indud~d a Qr~~ Oswtop~n~M Agr~e~nt ~DDA) wh~ch w~s iu{Ey sati~fed with thas~ band proca~d*. Ths i3~A w0uld h~ ~hawn on ~ FV~condUaE~on Stffi~meni as fully npad under ~hs'a~ eatumn {Cd•Q. but wRh fund~ tf~at w~n ne~h~r Tax ~ncr+~nwrk. nor `Avaifaabt~ Fis~rsnuas` as defin~d. TM amour~ts us~ to eatW~i ths DDA woufd ba inclucf~ orE Im~ s ebo~ in order to accurateiy detartnu~e u~d~ `Avadabi~ Fl~wnu~s.' . Fi~r. t6~3~'~'~) STATEMENT UF INDEBTEDNESS - CONSOLIDAT~D I~ILED FOR THL t998 - 99 TAX YkAR Cnver Pa~G N:m~ of Radevabp~ent A~e~cyl Santa Monica Redevelo ment A enc Namc af lkajact Arr,a ~a i ornia R i7 44 (~cean Park) 1B B~la~i Cirricd For~rard Frow: i.ine TWd Prlndpallint~r~sl ~ndleQ U~bt py~ ~ud~o Tax Y~r raca~ rcr~aa -- ~v~s~ (OP~ia~a~) Past Fiscmi Poriod - Totab [i~aa1 ' , ToWs ~ A~~i1~11a lts~ew~aa FronA [:Rlc~~ioourAyailaWe Rero~ Nal Reaaireie~l 1~, 3,682,F362 ~ ~5s~ enG 1 . • ^ _- ~ 197,~74 . ~~.~ ~ ~Ei~~• 3,4a5,686 ~ ~~~ ~'~~~ ` Co~olids~te oa t1~ie~ torm aq of the dala aonlai4ed oa Form A aad B(~nclud~ag suppkme~tal Fages) Form A ~s to ~nclude aU ~adebtedaess eaa~ed i~W ss ot fuaa 3U of tha Fi~cal Yesr. Fortn 8 may be fcled st t6e option of the agenry, and is lo mcluck ipdebtedaess enlerr.d i4b po~t J~na 30 at Ibe ~isca! Yeat, purxuaAt t~ HeaWr ~nd Satery Code Section 33G75(c){2). 7'hs ~s optioaal !or each agenry and is ao~ a reqniremcst far filia~ t~e S~atemaat of Indcbtcdao~s. The Reooncil~lioq Sta~e~eut ia to ~aclude inciebtedness [roat Farm A oaly. Cxnificstios of C~6ie[ Fiaaacial Off~oer. Pu~ua~ttaSactiq~33b75(b}o~theHealthandSa~eryCode, Gharles M. Dennis Director af F~nance I 6~rabJt sactity that t~ ~bove a a true aad aacur~-t~ Statement N.mo Tr~i~ ot la~bl~ tor t~ xbcnx named a~enry. 09/29/98 3~Bnature-- - p~~e - Rev 6/36191 STATEMENT QF INDEBTEUNFSS - FISCAL YEAR INDEBTEDNESS Fdrm A N1LFsb FOR THE 199$ -- 94 TAX YFAR r,a~ 1 or i Naare o[ R~dcv~ebpwca~ Ascnry Santa Nl~onica Redevelovment Aae ncy __ __ Nao~ of Pro~ct Ar~a Cal1fornia R 37/44 (Ocean Park } 1B ____ ____, For Indcbl~edao~s Fa~la~cd into as of t~we 30,1998. - - - --_-.-._.._....._. _ ~ Ddainwl D~1~ -- = ~-~~....__ ._.. ,_,~.~._...~-- ---- -._. . -- ~- -- . . Curr~nt Intrr~st "~ot~l 7atw1 prtnc~pd/lni~r~sl I, D~bl Id~r~tifiedion D~t~ Prind d Twrm Ral• Int~r~sl Outrtand~n p~bt Oui Durin Tax Y~ar A Santa Monica Note #2 fi/30/81 $ 266,874 1 year* .5~ $ 0 $ 45b 604 $ 456 604 _ 8 Santa Monica Note #4 * ve ~.,,___, __ G Santa Monica Hote #5 9/14/83 69,168 Z year* CSMra e 0 52,155 __ 52,155 ___ Rehab Off-Site Housing 5/08/$4 1,093,5U0 0 years none 0 799,451 0 ~ ~~^ g OP Refunding Bond~=1992 1/O1/92 1,289,917 7 ears 7.01~ 1,302,259 1 231 224 106,221 _^ 1997/98 Rez.mb. r~ement 6 24 7 none 0 _.._._ ^ .. G 1997/98 20$ Housing Set As~de C/24/97 4~,$50 Open none _ 0 0 _ 0 l{ 1998/99 Reimb. Agreement 6 23 98 21 964 ~ en none ._ 4--- - 21, 964 _ ._ _ ___21~~fi~ „ .. ~ 1998j99 ~U~ Housing Set Aside ~i/23/98 39,749 Open nane _. 