SR-12-13-1988-RA-2~_~
C/ED:EDD:PC:7PM:CSR:se
Council Meeting: 12/I3/88
~~~~oo~ ~~ -y~
D£C 1 3 1q88
Santa Monica, California
~~' ~ __ t- ;~!
TO: Redevelopment Agency Chairpergon and Board
FROM: City Staff
SUBJECT: Approval of Annual Iteport of the Redevelopment Agency of
the City of Santa Monica for Fiscal Year 1987-88
The California Health & Safety Code requires that every
redevelopment agency file an annual report with the California
Housing and Community Development Department within six months of
~he end of the agency's fiscal year. This staff repart transmits
the Santa Monica Redevelopment Agency's Annual Report for Fiscal
Year 1987-88, which includes an independent financial audi~,
pursuant ta Health and Safety Code Section 33080.
ANNUAL REPOR3' CON'PE1~iTB
As required by law, the Agency's Annual Report includes:
1) A specific description of the agency's activities affecting
housing and disp].acement;
2) An ~ndependently prepared finanaial audit report conducted in
accordance with qenerally accepted auditing standards;
3) A fiscal statement that provides information on the
outstanding indebtedness of and the amount of tax increment
revenue generated by the agency and by each project;
4) Any other informati4n which the agency believes useful to
explain its programs and aativitias.
For the audit portion of the Annual Report, the Agency contracted
with the accounting firm of Peat, Marwick, Main & Co. for an
_ 2 _ # • ~ ~
`
t~t~ 1 3 88
.- . ~
Downtown Vitale Gilpin funds usec3 for housing pro~ects, and the
Ocean Park lease payment for the parcel on which the ~75 Ocean
Park Boulevard project is lacated.
After the Annual Report containing the required findings related
to the housing set aside is agproved by the Redevelopment Agency,
staff wi12 file and amend, as necessary, the Agency~s Statement
of Indebtedness with Los Angeles County.
BUDGET~I`ISCAL IMPACT
There are no budget/financial impacts resulting froaE the approval
of the Redevelopment Agency's annual report for FY 1987-88
It is recommended that the Redevelopment Agency approve the
Annual Report and direct the Executive Director to transmit the
report to the California Department of Housing aad Community
Development.
Prepared by: Christopher S. Rudd, Sr. Administr$tive Analyst
Economic Development Division
Community and Economic Development Department
Attachment: Santa Monica Redevelopment Agency Annual Report
for Fiscal Year 1987-88
ratocc
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1~. ~
~
DEG 1 3 1989
BANTA MONICA REDEVELOPMENT l1GENCY
A2iNIIAL REPORT FQR FIBCAL YEAR 1967-68
Y'ABLE OF CONTENTS
Page
Introduction 1
UesCriptpn of Redevelopment Pro~ects 1
Ocean park Froject la Z
Oaean Park Project lb 2
Downtown Projeat 3
Off-Bite Projects 3
Agency Objectives and Activities for Fiscal Year 1987-88 4
Ocean Par3c Yrojects 4
powntown 5
Agency bbjeotives for Fiscal Year 1985-89 7
Agency Activities Affecting Housing and Displacement 7
Specific Housinq Activities 7
Status and Use o€ Housing Trust F~nds 9
Recommendations Concerninq Needed Legislation 9
Findinqs Related ta Agency~s Housing Trust Fund 9
Ocean Park Project la 9
Ocean Park Project lb 10
Downtown Project 10
Combined Financial Statement Appendix A
Fiscal Statament Appendix B
raar
ANNIIAL REPORT FOR FISCAL YEAR 1987-88
REDSOEIAPME23T AGENCY OIr THE CITY OB 6ANTA MONICA
INTRQDIICTI4N
As required by California Health & Safety Code Section 33080,
each redevelopment agency must fi2e an annnal report with the
Ca~ifornia Housing and Community Development Department within
six manths oP the end of the agency~s fiscal year. The annual
report must contain for the aqency and each project:
1) A specific description of the agency~s activities affecting
housing and displacement.
2) An independ~ntly prepared finanoial audit report co~ducted in
accordance with generally accepted suditing etandards.
3) A fiscal etatement tbat provides information on the
outstanding in8ebtedness o~ and the amoun~ pf taX increment
revenue generated by the agency and by each project.
4) Any ott-er information which the agency believes useful to
explain its programs and activities.
This annual report for the Santa Monica Redevelopment Agency
contains the information required by State law and also includes
a review of the objectiives and activities af the Redevelopment
Agency in FY 1987-88, previews the Aqency's objectives and work
plan for FY 198s-89, nnd provides recommendations ~or needed
legislation to carry on a program of housing and community
development.
DESCRIPTION OF REDEPELOPMENT PROJBCTS
The Santa i~ionfca Redevelopment Agency was eatablfshed on Augeist
13, 1957, and has threa redevelapment project areas:
1) Ocean Park Redevelopment Project (1a)
2) Ocean Park Redevelopment project (lb~
3) Downtown Redevelopmant Praject
Ocean Park Redevelopment Project
The ocean Park Redevelopment Pro~ect was the first praject
undertaken by the Santa Manica Redevelopment Agency. It was
designated for study as a potentia2 redevelopment project in
April 1958 when nn application was made to the Federai government
for survey and planning funds. With these Eunds, the Aqency
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commenced preparation of formal plans ~or the area encampassing
thirty-three acras of land in the southwest corner of the City
adjacent to the Venice community af the City of Los Angeles.
In Octcber 1959, as a result of a reduction in the availability
of Federal funds for the praject, the proposed thirty-three acre
Ocean Park project was divided into two separate projects so that
at Zeast one project could go forward with the funds available to
the Agency at the time.
Oceaa Park Redsvelopment Projact la
Ocean Park Redevelopment Project la encompasses the northern 25
acres of tha originalZy progosed 33 acre project. The
Redevelopment P1an for Projeot la wa~ npproved by the City
Council on June 30, 1960, followfng requisite atudies ttnd
hearings by the Pianning Commission, Redevelopment Agency, end
the City Council. The Redevelopment Plan was amended on November
14, 1967, prinoipally to change the permitted land uses in the
project area.
Ocean Park Redevelopment Project la is bounded by Ocean Fark
Baulavard on the noxth, Neilson Way on the east, Oaean Park
Project No. Zb on the south, and the State beach parking lots and
beach on the west. Project la is zoned R4 High Density Multiple
Famiiy Residential which permitis the hfqhest residential density
in the City.
Oaean Park Redevelopmant Project la was completed in 2~fay 1987.
The project contains two 17-story high rise apartment buildings
which were completed fn 1967. Each tower oontains 250 rental
epartment unita. On both sides of the apartment complex is
located the sea Colony condominium project. Sea Colony contains
340 condominium units which were constructed in two phases.
Phase 1 of the development was completed in 1980 and Phase 2 was
completed in May 1987. Ocean View Park is located in the center
of Project Area la facing the beaoh. This public park contains
six tennis courts, two paddle ball courts, one basketball caurt,
walkways, and landscaping. The park offers a Xest axea with a
panoramic vfew of the Pacific ~cean.
Ocean Park Redevelopment Project ib
Ocean Park Redevelopment Project lb encampasaes the southern s
acres of the originally proposed 33 ncre project. The
Redevelopment Plan for Pzoject lb was approved by the City
Council on 3anuary 24, lssl, ~ellowing requisite studies and
hearinqs by the Planning Commission~ Redevelopment Agency, and
the City Council. The Redevelopment Plan was amended on January
26, 1965, and again on September 12, 1972, principally to ohange
the permitted land uses in the project area.
Ocean Park Redevelopment Project No. lb is bounded by Ocean Park
Redevelogment Project la on the north, Neilson Way on tkie east,
the City limit on the south (adjacent to the Venice community of
the City of Los Angeles), a~d the State beach parking Iots and
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beach on the west. Project ~b is zoned C3 General Commercial
which permits commercial and residential uses.
Ocean Park Redevelogment Projeot No, lb was completed in 1983.
The project contains two senior citizen resfdential apartment
complexes and a~ormer utility building. Neilson Villas contains
100 rental apartment units and was completed in 1977. Barnard
Park Villas contains 61 units and was completed in 1983. The
utility building contained telephone switchfng equipment and was
replaced in 1485 by a facility outside the project area
containing more modern ~witching equipment. The former utility
bufldinq was ndapted in 1987 to house offices and art storage for
the Eli Braad Family Art Foundation.
DotrntoNn Redevelopment Projeot
The Downtown Redevelapment Project encompasses about 9.9 acres af
property located at the southern end of the City'e ~'hird Street
Pramenade in the downtown core of Santa Monica. The
Redevelopment Plan for the Downtown Project was approved by the
City Council in January 1976.
The Downtown Redevelopment Project is bounded by Hroadway on the
north, 4th Street on the east, Colorado Avenue on the south, and
2nd Street on the west. The project ie zoned C3 General
Commercial which periaits commercial uses.
The Downtown Redevelopmen~k Project was completed in 1980. It
consists of Santa Monica Place and adjoining parking structures.
The retail portion of the pro~ect contains apprQxisaately 570,000
square feet of floor area and includes two major department store
anchors and 160 specialty retail shops and food establishments,
~lI of which are linked by a three level enclosed pedestrian
space that exter~ds diaganally across two City blocke. The
groject also includes two Agency-owned parking structures
containing 2,02o parkinq spaces.
O!f-Sitie PrOjeCts
Soth the 8cean Park Redevelopment Projects and the Downtown
Redevelopment Project include certain off-site improvements that
were found to be "of-benefit" to eaoh project. In addition to
various housing ttnd other housing related projects for low and
moderate incame individuals and fami2ies either funded in whole
or in part by each project, ~a~or off-site improvements include:
Ocean Fark Projects' Off-Site Improvements
1) Renovation and enhancement of the beach parking lot and
surroundit~g streets that consist of a landscaped central
park adjacent to the beach at the end of Ocean Park
Boulevard, a linear park alonq Sarnard Way from the
southern City limit to Bicknell Avenue, landscap~.ng and
restriping of the beach parking lot, reconstruction of
the pedestrian promenac3e and bikepath, and construction
of new concession and restroom facilities.
_ ~ _
2) Rehabilitation and expansion of the Ocean Park Branch
Library.
3) Rehabilitation of 22 apartment units for very Iow income
senior and family households at 175 Ocean Park
Bouievard.
4) Conetruction of 12 uaits of rental apartments nnd 43
units of cooperative housing for low and moderate income
families located in saveral projects fn the Ocean Park
neighborhood of the City,
Downtown Project off-site Improvements
1) Variaus improvements to the City~s Third Street Mall
Promenade and downtown (Bayaide) district adjacent to
the Downtown Redevelppment Project weXe found to be
"of-benefit° to the Downtown Project. While primary
funding for these improvementa has been provided by
other sources, the Downtown Project may provic3e funds
far future improvaments in the area that are needed.
AGENCY QBJECTIVES AND ACTIVITIES FOR FISCAL YEAR 1487-88
In Fiscal Year I987-B8~ the Santa Monica Redevelopment Agency
accomplished its objectfves for the Fisoal Year and oonduated the
foilowing activities:
Ocean park projects
Ob~ectfve: Complete constrnction of the Ocean Park
Redevelopment Project beach p2an nnd monitor
implementation of off-site housing imprcvements.
Construction was successfully completed on the off-site beach
improvements. Construction was aleo completed on the 12 unit
rental component of the Ocean Park 55-unit Replacement Housing
Projeat. These 12 units were fully occupied. The Agency
commenced construction on the remaining 43 - unit coogerative
~xousing component of the Project. These units are expected to be
completed and avaiiahle for occupancy in early 1984.
Fund~ from the Ocean park Redevelapment Project Low and Moderate
Income Housing Trust Fund, cambined with the Downtown Project
Housing Trust Fund, were used to assist in the development of the
following projeats which were ao~pleted nnd available far
occupancy in FY 1487-88:
0 12 units of new rerstal housing for very 1ow, low, and
moderate fncome households (OP12).
0 6 un~ts of na~r housing accommodating 12 ~eniors with very low
and low incomes (Alternative Living for the Aging -- "Liffman
House").
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0 7 units oP new housing for very low an~ low income
households.
0 25 units of existing housing acquired for seiemic improvement
and rehabilitation for very low and low income households.
Fuhds from Ocean Park Housing Trust Fund were also used to assist
in the development of the following projects that were undez
aonstruction in FY 19s7-88:
0 43 units of aew cooperatfve housing for very law, low, and
moderate i~come households (OP43~.
0 19 units of new housing for very low income households (lith
Street project).
0 11 units of new housing for iow and maderate income
households (Arizona Avenue project).
The Ocean Park Housing Trust Fund was also used to assist in the
development of the following projects that were in the
predevelopment glanning stage in FY 1987-SB:
0 72 units of new housinq for very low income seniors (3rd
Street north of Wilshire project}.
0 28 new Single Room occupancy units (SRa) for very iow income
households (2nd Street mixed use groject).
0 49 units of new housfng for low and moderate income
households (Main Streat housing{parking mixed use project).
The acean Park Housing Trust Fund exclusivaly was also used to
subsidize 22 units of housing for very 1ow income senior and
family households through the lease payment made by the Agency on
behalf of the 175 Ocean Park Boulevard public housing
development.
Downtootn Pro j eCt
Objective: Complete the 3esign and working drawings for public
improvements for the Third Street Mall common area
and begin construct~on on key elements of the
project.
Monitor the housing actfvities reaulting grom the
Downtown Project.
During Fiscal Year 1987-88, the Agency coordinated with the City
in improving the Third Street Promenade and in expanding Parking
Structure #5 in the downtown area. The Agency aoordinated with
the City on the preparation af construction p~ans Por the
improvements to be made on the Third Street Promenade and in the
surrounding ~trea. (Constreiction of improvements commenced fn
Auqust 1988.) The Agency also caordinated wi~h the City in the
preparation of plans to add 30o parking e~paces esnd graund floar
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retai2 space to Parking Structure ~5 on the 1400 black of 4th
street. Construotion commenced an the parking structure
expansion and improvement project in May 1488.
Funds from the Downtown Redevelopment Project Low and Moderate
Income Housing Trust Fund, combined with the Ocean Park Project
Housing Trust Fund, were used to assist in the development of the
fo7.lowing projects which were completed and available for
occupancy in FY 1987-88:
0 12 un~ts of new housing for very iow, iow, and moderate
ir~come households (oPI2).
0 6 units o~ new housing accvmmadating 12 senfors with very low
and low incomes (Aiternative Living for the Aqing -- "Liffman
Ho~xse") .
0 7 units of new housing for very low and low income
households.
a 25 units oP existing housing acquired for seismic improvement
and rehabilitation for very low and low income households.
Funds from the Downtown Housing Trust Fund were also used to
assist in the development of the following projects that were
under construction in FY 1987-88:
o~43 units of new housing for very low, low, and moderate
income households {OP43).
a 19 ursits o£ new housing for very low income households (lith
Street project).
0 11 units of new housing for low and moderatie income
households (Arizona Avenue project).
