HomeMy WebLinkAbout2009/12/15 Item 11
CHULA VISTA
RE 0 EVELO PM ENT
AGENCY
AGENDA STATEMENT
ITEM TITLE:
SUBMITTED BY:
REVIEWED BY:
SUMMARY
December 15, 2009, Item-1L
RESOLUTION OF THE CHULA VISTA
REDEVELOPMENT AGENCY [A] ACCEPTING 2008/2009
FISCAL YEAR END FINANCIAL REPORTS; AND [B]
FINDING THAT PLANNING AND ADMINISTRATIVE
COSTS CHARGED TO THE HOUSING FUND IN FISCAL
YEAR 2008/2009 WERE NECESSARY FOR THE
PRODUCTION, IMPROVEMENT, OR PRESERVATION OF
LOW AND MODERATE INCOME HOUSING.
FINANCE DIRECTOR /.t.V
DEPUTY CITY MANAGE~ DEVELOPMENT SERVICES
DIRECTOR
em MANAGE't-
4/5THS VOTE: YES 0 NO [ x I
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 provide detailed information regarding the activities of the Redevelopment Agency, and
are required to be presented to the legislative body at this time.
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 this annual
report 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
l5060(c)(3) of the State CEQA Guidelines the actions proposed are not subject to CEQA.
11-1
December 15, 2009, ItemL
Page 2 of 4
RECOMMENDATION:
The Agency adopt the resolution.
DISCUSSION:
Independent Financial Audit Report
Pursuant to the City Charter and California State Health and Safety Code, an annual audit is
performed of the Agency's financial records by an independent accounting firm. The report is
included as Attachment 1. 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, 2009, and the results of its operations and cash flows for the year then
ended in conformity with generally accepted accounting principles." The audit did not result in
any material adjustments to previously reported year-end figures.
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 2, provides a summary of the financial transactions
of the Redevelopment Agency during FY 2008-09. 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
Provided as Attachment 3 are the HCD schedules which report on the status and use of the Low
and Moderate Income Housing Funds and housing activities for FY 2008-09.
Annual Administrative Expenditures
Administrative expenses for FY 2008-09 total $462,131. This dollar amount includes the
following expenses:
. 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
. Project specific oversight, such as staff and outside counsel work on Los Vecinos
The State requires agencies to look at administrative costs compared to expenditures. This
methodology is not necessarily an accurate reflection of administration compared to output, as
affordable housing projects can take years of planning prior to actual direct payment.
11-2
December 15, 2009, Item~
Page30f4
Additionally, some administrative requirements of the agency such as the Implementation Plan
require significant work only in the years nearing the due date.
The FY 2008-09 administrative expenses, as a percent of expenditures, are 46%. If we look at
the average administrative expenses as a percentage of total Housing Expenditures over the last 5
years the range is from a low of 12% to a high of 53%, with an average of 24%. Most grant
sources look at administration as a percent of revenue. The FY 2008-09 administrative expenses,
as a percent of revenue, are 17%. If we look at the average administrative expenses as a
percentage of total Housing Revenues over the last 5 years the range is from a low of 17% to a
high of 32%, with an average of 25%. This information is depicted in the table below:
04/05
05/06
06/07
07/08
08/09
AveraO'e
. L'Ex 'erl~iesT(9 Ex endiffii-es', ,;,'Reventie" ,,"E 'endititres ;iRevenue':'
$531,989 $1,708,882 $1,675,380 31% 32%
$595,339 $2,226,784 $1,968,228 27% 30%
$564,461 $\,069,733 $2,294,709 53% 25%
$696,384 $5,811,845 $2,758,666 12% 25%
$462,131 $1,012,471 $2,756,337 46% 17%
$570,061 $2,365,943 $2,290,064 24 % 250;',
State code allows for Housing Funds to be spent on agency planning and administration, but
expresses the legislative intent that such expenditures should not be "disproportionate" to direct
costs. With that said, there is no specific percentage or limitation defined in State code. 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. I-lousing
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
Statr 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 govcrnmental 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 S 871 00, et seq.).
CURRENT YEAR FISCAL IMP ACT
There is no fiscal impact to the Agency from this action. The contract for audit services totaled
~- ~-$61 ,050 for the year reported.
The administrative costs of $462,13] have already been paid directly by or transferred from the
Housing Fund.
ONGOING FISCAL IMPACT
There is no anticipated ongoing fiscal impact by approving this action.
11-3
December 15,2009, Item-1L
Page 4 of 4
ATTACHMENTS:
1) Independent Financial Audit Report;
2) Report of Financial Transactions of Community Redevelopment Agencies;
3) State Department of Housing and Community Development Schedules A-E
PREPARED BY:
Amanda Mills, Housing Manager
11-4
Attachment 1
I '1 ~ ~ -09
Draft
!For DiscU:5sio!"l
?ll.lrposes Only
ClIlpo..icci &.LarsoWll
Redevelopment Agency
of the City of
Chula Vista
Chula Vista, California
Basic Financial Statements and
Independent Auditors' Reports
For the year ended June 30, 2009
11-5
Redevelopment Agency of the City of Chula Vista
Basic Financial Statements
For the year ended June 30, 2009
Table of Contents
INTRODUCTORY SECTION
Page
Letter of Transmittal
..................................--.....................-............................--.....................................................
FINANCIAL SECTION
Independent Auditors' Report .... ........ ........... ... .......................... ..... ................. .................................................
Management's Discussion and Analysis (Required Supplementary Information).................................
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 Balance Sheet to the Government-wide
Statement of Net Assets................ .... ... .......... ..... ... ........... ............ .............. ................ ...... .............
Statement of Revenues, Expenditures and Changes in Fund Balances......................................
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 ...........................................................................................................
Notes to the Basic Financial Statements.......................................................................................................
Required Supplementary Information:
Budgetary Information .... ...... ............................ .......................... ............................................... .............
Budget Comparison Schedules
Low & Mod Income Housing Special Revenue Fund...................................................................
RDA Housing Program Special Revenue Fund.............................................................................
Supplementary Information:
Statement of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual Schedules:
BayfrontjTown Centre I Debt Service Fund ...........................................................................
Town Centre II Otay Valley Southwest Merged Projects Debt Service Fund.....................
Report on Compliance and Other Matters and on Internal Control over
Financial Reporting Based on an Audit of Basic Financial Statements
Performed in Accordance with Government Auditing Standards .....................
11-6
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 (Agency), a component unit of the City of
Chula Vista, California (City), as of and for the year ended June 30,2009, which collectively comprise the
Agency's basic financial statements as listed in the foregoing table of contents. These financinl
statements are the responsibility of the Agency's management. Our responsibility is to express an
opinion on these financial statements based On our audit. .
We conducted our audit in accordance with generally accepted auditing standards in the United States
and the standards applicable to financial audits contained in Governmei1t Auditing Standards, issued by
. the .Comptroller General of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall basic financial.
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
Subsequent to the financial statements date of June 30, 2009 and the year then ended, the State of
California (State) has proposed ta1cing Redevelopment Agency funds from local governments. These
amounts are very significant to the local governments and may affect their ongoing operations. Certain
lawsuits are in process to stop such State actions. For mOre detailed information, see Note 13 attached in
the Notes to Basic Financial Statements.
In our opinion, the basic financial statements referred to above present fairly, in all material respects, the
financial position of the governmental activities and each major fund of the Agency as of June 30, 2009,
and the respective changes in financial position for the year then ended in conformity with generally
accepted accounting principles in the United States.
As described in Note 1 to the basic financial statements, the Agency implemented Governmental
Accounting Standards Board Statements No. 49, Accounting and Financial Reporting for Pollution
Rem.ediation Obligations, No. 52, Land and other Real Estate Held as Investments by Endowments, No. 55, The
Hierarchy of Generally Accepted Accounting Plinciples for State and Local Governments, and No. 56,
Codification of Accounting and Financial Reporting Guidance Contained in AICPA Statements On Auditing
Standards.
11-7
To the Board of Directors
of the Redevelopment Agency of the City of Chula Vista
Chula Vista, California
Page 2
In accordance with Government Auditing Standards, we have also issued our report dated October XX, 2009,
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 grants. 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 the 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 read in conjunction with this report in considering the results of our audit.
The accompanying Required Supplementary Information, such as Management's Discussion and Analysis,
budgetary information and other information, is not a required part of the basic financial statements, but is
supplementary information required by the Governmental Accounting Standards Board. We have applied
certain limited procedures, which consisted principally of inquiries of management regarding the methods
of measurement and presentation of the Required Supplementary Information. However, we did not audit
the information and express no opinion on the Required Supplementary Information.
Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively
comprise the Agency's basic financial statements. The accompanying Supplementary Information is
presented for purpose of additional analysis and is not a required part of the basic financial statem.ents. The
Supplementary Information. has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole. The Introductory Section has not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on
the Introductory Section.
San Diego, California
October XX, 2009
11-8
?
BASIC FINANCIAL STATEMENTS
11-9
15
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11-10
16
GOVERNMENT-WIDE
FINANCIAL STATEMENTS
11-11
17
Redevelopment Agency of the City of Chula Vista
Statement of Net Assets
June 30,2009
Governmental
Activities
ASSETS
Current assets:
Cash and investments
Receivables:
Taxes
Interest
Other
Due from City of Chula Vista
Restricted cash and investments:
Held by City
Held by fiscal agents
Total current assets
Noncurrent assets:
Loans receivable
Advances to City of Chula Vista
Deferred charges, net
Capital Assets:
Nondepreciable assets
Depreciable assets, net
Total capital assets
Total noncurrent assets
Total assets
$ 8,540,851
376,715
52,229
6,253
1,937,623
4,493,577
7,227,589
22,634,837
19,382,191
440,172
1,251,798
9,790,977
1,418,547
11,209,524
32,283,685
54,918,522
LIABlLfTIES
Current liabilities:
Accounts payable and accrued liabilities
Interest payable
Long-term debt - due within one year
Total current liabilities
Long-term liabilities:
Long-term debt - due in more than a year
Totallong-tenn liabilities
Total liabilities
2,510,137
596,562
1,020,226
4,126,925
71,245,799
71,245,799
75,372,724
NET ASSETS
Investments in capital assets, net of related debt
Rest::ic~e~ for:
Capital projects
Debt service
Community development
Total restricted
Unrestricted
11,209,524
Total net assets
8,504,543
222,692
11,922,351
20,649,586
(52,313,312)
(20,454,202)
$
See accompanying notes to basic financial statements.
11-12
1.
Redevelopment Agency of the City of Chula vista
Statement of Activities and Changes in Net Assets
For the year ended June 30, 2009
FunctionsfPrograms
Expenses
Primary government:
Governmental activities:
General government
Interest on long-term debt
$
Total governmental activities
6,475,513 $
3,898,075
$ 10,373,588 $
Program Revenues
Net (Expense)
Revenue and
Charges for
Services
Opera ling
Grants and
Ganges in
Net Assets
Capital
Grants and
Contributions Contributions
Total
Program
Revenues
Governmental
Activities
$
$
$
$
See accompanying notes to basic financial statements.
General revenues:
Taxes:
Property taxes
Investment eamings
Miscellaneous
Transfers to Gty of Chula Vista
Olange in net assets
Total general revenues and transfers
Net assets - beginning of year
Net assets - end of year
11-13
,Q
$
$
$ (6,475,513)
(3,898,075)
(10,373,588)
13,781,684
2,388,094
37,275
(1,688,624)
14,518,429
4,144,841
(24,599,047)
$ (20,454,206)
FUND FINANCIAL STATEMENTS
11-14
20
Redevelopment Agency of the City of Chula Vista
Balance Sheet
Governmental Funds
June 30, 2009
Major Funds
Town Centre 11
Otay Valley
Low & Mod RDA Housing Bayn-antl Sou thwest
Income Housing Program Town Centre I Merged Projects
Speci~ Revenue Special Revenue Debt service Debt Servlce
ASSFfS
Cash and investments $ 3,634,600 $ 188,357 $ 795,306 $ 582,453
Receivables:
Taxes
Interest 20,377 253 4,348 3,186
Loans 17,837,767 1,544,424
Other 6,253
Due from City of ChuJa Vista 1,937,623
Due from other funds
Advances to other funds
Restricted cash and investments:
Held by City 599,462 3,894,115
Held by fiscal agent 2,032,947 1,540,827
Total assets $ 24,036,082 $ 5,627,149 $ 2,832,601 $ 2,126,466
UABILITIES AND
FUND BALMKES
Liabilities:
Accounts payable and accrued liabilities $ 3,560 $ $
Advances from other funds 45,126 4,691,249
Due to other funds
Deferred revenue 17,564,932 172,38B
Total liabilities 17,568,492 172,388 45,126 4,691,249
Fund Balances:
Fund Balances:
Reserved:
Encumbrances 10,538 39,999
Long-term receivables and advances 272,835 1,370,461
Debt service 2,832,600 2,126.466
Total reserved 283,373 1,410,460 2,832,600 2,126,466
Unreserved:
Designated'
Undesignated 6,184,217 4,044,301 (45,125) (4,691,249)
Total unreserved 6,184,217 4,044,301 (45,125) (4,691,249)
Total fund balances 6,467,590 5,454,761 2,787,475 (2,564,783)
Total liabilities and fund balances $ 24,036,082 $ 5,627,149 $ 2,832,601 $ 2,126,466
See accompanying notes to basic financial statements. 11-15
21
Major Funds
Town Centre II
Otay Valley
Bayfrontj Southwest
Town Centre I Merged Total
Capital Projects Capital Projects Governmental
$ 31,569 $ 3,308,566 $ 8,540,851
71,538 305,177 376,715
148 23,917 52,229
19,382,191
6,253
1,937,623
505,179 505,179
4,736,376 440,171 5,176,547
4,493,577
3,653,815 7,227,589
$ 4,839,631 $ 8,236,825 $ 47,698,754
$ 396,156 $ 2,110,421 $ 2,510,137
4,736,375
505,179 505,179
1,119,986 440,171 19,297,477
2,021,321 2,550,592 27,049,168
50,537
3,616,388 5,259,684
4,959,066
3,616,388 10,269,287
5,686,229 5,686,229
(798,078) 4 4,694,070
(798,078) 5,686,233 10,380,299
2,818,310 5,686,233 20,649,586
$ 4,839,631 $ 8,236,825 $ 47,698,754
11-16
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11-17
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Redevelopment Agency of the City of Chula Vista
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Assets
June 30,2009
Total Fund Balances - Total Governmental Funds
Amounts reported for governmental activities in the Statement of Net Assets were differently because:
Deferred charges, such as bonds issuance costs trom issuing debt, were expendirures 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
reported in governmental funds.
Nondepreciable
Depreciable, net
activities were not financial resources and therefore were not
Total capital assets, net
Interest payable on long-term debt did not require current financial resources. Therefore, interest payable
was not reported as a liability in Govemrnental Funds Balance Sheet.
Long-term liabilities were not due and payable in the current period. Therefore, were not reported in the
Governmental Funds Balance Sheet. The long-term liabilities were adjusted as follows:
Long-tenn liabilities - due within one year
Long-tenn liabilities - due in more than one year
Total long-term liabilities
Deferred revenues recorded in governmental fund financial statements resulting from activities in which
revenues were earned but hmds were not available were recognized as revenues in the Govemment- Wide
Financial Statements.
Net Assets of Governmental Activities
See accompanying notes to basic financial stiltements.
11-18
?d
$
20,649,586
1,251,798
9,790,977
1,418,547
11,209,524
(596,562)
(1,020,226)
(71,245,799)
(72,266,025)
19,297,477
$
(20,454,202)
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, 2009
Major Funds
Town Centre II
Otay Valley
Low & Mod RDA Housing Bayfrontl Southwest
Income Housing Program Town Centre J Merged Pmjects
Special Revenue SpeCIal Revenue Debt service Debt Service
REVENUES:
Taxes $ $ $ $
Use of money and property 166,056 9,507 130,947 85,493
Other 12,600 (4,000) 280 201
Total revenues 178,656 5,507 131,227 85,694
EXPENDITURES:
Current:
Generalgovennrnent 896,670 176,759 1,300
Capital outlay
Debt Service:
Principal 955,900 64,100
Interest and fiscal charges 1,389,703 2,423,462
Bond issuance costs 844,584
Total expenditures 896,670 176,759 2,345,603 3,333,446
REVENUES OVER (UNDER)
EXPENDITURES (718,014) (171,252) (2,214,376) (3,247,752)
OTHER FINANCING SOURCES (USES):
Bond discount (579,161)
Refunding bond issued 17,093,000
Payments to escrow agent trust (15,110,000)
PTOceeds from advances from Cjty of Ollila Vista 195,636 808,746
Repayment of advances from City of Chula Vista (5,542,473)
Transfers in 2,756,337 1,175,355 8,765,742
Transfers out (117,102) (2,545,615)
Total other financing sources 2,639,235 1,370,991 2,890,239
NET CHANGE IN FUND BALANCES 1,921,221 (171,252) (843,385) (357,513)
FUND BALANCE:
Beginning of year, as restated (Note xx) 4,546,369 5,626,013 3,630,860 (2,207,270)
End of year $ 6,467,590 $ 5,454,761 $ 2,787,475 $ (2,564,783)
See accompanying notes to basic financial statements.
11-19
25
Major Funds
Town Centre II
Otay Valley
Bayrrontj Southwest
Town Centre 1 Mel'ged Total
Capital Projects Capital Projects Governmental
$ 4,693,479 $ 9,088,205 $ 13,781,684
(21,406) 214,529 585,126
7,471 20,723 37,275
4,679,544 9,323,457 14,404,085
1,325,347 3,342,162 5,742,238
3,347 682,204 685,551
1,020,000
3,813,165
844,584
1,328,694 4,024,366 12,105,538
3,350,850 5,299,091 2,298,547
(579,161)
4,532,000 21,625,000
(15,110,000)
1,004,382
(5,542,473)
7,443,976 20,141,410
(2,114,156) (17,053,161) (21,830,034)
(2,114,156) (5,077,185) (290,876)
__ _ _1,236,694 221,906 2,007,671
$
1,581,616
2,818,310
5,464,323
5,686,229
$
18,641,911
20,649,582
$
11-20
26
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
June 30, 2009
Net Change in Fund Balances - Total Governmental Funds
$
2,007,671
Amounts reported for governmental 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 reSQurces. Therefore,
depreciation expense was not reported as expenditures in the Governmental Funds.
(47,724)
The issuance of Jong-tenn liabilities provided current financial resources to govemmental funds, but
issuing debt increased long-term liabilities in the Government-Wide Statement of Net Assets. Repayment
of long-term liabilities was an expendirores in governmental funds, but the repayment reduced long-term
liabilities in the Government-Wide Statement of Net Assets.
Refunding bond issued
Principal payment of long-term debt
Payment to escrow agent trust
Proceeds from advances from City of Chula Vista
Repayment of advances from City of Chula Vista
(21,625,000)
1,020,000
15,110,000
(1,004,382)
5,542,473
Governmental funds reported bond issuance costs and bond discount as expenditures. However, in the
Government Wide Statement of Activities and Changes in Net Assets, the bond issuance costs and bond
discount were allocated over the lives of the bond.
Bond issuance costs
Bond discount
844,584
579,161
Amortization expenses were reported in the Government-Wide Statement of Activities and Changes in
Net Assets, but they did not require the use of current financial resources. TIlerefore, amortization
expenses were not reported as expenditures in the Governmental Funds.
Bond discount
Deferred charges
(44,774)
(58,732)
Interest earned on long-term receivables did not provide current financial resources were not reported as
revenues in the Governmental Funds.
1,802,968
Interest expense on long-term debt was reported in the Government-Wide Statement of Activities and
Changes in Net Assets, but it did not require the use of current financial resources. This amount
represented the change in accrued interest from prior year.
18,596
Ch~g~~in Net Assets of Governmental Activities
$
4,144,841
See accompanying notes to basic financial statements.
11-21
?7
NOTES TO BASIC
FINANCIAL STATEMENTS
11-22
19
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements
For the year ended June 30, 2009
1. SUW.MARY OF SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements of the Redevelopment Agency of the City of Chula Vista (Agency), a
component unit of the City of Chula Vista, California, (City) have been prepared in conformity with
generally accepted accounting principles (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 Agency was created by the City of
Chula Vista City Council (City Council) in October 1972. The City Manager acts as the Agency's
Executive Director and the City Council acts as the governing commission, which exerts significant
influence over its operations. The primary purpose of the Agency is to eIiminate blighted areas by
encouraging the development of residential, commercial, industrial, recreational and public facilities.
The BayfrontjTown Centre I Project encompasses approximately 775 acres; its general objective is to
redevelop the Bayfront area and the central business district. The goal of the Town Centre II Project,
which consists of approximately 212.5 acres in the central area of Chula Vista, is to revitalize the area
into a principal regional shopping center. The Otay Valley Road Project area, comprising
approximately 770 acres, was created to establish and upgrade infrastructure capital improvements for
the promotion of industrial development. The Southwest Project area, comprising approximately 1,100
acres, was created to upgrade the commercial, industrial, residential properties and rights-of-way at a
more rapid pace than would occur without a redevelopment plan.
