HomeMy WebLinkAboutRedevelopment Agency - Financial Statements/Reports - RDA Re f C3 /0
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' CITY.-:OF HUNTINGTON BEA,
INTER-DEPARTMENT COMMUNICATION � �
HUNTINGTON BEACH
To Michael T. Uberuaga, From Robert J. Franz,
City Administrator City Administrator
Subject FUNDING SOURCE-MUSHROOM Date May 7, 1990
FARM DEMOLITION
Agenda Item F-12, on tonight's City Council agenda, indicates that the funding source for
this $400,000 project is "Certification of Participation Issues of 1988/89". This statement
in the RCA has caused some confusion as to the intended funding source. Therefore,
following is the recommended source of funding for this project:
Funding Source
Main-Pier Redevelopment Project Area Capital Improvement Funds - The Mushroom Farm ss
property has been purchased with a combination of General Funds, Redevelopment Funds,
and Park Acquisition and Development Funds. The intended use of the land is for Central
Park. Redevelopment Funds have been used because the interim use of the land is for a
mobile home relocation park related to the Main Pier Redevelopment Project Area. :.-
Therefore, the use of Redevelopment Funds for the demolition is recommended.
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2) Complete Gothard-Hoover extension review by the Public Utilities Commission
and, if approved, finalize construction plans and specifications.
3) Complete plans and specifications for Center Avenue widening and initiate
construction of the project.
4) Complete the specific plan of street alignment for Edinger corridor and request
City Council adoption.
5) Subject to the availability of financing, secure City Council/Agency approval for
landscape concept plan for the I-405/Beach Boulevard/Center Avenue freeway
access area.
6) Cooperate with the Orange County Transportation Authority toward construction
of the Golden West Transportation Terminal.
7) Complete the Auto Mall Feasibility Analysis and implement recommendations
regarding signage, marketing, and land acquisition.
8) Work cooperatively with the Huntington Beach Mall toward future expansion.
9) Actively recruit high-volume retail businesses to the Project Area.
10) Prepare and present for the Agency's consideration a Disposition and
Development Agreement for the Agency-owned site between McFadden and
Center Avenues.
11. HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS
AND ACHIEVEMENTS FOR FISCAL YEAR 1990/91
The following is a review of the goals and achievements for fiscal year 1990/91:
1) Complete traffic signal studies on Center Avenue and install lights where
necessary.
2) Acquire parcels from McFadden Avenue to Bolsa Avenue for the Gothard-Hoover
realignment.
3) Develop conceptual development plans for Huntington Center and the
commercial area south of Edinger and begin implementation of the development
plans.
4) Construct OCTD Transportation terminal/office project at Gothard Street and
Center Avenue.
5) Complete Edinger corridor study and begin implementation of recommended
transportation improvements.
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6) Complete engineering and construction drawings for the Gothard Street
realignment.
7) Underground utilities on Edinger Avenue within the project area.
YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA
I. YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR
FISCAL YEAR 1991/92
The following is a summary of the Agency's Work Program for the Yorktown-Lake
Redevelopment Project Area for fiscal year 1991/92:
1) Prepare a financial plan for long-term improvements to the Civic Center.
2) If financing is identified, hire an architect and other services to conduct a space
utilization study of the Civic Center and prepare design feasibility drawings of
desired improvements.
3) Monitor completion of the construction of the private residential project.
II. YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1990/91
The following is a summary of the goals and achievements for fiscal year 1990/91:
1) Prepare a financial plan for improvements to the Civic Center and parking
facilities.
2) Complete final design and construction drawings for Civic Center expansion and
parking facilities.
3) Complete construction of the residential portion of the project area.
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RECOMMENDED LEGISLATION TO ENHANCE REDEVELOPMENT
The Huntington Beach Redevelopment Agency, through its participation in various
statewide organizations, is currently assessing and reviewing the need for new
legislation that would assist the City in its redevelopment activity.
DESCRIPTION OF THE HUNTINGTON BEACH REDEVELOPMENT AGENCY'S
ACTIVITIES AFFECTING HOUSING AND DISPLACEMENT:
HUNTINGTON BEACH REDEVELOPMENT AGENCY
1) During fiscal year 1990/91, approximately 1 business and 50 individual households
were relocated from all project areas.
2.) During these fiscal years, approximately 50 housing units for very low, low and
moderate income families were removed due to Redevelopment Agency activity.
0408 R
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ANNUAL REPORT OF FINANCIAL TRANSACTIONS PAGE 0 2
OF COMMUNITY REDEVELOPMENT AGENCIES
t. ACHIEVEMENT INFORMATION
(UNAUDITED)
FISCAL YEAR ENDED 1! , 19 LI� AGENCY NAME 46i7 T// 74 13PLT e—'
INDICATE ONLY THOSE ACHIEVEMENTS COMPLETED DURING THE FISCAL YEAR OF THIS REPORT
AS A DIRECT RESULT OF THE ACTIVITIES OF THE REDEVELOPMENT AGENCY.
ENTER THE AMOUNT OF SQUARE SQUARE FOOTAGE COMPLETED
PLEASE PROVIDE A DESCRIPTION OF THE AGENCY'S ACTIVITIES/ FOOTAGE COMPLETED THIS YEAR
ACCOMPLISHMENTS DURING THE PAST YEAR. USE ADDITIONAL FORMS BY BUILDING TYPE AND A
AS NEEDED. SEGREGATED BY NEW OR NEW
PLEASE BE SPECIFIC;AS THIS INFORMATION WILL BE THE BASIS REHABILITATED CONSTRUCTION. CONSTRUCTION REHABILITATED
FOR POSSIBLE INCLUSION RV 7YIE PUBLICATION.
COMMERCIAL BUILDINGS 1 lei DO 0
INDUSTRIAL BUILDINGS 2
ACHIEVEMENT INFORMATION: The Agency has five
project areas: Main-Pier, Yorktown-Lake, PUBS C�BUILDI
'� S 3
Talbert-Beach, Oakview, and Huntington
Center. The majority of activities were in OTHER BOILDINGS 'sue 4 3 7 SDO
the two anchor areas: Main-Pier, located in
the downtown area, and Huntington Center, TOTAL SQUARE FOOTAGE 5 7 5-00 �, D O
which features a 969,000 sf retail facility • �•�::4.•., v
+,K+'+• + :?, ..K Ax.:{•::•>:.>:r:;2<: •<•:::r;"i:::::::ii:i;:;`< •:5::........ii is
near the I-405 freeway. ,�.�'::<::•>� {.>:<->;<:>•:,:;•>r::
In Main-Pier, the ;::::z:•>,,, . ;:.>:>< »:::
ENTER THE NUMBER OF JOBS ��;:,:sw,•. :.�.�hxh�.,;x::::::::;>:;.; :.;;;:•;:;•;::•;:.;::;.;:;::;::::::::::.:::.:...
Agency consolidated properties for
main-PierPhase IIprovided funding for commercial CREATED FROM TH
E ACTIV
ITIES
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and completed
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public improvements.
APPROPRIATE CODES .{<�::•....;•.::::r:::•;•:.x.:.:�••:s;:z�>�:::»:<:<:::>:>.:::;•<:;>:z>:::»::>:;>::::>::>::»::>:::>:>:><::>::>
In Huntington ENTER THE AP < :.,..,,.,,,•,..;.,,y,.,,,...,,
n Center, the Agency �>::4:>w.k::�,•:.;;;::y- 4�:.��:<::::::::�::::::::::>::::>::>::::>;>::::>::: �:.:>::::>::»::::>:::::
g g ncy worked on .............
INDICATE EACH TYPE OF s. �;>..,.,,: ;a{ '<;:>•'::<>?>:::::;:»>«::?.>.:::<:::>•.>:>?::>:::::= < ::::
the transportation c' TO :::::>::>::»::::
p circulation needs,
reion PUBLIC FACILITY COMPLETED : ;:,;:_::.:_.:.;;:,:•::,.,.:::r
g al transportation needs retail �� •:� :<::<:. }h(;>;;: :
THIS YEAR.
s i na a and other programs . :>>:>::> >
g g p grams to bolster this
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major
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ail
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The Agency initiated i
^ negotiations for affordable housing in TYPES COMPLETED (A-F ONLY 7 C
several project areas. Administratively, the Department of Economic Development was A=UTILtTIES C=LANDSCAPING E=STREETS&ROADS
reorganized and some staff was relocated from B=RECREATION D-SEWER&STORM F=BUS/TRANSIT
the downtown area to the Civic Center.
ANNUAL REPORT OF FINANCIAL TRANSACTIONS PROJECT AREA
OF COMMUNITY REDEVELOPMENT AGENCIES COVER SHEET
PROJECT AREA REPORT
PAGE 0 1
STATE USE ONLY STATE USE ONLY
PROJECT AREA m*
PLEASE AFFIX LABEL AND CORRECT IF NECESSARY
GENC'Y AND PROJECT AREA NAME
30376048
MAIN PIER PROJECT AREA
REDEVELOPMENT AGENCY OF THE CITY
OF HUNTINGTON BEACH
REVIEWED ICIZARM
PLEASE PROVIDE A BRIEF DESCRIPTION OF THE ACTIVITIES FOR THIS DATE PROJECT AREA WAS ESTABLISHED c
PROJECT AREA DURING THE REPORTING YEAR. (MM-DD-YYI (1)
MOST RECENT DATE PROJECT AREA
AS AMENDED. (Mnw)-Yn 2 - �� -
MAIN-PIER: Completed negotiations and MOST RECENT DATE PROJECT AREA
approved an Owner Participation Agreement for WAS MERGED. (MM-DD-YrI 3 - -
the development of a 48,000 sf mixed use ESTIMATED COMPLETION DATE
retail/office complex and a 36,000 sf mixed (YEAaoNLYj 4 p�0/
use project including 68 residential units ESTABLISHED LIMIT FOR BONDED
P 7 g r INDEBTEDNESS (IF APPLICABLE).
33 of which will be made available to first MWTH AND SAFM CODE SEMON33334.1. 6 $ 77.500 OOU
time buyers at below market interest rates. ESTABLISHED LIMIT FOR TAX INCREMENT
Construction will begin in 1992. Continued REVENUES. (IF APPLICABLE).
the commercial facade rehabilitations in the HEALTH AND SAFETY CODE SECTION 33333.2 AND 33333.4. 6 $ DOG
2nd block of Main Street Demonstration SIZE OF PROJECT AREA IN ACRES. 7 33s°
Project, as well as began constructing the PERCENTAGE OF LAND VACANT AT THE
public improvements (e.g. undergrounding INCEPTION OF THE PROJECT AREA.
utilities, paving of new alley, enhancement HEALTHAND SAFETY CODE SEMON33320.1 (XX.X%) 8 . e)%
of the pedestrian pass thrus. Began PERCENTAGE OF LAND DEVELOPED AT
construction of a new two-story, 9,000 sf THE INCEPTION OF THE PROJECT AREA.
retail/office structure as part of the HEATH AND SAFETY CODE SECTION 33320.1 (XX.X%) 9
Demonstration Project. Authorized the OBJECTIVES OF THE PROJECT AREA
rehabilitation of the U.S. Post Office AS SET FORTH IN THE PROJECT 10
AREA downtown, in conjunction with the federal Pam' R RESIDENTIAL
j THE APPROPRUTE CooE(Si I - INDUSTRIAL
government. Began negotiations with a IN smxm4a AS SHOWM. C - COMMERCIAL
developer and property owners for the P = PUBIC
development of a mixed use project consisting o = OTHER
of 100 residential units and 40,000 sf of
commercial/retail/office space.
YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA
I. YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA: WORK PROGRAM
FOR FISCAL YEAR 1985/86:
The work program for the Yorktown-Lake Redevelopment Project Area for
fiscal year 1985/86 represents the fourth year of a multi-year program of
implementation. Projects for the coming fiscal year detail planning and
feasibility studies to determine possible development alternatives.
The following is a summary of the Agency's work program for the
Yorktown-Lake Redevelopment Project Area of 1985/86:
PROJECT DESCRIPTION ESTIMATED COST
Appraisals $ 330.00
Legal Services/DDA H.B. Company $ 500.00
Printing Services $ 29580.00
Implementation of Private Improve. N/A
H. YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS
AND ACHIEVEMENTS FOR FISCAL YEAR 1984/85:
A work program budget was adopted by the Huntington Beach Redevelopment
Agency for this upcoming fiscal year. This budget called for planning studies
concerning the development of the Yorktown-Lake Redevelopment Project
Area. The City has been working closely with the Huntington Beach Company
in the coordination of a suitable plan.
The following is a review of the goals and achievements for the 1984/85 fiscal
year:
PROJECT-DESCRIPTION STATUS COST
Development Proposals To be Completed -0-
FY 85/86
8.
HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA
I. HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA: WORK
PROGRAM FOR FISCAL YEAR-1985/86:
The Work Program for the Huntington Center Redevelopment Project Area for
fiscal year 1985/86 represents the first year of a multi-year program of
implementation projects for the coming fiscal year, including a planning study
to determine potential development alternatives.
The following is a summary of the Agency's work program for the Huntington
Center Redevelopment Project Area of 1985/86.