The Housing Trust Fund was also used to assist in the development
of the following prajects that were 3n the predevelopment
planning stage in FX 1987-8s:
0 72 units of new housing for very Zow income eeniors ~sra
Street north of Wilshire project).
0 28 new Sing~e Room Occupancy (SRO) units for very low income
households (2nd &treet mixed uae project),
0 49 units of new housing for low and moderate income
t:ouseholds (i~tain 8treet housinq/parking mixed use project).
The Agency also usec~ its Vitale Gilpin housing funds to assist in
the housing projects described above. The Vftale Gilpin Fund is
a legai settlement requiring the Agenoy to set aside a portion of
the tax increment revenue generated by the Downtown Redevelopment
Project to fund programs that grovide hausing for low and very
low income persons and families.
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AG$I~SCY OBJECTIQSB FOR FIBCAL YEAR 1988-84
Tha Agency has the follawing objeotive for the upcoming Fiscal
Year 1988-89:
oceaa Park Redevelopmeat Projecta
Dbjectiva: Monitor imple~entation of ofF-aite housing
improvements ~esulting from the Ocean Park
Projects.
Downtotra Redsvalopment project
objactive: Monitor implementatfon af off-site housing
impjove ents resulting from the ~~~ n~~~
Pro ect~.
Help coardinate the completion of construction on
the publio improvements for the Bayside (Downtown)
District and the expansion and improvement of
Parking Structure #5.
AGENCY ACTIVITIES AFFECZ'ING 80DSING AND DISPLACEMENT
The Santa Monica Redevelopment Agency contributed funds to
finance the constructian or rehabilitation of 272 units of ~ow
and moderate income housing that were in various stages of
development in FY 1987-88:
149 units predavelopment phase
73 units under construction
50 units available for occupancy
272 units ToTAL
In addition, the Agency contxibuted funds to lease the property
at 175 Ocean Park Soulevard on which 22 unita a€ housing for very
low income households are located.
Specitic Housinq Activitiea
Government Code Section 33080.4 requires that tha Annual Report
include the following information concerning d~splacement of
residents, demolition of units, and provision of housinq
resultinq from activities of redevelopment projects during the
fiscal year. Information concerniag the pravieian of housing is
to include any agency-assisted housing regardless of the agency~s
funding saurce and is to include only that housing available for
occupancy in the ffscal year.
No relocation, demolition, or displacement activity occurred
within any of the project areas in FY 1987-8s and no such
~ctivity will occur in FY 1988-89. The Agency aleo did not
conduct relocation, demolition, ar displaoeaaent activf.ties
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outside of tkte project areas in FY 1987-88 and no such activity
will occur in FY 1988-89.
As the chart indicates below~ there were 72 units of Agency
assisted-housinq constructed, rehabilitated, acquired, or
subsidized for oacupancy to low and moderate income households in
FY 1987-88. Twenty-five of these units were in new construction,
25 units were acquired for rehabilitatiian, and 22 units were
subsidized for occupancy by households with low and moderate
i.ncomes.
No. of units Activity
Pro~ect areas
A ~enc~
Off-aite Downtown O.P. la O.P. lb
0 0 0 0 The total numt,er of
households, including
households for persons and
families oP low or moderate
income, that were displaced
or moved from their dwelling
units as part of a
redevelopment pro~ect of the
Agenoy durinq the previous
fiscal year.
The total nvmher of
households that the Agency
astimates will be displaced
or will move from their
dwellings as part of a
redevelopment project of the
Agenay during t.he present
fiscal year.
The total n??mher of dwelling
units housing persons and
families of low and ~oderate
income which were destroyed
or removed from the low and
moderate income housing
market during the previous
fiscal year as part of a
redevelapment project of the
Agency.
72 0 0 0 The total 1]trmhgr of Agency
assisted units constructed,
rehabflitated, acquired, or
subsidized for occupancy at
nr- affordable cost to persons
and famiZies of low and
moderate income.
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Status and IIse o# the Low and Moderate Income Housinq Fund
Of the 72 units that were constructed, rehabilitated, acquired,
or Bubsidized in FY 1987-88, 43 units were occupied by very low
income households and 25 units were occupied by low income
households, and 4 units were ocaupied by moderate income
households.
The total 294 units of housing the Agency~s Low and Moderata
Income Housinq Trust Fund assisted to predevelop, construct,
acquire, rehabilitate, or subsidize in FY 1987-8s were occupied
or planned for occupancy by the following types of households:
172 units very low income households
ei units low income households
41 units moderata income households
294 units TOTAL
REGOMMENDATIONB CONCBRNING NE$DED LEGIBLATION
Pursuant to Health and ~afety Code Section 33080, this report
should transmit any recommendations concerning needed legislation
for redevelopment ~gencies. At this time, there are no bills
before the State Legislature which could have an impact on tha
Agency'a ability to carry on a program of redevelopment given the
status of both project areas. Therefore, no recommendations
regarding needed 2egislation are provided. The Agency wil~
continue to monitor leqi6lative information on items conaerning
redevelopment.
FINDINGS RELATED TQ AGENCY~B HODBING TRIISfi FUND
As required in Section 33334.6 of the Health and Safety Code, the
Santa Monica Redevelopment Agency must make a finding in each
ffscal year in which the Agency was unable to appropriata a
minimnm of 20$ of the tax increment revenue it received that year
to provide housing for low and moderate income households. State
law permits the Santa Monica Redevelopment Aqency to appropriaCe
less than the full 20$ of tax increment revenue because each
projeat ~ras established prior to January 1, 1977, and because the
Agency adogted a Statement of Existing obligations and a
Statement of Existing Programs prior to 5eptember 1, i986.
Ocean park Redevelopment project la
In Fiscal Year 1987-88, the Ocean Park Redevelopment Project la
received $631,072 in tax increment revanue. The total amount
required to be appropriated far low and moderate income housing
projeats for Ocean Park Project la was S125,2i4 which is 20$ of
the tax increment revenue received in FY 1987-88.
In Fisoal Year 1587-88, less than the fu12 amount of tax
increment revenue required for housing was approprfated due to
the existing obligations of the PZ'pjBGt. In FY 1987-88E $60~145
or 9.53$ of the tax fncrement revenue received was appropriated
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for low and moderate income housing projects. The remaining
$66,069 required to be appropriated wi11 therefore become a debt
of the project and the appropriate Statements of Indebtedness
will be filed or amended, as neoessary, tn reflect this debt.
Ocean Park Redevelopment Projeat ib
In Fiscal Year 1487-88, the Ocean Park Redevelopment Project lb
received $94,133 in tax increment revenue. The tofial amount
xequired to be appropriated for low and moderate income housing
projects for Ocean Park Project lb was $18,826 which is 20~ of
the tax increment revenue received in FY 1987-88.
In Fiscal Year 1987-88, more than the fuli amount of tax
increment revenue required Por t-ousing was appropriated for
housing projectS. In FY 1987-88, $22,246 or 23.63~ of the tax
incrament r~venue receive~ in FY ~987-88 was appropriate for low
and moderate income housing projects.
Dowatoxn Redevelopmeat Project
In Fiscal Year 1987-88, the Downtown Redevelopment Project
received $990,912 in tax ihcrement revenue. The total amount
required to be appropriated for low and moderate income housing
pro~ects for powntown Project was $198,182 which is 20$ of the
tax increment revenue received in FY 1987-88.
In Fiscal Year 1487-88, less than the full amount of tax
increment revenue required for housing was appropriated due to
the existing obligations of the Project. In FY 1987-88, $97,232
or 9.81~ of the tax increment revenue received was appropriated
for low and moderate income housing projects. The remaining
$100,950 required to be appropriated will therefore become a debt
of the project and the appropriate Statements of Indebtedness
will be filed or amended, as necessary, to reflect this debt.
Prepared by: Christopher Rudd, Sr. Administrative Analyst
Economic Development Divis3on
Community and Economic Development pepartment
Candy Rupp, FIousing Program Manager
3ack Gardner, Sr. Development Manager
Housing Division
Community and Economic Development Departmant
Mike Dennis, Director of Finance
Bill Jias, senfor Accountant
raannrpt
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: ~°n-.~Peat Marwick
THE REDEVELOPMENT AGENCY OF ~'HE
CiTY OF SANTA MONICA, CALIFORNIA
Combined ~'inancial Statements
3une 30, 1988
(With Independent Auditors' Report Thereon)
~~~Peat Marwick
GBrtrtrod Puaic Accountanis
Peat M~rw~dc Mein & Co.
725 SwM Fg~eroe Stteet
Los Anpeles. CA 900t7
Independent Auditors' Report
The lfembers of the Redevelopmenc Agency o£
the City oF Santa Monica, California:
L1e have audited the accompanying cambined balance sheet of the Redevelopment
Agency of the City o£ Santa Monica. California as of 3une 30, 1988 and the
related combined sCatement of revenues. expenditures and changes in fund
balances for the year then ended. These combined finaecial statemencs are the
responsibility of the Agency's management. Our responsibility is to express an
opinion on these combined financial atatements based on our audit.
We eoaducted our audit in accordance rith generaily accepCed sudi[ing
standards. Those standards require that we plan aad perform`the audit to
obtain reasonable assurance about whether the Einancial statements are free of
material misstatement. M audiC includes examining, oe a Lest basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant esti-
mates made by management, as Well as evaluating the averall financial statement
presentatioa. We believe that our audit provides a reasoaable basis for our
opinion.
In our opinion, the combined Einancial statements reEerred to above preseat
fairly, in alI material respects, the financiai position of the Redevelopment
Agency of the City of Santa Monica, Ca2ifornia as of June 30, 1988 and the
results of its operations for the year then ended in conformity with generally
accepted accounting principles.
~°..~i~~~~~ `~
September 30, 1988
.... uwnCafxm d _
TNB REDEYETAPMQ+M AGENCR OP YHE
CITY OF SANTA MONICA, CALIFORNIA
Combined 9elance Sheet
June 30, I988
Aeaeta
Ceah aod in+e~ts~nts (note 2)
Caah and iaveetmtnte - restrlcted for projects
ZnOte 2)
Propert~ taz S~crments receiva6le
Ineereat reeeivable
Ynvestneets esintained vith fiseu~ agept -
restricted aseeta (note 4)
Capi[slized leese nceiva6le (note S)
Amount AvelleDle f.ri Debt Serv1C! Pund
Amouat to be provided for papmeat of
long-terr debC ~~te 5):
Cepitalized lease nceivable
Other aourcea
Cepitel Projects
tovn Oeeen Pn
Redeveiapment Rederelopment
Pro ect Pra ect
~ 41,U36 202,458
779,f63 b77,217
151,706 (i11,427)
3,298 858
12,920,D00 -
Loog-Term
Debt Debt iotal
Servic! Account (meoorendu~
Fund Crnu onlY)
- - 243,494
- - 1,656,980
- - 40,279
~ - 4.156
1,987,478 - I.987,078
- - 12,920,000
- 1,987,07A 1,987,078
Liebilities a~d Fwd 6alancea
Liebil.ities:
Coatraecs para6le
Aeeounta peyable and accrued espenae~
Defecred xevenue (note 5)
8onda payable (aote 3)
Notea payeble to the Cit~ (aote 3)
Total liabiliti~s
~ Fwd belaaces:
Resernd for debt service
Reserved for contiuuing eepital pro~ecte
Unreserved - undesignated
Total fimd balancea
7'otel 2labllitiee end fund baleaces
12,924,000 12,920,000
19.357.b10 19.375.610
3 13,895,803 769,_106 1.967.078 36,264,688 50.916.675
3 12,106 8,000 - - 20,106
43,857 32,607 - - 76,464
12~920,000 - - - 12,920,000
- - - 21,695,000 21,645,000
12,569,688 12,569,688
12,97SR963 60,607 - 34,264,688 47,281,258
- - 1.987,478 ' 2,987,078
130,040 210,251 - - 940,297
789,800 518,242 ~ - I.3~8,p42
919,840 7I8,499 1,987,478 - ~,635,417.
f 13,895,803 769,106 1,987,076 ~26k,688 50,916,675
See nccompsnqiag notes to combined fimncial etatementa.
tee rtIDever.orr~xx AceNCr oa sxs
CITY 6F SAriTA ?fONICA, CXI.IFOiW1A
~ Combleed Ststement of Revenuea~ E:peaditures
and Change^ in Fund Halances
Year ended June 30, ~468
Pro~ect revmues:
Lacxeaentsl property tsxea
Ineense
Rent
Other
Tntnl prpj~et reoenues
Less project e~enditurea:
Progrem salariep end ndministraeive coe[a, SoCluding
techatcel evd prnfesaionai perso¢uel
Ynternst
Bond prlucipal patymeot
Hwaing capital
Other capitel
2ots1 pxoject erpenditures
Deficiency of revenuea uuder espeoditures
Other finencina touraes (uaee)s
Increase (decrease) ia long-ten advancea fros the
City of Santa Honiea
Sraosfer~ in
lranefers out, Sncluding traeeEer~ to the Cit~ of
Sants Moaics of ~507,087
Proceede fros ssle of bonde
?apmeat eo refuaded bond eacrw sgent
iotal other fioencing soureee (usee)
Deficimc7 of revemies aad other finsocing eourcea
undex ezpendltures sod other finaneing usee
Pund baleqeea et beginnlag of yeec
Fuad bslaneas at end of ~exr
Capical Projects
Dowtow Ocean Park Debt Yotel
Redevelopmeat Redevelopmeut Secvlee ~x~oraad~
Pro ect Pro ect Fund onl )
3 490,912 725,203 - 1,716,115
143,306 5,873 - 149,179
1,184,705 - - 1,189,705
166.000 174,001 - 360 001
2,509,923 905,077 3,415,000
1,137,429 830,802 - 1,%8,231
- - 1,611,666 I,611,666
- - 347,019 347,019
1,404~314 508,306 - 1,912,6z0
12i,062 293,400 - ~ G14,462
2,662,805 1,6321508 1,958.685 6,253,998
(152,882) (727.431) (1,958,685) (2.838,998)
599,118 (1,712,197) - (1,117,079)
- - 1,553,951 1,553,951
(1,202,659) (858,379) - (2,061,038)
- 8,850,624 - 8,850,624
- (6,395,912) - (6,395,912)
(603,541) (115,864) 1,553,951 83d,546
(756,423) (843,293) (44b,736) (2,004,652)
1,676,263 1,571,796 2,341,812 5,639,869
S._ 919 840 728,499 1,987,078 3,635,61T
, See :ccoapnnying notea !o combined fSmocial etatments.
THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MflNICA, CALIFORNEA
Notes to Combined Finartcial Statemen[s
dune 30, 1988
(1) Swmiary of SiRaificant AccountinR Policies
General
The Redevelopment Agency of the City of Santa Monica (Agency) was
established by the Santa Monica City Council in 1957 pursuant to the
Comaunity Redevelopment Law of California as codified in the Sta[e of
California Health and Safety Code. The purpose of the Agency is to
eliminate blight and to promote economic revitalization Within designa[ed
project areas of the City oF 5anta Monica.
