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Home My WebLink About2011/12/13 Item 05CHULA V I S T A REDEVELOPMENT AGENCY AGENDA STATEMENT December 13, 2011, Item ~ ITEM TITLE: RESOLUTION OF THE CHULA VISTA REDEVELOPMENT AGENCY ACCEPTING THE 2010/2011 FISCAL YEAR END FINANCIAL REPORTS SUBMITTED BY: FINANCE DIRECTOR~i" CITY MANAGER '~ REVIEWED BY: ASSISTANT CI~ MANAGE / DEVELOPMENT SERVICES DIRECTOR 4/STHS VOTE: YES ~ NO SUMMARY The Chula Vista Redevelopment Agency is required to prepare an Annual Report for consideration by its Board per California State Health and Safety Code Section 33080.1. The reports, including Audited Financial Statements for the fiscal year ended June 30, 2011, provide detailed information regarding the activities of the Redevelopment Agency, and are required to be presented to the legislative body at this time. A formal presentation of the City and Agency financial statements will be made at the Council Workshop scheduled for January 12, 2012. The audit report submitted for the Agency has received an unqualified (clean) opinion from the independent audit firm. Additionally, California State Health and Safety Code Section 33334.3(d) and (e} authorize agencies to charge costs of planning and administering affordable housing programs to their Low and Moderate Income Housing Fund (Housing Fund). Agencies must annually determine that planning and administrative charges are necessary for the production, improvement, or preservation of affordable housing. The findings are presented in this report for approval. ENVIRONMENTAL REVIEW The Environmental Review Coordinator has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that filing of the audited financial statements is not a "Project" as defined under Section 15378 of the State CEQA Guidelines because it will not result in a physical change to the environment; therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines the actions proposed are not subject to CEQA. RECOMMENDATION Agency accept the fiscal year 2010-2011 Financial Statement and adopt the resolution. 5-1 December 13, 2011, Item ~ Page 2 of 3 BOARDS/COMMISSION RECOMMENDATION Not applicable. DISCUSSION The following reports described in the paragraphs below are required by State Agencies and the California State Health and Safety codes to be filed within six months of the end of the fiscal year. A formal presentation of the City and Agency financial statements will be made at the Council Workshop scheduled for January 12, 2012. Fiscal Statement The State Controller requires that the Agency file an annual Fiscal Statement to their legislative body and the State Controller's Office within six months of the Agency's fiscal year end pursuant to Health and Safety Code section 33080.1. The Fiscal Statement must be in a certain prescribed format as specified by the State Controller. The required Fiscal Statement is included as Attachment 1 Independent Financial Audit Report Pursuant to the City Charter and California State Health and Safety Code, an annual audit is performed of the Redevelopment Agency's financial records by an independent accounting firm. The report is included as Attachment 2. The firm of Caporicci & Larson has examined the general purpose financial statements of the Redevelopment Agency of the City of Chula Vista, and issued their opinion that those statements "present fairly, in all material respects, the financial position of the Agency as of June 30, 2011, and the results of its operations and cash flows for the year then ended in conformity with generally accepted accounting principles." In order to form a basis for their opinion, Caporicci & Larson, evaluated the internal control procedures of the Agency and found no material weaknesses. Report of Financial Transactions of Community Redevelopment Agencies The Report of Financial Transactions of Community Redevelopment Agencies (State Controller's Report), included as Attachment 3, provides a summary of the financial transactions of the Redevelopment Agency during FY 2010/2011. Additionally, the Agency must provide a description of the properties that it owns, a summary of Agency expenditures in the previous fiscal year that have contributed to alleviating blight, and a list and status of all loans made by the Agency that are in default or out of compliance. State Department of Housing and Community Development Schedules A-E The State Department of Housing and Community Development requires ayear-end report on the status and use of the Low and Moderate Income Housing Funds and housing activities for FY 2010/2011. This report is provided as Attachment 4. Annual Administrative Expenditures Administrative expenses for FY 2010/2011 total $543,886. This dollar amount includes the following expenses: 5-2 December 13, 2011, Item 5 Page 3 of 3 • City staff costs with benefits and Citywide overhead, • General office expenses, such as copier leasing and supplies, Professional Services such as legal and audit, • Outside consultants such as the administrator of the Regional Mortgage Credit Certificate (MCC) Program, and State code allows for Housing Funds to be spent on agency planning and administration. City staff that work on Housing programs and projects track their time in a Project Accounting system, and charge to various sources according to the type of work, program and/or project. Only costs attributable to the Housing Fund have been included for reimbursement. Housing Fund expenditures for planning and administration are necessary for the production, improvement or preservation of affordable housing. Such a finding is necessary, and is included in the attached Resolution. , DECISION MAKER CONFLICT Staff has determined that the action contemplated by this item is ministerial, secretarial, manual, or clerical in nature and does not require the City Council members to make or participate in making a governmental decision, pursuant to California Code of Regulations section 18702.4(a). Consequently, this item does not present a conflict under the Political Reform Act (Cal. Gov't Code § 87100, et seq.). CURRENT YEAR FISCAL IMPACT There is no fiscal impact to the City or Agency from this action. The contract for audit services totaled $106,998 for the year reported. The cost of the audit is shared proportionally with other City funds. The administrative costs of $543,886 have already been paid directly by or transferred from the Housing Fund. ON GOING FISCAL IMPACT There is no fiscal impact in future years. ATTACHMENTS 1. Annual Fiscal Statement 2. Fiscal Year 2010-11 Redevelopment Agency, Basic Financial Statements and Auditor's Report 3. Report of Financial Transactions of Community Redevelopment Agencies; 4. State Department of Housing and Community Development Schedules A-E Prepared By: Phillip Davis, Assistant Director, Finance Department 5-3 ATTACHMENT 1 CITY OF CHULA VISTA REDEVELOPMENT AGENCY FISCAL STATEMENT FY 2010-11 A) Amount of outstanding indebtedness of the agency by project area: (Summary of the Statement of Indebtedness -Project Area form, Total line, from the Financial Transactions Report) • BayfronUTown Center I: $318,604,736 • Otay Valley: $ 30,463,742 • Town Center II: $ 38,998,237 • Southwest: $148,198,960 • Merged Added Area: $ 29,124,981 B) Amount of gross tax increment generated in each Project Area: (Statement of Income and Expenditures- Revenues, Tax Increment Gross line, from the Financial Transactions Report) • Bayfront: $2,034,726 • Town Center I: $2,424,905 • Otay Valley: $2,265,589 • Town Center II: $1,407,482 • Southwest: $3,725,008 • Merged: $1,965,228 C) Amount of tax increment revenues paid to, or spent on behalf of, a taxing agency, other than a school or community college district: (Pass-Through/Schoo] District Assistance form, County, City, and Special Districts lines of the Section 33401 and 33676 columns, from the Financial Transactions Report Section and Capital Improvement detail, from the Financial Transactions Report) • Bayfront: $ 19,721 • Town Center I: $ 33,949 • Otay Valley: $ 86,276 • Town Center IL $ 3,976 • Southwest: $650,867 • Merged: $182,098 D) The financial transaction report required pursuant to section 53891 of the Government Code: (See the attached State Controller Financial Transactions Report) E) Amount allocated to school or community college districts: (Pass-Through/School District Assistance form, School District and Community College Districts lines, Section 33401, 33445, 33445.5, & 33676(a)(2) columns, from the Financial Transactions Report) • Southwest: $744,516 F) The amount of existing indebtedness prior to Fiscal Year 1992-93, and the total amount of payments required to be paid on existing indebtedness for that fiscal year: (Agency Long-Term Debt detail, from the Financial Transactions Report and the Long-Term Debt section of the Notes in the Audit Report) ~-~ ATTACHMENT 1 • Bayfront: • Town Center I: • Otay Valley: • Town Center II: • Southwest: • Merged: Total Debt-$0 Payments-$0 Total Debt-$0 Payments-$0 Total Debt-$0 Payments-$0 Total Debt-$0 Payments-$0 Total Debt-$0 Payments-$0 Total Debt-$0 Payments-$0 G) Any other information which the agency believes useful to describe its programs: S -~" ATTACHMENT 2 REDEVELOPMENT AGENCY FY 2010-11 BASIC FINANCIAL STATEMENTS AND AUDITORS REPORT 5-5 Redevelopment Agency of the C'ty of Chu ista Chula~i~ta, California A~~ c~ G~~ ~` Basic Fin c ~ Statements and Indepe e uditors' Reports For the year ended June 30, 2011 5-6 Redevelopment Agency of the City of Chula Vista Basic Financial Statements For the year ended June 30, 2011 Table of Contents Pale FINANCIAL SECTION Independent Auditors' Report ............................................................................................................................ Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Assets ............................................................................................................................ Statement of Activities and Changes in Net Assets ...................................~.•••••••••••••••••••••••••••••••••••• Fund Financial Statements: ~• Governmental Funds: Balance Sheet ...............................:...................................... .... .... ................................................ Reconciliation of the Governmental Funds Balanc Sh~t e Government-wide Statement of Net Assets .................................... .... ..................................................................... Statement of Revenues, Expenditures and Chan s Fund Balances ...................................... Reconciliation of the Governmental State e oRevenues, Expenditures and Changes in Fund Balances to th ove ent-Wide Statement of Activities and Changes in Net Assets ......~ .............. .................................................................................. Notes to the Basic Financial Stateme " ....~ ............................................................................................. Required Supplementary Informa 'on: Budgetary Information ......... . .. ......................................................................................................... Budget Comparison S e 1 Low & Mod Inc o ng Special Revenue Fund ................................................................... RDA Hous' ro a Special Revenue Fund .............................................................................. Supplementary Informati~ Statement of Revenues, Expenditures and Changes in Fund Balances -Budget and Actual Schedules: Bayfront/Town Centre I Debt Service Fund ............................................................................ Town Centre II Otay Valley Southwest Merged Projects Debt Service Fund ..................... Excess Surplus Computation as of July 1, 2010 ..................................................................................... Independent Auditors' Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Basic Financial Statements Performed in Accordance with Government Auditing Standards ......................................................................................................... Independent Auditors' Report on Compliance ............................................................................................... 5-7 INDEPENDENT AUDITORS' REPORT To the Board of Directors of the Redevelopment Agency of the City of Chula Vista Chula Vista, California We have audited the accompanying financial statements of the government activities and each major fund of the Redevelopment Agency of the City of Chula Vista (the "Agency"), a component unit of the City of Chula Vista, California (the "City"), as of and for the year ended June 30, 2011, which collectively comprise the Agency's basic financial statements as listed in the forego g table of contents. These financial statements are the responsibility of the Agency's management. O r sponsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standard ra accepted in the United States of America and the standards applicable to financial audits co a' e n Government Auditing Standards, issued by the Comptroller General of the United States. Th e ndards require that we plan and perform the audit to obtain reasonable assurance abo he~er the financial statements are free of material misstatement. An audit includes consideration o,~ rnal control over financial reporting as a basis for designing audit procedures that area r xTate under the circumstances but not for the purpose of expressing an opinion on the effec ene f the Agency's internal control over financial reporting. Accordingly, we express no such o i n. An audit includes examining, on a test basis, evidence supporting the amounts and d' osures in the financial statements. An audit also includes assessing the accounting principles u significant estimates made by management, as well as evaluating the overall financial state e pres ntation. We believe that our audit provides a reasonable basis for our opinions. `~` As described in Note 1 to ic~nancial statements, these basic financial statements present only the Agency and are not inte e p sent fairly the financial position and results of operations of the City in conformity with ac nh inciples generally accepted in the United States of America. In our opinion, the finan al statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Agency as of June 30, 2011, and the respective changes in financial position for the fiscal year then ended in conformity with accounting principles generally accepted in the United States of America. As explained further in note 13 to the basic financial statements, the California State Legislature has enacted legislation that is intended to provide for the dissolution of redevelopment agencies in the State of California. The effects of this legislation are uncertain pending the result of certain lawsuits that have been initiated to challenge the constitutionality of this legislation. The Agency adopted the provisions of Governmental Accounting Standards Board ("GASB") Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions as of July 1, 2010. 