2008 02 19 RDARedevelopment Agency agendas are
available on the City' web page
@ www.la-quinta.org
REDEVELOPMENT AGENCY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, FEBRUARY 19, 2008
3:00 P.M. Closed Session / 4:00 P.M. Open Session
Beginning Resolution No. RA 2008-001
CALL TO ORDER
Roll Call:
Agency Board Members: Adolph, Henderson, Kirk, Sniff, and Chairman Osborne
PUBLIC COMMENT
At this time, members of the public may address the Redevelopment Agency on any
matter not listed on the agenda. Please complete a "request to speak" form and limit your
comments to three minutes.
CLOSED SESSION
NOTE: Time permitting the Redevelopment Agency Board may conduct Closed Session
discussions during the dinner recess. In addition, persons identified as negotiating parties
are not invited into the Closed Session meeting when acquisition of real property is
considered.
1. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS
R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8
CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION
AND/OR DISPOSITION OF REAL PROPERTY IDENTIFIED AS APNs: 773-370-
028 AND -029, SILVERHAWK APARTMENT HOMES. PROPERTY
OWNER/NEGOTIATOR: G COMPANIES, JAMES C. GIANULIAS.
Redevelopment Agency Agenda 1 February 19, 2008
RECESS TO CLOSED SESSION
RECONVENE AT 4:00 P.M.
CWiTrl00rAR
PUBLIC COMMENT
At this time members of the public may address the Redevelopment Agency on any matter
not listed on the agenda. Please complete a "request to speak" form and limit your
comments to three minutes.
CONFIRMATION OF AGENDA
APPROVAL OF MINUTES
APPROVAL OF MINUTES OF FEBRUARY 5, 2008.
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
APPROVAL OF DEMAND REGISTER DATED FEBRUARY 19, 2008.
2. RECEIVE AND FILE TREASURER'S REPORT DATED DECEMBER 31, 2007.
3. RECEIVE AND FILE REVENUE & EXPENDITURES REPORT DATED DECEMBER
31, 2007.
BUSINESS SESSION
1 . CONSIDERATION OF MID -YEAR BUDGET REPORT FOR 2007/2008.
A. MINUTE ORDER ACTION
STUDY SESSION — NONE
i)i
Redevelopment Agency Agenda 2 February 19, 2008' J
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
The next regular meeting of the Redevelopment Agency will be held on March 4,
2008, commencing with closed session at 3:00 p.m. and open session at 4:00
p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Redevelopment Agency meeting of February
19, 2008, was posted on the outside entry to the Council Chamber at 78-495
Calle Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630
Highway 1 1 1, on February 15, 2008.
DATED- February 15, 2004CINO,
8
VERONICA J. NCity of La Qui ta, C
M
J
Redevelopment Agency Agenda 3 February 19, 2008
D �W
oti o�
F
v 5
C
OF T9
iUNCIL/RDA MEETING DATE: February 19, 2008
EM TITLE: Demand Register Dated
February 19, 2008
:COMMENDATION:
is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
February 19, 2008 of which $7,321,695.32
represents Redevelopment Agency Expenditures
AGENDA CATEGORY:
BUSINESS SESSION
CONSENT CALENDAR
STUDY SESSION
PUBLIC HEARING
_EASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
V3�)
`N OF'Yt1Q
COUNCIL/RDA MEETING DATE: February 19, 2008 AGENDA CATEGORY:
ITEM TITLE: Receive and File Transmittal of
Treasurer's Report as of December 31, 2007
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and file.
BUSINESS SESSION:
CONSENT CALENDAR: .
STUDY SESSION:
Iiau:3qlei IIX1:1W10A
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
QQ )
CF`N OF'CKti9�
COUNCIL/RDA MEETING DATE: February 19, 2008 AGENDA CATEGORY:
ITEM TITLE: Receive and File Transmittal of Revenue BUSINESS SESSION:
and Expenditure Reports dated December 31, 2007 CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Receive and File
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Transmittal of the December 31, 2007 Statement of Revenue and Expenditures for
the La Quinta Redevelopment Agency.