PROJECT DESCRIPTION ESTIMATED COST
Appraisals $ 3,300.00
Legal Services $ 2,000.00
Planning Study $ 30,000.00
Feasibility Study $ 82,000.00
DDA and OPA Private
and Public Improvements N/A
II. HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA: REVIEW' OF
GOALS AND ACHIEVEMENTS FOR FISCAL YEAR 1984/85:
The following is a review of the goals and achievements for the 1984/85 fiscal
year:
PROJECT DESCRIPTION STATUS COST
Adoption of Completed $ 30,122
Redevelopment Plan 11/84
RECOMMENDATION FOR NEEDED LEGISLATION TO ENHANCE REDEVELOPMENT:
The Huntington Beach Redevelopment Agency, through its participation in various
statewide organizations, is currently assessing and reviewing the need for legislation.
9.
I
DESCRIPTION OF THE HUNTINGTON BEACH REDEVELOPMENT AGENCY'S
ACTIVITIES AFFECTING HOUSING AND DISPLACEMENT:
HUNTINGTON BEACH REDEVELOPMENT AGENCY
1) During the 1984/85 fiscal year, no households were relocated from any project
area.
2) During the 1985/86 fiscal year, two households are expected to be relocated
from the Talbert-Beach Project Area. It is not anticipated that any other area
will experience any displacement.
3) During the 1984/85 fiscal year, no housing for low-and-moderate income
families was destroyed due to redevelopment agency activity.
4) During the 1984/85 fiscal year, 164 units of housing was constructed for
citizens of low-to-moderate income level in the Talbert-Beach Redevelopment
Project Area.
0425 H
10.
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
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FOR THE FISCAL YEAR ENDED JUNE 30, 1988
1
1
REDEVELOPVWNT AGENCY OF THE
CITY OF HUNTINGTON BEACH
FINANCIAL STATEMENTS
WITH REPORT Oa EZ MKATI0N BY
CERTIFIED PUBLIC ACCOUNTANTS
JUNE 30, 1988
1
i
1
DIEHL EVANS D NALDPETER E. ERER, PA CPA
([\`� T L.PETER SCHEREA,CPA
`7(,COMPL 11 \ 1 RODNEY K.McDANIEL,CPA
RALPH H.WEINTRAUB,CPA
CERTIFlED PUBLIC ACCOUNTANTS
MICHAEL R.LUDIN,CPA
ROBER
A PARTNERSHIP INCLUDING ACCOUNTANCY CORPORATIONS PHILIP R.WINE,CPA
'
HILIP H.HOLTKAMP,CPA
1910 NORTH BUSH STREET THOMAS M.PERLOWSKI,CPA
SANTA ANA•CALIFORNIA 92706-2894
PHONE(714)542-4453
FAX(714)5424218
September 9, 1988
1
ACCOUNTANTS' REPORT
i
Agency Members
Redevelopment Agency of the 1
City of Huntington Beach
Huntington Beach, California
We have examined the general purpose financial statements of the Redevelopment
Agency of the City of Huntington Beach, as of and for the year ended June 30, 1
1988, as listed in the table of contents . Our examination was made in
accordance with generally accepted auditing standards and, accordingly, included
such tests of the accounting records and such other auditing procedures as we
considered necessary in the circumstances.
In our opinion, the general purpose financial statements referred to above
present fairly the financial position of the Redevelopment Agency of the City of
Huntington Beach at June 30, 1988, and the results of its operations for the
year then ended, in conformity with generally accepted accounting principles
applied on a basis consistent with that of the preceding year.
Our examination was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole. The supplementary information
listed in the table of contents is presented for purposes of additional analysis
and is not a required part of the general purpose financial statements of the
Redevelopment Agency of the City of Huntington Beach. The information has been
subjected to the auditing procedures applied in the examination of the general
purpose financial statements and, in our opinion, is fairly stated in all
material respects in relation to the general purpose financial statements taken
as a whole.
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OTHER OFFICES AT: 2%5 ROOSEVELT ST. 120 WEST WOODWARD AVE. ,
CARLSBAD,CA 92008-2389 ESCONDIDO,CA 92025-9990
(619)729-2343 (619)741-3141
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINED BALANCE SHEET - ALL FUND
TYPES AND ACCOUNT GROUP
June 30, 1988
Account
Group
Lease
Payments
Governmental Receivable
Fund Types and
Debt Capital General Totals
Service Projects Long-term (Memorandum
ASSETS Funds Funds Debt Only)
Cash and investments
(Notes 1B and 3) $ 29527,634 $ 18,579,161 $ - $ 21,106,795
Cash with fiscal agent
(Notes 1B, 3 and 5B) 682,806 - - 682,806
Interest receivable 19,390 82,574 - 101,964
Taxes receivable 100,395 23,621 - 124,016
Land held for resale - 4,854,111 - 4,854,111
Lease payments receivable (Note 5B) - - 6,426,000 6,426,000
Unearned finance charges (Note 5B) - - (2,585,583) (2,585,583)
Amount available in debt
service funds - - 3,330,228 3,330,228
Amount to be provided for
repayment of debt - - 35,755,065 35,755,065
TOTAL ASSETS $ 3,330,225 $ 23,539,467 $ 42,925,710 $ 69,795,402
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable $ - $ 78,104 $ - $ 78,104
Accrued payroll - 16,841 - 16,841
Current note payable - 817,717 - 817,717
Due to City of Huntington Beach
and Public Financing Authority
(Note 5) - - 36,917,663 36,917,663
Owner participation agreement
r) (Notes 5, 7 and 10) - - 1,408,047 1,407,047
Certificates of participation
payable (Note 5B) - - 4,600,000 4,600,000
TOTAL LIABILITIES - 912,662 421925,710 43,838,372
FUND BALANCES (NOTE 10):
Reserved for debt service 3,330,225 - - 3,330,225
Reserved for low-income housing - 3,747,137 - 3,747,137
Reserved for capital projects - 14,025,557 - 14,025,557
Reserved for land held for
resale - 4,854,111 - 4,854,111
TOTAL FUND BALANCES 3,330,225 22,626,805 - 25,957,030
TOTAL LIABILITIES AND
FUND BALANCES $ 3,330,225 $ 23,539,467 $ 42,925,710 $ 69,795,402
See accountants' report and notes to financial statements.
C9 -2-
REDEVELOPMENT AGENCY OF THE �
CITY OF HUNTINGTON BEACH
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
For the year ended June 30, 1988
Debt Capital Totals
Service Projects (Memorandum
Fund Fund Only)
REVENUES:
Tax increment revenue (Note 40 $ 1,573,300 $ 393,325 $ 1,966,625
From use of money and property 226,981 523,182 750,163
Lease payments and related fees (Note 5B) 483,000 - 483,000
TOTAL REVENUES 2,283,281 916,507 3,199,788
EXPENDITURES:
Interest and letter of credit fees (Note 5) 743,763 - 743,763 '
Housing and community development - 2,983,836 2,983,836
Capital outlay - 1,118,208 1,118,208
Repayment of advances from City 674,500 1,690,788 2,365,288
TOTAL EXPENDITURES 1,418,263 5,792,832 7,211,095
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 865,018 (4,876,325) (4,011,307)
OTHER FINANCING SOURCES (USES):
Advances from City of Huntington Beach
(Note 5) - 6,238,896 6,238,896 4
Advances from Public Financing Authority
debt (Note 5) - 14,869,123 14,869,123
Gain on sale of land - 726,864 7261864
TOTAL OTHER FINANCING SOURCES - 21,834,883 2128349883
EXCESS OF REVENUES AND OTHER
SOURCES OVER EXPENDITURES 865,018 16,958,558 17,823,576
FUND BALANCES - BEGINNING OF YEAR 2,465,207 5,668,247 8,133,454
FUND BALANCES - ENDING OF YEAR $ 3,330,225 $ 22,626,805 $ 25,957,030
See accountants' report and notes to financial statements.
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�1.
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
June 30, 1988
1. SIGNIFICANT ACCOUNTING POLICIES:
A. Basis of Accounting:
The modified accrual basis of accounting is followed by the
Redevelopment Agency of the City of Huntington Beach (the Agency) .
Revenues are recognized when they become measurable and available to
finance expenditures of the current period. Expenditures are recorded
at the time liabilities are incurred, except that principal and interest
payments on long-term debt are recorded as expenditures when due.
B. Investments:
Investments are stated at cost, which was equal to market value at
June 30, 1988. If market value declines below cost, no loss is recorded
if such declines are considered temporary.
C. General Fixed Assets:
The Agency has no capitalized general fixed assets. Project costs
incurred such as roads and streets, curbs , gutters , drainage systems,
lighting systems and other similar project costs are recorded as
expenditures of the Capital Projects Fund.
D. Financial Reporting:
Total columns in the accompanying financial statements are captioned
"Memorandum Only" to indicate that they are presented only to facilitate
financial analysis. The totals are not comparable to a consolidation in
that interfund eliminations have not been made in combining the data.
E.. Budgetary Reporting:
The budgets of the Agency are primarily "long-term" budgets which
emphasize capital outlay plans extending over one year. Because of the
long-term nature of redevelopment projects, "annual" budget comparisons
are not considered meaningful and accordingly, no budgetary information
is included in the accompanying financial statements.
F. Administrative and Overhead Charges:
Pursuant to the California Community Redevelopment Law, Chapter 6,
Article 2, Section 33610, a city may elect to allocate administrative
and overhead expenses to a redevelopment agency, either as a grant or a
loan. During the fiscal year ended June 30, 1988 , the City of
Huntington Beach incurred certain salary and overhead expenses in behalf
of the Agency and elected to allocate these expenses to the Agency.
See accountants' report.
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C'�
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
1
2. DESCRIPTION OF FUNDS:
A. Debt Service Funds - Tax increment revenue and related interest income
are placed in these funds. The funds are then used to repay principal
and interest on indebtedness of the Agency. Any fund balance is 1
reserved for debt retirement. Under provisions of the Health and Safety
Code, such a fund is referred to as a "Special Fund".
B. Capital Projects Funds - A separate capital projects fund is used to
account for all revenues and expenditures, other than those related to
debt service of each project, including costs of site improvements and '
an allocation at administrative expenditures incurred in sustaining
Agency activities. Under provisions of the Health and Safety Code such
a fund is referred to as a "Redevelopment Fund".
C. Lease Payments Receivable and General Long-Term Debt Account Group -
Agency debt which is not payable from currently held assets is recorded
for memorandum purposes in this account group. As more fully described
at Note 5, the terms of repayment on debt to the City are indefinite.
Thus, all debt to the City is classified as long-term, even though it
may be repaid shortly after balance sheet date. The account group is
also used to account for lease payments receivable (See Note 5) .
3. CASH AND INVESTMENTS:
The following disclosures are made in accordance with GASB Statement No. 3:
Cash and investments at June 30, 1988 consisted of the following:
Cash and investments $ 21,106,795
Cash with fiscal agent 682,806
Total $ 21,789,601
The Agency's investments are categorized as follows:
Market
Cost Value
Category 1: Insured or unregistered, or securities
held by the Agency or its agent in the
Agency's name $ - $ -
Category 2: Uninsured and unregistered with
securities held by the counterparty's '
trust department or agent in the
Agency's name - -
Category 3: Uninsured and unregistered with
securities held by the counterparty,
or by its trust department or agent,
but not in the Agency's name 682,806 682,806
Cash and investments pooled with the City of
Huntington Beach 21,106,795 21,106,795
Total $ 21,789,601 $ 21,789,601
See accountants' report.
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REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
3. CASH AND INVESTMENTS (CONTINUED) :
Safekeeping Arrangements:
C) First Interstate Bank acts as fiscal agent for the Certificates of
Participation holders and holds all revenues received in trust . All
securities and demand deposits held by the trustee are in the trustee's name
and are held in their trust department.
The Agency does not own specifically identifiable securities in the City of
Huntington Beach Pool.
Allocation of Interest Among Funds:
Interest income is allocated monthly on the various funds based on the
month-end cash balances. Interest income .from restricted cash is recorded
directly in the fund earning the income.
See the City of Huntington Beach annual report as of and for the year ended
June 30, 1988 for additional GASB 3 disclosures on investments.
4. ORGANIZATION AND TAX INCREMENT FINANCING:
The Redevelopment Agency of the City of Huntington Beach was created by City
Council Ordinance Number 1785 adopted on January 1, 1967 . The primary
purpose of the Agency is to encourage private redevelopment of property and
to rehabilitate those areas suffering economic disuse arising from poor and
inadequate planning, inadequate street layout and street access, lack of
open space or landscaping, and provide other improvements and facilities
necessary to establish and maintain the economic growth of the City.
The Agency's primary source of revenue comes from property taxes, referred
to in the accompanying financial statements as "tax increment revenue".
The assessed valuation of all property within the project area is determined
on the date of adoption of the Redevelopment Plan.
Property taxes related to the incremental increase in assessed values after
the adoption of the Redevelopment Plan are allocated to the Agency; all
taxes on the "frozen" assessed valuation of the property are allocated to
the City and other districts.
