sr-121311-3mID
City of City Council Report
sauta Monica
City Council Meeting: December 13, 2011
Agenda Item:"
To: Mayor and City Council
From: Gigi Decavalles- Hughes, Acting Director of Finance
Subject: Appropriation of Funds for Priority Capital Projects
Recommended Action
Staff recommends that the City Council appropriate budget increases as outlined in the
Financial Impact and Budget Actions section of this report.
Executive Summary
On March 8, 2011, the Redevelopment Agency authorized payment and prepayment of
amounts due to the City pursuant to Implementing Agreement No. 9318 to Cooperation
Agreement No. 9267. In accordance with the agreements and the City's required
budget actions, staff recommends the Council appropriate these funds to the capital
improvement projects approved by Council in previous actions.
Background
On November 17, 2009, the Redevelopment Agency adopted its Five -Year
Implementation Plan (Plan) for the period of FY 2009 -10 through FY 2013 -14, with
established goals to support affordable housing, disaster prevention and mitigation,
community revitalization, commercial revitalization, and institutional revitalization. To
implement the programs and activities associated with each goal, the Agency made
redevelopment fund allocations totaling approximately $283 million, based on a variety
of assumptions regarding growth in tax increment, borrowing costs, timing of borrowing,
State grabs of local funds, leveraging opportunities and State law.
On August 10, 2010, the Agency and City authorized the execution of Cooperation
Agreement No. 9267 (CCS /RAS) and adopted Resolutions 10519 (CCS) and 527 (RAS)
to ensure timely implementation and completion of the Agency's Priority Projects
(Projects). On January 17, 2011, the Agency and City authorized execution of
Implementing Agreement No. 9318 (CCS /RAS) to set forth the schedule of payments
from the Agency to the City for the City's implementation of Projects contained in the
Agency /City Cooperation Agreement No. 9267. On March 8, 2011, the Agency and City
authorized prepayment of payments due to the City pursuant to Implementing
Agreement No. 9318 to Cooperation Agreement No. 9267 into a designated account in
the General Fund earmarked solely for funding redevelopment priority capital projects.
On May 24, 2011, the Agency and City authorized the issuance of Earthquake
Recovery Redevelopment Project Area Series 2011 Series 2011 Tax Allocation Bonds
(2011 Bonds). The bond proceeds of $38,726,129.81 were also prepaid to the City.
Discussion
Staff recommends that the Council appropriate the funds held in the designated account
in the General Fund to General Fund capital projects. The activities have previously
been approved by the Council and appropriated as Redevelopment Agency projects.
Financial Impacts & Budget Actions
Appropriations totaling $267,667,608 are requested for FY 2011 -12 to implement the
following capital projects:
Account Number
Description
Amount
H0119415.589000
HOUSING - LINE OF CREDIT
$39,914,599
H0100490815.589000
CITYWIDE HOUSING ACQUIS /REHAB
$3,787,249
H0100490915.589000
CITYWIDE HOUSING ACQUIS /REHAB
$2,708,139
H0100491015.589000
CITYWIDE HOUSING ACQUIS /REHAB
$11,043,186
H0100491115.589000
CITYWIDE HOUSING ACQUIS /REHAB
$14,640,112
H0100491215.589000
CITYWIDE HOUSING AFF TRUST FUN
$13,000,000
R01062116.589000
SEISMIC RETROFIT - DWNTWN PKG
$7,143
H0100500216.589000
LOW /MOD INCOME HOUSING
$2,540
H0100500616.589000
LOW /MOD INCOME HOUSING
$72,901
H0100500916.589000
LOW /MOD INCOME HOUSING
$716,000
H0100501016.589000
LOW /MOD INCOME HOUSING
$877,814
R01008117.589000
PERCENT FOR ARTS
$1,504,069
R01040717.589000
TRAFFIC SIGNAL SYNCH
$1,544,545
R01052217.589000
20TH & CLOVERFIELD IMPROV
$499,572
R01062117.589000
SEISMIC RETROFIT - DWNTWN PKG
$164,586
R01068517.589000
PALISADES BLUFF STABILIZATION
$2,152,118
R01072517.589000
ALLEY REVITALIZATION PROJECT
$179,295
2
Account Number
Description
Amount
R01077217.589000
CIVIC CENTER PLANNING & DESIGN
$4,527,644
R01077617.589000
DOWNTOWN PKG ENHANCE PROG
$1,040,466
R01088317.589000
1901 MAIN ST TENANT IMPROV
$45,351
R01095517.589000
COMMUNITY FOREST RENEWAL
$105,580
R01207117.589000
CIVIC CTR -PAL GRDN & TOWN SQU
$47,704,803
R01207317.589000
CIVIC CTR -EXPO GR ST & PATHS
$21,371
R01207417.589000
CIVIC CENTER JOINT USE PROJECT
$11,712,000
R01207517.589000
DWNTWN PKG ST PLAN -PROP AQ
$468,547
R01403217.589000
PICO NEIGHBORHOOD BRANCH LIB
$11,121,769
R01405317.589000
CIVIC AUDITORIUM RENOVATION
$46,747,365
R01406317.589000
FIRE STATION 1
$3,000,000
R01702617.589000
TRAFFIC SIGNAL -PHASE IV -MID CI
$4,116,436
R01702717.589000
EXPO LT RAIL -ST ENHANCEMENTS
$5,119,852
R01704017.589000
COLORADO AVE ESPLANADE
$12,802,049
M01015217.589000
STREET REPAIR /RESURFACING
$834,423
M01400617.589000
PIER INFRASTRUCTURE IMP
$674,200
H0100490717.589000
CITYWIDE HOUSING ACQUIS /REHAB
$4,240
H0100490817.589000
CITYWIDE HOUSING ACQUIS /REHAB
$31,790
H0100501017.589000
L/M INCOME HOUSING
$5,000,000
H0100501117.589000
L/M INCOME HOUSING
$13,078,475
IS0100031117.589000
COMPUTER EQUIP REPLACEMENT PRG
$16,800
IS0100031217.589000
COMPUTER EQUIP REPLACEMENT PRG
$2,800
IS0100061217.589000
TELECOMMUNICATIONS SERVICES
$450
H0100500318.589000
L/M INCOME HOUSING
$302,527
H0100500418.589000
L/M INCOME HOUSING
$1,210,000
H0100500818.589000
L/M INCOME HOUSING
$49,802
H0100500918.589000
L/M INCOME HOUSING
$2,049,000
H0100501018.589000
L/M INCOME HOUSING
$3.066.000
TOTAL:
$267,667,608
Prepared by: Gigi Decavalles- Hughes, Acting Director of Finance
Forwarded to Council:
Approved:
Igi Decaval e - ug es
Acting Director of Finance
3
Rod Gould
City Manager