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HomeMy WebLinkAboutOperative Agreement between the Redevelopment Agency and City of Huntington Beach - 1997-10-20�C)LE J �r PITY OF HUNTINGTON BEAC`R`' F`� MEETING DATE: November 17, 2003 DEPARTMENT ID NUMBER: AS 03-036 Council/Agency Meeting Held: Deferred/Continued to: Approved ❑ Conditionally Approved 0 Denied c[T7 CityR's i afore Council Meeting Date: November 117, 2003 Department ID Number. AS 03-036 CITY OF HUNTINGTON BEACH REQUEST FOR . -REDEVELOPMENT AGENCY ACTION SUBMITTED TO: HONORABLE 'CHAIRMAN AND ` REDEVELOPMENT AGENCY MEMBERS G SUBMITTED BY: RAY SILVER, City Administrator/Executive Director PREPARED BY: Clay Martin, Director of Administrative Services t 4~= David C. Biggs, Director of Economic Development/Deputy Ex' ecufN4 Director .� SUBJECT: Approve Resolutionof the Redevelopment Agency of the City of Huntington Beach Amending the Agency Debt Pursuant to the Operative Agreement Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington for the Huntington Beach Redevelopment Project (Merged Project Area) 11 Statement of Issue, Funding Source, Recommended Action, Alternative Action(s), Analysis, Environmental Status, Attachment(s) Statement of Issue: The Redevelopment Agency of the City of Huntington Beach incurs debt which allows it to receive tax increment revenue in accordance with California Community Redevelopment law. The Agency is required to file an annual statement to document this debt with the County of Orange Auditor/Controller. This statement is also needed for audit purposes and to keep the City Council informed of the changes in the debt owed the City by the Redevelopment Agency for the merged Huntington Beach Project Area. A separate report is being made concerning the Southeast Coastal Project Area. Funding Source: NIA Recommended Action: Motion to adopt Resolution 3� - of the Redevelopment Agency of the City of Huntington Beach amending the agency debt pursuant to the Operative Agreement between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach for the Huntington Beach Redevelopment Project DADocurnents and SettingsVeedklLocat SettingsWernporary Internet Filesl4LKClyda operative update 2002-2003.doe 4niwnw+nne %.e4 nu REQUEST FORVOUNCILIREDEVELOPMENT 7{GENCY ACTION MEETING DATE: November 17, 2003 DEPARTMENT ID NUMBER: AS 03-036 Alternative Action(s): 1. Do not adopt the resolution in which would result in no updating of the Agency debt to the City. 2. Adopt the agreement with modifications that the City Council would specify. Analysis: To receive tax increment revenue, the Redevelopment Agency must have sufficient debt on its books each year. It is common practice for cities to book all possible eligible expenditures within a redevelopment project area, such as capital projects, as a debt of the Redevelopment Agency. These capital projects have been undertaken as part of the normal course of business through a number of the City's specialized funds, such as the Water Fund and the Sewer Fund. In addition, interest accrues on this debt, based on the City's annual rate of investment return, which further assures the Agency's ability to collect tax increment revenue in the future. There have been no increases in the debt other than the interest accrual. The City charged the Agency 3.63% on all outstanding advances for October 1' to September 30th, which is approximately the average yield earned by the City Treasurer on investments for the year through June 30th, 2003. The total interest accruals were $3,671,779. Repayments totaling $11,299,844 included: ■ $2,200,000 in budgeted repayments to the General Fund • $1,300,000 in budgeted repayments to the Gas Tax Fund • $4,000,000 in one-time repayments to the General Fund adopted during the year to balance the 2002-2003 General Fund budget $243,841 in repayments of debt related to the March 3, 2003 Council action on Emerald Cove rents. a $3,556,003 of repayments associated with the City Council action of November 18, 2002 relating to debt repayment relating to acquisition costs associated with the Waterfront parcel. The schedule below shows the breakdown of the operative agreement debt by fund and the changes during the year. This statement does not include debt incurred with entities other than the City of Huntington Beach such as bonds, mortgages, and debt owed through Disposition and Development Agreement's and Owner Participation Agreement's with private parties. DMocuments and Settingslreedk\Local Settings7emporary Internet Files\OLKCIrda operative update 2002-2003.doc �RM�+1M'► 4.914 hu rr REQUEST FORYOUNCIUREDEVELOPMENTYGENCY ACTION MEETING DATE: November 17, 2003 DEPARTMENT ID NUMBER: AS 03-036 GENERAL FUND Direct Advances Indirect Advances Land Sales TOTAL GENERAL FUND SEINER FUND GAS TAX FUND DRAINAGE FUND PARK A AND D FUND CAPITAL IMPROVEMENT FUND WATER FUND TOTAL OTHER FUNDS TOTAL ALL FUNDS DEBT @ BUDGETED ACCRUED DEBT @ 10/1/2002 REPAYMENTS INTEREST 9/30/2003 $ 15,675,346 $ (4,641,291) $ 569,015 $ 11,603,070 10,966,809 (1,558,709) 398,095 9,806,195 64,976,042 (3,556,003) 2,358,630 63,778,669 91,618,197 (9,756,003) 3,325,741 85,187,935 327,940 - 11,904 339,844 1.279,675 (1,300.000) 20,125 (0) 620,995 - 22,542 643,537 4,544,721 (243,841) 164,973 4,465,853 466,103 - 16,920 463,022 3,018,571 - 109,574 3,128,146 10,258,205 (1,543,841) 346,038 9,060,402 $101,876,402 $ 11,299,844) $ 3,671,779 $ 94,248,338 The Agency is now classifying debt as "Pre AS 1290" and "Post AB 1290." AB 1290 was a sweeping Redevelopment reform bill enacted in 1993 that placed time limits on incurring debt within Redevelopment project areas. Under the terms of AS 1290, debt incurred prior to January 1, 1994 can continue to be repaid after the project area has expired. Staff is recommending that all debt repayments be applied first to debt incurred after January 1, 1994, then to debt incurred prior to that date. All of the debt at year-end is considered pre AS 1290 debt. Environmental Status: NIA Attachment(s): Resolution Appr A Resolution '�LIJ of the Redevelopment Agency of the City of Huntington Beach Amending the Agency Debt Pursuant to the Operative Agreement between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach for the Huntinaton Beach Redevelopment Proiect RCA Author: Robert Sedlak D:1Documents and SettingsldapkusplLocal SettingslTemporary Internet FilestOLK801rda operative update 2002-2003.doc- November 5, 200311:13 AM 3 L49 ATTACHMENT #1 RESOLUTION NO. 346 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AMENDING THE AGENCY DEBT PURSUANT TO THE OPERATIVE AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH FOR THE HUNTINGTON BEACH REDEVELOPMENT PROJECT WHEREAS, the City Council of the City of Huntington Beach (the "City Council') adopted Ordinance Nos. 2576, 2577, 2578, 2582, and 2743 approving and adopting the Redevelopment Plan for the Yorktown -Lake Redevelopment Project, the Redevelopment Plan for the Talbert -Beach Redevelopment Project, the Redevelopment Plan for the Main -Pier Redevelopment Project, the Redevelopment Plan for the Oakview Redevelopment Project, and the Redevelopment Plan for the Huntington Center Commercial District Redevelopment Project, respectively; -and The Redevelopment Agency of the City of Huntington Beach (the "Agency") and the City of Huntington Beach (the "City") entered into a Cooperative Agreement, dated June 20, 1983, by which the City agreed to provide to the Agency certain assistance and to otherwise cooperate with the Agency in carrying out redevelopment projects; and Pursuant to the Cooperative Agreement, the Agency and City Council entered into Operative Agreements for the Yorktown -Lake, Talbert -Beach, Main -Pier, Oakview and Huntington Center Redevelopment Projects (the "Constituent Projects'), by which the City provided the Agency with both administrative and/or technical services, constructed required public improvements and facilities as appropriate and necessary, and provided funds to carry out the Constituent Projects; and Said Operative Agreements also identified the terms under which the Agency would reimburse the City for the associated costs of such services, improvements, facilities and funds; and The City Council adopted Ordinance No. 3343 on December 16,1996 amending and merging the Constituent Projects into the Redevelopment Plan for the Huntington Beach Redevelopment Project (the "Huntington Beach Redevelopment Project"); and It is now necessary and appropriate that the City Council and the Agency amend the Operative Agreement pursuant to the Cooperative Agreement, which superseded the Operative Agreements for the Constituents Projects to reflect the Operative Agreement debt as of ,September_ 30, . 2003. NOW, THEREFORE, the Redevelopment Agency of the City of Huntington Beach does resolve as follows: 03reWagenry debt-03/10/29/03 Q V SECTION 1. That the Operative Agreement between the Redevelopment Agency and the City of Huntington Beach for the implementation of the Huntington Beach Redevelopment Project is stiI] in effect as previously approved. SECTION 2.. That, pursuant to such Operative Agreement, the Agency debt to the City, which is to continue to be carried forward for the Huntington Beach Redevelopment Project, is hereby amended as follows: Operative Agreement Debt 10/1/02 $101,876,402 Accrued Interest 10/1/00 to 9/30/03 $ 3,67I,779 Qther Reductions of Debt <11,299,844 > Operative Agreement Debt at 9/30/03 $ 94.248.338 SECTION 3. The Chairperson is hereby authorized and directed to amend the Agency debt to the City as approved hereby. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 1 t'} day of M Vc- nt 6� 2003. Chairperson -ATTEST: APPROVED AS TO FORM: Agency Clerk Jf�1�6)3n Ag cy Attorney b REVIEWED AND APPROVED: INITIAT PRO Execofive Director Director of dministrative Services 2 WmWegency dcbt-03II0129103 Q11 r . _ CITY OF HUNTINGTON BEACH rIAW MEETING DATE: DEPARTMENT ID NUMBER: AS 02-018 Council/Agency Meeting Held: - - ate- Deferred/Continued to: _ Approved O Conditionally Approved O Denied City Clerk's Si nature �{ Council Meeting Date: November 18, 2002 Department ID Number: AS 02-018-- r7-0 CITY OF HUNTINGTON BEACH L; REQUEST FOR ACTION z SUBMITTED TO: HONORABLE CHAIRMAN/REDEVELOPMENT AGENCY MEMBERS SUBMITTED BY: RAY SILVER, City Administrator/Executive Directoroeo PREPARED BY: Clay Martin, Director of Administrative Services6:5 L<V6 David C. Biggs, Director of Economic Development/Depu ect�tive Director p SUBJECT: Approve Resolutionof the Redevelopment Agency of the City of Huntington Beach Amending the Agency Debt Pursuant to the Operative Agreement Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington for the Huntington Beach Redevelopment Project. Statement of Issue, Funding Source, Recommended Action, Alternative Action(s), Analysis, Environmental Status, Attachment(s) Statement of Issue: The Redevelopment Agency of the City of Huntington Beach incurs debt which allows it to receive tax increment revenue in accordance with California Community Redevelopment law. The Agency is required to file an annual statement to document this debt with the County of Orange Auditor/Controller. This statement is also needed for audit purposes and to keep the City Council informed of the changes in the debt owed the City by the Redevelopment Agency. Funding Source: Not Applicable Recommended Action: Motion to adopt Resolution 13 of the Redevelopment Agency of the City of Huntington Beach amending the agency debt pursuant to the Operative Agreement between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach for the Huntington Beach Redevelopment Project. -_5 rda operative update 2001-02 4- 10/2412002 8:49 AM V V" REQUEST FOR ACTION MEETING DATE: DEPARTMENT ID NUMBER: AS 02-018 . Alternative Action(s): 1. Do not adopt the resolution in which no tax increment would be collected for the year amounting to over a $5 million loss. 2. Adopt the agreements with modifications that the City Council would specify. Analysis: To receive tax increment revenue, the Redevelopment Agency must have sufficient debt on its books each year. It is common practice for cities to book all possible eligible expenditures within a redevelopment project area, such as capital projects, as a debt of the Redevelopment Agency. These capital projects have been undertaken as part of the normal course of business through a number of the City's specialized funds, such as the Water Fund and the Sewer Fund. In addition, interest accrues on this debt, based on the City's annual rate of investment return, which further assures the Agency's ability to collect tax increment revenue in the future. The City charged the Agency 4.57% on all outstanding advances for October 1st to September 30th, which is approximately the average yield earned by the City Treasurer on investments for the year through June 301h, 2002. The total interest charges were $4,494,956. The adopted 2001/2002 budget included $1,700,000 in repayments from the Agency to the City. The Agency is now classifying debt as "Pre AB 1290" and "Post AB 1290." AB 1290 was a sweeping Redevelopment reform bill enacted in 1993 that placed time limits on incurring debt within Redevelopment project areas. Under the terms of AB 1290, debt incurred prior to January 1, 1994 can continue to be repaid after the project area has expired. Staff is recommending that all debt repayments be applied first to debt incurred after January 1, 1994, then to debt incurred prior to that date. CPO rda operative update 2001-02 ,Q- 1012412002 8:49 AM U V REQUEST FOR ACTION MEETING DATE: DEPARTMENT ID NUMBER: AS 02-018 The schedule below shows the breakdown of the operative agreement debt by fund and the changes during the year. This statement does not include debt incurred with entities other than the City of Huntington