Respectfully submitted,
John M. Falconer, Finance Director
NM
Approved for ;submission by:
Thomas P. Genovese, Executive Director
Attachment: 1. Revenue and Expenditures Report, December 31, 2007
007
JINTA REDEVELOPMENT AGENCY
iNUE SUMMARY
IECT AREA NO.1:
0710112007-12/3112007 REMAINING %
BUDGET RECEIVED BUDGET RECEIVED
A� �4'91V�n�r�r
'MODERATE BOND FUND:
Allocated Interest
Home Sale Proceeds
Non Allocated Interest
Transfer In
TOTAL LOW/MOD BOND
(MODERATE TAX FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Miscellaneous revenue
Nan Allocated Interest
LORP-Rent Revenue
Home Sales Proceeds
Sale of Land
Sewer Subsidy Reimbursements
Rehabilitation Loan Repayments
2nd Trust Dead Repayment
Transfer In
TOTAL LOWIMOD TAX
T SERVICE FUND:
Tax Increment
Allocated Interest
Non Allocated Interest
Interst - County Loan
Interest Advance Proceeds
Transfers In
TOTAL DEBT SERVICE
D.DD
000
000
0,000%
000
0D0
0DO
0000%
000
000
0.00
0 000 %
000
000
000
0 000 %
0.00
000
0 00
0000%
40,600,600.00
.18,72315
10,581,076.85
0180%
404,80000
(37,854.70)
442.654.70
-9.350%
000
623.81
(62381)
000D%
000
125.00000
(125,000.00)
0.000%
O.DO
0.00
coo
0000%
252.000 00
136.408.65
115.591.35
54 130%
150,000 00
158,060 85
(8,060 85)
105 370%
000
000
000
0.000%
0.00
3,23121
(3,231,21)
0D00%
000
000
000
0,000%
0.00
303,190 04
(303,190.04)
0 000 %
313 156 00
313 156 00
0 00
100 oDo%
11,720,556.00
1,020,53901
10,700.01699
8710%
42.638.70000
73,39986
42,565,3D014
0170%
896,100.00
445,875 25
450,224 75
49 760 %
000
000
000
0.000 %
000
000
000
0D00%
000
000
0.00
0000%
4 450 261 00
2 979 620 44
1 470,640.56
66 950%
47,985,06100
3,498,895.55
44,486,165.45
7290%
ITAL IMPROVEMENT FUND - NON-TAXABLE
Pooled Cash Allocated Interest
37,900.00
186,911 88
(149,011 881
493.170%
Non Allocated Interest
500,00000
390.781,91
109,21809
78160%
Developer Agreement Funding
000
0DO
0,00
0000%
Sale of Land Proceeds
3,894,600 00
000
3,894,600 00
0.000 %
Rental Income
0.00
000
000
0.000%
Transfers In
25 000 000 00
25,D00,000 00
0 00
100 000%
TOTAL CAPITAL IMPROVEMENT
29,432,50000
25.577.693.79
3,854,606.21
86900%
ITAL IMPROVEMENT FUND - TAXABLE
Pooled Cash Allocated Interest
0.00
0.00
000
0000%
Non Allocated Interest
0.00
0.00
0.00
0000%
Litigation Settlement Revenue
0DO
000
0,00
0000%
Bond proceeds
000
000
000
0000%.
Rental Income
000
000
000
0ODD%
Transfers In
000
000
0.00
0.000%
TOTAL CAPITAL IMPROVEMENT
000
0.00
000
0000%
008
OUINTA REDEVELOPMENT AGENCY
07/01/2007-12/31/2007
REMAINING
.A
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
PROJECT AREA NO. 1:
_OW/MODERATE BOND FUND
000
000
0.00
000
PERSONNEL
SERVICES
000
0.00
000
0.00
REIMBURSEMENT TO GEN FUND
0.00
000
000
000
HOUSING PROJECTS
000
000
000
0.00
TRANSFERS OUT
0.00
0.00
000
000
TOTAL LOW/MOD BOND
LOWIMODERATE TAX FUND:
PERSONNEL
805.15
000
294.85
SERVICES
2,76400
362,76400
98,58363
000
4,200
264,20037
BUILDING HORIZONS
000
000
000
000
LQ RENTAL PROGRAM
200,000 00
93.777 67
000
106,222 33
2nd TRUST DEED PROGRAM
225,000 00
191,050 00
000
33.950 00
LAND ACQUISITION
10,276,12700
5,766,06383
000
4.510,06317
FORECLOSURE
425,00000
146.150.00
0.00
278.85000
REIMBURSEMENT TO GEN FUND
652,47100
326.23488
000
326.236.12
TRANSFERS OUT
4450,26100
2,979,620.44
000
1,470,056
6472
TOTAL LOW/MOD TAX SOD
DEBT SERVICE FUND:
SERVICES
000
BONDPRINCIPAL7.500,55300
3.514.57900
5,00000
000
719.57800
T
3,791.30013
3,513,82603
0.00
,709.248
INTERSBONDI
CITY
INTEREST CITY ADVANCE
1,020,00000
0.00
506.124487
SO00,6507
PASS THROUGH PAYMENTS
2.808.01200
22,808,010 00
807,36121
807,361 21
000
22,00000 79
ERAF SHIFT
000
935
000
TRANSFERS OUT
28,970,960 00
---Duo
27,519,319 35
100
0 00
1,451,640 65
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
PERSONNEL
000
29485
SERVICES
2.55900
992,559.00
62238
269,82238
32,05000
690,88662
0,886
LAND ACQUISITION
000
0.00
000
000
ASSESSMENT DISTRICT
0.00
000
000
0.00
ADVERTISING -ECONOMIC DEV
000
000
0.00
000
ECONOMIC DEVELOPMENT
000
000
000
0.00
BOND ISSUANCE COSTS
000
000
0.00
0.00
CAPITAL - BUILDING
10,00000
0.00
000
10,00000
REIMBURSEMENT TO GEN FUND
311,033 00