5-8 To the Board of Directors of the Redevelopment Agency of the City of Chula Vista Chula Vista, California Page Two In accordance with Government Auditing Standards, we have also issued our report dated [DATE], on our consideration of the Agency's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on fine internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. The Agency has not presented the Management's Discussion and Analysis that the Governmental Accounting Standards Board has determined to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context, although not required to be part of the basic financial statements. Accounting principles generally accepted in the United States of ri require that the budgetary information be presented to supplement the basic financial stateme ts. ch information, although not a part of the basic financial statements, is required by the Go Accounting Standards Board, who considers it to be an essential part of financial reporti for g the basic financial statements in an appropriate operational, economic, or historical cont . W~a e applied certain limited procedures to the required supplementary information in accordance auditing standards generally accepted in the United States of America, which consisted q~iries of management about the methods of preparing the information and comparing the ' or a o for consistency with management's responses to our inquiries, the basic financial statements, th knowledge we obtained during our audit of the basic financial statements. We do not exp s an op ion or provide any assurance on the information because the limited procedures do no ide us with sufficient evidence to express an opinion or provide any assurance. Our audit was conducted for ose of forming opinions on the financial statements that collectively comprise the A inancial statements as a whole. The accompanying supplementary information is presented f es of additional analysis and is not a required part of the financial statements. The supple 'reformation is the responsibility of management and is derived from and relate directly to the u erl ng accounting and other records used to prepare the financial statements. The information has bee ubjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Caporicci & Larson, Inc. A Subsidiary of Marcum LLP Certified Public Accountants San Diego, California .[DATE] 5~ BASIC FINANCIAL STATEMENTS ~~ ~P O ~~ 5-~0 ~~ ~O 0 This page in 'on ~ left blank. 5-~1 GOVERNMENT-WIDE FINANCIAL STATEMENTS ~~ ~P O ~~ ~O '~' ~~ 5-1~2 Redevelopment Agency of the City of Chula Vista Statement of Net Assets June 30, 2011 Govenunental Activities ASSETS Current assets: Cash and investments Receivables: Taxes Interest Other Due from City of Chula Vista Total current assets Noncurrent assets: Restricted cash and investments: Held by City Held by fiscal agents Loans receivable Deferred charges, net Capital Assets: Nondepreciable assets Depreciable assets, net Total capital assets Total noncurrent assets Total assets LIABILITIES Current liabilities: Accounts payable and accrued liabilities Interest payable Long-term debt -due within one ye Total current liabilities Long-term liabilities: Long-term debt -due in more than a year Total long-term liabilities Total liabilities NET ASSETS Investments in capital assets Restricted for: Low and moderate income housing Debt service Capital projects Total restricted Unrestricted (deficit) Total net assets (deficit) See accompanying notes to basic financial statements. '` 1~ V ~~ ~O $ 5,874,220 163,959 20,245 246,094 2,202,044 8,506,562 630,085 6,228,123 20,423,547 1,134,334 9,624,870 1,323,099 10,947,969 39,364,058 47,870,620 2,495,300 568,712 1,155,000 4,219,012 55,420,279 55,420,279 59,639,291 10,947,969 12,083,556 3,579,295 4,707,405 20,370,256 (43,086,896) $ (11,768,671) 5-~3 Redevelopment Agency of the City of Chula vista Statement of Activities and Changes in Net Assets For the year ended June 30, 2011 unctions/Programs xpenses rogram Revenues Operatutg Capital Total Charges for Grants aztd Grants and Program Services Contributions Contributions Revenues Net (Expense) Revenue and Changes in Net Assets Governmental Activities Primary government: Governmental activities: General government $ 5,425,331 ®® $ - $ - $ ~ $ - $ (5,425,331) Interest on long-term debt 2,849,322 - - - - (2,849,322) Total governmental activities $ 8,274,653 $ - $ - $ - (8,274,653) General revenues: Taxes: , Pr e to in ement 13,822,938 htv tea gs 10,936,832 iscellane s 154,919 sfers to City of Chula Vista (8,049,716) otal general revenues and transfers 16,864,973 Change in net assets 8,590,320 Net assets (deficit) -beginning of year (20,358,991) Net assets (deficit) -end of year $ (11,768,671) See accompanying notes to basic financial statements. 5-~ 4 0 This page in n ,/ left blank 5-~ 5 FUND FINANCIAL STATEMENTS ~~ O~ ~~ 5-~I 6 ~~ ~O Redevelopment Agency of the City of Chula Vista Balance Sheet Governmental Funds June 30, 2011 Major Funds Town Centre II Otay Valley Low & Mod Bayfront/ Southwest Bayfront/ Income Housing Town Centre I Merged Projects Town Centre I Special Revenue Debt Service Debt Service Capital Projects ASSETS Cash and uivestments $ 2,731,763 $ 1,999 $ 3,525 $ 32,656 Receivables: Taxes - - 32,477 Interest 12,211 30 ~ 25 1,164 Loans 20,423,547 O - - Other - - - Due from City of Chula Vista 2,202,044 - - - Due from other funds _ - - - - Advances to other funds 5,046,796 ' - - 4,702,030 Restricted cash and utvestments: Held by Agency 630,5 ~ - - - Held by fiscal agents - 2,032,906 1,540,810 - Total assets $ 31, 46, $ 2,034,935 $ 1,544,360 $ 4,768,327 LIABILITIES AND FUND BALANCES Liabilities: Accounts payable and accrued liabilities 168 $ - $ - $ 375,443 Advances from other funds - 1,673,150 8,075,676 - Due to other funds - - - 986,656 Deferred revenue 18,962,722 - - 1,488,880 Total liabilities 18,962,890 1,673,150 8,075,676 2,850,979 Fund Balances: Nonspendable 6,507,622 - - 3,213,1x0 Restricted 5,575,934 2,034,935 1,544,360 - Assigned - - - 196,062 Unassigned - (1,673,150) (8,075,676) (1,491,864) Total fund balances 12,083,556 361,785 (6,531,316) 1,917,348 Total liabilities and fund balances $ 31,046,446 $ 2,034,935 $ 1,544,360 $ 4,768,327 See accompanying notes to basic financial statements. -~7 Redevelopment Agency of the City of Chula Vista Balance Sheet Governmental Funds June 30, 2011 Major Fiuld Town Centre II Otay Valley Southwest Merged Capital Projects Total ASSETS Cash and 'investments $ Receivables: Taxes Interest Loans Other Due from City of Chula Vista Due from other funds . Advances to other funds Restricted cash and investments: Held by Agency Held by fiscal agents _ Total assets $ LIABILITIES AND FUND BALANCES Liabilities: Accounts payable and accrued liabilities Advances from other funds Due to other funds Deferred revenue Total liabilities Fund Balances: Nonspendable Restricted Assigned Unassigned 33,928,478 9,720,772 13,862,634 252,605 (11,240,690) Total fund balances 4,763,948 12,595,321 Total liabilities and fund balances $ 7,129,731 $ 46,523,799 3,104,277 $ 5,874,220 131,482 163,959 6,815 20,245 - 20,4 5 246,094 4 - 2,2 ,0 4 986,656 ' 9 , 56 - 9,748,826 - ~ 630,085 2, 4, 07 6,228,123 7, 29, $ 46,523,799 2,119,689 $ 2,495,300 - 9,748,826 - 986,656 246,094 ZQ697,696 2,365,783 4,707,405 56,543 5-~8 This page in n ~ left blank. 5-fig Redevelopment Agency of the City of Chula Vista Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Assets June 30, 2011 Total Fund Balances -Total Governmental Funds Amounts reported for govenunental activities u1 the Statement of Net Assets were different because: Deferred charges, such as bonds issuance costs from issuing debt, were expenditures in the fund financial statements but were deferred and subject to capitalization and amortization on the Government-Wide Statement of Net Assets. Capital assets used in governmental activities were not financial resources and therefor not reported in governmental funds. Nondepreciable Depreciable, net Total capital assets, net 0 Interest payable on long-term debt did not require current financial res c ~erefore, interest payable was not reported as a liability in Goverrunental Funds Balance Sheet. Long-term liabilities were not due and payable in the current eriod. refore, were not reported ul the Govenunental Funds Balance Sheet. The long-term liabilities d ted as follows: Long-term liabilities -due within one year `` Long-term liabilities -due in more than one year Total long-term liabilities Deferred revenues recorded in govern tal d financial statements resulting from activities in which revenues were earned but funds we no ble were recognized as revenues in t11e Govermnent-Wide Financial Statements. Net Assets (deficit) of Governmental Activities See accompanying notes to basic financial statements. $ 12,595,321 1,134,334 9,624,870 1,323,099 10,947,969 (568,712) (1,155,000) (55,420,279) (56,575,279) 20,697,696 (11,768,671) 5-'~0 Redevelopment Agency of the City of Chula Vista Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the year ended June 30, 2011 Major Funds Town Centre II Otay Valley Low & Mod Bayfront/ Southwest Bayfront/ Income Housing Town Centre I Merged Projects Town Centre I Special Revenue Debt Service Debt Service Capital Projects REVENUES: Taxes $ 2,764,558 $ - $ - $ 3,567,705 Use of money and property 89,340 97,802 (1,128) 83,869 Other 50 24 19 40,288 Total revenues 2,853,978 97,826 (1,109) 3,691,862 EXPENDITURES: Current: General government 557,096 , ,000 2,495 707,764 Capital outlay - - - 100,757 Debt Service: ' Principal - 1,037,270 72,730 - Interestand fiscal charges - 1,273,428 1,498,715 - Total expenditures 557,0 2,318,698 1,573,940 808,521 REVENUES OVER (UNDER) EXPENDITURES 2,296,882 (2,220,872} (1,575,049) 2,883,341 OTHER FINANCING SOURCES (USES): Proceeds from advances from City of Ch - 157,695 277,673 - Repayment of advances from City to - (500,000) (11,630,000) - Transfers to City of Chula Vista (4,394,500) - - (2,500,000} Transfers u1 - 2,553,046 13,164,419 279,256 Transfers out - (279,256) (577,357) (2,553,046) Total other financing sources (4,394,500) 1,931,485 1,234,735 (4,773,790) NET CHANGE IN FUND BALANCES (2,097,618) (289,387) (340,314) (1,890,449) FUND BALANCE (DEFICIT): Beginning of year 14,181,174 651,172 (6,191,002) 3,807,797 End of year $ 12,083,556 $ 361,785 $ (6,531,316) $ 1,917,348 See accompanying notes to basic financial statements. 5 -~ 1 Redevelopment Agency of the City of Chula Vista Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the year ended June 30, 2011 Major Fund Town Centre II Otay Valley Southwest Merged Capital Projects Total REVENUES: Taxes $ 7,490,645 $ 13,822,938 Use of money and property 9,663,293 9,933,176 Other 114,538 154,919 Total revenues 17,2b8,476 23,911,033 EXPENDITURES: Current: General government ~ 3,615,858 ~,8 ,213 Capital outlay 219,530 320,287 Debt Service: Principal - 1,110,000 Interest and fiscal charges - 2,772,143 Total expenditures 3,835,3 9,093,643 REVENUES OVER (UNDER} EXPENDITURES 13,433,088 14,817,390 OTHER FINANCING SOURCES (USES): Proceeds from advances fiom City of Ch - 435,368 Repayment of advances fiom City a - (12,130,000) Transfers to City of Chula Vista (1,155,216) (8,049,716} Transfers in 3,020,300 19,017,021 Transfers out (15,607,362) (19,017,021) Total other financing sources (13,742,278) (19,744,348) NET CHANGE IN FUND BALANCES (309,190) (4,926,958) FUND BALANCE {DEFICIT): Beginning of year End of year 5,073,138 $ 4,763,948 $ 17,522,279 12,595,321 5-~2 Redevelopment Agency of the City of Chula Vista Reconciliation of the Governmental Statement of Revenues, Expenditures, and Changes in Fund Balances to the Government-Wide Statement of Activities and Changes in Net Assets For the year ended June 30, 2011 Net Change in Fund Balances -Total Governmental Funds Amounts reported for govermmental activities in the Statement of Activities were different because: Depreciation expense on capital assets was reported in the Government-Wide Statement of Activities and Changes in Net Assets, but they did not require the use of current financial resources. Therefore, depreciation expense was not reported as expenditures in the Governmental Funds. The net effect of adjustment involving disposal of capital assets. The issuance of long-term liabilities provided current financial resources to govenune a nds, but issuing debt increased Iong-term liabilities in the Government-Wide Statement of Ne As R payment of long-term liabilities was an expenditures in governmental funds, but the repa d ed long-term liabilities it the Govermnent-Wide Statement of Net Assets. Principal payment of long-term debt , Proceeds from advances from City of Chula Vista Repayment of advances from City of Chula Vista , Amortization expense was reported in the Government- ide to ent of Activities and Changes in Net Assets, but did not require the use of current financial sources. Therefore, amortization expense was not reported as an expenditure in the Governmental F s. Bond discount Deferred charges Interest earned on long-term receiva n provide current financial resources and was not reported as revenue in the Governmental Fun Interest expense on long-term t s reported in the Government-Wide Statement of Activities and Changes in Net Assets, but it di not require the use of current financial resources. This amount represented the change in accrued interest from prior year. Change in Net Assets of Governmental Activities See accompanying notes to basic financial statements. (4,926,958) (47,724) (166,107) 1,110,000 (435,368) 12,130,000 (44,774) (58,732) 1,003,656 26,327 $ 8,590,320 5-~3 NOTES TO BASIC FINANCIAL STATEMENTS ~~ ~P O ~~ 5~4 ~~ ~O Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements For the year ended June 30, 2011 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The basic financial statements of the Redevelopment Agency of the City of Chula Vista (the "Agency"), a component unit of the City of Chula Vista, California, (the "City") have been prepared in conformity with generally accepted accounting principles ("U.S. GAAP") as applied to governmental agencies. The Governmental Accounting Standards Board ("GASB") is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant of the City's accounting policies are described below. A. Reporting Entity The Agency is considered a blended component unit of the City. The ge~c~vas created by the City of Chula Vista City Council ("City Council") in October 1972. The C anager acts as the Agency's Executive Director and the City Council acts as the governin co is ion, which exerts significant influence over its operations. The primary purpose of the to eliminate blighted areas by encouraging the development of residential, commercial, in u 1, recreational and public facilities. The Bayfront/Town Centre I Project encompasses ap xi~t 775 acres; its general objective is to redevelop the Bayfront area and the central business is ict. The goal of the Town Centre II Project, which consists of approximately 212.5 acres in ex~a rea of Chula Vista, is to revitalize the area into a principal regional shopping center. T Otay Valley Road Project area, comprising approximately 770 acres, was created to estab~ a pgrade infrastructure capital improvements for the promotion of industrial development Th`e S~thwest Project area, comprising approximately 1,100 acres, was created to upgrade the co rcial, industrial, residential properties and rights-of--way at a more rapid pace than would occur ou redevelopment plan. Funds for redevelopment prof ar~provided from various sources, including incremental property tax revenues, tax allocation~nc / 1 advances from the City. B. Basis of Accounting a surement Focus The accounts of the A are organized on the basis of funds, each of which is considered a separate accounting entity with its own self-balancing accounts that comprise its assets, liabilities, fund balance, revenues and expenditures. These funds are established for the purpose of carrying out specific activities or certain objectives in accordance with specific regulations, restrictions or limitations. Government resources are allocated to and accounted for in individual funds based upon the purpose for which they are to be spent and the means by which spending activities are controlled. Government -Wide Financial Statements The Agency's Government-Wide Financial Statements include a Statement of Net Assets and a Statement of Activities and Changes in Net Assets. These statements present summaries of governmental activities for the Agency accompanied by a total column. The Agency does not have any business-type activities, therefore only governmental activities are reported. 5-~5 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued B. Basis of Accounting and Measurement Focus, Continued Government -Wide Financial Statements, Continued These basic financial statements are presented on an "economic resources" measurement focus and the accrual basis of accounting. Accordingly, all of the Agency's assets and liabilities, including capital assets and long-term liabilities, are included in the accompanying Statement of Net Assets. The Statement of Activities presents changes in net assets. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. Certain eliminations have been made as prescribed by GASB Statemo. 