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Home My WebLink AboutOPERATIVE AGREEMENTS & AMENDMENTS - MAIN/PIER - TALBERT/BEACH - OAKVIEW - YORKTOWN/LAKE & HUNTINGTON CENTER PROJECTS - 1983-06-2072� ZA r�u wo% • WFvFtoP�rnrT ARF)lcY/ r REQUESY FOR CITY COUNCILACTION Date September 21, 1992 Submitted 0: Honorable Mayor and City Council Submitted by: Michael T. Uberuaga, City Administral Prepared by: Robert J. Franz, Deputy City Administrator f Barbara A. Kaiser, Deputy City Administrat.v Subject: �►YYROYED BY (��' COUNC::. OPERATIVE AGREEMENT AMENDMENTS Consistent with Council Policy? Yes [ ] New Policy or Exceptio �aT CITY MrR%L •. Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: 424/ STATEMENT OF ISSUE: The Agency is required to file an annual statement with the County of Orange documenting the debt of the Agency. This statement of debt is also needed for audit purposes. RECOMMENDATION: That the City Council/Redevelopment Agency approve the following operative agreement amendments for fiscal year 1991/92: ProjeCi Area Main/Pier Talbert/Beach Oakview Yorktown/Lake Huntington Center Amendment Number 11 Amendment Number 11 Amendment Number 11 Amendment Number 10 Amendment Number 10 Total Increased (Decreased) Debt Tg City $ (14,480.079) ( 1,135,390) 127,465 344.444 ( 103.488) ANALYSIS: On August 3. 1992, the Council approved a financial strategy plan including a debt repayment schedule. Staff is now presenting the fiscal year 1991/92 City/Agency debt analysis. In summary, the total debt to the City of Huntington Beach decreased by $15.247,047 and total Agency debt to all parties decreased by $13,098,525 for the year ending June 30, 1992. `n 7 W c•Kn� reCr� d a 7. . G.b � ry NO 5185 ' REQUEST FOR COUNCIL ACTION Operative Agreement Amendment Summary of Changes in Redevelopment Agency Debt to City 1991/92 Total Debt to City 7/1/91 Increases In Debt Direct Advances Indirect Advances Land Sales Interest on Prior Debt Total Increases Decreases in Debt Repayments of Debt Other Debt Reductions Total Decreases Total Debt to City 6/30/92 $ 639.880 171,902 3,46, 64535 $ (23,250,518) ".337,5771 Description of each of these categories follows: $ 90,950.179 $ 9,341,047 $ 75 ,703.131 1. Direct AdvanCgS - During the year the following advances were made with Council/Agency approval to the Main/Pier Project Area. Parking Authority Advance/Beach Maintenance Facility $ 100.000 Advance to Pay Off Omahandro Mortgage 397.500 Loan from Emerald Cove 42.380 Advance for Griffin Properties Attorney Costs 100.000 Total Advances . $ 639.680 The advances originated from the following funds: General Fund $ 497,500 Emerald Cove 42.380 Parking Authority 100,000 Total Advances $ 639.880 2. Interest - The City charged the Agency 8% interest during the year on all outstanding advances. Interest accrued to the following funds of the City: General Fund: Direct Advances Indirect Advances Land Sales Sub -Total General Fund -2- WPADSERT:1074 $ 701,446 1,079,422 _3,213588 $ 4,994.456 REQUEST FOR COUNCIL ACTION Operative Agreement Amendmen Other Funds: Gas Tax Fund $ 52,272 Water Fund 134,501 Sewer Fund 21,772 Drainage Fund 36,215 Park Acquisition and Development 198,312 Parking Authority 8,000 Capital Improvement Fund 19.008 Sub -Total Other Funds 470.080 Total All Funds $_5.464.536 Interest was accrued to the following Project Areas: Main/Pier $ 4.789,987 Talbert/Beach 214,803 Oakview 89,334 Yorktown/Lake ,,, 9Z.184 Total $ 5,464,536 3. Indir_ect Advances - The MSI report was used to compute the indirect costs incurred by the General Fund on behalf of the Agency. The Health and Safety Code allows these charges to the Agency. The previous approved Request for Council Action authorized crediting of certain amounts against this indirect advance. Below is an analysis of how the amount was computed: Total MSI Amount $ 466,488 Less Credits: Wind 'N Sea Toxic Cleanup ( 50.000) Office Rent Loss ( 48,000) H.B. Visitor/Convention Bureau (145.000) Appliances ( 1,587) General Plan Amendment Total 1991/92 Indirect Charges $ 171,901 The breakdown by Project Area is as follows: Main/Pier $ 29,055 Talbert/Beach 13,532 Oakview 64,875 Yorktown/Lake 10,110 Huntington Center 54,329 Total 1991/92 Indirect Charges $ 171.901 -3- WPADSERT:1074 REQUEST FOR COUNCIL ACTIONS Operative Agreement Amendme4r) 4. Land- During the year the City sold two parcels to the Redevelopment Agency which increased debt as shown below: Main/Pier Prpiect Area: Third Block West $ 2.819.730 Yorktown/Lake Project Area: Pacific Coast Homes Agreement 245.pO0 Total Land Sales $ 3 .Q64.730 5. Other Debt Reductions - The August 3, 1992 Request for Council Action authorized the elimination of the entire amount of Agency debt incurred from Community Development Block Grant (CDBG) funds totalling $1,172,577. Waterfront lease payments totalling $165,000 for the year will be credited against Agency debt. Below is a summary of how the amounts reduced Project Area debt: Main/Pier $ 273,094 Talbert/Beach 1,048,845 Oakview 15.638 Total Debt Reduction $ 11337,577 6. Repayment of Debt - Debt repayments originated from amounts in the 1992/93 final budget, amounts authorized by Council during the fiscal year and amounts authorized by the August 3. 1992 Council action: Repayments of debt are summarized below: Budgeted Debt Repayment $ 972,000 From Emerald Cove Proceeds 42,380 Griffin -Attorney - Costs 100.000 Parking Structure Land (Plus Interest) 4,094;858 Parking Structure - Building (Pius Interest) 18,040.780 Total Debt Repayment $23_250,518 All of the repayments were applied in accordance with previous Council direction. Interest and principal on direct advances were credited first. These operative agreements do not address changes in debt from non -City sources. The loan agreements from the Huntington Beach Public Financing Authority, Emerald Cove Certificates of Participation (COP's), mortgages, and notes payable to outside parties are not included because each contains a separate agreement. However, the amounts are summarized in Exhibit I (Summary of Agency Debt at June 30, 1992) and Exhibit III (Summary of Changes in Outside Debt). -4- WPADSERT:1074 REQUEST FOR COUNCIL ACTION`` + Operative Agreement Amendmenh-`� ALTERNATIVE ACTIONS: 1. Approve the amendments with modifications 2. Do not approve the agreements. FUNDING SOURCE: Does not apply. ATTACHMENTS: 1. Exhibit I — Summary of Agency Debt at June 30, 1992 2. Exhibit II — Summary of Changes in City/Agency Debt 3. Exhibit III — Summary of Changes in Outside Debt —5— WPADSERT:1074 EXHIBIT 11 STATEMENT OF CHANGES IN CITY/AGENCY DEBT FISCAL YEAR ENDING JUNE 30, 1992 TALBERT/ YORKTOWN/ HUNTINGTON MAIN/PIER BEACH OAKVIEW LAKE CENTER TOTAL INCREASES: GENERAL FUND PRINCIPALS LOANS/CASH ADVANCES(DIRECT) 539,880 539,880 INDIRECT COSTS 29056 13,532 64,875 10,110 54,329 171.902 LAND SALES 2,819:730 245,000 3,064,730 TOTAL GENERAL FUND PRINCIPAL 3,388,666 13,532 64,875 255,110 54,329 3,776,512 ADVANCES ;ARKINS AUTHORITY ADVANCE 100,000 100,000 TOTAL ALL ADVANCES 3,488,666 13,532 64,875 255.110 54,329 3,876,512 INTEREST ON GENERAL FUND DEBT 4,552,672 1,047 278,228 70,326 92,183 4,994,456 INTEREST ON OTHER FUNDS DEBT 237,315 213,756 0 19,008 470,079 TOTAL ALL INTEREST 4,789,987 214,803 278,228 89,334 92,183 5,464,535 TOTAL ALL INCREASES IN CITY DEBT 8,278,653 228,335 343,103 344,444 146,512 9.341,047 [ECREASES: GENERAL FUND PRINCIPAL 3,133,500 264,375 0 0 204,040 3,601,915 OTHER FUND PRINCIPAL DECREASES 14,927,118 1,048,845 15,638 15,991,601 IOTAL PRINCIPAL DECREASES 18,060,618 1,313,220 15,638 0 204,040 19,593,516 GENERAL FUND INTEREST DECREASES 1,476,358 50,505 200,000 0 45,960 1,772,823 CTHER FUND INTEREST DECREASES 3,221,756 3,221,756 TOTAL INTEREST DECREASES 4.698,114 50,505 200,000 0 45,960 4,994,579 TOTAL ALL DECREASES 22,758,732 1,363,725 215.638 0 250,000 24,588,095 AET INCREASES (DECREASES) -14,480,079 -1,135.390 127,465 344,444 -103,488 -15,247,048 OPERATIVE AGREEMENT AMOUNT 80,839,240 4,042,002 3,661,055 989,119 1.418,763 90,950.179 JULY 1, 1991 CPERATIVE AGREEMENT AMOUNT, 66,359,161 2,906,612 3,788,520 1.333,563 1,315,275 75,703,131 JUNE 30, 1992 ■sssessssassassssasa sssssssssstssssessss assessssss o ssssssassassss EXHIBIT III SUMMARY OF CHANGES IN DEBT TO OUTSIDE PARTIES JULY 1, 1991 TO JUNE 30, 1992 TALBERT/ YORKTOWN HUNTINGTON LOW INCOME INCREASES IN DEBT: MAIN/PIER BEACH OAKVIEW LAKE CENTER HOUSING TOTAL 1992 PUBLIC FINANCING AUTHORITY 13,875,355 1899,775 3,454,400 0 11,581,950 30,811,480 1991 EMERALD COVE COPS 5:740,000 5,740000 PACIFIC COAST HOMES 426,000 426:000 TOTAL INCREASES 13,875,355 7,639,775 3,454,400 426,000 11,581,950 0 36,977,480 REDUCTIONS IN DEBT TO OUTSIDE PARTIES: 1988 PUBLIC FINANCING AUTHORITY 6,749,963 1,377,864 2.490,167 0 8,444,594 4,788,266 23,850,854 NOTE PAYABLE PACIFIC COAST HOMES 103,169 103,169 1984 EMERALD COVE COPS 0 4,600,000 4,600,000 ROBERT MAYER LOAN 5,660,368 5,660,368 MORTGAGES PAYABLE 614,600 614,600 REDUCTIONS IN OUTSIDE DEBT 13,024.931 5.977,864 2,490,167 103,169 8,444,594 4,788,266 34,828,991 NET INCREASES (DECREASES) 850,424 1,661,911 964,233 322,831 3,137,356 (4,788,266) 2,148,489 0 OUTSIDE DEBT 7/1/91 13,822,831 5,977,864 2,490,167 0 8,444,594 4,788,266 35,523,722 OUTSIDE DEBT 6/30192 14,673,255 7.639,775 3,454,400 322,831 11,581,950 0 37,672,211 arssaaaesaraasararrsassssss■aara:ssaassrasasarasasrsrrrarssssrsassarsaasaasaaasasaaasass �r t EXHIBIT I SUMMARY OF REDEVELOPMErT AGENCY DEBT AT JUNE 30, 1992 TALBERT/ YORKTOWN HUNTINGTON DESCPIPTION: MAIN/PIER BEACH OAKVIEW LAKE CENTER TOTAL GENERAL FUND CASH ADVANCES 11485,792 0 658,675 251,383 370,460 12,766,310 ACCRUED INTEREST ON CASH ADVANCES 1:902,962 0 54,941 202,495 29,637 2,190,035 TOTAL. CASH ADVANCES 13,388,754 0 713,616 453,878 400,091 14,956,345 INDIRECT ADV 3890,620 19,B57 2,312,060 277,128 796,811 7,296,476 ACCRUED INTEREST ON INDIRECT COSTS 1:285,595 1,047 762,844 91,149 118,367 2,259,002 TOTAL. INDIRECT COSTS 5,176,215 20,904 3,074,904 368,277 915,178 9,555,478 LAND SALES 32 589 147 0 0 245,000 0 32 834 147 ACCRUED INT LAND SALES 12:001:290 0 0 9,800 0 12:011:090 TOTAL. LAND SALES 44,590,437 0 0 254,800 0 44,845,237 TOTAL GENERAL FUND 63,155,406 20,904 3,788,520 1,076,955 1,315.275 69,357,060 assszz:sarzaaisizzzisisiasiaasiaaaasaaaasfssssaasisiasisiissisaasaaszaafias OTHEF FUNDS: SEVER ADVANCES 175,000 0 0 0 0 175,000 INTEREST ON SEWER ADVANCES 49,532 0 0 0 0 49,532 TOTAL SEWER ADVANCES 224,532 0 0 0 0 224,532 SEWER DEF DEV FEES 0 37,888 0 0 0 37,888 INT SEWER DEF DEV FEES 0 31,504 0 0 0 31,504 TOTAL DEF DEV FEES 0 69,392 0 0 0 69,392 TOTAL SEWER FUND 224,532 69,392 0 0 0 293,924 zazszsrsazzszsssass::sszzsafasassafazsirsitasszssaizassasesasaasa:saasaszaa DRAINAGE ADVANCES 250000 0 0 0 0 250,000 INTEREST ON DRAINAGE ADVANCES 138:120 0 0 0 0 138,120 TOTAL DRAINAGE ADVANCES 388,120 0 0 0 0 388,120 DRAINAGE DEF DEV FEES 0 53,650 0 0 0 53,650 INT DRAINAGE DEF DEV FEES 0 47,131 0 0 0 47,131 TOOTAL DRAINAGE DEF DEV FEES 0 100,781 0 0 0 100,781 TOTAL DRAINAGE FUND 388,120 100,781 0 0 0 488,901 • saiziss o ssszzazsasa o:ass:zisifsaszisfaaaisaasaaszssssaississizz aiaaiazfz PARK A AND D FUND LAND SALE 0 1.740,834 0 0 0 1.740,834 INT Oil PARK A AND D LAND SALE 0 471,138 0 0 0 471,138 TOTAL LAND SALE PARK A AND D 0 2,211,972 0 0 0 2,211,972 PARK A AND D DEF DEV FEES 0 247664 0 0 0 247664 INT Oil PARK A AND D DEF DEV FEES 0 217:571 0 0 0 217:571 TOTAL P A AND D DEF DEV FEES 0 465,235 0 0 0 465,235 TOTAL PARK A AND D FUND 0 2,677,207 0 0 0 2,677,207 ■zzzaasarssass:::arsaszsssass:esasiasssastasasfsiasasfaszfssasasfssaizzzsfi WATER FUND ADVANCES 1,138,000 j 0 0 0 0 1,138,000 INT DPI WATER FUND ADVANCES 639,433 i 0 0 0 0 639,433 TOTAL WATER FUND ADVANCES 1,777,433 0 0 0 0 1,777,433 WATER FUND DEF DEV FEES 0 19,680 0 0 0 19,680 INT 011 WATER FUND DEF DEV FEES 0 18,646 0 0 0 18,646 i TOTAL WATER FUND DEF DEV FEES 0 38,326 0 0 0 38,326 TOTAL WATER FUND 1,777,433 38,326 0 0 0 1,815.759 asssassfesaasfassass::tesaasfsesaifarasis■aaasfsiaaisiaasa o saizzssassaasaz GAS T).X FUND ADVANCE Soo 000 0 0 0 0 500,000 INT OP! GAS TAX FUND 205:672 0 0 0 0 205,672 TOTAL GAS TAX FUND ADVANCE 705,672 0 0 0 0 705.672 zssssssaszsiisiiziizizizzzisaizsiazizszis■ssisizssiiizzsaizziziisasasssasss PARKING AUTH ADV 100,000 0 0 D D t00,000 INT ON PARKING AUTH ADV 8,00D 0 0 0 0 8,000 TOTAL PARKING AUTHORITY 108,000 0 0 0 0 108,000 TOTAL OPERATIVE AGREEMENT 66,359,162 2,906,610 3,788,520 1,333,563 1,315,275 T5,703,130 ---. __-- sssaasaiirizrasassa:zarazasaiaisiassaizzssssffssafsfazf:saaaaszssazsssssss: ------+----+---------N---zzwzs�issisazsaaaasezii AMENDMENT NO. 11 TO OPERATIVE AGREEMENT NO. 2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE MAIN/PIER PROJECT AREA Operative Agreement No. 2 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Main/Pier project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 -- In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance $ 80,839,240 Decrease (14,480,079 New Balance $ 66,359,161 Such new balance of Sixty Six Million, Three Hundred Fifty -Nine Thousand, One Hundred Sixty -One Dollars ($66,359,161) represents principal and accrued interest through June 30, 1992. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 21st day of September_, 1992. Mayor/Ch irperson ATTEST* APPROVED AS TO FORM: City Clerk/Agency Clerk City A�rney/Agency gou?S�ez �� , / �l REVIEWED AND APPROVED: .ram,, --tz"� City dministrator/ Chief Executive Officer 9/9/92:jn Deputy C Administ/at# Administrative Sery Department AMENDMENT NO. 11 TO OPERATIVE AGREEMENT NO. 1 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE TALBERT/BEACH PROJECT AREA Operative Agreement No. 1 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Talbert/Beach project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 -- In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance $ 4,042,003 Decrease (1,135,390) New Balance $ 2,906,613 Such new balance of Two Million, Nine Hundred Six Thousand, Six Hundred and Thirteen Dollars ($2,906,613) represents principal and accrued interest through June 30, 1992. These sums shall be a debt of the Agency to the City and bear simple interest at the rate -of eight percent per annum. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 21st day of September , 1992. Mayor/Chairperson ATTEST: City Clerk/Agency Clerk REVIEWED 4AND APPROVED: c City dministrator/ Chief Executive Officer APPROVED AS TO FORM: C ty 1t iney/Agency r��e1 .`n'sd r-�* �i IN ED D PROVED: bViiTity 'Adminis)51apbr Administrative Ser s Department 9/9/92:jn AMENDMENT NO. 10 TO OPERATIVE AGREEMENT NO. 5 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE HUNTINGTON CENTER PROJECT AREA Operative Agreement No. 5 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Huntington Center project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 -- In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance $ 1,418,763 Decrease (103,488) New Balance $ 1,315,275 Such new balance of One Million, Three Hundred Fifteen Thousand, Two Hundred Seventy -Five Dollars ($1,315,275) represents principal and accrued interest through June 30, 1992. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 21st day of September-, 1992, Mayor/Ch irperson ATTE City Clerk/Agency Clerk REVIEWED AND APPROVED: Kz�f�11 Cit Administrator/ Chief Executive Officer 9/9/92:jn APPROVED AS TO FORM: C t�o ney/Agency Co JJ�g2- IA"-WO Deputy Cit�hdministra Administrat've Service Department AMENDMENT NO. 11 TO OPERATIVE AGREEMENT NO. 3 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE OARVIEW PROJECT AREA Operative Agreement No. 1 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Oakview project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 -- In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance $ 3,661,055 Increase 127,465 New Balance $ 3,788,520 Such new balance of Three Million, Seven Hundred Eighty -Eight Thousand, Five Hundred Twenty Dollars ($3,788,520) represents principal and accrued interest through June 30, 1992. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of eight percent per annum. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 21st day of September , 1992. Mayor/Ch irperson ATT ,T City Clerk/Agency Cler REVIEWED AND APPROVED: �� City ministrator/ Chief Executive Officer APPROVED AS TO FORM: ,2&2= �, Attorney/Agency Cou��9�1 � ,� INITI D/I&i�IAPPROVED Deputy y Administ Administr tive Servi Department 9/9/92:jn AMENDMENT NO. 10 TO OPERATIVE AGREEMENT NO. 4 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE YORKTOWN/LAKE PROJECT AREA Operative Agreement No. 4 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Yorktown/Lake project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 -- In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance $ 989,119 Increase 344,444 New Balance $1,333,563 Such new balance of One Million, Three Hundred Thirty -Three Thousand, Five Hundred Sixty -Three Dollars ($1,333,563) represents principal and accrued interest through June 30, 1992. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 21st day of September , 1992. Mayor/Chairperson ATTES • &,WCz14aaJ1 City Clerk/Agency Clerk 67 REVIEWED AND APPROVED: REF Cit— y 4 dministrator/ Chief Executive Officer 9/9/92:jn APPRO ED AS TO FORM: tzy Attorney/Agency Counsel I E PPROVED: Deputy y Administ at r Administr tive Servi Department REQUEST FOR CITY COUNCIL ACTION Submitted to: Honorable Mayor and City Council Submitted by: Prepared by: Subject: Date September 3, 1991 Michael T. Uberuaga, City Administrator Robert J. Franz, Deputy City Administra Amendments to Operative Agreements between City for Fiscal Year 1990/91 Consistent with Council Policy? [A Yes ] New Policy or Exception Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: Statement of Issue: The Redevelopment Agency of the City of Huntington Beach incurs debt in order to receive tax increment revenue. The Agency is also required to file an annual statement documenting this debt with the County. This statement of debt is also needed for audit purposes. This document and the attached agreements document the portion of the Agency debt incurred from the City of Huntington Beach as of June 30, 1991. Recommendation: 1) That the City Council/Redevelopment Agency approve the following operative agreement amendments for fiscal year 1990/91: Project Area Increased Debt To City Main/Pier Amendment Number 10 $ 9,750,538 Talbert/Beach Amendment Number 10 135,978 Oakview Amendment Number 10 290,605 Yorktown/Lake Amendment Number 9 89,293 Huntington Center Amendment Number 9 (58,770) Total $ 10.207.644 2) Instruct staff to develop an Agency plan for repayment of City debt, for review by the Agency and City Council, within 60 days. Analysis: Although the City has not provided the Redevelopment Agency with any cash advances since 1988, the Agency continues to incur additional debt to the City due to interest on prior land transfers and cash advances and "indirect costs" charged by the City. The Agency staff has identified potential debt repayment of over $19,000,000 for 1991/92 (see EXHIBIT I). The City has entered into operative agreements with the Redevelopment Agency for each of the five redevelopment project areas. One purpose of these agreements is to periodically document the debt the Agency has incurred from the City. The Agency also incurs debt from outside parties, such as the issuance of bonds and property acquisition agreements. These operative agreements only address debt incurred from the City and not from these other parties. However, information for debt other than that incurred from the City is shown in Schedule III which is attached for informational purposes. w PIO 5/85 REQUEST FOR COUNCIL ACTION/ REDEVELOPMENT AGENCY ACTION Amendments to Operative Agreements between Redevelopment Agency and City for Fiscal Year 1990/91 Summary of Changes in Redevelopment Agency Debt to City 1990/91 Total Debt to City 6/30/90 Increases In Debt City Funds (Cash) Transfer of Agency Indirect Costs Interest on Debt Decreases In Debt Repayments to City Net Increase In Debt 0 Bond Proceeds 4,445,000 444,274 6,378,650 Total Debt to City 6/30/91 $ 11,267,924 -1,060,280 $ 80,742,535 10,207,644 A detailed description of the above changes in debt in provided below: Increases to Agency Debt from City: Transfer of Reserved Funds - Direct transfer of funds, reserved for redevelopment, from the General Fund to the Main/Pier Project area, totaled $4,445,000. This transfer was approved by the City Council by actions in January and May, 1991 for mobile home buyout expenses relating to the Driftwood Mobilehome Acquisition and Relocation Agreement. The original source of the $4,445,000 was proceeds from the Redevelopment Agency's 1988 Tax Allocation Bond Issue. The Agency's bond proceeds were transferred to the General Fund in 1988 to maximize interest earnings. The funds were reserved in the General Fund for use for future redevelopment projects. Indirect Cost of City's General Fund - The California Health and Safety Code allows the City to charge the Agency for overhead costs related to Agency activity. The amount charged to the Agency for 1990/91 was documented in the recent study by Management Services Institute (MSI) and totals $441,274 and was allocated by project area as follows: Main/Pier $ 209,142 Talbert/Beach 22,273 Oakview 106,788 Yorktown/Lake 16,641 Huntington Center 89,429 Total $ 4174 -2- WPADSERP:70 r REQUEST FOR COUNCIL ACTION/ REDEVELOPMENT AGENCY ACTION Amendments to Operative Agreements between Redevelopment Agency and City for Fiscal Year 1990/91 Interest on Prior Debt — The operative agreements allow the City to charge the Agency interest on the balance of the debt to the City. In prior years the City has charged the Agency 10% interest. Beginning in 1990/91, staff is proposing to reduce the interest rate to 8%. This change is proposed primarily due to a general decline in interest rates since 1983 when the operative agreements were first implemented. An 8% interest rate more realistically reflects the City/Agency's current cost of borrowing. This does not change the rate or interest charged for any time prior to June 30, 1990. interest charges for fiscal year 1990/91. at 8%, are as follows: General Fund $ 4,614,911 Parking Structure Fund 1.336.354 Gas Tax Fund 48.401 Plater Fund 123.685 Drainage Fund 35,032 Sewer Fund 18.866 Capital Improvement Fund 17,600 Park Acquisition & Development Fund 183,781 Total $—L378.M Decrease in Agency Debt from City: Repayment — During 1990/91 the following amounts of tax increment revenue were transferred to the City to reduce the debt of the Agency: Agency Payments To the City: Park Acquisition & Development General Fund Fend Iota1 Huntington Center $ 250,000 0 $ 250,000 Project Area Main/Pier Project Area 250.000 0 250.000 Talbert/Beach Project Area ¢ 100.00Q 100.000 Total $�QQQ $lQ0.a0o uggxbo (The 1991/92 budget -increases the repayment to the City to $972.500) —3— WPADSERP:70 REQUEST FOR COUNCIL ACTION/ REDEVELOPMENT AGENCY ACTION Amendments to Operative Agreements between Redevelopment Agency and City for Fiscal Year 1990/91 . Reoavments of Unused Parkina Structure AnorW riations - On July 1, 1990 $339.000 of unspent appropriations for the downtown Parking Structure were transferred from the Main/Pier Project Area to the Parking Structure Fund, the original source of the funds. Deferred Dgvelopmgnt_Fees - The Agency paid development fees to the City totalling $81,280 ($75,259 of deferred fees and $6,021 of interest) deferred from the Guardian Center development in the Oakview Project Area. The Agency is to be reimbursed for these fees from Nola Development Corporation (the original developer of the project). The deferred fees were paid to the following funds: Fund AmoVgt General $ 52,432 Sewer 5,870 Drainage 20,248 Water 2.730 Total $,,,,,81.280 Shank House Repayments - On May 20th, the Council approved a repayment of $40,000 from the Agency to the City to assist in the conversion of the Shank House to the new downtown Police Substation. . Summary of 1990/91 Repayments of_Dgbt„from Agency, to City: ElnI Amount Park Acquisition/Development $ 100,000 General Fund 592.432 Parking Structure Fund 339,000 Sewer 5,870 Drainage 20,248 Water Z.730 Total -4- WPADSERP:70 'i. 3'ED BY CITY CU ST FOR ,CITY COU, RED,�V LOPMENT AGENCY ACTION CIT� ER% Date Submitted to: Honorable Mayor and City Council Members Submitted by: Paul E. Cook, City Administrator Q Prepared by: Subject: Robert J. Franz, Deputy City Administrator Amendments to Operative Agreements for Consistent with Council Policy? [X] Yes [ ] New Policy or Exception Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: Statement of Issue: On November 7, 1988 the Redevelopment Agency approved a proposed use of loan proceeds from the Huntington Beach Public Financing Authority and directed staff to prepare amendments to operative agreements that are affected.. Recommended Action: Approve the amendments to the operative agreements for the Main/Pier, Talbert/Beach, Oakview and Huntington Center Project Areas. Analysis: The attached Council action, approved on November 7, 1988, requires that the operative agreements for four of the five project areas be amended (the Yorktown/Lake project area is not affected). Operative agreements periodically document the debt of a specific project area. The operative agreements were last updated to show the activity through June 30, 1988. These amendments will show activity through October 31, 1988. Exhibit I shows the changes in the debt due to the following: 1. Repayments of debt to City from HBPFA, proceeds totalling $6,098,544. 2. Action by the Agency and Mola Development Corporation on July 7, 1988 whereby Mola accepted payment of $1,200,000 from the Agency to discharge all obligations of the Agency pursuant to. the Owner Participation Agreement of February 1983. This reduced the outstanding debt of the Agency by $1,791,519. Exhibit II shows what the outstanding debt of each project area would be if the Agency approves the operative agreement amendments. .Alternative Action: 1. Do not approve the operative agreement amendments. 