155.515.92
0.00
155.517.08
TRANSFERS OUT
63,089,04000
1,380,493.63
000
11,708,54631
TOTAL CAPITAL IMPROVEMENT3732-00
CAPITAL IMPROVEMENT FUND/TAXABLE BOND
0.00
000
BOND ISSUANCE COSTS
000
0.00
TRANSFERS OUT
000
000
000
0.00
TOTAL CAPITAL IMPROVEMENT-0-00
009
ANITA REDEVELOPMENT AGENCY
0710112007-1213112007
REMAINING
%
NUESUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
ECT AREA NO.2:
MODERATE BOND FUND:
Allocated Interest
000
0.00
000
0 000%
Non Allocated Interest
000
0.00
0.00
0000%
Bond proceeds (net)
0.00
000
000
0000%
Transfer In
000
000
000
0000%
TOTAL LOWIMOD BOND
0.00
000
000
0000%
MODERATE TAX FUND:
Tax Increment
5.563,90000
13.549.61
5.550,35039
0240%
Allocated Interest
742.100 00
169,992 34
572,10766
22 910%
Non Allocated Interest
O.DO
000
000
0,000%
Developer funding
000
000
0.00
0000%
Vista Dunes MHP Rental Rev
000
000
00D
0000%
2nd Trust Deed Repayment
000
59,219.DO
(59,219 DO)
0000%
ERAF Shit- Interest
000
0.00
0OD
0000%
Sale of Land
352,66700
352,68700
0,DO
100000%
Mira0ores Note Repayment
000
56,19800
(56,19800)
0.000%
Transfer In
9,378,966 00
9,378,966 00
000
10D.000%
TOTAL LOWIMOD TAX
16,037,653.00
10,0 00,611.95
6,007,041.05
62 540%
LOWIMODERATE BOND FUND:
Allocated Interest
000
000
000
0000%
Home Sale Proceeds
000
0.00
000
0000%
Non Allocated Interest
2,ODO.00000
1,017,47502
982,52498
50870%
Transfer In
000
000
0.00
0 000 %
TOTAL LOWIMOD BOND
2,000.00000
1,017,47502
982,524.98
50870%
SERVICE FUND:
Tax Increment
22,923,10000
54,19845
22,868.90155
0.240%
Allocated Interest
573,200 00
142,683 43
430.516 57
24.890%
Non Allocated Interest
0.00
000
0.00
0.ODO%
Interest Advance Proceeds
000
000
000
0.000 %
Transfer In
1,95584600
1,240 858 77
714,987 23
63 440%
TOTAL DEBT SERVICE
25,452.14600
1,437,74065
24,014,40535
5650%
rAL IMPROVEMENT FUND:
Allocated lrrerest
58,90000
57.381.72
1,51828
97420%
Non Allocated Interest
000
0.00
000
0 000 %
Developer Agreement
0.D0
000
ODD
0000%
Transfers In
000
0.00
000
0 000 %
TOTAL CAPITAL IMPROVEMENT
58.900.00
57,38172
1,518,28
97420%
019
LA QUINTA REDEVELOPMENT AGENCY
EXPENDITURE SUMMARY
PROJECT AREA NO. 2:
07/01/2007 - 12/31/2007 REMAINING
BUDGET EXPENDITURES ENCUMBERED BUDGET
LOW/MODERATE BOND FUND
LOW/NIODERATE TAX FUND:
BONDFUND
2nd TRUST DEEDS
000
0.00
000
0.00
LAND
0.00
0.00
0.00
0.00
BOND ISSUANCE COSTS
000
0.00
000
000
TRANSFERS OUT
0.00
0.00
0.00
000
TOTAL LOW/MOD BOND
—O-W
Uuu
000
000
PERSONNEL
70000
48724
000
212.76
SERVICES
540,46400
163,75723
000
376,70677
2ND TRUST DEEDS
000
000
000
0.00
LOW MOD HOUSING PROJECTS
000
5,00000
000
(5,00000)
FORECLOSURE ACQUISITION
100,00000
000
000
100,00000
WATERCOLOR COURT HOMES
4,500,00000
2,525,10000
000
1,974,900.00
LAND ACQUISITION
333,55500
72,42700
0.00
261,12&00
REIMBURSEMENT TO GEN FUND
356,50500
178,25196
000
178,253.04
TRANSFERS OUT
7.256.43000
2.215,59110
0.00
5,040.03890
TOTAL LOW/MOD TAX
HOUSING PROGRAMS 0.00 0.00 000 000
LAND 000 0,00 000 000
TRANSFERS OUT 33,684,236 00 5,678 054 98 000 28,006,181 02
TOTAL LOW/MOD BOND 33,wg, 38-.00-
)EBT SERVICE FUND:
SERVICES
176,10000
2,66454
0.00
173,43546
BOND PRINCIPAL
110,000.00
110,00000
0.00
000
SONDINTEREST
310.13500
156,26375
0.00
153.87125
INTEREST CITY ADVANCE
1.000.000 00
533,900 38
0.00
466.099 62
PASS THROUGH PAYMENTS
18.688,406 00
25,006.37
0.00
18.663.399.63
TRANSFERS OUT
11,334,81200
10,619.82477
000
714,987.23
TOTAL DEBT SERVICE --TT,ST9,453U6
:APITAL IMPROVEMENT FUND:
PERSONNEL
70000
486.96
000
21304
SERVICES
123,64100
52,756.91
000
70,88409
ADVERTISING -ECONOMIC DEV
0.00
000
000
0.00
ECONOMIC DEVELOPMENT ACTIVITY
000
000
000
0.00
REIMBURSEMENT TO GEN FUND
25,29100
12,645.24
000
12,645.76
TRANSFERS OUT
473,004.00
109,889.26
000
363,114.74
TOTAL CAPITAL IMPROVEMENT
—S22,B3860-
Oil
ceitit 4 XP Qulierry
COUNCIL/RDA MEETING DATE: February 19, 2008
ITEM TITLE: Consideration of Mid -Year Budget Report
for Fiscal Year 2007/2008
AGENDA CATEGORY:
BUSINESS SESSION: /
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
RECOMMENDATION:
Approve an increase of $2,613,186 in estimated property tax increment revenue.