The Agency currently has five project areas and a low income housing
program. The Talbert-Beach project includes approximately 50 acres and its
anticipated land use is an industrial park. The Main Pier project includes
approximately 300 acres within the downtown area adjacent to the pier
and beach. The anticipated land uses includes commercial, office and
See accountants' report.
-6-
1
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
1
June 30, 1988
4. ORGANIZATION AND TAX INCREMENT FINANCING (CONTINUED):
residential mixed use projects and a variety of public facilities. The 1
Oakview project, comprising 68 acres, includes the Charter Centre Office
building, a commercial and theatre complex and rehabilitation of existing
residential properties. The Yorktown-Lake project includes 30 acres of
single-family housing and public facilities. The Huntington Center project
provides parking and traffic circulation improvements.
5. CHANGES IN LONG-TERM DEBT:
Net
Balance Additions Balance
July 1, 1987 (Repayments) June 30, 1988
Due to the City of Huntington
Beach and Public Financing
Authority:
From sale of land to the
Agency by the City's Park
Acquisition and Development
Fund for $1,917,570 plus
interest at 10% per annum $ 2,807,551 $ (698,224) $ 2,109,327
From sale of land to the
Agency by the City's General
Fund for $405,536, plus
interest at 10% per annum 593,745 59,375 653,120
From sale of land by the City
General Fund for $1,228,381
plus interest at 10% per
annum 1,228,381 122,838 1,351,219
Cash advances from the City's
General Fund plus accrued
interest at 10% per annum 9,448,419 4,596,142 14,044,561
Cash advances from the
City's Other Grants Fund 1,064,483 - 1,064,483
Cash advances from the City's
Water Fund plus accrued
interest at 10% per annum 144,900 1,114,490 1,259,390
Unpaid developers fees payable
to various City funds, to be
subsidized by the Agency
plus accrued interest at
10% per annum 835,298 88,527 923,825
See accountants' report.
-7-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
5. CHANGES IN LONG-TERM DEBT (CONTINUED) :
Net
Balance Additions Balance
July 1, 1987 (Repayments) June 30, 1988
Cash advances from the Public
Financing Authority in June
1988 totalling $14,869,123
plus accrued interest of
$367,615 computed at
varying rates $ - $ 15,236,738 $ 15,236,738
Cash advances from the Drainage
Fund totaling $250,000 plus
interest of $25,000 computed
at 107. per annum - 275,000 275,000
Total Amount Due to the
City of Huntington Beach
and Public Financing
Authority 16,122,777 20,794,886 36,917,663
Amount due under "Owner
Participation Agreement"
(See Note 7) 1,408,047 - 1,408,047
Certificates of Participation 4,600,000 - 4,600,000
Total Long-Term Debt $ 22,130,824 $ 20,794,886 $ 42,925,710
A. Since payment by the Agency to the City and Public Housing Authority on
the various transactions will be made from tax increment revenues in
future years, the debt is classified as long-term.
B. In 1984 the Agency sold $4,600,000 of Certificates of Participation at a
discount of $126,500 to finance the construction of the Emerald Cove
senior citizens housing project. The certificates bear interest at 9.5%
per annum, which is payable semi-annually. Principal is payable at
maturity on May 1, 1994.
The land upon which the project was built was sold to the Agency by the
City. The City is leasing back the project and is operating it as an
enterprise. Lease payments, of $40,250, equal to interest and insurance
are payable monthly until the final payment, equal to principal of
$4,600,000, is due May 1, 1994. The holders of the certificates have a
proportionate interest in the lease payments to be made by the City.
The certificates are secured by the land and the buildings constructed,
an assignment of rents, and an irrevocable letter of credit issued by a
bank. A discount of $126,500 on the sale of the certificates is being
' amortized through maturity. The unamortized discount at June 30, 1988
is $76,777.
See accountants' report.
-8-
1
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
1
June 30, 1988
5. CHANGES IN LONG-TERM DEBT (CONTINUED):
The assets of the Emerald Cove Housing project are recorded by the City 1
and not the Agency, as the Agency is only involved in "pass-through"
financing, except for the cash with fiscal agent of $682,806 which
represents amounts reserved to pay the debt.
C. Below is a schedule of debt service requirements to maturity on the
Certificates of Participation: 1
Year
Ending
June 30, Principal Interest Total
1988 $ - $ - $ -
1989 - 437,000 437,000
1990 - 437,000 437,000
1991 - 437,000 437,000
1992 - 437,000 437,000
1993 - 437,000 437,000
1994 4,600,000 400,583 5,000,583
Totals $ 4,600,000 $ 2,585,583 $ 7,185,583
6. LOANS-TO-LENDER REVENUE BONDS:
The Agency has issued through the City of Huntington Beach Loans-to-Lenders 1
Revenue Bonds of $16,000,000 for the purpose of providing the issuer with
funds to make a deposit with Home Federal Savings and Loan Association, San
Diego, California. The proceeds of the deposit have been used by the Lender
to make a mortgage loan to the developer at the Huntington Breakers
Apartment Project. These Bonds are not an obligation of the Agency or City,
and are payable solely from the deposit and certain other funds, all pledged
under the indenture. Accordingly, the bonds are not reflected in the
accompanying financial statements.
7. OWNER PARTICIPATION AGREEMENT:
The Agency and City have entered into an agreement with the owner-developer
of the Charter Centre Project in the Oakview Redevelopment Project Area,
whereby the Agency purchased capital improvements from the owner in the
amount of $1,408,047. Under this agreement, the City has deferred its
receipt of normal building permit, plan check and similar fees which would
be payable from the Charter Centre construction. The Agency has agreed to
be responsible to make payment of these fees to the City, constituting an
See accountants' report.
-9-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
7. OWNER PARTICIPATION AGREEMENT (CONTINUED) :
Agency debt. (See Note 5) . The developer will repay this advance of fees
to the Agency over five years including interest at 11%. The Agency, in
turn, is obligated to pay the developer from tax increment revenues the
lesser of 65% of the tax increment revenues attributable to the Charter
Centre for the first 10 years after the issuance of a Certificate of
Occupancy, or the purchase price of $438,930 and the cost of improvements
plus interest at 11% per annum.
The Agency has the right to offset the deferred development fees described
above against the amounts due to Mola Development Corporaiton for the public
improvements and right of way. On July 1, 1987 the Agency paid $125,000 to
Mola Development Corporation as the first installment payment. The amount
represented interest on the $1,408,047 cost of public improvements and right
of way.
On July 6, 1988, subsequent to year-end, the City and Mola Development
Corporation entered into agreeement which discharged the prior financial
commitments of both the City and the Agency (see Note 10) .
8. CONTINGENCY:
Commencing with fiscal year 1990-91 , and each year thereafter , the
Redevelopment Agency will pay the Orange County Superintendent of Schools
one-fourth of the tax increment revenues received by the Huntington Center
(1" Redevelopment Project Area.
9. RESERVES:
Under generally accepted accounting principles, a municipal entity may set
up "reserves" of fund equity to segregate fund balances which are not
(7) appropriable for expenditure in future periods , or which are legally set
aside for a specific future use.
Reserved for Debt Service
This reserve sets aside fund balance to meet debt service for long-term debt
(See Note 5) .
Reserved for Low Income Housing
This reserve represents 20% of tax revenue increment received to be set
aside to finance low income housing, as per California State Health and
Safety Code Section 33334.2.
See accountants' report.
C
-10-
1
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
1
June 30, 1988
9. RESERVES (CONTINUED) :
Reserved for Capital Projects 1
These funds are reserved for future capital improvements of the Agency.
Reserved for Land Held for Resale
The reserve represents land held by the Agency that is legally committed for 1
resale, and will not be converted into cash or other liquid assets soon
enough after year end to be considered "available" to meet current
expenditures.
10. SUBSEQUENT EVENTS:
On July 6, 1988, the Redevelopment Agency and Mola Development Corporation
agreed on terms that satisfied the Owner Participation Agreement which
originated in 1983. The terms of the agreement are described in Note 7. The
agreed upon payment for the construction of right-of-way and public
improvements was $1,200,000 which was paid on July 7, 1988. The agreed upon
amount of deferred development fees due to the City was $300,000. Mola 1
advanced the Agency $100,000 on July 7, 1988 for its first installment on
the deferred development fees. The balance of $200,000 will be paid in
three installments of $81,843 beginning June 30, 1989 at 11% interest. Both
the Agency and Mola agreed that this would satisfy all financial terms of
the Owner Participation Agreement.
1
1
See accountants' report.
-11-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINING BALANCE SHEET
ALL DEBT SERVICE FUNDS
June 30, 1988
Talbert -
Beach
Project
ASSETS
Cash and investments $ 268,708
Cash with fiscal agent 682,806
Interest receivable 7,492
Taxes receivable 9,712
TOTAL ASSETS $ 968,718
•
LIABILITIES AND FUND BALANCES
LIABILITIES $ -
FUND BALANCES:
• Reserved for debt service 968,718
TOTAL LIABILITIES AND FUND BALANCES $ 968,718
•
•
•
•
See accountants' report.
-12-
Main - Yorktown - Huntington
Pier Oakview Lake Center
Project Project Project Project Totals
$ 860,388 $ 543,352 $ 128,901 $ 726,285 $ 7,527,634
- - - - 682,806
4,515 2,989 777 3,617 19,390
18,745 - 8,977 62,961 100,395
$ 883,648 $ 546,341 $ 138,655 $ 792,863 $ 3,330,225
883,648 546,341 138,655 792,863 3,330,225
$ 883,648 $ 5462341 $ 138,655 $ 792,863 $ 3,330,225
i
i
I
I
-13-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - ALL DEBT SERVICE FUNDS
For the year ended June 30, 1988
Talbert
Beach
Project
REVENUES:
Property taxes $ 133,608
From use of money and property 17,607
Lease payments and related fees 483,000
Interest income 64,558
TOTAL REVENUES 698,773
EXPENDITURES:
Project improvements 135,763
Interest and letter of credit fees 483,000
Repayment of advances from City 100,000
TOTAL EXPENDITURES 718,763
EXCESS OF REVENUE OVER (UNDER) EXPENDITURES (19,990)
FUND BALANCES - JULY 1, 1987 988,708
FUND BALANCES - JUNE 30, 1988 $ 968,718
See accountants' report.
-14-
t
SUPPLEMBNTARY INFORMATION
1
1
Main - Yorktown - Huntington
Pier Oakview . Lake Center 1
Project Project Project Project Totals
$ 369,683 $ 280,000 $ - $ 790,009 $ 1,573,300
55,146 42,002 3,160 44,508 162,423
- - - - 483,000
- - - - 64,558 1
424,829 322,002 3,160 834,517 2,283,281
- - - - 135,763
125,000 - - 608,000 1
- - 574,500 674,500
- 125,000 - 574,500 1,418,263
424,829 197,002 3,160 260,017 865,018
1
458,819 349,339 135,495 532,846 2,465,207
$ 883,648 $ 546,341 $ 1381655 $ 7922863 $ 3,330,225
1
1
1
-15-
1
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINING BALANCE SHEET
ALL CAPITAL PROJECT FUNDS
June 30, 1988
Talbert -
Beach
Project
ASSETS
Cash and investments $ 1,249,165
Taxes receivable -
Interest receivable 4,069
Land held for resale -
TOTAL ASSETS $ 1,253,234
C
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable $ 17,559
Accrued payroll 829
Note payable -
TOTAL LIABILITIES 18,388
FUND BALANCES:
Reserved for low-income housing -
Reserved for capital projects 1,234,846
Reserved for land held for resale -
TOTAL FUND BALANCES 1,234,846
TOTAL LIABILITIES AND FUND BALANCES $ 1,253,234
C�
f
See accountants' report.
CO -16-
1
1
Main - Yorktown - Huntington Low
Pier Oakview Lake Center Income 1
Project Project Project Project Housing Total
$ 4,767,097 $ 2,989,675 $ 91,091 $ 5,773,199 $ 3,708,934 $ 18,579,161
- - - - 23,621 23,621 1
22,755 15,358 856 23,973 15,563 82,574
2,156,793 395,185 - 2,302,133 - 4,854,111
$ 61946,645 $ 3,400,218 $ 91,947 $ 8,099,305 $ 3,748,118 $ 23,539,467
1
$ 60,125 $ - $ - $ - $ 420 $ 78,104
8,184 2,460 422 4,385 561 16,841
817,717 - - - - 817,717 1
886,026 2,460 422 4,385 981 912,662
- - - 3,747,137 3,747,137
3,903,826 3,002,573 91,525 5,792,787 - 14,025,557 1
2,156,793 395,185 - 2,302,133 - 4,854,111
6,060,619 3,397,758 91,525 8,094,920 3,747,137 22,626,805
$ 6,946,645 3,400,218 91 947 $ 8,099,305 $ 3,748,118 $ 23,539,467
1
1
1
-17- 1
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - ALL CAPITAL PROJECT FUNDS
For the year ended June 30, 1988
Talbert -
Beach
Project
REVENUES:
Tax increment revenue $From use of money and property 12,279
TOTAL REVENUES 12,279
EXPENDITURES:
Housing and community development 155,668
Capital outlay -
Repayment of advances 1,690,788
TOTAL EXPENDITURES 1,846,456
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (1,834,177)
OTHER FINANCING SOURCES:
(7) Advances from City of Huntington Beach 137,105
Advances from Public Financing Authority 973,583
Gain on sale of land 726,864
TOTAL OTHER FINANCING SOURCES 1,837,552
EXCESS OF REVENUES AND OTHER SOURCES
OVER EXPENDITURES 3,375
FUND BALANCE - JULY 1, 1987 1,231,471
FUND BALANCE - JUNE 30, 1988 $ 1,234,846
See accountants' report.