Beach such as bonds, mortgages, and debt owed through Disposition and Development Agreement's and Owner Participation Agreement's with private parties. GENERAL FUND Direct Advances Indirect Advances Land Sales TOTAL GENERAL FUND SEWER FUND GAS TAX FUND DRAINAGE FUND PARK A AND D FUND CAPITAL IMPROVEMENT FUND WATER FUND TOTAL OTHER FUNDS TOTAL ALL FUNDS DEBT @ BUDGETED ACCRUED DEBT @ 10/112001 REPAYMENTS INTEREST 9/3012002 $ 16,615,995 $ (1,700,000) $ 759,351 $ 15,675.346 10,495,591 - 471,218 10,966,809 62,136.408 2,839,634 64,976,042 89,247,994 (1,700,000) 4,070,203 91,618,197 314,361 - 13,579 327,940 1,226,880 - 52,995 1.279,875 595,282 - 25,713 620.995 4,356,541 - 188,180 4,544,721 446,803 - 19,300 466,103 2,893,584 - 124,988 3,018,571 9,833,451 _ 424,755 10,258,205 $ 99,081,445 S (1,700,000) $ 4,494,958 $ 101,876,403 Below is a schedule that classifies the debt and changes into Pre AB 1290 and Post AB 1290 amounts. Operative Agreement Debt at 1011/2001 Accrued Interest Budgeted Repayments Operative Agreement Debt at 9130/2002 Pre AB 1290 Post AB 1290 Debt Debt Total Debt $ 97,060,378 $ 2,021,067 $ 99.081,445 4,411.025 83,933 4,494,958 1,700,000 1,700,000 $101,471,403 $ 405,000 $101,876,403 It is possible that a portion of this debt will not be repaid during the life of the project area. The City's auditors have recommended that an allowance for possible uncollectible debt be established by the City. The City has classified as possibly uncollectible the General Fund's land sales and all of the applicable interest on these advances. The total of these amounts is $64,976,042. This debt, since it was incurred prior to January 1994 can be repaid with tax increment received after the expiration of the project area plan. rda operative update 2001-02 t4 10124/2002 8:49 AM 3 REQUEST FOR ACTION MEETING DATE: DEPARTMENT ID NUMBER: AS 02-018 Environmental Status: NIA Attachment(s): 1. Resolution of the Redevelopment Agency of City of Huntington Beach Amending the Agency Debt Pursuant to the Operative Agreement Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington for the Huntinaton Beach Redevelopment Proiect. RCA Author. Robert Sedlak, Principal Accountant rda operative update 2001-02 -8=_ 10/24/2002 8.49 AM RESOLUTION NO. 341 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AMENDING THE AGENCY DEBT PURSUANT TO THE OPERATIVE AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH FOR THE HUNTINGTON BEACH REDEVELOPMENT PROJECT WHEREAS, the City Council of the City of Huntington Beach (the "City Council") adopted Ordinance Nos. 2576, 2577, 2578, 2582, and 2743 approving and adopting the Redevelopment PIan for the Yorktown -Lake Redevelopment Project, the Redevelopment Plan for the Talbert -Beach Redevelopment Project, the Redevelopment Plan for the Main -Pier Redevelopment Project, the Redevelopment Plan for the Oakview Redevelopment Project, and the Redevelopment Plan for the Huntington Center Commercial District Redevelopment Project, respectively; and The Redevelopment Agency of the City of Huntington Beach (the "Agency") and the City of Huntington Beach (the "City") entered into a Cooperative Agreement, dated June 20, 1983, by which the City agreed to provide to the Agency certain assistance and to otherwise cooperate with the Agency in carrying out redevelopment projects; and Pursuant to the Cooperative'Agreement, the Agency and City Council entered into Operative Agreements for the Yorktown -Lake, Talbert -Beach, Main -Pier, Oakview and Huntington Center Redevelopment Projects (the "Constituent Projects"), by which the City provided the Agency with both administrative andlor technical services, constructed required public improvements and facilities as appropriate and necessary, and provided funds to carry out the Constituent Projects; and Said Operative Agreements also identified the terms under which the Agency would reimburse the City for the associated costs of such services, improvements, facilities and funds; and The City Council adopted Ordinance No. 3343 on December 16, 1996 amending and merging the Constituent Projects into the Redevelopment Plan for the Huntington Beach Redevelopment Project (the "Huntington Beach Redevelopment Project"); and . It is now necessary and appropriate that the City Council and the Agency amend the Operative Agreement pursuant -to the Cooperative Agreement, which superseded the Operative Agreements for the Constituents Projects to reflect the Operative Agreement debt as of September 30, 2002. NOW, THEREFORE, the Redevelopment Agency of the City of Huntington Beach does resolve as follows: 02reso/agency dcbd7124;'02 Q) SECTION 1. That the Operative Agreement between the Redevelopment Agency and the City of Huntington Beach for the implementation of the Huntington Beach Redevelopment Project is still in effect as previously approved. . SECTION 2. That, pursuant to such Operative Agreement, the Agency debt to the City, which is to continue to be carried forward for the Huntington Beach Redevelopment Project, is hereby amended as follows: Operative Agreement Debt 10/1/01 S 99,081,445 Accrued Interest 10/1/00 to 6/30101 4,494,957 Other Reductions of Debt <1.700.000> Operative Agreement Debt at 9/30102 $101.$76.402 SECTION 3. The Chairperson is hereby authorized and directed to amend the Agency debt to the City as approved hereby. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 18 day of November 2002. ATTEST: .ONNIE BROCK`JIIAY Agency Clerk REVIE%kTD AND A PROVED: Ex utive Director f Chairperson APPROVED AS TO FORM: nc At orney ZK INITIATED ROVED: Director of inistrative Services 2 02reWagency debt/7/24102 Res. No. 341 STATE OF CALIFORNIA ) COUNTY OF ORANGE } ss CITY OF HUNTINGTON BEACH . ) 1, CONNIE BROCKWAY, Clerk of the Redevelopment Agency of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Huntington Beach at a regular meeting of said Redevelopment Agency held on the 18tn day of November, 2002 and that it was so adopted by the following vote: AYES: Green, Dettloff, Winchell, Bauer, Boardman, Cook, Houchen NOES: None ABSENT: None ABSTAIN: None CONNIE BROCIMAY Clerk of the Redevelopment4ency of the City of Huntington Beach, CA •7 71 — C ebb r W NA kI& Council/Agency Meeting' 'd: D R - 17 - 0) Deferred/Continued to: C — j), ' Approved ❑ Condition Ily Approved O Denied3. ity CI r 's Signature Council eating Date: September 17.200t Department ID Number: AS 01-0251 CITY OF. HUNTINGTON BEACH REQUEST FOR REDEVELOPMENT AGENCY ACTION SUBMITTED TO: HONORABLE CHAIRMAN AND REDEVELOPMENT AGENCY or MEMBERS °' -t� 'a-r= SUBMITTED BY: RAY SILVER, Redevelopment Agency Executive Director PREPARED BY: CLAY MARTIN, Director of Administrative Services DAVID BIGGS, Redevelopment Agency Deputy Executive Director SUBJECT: Approve Resolution &-?-3 of the Redevelopment Agency of the City of Huntington Beach Amending the Agency Debt Pursuant to the Operative Agreement Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington for the Huntington Beach Redevelopment Project. �Hme:n�t:of Issue, funding Source, Recommended Action, Alternative Action(s), Analysis, Environmental Status, Attachment(s) Statement of Issue: Should the Redevelopment Agency of the City of Huntington Beach continue to incur debt, which allows it to receive tax increment revenue in accordance with California Community Redevelopment law? The Agency is required to file an annual statement to document this debt with the County of Orange Auditor/Controller by October 1, 2001. This statement is also needed for audit purposes and to keep the City Council informed of the changes in the debt owed the City by the Redevelopment Agency. Funding Source: Not applicable. Recommended Action: Motion to adopt Resolution -?� of the Redevelopment Agency of the City of Huntington Beach amending the agency debt pursuant to the Operative Agreement between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach for the Huntington Beach Redevelopment Project. Alternative_Action(s): 1. Do not adopt the resolution in which case no interest would be added to the debt for repayment from future tax increment. 2. Adopt the agreements with modifications that the City Council would specify. �,a REQUEL) FOR REDEVELOPMENT A"CY ACTION MEETING DATE: September 4, 2001 DEPARTMENT ID NUMBER: AS 01-025 - Analysis: To receive tax increment revenue, the Redevelopment Agency must have sufficient debt on its books each year. It is common practice for cities to book all possible eligible expenditures within a redevelopment project area, such as capital projects, as a debt of the Redevelopment Agency. These capital projects have been undertaken as part of the normal course of business through a number of the City's specialized funds, such as the Water Fund and the Sewer Fund. This was the practice in Huntington Beach in the past. In addition, interest accrues on this debt, based on the City's annual rate of investment return, which further assures the Agency's ability to collect tax increment revenue in the future. The schedule below details the changes in the project area's debt during fiscal year 2000/2001. The changes in the operative agreement amendments are broken down into two periods (one from October 1st to June 30th, and one from July 1st to September 30th). This is because the Statement of Indebtedness filed with Orange County requires that the debt be documented as of June 301h. The only addition this year is interest accrued on prior year's advances. The City charged the Agency 5.8% on all outstanding advances for October 1st to September 30th, which is approximately the average yield earned by the City Treasurer on investments for the year. The total interest charges were $5,481,359. The adopted 2000/2001 budget included $700,000 in repayments from the Agency to the City. The Agency is now classifying debt as "Pre AB 1290" and "Post AB 1290." AB 1290 was a sweeping Redevelopment reform bill enacted in 1993 that placed time limits on incurring debt within Redevelopment project areas. Under the terms of AB 1290, debt incurred prior to January 1, 1994 can continue to be repaid after the project area has expired. Staff is recommending that all debt repayments be applied first to debt incurred after January 1, 1994, then to debt incurred prior to that date. The schedule below shows the breakdown of the operative agreement debt by fund and the changes during the year. This statement does not include debt incurred with entities other than the City of Huntington Beach such as bonds, mortgages, and debt owed through Disposition and Development Agreement's and Owner Participation Agreement's with private parties. It is anticipated that a number of corrections to the agency debt total will be made in the 2001/02 fiscal year to account for items such as the Agency's having funded the City's Business Development Program. Starting in 2001/02, the Business Development Program will be shown as a City General Fund expense with an offsetting revenue transfer from the Agency. This Agency transfer will be credited as a payment against prior Agency debt to the City. Operative Agreement Update 2000-2001 -2- 8117101 10:57 AM REQUE� FOR REDEVELOPMENT A�NCY ACTION MEETING DATE: September 4, 2001 DEPARTMENT ID NUMBER: AS 01-025 GENERALFUND Direct Advances Indirect Advances Land Sales TOTAL GENERAL FUND SEWER FUND GAS TAX FUND DRAINAGE FUND PARK A AND D FUND CAPITAL IMPROVEMENT FUND WATER FUND TOTAL OTHER FUNDS TOTAL ALL FUNDS DEBT @ BUDGETED ACCRUED DEBT @ 10/112000 REPAYMENTS INTEREST 9/30/2001 $ 16,323,684 S (666.418) $ 958.727 $ 16.615,993 9,951,959 (33.582) 577,214 10,495,591 58,730,065 - 3,406,344 62,136,408 86,005,708 (700,000) 4,942,285 89,247,993 297,128 - 17,233 314,361 1,159,622 - 67,258 1,226,880 562,649 - 32,634 595,282 4,117.714 - 238.827 4,356,541 422,309 - 24,494 446,803 2,734,956 - 158.627 2,893,584 9,294,378 - 539,074 9,833,452 $ 94,300,086 $ (700,000) $ 5,481,359 $ 99,081,445 Below is a schedule that classifies the debt and changes into Pre AB 1290 and Post AB 1290 amounts. Pre AB 1290 Post A131290 Debt Debt Total Debt Operative Agreement Debt at 10/1/2000 $ 91.790,459 S 2,509,627 $ 94.300,086 Accrued Interest 5.323.847 157,512 5,481,359 Budgeted Repayments - (700.000) (700,000) Operative Agreement Debt at 913012001 $ 97,114,306 $ 1,967,139 $ 99,081,445 It is possible that a portion of this debt will not be repaid during the life of the project area. The City's auditors have recommended that the City establish an allowance for possible uncollectible debt. The City has classified as possibly uncollectible the General Fund's land sales and all of the applicable interest on these advances. The total of these amounts is $62,136,408. This debt, since it was incurred prior to January 1994 can be repaid with tax increment received after the expiration of the project area plan. Currently, staff is working on a long-term cash flow projections for the Redevelopment Agency to illustrate the likelihood of future debt repayment. Operative Agreement Update 2000-200i -3- 916101 1:14 PM REQUEU FOR REDEVELOPMENT A&,,JNCY ACTION MEETING DATE: September 4, 2001 DEPARTMENT ID NUMBER: AS 01-025 Environmental Status: Does not apply. Attachment(s)• �. Resolution , RAE?