Approve a decrease of $(344,200) in estimated investment interest revenue.
Approve a decrease of $ (3,288,400) in estimated revenues from other sources.
Approve an appropriation increase of $1,093,650 in pass through tax payments.
Approve an increase of $141,873 in appropriations for capital projects.
Approve an increase of $3,356,953 in appropriation: for housing projects.
Approve an increase of $350,000 in interest expense.
Approve a transfer in of $53,826 in RDA PA 1 Debt Service Fund and a transfer
out in the same amount from RDA PA 1 Low Moderate Income Fund.
Receive and file the Mid -Year Budget Report.
FISCAL IMPLICATIONS:
During the annual budget process, staff estimates revenues and expenditures for
the Redevelopment Agency (RDA) and at mid -year reassesses those estimates,
which are through December 31'. As a result of staff's review, we are
recommending the following budget changes to the RDA Fiscal Year 2007/2008
budget:
012
Estimated Tax Increment Revenues
Property taxes are adjusted to the tax roll information prepared by the County
Auditor's office, which was received in early January. As a result of the tax roll
information, the property tax revenues for Project Area 1 and 2 are adjusted. For
Project Area 1, property tax increments increased by $2,591,886 and for Project
Area 2, property tax increments increased by $21,300. Based upon the forecasted
revenues, an increase of $2,613,186 in estimated property tax increment revenue is
projected.
Estimated Interest Income Revenues
RDA Project Area 1 & 2 Capital Improvement Project Fund is projected to generate an
increase of $ 550,000 and $ 21,100 in interest income, respectively, based upon
cash balances in pooled cash and the fiscal agent.
RDA Project Area 1 & 2 Debt Service Funds are projected to generate a decrease of
$ (300,000) and $ (273,200) in interest income, respectively, based upon cash
balances in pooled cash and lower interest rates.
RDA Project Area 2 Low & Moderate Income Funds are projected to generate a
decrease of (342,100) in interest income based upon cash balances in pooled cash
and lower interest rates.
Proceeds from 2"d Trust Deed Repayments
Project Area 1 & 2 Low & Moderate Income Housing Funds have been receiving funds
from the sale of Agency -assisted homes. The Agency will receive 2nd Trust Deed
repayments of $350,000 from PA 1 and $ 75,000 from PA 2.
Proceeds from Sewer Subsidy and Rehab Loan repayments
Project Area 1 Low & Moderate Income Fund will receive an estimated $4,000 from
the sale of Agency -assisted homes that received past sewer subsidies.
Sale of SilverRock Resort Land
RDA Project Area 1 Capital Improvement Project Fund sale of land at SilverRock
Resort totaling $3,894,600 has been decreased to reflect payment in Fiscal Year
2008/2009.
Miraflores Note Repayment
The Agency has received $52,200 from the December 2000 agreement with LINC
Housing from positive cash flow from the Senior Apartments.
Miscellaneous Repayment
01
The Agency has received $125,000 from the sale of the Building Horizons Property.
Transfer In and Out
The General Fund had previously advanced $50,000 to the Agency for a deposit on
the Testa property. The property has been annexed into the City of La Quinta and
the property has been purchased. The Agency has now repaid the $50,000 advance
to the City and interest which totaled $53,826. These transfers between the PA 1
Debt Service Fund and Low and Moderate Income Fund reflect the repayment.
Additional Pass Through Appropriations Requested
As a result of the increased tax increment, the Agency is required to pass through, or
pay to other taxing entities that operate in the Project Area, tax increment funds
based upon negotiated or statutory agreements. Since the tax increment will
increase, these pass through amounts will increase by $1,093,650 to a total of
$42.6 million.
Additional 2n' Trust Deeds for Final Phase of Watercolors
Staff is requesting $3,200,000 for 2nd Trust deeds at the Watercolors Project from
the RDA 2004 Housing Bond Fund.
Additional RDA PA1 and 2 Capital Project Fund Appropriations Requested
Staff is requesting $141,873 for economic development studies and analysis for RDA
Capital Project 1 and 2 projects.
Additional RDA PA1 and 2 Low and Moderate Income Fund Appropriations Requested
Staff is requesting $156,953 for development studies and analysis for RDA Low and
Moderate Income Fund 1 and 2 projects.
Additional RDA PA2 Debt Service Interest Expense
In December 2007, the Agency received an advance of $9,378,966 from the General
Fund. Interest on the advance is at 7% per year. The estimated interest expense on
this advance is $350,000 for Fiscal Year 2007/2008.
014
BACKGROUND AND OVERVIEW:
A comprehensive report is prepared annually at mid -year to inform the Agency Board,
for their consideration, of any changes in the financial position of the Agency.