Funds for redevelopment projects are provided from various sources, including incremental property
tax revenues, tax allocation bonds, and advances from the City.
B. Basis of Accounting and Measurement Focus
The accounts of the Agency 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 G~vernment-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.
11-23
,,,
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
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 resoUl"Ces" 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 types of transactions reported as program revenues for the Agency are reported in three
categories:
l> Charges for services
l> Operating grants and contributions
l> Capital grants and contributions
Certain eliminations have been made as prescribed by GASB Statement No. 34 in regards to interfund
activities, pay abIes and receivables. The following interfund activities have been eliminated:
l> Due from and to other funds
l> Advances to and from other funds
l> Transfers in and out
Governmental Fund Financial Statements
Governmental fund financial statements include a Balance Sheet and a Statement of Revenues,
Expenditures and Changes in Fund Balances for all major governmental funds and non-major funds.
All governmental funds are accounted for on a spending or current financial resomces measurement focus
and the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are
included on the Balance Sheet. The Statement of Revenues, Expenditures and Changes in Fund
Balances presents increases (revenues and other financing sources) and decreases (expenditures and
other financing uses) in net current assets. Under the modified accrual basis of accounting, revenues are
recognized in the accounting period in which they become both measurable and available to finance
_. expenditures of the 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 tax, 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.
11-24
,,,
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
B. Basis of Accounting and Measurement Focus, Continued
Governmental Fund Financial Statements, Continued
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 goverrunent 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 Goverrunent-Wide Financial Statements are
provided to explain the differences created by the integrated approach of GASB Statement No. 34.
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.
RDA Housing Program Special Revenue Fund is used to account for specific revenue that is
required to be used for low and modera te income housing and related expenditures.
Bayfront/Town Centre I Debt Service Fund is used to account for the repayment of interest and
principal on long-term debt, and the accumulation of resources thereof associated with the Bayfront
and Town Centre I Project Areas.
Town Centre II/Otay Valley/Southwest Merged Proiects Debt Service Fund is used to account for
the payment of interest and principal on long-term debt, and the accumulation of resources thereof
associated with the Town Centre II, Otay Valley Road, and Southwest Merged Project Areas.
Bayfront/Town Centre I Capital Projects Fund is used to account for the financial resources used in
developing the Bayfront and Town Centre I Project Areas.
Town Centre II/Otay Valley/Southwest Merged Proiects Capital Proiects Fund is used to account
for the financial resources used in developing the Town Centre II, Otay Valley Road, and Southwest
Merged Project Areas.
C. Cash and lnvesbnents
The City pools cash resources from all funds in order to facilitate the management of cash and achieve
the goal of obtaining the highest yield with the greatest safety and least risk. Cash in excess of current
requirements is invested in various interest-bearing accounts and other investments for varying terms.
11-25
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
C. Cash and Investments, Continued
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments
and for External Investment Pools, highly liquid money market investments with maturities of one year or
less 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 secUIities 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.
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 GASE Statement No. 40, Deposit and Inveshnent Risk Disclosures (an amendment of
CASB Statement No.3), certain disclosure requirements, if applicable, for deposit and investment risks
are specified for the following areas:
> Interest Rate Risk
> Credit Risk
. Overall
. Custodial Credit Risk
. Concentration of Credit Risk
> Foreign Currency Risk
D. Cash and Investments with Fiscal Agents
Cash and investments with fiscal agents are restricted for the redemption of bonded debt and for
acquisition and construction of capital projects.
E. Capital Assets
_!he Agency's assets are capitalized at historical cost or estimated historical cost. Agency policy has set
the capitalization threshold for reporting capital assets at $5,000. Gifts or contributions of capital assets
are recorded at fair market value when received. Depreciation is recorded on a straight-line basis over
the useful lives of the assets as follows:
Buildings
Improvements other than buildings
Machinery and equipment
25 years
15 years
5-20 years
The Agency had no infrastructure assets incluti<td.Q16:apital assets at June 30,2009.
'0
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1. SUl\L'\1ARY OF SIGNIFICANT ACCOUNTING POUOES, Continued
F. Long-Term 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.
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 Tax Revenues
Incremental property tax revenues represent property taxes in each project area arising from increased
assessed valuations over base valuations established at the inception of the project area. Incremental
property taxes from each project area accrue to the Agency until all liabilities and commitments of the
project area have been repaid (including cumulative funds provided or committed by the Agency).
After all such indebtedness has been repaid; all property taxes from the project area revert back to the
various taxing authorities.
Property taxes are levied on March 1 and are payable in two installments: November 1 and February 1
of each year. Property taxes become delinquent on December 10 and April 10, for the first and second
installments, respectively. The lien date is March 1. The County of San Diego, California (County) bills
and collects property taxes and remits them to the Agency according to a payment schedule established
by the County.
The County is permitted by State law to levy taxes at 1 % of full market value (at time of purchase) and
can increase the property tax rate no more than 2% per year. The District receives a share of this basic
tax levy proportionate to what it received during the years 1976-1978.
~)::roperty tax revenue is recognized in the fiscal year for which the taxes have been levied.
No allowance for doubtful accounts was considered necessary.
11-27
,q
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLIOES, Continued
H. Low and Moderate lncome 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.
1. Net Assets
In the Government-Wide Financial Statements, net assets are classified in the following categories:
Invested in Capital Assets, Net of Related Debt - This amount consists of capital assets net of
accumulated depreciation and reduced by outstanding debt that attributed to the acquisition,
construction, or improvement of the assets.
Restricted Net Assets - This amount is restricted by extemal creditors, grantors, contributors, or laws
or regulations of other governments.
Unrestricted Net Assets - This amount is all net assets that do not meet the definition of "invested in
capital assets, net of related debt" or "restricted net assets."
J. Fund Balance
In the Fund Financial Statements, reservations of fund balance of govemmental funds are created to
either satisfy legal covenants, including State laws, that require a portion of the fund balance be
segregated or identify the portion of the fund balance not available for future expenditures.
K Use of Restricted/llnrestricted Net Assets
When'an expense is incurred for purposes for which both restricted and unrestricted net assets are
available, the Agency's policy is to apply restricted net assets first.
L. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles
requires manage~ent to make estimates and assumptions that affect the reported amounts of assets,
-'liabilities, revenues and expenses. Actual results could differ from those estimates.
11-28
20
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLIOES, Continued
M. Implementation of New GASB Pronouncements
In fiscal year 2009, the Agency adopted new accounting standards in order to conform to the following
Governmental Accounting Standards Board Statements:
~ GASB Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations
~ GASB Statement No. 52, Land and Other Real Estate Held as Investments btJ Endowment
~ GASB Statement No. 55, The Hierarchy of Generally Accepted Accounting Principles for State and
Local Governments
~ GASB Statement No. 56, Codification of Accounting and Financial Reporting Guidance Contained in
AICPA Statements on Auditing Standards
GASB Statement No. 49 addresses accounting and financial reporting standards for pollution (induding
contamination) remediation obligations, which are obligations to address the current or potential
detrimental effects of existing pollution by participating in pollution remediation activities such as site
assessments and deanups.
GASB Statement No. 52 improves the quality of financial reporting by requiring endowments to report
their land and other real estate investments at fair value, creating consistency in reporting among
similar entities that exist to invest resources for the purpose of generating income.
GASB Statement No. 55 incorporates the hierarchy of generally accepted accounting principles (GAAP)
for state and local governments into the GASB's authoritative literature. It is intended to make it easier
for preparers of state and local government financial statements to identify and apply the "GAAP
hierarchy," which consists of sources of accounting principles used in the preparation of financial
statements so that they are presented in conformity with GAAP and the framework for selecting those
principles.
GASB Statement No. 56 incorporates accounting and financial reporting guidance previously only
contained in the American Institute of Certified Public Accountants (AICP A) auditing literature into the
GASB's accounting and financial reporting literature for state and local governments. The Statement
No. 56 guidance addresses three issues from the AICPA's literature-related party transactions, going
concern considerations, and subsequent events.
11-29
?1
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
2. CASH AND INVESTMENTS
Cash and investments consisted of the following at June 30, 2009:
Cash and investments $ 8,540,851
Restricted cash and investments
Held by Agency 4,493,577
Held by fiscal agent 7,227 ,5'Xl
Total cash and investmerts $ 20,262,018
The Agency has pooled its cash and investments with the City in order to achieve a higher return on
investment. Certain restricted funds, which are held and invested by independent outside custodians
through contractual agreements, are not pooled. These restricted funds include cash with fiscal agents.
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.
Maximum Maximum
Authorized Maximum Percentage of Investment in
Investment Type Maturity Portfolio. One Issuer
Bankers' Acceptances 180 days 40% 30%
Negotiable Certificates of Deposits 5 years 30% None
Commercial Paper 270 days 25% 10%
State and Local Agency Bond Issues 5 years None None
U.s. Treasury Obligations 5 years None None
U.s. Agency Securities 5 years None None
Repurchase Agreement 90 days None None
Reverse-Purchase Agreements 90 days 20% None
Medium-Term Corporate Notes 5 years 30% None
Time Certificates of Deposits 3 years None None
---- Money Market Funds 5 years 15% None
Local Agency Investment Fund (LAlF) N/A None $40 Million*"
* Excluding amounts held by bond trustee that are not subject to California Government Code restriction.
** Maxium is $40 million per account.
11-30
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
2. CASH AND INVESTMENTS, Continued
Investments Authorized by Debt Agreement
Invesbnent of debt proceeds held by bond trustee are govemed by provisions of the debt agreement,
rather than the general provisions of the California Govemrnent Code or the City's invesbnent 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 Maximum Pern>ntage of Investment in
investment Type Maturity Portfolio. One Issuer
U.S. Treasury Obligations None None None
Federal Home Loan Mortgage Corporation None None None
Farm Credit Banks None None None
Federal Home Loan Banks None None None
Federal National Mortgage Association None None None
Student Loan Marketing Association None None None
Financing Corporation None None None
Resolution Funding Corporation None None None
Certificates of Deposit, Time Deposits and Bankers' Acceptance 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 Agreeements None None None
Investment Agreements None None None
Local Agency Investment Fund None None None
Local Agency Investment Fund (LAIF)
The Agency invests in the Local Agency Investment Fund (LAIF), a State of California investment pool.
LAIF determines fair value on its invesbnent 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.
The Agency valued its investments in LAIF as of June 30, 2009, at amortized cost which approximate
the fair value. The fair value is calculated by multiplying the account balance with LAIF times a fair
value factor of 1.001364207 which is determined by LAIF. This fair value factor was determined by
dividing all LAIF participants' total aggregate amortized cost by total aggregate fair value.
The Agency's investments with Local Agency Investment Funds (LAIF) at June 30, 2009, included a
portion of the pooled funds invested in Structured Notes and Asset-Backed Securities. These investments
included the following:
11-31
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
2. CASH AND INVESTMENTS, Continued
Local Agency Investment Fund (LAlF), Continued
Stnlctured 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
inclices 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, 2009, the City had $29,187,002 invested in LAlF, which had invested 14.71 % of the pool
investment funds in Meclium- Term and Short-Term Structured Notes and Asset-Backed Securities.
Risk Disclosures
See the City's Basic Financial Statements for disclosures related to cash and investments and the related
risk clisclosures.
3. LOANS RECEIVABLE
At June 30, 2009, the Agency had the following loans receivable:
Governmental Activities
Principal Deferred Interest Total
South Bay Conmmnity Services $ 887,994 $ 254,Gl9 $ 1,142,013
Heritage (South Bay Community Villas L.P.) 4,400,000 997,710 5,397,710
Chula Vista Rehabilitation CHIP Loans 1,372,036 172,388 1,544,424
Park Village Apts (Civic Center Barrio Housing Corporation) 216,883 216,883
Rancho Buena Vista Housing (Chelsea Investment Corporation) 1,000,000 132,658 1,132,658
Mobile Home Assistance Programs 55,952 55,952
51. Regis Park {Chelsea Investment Corporation) 1,387,152 750,956 2,138,108
Main Plaza (Alpha ill Development Ine.) 1,500,000 202,479 1,702,479
Los Vecinos (Wakeland Housing and Development Corporation) 5,680,000 371,964 6,051,964
ToW $ 16,500,017 $ 2,882,174 $ 19,382,191
South Bav Community Se17Jices
The Agency entered into a loan agreement with South Bay Community Services, a California non-profit
public benefit corporation. The loan amount of $478,200 was made to enable South Bay Community
Services to' develop a 40-unit affordable multi-family housing rental project to provide housing to low
income families. The note is secured by a deed of trust on certain property and assignments of rents.
Interest accrues annually at 3% of the unpaid principal balance of the note. At Iune 30, 2009, the
outstanding balance of the loan was $478,200 and interest of $130,989 has been deferred.
11-32
O~
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
3. LOANS RECEIVABLE, Continued
South Bav Communitv Services, Continued
The Agency entered into a loan agreement with South Bay Community Services for the acquisition of
property located at 1536 Concord Way for a domestic violence shelter site, other transitional living
programs or housing for very low income families. The loan is secured by a deed of trust and a
promissory note for the properties on behalf of the Agency. Repayment of the loan is limited to annual
payment based on residual receipts. At June 30, 2009, the outstanding balance of the loan was $36,794
and interest of $23,348 has been deferred.
TIle 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 a multi-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, 2009, the outstanding
balance of fue loan was $373,000 and interest of $99,682 has been deferred.
Heritage (South Bay Community Villas, LPJ.
The City entered into a loan agreement with South Bay Community Villas, LP. 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 shall accrue 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 paid. At June 30,
2009, the outstanding balance of the loan was $4,400,000 and interest of $997,710 has been deferred.
CJ1Ula Vista Rehabilitation CHIP Loans
The Chula Vista Rehabilitation Community Housing Improvement Program (CHIP) is under the direct
control of the Agency. CHIP offers deferred and low interest rate home improvement loans to qualified
borrowers residing within a target area. Loan repayments are re-deposited into the program cash
accounts and are redistributed as future loans. At June 30,2009, the outstanding balance of the loan was
$1,372,036 and interest of $172,388 has been deferred.
Park Villa"e Avarhnents (Civic Center Barrio Housing Corooration)
In 1991, the Agency entered into a loan agreement with the Civic Center Barrio Housing Corporation, a
-'CaJuornia non-profit public benefit corporation. The loan was made for the purchase of land and the
development of a 28-unit low income housing project During 1992, the loan was assigned to Park
Village Apartments Ltd., a California limited partnership in which Civic Center Barrio Housing
Corpora tion is the managing general partner. The loan is secured by a deed of trust on the property and
assignment of rents. Principal and interest are payable monthly. Interest accrues annually at 5% of the
unpaid principal balance of the note. At June 30,2009, the outstanding balance of the loan was $216,883.
11-33
00
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
3. LOANS RECEIVABLE, Continued
Rancho Buena Vista Housing (Chelsea Investment Corporation)
The Agency has loaned $1,000,000 to ClC 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 shall be
repaid over fifty-five (55) years and shall accrue at the simple interest rate of three (3 %) percent per
annum. Payment of principal and interest, or portions thereof, on the loan shall be made on an annual
basis, out of a fund equal to fifty (50%) percent of the net cash flow of the project. At June 30,2009, the
outstanding balance of the loan was $1,000,000 and interest of $132,658 has been deferred.
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 trust 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, 2009, the outstanding balance of the loan was $55,952.
St. Re0s Park (Chelsea Inveshnent Corporation/Sunbow Services Co., LLC)
The Agency entered into a loan agreement with Chelsea Investment Corporation for the acquisition and
rehabilitation of the 119-unit Pear Tree Apartments at 1025 Broadway. All units will be affordable to
low income households. The loan is secured by a deed of trust and will accrue 6% interest for 52 years.
Payment of principal and interest shall be made on an annual basis out of a fund equal to 90% of the
residual receipts. At June 30, 2009, the outstanding balance of the loan was $1,387,152 and interest of
$750,956 has been deferred.
Main Plaza (Alpha III DeveloV11lent Inc.)
The Agency entered into a loan agreement with Main Plaza, LP (Borrower) to assist the borrower in
acquiring and improving certain real property for occupation by very low, lower and low and moderate
income households. The total loan amount is $1,500,000 and bears an interest rate of 3% per annum.
The loan shall be due and payable on the date that is 55 years from the date of the Agency's issuance of
the Certificate of Completion. At June 30, 2009, the outstanding balance of the loan was $1,500,000 and
interest of $202,479 has been deferred.
Los Vennos (Wakeland Housing and DeveloV11lent Corvoration)
The Agency entered into a loan agreement with Wakeland Housing and Development Corporation to
O"assist the borrower in constructing 41 affordable multi-family apartment units for occupancy by
extremely low, very low and 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 arumal 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 improvement are placed in service, at which time all principal and unpaid interest shall be due and
payable. At June 30, 2009, the outstanding balance of the loan was $5,680,000 and interest of $371,964
has been deferred.
11-34
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
4. INfERFUND TRANSACTIONS
A. Due To and Due From Other Funds
As of June 30, 2009, balances were as follows:
Due from other funds
Due to other funds
Town Centre II
Otay Valley
SouthwESt
Merged
Capital Projects
Total
Governmental Activities:
Bayfront/Town Centre I Capital Projects
Total
$
$
505,179 $
505,179 $
505,179
505,179
B. Advance To and Advances From Other Funds
Advance from other funds
Town Centre II
Otay Valley
Bayfrontl SOUthwESt
Town Centre I Merged Projects
Debt Service Debt Service Total
45,126 $ 4,691,249 $ 4,736,375
45,126 $ 4,691,249 $ 4,736,375
Advance 10 other funds
Govemrnenial Activities:
Bayfront/T own Centre I Capital Projects $
Total $
,11-35
27
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
5. CAPITAL ASSETS
A. Government-Wide Financial Statements
Changes in capital assets during the year ended June 30, 2009, were as follows:
Balance
Prior Period
Balance
July 1, 2008 Adjushnents
Additions
Deletions
June 30, 2009
Governmental activities:
Capital assets, not being depreciated:
Land
Tutal capital assets, not being depreciated
$ 7,530,052
7,530,052
$
$ 2,260,925
2,260,925
$
$ 9,790,977
9,790,977
Capital assets, being depreciated:
Buildings and improvements
Machinery and equipment
Total capital assets, being depreciated
2,386,218 2,386,218
12,000 12,000
2,398,218 2,398,218
(931,947) (47,724) (979,671)
1,466,271 (47,724) 1,418,547
$ 8,996,323 $ 2,260,925 $ (47,724) $ $ 11,209,524
Less accumulated depreciation
Net capital assets, being depreciated
Total capital assets, net
Depreciation expense of the Agency for the year ended June 30, 2009, was $47,724 and was charged
entirely to the general government function of the Agency.
6. LONG-TERM DEBT
Long-term debt consisted of the following at June 30, 2009:
Classification
Balance Balance Due in Due in more
July I, 2008 Additions Deletions June 3D, 2009 one year than one year
ERAF Loans
2005 $ 575,000 $ $ (70,000) $ 505,000 $ 75,000 $ 430,000
2006 790,000 (80,000) 710,000 85,000 625,000
Advances front City of Chula Vista 30,751,207 1,004,382 (5,542,473) 26,213,116 26,213,116
Tax Allocation Bonds
2000 TAB 15,110,000 (15,110,000)
2006 Senior TAB Series A 13,040,000 (460,000) 12,580,000 480,000 12,100,000
2006 Subordinate TAB Series B 12,035,000 (410,000) 11,625,000 425,000 11,200,000
2008 TAB Refunding 21,625,000 21,625,000 21,625,000
Less: bond discounts (457,704) (579,161) 44,774 (992,091) (44,774) (947,317)
Total $ 71,843,503 $ 22,050,221 $ (21,627,699) $ 72,266,025 $ 1,020,226 $ 71,245,799
, , -3 6
28
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
6. 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 follows:
Year End ing
June 30, Principal Interest Total
2010 $ 75,000 $ 25,570 $ 100,570
2011 80,000 22,118 102,118
2012 80;000 18,354 98,354
2013 85,000 14,526 99,526
2014 90,000 10,356 100,356
2015 95,000 5,880 100,880
Total $ 505,000 $ 96,804 $ 601 ,804
ERAF Loan - 2006
In May 2006, the Agency entered into a loan agreement with the California Statewide Communities
Development Authority in the amount of $930,000 to finance their 2006 share of ERAF payments to the
County Auditor. Interest is payable semi-annually on February 1 and August 1 at interest rates ranging
from 5.28% to 5.67%,
The annual debt service requirements for the ERAF Loan - 2006 is as follows:
Year Ending
June 30, Principal Interest Total
2010 $ 85,000 $ 40,632 $ 125,632
2011 90,000 35,996 125,996
2012 95,000 31,052 126,052
2013 100,000 25,784 125,784
2014 105,000 20,194 125,194
"---- 2015-2016 235,000 22.074 257,074
Total $ 710,000 $ 175,732 $ 885,732
11-37
on
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
6. LONG-TERM DEBT, Continued
Advances from the City of Chula Vista
At June 30, 2009, the outstanding balance of the Advances from the City of Chula Vista was $26,213,115.
The proceeds of the advances were to fund capital 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.