-18-
1
1
Main - Yorktown - Huntington Low
Pier Oakview Lake Center Income 1
Project Project Project Project Housing Total
$ - $ - $ - $ - $ 393,325 $ 393,325
291,456 89,519 12,483 70,703 46,742 523,182
291,456 89,519 12,483 70,703 440,067 916,507 1
1,643,252 675,258 85,391 391,865 32,462 2,983,836
1,116,532 - - 1,676 - 1,118,208.
- - - - - 1,690,788
1
2,759,784 675,258 85,391 393,481 32,462 5,792,832
2,463,328 (585,739) (72,908) (32,778) 407,605 (4,876,325)
4,281,782 938,027 123,488 758,494 - 6,238,896
2,707,016 2,478,878 - 5,735,821 2,973,825 14,869,123
- - - - - 726,864
6,988,798 3,416,905 123,488 6,494,315 2,973,825 21,834,883
4,520,470 2,831,166 50,580 6,171,537 3,381,430 16,958,558
1,540,149 566,592 40,945 1,923,383 365,707 5,668,247
$ 6,060,619 $ 3,397,758 $ 911525 $ 8,094,920 $ 3,747,137 $ 22,626,805
1
1
1
-19-
1
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
ACCOUNTANTS' REPORT ON COMPLIANCE WITH AUDIT GUIDELINES
FOR CALIFORNIA REDEVELOPMENT AGENCIES
September 9, 1988
In connection with our examination of the financial statements of the Huntington
Beach Redevelopment Agency as of and for the year ended June 30, 1988, we have
performed, to the extent applicable, the tasks contained in Section I through V
of the "Guidelines for Compliance Audits of California Redevelopment Agencies"
published by the State Controller.
Based on the above procedures, we are of the opinion that the Agency complied in
all material respects with criteria established in the State Controller' s
guidelines referred to above.
C�
-20-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
FINANCIAL STATEMENTS
June 30, 1988
TABLE OF CONTENTS
1
Page
Number
Accountants' Report 1
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Group 2
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types 3
Notes to Financial Statements 4 - 11
Supplementary Information:
Combining Balance Sheet - All Debt Service Funds 12 - 13
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances - All Debt Service Funds 14 - 15
Combining Balance Sheet - All Capital Project Funds 16 - 17
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances - All Capital Project Funds . 18 - 19
Accountants' Report on Compliance with Audit Guidelines for
California Redevelopment Agencies 20
— 316 . 30
REQUEST FOR REDEVELOPMENT AGE ACTION
" APPROVED BY CITY CODNCz:�- 9I/S
I- � HC 4D
ED 90-21
4. Date September 17, 1990
CITY a i i
Honorable Chairman and Reddvelopfnent Agency Members
Submitted to:
Michael T. Uberuaga, Chief Executive Officer ��
Submitted by:
Barbara A. Kaiser, Deputy City Administrator/Economic Development (
Prepared by:
APPROVAL OF ANNUAL REPORT OF THE HUNTINGTON BEACH
Subject: REDEVELOPMENT AGENCY FOR FISCAL YEAR 1988/89
Consistent with Council Policy? pQ Yes [ J New Policy or Exception
Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, AttachOntsr
't7 2
� 7
m
rn
STATEMENT OF ISSUE: a o
N T, Z
.,
In accordance with provisions of Section 33080.1 of the State of California's Healtliand
Safety Code, the Redevelopment Agency is required to prepare an annual report toao 7n
forwarded to the State of California Department of.Housing and Community
Development (HCD). Attached for your review is the annual report for Fiscal Year
1988/89.
RECOMMENDATION:.
Approve attached annual report and direct staff to forward necessary copies of both the
Agency's annual report and audit to the State of California, Department of Housing and
Community Development.
ANALYSIS:
In accordance with the State Redevelopment Law, the Redevelopment Agency is
required to submit an annual report pursuant to the provisions.of Section 33080.1 of the
Health and Safety Code.
State Law mandates that the annual report contain the following elements: an
independent financial audit report for the previous fiscal year (1988-89); a_work
program for the coming year (1989-90) including goals; an examination of the previous
year's achievements; a comparison of those achievements with the goals and objectives
of the previous year; recommendations for needed legislation to carry on a program of
housing and community development in California, and a description of the Agency's
activities affecting housing and displacement during the 1988-89 fiscal year.
The annual report describes and analyzes the Main—Pier, Oakview, Talbert—Beach,
Yorktown-Lake, and Huntington Center Redevelopment Project Areas in terms of the
above referenced reporting requirements.
PI O/1/85
ED 90-21
September 17, 1990
Page Two
FUNDING SOURCE:
Not applicable.
ALTERNATIVE ACTION:
The annual Report is a mandatory requirement of the State of California and must be
submitted to the Department of Housing and Community Development.
ATTACHMENTS:
1. 1988/89 Annual Report.
2. Redevelopment Agency Audit
PEC/DLB/EN:sar
0408 R
1
X�
ANNUAL REPORT OF THE
HUNTINGTON BEACH REDEVELOPMENT AGENCY
1989/1999
In accordance with the provision of Section 33080.1 of the State of
California Health and Safety Code, this report has been prepared for
the Huntington Beach Redevelopment Agency for Fiscal Year 1988/89.
The "audit report," as defined in subsection (a) 33080.1, was prepared
by the Agency's independent financial auditors, Diehl Evans.
As of July 1, 1989, the Huntington Beach Redevelopment Agency had
five project areas: Talbert-Beach, Yorktown-Lake, Oakview,
Main-Pier, and Huntington Center. The Main-Pier Redevelopment
Project Area was amended in June of 1983, and the Oakview RPA was
amended in July of 1989.
The following pages outline the work programs and discuss the
accomplishments of each project area.
-1-
MAIN-PIER REDEVELOPMENT PROJECT AREA
I. MAIN-PIER REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR FISCAL
YEAR 1989/90
The work program for the Main-Pier Redevelopment Project Area for Fiscal Year
1989/90 represents the third year of a five year redevelopment program of
implementation and reinvestment for the downtown area. Activity generated by the
1988/89 work program consists of the preparation of several development plans and
the consolidation and acquisitions of properties by private developers.
The Main-Pier Redevelopment Project Area is broken down into seven (7) subareas:
Town Square, Main-Pier, Downtown Core, Beach-City, Blufftop, Huntington-Lake,
and Atlanta-Beach. It is anticipated that the majority of activity for Fiscal Year
1989/90 will occur in the Town Square and Main-Pier Subareas.
The following is a summary of the Agency's Work Program for the Main-Pier
Redevelopment Project Area for 1989/90:
Project Description/Goals
• Prepare a marketing study and commence a
marketing program for downtown.
• Complete north of the pier resource documentation
and State Beach General Plan.
• Implement concepts identified in the Historic
Resources Survey.
• In conjunction with the developer, complete Pierside
Restaurant Development Plan and begin construction.
• Continue downtown property acquisitions and
owner/tenant relocations.
• Complete engineering and design of parking structure
at north side of pier and begin construction.
Complete construction of-
- Second Block Parking Structure (Main Promenade)
- Retail portion of Town Square.
• Commence negotiations for a Disposition and Development
Agreement for the Third Block West Project.
• Prepare a downtown retail leasing study.
-2-
e Complete negotiations for a Disposition and Development Agreement for
Lake Street/PCH.
i Complete negotiations for a Disposition and Development Agreement for
Main-Pier Phase U.
• Complete negotiations for a Disposition and Development Agreement for
Block 101.
II. MAIN-PIER REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1988/99
A Work Program for the Main-Pier area was adopted by the Huntington Beach
Redevelopment Agency in December of 1986. This program outlined several goals
and objectives which consists mostly of the preparation of several master plans and
the consolidation of properties by private developers. The following is a review of
the goals and achievements for the Fiscal Year 1988/89:
Project Description:
• Continued DDA negotiations for Main-Pier Phase II
• Completed Historic Resources Survey
• Completed construction of Huntington Bayshore (a 159 unit condominium
project)
• Plans completed for the 200 block retail/parking structure
• Construction commenced on Pierside Pavilion, which contains a six-plex
cinema, a restaurant, night club, and visitor serving retail and office
space; and on Pier Colony, a 130 unit condominium project.
-3-
OAKVIEW REDEVELOPMENT PROJECT AREA
I. OAKVIEW REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR FISCAL
YEAR 1989/90
The work program for the Oakview Redevelopment Project Area for Fiscal Year
1989/90 represents the third year of a five year redevelopment plan of
implementation and reinvestment for the Oakview Neighborhood. The work program
focuses primarily on the implementation of the Oakview Land Use and Circulation
elements.
The following is a summary of the Agency's Work Program for the Oakview
Redevelopment Project Area for Fiscal Year 1989/90:
Project Description/Goals
• Rehabilitate 6 to 8 existing four-plexes in the
southern Oakview neighborhood using Community
Development Block Grant (CDBG) funds.
• Install water lines in North Oakview area.
• Initiate street improvement plans in North Oakview.
• Underground utilities on Cypress Avenue.
• Traffic signal installation at Warner Avenue and Ash
Street.
• Initiate construction of facility (south
of Charter Centre to Cypress Avenue) of
additional office use and parking with National Glass.
• Implementation of carport conversion project in
southern Oakview.
• Complete the Queens Lane Neighborhood
Enhancement Project.
11. OAKVIEW REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1988/89
The project area goal has been primarily to maximize the economic potential of
commercial areas along Beach Boulevard and Warner Avenue; to improve and protect
the integrity of Oakview's residential areas; and to implement street and public
improvements for the area.
-4-
Project Description
• Jacquelyn Lane Neighborhood Enhancement project completed.
• Prepared Redevelopment Plan amendment to raise the level of tax increment
financing.
• Rehabilitated 60 multi-family housing units in South Oakview
• Completed Koledo Lane off site improvements (CDBG)
• Neighborhood Improvements (CDBG)
• Undergrounding of Utilities
• Traffic Signal Installations:
Warner Avenue at Ash Street
• Proceed with rights-of-way dedications for North Oakview Street
improvments
• Develop plans for the installation of water lines in the North Oakview area.
• Consulted with the Public Works Department on the feasibility of installing
traffic signals at Warner Avenue and Ash Street.
-5-
TALBERT BEACH REDEVELOPMENT PROJECT AREA
I. TALBERT-BEACH REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR
FISCAL YEAR 1989/90
The work program for the Talbert-Beach redevelopment project area represents the
third year of a five year program of implementation and reinvestment in that area.
Located within this project area are three sub areas: Conventional Housing, Terry
Park, and the Industrial Park. Development within the Conventional Housing subarea
and the Terry Park subarea has commenced. The Industrial Park subarea will be
developed with light industrial uses.
The success that the Agency has had in bringing about redevelopment in this area
and the use of the Industrial site as stated are reflective of what can and will be
accomplished through public-private cooperation.
The following is a summary of the Agency's Work Program for the Talbert-Beach
Redevelopment Project Area for 1989/90.
Project Description/Goals
• Develop a specific design plan for a proposed housing development
(145 units) site which is architecurally compatible with adjacent
residential projects.
U. TALBERT BEACH REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1988/89:
A Work Program budget was adopted by the Huntington Beach Redevelopment
Agency for Fiscal Year 1988/89. The budget outlined several goals related to the
development of a 145 unit housing development for the Talbert-Beach
Redevelopment Project Area, primarily focusing on the acquisition of property and
the establishment of development agreements.
The following is a review of the goals and achievements for the 1988/89 fiscal year:
Project Description
• Completed construction of an 120,000 square foot single tenant industrial
building.
• Initiated legal services and property acquisitions for the future
development of several vacant parcels adjacent to the Emerald
Cove senior housing project.
-6-
HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA
I. HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA: WORK PROGRAM
FOR FISCAL YEAR 1989/90
The Work Program for the Huntington Center Redevelopment Project Area for
Fiscal Year 1989/90 represents the third year of a five year plan. The focus of the
Work Program is on coordinating various planning activities with the City of
Westminster, the County of Orange and the State of California which will lead to
effective traffic circulation within the project area.
The following is a summary of the Agency's Work Program for the Huntington
Center Redevelopment Project Area for 1989/90:
Project Description
• Gothard-Hoover Extension:
- Revise O.C. Master Plan of Arterial Highways.
- Begin IWA Gothard extension feasiblity study.
- PBQ & D Gothard Extension Traffic Study.
• Continue discussions on right-of-way needs with property
owners - (Southern Pacific, Edison, OCTD).
• Negotiate contract for concept development and feasibility for
additional westbound through lane on Center Drive at I-405 off ramp.
