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Home My WebLink About2008/07/22 Additional Information \r' IA...loll C. Co ry, yY\ Q.Vl-\ S' - \-\C4t1ded Ou.t &cl- ,.,k(?f,I\.~ . T276'3' CCWG #6 - Smart Growth Around Trolley Stations - Budget" . '~'-, {"1' ." ,.1' '" O' Ti~ ,"..,. ',"'. J,I':l.,I~! 1"', , ....'1. , 1 , . ne- me. .... j t. .', .' ..,': Item ".,', 'c t Annual.Cost' :~','I'~ll~~hl': .~ ~,~.,,,,\,:,~,:~1\ 'l"fl"'.':',_,'1 f"'~S. v "/,',~.J;!' ,'.~"'tt UCSP Implementation E Street TOTAL ~ ..,- '." I ;,. afi~ ill, il5Fi.. _ ,,,I' . :. ...." ULI Program GP/UCSP Amendments TOTAL 5120.000 Ipalomar Gateway SP 5250,000 - Southwest Specific EIR 5250.000 - Plans TOTAL 5500.000 - 1-5 Corridor Study --- -- Other Related Trolley Grade Separations Regional Efforts" - -- TOTAL --- - TOTAL S620,000 . These projects' costs are necessary to implement the Council-approved General Plan & Urban Core Specific Plan and would be incurred whether or not the CCWG Implementation Plans are approved .. The City has already secured approximately 520.3 million for related regional smart growth efforts such as the 1-5 Corridor Study and the Trolley Grade Separations (E St. & H St.) CCWG Implement.tion Plans July 1,2008 41 of 59 , f vJot\ L to ma<Y\en;-~ - >>o..wied ot.ct- d;l- t'tt:n~ 7/'2-z..jO 8' REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA Financial Statements Independent Auditors' Report For the Year Ended June 30, 2007 REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA Slalement of Nel Assets June 30, 2007 Govenunemal Activities Assets Cosh ond investmcnts Receivables: Taxes Imerest Loons Other Other assets Land held for rcsalc Restricted cash and investments Held by Cit)' of Chulo Visto Held by fiscal agcnt Capital assets: Nondepreciable assets Depreciated capital assets, net of accumulated depreciation Total Assets Liabilities Current Liabilities: Accounts payable and accrued liabilities Interest payable Noncurrent Liabilities: Due within one year Due in more than one year S 9,717,781 387,271 102,095 13,568,423 730,918 490,470 2,260,925 4,432,954 7,304,180 7,560,108 1,718,150 48,273,275 Net Assets 2,800,409 756,628 1,215,910 71,41.3,541 76, I 86,488 9,278,258 5,467,452 21,820,595 (64,479,518) ~ S (27,913.213) , Total Liabilities Investments in capital assets, net of related debt Restricted for: Capital projects Community developmcnt Unrestricted otal Net Asscts (Deficit) I. See Accompanying Notes to Financial Statements. 7 REDEVELOPlvlENT AGENCY OF THE ClTY OF CHULA VISTA Notes to Financial Statements (Continucd) June 30, 2007 Advances from the City ofChula Vista As of June 30. 2007, the City has advanced the Agency S30.321.245 to help fund capnal projects and detrr:;t!K.icJ payments. rhere arc no set repnvi'nenL terms in relation 10 lhcst~ advances. Inlerest is calculated based 011 tlw LA.lF u\"crage annual yield al the Illllt: the advance is made. 2000 Tax Allocation Bonds In October 2000, the Agency issued S 17,000,000 2000 Tax Allocation Bonds, to provide funds 10 fund :l reserve account: to pay expenses of the Agency in C01Ulcction with the issuance of the hands and to finance or refinance cenain redel'e1opmem activities. The procceds of the bonds were used to fund the acquisition and construction of cenain capiml improvemems which arc localed in the Agency's Town Centre I Project Area. The bonds consist of 59,535,000 serial bonds which mature from 200 I to 2030 in amounts rnnging from S I 00,000 to S715,000 and term bonds of 5 I ,440,000 and 56,025,000 which mature in 2022 and 2029, respectively. Interest is payable semi-annually on March I and September 1 at inlerest rales ranging from 4.30% to 5.375%. The bonds are subject to optional redemption on any interest payment date on or after September I, 2004, at various redemption prices. The balance outstanding at June 30, 2007 was S 15,515,000. The annual debt service requirements for Ole 2000 Tax Allocation Bonds outstanding at June 30, 2007 were as follows: Y car Ending June 30, Principal Interest Total 2008 S 405,000 S 787,605 5 1,192,605 2009 425,000 769,760 1,194,760 2010 440,000 750,943 1,190,943 2011 460,000 730,913 1,190,913 2012 480,000 709,523 1,189,523 2013-2017 2,655,000 3,175,681 5,830,681 2018-2022 3,170,000 2,443,198 