0 39 749 _. ~_ . ^ . 39 749 ___ J Sub Toul. '[71i~ e ~: ~ ~ - • +; • ~ •~ -- - - .~+~ ~. • . - ~~~~'~ • , _ • . ,~ 3 r 682 f 862 75f3, 408 'CoWs Forward •^~rr r f~ f~~, •~~ i! p 0 Fr l O~Mar P~ e ' i~ ~ ~ ^ ~ ~~ ~; ~~ . - , a . 758 40 lrs~ws ot 1Mr+~tw~ou: ~w~ Re~evelop~~1~ and operat~on costs P (B) P,,,,~deral ~roie,~t ~rt~.on c~osenut aost,~ . _ (C} ..~~1.~ ~s~n , _ _as _s -- ---- (P).,, ease of uni~s at 175 Ocean Park Saulevard (F.) r fandin~e _of ocean Park Hond^ "' _ _ _ _ _ *Notes are renewed annual].y if tatal amaunt owing is not paid. ~-,.• ~ ----.~....~ 3,682,862 , 8 (F}Operating Expenditures (C) 20$ Housxncl Set As~.3e _~er 5ec 33339.2 of Ca k~dcv Law) (H)Operating Expenses (~) 20$ Housin~c Set Aside (Per Sec 3333A.2 of _Ca Redev I,aw) ~~, . .._ . ~ REC~NCiLIATION STATEMENT - CHANGES IN INDEBTEDNESS P.ae ~ a ~ 1111IU110 01 Age11Cy s~nta Monica Redev~Zopment Agency Idame of Pro~ad Aras Ta,c r«r: ~ O~e- N ~+u•~ at~s: Fran .luy ,. t 4~7 To Jun. so. , 99e. e @ ~ _ n E --- F ••~ - _ . - - - p+61-.~, _ •• ~:--:;y~ p~t - ____.. /IdM+.trt,.nu Nti,ounla Pwi4 Ayeir~a+ H.m.ir,inp ~,p~~~ --- ~i1~F AN :_~--.~ 1nalMS~a ~oa~aws __Ind~bMdn~as.iom Bd~nc~ ___T__"= . Ptior ~r CNr~M11 '-'---`-~'-- ~•~-~-•~~•a Ulisch Exqlrnador-! (Atmch Expk~na-bo^) Trsc Inaramuu OIFw F~r~d~ (A+B-C-D-~ ro-i Po i ~ A ~A Santa Monica Note #2 $ 429, 340 $ 27 , 254* $ 0 $ 0 $ 0 $ 45b, 604 ~ 1 ~ ~ , Um C L,In~B Santa Monica Note #4 84 099 4 803* 0 __ 7 i~ _~_,_ ___._ t~1 _ ~~ 5_ p~ 1 p~ 1 ~ D ~C Santa Monica I3ote #5 49, 041 3,114* D Q ~ 0 _ 52,155 rol ~l ~E ~D Rehab OSf=Site Housrng 812,847 0 0 13.39G*** 0 799.451 P~ 1 ~ 1 LJn~ F ~~ OL' Refundin Bonds - 1992 2 337 747 0 0 106 523 0__,._ ~.}~~ l~~ __._.. p,o 13e p~ Z un. tn.I I 1998-99 20~ Set Aside 0 39.749** a ~ 0 39, 74~ ,.,, . - _ .. _,_ ~ ~ 1 f'Y ~ LkwG 1.I~r 1997-98 2d~ Set Aside ~4,850 0 28,793** * 16,Q57 0 0--.`--- ~ Ne ~1 1 ~y,. ~; tA98-99 Reimb. Acxreement 0 21.9b4 n n n ~i ~~~d ~j~- ~ $3,757,424 $ 9b,894 $ 2$,793 $ 1g3,163 $ 0 $3,682,862 ~~,g ~±~!~~} 19,911 0 3,855 16,056 _ 4 0 $3,777i835 $ 9b,899 $ 32,648 $ 159,219 $ D $3,682,862 ~~~ NOIE: ThI~ far~ M W r '- MN pr~doua "'----- - ~d ;~'~.-~ fo eh~ a~rr~nl on~ ainp W~d. Ho~wv~r. ~e~ th~ r~eoneiWtlan p~rbd i~ limie+d by law loa ~ 4~ Y~ ~~ l~~ ~~ ~"-/ ~~~ J_ J OI{ IM S01 Fa m A hi ~a br lacludad an thl~ docwn~nt. To~sslsl in fdiotidna Nch itNn af -- ---.. `~'o~an~ 801 ia tlM n~aR. ~ ps~sand WN _~-~6= rrMr~M fran ~ch 501 that th. it~m a! ir•-`•_•-~as ls Ilw~d an M th. M~d~bad.,~ Y nrw to tl~ i~ad ywr. «rM~ •t~M' in ~•Phiar Yr' p~~ ae~d Nrw °_~---. Cokunn F~nu~ ~qur! tha c~rr~t SAI. ~orm A ToW O~ndinp i Qr~M aoN~w _ _~_ _ ~,~.