Local funds are provided principaliy from incremental property taxes and
rentals Eor parking facilities.
Basis of Aecountinp
The accompanying combined fir~ancial statements of the Agency have been
prepared on the modified-accrual basis of accouating. The modified- ~
accrual basis of accounting is defined as Ehe basis of ac4ounting under,
vhich reveaues are recognized vhen ehey betome both measurable and
available Eo finance operations oE the current period. Expenditures are
recognized when the related liability is incurred, except for principal
and interest on general Iong~term debt, rhich is recognized rhen due.
Iavestments
Investments are stated at cost and generally consist af Federal
Goverament-backed securities (note 2).
Lottg-Term Liabilities
Long-term liabilities are accounted for in the General Long-Term Deb[
Account Group.
T~ Increment Revenues
Intremental praperty taxes are considered as project revenues by the
Agencp rhen they 6ecome both measurable and availahle fot financing Che
Agency's redevelopment activities during the year. Property taxes are
consideeed available if received within fi0 days following year-end in
aceordance vith generally accepted accoun[ing principles.
1
'TII8 REDEVELOPMENT AGENCY OF T88
CITY OF SANTA MONICA, CALIFORNYA
Notes to Combined Financial Statements, Continued
Incremental properiy tax revenues represeat property taxes coliected from
tEte excess of taxes levied and callected each year on any redevelopment
project over t6at amount ~+hich would ha~e been levied and collec[ed on
the base year property tax assessment. A property tax base year is
determined ta be the year prior to the establishment of a redevelopment
praject area.
ReportinR Entity
The Redevelopment Agency of the City of Santa Monica is a component unit
of the City of Santa Monica. As such, the operations of the Agency are
also included ia the Comprehensive Annual Finaacial Report of the City of
Santa Moaica.
Total Column
The colemm in the aceompanying combined financial statements captioned
"Total (memocandum only)" is not necessary for a fair presentation in
accordance vith generally accepted accounting principles, but is
presented as additional analytical data.
(2) Cash and Investments
Cash and investments of the Redevelopment Agency are pooled and invested
with sil other idle funds of Lhe City of Santa Monica. The Redevelopment
Agency's portion of this pooled amount was $1,700,474 at 7une 30, 1488.
In additioe, ~1,987,078 was held by fiseal agents in accordan~e with hond
indenture agreements specifically for the Agency (note 4). The folloving
summarizes total pooled cash and investments for the City of Santa Monica
as a whole and nonpooled fiscal sgent cash and investments relating
specifically to the Agency.
Deposits
As of June 30, 1988, the amount of the City of Santa Monica's deposits
was 3556,579. Tttis represents both the carrying amount and the bank
balance. All of the City's pooied cash at .Tune 30, 1988 ras covezed by
Federal Depository Insuraace ~FDIC) or collateraEized under the
California Governaent Code, which requires California banks and sa~ings
and Ioaa associations to secure s City's deposits by pledging government
securities as collateral.
Investments
The City of Santa Monica manages its pooled idle cash and iavestments
nnder the guidelines of the State of Califaraia Government Code 56301
vhiCh specificaliy suthorizes investmeats in the follorring instruments:
treasury bills, treasury notes, Federal agency aecuritfes, bankers'
2
T!~ REDEYELOP!ffiiT ACFNCi OP '17IE
CIT7t OP SAHTA 1SONIfA, CALIFORNIA
Notes to Combined Ptnencial SeetemenLa, Con[inued
acceptanees, noanegotiable certificatee of depaait and eom~escial paper.
All inveatsent activities ere eonducted ~rit6 h~nke and savioge and loan
associetiona apecifieelly epproved by resolution of the Sante Monies Cit~
Counci]..
The City of Ssats Monica'n inveatsente are categorized in ehe follrnring
teble:
. Cetegory 1- Includes inveatseata Chat ere ~ngured or regietered or
for vhich the aecurities are held by the CSty of Saeta Nonice or ica
~gm[ in the City of Saeta No¢ice's eeme.
. Categor~ 2- Iaciudes uniasured and uaregietered Snvesteents for
which the aecurxtlea are held by the broker'a or dealer's tsv$z
ddpartment or egtnt in the Ci[y of Santa Nonica'e oane.
. Categor~ 3- Includes uninsured end unregfatered inveatmenes for
which securLties are held b~ the broker or dealer or by ita trust
depertment ot agent but not in the City of Santa Moniea'e name.
CeteRor~ I CnteROry 2
Insuced ar Uninsured;
regietered; [rus[ dep[.
held by CS[y CitY name
Cxt~ of Saote Montea-he2d inveeteente (popled):
Baokers' acceptaaeea
CertSficstee of deposit (1)
Federal agenciea
Total
Truatee-l~eld securttles (nonpooled):
GsL
Treesury bills (2)
Pederal sgencies (2)
Tornl
~ 15,227,59T t -
500,000 28,900,000
38,945,757
S 54,b73,354 3 28,900.000
Categorr 3
Uniceured; Gzrying
nat held in eoouot
Cit~ name June 30, 1988
~ - ~ 15,227,597
- 29,iD0,000
- 38,945,757
f ~ 83.573,354
Market ~elue •
June 30, 1988
---~
t 15,377,665
29,400~000
40,124,676
3 84,902,501
5,000
1,234~862
790.7b6
- 5,000 - 5.000
- - 1,184,705 1,189,7Q5
- - 785,849 785.849
5 - s 5,000 ~ 1 9~ 7~5 ,556 1,980,556
tl.S. Treasury Fund
2,03D,608
6,524 6.524
t i,9e~,o~e ! z,o3~,i~x
~1) All Cit~ of Ssnta Monien-held certiflcetee of depoeit ere bncked b~ 11DS merket value eollnterals as required by Glifotala
etete lsv. Col).aterel~ are held in tc„st a[ ma~or beuka and monicored by Che Stete Superintendent of Saaking.
(2) Repreeeate aeeurities held through a book entrY e~str~ el~at elimLnstes the eeed for phpaicelly transferring 6earerform
paper ot regiatating ee~urltieg by us~ng a central depository fecilSty. GoYernmmeal Accounting Staadarde Board provisions
require that book entry eeeuritier be clasaified in Category 3 even [hough trusteea are lege117 responsible vis nppiicable
trust ngrementa eo the City of Santa Moniea for ehe eafekeeping of these seeurities on be6alf of che City of Santa
XoniCa. -
?HS REDWELOPMFNI AGHiCY OF THE
CITY OF SANTA MDNICA, CALIPORNIA
Notes to Coubined Fioancial Statements, Contiaued
(3) locds and Note~ Rsyable
On Novesber 2~ 197$, the Ageoe~ authorlted the offering af t2d.470~000 in
Doweeown Rede+nlopmene Prniect Perking Leaee Revenue Boods. Proceeds
from the bonda have been uaed by che Ageacy to finaace the acquisitlon
md conatructioo of tvo garages (the Parking Facility), Mhich provide
patking EncilfCiea fot e wajor shoppleg center in tfie City of Santa
Mou1Ca.
Oo April 1, 1988, the Redevelopmeet Ageney iasued 58,775,OD0 refunding
end nfiaanctn8 ~nda to defmse che 1984 4cesu Park Bonda and to pay n
porelon of eertein promissory notea due to the City of Santa Monice.
Oefeaseaeat of Redevelopment AReno7 Ronde Pnyable
During the fiscel year, tha Ageney defeesed its outotendiag &edevelopment
Agency Taz Alloeation 8onde of ~5~700,000, carxying en interest rate of
~0.89X. Tlue debt vau defeased vlr the sale of refunding and refinancing
boada. Ae the new boude ere seheduled to mature in the year 2019, ten
~ear~ later than the Taz AFlocation Bonds, the Ageucy'e aggeegate debt
eervice peyoenea increaeed by #6,IOJ,358. Hovever, ehe Agency obtained
s¢ eaooomic gain ~difference between the preaent values of the debt
service paymenee on the old and nerr deb!) of 5240,262. ,
A aumiary of pro~ect bonde peye6le aceounted for ip the Agency's Ceaeral
Loag-Term ~ebt Aeeoant Graup nt Juue 30, 198B is as follows:
Date of Interest Oatatending~ Amual prinelpal Maturity
Sond ieaue isaue rste June 30, 1988 requirmente datea
Doxntara Redevelopment 12/1/76 6.252-7.755 ! 12,920~000 Various asounta feos 12/1/88 to
Pro3eet Hoads 3290,000 to ~1,115,000 12/1/2008
Oceen Perk Project lsonda 4/I/88 S.Zi -8.255 9,775,000 Various nouats fros 7/1/89 to
S90,OU0 to ~725,000 7/]./2U18
Total bonda outatandin8 t 21,695,OD0
a
iN6 REbEYEfAYl~li'P ACENGR OF Tp8
CITY OF SANTA HONICA, cAI.IFORNIA
Hotes to Combined Financial Stetementa, Conticued
In ~ddition, the Ageney weia indebted to ehe C~t7 oE Senca Nonics for the
follm+ing general loans, vith lntereat per annum accruing oa priacipal
only. ae follovs:
llote psy~ble to
City of Santa Honi~ General Pund
Cit~ of S~nta Moaiea CDBC F~md
City of Ssnta Monica Ceneral Fund
Cit~ of Senta Monica General Fund
City of Ssnta Monica CDBG Fuod
CSYr ot 5snta Monies Cenerel Fuad
Cft~ of Santa ?ionics Generel Fuad
1'otal
11ate Origimw.l
oE emoune
note of no[e
1/1/89 ~ 989,663
1/1/88 2,424,114
1/1/88 1,562,922
1/1/88 1.176~588
1/1/88 427,581
1/1/SB 7,063~096
1/1/89 512,385
~ 14,156 131
Toul
Interest Prineipel Accrued outscandiog
rate paymenta interese et June 70, 1988
7.79I S - 38,433 1,027,876
7.79 (445,779) 87,500 2,065,635
7.79 (365,000) 55,256 1,253,178
T.79 (567,975) 37,277 649,890
7.79 (205,011) 13,546 236,I16
7.75 - 273,695 7,336,793
- (512,385) - -
(s092,150) 505,707 I2.569,588 '
The abwe bonds end noeee are peyable vhen fueure tu locrermt reveeue~
are receiYed by the projects. IC is aot snticipaied that the remainiag
belance of eheee notea vill be repaid +A.th availahle spendable resounea.
(4) Inveatvmte Maiatained by Fiseel Agmt
A, Dovntoaq Rederelopmeat Pro~ect
As pntt of ehe covenante for the Ageac~'s Danneown Redevelopment
Project Parking Leaee Revenue Bouds, the fieul egent ia required to
seiatein three separaee caah Punda, es followa.
Bond Service Accwnt
Noniea are eraneferred lnto lhis accwnt eech lfa~ 15 in esounta
equal to Sntere9t due vm the aeYt eastilug lntece6t payment detes.
In addition, on eech November 15, an aoonnt equel to che priocipal
amount of Donda metuYing on the next ensuing becember 1 is
transferred into this accvunt.
5
TAE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONiCA, CALIfORNIA
Notes to Combined Financial Statements, Continued
WorkinR Capital Account
The amounts provided in this account are to be used to pay any taxes
and assessments levied on the Agency's interest in the leased
premises~ insurance premiums, annua2 fiscal coets of maintenance and
operation iE the City defaults on the lesse. The fund is to be
maintained at ~5,000.
Reserve Fuad Account
!,n amoune equsl Lo at least the maximum annual debt service amount
over the life of the bonds is to he maintained in this account.
lSonies in the Reserve Fund may be used by the Agency; first, far [he
payment of losses sustained by reason of accident or destruction of
the Parking Facility financed by issuance of the bonds and not
eovered by the required insurance, so long as the balance remaining
in the Fund is equal to SOX oE ~Yimum annual debt service; second,
to help redeem the bonds outstanding under circumstances r+here the
Parking Facility is nat to be repaired or rebuilt; and third, far _
the payment of interest on, and principal of, the bonds in the event
that no other funds are avai2able therefore or £or the finai
retirement of all bonds then outstanding.
At June 30, 1988, the aforementioned accounts reflected the
folloving balances:
Downtar+n Project Bonds
Bond 5ervice Fund $ -
Working Capital Fund 5,000
Reserve Fmd 1~189~705
Total ~ 1t194~705
B. Ocean Park Redevelopment Pro,ject
As part of the covenaats for the Agency's Ocean Park Project 8onds,
Che fiscal agent is required to maintain the following cash fund.
Bond Service Account
Monies are transferred into this account on or before the last days
of June aad December in amounts equal to interest due on the next
cnsning interest payment dates. In addition, on or before the last
day of June, an amount equal to the principal amount of bonds
maturing on the aext ensuing 3uly 1 is transferred into this
account.
At June 30, 1988, the aforementiaaed account had a balance of
$792,373.
6
THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA MONICA, CALIFORNIA
Notes to Combined Financial Statements. Continued
(5) Capitalized Lease
On May 1, 1978, the Czty of Santa Monica entered into a lease agreement
rith the Agency to provide parking for the shopping center in the
Dovntown Project. The lease requires the City to pay the Agency a base
eental at an estimated rate of appcoximately #1,190,000 per year, snd ia
addition, the lease requires the City to make additional payments each
year sufficient to operate and main[ain the Parking Facility. The lease
extends for a period of 35 years ar repayment of the bonds issued to
finanee construction of the Parking Facility, rhichever oecurs earlier.
Upon termination oE the lease. ovnership af the Parking Facility will
rest with Che City. Such lease meets the criteria of a capitalizable
financing lease; hovever, in accordance aith generally accepted account-
ing principles, this Long-term receivable is recorded in the Do~+nto~+n
Project Feu~d with an offsetting equal amount of deferred revenue since it
does aot represent available spendable resources. At June 30, 1988, the
present value af the lease payments receivahle from the City vas
~12~920.000.
(6) 8econciliatian to Comprehensive
Annual Financial Aeport (CAFR)
A reeonciliation of other finaneial sources (uses): payment to cefunded
band escrow agent to the CAFR is as follows:
Downtown Deean Park
xedevelopment Redevelopment Reclassi- CAb'R
Pro,ject Pro,ject Total fication total
Payment to refunded
bond agent 3 - (6,395~912) (6~395~912) (2~092~15Q) (8~k88~062J
The recLassification represents the repayment of certain general loans to
the City which for CAFR purposes were ~lassified as inYerfund loans and
ahawa as a financing use.
7
~-~M~Peat Marwick
Certdied Publ~c Aowuntants
Paat Merwick M~in d~ Co
725 South Figuerpp Street
lns Ngeles CA 90017
Independent Auditors' Report
The Board af Directors
The AedevelopmenC Agency oE the
City of Santa Monica, CaliEornia:
we have audited the accompanying combined financial statements of the
Redevelopment Agency of the City of Santa Monica, California (Agency) as of and
for the year ended .Tune 30, 1988 and have issued our repott thereon, dated
September 30. 1988. These combined financial statements are the responsibility
of the City's management. Our responsibility is to express an opinion on these
combined financial statements based on our audit. ~
We performed the procedures contained in ehe publicatioa entieled Guidelines
for Compliance Audits of Californi.a Redevelopment ARencies as promulgated by
the Controller of the 5tate of California in connectzon vith a revier~ of the
Agency's compliance with laws, regulations and administraYive requirements
governing activities of the Agency, as required by Section 33080.1(a) of [he
Health and Safety Code of the State of California. The procedures ve performed
would not necessarily disclose instances of noncompliance because they vere
based on selective tests of accounting records and related data.
