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Home My WebLink AboutOperative Agreement Amendments - Redevelopment Agency - 1996-09-16r LtTY OF HUNTINGTON BEAC�-J OZ 7b 64..Ao MEETING DATE: -Septaaoer -16, 1996 DEPARTMENT ID NUMBER: AS 96-042 CouncillAgency Meeting Held: = 6 Deferred/Continued to: 0 Conditionally Approved ❑ Denied Council Meeting Date: Septa-4ber 16, 1996 City Clerk' ignature Department ID Number: AS 96-042 CITY OF HUNTINGTON BEACH REQUEST FOR COUNCIUREDEVELOPMENT AGENCY ACTION SUBMITTED TO: HONORABLE MAYOR/CHAIRMAN AND CITY COUNCIL MVABERS/REDEVELOPMENT AGENCY MEMBERS SUBMITTED BY: MICHAEL T. UBERUAGA, City Administrato PREPARED BY: Robert J. Franz, Deputy City Adm David C. Biggs, Director of Economic Development SUBJECT: Redevelopment Agency Operative Agreements for 1995/96 Statement of Issue, Funding Source, Recommended Action, Altemallve Action(s), Analysis, Environmental Attachment(s) Statement of Issue: The Redevelopment Agency of the City of Huntington Beach incurs debt in order to 1) receive tax increment revenue, 2) to file an annual statement to document this debt with the County of Orange Auditor/Controller by October 1, 1996, and 3) for audit purposes. Funding Source: Not Applicable. Recommended Action: That the City CounciVRedevelopment Agency approve the following Operative Agreement Amendments for fiscal year 1995196. Increased Increased Amendment (Decreased) (Decreased) Debt Total Increased Number Debt to 6/30/C-6 7/1/96 to 9130/96 (Decreased) Debt MainlPier 15 $ 306,866 $ 218,956 S 525,823 O Talbert/Beach 15 119,685 56,562 176,246 Oakview 15 (285,303) 29,897 (255,412) \ YorktownlLake 14 (21,653) 9,447 (12,211) Huntington Center 14 132,191) 80.936 51,255 j Total $ (12,60-3) $ 395,798 $ 383,192 OP96RCA1.DOC -2- 08/21196 3:10 PM REQUEST FOR LOUNCIUREDEVELOPMENT RGENCY ACTION MEETING DATE: Septamber 16, 1996 DEPARTMENT ID NUMBER: AS 96-042 Alternative Actions : 1. Adopt the amendments with modifications 2. Do not adopt the agreements in which case the prior year debt statement would apply. Anatysis: The changes in the Agency's debt are summarized below: Additional Debt During Fiscal Year 4,433,192 See Schedule I Repayments During Fiscal Year _ (4,050,000) See Schedule I Net Increase in Debt 383,192 Operative Agreement Debt, October 1, 1995 69,172,444 Operative Agreement Debt, September 30, 1996 5 89,555,636 See Schedule 11 Changes in the Operative Agreement are detailed in Schedule I and described below: • Accrued Interest- The City charged the Agency 6% on all outstanding advances, except General Fund land sales and indirect advances which have no interest charges. • Indirect Advances -The City estimates indirect costs incurred on behalf of the Agency and records this as an indirect advance. • Direct Advances -As part of a mid -year budget amendment, the City Council approved a direct advance from the debt service accounts to the capital project accounts of the Main/Pier and Yorktown/Lake project areas to eliminate cash deficits. These are recorded as direct advances. • Budgeted _Repayments The adopted 1995/96 budget included $1,200,000 of repayments from the Agency to the City. This analysis is expected to be the last full year analysis prior to combination of the existing redevelopment project areas. If the project areas are combined, staff will further analyze the debt and tax increment and possibly recommend additional adjustments to the uncoilectible debt. Schedule II shows the breakdown of the Agency debt by fund, along with a listing of the other Agency debt that is owed to outside parties (not the City). The changes in the operative agreement amendments are broken down into two periods (one from October list to June 30th, and one from July 1 st to September 30th). This is because the Statement of Indebtedness filed with Orange County requires that the debt be documented as of June 30th. aP96RCA1.DOC -3- 08121196 1:39 PM REQUEST FOR�-OUNCIUREDEVELOPMENT AGENCY ACTION MEETING DATE: September 16, 1996 DEPARTMENT ID NUMBER: AS 96-042 Environmental Status: NIA Attachment(sl: 1. Schedule I - Summary of Changes in Operative