~.- F -_ __ ..... . . ..... . . . . . "nl C3 _ _ _.__- ___ . ~ _. .. ~ ._. -_ .._ ._ * Interest accrued far FY 1997-98 . ** To Low/Moderate Income Housing Fund p~„ 8~ *** I3se of 1997-98 20~ 5et Aside Funds ****Decrease in esti~ate used on the previaus SoI AECONCILIATION STATEMENT - CHANGES lN lNDEBTEDNESS Name ot A~ency ___ Santa 1~l~onica Redeve].a~ment Ag~ncv Naa~ of Proiect Aroa California R 37/44 (Ocean Park) ls__ .. _.,,. .. 7~x YNr: 1 ~-~11 H.car~iliRt~on D.w: ~ran ,lui~ 1, 19~r To .lun. so. ~~8e. Page ? of z ~~ ^^~ • - - Y~I~ III~I ~Y ~ -~ ...-~ - --..- - ~ ~ -~.__.. .. ... _ . . .. . _ _ ~ - _. ~ J /~-~ V~ ~~ ~.y ~y VM~~p YwA ~.~w~ ~~ ~ Y~IwM ~ _ 1wn~..~~ 6~1.J .^-(~~ ^ _ ~ _, _ 1- - - r~~nRww raw~ r.rww~ ~~~gur ~ SOI. q~p ~rrd NrMC BrY~! NI Bpirr~lr~p Ir~aw~~s D~oasaa Ind*bMdr~sa. ~am ~al~r~o FtiorYr .. Curw~tlfi DMaip~an __.. Ind~d~nss (Atach E~qpianaYOn) (Atq~ah EapMrobon~ , , - , _ . Tax kxa~rr-irri OIFwr Funda (A+~-C-D-E7 , _ ___. ..,_- . , _ ~ ~ ~ ~F ~ 1997/98 Re~mb. Agreement $ 19,911 $ 0 $ 3,855* ~ 16 056 $ p g p .~.. __ ~ ~ . _ Lle~ Lln~ ~ Po I,Y+r l~ -~-- ~ p'Y _.~ - ---.____... .. - - ~ --~-- I.kw . ~.in+ ' , ------- •- ~ ---- _---._. .._.... ._..--- . ._ ~ ~ ` L~ Lkr ~ ~ _.~..._....__~..-----•-~~-~ -- lln~ LYn ~ ~ - -- tin~ ~„le~ ~ ~ --- L.ku LYr --__._.._---- - ~ PY - --- -- lJn~ LYr Po Po - - _ _._.------. ..----~--- ~MM L.Ins _. ,.... ._ _ _ ~'11 . ___ _ _..~_ _ _. _ ~ LJn~ Lkrr ~ ~ ~ 41rr ~,~. LJr~ .,~ ~...~.....~ 7~TAL- rtFpS PAtiE $ J. 9, 911 $ p $ 3, S 5 5 $ 7. 6, Q S 6 $ 0 $ 0 ~~~~~ ~~-~- T ~ -~---~-~-,:.-:~. ..._ - --- -- --- .....~_~ *Decrease in estimate used on the previous SOT. CALCULATION DF AYAIlABI~ REYENUES AC~~IVCY NAMH Santa ,~ionica Redevelopment Aqency PpOJECTAREA Califarnia R 37/44 (Ocean Park} 18 rAx Y~: 1998--99 RECONCa~IATION QATES• JULY 1, i997_ TQ JUNE 30, 1998 1 Begmntng Balanc~, Avadable Revanuas S 164, 4Q8 (sef ~nstrucucna) 2.Tax Incrament fiecanrod - Gross 180 r 293 -~ All Tax kncremern Aavsnues, ~o ~„oi~~. a„y r~ ~~~M passad throu~ to athsr Eocal tax~ng agenc~el. 3 Alt other Ava~~a~le Revanues Racenrad 11 ~ 692 (5ce insuuctbns) 4~rren~es from any cther ~ou~ce, ~riefuded ~n Calumn ~ ot the Rsconcd~a4on Sialnmersi, but n~ ~r~ludsd ~n (~ -3) abovs ~ 5 Sum of unes 1 through 4 $ 356, 393 B. Tata! 4mounts pa+d againu u~d~~dn~ss • rn prsvro~s ~Sar. {D + E on R~Cd'tCd~atlon Ststrme~ $ 159 r 219 7 Avadsblf R~wnuis, Ertid d Yau (S -~ $ 197 ,174 ~oRw~wc n~~a ~wo~wr ru sz~s~arr oF ~ac~ ~~r~a c~OYF.