• Work with the Orange County Transit District (OCTD) to implement a
joint development project for Goldenwest Transportation Center
located at Gothard and Center Drive.
• Acquire parcels from I-405 to Bolsa Avenue.
-7-
II. HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS
AND ACHIEVEMENTS FOR FISCAL YEAR 1988/89
The following is a review of the goals and achievements for the 1988/89 fiscal year:
Project Description
• Gothard-Hoover Extension:
- Seek approval from Westminster
for Gothard extension.
- Revise O.C. Master Plan of Arterial
Highways as joint effort with Westminster.
- Complete IWA Gothard extension engineering
- Started PBQ&D Gothard Extension Traffic Study.
- Discuss right-of-way needs with property
owners (Southern Pacific, Edison, OCTD).
• Conducting Feasiblity analysis of new driveway from I-405
off-ramp into Huntington Center Drive.
Drive at I-405 off-ramp.
• IWA contract for concept development and feasibility analysis for an addtional
westbound "through" lane on Center Drive at I-405 off ramp approved.
• The Orange County Transit District requested proposals to implement a joint
development project for Goldenwest Transportation Center located at Gothard
and Center Drive with developer selection scheduled for 1989-90.
• I-405 off-ramp/Center Drive plans under study.
• Finalized plans for the Edinger Underground Utility Project - from Beach
to Gothard on Edinger and on Beach from I-405 to Holt.
-8-
YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA
I. YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR
FISCAL YEAR 1989/90
The work program for the Yorktown-Lake Redevelopment Project Area for Fiscal
Year 1989/90 represents the third year of a five year plan of implementation.
Projects for the coming fiscal year include detail planning studies for the
implementation of a development plan for the entire project area.
The following is a summary of the Agency's Work Program for the Yorktown-Lake
Redevelopment Project Area for 1989/90:
Project Description/Goals:
• Prepare a financial plan for improvements to the Civic Center and its
parking facilities.
• Complete final design and construction drawings for Civic Center
expansion and parking facilities.
• Approve a development plan for the residential portion of the project
area and commence construction of 86 single-family detached homes.
Ii. YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1988/89
A work program for the past fiscal year was adopted in December of 1988. This
budget called for various actions which would result in possible development
alternatives.
The following is a summary of the goals and achievements for the 1988/89 fiscal year:
Project Description
• Completed a land exchange agreement with Huntington Beach Company.
• Prepared a conceptual site plan for the Civic Center and additional
parking facilities.
• Constructed approximately 80 additional surface parking spaces.
-9-
RECOMMENDED LEGISLATION TO ENHANCE REDEVELOPMENT
The Huntington Beach Redevelopment Agency, through its participation in various
statewide organizations, is currently assessing and reviewing the need for new
legislation that would assist the City in its redevelopment activity.
DESCRIPTION OF THE HUNTINGTON BEACH REDEVELOPMENT AGENCY'S
ACTIVITIES AFFECTING HOUSING AND DISPLACEMENT:
HUNTINGTON BEACH REDEVELOPMENT AGENCY
1) During the 1988-89 fiscal year, approximately 33 businesses and 65 individual
households were relocated from all project area.
2.) During these fiscal years, approximately 68 housing units for very low, low and
moderate income families were removed due to Redevelopment Agency activity.
0408 R
-10-
RFF JEWPMERr AGENCY OF
CITY OF HUNrINGION MACH
FINANCIAL 5
WEM MICRT ON AUDIT BY
C�� PUBZIC ACCOURLAWS
J= 30, 1989
:.l
J
1
REDEVELOPMENr AGENCY OF THE
C= OF HUNTING ON BEACH
FIlNANCIAT, SIM 14ENIS
June 30, 1989
TABLE OF CWTE N S
Page
Number
Independent Auditors' Report 1
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Group 2
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Govenmtiental Fund Types 3
Notes to Financial Statements 4 - 14
Supplementary Information:
Combining Balance Sheet - All Debt Service Funds 15 - 16
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances - All Debt Service Funds 17 - 18
Combining Balance Sheet - All Capital Project Ftinzds 19 - 20
Combining Statement of Revenues, Excpenditures and Changes
in Ru-d Balances - All Capital Project Funds 21 - 22
Accountants' Report on Compliance with Audit Guidelines for
California Redevelopment Agencies 23
D1EHL,EVANS
&COMPANY OTHER OFFICES AT:
CER77FlEDPUBLIC ACCOUNTAN75 2965 ROOSEVELT ST.
CARLSBAD.CA 9 2008-2 38 9
A P"TNFRSHIP INCLVDMO•CCDUNTANCY CORPORATIONS (6191 729-2343
18401 VON KARMAN.SUITE 200 120 WEST WOODWARD AVE.
IRVINE • CALIFORNIA 92715-1542 ESCONDIDO.CA 42025-9990
PHONE(714) 757-7700 1619) 741.3141
FAX(714) 757-2707 September 14, 1989
l
INDEPIIQDIIII' AUDITORS REPORT
7
Agency Numbers
Redevelopment Agency of the
City of Huntington Beach
Huntington Beach, California
We have audited the general purpose financial statements of the Redevelopment
Agency of the City of Huntington Beach, as of and for the year ended June 30,
1989, as listed in the table of contents. These financial statements are the
responsibility of the Agency's management. Our responsibility is .to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
:) also includes -assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall general purpose financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the general purpose financial statements referred to above
J present fairly, in all material respects, the financial position of the
Redevelopment Agency of the City of Huntington Beach as of June 30, 1989, and
the results of its operations for the year then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose
financial statements taken as a whole. The financial statements of the
individual funds listed in the table of contents are presented for purposes of
additional analysis and are not a required part of the general purpose financial
statements of the Redevelopment Agency of the City of Huntington Beach. The
information has been subjected to the auditing procedures applied in the audit
of the general purpose financial statements and, in our opinion, is fairly
1 stated in all material respects in relation to the general purpose financial
statements taken as a whole.
-1-
,.i
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINED BALANCE SHEET - ALL FUND
TYPES AND ACCOUNT GROUP
June 30, 1989
Account
Group
Lease
Governmental Payments
Fund Types Receivable
Debt Capital and General Totals
Service Projects Lang-term (MemorandLun
ASSETS Funds Funds Debt Only)
Cash and investments
(Notes 1B and 3) $ 3,713,779 $ 18,179,135 $ - $ 21,892,914
Cash with fiscal agent
(Notes 1B, 3 and 5B) 322,474 - - 322,474
Interest receivable 16,967 81,848 - 98,815
Taxes receivable 34,062 8,515 - 42,577
Accounts receivables - 81,843 - 81,843
Land held for resale - 19,549,202 - 191549,202
Lease payments receivable (Note 5D) - - 6,362,127 6,362,127
Unearned finance changes (Note 5D) - - (2,148,583) (2,148,583)
Amount available in debt
service funds - - 4,087,282 4,087,282
Amount to be provided for
repayment of debt - - 83,886,590 83,886,590
TOTAL ASSETS $ 4,087,282 $ 37,900,543 $ 92,187,416 $134,175,241
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable $ - $ 981,722 $ - $ 981,722
Accrued payroll - 11,436 - 11,436
Notes payable (Note 5C) - - 2,874,500 2,874,500
Due to City of Huntington Beach_
and Public Financing
Authority (Note 5A) - - 82,937,367 82,937,367
Owner participation agreement
(Notes 5B and 7) - - 1,775,549 1,775,549
Certificates of participation
payable (Note 5D) - - 41600,000 4,600,000
TONAL LIABILITIES - 993,158 92,187,416 93,180,574
FUND BALANCES (NOTE 9) :
Reserved for debt service 4,087,282 - - 4,087,282
Reserved for low-income housing - 5,273,275 - 5,273,275
Reserved for land held for
resale - 19,549,202 - 19,549,202
Reserved for capital projects - 12,084,908 - 12,084,908
Tl7TAL FUND BALANCES 4,087,282 36,907,385 - 40,994,667
TOTAL LIABILITIES AND
FUND BALANCES $ 4,087,282 $ 37,900,543 $ 92,187,416 $134,175,241
See independent auditors' report and notes to financial statements.
-2-
REDE.'VELOPME Rr AGENCY OF THE
CITY OF HUNTINGTON BEACH
COED STATEMENT OF REVENUES, EXPENDITURES AND CHNNGES
IN FUND BALANCES - ALL GO FUND TYPES
7
For the year erred June 30; 1989
Debt Capital Totals
Service Projects (Memorandum
Fund Fund Only)
REVENUES:
Tax increment revenue (Note 4) $ 1,966,362 $ 493,015 $ 2,459,377
Fx n use of money and property 709,184 1,504,226 2,213,410
Lease payments and related fees (Note 5D) 58,326 - 58,326
TOTAL REVENUES 2,733,872 1,997,241 4,731,113
EXPENDITURES:
Interest and letter of credit fees (Note 5) 2,227,443 - 2,227,443
Housing and cmmanity development - 3,853,751 3,853,751
Capital outlay - 29,376,516 29,376,516
Debt service:
Repayment of advances from City 212,000 6,247,275 6,459,275
Interest expense - 155,051 155,051
Principal payments - 1,206,793 1,206,793
TOTAL EXPENDITURES 2,439,443 40,839,386 43,278,629
EXCESS OF REVENUES OVER (UNDER)
EXP MITURES 294,429 (38,842,145) (38,547,716)
OTHER FINANCING SOURCES (USES)
j Advances from City of Huntington Beach
(Note 5) - 40,009,783 40,009,783
Advances frcan Public -Financing Authority
debt (Note 5) 462,628 5,796,581 6,259,109
Proceeds from joint venture loan (Note 7A) - 1,711,629 1,711,629
Proceeds frcen long-tern debt - 5,604,832 5,6041832
TOTAL OTHER FIN1ANCING SOURCES 462,628 53,122,725 53,585-,353
EXCESS OF REVENUES AND OTHER
SOURCES OVER EXPENDITURES 757,057 14,280,580 15,037,637
FUND BALANCES - BEGINNING OF YEAR 3,330,225 22,626,805 2519571,030
FUND BALANCES - ELIDING OF YEAR $ 4,087,282 $ 36,907,385 $ 40,994,667
See independent auditors' report and notes to financial statements.
-3-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTING'IION BEACH
N= TO FINANCIAL STATEIMIS
June 30, 1989
1. SIGNIFICANT ACCOUNTING POLICIES:
A. Basis of Accounting:
The modified accrual basis of accounting is followed by the
Redevelopment Agency of the City of Huntington Beach (the Agency) .
Revenues are recognized when they become measurable and available to
finance expenditures of the current period. Expenditures are recorded
at the time liabilities are incurred, except that principal and interest
payments on long-term debt are recorded as expenditures when due.
B. Investments:
Investments are stated at cost, which was equal to market value at
June 30, 1989. If market value declines below cost, no loss is recorded
if such declines are considered temporary.
C. General Fixed Assets:
The Agency has no capitalized general fixed assets. Project costs
incurred such as roads and streets, curbs, gutters, drainage systems,
lighting systems and other similar project costs are recorded as
expenditures of the Capital Projects Fund.
D. Financial Reporting:
Total columns in the accompanying financial statements are captioned
"Memorandum Only" to indicate that they are presented only to facilitate
financial analysis. The totals are not comparable to a consolidation in
that interf nd eliminations have not been made in combining the data.
E. Budgetary Reporting:
The budgets of the Agency are primarily "long-term" budgets which
emphasize capital outlay plans extending over one year. Because of the
long-term nature of redevelopment projects, "annual" budget comparisons
are not considered meaningful and accordingly, no budgetary information
is included in the accompanying financial statements.
See independent auditors' report.
-4-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNI'INGTON BEACH
NOTES TO FINANCIAL SMIM TI'S
(Continued)
June 30, 1989
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) :
F. Administrative and Overhead Charges:
Pursuant to the California Community Redevelopment law, Chapter 6,
Article 2, Section 33610, a city may elect to allocate administrative
and overhead expenses to a redevelopment agency, either as a grant or a
loan. During the fiscal year ended June 30, 1989 , the City of
Huntington Beach inured certain salary and overhead expenses in behalf
of the Agency and elected to allocate these expenses to the Agency.
2. DESCRIPTION OF 'FUNDS:
A. Debt Service Funds - Tax increment revenue and related interest income
are placed in these funds. The funds are then used to repay principal
and interest on indebtedness of the Agency. Any fund balance is
reserved for debt retirement. Under provisions of the Health and Safety
Code, such a fiend is referred to as a "Special Fund".
B. Capital Projects Funds - A separate capital projects fund is used to
account for all revenues and expenditures, other than those related to
debt service of each project, including costs of site improvements and
an allocation at administrative expenditures incurred in sustaining
Agency activities. Under provisions of the Health and Safety Code such
a fund is referred to as a "Redevelopment Rind".
C. Lease Payments Receivable and General Long-Term Debt Account Group -
Agency debt which is not payable from currently held assets is recorded
for.memorandum purposes in this account group. As more fully described
at Note 5, the terms of repayment on debt to the City are indefinite.
Thus, all debt to the City is classified as long-term, even though it
My be repaid shortly after balance sheet date. The account group is
J also used to account for lease payments receivable (See Note 5) .