5,613,198 2023-2027 4,115,000 1,4 79 ,864 5,594.864 2028-2031 3.365,000 333,116 3,698,116 Total S 15,515,000 S 11.180,603 S 26.695.603 29 REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA Notes to Financial Statements (Continued) June 30, 2007 2006 Senior Tax Allocation Refunding Bonds, Series A III July 2006, the Agency issued $13,435,000 2006 Senior Tax Allocation Refunding Bonds, Series A to refmance the Agency's outstanding BayITomrrown Centre Redevelopment Project 1994 Senior Tax Allocation Refunding Bonds, Series A, and to satis!)' the reserve requirement for the Bonds and I)rovide for the eOSIS of issuing the Bonds. The original bond proceeds were used in the acquisition of property, demolition, relocation, public improvements and funding the Low and Moderate Income Housing Project. The bond consist of serial bonds which mature in 2028. Interest is payable semiannually on i\'larch I and September I al interest rates ranging from 4,00% to 4.60%. The bonds are subject to optional redemption on any interest payment dale on or after September 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 1994 Sewer Tax Allocation Refunding Bonds, Series A were paid in full by 2006 debt issuance. The economic gain of issuance of new debt was approximately S2.3 million. The balance outstanding at June 30, 2007 was S 13,435,000, The annual debt service requirements for the 2006 Tax Allocation Bonds outstanding at June 30, 2007 were as follows: Year Ending June 30, Principal Interest Total 2008 $ 395,000 S 574,433 S 969,433 2009 460,000 556,345 1,016,345 2010 480,000 537,545 1,017,545 2011 500,000 517,945 1,017,945 2012 520,000 497,545 1,017,545 2013-2017 2,950,000 2,120,993 5,070,993 2018-2022 3,620,000 1,430,0 II 5,050,011 2023-2027 3,995,000 547,265 4,542,265 2028 5 I 5,000 11,845 526,845 Total $ 13,435,000 S 6,793,927 S 20,228,927 2006 Subordinate Tax Allocation Refunding Bonds, Series B In July 2006, the Agency issued SI2,500,000 2006 Subordinate Tax Allocation Refunding Bonds, Series B to refinance the Agency's outstanding Bayfrontrrown 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, 30 REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA Notes to Financial Statements (Continued) June 30, 2007 demolition, relocation, public improvements and funding thc Low and l\'loderme Income Housing Project. The bonds consist of S7,995,000 scrial bonds which maturc from 2007 10 2021 in amounts ranging frolll S290,000 to 5735,000 and term bonds of 54,330,000 which mature in 2028. Interest is payable semiannually on April I and October I at interest rates ranging from 4.00% to 6.00%. The hands arc subject to optional redemption on any interest paymelll dale on or alter October 1: 2012: at various redemption prices. The bonds arc payable solely Irom certain lax incremClll revenues of the Agency and other funds held under the indemure. The 1994 Subordinate Tax Allocation Refunding Bonds, Series C and the Senior Tax Allocation Refunding Bonds, Series D were paid in full by 2006 debt issuance. The economic gain of issuance of new debt was approximmc1y 52.4 million. The balance olltstanding at June 30, 2007 was $12,325,000. The annual deht selvtee requiremcllls for the 2006 Subordinate Tax Allocation Refimding Bonds, Serics 13 outstanding at June 30, 2007 Were as follows: Y car Ending June 30, Principal 2008 2009 2010 2011 2012 2013-2017 2018-2022 2023-2027 2028 $ 290,000 410,000 425,000 440,000 460,000 2,630,000 3,340,000 3,830,000 500.000 Total IntereSl TOlal S 603,065 586,165 569,199 551,084 531,384 2,3 11,806 1,578,622 607,163 13,125 s 893,065 996,165 994,199 991,084 991,384 4,941,806 4,918,622 4,437,163 513,125 $ 12.325,000 S 7,351,613 $ 19.676.613 F. Commitments and Contingencics The cd a Jl'Oximatelv 5578 4 to e IIrsed services rcndere t is anticipated that the Agency will repay this loan 1T0l11 (ax increment revenues. Currently, tax increment revenues are used to pay forrelated debt service cxpcnditll1'cs and possible filture debt issuance. As a result, the Agencv is uncertain if the amo ,. I be re aid 10 the City's ,e c Fund. Accor mg)', thIS contmgem payable has not been reporte m accompanying -baSIC financial statcments. The Agency will record the contingent payable when payment is assured.- 31