2. Approve the amendments with modifications. Funding Source: Not applicable Attachments: 1. Exhibit I - Changes in Debt for Each Project Area 2. Exhibit II - Outstanding Debt for Each Project Area 3. Agency/Council Action of November 7, 1988 regarding proposed use of loan proceeds from HBPFA 4. Amendments to Operative Agreements 4175j PIO 4/84 r AMENDMENT NO. 8 TO OPE%_ TVE AGREEMENT NO. I BETWEEN THE CITY OF HUN GTON BEACH AND THE REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE TALBERT/BEACH REDEVELOPMENT PROJECT AREA Operative Agreement No. 1 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Talbert/Beach Project Area is hereby amended as to Section 7 only which shall read as follows: In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency as follows: Previous balance: $4,267,300.00 Increase: 556,754.00 New Balance $4,824,054.00 Such new balance of Four Million, Eight hundred Twenty-four Thousand, Fifty-four Dollars ($4,824,054.00) represents principal and accrued interest through October 30, 1988. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently $1,048,845.00. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a the L day of SEPTEMtCR , 1989. ATTEST: City Clerk/Agency Clerk REVIEWED" AND APPROVED: tr City A ministrator/ Chief Executive Officer regular meeting thereof held on J_ tc� 4 � � are, � ,eV Mayor/Chairperson APPROVED AS TO FORM: t Astor y Agency Counsel(„ �_2s i --I INITIAMD AVDiAP'$ROVED: Deputy Cit� Aftministra or/ Administrative Servic s:e artment AMENDMENT NO. 8 TO OPERIA.TIVE AGREEMENT NO. 2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE MAIN/PIER REDEVELOPMENT PROJECT AREA Operative Agreement No. 2 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Main/Pier Project Area is hereby amended as to Section 7 only which shall read as follows: SECTION 7. In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency as follows: Previous balance: $21,920,567.00 Increase: 37,074,479.00 New Balance $58,995,046.00 Such new balance of Fifty Eight Million, Nine Hundred Ninety-five Thousand, Forty -Six Dollars ($58,995,046.00) represents principal and accrued interest through June 30, 1989. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently $-0-. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a the ISH day of SEPTEMZ" , 1989. ATTEST: City Clerk/Agency Clerk R VIEWED AND APPROVED: City Administrator/ Chief Executive Officer regular meeting thereof held on Mayor/Chairperson APPROVED AS TO FORM: Cirt-V Attorney/Agency Counsel IN izVATED AND Aa:>PROVED .. 9-7 Deputy` C�ty[Administ ato Administ ative Services Department AMENDMENT NO. 7 TO OPERATIVE AGREEMENT NO. 1 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE TALBERT/BEACH REDEVELOPMENT PROJECT AREA Operative Agreement No. 1 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Talbert/Beach project area is hereby amended as to Section 7 only which shall read as follows: In addition to the above stated assistance provided by the City to the Agency, the City shall reduce the previous loan balance to the Agency as follows: Previous balance: $5,200,883.00 Less $ M.583.00 New balance $4,267,300.00 Such new balance of Four Million, Two Hundred Sixty -Seven Thousand, Three Hundred Dollars ($4,267,3b0.00) represents principal and accrued interest through October 30, 1988. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently $1,048,845.00 -1- AMENDMENT NO. 7 TO OPERATIVE AGREEMENT NO. 3 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE YORKTOWN/LAKE REDEVBLOPMENT PROJECT AREA Operative Agreement No. 3 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Yorktown/Lake Project Area is hereby amended as to Section 7 only which shall read as follows: SECTION 7. In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency as follows: Previous balance: $398,719.00 Increase:-.44,802.00 New Balance $543,521.00 Such new balance of Five Hundred, Forty Three Thousand, Five Hundred Twenty -One Dollars ($543,521.00) represents principal and accrued interest through June 30, 1989. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently $-0-. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the ISM day of SEPrFMEER 1989. Mayor/Chairperson ATTEST: &Wa� City Clerk/Agency Clerk REV� APPROVED: City Administrator/ Chief Executive Officer APPROVED AS TO FORM: C t� Attorney/Agency Counst '• r Crrrr.•ii�F i 1_UTAT' Dn,ND A"ROVED: Deputy Ci Administr or/ Administrative Servi es Do artment AMENDMENT NO. 8 TO OPEPJkTIVE AGREEMENT NO. 3 1 BETWEEN THE CITY OF HU'rTINGTON BEACH AND •�� THE REDEVELOPMENT AGENCY i`OR THE IMPLEMENTATION OF THE OAKVIEW REDEVELOPt:ENT PROJECT AREA Operative Agreement No. 3 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Oakview Project Area is hereby amended as to Section 7 only which shall read as follows: SECTION 7. In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency as follows: Previous balance: $4,418,629.00 Increase: 793.207.00 New Balance $5,211,836.00 Such new balance of Five Million, Two Hundred Eleven Thousand, Eight Hundred, Thirty -Six Dollars ($5,211,836.00) represents principal and accrued interest through October 30, 198B. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently $15,638.00 APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a the /_17_W day of S PrFM�ER 1989. ATTEST: City Clerk/Agency Clerk REVI APPROVED: City Administrator/ Chief Executive Officer regular meeting thereof held on Mayor/Chairperson APPROVED AS TO FORM: Cit4z Attorney/Aqency Counse �•IT f- Deputy City �%dminist toy/ Administrative Sery c epartment AMENDMENT NO. 7 TO OPERATIVE AGREEMENT NO. 3 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE OAKVIEW REDEVELOPMENT PROJECT AREA Operative Agreement No. 3 between th City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Oakview project area is hereby amended as to Section 7 only which shall read as follows: SECTION 7 . In addition to the above stated assistance provided by the City to the Agency, the City shall reduce its loan to the Agency as follows: Previous balance: $7,264,757.00 Less $2_.8E6,128_00 New balance $4,418,629.00 Such new balance of Four Million, Four Hundred Eighteen Thousand, Six Hundred Twenty -Nine Dollars ($4,418,629.00) represents principal and accrued interest through October 30, 198B. These sums shall be a debt of the Agency to the.City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently $15,638.00. -1- .016. AMENDMENT NO. 7 TO OPERATIVE AGREEI4ENT NO. 5 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA Operative Agreement No. 5 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Huntington Center Project Area is hereby amended as to Section 7 only which shall read as follows: SECTION 2. In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency as follows: Previous balance: $6,800,927.00 Increase: ,3,079,608.00 New Balance $9,880,535.00 Such new balance of Nine Million, Eight Hundred Eighty Thousand, Five Hundred and Thirty-five Dollars ($9,880,535.00) represents principal and accrued interest through September 30, 1989. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently $-0-. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a the /f day of 1989. ATTEST: City Clerk/Agency Clerk REVIEWED AND APPROVED: City Administrator/ Chief Executive Officer regular meeting thereof held on Mayor/Chairperson APPROVED AS TO FORM: - A t t - -I - CCityyAttorney/Agency Counsel - i &T.- " IN Deputy CityJA#inistrat r/ f Administrat ve Services rtment L APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the day of March, 1989. ATTEST: &W'4� q�4�� City Clerk/Agency Cle REVIEWED AND APPROVED: pztj 4PL--;Y in City Administrator Chief Executive Officer (�;7 xe —Z :.e Mayor/Chairperson APPROVED AS TO FORM: a, ,��—City Attorney/Agency Counsel Z,13 INITIATED AND APPROVED: uty C-}'ty"Admin trator/ 7 c2inistrati Sedices -2- APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the _ day of March, 1989. ATTEST: aww"t" 0 @��r - City Clerk/Agency Cle REVIEWED AND APPROVED: p4j �w �v City Administrator t Chief Executive Officer � )--seaze Mayor/Chairperson APPROVED AS TO FORM: fr-City Attorney/Agency CounselZ,2 3 0 INI Deputy C ftt a Admin ator/ Adminis trativSP Vices -2- AMENDMENT NO. 7 TO OPERATIVE AGREEMENT NO. 2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE MAIN -PIER REDEVELOPMENT PROJECT AREA Operative Agreement No. 2 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Main -Pier project area is hereby amended as to Section 7 only which shall read as follows: In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency as follows: Previous balance: $14,227,584.00 Increase $ New balance $21,920,567.00 Such new balance of Twenty -One Million, Nine Hundred Twenty Thousand, Five Hundred Sixty -Seven Dollars ($21,92D,567.00) represents principal and accrued interest through October 30, 19B8. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently $0. I r -1- �s_ � v%-M, _ REQUI=ST FOR CITY COUt" "AL/ _ . 'REDEVELOPMENT AGENCY A�0,�TION w I 'r ' Date October 14, 1998 _ 5.1 tted to: Honorable Chairman and Agency Meirberk aibrnitted by: Paul E. Cook, City Administrator — -eNred by: Robert J. Franz, Deputy City AdrnKstrator �% i�„�� ,�•. t Proposed Use of Funds - Bond Proceecs I r CITY CLE .abject: C.-)nsistent with Council Policy? [ j Yes [XI New Policy or Except' !- Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: IWIZ ` T statement of Issue: In May, 1989 the Redevelopment Agency received $14,969,125 of loan :roceeds from the •luntington Beach Public Financing Authority. Staff is proposing that the :Agency allocate the proceeds as described in this report. Recommended Action: Approve the proposed use o° funds as shown in Exhibit I and amend the operating agreements accordingly. :Analysis: The issuance of $26,775,000 of revenue bonds by the Huntington Beach Public Financing Authority in May, 1989 has given the Agency the opportunity to finance redevelopment projects, low income housing projects and to repay a portion of the prior loans and advances from the City. $14,869,125 of proceeds have been received and an additional 9,650,000 will be received over the next three years. To pay the annual debt to the bond ,polders, the Agency has pledged its tax increment over a 30 year repayment period. This annual debt service is $1,245,000 increasing to $2,117,00) upon release of the additional $9,650,000 over the next three years. Therefore, the proceeds provide the City/Agency with the ability to ::Ind projects in the next few years with repayment ever a fairly long period of time. As indicated in Exhibit I, staff is proposing; that a portion of the $14,869,125 of loan proceeds be allocated for budgeted 1988/89 redevelopment projects, repayment of a portion prior City advances and that approximately $5.3 million be held by the Agency for future redevelopment and low income housing projects. The 1988/89 projects were previously approved by the CouncillAgency as part of the normal budget process. The repayment of prior City advances is separated into two categories. The first is repayment of gerieral fund advances for 1987/88 direct salaries, benefits and operating costs for three project areas (Huntington Center, Main -Pier, and Oakview) and those same costs plus partial payment for land transferred to the Agency in the Talbert -Beach Project Area. This category of repayment totals about $1,650,000 and is recommended to be reserved for unfunded City capital improvement projects. The second category is repayment of a variety of other city advances totalling about $4,450,000. It is recommended that this category of repayment be held in reserve by the City for future decisions as to proper use. This second category of funds could be held by the Redevelopment Agency instead of the City, but it would be to our overall economic advantage to have these funds held by the City. The advantages of the City holding these funds are as follows: 1. The City will have greater flexibility in the use of the money. If desired, the City could re -loan any portion of the money to the Agency for specific projects.' The money could also be used by the City in the future. The City/Agency will not lose any funding or flexibility for any project. REQUEST FOR COUNGIL ACTI 16!1�roposed Use of Funds - Bond Prods . l 2. The total debt of the Agency will be reduced but will still be sufficient to collect all tax increment revenue. 3. Federal arbitrage restrictions will be substantially lifted on investments of the proceeds of the bonds. The City Treasurer has indicated that the current yield on investments. is exceeding the arbitrage limit for this bond issue of 8.26%. The Agency has six months from the receipt of the bond proceeds to spend the money and avoid any arbitrage restriction. Repaying the City loans constitutes spending the proceeds. Approval of this request could allow an increase in interest income of $50,000 to $] 00,000 per year. In addition, staff is proposing that certain funds be repaid from the Low -Income Housing Fund to the Emerald Cove }lousing Fund. These represent the amounts that will be used to subsidize rents for this senior housing project in the Talbert -Beach Project Area for fiscal year 1988/89. For future years, staff intends to propose using these proceeds to have the Agency pay all its own direct operating costs plus the cost of projects in redevelopment project areas that are not financed from other, more appropriate funding sources. Some of the future anticipated projects are listed in Exhibit li by project area. As indicated in Exhibit 1, a portion of the bond proceeds are being held by the bond trustee in an escrow ($9,650,000). When the assessed valuation of the project areas grows to a sufficient level, more of the proceeds will be released. When this occurs, the Council/Agency will be requested to allocate the additional proceeds. Alternative Action: 1. Do not approve the amendments to the operative agreements. 2. Approve a different repayment formula. Attachments: Exhibit 1 - Proposed Use of Funds Exhibit II - Redevelopment Project Summary EXHIBIT II I UNFUNDED REDEVELOPMENT PROJECTS 1988/89 - 1991/92 MAIN -PIER PROJECT AREA FISCAL YEARS 1988189 83/90-91/92 Walnut Avenue Extension 2.500,000 Lifeguard Headquarters 250.000 500,000 PCH Storm Drairt 400,000 Maxwell's Renovation 500.000 Lake St. Storm Drain 550.000 Atlanta Ave Widening 11250,000 Main St. Improvements 540.000 Mobile Home Park Imprvmts 8,000,000 Sub -Total 1,150.000 13,340,000 OAKVIEW PROJECT AREA Repayment of Debt: Mola 1.200.032 Barton Dr. Extension 20010?3 1,400.000 Elm/Xeelson Ln. Extension 120,000 Mandrill/Kristen 600,000 Sub -Total 1,400,000 Z,120,000 HUNTINUTON CENTER PROJECT AREA ---------------------- Edinger Ave. Undergrounding 200.000 11800,000 HOO Ver/COthard Connection 700,000 51000,000 Edinger Ave. Improvements 900.000 Land Acquisition 665,000 Sub -Total 1,565.000 7,700,000 TALBERT-BEACH PROJECT AREA ---------------------- Sidewalk Improvements TOTAL 40.00C 4,155.000 23,160.000 "F dglT x V TAX ALLOCATION BOND PROCEEDS PROPOSED USE OF FUNDS 1988/89 Total Bond Proceeds Cost of Issuance Required Reserves Escrowed Funds Funds Held by Agency PROPOSED Us£ OF FUNDS: 26,775,000 -613,869 -1.642.006 -9,650.000 14.869,125 Repayment to City for Advances 1988/89 c------------------------------y Redevlpmt Project Redevipmnt General Reserve Em. Cove Fund Area Projects fund Fund fund Balance TOTAL Huntington Center 1,565,000 207,814 2,321,252 1,641,756 5,73S,822 Main -Pier I1150.000 429,313 1,127,703 2,707,016 Oakvrew 1,400,000 83,256 995,623 2,478,879 'albert-Beach 40,00D 933,583 973,583 0 Housing Funds 50,000 21923.825 2,973.825 TOTAL 4.155.000 1,653,966 4,444,578 50,000 4,565.581 14,869,125 a RMF OPF[NT ACESC' w RE CITY OF H-WINUr'N MO At�OiNL[�E UST, j AT ]30, m 0ESD4IPT;ON (VERA<. f 1c ACv- 1978-79 f CI ZLU PC TO 6/30M hCYR n INT 1988/89 (1rTR& Fait, ACv- M-89 1 NT ON AME BM/69 IDV NICE FROM FIX STR INT 19E8/89 EE.NRAL FLM ADV- M-86 FDCRIEC 1,TT 10 6/30/E8 ACCRLED I MST 83/89 CE*"M Fi•M A3V- 19E15-87 OMPLED INT TO 6/30/88 A--R'A M REST 88/89 G 34FP,N- FLND AW- L90-88 A:CR'M NT TO 6/3 OB A]UD IVEPEST 88/89 WER P, t ADVA'i:E M-87 AxRXr) INT 10 6/X/E8 A;<.RLED ITTUEST 88/E9 WER FIM A'VANM 1987-M AMED Iift TO 6/30/88 Arr?JED Ir(TEP:ST 88/89 GAS TAX AW 1938/89 AIxRUM IriMST 88/89 Oc1t,IW.;E FUn AN NCE 1987-88 4(%R,ED INT TO 6/30/83 AI7I7ID IhT6ZST 88/89 DEFEWZ L*V- SASE !MA:N/PIEP ACt r,ED INIMST 8B/89 BLLFFTCF FIX LC44 A[CRLED ir~TEKST 8e/89 Cf FEZ°FC LAYS SALE EM-COVE KCRILED IN -MST 80/0-9 DEG. 11.EV F`-,$ AC7XD W TO 6/3D/w ACIM Kt a-ST 8E/S'9 1(? SALE IfrTOP PAN ACC?:) [,N,7MST E3/SQ LAP SASE WER MA A071D IN, M-M ;&:TR rrnf' I -GM T4ti'Y SLI:m 1071ACTOF-1 PARTPM tKF.PJ-L Ct'1T Mc C+G: EY PLF;:ikx MA N/PI R TALBERT/ 0PI•'VIEw Y:FKTMAP1(E RNMIWON CTR LOW INC M Tar,& BEADI CENTER 2. CC= 200,ODO 6,750.000 675,000 2,015.086 0 201,509 751.98E 0 75.L49 3.031.783 0 303.178 L38.000 21,390 15,939 1,ODO.ODO 100,000 110.000 5C0,000 50.000 250,000 25,000 27,500 1,228.381 122.838 50.000 5.000 106,094 4��,.536 40,554 22.400.000 2.243,MD 2.730.E 842,000 90-7.500 8s7.771 1.035.000 312.638 0 31,264 425,957 a 42,596 a 938.C77 93.903 1.043.845 15.638 1.743.834 174.083 353,P. Mom 118,8C8 2O.OD0 47,769 23,020 31,261 5.4:8 77,558 20.951 9,854 111.379 15.9% 12,739 123.48E 6.174 12.%6 141.507 14,151 758.413 75.8:9 23,G'.' 31,261 5.428 2,CCO.0o0 DD.000 6.750.000 675.000 2, 405,M M.qE;1 242.625 1.43C.831 15.9% 144.683 4.851.791 6.174 4.'15,797 13 AO 21,390 15.939 1.000.000 100.000 1110.000 S00,000 50.000 250,000 z5,00c 27,x'n 1,22SM'I I-A?In 50.ODOI 5 1 W. 1.172.577 1,740.834 174.083 553,8 �' 13;.sx 47.769 4"5,536 4 .SE4 MIMODO 2,243,OCC 0 2.7x .3 842.000 99',53C $57.771 4.:7 .q 1,03`.•,DCO 19ES hMA CPA LAXN SALE 1.9%.ODO 1.%C.00o AWLED INT Eb/89 1%.600 17- cm. CAL?FDF►:[A P--MRTS OPA LMD SATE 1,512.500 1,522.500 IN, 151,250 151.25C K01 Y OPA LAT SALE 3.133.500 3,133.500 INT 19EE/39 313,350 3".3. W -.1r:,'.1£`r.`.MST$ t aCLr1ED 1�!" feu ?4;.551.��143,��Q 621.590 60.423 w"7.153 `31,079 '....-4 83,265 193.1.44 2,255.W. t`-•- -7.-�.- 19P3/E? LOW I25,000 - 1.1S,DDO KEt'A 4Vvkr: 4,593.3% 1,164.057 2,443.879 8,5671A 4,203..M, 20,972.M4 ltiq?-CST 95,820 19,617 35.356 119.851 90,222 3fC,IiBE TLI"It 64,639,932 9,424.05.E 5.211.836 543,521 9,=,535 UPA.XI 93,993.£79 REQUEST FOR COUNCIL ACTION/ REDEVELOPMENT AGENCY ACTION Amendments to Operative Agreements between Redevelopment Agency and City for Fiscal Year 1990/91 Funding Source: Not applicable. Alternative Action: 1. Do not approve the agreements. 2. Approve the agreements with modifications. Attachments: 1. Exhibit I, Potential Debt Repayment to the City: 1991/92. 2. Exhibit II, "Summary of Agency Debt to City by Project Area, June 30, 1991" describes the type of debt outstanding for each project area and shows all debt incurred since 1978. 3. Exhibit III. "Statement of Changes in Agency Debt from City for Each Project Area for Fiscal Year 1990191" details the changes in debt for each project area. 4. Exhibit IV, "Summary of Total Agency Debt" summarizes the debt of each project area including debt not incurred to the City. This exhibit is shown for informational purposes. S. Amendments to Operative Agreements —5— WPADSERP:70 : r., EXHIBIT 1 REDEVELOPMENT AGENCY POTENTIAL DEBT REPAYMENT TO CITY FISCAL YEAR 1991/92 ITEM ]Budget 1991/92 (Cash) North of Pier Parking Structure Design (Cash) Koury — Main Promenade Commercial Space (Cash) Emerald Cove (COP Refinance — Cash) Transfer Main Promenade (Land & Improvements) to City Wind an Sea Toxic Cleanup (Cash) TOTAL 9532r ESTIMATED AMOK $ 972,500 943,000 1,226,000 2,200,000 14,000,000 $ 19,391.504 9/3/91 REPAYMENT TO General Fund Parking Structure Fund Parking Structure Fund/ General Fund Park Acquisition & Development Fund Parking Structure Fund General Fund V EXHIBIT It SUMMARY OF AGENCY DEBT BY PROJECT AREA JUKE 30, 1991 TALBERT HAINJPIER BEACH OAKYIEW YKTNJLAKE HTG CTR TOTAL GENERAL FUND: CASH ADVANCES 55686893 S0 %1051,344 S1D8,958 $541,755 S7,388,950 INDIRECT COSTS 5:496:411 358,118 2:273,631 474,755 1,126,212 9,729,127 TRANSFER OF AGENCY BOND DEBT 4445,000 4445,000 LAND SALES 32:902,917 0 0 0 0 32:902,917 ACCRUED INTEREST 12,146,366 54,002 756,321 235,731 115,821 13,308,241 TOTAL GENERAL FUND , ,12,120 4,081,03. . M, 788 67,77Z,235 DEBT OF OTHER FUNDS SEWER FUND 207900 64,252 0 0 0 272152 DRAINAGE FUND 359:370 93,316 0 0 0 452:686 PARK A AND D FUND 0 2,478,895 0 0 0 2,478,895 HATER FUND 164S 771 35,487 0 0 0 1681,258 PARKING STR 18:040:780 0 0 0 0 18:040,790 GAS TAX FUND 653,400 653,4C0 CDBG-GRANT FUND 108,094 1,048,845 15,638 0 0 . 1,172,577 CAPITAL IMPROVEMENT FUND 0 0 0 237,600 0 237,6CO TOTAL OTHER FUNDS 21,015,315 3,720, ,638, , , TOTAL DEBT, CITY OF MUN71NGTON y , , BEACH aaaasaasass:assasaaaaasssa asassssaaaaaaaasaaaas:asses:as:aaaaasasasaa 1 1 EXHIBIT III STATEMENT OF CHANGES IN DEBT BY PROJECT AREA ALL FIVE PROJECT AREAS JULY 1, 1990 TO JUNE 30, 1991 MAIN/PIER TALBERT/BEACH OAKVIEH YKTN/LAKE HTG CTR TOTAL INCREASES: INDIRECT COSTS 90/91 $1,029,971 $109,690 $525,903 E81,953 $440,414 $2,187,931 TRANSFER OF AGENCY BOND PROCEEDS 4,445,000 4,445,000 INTEREST, FISCAL YEAR 1990/91 5,758,229 217,201 281,861 75,264 115,841 6,448,396 TOTAL INCREASES DECREASES: TAX INCREMENT REPAYMENTS INTEREST PAYMENTS PRINCIPAL PAYMENTS UNUSED PKG STR APPROP SHANK HOUSE REPAYMENT OF DEFERRED DEVELOPMENT FEES TOTAL DECREASES NET INCREASES PLUS TOTAL DEBT, 6/30/90 TOTAL DEBT, 6/30/91 0 -250,000-100,000-115,283-465,283 -134,717-134,717 0 -339,000-339,000 -40,000 0 0 0 0-40,000 -81,280-81,280 -629,000-100,000-81,280 0 -250,000 -1,060,280 10,604,200 226,892 726,484 157,217 306,255 12,021,048 71,088,702 3,906,024 3,370,450 899,826 1,477,533 80,742,535 81, 92,902 $4,132,916 $4,09 ,9 4 $1,057,043 $1,783,788 89 6 , 8 EXHIBIT IV SUMMARY OF TOTAL AGENCY DEBT JUNE 30, 1991 MAIN/PIER TALBERTIBEACH OAKVIEV YXTNiLAKE HTG CTR LOU INC MSG TOTAL DEBT TO CITY OF HUNTINGTON $81,692.902 $4.132.916 $4,096,934 $1.057,043 $1,783.798 $92.763.583 BEACH TAX ALLOCATION BONDS 6,764,928 1,373,944 2,425,982 0 8,478,709 4,791,278 23,834,841 MORTGAGES TO PURCHASE PROPERTY 1,412,500 1,412.500 EMERALD COVE BEST 4,600,000 4,600,000 MAYER CORP./WATERFRONT LOAN 5,660,368 5.650.368 TOTAL . , tLzsasssszzasaFasaszzssszszzsssasasassaazzssxassxsassaaasaaa=zzssassaaassas=3aaaaa;sszos= �,,tEQUEST FOR COUNCIL ACTION/ REDEVELOPMENT AGENCY ACTION Amendments to Operative Agreements between Redevelopment Agency and City for Fiscal Year 1990/91 Interest on Prior Debt - The operative agreements allow the City to charge the Agency interest on the balance of the debt to the City. In prior years the City has charged the Agency 10% interest. Beginning in 1990/91. staff is proposing to reduce the interest rate to 8%. This change is proposed primarily due to a general decline in interest rates since 1983 when the operative agreements were first implemented. An 8% Interest rate more realistically reflects the City/Agency's current cost of borrowing. This does not change the rate or interest charged for any time prior to June 30, 1990. Interest charges for fiscal year 1990191, at 8%. are as follows: General Fund $ 4,614,911 Parking Structure fund 1,336,354 Gas Tax Fund 48,401 Water Fund 123,685 Drainage Fund 35,032 Sewer Fund 18,866 Capital Improvement Fund 17,600 Park Acquisition & Development Fund 183.781 Total $_,378.55d Decrease in Agency Debt from City: Repayment - During increment revenue were debt of the Agency: Huntington Center Project Area Main/Pier Project Area 1990/91 the following amounts of tax transferred to the City to reduce the ncv Pavments To the Ci Park Acquisition & Development General Fund _ _Fund ... Total $ 250,000 250,000 Talbert/Beach Project Area 0 0 $ 250,000 0 250,000 Total $,500.000 $ 100.000 S 600.00b (The 1991/92 budget increases the repayment to the City to $972.500) -3- WPADSERP:70 1EQUEST FOR COUNCIL ACTION/ -- REDEVELOPMENT AGENCY ACTION Amendments to Operative Agreements between Redevelopment Agency and City for Fiscal Year 1990/91 Repayments of Unused Parking Structure Appropriations — On July 1, 1990 $339,000 of unspent appropriations for the downtown Parking Structure were transferred from the Main/Pier Project Area to the Parking Structure Fund, the original source of the funds. Deferred Development Fees — The Agency paid development fees to the City totalling $81,280 ($75,259 of deferred fees and $6,021 of interest) deferred from the Guardian Center development in the Oakview Project Area. The Agency is to be reimbursed for these fees from Mola Development Corporation (the original developer of the project). The deferred fees were paid to the following funds: Fund Amount General $ 52,432 Sewer 5,870 Drainage 20,248 Water 2.730 Total $ 81.280 Shank House Repayments — On May 20th, the Council approved a repayment of $40,000 from the Agency to the City to assist in the conversion of the Shank House to the new downtown Police Substation. . Summary of 1990/91 Repayments of Debt from Agency to City: Fund Amount Park Acquisition/Development $ 100,000 General Fund 592,432 Parking Structure Fund 339,000 Sewer 5,870 Drainage 20,248 Water 2.730 Total —4— WPADSERP:70 k...�EQUEST FOR COUNCIL ACTION/ REDEVELOPMENT AGENCY ACTION Amendments to Operative Agreements between Redevelopment Agency and City for Fiscal Year 1990/91 1 n in irk: Not applicable. Alternative Action: 1. Do not approve the agreements. 2. Approve the agreements with modifications: Attachments: 1. Exhibit I, Potential Debt Repayment to the City: 1991/92. 2. Exhibit II, "Summary of Agency Debt to City by Project Area, June 30. 1991" describes the type of debt outstanding for each project area and shows all debt incurred since 1978. 3. Exhibit III, "Statement of Changes in Agency Debt from City for Each Project Area for Fiscal Year 1990/91" details the changes in debt for each project area. 4. Exhibit IV, "Summary of Total Agency Debt" summarizes the debt of each project area including debt not incurred to the City. This exhibit is shown for informational purposes. 