Tax Allocation Bonds
2000 Tax Allocation Bonds
In October 2000, the Agency issued $17,000,000 2000 Tax Allocation Bonds, to provide funds to fund a
reserve account, to pay the expenses of the agency in connection with the issuance of the bonds and to
finance or refinance certain redevelopment activities. The bonds consist of $9,535,000 serial bonds
which mature from 2001 to 2030 in amounts ranging from $100,000 to $715,000 and term bonds of
$1,440,000 and $6,025,000 which mature in 2022 and 2029, respectively. Interest is payable semiannually
on March 1 and September 1 at interest rates ranging from 4.30% to 5.375%. The bonds are subject to
optional redemption on any interest payment date on or after September 1, 2004, 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, 2009, was $0. This was refunded by 2008
Tax Allocation Refunding Bonds.
2006 Senior Tax Allocation Refundin!? Bonds, Selies 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 BayfrontjTown 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 Low and Mod
Income Housing Project. The bonds consist of serial bonds which mature in 2028. Interest is payable
semiannually on March 1 and September 1 at interest rates ranging from 4.00% to 4.60%. The bonds are
subject to optional redemption on any interest payment date 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 balance outstanding at June 30, 2009 was $12,580,000.
11-38
M
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
6. LONG-TERM DEBT, Continued
Tax Allocation Bonds, Continued
2006 Senior Tax Allocation Refundin5! Bonds, Series A Continued
The annual debt service requirements for the 2006 Senior Tax Allocation Refunding Bonds, Series A
outstanding at June 30, 2009 were as follows:
Year Ending
June 30, Principal I nteres t Total
2010 $ 48 0,000 $ 537,545 $ 1,017,545
2011 SOO,OOO 517,945 1,017,945
2012 520,000 497,545 1,017,545
2013 540,000 474,995 1,014,995
2014 565,000 450,133 1,015,133
2015- 2019 3,205,000 1,860,009 5,065,009
2020-2024 3,935,000 1,101,059 5,036,059
2025- 2028 2,835,000 223,918 3,058,918
Total $ 12,580,000 $ 5,663,149 $ 18,243,149
2006 Subordinate Tax Allocation Refundin,? 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 BayfrontjTown 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 consistof $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, 2009 was
$11,625,000.
11-39
31
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
6. LONG-TERM DEBT, Continued
Tax Allocation Bonds, Continued
2006 Subordinate Tax Allocation Bonds, Series B
The annual debt service reqillrements for the 2006 Subordinate Tax Allocation Refunding Bonds, Series
B outstanding at June 30, 2009 were as follows:
Year Ending
June 30, Principal Interest Total
2010 $ 425,000 $ 569,199 $ 994,199
2011 440,000 551,084 991,084
2012 460,000 531,384 991,384
2013 480,000 510,234 990,234
2014 500,000 487,934 987,934
2015-2019 2,890,000 2,045,606 4,935,606
2020-2024 3,690,000 1,218,879 4,908,879
2025-2028 2,740,000 248,063 2,988,063
Total $ 11,625,000 $ 6,162,383 $ 17,787,383
2008 Tax Allocation Refundin~ Bonds
In July 2008, the Agency issued the 2008 Tax Allocation Refunding Bonds in the amount of $21,625,000
to refinance the Agency's outstanding Merged Redevelopment Project 2000 Tax Allocation Bonds, to
satisfy tJ:le reserve requirement for the Bonds, to provide for the costs of issuing the Bonds, and to
provide funds to finance or refinance redevelopment activities. The bonds consist of $11,570,000 serial
bonds which mature from 2014 to 2028 in amounts ranging from $575,000 to $1,020,000 and term bonds
of $3,345,000 and $6,710,000 which mature in 2031 and 2036 respectively. Interest is payable
semiannually on March 1 and September 1 at interest rates ranging from 4.00% to 4.94 %. The bonds are
subject to optional redemption on any interest payment date on 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, 2009 was $21,625,000.
11-40
0"
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
6. LONG-TERM DEBT, Continued
Tax Allocation Bonds, Continued
2008 Tax Allocation Refunding Bonds
The annual debt service requirements for the 2008 Tax Allocation Refunding Bonds outstanding at
June 30, 2009 were as follows:
Year Ending
June 30, .
2010
2011
2012
2013
2014
2015- 2019
2020- 2024
2025-2029
2030- 2034
2035-2036
Principal
Interest Total
$ 963,636 $ 963,636
963,636 963,636
963,636 963,636
963,636 963,636
963,636 963,636
4,516,581 7,626,581
3,823,737 7,608,737
2,914,257 7,589,257
1,712,984 7,557,984
306,138 4,516,138
$ 18,091,877 $ 39,716,877
$
3,110,000
3,785,000
4,675,000
5,845,000
4,210,000
Total $ 21,625,000
Defeasance of Tax Allocation Bonds
In July 2008, the Agency refunded the 2000 Tax Allocation Bonds in the amount of $15,110,000 with the
$21,625,000 2008 Tax Allocation Bonds. The net proceeds of $20,409,050 were used to purchase direct
obligations for which the full faith and credit of the United States are pledged. These securities were
deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments of
the refunded debt. As a result, a portion of these bonds were considered defeased and removed from
the City's long-term debt. At June 30,2009, the outstanding balance of the defeased portion of the Tax
Allocation Bonds was $15,110,000.
Pledged Revenues
The Agency has pledged tax revenues to the repayment of the Agency's debts through the final
maturity of the Bonds, or early retirement of the Bonds, whichever comes first.
-Tax revenues consist of tax increment revenues allocated to the Agency's project areas pursuant to
Section 33670 of the Redevelopment Law excluding that portion of such tax increment revenues
required to be paid under Tax-Sharing Agreements unless the payment of such amounts has been
subordinated to payment of debt services on the Bonds. Tax increment received in 2008-2009 was
$13,781,681 and total debt service of all Tax Allocation Bonds paid was $3,362,522. The Bonds required
25 % of net revenues. In future years, annual principal and interest payments on the Tax Allocation
Bonds are expected to require 31 % of tax increment revenues.
11-41
33
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
7. DEFERRED REVENUES
A. Fund Financial Statements
Deferred revenue as of June 30,2009 was reported as follows:
Principal Interest Total
Loans receivable:
South Bay Community Services $ 887,994 $ 254,019 $ 1.142,013
Heritage (South Bay Community Villas LP.) 4,400.000 997,710 5.397,710
Chula Vista Rehabilitation CHIP Loans 172,388 172,388
Rancho Buena Vista Housing (Olelsea Investment Corporation) 1,000,000 132,658 1,132,658
St. Regis Park (Chelsea Inveshnent Corporation) 1,387,152 750,956 2,138,108
Main Plaza (Alpha III Development Inc.) 1,500,000 202,479 1,702,479
Los Vecinos (Wakeland Housing and Development Corporation) 5,680,000 371,964 6,051,964
Advances to other funds 1,119,986 1,119,986
Other 440,171 440,171
Total $ 15,295,317 $ 4,002,160 $ 19,297,477
8. COMMITMENTS AND CONTINGENOES
A. Litigation
In addition, the Agency is a defendant in certain legal actions arising in the normal course of operations.
In the opinion of management, any liabilities resulting from actions, except for those already disclosed,
will not have a material adverse effect on the Agency's financial position.
B. Commitment to the City's General Fund
The City's General Fund has loaned a cumulative amount of $694,173 to the Agency for unreimbursed
services rendered by City staff. It is anticipated that the Agency will repay this loan from tax increment
revenues. Currently, tax increment revenues are used to pay for related debt service expenditures 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. The Agency will record the contingent payable when payment is assured
11 -42
~"
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
9. RISK MANAGEMENT AND SELF INSURANCE PROGRAMS
The Agency participates in a self-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, 2009, are dependent upon future developments, the
Agency's management believes that amounts paid are sufficient to cover such losses. Pre1illums paid by
the Agency for the year ended June 30, 2009, were $15,688.
Citywide information concerning risks, insurance policy linDts, deductible and designation of general
fund balance for the year ended June 30, 2009, may be found in the notes of the City's basic financial
statements.
10. DEFIm FUND BALANCE
At June 30, 2009, the following funds had fund balance deficits:
Fund
Fund Type
Major Governmental Fund
Deficit
Debt Service Fund
$ (2.564,783)
Debt Service Fund - The Debt Service Fund had an accumulated deficit of $(2,564,783), which resulted
from issuance of bonds.
11. UNRESTRICTED NET ASSET (DEFIOT)
The unrestricted net assets (deficit) of $52,313,311 is expected to be recovered from future tax increment.
In fact, the Agency, under State Law, needs to show indebtedness in order to be eligible to receive tax
increment.
11-43
q,
Redevelopment Agency of the City of Chula Vista
Notes to Basic Financial Statements, Continued
For the year ended June 30, 2009
12. PRIOR PERIOD ADJUSTMENTS
Fund Financial Statements
The Agency recorded the following prior period adjusbnents:
Land held for resale
The Agency determined that lands owned by the Agency are used for other purposes other than
resale.
According, fund balance of the BayfrontjTown Centre I Capital Projects Fund was restated as follows:
Govemmedal Fund
BayfrontjTown Centre I Capibl Projecls Fund
Prior Period
Fund Balance Adjustmenls
as Previously Land Held Fund Balance
Reported for Resale as Resbted
$ 3,&12,540 $ (2,260,925) $ 1,581,615
13. SUBSEQUENT EVENTS
State Bud"et Crisis
Subsequent to the financial statements date of June 30, 2009, the State of California (State) enacted
legislation authorizing a two-year takeaway of Redevelopment Agency funds. The estimated impact on
the Redevelopment Agency is $4,160,694 in 2009-2010 and $855,797 in 2010-2011. These amounts were
assumed in the 2009-2011 Budget. This takeaway action is being litigated by the California
Redevelopment Association and other parties with hope that it will be considered unconstitutional as
was last year's State proposed takeaway.
11 -44
,<
REQUIRED SUPPLEMENTARY
INFORMATION
11-45
19
Redevelopment Agency of the City of Chula Vista
Required Supplementary Information
For the year ended June 30, 2009
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 Resolution. The legal level of
budgetary control is at the department level. Any budget modification, which would result in an
appropriation increase, requires Board of Directors approval. The Executive Director and Finance
Director are jointly authorized to transfer appropriations within a departmental budget. Any
appropriation transfers between departments require Board of Directors approval.
Reported budget figures are as originally adopted or subsequently amended plus prior year continuing
appropriations. Such budget amendments during the year, including those related to supplemental
appropriations, did not cause these reported budget amounts to be significantly different than the
originally adopted budget amounts. All appropriations which are not obligated, encumbered or
expended at the end of the fiscal year lapse become a part of the unreserved fund balance which may be
appropriated for the next fiscal year.
An annual budget for the year ended June 30, 2009, was adopted and approved by the Board of
Directors for the special revenue and debt service funds. These budgets are prepared on the modified
accrual basis of accounting except that encumbrances outstanding at year-end are considered as
expenditures. The budgets of the capital projects funds are primarily long-term budgets, which
emphasize major programs and capital outlay plans extending over a number of years. Because of the
long-term nature of these projects, annual budget comparisons are not considered meaningful, and
accordingly, no budgetary information for capital projects funds is included in the accompanying basic
financial statements.
11-46
on
Redevelopment Agency of the City of Chula Vista
Required Supplementary Information, Continued
For the year ended June 30, 2009
1. BUDGETARY INFORMATION, Continued
Bud,?etal1/ Comparison SchedLlle, Low-Moderate Income Housin!? Special Reve71Lle FLlnd
Budgeted Amounts Actual Variance with
Original Final Amounts Final Budget
Revenues:
Use of money and pTOperty $ 33,169 $ 33,169 $ 166,056 $ 132,887
Other 12,600 12,600
Total revenues 33,169 33,169 178,656 145,487
Expenditures:
Current:
General government 1,468,334 1,609,374 896,670 712,704
Total expenditures 1,468,334 1,609,374 896,670 712,704
REVENUES OVER
(UNDER) EXPENDITURES (1,435,165) (1,576,205) (718,014) 858,191
Other Financing Sources (Uses)
Transfers in 2,696,580 2,696,580 2,756,337 59,757
Transfers out (117,102) (117,102) (117,102)
Total other financing sources (uses) 2,579,478 2,579,478 2,639,235 59,757
Net change in fund balance $ 1,144,313 $ 1,003,273 1,921,221 $ 917,948
Fund balance:
Beginning of year 4,546,369
End of year $ 6,467,590
11 -47
21
Redevelopment Agency of the City of Chula Vista
Required Supplementary Information, Continued
For the year ended June 30, 2009
1. BUDGETARY INFORMATION, Continued
Budgetanl Comval'ison Schedule, RDA Housing Pro\'ram Svecial Revenue Fund
Budgeted Amounts
Original Final
Actual Variance with
Amounts Final Budget
$ 9,507 $ 9,507
(4,000) (4,000)
5,507 5,507
Revenues:
Use of money and property
Oilier
$
$
Total revenues
Expenditures:
Current
General goverIUllent
Total expenditures
41,539 176,759 (135,220)
41,539 176,759 (135,220)
(41,539) (171,252) (129,713)
$ $ (41,539) (171,252) $ (129,713)
REVENUES OVER
(UNDER) EXPENDITURES
Net change in fund balance
Fund balance:
Beginning of year
End of year
$
5,626,013
5,454,761
11-48
22
~
This page intentionally left blank
11-49
""
SUPPLEMENTARY INFORMATION
,
.,i
I
"
I
I
i
11-50
87
Redevelopment Agency of the City of Chula Vista
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
BayfronifI'own Centre I Debt Service Fund
For the year ended June 30, 2009
Final Actual Variance with
Budget Amounts Final Budget
Revenues:
Use of money and property $ $ 130,947 $ 130,947
Other 280 280
Total revenues 131,227 131,227
Expenditures:
Debt service:
Principal 955,900 955,900
Interest and fiscal charges 1,519,452 1,389,703 129,749
Total expenditures 2,475,352 2,345,603 129,749
REVENUES OVER
(UNDER) EXPENDITURES (2,475,352) (2,214,376) 260,976
Other Financing Sources (Uses)
Proceeds from advances from City of Chula Vista 195,636 195,636
Transfers in 1,175,355 1,1 75,355
Total other financing sources (uses) 1,370,991 1,370,991
Net change in fund balance $ (2,475,352) (843,385) $ 1,631,967
Fund balance:
Beginning of year 3,630,860
End of year $ 2,787,475
11-51
88
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, 2009
Final Actual Variance with
Budget Amounts Final Budget
Revenues:
Use of money and property $ 74,000 $ 85,493 $ 11,493
Other 201 201
Total revenues 74,000 85,694 11,694
Expenditures:
Current:
General govemment 1,273,760 1,300 1,272,460
Debt service:
Principal 64,100 64,100
Interest and fiscal charges 1,213,734 2,423,462 (1,209,728)
Bond issuance cost 844,584 (844,584)
Total expenditures 2,551,594 3,333,446 (781,852)
REVENUESQVER
(UNDER) EXPENDITURES (2,477,594) (3,247,752) (770,158)
Other Financing Sources (Uses)
Bond discount (579,161) (579,161)
Refunding bond issued 17,093,000 17,093,000
Payments to escrow agent trust (15,110,000) (15,110,000)
Proceeds from advances ITom City of Chula Vista 808,746 808,746
Repayment of advances from City of Olula Vista (5,542,473) (5,542,473)
Transfers in 3,094,634 8,765,742 5,671,108
Transfers ou t (300,000) (2,545,615) (2,245,615)
Total other financing sources (uses) 2,794,634 2,890,239 95,605
Net change in fund balance $ 317,040 (357,513) $ (674,553)
Fund b'aJance:
Beginning of year (2,207,270)
End of year $ (2,564,783)
11-52
89
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Caporicci & Larson, CPAs
fpun
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4858 Mercury Street, Suite 106
ISan Diego
I~A 1__-,
92111. .
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i!&~~~~~&)2;.t~\iiMlill!&~~~\K'_W.i.~i~~~lk}1.tilt~~ITm)lk1~ft~'fu.~f.JN~~'tI:'JJl.'~u.'i!~j,'".$J~:~,ii!i~~l'f.~4sP..!'u!t!:!!LtMJgJ1PNj' .'J~' . ~W~c1.KIIHIDDim:u;_~Jl2a\' '" ,'. UWi~
Fiscal Year f~tJmWt0il~{t{gP:~~;!
Indicate Only Those Achievements Completed During the Fiscal Year of this Report as a Direct Result
of the Activities of the Redevelopment Agency.
Please provide a description of the agency's
activities/accomplishments during the past
year.
(Please be specific, as this information will
be the basis for possible inclusion in the
publication.)
~~f.l~sr~m~~~~~t~J~j
~
~
During the fiscal year ended June 30, 2009, the Chula Vista Redevelopment
Corporation (CVRC) continued to take foundational actions to facilitate
development activities within the City's Redevelopment Project Areas and to
improve upon the redevelopment process and procedures. The CVRC Board of
Directors held workshops to discuss organizational matters about the CVRC,
including roles and responsibilities, structure and processes, and interaction
between the Board of Directors and staff, the Redevelopment Agency budget,
opportunities within the H Street Corridor, and revitaHzatJon of the western part of
the City.
I
01
~
Unfortunately, in the past year Chula Vista's and the nation's economic conditions
worsened. Given the current credit crisis and low consumer confidence, the
Agency is currently experiencing a slow down and in some circumstances a halt in
development activity.
In the Bayfront project area, a joint San Diego Port Authority and the City Bayfront
I master planning effort is underway to help facilitate .development of the largest
1 parcels of undeveloped waterfront property in California. In order to Increase the
economic development potential for the land south of H Street adjacent to the
Manna in the Bayfront Redevelopment Project Area, the Agency had previously
entered into a series of agreements with the Port of San Diego and SF Goodrich to
relocate and consolidate the campus of one of the City's largest employers.
In the Town Center t project area, the Agency continued its efforts to provide
efficient public parking for patrons and employees within the Third Avenue Village.
i1~k'i!I~~~I1J~'
Enter the amount of square
footage completed this year by
building type and segregated by
new or rehabilitated construction.
Commercial Buildings
Industrial Buildings
Public Buildings
Other Buildings
Total Square Footage
Enter the Number of Jobs Created
from the Activities of the Agency
Square Footage Completed
New
Construction
I-
I
I I
L--____~
[.~__-=.~.__.._.._...~..Q..l
r- ---------::J
Rehabllltatedl
I I
,
I
I
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C-
-L__...i
h
P
._ __Q.J
A=UtUities B=Recreation C=Landscaping D=Sewerl Stann E=Str8etsl Ro ds
F=BusfTransit
Types Completed
~
.~
I
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en
:~J~.~~~:~,~fJ;tFlflr.~lli~~T~i~~~r~~10~1&~Jliii~.I{!~~~11YJ~~[~1}1!jjJ1~m:~F{~~r;y]1PJ.l~nt.I~gm1~'l~E!~~tVlfrt~~~~l~~l~r0}tt~~NE~t~,~f2~;)!!~~~r:~
~m<~mr;'<..::,~.}'I'f,l"'lYll~. .'.::".~'t':""" )~, m-r,".
Achieveme"nt'lnformation (Unaudited)
Parking is considered an integral part of the City's efforts 10 improve the viability of
downtown Chula Vista. The Agency completed the Downtown Parking
Management Plan and contracted with Ace parking for management services. In
the next coming year, staff will begin construction of the 'fhird Avenue Streetscapo
Master Plan improvements that will enhance the look of the curb, gutter. sidewalks
and crosswalk in the d"strct along with new street furniture and lighting.
In the Town Center H project area, the Agency entered into an agreement with
Urban Land Institute (ULI) to assist staff in understanding the challenges and
opportunities associated with the development at the former City corporation yard
("Corp Yard") located at 707 F Slreet, adjacent to the E Street Trolley Station. The
Agency anticipates receiving the report prepared by UU prior to the end of 2009.
In the Southwest projecl area, in early 2009, the City along with community
partners concluded a community-building initiative in Southwest Chuta Vista. The
Southwest United in Action (SUA) croated new networks of stakGholders and new
, partnerships that will help the city betler understand community priorities, and
aUract and leverage resources to take action. The City of Chuta Vista concluded
the SUA process with a leadership conference stewardship of the process,
Southwest United in Action is striving to provide new opportunities for the
community to have a stronger voice in locat civic life in ways that are relevant and
culturqtly-sensitive to the community. This process aims to identify and support
those opportunities, as welt as the community's priorities for improvoment
~~itiatiyes a~d tha appropriate par;ners from all seC!~rs of ~.he community.
Achievement Information (Unaudited)
i
12/3/ 009
I
I
I
~Page'2 .
Fiscal Year
Was the Report Prepared from Audited Financial Data,
and Did You Submit a Copy of the Audit?
Indicate Financial Audit Opinion
If Financial Audit is not yet Completed, What is the
Expected Completion Date?
If the Audit Opinion was Other than Unqualified, State
Briefly the Reason Given
~
~
Was a Compliance Audit Performed in Accordance with
Health and Safety Code Section 33080.1 and the State
Controller's Guidelines for Compliance Audits, and Did
You Submit a Copy of the Audit?