During the performance of the aforementioned procedures, nothing came [o our
attention that would lead us to believe that the Agency did not Gomply with
applica6le laws, regulations and administrative requirements governing its
activities. This report is to be usad solely for filiags with appropriate
regulatory agencies and is not intended for any other purpose.
~°~i~~~i.~~. f~
September 30. 1988
` ~^~. u.me.~F~nna
~
, . ~,
TD: ~~ATE ~LER
' nru7crnv nF ~ mtu rY]UFRnrFNT
COVER SFEET
ANNUAL AEPOAT OF FINANCIAL TRANSACT~Of~IS PAGE ~
OF COMMUNITY REDEVELOPMENT AGENCIES FOR STA'TE USE ~1LY
, FISCr1L. AFFAIRS
G~i~1LIN2TY REDEVELOPI"FNf ~~~
REP~77~7 Wr7 flailing Ad~'ess (Pieese efflK LDel ene mrtect ine leEel if nethrary.)
P, o. Box sa28,5o Fqencv nane
SACRAr1ENT0
CA 94250-5876
, Street pddiess or P 0 Box
kF
4
~ !i
E
IL ~SS:
' ~~, Stau ZiD COde
300 CAPITOI. hA~L ROEMt 631
'
SRCP.RHEhil
p, CA 95814 STAI'E LfSE aJLY ~~e Exx~teenszm
~T~~ ~
FiSCA~ YEAR ENDED ~~ocatim street Ad~ress (It diti:rent tra~ anouc}
JvnP 3n _ _ 19_.$S. ~ R~vIEUED ~tY ~ State 2ip CoAe
OUE WIFHIN SIx t10NTHS OF THE
AGENCY'S FISCAL YEHR E~ID. q~p~~y ORGANIZATION GO'VE~iNIN6 BODY HE1y6ERSH~
CLfAFED ~Redevelopnent Agency {15S Code 33100) ^~ffid of S~pernsors
~ Cominity Deve3oPnatt Comission ~f City Council ^ Other
(HW Code 34t10
~D°rt Prepared By: (L~NTACT P[iiS011) Plwne -(CONTqCf PERSOR)
Ift~ERS OF TFE GOVERNIN6 BOOY ~
~
Hill ~Izas 213
458-8266
Cna~nm 14enDer Stteet Ad~ess
Uennis Zane William Jennings
hC~'beZ NenbCT Clty StdtE [1P COdE
Judy Abda Christine Reed Santa Monica, CA 90401
neneer henber Signature of Executtve Dirertar pate
Ken Gen&er 1/,.~~
n~,~e: n~,be: ane Title
Herb Katz John 3alili Executfve Dixector
nenoez nenber Firn tiarx INDEPEFIDENT RUOITOR
David Fznkel
k M
in & Co
t M
i
ac~NCr o
FFrcza~s arw
a
.
c
Pea
~AG~.ULivC UTi1LC1
John Jalili
PnO~e
f~scal ~]ff:cer
seCrltary
Clarice Johnsen
Pl~ne
~213 458-8281
Ph~~e
;21~ 458-8211
lf~A 9G (REu 6/99)
ntacZ rer~n
Laura DeGennaro
TP?t Adtlr~55
725 South Figue.
~Los Angeles~ CA
rrone - (um~~t:i rtn~tm]
j213 ~ 955-8433
a Street
State Ziv Code
90017
~NNUAL REPORT OF FINAAICIAL TRANSACTIONS
• OF COMNlJNI7Y R~D~IrELOPMFNf AG~T1CIk'S Page ~
• ~ ACHIEI-E~tFNf INFORMATION
(IfNAUDITED)
Fi5C81 YeaT Ended June 30, 19 88 AgenCy Hatoe Redevelopment Agency of the City of Santa Monica
Indicate only those achievements ~com.pl~eted during the ffscal year,of this report
as a DIRECT R£SULT of the activ~,t~T e~-the redevelopment agency.
Pleasa describe the general activfties/
accomplishments of the agency during the
past year.
1
1) Completed coastruction of off-site beach im~
" provements.
2) CompEeted construction of 12 of 55 unite of
rep acement ous ng. ous ng was u y occup ed.
Commenced consttuction of remaining 43 of 55
units. omp et on expecte n ear y .
' 3) Completed constructioa of 19 unit public housing
pro~eet. wne~s p o pro ecC to e trans erred
to Los Angeles County Housing Authority fn late
4) Pre-development phase aubstantially completed on
a un t sen or ous ng project, onstructior, t
commence late 1989.
ss ste n t e acqu s t oa o unfts o ow
and moderata income housing which will be seis-
mically improved and rehabilftated.
6) Assisted in the development o£ 7 units of low and
mo er2te income amfly housing units.
7) Completed construction of senior shared housi.ng
project.
fiter t e amount o sq~are
footage completed this year
by building type and quare ootage ompEcte
segregated by new or
rehabilitated construction. ew
Construction
Rehabfiitated
Commercial B~ildin s
1 I'
0
0
Industrial Buildin s 2 0 0
Public Buildin s 3 0 0
Other Buildin s 4 0 0
Total S uare Fopta e 5 6 0
ter t e num er o ~o s
created from the activities o s
Created
of the agen~y, either
Actual or Estimated.
N/A
ter t e appropriate co es
to indicate each type of
Public Facility completed
this ear. u 1 c
Facilities
Completad
Tv es Completed(A-F onl } 7 N/n
8) Commenced coestructfan of ll units of low and
moderate income housing units. A= Utilities C A Landscaping ~~ Streets F~ Roads
9) Commenced pxe-development phase for_28_units of B= Recreation D a Sewer f~ SCOrm F^ Bus/Tran5lt
single-room occupancy units for very low income •
_ persons in a mixed use project in the Downtown area and for 49 units o£ low and moderate income Pamily and aenior
LGFA 80 (7/88~ units above a proposed City parking structure.
4477F/8
ANNUAL REPORT OF FINANCIAL 7RANSACTi0N5
, '~ OF COMMUNITY REDEVELOPM~NT AGENCIES
. ' AUO~T INFORMATION
I. Was the report prepared from A. ~] Yes B. [~ No
auGtted flnantlal da4a?
p1d you submlt d topy {1, ~ Yes B. Q No
of Lhe audtt7
II. Indlcale Financiat Aud1t A. x~ Unqua3ifled 8. ~ Quallfied
Oplnton,
CHECK ONE: C. Q Adderse . D. ~ fllsclalmer
E. [~ Aud1! Incomplele
Ezpected Completlon Uate:
If !he audit oplnton was !
other tt~an unqvallSied, sEate
Grlefly the reasans gtven.
III. 11as a Compllante Audt! per- A. [y~ Yes 6. Q No
formed 1n accordance wlth
Heal~h & Safely Code Seclton
33080.1 and the 5tate Con-
lroller's Gu1de11nes ior
Compitance Audits,
01d you submlt a copy of the A. ~x Yes B. ~
audtl2
iV. Indttate Complla~ce Audik 4plnian
A. ~ Unqualifled 8. Q posltlve/Negatlve
No exceptions
C. [,~ Poslttve/Negatlve- D. [~ Quallfted
H1lh exeepltons
E. [] Adverse F. [~ Ulsclatmer
G. ~ Complldnce Rud1t Expected Completlon Dale:
incomplele
LGFA BO ~6/86)
d477FJA
PAGE 0 3
For State
n~e n.,i„ i e"1
Aud1t 1
0 1n1on 2
Com 1lance 3
0 1n1on b
V. If the compllance audlt wds olher than unqu811f1ed.
11st belou lhe Code Sectlo~ wlth whtcM the agency
was nol in compllance.
Compllance Aud1t Gutde Seclion
le 1 fo "1 T1 in 1 ic`7
I II III IY V
Heallh &
Safel Code
5
(See Guide- b
ltnes For
Compliance
7
Aud1t5 for
code sec-
8
llons.)
9
Govt. Code 10
,' B+4LANCE SHEET
FisCal Year Ended „~aune 30. 19~@
A]2f1Cy M1!3'?'1p: Pedevelornnent Aaenc,v,_{Zf the ['~tvr_,nf cante Manica P~~ ~~
- - I~i~
a e c o E f e
r~seTS a oTM~ o~rrs CaDital Projects
funas oect
Servia i.ouinoaerate
iricoFe ~+ousin0 Svaiai
ReveFueiOt~er General
I~or~btrn Gmeral
~~~ ~T~
(Menorandu~ dn2y~
Cash 6 iRprest cash
~ ~~
$ 1 333,408 ~~
$ '~~
S 367 066 ~~
$ •• . ~
'• ' • •
' , ,
$1r700,474
Cash with fiscal agent ~ ~~ a~ ~~ ~~ ~ •, '
~ , ~ ,~ ~
7 78
iax increments receivabla 3 40 279 '"•~ . ~ 40 279
ACCOUnts Ceceivable 4 ~ ~. ~ , • • •
AocrNed nterest
Receivab~e
5
a,156 ' ~ '
' , ' ~
•„ , '
6
Loans receivable g , ~ '; ;' ;
Ccntracts receivable ~ r ~• . F, ' .
Lease payments receivable g 12,9zo,0oo $ '. .,
Wnearned finance charge 9 • •
Que fran ~apital
F'r'o'eCts und ~ ~ ~ ~ , .
Due fran Debt
Service Fund ~~
Due fran Lew~Tladerate
Incane Housina Fund ~Z
• ~ ,
. ,
,
D~ue fram 5 ecial
evenue~7t~ier Funds ~3 ;,' ,' .
Investments ~ 4 ~~ ut~ ~ea we . •
Ocher sssets 15 . • ' ~ •
L end and improv anents
held for resale 16 ~ ' ' • • , ' ' • ~
Fixed assets: La~d
structures 8 imprnverrents
~~
• ~ ~
• '~
$
Equipment ~s
P.~nount available in
Debt Servzce Fund
~g ,
1 987 078 • •
• .
~,987,078
Amcunt to be pravided for
payment of Long Term Den:
20 ' " .
z z7~ 610
7DTAi. ASSETS d (~rst *«ai
O111ER ~8I15 PeR 01,line 10)
~~
$ Iq y97 843
$ 1 987 078
~ 367 066
$
~ 34 264 688
~
S 5Q,916,675
lsR ED (~Eu 6~BA)
Redevelopment Ageney of the City of SenEa Monica Los Artgeles
(NAME OF REDEVEIAPHENT AGENCY) (COUNTY IH iTIiICH LOCATED)
Bill JinsJ3ack Gardner (213) 458-8266
(NAME OF PERSOId PREPARZNG REPORT) (PREPARER'S TELEFt30TI£ NUMBE~)
REPORT FOR FY ~~es. N[FMHER DF PROJECT AREAS REPORTING 3.
SCHEDULE HCD - A
(NOTE: IF YOUR 11GENCY OPERATES MORE THAN ONE PROJECT AREA, COMPLETE THE
AHOVE PORTIDN OF TNIS FORM AND THEN MAICz ENOUGR COPZES SO THAT A SEPARATE
REPOATING FORM CAN HE COMPLETED FOR EACH OF THE PR0.TECT AkERS.)
1. Project Rame: ~*-~ ~~v Pro3eet ; If ~ew, qive year sdopted: ~
2. Date~s) Merged: _J_f_ Date(s) areas vere added:
J_/_ _!J_ane_..J_1_,._!_../-and.J,1_
3. Percentnge of project~s tax 4-If setaside ia o or iess than zot
incremants set asfde !or housinq: when were the neceasary findings
(Give exaot t if possible; adopted? ~/~/~g.
otharwisn show 0, 2D~, or less
than 20~ o_Aa .
5. The Health and Safety Code authorfzes types of lindinqs whiet7 ~an be
made to exempt a project from the setasids requirement (See E~chibit A).
Indicata ~ype(s) o! findings adopted by checking appropriate 8ealth and
Sntety Code Section dasiqnation(a):
73334.2(a~(1} 33334.2(a}(2} 33334.2(aj(7)
33334.6(d) ~ 33334.6(e) x
6. If eetn~ide is being deferred, ahov amouni ot deficit cred~ted to
housing lund as a result of the deienal: 5 loa,55o 40
NOT£: IN REPORTZNG ON THE STATUS OF THE IAW AND MODERATE INC02~L HOOSItiG
FUStD, EEIAW~ SHOW pEFICITS IN BRACX£TS. (I.E., (52,000) ~ A DEFICIT OF
52.000}. REFORTS TO RCD AND STATE COhTROLLER SHO~LD BE CONSISTE;7T.