— of the Redevelopment Agency of City of Huntington Beach Amending the Agency Debt Pursuant to the Operative Agreement Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington for the Huntington Beach Redevelopment Project. RCA Author: Robert Sedlak, Principal Accountant Operative Agreement Update 2000-2001 -4- W6101 1:14 PM L ATTACHMENT #1 U V RESOLUTION NO. 323 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AMENDING THE AGENCY DEBT PURSUANT TO THE OPERATIVE AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH FOR THE HUNTINGTON BEACH REDEVELOPMENT PROJECT WHEREAS, the City Council of the City of Huntington Beach (the "City Council') adopted Ordinance Nos. 2576, 2577, 2578, 2582, and 2743 approving and adopting the Redevelopment Plan for the Yorktown -Lake Redevelopment Project, the Redevelopment Plan for the Talbert -Beach Redevelopment Project, the Redevelopment Plan for the Main -Pier Redevelopment Project, the Redevelopment Plan for the Oakview Redevelopment Project, and the Redevelopment Plan for the Huntington Center Commercial District Redevelopment Project, respectively; and The Redevelopment Agency of the City of Huntington Beach (the "Agency") and the City of Huntington Beach (the "City') entered into a Cooperative Agreement, dated June 20, 1983, by which the City agreed to provide to the Agency certain assistance and to otherwise cooperate with the Agency in carrying out redevelopment projects; and Pursuant to the Cooperative Agreement, the Agency and City Council entered into Operative Agreements for the Yorktown -Lake, Talbert -Beach, Main -Pier, Oakview and Huntington Center Redevelopment Projects (the "Constituent Projects'), by which the City provided the Agency with both administrative and/or technical services, constructed required public improvements and facilities as appropriate and necessary, and provided funds to carry out the Constituent Projects; and Said Operative Agreements also identified the terms under which the Agency would reimburse the City for the associated costs of such services, improvements, facilities and funds; and The City Council adopted Ordinance No. 3343 on December 16, 1996 amending and merging the Constituent Projects into the Redevelopment Plan for the Huntington Beach Redevelopment Project (the "Huntington Beach Redevelopment Project"); and It is now necessary and appropriate that the City Council and the Agency amend the Operative Agreement pursuant to the Cooperative Agreement, which superseded the Operative Agreements for the Constituents Projects to reflect the Operative Agreement debt as of September 30, 2001. N01V, THEREFORE, the Redevelopment Agency of the City of Huntington Beach does resolve as follows: 01 reWagency dcbt'&'28 01 1 Res. No. 323 SECTION 1. That the Operative Agreement between the Redevelopment Agency and the City of Huntington Beach for the implementation bf the Huntington Beach Redevelopment Project is still in effect as previously approved. SECTION 2. That, pursuant to such Operative Agreement, the Agency debt to the City, which is to continue to be carried forward for the Huntington Beach Redevelopment Project, is hereby amended as follows: Operative Agreement Debt 10/1/00 S 94,300,086 Accrued Interest 10/1/00 to 6130100 4,111,019 Accrued Interest 7/1/00 to 9/30/01 1,370,340 Other Reductions of Debt <700,000> Operative Agreement Debt at 9/30/01 S 99.0$1.44� SECTION 3. The Chairperson is hereby authorized and directed to amend the Agency debt to the City as approved hereby. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the - -17th day of September 2001. - , 4 - Chai erson ATTES Agency Clerk REVIEWED AND APPROVED: Ex cutive Director 2 01 rcsdagency dcbV8.'28.--'01 APPROVED AS TO FORM: y Agency Attorney �1u1 of MI TIAT Director o dministrative Services LNJ Res. No. 323 STATE OF CALIFORNIA j COUNTY OF ORANGE ) ss CITY OF HUNTINGTON BEACH ) I, CONNIE BROCKWAY, Clerk of the Redevelopment Agency of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Huntington Beach at a regular meeting of said Redevelopment Agency held on the 17th day of September, 2001 and that it was so adopted by the following vote: AYES: Green, Boardman, Cook, Julien Houchen, Garofalo, Dettloff, Bauer NOES: None ABSENT: None ABSTAIN: None Clerk of the Redevelopment Agency of the City of Huntington Beach, CA RCA'O,OUTING SHEET INITIATING DEPARTMENT: Administrative Services SUBJECT: Approve Resolution 1123 of the Redevelopment Agency of the City of Huntington Beach Amending the Agency Debt Pursuant to the Operative Agreement Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington for the Huntington Beach Redevelopment Project. COUNCIL MEETING DATE: September 1 .2001 RCA ATTACHMENTS STATUS Ordinance w/exhibits & legislative draft if applicable) Not Applicable Resolution (wlexhibits & legislative draft if a licable) Attached Tract Map, Location Map and/or other Exhibits Not Applicable Contract/Agreement (wlexhibits if applicable) (Signed in full by the City Attome Not Applicable Subleases, Third Party Agreements, etc. (Approved as to form by City Attome Not Applicable Certificates of Insurance (Approved by the City Attome) Not Applicable Financial Impact Statement (Unbud et, over $5,000) Not Applicable Bonds (If applicable) Not Applicable Staff Report (If applicable) Not Applicable Commission, Board or Committee Report If applicable) Not Applicable Finding s/Conditions for Approval and/or Denial Not Applicable EXPLANATION FOR MISSING ATTACHMENTS REVIEWED RETURNED FORWARDED Administrative Staff Assistant City Administrator Initial City Administrator Initial �City Clerk EXPLANATION FOR RETURN OF ITEM: 4, / U RCA Author. Robert Sedlak, Principal Accountant D. W I . ()k-V. R. SVMh� I APM)rA At % Council/Agency Meeting Held: Deferred/Continued to: 4Appraved ❑ Con ' nally Approved ❑ Denied Cle k' Signature Council Meeting Date: September 18, 2000 Department ID Number: AS 00-037 CITY OF HUNTINGTON BEACH REQUEST FOR REDEVELOPMENT AGENCY ACTION -r SUBMITTED TO: HONORABLE CHAIRMANIREDEVELOPMENT AGENCY MEMBERS SUBMITTED BY: RAY SILVER, City Administrator/Executive Director,,'v PREPARED BY: John Reekstin, Director of Administrative Services W David Biggs, Economic Development Director�r =` (7) SUBJECT: Approve Resolution _54Z -of the Redevelopment Agency of the City of Huntington Beach Amending the Agency Debt Pursuant to the Operative Agreement Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington for the Huntington Beach Redevelopment Project Statement of Issue, Funding Source. Recommended Action, Altemative Action(s), Analysis, Environmental Status, Attachment(s) Statement of Issue: The Redevelopment Agency of the City of Huntington Beach incurs debt to receive tax increment revenue in accordance with California Community Redevelopment law. The Agency is required to file an annual statement to document this debt with the County of Orange Auditor/Controller by October 1, 2000. This statement is also needed for audit purposes and to keep the City Council informed of the changes in the debt owed the City by the Redevelopment Agency. Funding Source: Not Applicable Recommended Action: Motion to adopt Resolution .342, of the Redevelopment Agency of the City of Huntington Beach amending the agency debt pursuant to the Operative Agreement between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach for the Huntington Beach Redevelopment Project. Alternative Action(s): 1. Do not adopt the resolution in which case the prior year debt statement would apply. REQUEST�,4R REDEVELOPMENT AGE;�Y ACTION MEETING DATE: September 18, 2000 DEPARTMENT ID NUMBER: AS 00-037 Analysis: To receive tax increment revenue, the Redevelopment Agency must have sufficient debt on its books each year. It is common practice for cities to book all possible eligible expenditures within a redevelopment project area, such as capital projects, as a debt of the Redevelopment Agency. These capital projects have been undertaken as part of the normal course of business through a number of the City's specialized funds, such as the Water Fund and the Sewer Fund. In addition, interest accrues on this debt, based on the City's annual rate of investment return, which further assures the Agency's ability to collect tax increment revenue in the future. The schedule below details the changes in the project area's debt during fiscal year 1999/2000. The changes in the operative agreement amendments are broken down into two periods (one from October 1st to June 30th, and one from July 1st to September 30th). This is because the Statement of Indebtedness filed with Orange County requires that the debt be documented as of June 30th. The City charged the Agency 5.8% on all outstanding advances for October 15t to September 30th, which is approximately the average yield earned by the City Treasurer on investments for the year. The total interest charges were $5,226,972. The adopted 1999/2000 budget included $710,000 in repayments from the Agency to the City. The Agency is now classifying debt as "Pre AB 1290" and "Post AB 1290." AB 1290 was a sweeping Redevelopment reform bill enacted in 1993 that placed time limits on incurring debt within Redevelopment project areas. Under the terms of AB 1290, debt incurred prior to January 1, 1994 can continue to be repaid after the project area has expired. Staff is recommending that all debt repayments be applied first to debt incurred after January 1, 1994, then to debt incurred prior to that date. The schedule below shows the breakdown of the operative agreement debt by fund and the changes during the year. This statement does not include debt incurred with entities other than the City of Huntington Beach such as bonds, mortgages, and debt owed through Disposition and Development Agreement's and Owner Participation Agreement's with private parties. RDAOP2000-01 -2- 9111100 9.17 AM REQUESTER REDEVELOPMENT AGE%.XY ACTION MEETING DATE: September 18, 2000 DEPARTMENT ID NUMBER: AS 00-037 GENERAL FUND Direct Advances Indirect Advances Land Sales TOTAL GENERAL FUND SEWER FUND GAS TAX FUND DRAINAGE FUND PARKA AND D FUND CAPITAL IMPROVEMENT FUND WATER FUND TOTAL OTHER FUNDS TOTAL ALL FUNDS DEBT @ BUDGETED ACCRUED 10/1199 REPAYMENTS INTEREST DEBT @ 913012000 $16,099,942 $ (710,000) $ 933,742 $ 16,323,684 9,406,388 - 545,571 9.951,959 55,510,457 - 3,219,608 58,730,065 81.016.787 1710.0001 4.698.921 85.005.708 280.839 - 16,289 297,128 1,096,051 - 63,571 1,159,622 531,804 - 30,845 562,649 3,891.979 - 225.735 4.117,714 399.158 - 23.151 422,309 2,566,496 - 168,460 2,734,956 8,766,327 628,051 9,294,378 $89.783.114 S (710.000) S 5.226.972 $ 94.300.086 Below is a schedule that classifies the debt and changes into Pre AB 1290 and Post AB 1290 amounts. Pre AB 1290 Post AB 1290 Debt Debt Total Debt Operative Agreement Debt at 1011199 $86,701,066 $ 3,082,048 $ 89,783,113 Accrued Interest 5,089,393 137,579 5,226,972 Budgeted Repayments (710,000) (710,000) Operative Agreement Debt at 9/30/2000 $91,790.459 S 2,509,627 _ $ 94,300,086 It is possible that a portion of this debt will not be repaid during the life of the project area. The City's auditors have recommended that an allowance for possible uncollectible debt be established by the City. The City has classified as possibly uncollectible the General Fund's land sales and all of the applicable interest on these advances. The total of these amounts is $55,510,457. This debt, since it was incurred prior to January 1994 can be repaid with tax increment received after the expiration of the project area plan. Resolution 0 1,? of the Redevelopment Agency of City of Huntington Beach Amending the Agency Debt Pursuant to the Operative Agreement Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington for the Huntington Beach Redevelopment Project RCA Author. Robert Sedlak, Principal Accountant RDAOP2000-01 -3- 9111100 917 Ann ATTACHMENT #1 U V RESOLUTION NO. 312 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AMENDING THE AGENCY DEBT PURSUANT TO THE OPERATIVE AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH FOR THE HUNTINGTON BEACH REDEVELOPMENT PROJECT WHEREAS, the City Council of the City of Huntington Beach (the "City Council"} adopted Ordinance Nos. 2576, 2577, 2578, 2582, and 2743 approving and adopting the Redevelopment Plan for the Yorktown -Lake Redevelopment Project, the Redevelopment Plan for the Talbert -Beach Redevelopment Project, the Redevelopment Plan for the Main -Pier Redevelopment Project, the Redevelopment Plan for the Oakview Redevelopment Project, and the Redevelopment Plan for the Huntington Center Commercial District Redevelopment Project, respectively; and The Redevelopment Agency of the City of Huntington Beach (the "Agency") and the City of Huntington Beach (the "City") entered into a Cooperative Agreement, dated June 20 1983, by which the City agreed to provide to the Agency certain assistance and to otherwise cooperate with the Agency in carrying out redevelopment projects; and Pursuant to the Cooperative Agreement, the Agency and City Council entered into Operative Agreements for the Yorktown -Lake, Talbert -Beach, Main -Pier, Oakview and Huntington Center Redevelopment Projects (the "Constituent Projects"), by which the City provided the Agency with both administrative and/or technical services, constructed required public improvements and facilities as appropriate and necessary, and provided funds to carry out the Constituent Projects; and Said Operative Agreements also identified the terms under which the Agency would reimburse the City for the associated costs of such services, improvements, facilities and funds; and The City Council adopted Ordinance No. 3343 on December 16, 1996 amending and. merging the Constituent Projects into the Redevelopment Plan for the Huntington Beach Redevelopment Project (the "Huntington Beach Redevelopment Project"); and It is now necessary and appropriate that the City Council and the Agency amend the Operative Agreement pursuant to the Cooperative Agreement, which will supersede the Operative Agreements for the Constituents Projects to reflect the Operative Agreement debt as of September 30, 2000. NOW, THEREFORE, the Redevelopment Agency of the City of Huntington Beach does resolve as follows: 41s: 4-200o Resolution: Agency Debt RLS 2000-779 8/17100 U V Res. No. 312 SECTION 1. That the Operative Agreement between the Redevelopment Agency and the City of Huntington Beach for the implementation of the Huntington Beech Redevelopment Project, is still in effect as previously approved. . SECTION 2. That pursuant to such Operative Agreement, the Agency debt to the City, which is to continue to be carried forward for the Huntington Beach Redevelopment Project, is hereby amended as follows: Pre AB 1290 Post AB 1290 Total Debt Debt Operative Agreement Debt 10/1/99 S86,701,066 S3,082,048 S89,783,114 Accrued Interest 10/1/99 to 6/30/00 3,817,045 103,184 3,920,229 Accrued Interest 7/1/00 to 9130/00 1,272,348 34,395 1,306,743 Reductions of Debt 0 (710,000) (710,000) Operative Agreement Debt at 9/30/00 S91,790,459 $2,509,627 S94,300,086 SECTION 3. The Chairperson is hereby authorized and directed to amend the Agency debt to the City as approved hereby. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington 'Beach at a regular meeting thereof held on the 18th of September , 2000. ATTEST: Agency Clerk 9- REVIENVED AND APPROVED: Exeat-tve Director 2 4/s: 4-2000 Resolution: Agency Debt RLS 2000-779 V17/00 APPROVED AS TO FORM: ,-'-'Agency General Counsel �. INITIATED AND APPROVED: rector of Administrative Services U Res. No. 312 . STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss CITY OF HUNTINGTON BEACH } 1, CONNIE BROCKWAY, Clerk of the Redevelopment Agency of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Huntington Beach at a regular meeting of said Redevelopment Agency held on the 18th day of September, 2000 and that it was so adopted by the following vote: AYES: Julien, Sullivan, Harman, Garofalo, Green, Dettloff, Bauer NOES: None ABSENT: None ABSTAIN: None 40�M" Clerk of the Redevelopment Agency of the City of Huntington Beach, CA RCAkOUTING SHEET INITIATING DEPARTMENT: Adm Svcs SUBJECT: Approval of Redevelopment Agency Operative Agreement for 1999/2000 COUNCIL MEETING DATE: September 18, 2000 RCA ATTACHMENTS STATUS Ordinance (wlexhibits & legislative draft if applicable) Not Applicable Resolution (wlexhibits & legislative draft if applicable) Attached Tract Map, Location Map and/or other Exhibits Not Applicable Contract/Agreement (wlexhibits if applicable) (Signed in full by the City Attomey) Not Applicable Subleases, Third Party Agreements, etc. (Approved as to form by City Attorney) Not Applicable Certificates of Insurance (Approved by the City Attomey) Not Applicable Financial Impact Statement (Unbudget, over $5,000) Not Applicable Bonds (If applicable) Not Applicable Staff Report (If applicable) Not Applicable Commission, Board or Committee Report (If applicable) Not Applicable Findings/Conditions for Approval and/or Denial Not Applicable EXPLANATION FOR MISSING ATTACHMENTS REVIEWED RETURNED FORWARDED Administrative Staff { eke ) ( } Assistant City Administrator (initial) ( ) ( ) City Administrator (Initial) City Clerk I( ) EXPI,ANATION FOR RETURN OF i L J1 fe CITY OF HUNTINGTON BEACH INTER -DEPARTMENT COMMUNICATION HuNttNGtoM BEACH Connie Brockway, City Clerk Office of the City Clerk To: E�bb vV LGv Date: Meeting Date: Liz Ehring, Deputy City Clerk It Agenda Item: Proposed City Council Agenda Items: The City Clerk's Office/City Administrator's Office must return your agenda item due to the following requirements that have not been met. When your Agenda Item is ready to resubmit, please return to: Elaine Kuhnke, Management Assistant, Administration 1.I Signature(s) Needed - A On RCA e B On Agreement C Other 1 2. Attachments / A Missing B Not identified C _ Other 3. Exhibits / A Missing B Not identified C Other 4. Insurance Certificate (Proof Or Insurance) A Not attached B Not approved by City Attorney's Office C Signed form notifying City Cleric that department will be responsible for obtai*g insurance certificate on this item. (See form attached) 5. Wording On Request For Council Action (RCA) Unclear / A Recommended Action on RCA not complete / B Clarification needed on RCA I / C Other I / 6. City Attorney Approval Required F I• i 7. Agreement Needs To Be Changed A Page No. I S. Other .��✓ c, .vy n^I' — �n.e Qh._ 6, Gap nda mwftV" ecks ,, 4 dn;A Ser e. D Council/Agency Meeting Held:_9/aa/99 _ Deferred/Continued to: ApproveAd ❑ Conditionally Approved 0 Denied 3cp-T-�c—City Clerk's Signature Council Meeting Date: September 20. 1999 Department ID Number: AS 99-020 CITY OF HUNTINGTON BEACH REQUEST FOR COUNCIUREDEVELOPMENT AGENCY ACTION SUBMITTED TO: HONORABLE MAYOR/CHAIRMAN AND CITY COUNCIL .= MEMBERS/REDEVELOPMENT AGENCY MEMBERS n SUBMITTED BY: RAY SILVER, City Administrator/Execrative Director OW w -•=-::-: _R PREPARED BY: John Reekstin, Director of Administrative Services � M Biggs, Economic Developoment Director W nDavid > SUBJECT: Approval of Resolution 206 of the Redevelopment Agency of City of Huntington Beach Amending the Agency Debt Pursuant to the Operative Agreement Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington for the Huntington Beach Redevelopment Project Fem:ent:o:fIssue, Funding Source, Recommended Action, Alternative Action(s), Analysis, Environmental Status, Attachment(s) Statement of Issue: The Redevelopment Agency of the City of Huntington Beach incurs debt to receive tax revenue in accordance with California Community Redevelopment law. The Agency is required to file an annual statement to document this debt with the County of Orange Auditor/Controller by October 1, 1998. This statement is also needed for audit purposes and to keep the City Council informed of the changes in the debt owed the City by the Redevelopment Agency. Funding Source: Not Applicable Recommended Action: Motion to adopt Resolution 306 of the Redevelopment Agency of the City of Huntington Beach amending the agency debt pursuant to the Operative Agreement between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach for the Huntington Beach Redevelopment Project. Alternative Actions : 1. Do not adopt the resolution in which case the prior year debt statement would apply. E5 REQUEST FOR�UNCIUREDEVELOPMEN&6ENCY ACTION MEETING DATE: September 20,1999 DEPARTMENT ID NUMBER: AS 99-020 Analysis: To receive tax increment revenue, the Redevelopment Agency must have sufficient debt on its books to claim revenue on an annual basis. It is common practice for cities to book all possible eligible expenditures within a redevelopment project area, such as capital projects, as a debt of the Redevelopment Agency. These capital projects have been undertaken as part of the normal course of business through a number of the City's specialized funds; such as the Water Fund and the Sewer Fund. In addition, interest accrues on this debt, based on the City's annual rate of investment return, which further assures the Agency's ability to collect the tax increment in the future. The schedule below details the changes in the project area's debt during fiscal year 1998199. The changes in the operative agreement amendments are broken down into two periods (one from October 1st to June 30th, and one from July 1st to September 30th). This is because the Statement of Indebtedness filed with Orange County requires that the debt be documented as of June 30th. The City charged the Agency 5.6% on all outstanding advances, which is approximately the average yield earned by the City Treasurer on investments for the year. The total interest charges were $4,706,871. The adopted 1998/99 budget included $500,000 of repayments from the Agency to the City. The Agency is now classifying debt as "Pre AB 1290" and "Post AB 1290." AB 1290 was a sweeping Redevelopment reform bill enacted in 1993 which placed time limits on incurring debt within Redevelopment projects. Under the terms of AB 1290, debt incurred prior to January 1, 1994 can continue to be repaid after the project area has expired. Staff is recommending that all debt repayments be applied first to debt incurred after January 1, 1994, then to debt incurred prior to that date. The schedule below shows the breakdown of the operative agreement debt by fund and the changes during the year. This statement does not include debt incurred with entities other than the City of Huntington Beach such as bonds, mortgages, debt owed through DDA's and OPA's to private parties, etc. RDAOP9900.doc -2- 09101/99 9:44 AM REQUEST FOR S.OUNCIUREDEVELOPMENTIHGENCY ACTION MEETING DATE: September 20, 1999 DEPARTMENT ID NUMBER: AS 99-020 GENERAL FUND Direct Advances Indirect Advances Land Sales TOTAL GENERAL FUND SEWER FUND GAS TAX FUND DRAINAGE. FUND PARKA AND D FUND CAPITAL IMPROVEMENT FUND WATER FUND TOTAL OTHER FUNDS TOTAL ALL FUNDS DEBT @ BUDGETED ACCRUED 1011198 REPAYMENTS INTEREST DEBT @ 9130199 $15,552,283 3 (269.317) $ 816.976 $ 16.099,942 9.138.247 (230,683) 498,824 9.406,388 52,566,721 - 2,943,736 55,510,457 77,257,251 (500,000) 4,259,536 $1,016,787 265,945 - 14.893 280,838 1.037,927 - 58,124 1,096,051 503,602 - 28.202 531,604 3,685,586 - 206.393 3.891,979 377,991 - 21,167 399,158 2,447,940 - 118.556 2,566,496 8,318,991 - 447,335 8,766,327 $85,576,242 $ (500,000) $ 4,706,871 $ 89,783,113 Below is a schedule that classifies the debt and changes into Pre AB 1290 and Post AB 1290 amounts. Operative Agreement Debt at 10/1198 Accrued Interest Budgeted Repayments Operative Agreement Debt at 9130199 Pre AB 1290 Post AB 1290 Debt Debt Total Debt $82,157,637 $ 3,418,605 $ 85,576,242 4,543,429 163.442 4,706,871 (500,000) (500,000) $86.701,066 $ 3,082,047 $ 89.783.113 It is possible that a portion of this debt will not be repaid during the life of the project area. The City's auditors have recommended that an allowance for possible uncollectible debt be established by the City. The City has classified as possibly uncollectible the General Fund's land sales and all of the applicable interest on these advances. The total of these amounts is $55,510,457. This debt, since it was incurred prior to January, 1994 can be repaid with tax increment received after the expiration of the project area plan subject to the overall cap on tax increment. Resolutions of the Redevelopment Agency of City of Huntington Beach Amending the Agency Debt Pursuant to the Operative Agreement Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington for the Huntington Beach Redevelopment Project RCA Author. Robert Sedlak, Principal Accountant RDAOP9900.doc -3- 09101199 9:44 AM V RESOLUTION NO. 305 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AMENDING THE AGENCY DEBT PURSUANT TO THE OPERATIVE AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH FOR THE HUNTINGTON BEACH REDEVELOPMENT PROJECT WHEREAS, the City Council of the City of Huntington Beach (the "City Council") adopted Ordinance Nos. 2576, 2577, 2578, 2582, and 2743 approving and adopting the Redevelopment Plan for the Yorktown -Lake Redevelopment Project, the Redevelopment Plan for the Talbert -Beach Redevelopment Project, the Redevelopment Plan for the Main -Pier Redevelopment Project, the Redevelopment Plan for the Oakview Redevelopment Project, and the Redevelopment Plan for the Huntington Center Commercial District Redevelopment Project, respectively-, and The Redevelopment Agency of the City of Huntington Beach (the "Agency") and the City of Huntington Beach (the "City") entered into a Cooperative Agreement, dated June 20, 1983, by which the City agreed to provide to the Agency certain assistance and to othenvise cooperate with the Agency in carrying out redevelopment projects; and Pursuant to the Cooperative Agreement, the Agency and City Council entered into Operative Agreements for the Yorktown -Lake, Talbert -Beach, Main -Pier, Oakview and Huntington Center Redevelopment Projects (the "Constituent Projects"), by which the City provided the Agency with both administrative and/or technical services, constructed required public improvements and facilities as appropriate and necessary, and provided funds to carry out the Constituent Projects; and Said Operative Agreements also identi Fied the terms under which the Agency would reimburse the City for the associated costs of such services, improvements, facilities and funds; and 4.'s:4.99Resoiut:dcbt 1999 RLS 99-585 81 "9 V 1W The City Council adopted Ordinance No. 3343 on December 16, 1996 amending and merging the Constituent Projects into the Redevelopment Plan for the Huntington Beach Redevelopment Project (the "Huntington Beach Redevelopment Project"); and It is now necessary and appropriate that the City Council and the Agency amend the Operative Agreement pursuant to the Cooperative Agreement, which will supersede the Operative Agreements for the Constituents Projects to reflect the Operative Agreement debt as of September 30, 1998. NOW, THEREFORE, the Redevelopment Agency of the City of Huntington Beach does resolve as follows:' Section 1. That the Operative Agreement between the Redevelopment Agency and the City of Huntington Beach for the implementation of the Huntington Beach Redevelopment Project, is still in effect as previously approved. Section 2. That pursuant to such Operative Agreement, the Agency debt to the City, which is to continue to be carried forward for the Huntington Beach Redevelopment Project, is hereby amended as follows: Operative Agreement Debt 1011/98 Accrued Interest 1011198 to 6130199 Accrued Interest 7/l/99 to 9/30/99 Other Reductions of Debt Pre AB 1290 Debt S82,157,637 3,407,573 1,135,856 0 Post AB 1290 Debt S3,418,605 122,582 40,860 -500,000 Total S85,576,242 3,530,155 1,176,716 -500,000 Operative Agreement Debt at 9130196 $86,701,066 S3,082,047 S89,783,113 Section 3. The Chairperson is hereby authorized and directed to amend the Agency debt to the City as approved hereby. 