34 in regards to interfund activities, payables and receivables. The following interfund actiave been eliminated: - Due to and from other funds - Advances to and from other funds , - Transfers in and out Governmental Fund Financial Statements Governmental fund financial statements i ` Balance Sheet and a Statement of Revenues, Expenditures and Changes in Fund Balar~es. ~ ~ All governmental funds are accou d fo~n a spending or "current financial resources" measurement focus and the modified accrual of accounting. Accordingly, only current assets and current liabilities are included on the c beet. The Statement of Revenues, Expenditures and Changes in Fund Balances presents inc as enues and other financing sources) and decreases (expenditures and other financing us i n current assets. Under the modified accrual basis of accounting, revenues are recogniz e accounting period in which they become both measurable and available to finance expendi s o current period. Revenues are recorded when received in cash, except that revenues subject to accrual (generally 60 days after year-end) are recognized when due. The primary revenue sources, which have been treated as susceptible to accrual by the Agency, are increment property taxes, intergovernmental revenues, other taxes, interest revenue, rental revenue and certain charges for services. Expenditures are recorded in the accounting period in which the related fund liability is incurred. Deferred revenues arise when potential revenues do not meet both the "measurable" and "available" criteria for recognition in the current period. Deferred revenues also arise when the government receives resources before it has a legal claim to them, as when grant monies are received prior to incurring qualifying expenditures. In subsequent periods when both revenue recognition criteria are met or when the government has a legal claim to the resources, the deferred revenue is removed from the balance sheet and revenue is recognized. The reconciliations of the Fund Financial Statements to the Government-Wide Financial Statements are provided to explain the differences created by the integrated approach of GASB Statement No. 34. 5-~6 Redevelopment Agency of fhe City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued B. Basis of Accounting and Measurement Focus, Continued Governmental Fund Financial Statements, Continued The Agency reports the following major governmental funds: Low & Moderate Income Housing Special Revenue Fund is used to account for the 20% portion of the Agency's tax increment revenue that is required to be set aside for low and moderate income housing and related expenditures. Bayfront/Town Centre I Debt Service Fund is used to account~ ~~r, h~~e payment of interest and principal on long-term debt, and the accumulation of resources t1~~Qf associated with the Bayfront and Town Centre I Protect Areas. Town Centre II Ota Valle Southwest Mer ed Pro'ect~D t ervice Fund is used to account for the payment of interest and principal on long-term bt,~n e accumulation of resources thereof associated with the Town Centre II, Otay Valley R ®d, nd Southwest Merged Project Areas. Ba front Town Centre I Ca ital Pro'ects Fu r used to account for the financial resources used in developing the Bayfront and Town Centre rot reas. Town Centre II Ota Valle South st Mer ed Pro'ects Ca ital Pro'ects Fund is used to account for the financial resources used ' e oping the Town Centre II, Otay Valley Road, and Southwest Merged Project Areas. C. Cash and Investments The Agency maintains i c 'th the City, which pools cash resources from all funds in order to facilitate the manage cash and achieve the goal of obtaining the highest yield with the greatest safety and least ris Ca m excess of current requirements is invested in various interest-bearing accounts and other in ents for varying terms. In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Poots, highly liquid money market investments with maturities of one year or Iess at time of purchase are stated at amortized cost. All other investments are stated at fair value. Market value is used as fair value for those securities for which market quotations are readily available. The City participates in an investment pool managed by the State of California titled Local Agency Investment Fund (LAIF) which has invested a portion of the pooled funds in structured notes and asset- backed securities. LAIF determines fair value on its investment portfolio based on market quotations for those securities where market quotations are readily available and based on amortized cost or best estimate for those securities where market value is not readily available. LAIF's investments are subject to credit risk with the full faith and credit of the State of California collateralizing these investments. In addition, these investments are subject to market risk as to change in interest rates. 5 -~7 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued C. Cash and Investments, Continued Cash equivalents are considered amounts in demand deposits and short-term investments with a maturity date within three months of the date acquired by the Agency and are presented as "Cash and Investments" in the accompanying basic financial statements. In accordance with GASB Statement No. 40, Deposit and Investment Risk Disclosures (an amendment of GASB Statement No.3), certain disclosure requirements, if applicable, for deposit and investment risks are specified for the following areas: Interest Rate Ihsk Credit Risk • Overall O • Custodial Credit Risk • Concentration of Credit Risk - Foreign Currency Risk D. Cash and Investments with Fiscal Agents Cash and investments with fiscal agents ar~str ed for the redemption of bonded debt and for acquisition and construction of capital p 'ects. E. Capital Assets The Agency's assets are capita a~istorical cost or estimated historical cost. Agency policy has set the capitalization threshol r or ng capital assets at $5,000. Gifts or contributions of capital assets are recorded at fair mar v hen received. Depreciation is recorded on a straight-line basis over the useful lives of the s follows: Bu i s 25 years Impr vements other than buildings 15 years Machinery and equipment 5-20 years The Agency had no infrastructure assets included in capital assets at June 30, 2011. F. Long-Tet7n Debt Government-Wide Financial Statements Long-term debt and other financed obligations are reported as liabilities in the Government-Wide Financial Statements. Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of applicable premium or discount. 5 -~ 8 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued F. Long-Term Debt, Continued Fund Financial Statements The Fund Financial Statements do not present long-term debt. Consequently, long-term debt is shown as a reconciling item in the Reconciliation of the Governmental Funds Balance Sheet to the Government- Wide Statement of Net Assets. G. Property Tux Revenues Incremental property tax revenues represent property taxes in each ' ct area arising from increased assessed valuations over base valuations established at the inceof e project area. Incremental property taxes from each project area accrue to the Agency 1' bilities and commitments of the project area have been repaid (including cumulative funds r v' ed or committed by the Agency}. After all such indebtedness has been repaid; all proper tars m the project area revert back to the various taxing authorities. Property taxes are levied on March 1 and are pa b i~two installments: November 1 and February 1 of each year. Property taxes become delinqu on cember 10 and Apri110, for the first and second installments, respectively. The lien da e is c 1. The County of San Diego, California (the "County") bills and collects property es and remits them to the Agency according to a payment schedule established by the County The County is permitted by St ~ Ievy taxes at 1% of full market value (at time of purchase) and can increase the property t ra o ore than 2% per year. The District receives a share of this basic tax levy proportionate to it ceived during the years 1976-1978. Property tax revenu~are~c~gnized in the fiscal year for which the taxes have been levied. No allowance for doubtful accounts was considered necessary. H. Low and Moderate Income Housing The California Health and Safety Code requires Agency project areas to deposit 20% of allocated incremental property tax revenues (or 20% of net bond proceeds plus 20% of tax incremental revenues in excess of debt service payments on the bond) into a Low and Moderate Income Housing Fund. This money is restricted for the purpose of increasing or improving the community's supply of low and moderate income housing. The Agency accounts for these revenues in a special revenue fund. 5-~9 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued I. Net Assets In the Government-Wide Financial Statements, net assets are classified in the following categories: Invested in Capital Assets -This amount consists of capital assets net of accumulated depreciation. Restricted Net Assets -This amount is restricted by external creditors, grantors, contributors, or laws or regulations imposed by other governments. Unrestricted Net Assets -This amount represents the remaining ne ssets that do not meet the definition of "invested in capital assets, net of related debt" or "re~ic e et assets." When an ex ense is incurred for ur oses for which both re d a1Rd unrestricted resources are p p p available, the Agency's policy is to apply restricted resources j. Fund Balance , In the governmental fund financial statements, fund balan s are classified in the following categories: Nonspendable Fund Balance -This amount in 'c e~the portion of funds balances which cannot be spent because they are either not in spe ble m, such as prepaid items, inventories or Loans receivable, or legally or contractuall~equire o be maintained intact, such as the principal portion of an endowment. Restricted Fund Balance - Thi a untoindicates the portion of fund balances which has been restricted a) externally i os by creditors (such as through debt covenants), grantors, contributors, or laws or ons of other governments; or b} imposed by law through constitutional provisig~r e Ming legislation. Committed Fund 'his amount indicate the portion of fund balances which can only be used for specific purp s p rsuant to formal resolution or ordinance of the Agency Board. Assigned Fund Balance -This amount indicates the portion of fund balances which is constrained by the Agency's intent to be used for specific purpose, but is neither restricted nor committed. The Agency's Executive Director is authorized to determine and define the amount of assigned fund balances. Unassigned Fund Balance -This amount indicates the portion of fund balance that do not fall into one of the above categories. When expenses are incurred for purposes for which both restricted and unrestricted fund balances are available, the Agency's policy is to apply restricted fund balances first, then unrestricted fund balances as they are needed. When expenditures are incurred for purposes where only unrestricted fund balances are available, the Agency uses the unrestricted resources in the following order: committed, assigned, and unassigned. 5~0 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued K. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates. 2. CASH AND INVESTMENTS The following is a summary of pooled cash and investments and r tri to cash and investments at June 30, 2011: Cash and investments 74 20 Restricted cash and investments: Held by Agency , 630,085 Held by fiscal agents 6,228,123 Total cash and investor , $ 12,732,428 The Agency has pooled its cash and investments i the City in order to achieve a higher return on investment. Certain restricted funds, w are he d and invested by independent outside custodians through contractual agreements, are n o d. These restricted funds include cash with fiscal agents. Where applicable, the Agency follows~ity's nvestment policy. Cash and investments consisted of ing at June 30, 2011: Cash: deposits with financial institution $ 630,085 tal cash 630,085 Local Agency Investment Fund 5,874,220 Investment held by fiscal agents: Money Markt Fund 2,032,906 U.S. Treasury Obligations 4,195,217 Total investrnents 12,102,343 Total cash and investments $ 12,732,428 5-~1 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 2. CASH AND INVESTMENTS, Continued Investments Authorized by the City's Investment Policy The table below identifies the investment Types that are authorized for the City by the California Government Code (or the City's investment policy, where more restrictive). The table also identifies certain provisions of the California Government Code (or the City's investment policy, where more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City's investment policy. Authorized Investment Tv Bankers' Acceptance Negotiable Certificates of Deposits Commercial Paper State and Local Agency Bond Issues U.S. Treasury Obligations U.S. Agency Securitites Maxunum Maximu rcentage of Ma Portfolio* 180 da 40% 5 ~ar 30% 70 days 25% years None Maximum Investment in One Issuer 30 5% 10% 10% None None 10% 10% 10% 10% 10% $40 Million** 10% 5 years None 5 years None Repurchase Agreement 90 days None Reverse-Purchase Agreements 92 days 20% Medium-Term Corporate Notes 5 years 30% Time Certificates of Deposits 3 years None Money Market Funds N/A 15% Local Agency Investment Fund (L N/A None Investment Trust of California ( Tr t N/ A . None * Excluding amounts hel y bo stee that are not subject to California Government Code restriction. ** Maximum is $40 million ount. 5-~2 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 2. CASH AND INVESTMENTS, Continued Investments Authorized by Debt Agreement Investment of debt proceeds held by bond trustees are governed by provisions of the debt agreement, rather than the general provisions of the California Government Code or the City's investment policy. The table below identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk. Maximum Maximum Authorized Maxunum centage of Investment in Investment Type Maturity tfolio One Issuer U.S. Treasury Obligations None None None Federal Home Loan Mortgage Corporation None O None None Farm Credit Banks None None Federal Home Loan Banks None None None Federal National Mortgage Association I~ie None None Student Loan Marketing Association None None None Financutg Corporation , one None None Resolution Funding Corporation None None None Cerfificates of Deposits, Time Deposits and Bankers' Acce ue 30 days None None Commercial Paper 270 days None None Money Market Funds None None None State Obligations None None None Municipal Obligations None None None Repurchase Agreements None None None Investment Agreements None None None Local Agency Investment Fund F None. None None Local Agency Investme Fu AIF} The Agency is a participant in LAIF which is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. The Agency's investments in LAIF at June 30, 2011 included a portion of pool funds invested in Structure Notes and Asset-Backed Sec urities: Structured Notes are debt securities (other than asset-backed securities) whose cash-flow characteristics (coupon rate, redemption amount, or stated maturity) depend upon one or more indices and/ or that have embedded forwards or options. Asset-Backed Securities, the bulk of which are mortgage-backed securities, entitle their purchasers to receive a share of the cash flows from pool of assets such as principal and interest repayments from a pool of mortgages (such as Collateralized Mortgage Obligations) or credit card receivables. As of June 30, 2011, the Agency had $5,874,220 invested in LAIF, which had invested 5.01% of the pool investment funds in Medium-Term and Short Term Structured Notes and Asset-Backed Securities. 