Agreement Debt 2. Schedule II- Summary of All Agency Debt by Project Area 3. Operative Agreement Amendments CP96RCA1.D0C .4- 08/21/96 1:39 PM SCHEDULE[ SUMMARY OF CHANGES TO OPERATIVE AGREEMENT DEBT FISCAL YEAR ENDING SEPTEMBER 30, 199f INCREASES: Indirect Advances Direct Advances Accrued Interest TOTALINCREASES DECREASES: Budgeted Repayments Repaid as Part of Mid -Year Budget Amendment TOTAL DECREASES NET INCREASE (DECREASE) TALBERT/ MAIN/PIER BEACH OAKVIEW YORKTOWNILAKE HTG CTR TOTAL $ - $ 24,945 $ 119,589 $ 18,636 $ 46,245 $ 209,415 2,450,000 - - 400,000 - 2,850,000 875.823 201,301 - 19,152 277,500 1,373,777 3,325,823 226,246 119.589 437,788 323,745 4.433,192 350,000 50,000 375,000 50,000 375,000 1,200,000 2,450,000 - - 400,000 - 2,850,000 2,800,000 50,000 375,000 450,000 375,000 4,050,000 $ 525.823 $ 176,246 S (255,411) $ (12,212) $ (51.255) $ 383,192 C SCHEDULEII SUMMARY OF ALL AGENCY DEBT BY PROJECT AREA SEPTEMBER 30, 1996 SUMMARY OF AGENCY DEBT: GENERAL FUND: GENERAL FUND DIRECT ADVANCES GENERAL FUND INDIRECT ADVANCES GENERAL FUND EXCHANGES DEFERRED LAND SALES INTEREST TOTAL GENERAL. FUND OTHER FUNDS: PARK ACQUISITION AND DEVELOPMENT SEWER FUND DRAINAGE FUND CAPITAL IMPROVEMENT FUND PARKING AUTHORITY WATER FUND GAS TAX FUND TOTAL DEBT OTHER FUNDS TOTAL_ OPERATIVE AGREEMENT DEBT OTHER DEBT: Emerald Cove Bonds Notes Payable Public Financing AuL Low Income Housing ERAF OTHER DEBT TOTAL ALL AGENCY DEBT TALBERT/ MAiN/PIER BEACH OAKVIEW YORKTOWNILAKE HTG CTR TOTAL $ 13,935,792 S - $ - $ 400,000 $ - $14,335.792 4,014,577 24,945 2.500,479 328,296 92,492 6,960,789 - - - - 4,625,000 4,625,000 32,588,417 - - 245,000 - 32,833,417 22,784.681 3 - 149,539 277,500 23,211,722 $ 73.323.467 $ 24,947 $ 2,500.479 S 1.122.836 $ 4.994.992 $81.966.720 - 3.299.142 - - - 3.299,142 148,698 91,362 - - - 238,060 353.544 97,254 - - - 450.798 - - - 338.358 - 338,358 142,194 - - - - 142,194 2,191,266 - - - - 2,191,266 929,098 - - - - 929,098 3,762,800 3,487,758 338.358 - 7,588.916 77,086.267 3,512,706 2,500,479 1,461,194 4,994,992 89.555.637 - 5.390.000 - - - 5,390,000 602,000 - - - - 602.000 13,405.682 1,833,420 3,331,935 - 11,008,442 29,579,479 1.362,500 - - - - 1,362,500 276,864 34,004 138,214 28,365 317,882 795,329 15,647,046 7,257,424 3,470,149 28,365 11.326,324 37.729,308 92.733.313 10,770,130 5,970.628 1,489,559 16.321.316 127,284,945 c C _ ASRAny- i AMENDMENT NO. 15 TO OPERATIVE AGREEMENT NO. 1 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR 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: 1. Section 5 is amended to read as follows: SECTION 5 - In addition to the above stated assistance provided by the City to the Agency, the Agency debt is as follows: Previous Balance $3,336,460 Increase 119,684 Increased 10/1/95 to 6/30/96 Increase 56.562 Increased 7/1/96 to 9/30/96 New Balance $3,512,706 Such new balance of $3,512,706 represents principal and accrued interest through September 30, 1996. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of 6% per annum with the exception of interest on general fund indirect advances and land sales which accrue interest at zero percent. 2. All prior amendments are hereby repealed. Approved by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the 4 01 day of �.. 1996. ATTEST: Mayor/Chairperson City C erk/Agency Clog EVIEWED AN PR VED sty Administrato Chief ecutiv irector APPROVED AS TO FORM: Ai/ 10, _4L City Attorney/Agency Counsel _ Q 71k1opaagree1913W �'r' �na1 �y peeManf (Rmendx�e�� AMENDMENT NO. 15 TO OPERATIVE AGREEMENT NO. 2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR 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: 1. Section 5 is amended to read as follows: SECTION 5 - In addition to the above stated assistance provided by the City to the Agency, the Agency deist is as follows: Previous Balance $78,560,444 Increase 306,867 Increased 0/1/95 to 6/30/96 Increase _ 218,956 Increased 7/1/96 to 9/30/96 New Balance $79,086,267 Such new balance of $79,086,267 represents principal and accrued interest through September 30, 1996. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of 6% per annum with the exception of interest on general fund land sales and indirect advances which accrue interest at zero percent 2. All prior amendments are hereby repealed. Approved by the City Council of the City of Huntington Be ch and the Redevelopment Agency at a regular meeting thereof held on the / 0"4 day ofv _- 1996. or ATTEST. r - City ClerWAgency Clerk REVIEW D AND APPROVED City Adminis ator Nef Ex cutive ctor Mayor/Chairperson APPROVED AS TO FORM. g �b City Attomby/Agee IN TIC A D P D: Mph City Adm;0isVat6r1Adr Services 7ndopwgree.'9r3% Mewed R;r••Pmw 3 09oov d mend) AMENDMENT NO. 15 TO OPERATIVE AGREEMENT NO.3 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR 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 Oakvievi+ project area is hereby amended as follows: 1. Section 5 Is amended by adding the following language to read as follows: SECTION 5 - In addition to the above stated assistance provided by the City to the Agency, the Agency debt is as follows: Previous Balance $2,755,890 Decrease (285,309) Decreased 7/1/95 to 6/30196 Increase 29,897 Decreased 7/1/96 to 9/30/96 New Balance $2,500.479 Such new balance of $2,500,479 represents principal and accrued interest through September 30, 1996 These sums shall be a debt of the Agency to the City and bear simple Interest at the rate of 6% per annum with the exception of interest on general fund land sales and indirect advances which accrue interest at zero percent. 2. All prior amendments are hereby repealed. Approved by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on thea- day of _.S�.lc, f 1996. ATTEST: �g� �_� __ City ClerklAgency Clerk VI AND OVED ity Administrator ie Executiv (rector Mayor/Chairperson APPROVED AS TO FORM: A City Attomey/Agency Counsel W INITIATED AND APPROVED: Deputy City Administrator/Administrative Services 711d0paa2*W4JW r AMENDMENT NO.14 TO OPERATIVE AGREEMENT NO.4 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR 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 areas is hereby amended as follows: 1. Section 5 is amended to read as follows: ECTION 5 - In addition to the above stated assistance provided by the City to the Agency, the Agency debt is as follows: Previous Balance $1,473.405 Decrease (21,658) Increased 7/1195 to 6130/96 Increase 9.447 Increased 7/1196 to 9/30/96 New Balance $1,461,194 Such new balance of $1,461,194 represents principal and accrued interest through September 30, 1996. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of 6% per annum with the exception of interest on general fund indirect advances and land sales which bear interest at zero percent. 2. All prior amendments are hereby repealed. Approved by the City Council of the City of Huntington Bea hand the Redevelopment Agency at a regular meeting thereof held on the L(--"h day of 1996. ATTEST: City Clerk/Agency Clerk 4��,,7,,�IEWED AND AP OV D ity Administ Or/Chief Exe utive1 erector Mayor/Chairpe Mon APPROVED AS TO FORM: 14 Oaej6 City Attorney/Agency Counsel R- W A Services 751 I/ ED: 7WopaaflrorJ9aS6 4 A0r 00- S � QM�i�lrrl �� reeyxenZr ��ixerr�me� AMENDMENT NO. 14 TO OPERATIVE AGREEMENT NO.5 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR 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: 1. Section 5 is amended to read as follows: SECTION 5 - In addition to the above stated assistance provided by the City to the Agency. the Agency debt is as follows: Previous Balance $5,046.246 Decrease (132,190) Decreased 711195 to 6/30/96 Increase 80,936 Decreased 911/96 to 9/30/96 New Balance $4.994,992 Such new balance of $4,994,992 represents principal and accrued interest through September 30, 1996. These sums shall be a debt of the Agency to the City and bear simple interest at the rate of 6% per annum with the exception of interest on general fund indirect advances and land sales which accrue interest at zero percent. 2. All prior amendments are hereby repealed. Approved by the City Council of the City of Huntington Beach and the Redevelopment Agency at a regular meeting thereof held on the Ir,-^ day of �S 1996. ATTEST: �Gt.c� • Mayor/Chairperson APPROVED AS TO FORM: ,I � WopaagreeSaW