2 4!s:4-99Reso1ut:debt 19" RLS 99-585 V25199 N V PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regularmeetingthereof held onthe 20t:h day of September— ' 1999• ATTEST: YAO " Agency Clerk REVIEWED AND APPROVED: ,"4� Executi Director 3 4!SA-99Rewlution: Debt 1999 RlS 99.535 9.'2b.'99 K4- A- 0 . . .... Chairperson APPROVED AS TO FORM: Y�9Agency Attorney INITIATED AND APPROVED: d1a Dirflctor of Administrative Services V 09 Res. No. 306 ' STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF HUNTINGTON BEACH ) I, CONI ME BROCKWAY, Clerk of the Redevelopment Agency of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution ivas duly adopted by the Redevelopment Agency of the City of Huntington Beach at a regular meeting of said Redevelopment Agency held on the 20th day of September,1999 and that it was so adopted by the following vote: AYES: Julien, Bauer, Garofalo, Green Dettloff, Harman, Sullivan NOES: None ABSENT: None ABSTAIN: None Clerk of the Redevelopment Agency of the City of Huntington Beach, Ca. 09 A9 f - `r`� ►c�� fin.. Council/Agency Meeting Held:-7 %.? e L9 8 Deferred/Continued to: Q(Approved Conditionaily_Approved I] Denied '04P--47 City Clerk's Signature r Council Meeting Date: July 20, 1998 Department ID Number. AS 98-015 CITY OF HUNTINGTON BEACH REQUEST FOR COUNCIUREDEVELOPMENT AGENCY ACTION SUBMITTED TO: HONORABLE MAYORICHAIRMAN AND CITY COUNCIL MEMBERSIREDEVELOPMENT AGENCY MEMBERS SUBMITTED BY: RAY SILVER, City AdministratorlFxecutive re r PREPARED BY: Robert J. Franz, Deputy City Administrator David C. Biggs, Director of Economic Development SUBJECT: Resolution No. 288 Amending Redevelopment Agency Debt (1997/98) [Stat=ntf Issue. Funding Source, Recommended Action, Alternative Action(s), Analysis, Environmental Status, Attachrnent(s) Statement of Issue: The Redevelopment Agency of the City of Huntington Beach incurs debt as part of the legal requirements to receive tax increment revenue. The Agency is also required to file an annual statement to document this debt with the County of Orange Auditor/Controller by October 1, 1998. This statement is also needed for audit purposes as well as to keep the City Council informed of the changes in the debt owed the City by the Redevelopment Agency. Fundinq Source: NIA Recommended Action: Motion to adopt a Resolution of the Redevelopment Agency of the City of Huntington Beach amending the agency debt pursuant to the Operative Agreement between the City of Huntington Beach and the Redevelopment Agency for the Huntington Beach Redevelopment Project. Alternative Action(s): 1. Adopt the proposed Resolution with modifications that the Council would specify. 2. Do not adopt the Resolution in which case the prior year debt statement would apply. E-8 REQUEST FOFWOUNCIUREDEVELOPMENkGENCY ACTION MEETING DATE: July 20,1998 DEPARTMENT ID NUMBER: AS SM15 Analysis: In order for the Redevelopment Agency to receive tax increment revenue, the Agency must have sufficient debt on its books to claim tax increment annually. It is common practice for cities to book all possible eligible expenditures within a redevelopment project area, such as capital projects, as a debt of the Redevelopment Agency. These capital projects have been undertaken as part of the normal course of business through a number of the City's specialized funds; such as Water, Sewer, etc. In addition interest accrues on this debt which further assures the Agency's ability to collect the tax increment in the future. The changes in the Agency's operative agreement debt for 1997198 is shown below: Operative Agreement Debt - October 1, 1997 $ 85,196,902 Accrued Interest 1,179,340 Budgeted Repayments (800,000) Operative Agreement Debt - September 30, 1998 $ 85,576,242 The County Auditor/Controller's Office requires that we analyze the Agency's debt at June 30th as well as September 30th. The following schedule shows the debt at both of these dates. Operative Agreement Debt - October 1, 1997 $ 85,196,902 Net Changes from October 1, 1997 to June 30, 1998 84,505 Net Changes from July 1, 1998 to September 30, 1998 294,835 Operative Agreement Debt - September 30, 1998 $ 85,576,242 Below is a description of the changes noted in the above schedule: Accrued Interest- The City charged the Agency 5.99% on all outstanding advances, except General Fund land sales and interest on indirect advances which have no interest charges. This 5.99% is approximately the average yield earned by the City Treasurer for the year. The total interest charges were $1,179,340 which were charged on the debt to the following funds for the fiscal year 1997/98: General Fund Sewer Fund Gas Tax Fund Drainage Fund Park Acquisition and Development Fund Capital Improvement Fund Water Fund Total $ 717,095 15,031 58,619 20,598 208,290 21,362 138,345 $ 1,179,340 OP98RCA1.DOC -2- 07107198 1:28 AM REQUEST FO cf�OUNCIUREDEVELOPMEN7`RGENCY ACTION MEETING DATE: July 20,1998 DEPARTMENT ID NUMBER: AS 98-015 • Budgeted Repayments -The adopted 1997/98 budget included $800,000 of repayments from the Agency to the City's General Fund. Not all of the Agency's debt is incurred with the City. Other debt is incurred through bonds, mortgages, and amounts advanced from the Agency's Low -Income Housing Fund to the Agency's Capital Projects Fund. The schedule below shows the total Agency debt by fund at September 30, 1998: GENERAL FUND: Direct Advances Interest on Direct Advances Total Direct Advances Agency Advance of Bond Proceeds Interest on Agency Adv of Bond Proceeds Total Advance of Bond Proceeds Indirect Advances Interest on Indirect Advances Total Indirect Advances Land Sales Interest on Land Sales Total Land Sales TOTAL GENERAL FUND OTHER FUNDS: Sewer Gas Tax Drainage Park Acquisition and Development Capital Improvement Water TOTAL OTHER FUNDS TOTAL OPERATIVE AGREEMENT DEBT OTHER DEBT: Public Financing Authority Emerald Cove Bonds Mortgages Payable Advances from Low -Income Housing Fund TOTAL OTHER DEBT TOTAL AGENCY DEBT $ 9,990,792 627,454 10,618,246 4,445,000 489.036 4,934,036 6.961,236 2,177,012 9,138.248 32,833,417 19,733,304 52,566,721 77,257,251 265,945 1,037.928 503,602 3,685,586 377,991 2,447,939 8,318,991 85,576,242 28,144,000 5,205,000 502,000 1,362,500 35,213,500 $118,789,742 OP98RCA1.DOC -3- OT1071981:28 AM REQUEST FORYOUNCIUREDEVELOPMENT7LGENCY ACTION MEETING DATE: July 20,1998 DEPARTMENT ID NUMBER: AS 98-015 be established by the City. The City has classified as possibly uncoiiectibfe the General Fund's land sales and all of the applicable interest on these advances totaling $52,566,721. This action is being presented to the City Council prior to the fiscal year-end because the debt statements must be prepared prior to the City's fiscal year-end. If there are any changes subsequent to this action that affect the Agency debt prior to year-end, the agreement will be amended. Environmental Status: NIA Attachments : RCA Author. Robert Sedlak X5907 op98rca1.doc -4- 07113198 2:10 PM V u ATTACHMENT #1 RESOLUTION NO. 288 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AMENDING THE AGENCY DEBT PURSUANT TO THE OPERATIVE AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH FOR THE HUNTINGTON BEACH REDEVELOPMENT PROJECT WHEREAS, the City Council of the City of Huntington Beach (the "City Council") adopted Ordinance Nos. 2576, 2577, 2578, 2582, and 2743 approving and adopting the Redevelopment Plan for the Yorktown -Lake Redevelopment Project, the Redevelopment Plan for the Talbert -Beach Redevelopment Project, the Redevelopment PIan for the Main -Pier Redevelopment Project, the Redevelopment Plan for the Oakview Redevelopment Project, and the Redevelopment Plan for the Huntington Center Commercial District Redevelopment Project, respectively; and The Redevelopment Agency of the City of Huntington Beach (the "Agency") and the City of Huntington Beach (the "City") entered into a Cooperative Agreement, dated June 20, 1983, by which the City agreed to provide to the Agency certain assistance and to otherwise cooperate with the Agency in carrying out redevelopment projects; and Pursuant to the Cooperative Agreement, the Agency and City Council entered into Operative Agreements for the Yorktown -Lake, Talbert Beach, Main Pier, Oakview and Huntington Center Redevelopment Projects (the "Constituent Projects"), by which the City provided the Agency with both administrative and/or technical services, constructed required public improvements and facilities as appropriate and necessary, and provided funds to carry out the Constituent Projects; and I Reso1ut119981ApydcbL7r2/98 288 U l.J Said Operative Agreements also identified the terms under which the Agency would reimburse the City for the associated costs of such services, improvements, facilities and funds; and The City Council adopted Ordinance No. 3343 on December 16, 1996 amending and merging the Constituent Projects into the Redevelopment Plan for the Huntington Beach Redevelopment Project (the "Huntington Beach Redevelopment Project"); and It is now necessary and appropriate that the Cie) Council and the Agency amend the Operative Agreement pursuant to the Cooperative Agreement, which superseded the Operative Agreements for the Constituents Projects to reflect the Operative Agreement debt as of September 30, 1998. NOW, THEREFORE, the Redevelopment Agency of the City of Huntington Beach does resolve as follows: Section 1. That the Operative Agreement between the Redevelopment Agency and the City of Huntington Beach for the implementation of the Huntington Beach Redevelopment Project is still in effect as previously approved. Section 2. That, pursuant to such Operative Agreement, the Agency debt to the City, which is to continue to be carried forward for the Huntington Beach Redevelopment Project, is hereby amended as follows: Operative Agreement Debt 10/1/97 Accrued Interest 10/1/97 to 6/30/98 Accrued Interest 7/1/98 to 9/30/98 Other Reductions of Debt Operative Agreement Debt at 9/30/98 2 Rcsolut11998`,ApydcbL7t2N8 $ 85,196,902 884,505 294,835 !$00.000> NM Section 3. The Chairperson is hereby authorized and directed to amend the Agency debt to the City as approved hereby. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 20th day of July 1998. Chairpe on ATTEST: Agency Clerk REVIEWED AND APPROVED: �ecutive Director APPROVED AS TO FORM: Age cy Attorney 0 Deputy City Administratol Director of Administrative 3 Resolut\1998\Agnydebt7/2/98 M Res. No. 288 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF HUNTINGTON BEACH ) I, COWL E BROCKWAY, Clerk of the Redevelopment Agency of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Huntington Beach at an adjourned regular meeting of said Redevelopment Agency held on the 20th day of July,1998 and that it was so adopted by the following vote: AYES: Julien, Harman, Green, Dettloff, Bauer, Sullivan, Garofalo NOES: None ABSENT: None ABSTAIN: None Clerk of the Redevelop it Agency of the City of Huntington Beach, Ca. G/reso1uti/resbkpg2/Res.28 I CounciVAgency Meeting Held:_ )0?'197 Deferred/Continued to: MrApproved ❑ Conditionally Appro ed 0 Denied 4 "'-moo City Clerks Signature Council Meeting Date: 10/20/97 Department ID Number: AS 97-040 CITY OF HUNTINGTON BEACH REQUEST FOR COUNCIUREDEVELOPMENT AGENCY ACTION 'fit- Oin f lLrhoflet-Y SUBMITTED TO: HONORABLE MAYORICHAIRMAN AND CITY COUNCIL MEMBERS/REDEVELOPMENT AGENCY MEMBERS ..A sly SUBMITTED BY: MICHAEL T. UBERUAGA, City Administrator) five it PREPARED BY: Robert J. Franz, Deputy City Administrator David C. Biggs, Director of Economic Development/ SUBJECT: Approve Redevelopment Agency Operative Agreement for 1996197 YIo. 97- 73 Wo. Statement of Issue, Funding Source, Recommended Action, Alternative Action(s), Analysis, Environmental Status, Attachment(s) 11Q Statement of issue: The Redevelopment Agency of the City of Huntington Beach incurs debt as part of the legal requirements to receive tax increment revenue. The Agency is also required to file an annual statement to document this debt with the County of Orange Auditor/Controller by October 1, 1997. This statement is also needed for audit purposes as well as to keep the City Council informed of the changes in the debt owed the City by the Redevelopment Agency. Due to the merger of the five project areas, the old agreements for the separate project areas need to be terminated and a new operative agreement needs to be approved. Funding Source: Not Applicable. Recommended Action: 1. Motion to adopt Resolution No. 284 of the Redevelopment Agency approving an Operative Agreement between the City and the Redevelopment Agency, and d,4e77-o 2. Motion to adopt Resolution No. 97-73 of the City Council approving an Operative Agreement between the City and the Redevelopment Agency. Q.ce.-tc.0 7— a 3. Motion to reclassify $142,194 of Agency debt from the Parking Authority to the General Fund. Alternative Action(s]: 1. Adopt the proposed Agreement with modifications that the Council would specify. 