I
(J'I
'"
Indicate Compliance Audit Opinion
If Compliance Audit is not yet Completed, What is the L_
Expected Completion Dale?
_!~'I
If compliance opinion includes exceptions,
stale the areas of non-compliance, and
describe the agency's efforts to correct.
I Unqualifiedl
1-----------]
I
I
l._____
_.I
Ye,l
IUnqualified
~iF.~n,?R1lH/
>;'Wil'dIt'iJ1n
Please Provide .a Brief Description of
the Activities for this Project Area
During the Reporting Year.
~tr~lN1B~~.dij;f)};1
..,.
~
In the Bayfront project area, a joint
San Diego Port Authority and the
City Bayfront master planning effort
IS underway to help facilitate
development of the largest parcels
of undeveloped waterfront property
in California. In order to increase
the economic development potential.
for the land south of H Street
adjacent to the Marina in the
Bayfront Redevelopment Project
Area, the Agency had previously
entered in(o a series of agreements
wilh the Port of San Diego and SF
Goodrich 10 relocate and consolidate i
the campus of one of the City's r
largesl employers. f
~
I
C11
.....
in the Town Center t project area,
the Agency continued its efforts (0
provide efficient public parking for
patrons and employees within the
Third Avenue Village. Parking is
considered an integral part of the
City's efforts to improve the viability
of downtown Chula Vista. The
Agency completed the Downtown
I Parking Management Plan and
contracted with Ace parking for
Repayment of Indebtedness (Year Only)
Effectiveness of Plan (Yeor Only)
New Indebtedness (Year Only)
Size of Project Area in Acres
Percentage of Land Vacant at the Inception of the Project Area
J-Iealth and Safety Code Section 33320.1 (xx.x%)
Percentage of Land Developed at the Inception of tho Project Area
Health and Safety Code Section 33320. 1 (xx.x%)
Objectives of the Project Area as Set Forth in the Project Area Plan
(Enter the Appropriate Coders) in Sequence as Shown)
R "" Residential I "" Industrial C = Commercial P = Public 0 = Other
Forwarded from Prior Year?
Enter Code for Type of Project Area Report
P = Standard Project Area Report
L = Low and Moderate Income HousIng Fund
0= Olher Miscellaneous Funds or Programs
Does Ihe Plan Include Tax Increment Provisions?
Date Project Area was Established (MM-DD- YY)
Most Recent Dalo Project Area was Amended
Did this Amendment Add New Territory?
Most Recent Dale Project Area was Merged
Will this Project Area be Carried Forward to Next Year?
Established Time Limit:
fri\f:C'WiiI)'~f ""'w "
,~:&, "'''''''i"j" ~~'l;>~ l' -_ (~0lrJ
I _~_~
A:;: Administrative Fund
M = Mortgago Revenue Bond Program
S = Proposed (Survey) Project Area
I 'Yesl
I 7/1/19741
I' 7/28/20001
I__':I~
1-----4/22/19861
1 Ye~
L, 20391
! 20291
L-----_____
r-- 2-~~
1,1_~
-----.--- ---I
I 3.0
,
l
--I
97.0i
[
.RICPO,
Project Are'Report
Town Center II, Otay Valley, Southwest
Merged Project Areas .
Project Area Name
Fiscal Year
2009
Please Provide's Brief Description of
the Activities for this Project Area
During the Reporting Year.
If'I't,\''h\'Nik~'',jJ'Yij'sl
;,;,>";r.~B'"",~if<,, '-I'l'-~1t,.;__.,_
I pI
Forwarded from Prior Year?
Enter Code for Type of Project Area Report
p ;:: Standard Project Area Report
L =:: Low and Moderate Income Housing Fund
0= Other Miscellaneous Funds or Programs
Does the Plan Include Tax J~crement Provisions?
.'A~tivitV.HoDo_rt.. ;~
In the TOWIl Center II project area,
the Agency entered into an
agreement with Urban Land Institute
(ULI) to assist staff in understanding
the challenges and opportunities
associated with the development at
the former City corporation yard
("Corp Y ard~) located at 707 F
Street. adjacent to the E Street
Trolley Station. The Agency
anticipates receiving the report
prepared by UU prior to the end of
2009.
A:: Administrative Fund
M = Mortgage Revenue Bond Program
S :: Proposed (Survey) Prajeel Area
YeS]
8/13/1978[
7/25/20061
Nol
12/1/20001
Ye;1
(MM-DD-YY)
Date Project Area was Established
Most Recent Date Project Area was Amended
Old this Amendment Add New Territory?
Most Recent Date Project Area was Merged
Will this Project Area be Carried Forward to Next Year?
Established Time limit:
Repayment of Indebtedness (Year Only)
Effectiveness of Plan (Year Only)
New Indebtedness (Year Only)
Size of Project Area in Acres
Percentage of Land Vacant at the Inception of the Project Area
Health and Safety Code Section 33320.1 (xx.x%)
Percentage of Land Developed at the Inception of the Project Area
Health and Safety Code Section 33320,1 (xx.x%)
Objectives of the Project Area as Set Forth in the Project Area Plan
(Entar the Appropn'ata Coders) in Sequence as Shown)
R = Residential I = Industrial C = Commercial P = Public O? Other
~
~
I
c.n
00
20491
20341
20341
2.4561
12.01
In the Southwest project area, in
early 2009, the City along with
community partners concluded a
community.buiJding iniliative in
Southwest Chula Vista. The
Southwest United in Action (SUA)
created new networks of
stakeholders and new partnerships
that witt help the city betler
understand community priorities,
and attract and leverage resources
to take action. The City of Chula
Vista concluded the SUA process
with a leadership conference
stewardship of the process,
28.01
R1CPO I
12/3/2009
Page 2
Projecl Area Report
.....
.....
I
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~~~~-~1Tt';'~\m2~~~::'j~;~1i'!"i:~tf}:~;1~{~\@r4~~0fcf1<t\~j~f~~'~i~!~~J1I~i:J\~:~'iIt;Z'W'I~K1i\((;~{D\W'a~~l~;~,:fti~~~f.r~$fA~1a~~~~B~~'~~~{~I(\W!\~i~74';?1;\~1\WJ;nm};lfi<t47!'~';\!-~
M~lii~(i~!,B'j\'t\1~;};)~I;~Ni1~II~i,,%~\~,~\';,:;;;\'i,t~t'X4\%\1;i1'1}1i1~Y;'''i'fOJ,J'.j';~n'M!i!,lftXl ~U'it:"\!~~ffi'l{i.'it!~1t.aHgy,,~:qM~'Y;\~}if,~'Mj,!$k~i~iW1W1b'*Lw,~,~1,(f&0t~&-;l::1:i'i~~'i1~!0::K j
Fiscal Year
2009
Project Area Name
Town Center l/Bayfront Project Area
I
Frozen Base Assessed Valuation
r---252:~
L_304,2:39,~72!
r 556,825,160 I
Increment Assessed Valuation
Total Assessed Valuation
~
~
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';mh~~I;~:;~~:irk~\~I~~~~f~~~~~;;:~[.~{~iw~~~;~Jt{i~riIitJ~f.~!~IiY~~'t~lThil1j~Wl~m[iji~~J~i@:[Qplfj~~l1tr~!}~~li~vJI}1~i~A~;~?lII~)~i~i~~i~'~~~K~t~:~H\W!,~~^
[~!I~
Assessed Valuatlon'Data
Fiscal Year
2009
I
II
I
I
Project Area Name
Town Center- II, Otay Valley, Southwest Merged
Project Areas
Frozen Base Assessed Valuation
I 702,901,8531
r" 872,365,128'
I 1,575,266,981 ,
Increment Assessed Valuation
Total Assessed Valuation
Assessed Valuation Data
12/3/2009
Page 2
Fiscal Year
Project Area Name
Amounts Paid To Taxing
Agencies Pursuant To;
--1
Town Center I/Bayfront Project Area
,
Tax Increment Pass Through Detail
Other Payments
H & S Code
Section 33401
H&SCode
Section 33676
H &S Code
Section 33445
H & S Code
Section 33445.5
H &S Code
Section 33607
Total
County
123,470
_._._1~?3.,.470__...
Cities
School Districts
~
~
I
en
~
Community College District
Special Districts
Total Paid to Taxing
Agencies
Net Amount to Agency
Gross Tax Increment
Generated
I L
I r-
I I-
I I.
L -T- _I
! ..._,____,.~$O .1-- __...__~g._ J
252,3951.___.._ ~2g_39~
223,3481.._ ,_,_g23_,3~8, .1
23,639l_____E3,~~!J.J
11,704 __ _____t1,1,704
_~.63..,556.J__ _.._.J.6.34_,~5_6. J---"
L~....
_JIl,J
JO..'
~11!1~~~~;iliW%t\~Wj.t~~!1~;~~~r~\~~I~;~;'Mr~it~~!~~ill{~~,*~:~r~~~i~i~*1 ...._.~~_p~"8!-~~.~_J
Wi.~~Sl~~tik!~~' ;~~'~t0:\"'\,:lt~k :~ti :JiI~'~W.~i~t:1!(if$lil~%~~,rrf~W#W^W;1 4,693,47 B !
.....
.....
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Fiscal Year,
Project Area Name
Amounts Paid To Taxing
Agencies Pursuant To:
County
Cities
School Districts
Community College District
Special Districts
Total Paid to Taxing
Agencies
Net Amount to Agency
Gross Tax Increment
Generated
Pass-Through'! schoorb'jstrict Assistance
12009
Town Center II, Otay Valley, Southwest Merged Project Areas
Tax. Increment Pass Throug~ DetaU
Other Payments
H&SCode
Section 33401
H&SCode
Section 33607
Total
H & S Code
Section 33676
632,244 167,020 $799,254
150,765 $150,766
658,0521 1 349,258 ~ $1,017,310
69,6711 I 35,788 ! $106,459
37,006 I 1 23,405 $60,412
$1,405,973 .I $0 L $727,238 J $2,134,211
Wik~~~~~1Z~[b~~(~i~.i!~;;~~1 ~~jY_;~fi;?~~~*~#1;:f:~~~li~
!afW;~~t~Jj'?';f~tWI:&:%;it:t\\f1t(i:!~;~;W~ ?;fiB,~~:'~~\:i~~it~"_"e;;,lmj;fi~~~f~~~11~jj"~(l}il9fBl;~~~~;~
, $~,.953,994
9,088,2051
H & S Code H & S Code
Section 33445 Section 33445.5
$0
$0
Pass-Through I School District Assistance
Page 2
12/3/2009
I
II
,
.,
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l~;'~!J/&\\':~L\:bi~t\i~\<~~t~~'3'~~~i\\~~M!p%i~'3l!;~...'~~L,-I,J'it~~U.\~___fJ9L~\~gl.~.__~~;~~{;!,~~,g.lqP_WJM!,,,;;,~gmS,y,tBt~\t1~~~1l~i.i.1i1~~~i;kJi,~..\\)itl~:Mti\~~lp~:~~\~~\\)~li
'I' \~,:#1~1V~~~l1IY\~~iJ}Ji;,~J\i;t:~?1ti~:lf~.',~7:,i':;rW~"!;1'~!'ff~Wf~:4ri~:2f1t1)t1,~;l\0'r\~)~WTj~'in~!~'~'i~r..1J!jil~\'f~~~~'_~~~~1*%~faM' ')!'ill-' 01iY1m\'Ia~J~iiii'"4"~~.~I':~:I~{g6,:\~j~1~~
.!!\~<!:-,~~il:\!':fll.i'''l)f;~~;ll:,~h ;;;'-:; A~~t~e'f1.. Me, - ; e~,~'tpB' ,nC~~~~'i~' Ilm",,_. l'!j~m~~ Ci:'f;\u' ", e,.. ':~l~~q.,!> "1~1;<;'I'\X:WH1\'~o: '~~:Ifl <,_:t~
~~\~~':~\~~,]itttG'i~ttiliWA%~j:i{~~~:~~!~tU~!.{~~;~lMc~rdll\.ii1h~ti\-j;1i~~,lt~~~;l~~~XfiJ.~1~'ifJs.t\I~i~~mf;:t\ltt\%i~~:ji\$:H~~1;L~:~,~I11~(\\l:i~t~~;&t1tr.1~4)lif.tt:~~_;~~~~~{'J~
t~~li~i~;~1I~\li~i~~~~:!ii:.~~~i~~~~l:ffH~~Y:X:W~1~i~itiQ~fi11]~lYJ~'t~[IR~~;~~iji~m~lltl9:'1mY~E;~~i~~~~~{I~'3Iiti:~~~~g~~~~}a
Fiscal Year
Project Area Name
Summary of the Statementoflndebtedness 'Project Area
2009
Tax Allocation Bond Debt [ 39,716,878 I
Revenue Bonds L ,
Other Long Term Debt 1 641,4551
Clly/County Debt I 21,945,5741
Low and Moderate Income Housing Fund [ 18,462,430 I
Other I 34,805,348 I
Total r $115,571,685
~
~ A\lailable Revenues I 23,259,5341
I
m Net Tax Increment Requirements I $92,312,151
.j>.
Summary of the Statement of Indebledness - Project Area
'Page 2
12/3/2009
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i)l,J~]~\'$,bk>>'i:t)~, :~1%i;~ jJlli1ii.Il.llJ'1ll)~ -'lrul&~I!: ~,if>~fuI'lnli&I.\\\"il1~g.:Mtf,:;;%1t ' ~ltiil:lmL\lli!~~&'i&'l:.'{l.thJ_rar"J.lZ~Jt.(;l\~:ttt~l ': '}," , .~ui --'fj " ' iJ:;~: .;, ',- t ... -' -
~f!i%1\~~' ~~,'ij~tf&l("Qfl"{ '_,\\iJ~~Yo\~~I'~;~~'\~' 'W:'R\!~:Wfr.m~"'fi1:i~!~~q;Vl.b!wmwt!'I~Xl}\J~1.~[e,~~~Wff':;$i~iV.,~W;lI~!;'~I~'t~ji:WB.~%l~ti~;!M\~i),!;"~llJl).'i)~\1'II_I'I~~' <<!I"~~!'II:) 1"'~IJ'~~II~ ' i,t\~\\f~'l~"]~
"t\r.(",*'''I1!!'iI.,l,.1jwtiff..I'ft'1.-.-,~ - L','\', ,0 en ~ 1'1 leSn"f' a- ' IrallfalS' C.O S:~1~ )nc~~" '1f1i. ""'~~\' ~ ,\<.:U '.~
\"~',.,,,",J1h ,.~\'"" ,"~,li1~'li"" ,It",",,, "!\g!1,1I!~L"~!lL,,,~t,,,g,!!;,,,,s.,,.,,",,J,,,,,.!Lnf..'i!:,,.,il",,,,.n",,",,",,.,,1i,""ILeP".., I ",,' ~". ",~o/lij ~
Agency Long~Term Debt
12009
ITown Center I/Bavfront Project Area
j
Fiscal Year
~ject Area Name
Forward from Prior Year
1~,~~\Wiilli!j~i!W.!~'M
(City/County Debt
I 19"141
I 4,9g~~
I 4,996,970 I
[9.P~E.~~?ns -
I 19741
C-""""'-2024)
1__~~,,,80,,123",,.j
I I
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1"----"1
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.-.
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
Maturily Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmaturod Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added 10 Principal
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Yoar
Principal Amount In Default
fnteres11n Default
I
en
U1
Bond Types Allowed:
Tax Allocation Bonds; Revenue Bonds; Certificates of Participation; Tax Allocation Notes; Financing Authority Bonds; City/County Debt; US;Stale;
Loans; Lease Obligations; Notes; Deferred Pass-Throughs; Deferred Compensation; Other
g~gi;;:~:r.:;~~j;~~!~i:f~itr;:J~~',!nf,.!;a?':;~!A~;~:WN::1!(:~'1iE;1;qI~~1,~~r~"i~~~Qf~cjf~'i~~i~ii~trR~dl~V~r~:'ltifffi~11~i~'g-"~dti~ID%{~r~~.%}'J11.:;~Xff~;~:~Wq~~f!i:~~j~~~~if)(m'~.~~1:t\t~:~nXpj:1
!ii'~~~,w:~,-,;~p;~"'r:t:'lt:':,;; 'l*;~,,!'-....1fr,l'l)~,:,:~~j.~~l<lO'NI ~,,'~').Jilt%~,~,"\...) ~,.!:'~~~"...'lj'l)l",;.,,,ii71;1're;;.~~;,~;,,,,,."l,o\i.:.U:'I~'!!.o,,,.:!;!;.>;<). tt;'~~I't;1".:.i~4.e:t;. 'F;~'';::0'S)~":i%:i,.~'!:t.,,!i~.J:;.',;,' ~.:.-:J.kt:.~'f6~.,$))>,;,~.b'1;k!~;:"i}~k,fJ.!I"",'i4~"'i4</;, ".t
.);! .".~,~:\l...(f.,:l"':::_"<l\'iib_:il".'1oI,;'I!!~~C";'~';Yh~;~~;1,6U:liIi'~' .d,~~'::i'>W.i~'i...:o1"~""~~w1.>:-'!...".~,i.v.i'.,"_.<Mol:;:."l,.~?I:, ."'\fl)__~~..~J':~:.!t1.<.-~<a...~,..:,.ji."I'i,.....".=""tr=--.........,,,,,,,.~m,"';';'f..J'''',;>~'"
Agency Long-Term Debt
Fiscal Year
Project Area Name
12009 I
ITown CenteJ:l!, Otay Vallev. Southwest Merged Project Areas
~
Forward from P,rior Year ;r;~:~i;(m{tft~~~~~~Wi%
Bond Type ICity/County Debt
Year of Authorization I 19781
Principal Amount Authorized I 61,489,9341
Principal Amount ISSlled I 61,489,9341
Purpose of Issue ~eralions
Maturity Date Beginning Year I 19781
Maturity Date Ending Year I 20381
Principal Amount Unmatured Beginning of Fiscal Year ~ $25,949,8'13
Adjustment Made During Year 1
~ I
~ Adjustment Explanation
I Interest Added to Principal I 808,7461
en
en Principal Amount Issued During Fiscal Year I I
Principal Amount Matured During Fiscal Vear I 5,542.4731
Principal Amount Defeased During Fiscal Vear 1 I
Principal Amount Unmatured End of Fiscal Year t $21,216,146
Principal Amount In Default I
Interest In Default L
l
~
~
Bond Types Allowed:
Tax Allocalion Bonds: Revenue Bonds; Certificates of Participation; Tax Allocation Noles: Flnancil)g Authority Bonds; City/County Debt; US;Slate;
Loans; Lease Obligations; Notes; Deferred Pass.Throughs; Deferred Componsatlon; Other
Agency Long.Term Debt
Page 2
12/3/2009
\')~f;ll\!il[l~W,W\~ftt:.'Ht,W'l,Y ,~?'W~F,~'n{'l;if~'iWr{:lli':Wl'R"-':f,t\nr~Y:'!t~-~:'.;lti'lj[-- ..\'iI;>;31i7,"lt{i,i0'~i~~~:'it:~~t;,l!il:r~-\llitU~?ff':!ifFW'-:'~:r4W~~"'~~:~ht'r,V,,;~~t~~':.,W,WI;?\Wi[?;; \W;C~f;,~tw~.IrVlYJ;l,n~~W~{l;;I' l'iWJ~~:~:t- ~~\j~r;ml~'JfJ,I~'t1~\ilZJ~],!!;11'(\}:'iR:W-i!~f{;:ff\]
$~\t'(\r):,,'i~:<")Pil'i;,\.%;\i;::\-;"~~C;Xi~J,~~_~i~:<V{.'~~-'h;,'''';~'f,i:\~,eae :'C: ' - i; en-tH.:t:-uCle i ," ,J1a' _ - ,I "'mrar,' - - 'J'1S'~ , .aU " "\{'>J;\' j"~ M{Z;~~t;-,)':{\~~ ,i.1J.\i,,>.,,~~~,\.';;X\\\1(,.:I;~:-'i,/,\;1t ";~!l
._'''R"".~.,~kj,A."\".".)\._",-"ii,~;~."..,.1""""t"...,,\,,U.J.li;'_"'>l."'''<'''\-''''~'''''~ "_.,,.,_,J~. _"m~-"^~,,,~,,,,,.,,,. ,c". ."\,."""".,.~",lt,,,_,,",J:1.g.,.~,K<-! ~",."J~~<"~R"""'i~.,g,...,.BI."_.,,,,. .,1"t,~~., _,.",.".,1',,,,;j\~" l"".~\",.,.t.-,.,~',~}l\',,l \d''1",_ ,~.-.\l<
Agency long-Term Debt
Fiscal Year
Project Area Name
[29gi~=-=-=:J
[Q)yn Center IIBavfront Pr~ieci-Ar~;
Forward from Prior Year
-----'-----~
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
ILoans
I 2~
L--3S71-61j
1 387,1611
ri,O- Fund Fyo:I.:o,'-s"EiiAF-p-aYillent to the
~~lL~Y_~~..?~.~..!?l.~~o .