The Mid -Year Budget Report involves a financial assessment of Agency operations.
This report provides information on the RDA revenues, operations, capital projects
and requests for budget transfers and/or new appropriations.
The majority of the tax increment revenue for the RDA is received from the County in
January and May; therefore, actual tax increment revenues have not been received to
date.
The earned tax increment equals the 50% benchmark. Provided as part of
Attachment 1 is the revenue and expenditure detail for the RDA.
The budget amounts have been adjusted to reflect the latest data from the County
Auditor/Controller's office.
The following table reflects the mid -year tax increment additions and reports an
increase of $5,831,158 in tax increment from prior year actual collections.
m¢uuc m iunrecv
(1)
(2)
(2p0)=(3)
(4)/12'6
(4)
(4)-(1)
(5)
(4)/(5)-1000/0
(4)-(5)
07/08
Est Year End
06/07
1 V31/07
07/08
Year End
Variance
Year End
Percent
Change
Description
Budget
YTD Actual
%
Earned
Estimate
over(under)
Actual
Change
$
PA #1
Debt Service
$44,664,949
$73.400
016%
$22,332,475
$44,664,943
$0
$42,029,504
627%
$2.635,445
Low/Moderate Tax Increment
11,166,237
18.723
017%
5,583,119
11,166,237
0
10,507.377
627%
658.860
Total Tax Increment
55,831,186
92,123
017%
27,915.593
55,831,186
0
52,536,881
627%
3,294.305
A #2
Debt Service
22,806,640
54,198
0.24%
11,403,320
22,806,640
0
20,777.158
977%
2.029,482
Low/Moderate Tax Increment
5.701,660
13,550
024%
2.850,830
5,701,660
0
5,194.289
977%
507,371
Total Tax Increment
28,508.300
67,748
0.24%
14,254,150
1 28,508,300
0
25,971,447
977%
2,536,853
Totals
$84,339,486
$159,871
0.19%
$42,169,743
$84,339,486
$0
$78,508,326
743%
$5,831.158
015
Project Area No. 1 estimated revenues exceed prior year collected revenues by
$3,294,305 and by $2,536,853 for Project Area No. 2.
Staff is proposing additional revenues and appropriation changes in Redevelopment
Project Area Nos. 1 & 2 (Attachment 2) based upon the: following:
• Updated tax increment estimates;
• Updated investment earnings forecasts;
• Pass through payments affected by updated tax increment estimates;
• Updated revenue collections from 2nd trust deed, and sewer subsidies;
2nd Trust deeds for the Watercolors Housing Project;
• Deferral of the sale of SilverRock property;
• Capital Project and Low Income Housing economic and housing studies
and analysis;
Additional General Fund advances; and,
• Repayment of the Testa General Fund advance.
The proposed additional revenues and appropriations are as follows:
REDEVELOPMENT AGENCY TAX ADDITIONAL REVENUE AND APPROPRIATIONS
(1)
(2)
(3)
(4)
(5)
(1)thru
(7)
(8)
(9)
(7)thru
Tax
Interest
Sewer
Sale of
Misc Rev
(5)=6
Pass Thru
Cap Proj
Transfers
(9)=(10)
Fund
Increment
Income
2nd Trust
Land
Transfers
Revenues
Agree
Housing
Interest
Expenses
Project Area 1
Debt Service
2,026,249
(300,000)
53,826
1,780,075
1,093,650
1,093,650
RDA 1 CIP
550,000
(3,894,600)
(3,344,600)
23,420
23,420
Low and Mod
565,637
1
354,000
1125,000
1,044,637
1 33,335
53,826
1 87,161
2,691,886
250,000
354,000
(3,894,600)
178,826
(519,888)
1,093,650
1 56,755
53,826
1.204,231
Project Area 2
Debt Service
(116,460)
(273,200)
(389,660)
0
0
350,000
350,000
RDA 2 CIP
21,100
21,100
118,453
118,453
Low and Mod
1 137,760
(342,100)
75,000
1
52,200
1 (77,140)
3,323,618
3,323,618
21,300
(694,200)
75,000
0
52,200
(445,700)
0
3,442,071
350,000
3,792,071
Total
2,613,186
(344,200)
429,000
(3,894,600)
231",026
(965,588)
1,093,650
1498.826
403,826
4,996,302
These proposed adjustments will result in an estimated decrease in net revenues over
appropriations of $0,724,119) in Project Area No. 1 and $(4,237,771) in Project
Area No. 2.
A detailed list of the Fiscal Year budget appropriation requests can be found in
Attachment 3.
FINDINGS AND ALTERNATIVES:
The alternatives available to the Redevelopment Agency Board include:
1. Approve an increase of $2,613,186 in estimated property tax increment
revenue; and
Approve a decrease of $(344,200) in estimated investment interest revenue;
and
Approve a decrease of $13,288,4001 in estimated revenues from other sources;
and
Approve an appropriation increase of $1,093,650 in pass through tax
payments; and
Approve an appropriation increase of $141,873 for capital projects; and
Approve an appropriation increase of $3,356,953 for housing projects; and
Approve an appropriation of $350,000 in interest expense; and
Approve a transfer in Debt Service Fund 1 of $53,826 and a transfer out from
Low and Moderate Fund 1 of the same amount.