5. Amendments to Operative Agreements —5— WPADSERP:70 EXHIaLT II { J SUMMARY OF AGENCY DEBT BY PROJECT AREA 1/ JUNE 30, 1991 TALBERT MAIN/PIER BEACH OAKVIEW YKTN/LAKE HTG CTR TOTAL GENERAL FUND; T' CASH ADVANCES $5686893 SO S1.051,344 $108958 $541,755 S7,388,950 INDIRECT COSTS 5:496:411 358,118 2,273,631 474:755 1,126,212 9,729,127 TRANSFER OF AGENCY BOND DEBT 4,445,000 4 445 000 LAUD SALES 32 902 917 0 0 0 0 32:902:917 ACCRUED INTEREST 12:146:366 54,002 756,321 235,731 115,821 13,308.241 TOTAL GENERAL FUND 60,377,587, , ,296 819,443 1,783,788 + + DEBT OF 07HER FUNDS SEWER FUND 207,900 64,252 0 0 0 272,152 DRAINAGE FUND 359,370 93,316 0 0 0 452.686 PARK A AND D FUND 0 2,478,895 0 0 0 2,478,895 WATER FUND 1 645 771 35,487 0 0 0 1.681.258 FARKING STR 18:040:780 0 0 0 0 18,040,780 GAS TAX FUND 653400 653,400 CD3G-GRANT FUND 108:094 1,048,845 15,633 0 0 1,172,577 CAPITAL IMPROVEMENT FUND 0 0 0 237,600 0 237,600 TOTAL OTHER FUNDS , 4 TOTAL DEBT, CITY OF HUNTINGTON $81,692,902, 4 S1.057,043, BEACH EXHIBIT tit STATEMENT OF CHARGES IN DEBT BY �.;ECT AREA ALL FIVE PROJECT AREAS JULY 1, 1940 TO JUHE 30, 1991 MAIN/PIER TALBERT/BEA:H OAKVIEW YKTN/LAKE HTG CTR TOTAL INCREASES: INDIRECT COSTS 90/91 S1,029,971 $109,690 S525,903 $81,953 S440,414 S2,187,931 TRANSFER OF AGENCY BOND PROCEEDS 4,445,000 4,445.000 INTEREST, FISCAL YEAR 1990/91 5,758,229 217,201 281,861 75,264 115,641 6,448,396 TOTAL INCREASES 11,233,200 326,892 807,164,13,081,328 DECREASES: TAX INCREMENT REPAYMENTS 0 INTEREST PAYMENTS -250,000 -100,000 -115,283 -465,283 PRINCIPAL PAYMENTS -134,717 -134,717 O UNUSED PKG STR APPROP -339,000 -339,000 SHANK HOUSE -40.000 0 0 0 0 -40,000 REPAYMENT OF DEFERRED -81,280 -81,280 DEVELOPMENT FEES TOTAL DECREASES -629,000 -100,OCO -81.280 0 -250.000 -1,060,280 NET INCREASES 10,604,200 226,892 726,484 157,217 306,255 12,021,048 PLUS TOTAL DEBT, 6/30/90 71,088,702 3,906,024 3,370,450 899,826 1,477,533 80,742,535 TOTAL DEBT, 6/30/91 S81,692,902M,6 S4, . . ■=Cssssx3assxxsssassassssassxxassxxxsasasxxxxsa=xssxsaxsxsxszs_3xsxasx=3xsx==xx3xxxssxCxsx EXHIS17 1V SUMMARY " SUMMARAR Y Of TOTAL AGENCY DEBT JUNE 30, 1991 DEBT TO CITY OF HUNTINGTON BEACH TAX ALLOCATION BONDS MAIN/PIER 7ALBERT/BEACH CAKVIELI YKTN/LAKE HTG CTR LOW INC MSG TOTAL $81,692,902 $4,132,916 $4,096,934 $1,057,043 $1,783,788 S92,763,583 6,764,928 1,373,944 2,425,982 0 8.478,709 4,791,278 23,834,941 MORTGAGES TO PURCHASE PROPERTY 1,412,500 1,412,500 EMERALD COVE DEBT 4,600,000 4.600,000 MAYER CORP./WATERFRONT LOAN 5,660,368 5,660,368 TOTAL $95,530,698. . , ease:aaa=aaa=aaax�==s=ss=�:c�ex=�;as=;eo=a=::==se=aaaaasaasaaaa:zags=:====qas=::==ecc:s== yAc REQUEST FOR CITY COUNCI ACT ON kllbyj Date September 3. 1991 Submitted to: Honorable Mayor and City Council Submitted by: Michael T. Uberuaga. City Administra Prepared by: Robert J. Franz, Deputy City Admi ni strat Subject: Amendments to Operative Agreements be Re b rn-'tAaPn and City for Fiscal Year 1990/91 )LPPROVEDJfY CITY C UNCZL Consistent with Council Policy? [Xl Yes [ j New Policy or Exception A 44.0 -d rfry rLifloc Statement of Issue, Recommendation, Analysis, Funding Source, Alternative A c men Statement of Issge: The Redevelopment Agency of the City of Huntington Beach incurs debt in order to receive tax increment revenue, The Agency is also required to file an annual statement documenting this debt with the County. This statement of debt is also needed for audit purposes. This document and the attached agreements document the portion of the Agency debt incurred from the City of Huntington Beach as of June 30, 1991. R mm n i n: 1) That the City Council/Redevelopment Agency approve the following operative agreement amendments for fiscal year 1990/91: Increased Debt To City Main/Pier Amendment Number 10 $ 9.750.538 Talbert/Beach Amendment Number 10 135,978 Oakview Amendment Number 10 290,605 Yorktown/Lake Amendment Number 9 89,293 Huntington Center Amendment Number 9 ,(58,770) Total $ 10.207.644 2) Instruct staff to develop an Agency plan for repayment of City debt, for review by the Agency and City Council, within 60 days. Analysis: Although the City has not provided the Redevelopment Agency with any cash advances since 1988, the Agency continues to incur additional debt to the City due to interest on prior land transfers and cash advances and "indirect costs" charged by the City. The Agency staff has identified potential debt repayment of over $23.000,000 for 1991/92 (see EXHIBIT I). The City has entered into operative agreements with the Redevelopment Agency for each of the five redevelopment project areas. One purpose of these agreements is to periodically document the debt the Agency has incurred from the City. The Agency also incurs debt from outside parties, such as the issuance of bonds and property acquisition agreements. These operative agreements only address debt incurred from the City and not from these other parties. However, information for debt other than that incurred from the City is shown in Schedule III which is attached for informational purposes. V P10 5/85 REQUEST FOR COUNCIL ACTION/ REDEVELOPMENT AGENCY ACTION ` Amendments to Operative Agreements between Redevelopment Agency and City for Fiscal Year 1990/91 Summary of Changes in Redevelopment Agency Debt to City 1990/91 Total Debt to City 6/30/90 Increases_In_Debt City Funds (Cash) Transfer of Agency Indirect Costs Interest on Debt Decrga5es Repayments to City 0 Bond Proceeds 4,445,000 444,274 6.37D.65Q Total Debt to City 6/30/91 $ 11,267,924 $ 80,742,535 10,207,644 UIVIOMMINVA A detailed description of the above changes in debt is provided below: JnGre4ses to Agency Debt from City: Transfer of Reserved Funds — Direct transfer of funds, reserved for redevelopment, from the General Fund to the Main/Pier Project area, totaled $4,445,000. Of this total, $2.400,000 was approved by the City Council by actions in January and May, 1991 for mobile home buyout expenses relating to the Driftwood Mobilehome Acquisition and Relocation Agreement. The remaining $2,045,000 was approved for the Abdelmuti Agreement. The original source of the $4,445,000 was proceeds from the Redevelopment Agency's 1988 Tax Allocation Bond Issue. The Agency's bond proceeds were transferred to the General Fund in 1988 to maximize interest earnings. The funds were reserved in the General Fund for use for future redevelopment projects. Indirect Cost of Ci W-s General FLU -- The California Health and Safety Code allows the City to charge the Agency for overhead costs related to Agency activity. The amount charged to the Agency for 1990/91 was documented in the recent study by Management Services Institute (MSI) and totals $444,274 and was allocated by project area as follows: Main/Pier $ 209,142 Talbert/Beach 22,273 Oakview 106,788 Yorktown/Lake 16,641 Huntington Cent52,429 Total �� d3S $ 444,274 JJ.t!!J k�37J �1IJ WPADSERP:70 �EQUEST FOR COUNCIL ACTION/ REDEVELOPMENT AGE14CY ACTION Amendments to Operative Agreements between Redevelopment Agency and City for Fiscal Year 1990/91 Interest gn Prior Debt — The operative agreements allow the City to charge the Agency interest on the balance of the debt to the City. In prior years the City has charged the Agency 10% interest. Beginning in 1990/91, staff is proposing to reduce the interest rate to 8%. This change is proposed primarily due to a general decline in interest rates since 1983 when the operative agreements were first implemented. An 8% interest rate more realistically reflects the City/Agency's current cost of borrowing. This does not change the rate or interest charged for any time prior to June 30, 1990. Interest charges for fiscal year 1990/91, at 8%, are as follows: General Fund $ 4,614,911 Parking Structure Fund 1.336,354 Gas Tax Fund 48,401 Water Fund 123,685 Drainage Fund 35,032 Sewer Fund 18,866 Capital Improvement Fund 17,600 Park Acquisition & Development Fund 183,781 Total $_L378___,__G50 Decrease in Agency Debt from City: Repayment — During 1990/91 the following amounts of tax increment revenue were transferred to the City to reduce the debt of the Agency: Agency Payments To the City: Park Acquisition & Development General Fund Fund Total Huntington Center $ 250,000 0 $ 250,000 Project Area Main/Pier Project Area 250,000 0 250,000 Talbert/Beach Project Area _ 0 lQ0,000 100,000 Total $, 50Lm $ i 00.000 S 600.000 (The 1991/92 budget increases the repayment to the City to $972,500) —3— WPADSERP:70 r 4EQOEST FOR COUNCIL ACTION/ REDEVELOPMENT AGENCY ACTION Amendments to Operative Agreements between Redevelopment Agency and City for Fiscal Year 1990/91 . Reoavments of Unused Parkinu Structure—AnQroeriations - On July 1, 1990 $339,000 of unspent appropriations for the downtown Parking Structure were transferred from the Main/Pier Project Area to the Parking Structure Fund, the original source of the funds. Deferred -Development Fees - The Agency paid development fees to the City totalling $81.280 ($75,259 of deferred fees and $6,021 of interest) deferred from the Guardian Center development in the Oakview Project Area. The Agency is to be reimbursed for these fees from Mola Development Corporation (the original developer of the project). The deferred fees were paid to the following funds: Fund _ Amoun General $ 52,432 Sewer 5,870 Drainage 20,248 Water 2,730 Total $ ELM Shant House Repayments - On May 20th, the Council approved a repayment of $40,000 from the Agency to the City to assist in the conversion of the Shank House to the new downtown Police Substation. �� mQunAt Park Acquisition/Development $ 100,000 General Fund 592,432 Parking Structure Fund 339,000 Sewer 5,870 Drainage 20,248 Water 2,730 Total -4- WPADSERP:70 REQUEST FOR COUNCIL ACTION/ �l REDEVELOPMENT AGENCY ACTION Amendments to Operative Agreements between Redevelopment Agency and City for Fiscal Year 1990/91 Funding Source: Not applicable. Alternative Action: 1. Do not approve the agreements. 2. Approve the agreements with modifications. Attachment,: 1. Exhibit I, Potential Debt Repayment to the City: 1991/92. 2. Exhibit II, "Summary of Agency Debt to City by Project Area. June 30, 1991" describes the type of debt outstanding for each project area and shows all debt incurred since 1978. 3. Exhibit III, "Statement of Changes in Agency Debt from City for Each Project Area for Fiscal Year 1990/91" details the changes in debt for each project area. 4. Exhibit IV, "Summary of Total Agency Debt" summarizes the debt of each project area including debt not incurred to the City. This exhibit is shown for informational purposes. 5. Amendments to Operative Agreements —5— WPADSERP:70 EXHIBIT 1 REDEVELOPMENT AGENCY POTENTIAL DEBT REPAYMENT TO CITY FISCAL YEAR 1991/92 HEM Budget 1991/92 (Cash) North of Pier Parking Structure Design (Cash) Koury — Main Promenade Commercial Space (Cash) Emerald Cove (COP Refinance — Cash) Transfer Main Promenade (Land & Improvements) to City Wind an Sea Toxic Cleanup (Cash) TOTAL 9532r 9/16/91 ESTIMATED AMOUNT REPAYMENT TO $ 972,500 General Fund 943,000 Parking Structure Fund 1,226,000 Parking Structure Fund/ General Fund 2,200.000 Park Acquisition & Development Fund 17,819,411 Parking Structure Fund/ General Fund 50.00Q General Fund $ 23.210.911 EXHIBIT 11 SUMMARY OF AGENCY DEBT BY PROJECT AREA JUNE 30, 1991 TALBERT MAIN/PIER BEACH OAKVIEU YKTN/LAKE HTG CTR TOTAL GENERAL FUND (SOURCES OF PRINCIPAL CASH ADVANCES S5,686,893 SO $1,051,344 S108,958 S541,755 $7338,950 INDIRECT COSTS 4,675,583 270,701 1,854,516 409,443 775,227 7:985,470 TRANSFER OF AGENCY BOND DEBI 4,445,000 4,445,000 LA%10 SALES 32,402,417 0 0 0 0 32,902,917 ACCRUED INTEREST 12,113,532 50,505 739,557 233,118 101,781 13,238,494 TOTAL PRINCIPAL GENERAL FUND ,321,206 , , DEBT OF OTHER FUNDS SEWER FUND 207900 64,252 0 0 0 272152 DRAINAGE FUND 359:370 93,316 0 0 0 452:686 PARK A AND D FUND 0 2,478,895 0 0 0 2,478,895 WATER FUND 1,645,771 35,487 0 0 0 1,681,258 PARKING STR 18,040,780 0 0 0 0 13,040,780 GAS TAX FUND 653,400 653400 COBG-GRANT FUND 103,094 1,048.845 15.638 0 0 11172:577 CAPITAL IMPROVEMENT fUND 0 0 0 237,600 0 237,600 TOTAL PRINCIPAL OTHER FUNDS 5, 5, , , TOTAL PRINCIPAL DEBI, CIIY S80,839,240 $4,042,002S ,6 1989,119 $ S , OF HUNTINGTON BEACH EXHIBIT III STATEMENT OF CHANGES IN DEBT BY PROJECT AREA ALL FLVE PROJECT AREAS JULY 1, 1990 TO JUNE 30, 1991 MAIN/PIER TALBERT/BEACH OAKVIEW YKTN/LAKE HTG CTR TOTAL INCREASES: INDIRECT COSTS 90/91 S209,143 S22,273 $106,783 S16,641 189,429 1444,274 TRANSFER OF AGENCY BOND PROCEEDS 4,44S,000 4,445,00 INTEREST, FISCAL YEAR 1990/91 5,725,395 213,705 265,097 72,652 101,801 6,378,650 TOTAL INCREASES , , , DECREASES: TAX INCREMENT REPAYMENTS-250,000-100,000-250,000-600,000 UNUSED PKG STR APPROP-339,000 -339,000 SHANK HOUSE-40,000 0 0 0 0-40,0130 REPAYMENT Of DEFERRED-81,283-81,230 DEVELOPMENT FEES TOTAL DECREASES -629,000-100,000-81,280 0 -250,000-1,060,230 NET INCREASES 9,750,536 135,978 2.90,605 E9,293-58,770 10,207,644 PLUS TOTAL DEBT, 6/30/90 71,088,702 3,906,024 3,37D,450 899,826 1,477,533 80,742,535 TOTAL DEBT, 6/30/91 $95,839,240 SZ,042,002$,e -089,119 S1.418,765 i xxxxxa�xx�xaxxxxxx�eccxxxexC�axS��xaxsc�asax�r�a��x�-==+C�===7 ��ae��is=�� 1 EXHIBIT IV SLWIMARY OF TOTAL AGENCY DEBT JUKE 30, 1991 MAIN/PIER TALSERT/BEACH OAKV[EW YKTN/LAKE HTG CTR LOW INC HSG TOTAL DEBT TO CITY OF HUNTINGTON S80,839,240 $4,042,002 53,661,055 $989,119 51,418,763 S90,950,179 BEACH TAX ALLOCATION BONDS 6,749.963 1.377.364 2.490,167 0 8,444,594 4,783,266 23,850,854 MORTGAGES TO PURCHASE PROPERTY 1,412,500 1,412,500 EMERALD COVE DEBT 4,600,000 4,600,000 MAYER CORP./WATERFRONT LOAN 5,660,368 5,660,368 TOTAL $9Z,36Z,0ZJ 910,019,8U S5.151,222 5987,119 S9,863,357, , REQUES i FOR a ITY q ; a COUNCIL ACTION Date Submitted to: Honorable Mayor and City Council B enbers Submitted by: Paul E. Cook, City Administrat°/�� Prepared by: Robert J. Franz, Deputy City Administrat,? September 7, 1989 BY CITY COUNCIL `/v 14 CLERIC Subject: Amendments to Operative Agreements for Five Redev� Consistent with Council Policy? [ ] Yes [ ] New Policy or Exception Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: Statement of Issue: The Redevelopment Agency of the City of Huntington Beach incurs debt in order to receive tax increment revenue. Periodically, it is necessary to document this debt for audit purposes. This document and the attached agreements, document the debt as of June 30, 1989. Recommended Action: Approve the amendments to the operative agreements for the Main Pier, Talbert Peach, Oakview, Huntington Center and Yorktown/Lake project areas. Also, approve by Council action, the debt of the Low -Income Housing Fund. Analysis: The Redevelopment Agency has entered into operative agreements with the City for each of the five project areas. One purpose of these agreements is to periodically document the debt the Agency has incurred by receiving advances and loans from the City. The City Council/ Redevelopment Agency last updated the operative agreements on March 20, 1989 which updated City/Agency activity through October 30, 1988. This action will update activity for the rest of fiscal year 1988/89. Debt is important to redevelopment agencies since tax increment can only be collected to the extent of an area's debt. It is, therefore, important to establish sufficient, proper debt of the Agency and to properly document same. Since the last update, the Agency incurred debt in a variety of ways: Cash received from the Huntington Beach Public Financing Authority - The Agency issued approximately $27 million in bonds in Play of 1988. Approximately $12 million of the proceeds were held in "escrow" pending the annual review of tax revenues. An independent certified public accountant made a study of the amount of previously escrowed funds that could be released due to assessed valuation increases within the project areas. The total release during the year was $6,374,767. The balance of the escrowed funds will be released in the next 2 years. Cash Loans from the City's General Fund - In June, 1989, the City loaned the Agency $115,000 for professional services in the Alain/Pier Project Area. Indirect Cost of City's General Fund - The City conducted a cost allocation plan to determine the amount of salaries and overhead costs paid by the General Fund which are attrituable to Redevelopment activities. The California Health and Safety Code allows the City to charge the Agency for these costs. The amount charged to the Agency as debt for the year was $2,255,560. , A Plo 5/85 WE ST F4R CO'Ur:CIL ACTION r Amendments to Ope e Agreements for Five Redevelo��t Project Areas Deferred Land Sales - During the year, the City sold land to the Agency totalling 29,002,000 via disposition and development and owner participation agreements in the Main/Pier project area. They are detailed below: Project Waterfront $ 22000,000 Again Street Parking/Commercial 3,133,500 California Resorts 1,512,500 Town Square 1,956,000 Total $2Q.002,000_ Interest on Prior Debt - The operative agreements allow the City to charge the Agency interes on the outstanding balance of all City debt. Advances from the Public Financing Authority bear interest at the rates specified in the loan agreements for each project area. During the year the total interest charged totalled $6,8I9,059. The interest charged for fiscal year 1988/89 is debt to the various funds as detailed below: General Fund $ 41271,041 Parking Structure Fund 675,000 Gas Tax Fund 50,000 1"ater Fund 125,939 Drainage Fund 27,500 Public Financing Authority 1,427,727 Park Acquisition and Development 174,083 Deferred Development Fees (1983) 679769 Total interest $ 6.,819 059 Exhibit I1 shows the changes in the debt from the last amendment of each operative agreement. Exhibit III shows the outstanding debt summarized by category for each project area. From Outside Parties - During the year the Agency assumed mortgages totalling 2,056,783 to acquire property in the Plain/Pier project area. The Agency also received or will receive $2,730,332 in loans from the Waterfront Project developer to relocate mobile home park residents. Public improvements costing $857,771 were made by N/R Huntington Partners resulting from an agreement with the agency for reilmbursement of the developer's cost of improvements. Also shown is the Emerald Cove Certificates of Participation issued by the Agency in 1984. These debts did not result from loans or Advances from the Citv but is shown the exhibits to provide further audit documentation. Reductions of Debt - During the year $1,704,454 in payments were made by the Agency representing debt service payments on the bonds issued by the Agency in A'.ay of 1989. �*W4UEST FOR COUNCIL ACTION �..� Amendments to Operative Agreements for Five Redevelopment Project Areas Funding Source: Not applicable. Alternative Action: 1. Do not approve the agreements 2. Approve the agreements with modifications Attachments: 1. Exhigit I - Summary of 7 Year's Financial Activity 2. Exhibit I - Changes in Debt for Each Project Area 3. Exhibit I1- Outstanding Debt for Each Project Area 4. Amendments to Operative Agreements EXHIBIT BIT 1 REDEVELOPMENT ACEPlCY or TIM CITY or 11UNTINCTON PEACH ANALYSIS OF LONG-TERM INDEBTEDNESS (SltltkRY OF 7 YEAR'S FINANCIAL ACTIVITY) JULY 1, 1982 THROUGH JUNE 30, 1989 MAIN/ TALBERT/ YORKTOWN/ HUNTINCTON LOW INCOME CENERAL FUND: PIER BEACH OAKVIEW LAKE CENTER MOUSING TOTAL CASH ADVANCES %5,686,893 i0 S1,034,195 S108,958 S692,126 80 $7,522,172 DEFERRED LAND SALES 30.635,917 0 0 0 0 0 30,635,917 DEFERRED DEVELOPMENT FEES 0 190,626 0 0 0 190.626 INTEREST EXPENSE 3,908,905 7,198 198,742 119,81t 99.660 0 4,334.316 INDIRECT COSTS 31485,515 143,870 1.264,017 314,752 401.069 51609,222 TOTAL GENERAL FUND 43,717,230 151,068 2.687,579 543,521 1.192.854 0 48,292.252 OTHER FUNDS: WATER FUND 1.385,329 28,804 2,772 0 0 0 1,416,905 CDBG 108,094 1,048.845 t5.638 0 0 0 1,172,577 DRAINAGE FUND 302,500 78,549 20,623 0 0 0 401,672 GAS TAX 550.000 0 0 0 0 0 550,000 tiF'WFH FlTND S5.°f32 5,373 81,571 PARK ACQUISITION AND DEV. 2,277,521 2.277,521 FIBPFA 4,689,176 1,183.674 2,479,245 0 8,687,682 4,294,001 21.333,778 PARKING STRUCTURE FUND 7,425,000 0 0 0 0 0 7,425,000 TOTAL OTHER FUNDS 14,460,099 4,672,985 2.524,257 0 8,687,682 4,294,001 31,639,024 DUE TO OUTSIDE PARTIES: WATERFRONT LOAN 2,730,332 0 0 0 0 0 2.730,332 HUNTINGTON NAT. BANK 842,000 0 0 0 0 0 842,000 COSNEY TRUST DEED 1.035,000 t.035,000 OMAHANDRO TRUST DEED 997,500 0 0 0 0 0 997,500 HUNTINGTON PARTNERS 857,771 0 0 0 0 0 857.771 EMERALD COVE BONDS 0 4,600.000 0 0 0 0 4,600.000 TOTAL OUTSIDE PARTIES 6,462.603 4.600,000 0 0 0 0 11,062.603 GRAND TOTAL 164.639.932 $9,424,053 S5,211,836 $543,521 s9,880,536 t4494,001 S93.993,880 C RCOEV; MEN7 AGFIVLY OF THE' CITY OF WINGTON BEACH LWCES IN DEBT FOR EADI PRWECT AREA FISCAL YEAR 1938/89 KAIN/PIER TALWT/ OAKVIEW YCFA^W-/ FUJINGTON LOW KO C BEKH LADE MYER FUSING TOTAL UE3T Al 6/30/88 14,227,583 5.2U0.803 7,284.758 398,719 9,329,993 2.973.M 39,4:5.751 0 ACTTUtS OF 3/20169 7.692.%4 -933.583 -2,866.124 -2,579.065 1.364.205 DE3T LAST OPERATIVE A(aVENT 21,920,567 4.267,3U0 4,418,629 398,719 6,SOO.927 2.973.825 40.773.967 "Irl AA):TIOKt GEW-Rk F" AW 1,323,551 143,960 621,590 88,265 193,194 2,370.560 LA-U SALES TO RcDEVELO'tM 29,02,000 29.002.000 ACC TNT DEF CEV FEES 47.769 20,000 67.769 ACC INTEREST CEWM FLP0 3,908,905 7,198 198.742 55,537 99.663 4.271.041 ACMn INTURLST Ply, STR FU4D 675,000 675.000 ADMM 1N'TMST GAS TAX FUD 50.000 50,000 WATER FUD INTMST 125,939 M.939 DRITNAGE rVV INTEMST 27,500 27,500 F01FA IN-UEST 301,849 83,697 231.138 427,863 382.180 1.426.727 CUSS Arvt. 108.094 106.094 FUTA ADVNCES 1,981,340 210,474 2,907,99) 1,274.954 6.374.767 PNF A AID D IN'EFtiST 174.083 174.083 FEliCT IONS FEA'FA PAK_YTS -429,699 -UO,428 -278,262 - 49,107 -336,958 -1.704.454 I. -A A`ES IN WATIVE AG MT 37,074,479 556,754 793,207 144,SU 3.079.6C3 1,KO.176 42.969.026 n- OFIRATM Wa' NT DEY 6/30/89 58.9A.046 4,824.054 5,2U.835 543,5A 9,85'0,535 4,294.001 83,74e.95.3 ARXY ice? TO OUTSIDE PARTIES 5.644,886 0 0 0 0 0 5.644,886 DfRA D ME COPS 4,600,000 4.& .D00 T01AL ACEWY.DEBT 64.639.932 9.424.054 5.2U.835 543,521 9IMS35 4,294.001 93.933.679 EXHIBIT lI OUTSTANDING DEBT FOR MAIN/PIER, OAKVIEW AND HUNTINGTON CENTER PROJECT AREAS CONTINUED Talbert/ Huntinton Description Alain/Pier Beach Oakview Center Land Sale Blufftop Park 405,536 Accrued Interest 0 Through 6/30187 Accrued Interest 87/88 0 Terry Buick Purchase _ 817,717 Totals: 21 9 O,,r567 267 L_ $ 4x4 8 $ b� Q 9 Page 2 of 2 - 4173j 1 EXHIBIT II �✓ OUTSTANDING DEBT FOR MAIN/PIER, OAKVIEW AND HUNTINGTON CENTER PROJECT AREAS Description General Fund Adv. 88/89 Advance from Parking Structure General Fund Adv. 85/86 Accrued Interest to 6130/87 Accrued Interest 87/88 General Fund Adv. 86/87 Accrued Interest to 6/30/87 Accrued Interest 97/98 General Fund Adv. 87/98 Accrued Interest 87/89 HBPFA Adv. 87/88 Accrued Interest 87/88 Water Fund Adv. 86/87 Accrued Interest to 6130/97 Accrued Interest 87/88 Water Fund Adv. 87/88 Accrued Interest 87/88 Gas Tax Adv. 88/89 Drainage Fund Adv. 87/88 Accrued Interest 97/89 Deferred Land Sale Main/Pier Accrued Interest 97/88 Blufftop Park Loan Accrued Interest to 6/30/87 Accrued Interest 87/88 CDBG Advance Deferred Land Same Emerald Cove Accrued Interest 87/88 Deferred Dev. Fees Accrued Interest Through 6/30/87 Accrued Interest 87/88 Alain/Pier $ 2,000,000 6,750,000 2,015,086 0 0 751,988 0 3,031,783 0 2,7079016 128,670 138,000 6,900 14,490 1,000,000 100,000 500,000 250,000 25,000 1,229,381 0 50,000 0 0 Talbert/ Beach X r L+ 0 0 973,583 26,348 1,048,845 1,740,834 0 358,882 61,708 57,100 Oakview 312,638 0 0 425,957 0 938,027 0 2,478,879 47,490 0 0 0 r L� 0 0 15,638 200,000 Huntinton Center 306,612 0 758,493 0 5,733,822 0 Page 1 of 2 - 4173j EXHIBIT 1 CHANGES IN OUTSTANDING DEIST FOR MAIN/PIER, OAKVIEW AND HUNTINGTON CENTER PROJECTS Debt at 711/88 Reductions: Repayments of General Fund Interest Repayments of General Fund Principal Repayment of Park Acquisition and Development Interest Repayment of Park Acquisition and Development Principal Owner Participation Agreement Deferred Development Fees, General Fund interest, Deferred Development Fees, General Fund Interest, Deferred Development Fees, Sewer Fund Interest, Deferred Development Fees, Drainage Fund Interest, Deferred Development Fees, Water Fund Additions: Gas Tax Fund Loan from Parking Structure Capital Projects Fund Loans from General Fund Totals: 4173; Talbert/ Huntinton Main/Pier Beach Oakview Center E 14,227,583 $ 5,200,893 $ 7,784,758 $ 9,329,993 11,392,7281 [31,4671 [418,9991 [163,2991 [164,2881 [383,2191 [659,8811 [2,365,7773 0 [191,7573 0 0 0 [176,7361 0 0 [1,691,5191 0 [113,0141 [20,5871 0 [37,3911 (69,6751 [1,9981 [2,5411 [9291 500,000 6,750,000 2 0000 000 $ 21 920,,567 $.4,Z. ,_ 0 $ 4 _ j629 $ �800j927 AMENDAWT NO. 6 TO OPERATIVE AGREEN NT NO. 2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE MAIN -PIER REDEVELOPMENT PROJECT AREA Operative Agreement No. 2 betwei Huntington Beach Redevelopment Agency project area is hereby amended as follows: i the City of Huntington Beach and the for the implementation of the Main -Pier Section 7 is amended to read as follows: In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of eight million, seven hundred fifty eight thousand, six hundred and sixty seven dollars ($8,758,667) which shall bring the total sum to fourteen million two hundred twenty seven thousand five hundred eighty three dollars ($14,227,583) representing principal and accrued interest through June 30, 1988. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 6ZX day of , 1988. ATTEST: City Clerk/Agency Clerk REVIEWED AND APPROVED: 'e'e_a� - ht or/Ch person APPROVED AS TO FORM: cry A tcy_ney/ ency Counsel TED AND APPROVED: �_ Z(:: L (ILL • City Administrator Deptty City Administrator Chief Executive Officer Depirry Director Redevelopment 3901 j/Pg. 1 AMEND AIlr=1VT NO. G TO OPERATIVE AGREENII.NT N0.,2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE OAKVIEW REDEVELOPMENT PR'bJECT AREA Operative Agreement No. 3 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for tte implementation of the Oakview project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of three million, seven hundred sixty four thousand, seventy three dollars ($3,764,073) which shall bring the total sum to seven million, two hundred eighty four thousand, seven hundred fifty seven dollars ($7,284,757) representing principal and accrued interest through June 30, 1988. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 6154 day of Q , 1988. itil yor/C irperson ATTEST: City Clerk Agency Clerk REVIEWED AND APPROVED: City Administrator Chief Executive Officer 3901j/Pg. 2 APPROVED AS TO FORM: City Attorney/A envy Counsel 1-11-FP . IATED AND APPROVED: .ItCity Administrator Director Redevelopment �l AMENDMENT NO. 6 TO OPERATIVE AGREEMENT NO.,i BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE YORKTOWN/LAKE REDEVELOPMENT PROJECT AREA Operative Agreement No. 3 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Yorktown/Lake project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of one hundred fifty five thousand, one hunred thirty five dollars ($155,135) which shall bring the total sum to four hundred and nine thousand, eight hundred fifty seven dollars ($409,857) representing principal and accrued interest through June 30, 1988. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 6-61L day of1988. ATTEST: City Clerk/Agency Clerk REVIEWED AND APPROVED: City Administrator Chief Executive Officer 3901j/Pg. 4 M or/Ch 'person APPROVED AS TO FORM: Ci y Attor a /Agency Counsel y-i-7- kf TED AND APPROVED: Redevelopment •`" ANIENDN°h IT NO. 5 TO OPERATIVE AGREUb�,;T NO.,Z- r BETWEEN THE CITY OF 11UNTINGTON BEACH AND THE 1I-UNTINGTON BEACH REDEVELOPMENT AGENCY FOR -THE IMPLEMENTATION OF THE HU1`TINGTON CENTER REDEVELOPMENT PROJECT AREA Operative Agreement No. 3 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Huntington Center project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of six million, three hundred and ninety four thousand, nine hundred and sixty dollars ($6,394,960) which shall bring the total sum to nine million, three hundred twenty nine thousand, nine hundred and ninety three dollars ($9,3290993) representing principal and accrued interest through June 30, 1988. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 6-ik day of , I988. h1 yor/ irperson ATTEST: City Clerk/Agency Clerk REVIEWED AND APPROVED: APPROVED AS TO FORM: City Attorne i gency Counsel INITIATED AND APPROVED: City Administrator Chief Executive Officer Depu 3901 jl pg. 3 -- % • � --I - -_- Administrator - Administrator Aor Redevelopment AMENDMENT NO. 6 TO OPMATIVE AGREEMENT NO. BETWEEN T1:1E CITY OF I;UNTiNGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE TALBERT/BEACH REDEVELOPMENT PROJECT AREA Operative Agreement No. 3 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Talbert/Beach project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of three hundred seventy three thousand, four hundred and twenty nine dollars ($373,929) which shall bring the total sum to five million, two hundred thousand, eight hundred eighty three dollars ($5,200,883) representing principal and accrued interest through June 30, 1989. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Redevelopment Agency at a of , 1988. ATTEST; Council of the City of Huntington Beach and regular meeting thereof held on the b 2tX. 4;v�� q44r �Ku� - City Clerk Agency Clerk REVIE1tiED AND APPROVED: hl orlCh rperson APPROVED AS TO FORM: City,Attorney i gency Counsel City Administrator Depu Chief Executive Officer Delw 3901yPg. 5 TED AND APPROVED: Redevelopment the day AMENDMENT NO. 5 TO OPERATIVE AGREEMENT NO. 2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE MAIN -PIER REDEVELOPMENT PROZECT AREA operative Agreement No. 2 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Main -Pier project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of two million, seventy four thousand eight hundred and fifty six dollars ($2,074,856) which shall bring the total sum to five million four hundred sixty eight thousand nine hundred and sixteen dollars ($5,468,916) representing principal and accrued interest through June 30, 1987. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the �� 1r day of _S.T &,1±_ _ _ 1987. 11 i'7`et n ATTEST: City Clerk/Agency Clerk REVIEWED_AND APPROVED: City Administrator Chief Executive Officer 2430L Ps APPROVED AS TO FORM: z, City Atto y/Agency I &_i: �� Counsel�5-45 % INATIATED AND APPROVED: /.6 V� De City Administrator Deput,Y Director Redevelopment REOV "ST FOR CITY COU'`-IL/ _ REDEVE } ALTION RH 87-70 i p� September 21, 1987 Submitted to: CITY CLE Honorable hairman and Redevelovment Agencv Members Submitted by: Paul E. Cook, Interim City Administrator Prepared by: Douglas N. La Belle, Deputy City Administrator/Community Develop Subject. AMENDMENT TO OPERATIVE AGREEMENTS - REDEVELOPMENT Consistent with Council WCT AWYes [ ] New policy or Exception Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: STATEMENT OF ISSUE: The city and the Redevelopment Agency have entered into operative agreements which formally document the debt that the Agency has incurred. A separate agreement is necessary for each of the five project areas. Periodically, these agreements are updated to reflect the most current information and to document the Agency's debt for year end. financial statement purposes. RECOMMENDATION: Approve the amendments to the various operative agreements effective June 30, 1987. ANALYSIS: Operative agreements for the five project areas were originally approved by the City Council on the following dates: Main -Pier in June, 1983 Talbert -Beach in June, 1983 Oakview in June, 1983 Yorktown -Lake in September, 1985 • Huntington Center in September, 1985 On August 18, 1986, these agreements were last updated to show activity through July 1, 1986. It is necessary to amend the agreements annually as part of the fiscal year audit process. Operative agreements for each project area document the current state of debt between the City and Agency. Agency debt is important because tax increment in a project area can be only collected to the extent of the project area's net debt (total project area debt, minus tax increment available to repay debt). Once the increment ��I equals the debt, no further increment will be received. It is, therefore, important to establish liroper, sufficient debt in order to receive full tax increment allocations. The tax increment allocations will be used to repay the debt. In one project area, (Huntington Center), tax increment could be lost in 1987/88 if the operating agreements are not amended to reflect the current level of debt. Agency debt is incurred in the following variety of ways: I. Cash Advances from the General and Other City Fonda — These fund the normal Agency operations (salaries and operating, expenses), and certain contractual agreements and land acquisitions. The 1986/87 total for this category is approximately $1,100,000. 2. Indirect Charges from the City -- These represent the redevelopment related effort of city employees not directly paid from the Redevelopment Agency. These "overhead" charges are allowed by the California Health and Safety Code, and are computed on the basis of a cost allocation plan prepared by an outside accounting firm. These charges total approximately $1,700,000 for 1986/87, and represents normal General Fund expenses that can logically and legally be paid by redevelopment tax increment. 3. De&lledl.and Sales andDevelooment Fops -- Certain land has been sold by the city to the Agency. The land is used for redevelopment activities. Some of it will be subsequently resold to developers. The city already owned the land and this type of debt does not cause any cash drain on the General Fund or other resources of the city. Certain development fees have been deferred because of redevelopment -- related activities. This causes additional debt to the Agency. The I986/87 total for this category is approximately $1,230,000. 4. Interest and Debt -- The city charges the Agency 10% interest (per year) on all outstanding debt including cash advances, indirect charges, deferred land sales, and any other debt. The interest charges total about $1,100,000 for 1986/87. An additional advance is needed in the Huntington Center project area for acquisitions In future years. A loan from other project areas is proposed, instead of a General Fund advance. The city will begin to repay this and other advances during the current fiscal year (1987/88). Once the county has provided the final tax increment revenue data to the city (expected within thirty (30) days), a complete report will be prepared for the Agency to review exact amounts to be repaid in the current fiscal year. The preliminary estimate of 1997/89 tax increment revenue is $1,440,000, although the total could be as much as double that amount due to the unusual circumstances (ie. recent sale of Huntington Center Shopping Mall). Attached is a description of all the Agency's debt through June 30, 1987, and a description of the 1986/87 changes in indebtedness. .TERNATIVEACTIOl�: 1. Do not approve the attached amendments to the operative agreements. 2. Approve the agreements with modifications. fTAC�MN7'S: 1. Amendments to operative agreements. 2. Analysis of long—term indebtedness. 3. Analysis of charges in indebtedness. CWT/DLB/RJF:lp 3326h l • ITY OF HUNTINGTON BEACH ; rNALYSIS OF CHANGES IN LONG-TERM INDEBTEDNESS 7ULY 1. 1986 TO JUNE 30. 1987 EST LAST OPERATIVE AGREEMENT .ESS ADVANCES MADE FOR F/Y 86/87 OTE #3 CCRUED INTEREST 86/87 ENERAL FUND ADVANCES INDIRECT. NON -CASH DIRECT EXPENSES EFERRED LAND SALE LAKE ST FIRE ST. .P.A. DEBT MAIN/ TALBERT/ YORKTOWN/ HUNTINGTON TOTAL PIER BEACH OAKVIEW LAKE CENTER 3.394.060 6.148,566 1,711,709 148.340 1,411.481 12,814,15• t • . -405.112-62,793-398,929-22.048-72.892-961,77 354,699 401,639 151.060 17.049 219.010 1.143.45 0 - 667,800 224,895 425,954 89.333 311.-863 1,709.84 547,143 62,793 398,928 22.048 140,895 1,171,80 1,228,381 1.228.38 1,648,891 1.648.89 EDIRECTION OF ADVANCES FOR FUTURE CQUISITIONS TO HUNTINGTON CENTER -NOTE 11-462.955-62,793--398.928 0 924,676 ATER FUND ADVANCES PLUS ACCRUED INT 144,900 144,9C ECLASSIFICATION OF DEFERRED-1,127,995-1,127.95 .AND SALE PLUS ACCRUED INT. EM. COVE -NOTE 12 ET CHANGE IN 86/87 2,074.856-574,254 1.826,976 106.382 1,523,552 4.957,51 EST AT 6/30/87 5,468,916 5.574,312 3.538.685 254.722 2,935,033 17,771.6E INCREMENT RECEIVED FROM INCEPTION TO JUNE 30, 1987 NOT INCLUDING 02 SET ASIDE FOR LOW INCOME HOUSING 458,619 228,599 349.340 135.495 532,846 1.705.05 NET INCREMENT REQUIREMENT TO 5,010,097 5,345,713 3,189,345 119,227 2,402.187 16.066.5E FULLY PAY OFF DEBT NOTE #1- The four project areas other than Huntington Center had excess cash during the year. To ensure tht sufficient debt in Huntington Center exists and to provide for land acquisitions for the Hoover/Gothard Connection, monies originally loaned to three of these project areas is redirected to Huntington Center. NOTE #2- During the year, amounts originally recorded as a debt of the Talbert/Beach project area was reclassified as a debt of the Emerald Cove Fund. NOTE #3--The last operative agreements were not updated on a fiscal year-end basis but were updated to include activity through July 1, 1986 which included certain advances from the 'general fund for the 1'986/87 fiscal year. These advances subtracted here so the schedule shows the entire Agency debt- activity for the year. _, , • :.i::.;:;•: Y ' • REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON $EACH ANALYSIS OF LONG-TERM INDEBTEDNESS DUNE 30, 1987 DESCRIP1ION RAIN/PIER TALBERT/ $EACH - YORKTOWN OAKVIEY LAKE IRUNIINS70N CENTER 707AL GENERAL FUND ADV.-1979 115.090 23,020 23,020 ?3,020 184,150 ACC INT THROUGH 6/30/86 73,401 21.827 21.040 21.840 ti. 239,908 AEC INT 86/87 18.849 4,485 4.486 4.416 "G- 33.306 GEN FUND ADV- 1964/85 112,336 125,000 237,336 ACC INT TMRCUGH 6/3D/86 11,234 12,SOO 23,734 • ACC INT 86/07 0 12,357 0 Q 23,750 26,207 GEN FUND AOV- 198S/86 2.064,284 637,2SO 949.499 77.55R 28S.;S1 4,013,142 ACC INT THROUGH 6/30/86 246,405 31,062 _ 62,548 3,079 29,636 274,330 ACC INT 86/87 221.069 $6,911 101.205 9.144 31,489 428.817 ' tEN 1UND ADV- 1986/57 751.9%0 214,89S 42S.9S7 111,379 2,377.433 2,981,652 ACC INT 06/87 37.599 10.745 21,298 4,416 691975 144,013 HATER FUND ADV- 1986/87 138,000 138.000 ACC IHT 86117 6.900 61900 DEF DEV FEES 471.896 218.433 690,329 ACC INT THROUGH 6/30/86 47.190 21,043 69,033 ACC INT 86107 O 51,909 24,028 0 0 75,936 SALE OF SITE FOR HTG BKRS 40S.536 40S,536 ACC INT THROUGH 6/30/86 134,232 134,232 ACC INT 86/07 53,977 S3,977 DEF LAND SALE. ,MAIM/PIER 1.225.381 1,229,381 CEF LAND SALE, EM-COVE. ETC 11917,595 11917IS95 'ACC ]MT THROUGH 6/30/36 634,724 634,724 ACC 1M7 86/87 255.232 - 255.232 ALIT DUE TO NOLA UNDER O.P.A. 1,648,891 1,648,891 CONK DEV BLOCK GRANT ADY 1.048,845 15,636 1,064,483 ADV FOR FUTURE PROP ACO - 4 900,000 900.000 ACCRUED INT 86/87 90.000 90.000 LOAN FOR BLUFFTOP PARK 50.003 50,000 AEC INT THROUGH 6/30186 16.550 16.550 ACC INT 86/87 6.655 6.655 ' TOTAL 5,468,916 5,$74.312 3,538,605 254,722+2.935.D33 17,771,669 .e.:rf ;r.�.. ..•ti' .'f"�i. �:..C.i.�w ,x..w:{:. .i '�,. ...,r �. p... :.�... ..w• .. �1•.w+•..� ..•as,r�:am.. �...ws•w'•s `ter •.ti -... REQU`ST FOR CITY COUt "'IL/ REDEVELOPMENT AGENCY Xtq�1CN Date - Altgnsl 7 1987 .%bmitted to: Honorable Mayor/Chairman and City Co a velopment Agency Members Submitted by: Charles W. Thompson, City Administr or - 0 f4-82 Prepared by: Douglas N. La Belle, Deputy City Administrator Subject: Amendment to Operative Agreements — Redeve ment Project Area Consistent with Council Policy? D4 Yes [ ] New Policy or Exception Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: The City and the Redevelopment Agency have entered into operative agreements which formally document the debt the Agency has incurred. A separate agreement is necessary for each of the five project areas. Periodically these agreements are updated to reflect the most current information and to document the Agency's debt for year end financial statement purposes. RECOMMENDATION• Approve the amendments to the various operative agreements effective June 30, I987. ANALYSIS: Operative agreements for the five project areas were originally approved by the City Council on the following dates: Main/Pier — June, 1983 Talbert Beach — June, 1983 Oakview — June, 1983 Yorktown/Lake — September, 1985 Huntington Center —September, I985 On August 18, 1986, these agreemeri"ts were Iast updated to show activity through June 30, 1996. It is necessary to amend the agreements annually as part of the fiscal year audit process. Operative agreements for each project area documents the current state of debt between the City and the Agency. Agency debt is important because tax increment in a project area can only be collected to the extent of the project area's net debt (total project area debt minus tax increment available to repay debt). Once the increment equals the debt, Flo 4/m REQUESTJFOR CITY COUNCIL ACTION Amendment to Operativ Agreements - Redevelopment Project Area no further increment will be received. It is therefore important to establish proper, sufficient debt in order to receive full tax increment allocations. The tax increment allocations will be used to repay the debt. In two project areas, (Huntington Center and Yorktown), tax increment could be lost in 1987/88 if the operating agreements are not amended to reflect the current level of debt. Agency debt is incurred in a variety of ways: 1. raSh Advanr&5 frgm the Gcncral and Q;h?.r City Funds - These fund the normal Agency operations (salaries and operating expenses) plus certain contractual agreements and land acquisitions. 2. Indirect Charges from the City - These represent the redevelopment related effort of City employees not directly paid from the Redevelopment Agency. These charges are allowed by the California Health and Safety Code and are computed on the basis of a cost allocation plan. 3. Deferred Landv I - Certain land has been sold by the City to the Agency. The land is used for Redevelopment activities. Some of it will be subsequently resold to developers. The City already owned the land and this type of debt does not cause any cash drain on the general fund or other resources of the City. Certain development fees have been deferred because of redevelopment related activities. This causes additional debt to the Agency. The increased debt reflected in the attached agreements is the result of interest charges accrued in 1996/97, except Huntington Center and Yorktown -Lake. Those increases, therefore, do not involve transfer of funds, but, simply accounting for the interest charges on the existing debt. Advances in the Huntington Center and YorktownfLake project areas are for acquisitions in future years. The city will begin to repay these advances du-ing the current fiscal year (1987/88). Once the county has provided the final tax increment revenue data to the city (expected within thirty (30) days), a complete report will be prepared for the Agency to review exact amounts to be repaid in the current fiscal year. The preliminary estimate of 1997/98 tax increment revenue is $1,440.000. Attached is a description of all of the Agency's debt through June 30, 1997. ALTERNATIVE AC119Nq 1. Do not approve the attached amendments to the operative agreements. 2. Approve the agreements with modifications. ATTACI- hMN-Z: 1. Amendments to operative agreements. 2. Analysis of Long Term Indebtedness for the Redevelopment Agency. CW'TIDLB/RJF:lp i REQUEo T FOR CITY COUNCIL_ ACTION Date Submitted to: Honorable Mayor and City Council Members Submitted by: Paul E. Cook, City Administrator Prepared by: Robert J. Franz, Deputy City Adminis Subject: Amendments to Operative Agreements for the five 1 Consistent with Council Policy? [x] Yes [ ] New Policy or Exa Statement of Issue, Recommendation, Analysis, Funding Source, August 2, 1987 tlon CITY CL Actions, Attachments: eas Statement of Issue: The City and Redevelopment Agency have entered into operative agreements which formally document the debt the Agency has incurred. A separate agreement is necessary for each of the five project areas. Periodically, these agreements are updated to reflect the most current information and to document the Agency's debt for year-end financial statement purposes and to meet legal requirements for filing with the County of Orange. Recommendation: Approve the amendments to the various agreements effective June 30, 1988. Analysis: Operative agreements for the five project areas were originally approved by the City Council on the following dates: Main/Pier Talbert/Beach Oakview Yorktown/Lake Huntington Center June, 1983 June, 1983 June,1983 September, 1985 September, 1985 On September 21, 1987, these agreements were last updated to show activity through June 30, 1987. It is necessary to amend these agreements to show activity through June 30, 1988 as part of the audit process. Operative agreements for each project area document the current state of debt between the City and the Agency. The Low -Income Housing Fund which is part of the Redevelopment Agency has debt which is not documented by an operative agreement since its debt is not related to the receipt of tax increment revenue. Agency debt is important because tax increment in a project area can only be collected to the extent of the project area's net debt (total project area debt minus tax increment available to repay debt). Once the increment equals the debt, no further increment will be received. It is therefore important to establish proper, sufficient debt in order to receive full tax increment allocations. The tax increment allocations will be used to repay the debt. Agency debt was incurred during the year in the following variety of ways: Beach Public expenses), and certain contractual agreements and land acquisitions. During the year the Huntington Beach Public Financing Authority advanced $11,895,300, the Water Fund advanced $1,000,000, the Drainage Fund advanced $250,000 and the General Fund advanced $2,840,745 for a total of $15,986,045. 5 T� PI O 5/85 i •'--�'tEQUEST FOR COUNCIL ACTION" AMENDMENTS TO OPERATIVE AGREEMENTS FOR THE FIVE REDEVELOPMENT PROJECT AREAS Indirect Charges from the General Fund - These represent redevelopment related effort of city employees not directly paid by the Redevelopment Agency. These "overhead" charges are allowed by the California Health and Safety Code and are computed on the basis of a cost allocation plan. These charges total $2,148,151 for fiscal year 1987/88. Interest on Debt - The City charges the Agency 10% interest per year on all outstanding debt including cash advances, indirect charges, deferred land sales and all other debt with the exception of advances from Grant funds. The interest charges for fiscal year 1987/88 total $2,219,780. _Assumption of Loans on Purchase of Property - During the year the Agency assumed a mortgage on property purchased in the Main/Pier project area. The amount of this debt is $817,717. During the year debt was repaid from the City to the Agency. These are described below: Budgeted Repayment of $100,000 from the Talbert/Beach Project Area Debt Service Fund - The repayment covered a portion of the accrued interest on prior advances. Budgeted Repayment of $1,690,788 from the Talbert/Beach Project Area Capital Projects Fund - The source of this repayment was the proceeds from the sale of the "industrial site" located within the project area. Of the total proceeds, $759,613 went to the Park Acquisition and Development fund to cover interest on the sale of the Emerald Cove site to the Agency. $288,886 went to the general fund to cover interest on prior advances and $642,289 went to cover principal repayment of prior advances. Payment of $125 000 to Mola Development Corporation for Charter Center Improvements - The Agency made a payment o 125,000 on July 1, 1987 which represented the first installment payment to Mola Corporation under the Owner Participation Agreement relating to Charter Center. This payment was made from the Oakview project area's debt service fund and covered a portion of the outstanding interest on the Agency's indebtedness to Mola. Repayments of $574,500 Authorized b Council Action of January 18 1988 - The Council/Agency authorized repayment of $574,500 from the Huntington Center project area's debt service fund to the General fund. $394,100 covered prior interest on general fund advances and $180,400 covered the actual advances (principal). Attached is a description of all the Agency's debt through June 30, 1988 by project area along with a description of the 1987/88 changes in indebtedness. Alternative Action: 1. Do not approve the attached amendments to the operative agreements. 2. Approve the amendments with modifications. Attachments: 1. Amendments to Operative Agreements. 2. Analysis of Changes in Indebtedness by Project Area. 3. Analysis of Indebtedness by Project Area (Summary). 4. Analysis of Long Term Indebtedness (Detail) 3903j ATTACHMENT REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH ANALYSIS OF CHANGES IN LONGTERM INDEBTEDNESS (DETAIL) July 1, 1987 to June 30, 1988 Main/ Talbert/ Yorktown/ Huntington Low Income Pier Beach Oakview Lake Center Housing Total Debt Last Operative Agreement 5,468,916 5,574,312 3,538,685 254,722 2,935,033 17,771,668 Accrued Interest 87/88 952,151 306,671 454,166 31,647 475,145 0 2,219,780 General Fund Advances 87/88 Indirect, Non -Cash 1,151,001 137,105 591,990 84,062 183,993 2,148,151 Direct Expenses 1,880,782 346,037 39,426 574,500 0 2,840,745 OPA Debt Payments (125,0001 (125,0001 Debt Repyments General Fund [931,7151 [574,5001 [1,505,6751 Debt Repayments Park A&D Fund [859,0731 [859,0731 Water Fund Advances 1,000,000 1,000,000 HBPFA Advances 2,707,016 973,583 2,478,879 5,735,822 2,973,825 14,869,125 Drainage Fund Advances 250,000 250,000 Property Acquisition Loan 817,717 817,717 Debt at 6/30/88 14,227,583 5,200,883 7.284,757 409,857 9,329,993 2,973,825 39,426,438 3901 j/Pg. 6 V REDEVELOPMENT AGENCY OF THE CTPY OF KUNTINGTON BEACH ANALYSIS OF LONG -'PERM INDEBTEDNESS (SUMMARY) June 30, 1998 Main/ Talbert/ Yorktown/ Huntington Description Pier Beach Oakvlew Lake Center GENERAL FUND Cash Advances 3,685,131 43,216 1,053,270 108,258 Deferred Land Sales 1,633,917 Deferred Development Fees 0 150,405 259,200 Interest Expense 1,392,728 31130S 418,992 74,412 Indirect Costa 23218 01144 340,003 12283,233 226t487 Total General Fund s 039,'�90 564,9Z3 3,014,701 409,851 OTHER FUNDS -TOTAL Water Fund 1,259,390 26,194 3,457 C.D.B.C. 1,048,845 1S,638 Dralruige Fund 275,000 71,408 25,640 Sewer Fund 50,609 7,433 Park Acq. d, Dev. Fund 2,438,967 H.B.P.P.A. 2,835,689 999,931 2,526,399 37 Total Otter Funds 4,370,076 4,635,954 2,5 0 DUE TO OUTSIDE PARTIES h1ola Development 1,691,519 Property AcquLsltion Loan Total Due to Outside Parties 817 717 B 7,717 0 1,691,5 0 Total All Funds 4� m-L593 5,200•883 7 2 737 1n9 57 3901 J/IV. 7 2,504,833 163,290 76 '944 3,429,067 5,900,929 5.900920 ATTACHMENT J taw Income Housing Total 7,395,408 1,833.917 409,605 2,080,733 4,938,881 0 16,456,344 2,973,925 2,973,925 0 0 A 2.� 9."3 2.973.925 1,209,041 1,1364,483 3T2,048 38,042 2,438,987 151 3 239 837 20,459,418 1,691.519 817,717 2,509,236 39,429,998 3901/Pg.6 REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH ATTACHMENT 4 ANALYSIS OF LONGTERM INDEBTEDNESS (DETAIL) June 30, 1988 Main/ Talbert/ Yorktown/ Huntington Low Income Description Pier Beach Oakview Lake Center Housing Total General Fund Adv 78/79 115,090 0 23,020 23,020 161,130 Accrued Interest to 6/30/87 92,250 26,326 26,326 144,902 Accrued interest 87/88 20,734 4,935 4,935 0 30,603 General Fund Adv 85/86 2,064,284 31,219 949,499 77,558 229,851 3,352,411 Accrued Interest to 6/30/87 3679474 163,753 12,023 0 543,250 Accrued Interest 87/88 243,176 3,122 111,059 8,958 11,493 0 377,808 General Fund Adv 86/87 751,988 214,895 425,957 111,379 29277,433 0 3,781,652 Accrued Interest to 6/30/87 37,599 21,298 4,416 0 63,313 Accrued Interest 87/88 78,959 21,490 44,726 11,580 113,872 0 270,625 General Fund Adv 87/88 3,031,783 137,105 938,027 123,488 758,493 4,988,896 Accrued Interest 87/88 151,589 6,855 46,901 6,174 37,925 0 249,445 HBPFA Adv 87/88 2,707,016 973,583 2,478,879 0 5,735,822 2,973,825 14,869,125 Accrued interest 87/88 128,670 26,348 47,490 165,105 367,613 Water Fund Adv 86/87 138,000 138,000 Accrued Interest 6/30/87 6,900 6,900 Accrued Interest 87/88 14,490 14,490 Water Fund Adv 87/88 1,000,000 1,000,000 Accrued Interest 87/88 100,000 100,000 Drainage Fund Adv 87/88 250,000 250,000 Accrued Interest 87/88 25,000 25,000 Deferred Land Sale Main/Pier 1,228,380 1,228,380 Accrued Interest 87/88 122,838 122,838 Blufftop Park Loan 50,000 50,000 Accrued Interest to 6/30/87 23,205 23,205 Accrued interest 87/88 7,321 7,321 CDBG Advance 1,048,845 15,638 1,064,483 Deferred Land Sale Em Cove 1,917,570 1,917,570 Accrued interest 87/88 191,757 191,757 Def. Dev. Fees 471,896 216,236 688,132 Accrued Interest thru 6/30/87 99,099 50,188 149,287 Accrued Interest 87/88 57,100 29,307 86,406 Land Sale Blufftop Park 405,536 405,536 Accrued Interest thru 6/30/87 188,209 188,209 Accrued interest 87/88 59,375 59,375 OPA Debt 1,408,047 1,408,047 Accrued Interest thru 6/30/87 115,844 115,844 Accrued interest 87/88 167,628 167,628 Property Acquisition Loan 817,717 817,717 Total at6/30/88 14,227.583 5,200,883 7,284,758 409,857 9,329,993 2,973,825 39,426,898 AMENDMENT NO. 5 TO OPERATIVE AGREEMENT NO. 1 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE TALBERT-BEACH REDEVELOPMENT PROJECT AREA Operative Agreement No. 1 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Talbert -Beach project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above stated assistance provided by the City to the Agency, the City shall decrease its loan to the agency by the sum of five hundred seventy four thousand, two hundred and fifty four dollars ($574,254) which shall bring the total loan to five million, five hundred seventy four thousand, three hundred and twelve dollars ($5,574,312) which shall represent principal and accrued interest through June 30, 1987. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on t he „?/ I r day of 5p,2},6,n hA., , 1987. ME ATTEST: APPROVED AS TO FORM: City Clerk/Agency Clerk REVIEWED AND APPROVED: ""'X 4L� z City Administrator Chief Executive Officer 2430L r City Attorney/Agency Counsel'*-%�q-Ws87 I ITIATED AND APPROVED: `v. Dep y City Administrator Dep ty Director Redevelopment ps AMENDMENT NO. 5 TO OPERATIVE AGREEMENT NO. 3 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE OAKVIEW REDEVELOPMENT PROJECT AREA Operative Agreement No. 3 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Oakview project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of one million, eight hundred twenty six thousand nine hundred seventy six dollars ($1,826,976) which shall bring the total loan to three million five hundred thirty eight thousand six hundred eighty five dollars ($3,538,685) which shall represent principal and accrued interest through June 30, 1987. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the a?/3rday of e,., _ , 1987. ATTEST: APPROVED AS TO FORM: 62�1�111' City Clerk/Agency Clerk REVIEWED AND APPROVED: L cv4r-� City Administrator Chief Executive Officer 2430L City Attorney/Agency CounselC_�S-�i' INVTIATED AND APPROVED: Of 1�q 40;wj�� De t ity Administrator Deput Director Redevelopment ps AMENDMENT NO. 5 TO OPERATIVE AGREEMENT NO. 4 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE YORKTOWN-LAKE REVELOPMENT PROJECT AREA Operative Agreement No. 4 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Yorktown -Lake project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of one hundred six thousand, three hundred and eighty two dollars ($106,382) which shall bring the total sum to two hundred fifty four thousand, seven hundred and twenty two dollars ($254,722) representing principal and accrued interest through June 30, 1987. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on t h e ,2/310-d a y of 1987. May ax ATTEST: APPROVED AS TO FORM: City Clerk Agency Clerk REVIEWED AND APPROVED: City Administrator Chief Executive Officer 2430L City Attorne Agency Counsels (i-bl INITIATED AND APPROVED: Deputy +ty Administrator Deputy— .rector Redev lopment ps 1 is REQ2 ST FOR CITY COUK —'IL/ _ 1V#A REDEVEL`bPMENT AGENCY AG'1E0N Date Angiict 7. 19R7 'Submitted to: Honorable Mayor/Chairman and City Cou a velopment Agency Members ;Rubmined by: Charles � . Thompson, City Administr or Prepared by: Douglas N. La Belle, Deputy City Administrator �494t/tkD Eubject: Amendment to Operative Agreements — Redeve ment Project Area q Consistent with Council Policy? D4 yes [ ] New Policy or Exception Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: The City and the Redevelopment Agency have entered into operative agreements which formally document the debt the Agency has incurred. A separate agreement is necessary for each of the five project areas. Periodically these agreements are updated to reflect the most current information and to document the Agency's debt for year end financial statement purposes. ,COMMENDATION: Approve the amendments to the various operative agreements effective June 30, 1987. ANALYSIS: Operative agreements for the five project areas were originally approved by the City Council on the following dates: Main/Pier — June, 1983 Talbert Beach — June, 1983 Oakview — June, 1983 - Yorktown/Lake — September, 1985 Huntington Center — September, 1985 On August 18, 1986, these agreements were last updated to show activity through June 30, I986. It is necessary to amend the agreements annually as part of the fiscal year audit process. Operative agreements for each project area documents the current state of debt between the City and the Agency. Agency debt is important because tax increment in a project area can only be collected to the extent of the project area's net debt (total project area debt minus tax increment available to repay debt). Once the increment equals the debt, Plo 4/84 REQUEST FOR CITY COUNCIL ACTION Amendment to Operative Agreements - Redevelopment Project Area no further increment will be received. It is therefore important to establish proper, sufficient debt in order to receive full tax increment allocations. The tax increment allocations will be used to repay the debt. In two project areas, (Huntington Center and Yorktown), tax increment could be lost in 1987/88 if the operating agreements are not amended to reflect the current level of debt. Agency debt is incurred in a variety of ways: 1. Cash Advances from the General and Other City Funds - These fund the normal Agency operations (salaries and operating expenses) plus certain contractual agreements and land acquisitions. 2. Indirect Charges from the City - These represent the redevelopment related effort of City employees not directly paid from the Redevelopment Agency. These charges are allowed by the California Health and Safety Code and are computed on the basis of a cost allocation plan. 3. Deferred Land Sales and Development Fees - Certain land has been sold by the City to the Agency. The land is used for Redevelopment activities. Some of it will be subsequently resold to developers. The City already owned the land and this type of debt does not cause any cash drain on the general fund or other resources of the City. Certain development fees have been deferred because of redevelopment related activities. This causes additional debt to the Agency. The increased debt reflected in the attached agreements is the result of interest charges accrued in 1986/87, except Huntington Center and Yorktown -Lake. Those increases, therefore, do not involve transfer of funds, but simply accounting for the interest charges on the existing debt. Advances in the Huntington Center and Yorktown/Lake project areas are for acquisitions in future years. The city will begin to repay these advances during the current fiscal year (1987/88). Once the county has provided the final tax increment revenue data to the city (expected within thirty (30) days), a complete report will be prepared for the Agency to review exact amounts to be repaid in the current fiscal year. The preliminary estimate of 1987/88 tax increment revenue is $1,440,000. Attached is a description of all of the Agency's debt through June 30, 1987. ALTERNATIVE ACTION:: 1. Do not approve the attached amendments to the operative agreements. 2. Approve the agreements with modifications. ATTACHMENTS: 1. Amendments to operative agreements. 2. Analysis of Long Term Indebtedness for the Redevelopment Agency. CWT/DLB/RJF:lp `.0 APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the — day of March, 1989. Mayor/Chairperson ATTEST: APPROVED AS TO FORM: City Clerk/Agency ClerrCity Attorney/Agency Counsel2_z= y, REVIEWED AND APPROVED: al � ti Pa City Administrator Chief Executive Officer S7LT D APPROVED Deputy Qit / A_d i rator / Administrative Services . -2- AMENDMENT NO. 4 TO OPERATIVE AGREEMENT NO. 5 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA Operative Agreement No. 5 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Huntington Center project area is hereby amended as follows: Section 7 is amended to read as follows: 000MTnAT -7 In addition to the above stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of one million, five hundred twenty three thousand, five hundred and fifty two dollars ($1,523,552) which shall bring the total sum to two million, nine hundred thirty five thousand, thirty three dollars ($2,935,033) representing principal and accrued interest through June 30, 1987. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the z0/3Tday ofin•ZAL1— , 1987. ar�a°a per , on ATTEST: City Clerk/Agency Clerk REVIEWED AND APPROVED: City Administrator Chief Executive Officer 2430L APPROVED AS TO FORM: City Attorney/Agency Counsel 0-1--,- S/ INtETIATED AND APPROVED: Dep City Administrator Depu Director Redevelopment AMENDMENT N0. 6 TO OPERATIVE AGREEMENT NO. 5 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA Operative Agreement No. 5 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Huntington Center project area is hereby amended as to Section 7 only which shall read as follows: SECTION 7. In addition to the above stated assistance provided by the City to the Agency, the City shall reduce its loan to the Agency as follows: Previous balance: $9,329,993.00 Less $2,529,066.00 New balance $6,800,927.00 Such new balance of Six Million, Eight Hundred Thousand, Nine Hundred and Twenty -Seven Dollars ($6,800,927.00) represents principal and accrued interest through October 30, 1988. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently $0. -1- AMENDMENT NO. 3 TO OPERATIVE AGREEMENT NO. T_ BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 16th DAY OF SEPTEMBER, 1985, FOR THE IMPLEMENTATION OF THE HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA Operative Agreement No. 5 between the City of Huntington Beach and the Huntington Beach Redevelopment. Agency for the implementation for the Huntington Center project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of six hundred ninety-three thousand six hundred and thirty-three dollars ($693,633) which shall bring the total sum to one million three hundred thirty-three thousand five hundred and eighty-nine dollars ($1,333,589) representing principle and addrued interest through June 30, 1986. On July 1, 1986 the city advance shall increase by $72,892 to a total of $1,411,481. This represents the Project Area's 1986/87 budget. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the / day of , 1986. ATTEST: l 01� 00 City Clerk/Agency Clerk REVIEWED AND APPROVED: ckp,u City Administratot hk80 Chief Executive Officer 4, q ya. L. - Mayor C airpers n APPROVED AS TO FORM: City Attor ey/A ncy Counsel(,t. -%40 INITIATED AND APPROVED: D uty City Administrator D puty Director Redevelopment 0510H AMENDMENT NO. 3 TO OPERATIVE AGREEMENT NO. 4-- BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE.16th DAY OF SEPTEMBER, 1985, FOR THE IMPLEMENTATION -OF THE YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA Operative Agreement No. 4 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Yorktown -Lake project area is hereby' amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall decrease its loan to the Agency by the sum of eighteen thousand eight hundred fifty-nine dollars ($18,859) which shall bring the total sum to one hundred twenty-six thousand two hundred ninety-five dollars ($126,295) representing principle and accrued interest through June 30, 1986. On July 1, 1986 the city advance shall increase by $22,045 to a total of $148,340. This represents the Project Area's 1986/87 budget. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the _��'fh day of �t5,.r.�%" , 1986. ATTEST: .44,q Va. 'iv,�� L - Mayor Chairperso APPROVED AS TO FORM: r,z L . � /-,-, au "I k�a I A4. City Clerk Agency Clerk City Attor ey Ag cy Couns,e-iwkrrt-$Aqk REVIEWED AND APPROVED: C44 lu- S� City Administrator 6y RtV,, Chief Executive Officer NITIATED AND APPROVED: Deolty City Administrator. Deputy Director Redevelopment 0509H .... ..... ........................... AMENDMENT AO. 4 TO OPERATIVE AGREEMENT NO. 1 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 20th DAY OF JUNE, 1983, FOR THE IMPLEMENTATION OF THE TALBERT-BEACH REDEVELOPMENT PROJECT AREA Operative Agreement No. l between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Talbert -Beach project area is hereby amended as follows: Section 7 is amended to read as follows: c�r�mrneT � In addition to the above -stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of one hundred twenty-three thousand three hundred thirty-one dollars ($123,331) which shall bring the total loan to six million sixty-five thousand seven hundred thirty-six dollars ($6,065,736) which shall represent principle and accrued interest through June 30, 1986. On July 1, 1986 the city advance shall increase by $82,836 to a total of $6,148,566. This represents the Project Area's 1986/87 budget. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the R�111 day of 6n U31- , 1986. ATTEST: City Clerk/Agency Clerk REVIEWED AND APPROVED: , City Administrat r i2y Chief Executive Officer Lt,q Va. Mayor Chairpers APPROVED WO FORM: t� K %h i City Attor ey/AgePO, vCounsel NITIATED AND APPED: D ty City Administrator Deputy Director Redevelopment 0506H AMENDMENT NO. 4 TO OPERATIVE AGREEMENT NO. 2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 20th DAY OF JUNE, 1983, FOR THE IMPLEMENTATION OF THE MAIN —PIER REDEVELOPMENT PROJECT AREA Operative Agreement No. 2 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Main -Pier project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall decrease its loan to the Agency by the sum of one hundred thirty thousand eight hundred thirty-six dollars ($130,836) which shall bring the total sum to two million nine hundred eighty-eight thousand nine hundred and forty-eight dollars ($2,988,948) representing principle and accrued interest through June 30, 1986. On July 1, 1986 the city advance shall increase by $405,112 to a total of $3,394,060. This represents the Project Area's 1986/87 budget. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance with the exception of any advances of Federal funds which bear no interest. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the fh day of VS , 1986. ATTEST: City Clerk/Agency Clerk REVIEWED AND APPROVED: City Administrat r Z,; Chief Executive Officer 4�4 Va. L. - Mayor/Chairperso APPROVED AS TO FORM: City Attor ey/Ag zi cy CounselG$'$ I ITIATED AND APPROVED: -V�r Dep&Ay City Administrator Deputy Director Redevelopment 0507H RE01JEST FOR CITY COU` Q VLI . . REDEVE 1 "IMGY A`'�TION RH 87-70 j p September 21 1987 Submitted to: �. QTY CLEAK-- - Honorable Members Submitted by: Paul E. Cook, Interim City Admiziistrator Prepared 6y: Douglas N. La Belle, Deputy City Administrator/Community Develop Subsea. AMENDMENT TO OPERATIVE AGREEMENTS - REDEVELOPMENT Consistent with Councilwjj�*CT AjEpYes ( ] New Policy or Exception Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: STA]'EMENT OF_ ISSUE: The city and the Redevelopment Agency have entered into operative agreements which formally document the debt that the Agency has incurred. A separate agreement is necessary for each of the five project areas. Periodically, these agreements are updated to reflect the most current information and to document the Agency's debt for year end.financial statement purposes. RECOMMENDATION• Approve the amendments to the various operative agreements effective June 30, I991. ANALY�l Operative agreements for the five project areas were originally approved by the City Council on the following dates: Main -Pier In June, 1983 Talbert -Beach in June, 1993 Oakview in June, 1983 Yorktown -Lake in September, 1985 Huntington Center in September, 1985 On August 18, 1986, these agreements were last Updated to show activity through July 1, I986. It is necessary to amend the agreements annually as part of the fiscal year audit process. Operative agreements for each project area document the current state of debt between the City and Agency. Agency debt is important because tax increment in a project area can be only collected to the extent of the project area's net debt (total project area debt, minus tax increment available to repay debt). Once the increment P1U 4184 `.d equals the debt, no further increment will be received. It is, therefore, important to establish proper, sufficient debt in order to receive full tax increment allocations. The tax increment allocations will be used to repay the debt. In one project area, (Huntington Center), tax increment could be lost in 1987/88 if the operating agreements are not amended to reflect the current level of debt. Agency debt is incurred in the following variety of ways: 1. Cash AdvancCs from therzeneral and Other_M Funds - These fund the normal Agency operations (salaries and operating expenses), and certain contractual agreements and land acquisitions. The 1986/97 total for this category is approximately $1,100,000. 2. )ndic.0 Charges from thr,City -These represent the redevelopment related effort of city employees not directly paid from the Redevelopment Agency. These "overhead" charges are allowed by the California Health and Safety Code, and are computed on the basis of a cost allocation plan prepared by an outside accounting firm. These charges total approximately $1,700,000 for 1986/87, and represents normal General Fund expenses that can logically and legally be paid by redevelopment tax increment. 3. Deferred Land Sales and Development Fees - Certain land has been sold by the city to the Agency. The land is used for redevelopment activities. Some of it will be subsequently resold to developers. The city already owned the land and this type of debt does not cause any cash drain on the General Fund or other resources of the city. Certain development fees have been deferred because of redevelopment - related activities. This causes additional debt to the Agency. The 1996/97 total for this category is approximately $1,230,000. 4. Interest and -Debt -The city charges the Agency 10% interest (per year) on all outstanding debt including cash advances, indirect charges, deferred land sales, and any other debt. The interest charges total about $1,100,000 for 1986/87. An additional advance is needed in the Huntington Center project area for acquisitions in future years. A loan from other project areas is proposed, instead of a General Fund advance. The city will begin to repay this and other advances during the current fiscal year (1997/99). Once the county has provided the final tax increment revenge data to the city (expected within thirty (30) days), a complete report will be prepared for the Agency to review exact amounts to be repaid in the current fiscal year. The preliminary estimate of 1987/88 tax increment revenue is $1,440,000, although the total could be as much as double that amount due to the unusual circumstances (ie. recent sale of Huntington Center Shopping Mall). Attached is a description of all the Agency's debt through June 30, 1987, and a description of the 1986/87 changes in indebtedness. AL;(ERNATLU ACTIO is 1. Do not approve the attached amendments to the operative agreements. 2. Approve the agreements with modifications. ATTACHMNTS: 1. Amendments to operative agreements. 2. Analysis of long-term indebtedness. 3. Analysis of charges in indebtedness. CWT/DLB/RJF:lp 3326h ,::.� "y"^Y'.f2.r x�•-.<. .... ..... ..i y, ya. c. .� ti- .. "^`�. vcr x+� t ITY OF HUNTINGTON BEACH NALYSIS OF CHANGES IN LONG-TERM INDEBTEDNESS ULY 1, 1986 TO JUNE 30, 1987 MAIN/ TALBERT/ YORKTOWN/ HUNTINGTON TOTAL PIER BEACH OAKVIEW LAKE CENTER EBT LAST OPERATIVE AGREEMENT 3.394,060 6,148,566 1,711,709 148,340 1,411,481 12,814,156 ESS ADVANCES MADE FOR F/Y 86/87 -405,112 -62,793 -398.929 -22.048 -72,892 -961,774 OTE #3 - CCRUED INTEREST 86/87 354,699 402.639 151,060 17,049 219.010 1,_143.457 0 ENERAL FUND ADVANCES INDIRECT, NON -CASH 667,800 214,895 425.954 89,333 3119,863 1,709.845 DIRECT EXPENSES 547,143 62,793 398.928 22,048 140.895 1,171,807 EFERRED LAND SALE LAKE ST FIRE ST. 1,228,381 1,228,381 .P.A. DEBT - 1,648,891- 1,648,691 EDIRECTION OF ADVANCES FOR FUTURE CQUISITIONS TO HUNTINGTON CENTER -NOTE 11 --462.955 -62,793t -398.920 0 924,676 0 ATER FUND ADVANCES PLUS ACCRUED INT 144,900 144,900 ECLASSIFICATION OF DEFERRED -1,127,995 -1,127,995 AND SALE PLUS ACCRUED INT, EN. COVE -NOTE 12 ET CHANGE IN 86/87 2,074.856 -574,254 1.826,976 106,382 1,523,552 4,957,512 EBT AT 6/30/87 5.468,916 5,574,312 3,538,685 254,722 2,935,033 17,771,668 NCREMEMT RECEIVED FROM INCEPTION 0 JUNE 30, 1987 NOT INCLUDING 01 SET ASIDE FOR LOW INCOME HOUSING 458,619 228,599 349,340 135,495 532,646 1,705,099 NET INCREMENT REQUIREMENT TO 5,010,097 5,345,713 3,189,345 119,227 2,402,187 16,066.569 FULLY PAY OFF DEBT NOTE #1- The four project areas other than Huntington Center had excess cash during the year. To ensure tht sufficient debt in Huntington Center exists and to provide for land acquisitions for the Hoover/Gothard Connection, monies originally loaned to three of these project areas is redirected to Huntington Center. NOTE #2 During the year, amounts originally recorded as a debt tik of the Talbert/Beach project area was reclassified as.a debt of the Emerald Cove Fund. v NOTE #3'''Th-e.last operative agreements were not updated on a fiscal year -:end basis but were updated to include activity through July 1, 1986 ,which included certain advances from the _ 'general fund for the 1*986/87 fiscal year. These advances are - subtracted here so the schedule shows the entire Agency deb activity for the year. REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH ANALYSIS OF LONG-TERM INDEBTEDNESS JUNE 30, 1987 DESCRIPTION MAIN/PIER TALBERT/ YORKTOWN HUNTINGTON TOTAL BEACH OAKVTEW LAKE CENTER GENERAL FUND ADV.-1979 115,090 23,020 23,020 23.020 184,150 ACC INT THROUGH 6/30/86 73.401 21,827 21,840 21.840 138,909 ACC INT 86/87 18,849 4,485 4,486 4.486 'a' 32.306 GEN FUND ADV- 1984/85 112,336 125,000 237,336 ACC INT THROUGH 6/30/86 11,234 12,500 23,734 ACC INT 86/87 0 12.357 0 0 13,750 26,107 GEN FUND ADV- 1985/86 2.064.284 637,250 949,499 77.558 285,251 4.013,842 ACC INT THROUGH 6/30/86 146,405 31,862 62,548 3.879 29.636 274,330 ACC INT 86/87 221,069 66,911 101,205 8.144 31.489 428.817 GEN FUND ADV- 1986/87 751,988 214,895 425,957 111.379 1.377,433 2,881,652 ACC INT 86/87 37.599 10,745 21,298 4.416 69.975 144,033 WATER FUND ADV- 1986/87 138,000 138,000 ACC INT 86/87 6,900 6,900 DEF DEV FEES 471,896 218.433 690,329 ACC INT THROUGH 6/30/86 47,190 21,843 69,033 ACC INT 86/87 0 51,909 24,028 0 0 75,936 SALE OF SITE FOR HTG BKRS 405,536 405,536 ACC INT THROUGH 6/30/86 134,232 134.232 ACC INT 86/87 53,977 53,977 DEF LAND SALE, MAIN/PIER 1,228,381 1,228,381 DEF LAND SALE, EM-COVE. ETC 1,917,595 1,917,595 'ACC INT THROUGH 6/30/86 634,724 634,724 ACC INT 86/87 255,232 255,232 AMT DUE TO MOLA UNDER O.P.A. 1,648,891 - 1,648,891 COMK DEV BLOCK GRANT ADV 1,048,845 15.638 1,064,483 ADV FOR FUTURE PROP ACQ 0 900.000 900,000 ACCRUED INT 86/87 90,000 90,000 LOAN FOR BLUFFTOP PARK 50.003 50,000 ACC INT THROUGH 6/30/86 16.550 16,550 ACC INT 86/87 6,655 6,655 TOTAL 5,468.916 5.574.312 3,538,685 254.722 2,935.033 17,771,669 Steve /� REAL-' ST FOR CITY COUt 1L/ _ T. CEO16"It REDEVELOPMENT AGENCY ACTION " RH 86-62 Date August 8, 1986 Submitted to: Honorable Mayor/Chairman and City Council/Redevelopment Agency Members Submitted by: Charles W. Thompson, City Administrator/Chief Executive Officer r`�'00�� Prepared by: Dou las N. LaBelle, Deputy City Administrator/Redevelo 1•• o Subject: AMENDMENT TO OPERATIVE AGREEMENTS - l�YYg REDEVELOPMENT PROJECT AREA oiT� cL Consistent with Council Policy? W Yes [ ] New Policy or Excepti Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Aletrns, Attachments: ;Ib STATEMENT OF ISSUE: Periodically it is necessary to amend the Operative Agreements between the city and the Redevelopment Agency as additional debt is incurred by the Agency and additional administrative costs are forwarded by the city. Attached are amendments to each of the Operative Agreements in this regard. RECOMMENDATION: Approve and authorize the Clerk to execute the attached Amendments to the Operative Agreements between the .city and the Redevelopment Agency to document loans and other advances of the city to the Redevelopment Agency as Redevelopment Agency debt. ANALYSIS: There is one Operative Agreement for each of the five (5) Redevelopment Project Areas and through these Agreements is documented the current state of debt between the city and Redevelopment Agency. City funds are forwarded on behalf of the Redevelopment Agency in two (2) basic ways: 1.) Capital loans by the city to the Redevelopment Agency; 2.) The Administrative expenses incurred by city staff on behalf of Redevelopment Agency projects is considered an advance of city funds. Periodically it is necessary to update the amount of existing debt of the Agency and this is done through amendments to the standing Operative Agreements. The attached Amendments represent adjustments in the total debt of the Redevelopment Agency incurred through administrative expenses forwarded by the city and by accrual of interest upon the previous debt. PI O 4/84 R H 86-62 August 8, 1986 Page Two ALTERNATIVE ACTION: Do not approve the attached Amendments. FUNDING SOURCE: Advances to Agency from city general fund cr other revenue sources. Redevelopment Agency obligated to repay all debt from future tax increment at the rate of 10% interest per annum. ATTACHMENTS: Operative Agreements (5). CWT/DLa/SVK:sar 0005r . AMENDMENT NO. 4 TO OPERATIVE AGREEMENT NO. 3 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 20th DAY OF JUNE, 1983, FOR THE -IMPLEMENTATION OF THE OAKVIEW REDEVELOPMENT PROJECT AREA Operative Agreement No. 3 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Oakview project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of one hundred six thousand three hundred forty-eight dollars ($106,348) which shall bring the total loan to one million three hundred twelve thousand eight hundred twenty-one dollars ($1,312,821) which shall represent principle and accrued interest through June 30, 1986. On July 1, 1986 the city advance shall increase by $398,928 to a total of $1,711,749. This represents the Project Area's 1986/87 budget. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the day of us 7-, 1986. ATTEST: �� City Clerk Agency Clerk REVIEWED AND APPROVED: City Administrator I-11i Chief Executive Officer 414 e. -A�� k - Mayor Chairperso APPROVED AS TO ORM: City Attorn Agenc C unsel ,l&-b` I ITIATED AND APPROVED: Dep y City Administrator Deouty Director Redevelopment AMENDMENT NO. 3 TO OPERATIVE AGREEMENT NO. 3 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 2Oth DAY OF JUNE, 1983, FOR THE IMPLEMENTATION OF THE OARVIEW REDEVELOPMENT PROJECT AREA Operative Agreement No. 3 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Oakview project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of six hundred twenty-four thousand three hundred fifty-four dollars ($624,354) which shall bring the total loan to one million two hundred and six thousand four hundred seventy-three dollars ($1,206,473) which shall represent principle and deferred interest through June 30, 1986, and which sum shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the � day of 1986. ATTEST: AUCJA X WENTWORT911Y_ CLERIO Otl� . City Clerk Agen Cle k REVIEWED AND APPROVED: r ity Adminis rator Chief Executive Officer O5O8H Mayor/Chairpersorf APPROVED AS TO FORM: City Attorney/Agg^ Counsel ITIATED AND APPROVED: DepjdNy City Administrator DeA11Yy Director Redevelopment AMENDMENT NO. 2 TO OPERATIVE AGREEMENT NO. 5 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 16th DAY OF SEPTEMBER, 1985, FOR THE IMPLEMENTATION OF THE HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA Operative Agreement No. 5 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Huntington Center project area is hereby amended as follows: Section 7 is amended to read as follows: QVrMTnM 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of six hundred seven thousand five hundred and seventy dollars ($607,570) which shall bring the total sum to six hundred forty-four thousand nine hundred and fifty-six dollars ($644,956) representing principle and deferred interest through June 30, 1986, and which sum shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the _AA day of , 1986. ?, )Ok� �-t Mayor/Chairper n ATTEST: APPROVED AS TO FORM: 000, 9911C19 N1, yYENTWORTFCITY CLERIC 1 City Clerk/Agency,(/Clerk City Attorney/A cy Counsel REVIERIED D APPROVED: ITIATED AND APPROVED: y Admi is for f De ty City Administrator Chief Executive Officer Deputy Director Redevelopment 0510H AMENDMENT NO. 2 TO OPERATIVE AGREEMENT NO. 4 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 16th DAY OF SEPTEMBER, 1985, FOR THE IMPLEMENTATION OF THE YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA Operative Agreement No. 4 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Yorktown -Lake project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of one hundred twenty thousand three hundred and seventeen dollars ($120,317) which shall bring the total sum to one hundred forty-five thousand one hundred and fifty-four dollars ($145,154) representing principle and deferred interest through June 30, 1986, and which sum shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the day of 121,94, 1986. of Mayor/Chairpersofi ATTEST: APPROVED AS TO FORM: ALICIA . Y'E".ORTHCITY CLERIC City Clerk Agenc Clerk City Attorney/A#ency Counsel REVIIN AND APPROVED: Ci y Administrator Chief Executive Officer 0509H t e n AMENDMENT NO. 3 TO OPERATIVE AGREEMENT NO. 1 BE74 EEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 20th DAY OF JUNE, 1983, FOR THE IMPLEMENTATION OF THE TALBERT—BEACH REDEVELOPMENT PROJECT AREA Operative Agreement No. 1 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Talbert -Beach project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of one million six hundred fifty-seven thousand and ninety dollars ($1,657,090) which shall bring the total loan to five million nine hundred forty-two thousand four hundred and five dollars ($5,942,405) which shall represent principle and deferred interest through June debt of the Agency to the City 30, 1986, and which sum shall be a and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the J0-M day of .A61 , 1986. Mayor/Chairpersorr ATTEST: APPROVED AS TO FO ;�4CityEC �t YsL RTU CITY CLERK erk Ag cy Clerk C ity Attorney/Ag ncy Counsel REVIE;NTED AND APPROVED: NIT TED AND APPR ED: Administr or D uty City Administrator Chief Executive Officer Deputy Director Redevelopment 0506H AMENDMENT NO. 3 TO OPERATIVE AGREEMENT NO. 2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 20th DAY OF JUNE, 1983, FOR THE IMPLEMENTATION OF THE MAIN -PIER REDEVELOPMENT PROJECT AREA Operative Agreement No. 2 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Main -Pier project area is hereby amended as follows: Section 7 is amended to read as follows: QVt( TTnM 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of one million two hundred fifty-six thousand nine hundred and fifty-nine dollars ($1,256,959) which shall bring the total sum to three million one hundred nineteen thousand seven hundred and eighty-four dollars ($3,119,784) representing principle and deferred interest through June 30, 1986, and which sum shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the P?IkA day of _ 1986. ATTEST: BUC1A M. WENTWORMITY CLERIC • G/ 17 City Clerk/Agency e k REVIRNIED AND APPROVED: Ci—ty Administ for Chief Executive Officer 0507H Mayor/Chairperson APPROV D AS TO FO �ity Attorney/A ncy Counsel ITIATED AND APPROVED: Depuft City Administrator Depdfy Director Redevelopment i REQ `� =ST FOR REDEVE?OPMENT CITY COUP' �1L/ AGENCY ACTION RH 86-37 Date Ala Submitted to: Honorable Mayor/Chairman and City Council/Agency Members Submitted by: Charles W. Thompson, City Administratcr/Chief Executive Prepared by: Douglas N. La Belle, Deputy City Administrator/Redevelopm Subject: END OF FISCAL YEAR AMENDMENTS TO OPERATIVE AG.REP Consistent with Council Policy? ¢Q Yes [ ] New Policy or Exception Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Atta STATEMENT OF ISSUE: To document the debt of the Redevelopment Agency to the City there exists an Operative Agreement for each Redevelopment Project Area. To assure that the maximum permissible amount of increment is captured for this fiscal year it is important that all debt incurred be recorded through Amendments to these Operative Agreements prior to June 30, 1986. Appropriate Amendments are attached for the Council/Agency's consideration.. RECOMMENDATION: Approve and authorize the Clerk to execute the attached Amendments to the standing Operative Agreements between the Redevelopment Agency and the City of Huntington Beach: - Amendment No. 3 to Operative Agreement No. 1 - Talbert -Beach Redevelopment Project Area. Increasing total debt to $5,942,405. - Amendment No. 3 to Operative Agreement No. 2 - Alain -Pier Redevelopment Project Area. Increasing total debt to $3,119,784. - Amendment No. 3 to Operative Agreement No. 3 - Oakview Project Area. Increasing total debt to $1,206,473. - Amendment No. 2 to Operative Agreement No. 4 - Yorktown/Lake Project Area. Increasing total debt to $145,154. - Amendment No. 2 to Operative Agreement No. S - Huntington Center Project Area. Increasing total debt to $644,956. ANALYSIS: Periodically as the Redevelopment Agency requires capital to undertake redevelopment activities it borrows money from the City. The mechanism to record this debt and the attendant 10% per annum interest paid is through the Operative Agreements between the Redevelopment Agency and the City. .-T ,3 G Plo 4/84 REQV _ ST FOR CITY COU _CIL/ REaEVEL��PMENT AGENCY A P 10N RH 86-37 Date May 9 1986 / Sibmitted to: Honorable Mayor/Chairman and City Council/Agency Members G Sibmitted by: Charles W. Thompson, City Administrator/Chief Executive O fic r � Prepared by: Douglas N. La Belle, Deputy City Administrator/Redevelopment } S-ib.ect: END OF FISCAL YEAR AMENDMENTS TO OPERATIVE AGREEMENTS 1 Consistent with Council Policy? aQ Yes [ j New Policy or Exception Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attach nts: STATEMENT OF ISSUE: To document the debt of the Redevelopment Agency to the City there exists an Operative Agreement for each Redevelopment Project Area. To assure that the maximum permissible amount of increment is captured for this fiscal year it is important that all debt incurred be recorded through Amendments to these Operative Agreements prior to June 30, 1986. Appropriate Amendments are attached for the Council/Agency's consideration. RECOMMENDATION: Approve and authorize the Clerk to execute the attached Amendments to the standing Operative Agreements between the Redevelopment Agency and the City of Huntington Beach- - Amendment No. 3 to Operative Agreement No. 1 - Talbert -Beach Redevelopment Project Area. Increasing total debt to $5,942,405. Amendment No. 3 to Operative Agreement No. 2 - Main -Pier Redevelopment Project Area. Increasing total debt to $3,119,784. Amendment No. 3 to Operative Agreement No. 3 - Oakview Project Area. Increasing total debt to $ 1,206,473. Amendment No. 2 to Operative Agreement No. 4 = Yorktown/Lake Project Area. Increasing total debt to $145,154. Amendment No. 2 to Operative Agreement Nc. 5 - Huntington Center Project Area. Increasing total debt to $644,956. ANALYSIS: Periodically as the Redevelopment Agency requires capital to undertake redevelopment activities it borrows money from the City. The mechanism to record this debt and the attendant 10% per annum interest paid is through the Operative Agreements between the Redevelopment Agency and the City. 000,09 If3G P1Q 4164 RH 86-37 May 9, 1996 Page Two In addition to providing documentation of the debt between the City and the Agency these Agreements also provide the record through which Agency debt is substantiated to the County of Orange for the purposes of collecting tax increment. Increment to be paid in the first half of the next fiscal year (1986/87) is predicated upon the debt of the Agency properly recorded on or before June 30, 1986. For this reason the attached Amendments incorporate not only loans for capital activities but also administrative expenses incurred by the City on behalf of the Agency through the end of the current fiscal year. The amount of debt shown for each project area is subject to adjustment at the close of the annual audit. Any such adjustments will be accommodated in subsequent amendments. ALTERNATIVES: Do not approve the attached Amendments. FUNDING SOURCE: Redevelopment Agency debt to be repaid from future tax increment. ATTACHMENTS: 1. Amendment No. 3 to Agreement No. 1 - Talbert -Beach. 2. Amendment No. 3 to Agreement No. 2 - Mail -Pier. 3. Amendment No. 3 to Agreement No. 3 - Oakview. 4. Amendment No. 2 to Agreement No. 4 - Yorktown/Lake. 5. Amendment No. 2 to Agreement No. 5 - Huntington Center. C1t'T/DLB/SVK:sar 2407h R H 86-37 May 9, 1986 Page Two In addition to providing documentation of the debt between the City and the Agency these Agreements also provide the record through which Agency debt is substantiated to the County of Orange for the purposes of collecting tax increment. Increment to be paid in the first half of the next fiscal year (1986187) is predicated upon the debt of the Agency properly recorded on or before June 30, 1986. For this reason the attached Amendments incorporate not only loans for capital activities but also administrative expenses incurred by the City on behalf of the Agency through the end of the current f iscal year. The amount of debt shown for each project area is subject to adjustment at the close of the annual audit. Any such adjustments will be accommodated in subsequent amendments. ALTERNATIVES: Do not approve the attached Amendments. FUNDING SOURCE: Redevelopment Agency debt to be repaid from future tax increment. ATTACHMENTS: 1. Amendment No. 3 to Agreement No. 1 - Talbert -Beach. 2. Amendment No. 3 to Agreement No. 2 - Alain -Pier. 3. Amendment No. 3 to Agreement No. 3 - Oakview. 4. Amendment No. 2 to Agreement No. 4 - Yorktown/Lake. 5. Amendment No. 2 to Agreement No. 5 - Huntington Center. Ck'T/DLB/SVK:sar 24 07h AMENDMENT NO. 1 TO OPERATIVE AGREEMENT NO. 5 BETREEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 16TH DAY OF SEPTEMBER, 1985, FOR THE IMPLEMENTATION OF THE HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA Operative Agreement No. 5 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Huntington Center project area is hereby amended as follows: 1. Section 7 of the above -referenced Agreement is changed to Section 8. All other parts of this Section remain the same. 2. A new Section 7 is added to the Agreement as follows: CVOMTnM I In addition to the above -stated assistance provided by the City to the Agency, the City shall make a loan to the Agency in the sum of thirty-seven thousand three hundred eighty-six dollars ($37,386) which shall represent principle and deferred interest through August 31, 1985, and which sum shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at 4reaeqular meeting thereof held on the 13V^ day of 1984. &Ae I . • Mayor/Chairperson ATTEST: City Clerk/Agency Clerk 21 7ND APPROVED: City-Administraftor / Chief Executive Officer 0412H APPROVED AS TO FORM: City Attorney/Agency Counse Wv/ TIATED AND APPROVED: Depu %A City Admidistrat6r DepuW Director Redevelopment AMENDMENT NO. 1 TO OPERATIVE AGREEMENT NO. 4 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 16TH DAY OF SEPTEMBER, 1985, FOR THE IMPLEMENTATION OF THE YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA Operative Agreement No. 4 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Yorktown -Lake project area is hereby amended as follows: 1. Section 7 of the above -referenced Agreement is changed to Section 8. All other parts of this Section remain the same. SECTION 7 2. A new Section 7 is added to the Agreement as follows: In addition to the above -stated assistance provided by the City to the Agency, the City shall make a loan to the Agency in the sum of twenty-four thousand eight hundred thirty-seven dollars ($24,837) which shall represent principle and deferred interest through August 31, 1985, and which shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at ay'regular meeting thereof held on the day of � 1989. &Ij Mayor•/ChairpersiFn ATTEST: 9,0-- - I I "�_ ; - ON ity lerk/Agency Clerk Zdmffi AND APPROVED: 4 inistrator Chief Executive Officer 0411H APPROVED AS TO FORM: Ch City Attorney/Agency Counsel IN TIAT D`�AND APPRO D: (0 Deptyy City Admi istrator Deptrty Director Redevelopment AMENDMENT NO. 2 TO OPERATIVE AGREEMENT NO. 1 BEZTREEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 20th DAY OF JUNE, 1983, FOR THE IMPLEMENTATION OF THE TALBERT-BEACH REDEVELOPMENT PROJECT AREA Operative Agreement No. 1 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Talbert -Beach project area is hereby amended as follows: Section 7 is amended to read as follows: CVrMTnM 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of four million one hundred ninety-four thousand nine hundred and four dollars ($4,194,904) which shall bring the total loan to four million two hundred eighty-five thousand three hundred fifteen dollars ($4,285,315) which shall represent principle and deferred interest through August 31, 1985, and which sum shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a,,r gular meeting thereof held on the day of , 1984. Mayor/Chairpersoyl ATTEST: City Clerk Agency Clerk REVIEW AND APPROVED: ` l Administrator Chief Executive Officer 0413H APPROVED AS TO FORM: 914� L4Z� Ci Attorney Agency Counsel) " IWTIATED AND APPROVED: //�� &L-41 Depoy City Admin strator Deputy Director Redevelopment AMENDMENT NO. 2 TO OPERATIVE AGREEMENT NO. 2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 20th DAY OF JUNE, 1983, FOR THE IMPLEMENTATION OF THE MAIN -PIER REDEVELOPMENT PROJECT AREA Operative Agreement No. 2 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Main -Pier project area is hereby amended as follows: Section 7 is amended to read as follows: QRrTTnu 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of six hundred thirty-seven thousand eight hundred and thirty dollars ($637,830) which shall bring the total sum to one million eight hundred sixty-two thousand eight hundred and thirty dollars ($1,862,830) representing principle and deferred interest through August 31, 1985, and which sum shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at anirar meeting thereof held on the �1day of 'I , 198�. Mayor/Chairpers ATTEST: City Clerk Agency C erk REVI ' AND APPROVED: City Administrator Chief Executive Officer 0414H APPROVED AS TO FORM: 2&�z 4/�� - City Attorney Agency Counsel W INIVIATED AND APPROVED: r t • _%/— -I- Depqty City Administrator Depu y Director Redevelopment AMENDMENT NO. 1 TO OPERATIVE AGREEMENT NO. 2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 2Cth DAY OF JUNE, 1983, FOR THE IMPLEMENTATION OF THE MAIN -PIER REDEVELOPMENT PROJECT AREA Operative Agreement No. 2 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Main -Pier project area is hereby amended as follows: 1. Section 7 of the above -referenced Agreement is changed to Section 8. All other parts of this Section remain the same. cRC'TTCX 7 2. A new Section 7 is added to the Agreement as follows: In addition to the above -stated assistance provided by the City to the Agency, the City shall make a loan to the Agency in the sum of one million two hundred twenty-five thousand dollars ($1,225,CCO), which shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the _ 14� _ day of .1——r�__, 1985. ATTEST: City Clerk Agency Clerk REVIEWS D APPROVED: City AdministYator V Chief Executive Officer 0761L Mayor Chairper on APPROVED AS TO FOPM: Tl,e City tto n y 4Age y u sel INITIATED AND A.PPR ED: ty ty Administrator Deputy �iDirector Redevelopment /vim ATTACHMENT E OPERATIVE AGREEMENT 110. 5 AN AGREEMENT BETWEEN THE CITY OF 11UNTINGTON BEACH AND THE IiUNTINGTON BEACH REDEVELOPMENT AGENCY TO IMPLEMENT THE HUNTINGTON CENTER REDEVELOPMENT PLAN THIS AGREEMENT is made and entered into on this day of 1985, by and between the CITY OF HUNTINGTON BEACH, a municipal corporation of the State of California (herein CITY) and the HUNTINGTON BEACH REDEVELOPMENT AGENCY, a public entity, authorized to transact business pur- suant to the provisions of California Health and Safety Code sections 33000 et seq. (herein AGENCY). WHEREAS, pursuant to the attached Cooperative Agreement between the CITY and AGENCY, dated June 20, 1983, the CITY agrees to provide to the AGENCY certain assistance and other- wise to cooperate with the AGENCY in carrying out the implemen- tation of the redevelopment plans; and Said assistance will include the CITY providing the AGENCY with both administrative and/or technical services, construc- ting required public improvements and facilities as appropriate and necessary and providing funds to carry out these and other AGENCY activities; and Said services, improvements, facilities and funds will be specified in Operative Agreements which will also identify the terms under which the CITY will be reimbursed for the asso- ciated costs, NOW, THEREFORE, the City of Huntington Beach agrees to pro- vide the following in support of the implementation of the Huntington Center Redevelopment Plan: SECTION 1: CITY shall provide the necessary staff support 1. to carry out the planning, engineering and administrative ac- tivities required to implement the Huntington Center Redevelopment Plan. SECTION 2. CITY shall assist the AGENCY in carrying out the acquisition of parcels needed to provide appropriate public improvements and bring about the necessary parcel consolidation as set forth in the development agreements which will be adopted for the area and convey said parcels and other appro- priate city -owned sites to the Redevelopment Agency at fair market value. SECTION 3. CITY shall assist in the construction of the required public improvements as set forth in the development agreements for the area. SECTION 4. CITY shall provide relocation advisory services and assistance to residential tenants and property owners dis- placed by the redevelopment activities within the project area. SECTION 5: CITY shall keep such accounting records as will enable the CITY and AGENCY to determine the actual costs in- curred and/or monies advanced in association with pursuing the implementation of Huntington Center Redevelopment Plan. SECTION 6: CITY shall be reimbursed for all costs incurred in carrying out this agreement with future AGENCY revenues and the AGENCY agrees to pay interest to the CITY at the rate of 10 percent per annum on the unpaid balance owed the CITY on the expenditures made. SECTION 7: This document has been authorized to be exe- cuted by action taken by the Huntington Beach City Council on the 16th day of September 1985, by Resolution No. 5577 , and by the Huntington Beach Redevelopment Agency on the 16th day of 'September 1985, by Resolution No : 125 SECTION 8: If any portion or section of this agreement is declared to be unconstitutional or violative of the California Community Redevelopment Law or other applicable laws of the 2. State of California, then only that section or portion shall be stricken as agreed upon by both parties. Such determination ofof unconstitutionality or unfeasibility shall not affect the remainder of the agreement. IN WITNESS WHEREOF, the parties hereto have executed this Operative Agreement No. 5 on the day, month, and year first above written. HUNTINGTON BEACH REDEVELOPMENT AGE14 CY --yi� // V /J �'0 Chairman ATTEST: CITY OF HUNTINGTON BEACH Mayor APPROVED AS TO FORM: S Agency City Clerk Agency Counsel City Attorney APPROVED: 4ie:f Executive Zfficer7 City Administrator ahb; 8/15/85 0730L/3702 3. ITIATED AND APPROVED: 0/. !f!:ffC" ty Director of edevelopment AMENDMENT NO. 1 TO OPERATIVE AGREEMENT NO. 1 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO ThE 20th DAY OF JUNE, 198-3, FOR THE IMPLEMENTATION OF' THE TALBERT-BEACH REDEVELOPMENT PROJECT AREA Operative Agreement No. 1 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Talbert -Beach project area is hereby amended as follows: 1. Section 7 of the above -referenced Agreement is changed to Section E. All other parts of this Section remain the same. 2. A new Section 7 is added to the Agreement as follows: SECTION 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall make a loan to the Agency in the sum of ninety -thousand four hundred and eleven dollars U90,411), which shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agen y at a regular meeting thereof held on the _�� _ day of_, 1985. ATTEST: City Clerk Agency Clerk REVIEWED D APPROVED: City Administrator Chief Executive Cfficer 0760L 0 Mayor Chairperson APPFCVED AS Pit AttPr INITIATED A FORM: ~ency Counsel PPROVED: t ty Administrator Deputy Director Redevelopment �Q/Z 1 0 TALBERT - BEACH IREDEVELOPMEJT� AREA�� ,ywr ��r�rrrrMrrrr�rr+lw�rr��rr �wq .8 rw�rJl�r/rr �1 t �RD,dA.Si� jJ jnrncs-�Ri�b �''pP,C 11 1 r 1 (1 1 ' t l ,ail 1`7) G•(idji__ +' 1.:��5. '+. :_ !� �y �'• J+. _ :,t . ,t•.. i+ N. ' J•. /. • P Y t ;L.. � .' - . �� - - �.. _ .Jp _ r Yt! _ .Y _ i. _ _gip . 7 l 9"f rt 1 •t� - Jv . F vit :,f _ 'Y.. a•_ �+_ B(K sc .V i ai �. i it 7n 'r. r�.•7 r v..:to r• _;n-_!f. r Y - •I f'l • ,l �Y ro .'u ~�'+�i, ;� ..e ;a �� _'r• : r�l :n . :v ;r _ y,'' io '° t• ''t'_ ''n i+r. rr pl. iv _ -;,! .:'e. :Y• 'a. _in_ _ �!+_ .ie, .1•t e•! dr Ft: _... n. ''Y- .t _ :•t i?' .'�!- i•e i• 9'. .'W _'»! .'CR 9''-.'a !v ..�! ' w �u .. J _ ,'4 . �: it : V g. Cl+ '<,. i � ,l _ . L •• _ .i7+/N9:T?ot O'> CIO (79 — Crtl17,1 Is) 6 ). 'ltr V r Y �ii) (•e) lii) tfgPr tt_syc_ y ! t Y i t: � Jj w �i r t !ir li[� .� 't7. -•1 .JJ.__.i.r.. ...� 1 � ��` {l1�...rcPwrCrr.,.h uar :pRrvC L I fir) �) (» (.o Ri ((i) l•rlt 1 11 L prl1w J ■IiiQirrr•rrrrrrwrri'w&•• uj i I SKoh 10 4.0 '-W'`REOUEST FOI.-REDEVELOPMENT A,ENCY ACTICO Submitted to: Submitted by: Prepared by: 1111 86-1 Date January 6, 1986 Honorable Chairman and Redevelopment Age41ii mb Charles W. Thompson, Chief Executive Offic• Douglas N. La Belle, Deputy City Administrator/Redev ;subject: AMENDMENTS TO OPERATIVE AGREEMENTS Consistent with Council Policy? X Yes [ I New Policy or Exceptiol Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: STATEMENT OF ISSUE: As direct loans are made by the city to the Redevelopment Agency or as the city incurs administrative expenses on behalf of the Agency it is appropriate to amend the various Operative Agreements. The attached Amendments will document this Agency debt through August 31, 1985. RECOMMENDATION: Approve and authorize the execution of the attached Amendments to the Operative Agreements between the city and the Redevelopment Agency. ANALYSIS: Through the standing Operative Agreements between the city and Redevelopment Agency the Redevelopment Agency agrees to repay the city for direct capital loans to the Agency and to repay the city for administrative expenses incurred on the Agency's behalf. The terms of these Agreements require that the Agency pay 10 percent annual interest on the debt and that such obligation, is limited to the availability of tax increment. To assure that the amount of Redevelopment Agency debt to the city is properly documented by each Redevelopment Project Area It Is necessary to periodically amend the Operative Agreement for each Project Area. The attached Amendments will increase Agency debt as follows: Oakview Redevelopment Project Area: Debt to be increased by $72,119 in administrative expenses. Total debt $582,119. Talbert -Beach Redevelopment Project Area: Debt to be increased by $4,194,904 Including administrative expenses and land acquisition. Total debt $4,285,315. Alain -Pier Redevelopment Project Area: Debt to be increased by $637,830.00 in administrative expenses. Total debt $1,862,830. Yorktown -Lake Redevelopment Project Area: Debt to be increased by $24,837 in administrative expenses. There was no previous Agency debt for this Project Area. Huntington Center Redevelopment Project Area: Debt to be increased by $37,386 in administrative expenses. There was no previous Agency debt for this Project Area. -***V3C.__ P1011/B5 RH 86-1 January 6, 1986 Page Two ALTERNATIVES: Do not approve the attached Amendments to the Operative Agreements. This will weaken the documentation of Agency debt. FUNDING SOURCE: Redevelopment Agency debt to be repaid from future years tax increment. Agency debt required before tax increment may be collected. ATTACHMENTS: Operative Agreement Amendments CWVDLB/SVKsar 1807h AMENDMENT NO. 2 TO OPERATIVE AGREEMENT NO. 3 BETR EEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 20th DAY OF JUNE, 1983, FOR THE IMPLEMENTATION OF THE OAKVIFA REDEVELOPMENT PROJECT AREA Operative Agreement No. 3 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Oakview pro3ect area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall increase its loan to the Agency by the sum of seventy-two thousand one hundred nineteen dollars ($72,119) which shall bring the total loan to five hundred eighty-two thousand one hundred nineteen dollars ($582,119) which shall represent principle and deferred interest through August 31, 1985, and which sum shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of theity f Huntington Beach and the Redevelopment Agency at a,�r g€� u� meeting thereof held on the _d14' day of �. 