I 20051
r-2oi-~
I ,~,29,:_,021
J
Bond Type
Year of Authorization
~
~
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of FIscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
Princ'pal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
I
----_._~[
I
C1>
.....
L
1---
]
I
,
35;420-1
Interest In Default
,
, ,
L..-......._____..___._...i
L", $255,601 --
L_________~
r--.
Principal Amount Unmatured End of Fiscal Year
Principal Amount in Default
Bond Types Allowed:
Tax Allocation Bonds; Revenue Bonds; Certificates of Participation; Tax Allocation Notes; Financing Authority Bonds; City/County Debt; US;State;
Loans; Lease Obligations; Notes; Deferred Pass-Throughs; Deferred Compensation; Other
Agency: Long.Term Debt
Fiscal Year
Project Area Name
12009 1
ITown Center II, Otay Valley, Southwest Merqed Project Areas
Forward from Prior Year
Bond Type
Year of Authorization
ILoans
I
I
I
Principal Amount Authorized
Prindpal Amount Issued
Purpose of Issue
20051
377,8391
377,8391
To Fund FY 04~05 ERAF Payment to the
County of San Diego
c= 20051
I 20151
I $263,978
I
I
I
I
I
I
I
I
I
~
~
Maturity Date Beginning Year
Maturlty Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Ffscal Year
Principal Amount In Default
Interest In Default
~
I
en
ex>
I
I
34,580 1
I
$249,396
Bond Types AHowed:
Tax Allocation Bonds; Revenue Bonds; Certificates of Participation; Tax Allocation Notes; Financing Authority Bonds; City/County Debt; US;State;
Loans; Lease Obligations; Notes; Deferred Pass-Throughs; Deferred Compensation; Other
Agency Long-Term Debt
Page 4
12/3/2009
'I
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I
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~'i\!If*"'~1\"';~ll";'fi!1'\~t"ilm,~, 1''!!i'''~~~-m'~~~'''''''''''''''~<i!1lr''',rn''''''-:mI'tll''''\''~.','''(q^,''''''lE'~'R''''"'''''''"'II\1l' "lfiiW"\\1f~,'lIJI,w)ijJ'i.~'i""1!illl.' ;~l~\\IiI"
h1;~1v~,'f. <",,~~""'~l'.\',,~~i\\'~~: ,\,~\m:tJt'~:N,~;H:lm\~I;~';iI"if' eue.v,e"a .. , .);~:1:\ - fl', es 1"'1,1. a ct If a at: . u .: - e fI:' "\ b~!JhiW~,f~~\~ .'f' . fA :'{~!l;'~, ,". "1l,.~
~\".\",J\J.,;I,~"~",~,.\\;'\J,,,,_..,^..,t,I~~"':!i<t",.,M~""",.R~i&t\'"~-'''' '''''''''''''';'''l.,.\,_".",J~'!h'' ," jn",_""f"g.~M'~t.^"'"\''' ,.~,,;," .... g'''L,,!,J~ ~!,_!:l~""".,.~.;tl~;Li'L~ .~In "J1};t~..,~, l-.,~J~\),... .>J.~'~"'\J! ..X;,,.,..l ",\, ~,w,,\ ,C\ ';.,~~'~.
Agency Long-Term Debt
Fiscal Year
Project Area Name
12009--'--1
[Town CenteL!!~'!Y!ront Proiect Area
__J
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
fi~~'\l\~li%~e!\i~!m
ILoans
I 20061
L___._.51l~
I 586,830"
Forward from Prior Year
Principal Amount Unmatured End of FIscal Year
To Fund FY 05--06 ERAF Payment to the
Cou_~.~y of San Diego
1__._~0.ll~'
c::: ,~~
L__~?~.,~~L
I
I-=-----_____________--.J
[=::==:::::'J
[ !
L._ 5'0,480'1
~---~
L- ", _!~4.8,O~",
I
1-'
~
Maturity Date Beginning Year
Maturity Date Ending Year
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Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amounl Defeased During Fiscal Year
~
I
en
<D
Principal Amount In Default
Interest In Default
Bond Types Allowed:
Tax Allocation Bonds; Revenue Bonds; Certificates of Participation; Tax Allocation Notes; Financing Authority Bonds; City/County Debt; US;State;
Loans; Lease Obligations; Notes; Deferred Pass~ThrQughs; Deferred Compensation; Other
~~~'t*~\\.f~~~:~~~~i~\tD0t~~~'GiRl~~0~re;~ff~Tr'1~V~1~&~CtW~~~#wl~i'ritWJtl~fri~~l~~~~~if~f.1~ID.~t~~~~~~f*l~~~~lvi;'~
h11.i~~JJ!::11:1tlJ:ij~Q~{t'lf:t~,!~[;,(',i:~.')\l;~fi.l:t}.:~~~;fr~lb5~~.~I;'i~!J.wr~~'I~.~?;.t~iU,~'l.l4:~MLt,~lj~\~~\1~~1\wr~~{j';mJ?1~i!i!~'l/tJ&'i~1,;&~~il1.i!;.t~Z,'i?~~1J~~L1'5,M~1~~~,1~'1~~~\;tjJ.t#~mit\ij';;;?itt;\tl#J.;jL~ri:']!\
~1WJfl~'i;:1tt~~~~1'~t~'lf?JtY-11~jr,'~~R' ~.:;~~-i';"'IJ1,t.~~~'?Jlf~7,lk,*~mml!' ''Z1:~!>;~llii.'''''~~\.'~s'':lllJ;'I'&;m.:;::~~~~;,t~!'-~-#!W!'tRJ\l~''~?~'!,m~_~t;~~::&,ifl:t'ijiI's~~r~m~t~?:;1~~~~n
ri:1!'!4K~1'.'J 1M,," .'G' ;'''i~_i~1'I:1,''l-I-~~; ..(,\~}~i(~1':;ilX' , eu ev, e,' ":M<t ;' eSI\~, " c a Ig,t.!( IJl~ .'" 0 , s~, , OJ,t;Wi'\, Iit,~W'!~J'f~{~f",~r,l;_:c:"I:<w,,~r.,,\,;I,f,1tI").";'_,"i
~'.'L~,";ll'.., _"~,<,",,,"~'I "~"'W"h ~'d\"'h~11,k.,,;u. ....!,lg;..".,..",-,,,.,,,"_,.,~ .SPIll"J). ,,~",:"cg" .J:l'2J '^""''''.' ,!Jl~.J.}. ",t"" ~<I,",..,~.I."",..J~&, J"."11,,;~_..,,,.. ~"J;t"",~(",_,...~\,'~1~..."",~,,,,,',,~,,l',"'''.h,~..~.,",)iil""',,,~b'.I"~"~,,,,,,,,,,
Agency Long-Term Debt
Fiscal Year
Project Area Name
12009 I
ITown Center II, Otay Valley. Southwest Merged Profect Areas
~
Forward from Prior Year
~~~t~~~,N~t4~g~
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
ILoans
1
1
I
20061
343,1701
343,170 I
To Fund FY 05-06 ERAF Payment to the
County of San Diego
20061
20161
$291,510
Principal Amount Unmatured End of Fiscal Year
Principal Amount In Default
Interest In Default
I
I
i
I
I
~
L
1
1
I
I
1
I
I
29,520 I
I
~
~
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued DUring Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
I
.....
o
$261,990 i
Bond Types Allowed:
Tax Allocation Bonds; Revenue Bonds; Certificates of Participation; Tax Allocation Notes; Financing Authority Bonds; City/County Debt; US;State;
Loans; Lease Obligations; Notes: Deferred Pass-.fhroughs; Deferred Compensation; Other
Agency Long- T arm Debt
Page 6
1213/2009
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"Ii',~'. '@l'~I';J:"~"I"\l\il,;ijr1!!l!11"~' .!!If@'A~m8j"''''d'''f!ff'i''I'Th_'''-''tml'!f,~-li1't.~"~. ""ID"'''!i1f''''''''';'''''''''''''''''~J'''~'''''''''''R' """"'''f'''ij' "=!I'~,'fffil'1.i""I~i\\\lt~~.'m;'''~,,,,
~:?~~~ '~"i/' \'IT&. "",')W'~rr;'!;' ,~,.*" 'II' .". ~V 0 - men :.', ,CI~ ;~ ,.I.na c-I )ll~ ." C Q >', e or .*_,,1;#{~,-iWi;.!fi'itl;\,[~\1~f:h(O(!lXi~\il';"~, ;WIil\3?~~'i:'U~
",",ai, "iJ1L,,&, ,l\\L".ll;:)""~"lf,,,'&l.\J,'. .~,_"j;~,,,,Jt,,,..,,,,,,,.~,,,,, lmL...",,,!:i,, ",_",'!L~'i!/.!I\"rgfl~~L !,~!l!1.",~,",R_",~, ,,_. .,J",,,~,~,,,,,_.,,~",,'~"h'
Agency Long-Term Debt
Fiscal Year
Project Area Name
[2009.~
[I9wn Center II, OtaYJli!lli1Y. Southwest ~teIged Proiect Area.s
I
..__----.......J
Forward from Prior Year
1~;;:i\"$i~~~(~i1li~!(il:'l!
~~ Allocation Bonds
C~_,_~
C::=17,000,000 I
i 17,000,0001
t",nance Redevelopment Activities
~,_ 2001'1
r ~
1".___~.j~~!.~.~~~<?~_J.
[ =:=J
C --.J
I I
[" I
,-- 425,~~~J
L 14.685~
j $0 '
_...._._.__._,.____...._....1
I J
I ~
~
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Vear
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount In Default
Interest In Default
~
I
....
~
Bond Types Allowed:
Tax Allocation Bonds; Revenue Bonds; Certificates of Participation; Tax Allocation Notes; Financing Authority Bonds; City/County Debt; US;State;
Loans; Lease Obligations; Notes; Deferred Pass-Throughs; Deferred Compensation; Other
-"~:~f!i~~~~im~
. ,
~f:~;~t':i~~~\{f.r;~;W~~i;:-rJ1ri.W'~5:(~~\~'tl'4t~~'R>::C;!f;'r.i1\1;"!:lili'<c~,~mJ<t~~S'~fr,',f1lt~'Xf-:'lI:~~1'W-~:;~~~~33''i'~f't..~1-'?ffil'.:r':e:..l'Jil'f~t'ic't.1~~Iil;1;:.!.~WrR"~o/i'fFw~{Il~~t&j.{~~W~~_~'. . J~n~'~~~";~r\~l.Ft;
~~;:,,*~:.?5,,"~~~~,-'-L~W- ,1:,"d"'~'l~~-\iJ~} ':l~;-~ . e evelo men -1'1;\. enCteSjfi;..manGla!); ,Tel; sa - ",10 nSj:, ,e .O!~"!"',~J.i:':f1J\1lf.qJ il'tt..;~~~:-?;cl11!,;, lIJ:".1i-f.f~: :rii.,'.1~-
""_""Il''''4"lfl."""~1''''''''''~'~~'''''''''0''~''~'''llo~u;..~;h~,..,,"""".....".!~''''___,P.~,~."....'''""t"...~.g.,'''"._.._"....i.W...".~....,....-."'-',-",",,,A'" ~nCclc.~9"-~...~_",,,,,,,...,,,,,..E.....~,,,,..J"'rl.".,,t;l<>.i'.".>,,, L~".~~~"""""~".~..,.~J,.,_;;,,,,
Agency Long-Term Debt
Fiscal Year
Project Area Name
12009 I
ITown Center IIBavfront Proiect Area
porward frolll Prior Year
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
!Tax Allocation Bonds ~
~-~
I 13,435,000 I
1 13,435,000 I
To refinance the 1994 Tax Allocation
Bonds Series A
1 20071
I 20271
r $13,040,000
1 J
I
I I
I I
I 460,000 1
I 1
I. $12,580,000
1
1
I
~
~
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Oefeased During Fiscal Year
I
......
'"
Principal Amount Unmatured End of Fiscal Year
Principal Amount In Default
Intarest In Default
Bond Types Allowed:
Tax Allocation Bonds; Revenue Bonds; Certificates of Participation; Tax Allocation Notes; Financing Authority Bonds; City/County Debt; US;State;
Loans; Lease Obligations; Note3; Deferred Pass-Throughs; Deferred Compensation; Other .
Agency Long~Tenn Debt
Page 8
12/3/2009
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~;~'~",'tlJji'U:'"h'>f,\1;1l:)'i,;~t~l:'~"if,;},1;i\1,y;'"t'11:',~'d~j"~l\~n):?:ri1tI,\~~.\' .., - J1':il "'" /; ..,. .. , - J,~;J' '" Qe.v,e - - ' IWJ:\: 'Ie:Ji _.,' A"'iH~J~k;r}J:,':~nJ i:.,lir<\l"",g:,",,it,';l{it, ;4.A~,;\l X('~~il\):,' "~V,l,
1.f;%W;;iL~;.WW~;;!t\'i;1it~t'{\~!\i~,MML:4~~t~!.l\il.;~:~l'A~~)~]*ii~~IJ.,,~~'~)~l'~iL;X,.tl~SfI~~bf~J!~iiV~f;'Jii;;rrUi1ti~~'i'f\;l~~:lW,N!';~!J~~~'Killc~)}{tk~tl'ff1~::lwll~~\re~):,:~~J\{I~;~};U\~0,j,\i~~'~!~;igj
','l,;il'll"II\j.'\,~I,';;i"i!i"i'<!\ilj("i~''''I'I~I~,'m~",:~:;:rI"e!lUI<e>l'1!lP!!'l!.""''''rft'''l11"l.lllYli1ll'''i<''III~'t''~''".,..M~""'''''A,''''iJ!!Jl,''''~1!t'l'~~)l\;\~11~~\~W1,W!'lwl~1;\i~!''IW''~I'''~F'lr'~,j
iffijJ:;\;~li:*~\::~i~~~!~,}:~;~1~%,~);;1)~:;.;1i)~h9'ii[t'fi:t~~,l(l1;:)~~)};RH,E,Y.1~,A~..MU\1€t,Q~\l'M:I,ttng~~;L~!.l.\~~~;g_'~'>i\:r:JL,e:~~,9t~\!:J,9.nBJJ~?ftEHg.~,~ahl\l,;X\:Jl;~'~ii)~,~t,i'~'st,~\M;,~v,~t:t(~1t%~t:k\~(~~~,4ii~~
Agency Long-Term Debt
Fiscal Year
Project Area Name
12009 I
JTOW~' CenterJ!!l.~yfront Project A'rea ...
I
,..---
FOlWard from Prior Year
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
~
~
I
....
c..)
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
PrIncipal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount In Default
L
Interest In Default
_J
I__::~..:.::J
Bond Types Allowed:
Tax Allocalion Bonds; Revenue Bonds; Cerfficates of Participation; Tax Allocation Noles; Financing Authority Bonds; City/County Debt; US;Slate;
Loans; Lease Obligations; Notes; Deferred Pass-Throughs; Deferred Compensation; Other
Agency LongwTerm Debt
Fiscal Year
Project Area Name
~09 I
ITown Cent~uL9.1ID' Valley, Southwest MerQed Project Are~Ji
Forward from Prior Year
1~!t~tf~1~~r~~[;~:~~~t~i1(;1M\N
Bond Type
Year of Authorization
ITax Allocation Bonds
20081
21,625,000 I
21,625,000 I
~fund the 2000 Tax Allocation Bonds
I 2014[
I 20361
I
I
I
I
I
I
I
I
I
I
~
~
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
Interest Added 10 Principal
Principal Amount Issued During.Fiscal Year
Principal Amount Matured During Fiscal Year
PrIncipal Amount Dafe-ased During Fiscal Year
Principal Amount Unmatured End of fiscal Year
Principal Amount In Default
Interest In Default
I
--l
.j>o
,~
21,625,000 I
I
I
$21,625,000
Bond Types Allowed:
Tax Allocation Bonds; Revenue Bonds; Certificates of Participation; Tax AHocation Notes; Financing Authority Bonds; City/County Debt; US;State;
Loans; Lease Obligations; Notes; Deferred Pass-Throughs; Deferred Compensation; Other
Agency Long.Term Debt
Page 10
1213/2009
I
-.I
U1
Principal Amount Unmatured Beginning of Fiscal Year
[2Ooii----=::J
fTown Center I/Bayfro~t Project Area
~~Dilll~l~iM
[Mortgage Reve~eB~~~~__~.____~
L_____~
I 16,300,000 I
1--18:30-0,000-1
~!'?tus
) 199~
L___~__~
1_1~!~0-2!~00_:
I -1B,~~0:!.l~.oJ
Fiscal Year..
Project Area Name
Forward from Prior Year
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
Maturity Date Beginning Year
~
~
Maturity Dale Ending Year
Adjustment Made During Year
Adjustment Explanation
This is a conduit debt of the Chula Vista
I lousing Authority which is not affiliated
with the RDA
Principal Amount Issued During Fiscal Year
I
,
-----,
I
Principal Amount Matured During Fiscal Year
Principal Amount Oefeased During Fiscal Year
,
1___-
I
L_____
L_
I
$0
Principal Amount Unmatured End of Fiscal Year
PrinCIpal Amount in Default
Interest in Default
Fiscal Year
Project Area Name
Forward from Prior Year
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
Maturity Date Beginning Year
~
~
Maturity Dale Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
I
......
C1>
Adjustment Made During Year
Adjustment Explanation
[2.909 -I
I!o~n Ce;;ter-USayfront Project Area
Ig€~}f~i!ii"'~~1
~~.~.~_~=_nue Bonds
I _ ___ 19991
1 6,352,500 I
1-----6,35z:~
1Y~li~-serena
20001
- i~
1_____~_~,~1~,5~j
roo -5,712,500.1
~~----]
.J
This is a conduit debt of the Chuta Vista
Housing Authority which is not affiliated
with the RDA
c.::
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I
L-
r
I
Principal Amount Issued During Fiscal Vear
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount in Default
Interest in Default
--~l
I
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...----------"
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Fiscal Year.
12009 J
~o_,^,~ Center I/Bayfront Project Area
J
Project Area Name
FOlWard from Prior Year
ty~2,it~1~{' i". g~):
IMortgag~~e.~enue-Bonds
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
L
20001
5.779.0001
5.779.0'00 I
[Pear Tree Manor
-'
-'
Maturity Date !3eginning Year
Maturity Dale Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
I
I
L-
1
5,04~,.o.09.i
-5.049.0001
20001
203'i'I
,
I
-..J
-..J
This is a conduit debt of the Chula Vista
Housing Authority which is not affiliated
with the RDA
Principal Amount Unmatured End of Fiscal Year
r---
1
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L
$0
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I
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
PrinCipal Amount in Default
Interest in Default
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Fiscal Year.
12009
,Town Center I/Bayfront Project Area
-------1
Project Area Name
Forward from Prior Year
~gI'tl~J1I,]
IMortgage Revenue B.OIid-s.----~1
1~092J
1- 15,384,000 I
l 15,384,000'1
Construction of Heritage Town Canter
Apartments
,------...-------.1
I . 2005.
, I
L-...._____ 2034
1____v._...~~~~9_9~!
1----::i4,664,OO~
This Is a conduit debt of the Chula Vista
Housing Authority which is not affiliated
with the RDA
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
~
~
Maturity Date Beginning Year
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
I
......
CD
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
I J
1-------1
I I
L_
I I
~-______I
$0 i
.....,.-,....._.1
Principal Amount Unmatured End of Fiscal Yoar
Principal Amount in Default
Interest in Default
Fiscal Year,
Project Area Name
[2009 1
(2:own Center IfBayfront pr;;i~ct Area
Forward from Prior Year
'Y:~~Wjt;~I;;1ii lMlf~~~
IMortgage Revenue_~onds
I 20041
[---11."686:OoOl
I 11 ,686,000-1
IConstruction of Rancho Vista Apartment's]
r---zOo6]
L___~
~="._."'~.':" ~._~.~.'P.~-~.j
['-- -11,195,000 I
This i;aZonduit debt of the Chul~Vista I
Housing Authority wh ch is not affiliated
with the RDA
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
Maturity Date Beginning Year
~
~
Maturity Date Ending Year
PrIncipal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
I
....
<0
Principal Amount Matured During Fiscal Vear
r
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Principal Amount Issued During Fiscal Year
L_
Principal Amount Defeased During Fiscal Year
. Principal Amount Unmaturod End of Fiscal Year
Principal Amount in Default
c--
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Principal Amount Unmatured Beginning of Fiscal Year
@09' I
ITown Center IIBayfront Project Area
1Y;~~i~lljl/i~
(Mortgage Revenue BondS~.--._~
e=----2iJOs]
l___ 1,715,000 I
1,715,000 ]
If To fund Ranch Vista Apartments
Construction
L-___J60s1
c==-~
L,_,_~,66.O',OO'!!J
L-----=_~~60.000 ]
J
Fiscal Year,
Project Area Name
Forward from Prior Year
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
......
......