2. Do not adopt the Agreement in which case the prior year debt statement would apply. I REQUEST FOR•VOUNCIL/REDEVELOPMENT AGENCY ACTION MEETING DATE: 10/20/97 DEPARTMENT ID NUMBER: AS 97-040 Analysis: In order for the Redevelopment Agency to receive tax increment revenue, the Agency must have sufficient debt on its books to claim tax increment annually. It is common practice. for cities to book all possible eligible expenditures within a redevelopment project area,: such as capital projects, as a debt of the Redevelopment Agency. These capital projects have been undertaken as part of the normal course of business through a number of the City's specialized funds; such as Water, Sewer, etc. In addition interest accrues on this debt which further assures the Agency's ability to collect the tax increment in the future. The changes in the Agency's debt are summarized below: Increased Increased (Decreased) Amendment (Decreased) Debt Debt July 1 st to Total Increased Number to June 30th, 1997 September 30th, 1997 (Decreased) Debt Main/Pier 16 $ (77,086,267) $ - $ (77,086,267) Talbert/Beach 16 (3,512,706) - (3,512,706) Oakview 16 (2,500,479) - (2,500,479) Yorktown/Lake 15 (1,461,193) - (1,461,193) Huntington Center 15 (4,994,991) - (4,994,991) Huntington Beach 1 89,555,637 (4,358,736) 85,196,902 Project Area #1 Total $ - $ (4,358,736) $ (4,358,736) The schedule below details the changes in each. project area's debt. The changes in the operative agreement amendments are broken down into two periods (one from October 1st to June 30th, and one from July 1st to September 30th). This is because the Statement of Indebtedness filed with Orange County requires that the debt be documented as of June 30th. Huntington Beach Project Main Pier Talbert Beach Oakview Yorkown Lake Huntington Center Area #1 Total Operative $ 77,086,267 $ 3,512,706 $ 2,500,479 $ 1,461,193 $4,994,991 $ - $ 89,555,637 Agreement Debt at October 1, 1998 Merger of Project (77,086,267) (3,512,766) (2,500,479) (1,461,193) (4,994,991) 89,555,637 - Areas Operative $ - $ - $ - $ - $ - 89,555,637 89,555,637 Agreement Debt at June 30, 4997 Accrued Interest 10/1/96 to 6/30/97 1,232 823 1 232,823 Accrued Interest 7/1/97 to 9/30/97 Budgeted Repayments of Debt Other Reductions of Debt Operative Agreement Debt at 9/30/97 410,941 410,941 (1,100,000) (1,100,000) (4,902,500) (4,902,500) $ 85,196,902 $ 85,196,902 0027524.01 -2- 10/01/97 12:13 PM r REQUEST FOR' UNCIL/REDEVELOPMENT AGENCY ACTION MEETING DATE: 10/20/97 DEPARTMENT ID NUMBER: AS 97-040 Below is a description of the changes noted in the above schedule. • : Merger of Project Areas - Since the five project areas are now merged, it is not necessary to track debt by individual project area. Prior to 1996197, separate operative agreements were prepared for each project area. Staff is now recommending that the old operative agreements be zeroed out "with the new combined debt recorded in one operative agreement. • Accrued Interest - The City charged the Agency 5.4% on all outstanding advances, except General Fund land sales which have no interest charges. This 5.4% is equal to the effective interest rate the City will pay on the Public Financing Authority Lease Revenue Bonds issued in May, 1997. The total interest charges were $1,643,764. • Budgeted Repayments - The adopted 1996/97 budget included $1,100,000 of repayments from the Agency to the City. • Other Reduction of Debt - In 1994/95 the Huntington Center Project Area and the City's General Fund agreed to an "exchange -advance" relating to the Hoover/Gothard connection so that funding could be secured for the project. With the merger, this exchange is no longer necessary and staff is recommending elimination of the debt. Reclassification of Parking Authority Debt - During the year, the balance of the Parking Authority Capital Project's Fund was transferred to the Pier Plaza Fund. Since the fund is now closed, staff is recommending that the Agency debt to the Parking Authority, totaling $142,194, be reclassified as Agency debt to the General Fund. This does not change the total amount of operative agreement debt, but merely changed the specific City fund that is owed the debt. 0027524.01 _ 10/01/97 12:13 PM REQUEST FOR6UNCILIREDEVELOPMENT AGENCY ACTION MEETING DATE: 10/20197 DEPARTMENT ID NUMBER: AS 97-040 The schedule below shows the breakdown of the operative agreement debt by fund, along with a listing of the other Agency debt that is owed to outside parties (not the City) at September 30, 1997. SUMMARY OF AGENCY DEBT: Huntington Beach Project Area #1 GENERAL FUND: GENERAL FUND DIRECT ADVANCES $ 14,435.792 GENERAL FUND INDIRECT ADVANCES 6.961,236 DEFERRED LAND SALES 32,833,417 INTEREST 23,117,612 TOTAL GENERAL FUND $ 77.348.057 OTHER FUNDS: PARK ACQUISITION AND DEVELOPMENT 3.477.296 SEWER FUND 250,915 DRAINAGE FUND 475,141 CAPITAL IMPROVEMENT FUND 356,629 WATER FUND 2,309,594 GAS TAX FUND 979.269 TOTAL DEBT OTHER FUNDS 7,848,845 TOTAL OPERATIVE AGREEMENT DEBT 85,196.902 OTHER DEBT: EMERALD COVE BONDS 5,305,000 NOTES PAYABLE (ESTIMATED) 550,000 PUBLIC FINANCING AUTHORITY (ESTIMATED) 29,099.479 LOW INCOME HOUSING 1,362,500 ERAF 795,329 OTHER DEBT 37,112,308 TOTAL ALL AGENCY DEBT 122.309,210 It should also be noted that in addition to the direct repayment of debt, the Agency's investment in a number of Ivey projects have resulted in increased direct revenues to a variety of City funds. These revenues include increased sales tax and transient occupancy taxes. For example, the Waterfront Hilton generates more than $350,000 of transient occupancy taxes for the City's General Fund. 0027524.01 t • 10101197 12:13 PM REQUEST FOR L"bUNC111REDEVELOPMENT ifGENCY ACTION MEETING DATE: 10/20/97 DEPARTMENT ID NUMBER: AS 97-040 It is possible that a portion of this debt will not be repaid during the life of the project area. The City's auditors have recommended that an allowance for possible uncollectible debt be established by the City. The City has classified as possibly uncollectible the General Fund's land sales and all of the applicable interest on these advances. The total of these amounts is $52,566,721. �. Redevelopment Agency Resolution Adopting an Operative Agreement. V7o- -2-H 2. City Council Resolution Adopting an Operative Agreement. YIo . 97- 73 RCA Author. Robert J. Franz 0027524.01 .. 1010119712:13 PM R V ATTACHMENT #1 W" V RESOLUTION NO. 284 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH ADOPTING AN OPERATIVE AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH FOR THE HUNTINGTON BEACH REDEVELO MENT P OJECT WHEREAS, the City Council of the City of Hunting on Beach (the "City Council') adopted Ordinance Nos. 2576, 2577, 2578, 2582, and 2743 approving and adopting the Redevelopment Plan for the Yorktown -Lake Redevelopment Project, the Redevelopment Plan for the Talbert -Beach Redevelopment Project, the Redevelopment Plan for the Main -Pier Redevelopment Project, the Redevelopment Plan for the Oakview Redevelopment Project, and the Redevelopment Plan for the Huntington Center Cornmercial District Redevelopment Project, respectively; and The Redevelopment Agency of the City of Huntington Beach (the "Agency"} and the City of Huntington Beach (the "City") entered into a Cooperative Agreement, dated June 20, 1983, by which the City agreed to provide to the Agency certain assistance and to othenvise cooperate with the Agency in carrying out redevelopment projects; and Pursuant to the Cooperative Agreement, the Agency and City Council entered into Operative Agreements for the Yorktown -Lake, Talbert -Beach, Main -Pier, Oakview and Huntington Center Redevelopment Projects (the "Constituent Projects"), by which the City provided the Agency with both administrative and/or technical services, constructed required public improvements and facilities as appropriate and necessary, and provided funds to carry out the Constituent Projects; and Said Operative Agreements also identified the terms under which the Agency would reimburse the City for the associated costs of such services, improvements, facilities and funds; and SF:POI Resolut:Agnydebt 9126197.91 U The City Council adopted Ordinance No. 3343 on December 16,1996 amending and merging the Constituent Projects into the Redevelopment Plan for the Huntington Beach Redevelopment Project (the "Huntington Beach Redevelopment Project'); and It is now necessary and appropriate that the City Council and the Agency enter into a new Operative Agreement pursuant to the Cooperative Agreement, which will supersede the Operative Agreements for the Constituents Projects and will apply to the Huntington Beach Redevelopment Project; NOW, THEREFORE, the Redevelopment Agency of the City of Huntington Beach does resolve as follows: Section 1. That the Operative Agreement between the Redevelopment Agency and the City of Huntington Beach for the implementation of the Huntington Beach Redevelopment Project, attached hereto as "Attachment A," is approved. Section 2. That pursuant to the Operative Agreements for the Constituent Projects, the City provided financial assistance to the Agency, resulting in the following Agency debt to the City, which is to be carried forward to the Operative Agreement for the Huntington Beach Redevelopment Project: 2 sF:PCD:Reso1 ut:Agnydebt 9126197 - #I V Operative Agreement Debt at Oct. I. 1996 Merger of Project Areas Huntington Beach Project Main Pier Talbert Beach Oakview Yorktown Lake Huntington Center Area Nt TOW S 77,086,267 S 3.512,706 S 2.500,479 $ 1,461,193 S 4,994,991 S $ 99,555,637 (77,086,267) (3,512.706) (2,500,479) (1,461,193) (4,994,991) 89,355.637 Operative $ 0 S 0 S 0 S 0 S 0 S 89,555,637 S 89,555.637 Agreement Debt at June 3 0, 1997 Accrued Interest 10/1/96 to 6/30197 Accrued Interest 711 /97 to 9/30197 $udgetcd Repayments of Debt Other Reductions of Debt Operative Agreement Debt at 9130/97 1,232,823 1,232,823 410.941 410,941 (1,100,000) (1,100,000) (4.902.500) (4-902-500) Section 3. That the Amendments to Operative Agreements for the Constituent Projects, which are attached to the Operative Agreement for the Huntington Beach Redevelopment Project, are approved. Said amendments establish, as of the merger of the project areas, the Agency debt to the City in exchange for the financial assistance the City provided to the Agency for the Constituent Projects. Said Amendments further provide for the termination of the Operative Agreements, and the carrying forward of the Agency debt from the Operative Agreements for the Constituent Projects to the Operative Agreement for the Huntington Beach Redevelopment Project. 3 SF;PCD: Resolut:Agnydebt 9126/97 - M 1 MW Res. No. 284 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF HUNTINGTON BEACH ) I, CONNIE BROCKWAY, Clerk of the Redevelopment Agency of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Huntington Beach at an adjourned regular meeting of said Redevelopment Agency held on the 20th day of October,1997 and that it was so adopted by the following vote: AYES: Members: Julien, Harman, Dettloff, Bauer, Sullivan, Green, Garofalo NOES: Members: None ABSENT: Members: None ABSTAIN: Members: None /Oz'xw • cG �f� Clerk of the RedeveloprKent Agency of the City of Huntington Beach, Ca. G/resolutilresbkpg2lRes.281 V ATTACHMENT #2 RESOLUTION NO. 97-73 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH ADOPTING AN OPERATIVE AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH FOR THE HUNTINGTON BEACH REDEVELOPMENT PROJECT AREA WHEREAS, the City Council of the City of Huntington Beach (the "City Council") adopted Ordinance No. 2576 on September 20, 1982 approving and adopting the Redevelopment Plan for the Yorktown -Lake Redevelopment Project; and The City Council adopted Ordinance No. 2577 on September 20, 1982 approving and adopting the Redevelopment Plan for the Talbert -Beach Redevelopment Project; and The City Council adopted Ordinance No. 2578 on September 20, 1982 approving and adopting the Redevelopment Plan for the Main -Pier Redevelopment Project, and thereafter on September 6, 1983 by Ordinance No. 2634 amended the Redevelopment Plan for the Main -Pier Project; and The City Council adopted Ordinance No. 2582 on November 1, 1982 approving and adopting the Redevelopment Plan for the Oakview Redevelopment Project, and thereafter on July 5, 1989 by Ordinance No. 3002 amended the Redevelopment Plan for the Oakview Project; and The City Council adopted Ordinance No. 2743 on November 26, 1984 approving and adopting the Redevelopment Plan for the Huntington Center Commercial District Redevelopment Project; and The City and the Redevelopment Agency of the City of Huntington Beach (the "Agency") entered into a Cooperative Agreement, dated June 20, 1983, by which the City agreed to provide to the Agency certain assistance and to otherwise cooperate with the Agency in carrying out redevelopment projects; and SF:PCD: Resolut:Debt-924 9/25/97 - # 1 Pursuant to the Cooperative Agreement, the City Council and Agency entered into Operative Agreements for the Yorktown -Lake, Talbert -Beach, Main -Pier, Oakview and Huntington Center Redevelopment Projects (the "Constituent Projects"), by which the City provided the Agency with both administrative and/or technical services, constructed required public improvements and facilities as appropriate and necessary, and provided funds to carry out the Constituent Projects; and Said Operative Agreements also identified the terms under which the City was to be reimbursed for the associated costs of such services, improvements, facilities and funds; and The City Council adopted Ordinance No. 3343 on December 16, 1996 amending and merging the Constituent Projects into the Redevelopment Plan for the Huntington Beach Redevelopment Project (the "Huntington Beach Redevelopment Project"); and It is now necessary and appropriate that the City Council and the Agency enter into a new Operative Agreement pursuant to the Cooperative Agreement, which will supersede the Operative Agreements for the Constituents Projects and will apply to the Huntington Beach Redevelopment Project; NOW, THEREFORE, the City Council of the City of Huntington Beach does resolve as follows: Section 1. That the Operative Agreement between the City of Huntington Beach and the Redevelopment Agency for the implementation of the Huntington Beach Redevelopment Project, attached hereto as "Attachment A," is approved. Section 2. That pursuant to the Operative Agreements for the Constituent Projects, the City provided financial assistance to the Agency, resulting in the following Agency debt to the City, which is to be carried forward to the Operative Agreement for the Huntington Beach Redevelopment Project: 2 SF:PCD: Resolut: Debt-924 9/25/97 - # 1 V L� Operative Agreement Debt at Oct 1.1996 Dlerger of Project Areas Main Picr Talbert Beach Oakview Yorktown lake Huntington Center $ 77,086,267 S 3,512,706 S 2,500,479 S 1,461,193 S 4,994,991 (77,086,267) (3,512,706) (2,500,479) (1,461,193) (4,994,991) Huntington Beach Project Area N1 Total $ S 89,555,637 89,555,637 Operative $ 0 S 0 $ 0 S 0 $ 0 S 89,555,637 S 89,555,637 Agreement Debt at June 30,1997 Accrued Interest 10/I/96 to 6/30/97 Accrued Interest 711197 to 9/30197 Budgeted Repayments of Debt Other Reductions of Debt Operative Agreement Debt at 9130197 1,232,823 1,232,823 410,941 410,941 (1,100,000) (1,100,000) (4,902_5001 (4,902-500) S 85,196.902 S85.196-902 Section 3. That the Amendments to Operative Agreements for the Constituent Projects, which are attached to the operative Agreement for the Huntington Beach Redevelopment Project, are approved. Said amendments establish, as of the merger of the project areas, the Agency debt to the City in exchange for the financial assistance the City provided to the Agency for the Constituent Projects. Said Amendments further provide for the termination of the Operative Agreements, and the carrying forward of the Agency debt from the Operative Agreements for the Constituent Projects to the Operative Agreement for the Huntington Beach Redevelopment Project. 