Receive and file the Mid -Year Budget Report.
2. Do not approve the above changes; or
3. Provide staff with alternative direction.
017
Respectfully submitted,
John M. Falconer, Finance Director
Approved for submission by:
Thomas P. Genovese, Executive Director
Attachments 1. RDA Revenue and Expenditures through December 31, 2007
2. Mid -Year review budget worksheet
3. Mid -Year review budget detail
013
M 1 1 MVI llvl Ll
�O
aQzLLI
� W
N Q
MU
> 'o
rca
e e e e
e
o-°
��
O e' a e
O O O O
O
O O O O O O r• 0 0 0 0 0
0
0 0 0 0 0 0
0
O to to
M
O O O O O o
r>
N 0 0 0
00000
O 00 �j O O 0
M
000
O
Nj 000
0 0 0 0
0
6 T O o o� o o� a. o
a;! o o o
m ma o o
00000
NO �00 N H 00l O tOO
W
NOOOtp
Y>
m W 000
O O O O
O
O D I W O O t h O D O r• O m O
T
l 0 0 0 N
<I
N 0 0 0 0
0 0 0 0
0
l h O t 7 O O O O G 0 O O G
M
m Y o 0 o f G
C>
_ O O o 0
to w tNp 00 r W
O
�N O
CJ
ON
h N �
V
sr
o O N O O
O
N Y
u)
W O
NN
r0.
O O O O
O
O N O O) N
M O 0 0 O
h
O� O O O
a J
J 0 0 0 0
O O O O
O
tOD
N N M toO V O O M O
tN0
M OD
- r
0
00o00
�� t' N 0--6
MNCO C; ;a>
CC OO
NO N D6
cr
6l O)
M M
fV
C�
M
O O O O
O
O O O O O O O O O O O O
O
0 0 0 0 0 0
0
0 0 0 0 0
O O O O
O
0 0 0 0 0 0 0 0 0 0 0 0
0
O O O O O O
O
O O O O O
o 000c
r00000 00000o
ai C000I
C000C
O O M O CD O
N W O O Co O O
M A
V CD
W O
I
O O
W O
O V N NO V OMN
aatp pYa
9
r-O
M N
N O N N N N
<< N M M
V7
I A
N O
V 7 N N
O
O
N
O Q
C*
�f
�
O
O O O O
O
O O 0
0
O O
O
O O O O
O
00 0
0
O O
O
V` O 0 O
r`
0) C C
Y)
C O
O O O O
1pp0
N O MO
O O
H u1 V O
O N
O
N T
M
O
N
eN-
O
O M
I'�
N O
N v
.M...
0 0 0 0
0
O O O O O O O O O O O O
O
0 0 0 0 0 0
0
O O O O O
O O O O
O
0 0 0 0 0 0 0 0 0 0 0 0
0
O O O O O O
O
O O O O O
C 0000
0000 COOO 0000000 {U
tOO
OO OO OOO
00000000
00�1iAO
1�NAO
tote
(�
N Oct O O
h N
W O w
O V N O M
O
t0 (O O�
�
r- C V
<A
MO MN
OY N� Mn
tMOO V
O
O
M
=
0
0
N N m
v ° O
z LP
d a vp Q 9 0 U C Q
O V 0 a C Q
In OD0 0 20
QF a S Z P P
K
W
O
f
0
J
EE
T d
� x
p�p�i� E � �•-wam ~
d N« J) U 0 T O
H C Q C> O S
J C C
G c a; a 0 a¢ d v c
LL E a `ci c `ti 0, m m O c 0
LS «« N a t I/J w U) N
c a Q yy m 1-2-
F M 0 0 ,n 0 0 o@ y 0, m 0
Qf HQZ2ZVI U)K N1-F
C
W
O
O
0
0
Q10 _ W
x N C LU
F « LU
c >
c O
0 LL a
z
d E Q J
z ;z Q
LL t d a v E c Q
c O
Z U o10
W o a o j?`wQ
ED > 00 0 0 m 0 T 0
O a O(D CE
K
a
J
F
a
U
0 0 0 0 0
0 0 0 0 0
O O O O O
000co
0 0 0 0 0
O O O O o
0 0 0 0 0
0 o 0oo
00000
O o o G G
coccO O O O O
0 0 0 0 0
cocoa
0 0 0 0 0
00000
8888
] oeoa
a
u 8888
L o000
J
O
m
°
Z
zZ J
W a
� F
OK O
W00
ZUJZW
w M95z
WWWo
MO
z
n
LL
t' ❑
E O
m
is
i
IU O
'W f
im J❑
n s%Ld
g
UdbW
N ONN
Q
888888
00000o
Y12
SSS88888
8
N
888
O
��Cp!