Maturity Date Beginning Year
Maturity Date Ending Year
Adjustment Made During Year
Adjustment Explanatron
This is a conduit debt of the Chula Vista
Housing Authority which is not affiliated
with the RDA
Principal Amount Issued During Fiscal YeaT
Principal Amount Matured During Fiscal Year
I
J
1
1
I
I
L
L_ -I
I'-----~
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount in Default
Interest in Default
$0
:1
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Fiscal Year:'
Project Area Name
~Q!! I
ITown Center I/Bayfront Project Area
i'iiE~l!!A:i\'1*t*'?!~W
IMortgage Reve~ue Bonds
C__~
L__.__~~~
1--- 37,940,000 I
Teresina Apartment 2006 A (Refunding
Gateway ~,?w~ ~~nter Series A)
Forv.rsrd from Prior Year
Bond Type
Vear of Authorization
. ---I
Principal Amount Authorized
Principal Amounllssued
Purpose of Issue
~
Maturity Date Beginning Year
Maturity Date Ending Vear
Principal Amollnt Unmatured Beginning of Fiscal Year
Adjustment Made During Vear
Adjustment Explanation
1- 20181
I 2036]
L__:l7'.il."~EO~J
I ,37,940.0001
This is a conduit debt of the ehula Vista
Housing Authority which is not affiliated
with the RDA
~
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Principal Amount Issued During Fiscal Vear
c.:---.--I
I 1
1 '1
1____=-__ $0
1---'
I .J
Principal Amounl Matured During Fiscal Year
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount in Default
Interest in Default
,f
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Fiscal Year.
~QQl1______::::J
[Town Center IIBayfront Project Area
I
Project Area Name
Forward from Prior Year
(-,~~" ~,if(t,i'tt~1~~
!Mortgage Revenue Bonds
J
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amounllssued
Purpose of Issue
20071
5,000,000 !
4,672,000 !
I
C
I
Construction of Oxford Terrace
Apartments
-'
-'
Maturity Date Beginning Year
Maturity Dale Ending Vear
Principal Amount Unmatured Beginning of Fiscal Year
Adjustment Made During Year
Adjustment Explanation
20071
2ii4z1
J,_._._~..~~,~!~~~~~j
I -4,594,000 I
IThis is a conduit debt of the Chula Vista
IHousing Authority which is not affiliated
iwilh the RDA
I
CD
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Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
J
-1
I I
I $0 :
._-_._-..__._.._--_._+.~
1- I
I I
r--
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Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount in Default
Interest in Default
Fiscal Year'
Project Area Name
12009
c'
:Town Center IIBayfront Project Area
L ,
Forward from Prior Year
'''88 1;{l""I'~\,Yliill.\{J{).\lK';/1i~
.....<, "'r'.';:"~'I'.^.~
~rtgage Revenue Bonds
,--'2007]
r---16.6?O:OOO]
'-1D.340,000'1
fThe Landing;Apts
,-'------2052]
I _~J
L___2'!c3~.~Q()iU-
L ,10,340,0601
Bond Type
Year of Authorization
Principal Amount Authorized
Principal Amount Issued
Purpose of Issue
Maturity Date Beginning Year
~
~
Maturity Dale Endjng Year
Principal Amount Unmatured Beginning of FJscal Year
Adjustment Made During Year
I
ex>
w
Adjustment Explanation
This is a conduit debt of the Chula Vista
Housing Authority which is not affiliated
with the RDA
Principal Amount Issued During Fiscal Year
Principal Amount Matured During Fiscal Year
Principal Amount Oefeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
I
----]
I
Principal Amount in Default
Interest in Default
I
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Fiscal Year
Proiect Area Name
~009 -\
!Town Center IfBayfront Project Area
Capital Project
Funds
Debt Service
Funds
LowlModerata
Income Housing
Funds
Special
Revenue/Other
Funds
Total
~
~
Tax Increment Gross
(Include All Apportionments)
Special Supplemental Subvention
Property Assessments
Sales and Use Tax
Transient Occupancy Tax
Interest Income
Renlallncome
Lease Income
Sa Ie of Real Estate
Gain on Land Held for Resale
Federal Grants
Grants from Other Agencies
Bond Administrative Fees
Other Revenues
Total Rovenues
I
CO
.j>.
~IJ~~~ilil&~11111~~)iifliW~,,_,J4,?9:J,4.z-8 _:
1-'------:\,693.47al
,+-'--'-==j:::_---":_-:_-_:.:~
1 [ ___~Qn_,
L I. _ _____~O
157,67H I
17,885 r--
1 '
1
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7,471l
i
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8,5981
130,9431
,
i
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~17,B~5
--,-,,,$Q,
,Jq
$0 j
, L __,::~_
---I:--:-'---.'i~~,i.;~}
,_,__~o,__, _~4"9.94,930
l
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281 1
..._._...J~t~?~!q~.~,,_," __ ___.~J.t~11??~__ __n.n __11_~~!.!~L...
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!-'.o""''-/'>''A\ft',,} "'(;\';'\~~;~t:Th\-"~;l;jP .,~ ,.e,ueve 0 men .,j _ encle "I"i"J 'af1;Cla ~_~r nsac lens .e' or: ~"'.'. f<:tt~~.'"-~'i'(t~jF1~1""~ii:I,\F.:t~
trrC11~1j~~t;}t~{i~,~;t-~fj~jlil~~~j~Jim;ftit;!t:m~~ii~ii:~~~~,~~*~J~~1jJNf~t~~{r!,:~~~~J~1~~~~];~1~~~i~:~li~:i'!~~~~t\~~~lir~~!1'~~tt:$~$jjl~~:l~iZ
Statement of Income and'Expenditures ~'Revenues
Fiscal Year [2009 I
P":>iect Area Name !Town Center II, Otay Valley, Southwest Merged Project Areas
Low/Moderate Special
Capital Project Debt Service Incomo Housing Revenue/Other
Funds Funds Funds Funds Total
Tax: Increment Gross 9,088,2051 Ijl~J~~~~iJ~~~~ij.ifi1,i~ .~~.~O~~,2D?
.,:,.\,/".;',l(~},.,._:,:.;-.".<:'jl!tcc.
(Include All Apportionments)
Special Supplemental Subvention I I I I i $0
Property Assessments I I 1 1 i $0
..... Sales and Use Tax I 1 , I I $0
..... Transient Occupancy Tax I I I 1 I $0 !
I I 214,530 I 85,4931 1 I
CO Interest Income $300,023
..
C1'I Rental Income L... I I I j $0
I- I I I -- I
Lease Income $0
Sale of Real Estate I I =r:= ~ $0
Gain on Land Held for Resale I I ::J I I $0
Federal Grants I I I I l $0
Grants from Other Agencies : : I : I $0 !
Bond Administratiye Fees I i $0
Other Revenues I 20,7231 201 , 1 I .$20,924
Total Revenues j $~~~_?~~~5B. J :$85,694 I $0 ~. .$0 I ~~~409, 1 ~2
Statement of Income and Expenditures - Revenues
Page 2
12/3/2009
Fiscal Year.
Project Area Name
12009 1
~~!!~~i;r I/Bavfront Proiect Area
Capital Project
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Special
Revenue/Other
Total
-,""-.~.-
Administration Costs L_ 474,20sT I 335,472 i L__J8Q9"~8!l.j
Professional Services 1 44,8421 7,2261 9.674 ! L.~__~6.2, ~~2__1
.-----1 J__ 1 .1.- -
Planning, Survey, and Design L.._ ~Oi
Real Estate Purchases I I I .1. I $0 !
_...._ _'___n._~~. ...._.,
Acquisition Expense I_- i' l 1 I $0'
~ " ...-_....._,..~_._~__..""'
~ Operation of Acquired Property L .._ 1 L 3,9171 L.
I ...._.J.3.,~!7
CD Relocation Costs I 1 I I I $Q...
m
Relocation Payments r- 171.744J 1 L i..........._..J1..7.1.l44...!
Site Clearance Costs I I 1 r____ I $0 !
____u___.__~ ..__ __.__..'
Project Improvement I Construction Costs r 3,3471 1 548,000 1 _1._.._....~??],~Lj
Disposal Costs I I ~__.._.__L.._...___.~O-:
Loss on Disposition of Land Held for r."--- ---r' ~-- L. _._.~_._.J~_l
Resale
:1
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Fiscal Year,
Project Area Name
Statement of Income and Expenditures -:'Expenditures
12009 I
!Town Center IIBavfront Proi!lct Area
--.J
Capital Project
Funds
Dobt Servico
Funds
Low/Moderate Special
Income Housing Revenue/Other
Total
Decline in Value of Land Helq for Rosale r $0
Hehabilitation Costs 175,586 1 ] $175,586
Hehabilitalion Grants 780 I i $780
Interest Expense 1,382,4771 I $1,382,477
~ Fixed Asset Acquisitions J $0
~ i
I Subsidies to Low and Moderate Income j $0
(Xl
...... Housing
Debllssuance Costs $0
Other Expenditures Including Pass- 634,5561 $634,556
Through Payment{s)
Debt Principal Payments:
Tax Allocation Bonds and Noles 87U,OOU 1 I $870,000
Hevenue Bonds, Certificates of I $0
Participation, Financing Authority
Bonds
City/County Advances and Loans 1 I 1 I $0
AU Other Long-Term Debt I I 85,900 1 I -, $85,9UU
Total Expenditures r $1 ,~?~,~.~T- I $2,345,603 i $1,073,429 l $0 i $4,747,729 ,
Excess (Deficiency) Revenues over I $3,350,848 i ($2,214,379) I ($889,268) ~ $0 ~, $247,201
(under) Expenditures
Statement of Income and Expenditures. Expenditures
Page 2
12/3/2009
Fiscal Year,
Project Area Name
\20-09 I
[:[Qwn Center'i'l. Otav Vallev. Southwest M~rQed ProiectAreas
---'1
Capital Project
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Special
Revenue/Other
Total
Administration Costs 1,076,9251 ~l
Professional Services , 129,020 I 1,300 I I
1-. __....1------
Planning, Survey, and Design I I [=:
Real Estate Purchases [--- I __I I
~ Acquisition Expense r-- I I I
~ I T- I '--j
I Operation of Acquired Property
(Xl Relocation Costs I-- I I I
(Xl
Relocation Payments I I I I
Site Clearance Costs I I T I
Project Improvement I Construction Costs C 682,204 I L I
Disposal Costs I __J_ I
Loss on Disposition of Land Held for L-__. l I
Resale
L_~1,Q7a.,92_5
~____l
1.___._____,J9_,
--L___~______~Qj
--L-__~.___~~_,
J,'_____,____.,~L
_1----.,---- JO__J
I $0 '
"---- ._..,_._-~.._-'-.--,\
-1--- --
__E3o.,~20. j
.JO,J
L--, _J6g20_4!
J ""..___._lQ.j
I '$"0"",,,:
.,'''''' "",_.
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Statement of Income and Expenditures - Expenditures
Page 4
12/3/2009
~
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2H!" W{:;;::;.i'\'","'l'r\'l"\', \{:"\"''''~ ,M ~~" 11\"1' ',-~'X"\I~lX ", ve.~'", r ' leSI, :" l!c:t"i'e 'H(~ ~a 's c '~o I sd c.a -0" '1!:;~I\%~,i1!;lr~,i' "il'if.: '-1;1, ' ", "l" ,jh1.\!.i'tl;li!:
f~~~~'ro;~~M1,.]fz%:ilt~1~'\}~~tLI&~Ab~' ~~l~~~i~ie6'k~,~',ll~&~~@5U~~W2t~iJbi t~k~ ,\,~;",; '~'!ill~lWl~t.~~ ~" R~i~~":&'kh~~~t~l~*l$.~la~'A~,t ,I~\I~~I~' 'll~
Fiscal Year
Project Area Name
Proceeds of Long~Term Debt
Proceeds of Refunding Bonds
Payment to Refunded Bond Escrow Agent
Advances from City/County
Sale of Fixed Assets
Miscellaneous Financing Sources (Uses)
Operating Transfers In
Tax Increment Transfers In
Operating Transfers Out
Tax Increment Transfers Out
12009 ;
~~.!t!'1~ I/Bayfront Proiect Area
Capital Project
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Special
Revenue/Other
Total
L-,,-~...... ....~g..J
--c::: 1...___.__________~Q_..j
L_____ $0 I
I
:-.----
L_____
1----
1
c= -1031
1
T-
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1
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1 I ___ ____.__.JO'._!
-117,102 C:'::::=:::J- _(~1!7,?Q5U
_ 1-- ---- L___$]J7~,~5?.!
938.6961 C::J!l.3S}'~6_,,!
1..___.__~1,]7~,3,~?.,
1__....._.._..$!l.3,S,69Ei_-'
______!~5,6~
L
I
1.175,3571
I
-----1
I
-~'"..I ,_w__.._.....~J..~~.~.~~?,,_:~
1,175,357 I
93S-;696T
(To the Low ami Moderate Income Housing Fund)
Tolal Other Financing Sources (Uses) L__j$2~,!~ll__$.1,3,?O"~2_1._--.J.~:2l,~~~,_l___________~g_L._____ES.43g_J
~
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~
~lrir.~#;{ttRll;*~~~0~~~~.'~~.~JWj~~f~1~~Wti~~R~H'~v~j6~ft.Welrt~}?~.'~'mti~.il~~.j~lErn~~:~r<8i'~.'ifiif~~;f{'~:~1fthr6i~~R;;'~.;~I'rtt~}::~~.!~~~r;fi~~~F.~'~;i-m:;'V:B~#B;'.;i.:t:~:{t$~~~Ni;;;E"!1,~~;!'i~~!~
f~~I.;&rtW.&&~rJl.~~~jliill$.~~M~J.t;:~~t.~~~l:tJjf,\;td~tiifZ{;L~~~)!;'''4i!1'i<:H1t'Jlg~~~'mri~i~~t1t~&;.&r~f~~'r~'P.i.fu\W!lt'i.-.t':N.wM:ki~'i~,~!:~~,~~~[f~d\i(~:')'~1*~~*~e}!~:l},t,~~);ij;i&
Fiscal Year
Project Area Name
Excess (Deficiency) of Revenues and
Other Financing Sources over
Expenditures and Other Financing Uses
Equity, Beginning of Period
Prior Period Adjustments
Residual Equity Transfers
Equity, End of Porlod
Statement of Income and Expenditures - Other Financing Sources
12009
ITown Center IIBaylront Proiect Area
I
Capital Project
Funds
Debt Service
Funds
Special
Revenue/Other
Total
LowlModerate
Incomo Housing
$1,236,692
($843,387)
($67,674)
$0
$325,631
$3,842..537 [I $3,63.0,861 I $4?O7,.545 SO J $,12,180,943
-2,260,9251 I II ($2,260,925)
I ~ $0
I
$2,818,304 '.1
$4,639,871 T.'
$10,245,649
:_..Fl_fl?~4?~ I
$0
Statement of Income and Expenditures - Other Financing Sources
Page 2
121::.12009
~~!~~.Ef~~-~i. '" I" ;" ' "I?I,!'G"!{~fuli"lm~~1~~mml'l1Y~9\b~ r: !ffil~llIitl~.~)I'.Z\\'!!I1i.~~1J
R~ii:4\j}~tr~~~1Il~~l\lll~t\\:ll~1!GtfM%V( J~, &\\' :: 'lrit ~ 11a1, (' -~'W~~I)Jt;~~;.lif][~l.W.\~t~i~'ii~~,~4)l1.b~~\~1l\.\1&J~~~r&~f1it,\1ji!u11f1l~I'Jr_;!'i.ty~;!', ',;P/]~JO\.jl-\~@'~~}.,!tt'it"~I.. t11':~h&~<;~(iJ!!r~t\i':{\{Mi~W),,\!"ibl;~irJ&f\:.
Ij\f~~~,il!f''''''I'l~,\,,,,~~t''''!~'''II'~'!m''\~'' '11""1' !l!m~'lIewlll'!:lVl'\1\<!"'I"1il'!l!!~J!.,m"'t"E'i(illj~!W,'m"'~"lv"m;me" I~\"~" "'M''''I!fMl"m~'';~l('''~'''WIIi]'~~':'!!Il;!'''''''tl\'!~",_, "'I" ;', '~I, '1,.';~I":i?iI;I.:ll"',~I'II,~I;"
~"'"'IW"lf'!!'!!'"\V!"'f;~j,,t' '1Ji,:~~M\I';1"I:K"ueve" ,en,/I, I', n ',' !:1sa.1 ,s ~,1." I ,I"", "I I' "I,'
, ' "., :~\~)".'~,W.:,f,\\~\",lEI: 1,:.1, '-. Sf,' "'l,;'t\.",.,t."Hi"-'<-"'-1':i:" "~..~. I ,"~";""."",,.. -~ 1', ,~\;,:>:;; "." _ \. , .~, 1"-' "<<1- lO,." , .<"',; ,n~I', Wilt ,. "
"<!;i!,W"'I.,,~.-:lb,,,;m '/ill, ' .~,.," '\\I.IWII.ImI.III\lI<"" ~11 . ~~ ',~ - . .".,' :~l, OW; _.. ilIi!il\l 'J\i:J ~"'"
Fiscal Year
Project Area Name
12009---1
IrOwn Center II, Otay ValleY. Southwest Merged Project Areas
Capital Project
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Special
Revenue/Other
Total
1
17,093,000 L
14,685,000
808,746
_1 L___.n_,~9,~,
1 I. J21,6~99()
___f-- L .$14,685099,
---I 1.._.J.8,()~,z~<3..'
C=---_L._ 'i:Q;
I ___-=--L._{$1 ,~?3,254), '
i--- J
_ . ,,,__,,~1.6,?()~,?'L
1 ,817,6411 L.,,_$.1,li1?!6.~l.
I L_ll6,20~J1!.
L_.._11.B.1?,~~1 ,
Proceeds of Long-Term Debt
Proceeds of Refunding Bonds
i-
l
L___..
~--'
1
I
4,532,000 I
Payment to Refunded Bond Escrow Agent
~
Advances from City/County
Sale of Fixed Assets
Miscellaneous FinanCing Sources (Uses)
~
-1,271.418 i
~.
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CO
N
Operating Transfers In
Tax Increment Transfers In
Operating Transfers Out
7,443,975 i
-701,836
8,765,7421
Tax Increment Transfers Out
L-i3:964,102!
1 1,817,641 L_
2,245,6151
(To the Low and Moderate Income Housing Fund)
Total Other Financing Sources (Uses) 1.__!~5.,pIZc1.86.iL__$.9"()3~,()3,7."t___~~81!J~~.1,,J__
Jo_l_"!~Z?5,,,i,92.,
~
~
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W
Fiscal Year
Project Area Name
Excess (Deficiency) of Revenues and
Other Financing Sources over
Expenditures and Other Financing Uses
Equity, Beginning of Period
Prior Period Adjustments
Residual Equity Transfers
Equity, End ot Period
Statement of Income and 'Expenditures::, Other Financing Sources
12009
ITown Center II, Otay Valley, Southwest Merqed Proiect Areas
Capital Project
FundS
Dobt Servlco
Funds
Low/Moderate
Income Housing
SpecIal
Revenue/Other
Total
$221,912
($357,513) I
$1,682,040
$1,817,641
$0
~..
I
I
$5,464,326 u.
!
I
$5,464,838 l.
I
I
($2,207,270) I
I
I
$0 ~ $8,721,894
!I $0
i $0
$5,686,238
$7,282,479 I.
$10,403,934
1$2,564,783}
$0
Statement of Income and Expenditures - Other Financing Sources
Page 4
1213/2009
"
"
I:
I
I
I
l~_
I 24,065l-::-~
L_____~,241 ,5531
I I
Lease Paymen1s Receivable r.... . I 1--- --- -1-
Unearned Finance Charge I ..._C=---=----I--
Due from Capital Projects Fund L_ I l--'---'~--=~~_~
Due from Debt Service Fund r--~~=~~~"---]__ I
Due from Low/Moderate l---'---'--l-~--~~"-~
Income Housing Fund
Fiscal Year 2009
Assets and Other Debits
Cash and Imprest Cash
Cash with Fiscal Agent
Tax Increments Receivable
Accounts Receivable
~
~
Accrued Interest Receivable
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Loans Receivable
Contracts Receivable
Due from Special
Revenue/Other Funds
ij~t~gl~n.i~~;~!trf~r'!
Capital Projects
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special
Revenue/Other
Funds
Total
General Fixed
Assets
General Long-
Term Debt
1---
,"'\\:'; ~~ W,'pff ~iM_ \ ':l~r., '"'_'__'___h_..}~~~._j
1ml)'l!,\lg]!'*'t\I'!P~I~~1~1ll!lJJ......_.~B,g1~,~.0!.._'
Mr~~i*i~l'Iij'fMI}~~1\~"lJ!;'ilI\7;1~ ...:...J~Z~n!...J
1!iB.\!\"&~~\1(~,\):1\W.W!{\\\t.l%liW~\i<\il4J.__....__~~~~2~..c
_1%~;lIjlf@if&SI1l!J,*I~IW,!!iI't~1l'liWt1!;~I!i'I.....--..-_~5~.?2..~._ i
fqJ~~..\\ll.I~\\[~:W&%)~J!l10~I\,'!fl~L. $26,56j,3~7.
IW&~_~1MIJ]!iil'hll\'i;i~li~Ik\'9'~L'.._f~_~0__;
L. Itl4'#i~\1.Wi~lfll!i.imL_ I._~O._I
_==C __ ........JO._..'