5-~3 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2Q11 2. CASH AND INVESTMENTS, Continued Risk Disclosures Interest Rate Risk Interest rate risk is the risk that changes in market interest rate will adversely affect the fair value of an investment. GeneraIly, fine longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the Agency manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to aturity evenly over time as necessary to provide the cash flows and liquidity needed for operations. o~on about the sensitivity of the fair values of the Agency's investments and those held by bond trustee arket mterest rate fluctuations is provided by the following table that shows the distribution of the A n in estments by maturity: v Remaining . , Maturity 12 Months Investment Type m nt of Fewer Local Agency Investment Fund $ 5,874,220 $ 5,874,220 Held by fiscal agents: Money Markt Fund 2,032,906 2,032,906 U.S. Treasury Obli 4,195,217 4,195,217 Total $ 12,102,343 $ 12,102,343 Credit Risk ~~ Generally, credit risk is the r' t~rt issuer of an investment will not fulfill its obligation to the holder of the investment. This is d by the assignment of a rating by a nationally recognized statistical rating organization. To be eli let r ceive Agency money, a bank, savings association, federal association, or federally insured industri n company has received an overall rating of not less than "satisfactory" in its most recent evaluation by the appropriate federal financial supervisory agency of its record of meeting the credit needs of California's communities, including Iow- and moderate-income neighborhoods. Agency investments are rated by the nationally recognized statistical rating organizations as follows: Standard Investment Type Fair Value Moody's & Poor's Local Agency Investment Fund Held by fiscal agents: Money Markt Fund U.S. Treasury Obligations Total 5,874,220 2,032,906 4,195,217 $ 12,102,343 Not Rated Not Rated 5~4 Aaa AAA Aaa AAA Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 2. CASH AND INVESTMENTS, Continued Custodial Credit Risk Demand Deposits: The California Government Code requires California banks and savings and loan associations to secure the Agency's cash deposits by pledging securities as collateral. This Code states that collateral pledged in this manner shall have the effect of perfecting a security interest in such collateral superior to those of a general creditor. Thus, collateral for cash deposits is considered to be held in the Agency's name. The market value of pledged securities must equal at least 110% of the ncy's pooled cash deposits. California Iaw also allows institutions to secure Agency deposits by p dgin rst trust deed mortgage notes having a value of 150% of the Agency's total cash deposits gency may waive collateral requirements for cash deposits, which are fully insured up to $25 0 y e Federal Deposit Insurance Corporation. The Agency, however, has not waived the collateral' 'rements. Investments: - A For an investment, custodial credit risk is the risk that, inewent of the failure of the counter party, the Agency will not be able to recover the value of i stments or collateral securities that are in the possession of an outside party. AlI securities, wi the tion of LAIF and other pooled investments, are held by a third-party custodian (US Bank). US Ba cxth fifth largest commercial bank in the nation. Concentration of Credit Risk The investment policy of the City con limitations on the amount that can be invested in any one issuer beyond that stipulated by the Cal overnment Code. Investments in any one issuer that represent 5% or more of total Agency's i nts are as follows: Amount Percentage of nvestment Type Invested Investments Local envy Investment Fund $ 5,874,220 48.54% Held by fiscal agents: Money Markt Fund 2,032,906 16.80% U.S. Treasury Obligations 4,195,217 34.66% Total $ 12,102,343 100.00% 5-~5 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 3. LOANS RECEIVABLE At June 30, 2011, the Agency had the following loans receivable: South Bay Community Services Heritage (South Bay community Villas L.P.) Chula Vista Rehabilitation CHIP Loans Park Village Apts {Civic Center Barrio Housing Corporation) Rancho Buena Vista Housing (Chelsea Investment Corporation} Mobile Home Assistance Programs St. Regis Park (Chelsea Investment Corporation) Main Plaza (Alpha III Development Inc.) Los Vecinos (Wakeland Housing and Development Corporation) Total South Bay Communih~ Services In 1998, the Agency entered into a loan age profit public benefit corporation. The loan Services to develop a 40-unit affordable, income families. The note is secured Interest accrues annually at 3 % of outstanding balance of the loan way In 1998,-the Agency entered of property located at 1 C programs or housing fo ery note for the properties on on residual receipts. At June $27,762 has been deferred. Governmental Activities Principal Deferred Interest Total 1,194,805 5,661,710 1,382,908 204,531 1,192,658 55,952 2,304,567 1,792,479 6,633,937 $ 4,078,086 $ 20,423,547 ~outh Bay Community Services, a California non- 478,200 was made to enable South Bay Community housing rental project to provide housing to low ust on certain property and assignments of rents. paid principal balance of the note. At June 30, 2011, the and interest of $156,987 has been deferred. `!n agreement with South Bay Community Services for the acquisition cord Way for a domestic violence shelter site, other transitional living iw income families. The loan is secured by a deed of trust and a promissory f of the Agency. Repayment of the loan is limited to annual payment based 30, 2011, the outstanding balance of the loan was $36,794 and interest of In 1999, the Agency entered into a $300,000 loan agreement with South Bay Community Services for the acquisition of a real property at 746 ADA Street, and improving it with amulti-family residential project consisting of 11 units. These units, called the Trolley Trestle, will provide affordable housing for low income young adults who have completed the County of San Diego Foster Care program. The loan is secured by a Deed of Trust and Security Agreement and will accrue 3% interest. Payment of principal and interest will be made from 50% of residual receipts for 55 years. At June 30, 2011, the outstanding balance of the Loan was $373,000 and interest of $122,062 has been deferred. 292,479 953,937 887,994 $ 306,811 $ 4,400,000 1,261,710 1,229,832 153,076 204,531 - 1,000,000 ~ 192,658 55,952 - 87~ 917,415 5-~6 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 3. LOANS RECEIVABLE, Continued Heritage (South Bau Community Villas, L.P). In 2002, the City entered into a loan agreement with South Bay Community Villas, L.P. for the development of the Heritage Town Center multi-family rental housing project. Agency assistance is in the form of residual receipt loan secured by a promissory note and deed of trust. The outstanding principal and interest on the loan will be repaid over fifty five years and accrues interest at 3% per annum. Payment of principal and interest on the Agency loan shall be made on an annual basis, out of a fund equal to fifty percent of the net cash flow of the project (residual receipts) after debt service on bonds, payment of deferred developers fee, and reasonable operating expense have been id. At June 30, 2011, the outstanding balance of the loan was $4,400,000 and interest of $1,261,710 s eldeferred. Chula Vista Rehabilitation CHIP Loans O The Chula Vista Rehabilitation Community Housing Improve e ogram (CHIP) is under the direct control of the Agency. CHIP offers deferred and low inte t r~e ome improvement Ioans to qualified borrowers residing within a target area. Loan repaymen ar re-deposited into the program cash accounts and are redistributed as future loans. At June 30, 20 the~o tanding balance of the loan was $1,229,832 and interest of $153,076 has been deferred. Park Village Apartments (Civic Center Barrio Housin ~C~noration) In 1991, the Agency entered into a log agr~ient with the Civic Center Barrio Housing Corporation, a California non-profit public benefit anon. The Ioan was made for the purchase of Land and the development of a 28-unit low inco h ing project. During 1992, the loan was assigned to Park Village Apartments Ltd., a California 1' it ership in which Civic Center Barrio Housing Corporation is the managing general partner. e an secured by a deed of trust on the property and assignment of rents. Principal and interest ar Ie monthly. In 2009, a second amendment to the loan was entered into changing the interest om °° to 3% per annum on the unpaid principal balance of the note. At June 30, 2011, the outstan glance of the loan was $204,531. Rancho Buena Vista Housing (Chelsea Investment Corporation) In 2000, the Agency loaned $1,000,000 to CIC Eastlake, L.P. for the development and operation of Rancho Vista Housing project, a multifamily affordable housing project. The loan will be secured by promissory notes and deeds of trust. The outstanding principal and interest amount of the loan will be repaid over fifty-five (55) years and accrues interest at the simple interest rate of three (3%) percent per annum. Payment of principal and interest, or portions thereof, on the loan are made on an annual basis, out of a fund equal to fifty (50%) percent of the net cash flow of the project. At June 30, 2011, the outstanding balance of the loan was $1,000,000 and interest of $192,658 has been deferred. 5~7 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 3. LOANS RECEIVABLE, Continued Mobile Home Assistance Programs The Agency entered into agreements with eligible residents of the Orange Tree Mobile Home Park, whereby the Agency loaned $250,030 as permanent financing assistance to residents for the purpose of purchasing certain. mobile home property. The loans are secured by deeds of bust on the property and mature in 2017 or when the property is sold. Contingent interest will be charged based on calculations specified in the agreement. At June 30, 2011, the outstanding balance of the loan was $55,952. St Reis Park (Chelsea Investment Corporation/Sunbow Services Co., LLC) v Oration for the ac uisition In 2000, the Agency entered into a loan agreement with Chelsea In estm p q and rehabilitation of the 119-unit Pear Tree Apartments at 1025 Bro ll units are affordable to low income households. The loan is secured by a deed of trust and ac 6 ° interest for 52 years. Payment of principal and interest is made on an annual basis out of a fund q al 90% of the residual receipts. At June 30, 2011, the outstanding balance of the loan was $1,387 52~ terest of $917,415 has been deferred. Main Plaza (A~ha III Development Inc.) ` In 2003, the Agency entered into a loan agreemen th Plaza, LP (Borrower) to assist the borrower in acquiring and improving certain real property f c ation by very low, lower and low and moderate income households. The total loan amoun s $1,500, 00 and bears an interest rate of 3% per annum. The loan is due and payable on the date that ' ars from the date of the Agency's issuance of the Certificate of Completion, which is in 2061. At J e 0, 2 1, the outstanding balance of the loan was $1,500,000 and interest of $292,479 has been deferr~ In 2008, the Agency ent t~ loan agreement with Wakeland Housing and Development Corporation to assist the borrower c structing 41 affordable multi-family apartment units for occupancy by extremely low, very low a lower income households. The loan was funded by the Agency's Low and Moderate Income Housing Special Revenue Fund. The loan bears an interest rate of 5% per annum. Principal and interest payments will be made on an annual basis out of a fund equal to 50% of the residual receipts for years 1-30, 75% of the residual receipts for years 31-54, until 55 years from the date the improvements are placed in service, at which time all principal and unpaid interest shall be due and payable. The improvements were placed in service on February 7, 2008. At June 30, 2011, the outstanding balance of the loan was $5,680,000 and interest of $953,937 has been deferred. 5-~'$ Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 4. INTERFUND TRANSACTIONS A. Advances To and Advances From Other Funds As of June 30, 2011, Interfund balances were as follows: Advances from other funds Town Centre II Otay Valley Bayfront/ uthwest Town Centre I Me rojects Advances to other funds Debt Service ~ebt Service Total B. A 1 1 V~CI LJ LCV L /C1 v iCC Bayfront/Town Centre I Capital Projects Town Centre II Otay Valley Southwest Merged Projects Capital Projects Total 2,553,046 - 2,553,046 2,442,943 15,607,362 $ 2,553,046 $ 13,164,419 $ 279,256 $ 3,020,300 $ 19,017,021 5. DUE FROM THE CITY OF CHULA VISTA At June 30, 2011, the Agency had amounts due from the City of Chula Vista of $2,202,044. This amount represents a one day loan which was made to cover cash overdraws from reimbursements not received as of June 30, 2011. 5-~9 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 6. CAPITAL ASSETS A. Government-Wide Financial Statements Changes in capital assets during the year ended June 30, 2011, were as follows: Balance Balance July 1, 2010 Additions Deletions June 30, 2011 Capital assets, not being depreciated: Land $ 9,790,977 $ - $ (166,107) $ 9,624,870 Total capital assets, not being depreciated 9,79Q977 - (166,107) 9,624,870 Capital assets, being depreciated: Buildings and improvements 2,386,218 - 2,386,218 Machinery and equipment 12,000 12,000 Subtotal 2,398,218 - - 2,398,218 Less accumulated depreciation (1,027,3 ~ 47,724) (1,075,119) Total capital assets, being depreciated 1,370,823 (47,724) - 1,323,099 Total capital assets, net $ $ (47,724) $ {166,107) $ 10,947,969 Depreciation expense of the Agency for e yea nded June 30, 2011, was $47,724 and was charged entirely to the general government fu of the Agency. 7. LONG-TERM DEBT Changes in long-term de d the year ended June 30, 2011, were as follows: Classification Balance Balance Due within Due in More July 1, 2010 Additions Deletions June 30, 2011 One Year Than One Year ERAF Loans: 2005 $ 430,000 $ - $ (80,000) $ 350,000 $ 80,000 $ 270,000 2006 625,000 - (90,000) 535,000 95,000 440,000 Advances from the City of Chula Vista 24,302,454 435,368 {12,130,000) 12,607,822 - 12,607,822 Tax Allocation Bonds: 2006 Seiuor TAB Series A 12,100,000 - (500,000) 11,600,000 520,000 11,080,000 2006 Subordinate TAB Series B 11,200,000 - (440,000) 10,760,000 460,000 .10,300,000 2008 TAB Refunding 21,625,000 - - 21,625,000 - 21,625,000 Less: bond discounts (947,317) - 44,774 (902,543) - (902,543) Total $ 69,335,137 $ 435,368 $ (13,195,226) $ 56,575,279 $ 1,155,000 $ 55,420,279 5-~0 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 3U, 2011 7. LONG-TERM DEBT, Continued ERAF Loans ERAF Loan - 2005 In May 2005, the Agency entered into a Loan agreement with the California Statewide Communities Development Authority in the amount of $765,000 to finance their 2005 share of ERAF payments to the County Auditor. Interest is payable semi-annually on February 1 and August 1 at interest rates ranging from 3.87% to 5.01%. The annual debt service requirements for the ERAF Loan - 2005 is as folio s:~ Year Ending June 30. Principal Interest T tai 2012 $ 80,000 $ 18,354 98,354 ' 2013 85,000 4,5~ 99,526 2014 90,000 356 100,356 2015 95,000 5, 80 100,880 Total $ 350, 0 $ 49,116 $ 399,116 ERAF Loan - 2006 In May 2006, the Agency entered Development Authority in the amc County Auditor. Interest is payai~ from 5.28% to 5.67%. ~~ The annual debt service to agreement with the California Statewide Communities $930,000 to finance their 2006 share of ERAF payments to the ~ nnually on February 1 and August 1 at interest rates ranging for the ERAF Loan - 2006 is as follows: Ending June 30. Principal Interest Total 2012 $ 95,000 $ 31,052 $ 126,052 2013 100,000 25,784 125,784 2014 105,000 20,188 125,188 2015 115,000 14,282 129,282 2016 120,000 7,792 127,792 Total $ 535,000 $ 99,098 $ 634,098 Advances from the City of Chula Vista At June 30, 2011, the outstanding balance of the Advances from the City of Chula Vista was $12,607,822. The proceeds of the advances were to fund projects and debt service payments. There are no set repayment terms in relation to these advances. Payments will be made as tax increment revenues are available for the repayment of the loans. Interest is calculated based on the LAIF average annual yield at the time the advance is made. 5-~1 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 7. LONG-TERM DEBT, Continued Tax Allocation Bonds 2006 