3. CASH AND INVESIMM:
The following disclosures are made in accordance with GASB Statement No. 3:
Cash and investments at June 30, 1989 consisted of the following:
Cash and investments $ 21,892,914
Cash with fiscal agent 322,474
Total $ 22,215,388
See independent auditors' report.
-5-
J
REDEVEUJPMF.Nr AGENCY OF THE
CITY OF HUNrINGION BEACH
WIES TO FIIWCTAT• STATIIERM
(Continued)
June 30, 1989
3. CASH AND (CWrINUM) :
The Agency's investments are categorized as follows:
Market
Cost Value
Category 1: Insured or unregistered, or securities
held by the Agency or its agent in the
Agency's name $ - $ -
Category 2: Uninsured and unregistered with
securities held by the counterparty's
trust department or agent in the
Agency's name - -
Category 3: Uninsured and unregistered with
securities held by the counterparty,
or by its trust department or agent,
but not in the-Agency's name 322,474 322,474
Cash and investments pooled with the City of
Huntington Beach 21,892,914 21,892,914
Total $ 22,215,388 $ 22,215,388
Safekeeping Arrangements'
First Interstate Bank acts as fiscal agent for the Certificates of
Participation holders and holds all revenues received in trust. All
securities and demand deposits held by the trustee are in the trustee's name
and are held in their trust department.
The Agency does not own specifically identifiable securities in the City of
Huntington Beach Pool.
Allocation of Interest Among Funds:
Interest income is allocated monthly on the various funds based on the
month-end cash balances. Interest income from restricted cash is recorded
directly in the fund earning the income.
See the City of Huntington Beach annual report as of and for the year ended
June 30, 1989 for additional GASB 3 disclosures on investments.
See independent auditors' report.
-6-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNI'.IIN= BEACH
NOTES TO FINANCIAL STIATE[IENM
(Continued)
June 30, 1989
4. ORGANIZATION AND TAX INCTREMERr FINANCING:
The Redevelopment Agency of the City of Huntington Beach was created by City
Council Ordinance Number 1785 adopted on January 1, 1967. The primary
purpose of the Agency is to encourage private redevelopment of property and
to rehabilitate those areas suffering economic disuse arising from poor and
inadequate planning, inadequate street layout and street access, lack of
open space or landscaping, and provide other improvements and facilities
necessary to establish and maintain the economic growth of the City.
The Agency's primary source of revenue comes from property taxes, referred
to in the ac=q:)anying financial statements as "tax increment revenue".
The assessed valuation of all property within the project area is determined
on the date of adoption of the Redevelopment Plan.
Property taxes related to the incremental increase in assessed values after
the adoption of the Redevelopment Plan are allocated to the Agency; all
taxes on the "frozen" assessed valuation of the property are allocated to
the City and other districts.
The Agency currently has five project areas and a low income housing
program. The Talbert-Beach project includes approximately 50 acres and its
anticipated land use is an industrial park. The Main Pier project includes
approximately 300 acres within the downtown area adjacent to the pier and
beach. The anticipated land uses includes commercial, office and
residential mixed use projects and a variety of public facilities. The
Oakview project, comprising 68 acres, includes the Charter Centre Office
building, a canm ercial and theatre complex and rehabilitation of existing
residential properties. The Yorktown-Lake project includes 30 acres of
single-family housing and public facilities. The Huntington Center project
Provides parking and traffic circulation improvements.
5. C:IUMES IN IDNGJIEI DEBT:
Net
Balance Additions Balance
July 1, 1988 (Repayments)_ June 30, 1989
Due to the City of Huntington Beach
and Public Financing Authority:
From sale of land to the Agency
by the City's Park Acquisition
and Development Fund for
$1,740,834 plus accrued
interest at 10% per annum $ 2,109,327 $ (194,410) $ 1,914,917
See independent auditors' report.
-7-
i1
REDEVEMPMM AGENCY OF THE
CrrY OF HUN ING ON BEACH
NOT`E5 TO FINANCIAL, STATEMENTS
(Continued)
June 30, 1989
5. CHANGES IN IONG-rERK DEBT (CONTINUED) :
Net
Balance Additions Balance
July 1, 1988 (Repayments) June 30, 1989
From sale of land to the Agency
by the City's General Fund for
$405,536, plus accrued interest
at 10% per annum $ 653,120 $ 31,695,170 $ 32,348,290
From sale of land by the City
General Fund for $1,228,381
plus interest at 10% per annum 1,351,219 - 1,351,219
Cash advances from the City's
General Fund plus accrued
interest at 10% per annum 14,044,561 357,647 14,402,208
Cash advances from the City's
Other Grants Fund 1,064,483 108,094 1,172,577
Cash advances from the City's
Water Fund plus accrued interest
at 10% per annum 1,259,390 125,939 1,385,329
Unpaid developers fees payable to
various-City funds, to be subsidized
by the Agency plus accrued
interest at 10% per annum 923,825 (178,276) 745,549
Cash advances from the Public
Financing Authority in June 1989
totalling $14,869,123 plus accrued
interest of $367,615 ccuputed
at varying rates 15,236,738 6,103,040 21,339,778
Cash advances from the Drainage
Fund totaling $250,000 plus
interest of $25,000 computed
at 10% per annum 275,000 27,500 302,500
Cash advances from the Gas Tax Fund
totaling $500,000 plus interest
of $50,000 computed at 10% per annum - 550,000 550,000
Cash advances from Parking Structure
Fund totaling $6,750,000 plus
interest of $675,000 computed
at 10% per annum - 7,425,000 7,425,000
Total 36,917,663 46,019,704 82,937,367
Amount due under Owner
Participation Agreements
(See Note 7) 1,408,047 367,502 1,775,549
Notes payable - 2,874,500 2,874,500
Certificates of Participation 4,600,000 - 4,600,000
Total Long-Term Debt $ 42,925,710 $ 491261,706 $ 92,187,416
See independent auditors' report.
-8-
REDEVELOPMENT AGENCY OF THE
CITY OF HUN INGTON BEACH
NC7TFS TO F 4ANCLkL STATEMM
(Continued)
June 30, 1989
5. CHANGES IN L NG-TMA DEBT (CONTINUED) :
A. Since payment by the Agency to the City and Public Financing Authority
on the various transactions will be made from tax increment revenues in
future years, the debt is classified as long-term.
B. Beginning in 1983, the Redevelopment Agency entered into various
agreements with outside parties to facilitate redevelopment activities.
In 1983, the Redevelopment Agency agreed to purchase certain public
improvements from Mola Development Corporation for $1,408,047. The
amount carried interest at 11% per annum. The amount was to be repaid
to Mola by a pledge of tax increment revenues generated by other
improvements constructed by Mola. In July 1988, the Agency and Mola
agreed to settle the debt for $1,200,000.
In 1988, the Redevelopment Agency was loaned $2,730,332 by a private
corporation to relocate tenants of a mobile home park. The advance
carries no stated interest and will be repaid with a pledge of tax
increment revenues and transient occupancy tax received by the Agency.
At June. 30, 1989, $1,775,549 is shown as principal owed. This amount
represents the net present value of payments totalling $2,730, 332
expected to be made from 1992 to 1998 at a discount rate of 8 percent.
C. In 1988 the Redevelopment Agency purchased property in the Main/Pier
project area and assumed three separate mortgages. The mortgages bear
interest at 11% with debt service payable monthly according to the
j mortgage contract.
Below is a schedule of debt service requirements to maturity.
Fiscal Year
wing
June 30 Principal Interest Total
1990 $ 13,500 $ 321,000 $ 334,500
1991 1,050,000 200,000 1,250,000
1992 1,014,000 134,000 1,148,000
1993 18,000 87,000 105,000
1994 21,000 85,000 106,000
1995 758,000 759,000 1,517,000
Total $ 2,874,500 $ 1,586,000 $ 4,460,500
See independent auditors' report.
-9-
dd elf
• HASEKO(California),Inc. re- ��^i e� �• �° �u 6�c '�° ��
Suite 240
World Trade Center �✓j + I��; �i
HASEKO 350 So. Figueroa Street
Los Angeles,CA 90071 I�.1 l
� September 30, 1991
Tel:213/617'1414
Fax 213i680'4184
City of Huntington Beach:
Mayor Peter Green
Councilman Don Mac Allister
Councilwoman Linda Moulton-Patterson
Councilwoman Grace Winchell
Councilman Jim Silva
Councilman Jack Kelly ' G
Councilman Earle Robitaille a
- ' 4 rr,
_<Cn
Subject: Unused Certificates of Participation Bonds
L. lR,m
This letter is in reference to the 10. 2 million dollars in �
bond funding that may be available to the downtown area and-'__
other City projects. ,
Haseko (California) , Inc. and our partner, California
Resorts International, developed the Pierside Pavilion
entertainment center and the Pier Colony condominium project
in downtown Huntington Beach. Our commitment to the
downtown area exemplifies our concern for the future
redevelopment of the area.
The downtown area has the potential to be a major
destination point for Huntington Beach residents and
visitors. The impact of the slower than anticipated
redevelopment of the areas around Main Street and the Pier
have greatly impacted our Pierside Pavilion entertainment
center and other area retailers. The reduced customer
traffic and the poor downtown image directly effects the
retail sales in the area.
Therefore, On behalf of Haseko (California) , Inc. , we are
requesting that the unused bond funding be allocated to the
redevelopment of downtown Huntington Beach, specifically,
1st through 5th Streets.
Sincerely,
HASEKO (CALIFORNIA) , INC.
6� ` 4�4,
Jim Shaw
Director of Asset Management and Acquisitions
3O
P
REQUEST FOR REDEVELOPMENT AGENCY ACTION°"' `''
RH 91-83
Date December 16, 1991
Submitted to: Honorable Chairman and Redevelopment Agency Members
Michael T. Uberuaga, Executive Director. ` �/� .
Submitted by: ., �_ �C4
Prepared by: Barbara A. Kaiser, Deputy City Administrator/Economic Developme t
Subject: APPROVAL OF ANNUAL REPORT AND STATE CONTROLLER'S REPORT OF
1THE HUNTINGTON:BEACH REDEVELOPMENT AGENCY FOR FISCAL YEAR
Consistent with CoU1i�q�MOLly? [ ] Yes [ ] New Policy or Exception
Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachment
APPROVED BY CITY COUNCIL
19-u
STATEMENT OF ISSUE: cilry cL xx
In accordance with provisions of Section 33080.1 of the State of California's Health and
Safety Code, the Redevelopment Agency is required to prepare an Annual Report to be
forwarded to the State of California Department of Housing and Community
Development (HCD). Attached for your review are the Annual Report and State
Controller's Report for fiscal year 1990/1991.
RECOMMENDATION:
Approve attached Annual Report and State Controller's Report, and direct staff to
transmit required documents to the State of California, Department of Housing and
Community Development.
ANALYSIS:
In accordance with the State Redevelopment Law, the Redevelopment Agency is
required to submit an Annual Report pursuant to the provisions of Section 33080.1 of the
Health and Safety Code.
State Law mandates that the Annual Report contain the following elements: an
independent Financial Audit Report for the previous fiscal year (1990-1991); a work
program for.the coming year (1991-1992) including goals; an examination of the previous
year's achievements; a comparison of those achievements with the goals and objectives
of the previous year; recommendations for needed legislation to carry on a program of
housing and community development in California, and a description of *the Agency's
activities affecting housing and displacement during the 1990-1991 fiscal year.
The Annual Report describes and analyzes the Main-Pier, Oakview, Talbert-Beach,
Yorktown-Lake, and Huntington Center Redevelopment Project Areas in terms of the
above referenced reporting requirements.
PIO/1/85
r, 3
i
FUNDING SOURCE:
Not applicable.
ALTERNATIVE ACTION:
The Annual Report is a mandatory requirement of the State of California and must be
submitted to the Department of Housing and Community Development within six months
of the end of the fiscal year.
ATTACHMENTS:
1) 1990/1991 Annual Report.
2) State Controllers Report.
MTU/BAK:sar
0626y
r
ANNUAL REPORT OF THE
HUNTINGTON BEACH REDEVELOPMENT AGENCY
1990/1991
In accordance with the provision of Section 33080.1 of the State of
California Health and Safety Code, this report has been prepared for
the Huntington Beach Redevelopment Agency for Fiscal Year 1990/91.
The "Audit Report," as defined in subsection (a) 33080.1, was prepared
by the Agency's independent financial auditors, Diehl Evans.
As of July 1, 1990, the Huntington Beach Redevelopment Agency had
five project areas: Talbert-Beach, Yorktown-Lake, Oakview,
Main-Pier, and Huntington Center. The Main-Pier Redevelopment
Project Area was amended in June of 1983, and the Oakview RPA was
amended in July of 1989.
The following pages outline the work programs and discuss the
accomplishments of each project area.
-1-
MAIN-PIER REDEVELOPMENT PROJECT AREA
I. MAIN-PIER REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR FISCAL
YEAR 1991/92
The following is a summary of the Agency's Work Program for the Main-Pier
Redevelopment Project Area for fiscal year 1991/92:
1) Complete Disposition and Development Agreement negotiations for the
Main-Pier Phase II mixed use project, incorporating a two-block site at Main
and Pacific Coast Highway.