7. The Lollorring infotmption relates to this projeet area only and its
participation in the deposit/expenditures from tlte agency's Low and
Moderate Zncome Housing F1ind:
A. Baginninq 6alance:
S eio.~a~
8. Tax increaents added:
S 97~232
C. Interest added:
$ 26,459
D. Debt Procaeds added:
S o
E. Other Revenues added:
$ o
F. A+H+C+D+E ~
S ~aa,aas
G. Expenditures, includinq accounts
receivab2e axpended during this
reportinq period: 5 ssz_eg<
H. Subtraet G fron F and show
balanca at end of FY: S 1a1,5aa
l. Amount o' Balance, above,
repre5enting aecounts
xeeeivable: $ o
2. Coauaitments made bat not yet disbursed
(This means debta incurred by the ngency
trirouqh written aqreements or contracts
which have not yet been paid):
s iia,ooo
B. The foliowing information on housing aetfvitias is to be reported oniy
i~ the activity occurred vithin this project area and without regard to
funding source. Liat nwaLer of units ar households atfected and
indicate income level impacted by the LCLLV~LY: NO ACTIViTY tn PTiQTiCT AREA
INCOME HOUS£HOLDS iTNITS HUILT SiITH REHABBED NITH RECEIVING JICQUSRED
T.F~1Fi. DISPLACED REMOV£D AGENCY HELP AGENCY HELP $GBSIDS£S SY AGENCY
V2YY IAW -NA' -
LOV
Moderata
1lbave Hod
9. Estimate Yhe nuaber of households by ineo~e to be displaced durinq next
reportinq period:
Vezy Low D,,, Low o Moderate o ~ova 1Soderate o
" INC[3ME STA7EMENT-CONSOLIDATED '
Agency Name: Aedevelopment Agency o! the City o! Santa Monica P~{(~ ~
Fiscal Year Ended .T„~p 30 19~g `~'i~'"'~
a e c n ~
AEVENUES Cao3u1 Pro~xts
Furds pebt Savice
Furds t,a+~toderate Incone
Nou51n FWs Soecial Revrniei
Dthel Funds TOTAL
T8x irlCrerneflt ~ }. 716 115 S ~~~ 1,716,115
Special supplemental suhventians 2 °°
Pro er assessments 3
to~
Sales ~ use tax 4 ' i°~
Interest income 5
loa 3~s
4a,eoa um
7.ag,1~9
Flental incnme 6 ' ASQ
LBase incorne 7
1,189.705 pS0
1,189,705
Sale of real property g u~'
Federal grants 9 BS0
Grants fran other a encies 10 tl~
Bond admirnstrative fees 11 A~
Other rever~ues 12
36 ~o
3 0
7otal Revenues 13 $ 3,370.196 S $ 44,804 $ $ 3,415,000
DCPENDiTU~ES . . . . : , . ~ , ' • . . ~ • . . . . : '
20Q E50
Administration costs 14 852,186 852,186
Professional services 15 ~~ 12 693
Plannin , sur 8~ desi
16 RO
Real estate purchases 17 ~D
Expenditures Sub-Total tcertY ~ lia 19, 0~ 17 ~1$~ $ 864,879 $ $ $ $ 864,879
EGFa ~ (Rev W~)
INCOME STATEMENT-CONSOLIDATED
Fiscal Year Ended 3u"~ 3° lg 88
,~e~C~ rJdme: Redevelopment Agency of the City of SariCn Monica pA~ ~"~'T'~
1..~
A 6 G D E
EXPENDITURES -- Cont'd Capital Pro~ects
FunGs [kbt Servue
FuMS Cou/ModFrate Incorie
Ibiau~p FunCS Special Revenue~
Ott~er ftnds TOTAL
$l~7-tOt81 (fta~ lifle iB, pape i) (1~~
AC~JISIt10fl eXp2~1S2 2~ ~0
Operation of acquired property
21 ' 6G
Relocation costs 22 °D
Relocation paymertts 23 ~0 3 zle
Site clearance costs 24 ~!zi,oez ~ ~~ z21,oe2
Project improvernent/constructicm c~sts 25 ~~ 3~a 315
D~sposa I costs 2 6 °0
Rehabil itation costs 27 60
Aehabifitation grants 28 ~~
Interest e~~r~se 2g 979 072 3. fill 666 ~9 2,590,738
Fixed asset acqu~sitions 30
~
Subsidies to low ~ rnoderate housmg ~1 1 233 388 719 379 RD 1 952,767
Other expenditures
32 t3D
Deb# principal payrnents: ' ~ • - ~ • • ~ ' ~
Tax allocation bonds & notes 3~ 397 019 347 019
Revenue honds & cert. of participat~on 34 '
Ci,y/county advances 8~ loans 35 ~ 092 i5o 2 092 ~50
U S., state, 9~ other long-term debt 36
fotal Expenditures 3~~ $_5.~qq_nF1a S 1.45A.685 $ T14.379 $ $ 8.346.148
LCFA BO (Rev b/8B)
~•Ii~COM~ 5TA7EMENT-C~NSOLIDATED ~
" ~ Agency Name: Redevelo~ent Aaencv of the Citv of Santa NEoni ^ pp~E ~
Fiscal Year Ended .TunP q~ 19~~
' A 8 C . fl E
EXPENDI7URES - CostYd CaPltal ProSxts
Funds oeet servlcc
iinas la+nioaerau Incone
Ibusln Funds Soer.ial Ae+~enue/
Ou+er Fur~ds TOTAL
E~acess (Def~aency) Re~nenues Over
(Under) E~enditures (Iine 13 - line 37)
3~
{2,297,888)
$ (1 958,685)
~674 575
9 931 148
OTHER FINANCING SOURCES (USES} : ' . ~ ~ • • : ~ : . • ~ . ~. ~ ~
Proceeds of ~ong-term debt ~~ 2,954,7I2 z asa ~i2
Ac}vances fram city/oounty 40
Sale of fixed assets q~ , ~ ~
Operatinq transfers in 42 1 s 3 i 553 951
Operatmq transfers out 43 ( z,o5l,ose) ~ ) ~ ) { ) ~ 2,tl61 036 ~
Tota! - O~her Financing Sources (Uses) 44 1 372 ~as 3 S i
Excess (Defioiency) of ~3ever~ves & Qther
Financ~ng 5ouraes Over F.~endit~res &
~Lher F~nar~cing Uses (iine 3e + l~ne 44)
45
~925,143)
(904,734)
(674.575)
(2,004,452)
EQUITY, BEGINNING OF P~RIOD 4~ 2,206,416 2,391,812 1,041,641 5,639,869
ADJUS7MENTS: . . , . . ' . . , ' , ' ,
Pr~or penod adiustments 47
Res~dual equ~ty transiers 48
' Ot'~e~ - exL+ldin 49
5D
EQlJITY, END OF PERIDD
~~ ~ F~~ '~~~ ~ ~~ ~ ~~
51
$ 1, 281 273
$ 1 987 078
$ 367 066
$
$
LGFA EC (Rev d/8B)
~, ,. ASSESSID VALUATIONS -~AND - TAX INCRET~-T1T REVENUES SCHIDULE D-R
Page ~f'~
Agency Name: ~edevelopment_Aaencv_of the_Citv of Santa Monica
Fiscal Year Ended ,rune 30 14 ee Project Area _ocean Park Project lA,,
ASSFSSID VAL~ATION
re 1 I'r l f r 1
Secured Unsecured Total
Frozen Base Assessed Valuation 1 $ $ $ 2,a~l,ooo
Increment Ilssessed Valuation 2 a ga ~40 71s
Total Assessed Valuation 3 $ e7 i~o ~03 ' $ $
TAX INCRETI~M' lt~'VENUFS
ounts ai to axing
A encies Pursuant to: o e
33401 ~,S e
33676
TOTAL
Count 4 $ $
Cfties 5
School UistrfcCS 6
Communit Colle e Distritts 7
S ecial Districts 8
AI1 Other A encies 9
Total Paid to
Taxin A encies
10
$
$
$
Tax Increment available
for redevelo ment ur oses
11
$
Total Tax Increment Allocated 12 $
LGFA SO (6188)
4477F/10
ANNUAL REPORT OF FINANCIAL TRANSACPIONS PR0.JECT AREA
OF COt~4~lUPROJE~AREAOP~DiF111'TAGE4lCIFS COV~R S1~Ef
STATE USE ONLY
Reviewed Cleared ~
Please provide a brief description of the
project areas activiCies on the lines below,
The Uowntown Pro~ect was approved hy the
5anta rionica City Council on January 13~ 1976.
The Pro,ject containa 10 acres and ie bounded
y 5ecottd 6 ourth SCreets, Broadway and Colorada
Ave. It contains a re~fonal ahopping center,
Santa Monica Place, of 570,606 sq. ft. with two
major department store anchors and more than 160
speclalty shops. The Agency sold $1b,476,000 of
Downtorm Redevelopment Pro,ject Parking Lease
evenue l3onds in 7 to inance construction of
two garages providing 2,020 parking spacea for
the project.
LGFA-80 (6/88)
4477F/1
PAGE U 1
Pro7ect ID N
Please affix label and correct label if necessa
AGENCY AND PROJE ARFA NAt~
Redevelopment Agenc of the Cit o£ 5anta Monica
Downtown Profect
Date pro~ect area was esta is e
1+A1-DD-YY {1) 1 - 13 - 75
Most recent date pro~ect was
amended hA1-DD-YY 2 - -
Most recent ate pro~ect was
mer ed 1Rvt-DD-YY 3 - -
Est~mated completion ate
( ear onl ). 4 1980
~stablished limit or on e in e t-
edness (if applicable). Refer to
Health and Safety Code Section
33334.2 5 $ N/A
Estabishe limit for tax increment
revenues. Refer to Health and Safety
Code Sectiot-s 33333.2 and 33333.4. 6 $ 125 300 000
5ize of ro'ect area in acres 7 10
Percentage of lan vacant XX,X$ ,
Refer to Health and Safety Cnde
Section 33320.1. 8 0. 0 ~
Percentage of land developed
(XX.X~). Refer to liealth and Safety
Code Section 33320.1. 9 104. 0~
0}ectives o pro}ect area as set
forth 2n the pro~ect area plan. 30 C
Enter the appropriate code(s). = csi ential
I = Industrial
C = Commercial
P = Public
0 = Othex'
t i
• INCOME STATEMEM`-PROJECT AREA ~^ enc Name:
~J Y BEdLVP_1 ~rnnPa}~ n~anc~ Of the Cit,lt of Santa Mnn{na
~ FESCaI Year Ended ~une 30 19~e Pra}ect Area: ~~+toW" pro~e~t PA~ ~
A B C D E
REVENUES CaDsul Project5
Fur~ds Deht Sernce
funds ~a+/noderau Incare
Hoiain Fu~ds Special Revmue!
OVxr Funds T07AL
Tax ~ncremerrt 1 9g0 912
Spec~a! supplemental subverrtio~s 2 ~
Pro er assessments 3
Sales 8~ use tax 4
Interest income 5 ~ 116 847 26 459 ~ 143 3ofi
Ren#at income 6
Lease Fncorne 7 i isg ~os i i 9 7 5
Sale of real property 6
Federal grants 9
Grants frorn other a encies 1 ~
Bond adrn~rnstrative fees 11
Other revenues
Total Revenues
EXPENDITURES ~~
13 ieb.ooo ,p~ nnn
S 2,483,469 $ s ~~_csa $ S 2.SA9.993
' '
Admmistrafron costs 14 qD9 9os 909 9
Prpfess~onalserv~ces 15 a,iz5 a izs
P~annm , su 8~ de5i 16
Real estate purchases
Expenditures Sub-Total (~rry to llne 19, peqe z) 1'7
(~8)
$ eie _nin
$
S
1 S _
$ 47 a,o3o
LCFp 80 (kev fi/6@)
•~ ~INCOME S?ATEMENT-PROJEC7 AREA en Name: Redeve7.Qpment Aaenc sf the ci
~ C~/ ,~ ~y of,.,~,p~~,~, Monica
, Fiscal Year Ended iune 30 19~_ Project Area: ~~ o~+ proiect P~~ ~
A B C ~ E
DCPENDITURES - cont'd CapLtal Pro~ects
Funds De~t Service
Furds ~ou~nud~rata Incoee
Noussng Funds Special Revenue/
Other Finds T~~
S~b-total (froe ]fne 1B, paye 1) ~19} S 4 4 03
Acquisition expense 20 '
Operation of acqwred property 21
Relocation costs 22
Relocatfon payments 23 s 2ze ~ 3 zia
Site clearance costs 24 12a~,o6z 1zi,osz
Project improvernent/constructivn costs 25
D~sposal costs 26
Rehabilitatio~ costs 27
Rehabititation grants 28
hterest expense 29 599,119 872 553 1 471 672
Fixed asset acqu~sitior~ 3~
S~bsidres to low 8~ mederate housing 31 1,089,947 435 429 1 525 376
Other expend~tures 32
Debt principal payments: • ' ~ ~
Tax allocation bonds & notes 33 269 sz~ z a z~
Revenue bands & cert. of particrpation 34
City/caunty advances S~loans 35
U S, state, 8~ other long-term debt 36
Total Expend~tures _ 37 $z,z2~,a~6 _ S x zs~,^R~ S ~~~ ~~o S S~,qo_AQa
!CR BO (Rev 6/88}
.INCdME S7ATEMENT--F'ROJEC7 AREA
Fiscai Year Ended ,Tune 30 19s$,
Age~Cy Ndme: Redevelonment Aaencv of Che citv of c~ta ~on+e~, P~E ~
~ ~ ~ `' ~
Prflject Area: o~t~ Pro-ject ~ ^ ~~ ~
n n n n n
DCPENDITURES - Cot1t'd Cavita~ ~rojecu
Fur~ds oeot service
FuiOS ~ou~esau Inwne
Hrnain Funds Speczal Ataenve~
Dtt~er FunOs TOTAL
Ew~ess (~eficiency) Revenues Over
(Under) Er~enditures (line 13 - lifle 37)
3$
~ 256,088
$ 1 137 080
4(18 970
1 289 962)
OTMER FINANCING SOURC~S (USES) : ~ • '
Proceeds of long-term debt 3g
Advances from citylcaunty 4fl 599,118 { 599,Z18
Sale nf fi~d assets q~
Operating transfers in 42 ~.,zo2,659 i,2o2,659
Operating transfers out 43 ~ i Zo2 6 9 ~ ~ ~ ~ ~ ~ ~ ~ i zoz 659 ~
Tota1 - Other Financ~ng Sources {Uses) 44 603 541 i zoz 6s9 5 s99 iie
Excess (Deficiency) of Revern~es & Other
Financing Sources Over Expendit~xes &
Other Financmg lJses ~lihe 38 • line 44)
45
(347,453?
65,579
(408,970?
{690,844)
EQUITY, BEG~NNING OF PERfOD 46 I 065 516 1 636 ais 6io ~a~ 3 312 ~6
ADJUS~MENTS: . . .
Fr~or er+od ad ustments 47
Residual equity transfers 48
Other -- explain 49
50
EQUITY, END OF PERIOD
~lklst bqllal FDIR ~~-R 1]11E 39 ~~ z~
5~
$ 718 063
$ 1 70i 742
$ 201 777
S
$ 2 621 632
LCFa 90 (Rev S/BB)
~ ' AuENCY DEBT 5~~~ A'~
' TAX ALLOCATION BONDS, Rbl~EMJE BONDS AND CIIiTIFICATFS OF PARTICIPATION Yage ,L o£ L
Agency Name: Redevel ment
Fiscal Year Ended June 30 19 ea Project Asea: ~,wntow~ Prn~e~t
Use a separate column for listing each bond authorization not fully retired. Use additional pages as necessary.