Senior Tax Allocation Refunding Bonds, Series A In July 2006, the Agency issued the 2006 Senior Tax Allocation Refunding Bonds, Series A in the amount of $13,435,000 to refinance the Agency's outstanding Bayfront/Town Centre Redevelopment Project 1994 Senior Tax Allocation Refunding Bonds, Series A, and to satisfy the reserve requirement for the Bonds and provide for the costs of issuing the Bonds. The original bond proceeds were used in the acquisition of property, demolition, relocation, public improvements and funding the L and Mod Income .Housing Project. The bonds consist of serial bonds which mature in 2028. Interest ' p y le semiannually on March 1 and September 1 at interest rates ranging from 4.00% to 4.60%. T bon s are subject to optional redemption on any interest payment date on or after September 1, 2 t v ious redemption prices.. The bonds are payable solely from certain tax increment revenues of n and other funds held under the indenture. The balance outstanding at June 30, 2011 was $11,600, 0 ~ The annual debt service requirements for the 2006 Se o T~ ~ocation Refunding Bonds, Series A outstanding at June 30, 2011 were as follows: ' Year Ending June 30. Pr' icipal Interest Total 2012 2013 2014 $ 520,000 $ 497,545 ,000 474,995 565,000 450,133 ~ 590,000 424,145 615,000 398,570 3,475,000 1,581,001 4,290,000 734,465 1,017,545 1,014,995 1,015,133 1,014,145 1,013,570 5,056,001 5,024,465 1,005,000 46,805 1,051,805 11,600,000 $ 4,607,659 $ 16,207,659 2006 Subordinate Tax Allocation Re nding Bonds, Series B In July 2006, the Agency issued $12,325,000 2006 Subordinate Tax Allocation Refunding Bonds, Series B to refinance the Agency's outstanding Bayfront/Town Centre Redevelopment Project 1994 Senior Tax Allocation Refunding Bonds, Series C and D, and to satisfy the reserve requirement for the Bonds and provide for the costs of issuing the Bonds. The original bond proceeds were used in the acquisition of property, demolition, relocation, public improvements and funding the Low and Mod Income Housing Project. The bonds consist of $7,995,000 serial bonds which mature from 2007 to 2021 in amounts ranging from $290,000 to $735,000 and term bonds of $4,330,000 which. mature in 2028. Interest is payable semiannually on April 1 and October 1 at interest rates ranging from 4.00% to 6.00%. The bonds are subject to optional redemption on any interest payment date on or after October 1, 2012, at various redemption prices. The bonds are payable solely from certain tax increment revenues of the Agency and other funds held under the indenture. The balance outstanding at June 30, 2011 was $10,760,000. 5-~2 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 7. LONG-TERM DEBT, Continued Tax Allocation Bonds, Continued 2006 Subordinate Tax Allocation Bonds, Series B The annual debt service requirements for the 200b Subordinate Tax Allocation Refunding Bonds, Series B outstanding at June 30, 2011 were as follows: Year Ending June 30. 2012 2013 2014 2015 2016 2017-2021 2022-2026 2027-2028 Total 2008 Tax Allocation Refunding Bonds In July 2008, the Agency issued the refinance the Agency's outstandin the reserve requirement for the Bor finance or refinance redevelo~lt from 2014 to 2028 in $b,710,000 which matu September 1 at interest Principal Interest Tota $ 460,000 $ 531,384 $ 991,38 480,000 510,234 234 500,000 487,934 987,934 525,000 464,0 989,096 550,000 438,5 9 988,559 3,180,000 3,~5 4,923,446 4,090,000 ,603 4,904,603 975,000 5 , 44 1,026,844 $ 10,760, 00 ,042,100 $ 15,802,100 x location Refunding Bonds in the amount of $21,625,000 to ed Redevelopment Project 2000 Tax Allocation Bonds, to satisfy >, ovide for the costs of issuing the Bonds, and to provide funds to tivities. The bonds consist of $11,570,000 serial bonds which mature ;mg from $575,000 to $1,020,000 and term bonds of $3,345,000 and l 203b respectively. Interest is payable semiannually on March 1 and from 4.00% to 4.94%. The bonds are subject to optional redemption on any interest payment date~n or after September 1, 2019, at various redemption prices. The bonds are payable solely from certain tax increment revenues of the Agency and other funds held under the indenture. The balance outstanding at June 30, 2011 was $21,b25,000. 5-~'3 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 7. LONG-TERM DEBT, Continued Tax Allocation Bonds, Continued 2008 Tax Allocation Rending Bonds, Continued The annual debt service requirements for the 2008 Tax Allocation Refunding Bonds outstanding at June 30, 2021 were as follows: Year Ending June 30. Principal Interest Tota 2012 $ - $ 963,636 $ 963,63 2013 2014 - - 963,636 963,636 636 963,636 2015 575,000 952,1 527,136 2016 600,000 928,6 6 1,528,636 • 2017-2021 3,360,000 ~ 7,7~ 7,617,781 2022-2026 4,110,000 3, ,690 7,601,690 2027-2031 5,105,000 ~47 ,525 7,576,525 2032-2036 6,405,000 1,137,016 7,542,016 2037 1,470, 34,913 1,504,913 Total $ ,625,000 $ 16,164,605 $ 37,789,605 Pledged Revenues G The Agency has pledged tax reven e repayment of the Agency's debts through the final maturity of the Bonds, or early retiremen fie nds, whichever comes first. Tax revenues consist of x ~nent revenues allocated to the Agency's project areas pursuant to Section 33670 of the Redevelopm t w excluding that portion of such tax increment revenues required to be paid under Tax-Sharing Agreem is unless the payment of such amounts has been subordinated to payment of debt services on the Bonds. Tax increment earned in 2010-2011 was $13,822,938 and total debt service of all Tax Allocation Bonds paid was $3,650,802. The Bonds required 26% of net revenues. In future years, annual principal and interest payments on the Tax Allocation Bonds are expected to require approximately 30% of tax increment revenues. 5-~4 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 8. DEFERRED REVENUES A. Fund Financial Statements Deferred revenue as of June 30, 2011 was reported as follows: Loan receivable: South Bay Commiulity Services Heritage (South Bay conununity Villas L.P.} Chula Vista Rehabilitation CHIP Loans Rancho Buena Vista Housing (Chelsea Investment Corporation) St. Regis Park (Chelsea Investment Corporation) Main Plaza (Alpha III Development htc.) Los Vecinos (Wakeland Housing and Development Corporation) Advances to other funds Total 9. COMMITMENTS AND CONTINGENCIES A. Litigation Principal Interest Total $ 887,994 $ 306,811 $ 1,194,805 4,400,000 1,261,710 5,661,710 153,076 153,076 1,000,000 192,658 1,192,658 1,3872 917,415 2,304,567 0,00 292,479 1,792,479 68 00 94 953,937 1,518,370 6,633,937 1,764,464 $ 01,240 $ 5,596,456 $ 20,697,696 In addition, the Agency is a defendant ' ertain legal actions arising in the normal course of operations. In the opinion of management, any bili resulting from actions, except for those already disclosed, will not have a material adverse e n the Agency's financial position. B. Commitment to the City's The City's General Fun ~t a cumulative amount of $913,429 on unreimbursed City staff time C. State Budget Crisis In 2009, the State enacted legislation authorizing atwo-year takeaway of Redevelopment Agency funds. The payment was $4,160,694 in 2009-2010 and another $856,613 for 2010-2011. These amounts were assumed in the 2009-2011 Budgets. This action was litigated by the California Redevelopment Association and other. parties. This lawsuit challenges the constitutionality of ABX 4-26 and seeks to prevent the State from taking redevelopment funds for non-development purposes. As of the date of this report, the court's decision is currently being appealed and the results have not yet been determined. rendered on behalf ncy. It is anticipated, however, not assured, that the Agency will repay this amount from to cr ent revenues. Currently, tax increment revenues are used to pay for related debt service expenditur and possible future debt issuance. As a result, the Agency is uncertain if the amount will be repaid to the City's General Fund. Accordingly, this contingent payable has not been reported in accompanying basic financial statements. 5-~5 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 10. RISK MANAGEMENT AND SELF INSURANCE PROGRAMS The Agency participates in aself-insurance program for workers' compensation and general liability coverage, which is administered by the City. The Agency pays an amount to the City representing an estimate of amounts to be paid for reported claims incurred and unreported claims based upon past experience, modified for current trends and information. While the ultimate losses incurred through June 30, 2011, are dependent upon future developments, the Agency's management believes that amounts paid are sufficient to cover such losses. Premiums paid by the Agency for the year ended June 30, 2011, were $47,275. Citywide information concerning risks, insurance policy limits, deductible a designation of general fund balance for the year ended June 30, 2011, may be found in the notes of the ity's sic financial statements. 11. DEFICIT FUND BALANCE O At June 30, 2011, the following funds had fund balance deficits: Fund Fu Type Deficit Town Centre II Otay Valley Southwest Merged Projects Debt Service aj vernmental Fund $ 6,531,316 Debt Service Fund -The Debt Service Fun or the egged Project Area had an accumulated deficit of $6,531,316, which resulted from insuffici revenues and transfers to the City for repayments of other advances. ~ _ 12. UNRESTRICTED NET AS The unrestricted net deficit Agency, under State Law~9 increment. 9,274 is expected to be recovered from future tax increment. The to maintain certain indebtedness in order to be eligible to receive tax 5~6 o ~ N N N N ~ o in ~n d+ ~n n o m o icy N ~n o ~n m m ~ m o rn o m o m N ~i+ o o ~ c-i m ~ ~ ~ ~ m ~D N d~ ~O N N c-~ O O ~O O ,~ m L~ t.() d~ ni O d+ ri C\ n N ~ tri ~ '-i O N ~ H H to O N N N t17 t~ O ~O L~ m m t.f) m O N O N N L~ to tf) L~ oo c--+ N o0 H cfi tfi e-a fib tf) cfi d'+ ~ N ~ ~ a, ~ 1 ° ~ ° o °o ~ ~ ~ 3 ~ •o ~ ~ N ~ o ~ ~ v ~ o O ~ ~ F u ~ ~ v v ,~ ,-~ N N `n o 0o m o m m ~ ~~ rn rn~ V C: N N N '-+ d~ d; r, m cfi r-~ .-+ a 3 E" U ~ `~ ~ ~ r ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ r ~. cM d~ ~ ~ a~i ~ R, ~ ~n o ~ U .:~ c-~ ~-+ c0 ~O 0 4 ~ v ~ v ~ ~ ` ~ ~ ~ ~ o v ~ mo mo ~ m ~ U ~ ~` N N ~ a:w 3 v F; A ~ ~ t'i ~ C~ N N N di O ~ i ~ i i i i ~ ~ i ~ O x ~ O~ N N tO[) N u") ~ N y ~ ~ r-~ ~ Lf) ~ n a H ~ ~ Ef3 ~ O C •V ,11~ ~ a.3' ~ .~ U ~ ° ~ °~ a O .~ ~ ~ ~ ~, ~" U o ~° v b0 *, ~ j z ~ ~ ~ ~ F; U ~ ~ ~ ~ ~ v ~ ~ a o ~ ~~ ~ ~ o °~N z ~~~ ~~o .~~ N bA ~ U v ~ a., ~ o ~ o ~ Cn M w Cam. .~ ~ ~ r cC ~ GJ ~ Oi O :d v ~ ~ m Off., ~ ('-~- ~., ~'-~ _y a~ v ~/ ~i Imo, ~~~, O ,a eti ~u ~ d '2'" O C u G~ W '~ ~ o y CC "~ ~' Q ''~ y ~ O ~ ~ ~ v b~A .~ O ~ ~ ~r ~ ~ U ~ 'C <a ~ v Ry 'l3 r, 3 id Q w CJ p y, ~ ~" ~G ~ ~ ~ o F' ~ v a v ~" [~ b..n m ~ ° ~ o F" ~ o ~ '~' ~ Q a d UW] ~ U U y `~ ~..-1 Q U ~~ P~ m cn d cn q I-~ GJ O ~"' ~ z w° ~ 5-47 _. __ 0 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 14. RECENT CHANGES IN LEGISLATION AFFECTING CALIFORNIA REDEVELOPMENT AGENCIES On June 29, 2011, the Governor of the State of California signed Assembly Bills X1 26 and 27 as part of the State's budget package. Assembly Bill X1 26 requires each California redevelopment agency to suspend nearly all activities except to implement existing contracts, meet already-incurred obligations, preserve its assets and prepare for the impending dissolution of the agency. Assembly Bill Xl 27 provides a means for redevelopment agencies to continue to exist and operate by means of a Voluntary Alternative Redevelopment Program. Under this program, each city would adopt an ordinance agreeing to make certain payments to the County Auditor Controller in fiscal year 2011-12 and annual payments each fiscal year thereafter. Assembly Sill X2 26 indicates that the city "may use any ~~vailable funds not otherwise obligated for other uses" to make this payment. The City of Chula Vista inte~-dl`to use available monies of its redevelopment agency for this purpose and the City and Agency ve approved a reimbursement agreement to accomplish that objective. The amounts to be paid a isc year 2012-13 have yet to be determined by the state legislature. Assembly Bill X1 26 directs the State Controller of the Sta of~a rnia to review the propriety of any transfers of assets between redevelopment agencies and public bodies that occurred after January 1, 2011. If the public body that received such transfers is not o actually committed to a third party for the expenditure or encumbrance of those assets, the Sta n~oller is required to order the available assets to be transferred to the public body designated as th ucc r agency by Assembly Bill X126. is u d thera enc receivable reco nized b funds of the Ci In the event that Assembly Bill X126 p g y g y t3' that had previously loaned or advance s to the redevelopment agency may become uncollectible resulting in a loss recognized by suc s. e City might additionally be impacted if reimbursements previously paid by the redevelopment envy to the City for shared administrative services are reduced or eliminated. The League of California Ci s e California Redevelopment Association (the "CRA") filed a lawsuit on July 18, 2011 on behal ,counties and redevelopment agencies petitioning the California Supreme Court to overturn Ass bly i is X1 26 and 27 on the grounds that these bills violate the California Constitution. On August 11, the California Supreme Court issued a stay of all of Assembly Bill X1 27 and most of Assembly Bill X1 26. The California Supreme Court stated in its order that "the briefing schedule is designed to facilitate oral argument as early as possible in 2011, and a decision before January 15, 2012." A second order issued by the California Supreme Court on August 17, 2011 indicated that certain provisions of Assembly Bills X1 26 and 27 were still in effect and not affected by its previous stay, including requirements to file an appeal of the determination of the community remittance payment by August 15, the requirement to adopt an Enforceable Obligations Payment Schedule ("EOPS") by August 29, 2011, and the requirement to prepare a preliminary draft of the initial Recognized Obligation Payment Schedule ("ROPS") by September 30, 2011. Because the stay provided by Assembly Bill X1 26 only affects enforcement, each agency must adopt an Enforceable Obligation Payment Schedule and draft Recognized Obligation Payment Schedule prior to September 30, as required by the statute. Enforceable obligations include bonds, loans and payments required by the federal or State government; legally enforceable payments required in connection with agency employees such as pension payments and unemployment payments, judgments or settlements; legally binding and enforceable agreements or contracts; and contracts or agreements necessary for the continued administration or operation of the agency that are permitted for purposes set forth in AB1X 26. 5-~8 Redevelopment Agency of the City of Chula Vista Notes to Basic Financial Statements, Continued For the year ended June 30, 2011 14. RECENT CHANGES IN LEGISLATION AFFECTING CALIFORNIA REDEVELOPMENT AGENCIES, Continued On August 9, 2011, City Ordinance No. 3202 was adopted, indicating that the City will comply with the Voluntary Alternative Redevelopment Program in order to permit the continued existence and operation of the agency, in the event Assembly Bills X1 26 and/ or 27 are upheld as constitutional. The initial payment by the City is estimated to be $4,084,827 for the year ended June 30, 2012. Thereafter, an estimated $1,173,156 will be due annually. The amounts to be paid after fiscal year 2012-13 have yet to be determined by the State Legislature. The semi-annual payments will be due on January 15 and May 15 of each year and would increase or decrease with changes in tax increment. Additionally, an increased amount would be due to schools if any "new debt" is incurred. Assembly Bill X1 27 allows a one ar reprieve on the agency's obligation to contribute 20% of tax increment to the low-and-moderate-in~~,m~ising fund so as to permit the Agency to assemble sufficient funds to make its initial payments. IP~lure to make these payments would require agencies to be terminated under the provisions of AB~ ~ Management believes that the Agency will have sufficient funds o its obligations as they become due during the fiscal year ending June 30, 2012. The nature d Ott of the operation of redevelopment agencies in the State of California beyond that time fra e e dependent upon the outcome of litigation surrounding the actions of the state. In the event that se~bl Bills X1 26 and/or 27 are specifically found by the courts to be unconstitutional, there is a p si ility that future legislative acts may create new challenges to the ability of redevelopment agen in e State of California to continue in view of the California State Legislature's stated intent t elimin California redevelopment agencies and to reduce their funding. 