3,653,8151
37_~!!!7.J
440,171 I
._.J~!,81B !
T
3,573,774 !
6,253 i
7.5341
r-
I
20,630 I
21,319,814.L_
I
'. , ,_\Jlr~?1.l
. .,
>!? "
I~O ;
...--- ~11Iili~"l\..~-.."_'il'\l;'
h>'~-"> ~-.' ~~~tt~' W. !~:I...._...v_,._ .--l...~Q"--j
~rtll!i;~;\lll"j\3ifJYi\\I'ffl%.:'''''''iii'''rw;.~.' . .j' $0 ;
.,,,,,_, ~ ,!,\,_, " , ,', ,;)p._ ,';\\jl'll':I'!>.\li~ "'\"'l;'" ,\',_,\\)(\ ,w,~,~".""'._'_ ..__.,,___1
j '!lic\~,ll" \'1" "",' "4, ~I' . ~2i,"ji-Ji"4~ 'lj'III'~ .\i'd-. '<_',fI'.J.$" I $0
,I:<l,{i'lt,.~ J:,tt" '/';/\11<.1; r,fi.~N ,I,i) , ~. il~' ^*#( "'."--1---"-
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Fiscal Year 2009
Investments
Other Assets
Investments: land Held for
nesale
Allowance for Decline In
Value of land Held for Hesale
Fixed Assets: Land,
Structures, and Improvements
Equipment
Amount Available In Debt
Service Fund
Amount to be Provided fOf
Payment of Long~Term Debt
Total Assets and Other
D~bits
(Must Equal Total UalJililies,
Other Credits, and Equities)
Capital Projects
Funds
Low/Moderate
Income Housing
Funds
General Fixed
Assets
Total
$12.2.19,609
I I so
i I
I $0
i
,
I I $0
I:
$.~ 2, 1.7'1' 195
I~
$1)-999
$4,956,590
I
$68,3 1,525
II
$133,116,062
I
I
!
Special
Revenue/OUlOf
Funds
Debt Service
Funds
General Long-
Term Debt
3,340,136
1,377,758
7,528,715
!~;:~~~~~\~~:.::,~1;~\
iM!,:g:'"'~r.._ll ~;~~~#~*i~~~ilF ;~yg~\~~NI~:fy1~f}b~.?I1:.:;j I.
M,~~~V~j~..Y0W~;(~2~1[~;l
~(.t~;~;'?:~~~i.1.'1~;i~i,W~~~:~W*,,~f6%:Jtl~(!'f~l#
12,177,195-'
t'~1:.,'( ;~-?:.t/~~~~\' ~f~~~~t:~t 1{~;~tK~\f::-i~~1%'r::~~#v:~P3" Q:\ili~J-~~~?;)~:4iJr~~~;.~f.~
11,999f
i~;li~h~1~i.i~1It~;~~MjJ..WJ
M;~~~~~l~~_~:~j*~,i~?t!f~:;. fP~Yf0~~::1l~)~~U,~j~n\~;(~~~I~fQ~.i:;wi/i;t~~lm.~~gZ4
4,956 J 5 90 ~f,q.:l~~~ktlt:::::,):N~::};'~i~lj;!itil
;\t~;fit~#~~~..,_(~~'f:-~1? !~P~~~i.~fMtf~~\~ii'~i;l !l~t~i!i',!r\;~t?~~tiif~'~~
68,301 ,525 1{4l?~~t}!~~1;~$&:0t~~2~~i .
r - $13,076,457
$29,663:-230-1-
$0 I
--$i3:~58, 1151-
$4,959,066
$12,189,194
Balance Sheet - Assets and Other Debits
Page 2
12/3/2009
Fiscal Year 2009
Liabilities and Other Credits
Accounts Payable
Interest Payable
Tax Anticipation Notes Payable
loans Pay~ble
Other liabilities
Due to Capital ~rojects Fund
Due to Debt Service Fund
~
~
Due to LowlModerate
Income Housing Fund
Due to Special
Revenue/Other Funds
Tax Allocation Bonds Payable
Loase Revenue, Certificates
of Participation Payable,
Financing Authority Bonds
I
CO
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All Other Long-Term Debt
Total liabilitIes and Other
Credits
Capital Projects
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special
Revenue/Other
Funds
General Long-
Tenn Debt
General Fixed
.~S~."l:'._.___21
3,560
L__ 43,44iT-=:'
1- I
r-------T
r I I
1_ 4,528,4.7.1r~='-'4.i36,325 i ==17;737,320
I"-='-'--r'-~-'----'-r=:....~
I I -------..-:~~_===_L_=____
1 I 1
.._ .$4 T ,qq~.
$0.... .
IJO..
.......JL
~27,Oq ,166 .
. "JO...
.....T..---
.1..
~
"-L_.=--
"" rn.i"'~(It1<<!"'M~'.Jc~f' "~.~ "",,,,,,,,'1 .,,-,.,.', '
;L1,l ,Qi~l~ ~i~\t~"I;.I~{~}f.\'~.lN ',,: ';II'J'j,:~,~r'if':lJMkr~W~tili&'t\~
~~lr!fl~'!'I:(1IM4'~~~'WAI~i!1Ii,~~.,\OstJ!;1~m,~j
~:f . ~~t~\9ti';',i~;'\I1.'R;r~\:f ~~~;irf~~~~:"'" \~tJ.K~tl~t':d '~1~~~l\;r~}~"iJ~ffi~}A;;~
,000....
$0
..37,428,1_15 .
.__, ~._,~,._.~Q.__ ....__ ..,J!..~~~~.~.~)_~?~ ~~~~1t ~L'~U\~'W~\\~~~$"
J2?.42. ,.115
~10.o,30 ,28?,.
,~;~t~filt,i!f1t1~t1~r:t,,, W~~; . :rf$,~kl$Jili.l8~6i: i
_____~4,,~71,,~!5.. ...... ..$4,Z3.6,,~!? ...
~
~
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.....
"."~~~'-"'""'. ''''il.",.",.,,",!!~, "'. '~'.''''~'''';J::~,''%,f.j~, ,m ;,i-,'.~ .~,.<~~~e:I'~"~{ff~""". '\-"~~""'"'...~.-"
';";;~Qfj;m/jUla,,~rsr',~<edeieI6' "'eritNA'e- i;
,"'".....,,~.., ,d,...... .,.," .,.X. ill.",..., .11.
~.;;J""c.~~,,,~, rt'Y1.w.1k.t1.l!.>'!"'l"~,,'\\::h""~, 'I,> ,;c_~~,_~....,J.iNlf.~l"kiEJt~.,'l..,'\"J.",.ii;>.<.'", ~'\\':;tJ:.-!'I"
;!i;;'.'~"'T"''''''-.l',",'';J'''I. ,.-,.t:lI("'-~1'W<:"~"~\f"~":"',""~>~,,.. ~~n'I';"""", ~.'~~. 'I-.,"",''\","~' ,m, 'i"
,. merit;,p;'e'iic7eS1;liil;fah'cia"~I1i'a'fisac .
.1l'\W"l';''('''?,)'''~~~'l'""r/''l.?''''r11"'.''Il'.'S~''''''\1>:l!..!t> ~!.;lrilqN'l<'<!IQ.~""'I<;;t&..."",,,,,-
'" '''>l!&t.:::,t,:~,~J<&;'"",-' > ~ '~"..,lii"..,,-..,:?hll'.M;'~~""~U#lI;:o.'a...bl.~J.lft~.o\
Fiscal Year
CapItal Projects
Funds
2009
Equities
Investmont In General Fixed
Assets
~,~:!(ifj~'{m~1:J)~j~t{t:?;~:;,~'.'
Fund Balance Reserved
Fund Balance
U nresa rved-Des ig n ated
3,616,388
3,814,249
Fund Balance
U nre served-U ndesig n aled
1,073,905
$12,189,194
Total Equities
Total Liabilities,
Other Credits, and
Equities
$8,504,542
$13,076,457
Balance Sheet - Liabilities and Other Credits
Debt Service
Funds
Low/Moderate
Income Housing
FundS
Special
Revenue/Other
Funds
General Long~
Term Debt
General Fixed
Assets
~Jt,~~~r .'i!t;~irl;};Q;~i ~'!;~~!\
Ui~L'{J1;.~P,<<~i~~K~)~~4:;f.;;{&t;j]1
12,180,194
To al
$12,1 r.94
$10,2159,207
.....'1
$14,042,766 i-
. _'. 1-
($3,6"2,470) ,
II
$32,8~B.7T1
$133, g6,062
. , I .
Balance Sheet - UHbilities and Other Credits
4,959,066 1,693,833
10,228,517
\~"I,~~.jK~,~\ri;'f;;~:;:lii;\i~!~~1;
-4.736,375
~(fJl{l,NJt~'tr.t,~~(~~UZ~j i~~;~\i:J,~Ml~~i~1~%~~~ .
$0 Ir.~i;j'!',~'~~~lmf/ii{tl1~,,1J:t~:;'i':1
)...);,,,,,~~,, .,~.lO'~,,, lJ,<r _)X,'.<;-;.-"
$222,691 $1,1.922,350
$4,959,066 I $29,663,230
$0
F3,258,115
$12,1,a9,194
Page 2
i
12/;3 2009
I
~
~
I
CD
CO
i_faW8'l';\\li!i!l[;\\\.'illBl'JiI\lR~~~l*';;''''Fnt~\'1!'''''''i''';'j;'~'''~~a'''/m''I''''''~lm'''W'$!l:j~'''~{!if~1mfilWil\l~"ffl!!l\jl!!l\i
Ji~Yj:iD~~'tmfu.~~~)t*lI.ii'\lt.l\iW~~~~a~ft.:;PA~~1i~I&i\li(.~~w.kn~,ii~~i:,j~~t~i~~Jl~~~1I~lUWI~1ff!~~a%'~~~%,~\l~i~
Fiscal Year
Operating Transfers In
1",i1i:;~~,o:ii-j
1..,.g!~~,~371
L_.__~.l?~.?~?~,gZ~,_j
L._g'x,56,337,_t
Tax Increment Transfers In
Operating Transfers Out
Tax Incroment Transfers Out
%i'7,n:;:I::!~,'i;:I';"I'f;ii:\::.~/;\l,':!:ii'\';',:if;\\,;:i;;~:'Y,:"!,:i;;i-';i:, ',"
~0State~eht:,'ol.~I"~'-Bm'~\ar1d"IE'" '"-,
f.~comB'1~""(fffta%~f~rs(rn76tit
~i;;~~;f;{,y.'f:';:t:~!1m,;li~;;!W:;.1nY1~~.~,j~~i~MiVj,
.,
City Of Chula Vista Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Revenues - Consolidated
Fiscal Year 2009
Captial Project
Funds
Debt Service
Funds
Low/Moderate
Incomo Housing
Funds
Special
Revenue/Other
Funds
Total
~
~
Tax Increment Gross L..._~.1.3, !.~1.,6~.3 ...1.-......-... ....S.oJ.......____......Jo.J_................. S.O_. t........ $~;J.:18.1.,6.83.. .i
Special Supplemental SubventIon 1._.._____,__....._._~9_.j._ ---~~_~____~___~___..__=--__J9~i_~__~!g~..[~.~h_.__~~~...~.i9__..'
Properly Assessments L.................1.o..i ..._...................J.D.... t............ .......s..o.J ......._.........J'O.. ..I.."..:........ ..S.O...
Sales and Use Tax L. ...s.o.l............S.'O...l.... .............$0.1..... ... ........S.o J . $0
Transient Occupancy Tax L..............JO..J. ..J2J.................$.o.L._..... .......JO ':..::$..0..
Interest Income I_..........H~~J~.~_ .1.._..._.E!'?,~.~6_J... ...._..Jl~!,~..7.8....I_........ .......... .s..o_L......_S..56.!,.?~"O_...
Rentallncorne L..........:::::..S..o.L..............s.oj. .......S..1!.,~85... L......_.....JOj- $17,885
Lease Income L............s.oJ..........,.JO.l... .. ..1oL S.o.J.$O
Sale of Real Estate 1.._.....__.Yg_L...__...~Q...J................._s.o..L....._.......$o...J_._......_. SO
Gain on Land Held for Resale L.. ..._..__ .ILI._......_ .._..S.LL.___..........JQJ.... .~_.._......$.oJ ___."", $.0
Federal Grants 1........_........10_L_____...__.....~.Q_..J.................__~g_.I.. ............1.0-:1.._ ...,..so.
Grants from Other Agencies I. ,.. _._. ... '''''_'''. ~9_J "",.._~-q.--r. n' _. _..,.____$~"_J _'"_n'" ...... ..._.. .. .IQ..__J..." $0
Bond Administrative Fees 1.......___......$.0.1... ..._.._____..Jio...J.....__.....__......s..o.J.. ........$Q...L.-. .~Oj
Other Revenues 1___....._$~~,1.9~_.L__.....,....s.j~2..L....._...s~,.2~8...I..........,....__10... L......_..S..~!...?14...J
Total Revenues ,~..._.~_!.~g~Q~L-_. $216, ~1.~_l____~~~J.~~_[__...__._____~Q._r_-1!:!A.Q.~~~~?__-.)
I
CD
CD
Revenues - Consolidated
Page 1
12/312009
I
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City Of Chula Vista Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Expenditures. Consolidated
Fiscal Year 2009
Capital Projects
Funds
Debt Service
Funds
Low/Moderate
Income Housing
Funds
Special
Revenue/Other
Funds
Total
~
~
Administration Costs [.._~._t~?~.~!l,~~_.."I......~_ .,,_..~.J2.~..L_._~__~1~!~~D._~~______.1q__l___1!&l!~B.Q.~._J
Professional Services 1.._.~lI~.&~L.L______~-1_~,.~?2..J___._~~i_I_~._____!'Q__L____.~.1.~~Q..~~_j
Planning, Survey, and Design 1-............."'....$.0.... L.............JO... L.._._..._.~._L____..__--~.o..l...--......--..~g..J
Real Estate Purchases [__....... _"..~____.J9._J_.. ._..~,..-~Q-,-L~ ._.._...."" ..___u_,_~~J--.._>_.___._..-- .....Jg....1.. ___," ..........__u. ~.g~.J
Acquisition E.pense 1........._.._19.... L.........._...~O'._ L._....._._.lo...L...___....J9_ L____.__._J()....
Operation of Acquired Property 1_.__..._____..~.J...__._...___J9J.--..-.-......E~.!.7..J.______._.~L-____.!3~1!..)
Relocalion Costs t.-.---- __._._10._L_..__.___._~_I--_-.--.1l!....t-.---...--!ll-. '-__.___...J_O_ j
Relocation Payments 1__._._~.!?.1'Z~~....I__.__.__..._._~'O_ml_.._._..._._.._Jo._.I_.__.__.____ll!..._I.__._.J_J.7.1.,r~_.i
Site Clearance Cosls L ...._. _..__....... jgJ..- ........_.___......1.9..L_ .__..__J.9....L ..________...1Q.J____.. ... ........ JOj
Project Improvement I Construction L...,"_._.~~9~~L?'-~.!_.L.-.w_."... .~.m.._.._..J9.-..P 1_.__..,~_~J.~.~~~~_Q.Q..~.-.L._ .~._.0<~-"....~..~".~Q...J.~.._.~J1"!i~~_~~~.1.".J
Costs
~
o
o
Disposal Costs
loss on Disposition of land Held
for Resale
L_..__.___~9.1~...____.__~()_I_ __.._____.. _~n..._._.__.__~o__I._-.... ..__...._.~O...
L ._...... ... ..._..~Q_J.__._____._~()_I__.___m___!9J_______._._~g_~__. _____.......__._~o......
Expenditures - Consolidated
Page 1
12/3/2009
'I
"
"
"
"
City Of Chula Vista Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Expenditures - Consolidated
Fiscal Year 2009
Decline in Value of Land Held for
Resale
Rehabilitation Costs
Rehabilitation Grants
~
~
Interest Exponse
Fixed Asset Acquisitions
Subsidies to Low and Moderate
Income Housing Fund
~
o
~
Debt Issuance Costs
DtllDr Expenditures Including Pass
Through Payment{s)
Capital Projects
Funds
Debt Service
Funds
LowfModerate
Income Housing
Funds
Special
Revenue/Other
Funds
Total
A
B
c
D
E
r
$01
$01'
$0 J
$0
$0
I $0 i
i $0 j
I $O!
I.$Of
I $0 r
r $0
I ,~2,76B,767
~o I
$0.1
$3,B05,939 I
$0 l
,$0]
,$175,586_1
$780, i
$0 i
$0 r
$0 j
,$1,021,909 .l
'H$.O j
$0 ,
$01
$g $115,586
$0 $780
$0 I $3,805,939
$0 r $0
$0 I $0
$0 I $1,021,909
$0 I $2,768,767
Debt Principal Payments:
Tax Allocation Bonds and Notes $0 L ,$,1,2.95,000 r $0 r $0 $1,295,000
Revenue Bonds and $0 ~ $0 I $0 ~ $0 $0
Certificates of Participation
CltylCol!nty Advances and Loans $0 J $5,~42,~73 J $0 j SO ~~.'.~42,473
U.S., Slate and other Long-Term Debt ~ $0 I $150,000 ~ $0 ~ $0 $150,000
Total Expenditures i $5,35~,O57 ~ $11,823,847 I $1,073,420 1 $0 $18,250,333
Excess (Deficiency) Revenues f 58,649,946 J (511,606,929) j ($889,268) I $0 ($3,846,251 )
Over (Under) Expenditures
Expenditures - Consolidated Page 2 12/3/2009
II
"
I'
City Of Chula Vista Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Other Financing Sources (Uses) - Consolidated
Fiscal Year
2009
Capital Projects
Funds
Debt Service
Funds
low/Moderate
Income Housing
Funds
Special
Revenue/Other
Funds
Total
Proceeds of Long-Term Debt
l.m._____'__yQ..I_'_____.__yQ..I_____.____.yo_I.__._-.-..-~Q-.~--,..-..-.- -$Q,.:
1.,____~~,~g99:O.___~_lLQ~3"9ggm.J___..,_,,__y9__..I__,"..__$jJ_.]_..___.~?1.,~?5.,ggQ__;
l_m... ......._._$Q,I.. .._.J:L4,6?~,OQOJ...,S.Q,..L.~oJ.,..$.1 ~,6~S.,009
Proceeds of Refunding Bonds
~
~
Payment to Refunded Bond Escrow
Agent
Advances from City/County 1_.__._._._m._$.o_.I___.S.!,QQ4,~Il.1...lm__'__..__$jJ__I-__. ..__.....___$Q....Lm._".~.1,Q.04"3!l' ...
Sale of Fixed Assets 1.,...._..._._.$.9...1__. __ ... _._._Jo.j""___.__,.__~9.J...-_ ... ........,...$.9,..1-..___:.... ,J.O.'
Miscellaneous Financing Sources (Uses) 1,...._"<~.1"2.!.1,5?1 1..1., .W' j~?9!.,?~~).J___.,_(~.1.1?,-1.o.?)J .._,__..,_,..._._.JQ.J.__.(gg~0,45.~i.:
Operating Transfers In L"___E!~~-l-~!~. _L._.~..J~,.~"!1~~.J.,._. _.__."....._",..._.!9_t._~~..u . ..____.JP~J_~_,..~)J.t~~~.!.{}.I.~.,.__;
Tax Increment Transfers In ~._i!!'~.\ll!:1I!lL___$.?,"!.~E1-~L__~.?,z~6,33L:
Operating Transfers Out 1.___..~l.5"! 3.9,~~.9.J ~____J?"2j?,~.:L~j_________..J9_1 w_._____.__..JOI ___s.!I,}_~:;'O.7~
Tax Increment Transfers Out L___.,~..~~!??~!~~.?.J.~_...-.".,.-...-.---.-_~9_...]fiZ.@1~r~JltrjWt~E~C.._..._E!??~~3_~?~_i
~
o
N
(To the Low and Moderate Income
Housing Fund)
Total Other Financing Sources (Uses)
1.____{$7,'~1.,}42J.L...--$.1.g,~D6,Q.2-9-1..----$?~3.9,2}.5_L_______._J9.__I.... ....$5.85}.922 ...'