CODING 60XFS FOR CUN'FROLLER'S U5E ONLY 7'OTAL
Indicate type of de t: Tax A],location
Bond, Revenu~ Bond or Certificate
of Partici atfon
Revenue
sona
•
Year of authorization 1.0 ~'~•1~78 ~
Princi al amaunt authorized 1.1 $~.4,740,000 ~ $ ~ $ $ la,~oo,ooo
Princi al amount unissued 1.2
rincipa amount unmature -
be innin of fiscal ear
Z,Q
13,19Q,000
13,~90,000
~ustments ma e ~r~ng year
E lain)
3.0
Principal amount issued
durin fiscal ear
4.0 29X
Prinupal amount matured
dnrin fiscal ear
5.0
( 270 000 )
( )
( )
( ) 39X
( z~o,ooo )
Pr~nc~pal asnount unmature -
end of fiscal ear
6.0 44X
Princi al amount in default 6.1
Interest in default 6.2
PURP05E OF DEBT SY A[JfHbRIZATION (S ecif Nature of Revenue) PLEIIGID
To finanCe the ac uisition and construction of two Farkinq lease revenue agreement with the ~
qarages which provide parkinq facilities for a ma~or City of Santa Monica 100 !~
shopping center in Santa Monica '~
~
4477F/2
0'ft~R LONG-TERA1 INAEBTEANESS SCHIDULE B-itP'
Agency Name: Redeveloom nt Adenq,y nf rhP rir.y nf Santa Mon~ca
Fiscal Year Ended ~un~ 30. 19 ~~ Project Area
OTFIER LONG-TERM IIJ~EBTIDNESS
, 1 A E 1 A 1 1 A 1 I A I 'I~OTAL
OTiiIIi LONG TERM INDEBTID!QESS (1.0) CITY/COUN'I'Y STA1'E U.S. OTFTfR
Principal amount unmature ,
be innin of fiscal ear 2.0 $ $ $ $
~ustment5 ma e ucing
ear (ex lain) 3.0 t
nterest a e
to finci al 3.1 599 1z8 599
rincipal amount receive 29X
durin fiscal ear 4.0
rxncapa amount matuare
durin fiscal ear 5.0 $( ) $( ) $( ) $( ) $( )
ota unmature 4X
end of fi5cal ear 6.0 $ a 364 669 $ $ $ ~
LGFA 80 (b/88j
4a77F/6
.~ NOt A liCable
, ' 'NON-AGENCY DEBT SCF~ULE C-RP
MORTGAGE R~Y~MJE BONAS, INDUSIRIAI, DEVELOPN~I1!' B(?NDS~ CIItTIFICATES OF PAl2TICIPATION Page _ of ^
, AgenCy Name: Redevelo~men_t Avencv o£ the Citv of_Santa Monica
' Fistal Year Ended June 3o I9 ee Project Area: Dowr~town Project
Use a sepaxate column for listing each bond authorization not fuZly retired. Use additional pages as necessary.
CODING BOXES FOR CONfROLLFR'S I1SE ONLY TOTAL
n icate type a e t: Mortgage
Revenue Bonds~ Industrial Development
Bonds Certificates of Partici auon
Year of authorization 1.0
Princi al amount authorized
1.1 r
$
$ '
$
$
Princi al amoimt unissued 1.2
rincipa amount unmature -
be innin o£ fiscal ear
2.0
~ustments ma e uring year
~x lain)
3.0
rincipal amount issue
duxin fzscal ear
4.0 9
rincipal amount mature
durin fiscal ear
5.0
( )
( )
( }
( } 9
( )
rincipaZ amount unmature -
end of fiscal ear
6.0
Princi al amount in default 6.1
Interest in default 6.2
PURPOSE OF DEBT BY AUTHORIZATION (S ecif Nature o£ Revenue) PLIDGED
~
, $
$
~
L FA 8U REV. 6 88
' •aa77F/3
• ~ ASSESSm VALUATIOlVS - AND - TAX INCRII~IVT REVII~I)ES SCHID[lF.E D-R
, • Page 'r 3--r~]
Agency Name: Redevelopment Agency of the_Cit~ of Santa Monioa
~iscal Year Ended Jnne 30 19 88 Project Area Dowrttown proiect
ASSESSID VALUATION
r1 f R 1 f"r'-1
Secured Unsecured Total
Frozen Hase Assessed Valuation 1 $ $ $ 42 116 9B2
Increment Assessed Valuation 2 ~ 59 069 634
Total Assessed Valuation 3 ~ 94 961 284 ~ 6 224 827 ~ 701 186 1Z6
'~AX INCRII+~.M' REVENUFS
I"~C"1 r'R'l R'-1
ounts ai to axing
A encies Pursuant to: ~ o e
33401 Fl~, de
33676
TOTAL
Count 4 $ $
Cities 5
School Districts b
Communit Colle e Districts 7
S ecial Districts 8
All Other encies 9
Total Paid to
'Faxin A encies
l6
$
$
$
Tax Increment available
for redevelo ment ur oses
11
$
Total Tax Increment A1located 12 $
(estimate)
(e6timate)
LGFA 80 (6/88)
4477F/10 - '
.'
STATEMEN7 OF IMDE9TEDNESS
REFORT YEAR 1987-R8
~E~T
I GchIT I F I CAT I CtiN DA7E
------------------------------------
~fi~ Parking Lease
----ftev en~as_~Qn ~s----_..____~~1~Q1T 8
~~? Note Payable to
----~i~~_Qt_~~~t~_S~s~s._~~1_4?.14i1 ~T
S~~ Note Payable to _
____C.i~Y_Qf _~..Nl~_1L~s~s_$~~_Qi111~ 8.T
- ~~,y_Los Angeles ~ Moderate
^__ Inc_Housin~_Trust_Fund~07/22/86
~E~ Low & Moderate Inc. ~
Housing Trust Fund 09/04/84
~F~ Vita3.e-Gilpin Agreement06/25/78
t~~ Parking Structure
Reimbursement Agreementll/2q%78
DTHER F'AGe TOTALS ~~
----------------------°-------- ~ -
3RAND TOT~LS i
AVAILA6L~ FIh1ANCING
~------__ _.._ ___ __^~-°--°---
~JET F.EG~UIREhlENT
~___~_______-^-------------
AGENCY NAMEe5anta'Moriice-Redevelonment Agency PAGE 1 OF 2
FRaJEC7 IDENTIFICA7I~~J; Downtaun Redevelopment Pro~ect
IGINAL INTEREST OUT6TAN~ING DEBT DUE~DURfNG~1987-8R~
INC,IF'RL TERM .
----------------- ~,ATE
---------- JUN~ ;.t7~ 19R7•
----------------- FRINCIF'AL -IIJTEf;EST
-----______..___..~-----
4~41o~0oa_~o_y?'s_ _ ~ ~=1~?~
~
~ __~?~~Q42~??~----_~_ 2~,oL00o$_872:5~?-
:
j
above F-+„
--~2~~1~~_1_year _~a~'s iII _-___..QS§~.461---- ----Q2~114~---b?1~-=-
~ ~ ~
6.#.~~.~~080_1_~rear__Ss15~---- --__~sg~2~.~20__:,...__6i~`L`'2~aBa__~o8;0~0~
23~.,250 Open None
1,000,000_Open~_~`None
3,019,729_ 30_yrs__ None
-0- 30 yrs. None
~ •
FURPOSE OF INOEB7EDNE5S
(A)Finance ortion of cost of arking structure(~)LoN &~toderate TnrnmP ~rn„~~„g~ rv~t Fund
tH)Land.aonstructio~ rel~ocation&ooeratian costs~F~~ow Income liousing Fund (Est. based on formula calcnle.i
(CiFor land transfer (GlParking Structure AQreement (Estimate based on formula
lU~Lox & Moderate_Income Housin2 Trust~Fund calculation)
F'ursuant to Sectian v~d7~ of the He~lth and 5afety Code~ _
I heraby certify tnat the above is a tr~ie and ac~urate
Statempnt of Indeptedne5s.
~r~ _ ~/s~~- - - .
Si anat~~re
------1L2~og1~ -- llt2`o91__.. -o_
~68,656 468,65E ~ -Q--
---r2_b71l182(est.)__ ~7,23F -0-
-°-----°--------
ia,717,'to7(es~} 5~0,36~ -a-
I ~ , r .
• '
STATEMEAJT OF INDEE+TEUNE5S
FGF'o~r reHa ig87-88
-----------------------------------•
~ErT
IL~cNTIFICATIOP! DAT~
_ _------~----------°---------------•
~~~ Downtown Cooperation &
~A_~Reimbursement A~reemen__12/17/8
---------------- -- •
(B) '
(C1
_ ~~~ ---- -- -----------------------•
(Er ^ _-____.._---------°--•
„_____-°---------•
(~}
(G) - ---- -
QTH~R F•ArC TOTALS -
---------------------------
3rRAND TOT„LS •
L----~-°--_~___~______~___,
;;VAILAB~E FINAM1aCING
~1~T F:ECUIF:EMENt~ r ~r--r---
FUF;F05E OF Ir~lD~HTEDNE55
~ ; • ~
I
. ~ , ~ i
AGENCY NAME:_Sante Manics Redevelo~ment Aaency I~AGE 2_ QF' 2 ~
FFCJEC7 IDEN7IFICATIO~~l: Aowntown Redevelopment Pro~eot '
------------------------------- --------------------------------------~
_~FGINAL zNTEREST OUTSTANDING DE9T GUE DURING 1987-88 ~
=F:INC,IF~'AL "fERM FATE JUNE ~~]~ 1gBT F'FINCI~'t~L IiJTER~ST -
-----------°_-__--__ --___..___- _~____-_°----°-------------- ----------
$z6~187~62E;- ~-P-en --- lA ~00~ _ ~_3~....~+7~.,9~.~,.'! -------=~=-----~---=g =---
~ ~
------ ------------------ ^__--,.. __.f___---~------------------•~--
1 ' I ~
~ f
(q)Third Street Mall Im rovements{Reduced (E)
(&~ for s e of COP's durznR i98 -87~) (F)
4C) iG)
lL~) ~ ' '
rursuant to Section ~~.b75 of the Health and Safety Code,
I herebvi certz4y that the above is a true and accurate
3tatement of Indebtedness.
C~~~~---- ~ 5/ir/r~ •
$u6,862_302 $e_?68,577.~3i,~+43,2ob '
------- ----------- ---------.~- ___ __ ,
50,335,315. 8,968,571'z,443,2A4
3,795,728 2,923,1T6 872,°~~
$~6~539,587 --___$6`0~5_395_~__57°,65?1
~ S~ nn-,«. .'_
AAIR'UAL REPORT OF FINAt4CIAL TR~WSACTTaNS PROJECT AREA
OF COt~A~JNITY RIDEVELOPp'fEM' AGINCIFS COVLR SF~EP
PR0.TECT ARFA i2EPORT
PAGE 0 1
STATE USE ONLY
~~
Please provide a brief description of the
project areas activities on the lines below.
Ocean Park Redevelopment Pro~ect la encompasses 25
acres on the northern portion of the 33 acre project
in_the southwester2 c9rner_of the Citv adiacent to
Santa Monica beach. This portton vf tHe pro~ect
_contains the__fol~owinft uses: 1) a twin-tower apaxt-
ment compkx cont8ining 532 un3ts completed in 1967;
_?) 187 condominium and,,,townhouse uni[s comuleted in
1980; 3) 153 condominium units completed in early
198~tan~L4Lthe 5,89 acre Ocean ,V~,ew P~rk. The Ocea
Park Project 1(a) off-site activities include; the
rehabil:lta n s ex aasion f che Ocean Patk Branc
Library completed in 1985, the construction of im--
_provements to the beach uarkirte lot adiacent to the
project extending north to Bicknell Avenve which was
comvleted in earlv 1987, and the construction of 135
units of affordable housing in the surrounding
communit .
LGFA-$b (6/88)
4477F/1
Project ID k
Please affix label and correct 1abe1 if necessa
AGF,NC AND PRQIECf ARFA NAME
Redevelo ent A enc of the Cit of Santa Monica Ocean
Park PYOject lA
~
Aate pro}ect area was esta is
e
1~4-DD-XY 1) 6- 30 - fi0
Most recent date pro~ect was
amended 1+g1-DD-YY 2 11 - 14 - 67
Most recent ate pro~ect was
mer ed I~M-DD-YY 3 - -
Estimated completion ate
( ear onl ). 4 1987
Established limit for on e in e t-
edness (if applicable). kefer to
Health and Safety Code Section
33334.1 5 $ N/A
Estabishe limit or tax increment
revenues. Refer to Fiealth and 5afety
Code Sections 33333.2 and 33333.4. 6 $ 66,612,500
Size of ro'ect area in acres 7 25
Percentage of land vacant XX. $.
Refer to Health and 5afety Code
Section 33320.1. 8 0, 0 ~
~'ercentage of land developed
(XX.X~). Refer to Health and Safety
Code Section 33320.1. 9 100 , 0 ~
0~ectxves o pro~ect area as set
forth in the project area plan. 10 R
Enter the appropriate code(s). = esi ential
I =..industrial
C = Commercial
P = Public
• 0 = Othe'r
OTf~t LONG-TFItM INDEBTIDl~IFSS SCF~bUI.E B-RP
Agency Name: Redevelopment Agency of the City of Santa MOhfCY!
Biscal Year ~nded June 30 ~g ee projeet Area Ocean Park project lA •
OTEfER LONG-T'ERM INDEBTEDNESS
~ fAI IAi IAI IAI 'POTAL
OTI~R LONG TERM INDEB'I'mNESS (1.4) CI'I'Y/CIXJNTY 5TATE U.S. OTI-~R
Principal amount ur~matured,
he innin of fiscal ear 2,0 $ 4,319,5b8 ~ $ ~ ~ 4,319,568
~ustments ma e uring
ear (ex iain)
3.U
~ ~
nterest a e
to Tinci a~ 3.1 Z~~r366 277,36s
rinczpai amount receive 29X
durin fiscal ar 4.0
rincipa amount mature
durin fisca2 ar 5.0 $( 1 s2~ 2~0 ) $~ ) ~ ) $~ ) $~z z z~o )
ota unmature 4AX
end o€ f1SCa1 eat 6.0 $ 3.069,664 ~ ~ ~ $ 3,069,664
LGFA 80 (5/88)
4477F/6
Not Applicable
• NON-AGENCY DEBT SC~pUI,E C-Rp
MORTGAG~ R~YENUE BONDS, INAUSfRIAL DEVEI.OPN~N'T BONDS, CERTIFICATES OF PARTICIPATION Page _ of _
gency ame' Redevelo ment A enc of,the Cit of Snn,,
~ . __ p g y T~! , ta Monica
Fiscal Year Ended June 30 19 88 Project Area: dcean Park Project lA '
Use a separate colvmn for listing each bond authorization not fully retired. Use additional pages as necessaty.
CODING BOX~S FOR GONTROLL~R'S 11SE ONILY ~ TOTAL
n icate type o e t: Mortgage
Revenue Bonds, xndustrial. Deve2opment
Bonds Certificates of Partici ation
Year of authorization 1..a ~
FFinci al amotmt authorized
1.1 ~
$
$ ~
$ ~
$
Princi al amount unissued 1.2
rincipa amount ~nmature -
be innin of fiscal ear
2.0
~ustments ma e uring year
Ex lain)
3.0
rincipal amoeuit issue
durin fiscal ear
4,0 29
rincipa amo~nt mature
durin fiscal ear
5.0
( )
( )
( )
( ) 9
( )
rincipal amount unmature -
end of fisca2 ear
6.0
Pri.nci al amount in de£ault 6.1
Interest in default 6.2
PURPOSE OF DEBT BY AU7'HORIZATION {S ecif Nature of Revenue) PLEUGED
~
$
~
$
L FA 8 REV. 6 88
4477F/3
° ~ ASSESSm VAi,UATIONS - AND - TAIC INCRFZ•ff~Nf REYD+]LfFS SCHmIlI.E A-R
Page '[ 3~"T]
AgenCy I1ame: Redevelopmen~ Aaenov Comhined
Fiscal Year Ended June 30, i9 88 Project Area santa Monica ttedevelo ent A enc
ASSESSID VALUA'fION
ra1 ~xil Cs~l
5ecured l3nsecured Total
Frozen Sase Assessed Val~ation 1 $ $ ~ Ss,z62,4s2
Increment Assessed Valuation 2 ~ 5157,263,978
7'otal Assessed Va2uation 3 $ 206,242,118 $ 6,283,a42 ~ 212,525,960
TAX INCRFMENT REVENUES
ounts ai to axing
A e~+cies Pursuant to: o e
33401 HF,S Codc
33b76
'I'OTAL
Count 4 $ $
Cities 5
School Districts 6
Communit Colle e Districts 7
S ecial Districts 8
All Other A encies 9
Total Paid to
Taxin A encies
10
$
$
$
Tax Increment available
for redevelo ent ur oses
11
$
Total Tax Increment A1located IZ $
(estimate)
(estimate)
LGFA 80 (6/88)
4477F/10 ~ '
~ STATEMEN7 OF INDEHTEDNESS AGENCY NAME: 5anta Monica Redevelopment Agency PqGE 1 OF 2 .