#i PAtiE. Uf~1~ ~ NOTES Tau Incnm~rn F~w~ws: Th~ oniy an~aunt(s} to 6~ ~oclud~d as Tax Incnn~e~t Flewnu~ art uiy amounb pa=s~d throu~ t4 oth~r Ioesl te~ang ag~ pu~uaef! ~ F~th ~$a11Ky Cod~ Sectbn 93d7~. T~x Ir~en~ru FMv~nw s~t-asid~ ir~ ths Low end Moder~t~ Incar~ Howi~~ F~td w~! bf wssh~ En t~ ebaw eaicul~tlon. and th~rs~[or an~d from Aw~laDis F~BYl11l1~ ~ ~~f lf1d. It9m 4. sbplf~ • Th~s repreMnt~ anY P~7~TM~ trom arry ~ourra ath~r than Tax Incrrm~ OR av~dabb rawnusa. For instsnce, an agsnc,y funds s pro~d with i band ~ssw. '~t~ prwbc~s SOI ir~eiud~d s Di~Rc~Jtiorr Qewtopn~rtt ~-g~+mrM fb~A1 wh~ch was iulty s~tiilNd with tl~ dond proa~ds. 7f~~ DGA wauld b~ shown on tt~ Recor~ciliatla- Stetemant as Tully r~paid undar th~ `otR~r' Cdumn (Co!'F}, b~ rrit~ ~ur~s that wa~ neRha Tax Incnrr+ent. nor'Avsda~ Re~wnues• as dalined. Th~ arno~nrs us~d to t~tip~r this flDA woutd bi incfudd on iin~ i abovf en ords- te accwrateiy dster~m~ andin~ `Ava~ Ra~+wM.' Rw (a191~ FlN:CMD::f:IfnanceVaudgetlabbqdre~lfinalc~g198991resoraap.99 Rede~elapme~t Agency Meetmg. June 23, 1998 Santa Monica, Califamia RESOE.UTION NQ. 455 (Redevelopment Agency Series~ A RES4LUTION OF THE REDEVELOPMENT AGENCY OF THE CETY OF SANTA MONICA APPROVING ITS BUDGET FOR THE FISCAL YEAR 1998-99 WHEREAS, the proposed b~dget for the fisca! year 1998-99 was s~bmitted to the Redevelopm~nt Agency as directed 6y Section 33612 of the Ca[ifomia Health and Safety Code, and WHEREAS, the Redevetopment Agency held a pubf~c hearing on said budget afte~ a not~ce of said bUdge# hearmg was pubiished not ~ess tha~ #en (10y days pnar thereto; and WHEREAS, after satci pubiic ~earing, the Rede~elopment Agency cons~dered further its praposed bucfget, NOW THEREFORE, THE REDEVE~.DPMENT AGENCY OF THE CITY OF SANTA MQNICA RESOLVES AS FOLLOVIIS SECTION 1 The budget as submttted by the Executi~e Director and revised by the Reder~elopment Agency, entitled "City of Santa Moncca, Proposed B~dget, 4998-99" (Bt~dget), is hereby appro~ed and adopted fn adopting t~e Budget, the Redevelopmenf Agency intends to, and by #his Section does, adopt ancf appro~e tha total operatmg appropriation, consistmg of Saiaries and , Wages, Supplies and Expenses, ar~d Cap-taf Outlay ma~or expenditure categor~es, each program - 1 - ti category of the Caprtal Impro~ements bu~get, and the revenue detad. The Ex~cut~ve ~irector is author~zed to allot as appropnated A copy of t~~ Budget is attached hereto as Exhibrt A SECTION 2 The sc~ede~le attacE~ed hereto ent~tled "Fiscaf Year 1998-99 Redevelapment Reimbursement to the General ~und", constitutes indebtedness in accordance with CalEfornia Healt~ and Safety Code Sections 33670 ET. SEQ. flf Pro~ect Areas so indicated, and replaces far fscaf year 1998-99, Exhibit 1 to the ReimbursementAgreemententered into between the RedevelopmentAgency and the City on No~ember 22, 'E 994 SECTIQN 3. A certified