2) Conclude negotiations, approve amended documents, entitlements, and financing
for the Waterfront Phase II including the Sheraton Hotel and health/tennis
facility.
3) Commence construction of:
* Third Block West
* US Post Office Renovation
* Abdelmuti Development Company
Retail/Office/Commercial
* The Waterfront Phase II
* The Art Center Renovation
And complete construction of:
* Second Block Alley Renovation
4) Complete a plan for the Pier Plaza area, incorporating either a new restaurant
or a renovated Maxwell's restaurant that is consistent with the South Beach
Improvement Master Plan.
5) Continue downtown property acquisitions for the purpose of site assembly for
future redevelopment.
6) Continue negotiations on the Standard Market site at Main Street and Walnut
Avenue for redevelopment of the property.
7) Prepare a document interpreting the development potential of the amended
Downtown Specific Plan.
8) Develop a plan for the renovation of the shopping center at Atlanta Avenue and
Beach Boulevard.
9) Supervise and/or cooperate in the leasing of commercial space in Town Square
and office and commercial space in Main Promenade, Pierside Pavilion, and the
future Abdelmuti building.
10) Explore the development of affordable housing projects within the Main-Pier
Project Area and citywide (See Affordable Housing section).
-2-
I �
II. MAIN-PIER REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1990/91
The following is a review of the goals and achievements for fiscal year 1990/91:
1) Complete plans for Pierside restaurants, Pier Plaza, and the new municipal pier.
2) Complete construction of Pierside Village restaurants.
3) Complete construction of Pier Plaza and new municipal pier.
4) Design and commence construction of the north of the pier parking structure.
5) Continue downtown property acquisitions and owner/tenant relocations, as
appropriate.
6) Adopt a development plan for Main-Pier Phase II, and commence construction.
7) Complete construction of:
* Town Square
* Municipal Art Center
* 200 Block Retail/Parking Structure (Main Promenade)
* Rehabilitation Block
* Main-Pier Phase I (Pier Colony and Pierside Pavilion)
* Waterfront Hilton
* Celebration Plaza, adjacent to Main Street Library
* Post Office Renovation and Plaza
8) Process entitlements and commence construction of Waterfront Phase II (health
club) and Phase III (second hotel), and the Walnut Avenue extension.
9) Develop a plan for the consolidation of downtown oil operations.
10) Develop the downtown tram system.
11) Renovate the retail shopping center at Beach Boulevard and Atlanta Avenue.
12) Continue construction of:
* Underground utilities
* Main Street public improvements
* Public plaza areas
13) Complete public relations brochure and "Fact Book."
14) Select developers and approve development plans for the three blocks northwest
of Lake Street and Pacific Coast Highway and the 300 block of Main Street -
West side.
15) Commence Agency staff participation in marketing and tenancy process in
project area. Maintain liaison with Conference & Visitors Bureau, and organize a
Central Retail Management (CRM) organization with property owners.
-3-
r 1
OAKVIEW REDEVELOPMENT PROJECT AREA
I. OAKVIEW REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR FISCAL
YEAR 1991/92
The following is a summary of the Agency's Work Program for the Oakview
Redevelopment Project Area for fiscal year 1991/92:
1) Continue the multi-family rehabilitation loan program with a production goal of
30-40 units annually.
2) Continue the Housing Code Enforcement Program.
3) Continue to implement circulation improvements identified in the Oakview
Neighborhood Plan.
4) Complete the enhancement of landscape/hardscape on Queens Lane and Slater
Avenue.
5) Increase street lighting intensity to enhance safety in the neighborhood.
6) Continue to analyze the feasibility of land purchases by the Agency for the
development of affordable housing.
7) Monitor construction of the Zisakis commercial building expansion project.
H. OAKVIEW REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1990/91
The following is a review of the goals and achievements for fiscal year 1990/91:
1) Consider zone changes to high density residential area adjacent to Guardian
Center.
2) Study options to provide additional parking opportunities at Guardian Center.
3) Continue to implement circulation improvements identified in the Oakview
Neighborhood Plan to include reconstruction of streets and right-of-way
improvements in the north Oakview area.
4) Complete agreements with the three property owners in Guardian Center
Phase III and implement development plans.
5) Continue to rehabilitate 30 to 40 housing units per year in the south Oakview
area.
6) Implement Enhancement Project for Queens Lane and Slater Avenue in
conformance with Jacquelyn Lane Enhancement Project.
-4-
1 1
S
TALBERT-BEACH REDEVELOPMENT PROJECT AREA
I. TALBERT-BEACH REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR
FISCAL YEAR 1991/92
The following is a summary of the Agency's Work Program for the Talbert-Beach
Redevelopment Project Area for fiscal year 1991/92.
1) Consolidate Agency-owned parcels with adjacent private parcels and negotiate a
Disposition and Development Agreement with Seaview Enterprises that provides
additional affordable housing within the project area.
2) Invest Agency funds to improve the Emerald Cove senior housing project.
3) Complete refinancing of the Emerald Cove project to achieve long-term
financial stability.
4) Monitor maintenance of street and other public improvements constructed by the
Agency/City.
IL TALBERT-BEACH REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1990/91:
The following is a review of the goals and achievements for fiscal year 1990/91:
1) Encourage Agency consolidation of parcels, the submittal of a plan for
development of remaining residential land, and work to commence construction.
2) Upgrade, as needed, Agency investments and commitments to the Emerald Cove
senior housing project.
3) Maintain street and other public improvements constructed by the Agency/City.
HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA
I. HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA: WORK PROGRAM
FOR FISCAL YEAR 1991/92
The following is a summary of the Agency's Work Program for the Huntington
Center Redevelopment Project Area for fiscal year 1991/92:
1) Install traffic signal on Center Avenue in the area of One Pacific Plaza and
Huntington Beach Mall.
-5-
ANNUAL REPORT OF FINANCIAL TRANSACTIONS PROJECT AREA
OF COMMUNITY REDEVELOPMENT AGENCIES COVER SHEET
PROJECT AREA REPORT
PAGE 0 1
STATE USE ONLY STATE USE ONLY
W AREA ID*
PLEASE AFFIX LABEL AND CORRECT IF NECESSARY
GENCY AND PROJECT AREA NAME _
303T60S4
ZOARVIEW PROJECT AREA
REDEVELOPMENT AGENCY OF THE CITY
OF HUNTINGTON BEACH
REVIEWED CLEARED
PLEASE PROVIDE A BRIEF'DESCRIPTION OF THE ACTIVITIES FOR THIS DATE PROJECT AREA WAS ESTABLISHED
PROJECT AREA DURING THE REPORTING YEAR. P►AM4)D-YY) (1) '
MOST RECENT DATE PROJECT AREA _
AS AMENDED. (r w DD-YY► 2
29
MOST RECENT DATE PROJECT AREA
AS MERGED. (MM•O)•YYI 3 - -
OAKVIEW: The Agency conveyed land to Phil ESITMATED COMPLETION DATE
Zisakis on Beach Blvd. north of Cypress to (YEAR ONLY) 4 D/
complex. An ESTABLISHED LIMIT FOR BONDED
expand an existing commercial com
P INDEBTEDNESS(IF APPLICABLE).
Exclusive Negotiation Agreement between_ the HEALTHAND SAFETY CMSECTMN33334.1. 8 a �OQ ODG�
Agency and Gaurdian Savings was terminated ESTABLISHED LIMIT FOR TAX INCREMENT
due to a take over of Guardian by the federal REVENUES. (IF APPLICABLE).
Resolution Trust Corporation. The Agency HEALTHANDSAIVYCMSECTION33333.2MD33333.4. 6 $ DOG 00
provided funds for a police substation to be
placed into an existing community center. SIZE PERCENTAGE
PROJECT AREA IN ACRES. T
CENTAGE OF LAND VACANT AT THE
INCEPTION OF THE PROJECT AREA.
HEALTH AND SAFETY CODE SECTION 33320.1 (XX.X%) 8
PERCENTAGE OF LAND DEVELOPED AT
HE INCEPTION OF THE PROJECT AREA.
HEALTH AND SAFETY CODE SECTION 33320.1 (XX.X%) 9 %
OBJECTIVES OF THE PROJECT AREA
AS SET FORTH IN THE PROJECT 10 K
AREA PLAN. R - RESIDENTIAL
(ENTER THE APPROPRIATE CODE(S) 1 = INDUSTRIAL
---� — IN SEOUENCE AS SHOWN). C = COMMERCIAL
P = PUBLIC
O OTHER
LGFA•80 (REV 5/90)
1
ANNUAL REPORT OF FINANCIAL TRANSACTIONS PROJECT AREA
OF COMMUNITY REDEVELOPMENT AGENCIES COVER SHEET
PROJECT AREA REPORT
PAGE 0 1
STATE USE ONLY STATE USE ONLY
Lmra AREA ID*
PLEASE AFFIX LABEL AND CORRECT IF NECESSARY
AGENCY AND PROTECT AREA NAME
30376067
TA&ERT/BEACH PROJECT AREA
REDEVELOPMENT AGENCY OF THE CITY
REVIEWED CLEARED OF HUNTINGTON BEACH
PLEASE PROVIDE A BRIEF DESCRIPTION OF THE ACTIVITIES FOR THIS DATE PROJECT AREA WAS ESTABLISHED p
PROJECT AREA DURING THE REPORTING YEAR. (MMMYY) (1) - - CJ
MOST RECENT DATE PROJECT AREA
AS AMENDED. (MMA).Yq 2 - -
MOST RECENT DATE PROJECT AREA
TALBERT-BEACH: The Agency entered WAS MERGED. nM.Do-rn a - -
negotiations for a 92 unit project composed ESITMATED COMPLETION DATE
of 50 flats and 42 townhomes known as the HEAR oNLh 4 D
Seaview project. Preliminaryagreements ESTABLISHED LIMIT FOR BONDED
a g INDEBTEDNESS(IF APPLICABLE).
suggest 25 units will be affordable. HEALTH AM SAFETY CODE SECTION33334.1. $ $ ,5"v(> &1O<)
ESTABLISHED LIMIT FOR TAX INCREMENT
REVENUES. (IF APPLICABLE).
HEALTH AND SAFETY CODE SECTION 33333.2 AND 33333.4. 6 $ C?
IZE OF PROJECT AREA IN ACRES. 7
PERCENTAGE OF LAND VACANT AT THE
INCEPTION OF THE PROJECT AREA.
HEALTH AND SAFETY CODE SECTION 33320.1. (XX.X%) 8
PERCENTAGE OF LAND DEVELOPED AT
HE INCEPTION OF THE PROJECT AREA.
HEALTH AND SAFETY CODE SECTION 33320.1 (XX.X%) 9
OBJECTIVES OF THE PROJECT AREA � ?
AS SET FORTH IN THE PROJECT 10 1
AREA PLAN. R = RESIDENTLAL
(ENTER THE APPROPRIATE CODE(S) I = INDUSTRIAL
IN SEQUENCE AS SHOWN). C = COMMERCIAL
P = PUBLIC
O a OTHER
LGFA-80 (REV 5/90) -
ANNUAL REPORT OF FINANCIAL TRANSACTIONS PROJE(,'T AREA
OF COMMUNITY REDEVELOPMENT AGENCIES COVER SHEET
PROJECT AREA REPORT
PAGE 0 1
STATE USE ONLY STATE USE ONLY
PROJECT AREA ID*
PLEASE AFFIX LABEL AND CORRECT IF NECESSARY
AGENCY AND PROJECT AREA NAME - -
30376085
YORKTOWN/LAKE PROJECT AREA
REDEVELOPMENT AGENCY OF THE CITY
OF HUNTINGTON BEACH
REVIEWED ICIZARED
PLEASE PROVIDE A BRIEF DESCRIPTION OF THE ACTIVITIES FOR THIS DATE PROJECT AREA WAS ESTABLISHED
PROJECT AREA DURING THE REPORTING YEAR (MM-Mr'l (1) -
MOST RECENT DATE PROJECT AREA
AS AMENDED. (MM.D)-YY) 2 -MOST RECENT DATE PROJECT AREA
YORKTOWN-LAKE: Construction of the AS MERGED. (MM.DD.YY) a - -
Huntington Classics, a 86 unit single family ESITMATED COMPLETION DATEMR ONLY) 4
detached home project, began. Fifteen units ESTABLISHED LIMIT FOR BONDED
were completed. Civic Center improvements INDEBTEDNESS(IF APPLICABL.E).
and the design criteria for the expansion of HEALTH AND SAFETY CODE SECTION 3333A.1. 8
the center were prepared. ESTABLISHED LIMIT FOR TAX INCREMENT
REVENUES. (IF APPLICABLE). �7
HEALTH AND SAFETY CODE SECTION 33333.2 AND 33333.A. 6 $
SIZE OF PROJECT AREA IN ACRES. 7
PERCENTAGE OF LAND VACANT AT THE
INCEPTION OF THE PROJECT AREA.