FErOFT YEAR 1987-8$ F~OJECT IDEr1TIFICA7ION: CaZifornia R 37/k4•(Ocean Fark) lA -73x
aEBT ~RIGINAL I~TERE5T aUT6TANBING pEBT DU~ pUfi~NG '1987-68
IG_PJTIFICATIQN DATE ~FINC,IF'AL ERM F;RTE JUNE ~0, z987 F'RTNCIPAL INTERE57
(A! Piote Payable o"-----------°~- ------°---- ------° 5~ above ---°----°_..--__~..~..___--------~-pst.
City of S.M. ~Note 2) bl/01/87 $1,654,608 1 year Gity's In .$ 1,710,616 $1,654,601{ $112,017
---
Note Payable ~to ------------------ ----~_w---_ _.._____ Ra~~~-bove --~-------r_~_...__~_..____~______-__est.~
~~~ 7h a~9 In 1,102,902 i,066,79=. 72,: '
^___City of 9.M. (Note 3) Ol/O1./87 1,06(,79~ 1 year ~~~ ^
fC) Note Payable o-..+_--~---- ----- -- 1--- -- itg~svTn -----.._.~_i__~__...,.__________.___-r-est.
City_of S~M _~Notg_4,~__Ol/O1/8 _ YT803a09?± 1 yesr ~~y s~~n ____ 83t~s?Tg~________803s0_1i 5~+ 370
. 7 9 _____s_..__
_ _______
- ~~~ Note Payeble to est
city_o£ S_M__(N4te 5) D1/Q1/$Z __291~$50 1_year Rate _____3~?_7?9 ________?91r85a_,~_19,758_
---- ------------------- _____..___
Advance from City of • ~
~E~ Santa Monica ____10/23/84 '__374,04Z Open None _____37430~1__________0____~_____0____
_~Fi~Ocean Park Tax w _----~___ _____....__
A2lacation Sonds 10/O1/8~+ L,161,000 22 yrs 10.89~6 10,158,T52 -0- • 43k,719
-----------------~---_.,.-..._---------- ---------- -- --------- ~-----------------_____.._~____---^------
tGI Housing Trust fund Q7/22~/86 95,$13 Open Ptone +_r_~103_970~ _103r970_ 0-
7THER_PAGE_TOl'ALSr_..____~.._~// - - --- / -_W--__..--_-___..___..____.~________---°_
~F:ANq 707AL5 Y
~AVA1LpPLE FINA~~CIN~~ ~
!---°°---------------------- -----------~.....__^--___-_^--°~----~--~ --,
. ,
~IEY F~~QUIREMENT ~
,
-----------------------------------~----1
~ FUFF05~ OF INDEE~TEDI+IE55 ~
tq~Redeveionment & operation costs ~EyAdvance tor Ocean Park Library Improvements
tg~ n~eratl0n costs ~Fy inance anal phase of Ocean Park DevelopmenL Pro3ect
(G)Federal_Dro3ect ~ortion Closeout costs (G) Lov & Moderate Income HousZnt~ Trust Fund
~~~ ' n cloaen~. Costs
Fursuant to Section ~.~b7~ of the Health and Safety Code,
i
I hereby certify that ~he above is a true hnd accurare
Stat=m=nt of Indebtedness. •
5"~i,f~f'7 ~ .
Stan~r~~rP
. ,
5TATEMEPIT OF INDEBTEDNESS AGENCY NAt9E: Santa Monica Redevelot~ment Agenev PAGE 2 OF 2 ~
F'~FC~RT YEr~F: i987.-88 FRQJEGT IDENTIFICA7ION: California R 3 k~ Ocean Park IA T3x
JtBT ~ r ~FFGINAL IPJYEFEST OU"TSTAIVDING DEBT DfJE nUR~ntG~~.g87.-88
IDcIVTFFICATIOIV DATE =FINC,IFAL ERF1 RHTE JUNE ,iQ~ 7.9gT F'FItdCIfi.il. IiJTEREST
------------------------------------- -------~--- ---------- ---------
cA) 0/P Off Site Housing 09/10/85 $ 383,608 Open None $ 185,177 $'185,177 y~-0-
---°-------°---°-----------°_--_-- ----------- -~-----•
t~~ RehabilitatioFl of Off-
Site Housing Units 05/fl8/84 2,810,500 50 yrs
~C) Housing Trust Fund ~ 07/Ol/85 365;0~00 Open J
_ r ~' ._..._ __-- -Y-------~-^------------ ~--------- -----•
----------°-----°------° ----°--- --------_r ..._~___.
(E~
tF} ' -- -------- ----------- ------•
iG)--------°°-------~----_~_-~------ ----------r------•
!
OTNE~: FAr,E Ttil'At5
------------r----~-~--~---- ~ - --
%~RAND T4TFLS
~4AILABLE FINANCING^ ^ ^
~--------____----------------- _CCLC!,
~di.T RE~IJIREI4EPJ7
'---_-~--~-----------^--^----- -----------°------
None -- -217,~bi290---- -~63210----,0=~---
----- 7 ------
None ~ 2J~0,~84 210,28k _0_
i4,582,z89 ___ ____3,920,313_ 693,086
17,732,040 . ~,371,98u 693,086 T
1,333,567 898,848
___ k34,7i„
______ ~_~
16T398,k7~^_T_ ^__ 3,473,136_ _258'367_j
PLlRPDSE OF INDEL~7EDNE55
t~)_Off_Site Housing (E)
{R) Lease of Units at 175 Ocean Park B1vd. cF~~'
(Ci_Low_& Moderate Income Housin Trust Fund (G)
( L5 Y .
~'ursuant tt SeCtion ~ti67~ of the Health and Safe+y Code,
I hereby certifv that the above is a true and acCUrat~
3tatnment of Indebtedness.
~!~..~~-~ s~~.f/~'j
5ivna+_~ire ^-~•-
AM~IUAI, REPOR? 0~ FINANCIAL TRANSACTIONS PROJECT AREA
OF COhA1 PR~~R~ID~ O~PM O~TrAGENCIES COVER SHEEf
PAGE 4 1
Please provide a brief description of the
pro~ect areas activities on the lines below.
Ocean Park Redevelopmeat Project 1(6) encompasses 8
acres on t e southern portivn o£ the 33 acre project
in the southwestern corner of the City ad{acent to
anta Monica besch. This portion of the project
contains the offices of a non- rofit arts foundation
t at occupies a former telephone company building,
160 units of federally-subeidized Section 236 senior
citizea housing vhich 8re fully occupfed. Phase 1
of the housinR was completed in 1977 and phase 2 in
1983. The Ocean Park Fto~ect 1(b) off-site activitie~
include contributing its gxopoxtionate share of the
cos[ to construct a 5.89 acre park in Pro~ect Area
1(a), to rehabllitate and expand the Ocean Park
Branch Library completed in 1985, to construct
improvements to the project_e_x[ending north to
BiCknell Avenue which was completed in early 1987,
and to construct 135 units of affordable housing in
t e surroun ing com~aunity.
LGFA-80 (6/88)
A477F/1
S A S
Project IA N
Please a£fix label and correct label if necessa
AGENCY AND PROJECT ARFA NANIE
ftedevelopment Agency of the City of Santa Nonica Ocean
Park Project 1(b)
Aate pro)ect area was esta is e
MM-DD-YY
C1) 1_ 24 _ 61
Most recent ate pro~ect was
amended 1~1-DD-YY
' Z 9_ 12 _ 72
Mast zecent ate pro~ect was~
mer ed ?~R~l-bD-YY 3 - -
Estimated completion ate
( ear onl ). 4
Established limit £or on e inde t-
edness (if applicable). Refer to
Health and Safety Code Section
33334.1 5 $ p
Estabished limit for tax increment
revenves. Refer to Health and Safety
Code Sections 33333.2 and 33333.4. 6 $
Size of ro ect area in acreS 7
Percentage o land vatant XJC.X$ ,
Re£er to Health and Safety Code
Section 33324.1. 8 p .p ~
Percentage of land developed
(XX.X~). Refer to Health and Safety
Code Section 33320.1. 9 lOp . 0 ~
0,7ectives o pro~ect area as set
forth ~n the pro~ect area plan. 10 R
Fnter the appropriate code(s). = esz ential
I =_Industrial
C a Cocamercia].
P = PubZic
~ 0 = OtheT
tNCOME STATEMENT~-PROJECT AREA ~~~cy Name• Reae~elopment Aqenc~of the city of santa Monica
Fiscat Year Ended June 30 ~9 88 project Area: ooean Park Project x9 ~A~ ~~
A 8 C D E
REVENUES ~-ital F7ojxts
Funas DeDt Serna
Funds La+Illoaerau Incnre
r+otau, F~r,as Special RevenueJ
uu,er Funas
TOTAL
Tax mcrement 1 S 195,805 195,805
Spec~al supplemental subventions 2 ''
Pro er assessments ' 3
Sa~es & use tax 4
Interest income 5 ,,(3.385) 4,9~1 ~I i,ss6
Rental i~come S
Lease incorne 7
Sale of real property B
Federat grants 9
Grants frern other encies 10
B~nd administrative fees 1 ~
Other revenues 12 96,9ao 46,980
Tatalf~evenues 13 S 239,400 S S 9,971 S g 244,371
~
~
EXPENDITUFtES
~ . . . ~. .
~
P.dmmistration costs 14 ~.1g,4a.~ g ii9,9I6
Profess~onalserv~ces 15 z 3i3 z 3i~
Plannrn , sur ~ desi n 16 '
Real estate purchases
ExpendituresSub-Totaf fc~rytolircl9,Peqet) 17
(1B)~ ~
~ izi,~z9 ~
S
~$
~$ --
$ iz1,~29
.
LGFA BO (Rev b/~)
INCOME STATENfENT-PROJECl' AREA p,~ency ~fame: Redevelopment Agency of the city of Santa Monica
Fiscal Year Ended June 30 19 Be Pro~ect Area: ocean Park rroject 1s PA~ ~ ~
n n n n n
IXPENDITURES - cont'd CaPltal Pro~ects
FundS ue~c seNlce
fut~s tc~+moaerase tr,w~e
44nslr'~g funds saecia~ ae~u~i
Othl7 Fu1a5 TOTAL
$ld~-tCltdl (flon ]iM 18, pape 1) ~19~ 121,729 S S 121r729
Acquisition expense 20 ~
Operat~on of acquired property . 21
Refocation costs 22
Relocation payments 23 I~
Site clearance costs 24
Project improvernentlconstruction cQSts 25 loi,o6s ioi,o6s
Disposal costs 26
Rehabilitation casts 27
Rehabilitatian grants 28
hterest experlse 29 io2,se~ 199,s6i 302,148
Fixed esset acquisitioris 3Q
S~sidies to low 8 mederate housing 3~ 38,730 76r666 115,396
•! ther e~end~tures 32
Debt principal payments: ~ ~ ~ • • ~ • • ' '
Tax allocation bonds & notes 33 zz,273 ' 22,273
Rever,ue bonds & cert, o! part~c~pat~on 34
Cify/county advances ~ laans 35 564,880 I 564,880
U.S., state, ~ other long--term debt ~ 36
Total Expenditures 3i S 928,991 $ 221,834 $ 76,666 $ $ 1rZ27r491
LGPI 80 (Rtv 6/8B)
INC~ME StATEI~ENT-PROSEC7 A~iEA
Fiscal Year Ended June 30 19 aa
AC~E~1Cy NBTT~E: Redevelopment Agency o£ the City of Santa Monica P~~ ~
Pro~eot Area; o~ean Park Pro~ect 1B
a a c o e
EJCPENDI'i"URES - cont'd caoital Projects
FunQS Deot Scrvice
Funds ~owttaderate Inca+ie
1lous~n FundS Special Rrrenue/
O~ther Furr~S 70TAL
Excess (~eficiency) Reve~ues Over
(Under) E~q7enditures t~~ 13 - iine 37)
3$
(589,59I)
$ (221,834)
(71,695?
(983 120)
OTHER FINAIVCING SOURCES (USES) : ' ~ ' ' ~
Proceeds of long-term debt 39 662,772 eez ~~z
Advances from city/county 4D ~ ~ ioz ss~
5ale of fixed assets 41
Operating transfers in 42 94,849 gq gqg
Operating trans#ers out 43 ~ 231,762 ) ( ) ( ) ( ) ( zs1,76z }
Total -- Other Financm Sources (Uses) 44 s~3,s~~ g4,s49 S 628,446
Excess (Deficiency) of Revenues 8~ Other
Financing Sources Over Expenditures b
Other Financing EJses (line 39 * line 44)
a~J
(155,994)
(126,985)
(71,695)
(359,679}
EQUITY, B~GINNING QF PERiOD 46 307,766 zo9,oia 116,6Z6 628,399
ADJUSTMENTS: , , , • .
Frior er+ad ad ustments 47 23 zs
Fiesidual equity trar+sfers 48
Other - ex~+lain 49
50
EQUITY, ~ND OF PERIOD
(IMtst WU3E FoI~I 10a-R. ZiM 39, pep! 2)
~j~
$ i51,772
S 77,027
$ 44,944
S --
$ 273,743
(~FA BO (Rev 6i8f'?
AG~lJCY DffiT ., . . . SCI~DULE A-RP
TAX ALLOCATION BONDS, RF1II~l7E BONDS AND CFRTIFICATES OF PARTICIPATION Page ~ of ~
Agency Name' Redevelopment Aqency of the City of 5anta Moni.ca
Fiscal Year Er-ded June 30 lg ae project Area: ~ean Fark Project 1s
i~se a separate tolumn for listing each bond authorization not fully retired. Use additional pages as necessary.
'S USfi ONLY
TOTAL
Indicate type of debt: Tax Allocation Tax Re£inancing & ,
Bond, Revenue Bond or Certificate nZiocation Refanancing
of Participation gonas sonas
Year of authoriaation 1.0 1994 igae
Princiaal 3rt10liflt authorized 1.1 $].,539,000 $ 2,369,250 $ $ $ 3,908,250
Prfneival amointt iu-issued
1.2 _
rincipal amounc unmature -
be innin o£ fiscal ear Z,p' 1,539,aoo ~ -o- 1,535,000
~ustments ma e arxng year
(Explain) ~feasance (1,539,000)
j,Q -~On (1~539,000)
~
Principal amo~uit issued .