5-~9 REQUIRED SUPPLEMENTARY INFORMATION ~~ ~P O ~~ 5 ~0 ~~ ~O Redevelopment Agency of the City of Chula Vista Required Supplementary Information For the year ended June 30, 2011 1. BUDGETARY INFORMATION An annual budget is adopted by the Board of Directors prior to the first day of the fiscal year. The budget process includes submittal of each department's budget request for the next fiscal year, a detailed review of each department's proposed budget by the Executive Director, and a final Executive Director recommended budget that is transmitted to the Board of Directors for its review before the required date of adoption. Once transmitted to the Board of Directors, the proposed budget is made available for public inspection. A public hearing is held to give the public the opportunity to comment upon the proposed budget. Notice of such public hearing is given in a newspaper of general circulation. The adoption of the budget is accomplished by the approval of a Budget solution. The legal level of budgetary control is at the department level. Any budget modific do hich would result in an appropriation increase, requires Board of Directors approval. The Execu Director and Finance Director are jointly authorized to transfer appropriations within a depaal udget. Any appropriation transfers between departments require Board of Directors approv Reported budget figures are as originally adopted or sub ue~tl amended plus prior year continuing appropriations. Such budget amendments during the e ,including those related to supplemental appropriations, did not cause these reported budget a un~ t be significantly different than the originally adopted budget amounts. All appropriations which r of obligated, encumbered or expended at the end of the fiscal year lapse become a part of the unr rve nd balance which may be appropriated for the next fiscal year. An annual budget for the year ended J e 3 , 011, was adopted and approved by the Board of Directors for the special revenue and debt servi ds. These budgets are prepared on the modified accrual basis of accounting except that encumbran u anding at year-end are considered as expenditures. The budgets of the capital projects funds are r' long-term budgets, which emphasize major programs and capital outlay plans extending over n b of years. Because of the long-term nature of these projects, annual budget comparisons are idered meaningful, and accordingly, no budgetary information for capital projects funds is includ in ccompanying basic financial statements. 5-~1 Redevelopment Agency of the City of Chula Vista Required Supplementary Information, Continued For the year ended June 30, 2011 1. BUDGETARY INFORMATION, Continued Budgetaru Comparison Schedule, Low-Moderate Income Housing Special Revenue Fund Budget Actual Variance with Original Final Amounts Final Budget Revenues: Taxes $ 2,900,763 $ 2,900,763 $ 2,764,588 $ (136,175) Use of money and property 17,885 17,885 89,340 71,455 Other - - 50 50 Total revenues 2,918,648 2,918,6 2,853,978 (64,670) Expenditures: Current: General government 4,672,456 4 ~ 04 557,096 4,122,608 Total expenditures 4,672,456 4,679,704 557,096 4,122,608 REVENUES OVER (UNDER) EXPENDITURES (, ,8 (1,761,056) 2,296,882 4,057,938 Other Financing Sources (Uses) Transfers to City of Chula Vista (144,500) (9,344,500) (4,394,500) 4,950,000 Total other financing sources (uses) (144,500) (9,344,500) (4,394,500) 4,950,000 Net change in fund balance $ (1,898,308) $ (11,105,556) (2,097,618) $ 9,007,938 Fund balance: Beginning of year 14,181,174 End of year $ 12,083,556 5-'~2 Redevelopment Agency of the City of Chula Vista Reconciliation of the Governmental Statement of Revenues, Expenditures, and Changes in Fund Balances to the Government-Wide Statement of Activities and Changes in Net Assets For the year ended June 30, 2011 Net Change in Fund Balances -Total Governmental Funds Amounts reported for governmental activities u1 the Statement of Activities were different because: Depreciation expense on capital assets was reported in the Government-Wide Statement of Activities and Changes in Net Assets, but they did not require the use of current financial resources. Therefore, depreciation expense was not reported as expenditures in the Governmental Funds. The net effect of adjustment involving disposal of capital assets. The issuance of long-term liabilities provided current financial resources to govenuneinds, but issuing debt increased long-term liabilities in the Government-Wide Statement of Ne R payment of long-term liabilities was an expenditures in governmental funds, but the repa d ed long-term liabilities ui the Govenunent-Wide Statement of Net Assets. Principal payment ofIong-term debt ' Proceeds from advances from City of Chula Vista Repayment of advances from City of Chula Vista , Amortization expense was reported ut the Government- ide Sta ent of Activities and Changes in Net Assets, but did not require the use of current financial sources. Therefore, amortization expense was not reported as an expenditure in the Governmental F s. Bond discount Deferred charges Interest earned on long-term receiva s n provide current financial resources and was not reported as revenue in the Governmental Fun Interest expense on Iong-term t s reported in the Government-Wide Statement of Activities and Changes in Net Assets, but it di not require the use of current financial resources. This amount represented the change in accrued interest from prior year. Change in Net Assets of Governmental Activities See accompanying notes to basic financial statements. (4,926,958) (47,724) (166,107) 1,110,000 (435,368) 12,130,000 (44,774) (58,732) 1,003,656 26,327 $ 8,590,320 5-5~3 SUPPLEMENTARY INFORMATION ~~ ~P O ~~ 5-~4 ~~ ~O O This page in n ~ left blank. 5-~5 Redevelopment Agency of the City of Chula Vista Schedule of Revenues, Expenditures and Changes in Fund Balances -Budget and Actual Bayfront/Town Centre I Debt Service Fund For the year ended June 30, 2011 Final Actual Variance with Budget Amounts Final Budget Revenues: Use of money and property Other $ - $ 97,802 - 24 97,82b O 0 11,227 1,037,270 1,037,270 1,347,922 1,270,201 2,395,192 2,318,698 $ 97,802 24 97,826 (1,22' 77,721 76,494 Total revenues Expenditures: Current: General government Debt service: Principal Interest and fiscal charges Total expenditures REVENUES OVER (UNDER) EXPENDITURES Other Financing Sources (Uses) Proceeds from advances from City of Chu Repayment of advances from City 1 la 'sta Transfers in Transfers out Total other financing sources s) Net change in fund balance Fund balance: Beginning of year End of year (2,395,192) (2,220,872) 174,320 - 157,695 157,695 - (500,000) (500,000) 2,650,204 2,553,046 (97,158) (748,227) (279,256) 468,971 1,901,977 1,931,485 29,508 $ (493,215} (289,387) $ 203,828 651,172 $ 361,785 5-`~6 Redevelopment Agency of the City of Chula Vista Schedule of Revenues, Expenditures and Changes in Fund Balances -Budget and Actual Town Centre II Otay Valley Southwest Merged Projects Debt Service Fund For the year ended June 30, 2011 Final Budget Revenues: Use of money and property Other Total revenues Expenditures: Current: General government Debt service: Principal Interest and fiscal charges Total expenditures REVENUES OVER (UNDER)- EXPENDITURES Other Financing Sources (Uses) Proceeds from advances from City of Chu Repayment of advances from City la • to Transfers in Transfers out Total other financing sources s) Net change in fund balance Fund balance: Beginning of year End of year Actual Amounts Variance with Final Budget $ - $ (1,128) $ (1,128) - 19 19 - (1,109) (1,109) O 0 2,495 2,505 72,730 72,730 - 1,891,856 1,498,715 393,141 1,969,586 1,573,940 395,646 (1,969,586) (1,575,049) 394,537 - 277,673 277,673 - (11,630,000) (11,630,000) 13,164,546 13,164,419 (127) (577,357) {577,357) - 12,587,189 1,234,735 (11,352,454) $ 10,617,603 (340,314) $ (10,957,917) 5 ~7 (6,191,002) $ (6,531,316) Redevelopment Agency of the City of Chula Vista Excess Surplus Computation Low & Mod Income Housing Special Revenue Fund July 1, 2010 Opening Fund Balance -July 1, 2010 Less Unavailable Amounts: Land held for resale Long-term receivable Encumbrances (Section 33334.12 (g)(2)) Available Low and Moderate Income Housing Funds Limitation (greater of $1,000,000 or four years set-aside) Set-Aside for last four years: Prior Year 1- 2010 Prior Year 2 - 2009 Prior Year 3 - 2008 Prior Year 4 - 2007 Base limitation Greater amount Computed Excess/Surplus ~~ ~P O $ 14,181,174 $ - (6,507,622) (4,024,336) ~~o~~ `l,~ - ~ - 5-58 2,764,588 2,776,928 2,756,337 2,758,666 ,056,519 1,000,000 (10,531,958) 3,649,216 $ 11,056,519 None INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENTAUDITING STANDARDS To the Board of Directors of the Redevelopment Agency of the City of Chula Vista Chula Vista, California We have audited the basic financial statements of the Redevelopment Agency of the City of Chula Vista (the "Agency"), a component unit of the City of Chula Vista, California (the "City"}, as of and for the year ended June 30, 2011, and have issued our report thereon dated [DATE e conducted our audit in accordance with auditing standards generally accepted in the Uni Sta of America and the standards applicable to financial audits contained in Governmen dt ' Standards, issued by the Comptroller General of the United States. Internal Control Over Financial Reporting ~ ' In planning and performing our audit, we considered~~th~ Agency's internal control over financial reporting in order to determine our auditing proc d e3tor the purpose of expressing our opinion on the financial statements but not for the purpo~ essing an opinion on the effectiveness of the Agency's internal control over financial re ortr cordingly, we do not express an opinion on the effectiveness of the Agency's internal con over financial reporting. A control deficiency exists when the~~ o~ operation of a control does not allow management or employees, in the normal cou erforming their assigned functions, to prevent or detect misstatements on a timely basis. rtal weakness is a deficiency, or combination of deficiencies, in internal control, such that r 's reasonable possibility that a material misstatement of the Agency's financial statements will r~„o pr ented, or detected and corrected on a timely basis. Our consideration of th~nal control over financial reporting was for the limited purpose described in the first paragraph of s section and was not designed to identify all deficiencies in the Agency's internal control over financial reporting that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Agency's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The result of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. 5-59 To the Board of Directors of the Redevelopment Agency of the City of Chula Vista Chula Vista, California Page Two This report is intended for the information and use of the management, the Board of Directors of the Agency, others within the entity, and the California State Controller's Office, Division of Accounting and Reporting and is not intended to be and should not be used by anyone other than these specified parties. Caporicci & Larson, Inc. A Subsidiary of Marcum LLP Certified Public Accountants San Diego, California [DATE] ~~ ~P O ~~ 5 ~0 ~~ ~O INDEPENDENT AUDITORS' REPORT ON COMPLIANCE To the Board of Directors of the Redevelopment Agency of the City of Chula Vista Chula Vista, California Compliance We have audited the Redevelopment Agency of the City of Chula Vista's (the "Agency") compliance with the California Health and Safety Code as required by Section 33080.1 for the year ended June 30, 2011. Compliance with the requirement referred to above is the responsibility of th gency's management. Our responsibility is to express an opinion on the Agency's compliance based ~i our dit. We conducted our audit of compliance in accordance with auditin st d`ds generally accepted in the United States of America; the standards applicable to financia i ntained in Government Auditing Sfandards, issued by the Comptroller General of the United States; Guidelines for Compliance Audits of California Redevelopment Agencies, June 2011, issued by the S C~i ller and as interpreted in the Auditing Procedures for Accomplishing Compliance Audits of California R evelopment Agencies, August 2011, issued by the Governmental Accounting and Auditing Co e~-of e California Society of Certified Public Accountants. Those standards require that we pI n rform the audit to obtain reasonable assurance about whether noncompliance with the compli r uirements referred to above that could have a material effect on the Agency has occurred. audi includes examining, on a test basis, evidence about the Agency's compliance with those requ' nts and performing such other procedures as we considered necessary in the circumstances. We be ' ve th ur audit provides a reasonable basis for our opinion. Our audit does not provide a legal determ' n of the Agency's compliance with those requirements. In our opinion, the Agency co 'e n a 1 material respects, with the compliance requirements referred to above that are applicable for e nded June 30, 2011. Management of the Agency is responsible for establishing and maintaining effective internal control over compliance with the compliance requirements referred to above. In planning and performing our audit, we considered the Agency's internal control over compliance to determine the auditing procedures for the purpose of expressing our opinion on compliance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Agency's internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a compliance requirement will not be prevented, or detected and corrected, on a timely basis. 5-61 To the Board of Directors of the Redevelopment Agency of the City of Chula Vista Chula Vista, California Page Two Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be deficiencies, significant deficiencies, or material weaknesses in internal control over compliance. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. This report is intended solely for the information and use of management, the Board of Directors of the Agency, others within the entity, and the State Controller's Office, ivision of Accounting and Reporting and is not intended to be and should not be used by anyon er than these specified parties. Caporicci & Larson, Inc. O A Subsidiary of Marcum LLP Certified Public Accountants , Irvine, California NEED DATE 5-62 ATTACHMENT 3 REPORT OF FINANCIAL TRANSACTIONS OF COMMUNITY REDEVELOPMENT AGENCIES 5-63 I 1 1 1 ~i ~, ~ t-.'l I '~ i Er =: raj ~a ~' C I I I ~~~ l "~c,~ a~i ~~ ~ ~4~ ~ ' 6 'J 1 '~ 1 u°~ u°~ vii o :©i ~ ~ ~ h o ~;c~ m co v m r ~ rn I rn rn . ~'Q m co co _ _.~ N ~ U N CI _Y , ~ ~.I ~ -' O~ ~ ~ C C 3 ~ a~ Y ~,I ~ p ..__._._. . i~G~7•~] -II'i °3' . U O ~ 0 ~ Op ~ ~ 7 _ " ~ U ~ C QI W ~ N c n cV ~ ~Z +~ N ~ a i I ~ j:,~ ~ ~ ~ ~ U ,.d Y v UI U rn °~ 14.1 U` r2 L1J t i j ! 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'.C ~~~ 0 ,: ~ i ,;E ~. 5-89 1 I i ~f r" i ~ O O, N' (D h (D I_ r; _ . ~ ~.~ ,~1 ~`- L ~ 1 ~ ~ Q ~. :~~~~ ~ ~' m.3 ,:t1 ~, f rn t' 3 :: c ~,~ ~ m •3 "c -ma o a+,' o x ~.:~ o d u tD ~ J C ~I .~. ~ .~ ~ Q d V N 4~ V m C Stu ~ Y = ~ ~- 0 ~~Q i,,, O C 1 Q. ^ ~ + ~ C~ C ~ Q L ~ U w d t9 y~~ ~ a c C~ ~ y' ~: Q `~ ~, ~ ~ U ~~ U ~~~; c ~; ~;' '. J r 0 ~,ti.rJ N F- r~3 (- ] ~~,~~ ~. ~~ ~ i ~ T..: ~ 1 Z 3.' >'.