3 sF:PCD.Rcsolut: Dcb1-924 9125/97 - N 1 U IN ection4. The Mayor and the City Clerk are hereby authorized and directed to execute the agreements approved hereby. PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereo held on the 20th day of _ October ,1997. ATTEST: Awc• City Clerk REVIEWED AND APPROVED: City Administrator 4 SF:PCD: Rcsolut: Debt-924 9125197 - M 1 APPROVED AS TO FORM: r City, ttorney F n [ ni 5 r Y Director of ices V V STATE OF CALIFORNIA } COUNTY OF ORANGE ) ss: CITY OF HUNTINGTON BEACH ) Rcs. No. 97-73 I, CONNIE BROCKWAY, the duly elected, qualified City Clerk of the City of Huntington Beach, and ex-officio Clerk of the City Council of said City, do hereby certify that the whole number of members of the City Council of the City of Huntington Beach is seven; that the foregoing resolution was passed and adopted by the affirmative vote of at least a majority of all the members of said City Council at an regular meeting thereof held on the 20th day of October,1997 by the following vote: AYES: Julien, Harman, Dettloff, Bauer, Sullivan, Green, Garofalo NOES: None ABSENT: None 4L �� City Clerk and ex-offcio Clerk of the City Council of the City of Huntington Beach, California Cdrcsoiutilrcsbk p& 97-39 ATTACHMENT A OPERATIVE AGREEMENT NO. 1 AN AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH TO IMPLEMENT THE HUNTINGTON BEACH REDEVELOPMENT PROJECT THIS AGREEMENT is entered into this 20th day of October , 1997, by and between the CITY OF HUNTINGTON BEACH, a municipal corporation (herein "City') and the REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, 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"). LVIINESSETH: WfIEREAS, the City Council of the City of Huntington Beach (the "City Council") adopted Ordinance No. 2576 on September 20, 1982 approving and adopting the Redevelopment Plan for the Yorktown -Lake Redevelopment Project; and The City Council adopted Ordinance No. 2577 on September 20, 1982 approving and adopting the Redevelopment Plan for the Talbert -Beach Redevelopment Project; and The City Council adopted Ordinance No. 2578 on September 20, 1982 approving and adopting the Redevelopment Plan for the Main -Pier Redevelopment Project, and thereafter on September 6,1983 by Ordinance No. 2634 amended the Redevelopment Plan for the Main -Pier Project; and The City Council adopted Ordinance No. 2582 on November 1, 1982 approving and adopting the Redevelopment Plan for the Oakview Redevelopment Project, and thereafter on July 5, 1989 by Ordinance No. 3002 amended the Redevelopment Plan for the Oakview Project; and SPls:PCD:Agmc.0pagr924 RLS 97.676 9126197 - #2 IN 39 The City Council adopted Ordinance No. 2743 on November 26, 1984 approving and adopting the Redevelopment Plan for the Huntington Center Commercial District Redevelopment Project; and The City and Agency entered into a Cooperative Agreement, dated June 20, 1983, by which the City agreed to provide to the Agency certain assistance and to otherwise cooperate with the Agency in carrying out redevelopment projects; and Pursuant to the Cooperative Agreement, the City Council and Agency entered into Operative Agreements for the Yorktown -Lake, Talbert -Beach, Main -Pier, Oakview and Huntington Center Redevelopment Projects (the "Constituent Projects'), by which the City provided the Agency with both administrative and/or technical services, constructed required public improvements and facilities as appropriate and necessary, and provided funds to carry out the Constituent Projects; and Said Operative Agreements also identified the terms under which the City was to be reimbursed for the associated costs of such services, improvements, facilities and funds; and The City Council adopted Ordinance No. 3343 on December 16, 1996 amending and merging the Constituent Projects into the Redevelopment Plan for the Huntington Beach Redevelopment Project {the "Huntington Beach Redevelopment Project'; and It is now necessary and appropriate that the City Council and the Agency enter into a new Operative Agreement pursuant to the Cooperative Agreement, which wall supersede the Operative Agreements for the Constituents Projects and will apply to the Huntington Beach Redevelopment Project; NOW, THEREFORE, the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach agree as follows regarding City support of the implementation of the Huntington Beach Redevelopment Project: 2 SF/s:PCD:Agrce:0pa024 RLS 97.676 9r16N7 -12 %I SCCIL2131: City shall provide the necessary staff support to carry out the planning, engineering and administrative activities required to implement the Huntington Beach Redevelopment Project. Section 2. City shall assist the Agency in carving 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-o%Nmcd sites to the Redevelopment Agency at fair -market value. Section. 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 the Huntington Beach Redevelopment Project. Section 6. Prior to the date of this Agreement, the City provided financial assistance to the Agency pursuant to the Operative Agreements for the Constituent Projects, resulting in the following Agency debt to the City, which is hereby carried forward to this Operative Agreement for the Huntington Beach Redevelopment Project: 3 5FkP'CD:A&me:0paV924 RiS 97.676 9/26/97 • #2 U V Operative Agreement Debt at Oct. 1, 1996 Mergcr of Project Areas Huntington Mach Project Main Pier Talbert Beach Oakview Yorktown Lake Huntington Center Area NI Total S 77,086,267 S 3,512,706 S 2.500,479 $ 1.461,193 S 4,994,991 S S 89,555.637 (77,086,267) (3,512,706) (2,500,479) (1,461,193) (4,994,991) 89.555,637 Operative $ 0 S 0 $ 0 S 0 S 0 $89,555,637 S 89,555,637 Agreement Debt at June 30, 1997 Accrued interest 1011196 to 6130/97 1,232,823 1,232,823 Accrued Interest 711197 to 9/30/97 410,941 410,941 Budgeted Repayments of Debt (1.100,000) (1,100,000) Other Reductions of Debt _ (4902-500) (4.902-50J Operative Agreement Debt at 9/30/97 S 85 26 QQ2 S85.196�, In order to carry forward said Agency debt, the City and Agency hereby approve the following amendments to the Operative Agreements for the Constituent Projects, which are attached hereto as Exhibits: 1. Amendment No. 15 to Operative Agreement No. 5 Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach For Implementation of the Huntington Center Commercial District Redevelopment Project Area; 2. Amendment No. 15 to Operative Agreement No. 4 Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach For Implementation of the Yorktown -Lake Redevelopment Project Area; 3. Amendment No. 16 to Operative Agreement No. 3 Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach For Implementation of the Oakview Project Area; 4 SF/s:PCD:Agree:0pa024 ILLS 97-676 9)26197 - N2 U U 4. Amendment No. 16 to Operative Agreement No. 2 Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach For Implementation of the Main Pier Project Area; and 5. Amendment No. 16 to Operative Agreement No. 1 Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach For Implementation of the Talbert/Beach Project Area. Said Amendments establish, as of the merger of the project areas, the Agency debt to the City in exchange for the financial assistance the City provided to the Agency for the Constituent Projects. Said Amendments further provide for the termination of the Operative Agreements, and the carrying forward of the Agency debt from the Operative Agreements for the Constituent Projects to this Operative Agreement for the Huntington Beach Redevelopment Project. Section 7. City shall be reimbursed for all future 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 g. This document has been authorized to be executed by action taken by the Huntington Beach City Council on October 20 , 1997, by Resolution No. 97-73 , and by the Redevelopment Agency of the City of Huntington Beach on October 20 _, 1997, by Resolution No. 284. Section 9. 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 unconstitutionality or unfeasibility shall not affect the remainder of the agreement. 5 SF/s:PCD:Agrcc:0pagr924 RLS 97-676 9/26197 - p2 N U IN WITNESS WHEREOF, the parties hereto have executed this document as of the date first above written. REDEVELOPMENT AGENCY Chairperson ATTEST: 4�<• 4L4C� - Agency Clerk INITIATED AND APPROVED: 64 c. Director of Economic Development APPROVED AS TO FORM: CITY OF HUNTINGTON BEACH ATTEST: City Clerk Deputy City ,�� APPROVED: City Attorney/Agency Counsel �r City Administrator yeti l S Fls: PC D: A gm: opagr924 RIS 97-676 W26W -N2 u u Exhibit 1 AMENDMENT NO. 15 TO OPERATIVE AGREEMENT NO.5 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH 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 $ 4,994,992 Decrease (4.994,992) Decreased 7/1/96 to 1/16/97 New Balance -0- 2. This amendment terminates Operative Agreement No. 5 for the Huntington Center Project Area. Approved by the City Council of the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 20th day of October .1997. ATTEST: 4�� ��� - City Clerk REVIE � AND APPROVED /j IZ �t ity Administrator SF/sTMAgrecopa-9-97 RLS 97-676 9/25/97 - #2 CITY OF HUNTINGTON BEACH APPROVED AS TO FORM: r-2-/ sty Attorney �l/ / / /1-1 / Administrative Services REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH A � � A Chairperson ATTEST: APPROVED AS TO FORM: ;1 Agency Clerk A fy Counsel c{�' pee REVIEWED AND APPROVED: Chief Executive Director SF1s: MAgrcc opa-9-97 RLS 97-676 9125/97.12 m u Exhibit 2 AMENDMENT NO. 15 TO OPERATIVE AGREEMENT NO.4 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH 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: SECTION 5 - In addition to the above stated assistance provided by the City to the Agency, the Agency debt is as follows: Previous Balance $ 1,461,194 Decrease (1.461,194) Decreased 7/l/96 to 1/16/97 New Balance $ -0- 2. This amendment terminates Operative Agreement No. 4 for the Yorktown/Lake Project Area. Approved by the City Council of the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 20th day of October , 1997. ATTEST: City Clerk 10-1 CITY OF HUNTINGTON BEACH APPROVED AS TO FORM: 'k) U4� q7 City Attorney Deputy City Services SF/s:PCD:Agee:opa-9-97 RLS 97-676 9/25/97 - #2 V ATTEST: Agency Clerk REVIEWED AND AP ROVED: jf C ief Executi a Director 5F/s:PCD:AZmc:opa-9-97 RLS 97-676 9125/97 - N2 REDEVELOPMENT AGENCY OF THE CITY OF f[UNTINGTON BEACH FIE 1 01 /, MWI I m APPROVED AS TO FORM: Ag. e�cy Counsel � V. ,, V M Exhibit 3 AMENDMENT NO. 16 TO OPERATIVE AGREEMENT NO.3 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OFHUNTINGTON BEACH 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 Oakview 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 $ 2,500,479 Decrease (2.500.479) Decreased 10/1/96 to 1/16/97) New Balance $ -0- 2. This amendment terminates Operative Agreement No. 3 for the Oakview Project Area. Approved by the City Council of the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 20th day of october _ ,1997. ATTEST: CITY OF HUNTINGTON BEACH Mayor APPROVED AS TO FORM: City Clerk City Attorney L� VIEWED AND'APPROVED VINDVPROV City Administra or eputy City dminis or/ Administrati a Servi s SFIs:FMAgmempa-9-97 - RLS 97-676 3 9R5/97 - #2 Q ATTEST: 4G Agency Clerk REVIEWED AND APPROVED: xecutive Director SF/sTMAgree:opa-9-97 RLS 97-676 9125/97 - N2 REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH Ch irpers n APPROVED AS TO FORM: A, J- I Agency Counsel �,- M Exhibit 4 U L49 AMENDMENT NO. 16 TO OPERATIVE AGREEMENT NO.2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH FOR IMPLEMENTATION OF THE MA1N/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: $ECTIQN 5 - In addition to the above stated assistance provided by the City to the Agency, the Agency debt is as follows: Previous Balance $ 79, 086,267 Decreased (79,086_261 Decreased 011196 to 1/16197 New Balance $ -0- 2. This amendment terminates Operative Agreement No. 2 for the Main/Pier Project Area. Approved by the City Council of the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 20th day of .Ortnbpr , 1997. ATTEST: _4G City Clerk' . RE WED AND APP VED i dministrato SrlsTMAgrecopa-9-97 RLS 97-676 9r25197 - M2 CITY OF HUNTINGTON BEACH APPROVED AS TO FORM: 0 rCity Attorney 40 _w2b- 14 Administrative Services V V ATTEST: Z�e; Agency Clerk - EWED AND APPROVED: i C -ef Executive Direcfor SFIs:PCD:Agme:opa-9-97 RIS 97-676 9125197 - N2 REDEVELOPMENT AGENCY OF THE CITY OF HUNT7NGTON BEACH ChArperdn' APPROVED AS TO FORM: AgTpcy C unsel �,�[�� ` Q V Exhibit 5 V 39 AMENDMENT NO.16 TO OPERATIVE AGREEMENT NO. 1 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH FOR IMPLEMENTATION OF THE TALBERTBEACH PROJECT AREA. Operative Agreement No. 1 between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach for the implementation of the Talbert/Beach project area is hereby amended as follows: 1. Section 5 is