F
°
o LL 0
�
m BOO O D
N p❑O ZF
J Orr aWyK�O
zo t;ONNK
Zwo�- WUOKw
ooz, VmN
N>O H❑W Z
ww5OgzOwa4
TOM N�RT
0
z
C
0
O
J
e�i,8�m8 � 1°�O Som
Ag08888$N$ . 8
y pp m
m N !p
000008 888O 00000 8. 580.00
0000000 0�00000000 0
0
r '
M
°irnmf'o
I�I�mm
(V th
r8888888m
NONOOOOOOYf
mm o
01 Yf
N �
888SSS8M, 88SSSSS
gNU gm0000a
m.Q-8Ho O �m
QmmOm On O
ri n�ri m
N N
S 8
0 0
m N
f0 Q
M �
m N
O
8888888 8888888
M100 OQ ON00000
N pNm pOm� `NUS' _ m
N �SNO O 'q
O mNOm OI O�
N
F p�
Z� F
UKV� N
wx yw
ZW
'MEU p
>❑xLL
w .0¢OMOW
oWOm WwU 0
z
LL
z
W
O
n
F
V
° a a
� � f
J
z J J
S h a
� U O U
V
WwFJ¢
20S0 zo~O
WWO 0 OX
mK ZJa
mN mw mnN
� w❑z
W mo
029
w e e e e
e
a^ e e e e e o 0 0
O e O
a° e e°
e
° e e e
OOO OO
w O O O O
O
O0O 0 0 0 O O 8(pO0
T 0 0 0 0 0 0 0 0
O OOr Oo
O O O
000000
v 0 0�
V
(.0j000
0 0 0
V O O O O
O
O
N O O O 0 O r 0
0
O
O O C'
O
0
N O O
h
^ O O O
w 00000
ON O O O II 0 0 0 0
0
OONOD
O f- 000(0
�000
O O O O
O
a) U 1 0 0 0 0 0 0 0 0
0
O O O O
a 0
( O � O O M
(O
co O O O
00000
M W O O O O O O O O
O
0 0 0) O
0)
(() (O O O N
M
N O O O
W 0 0 0 0
0
O O 0 0 0 0 0 0
O O N O
N
f 0 0 0�
p
c V 0 0 0
U)
e- O 1� 0)
0)
O
(O
(h T
(D
O
w O Lr) v
m
N
N
N 1�.
-or
N
(D N
0)
0)
N
m
00)
I
(NO_
O
O
(n�
N
N
O
O 00 0 0
q
N
O
N
O
I
(O MP-:
O
CD
(0 O O (0
;:
M
N
V W
O
1�
O OOOO
OOai O00 Oj O n M (0(0
OOn 0�1�
O M OO
IT
OOO
CI 0 00 00
uj
-
-C O) 0 -0
.O
1I
0000z
('? 000
�O
O M)
O(0
N
V
NO
Q7
_
00000
O O O O O O O O O O
O
O O O C
O
000000
0000
O O O O
O
O O O O O O O O O O
O
O O O O
O
0 0 0 0 0
0
9999
O O CD
C
O O O O O O O I� O 0
M
O OO OO O
0
0 0 0 0 (O
(O
0000
W
co O MO(D�
O
O
Ss� O V
00
0
(0 0 O co N 0)
17 O (n N N W
(O
O
O
O
O
O
(0 0 00
(0 O (0
v
(V
O
O
?
OO h )O u7 f�V7
I� ? M M
0)
O
O
O
O
OO O(D
00 M 0)
O
w
m
O O
O
cl
N
N -7
N
N
N
O
O O O O
O
O
O O
O
O
O
O
O O O O
00
O
O
O
O O
O
O
W
(Do 0 N
I
(Do
(CO
O
P.: N (A (V
r-
N
V] (6
(O
CF
M ItI� O
n
�_ n
w
N
O O O O
O
O O O O O O O O O O
O
O O O O
O
O O O O O
O
0 0 0 0
09099
0 0 0 0 0 0 0 0 0 0
0
O O O O
O
O O O O O
O
O O O O
00000
O O G O O O O I O f O
M
00000
0 0 0 O (0
(0
0000
W
0-1 (00 G(
LO
O
O
N ac0�
0
MM
N 04
to
M
(0 a O h
M
O
O
N )O
O
O
lO 1� M M
O
O
O
0) O 0)
V
m
LL] O
(O
N
(V
IZ
N
N
z
Z
w
LLI
Z o fC C b >
E �( Z d w w
O c' T T Q O (�i U d
a D Z O 2 > m
S o dma�d cM �� o «n w ? E J
Zy y E v=vc « O LLdo € d °� NZd d Q
«gym Oc«d��a�i o € °z«a`O 3 aci«dam mLL°•)�°) a
U. c 0 Z `. d O Z c 0 O a) o c >Uj
c Q c
Gv 0 O J CL
xLLx dv o a� wLJ y J my m (� dv Q cG Zv m` U
YO O �Qv cQ ¢« (�Q dOFu o�° nQ r dQ wQ Z c �Q T`wQ g �Q—oy HQ
Opocc r F- oc>�v�om�r oEcmr ooa;�Ow°0 a)oa>im0
Fazmrr ui z❑>NwU)M oaxzrt- Wr¢z_=rr-o<Z0 -
W) w > IL
Dri 13 0 0 c3 m
cs of m
r
w
e
r a ° N o cai 0 21
a aae
®
J%Agk.
q9
�
| q||| 1 |§|2||||| ||
mq■#@g,2¥2.
@§
..IR
eC§
°
_
�
@ »R.
|||■.
ee#eaaaaa
as
..6699006,
J
`
\
88883
0.88888888
\a
9®qq!
°
®H .