+~ R L 4{~ ~ y d Q ~' x ~" ~+ m m 'j N ` ' v ~O ~_ i a ~ ~ l ~ b 9 Y3 6 9 N ffl W~ 69~ Q7 1 ` cn'~, ~ rn eFl ' ~~ ~ r7~ i I V]i N~ c'7, I I i it I Ef7 ~] N N N N O U c o 0 _U 'D ~ i ~ C -N ~ = C U J O ~ d y m C N ~ d C N ~ C _O Z T U C 7 y N O ~ O ~ QS N ~ V C (n ~ d. ~ Q O c0 U O on ~O a ~ W U ~ c a a N ~ ~ ~ c o c c ~ °_ U m c ~ i a co O O ~ ~ 0 .~ N c lL .N '~ ~ ~~. m U N p N m ._ '3 U U V. O O N. cp. c m O O O_ a o c0 a`4i ~ o- a~ ~ ~: ° n `~ aNi ¢: a a ~ ¢ O ~ ~ in a o .°~ ~ 5-90 ...a i .~ I _. 7". ::1 3 O '"" ti L. d ~ + _ ` + . la Q ~ ~ ~ ~ •' Q. ~ d d ~. L_~ f L I .. ~~ i m ~'a N 4f 7 ,. C = D ~ O ~- i g m a~ W~ 3 ~ ~ ~~ ' o ~ -~ ~~ ~ e i P;~ lC yg L V a ~, • ~ ~. ~ 0 ` . ~W o . o ~ 'd "'~ c o ' ~ ' 'F w ' ^ cj ~ o m m ' c o r a tiY w ~ L ~.~ ~~ , T ~ ''' + ' O 1 jti ,1 ~. N I- . 1 i ~ ' d ' ~ ~ l0 ~, ~' Z !" -;~ ~ ~ ` ~ ~' "~ Q r' j ~' w ~ i ~ r, ~ N p ii. a. e~. f 609' ` ~ : ~I Vi. O~ O' 609 O O~ N ~ ~d` O Q7 I ~ ~ ~ o rn ft3. ai ~I 69~ ~ N, ~, t`°f] ~ ~: ~ ~ m ~ ~ ~ o ~ ° c m a m '~ ~ ° o m c 'o '~ rn o o '~ v ~ c Z m~ y = p ~ ~ 'O (4 Q C ~ ~ ~ C C. ~ V d [d 4= OT G fd t/1 d D' N 61 ~ `. L6 J `n~ c ~ ' ~ V N C ~~ to r • c U E ` - V y. m~ ' N ~ N ~ C U Y 6 j ~ ~ ~~„ ~ o U ~ ~ ~- m ~ ii v ~' a '+- e c ~ Q ~ Q ¢ ~ . ~ J ~ ~ ~ ~ v ~ ~ ~^ ca . 'v o ~ o G 7` J o- K ~ W Q m m ~ ~p O .. . N C ~ U L L N N 4 7 Q'. ~~ ~ )(. 7 'C T F W ~. v D. ~ ~ m ~ S x. ii. ~o N S m ~ L O I- m D m I- a~roo d a m U 5-91 oN ~a ~~ r.. ./ F ~N~~ `~ f ~a:~" a cd .{ N i 'la ~` i a r ~~ 11i~ C I +~ 2 I ~~ X ...1 v . ~~ ~ ~~~- , a -3 o, .~ R~ ~~. ~Of~ is ~,~ pi ~ . G~6 ~ti _~ f ;~ <,, , ~.: ": 7 '~~ ;: , i r',a i ~~ .~ , ~_ ~Q~, ~. ~ i N ~~ , ~ "~ L a ~ m. Ct1 ~~ ~ ~~ ,~' a . ~ ..~ ~~ ~ ~ o v ~ ~' R ~•"a ~ W L f~ C' rG ~ ~. ~ `~' ; U ;':~ ~ ~ c ~ ~` ~ ~ N 1- `, .;! w~ ~ ~~,~ ~ ~~ z i~ ~' ~ a R ~ ~:'.~ a~ Q ~.' ; I ia' d '+ V i ti ~O . ~ LL "~ w 0 E- m s RO .~ ~ a~ N aci a~i .~ ~' ~ v ~N 'b Q ~, O ~ J U C !i' ZN ~~ ~n = 3 ~ LL G] d •~ N a~ Y_ LL Q ~. U G•7 m i m' I a I `: i 'N m: ~ v: a c m ~g `~..;~ F$ .~ . °:~.~'~. '-a ;~~ , :~ , :, ~; m: U ~~ ~ ~-,. %o i ~~ . ~ ~ ; R ~s_.~ 5-92 i_, i z 7 u~ ~;' . ~ ~ N' M. O O. ~. i y rn N' 4 Y , it ~ ~ ` :~. m ~ I N v . ~ m 3 ~~ ~ ~ Q ~ ~ d .: i > i it i V ~ ,N~ ~ O'~ ~ am+ C m 3 ~ 02 Q. L ~ d ~': 3' o J y ~;n ~ ~ ~ 4~ ~~' .; 3 ~ ~ + + N I UT I 7 z N ' 0 O m ~ ~ e~ ~ d m A ~~~ ~ ~ ,~ O + f ~ a. O - ~- 1 a 'D N ~~ a 1 ~ _ ii~ ; L Yll ~'~ ~ d li~ ! ~ U ~w ' V ~ N : ' ~ t~ r o , O - ~;:, i o. ~ ~ s ~ ~ ` x„ ~ ~ ~' ~ S n 0 i ~ ' j ~ ~ ~, a c ~ k. . ~ y r ~ N C u1 ~ @ C W =. C ~ ` L d ~ ~', T U C = N ~ ~ E . +~ a ~ Q o Vi .. o ~ 0. ~ U d v o Q ' ~ y m a iu ~ o O , ~ o o o ~ E ~ ~~ y r ~ ~ N W 'w ' ~ v U ' o a~ c ~y . ~ o a` a ~ ¢ o ~ oc in a "a ~ ~ 5-93 __ i I O Vi ~'`~ L W ~, N ~ `m f c13 m ~ Q a Q ~ m m ~ v .~ r aNi ji ,m ~~ ~ m ~. Y i -vi d ?'ti m ~ .:m~ ~ Q = . Q~ ~- ~ E ~~w 0 .~ 1 N ~ `- d ,`~ ~ ~ss ~a ~ z( ~_ ~¢, ~k N ~ rL ; I ~ LL -O 1 ~ a~i ~~ ~ `E 9 O ~ u. tII -~ i 0 ~ m Q ~ _ d C i+i4i i w 3 ~rG'i ,QLL ,~ N 111 ~.. ~ ~{ C U ~: d .~-' ~ (,~ ~ _ 3 o ~~ ~ CC ~: ~ Z 1. '. ~ §- ~ i .~, ~ a d ~ ,u ~ ~ ~+ ~~'~ V ~ - ~ 'a [,r_ a o; o u~ a 695 Eil~ ~ b9 i ~ i ~ d; ~ ~: I I i i! i ca 3- N M, h' cr1 O tD ~! o N 69. i d O ~ fA' 1 i °~ ~° ~ ~ I Y °v O N O? O ~_ r a o r' ri, ril ~ p O ~ C N fR N. ~ ~ O Z O t ~7 J ~' = a O. ~, O ~ 'Ll f6 ¢ ~ C ~ y ~. m ~ C' C 4I C ~ ~ C f6 UI ~ A 1.. (p. ~ ~~., O. . w E ~ :C ~ y m ~ C w p' N~ C ~' ~ N `~ Q1 IO C V ~ C ~ w m ~ O ~ O O O . C Q O ~ N N tl C `° c ~ Q U F ~~ Q O ~ ~ ~ o o ~ O c m ~ O. ~ W C 'O-' ~ ~ N m ~ X ~ •C V t 7 W N G C _ _ _ N t lJ Q OY a C N `n L U..I m~ C O 6 O O. O N ~, 14 _ 1 y "O ~~ Q. N~ L tt1 t d "6 a~ JJ iA 3 n C r o . a Q v. U~ ~ V T ~ C. K C N o r N a QT 1Y ~ ~ X 'u. n 3. O ~= N o L O i- Ql o y~ X ~-- > c N R O d a m U N W 5-94 ~ I ca C~ c*~ i 4 ~~ ~a ~ +^ :, :; ~. ~` ~~ ;;, A , l°f~ ~: ~ N :'-' ~ y l: ! L a ~, ~.N ' ~ L~~ ~O ~~ a` ~C '; .a m m,~ cL~ a ~~ ~ ~ <`sn a w ',~ m vs d -u { t C +'' ~'~,~ ~ f l11 , ~ d ~I ~, Q ~ ~ ~. ~ ,C ~ O ,,o n _ w , L •C" ~ Q5 ++ ~E7 = 'mv d ~i V ~, ~ ~ N f'- i ::,~ y ~~ r ?a ~. ~.~.~ ~ L .4'' ~ a ., ~ Q lilt V • - . l4 d y L ~ a y ~, ~O .~ m a~ d .~ m ~ v o ox ~~ 0 0 ~ ~ c d v N d L ~ 3 LL N U d O N a~ m o ..a Q. ~a U 5-95 ff; r' l ,, Y ~.' L ~~ ~ 'O U :Q ~ r. ;~c~ a ~~ N . a o~ o u ~ ~' ~', ~ ~ ~ ~ I O {- ~ _ ~ III i f i L ~ L_ If ~. ~ _ m 3 ' N ~ ~'' 1 I (O. I N; CD!. O N. O. N' Imo` ~, Mi ~~ O; ~ ~~ W: ti' 69 N 69, ~; ~I i ~ d ~ CD CO N . -. 'p O [~1 op N-- ~ O S ~' ~'i m ~ `3 ~ ~ i ~ v 'Q J C ~,+ ~ ~ _ _ Q1 ~ Oa ~ V' ~ t0 ~ ~ .O m C7 (O O N ~ ', d '. N - m ~ ~ ti V'I i ~ ~ N tT~ ~ f!) O N d" ~ ~ k ~~ fC ~ m '~ +,. O (D (O (O L ~ O O O N O ~ ~' O ~ d C. ~ N ~ ~ ~I U f9 3 N N l0~ ~+ ~ ~i 69:. 3 ~ ~ `~ a t Z L ~ l0 Q d i+ V ~ y O 'u. a ~ 0 ~-- 07 J 0 (A ~ 0 a O O '6. 7. Q' 0 N. ~ o a ~ i O U N W C.. O ~. C ~ 0 ~ a s C = 7.. O N ~ s ¢ ' N V. 0 ~ o °~ in ? U 7 O Cn ~ C' ~. o C ~ m ~ ~ i N F- ~. m °7 O . ~ C (~ C m d. c ~ f- y w N H ~ R ~' O 7 O C [`. C. °7 d_ c x' H ~ ~ N ~ ~ ~ O ~ lQ 3 J ~: 0 a~i N N ~ ~ >~ _ fif C d ~ Q o 1- 5-96 i j :~ 1 ~ ~ M I ~ ~ ~ T~ ~ ~ ~ ~ = 3 i F- co ~ a ~ ~ 4 . ~ L ~ ~ tAi I ~ ~ ~' mp ~ ~ ~~~ ~ ~ ~~ ~ r u - N y ' c ~ ai , t Pte' ~ I „ ~ ~ U • ~ i i . ~ N i . 7 ~ ti ~ ~ 0 Q ~a I ~ ~ a c ~ i r,~ ~.. ~ ~ ~~ m 'a ~ ~ ~ ~ o. ~_ . ~ o ~ ~ ~ ~i ~" w o I ~~ ~ ~ ~ L ~ v c m V a w m °~ G m k d.'.~ c = i ~ ~ LL ~ , ~A~ I Y 1 ~.:i o 3 0 ~ , i . ~e N F I I ~ m ,;~ I =: N 7 1 03 C N ii Ql L ~ ~~- Z p ~ L ~ ~~ ~ •" . N . j ~ ~ ~' O ~ Q N = ~ ,~ m Q mom o N ~ R G1 R p c Q ~~ ' ~ O C . ~ 'B ~ . ~ s W ~ N y ii ~ o a ~ ' X~ x w . v i w' O w a ° ` aNi ,_ , i ,' ~ W a ~ ti O .L m a 0 n C w w 5-97 i i~' ~,i ,, ~• I -: ,~.~ , ,.:` i •'~ ;'~ e , tlY ~ 1'>a; ~ _i `~U { C ~I t~ ~ Il ;. ~: ' lC y~ i ~ ~~ , a °~ ~'' ~~, ~~_ a ~+ C ~ ii~ d , iyQ. ~ i, X , w ^,.w ~ ',~ ~ . G N - ~ ~ °-a' c u a~ ;~ U ~. _ °3 ~ 3 1:~~ N H s h,: f i ~~ ~' R• ~ I ~ ~ i", ~w: ~" ~ G1 ~. . ~-~~ N O ,- `i R 0 d s ~p d e ~ ~m m a~ r c '~O: O O = ~ =C- O C J ~ d ~_ N ~ ~ ~ C y Q LL d U d ~ N a~ c wLL Q 5-98 1 ,,:: {~ I i c F a ~~ r-,y, ,~ m U. u~~ OL !~ o ~ a ~~ ~ ~__=.i ~ "j d ,.~1 g P. C . .N .Ili d~ ii C1 t ? ~_. `~- _, o I[~~ I N . U d M~ ~~j Qi ;xi ~W j O ~. ~:j - ,i a ; ~ ,' O ~ _ ~,~I U Oq3 r ~~1 o O R,'m I N ~ ~~+ i ~.' ! d i Z ,~ ~ i' . " i I, . ~ a ~"' .~+ k^ Ra m V •O ~4 ~ ii G. i L O~ 01 O; M O N O7 ~ O) ~ fE' O ~ ~i ~ ~ N~ E9 ~ ~, ~~ ~~i, ~~ ~, i ~ l ~ ~ ~~ ~ ~ ~i ~~ I .C .~ o ~~ a~ to y m d~ ~ N d~ O _ QI Q 0. 1 u C d u ,L N Gl ~ ~ C 3 ~. ll.. v 0 V m a`v C .•~_• lL C R U ~ ~ ~ ~ II; ~ O ~:. N (D~ Ni ~i ~ ~~ M O ~~ ~ I ~~ c0 V M n IN ~ n , K N O ~ ~ ~ (D: ~ O: N 1 N M ~ (OO O v tI] O h N Q) "' o c°o m ~' ri in co ui ~I ~ ` p ~ . C' J 0 u, a m O d N a O CD c C. w 0 ~ 0 ~ a N O a "'' a a N W c m a N C 7 2U' 0 C ~ T a C 7 U T U O y U C 7 Q N N to a. 0: ~ O ~ N' ~ U 7 O Cn ~ .U C C ~ 7 o c ~ ~. N ~ c N ~. N. R E- ~ C l4' Q O c ~ m [` ~- C a~ m U' C ~X F ~ O N y. N W. ~ °7 C N d O O i y ~ I" C °~ ac`i U C t6 F C z ~ ~ ~% ~.,. a O ~ b ~ $ ~ ~ 4 ~- d N ~ O y C1 C_ '~ C C_ li. N t _O +~ ~ 5-99 i ~-, `:~ ~ h,<,'~ i ' YI' ,, ~ ~ ~ ~- ~~ ' N~` ~~ . ~~. T; ~' Efi H3. 01 r 6 / 1~1 O. N O N F W '. or, ~ ~ ' ~ ~ ~~~ I ~ I '~ .; i;' a a ~ ~ N I I L a.r . ~ ~ i a i ; i: . ~ o • ~ , ._~, 9 ~ ; ~ ~ i r; a1 I ~ ~ d fi L I cq ~ -a ~ d - ~ c., m rn ~tG ]] ~' ~ O N', M fD, - ~ ~~ '~"' y O ~ r, m ~ I i o - ~ i , t ... d ~~ N o y^ ~ ~ _ {Q ' O ~ ~ ~ ~I M ~. r Q; K'~ r ~ ~, ~~ . I i •~. [~' { {"~ L d y+ O ® O 61 ~ N ~'., M ~ rn '.m, 9 ,d = N 61 c'7 ~ ,~ ~1 E U `~ ~ tt ~ o' v ~ ~ ~, O ~ ~ ~ . ~ y~ ~ _ ~ ~?cl o O v I ~ ~;m~ N ~F c-~i :~ ' '~~~, ` ~ ~ ~ ~~ C ~ ~ L i < ..~ _ ~ ~ ~ :,. ^. 7 i ~ C ~ ~ ~. ~ ~ o c ~ :a .. 4~ ~ ~ ~ ~ ~ ~ , ~ ~~ ~ : ~, Z Q j w ~ y ~ ~- ; , ~ ~ p ~ uNII a ~ ~ ~a ~~,•, ' s.. ~' ,y m .c.f N c ~ ~- p ~ ~ m r,. y O N IL ~ m .~ ~ c. 0 1 ~ , ,; ~ ~., t Q ~ a. ` ~, ~ j w a ~ ~` 1 _~i 5-100 ,:. -j 4, `,. 1 ~;~~9 i r ~ N k°. ~ ~ - j ~ ~Lw. '~ Q + V '~ i; ] •~ "o`~ a ;'ur , ;c~i m C' L U ~ ~~~ ~ ~ N ;`L`~ m O `~ L , ~~. ~ =o' ~ ut~'~ ~ y . ~~'• ~ `~ .~ m' ~~i y,W + ~ ~ { O cR s_vi~ ~ E ', .+r O~ ~`~~ V -. w _ O ~ 'c~ p~ LO C, Fy ~~ 1 .: ~ ~( d ~': `i z >i , ~: ~ ` ~ ~,, ~ a ;r L .~ ., 4:. N u. a i i ;~ .. A H d ~' 0 'V ~ Q ~ ~ m 67 w C oz° ~, J v c m .` N ~~ N C 7 ~ ~ m d U d 'o. N n. ~. «' LL. Q V 5-101 i i ~ ,' ~o I ~ "c~ I' i ~~ ~ ,i I .-.t ~ ~,+ r'i Al' I 1~~~. i 1"~ ~ ~. ~I ~-~, i . ~~ 'n,. ~ 4~ °.~; i. ,.. ~' cn' _C U C ~ I n 3~ '~C { W Q] :~ `~1 m ' .~ 1 ~,.~ ~.~ ~. =~~- C m `~~ I ~.~ ~ ~ O' FfY O O ~ Vr d1 ~(]. V h~~ O Ffl O: 69 O 69 COI 4T O` EA' O EA O 69 T O 1 ~ ~ . ~ ~` ~i C~. ~ V' N. h~~ I ~ ~ aOOj , 3. ~ .R.. I O col ~. Nj. ~i y3. M. N: i - Oi E51 a O F- 'I 6'~i ~ ~ ~ ` '~ C ~ ~ ~Y. ~ 'J LL w ^ {; dl N i ~'~, N =a ;; ~ .~ ~ ~ ~ 4`~ a x~, ~ _ *~'~j ~ c a r~ ' 1 ~ ~:-; ~.:_. ~~ ~ _' i ~ ~t~- f I (7 r ~,~ ~ y :p ~a L mOa , - ~ 3 ; 4~ 7 ~ N ALL I ' a ~ f ' ~~~ ~ r ~~ii~~~~~~ " ~ ~~ ~ a~ C O N M , ~j g 1f1 O7 ~ N F(ft . ` O Q . ~ CD Q~ CCC 7 ~ d i N tr. %t ~ J v C w, ~ ~ CO ~ I ~ I ~~ v q as r: •, ~ rz~ ~ _u ~ N. I i I I a~ ~ t a LL I ii i O I ' .~ y O ~ Obi h C+i. I ~ ~ . V ~ T O O O ' CD "-i O- C d' I ~~ L N 9~, ! N l t+ ' i Q U 4 ~ c ~''~ ~~ Y~ ~ ~' m R m ~ ~U1 ~ ~ a, CL k`~ c0 > .~. ~. U . ~ U rn ~ m .fl ~ ~°+~ m Q ~ ~ ~ ~ > ~ cmi °" y o LL ii i d ~ ~ C U. A U n J o fn O ] c ~ ~ ~ c o 0 o o I ~ w m 3 '~ ~ m ~ a~ O ~ N LL N N tLn' [V tLn ftl ~ X lV . U CJ U ~ U N O . C . d ~ N U7 G N 7 4) '7 N ~.U 01. } 7 N _ ._, ~ Q U U I^ Q Q J U J 7 D O D 5 ~~ ~~~OZ ~,,~~, q o a ~ o ~ 0 ~ oa O rn r o . ~ ~, N . N ~. I 07. , ( 9 i O r ~. ~ ~ j N; ~ ~ uN']~~ ~. ~- i fA'. E9' ~I ~ 111 1 ~ O o ~ m m x ~ , o, ~ LL. Y~ c- O N: I ~ N ~ ~ Q ~~~ te., ~ I r C ~ ~ ,. 6 ~ { - ~ ~ h ~ 9. N CO O M °~ n , ~.,t~ .. ^ I i. _ m .. i r:~'~ ~F ~ ~j ' ~ ; ~ N ' ~ d , ~ 609 ; ~ 1 J y mOa - Z~~~ ~ ~ L m ~ ~ ~ I ~~ !J. W ,. N ' ~ I ~ ~ ~ n- 4~"' R ~N -~'~ d ,' ~ ~ 3- ~ ~ „ ~ h yQ y O ~ N O r ' ~ ~ ~ `~? CL_ Ll. ~; ~~ ~ ~ ~ I . fn N ~ u7 ` 7 of u i . ~ N 07. C 1 LL ! ~ a t" y"g ~ ~ Q ~ r~~ > ~ ~. ~ __ k2 I F f ~. c'e , 7777 r, ~, _ y 1 ~ ' __ '~ U. ~ ~ I 47. i ~ m O y ~ . Oi a0i .. _ -,1 i ~ ~ h ~ ~ ~ ~.j 3 [ ~ ` -1 .. ~ .r LL I .~ '. r 4 ~ IC'. 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O h Q1 % Q7 }~ N ji 4. d d Q Q N ~ O F O F- i- ~ d 5-110 vi 41i rl 1`; o b9~ : o `b4'. o'. , mi ~~~ N~ d7i Ni m: .~ w N' ~; ~ N ~~ ~~ j >n ~' H ~ ~n u~ ~ I NI ~ ' ~ i i I d7 V>: 69! ~ EA . fPr i d3: N3 i L L i ~ ~ ma I ~ . m m ~ _ A m ~ [ ~ d i Q y Q V '. ~ ss~ m mot; o' a o` ao = y Ul ~ N o! ~ ~ ~ ~ m 30 N nj ~~ m ~ a1 ~ p Y e V o; o; K 3 ' ~ cV: <f 6 ' Nj ~ Q SSt W M +~ p v ; ~ 9 s ~ 'V 'a N ~ C I ~ i ~ d ~ C ~ ~ ; ~ J ~ i y m Oi Mi E»~ ~{T: m:: ~ IL ~ v u_ r: ro ~ . u? ' td y Q ~ ~ ~ N a ail N:' rn; M: ~: ~`: y m ~ ~ v ~ ~.. rn n u. s s' ~ ~ RS Q~ O .+ e 'v Q i I ~ ~ a ~ ~ ~ ~ i __ I '. i V -Y+ ~ Q1 Ll. aN+ ~ oa i i M i M M C)' fA: O _~ bT~ O i17 ERA ' a7 ~ Qf O ~ i..~ L Q1 ~ 'p N cai Q) O! O. I N i i, ~ ~ ~ ~ a` c Q ~ a00o' i co; i ~ v ~ ,~ .... I d V ~ I ~ Q1 a w c ~ R rn N C • C d ~ > p C a ~ m N LL ~ >Y m ~ d N ~ O ~ .' '~ d C O ~, O O e m •~ C 'L G w- C] Qt m W ~ uyi ~ ~ ~ } a ~ ~` V L Q 3 O ~yr t 3 wow w a a o w O N N Y N m w a m 0 w c O U N N v OI c ~U N C LL N t O 5-111 ', `sir, CHULAVtSTA Finance Department BLIGHT PROGRESS REPORT ' PURSUANT TO HEALTH AND SAFETY CODE. SECTION 33080,1(4) ' PREPARED BY: - ~ Redevelopment Agency of the City of Chula Vista December 2011 Infroduction Pursuant to Healfh and Safety Code Section 33080.1(4), the. Redevelopment Agency of the City of Chula Vista has. completed a Blight Progress Report for fiscal year 20T 1 (July 2010: through June :2011). 'The Reporf describes activities conducted. by the Agency in alleviating blight in the Bayfront~Town Centre: I Merged, Project Area,. and' the Merged Chula Vista Redevelopment Project Area. The Report also describes activities associa ed with Low and. Moderate Income Housing; which are covered separately and in greater detail in the annual Housing Activities Report. The following provides a summary of the major actions and expendifures that have taken place during, fiscal year 2011, but does not discuss the extensive day-to-day work activities of the Agency in alleviating blight. CHULA VISTA MERGED REDEVELOPMENT PROJECT AREA Major Actions: -Completed several store front renovation projects along Broadway Corridor -Continued to make payments toward the debt obligation owed to the City -Created a residential rehabilitation pilot program for Southwest Chula Vista. -Amended the Municipal Code and By-laws governing. the. Chula Vista Redevelopment Corporation -Updated the. City's Mixed Use deign manual -Created a development incentive program -Developed a work plan for the development of the E Street Trolley Station -Initiated improvements to two parks within the Project.Areas using: Federal funds (Lauderbach/Eucalyptus) __ Expenditures: Professional/Specialized Services .....:..........:.....:...:....... $1 11,.410.. Administrative .................:................................:......:........ $:1,229;321 Capital Outlay/CIP Expenditure .................:.:.................,., $219,530 ..... .. .... ... .. Pass Throughs... ................... .... .................$2.049,003 ERAF-Shift (H&S_33690) ..................................................$577,357 Transfers Out :.................................................................. $] 6,762,579 TOTAL ..........:.....:.:.....:............ $20,949,200 276 Fourth Avenue, Chula Vista, CA 91910 I www.ehulavastaca.g®v I (619) 691-525Q I Eax (619) 585-5685 5-112 Blight Progress Report -December 2D11 Page 2 Major Actions: MERGED BAYPRONT/TOWN CENTRE i PROJECT AREA Amended and extended a Development Agreement with Goodrich Aerostructures Submitted the Chula Vista Bayfront Master Plan to the California Coastal Commission for approval Completed the design and bid the construction of the Third Avenue Streetscape Master Plan Completed several store front renovation projects aEong Third Avenue Expenditures: Professional/Specialized Services .....................................$141,877 Administrative .................................•--..................................$424,399 Capital Outlay/CIP Expenditures ......................................$100,757 .Pass Throughs ...........................................................$162,606 ERAF Shift {f•-1&S 33690.5} ............................................$279,256 Transfers Out .....................................................................$5,053,046 TOTAL ............................$6, l b 1,941 LOW AND MODERATE INCOME HOUSENG Major Actions: -Near completion of 143 units affordable complex outside the Project Area (Landings If) -Completed Acquisition/Rehabilitation df 7 units for very low income special needs households (CDBG funded}in the Project Area -Created a Short List of affordable housing developers based on a Re uest for Qualifications Expenditures: Professional/Specialized Services .......................................$17,725 Administrative ...................................................................... $526,161 Capital Outlay/CIP Expenditures ....................................... $32,736 Rehab Grants .................................................................$207 ~ Transfers Out .....................................................................$4,374,765 TOTAL ........................... $4,951,594 276 Fourth Avenue, i..huia ~Tista, CA 91917 ~ ~v~v~~3~a}i~a~iataca.gsav f (019 6U~-525G I tax (&19~ 5S5-5E35 ATTACHMENT 4 CALIFORNIA STATE DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT REPORT 5-114 ~~ d z L d 0 ~ Z ~ a "~ w N " Gl O F~ ao a~i ro C ~ ~ d .Q .b7 ~ ~ N ~ ~ Q ~ F Q ~ ~ ~ 0 ~ ~ M L d ~ ~ ` R ti C ~ 6~9 * V ~ H ~ E F ~ ~ ti a v M d ~ V C a' LL ~ N ly y b a! C ~ y ~ C y ~ m ~ ~ v! N N v C ~ ~ O~ V~ ~ ~ ~+ O w ~ ~ , ~ O ~ ~- ~ ~ ti ~ y ~ d y! U ~ ~ ~ iT ~ ~ ~' S c+ ,s ,~ ~ c ~ e ~ Q cs ~ :: ro tig y N a ~ ~, ~ a ~ o u= O'oa 'a ;~ ~ m ~ ~ V ~ j ~ ~ c ° ~ '° Q CR w.. ~ n V O O t4 ~~ a ' N `c.~ i ~ W ~ > im ~ .1 U +.. i ro ~ a a~ ~ ~ r m c ~ ~ 'O _ ~ C ~ . y r: ~ , m Q m w ~ v; ~ ~ ~ ~ ~ i y m ~ ~ ~ ~ ~ ~ 4 ~ m 0 d ~ W ~ ~ ~ ~ C ~ ~ ~ C ~.' ;7 j fi ~ w w z ~ A ~ m ~Y ~ ~ ~ ~ 6Nq ~ d ~LO~ ° ~,~ ~ u ~ ~ ~~ b N C f C 1 V R Q. O i ~ ~ ono p ~ G 's ... Q N ~ yr N a i d L w o ~ x ~"~ `~ as .y v ~ c ~ F 4 d .