~ ~ ~ ~ ~
, • -
during fi5cal~ear 4.0 2,369,250 _ 2f369~250
Prinupal amount matured ~ _
~
~ ~ ~T ~
durin fiscal ear 5.0 ( ) I( } { ) ( ) ( )
Principal amount unmature - - _
end of fiscal ear 6.0 -0- 2,369,250 2,369,250
~~
~ Princi~al amount in default
I6.1
~
. y,~
r, Interest in defa~lt 6.2
PIJRPOSE OF DIDT BY AUTHORIZATION _(Soecify Nature_af Reven~e)_ ______ PLEDGED_ __
1, To aid in financing Ocean Park Pro7ect #1H Tax Increment 100 ~
2. To aid j.n £inancinq Ocean Pazk Project #1H Tax Increment 100 ~
~
I $
L A 80 . 6/88) - •
4477F/2
OTHER LONG-TERM INDESTIDNESS
Agency Name: 1~edevelopment Agency of the City of Santa Monica
~ Fiscal Year Ended June 30 19 sa Project Area pcean Park Pzoject is •
SCHEDULE B-RP
OTHER F.Ot~G-TERM INDEBTEDNESS
. i A 1 I A I I A I I A I T(1TAf.
OTF~R LONG TERM INDEHTEDNESS (1.0) CITY/COUNT'Y STATE U.S. OTF~R
Principal amount unmature ,
be innin of fiscal ear 2.0 $ 1,597,648 ~ $ $ $ i,597,648
~~stments ma e uring
ear (ex lain)
3.0
~ ~
nterest a e
to i~inci al 3.1 102,587 102,587
rincipal amount receive 29X
durin fiscal ear 4.0
rincipa amount mature
durin ffscal ear 5.0 $( 564,8a0 ) $( } $( ) ${ ) $( 564,eeo )
otal unmature 44X
end of fiscal eai 6.0 $ 1,7.35,355 $ $ $ $ 1,135,355
I.GFA 80 (6/88)
A477F/6
~ Not Appl~cable
~ NON-AGFTICY DEBT SCF~IR.E C-RP
MORTGAGE REVENITE BONDS, INDUSfFtIAL DEVELOPMF.N'f BONDS, CERTI~ICATES OF PARTICIPATION Page _ of _
AgBncy t3ame: Redevelopment Agency of,the City af Santa Monica
Fiscal Year Ended June 30 19 sa Praject Area: ocean Park Project 1B
Use a separate calwm for listing each bond authorization not fully retired. Use additional pages as necessary.
CODING BOXES FOR CONTRULLF3t'S USE ONLX 'POTAL
n icate type o e t: ortgage
Revenue Bonds, Industrial Development
Bonds Certificates of Partici ation
Year of authorfzation 1.0
Pcinci al amotmt authorized
1.1 i
~
$ '
$
$
Princi al amount unissued 1.2
Princzpal amount unmature -
be innin of fiscal ear
2.0
}ustments ma e uring year
Ex lain)
3,0
tancipal amownt tssue
durin fiscal ear
4.0 9
rintipal amount mature
durin fiscal ear
5.0
( )
( )
~ )
~ )
~ }
Pr~ncipal amount unmatur -
end of fiscal ear
5.0
Princi al amount in default 6.1
Interest in default 6.2
PURPOSE OF DEBT BY AUTHORIZATION (5 ecif Nature of Revenue) PLIDGm
~
~
- S
~
L A 80 Rf: , 6 BS
4477F/3
' j .
ASSESSID VALUATIONS - AND - TAX INC[tFMEtVT REVENUFS SCHIDULE A-R
Page ~
AgertCy Name: Redevelopment AqencY_of_the_City of Santa Moniaa
Fiscal Year Ended June 30 19 88 Project Area ocean Park Project 1B
ASSESSED VALUATION
I^A~1 ~A l C`c-I
Secured Onsecured Total
Frozen Base Assessed Vakuation ] $ $ $].0,675,000
Increment ASSessed Valuation 2 I 13,453,126
Total Assessed Valuation 3 $ 2a,iio,i26 $ le,ooo $ 2a,iza,iz6
TAX INCRD~NP REYF.tJ[!ES
o~nts at to axing
A encies Pursuant to: $ e
33401 HF~S Code
33676
TOTAL
Count a $
Cities 5
School Districts 6
Co~unit Colie e Districts 7
S ecial Districts S
A11 Other encies 9
Totai Paid to
Taxin A encies
10
$
$
$
Tax Increment available
£or redevelo ment ur oses
lJ
$
Total Tax Increment A1located 12 $
LGFA 80 (6/88)
4477F110
, _, • ~ .
SYaTEt1E1VT DF INDE$7~DNE 55 A6ENCY NAME: Sgnta Monica Redevelopment Agzncy pAG~ 1 OF 2 •
FEr•DR7 YEAF 1g87«$8 F~O,IECT IDENTIFICAT IQN: California A 37/b4 (Ocean Park) 1B- 27~
-----------------------
~EBT -- ---------- ---------- --~-----
~F.IGItVAL ---------
Ira7EFES7 ------------------
C1u75TANDtNG DE87 -------~---
nU~ DLIRTNG -----------
1987-88
IGcNTIFICATIOiJ DATE -F~IIVC,IF'pL ERM ~"iATE JUNE ~h, 1987 FFINCiF.+L It~ITEFEST
-„° N o t e P ay ab 1 e to-°
~^r City of S.M. (NOte -°
2) • •°-------
01/01/87 --°------ -------
$ 6I1
978 1 year --~-~ o v e
~lty s In -----------------
$(3~
(9k -----------
$611
978 ----°„ t.
$ Al
~i~1
----------------------- -- --•---------~- ,
---~------
-------
--- ~
•----------------- ,
----------- ,
----------
Note Payable to
«} City of S.M. (~fote
3)
O1i01/87
39~+.566 1 year •~ B~oYe
~1ty s in
at~
k07,922
39~+,566 es+•
26,?
---
Note Payable to ~_~
~~'~ ~
'
__~__i--_ ~___~__
-
-
~--~- abo e
s~n
---------r------
~ __
----------------PSt.
~
Cxty of S,M. (Note
-
_. ~+) 0~/01/87 "297~D35 1 year
' ~a ~ 307
089
--
-----
-----
- 297,035
-
r--
------ 20,1og
------- --
-
---°----__------°---~----
- ~r~~ Note Payable o
____City_of S_M__~Note_ --
5)
-- ~-----------
O1/O1/87
-----------
~ -
------ --- -------
107,945 1 year
_°______ __°___
J ~ -
Y~ove
~lt s In
~at ~._-- -
-
-
-
___11~_599
----- -
-
107 94
----- ' S--
es .
7 308
---- '-----
~E~ Advance from City
of S~nta Moa3ca ].p/23/8~+ '
138,3~+~+ Open None 136_344 _0_ _0__
_
___
~F} Ocean Park Tex
Allocation Bonds
---_--_--°-------------- __
-- __
IO/O1/Sk
---------____ __
2,539,000 22 yrs
--_____----- --
10.89Z
---------- ____
3,757,3b6
----------------- __
r___
-0- .
----------- __
___
1.60,786
------
---
tG) Housing Trust Fund 07/22•/86 35,437 Open None 38=454 38,~+5k _
0-
-----------------
r]THEF: FAGe TOTAL5 -- -__ _ -• _ .. ,~_
, ,f ~
~ I , `_
_____
--- _
_
-~ -
.
---------
~.~iiAfdD 707r'3LS
A4AILA~~E FINA~JCING~ T '~
~---------------~-------^------ ~ -------------------------------~--~! _
_
,
~~F'F-Fi~QUIF:Et1EPJT - - ----~------------------------------------- ~
FURF•OSE OF IIdDEBTEDPJESS ~
t;,~Redevelapment & operation costs ~E~ Advance for Oeean Park Library improvements
tg~ peration Costs «y xnance ina p ase o cea^ ar Development ProSeCt
(C)Federal nro,ject portion closeout costs ~G~ Low and Moderate lncome ous~.ng rust Fund
IL~~Federal ro,]eet portion c oseaut~costs
Fur~uant to 5ectxnn ~.~675 of the Health and Safetv Code,
I herebvi certxfy that the ahcve is a true ~nd ~cc~irate -
Statement a# IndeDt?dne=s. •
~P.~- %~~~I~
~.,..._. ~_ -
. -
. .
e•.
STATEMENT OF INDEPTEDNESS AGENCY PJAME: 5anta Mon a R d v PAG~ 2': O~ ~ ~
REr"'QFT YEAF~ 1g87-88 FRaJECT IDEhsTIFICR7I0N: Californfa R 3T/hL (Ocean Park) 1B - 2'~~
--------------------------------------------- ------^---------- --------------------------------------
iEAT '~ ~fGIPIAL IhJTEFEST OU75TANDIi4G DEBT DUE DU~fNG 1987-88 !
IL~iJTIFICpTION DA7~ 'F'INC,IF'AL EFM RAT~ ~UNE '0~ ~987- PF~IIJCIF'FL II~ITEFEST I
-------°--------------------------- ---------- ----------------- ---°---°~-------------°------ _ -----
~~~ 0/P Off Site Housing O9/10/85 $ 14~.,883 open None $ 68,1t9o $ 68,4go 0-
-------------------------------------- ---------- ----------------- --------------------------------------
t~~ Reh~bilitation of Off ~
__^_SSte_Housing Units _`05/08/8L 1,093,500 50~rs__ None___ __X~6J2a,7i10 _________20~ZS0_____0_____
--------- -------r--
!~~ Housing Trust Fund 07/07./85 ~35p000 Open None ' 7B~i85 78,185 -0-
_. ---------------~----------_-__--________ .._______-- -----°----------- -----------------------°-------------
- ~pi ,
l E ~ "' --° --°---- -------°-- °------ - - --
--- --- ----°-~--- ----- - - -- - '
(F)
~ - ------°--------------~---°^------~---
iG)-------------------------------__ _-____---- ---°--
------------------------..-_ - --Y~r--__--_--
- , 4 ~---°--------------------------------
, ,
DTHEk FAGe TOTALS % ,'~ 5,393,448 3.,4k9,978 256,3~5
•~~a~J~ roY:LS r~ rr ~~ 6,6iz,833, 1,6i7,443 255,3L6 ~
______--------------------
AVAiLA6LE FINANCING 533,032 372,246 160,78~
~---------°---~-~---------- --------- --
--~--------~--°~---------- _ ,
~~E7 F.EGUi~Er~Er~T 6,079,801 1,245,197 95,560 '
'--------___----------------- -----~_____----------- -- --- ------------------___°__-------------° I
FUF:FOSE OF IrJDEPTEDfdESS
(A10T£ Site_Housing_ (E)
fE~Lease of Unzts at 175 Ocean I'ark Slvd. (Fi
SC1Law & Moderate Income Housin~ Trust Fund (G)
~ny - - .
F'ursuant to 5e[tion ~.~o7S of the Health and Safe±v Code, ,_
I herehvi certify tnat the a6ove is a true and accurate
atatem=nt vf Inde4tadneGS. '
_ ~`Z^-Gn.~=S !'"~.~" . 7/S~~~ ' ' •
Redevelopment Ageney of the City of SenEa Monica Los Artgeles
(NAME OF REDEVEIAPHENT AGENCY) (COUNTY IH iTIiICH LOCATED)
Bill JinsJ3ack Gardner (213) 458-8266
(NAME OF PERSOId PREPARZNG REPORT) (PREPARER'S TELEFt30TI£ NUMBE~)
REPORT FOR FY ~~es. N[FMHER DF PROJECT AREAS REPORTING 3.
SCHEDULE HCD - A
(NOTE: IF YOUR 11GENCY OPERATES MORE THAN ONE PROJECT AREA, COMPLETE THE
AHOVE PORTIDN OF TNIS FORM AND THEN MAICz ENOUGR COPZES SO THAT A SEPARATE
REPOATING FORM CAN HE COMPLETED FOR EACH OF THE PR0.TECT AkERS.)
1. Project Rame: ~*-~ ~~v Pro3eet ; If ~ew, qive year sdopted: ~
2. Date~s) Merged: _J_f_ Date(s) areas vere added:
J_/_ _!J_ane_..J_1_,._!_../-and.J,1_
3. Percentnge of project~s tax 4-If setaside ia o or iess than zot
incremants set asfde !or housinq: when were the neceasary findings
(Give exaot t if possible; adopted? ~/~/~g.
otharwisn show 0, 2D~, or less
than 20~ o_Aa .
5. The Health and Safety Code authorfzes types of lindinqs whiet7 ~an be
made to exempt a project from the setasids requirement (See E~chibit A).
Indicata ~ype(s) o! findings adopted by checking appropriate 8ealth and
Sntety Code Section dasiqnation(a):
73334.2(a~(1} 33334.2(a}(2} 33334.2(aj(7)
33334.6(d) ~ 33334.6(e) x
6. If eetn~ide is being deferred, ahov amouni ot deficit cred~ted to
housing lund as a result of the deienal: 5 loa,55o 40
NOT£: IN REPORTZNG ON THE STATUS OF THE IAW AND MODERATE INC02~L HOOSItiG
FUStD, EEIAW~ SHOW pEFICITS IN BRACX£TS. (I.E., (52,000) ~ A DEFICIT OF
52.000}. REFORTS TO RCD AND STATE COhTROLLER SHO~LD BE CONSISTE;7T.
7. The Lollorring infotmption relates to this projeet area only and its
participation in the deposit/expenditures from tlte agency's Low and
Moderate Zncome Housing F1ind:
A. Baginninq 6alance:
S eio.~a~
8. Tax increaents added:
S 97~232
C. Interest added:
$ 26,459
D. Debt Procaeds added:
S o
E. Other Revenues added:
$ o
F. A+H+C+D+E ~
S ~aa,aas
G. Expenditures, includinq accounts
receivab2e axpended during this
reportinq period: 5 ssz_eg<
H. Subtraet G fron F and show
balanca at end of FY: S 1a1,5aa
l. Amount o' Balance, above,
repre5enting aecounts
xeeeivable: $ o
2. Coauaitments made bat not yet disbursed
(This means debta incurred by the ngency
trirouqh written aqreements or contracts
which have not yet been paid):
s iia,ooo
B. The foliowing information on housing aetfvitias is to be reported oniy
i~ the activity occurred vithin this project area and without regard to
funding source. Liat nwaLer of units ar households atfected and
indicate income level impacted by the LCLLV~LY: NO ACTIViTY tn PTiQTiCT AREA
INCOME HOUS£HOLDS iTNITS HUILT SiITH REHABBED NITH RECEIVING JICQUSRED
T.F~1Fi. DISPLACED REMOV£D AGENCY HELP AGENCY HELP $GBSIDS£S SY AGENCY
V2YY IAW -NA' -
LOV
Moderata
1lbave Hod
9. Estimate Yhe nuaber of households by ineo~e to be displaced durinq next
reportinq period:
Vezy Low D,,, Low o Moderate o ~ova 1Soderate o