1986. Mayor/Chairpers n ATTEST: City Clerk Agency Clerk REV1zq D APPROVED: Adminis rator Chief Executive Officer 0415H APPROVED AS TO FORM: w :t4'-.z Z/" 6" Ciy Attorney/Agency Counsel/ INITIATED AND APPROVED : �/�� p y City Administrator Dep y Director Redevelopment -OAKVIEW REDEVELOPMENT AREA va V q CYPRESS ST ATTACMIENT D OPERATIVE AGREEMENT NO. 4 A:l AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE IrONTINGTON BEACH REDEVELOPMENT AGENCY TO IMPLEMENT THE YORKTOWN-LILKE REDEVELOPMENT PLAN THIS AGREEMENT is made and entered into on this (,'46 day of 1985, by and between the CITY OF HUNTINGTON BEACH, a municipal corporation of the State of California (herein CITY) and the HUNTINGTON BEACH REDEVELOPMENT AGENCY, a public entity, authorized to transact business pursuant to the provisions of California Health and Safety Code sec- tions 33000 et seq. (herein AGENCY). WHEREAS, pursuant to the attached Cooperative Agreement between the CITY and AGENCY, dated June 20, 1983, the CITY agrees to provide to the AGENCY certain assistance and otherwise to cooperate with the AGENCY in carrying out the implementation of the redevelopment plans; and Said assistance will include the CITY providing the AGENCY with both administrative and/or technical services, constructing required public improvements and facilities as appropriate and necessary and providing funds to carry out these and other AGENCY activities; and Said services, improvements, facilities and funds will be specified in Operative Agreements which will also identify the terms under which the CITY will be reimbursed for the associated costs. NOW, THEREFORE, the City of Huntington Beach agrees to provide the following in support of the implementation of the Yorktown -Lake Redevelopment Plan: 1. SECTION 1. CITY shall provide the necessary staff support to carry out the planning, engineering and administrative activities required to implement the Yorktown-�Lake Redevelopment Plan. SECTION 2. CITY shall assist the AGENCY in carrying out the acquisition of parcels needed to provide appropriate public improvements and bring about the necessary parcel consolidation as set forth in the development agreements which will be adopted for the area and convey said parcels and other appropriate city -owned sites to the Redevelopment Agency at fair market value. SECTION 3. CITY shall assist in the construction of the required public improvements as set forth in the development agreements for the area. SECTION 4. CITY shall provide relocation advisory services and assistance to residential tenants and property owners displaced by the redevelopment activities within the project area. SECTION 5. CITY shall keep such accounting records as will enable the CITY and AGENCY to determine the actual costs incurred and/or monies advanced in association with pursuing the implementation of Yorktown -Lake Redevelopment Plan. SECTION 6. CITY shall be reimbursed for all costs incurred in carrying out this agreement with future AGENCY revenues and the AGENCY agrees to pay interest to the CITY at the rate of 10 percent per annum on the unpaid balance owed the CITY on the expenditures made. SECTION 7. This document has been authorized to be executed by action taken by the Huntington Beach City Council on the-16th day of September , 1985, by Resolution No. 5577 , and by the Huntington Beach Redevelopment Agency on the 16th day of September , 1985, by Resolution No. 125 . SECTION 8. If any portion or section of this agreement is declared to be unconstitutional or violative of the California Community Redevelopment Law or other applicable laws of the State of California, then only that section or portion shall be stricken as agreed upon by both parties. Such determination of 2. of unconstitutionality or unfeasibility shall not affect the remainder of the agreement. IN WITNESS WHEREOF, the parties hereto have executed this Operative Agreement No. 4 on the day, month, and year first above written. HUNTINGTON BEACH REDEVELOPMENT CITY OF HUNTINGTON BEACH AGENCY ATTEST: APPROVED AS TO FORM: Agency City Clerk Agency Counse Ci y Attorney APPROVED: INITIATED AND APPROVED: 000 e17- ief Executiv Off cer Depkty Director of City Administrator edevelopment ahb; 8/15/85 0729L/3702 3. k AMENDMENT NO. 1 TO OPERATIVE AGREEMENT NO. 3 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY ENTERED INTO THE 20th DAY OF JUNE, 1983, FOR THE IMPLEMENTATION OF THE OAKVIEW REDEVELOPMENT PROJECT AREA Operative Agreement No. 3 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation for the Oakview project area is hereby amended as follows: 1. Section 7 of the above -referenced Agreement is changed to Section 8. All other parts of this Section remain the same. 2. A new Section 7 is added to the Agreement as follows: 9VrTTnN 7 In addition to the above -stated assistance provided by the City to the Agency, the City shall make a loan to the Agency - in the.sum of five hundred ten thousand dollars (t510,000), which shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent (10%) per annum on any unpaid balance. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the day of 1985. 40 Mayor Chairperson ATTEST: City C er Agency Clerk REVIEWED -AND APPROVED: City -Administrator Chief Executive Officer 0762L APPROVED AS TO FORM: t o gency Counse INI IATE D APPROVED: y Administrator De uty Director Redevelopment /_O�ex_ REQ C'ST FOR CITY COUP "'IL/ REDEVELOPMENT AGENCY ACTION Rif 85-46 Date Honorable Mayor and City Council Members/ :submitted to: Honorable Chairman and Redevelopment Agency Members ;submitted by: Charles 1Y. Thomspon, City Administrator/Chief Executive Of i e Prepared by: Douglas N. La Belle, Deputy City Administrator/Redevelopmen r OPERATIVE AGREEMENTS - YORKTOWN/LAKE AND HUNTINGTON .,object: CENTER PROJECT AREAS #' Consistent with Council Policy? bd Yes [ 1 New Policy or Exception b?S- �+ 1 i L�J U.\VLL Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attar menu: I i9-1s STATEMENT OF ISSUE: It has come to staff's attention that Operative Agreements fo URA Huntington Center Project Areas have not been adopted. Such Agreements are transmitted herewith for the Agency and City Council's consideration. RECOMMENDATION: AS CITY COUNCIL: APPROVE A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH AMENDING THE COOPRATION AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY, BY THE APPROVAL AND ADDITION OF OPERATIVE AGREEMENTS NO. 4 AND 5 FOR YORKTOWN/LAKE AND HUNTINGTON CENTER REDEVELOPMENT PROJECT AREAS. AS REDEVELOPMENT AGENCY: APPROVE AND AUTHORIZE EXECUTION OF A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACII AMENDING THE COOPERATION AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACII AND THE REDEVELOPMENT AGENCY, BY THE APPROVAL AND ADDITION OF OPERATIVE AGREEMENTS 110. 4 AND 5 FOR YORKTOWN/LAKE AND HUNTINGTON CENTER REDEVELOPMENT PROJECT AREAS. ANALYSIS: Operative Agreements are the documents through which the city agrees to provide services to development within redevelopment project areas and to provide the necessary ongoing administrative functions of the Redevelopment Agency. In addition, this Is the document through which any loans of city funds to the Redevelopment Agency would be affected. While there is not substantial activity In the Yorktown/Lake Project Area at this time, adoptlon of the Operative Agreement will permit the ongoing administrative costs to be appropriately charged against the debt incurred In the Implementation of this project area. q� q P10 4/84 Rli 85-46 August 22, 1985 Page Two The Huntington Center Redevelopment Project Area is expected to see substantial activity In the near future. For the reasons outlined above it Is important that the mechanism through which administrative costs and other items of Agency debt may be accurately documented be in place. Since this is a relatively new Redevelopment Project Area no Operative Agreement had been previously approved. The attached resolutions will approve by both City Council and Redevelopment Agency the new Operative Agreements for the Yorktown!Lake and Iluntington Center Redevelopment Project Areas and continue to strengthen the system through which Redevelopment Agency financial obligations are documented. ALTERNATIVES: Do not approve the attached resolutions. FUNDING SOURCE: Redevelopment Agency budget. C IVT! D LBISV K:sar 1282h REC=ST FOR REDEVELOPMENT (Dig CITY C0101"CIL/ _ ,_ AGENCY XtTION '-- R II 85-4 2 (a) Honorable Mayor and City Council Members9ate August 15 1985 Submitted to- ' llonorable Chairman and Redevelopment Agency Members Submitted by: Charles IV. Thompson, City Administrator/Chief Executive id Prepared by: Douglas N. La Belle, Deputy City Administrator/Redevelop Subject: AMENDMENTS TO OPERATIVE AGREEMENTS WITH RED OPM OAGENCY Consistent with Council Policy? N Yes [ I New Policy or Exception $1. C17 Col"- Statement of Issue. Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: STATEMENT OF ISSUE: The original Cooperation and Operative Agreements to implement the Main -Pier, Talbert -Beach, and Oakview Redevelopment Project Areas were approved in June, 1993. As we move forward with the further implementation of these project areas it is now appropriate to amend these Agreements to represent additional loans to the Redevelopment Agency. RECOMMENDATION: Approve and authorize the following Agreements: AS CITY COUNCIL AND AGENCY: Amendment No. 1 to Operative Agreement No. 2 or the implementation of the Main -Pier Redevelcpment Project Area. This Amendment will facilitate the loan of city funds to the Redevelopment Agency to complete the Mushroom Farm acquisitions as approved in the FY 85/86 Budget (loan amount to be $1,225,000). Amendment No. 1 to'Operative Agreement No. 1 for the implementation of the Talbert -Beach Redevelopment Project Area. This Agreement will approve a loan in the amount of $90,411 from the city to the Redevelopment Agency for acquisition of parcels and payment of relocation benefits within this project area ($209,589 which remains of an original $310,000 loan from the city to the Redevelopment Agency to facilitate an early construction start of Emerald Cove will also be used to conduct these acquisitions). Amendment No. 1 to Operative Agreement No. 3 to implement the Oakview Redevelopment Project Area. This Agreement will approve a loan of $510,000 from the city to the Redevelopment Agency to conduct property acquisitions and payment of relocation benefits for parcels within thisproject area. AS CITY COUNCIL: Approve a one (1) year extension to Use Permit No. 84-34 and Conditional Exception No. 84-25 granted to Mr. Phil Zisakis on September 17, 1984. a D� PIO 4184 i REE 85-42(a) August 15, 1985 Page Two ANALYSIS: A. plain -Pier Project Area: As the Redevelopment Agency's contribution toward the acquisition of land for the Huntington Central Park/Mobile Home Relocation Park, it was proposed in the FY 85/86 Budget that the city loan the Redevelopment Agency $1,225,000 of unappropriated general fund balance. This i:, included in the budget in both the budget message (page 2) and Revenue Detail; Other Funds; Redevelopment Agency (Page XYII3). The attached amendment to the standing Operative Agreement between the city and Redevelopment Agency will simply provide a vehicle through which this transfer of funds may take place, and through which the debt of the Agency for both principle and interest accruing may be documented. B. Talbert -Beach Redevelopment Project Area: There remains two small privately owned parcels within the Talbert -Beach Redevelopment Project Area (Warner parcel and Aranda parcel, map attached). Agency staff reasonably believes that these parcels may be acquired on a willing seller basis at this time. To assure that these parcels do not impede build out of the project area in the manner which was envisioned in the redevelopment plan (and subsequently adopted zoning ordinances), it is recommended that the city loan the Agency sufficient funds to acquire these parcels at this time. The acquisition of these parcels, payment of relocation benefits to the current occupants, and administration costs are estimated at approximately $300,000. These parcels will be resold as soon as practical for incorporation in surrounding residential development. The Agency still has available $209,589 of the original $310,000 loaned to the Agency to facilitate the early construction start of Emerald Cove. These funds will no longer be required for this purpose. Therefore, the acquisitions above require a new loan from the city of $90,411. The attached Amendment No. 1 to Operative Agreement No. 1 for the implementation of the Talbert -Beach Redevelopment Project Area will provide the mechanism through which this additional debt of the Agency (including principle and interest) can be documented. C. Oakview Redevelopment Project Area: Agency staff reasonably believes that two parcels (the Robertson and Walker parcels, map attached) within the Oakview Froject Area are available on a willing -seller basis at this time. To further implement the objectives of parcel consolidation of the Redevelopment Plan it is recommended that the city loan to the Redevelopment Agency sufficient funds to acquire these sites, pay the necessary relocation benefits to the current occupants, and pay administrative costs of this process. It is expected that the Robertson parcel and the commercially zoned portion of the Walker parcel will be sold, to be incorporated in a commercial/office project, to occur on the corner of Cypress and Beach Boulevard. It is anticipated that a Ioan of $510,000 will be sufficient to accomplish this acquisition. RII 85-42(a) August 15, 1985 Page Three The Agency will retain the residentially zoned portion of the Walker parcel which has a current appraised value of approximately $117,000 and will collect rent on the house estimated at $6004700 a month. Attached Amendment No. 1 to Operative Agreement No. 3 for the implementation of the Oakview Redevelopment Project Area will provide the legal mechanism through which the Agency debt (principle and interest) is documented. Staff has continued to work with Air. Zisakis in an effort to structure a development concept and financial plan that would induce Air. Zisakis to accomplish his objectives to develop his current land holdings and also forward the Redevelopment Agency's objectives for lot consolidation within the Project Area. Approval of Air. Zisakis' request for an extension to Use Permit No. 84-34 and Conditional Exception No. 84-25 will facilitate the accomplishment of these objectives (Air. Zisakis' request of September 9 is included as Attachment No. 8). FUNDING SOURCE: Unappropriated fund balance of general fund totaling $1,825,411. ALTERNATIVES: Do not approve the attached Amendments to the Operative Agreements between the city and the Redevelopment Agency approving further advances of unencumbered balance. This will pre-empt acquisition of the parcels as described above. ATTACIIMENTS: 1. Amendment No. 1 to Operative No. 2. 2. Amendment No. 1 to Operative No. I. 3. Amendment No. 1 to Operative No. 3. 4. Mushroom Farm Site Asap. 5. Warner/Aranda site map. 6. Robertson/Walker site map. 7. FIS. B. Letter dated September 9, 1985 from Phil Zisakis. CWT/SVK:sar 1241h r J ' ATTACHMENT "C" OPERATIVE AGREEMENT NO. 3 AN AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY TO IMPLEMENT THE OAKVIEW REDEVELOPMENT PLAN THIS AGREEMENT is entered into this -2-1 day of , 1983, by and between the CITY OF HUNTINGTON BEACH, a muni pal corporation (herein "City") and the HUNTINGTON BEACH REDEVELOPMENT AGENCY, a public entity authorized to transact business; pursuant to the provisions of Section 33000 et. seq. of the California Health and Safety Code (herein "Agency"). W I T N E S S E T Fi : WHEREAS, pursuant to the attached Cooperative Agreement between the City and Agency dated '"�2e_ m tetk3 , the City agrees to provide to the Agency certain assistance and to otherwise cooperate with the Agency in carrying out the implementation of the redevelopment plans; and WHEREAS, said assistance will include the City providing the Agency with both administrative and/or technical services, constructing required public improvements and facilities as appropriate and necessary and pro- viding funds to carry out these and other Agency activities; and WHEREAS, said services, improvements, facilities and funds will be specified in Operative Agreements which will also identify the terms under which the City will be reimbursed for the associated costs. NOW, THEREFORE, the City of Huntington Beach agrees to provide the following in support of the implementation of the Oakview Redevelopment Plan: Section 1: City shall provide the necessary staff support to carry out the planning, engineering and administrative activities re- quired to implement the Oakview Redevelopment Plan. Section 2: City shall carry out the acquisition of parcels needed to provide the required public improvements and bring about the necessary parcel consolidation as set forth in the development -agreements for the area and convey said parcels to the Redevelopment Agency at fair -market 1 ' value. Section 3: City shall construct the required public improve- ments as set forth in the development agreements for the area. Section 4: City shall provide relocation advisory services and assistance to tenants and property owners displaced by the redevelop- ment activities within the project area. Section 5: City shall keep such accounting records as will en- able the City and Agency to determine the actual costs incurred and/ or monies advanced in association with pursuing the implementation of Oakview Redevelopment Plan. Section 6: City shall be reimbursed for all costs incurred in carrying out this agreement with future Agency revenues and the Agency agrees to pay interest to the City at the rate of ten percent (10%) per annum on the unpaid balance owed the City on the expenditures made. Section 7: This document has been authorized to be executed by action taken by the Huntington Beach City Council on M12me. Za , 1983, by Resolution No.,@/, and by the Huntington Beach Redevelopment Agency on "S�N�,„Q , 1983, by Resolution No . 7 4 Section 8: If any portion or section of this agreement is de- clared to be unconstitutional or violative of the California Community Redevelopment Law or other applicable laws of the State of California, then only that section or portion shall be stricken as agreed upon by both parties. Such determination of unconstitutionality or unfeasi- bility shall not affect the remainder of the agreement. IN WITNESS WHEREOF, the parties heretohaveexecuted this document as of the date first above written. REDEVELOPMENT AGENCY By Chairperson ATTEST: City/Agency Clerk CITY OF HUNTINGTON BEACH MEN -2- INITIATED AND APPROVED: r a - Director, Business & Industrial Enterprise APPROVED AS TO FORM: 1 �C /ci,t ttorney/Agency Counsel APPROVED: City Administra S AS TO FORM : /14/#. nor Counse -3- MUSHROOM w 3.0 ul a 0 FARM SITE ELLIS lid REQUEST FOR CITY COUNCIL ACTION Date June 15, 1983 Submitted to: C co w Honorable Mayor and City Council Members tTY Submitted by: Charles 11. Thompson, City Administra 6 1 ie Prepared by: :P Office of Business & Industrial Enter � Cl� Cti+ Subject: CITY COUNCIL AND REDEVELOPMENT AGENCY T r� AGREEMENT AND OPERATIVE AGREEMENTS 5 / 2 Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: STATEMENT OF ISSUE: In order to effectively implement the redevelopment program, the City must provide the Redevelopment Agency with the necessary resources to carry out certain tasks in order to initiate this important effort.. With the successful implementation of redevelopment projects, the Agency will reimburse the City for these advances and expenses incurred by the City in carrying out redevelopment activities, from future tax increment dollars which will be generated. The attached documents re- flect the overall cooperation agreement between the City and Agency as well as the operative agreements which more specifically reflect the commitments being made in regard to each of the three active re- development target areas, which are Talbert -Beach, Oakview and Main - Pier. RECOMMENDATION: Approve City Council Resolution 5281, Redevelopment Agency Resolution 76, adopting Cooperation Agreement and Operative Agreements 1, 2 and 3. ANALYSIS: The attached Cooperation Agreement reflects the overall activities which, when undertaken by the City, will constitute an indebtedness for the Agency for which the City will ultimately be reimbursed. In addition, it reflects specific commitments which the City is making to expedite the redevelopment effort and support redevelopment through the conveyance of land and other related activities. The specific reimbursable activities include services provided by the City Administrator and other administrative and technical staff in carrying out Redevelopment Agency activities, compensation to Redevelop- ment Agency members as a result of the activities, and direct costs involved with the provision of services, acquisition of property, or the construction of improvements in support of Redevelopment Agency efforts. The Cooperation Agreement provides that specific commitments to be made by the City in support of Redevelopment Agency activities will be set forth from time -to -time in Operative Agreements for the specific project areas. Included as Attachments "A", "B", and "C" to the Cooperation Agreement are the Operative Agreements for Talbert -Beach, Oakview and Plfl 4181 Main -Pier Project Areas. FUNDING SOURCE: Housing and Community Development Block Grant funds, proceeds from sale of certain properties, and future tax increment dollars. ALTERNATIVES: 1. Amend Cooperation and Operative Agreements as deemed appropriate. 2. Advance dollars directly to the Redevelopment Agency to cover costs involved rather than the Agency, in essence, contracting for City services as provided for in the Cooperation Agreement and Operative Agreements. ATTACILMENTS : 1. City Council Resolution No. 5281. 2. Redevelopment Agency Resolution No. 76. 3. Operative Agreement No. 1 (Talbert -Beach) 4. Operative Agreement No. 2 (Main -Pier) 5. Operative Agreement No. 3 (Oakview) CP7T : TT : 1p ' - ATTACHMENT "B" OPERATIVE AGREEMENT NO. 2 AN AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY TO IMPLEMENT THE MAIN -PIER REDEVELOPMENT PLAN THIS AGREEMENT is entered into this day of mtjk.. , 1983, by and between the CITY OF HUNTINGTON BEACH, a municipal corporation (herein "City") and the HUNTINGTON BEACH REDEVELOPMENT AGENCY, a public entity authorized to transact business pursuant to the provisions of Section 33000 et. seq. of the California Health and Safety Code (herein "Agency"). W I T N E S S E T H: WHEREAS, pursuant to the attached Cooperative Agreement between the City and Agency dated �:R a� G ?,QT , the City agrees to provide to the Agency certain assistance and to otherwise cooperate with the Agency in carrying out the implementation of the redevelopment plans; and WHEREAS, said assistance will include the City providing the Agency with both administrative and/or technical services, constructing required public improvements and facilities as appropriate and necessary and providing funds to carry out these and other Agency activities; and WHEREAS, said services, improvements, facilities and funds will be specified in Operative Agreements which will also identify the terms under which the City will be reimbursed for the associated costs. NOW, THEREFORE, the City of Huntington Beach agrees to provide the following in support of the implementation of the Main -Pier Redevelopment Plan: Section 1: City shall provide the necessary staff support to carry out the planning, engineering and administrative activities re- quired to implement the Main -Pier Redevelopment Plan. Section 2: City shall assist the Agency in carrying out the ac- quisition of parcels needed to provide appropriate public improvements and bring about the necessary parcel consolidation as set forth in the r development agreements which will be adopted for the area and convey said parcels and other appropriate City -owned sites to the Redevelopment Agency at fair -market value. Section 3: City shall assist in the construction of the re- quired public improvements as set forth in the development agreements for the area. Section 4: City shall provide relocation advisory services and assistance to residential tenants and property owners displaced by the redevelopment activities within the project area. Section 5: City shall keep such accounting records as will en- able the City and Agency to determine the actual costs incurred and/ or monies advanced in association with pursuing the implementation of Main -Pier Redevelopment Plan. Section 6: City shall be reimbursed for all costs incurred in carrying out this agreement with future Agency revenues and the Agency agrees to pay interest to the City at the rate of ten percent (10%) per annum on the unpaid balance owed the City on the expenditures made. Section 7: This document has been authorized to be executed by action taken by the Huntington Beach City Council on 5�� ld , 1983, by Resolution No.52 $I, and by the Huntington Beach Redevelopment Agency on upjf.