Other Financing Sources (Uses) ~ Consolidated
Page 1
12/3/2009
City Of Chula Vista Redevelopment Agency
,Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Other Financing Sources (Uses) - Consolidated
Capital Projects Debt Service LowlModeratc Special Total
Funds Funds Incomo Housing Revenue/Other
Funds Funds
A B C D E
Excess (Deficiency) of Revenues and $.1,,458,6.04 L ($1,200,900) l $1, ,49,9.67 $0 $2,007,671
Other FInancing Sources over
Expenditures and Other Financing Uses
~ Equity Beginning of PeriOd I $9,306,863 I $1,423,591 I . $10,.172,383 I SO i .. S20,902,837
~ l ! .~. j r
Prior Year Adjustments (',2,260,925) SO SO SO (S2,260,925) ,
~
0 Residual Equity Transfers ~ $0 J SO ! SO J SO , $0
W
Other (Explain) ~ ~O ! $0 J .. SO J SO L SO
Equity, End of Period I. S8,504,542 ! $222,691 r S11,922,350 ! $0 !I S20,649,583
Other Financing Sources (Uses) - Consolidated
Page 2
1213/2009
II
City Of Chula Vista Redevelopment Agency
L~ffi'~0:d~t~iti~:Bt1\:;:.{:, :;:\'~:'{L':-;-':~'~~:~~~~X(; :.B.~',g~y'_~_I_p'p:rn,?~(;~tj'~n:'~j,~~~lRJjj~'.6:g.i~.lkr!~Jj:~~.#i#!,~m:~:~~:~P,q'tt;0~;F;,:(~itffih ~<:t.::~e~ ~,:;!~~::~;~}:fJ!!':i:ir
Forms
Column
Detailed Summary of Footnotes For Fiscal Year 2008-09
Additional Details
pJ9j~q,tAI~~~{R~p~a::i(~N~tR0~;;;f::2~iri~::
"'~"~':~'". -,-:
'\\":""
'-~~p,~~~T;~~:K.p,,~~~fg~J;~'~~~~DM;~:~:~~~~1~:':1:';
Footnotes
A
PROJECT_AREA_NAME
= 'Town Center 11, Otay
Valley, Southwest Merged
Project Areas'
A
PROJECT AREA NAME
= 'Town Center 1/8~yfront
Project Area:
A
PROJECT_AREA_NAME
= 'Town Center II, Otay
Valley, Southwest Merged
Project Areas'
A
PROJECT AREA NAME
= 'Town Cer:iter lIBayfront
Project Area'
A
PROJECT _AREA_NAME
= 'Town Center II,'Otay
Valley, Southwest Merged
Project Areas'
A
PROJECT_AREA_NAME
= 'Town Center I/Bayfrant
Project Area'
Page 1
11-104
Footnotes
An ordinance was passed on
May 2004 to add territories
to the existing me rged
project areas. This
amendment triggered the
AB1290 per Health & Safety
Code Section 33607,5.
The Bayfront and Town
Center Project Areas were
merged in 1986. An
ordinance was passed on
June 1998 to add territories
to the Bayfront project area.
The amendment triggered
the AB1290 per Health &
Safety Code Section
33607.5.
An ordinance was passed
per S81096 on July 25,
2006 to extend the life of the
p roj ect.
An ordinance was passed on
July 25, 2006 per 881096 to
extend the life of the project.
The time limit to incur debt
was on January 1, 2004. An
ordinance was passed per
88211 to eliminate the time
limit to incur debt on January
06,2004. This amendment
triggered the AB1290 per
Healtn & Safety Code
Section 33607.7.
The original time limit to
incur debt was January 1,
2004. An ordinance was
passed per 88211 on
January 13, 2004 to
eliminate the time limit to
incur debt. This amendment
triggered the AB1290 perthe
Health & Safety Code
Section 33607.7.
1213/2009
"
"
"
:'
California Redevelopment Agencies~Fiscal Year 2008/2009
Project Area Contributions to Low and Moderate Income Housing Funds
Sch A Project Area Summary Report
CHULA VISTA
Tax Incr. Percent Total
Project Area 100% of Tax 20% Set Aside Tax Increment Amount Deferral Deposited to of Tax Repayment Other Deposited to
Increment Requirement Allocated Exempted Repayment Hsng Fund Incr Dcp Deferrals Income Housing
BAYFRONTTOWN CENTER I $4,693,478 $938,696 $938,696 $0 $0 $938,696 20.00% $0 $557,986 $1,496,682
MERGED PROJECT AREA $9,088,205 $1,817,641 $1,817,641 $0 $0 $1,817,641 20% $0 $0 $1,817,641
Agency Totals: $13,781,683 $2,756,337 $2,756,337 $0 $0 $2,756,337 20.00% $0 $557,986 $3,314,323
~
~
~
o
U1 Note: Print this report in Landscape Orientation (Use the Print leon just above, then Properties then Landscape)
Page 1 of
11/24/09
;l>
-
-
~
t"\
:r
3
I'D
::l
-
w
Agency
I1ddre'i'i
California Redevelopment Agencies- Fiscal Year 2008/2009
Project Area Contributions to Low and Moderate Income Housing Fund
Sch A Project Area Financlallnformation
CHULA VISTA
276 FOURTH AVENUE
CHULA VISTA
CA
91910
!project Area BA YFRONT TOWN CENTER I
Type: Inside Project Area
Plan Adoption: 1974
Gross Tax
Increment
$4,693,478
Status: Actlve
Plan Expiration Year: 2029
Calculated Amount Amount Amount Total % Cumulative
Deposit Allocated Exempted Deferred Deposited Def.
$938,696 $938,696 $0 $0 $938,696 20.00% $0
Repayment $0
Category
Interest Income $157,678
loan Repayments $373,825
Other Revenue $8,598
Rental/lease Income $17,885
Total Additional Revenue $557,986
Total Housing Fund Deposits for Project Area $1,496,682
Project Area MERGED PROJECT AREA
Type: Inside Project Area
Plan Adoption: 1978
Status: Active
Plan Expiration Year: 2034
Gross Tax Calculated Amount Amount Amount Total % Cumulative
Increment Deposit Allocated Exempted Deferred Deposited ~
$9,088,205 $1,817,641 $1,817,641 $0 $0 $1,817,641 20% $0
Repayment $0
Cate~orv
Total Additional Revenue $0
Total Housing Fund Deposits for Project Area $1,817,641
Agency Totals For All Project Areas:
Gross Tax Calculated Amount Amount Amount Total ~ Cumulative.
-. Increment DeposIt Allocated Exempted Deferred Def.
Deposited
$13,781,683 $2,756,336.6 $2,756,337 $0 $0 $2,756,337 20% $0
Page
of 2
11/24/09
11-106
California Redevelopment Agencies~ Fiscal Year 2008/2009
Project Area Contributions to Low and Moderate Income Housing Fu nd
Sch A Project Area Financial Information
Total Additional Revenue from Project Areas:
Total Deferral Repayments:
Total Deposit to Housing Fund from Project Areas:
$557,966
$0
$3,314,323
Page 2 of 2
11/24/09
11-107
California Redevelopment Agencies - Fiscal Year 2008/2009
Sch AlB Project Area Program Information
CHULA VISTA
Project Area: OUTSIDE PROJECT AREA
FI:JWRE-tiNI--reEiN5-l'RUfrHEiN
Estimated
Executfon Completion
Contract Name Date Date Very Low Low Moderate Total
CIC Landings LP 06/09/09 12/01/10 43 0 0 43
Page 1 of 1
11/24/09
11-108
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~
o
CO
California Redevelopment Agencies - Fiscal Year 2008/2009
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial Summary
CHULA VISTA
Adjusted
Beginning
Balance
Net Other Total 1< Unen- Unen- I Unen-
Total Resources Housing Housing Encum- cumbered cumbered cumbered
Expenses Available Fund Assets Fund Assets brances Balanco Designate1 Not Dsgntd
$1,190,530 S10,228,518 $2,328,677 $12,557,195 S50,537 $10,177,981 $0 $10,177,981
Project
Area
Receipts
Agency
Other
Roven ue
$8,104,725
S3,314,323
so
Expenses Debt Service Housing Housing Planning and Property Total
Construction Rehabilitation Administration Acquisition
Costs
12008/2009 $116 S548,000 $176,366 $462,131 $3,917 $1,190,530
,jThe Unencumbered Balance Is equal to Net Resources Available minus Encumbrances
Note: Print this report in Landscape Orientation (Use the Print Icon just above, then Properties then Landscape)
Page 1 of
11/24/09
California Redevelopment Agencies - Fiscal YeClr 2008/2009
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 Receipts from PA(s)
Other Revenues not reported on Schedule A
Total Tax Increment From PAls) $2,756,337
Sum of Beginning Balance and Revenues
$0
$8,104,725
$8,104,725
$3,314,323
$0
$11,419,048
Expenditure
Item
Remark
Debt Service
Subitem
Debt Principal Payments Revenue Bonds & Certificates of
Participation
Subtotal of Debt Service
Housing Construction
Subtotal of Housing Construction
Housing Rehabilitation
Subtotal of Housing Rehabilitation
Planning and Administration Costs
Administration Costs
Professional Services
Subto~a( of Planning and Administration Costs
Property Acquisition
- - -Operation of Acquired Property
Subtotal of Property Acquisition
Amount
'$116
$116
$548,000
$548,000
$176,366
$176,366
$452,457
$9,674
$462,131
$3,917
$3,917
Page
of 3
11/24/09
11-110
California Redevelopment Agencies - Fiscal Year 2008f2009
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
CHULA VISTA
Subitem
Amount
Remark
Expenditu r
Item
Total Expenditures
$1,190,530
Net Resources Available
$10,228,518
Indebtedness For Setasides Deferred
$634,844
Other Housing Fund Assets
CatCQorv
Loan Receivable for Housing Activities
IOther
Residual Receipt Loans
Amount
$1,587,344
$50,537
$55,952
Remark
Restricted Cash
Total Other Housing Fund Assets
$1,693,833
Total Fu~d Equity
$12,557,195
2004/2005
2005/2006
2006/2007
2007/2008
$1675380
$1968228
$2294709
$2758666
$0
sum of 4 Previous Years'
Tax Increment for 2008/2009
$8696983
Prior Year Ending
Unencumbered Balance
Sum of Current and 3 Previous Years' Tax Increments
Adjusted Balance
Excess Surplus for next year
Net Resources Available
Unencumbered Designated
Unencumbered Undesignated
Total Encumbrances
Unencumbered Balance
Unencumbered Balance Adjusted for Debt Proceeds
Unencumbered Balance Adjusted for' Land Sales
Excess Surplus Expenditure Plan
Excess Surplus Plan Adoption Date
Page 2 of 3
11/24/09
11-111
Excess Surplus for
2008/2009
SO
$9,777,940
$10,177,981
$400,041
$10,228,518
$0
$10,177,981
$50,537
$10,177,981
$0
$0
No
California Redevelopment Agencies - Fiscal Year 2008/2009
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
CHULA VISTA
Site Improvement Activities Be"nefiting Households
Income Level Low
Very Low
Moderate
Total
Land Held for Future Development
Site Name Num Of
Acres
Zoninq Purchase
Date
Estimated
Start Date
Remark
Use of the Housing Fund to Assist Mortgagors
l
I
Requirements Completed \
Hope 1$
Income Adjustment Factors
I
1$
Home
Non Housing Redevelopment (
Funds Usage
Resource Needs
c
LMIHF Deposits/Withdrawls
Document
Name
Document
~
Custodian
Name
Custodian
Phone
J&!rL
Source
\ AChie~ements
Descnptlon
. Page 3 of 3
11/24/09
11-112
California Redevelopment Agencies ~ Fiscal Year 2008/2009
Sch 0 General Project Information
CHULA VISTA
Project Area Name: MERGED PROJECT AREA
Project Name: Los Vecinos
Address; 1501 Broadway Chula Vista 91910
Owner Name: Los Vecinos, LP
UNIT INVENTORY
-~-------------._----*-----._---_._---------------_._------------------------
Very Low Low Moderate Above Mod Became Total
Ineliqible
Inclusionarv
Unit
New Construction
Non-Agency Rental Non-Elderly 41 0 0 0 41
Unit Total 41 0 0 0 41
PROJECT FUNDING SOURCE ------
Fundlnq Source
Redevelopment Funds
Private Funds
TCAC/Slate Award
Amount
$5,680,000
$2,173,365
S9,088,014
Page 1 of 3
11/24109
11-113
California Redevelopment Agencies - Fiscal Year 2008/2009
Sch D General Project Information
CHULA VISTA
Project Area Name:, OUTSIDE PROJECT AREA
~I'-,oj.ct-Name:--The bandings
Address: 2122 Burdock Way Chula Vista 91915
Owner Name: CIC Landings, LP
J N IT 1 NVENTORY - ----- -- -- -- -- -- -- -- - -- -- -- -- -- -- -- -- -. -- -- --- -- - - -- ---- -- -- ------ ---- -- ---- -- -- -- --..
~ROJECT FUNDING SOURCE ---------------------------------------~
FundinC1 Source
Federal Funds
Other Local Funds
Privat.e Funds
TCAC/State Award
Amount
$1.100.000
$12,916,052
$2,379,690
$11,793,536
Page 2 of 3
11/24/09
11-114
California Redevelopment Agencies - Fiscal Year 2008/2009
Sch 0 General Project Information
CHULA VISTA
Page 3 of 3
11124/09
11-115
SCHEDULE HCD E1
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
Report Year:, 2008/2009
A-gency,--CHUcA-VIS'fA
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 (agency or non-agency).
PART I
IH & SC Section 33413(b)(1)]
AGENCY DEVELOPED
1 New Units I 0
2. Substantiaily Rehabilitated Units 0
3. Subtotal - Baseline of Units (add line 1 & 2) 0
4. Subtotal of Inclusionary Obligation Accrued this Year for Units (line 3 x 30%) 0
5. Subtotal of Inclusionary Obligation Accrued this year for Very-Low Income Units (line 4 x 50%) 0
PART II
[H & SC Section 33413(b)(2)]
NON-AGENCY DEVELOPED UNITS
6. New Units 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 9 x 40%) 0
PART III
TOTALS
11. Total increase in Inciusionary Obligations During This Fiscal Year (add line 4 & 9) 0
12. Total Increase in Very Low Income Units Inclusionary Obligations During This Fiscal Year (add line 5 & 10) 0
Califoc(lja Rece\lelopmenl Allencias . Fiscal Yaar 2D0812009
Schedule E (1110~)
'Tolal~ mily be Impacts!o oy rounding'
11/24/2009
Page 1 of 4
11-116
SCHEDULE HCD E1
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
Report Year: 2008/2009
Agen"y:-CHULA-ViSJA
Project Area: MERGED PROJECT AREA
Pro]e"t: LOS VECINOS
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 (agen"y or non-agency).
PART I
[H & se Section 33413(b)(111
AGENCY DEVELOPED
1. New Units 0
2. Substantially Rehabiiitated Units 0
3. Subtotal - Baseline of Units (add line 1 & 2) 0
4. Subtotal of Inclusionary Obligation Accrued this Year for Units (line 3 x 30%) 0
5. Subtotal of Inclusionary Obligation Accrued this year fDr Very-LDw incDme Units (line 4 x 50%) 0
PART II
[H & se Section 33413(b)(2)]
NON-AGENCY DEVELOPED UNITS
6. New Units 41
7. Substantially Rehabilitated Units 0
8. Subtotai - Baseline of Units (add lines 6 & 7) 41
9. Subtotai of Inclusionary ObligatiDn Accrued this year fDr Units (line 8 x 15%) 6
10. Subtotal Df Inclusionary ObligatiDn Accrued this year for Very Low Income Units (line 9 x 40%) 2
PART III
TOTALS
11. Total Increase in Inclusionary Obligations During This Fiscal Year (add line 4 & 9) I 6
12. Total Increase in Very Low inCDme Units inclusionary Obligations During This Fiscai Year (add line 5 & 10) I 2
Calli"mia RudQvl:llcpmont Agoncies - Fiscal Year 2008/2009
SchocllieEn1101)
"r CL:l.!..S~ n:!.~x_~e impacted by rounding
11124/2009
Page 2 of 4
11-117
SCHEDULE HCD E1
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
Report Year: 2008/2009
Agency:-eHUI:A VISTA
Project Area: MERGED PROJECT AREA
Project: MAIN PLAZA
NOTE: This form is a summary of the totals of all new construction or substantial rehabilitation units
from forms HeD-D? which are developed in a project area by any entity (agency or non-agency).
PART I
[H & SC Section 33413(b)(1)]
AGENCY DEVELOPED
1. New Units I 0
2. Substantially Rehabilitated Units 0
3. Subtotal - Baseline of Units (add line 1 & 2) 0
4. Subtotal of Inclusionary Obligation Accrued this Year for Units (line 3 x 30%) 0
5. Subtotai of Inclusionary Obligation Accrued this year for Very-Low Income Units (line 4 X 50%) 0
PART II
[H & se Section 33413(bX2)]
NON-AGENCY DEVELOPED UNITS
6. New Units 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 ObligaUon Accrued this year for Very Low Income Units (line 9 x 40%) 0
PART III
TOTALS
11. Total Increase in Inclusionary Obligations During This Fiscal Year (add line 4 & 9) I 0
12. Total Increase in Very Low Income Units Inclusionary Obligations During This Fiscal Year (add line 5 & 10) 0
Cahlorni~ Redevelopment Agencies _ F:scal Year 200812009
Schoo.,I(lE{11101}
"Tolalstnay.beimpactedbyroundlniJ
11/24/2009
Page 3 of 4
11-118
SCHEDULE HCD E1
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
Report Year: 2008/2009
A~y: CHULA VISTA
Project Area: MERGED PROJECT AREA
Project: SENIORS ON BROADWAY
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 or non-agency).
PART I
[H & SC Section 33413(b)( 1 II
AGENCY DEVELOPED
1. New Units 0
2. Substantially Rehabiiitated Units 0
3. Subtotal - Baseline of Units (add line 1 & 2) 0
4. Subtotal of Inclusionary Obligation Accrued this Year for Units (line 3 x 30%) 0
5. Subtotai of Inclusionary Obligation Accrued this year for Very-Low Income Units (line 4 x 50%) 0
PART II
[H & SC Section 33413(b)(2)i
NON-AGENCY DEVELOPED UNITS
6. New Units 0
7. Substantially Rehabilitated Units 0
8. Subtotal - Baseline of Units (add lines 6 & 7) 0
g. 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 9 x 40%) 0
PART 111
TOTALS
11. Total Increase in Inclusionary Obligations Outing This Fiscal Year (add line 4 & 9) I 0
12. Total Increase in Very Low Income Units Inclusionary Obligations During This Fiscal Year (add line 5 & 10) I 0
CaJilom:B Redllvalopment AglH1cies. Fis~1 Year 200812009
Scheduht E (11101J
"To\;;olsmsybelmpactedbyroul1ding
11/24/2009
Page 4 of 4
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SCHEDULE HCD E
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
Report Year: 2008/2009
Agency-:-Cl=llJLA-V-IST A
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 or non-agency).
PARTI
IH & 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 of Inclusionary Obligation Accrued this Year for Units (line 3 x 30%) 0
5. Subtotal of Inclusionary Obligation Accrued this year for Very-Low Income Units (line 4 x 50%)
0
PART II
IH & sc Section 33413(0)(2)]
. NON-AGENCY DEVELOPED UNITS
6. New Units 41
7. Substantially Rehabilitated Units 0
8. Subtotal - Baseline of Units (add lines 6 & 7) 41
9. Subtotal of Inclusionary Obligation Accrued this year for Units (line 8 x 15'10)
6
10. Subtotal of Inclusionary Obligation Accrued this year for Very Low income Units (line 9 x 40%)
2
PART III
TOTALS
11. Total Increase in Inclusionary Obligations During This Fiscal Year (add line 4 & 9) 6
12. Total Increase in Very Low Income Units Inclusionary Obligations Ouring This Fiscal Year (add line 5 & 10) 2
C<tilfomia R!ldevelopm!Jnt Agoocias. Fiscal Year 2008/2009
Schedule E(11/Ql)
"Totals may_beim::l"-clod by rounding
11/24/2009
Page 1 of 1
11-120
RDA RESOLUTION NO. 2009-
RESOLUTION OF THE CHULA VISTA REDEVELOPMENT
AGENCY [A] ACCEPTING 2008/2009 FISCAL YEAR END
FINANCIAL REPORTS; AND [B] FINDING THAT PLANNING
AND ADMINISTRATIVE COSTS CHARGED TO THE
HOUSING FUND IN FISCAL YEAR 2008/2009 WERE
NECESSARY FOR THE PRODUCTION, IMPROVEMENT, OR
PRESERVATION OF LOW AND MODERATE INCOME
HOUSING
WHEREAS, California State Health and Safety Code Section 33080.1 requires to
redevelopment agencies to prepare an Annual Report for consideration by its Board; and
WHEREAS, the report must include the an independent tinancial audit report and
opinion regarding the Agency's compliance with applicable regulations; the Report of Financial
Transactions of Community Redevelopment Agencies (State Controller's Report); and the State
Department of Housing and Community Development Schedules A-E; and
WHEREAS, 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); and
WHEREAS, California State Health and Safety Code Section 33334.3(d) requires
agencies to determine annually that the planning and administrative expenses paid by the
Housing Fund are necessary for the production, improvement or preservation of low and
moderate income housing; and
WHEREAS, City staff that work on Housing programs and projects track their time in a
Project Accounting system, and only costs attributable to the Housing Fund havc been included
for reimbursement; and
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
Chula Vista does hereby declare as follows:
[A] Fiscal Year 2008/2009 Year End Financial Reports are accepted as presented; and
[B] Housing Fund expenditures for planning and administration are necessary
for the production, improvement or preservation of low and moderate income
housing.
11-121
Presented by:
Approved as to form by:
Gary Halbert, AICP, PE
Deputy City Manager!
Director of Development Services
.~ -.4 PeA
Bart Miesfeld
City Attorney
11-122