,
k
.. 022
A 1 I AUHIVIt
�
h tlOppM ^ OOm
O 1p m
10c
1p .-
of par pp 'vi
l0
w
yi
c
m
m
l0
C
f
H
eq
O) 0 I 0 60
V
ry
v m M v o o-
�Na00
aa�n vNa
w
w
O o 0
0
O N aayp
a
Lr
n
N O!
OMO
v m
N
V
lh
(7
O O O 006
O N 7 O a
y
N
M
y
d
M 0Nm
IN
dvm
Mlap
W
E
Nv(R rr
l w od
ci
C
O N
v
l
X
N
N
�
w
w
w
a0
o 'Q
a`a
a c c
a o p
E E
LL i
o o a> i
7 > C O O
rn E E
o o
3
li
0 O J J S U U
m
Q Q Q Q o Q Q
aaaaNaa
"QQ<Q<Qa
E
0 0 0 cr 0 0-
KK¢ K ¢
0)
m
h O
0
lO O N N
mo loovvM
.0.,
0 m N
�
F
M N f
M
v
In
ly
0
C
�
N
12
H
�
y
O
O
LD
N
N
ry
M
M
c
M
m O
N
M m O
m
%
M M O
M
m
O
N
M
=
M
M
19
nmm
N
Y O
W
N
N
ly
�m
m
c
o
m
w
O
m
d d
Q .Q
as
E E
> > LL
LL LL a a a
ry pp� J J 0 a a
O p 6
LL LL m
2 2 v a E E
v v o 0 0--
3 zz
l
O D o b moo
a
-N-Ng• -N
Q Q Q a o Q Q
aaaaNaa
a Q Q a Q a Q
E
E
f-
0 0 0 0fr
In o m m o o M
N m It m O N m
o
Ol
v IQvroomm
m m�ooei r`
Z
lapnMNNMaM
p
-mO�lpOvvM
l0 O m O N m
0
m
vi o r M o of ac
ttOO
O M N
W
M
v
A
9
9
1001� O � 00
m
d
o ro to .- 1p
m
K
w
w
w
a0
0
2-2
n. a
a c c
c c E E
L L
a a 9 j j
> > `o 0 2
2 Z v a m E E
d d o o m--
fnN�
0
j
W N 0 0 N m
a a << o Q a
aaaaNaa
EaQQO
El
O O O O WQaaa
-
D: O:¢ ¢ KO:
co
023
A 1 1 m%0"IV1L1
a a
m d m m
m m m m
E
a _ a
m a ya F�
m w m £
o 000Mamo ooM y �>
N N N N C 6 N N N O
E E 1 m
8888=2s8,88:Ea,b:w§w
0 0 0 O o N qN a O O O o m m p Ep ° E
W m 01 U m« m m�« C W
'o 'o 2 0 0 t a 2 °' o 0 o v o w m
« a.Q « E Y « " E,d E - a
CCCC 0« c i c c>> m c 00
0 0 0 0 o c o o c- K n
� 15 15 c E 12'6 E� 15 c E E 0 m E
0 w _m m _w _ o-- 02 0" Q
sss0= w0 00Z--0N�
>>>g>ymmvi -w
m FS ii FiQ m«0� a!iiii M - o mw
O aaa MEmaEaamEEZm�
_ n000rno�00000000000m �ovm
m 1M0000NO -D ��ON"NO OI �N W rh
N m t�ONa �NONCn'l aNan N�rON�NINO M�N
McNi v �NMNm T NMO
ca
0009
goq0ooQoo4000000aq
ddddooddoddodoodo
o ink goQQoQ v,00000 �?o
CjGOOCI�� CIe-OtO CI��NN�
Q7 ar W � tO
C
m
C?C?MC?I?C?MC?M C?-
Z {yM Mf?M��NN NN 7---
E
NNe-�-�N
_ NN NN N
O O O O O O O O O O O O O O O
N
O O O
rn rn m m-- m rn m m m m m m m m m
N iA 0 �A O t0 N fV �O N
5
X L_
� � - t0 t0 YS tp
a
N
C
m NO
m N m m m m 8
E E E y E y
E E a c c a n c E w E
omm vm s� s
K N N a, N E 13 C
C
d o p m c °� Z m y d d
h c —a0 c a
a
aEi u10N2FS dIT 20hdv3w.�
tt
3 0 0
N a x o x o m x o
c d am— m- c-- m- o o m O
0
J F�VINH�HFaN�HaaZfna
�
U L
U U O U
Y
a>
0 0 0 0 y y y 0 0 0 0 Zy y _
N N N N N« m
zf:O
C G C am. �
d y y 0 0 0 0 y y m m m m
E 6
O O O
J J J J cc co)0 J J J J 0 0 0 U U U
as
Om y
y
m m m m m m m m m m m m m m m m m
Q
a � Q
a s a` d���� a a
C > 00
Q O O O OQ O O O Q O LO 0 0
m�
aa`a`a`a`a- a a`a`a`a a`aa- a`a`a`
ci}>yo
g
coo claaaaaaaaaaa
0 0 m w � 0 m 0 0 w 0 cc
J K}
LL KKKm a'mmm m Ka'fLwmm m m
0 2 i
«C 9 9#
SRag§
■l,,.§!!■
[
)
�
§il
[
025