-�T 1983, by Resolution No. '%(p Section 8: If any portion or section of this agreement is de- clared to be unconstitutional or violative of the California Community Redevelopment Law or other applicable laws of the State of California, then only that section or portion shall be stricken as agreed upon by both parties. Such determination of unconstitutionality or unfeasi- bility shall not affect the remainder of the agreement. IN WITNESS WHEREOF, the parties hereto have executed this document as of the date first above written. REDEVELOPMENT AGENCY Chairperson CITY OF HUNTINGTON BEACH By -- Mayor -2- ATTEST: City Agency Clerk INITIATED AND APPROVED: Director, Business & Industrial - Enterprise APPROVED AS TO FORM: City Attorney Agency Counsel C�-let -k3 APPROVED: City Adminis ator -3- ATTACHMENT "A" OPERATIVE AGREEMENT NO. 1 AN AGREEMENT BETWEEN THE CITY OF lIU14TINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY TO IMPLEMENT THE TALBERT-BEACH REDEVELOP- MENT PLAN THIS AGREEMENT is entered into this A4day of � , 1983, by and between the CITY OF HUNTINGTON BEACH, a mun cipal corpo- ration (herein "City") and the HUNTINGTON BEACH REDEVELOPMENT AGENCY, a public entity authorized to transact business pursuant to the pro- visions of Section 33000 et. seq. of the California Health and Safety Code (herein "Agency"). W I T N E S S E T H: WHEREAS, pursuant to the attached Cooperative Agreement between the City and Agency dated L jq 8 3 , the City agrees to provide to the Agency certain assistance and to otherwise cooperate with the Agency in carrying out the implementation of the redevelopment plans; and WHEREAS, said assistance will include the City providing the Agency with both administrative and/or technical services, constructing required public improvements and facilities as appropriate and necessary and providing funds to carry out these and other Agency activities; and WHEREAS, said services, improvements, facilities and funds will be specified in Operative Agreements which will also identify the terms under which the City will be reimbursed for the associated costs. NOVI, THEREFORE, the City of Huntington Beach agrees to provide the following in support of the implementation of the Talbert -Beach Re- development Plan: Section 1: City shall provide the necessary staff support to carry out the planning, engineering and administrative activities re- quired to implement the Talbert -Beach Redevelopment Plan. Section 2: City shall carry out the acquisition of parcels needed to establish the street right-of-ways and provide the necessary parcel consolidation as set forth in the development agreements for the area and convey said parcels to the Redevelopment Agency at fair -market value. Section 3: City shall construct the required public improve- ments as set forth in the development agreements for the area. Section 4: City shall provide relocation advisory services and assistance to tenants and property owners displaced by the redevelop- ment activities within the project area. Section 5: City shall keep such accounting records as will en- able the City and Agency to determine the actual costs incurred and/ or monies advanced in association with pursuing the implementation of Talbert -Beach Redevelopment Plan Section 6: City shall be reimbursed for all costs incurred in carrying out this .agreement with future Agency revenues and the Agency agrees to pay interest to the City at the rate of ten percent (10%) per annum on the unpaid balance owed the City on the expenditures made. Section 7: This document has been authorized to be executed by action taken by the Huntington Beach City Council on "5uNe 2,0.1983, 1983,by Resolution No..f2 $/, and by the Huntington Beach Redevelopment Agency on Mjjue- 2y, I , 1983, by Resolution No. 74 Section 8: If any portion or section of this agreement is de- clared to be unconstitutional or violative of the California Community Redevelopment Law or other applicable laws of the State of California, then only that section or portion shall be stricken as agreed upon by both parties. Such determination of unconstitutionality or unfeasi- bility shall not affect the remainder of the agreement. IN WITNESS WHEREOF, the parties hereto have executed this document as of the date first above written. REDEVELOPMENT AGENCY CITY OF HUNTiNGTON BEACH By , By Chairpers Mayor ATTEST: City/Agency Clerk -2- b. ;P. INITIATED AND APPROVED: Director, Business & industrial Enterprise APPROVED AS TO FORM: Cit" Attorney/Agency Counsel (,-/ 43 APPROVED: City Administrator APPROVED SiieCi TO FORM: e -3- APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the _ day of March, 1989. 4�� ra44 Mayor/Chairperson ATTEST: APPROVED AS TO FORM: • i City Clerk/Agency CleN—City Attorney/Agency Counsel Z Z2,ri REVIEWED AND APPROVED: INITLETED AN6) APPROVED: City A ministrator Deputy ity Admi ator/ Chief Executive Officer Aamintstrative aryfc . :, MOZ AMENDMENT NO. 10 TO OPERATIVE AGREEMENT NO. 2 uETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE MAIN/PIER PROJECT AREA Operative Agreement No. 2 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Main/Pier project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 — In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance $ 71,088,702 Increase 9,750,538 New Balance $ 80,839,240 Such new balance of Eighty Million, Eight Hundred Thirty Nine Thousand, Two Hundred Forty Dollars ($80,839,240) represents principal and accrued interest through June 1, 1991. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of eight percent per annum with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently One —Hundred Eight Thousand, Ninety —One ($108,091). APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 16th day of September 1991. Mayor /Ch irpe on ArTFST: 4/ C i t,� C1 erk/A.ger,cy C 2?"K REVI}Vi O AND APRROV D: City Administrator/ Chief Executive Officer APPROVED AS TO FORM: C* y A oErnV/Agency Counsel INI TED A:V PPR D: d Db-Kty City Admi rti s trator Administrativ-e Services Depotment WPADSERP:70 AMENDMENT NO: i TO OPERATIVE AGREEMENT NO. 3 ucTWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE OAKVIEW PROJECT AREA Operative Agreement No. 3 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Oakview project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 — In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance $ 3,370,450 Increase 290,605 New Balance $ 3,661,055 Such new balance of Three Million, Six Hundred Sixty.One Thousand, Fifty —Five Dollars ($3,661,055) represents principal and accrued interest through June 1, 1991. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of eight percent per annum with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently Fifteen —Thousand, Six —Hundred Thirty —Eight ($15,638). APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 16th day Of September 1991. -. 1 Mayor /dh ai ers A—T"S f : C i -'y C1 erk,'Agenc C l @:-k RE1rIFWED AND APPRC''vEJ: City Administrator/ Chief Executive Officer APPROVED AS TO FORM: t�yy AA�� r C, tprny/ gency Counsel 1L INITIATti'AND ,AiPPRC&ED/; Deputy City Ad Administrative is rator rvices Dep tment WPADSERP:70 AMENDMENT NO. j TO OPERATIVE AGREEMENT NO. 5 ur-TWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE HUNTINGTON CENTER PROJECT AREA Operative Agreement No. 5 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Yorktown/Lake project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 — In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance $ 1,477,533 Decrease (58,770) New Balance $ 1,418,763 Such new balance of One Million, Four Hundred Eighteen Thousand, Seven Hundred Sixty —Three Dollars ($1,418,763) represents principal and accrued interest through June 1, 1991. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of eight percent per annum with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently zero (0). APPROVED by the City Council of the City of Huntington Beach and eh� Redevelopment Agency at a regular meeting thereof held on the 16da•; Of September 1991. Mayor/Chairperson A':TEt'i. Ci cy Cl erkj'Agenc;y nr!,, RL7 .f FWED Ayr) APPR FF : Z�;ty Administrato / Chief Executive Officer APPROVED AS TO FORM: sty Attorney/Agency Counsel ff! L 6-yl k- zc-y/ INITIATWAN� A.PPROV.W: p Y ut dmi nA strato�` Administrative Services �De tment WPADSERP:70 AMENDMENT NOr TO OPERATIVE AGREEMENT NO. 1I— TWEEN THE CITY OF HUNiiNGTON BEACH AND THE HUNTINvfON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE TALBERT/BEACH PROJECT AREA Operative Agreement No. 1 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Talbert/Beach project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 - In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance $ 3,906,024 Increase 135,978 New Balance $ 4,042,002 Such new balance of Four Million, Forty Two Thousand, Two Dollars ($4,042,002) represents principal and accrued interest through June 1, 1991. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of eight percent per annum with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently One -Million, Forty -Eight Thousand, Eight Hundred Forty -Five ($1,048,845). APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 16th day of September 1991. Mayor/Chairperson AT ES: C;ty Clark Agenq; (=:Terk REVIEWED AND APPR!, E1: City Administrator/ Chief Executive Officer APPROVED AS TO FORM: CIty,,A�t#�orne�+/Agency C INIT D ANDi�9, �D: sel C k_4 -1) input 'Ci ty—Admnitstrator Administrative Services Dep WPADSERP:70 AMENDMENT NO. i TO OPERATIVE AGREEMENT NO. 4 ..:TWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE YORKTOWN/LAKE PROJECT AREA Operative Agreement No. 4 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Yorktown/Lake project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 — In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance $ 899,826 Increase 89,293 New Balance $ 989,119 Such new balance of Nine Hundred Eighty —None Thousand, One Hundred Nineteen Dollars ($989,119) represents principal and accrued interest through June 1, 1991. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of eight percent per annum with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently zero (0). APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 16th day of September 1991. 1 ?, Mayor/Chairpers ATTEST: 4/ ` City Clerk/Agency C ; e•r•k RE11Ei'rD AND AP" i;rju="D: City Administrator Chief Executive Officer APPROVED AS TO FORM: ` P�A/J, City Attorney/Agency Counsel INITIA AND APROV : � Deputy City Admifis rator Administrative Services Dev4r tment WPADSERP:70 AMENDMENT NO. 9 TO OPERATIVE AGREEMENT NO. 2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE MAIN/PIER PROJECT AREA Operative Agreement No. 2 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Main/Pier project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 - In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance Previous Amounts Owed to $ 58,995,046 Huntington Beach Public Financing Authority [4,689,1761 Previous Balance Owed to City 54,305,870 Increase 16,782,832 New Balance $ 71,088,702 Such new balance of Seventy -One Million, Eighty -Eight Thousand, Seven -Hundred Two Dollars ($71,088,702) represents principal and accrued interest through June 30, 1990. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent per annum with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently One -Hundred Eight Thousand, Ninety -One ($108,091). APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 17th day of Sept,_, 1990. ATTEST: City Clerk/Agency Clerk REVIEWED AND APPROVED: itky Administ torl Chief Executive Officer ,J. Mayor/Chairperson APPROVED AS TO FORM: C. CityAttorney/Agency Counsel _S -- S `%a INIT D AND GLOVED: I ' r t _ d � A, iie ty Citj-#dmtnistrator ,r AdministratWe Services Department_ AMENDMENT NO. 8 TO OPERATIVE AGREtMENT NO. 4 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE YORKTOWN/LAKE PROJECT AREA Operative Agreement No. 4 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Yorktown/Lake project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 - In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance to City $ 543,521 Increase 356,305 New Balance $ 899,826 Such new balance of Eight Hundred Ninety -Nine Thousand, Eight Hundred Twenty Six dollars ($899,826) represents principal and accrued interest through June 30, 1990. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent per annum with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently 0. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 17th day of Sept. , 1990. ATTEST: City Clerk/Agency Clerk �?/,;1i/!�c REVIEWED AND APPROVED: ty Administrator/ Chief Executive Officer �J Mayor/Chairperson APPROVED AS TO FORM: J City Attorney/Agency Counsel INITIATED A/ND ARFRO�ED: D`epUty'City AdthinIstrator Administrative 4ervices De ment AMENDMENT NO. 9 ' TO OPERATIVE AGREEMENT NO. 1 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE TALBERT/BEACH PROJECT AREA Operative Agreement No. 1 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Talbert/Beach project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 - In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance $ 4,824,054 Previous Amounts Owed to Huntington Beach Public Financing Authority 11.183,6741 Previous Balance Owed to City 3,640,380 Increase 265,644. New Balance $ 3,906,024 Such new balance of Three Million, Nine -Hundred Six Thousand, Twenty -Four Dollars ($3,906,024) represents principal and accrued interest through June 30, 1990. r These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent per annum with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently One -Million, Forty -Eight Thousand, Eight Hundred Forty -Five ($1,048,845). APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 17th day of Sept. , 1990. ATTEST: 44" &44", City Clerk/Agency Clerk y -2i 90 REVIEWED AND APPROVED: *ityAdministrator/ Chief Executive Officer Mayor/Chairperson APPROVED AS TO FORM: Attorney/Agency Counsel INITIATM AND AP. ty City A#inistrator nistrative Services De r-- AM& RENT NO. 8 TO OPERATIVE A( EMENT NO. 5 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE HUNTINGTON CENTER PROJECT AREA Operative Agreement No. 5 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Huntington Center project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 — In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance to City $ 9,880,535 Previous Amounts Owed to Huntington Beach Public Financing Authority f8.687,6831 Previous Balance Owed to City 1,192,852 Increase 284,681 New Balance $ 1,447,533 Such new balance of One Million, Four Hundred, Seventy —Seven Thousand, Five Hundred Thirty —Three dollars ($1,447,533) represents principal and accrued interest through June 30, 1990. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent per annum with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently 0. APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 17th day of Sept. , 1990. ATTEST: City Clerk/Agency Clerk REVIEWED AND APPROVED: t Administrator/ Chief Executive Officer I. . . Mayor/Chairperson APPROVED AS TO FORM: City _ u rney/Agency Counsel Deputy City Rt Administrative AP trator °I--s-67a- AMENDMENT NO. 9 TO OPERATIVE AGkEEMENT NO. 3 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE IMPLEMENTATION OF THE OAKVIEW PROJECT AREA Operative Agreement No. 3 between the City of Huntington Beach and the Huntington Beach Redevelopment Agency for the implementation of the Oakview project area is hereby amended as follows: Section 7 is amended to read as follows: SECTION 7 - In addition to the above stated assistance provided by the City to the Agency, the Agency's debt is as follows: Previous Balance $ 5,211,836 Previous Amounts Owed to Huntington Beach Public Financing Authority f2.479.2451 Previous Balance Owed to City 2,732,591 Increase 639,859 New Balance $ 3,370,450 Such new balance of Three Million, Three -Hundred Seventy -Thousand, Four -Hundred Fifty Dollars ($3,370,450) represents principal and accrued interest through June 30, 1990. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of ten percent per annum with the exception of any advances of Federal funds which bear no interest. Such advances of Federal funds herein are presently Fifteen -Thousand, Six -Hundred Thirty -Eight ($15,638). APPROVED by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 17th day of Se -Pt- , 1990. Mayor/Chairperson ATTEST: L�o�rtcli City Clerk/Agency Clerk V.? fo REVIEWED AND APPROVED: I ty Admi ist ator/ Chief Executive Officer APPROVED AS TO FORM: WC' y ttorney/Agency Counsel q_ j g o 5 s-�o INITI D AN ^PP duty City A.#Inistrator Administrative Services Deoartzent REQUES" FOR CITY COUNCI&ACTION Date September 4, 1990 Honorable Mayor and City Council APPROVED BY CIT); COUNCIL Submitted to: Y Y rn ? ro Submitted by: Michael T. Uberuaga, City Administrator - =! t9 Prepared by: Robert J. Franz, Deputy City Administrat Subject: Amendments to Operative Agreements for Five RetveIopmerft Pro' t Areas C cn a Consistent with Council Policy? [X] Yes [ ] New Policy or Exception Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments: Statement of Issue: The Redevelopment Agency of the City of Huntington Beach incurs debt in order to receive tax increment revenue. This Agency is required to file an annual statement documenting this debt with the County. The statement of debt is also needed for audit purposes. This document and the attached agreements document the debt as of June 30, 1990. ]RecommendedActi: 1. Approve the amendments to the operative agreements for the MaWPier, Talbert/Beach, Oakview, Huntington Center and Yorktown/Lake project areas. 2. Approve the debt of the Low -Income Housing Fund. (There is not a separate operative agreement of this fund, since it is related to the other project areas.) BnalY;iis: The Redevelopment Agency has entered into operative agreements with the City for each of the five project areas. One purpose of these agreements is to periodically document the debt the Agency has incurred. The City Council/Redevelopment Agency last updated the operative agreements on September 18, 1989 which updated City/Agency activity through June 30, 1989 for all of the project areas. This action will update activity through June 30, 1990. Debt is important to redevelopment agencies since tax increment can only be collected to the extent of a project area's debt. Once total tax increment revenue exceeds total debt, tax increment revenue is no longer received from the County. It is therefore important to establish and document sufficient, proper debt of the Agency. We also use this documentation to file the annual debt statement with the County of Orange which allows the Agency to receive tax increment revenue. This statement must be filed with the County by September 30, 1990. Since the last update (June 30, 1989), the Agency increased and reduced debt in a variety of ways: Increases: . Loans (13.054.761) from _thelluntinton Beach -Public Financing Authority to the Agency -- These loans to project areas represent the final "escrow release" of bond proceeds from the 1988 Agency bond issue of $26.7 million. An independent certified public accountant's report was required to authorize the release of funds. The total release to the Agency during the year was $3,054,761. 'PQUEST FOR COUNCIL ACTION Amendments to Ope�ve Agreements for Five Redevelo'..)nt Project Areas Indirect Cost of City's -General -Fund - The City conducted a cost -allocation plan to determine the amount of salaries and overhead costs paid by the General Fund which are attributable to Redevelopment activities (i.e., portions of the salaries of the City Administrator, Department Heads, other staff, equipment, office charges, etc.) . The California Health and Safety Code allows the City to charge the Agency certain of these costs. The amount charged to the Agency for the year was $2,083,744. There were no cash advances to the Agency from the General Fund for the third consecutive year. In fact, repayments were made ($500,000) to the General Fund. Advance frQm Capital Improvement Fund - The City's Capital Improvement Fund advanced $200,000 to the Yorktown/Lake project area for parking lot improvements at the Civic Center. This was authorized in the 1989/90 budget. Advance from -Parking Structure Fund - During the year the City's Parking Structure Fund advanced $9,069,204 to the Main/Pier project area for the construction of the Main Street parking structure and design of the Parking Structure North of the Pier. The original funds came from the issuance of Certificates of Participation. . Advance from Sewer Fund - The City's Sewer Fund advanced $175,000 to the Main/Pier project area for sewer improvements. This was authorized in the 1989/90 budget. . Deferred Land Sales - During the year the City transferred two parcels in the Main/Pier Phase I[ area to the Redevelopment Agency in the Main/Pier project area. The value of the parcels totalled $2,267,000. Interest_on PriorDebl - The operative agreements allow the City to charge the Agency 10% interest on the outstanding balance of all City debt. Advances from the Public Financing Authority bear interest at the rates specified in the loan agreements for each project area (approximately 7.8%). Advances of Federal funds bear no interest. During the year the total interest charged was $9.302,986. The .interest charged by the various funds is detailed below: General Fund $ 5,052,700 Parking Structure Fund 1,549,402 Gas Tax Fund 55,000 Water Fund 143,920 Drainage Fund 39,980 Public Financing Authority 2,205,575 Sewer 23,657 Capital Improvement Fund 20,000 Park Acquisition and Development 217,752 Total Interest Charged 1989/90 $,2.30T_986 Decreases: The 1989/90 budget authorized repayments from tax increment revenue of the following amounts of prior advances representing interest and principal. Principal Interest Total General fund Main/Pier $ 250,000 $ 250,000 Huntington Center $ 99,660 150,340 250,000 park Acquisition & Development Fund Talbert/Beach 100,900 QQ,000 Total $ 99.660 $500.340 $60Q.OQ� -2- ""QUEST FOR COUNCIL ACTION Amendments to Opet,.�ve Agreements for Five Redevelop fit Project Areas During the year, debt was also reduced by repayments of loans from the Public Financing Authority totalling $270,000 of principal and $2,208,876 of interest. . During the year Mola Development Corporation paid the Agency $I63,686 representing interest (at 11% per year) and principal on development fees deferred in 1994 and 1985 during the construction of Charter. Centre in the Oakview project area. These deferred fees represented debt of the Oakview project area to various funds of the City. During the year the Agency reduced prepaid debt on two mortgages related to land acquisitons by $1,269,771. These were Main/Pier Phase I1 properties previously owned by Omahandro and Gosney. Exhibit I shows the outstanding debt summarized by category for each project area. Exhibit II shows the changes in the debt from the last amendment of each operative agreements. In previous years these amendments to operative agreements showed debt owed to the Huntington Beach Financing Authority. This year these amounts have been removed from these operative agreements since they are covered under separate loan agreements with the Agency. Altp,rnativgAction: 1. Do not approve the agreements. 2. Approve the agreements with modifications. Attachments: 1. Exhibit I — Analysis of Indebtedness (Summary of Eight Years Activity) 2. Exhibit II — Changes in Debt for Each Project Area 3. Amendments to Operative Agreements Funding Source: Not applicable. 5381 j —3— r EXHIBIT I REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH ANALYSIS OF INDEBTEDNESS (SUMMARY EIGHT YEARS ACTIVITY) JULY 1, 1982 TO JUNE 30, 1990 CASH ADVANCES LAND SALES DEFERRED DEVELOPMENT FEES ACCRUED INTEREST INDIRECT COSTS CDBG WATER FUND SEWER FLW DRAINAGE FUND GAS TAX FUND PARK ACQ AND DEVELOPMENT CAPITAL IMPROVEMENT PARKING STRUCTURE TOTAL OTHER FUNDS TOTAL DUE TO CITY DUE TO OUTSIDE PARTIES MAIN/PIER TALBERT/ OAKVIEW YORKTDWN/LAKE HUNTINGTON CTR LOW INC HSG TOTAL 5,686,893 32,902,917 8,341,789 4,351,471 0 32,190 248,337 1,051,344 48,548 463,332 1,764,877 108,958 235,100 335,768 541.755 115,268 820,510 7,388,%0 32,902.917 48,548 0 9,187,679 7,520,963 51,283,070 280,527 3,328,101 679,826 1,477,533 0 57,049,057 51,278,830 108,094 1,048,845 15,638 1,172,577 1,523,862 33,823 2,528 1,560,213 192,500 61,151 5,435 259.OB6 332,750 86,404 18,748 437,902 605,000 605,000 2,395,273 2,395,273 0 0 0 220,000 0 0 220,000 17,043,426 17,043,42.6 19,805,632 3,625,497 42,349 220,000 0 0 23,693,478 71,088,702 3,906,024 3,370,450 899,826 1,477,533 0 80,742,53J WATERFRONT LOAN 1,775,549 3,775,549 HUNT NATIONAL B" 830,000 830,000 OMAHANDRD TRUST DEED 597,500 597,500 GOS EY TRUST DEED 1,035,000 1,035,000 HBPFA 6,848,927 1,385,381 2,450,982 0 8,582,730 4,850,278 24,118,298 EMERALD COVE 4,600,000 4,600,000 TOTAL DUE TO OUTSIDE PARTIES 11,086,976 5,985,331 2,450,982 0 8,582,730 4,650,278 32,956,347 TOTAL PROJECT AREA DEBT 82,175,678 9,891,405 5,821,432 899,826 10,060,263 4,650,278 113,698,832 ACCRUED TNT 1989/90 344,685 344,685 1988/89 INDIRECT COSTS 1,208,551 143,960 621,590 88,265 193,194 2,255,560 ACCRUED INT TO 6/30/89 60,428 7,198 31,080 4,413 0 103,118 ACCRUED INT 1989/90 126,8% 15,116 65,267 9,268 192319 0 235,868 1989/90 INDIRECT COSTS 980,925 104,467 500,860 78,050 419,442 2,083,744 ACCRUED INTEREST 1989/90 51,166 5,223 25,043 3,903 20,972 0 106,307 1988/89 LOAN 115,000 115,000 ACCRUED INTEREST 1989/90 11,500 0 0 0 0 0 11,500 HBPFA ADVANCE 6,753,820 1,370,477 2,422,879 0 8,463,748 4,760,731 23,771,655 INTEREST 95,108 19,467 35,103 0 118,961 89,547 T58,186 LAND SALE 1989/90 2,267,000 2,267,000 ACCRUED INTEREST 1989/90 170,025 170,02'3 TOTAL 62,175,679 9,691,405 5,821,432 899,826 10,060,263 4,850,278 113,698,P82 EXHIBIT II REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH SCFEDLLE OF CHANGES IN AGENCY DEBT FOR THE FISCAL YEAR ENDED JUNE 30, 1990 MAIN/PIER TALBERT/ OAKVIEW YORKTOWN/LACE HUNTINGTON CTR LOW INC HSG TOTAL BEACH CENTER DEBT, JUNE 30, 1989 64,639,932 9,424,054 5,211,836 543,521 9,880,535 4,294,001 93,993,879 0 CORRECTIONS PRIOR YEAR -954,783 -954,783 ADDITIONS PRINCIPAL CAPITAL IMP FUND ADV 1989/90 0 0 0 200,000 0 0 200,000 PARKING STRUCTURE ADV 1989/90 8,069,024 0 0 0 0 0 8,069,024 SEWER FUND ADV 1939/90 175,000 0 0 0 0 0 175.000 LAND SALE 1989/90 2,267,000 2,267,000 FBPFA ADV 2,217,464 218,420 0 0 7,925 610,952 3,054,761 INDIRECT COSTS 1989/90 980,925 104,467 500,860 78,050 419,442 0 2,083,744 TOTAL PRINCIPAL ADDITIONS 13,709,413 322,887 500,860 278,050 427,367 610,952 15,849,529 INTEREST GENERA- FUND 4,567,884 20,338 290,935 58,255 115,289 0 5,052,700 INTEREST GAS TAX FLPD 55,000 0 55,000 INTEREST PKG STRUCTURE RN 1,549,402 0 0 0 0 0 1,549,402 INTEREST SEWER 17,500 5,559 598 23,657 INTEREST DRAINAGE 30,250 7,855 1,875 39,980 INTEREST CAPITAL IMP FUND 20,000 20,000 INTEREST PARK A AND D 217,752 0 717,752 INTEREST WATER FUND 138,533 5,109 277 143,920 HBPFA INTEREST 613,0% 124,838 260,446 0 766,213 440,980 2,205,575 TOTAL INTEREST ADDITIONS 6,971,657 381,452 554,131 78,255 881,502 440,980 9,307,936 TOTAL ADDITIONS 20,681,080 704,339 1,054,991 356,305 1,308,869 1,051,932 25,157,515 PAYMENTS 0 0 HBPFA PRINCIPAL PAYMENTS -76,000 -16,000 -28,000 0-96,000 -54,000-270,000 PAYMENTS ON OUTSIDE DEBT -1,269,771 -1,269,771 GENERAL FUND PRINCIPAL -124,741 -99,660 -224,401 TOTAL PRINCIPAL -1,345,771 -16,000 -152,741 0-195,660 -54,000-1,764,172 PAYMENTS TO GENERAL FUND INT. -250,000 -33,345 -150,340 -433,685 PAYMENTS TO PARK A AND D INT -100,000 -100,000 SEWER INT -1,142 -1,142 DRAINAGE INT -3,937 -3,937 WATER FUND INTEREST -521 521 tBPFA INTEREST -594,780 -120,988 -253,709 0-783,141 -441,655-2,194,273 TOTAL INTEREST -844,780 -220,988 -292,654 0 -933,481 -441,655 -2,733,55,9 TOTAL REDUCTIONS -2,190,551 -236,988 -445,395 0 -1,129,141 -495,655 -4,497,730 DEBT JUNE 30, 1990 82,175,678 9,891,405 5,821,432 899,826 10,060,263 4,850,278 113,698,881