copy ot th~e Budget shall be filed with the Director of FinancelCity Controlier and with the City Clerk, and cert~fied copies of the Budget shalE be reproduced arrd made availablE for use as directed by Sectian 1505 of the Charter of said City SECTION 4 In adopting the Budget, the Rede~elaprnent Agency does hereby reapprop~iate the unencumbered balances and unexpended encumbrances of the fscal year 1997-98 Cap~taE impro~errzents budget ~n an amount not to exceed $15,261,078. SECTIQN 5 The Secretary shall cer#ify to the adap#~on of this Resolution, and thenceforth and tF~ereafter tF~e sar~e shall be m#ull force and effect APPROVED AS TO FORM ~ I i1..L ~ ~,.~.~ ~,(.~:u ~'4.-e~ , U ~ . MARSHA JOfV~~S MOUTRIE C ity Atta rney - i - 2 - EXHIBIT 1 FiSCAL YEAR 1998-99 REDEI/ELOPMENT REIMBURSEMENT TQ THE GENERAL ~UND PROJECT AREA ~FUND #) AMOU DESC#~lPTION Low/Mo~erate Inoome Housing(15) $~~Or000 - Lease payment for c~e~elvpment of 9 75 Ocean Park Boule~ard Housing Project pursc~ar~t ta Paymen# Agreement of May 8, i 98a Tota~ 't 5 F~nd $ 320.000 Dowrrtown {ifi) 497 - Redevefopmer~t Agertcy member alfowanoe 46,9'f7 - 5taff time and associated benef~ts costs 2,888 - Qffice supp~ies 122 - Contri~uutian to WorCcers' Compensatian Sel~ ` Inse~rance Fc~nd - G00 - Rent 320 - Confereno~s~meetings/tra~ef 2~t70 - Contri~u#ian to Compre3~ensive Self- insurance Funci ~l22,600 - Earthq~ake insurance on parkir~g structures 2,555 - Professional services 5,54'1 - Reloca~on payments ~ 12,188 - Cammunity Carpor~fiion af San#a Manica grant for development af towlmoderate income hausing pro~ects 22,54f - Fiscal agent fees Total 9 6 Fund $ 31~8~139 Earthquake Recovery (17) 1,492 - Redevelopment Agency member altowance 299,746 - Staff time and assoc~ated benef~ts costs , 3.DIX? - 7elephone costs 2*6fifi - Office su~plies 241 - Gantnbution to Workers' Compensation Self- Insurance Fund 15,484 - Rent 3,770 - Conferenaeslmestings/U~avel 84~ - Contribution to Comprehensive Self- Insurance Fund 2,150 - Mem~erships and dues 263,UOD - Professionaf servioes . ~ ~O,D00 - Legal expense _ 4,D00 - Fumi~ure Total 17 Fund $ fi4~6 3.8.~6 3- PROJECT AREA ~FUND #) Ocear~ Par1c {18} Total 18 Fund , AMQUNT DESCRIPTION 498 - Redevelopment Agency member allowance S1.2fiQ - Staff trme and associated benefits costs 139 - Cor~tribution to Wor~cers' Compensat~on Self- insura~oe Furaf 2,600 - Qffroe s~ppi'res fi00 - Rent 3i8 - Conf~renoes/me~tingsltra~eE 'f,778 - Cantribution to Comprehensi~e Self- lnsurance Fu~d - 2,55~ - Profiess~oRal services 1'E2,789 - Community Corporatior~ of Santa Mor~ica grant fior development af lowlmoc~erate ir~come E~ousing projects 15,459 - Fiscaf age~t tees . 5,~0~ - Mairmtenance a~ public access anea $192.836 -4-