amended to read as follows: ,SF,CTION 5. In addition to the above stated assistance provided by the City to the Agency, the Agency debt is as follows: Previous Balance $ 3,512,706 Decrease (3,512.7061 Decreased 10/1196 to 1/16197 New Balance $ -0- 2. This amendment terminates Operative Agreement No. 1 for the Talbert/Beach Project Area. Approved by the City Council of the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 20th day of car-tnhpr , 1997. ATTEST: 4G City Clerk - V WED AND APPROVED G City Administrator SFIsTMAgreempa-9-97 RLS 97-676 9/25197 - N2 CITY OF HUNTINGTON BEACH APPROVED AS TO FORM: tibhr-ity Attorney. . k �� Q Administrative r. ATTEST: Agency Clerk REVIEWED AND APPROVED: SF/s:PCD:Agme:opa-9-97 RLS 97.676 9125/97 - #2 REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH C airpe on APPROVED AS TO FORM: A�J- Agen y dounsel ATTACHMENT A U J OPERATIVE AGREEMENT NO. 1 AN AGREEMENT BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH TO IMPLEMENT THE HUNTINGTON BEACH REDEVELOPMENT PROJECT THIS AGREEMENT is entered into this loth day of October ,1997, by and between the CITY OF HUNTINGTON BEACH, a municipal corporation (herein "City') and the REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, 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'). AITXES&EM WHEREAS, the City Council of the City of Huntington Beach (the "City Council') adopted Ordinance No. 2576 on September 20, 1992 approving and adopting the Redevelopment PIan for the Yorktown -Lake Redevelopment Project; and The City Council adopted Ordinance No. 2577 on September 20, 1982 approving and adopting the Redevelopment Plan for the Talbert -Beach Redevelopment Project; and The City Council adopted Ordinance No. 2578 on September 20, 1982 approving and adopting the Redevelopment Plan for the Main -Pier Redevelopment Project, and thereafter on September 6, 1983 by Ordinance No. 2634 amended the Redevelopment Plan for the Main -Pier Project; and The City Council adopted Ordinance No. 2582 on November 1, 1982 approving and adopting the Redevelopment Plan for the Oakview Redevelopment Project, and thereafter on July 5, 1989 by Ordinance No. 3002 amended the Redevelopment Plan for the Oakview Project; and SF/s:PCD:Agne:Opagr924 RLS 97.676 9/26197 - 02 A The City Council adopted Ordinance No. 2743 on November 26, 1984 approving and adopting the Redevelopment Plan for the Huntington Center Commercial District Redevelopment Project; and The City and Agency entered into a Cooperative Agreement, dated June 20,1983, by which the City agreed to provide to the Agency certain assistance and to other%Nise cooperate with the Agency in carrying out redevelopment projects; and Pursuant to the Cooperative Agreement, the City Council and Agency entered into Operative Agreements for the Yorkto«m-Lake, Talbert -Beach, Main -Pier, Oakview and Huntington Center Redevelopment Projects (the "Constituent Projects"), by which the City provided the Agency with both administrative and/or technical services, constructed required public improvements and facilities as appropriate and necessary, and provided funds to carry out the Constituent Projects; and Said Operative Agreements also identified the terms under which the City was to be reimbursed for the associated costs of such services, improvements, facilities and funds; and The City Council adopted Ordinance No. 3343 on December 16, 1996 amending and merging the Constituent Projects into the Redevelopment Plan for the Huntington Beach Redevelopment Project (the "Huntington Beach Redevelopment Project"); and It is now necessary and appropriate that the City Council and the Agency enter into a new Operative Agreement pursuant to the Cooperative Agreement, which will supersede the Operative Agreements for the Constituents Projects and mill apply to the Huntington Beach Redevelopment Project; NOW, THEREFORE, the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach agree as follows regarding City support of the implementation of the Huntington Beach Redevelopment Project: 2 Sr/sTCD:Agme:0pagr924 RLS 97-676 9/26/97 - N2 V A9 Section1: City shall provide the necessary staff support to carry out the planning, engineering and administrative activities required to implement the Huntington Beach Redevelopment Project. 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 A. 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 the Huntington Beach Redevelopment Project. Semen 6. Prior to the date of this Agreement, the City provided financial assistance to the Agency pursuant to the Operative Agreements for the Constituent Projects, resulting in the following Agency debt to the City, which is hereby carried forward to this Operative Agreement for the Huntington Beach Redevelopment Project: 3 SF/s:PCa:A&me:0pa024 RLS 97-676 912W7 - 92 U Huntington Beach Project Main Pier Talbert Beach Oak -view Yorktown Lake I luntington Center Area N t Total Operative S 77,086,267 $ 3,512,706 S 2,500,479 S 1,461,193 S 4,994,991 S S 89,555,637 Agreement Debt at Oct 1,1996 4P• Merger of (77,086,267) (3,512,706) (2,500,479) (1,461,193) (4,994,991) 89,555,637 Project Areas Operative Agreement Debt at June 3 0, 1997 S 0 S 0 $ 0 S 0 S Accrued Interest 10/1/96 to 6/30/97 Accrued Interest 7/1/97 to 9/30/97 Budgeted Repayments of Debt Other Reductions of Debt Operative Agreement Debt at 9/30/97 0 S 89,555,637 S 89,555,637 1,232,823 1,232,S23 410,941 410,941 (1,100,000) (1,100,000) 64.9025001 $ 85.196.902 (4-902-500) S85.196.902 In order to carry forward said Agency debt, the City and Agency hereby approve the following amendments to the Operative Agreements for the Constituent Projects, which are attached hereto as Exhibits: 1. Amendment No. 15 to Operative Agreement No. 5 Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach For Implementation of the Huntington Center Commercial District Redevelopment Project Area; 2. Amendment No. 15 to Operative Agreement No. 4 Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach For Implementation of the Yorktown -Lake Redevelopment Project Area; 3. Amendment No. 16 to Operative Agreement No. 3 Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach For Implementation of the Oakview Project Area; 4 SF/s:PCD:Agrce:0pagr924 RiS 97-676 9/26197 - N2 09 V d. Amendment No. 16 to Operative Agreement No. 2 Between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach For Implementation of the Main Pier Project Area; and 5. Amendment No. 16 to Operative Agreement No. 1 Between the City of Huntington Beach and a. the Redevelopment Agency of the City of Huntington Beach For Implementation of the Talbert/Beach Project Area. Said Amendments establish, as of the merger of the project areas, the Agency debt to the City in exchange for the financial assistance the City provided to the Agency for the Constituent Projects. Said Amendments further provide for the termination of the Operative Agreements, and the carrying forward of the Agency debt from the Operative Agreements for the Constituent Projects to this Operative Agreement for the Huntington Beach Redevelopment Project. Section 7. City shall be reimbursed for all future 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. SUtion ga. This document has been authorized to be executed by action taken by the Huntington Beach City Council on Qc tnher 71) ,1997, by Resolution No. 97-73 , and by the Redevelopment Agency of the City of Huntington Beach on _. o--toter2b _ _, 1997, by Resolution No. ,284 . Seciion9. 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 unconstitutionality or unfeasibility shall not affect the remainder of the agreement. 5 SFIs:PCR:Agrte:0pa024 RLS 97.676 9r26/97 - N2 WE V IN WITNESS WHEREOF, the parties hereto have executed this document as of the date first above written. REDEVELOPMENT AGENCY 144� 49?��4� Chairperson ATTEST: • cG _ �� Agency Clerk zD AND PROVED; z.f Economic Development APPROVED AS TO FORM: A-t� City ttorney/Agency Counsel , c�12 SF/s:PCD:Ag=:0pagr924 RLS 97-676 9r26197 - N2 CITY OF HUNTINGTON BEACH Mayor LAST: �G riry riPry ity Administ ator u V Exhibit 1 AMENDMENT NO.15 TO OPERATIVE AGREEMENT NO.5 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH 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 $ 4,994,992 Decrease (4.994-9921 Decreased 7/1196 to 1/16/97 New Balance -0- 2. This amendment terminates Operative Agreement No. 5 for the Huntington Center Project Area. Approved by the City Council of the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 20th day of October 1997. ATTEST: eloo:wcG City Clerk VIEWED AND APPROVED 9AityyAdministrator SF/s:PCD:Agrce:opa-9-97 RE S 97-676 9/25197 - #2 CITY OF HUNTINGTON BEACH APPROVED AS TO FORM: fP City Attomey e � Ek uty City Admidistra Administrative Services REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH ATTEST: APPROVED AS TO FORM: 40<� > Agency Clerk A e y Counsel REVIEWED AND APPROVED: ftxecutive Director SF/s: PCD:Agrce:opa-9-97 RLS 97-676 9125197 . #2 V Exhibit 2 V AMENDMENT NO. 15 TO OPERATIVE AGREEMENT NO.4 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH 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 Yorkto%vn/Lake project areas is hereby amended as follows: 1. Section 5 is amended to read as follows: SF.CTIQ 5- - In addition to the above stated assistance provided by the City to the Agency, the Agency debt is as follows: Previous Balance $ 1,461,194 Decrease Decreased 7/1/96 to 1/16/97 New Balance $ -0- 2. This amendment terminates Operative Agreement No. 4 for the Yorktown/Lake Project Area. Approved by the City Council of the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 20th day of October ,1997. ATTEST: City Clerk REVIEWED AND APPROVED ity Administr`aEor SF/s:PCD:Agrce:opa-9-97 RLS 97-676 9/25/97 - R2 �tt/f CITY OF HUNTINGTON BEACH APPROVED AS TO FORM: Attorney Administrative u ATTEST: • 4�<�G Agency Clerk REVIEWED AND APPROVED: lvef xecutive Director l/ SF/s:PCD:Agrmopa-9-97 RLS 97-676 9/25/97 - R2 REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH Chairperson APPROVED AS TO FORM: kW� Agency Counsel �. V V Exhibit 3 V u AMENDMENT NO.16 TO OPERATIVE AGREEMENT NO.3 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OFHUNTINGTON BEACH 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 Oakview project area is hereby amended as follows: 1. Section 5 is amended by adding the following language to read as follows: SECTIQhI- - In addition to the above stated assistance provided by the City to the Agency, the Agency debt is as follows: Previous Balance $ 2,500,479 Decrease Decreased 1011196 to 1116/97) New Balance $ -0- 2. This amendment terminates Operative Agreement No. 3 for the Oalcview Project Area. Approved by the City Council of the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 20th day of car-rnrpr , 1997. ATTEST: _ City Clerk IEWED AND A Z ED // City Administrator $FIsTMAgreempa-9-97 RLS 97-676 �L 9/25)97 - N2 CITY OF HUNTINGTON BEACH APPROVED AS TO FORM: u U ATTEST: eee�� 4��� Agency Clerk _ _- REVIEWED AND APPROVED: xecutive Director SF/sTMAgre :opa-9-97 RLS 97-676 9125/97 - 92 REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH Chairperson APPROVED AS TO FORM: 1 Agen y bounsel V V Exhibit 4 V U AMENDMENT NO. 16 TO OPERATIVE AGREEMENT NO.2 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH 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: SECTIQN5 - In addition to the above stated assistance provided by the City to the Agency, the Agency debt is as follows: Previous Balance $ 79, 086,267 Decreased (79,086,262) Decreased 011/96 to 1/I6/97 New Balance $ -0- 2. This amendment terminates Operative Agreement No. 2 for the Main/Pier Project Area. Approved by the City Council of the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the loth clay of October , 1997. ATTEST: a City Clerk - IEWED AND AA OV D Ci Administrator Agree:opa-9-97 RLS 97-676 CD �4 , 9/25197 - N2 CITY OF HUNTINGTON BEACH Ma or APPROVED AS TO FORM: 0 V ATTEST: Agency Clerk REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH Afe �� Chairperson APPROVED AS TO FORM: AW,". y Counsel � Age AND APPROVED: ���I - -- � �",, �- 7 rIIllz-: 4 A f xecutive Director SFIs:PCD:Agme:oga-9-97 RLS 97-676 9125/97 • N2 V Exhibit 5 ME AN ENDMENT NO. 16 TO OPERATIVE AGREEMENT NO. 1 BETWEEN THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH FOR IMPLEMENTATION OF THE TALBERT/BEACH PROJECT AREA. Operative Agreement No. 1 between the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach 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 $ 3,512,706 Decrease (3-512,706) Decreased 10/1/96 to 1/16/97 New Balance $ -0- 2. This amendment terminates Operative Agreement No. 1 for the Talbert/Beach Project Area. Approved by the City Council of the City of Huntington Beach and the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 20th day of October , 1997. ATTEST: • cL 4 Leac� — City Clerk REVIEWED AND APP OVED City Xdministrator SF/sTMAgrccope-9-97 RLS 97-676 9115197 - A'Z V. CITY OF HUNTINGTON BEACH APPROVED AS TO FORM: Administrative Services IN U ATTEST:- , e L�?� — Agency Clerk � ` REVIEWED APPROVED: ie Executive Director sF/s:PCD:Agme:opa-9-97 RLS 91-676 9125/97 - #2 REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH ' WaA �. r. APPROVED AS TO FORM: A-C�-X_d� — -W AgWicy C unsel�l `t Olt 11 Res. No. 346 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss CITY OF HUNTINGTON BEACH ) I, CONNIE BROCKWAY, Clerk of the Redevelopment Agency of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Huntington Beach at a regular meeting of said Redevelopment Agency held on the 17th day of November 2003 and that it was so adopted by the following vote: AYES: Sullivan, Coerper, Green, Boardman, Cook, Houchen, Hardy NOES: None ABSENT: None ABSTAIN: None d 9zi ?� � Clerk of the Redevelopment Agency of the City of Huntington Beach, CA