~ V O ~ ~ e" ~ ~ i G ti O N ti t v.. O ti a 5-115 California RedevelopmentAgencles -Fiscal Year 2010/2011 Status of Low and Moderate Income Housing Funds Sch C Agency Financial and Program Detail CHULA VISTA Beginning Balance Adjustment to Beginning Balance Adjusted Beginning Balance Total Taxlncrement From PA(s1 $2,764,587 Tofal Receipts from PA(s) Other Revenues not reported on Schedule A Sum of Beginning Balance and Revenues $8,473,109 -$17,088 $8,456,021 $2,903,837 $0 $11,359,858 Expendtture Item Subitem Housing Construction Housing Rehabilitation I Other Subtotal of Housing Construcfion Subtotal of Housing Rehabi<!fa Lion Subtotal of Other Planning andAdministration Costs Administrafion Costs Professional Services Subtotal of Planning and Administration Costs Properly Acquisition Operation of Acquired Property Amount Remark $32,736 $32, T3fi $207 $207 $124,765 CHfP loan drawdown reimbursement acfuallybeiongs to CdBG fund. $124,7fi5 $521,641 $17,725 $539,366 $4,520 Page 1 of 4 12!07!11 5-116 California RedevelopmentAgencies - Fsca! Year 2010/2017 Sfatus of tow andModerate Income Housing Funds Sch C Agency Financial and Program Detail CHULA VISTA Expenditure Item Subitem Property Acquisition Subtotal of Property Acquisition SERAF loan Subtotal of SERAF loan ~ Transfers.DutofAgency I Other Subtotal of Transfers Out ofAgency Tota(Erpenditures Amount Remark $4,520 $856,613 $856,613 $4,250,000 Cooperation Agreementwith the Chula Vista Housing Authorityfor the acquisition of Best Western per HA Reso_ 2011-445 (Section 33334.2 & 33334.6). $4,250,000 $5,808,207 ~ i Net Resources Available $5,554,851 Indebtedness For Setasides Deferred $634,844 Ofher Housing Fund Assets Cateaory Amount Remark ERAF Tota! Receivable $858, 673 RAFLvans Receivable{all years} $4,160,694 Loan Receivable for Housing Activities $7,434,363 Other $24,336 Restricted Cash. esidual Receipf Loans $55,952 Total Other Housing Fund Assets $6,531,958 Total Fund Equity $72,778,453 2006/2007 $2294709 Page 2 of 4 72!07/77 5-117 California Redevelopment Agencies - Fiscal Year 2010/2011 Status ofLaw andModerate Income Housing Funds Sch C Agency Financial and Program Deta1! CHULA VISTA 2007/2008 $2758866 sum of 4 Previous Years' Tax Prior Year Ending 2008/2009 $2756337 increment for 2010/20? 1 Unencumbered Balance 2009/2010 $2776928 $10586640 $8,467,075 Excess Surplus for 2010/2011 $0 Sum of Current and 3 Previous Years' Taxlncremenfs $11,056,518 Adjusted Balance $1,527,315 Excess Surplus for next year $0 Net Resources Available $5,551,651 Unencumbered Designated $1,527,265 Unencumbered Undesignated $50 Total Encumbrances $4,024,336 UnencumberedSalance $1,527,315 Unencumbered Balance Adjusted for Debi Proceeds $0 Unencumbered Balance Adjusted for Land Sales $0 Excess Surplus Expenditure Plan No Excess Surplus Plan Adoption Date Site ImprovementActivities Benefiting Households Income Level Low Very Low Moderate Total Land Heid for Future Development Site Name Num (Jf Zonin Purchase Estimated Acres Date Start Date Remark Use oPihe Housing Fund to Assist Mortgagors Income Adjustment Factors ^] Requirements Completed ~~ Home I -~ Hope $ Non Housing Redevelopment Funds Usage Resource Needs 12/07/11 Page 3 of 4 5-1 1 8 California RedevetopmentAgencies - Fiscal Year 2070/2011 Sfafus of Low and Moderate Income Housing Funds Sch C Agency Financial and Program Detail CHULA VISTA LMlHF Deposits/Withdrawts Document Document Custodian Custodian Co~oy Name Date Name Phone Source Achievements Description Page 4 of 4 12/07/11 5-119 3 ti ~ t- ,c O 0 c O = N d ~ y L ~ d ~ ~ y m ro ~~y~ ~ C ro ~ Q~~3 C C++Z e,J uV $ w 0 o c 4 ~ '~ ~ b ,.~0 v ~ _ ~/1 ro a ~~ ~ L V M V O a ~ ~ ~ ~~ r ~ ~ w ~; ~ ti N d a O N ~ ti ~ ~ 4 d .~G O N ~ O ~ M ~ ai e-~ ~ 69 ~ w ~ ~ ~ ~ ~ R~ ~Q ~ ~ O O Q o\° v F- ~, O O ~ V 4 O` N N N •~. ti tp ~ ~ i 'O 3 N ~ ~: 1 '~' Ll. p; N h ~~~ ~ r ~ b d o ap ~ ~ ~ R ¢y~ C ~ ~ ~ ~ ~ k QW ti ~ m ~ m ~ ~ ~ ~F ~ ~ ~ ~ m o ~ ~ w m~ ~ ~ ~ ti _y F D C N ~ ~ ~~ rn ~ d V ~ r ~ y ~ ~ N e\° ~' ~ ~ N fX F n ~ M eMO M ~ ~ d ~ ~ ~ O ~ d' ~"~ ri o d O ti t a ~ ~ ~ ~ ~ ~ a a °w ~ w a~ a m~ ~ a d C ro J C d vim.. d d O a ai w z 5-120 ti h O N n O F Ol Calllornia RedevelopmentAgencies- FrscalYear 20?0/20?? Project Area Contributions to Low and Moderate Income Housing Fund SchA ProjectArea Financiallnfarmation Agency CNULA VISTA Address 276 FOURTH AVENUE CHULA VISTA CA 81910 ProjectArea BAYFRONT TOWN CENTER Type: Inside ProjectArea Status: Active Plan Adoption: 1974 Plan Expiration Year: 2029 Amount Gross Tax Calculated Amount Amount Suspended Total Increment Deposit Allocated Exempted and/or Deferred Deposited $4,459,63? $891,926 $89?,926 $0 $0 $891,926 Repayment $0 Cafegory Interest lncome $7?,456 Loan Repayments $49,809 Other Revenue $50 Other Revenuel $50 Renta!/Lease lncome $?7,885 Total Additional Revenue $139,250 Total Housing Fund Deposits for Project Area $4,03?,476 % Cumulative Def. 2o.tro% $o 'rojectArea MERGED PROJECT AREA Type: Inside ProjectArea Status: Active Plan Adoption: 4978 Plan Expiration Year: 2034 Amount Gross Tax Calculated Amount Amount Suspended Total Increment Deposit Allocated Exempted and/or Deferred Deposited $9,363,307 $1,872,661 $1,872,66? $0 $0 $1,872,66? Repayment $0 Category Total Additional Revenue $0 Total Housing Fund Deposits for Project Area $1,872,66? ~~ % Cumulative Det: 20.00% $0 Agency Totals ForAll Project Areas: -- Amount Gross Tax Calculated Amount Amount Suspended Total ~ Cumulative Increment D, eposit Allocated Exempted and/or Deferred De ostted Def. P $43,822,938 $2,764,587.6 $2,764,587 $0 $0 $2,764,587 20% $0 Page 1 of 2 42/07/i 1 5-121 California RedevelopmentAgencies- Fiscal Year 20?0/2019 Project Area Contributions to Low and Moderate income Housing Fund ScI? A Project Area Flnanciallnformation Total Additional Revenue from ProjectAreas; $939,250 Total Deferral Repayments: $0 Total Deposit fo Housing Fund from ProjectAreas: $2,903,&37 Page 2 of 2 12/07/11 5-122 California Rede ve(opment A gentles -Fiscal Year ZO 90/2071 Sch A/B Protect Area Program Information cxu~ vlsra Page 7 of 9 72/07/11 5-123 California Reo'eve/opmentAgencies -Fiscal Year 2040/2019 Sch D General Project Information CHUtA VISTA ProjectArea Name: MERGED PROJECT ARFA ProjectlVame: Muncey Manor Address: 1991196 Trenton Avenue Chula Vista 91911 Owner Name: South Say Community Servkes SPECIAL NEFDS UNITS-------------------'-"----------------------- Category Sub Category Special Need Unit Female Head Of Household JECT FUNDING SOURCE-------__--`_---------------------- Funding Source Amount Federal Funds $385,000 Count 1 Page 9 oP 3 12/07/11 5-124 California Redevelopment Agencies - Flsca(Year 2010/2011 Sch D General Project Information CNULA VISTA ProlectArea Name: OUTSIDE PROJECT AREA Project Name: Community Housing Improvement Program (CHIP) Address: 27S Fourth Avenue Chula Visla 91910 UNIT INVENTORY --------------------------------------------------------------------------- Very Low Low Moderafe Above Mod Became Total lneli ible Dther Provided without LM1HF Unit Mobllehome Owner, Resident 4gency Owner Nan-Elderly 4gency Owner Elderly Unit Total PROJECT FUNDING SOURCE----------- Fundin4 Source Federal Funds 0 12 12 4 0 4 0 0 0 0 0 0 Amount $157,934 0 D 0 4 12 16 Page 2 of 3 5-125 12/07/11 California Redevefopment Agencies - Fscal Year 2010/2011 Sch D General Project Information CHUL4 VISTA Page 3 oP 3 12/07!11 5-126 SCHEDULE HCD E CALCULATION OF INCREASE -N AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES (This Form is Information Only: Acfual Obiigatron Is based on ImplemenfaUon Plan) Report Year: 2014/2011 Agency: ~HULAVISTA NOTE: This form is a summary o#the totals of all new construction or substantial rehabilitation units from forms HCD-D7 which are developed in a project area by any entity (agency or nan-agency}. PARTI [H & SC Secfsan 33413{b}(7)] AGENCY DEVELOPED 1. New Units 0 2. Substantially RehabilitatedDnits 0 3. Subtotal -Baseline of Units (add line 1 & 2) 0 4. Subto#al of InclusionaryObligation Accrued this Year for Units (line 3x30%) 0 5. Subtotal of InclusianaryObligation Accrued this year for Ver~Low Income Units {line4 x50%) 0 PART If [H & SC Section 33413(b)(2)j NON-AGENCY bEVELOPED #JNITS 6. blewUni#s 0 7. Substantially Rehabilitated Units 0 8. Subtotal -Baseline of Units (add lines 6 & 7} 0 9. Subtotal of Inclusionary Obligation Accrued this year for Units (line 8 x 15%} 0 10. Subtotal of Inclusionary Obligation Accrued this year for Very Low Income Units (line 9x40%) 0 PART III TOTALS 11. Total Increase in lnclusionaryObligations During This Fiscal Year {add line4 &9) 0 12. Total Increase in Very Low lncorr~ Units Inclusionary Obligations During This Fiscal Year (add line 5 & 10) t) CallfaniaRede+Rl°pmenlAgerrJes-FiscatYear 21110126f1 Schedlde E {7 V°tj `Tats rtaYbe tnpacted by rounding Page 1 of '[ 12!0712011 5-127 SCHEDULE HCD E1 CALCULATION OF INCREASE !N AGENCY'S fNCLUSIONARY OBLIGATION FOR ACTIVITIES (This Form islnformation Only: Actual Obligation is based on Implementation_Plan) Report Year: 2410124'I'1 Agency: CHULAVISTA Project Area: MERGED PROJECT AREA Project: COMMUNITY HOUSING IMPROVEMENT PROGRAM {CHIP} NOTE: This form is a summary of the totals of all new construction or substantial rehabilitation units from forms HCD-D7 which are developed in a project area by any entity tagency or non-agency). PARTI [H & SC Section 33413(b)(1)] AGENCY DEVELOPED 1. New Units 0 2. Substantially Rehabilitated Units 0 3. Subtotal -Baseline of Units (add line 1 & 2} 0 4. Subtotal oflnclusionar Obligation Accrued this Year for Units(Iine3x30%) 0 5. Subtotal of inclusionaryObligatian Accrued this year for VeruLow Income Units (line4 x50%} 0 PART Il [H & SC Section 33413(b)(2)] NON-AGENCY DEVELOPED UNITS fi. NewUnits 0 7. SubstantiatlyRehab]iitated Units 0 8. Subtotal -Baseline of Units (add fines 6 & 7) 0 9. Subtotal of InclusionaryObligation Accrued this year for Units (line 8 x 15%} 0 10. Subtotal of InclusionaryObligation Accrued this year for VeryLow Income Units (line 9x40%) 0 PART III TOTALS 11. Total Increase in InclusionaryObligations During This Fiscal Year (add line 4 & 9) 0 12 Total Increase in VervLow Income Units InclusionaryObligations During This Fiscal Year (add line 5 & 10) 0 Calilornia RedeudoprrentAgencies-Fispl Year 201°2011 SchedWe E (i1A1) 'Tats maybe impacted byrovnding Page 1 of S 12/07/2011 5-128 SCHEDULE HCD E1 CALCULATION OF /NCREASE IN AGENCY S INCLUSIONARY OBLIGAT/0N FOR ACTNITIES {This Form is Information Only: Actual Obligation is based on Implementation-Plan) Report Year: 201412011 Agency: CHULAVISTA Project Area: MERGED PROJEGT AREA Project: LOS VECINOS NOTE: This form is a summary ofthe totals of all new construction orsubstantial rehabilitation units from #orms HCD-D7 which are developed in a project area by any entity (agency or non-agency. PART! [H &SC Sention 33413(b)(i)] AGENCY DEVELOPED 1. NewUnits ~ 0 2. SubstantiailyRehabilitatedUnits 0 3. Subtotal -Baseline of Units (add line 1 &2} 0 4.5ubtotal of InclusionaryObligation Accrued this Year for Units line 3x30°!°) 0 5. Subtotal of InclusionaryObligation Accrued this year for VerYLowlncame Units (Iine4x50%) 0 PART II [H & SC SecSon 33413(b}(2)] NON-AGENCY DEVELOPED UN1TS 6. New Units 0 7. SubstantiiaElyRehabilitatedUnits 0 8. Subtotal -Baseline of Units (add lines 6 & 7) 0 9. Subtotal of lnclusianaryObligation Accrued this yEar for Units (line 8 x 15%) 0 10. Subtotal of lnclusianary Obligation Accrued this year for Very Low Income U nits (line 9x40°Io) 0 PART ill 70TALS 11. Total Increase in InclusionaryObligations During This Fiscal Year (add I]ne 4 & 9) ~ 0 12. Total Increase in VeryLow Income units InclusionaryObligations During This Fiscal Year (add line 5 & 10) 0 CellfwniaHedelelopmerdAgeneles-FlscalYear 20102011 12!07/2011 SdredWe E (11X)1) 'Tdalsmaybeirryadedby[ounding Page2ofS 5-129 SCHEDULE' HCD E1 CALCULATION OF INCREASE lNAGENCYS 1NCLUSIONARY OBt1GA TlON FOR ACTN1TlES (This Form is Information Only: Acfua! Obligation is based on lmplementafion Plan) Report Year: 2010!2011 Agency: CHULA VISTA Projecf Area: MERGED PROJECT AREA Project: MAIN PLA7A NOTE: This form is a summary of the totals of all new construction or substantial rehabilitation units from forms HCD-D7 which are developed in a project area by any entity (agency ornon-agency). PARTI [H &5C SecUon33413(b}(1)] AGENCY DEVELOPED 1. NewUnits ~ 0 2. Substantially Rehabilitated Units 0 3. Subtotal -Baseline of Units {add line 1 & 2) 0 4. Subtotal of Inclusiona Obli ation Accrued this Year for Units (line 3x30°!°) 0 5. Subtotal of InclusionaryObligation Accrued this year for Ver~Low Income Units {line 4x50%} 0 PART it [H & SC Section 33413(6)(2)] NON-AGENCY DEVELOPED UNITS 6. New Units 0 7. Substantially RehabilitatedUntts 0 8. Subto#al - Baseline of Units (add lines 6 & 7) 0 9. Subtotal of lnclusionary Obligation Accrued this year for Units (line 8 x 15°/fl} 0 10. Subtotal of lnclusionary Obligation Accrued this year for Very Law Income Units (line 9x40%) 0 PART III TOTALS 11. Total Increase in lnclusionaryObligations During This Fiscal Year (add line 4 & 9} ~ 0 12. TotaE Increase in VeryLow Income Units InclusionaryObligations During This Fiscal Year (add line 5 & 10) 0 CatifaniaRede.ElaprterkAgencies-FscalYeaz z°~°rz°+1 1?J07(201~ SchedWe E (11!°1) 'Totals maybe itr{~cted byrcundrg Page 3 of 5 5-130 SCHEDULE HCD E1 CALCULATION OF INCREASElNAGENCY'S lNCLUSIONARY OBLIGATION FORACTNITIES (This Form is Information Only: Actua! Obligation is based on Implementation Plan) Report Year: 2010!2011 Agency: CHULAVISTA Project Area: MERGED PROJECT AREA Project: MUNCEYMANOR NOTE: This form is a summary of the totals of ail new construction orsubstantial rehabilitation units from forms HCD-D7 which are developed in a project area by any entity (agency or nonagency). PART! [H & SC Section 33413(6)(1)] AGENCY DEVELOPED 1. New Units ~ 0 2. SubstantiallyRehabilitated Units 0 3. Subtotal -Baseline of Units (add line 1 & 2} 0 4. Subtotal of Inclusionary ~blig ation Accrued this Year for Units line 3 x 30% 0 5. Subtotal of IncfusionaryObligationAccruedfhis year for Verb-Lowlncome Units (Iine4x50%) 0 PART 11 [H & SC Section 334.13(b)(2)] NON AGENCY DEVELOPED UNITS 6. New Units 0 7. SubstarrtiallyRehabilitated Units 0 8. Subtotal -Baseline of Units (add lines 6 & 7) 0 9. Subtotal of InclusionaryObl]g ation Accrued this year for Urots (line 8 x 15%) 0 10. Subtotal of InclusionaryObligatian Accrued this year for VeryLow Income Units (line 9x40%) 0 PART III TOTALS 11. Total Increase in Inclusionary Obligations During This Fiscal Year (add line 4 & 9} 0 12. Total Increase in Vervi_ow Income Units Inclusionary Obligations During This Fiscal Year (add line 5 & 10) 0 CaOfarrtia Rede~,elopR7ent Agendas-Fiscat Year 2+)'1072011 Sched~Ae E (1 L01} *1'oials maybe impaled try rourdirg Page4of5 12107!2011 5-131 SCHEDULE HCD E1 CALGULAT/0N OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTNITIES (This Form is Information Only: Actual Obligation is based en Implementation .Plan} Report Year; 2010/2011 Agency: CHULAVISTA Project Area: MERGED PROJECT AREA Project: SENIORS ON BROADWAY NOTE: This farm is a summary ofthe totals of al! new construction or substantial reha~llitat(on unlis from forms HC©-D7 which are developed in a project area by any entity (agency ornon-agency). PARTI [H & SC Section 33413(h)(1)] AGENCY DEVELOPED 1, NewUnits I 0 0 2. Subs#anfiallyRehabilitatedUmts 0 Subtotal -Baseline of Units (add line 1 & 2) 3 . Subtota! of Inclusionar Obligation Accrued this Year for Units (line 3 x 30% 4 . 5. Subtota! of InclusionaryObligation Accrued Phis year for Very-Low income Units (line 4x50%} 0 PART II (}-1 & SC Section 334'13(6)(2)] NON-AGENCY DEVELOPED UNITS 0 6. New Units 0 7. SubstantialiyRehabilitatedUnits 0 8. Subtotal -Baseline of Units (addlines 5 & 7} 9. Subtotal of IncfusionaryObligation Accrued this year for Units (line S x 15%) 0 i0. Subtotal of inciusionary Obligation Accrued this year for Very Low income Units (line 9x40%) 0 PART III TOTALS 0 Total Increase in InclusionaryObligaUons During This Fiscal Year (add line4 & 9} 11 . .,. ~_~_~ ~_______ :_,.,...,.~ ,,,..i.,,.,,..,e i Ir,1fc 1nct,~einnarvObtiaations Durina This Fiscal Year (add fine S & 10} 0 CallforrdaRede+,doprrientAgencies-FlscalYeaz 2(11°I20ii Sched~de E (11R7'S1 'Totals may be irt~acied by roundng Page 5 of 5 12/07/2011 5-132