HEALTH AND SAFETY CODE SECTION 33320.1 (XX.X%) 8 ✓!�. tr6
PERCENTAGE OF LAND DEVELOPED AT
HE INCEPTION OF THE PROJECT AREA.
HEALTH AND SAFETY CODE SECTION 31320.1 (XX.X%) 9
OBJECTIVES OF THE PROJECT AREA
AS SET FORTH IN THE PROJECT 10
AREA PLAN. R = R ENTIAL
(ENTER THE APPROPRIATE CODES) I = INDUSTRIAL
IN SEQUENCE AS SHOWN). C - COMMERCIAL
P = PUBLIC
O - OTHER
WFA•80 (REV 5/90)
ANNUAL REPORT OF FINANCIAL TRANSACTIONS PROJECT AREA
OF COMMUNITY REDEVELOPMENT AGENCIES COVER SHEET
PROJECT AREA REPORT
PAGE 0 I
STATE USE ONLY STATE USE ONLY
PROTECT AREA ID*
PLEASE AFFIX LABEL AND CORRECT IF NECESSARY
AGENCY A•
30376030
.`HUNTINGTON CENTER PROJECT AREA
REDEVELOPMENT AGENCY OF THE CITY
OF HUNTINGTON BEACH
iREVIEWED ICLEARED
PLEASE PROVIDE A BRIEF DESCRIPTION OF THE ACTIVITIES FOR.THIS DATE PROJECT AREA WAS ESTABLISHED
PROJECT AREA DURING THE REPORTING YEAR. MOST RECENT DATE PROJECT AREA
AS AMENDED. (M c," 2 -MOST RECENT DATE PROJECT AREA
AS MERGED. (MM-0D-YY) 3 - -
HUNTINGTON CENTER: The Agency and the Orange ESITMATED COMPLETION DATE
g Y g (YEAR ONLY) 4
County Transportation Authority agreed to ESTABLISHED LIMIT FOR BONDED
develop a transportation terminal only. The INDEBTEDNESS(IF APPLICABLE).
Agency and property owners agreed to traffic HEATH AND SAFETY CODE SECTION 33334.1. 8 $ 'Q� OD
signal placement on Center Avenue. The ESTABLISHED LIMIT FOR TAX INCREMENT
Agency participated in the Orange County REVENUES. (IF APPLICABLE).
Transportation Commissions countywide Rail HEALTH AND SAFETY CODE SECTION 33333.2 AND 33333.4. 6 $
Study and the Central Orange County Fixed SIZE OF PROJECT AREA IN ACRES. T
Guideway Project and recommended that the PERCENTAGE OF LAND VACANT AT THE
Huntington Beach Mall be included in the INCEPTION OF THE PROJECT AREA.
system. The plans for the Hoover-Gothard HEALTH AND SAFETY CODE SECTION 33320.1 (xxx%) S
Extension were completed and the first phase PERCENTAGE OF LAND DEVELOPED AT
of preparing a Specific Plan for Edinger THE INCEPTION OF THE PROJECT AREA.
Corridor Street Alignment was completed. HEALTH AND SAFETY CODE SECTION33320.1 (XX.X%) 9 D . d%
CALTRANS ranted conceptual a OBJECTIVES OF THE PROJECT AREA
g p approval for the AS SET FORTH IN THE PROJECT 10
widening of Center Avenue, near the I-405 AREA PLAN. R = RESIDENTIAL
access r amps. (EMER THE APPROPRIATE CODES) I = INDUSTRIAL
IN SEQUENCE AS SHOWN). C = COMMERCLAL
P = PUBIC
O a OTHER
LGFA-80 (REV 5/90)
1
REPORT FOR FISCAL YEAR ENDING ON __�L/ 30 / 91
3tEDEVEIAPIDOfT aff—cY XX=/ADDRZ88: COUNWA of JURISDICTIOX:
Huntington Beach
2000 Main Street Orange
Huntington Beach, CA 92648
t t
(Name of Person Preparing Report) (Telephone Number of Preparer)
NUMB= OF ACTIVE PROJECT AREAS AD?=STERED BY THIS AGENCY:
NMI IT AG NCT OPERATES NORE TEM ONE PROJECT AREA, COXPLETS ABODE PORTION
OF M TORTS. TMM lQM INOUGE COPIES OF PAGER 1 MM220 5 TO PROVIDE .A
ATE BCEEDULZ ECD-A REPOBZrNG TORTS FOR EACH PROJECT AREA,
SCREDIILE BCD - A
BCD's reporting mandate, contained in Health. and Safety Code Section 33080.6,
refers to,Sections 33080.1, 33334.2, 33413, and 33488. Questions 1 through 6
address the mandates in Sections 33080.1 and 33334.2.
1. `- Project Name: MAIN-PIER If new, give year adopted:
2. Year(s) Merged: , Year(s) areas were added:
3. Percentage of project's tax increments set aside for housing And
A22osited in the IAK Fund: (Show exact t if possible; otherwise
show 0, 20t, less than 20%, or more than 20t.) 20 t
4. If set-aside is being deferred, or is less than 20t of the total tax
increments allocated to the entire project, when were the necessary
: findings adopted? (Show month/day/year)
S. The Health and Safety Code authorizes types of findings which can be made
to exempt a project from the set-aside requirement. Indicate types) -of
findings adopted by checking appropriate Health and Safety -Code Section
designation(s):
[ ] Section 33334.2(a) (1) (No need in community to increase/improve
supply of low/moderate-income housing.)
[ ] Section 33334.2(a) (2) (Less than 20% set-aside is sufficient to meet
the need.)
[ ] Section 33334.2(a) (3) (community is making substantial effort
IS in value to 20% set-aside.)
[ ] Section 33334.6(d) (Project was adopted prior to 1977 and tax
increments are needed to most existing debts.)
[ ] Section 33334.6(e) (Project was adopted prior to 1977 and tax
increments are needed for timely completion of projects to which agency
was committed prior to 1986.)
G. A finding pursuant to Section 33334.6(d) or (e) triggers a requirement in
33334.6(g) to create an indebtedness to the L&M Fund representing the
amount of the set-aside being deferred. What is the amount of the
indebtedness resulting from the deferral of all or a portion of the set-
aside during the reporting period?
6A: $
Section 33334.6(9) specifies that the indebtedness due to deferrals of
the set-aside authorized in Sections 33334.6(d) or 33334.6(e) is to be
retroactive to fiscal year 1985-86. Indicate the cumulative total of
that indebtedness (including the amount reported in item 6, above) .
6B: $
(Continued - See Reverse)
agency's annual report to its legislative body (required in Section 33080.1.) .
Section 33080.5 specifies fiscal information to be included. The following
questions address that portion of the reporting mandate:
7. If Item 3, above, indicates agency is setting aside tax increments and no
figure is entered in Item 7A, below, please indicate the reason for that
inconsistency:
[ ] Project has not yet generated tax increments.
[ ) Tax increments are used to pay debt service on debt proceeds added
to L&M Fund.
[ ) Other (explain) :
The following questions relate to this project area only and the actual
(not deferred) revenues it has contributed to the.agency's L&M Fund. P-o
not include interest. Interest will be shown on SCHEDULE HCD-C. Any
income related to agency-assisted housing located outside project areas
should be reported as "Other Revenues Added" (Item 7C, below) for the
project named as beneficiary in the authorizing resolution.
A. Tax Increments Added: $
B. Debt Proceeds Added: $
C. Other Revenues *Added (excluding:,interest)- $
D. A+B+C - Total Revenues Added (excluding interest) : $
8. Pursuant to Sections 33080.4(a) (1) 'and (a) (3) , complete the chart below
to report the number of dwelling units destroyed or removed from this
project area as a result of redevelopment activities during the fiscal
year; the type and -income category of households served by those units;
the number of those units the agency is not required to replace; and the
type and income category of households displaced from the project area
during the fiscal year.
INFORMATION ON UNITS REMOVED INFORMATION ON HOUSEHOLDS
OR DESTROYED DISPLACED
Household Total Households Lost Units Total Income/Type
Income Units Served not'Required Number Households
and Type Lost (Type): to be Replaced Displaced Displaced
Veit' Low 8 0 20
Elderly
Family (non-elderly)
other (not family/ 8 .
not elderly) _ Very low
Low 3 0 0
Elderly
Family (non-elderly)
other (not family/ 3 Low
not elderly)
Moderate 0 0 0
Elderly _
Family (non-elderly)
r other (not family/
not elderly)
Above Mod 0 0 0
Elderly
Family (non-elderly
Other (not family/
not elderly)
2
y. ws requarea In seczlon 33080.4(a) (2), estimate the type and number of
housebold.s, by income category, to be displaced from this project area
during the next reporting period:
Subtotal for subtotal for
Total_Dnits Elderly Households other Hovaeh ldfi
Very Low 0
Low 0
Moderate 0
Above Mod 0
Sections 33413(d) and 33413.5 specify that project areas adopted or amended to
add areas after 1975 are required to adopt replacement housing plans at least
30 days prior to entering certain agreements affecting properties from which
low- and moderate-income dwelling units will be removed. Other project areas
Vy adopt such plans.
10. If the agency adopted a replacement housing plan, report the
date it was adopted: _�_� 84
11. Pursuant to Section 33080.4(a) (4) and (a) (5), complete the following
chart to report agency-assisted units with occurancv restrictions based
on household type or income level. It asks for information on units
located in this project area, or located outside redevelopment areas for
the benefit of this project area. (Under redevelopment law, "elderly
household" means one in which the head of the household is 60 years of
age or older, or handicapped; as specified in Section 50067.)
NOTZs Mort units built or rehabilitated only if the Worlt was completed
during the reporting period.
Income Rehabbed with Built with Receiving Acquired
Level Agency Help Agency► Help Subsidies by Agency
Total Very Low 0 0 0 0
For Elderly
For Other
Total Low 0 0 0 0
For Elderly
For other
Moderate 0 - 0 0 0
For Elderly
For other
Above Moderate 0 0 0 0
For Elderly.
For other
12. Indicate how many of the units listed in item 11 are replacements for
units removed through redevelopment activities, as required in Section
33080.4(d) (4): -
Income Built with Rehabbed with Receiving Acquired
bevel Aagncv Hely Agency Hel]2 Subsidies by Agency;
Total Very Low 0 0 0 0
Subtotal (Elderly)
Subtotal (Other)
Total Low 0 0 0 0
Subtotal (Elderly)
Subtotal (other)
Total Moderate 0 0 0 0
Subtotal (Elderly)
Subtotal (Other)
r 3
13. -Plesse use the space below for information you wish to add to further -
explain the housing activities conducted by the agency or the use of its
I,ow and Moderate Incase Housing Fund.
Negotiations are in progress with the Newcomb Tillotson
Development Group to provide 33 affordable units.
14. The attached housing inventory report sheets (pages 5 and 6) were
prepared by BCD to assist your agency in sooting requirements added to
Health and Safety Code Section 33080.4 by AB 2080, Chapter 1140, Statutes
of 1989 (Sections 33080.4(a) (7) and 33418). The information is to be
provided for all housing units in a redevelopment project area which have
occupancy or affordability restrictions imposed by- agreements or recorded
conditions, covenants, and restrictions. (Use a separate copy of pages 6
and 7 for each project area.)
NOTE: In the column headed *Units Occupied by Ineligible Households,"
eater the number of units with occupancy or affordability restrictions
which were occupied by households not meeting the criteria for occupancy.
imposed by the CC6Rs or agreements.
4 -
inL K1.IIfiY6lNYnt.. .1V.L.V& - __- -- -- '-- ---... _-_•- -- -- ..... ..
IT FOR SUBMISSION IN FUTURE REPORTS-
, � _•
Redevelopment Agency Huntington Beach COUNTY: Orange
SCHEDULE HCD-A (Continued) for the Main-Pier project
(Information Compiled Pursuant to Health and Safety Code Section 33418)
INVENTORY of OWNER-OCCUPIED HOUSING UNITS IN THIS PROJECT AREA
WITH RESTRICTIONS ON OCCUPANCY/AFFORDABILITY IMPOSED BY
RECORDED AGREEMENTS OR CONDITIONS, COVENANTS, AND RESTRICTIONS .
asaaeaaaaaaaaa�aaaaaa=aaaaaaaaaaaaaaaae*ats>stssaaasaaasevaysvasesrfaasa»Qavasaeeaaaaaassaaaaaasaaaaaxaaaaavxaaas=sssaaa=esaev-=
Project Name/ Owner Name/ Total No. Reserved for Restricted by Units Occupied Subsidy Earliest
Address: Address: Units in Elderly Income Only by Ineligible Sources Affordability
(IF AGENCY DEVELOPED Project VLO LOW MOD OTH VLO LOW MOD Households Used Termination
PROJECT, CIRCLE NAME) VLO LOW MOD ELDERLY Date
---------------------------------------------------------------------------------------------------------------------------
None
NOTEt This sheet is to contain information only for OWNER-OCCUPIED units. Under SOURCES OF SUBSIDIES, use the following codes to
identify sourcest
RDA a Redevelopment agency provided financing DB City provided density bonus
FmHA, followed by program number a Farmers Home Administration financing CDBG a Federal CDBG financing
HUD, followed by appropriate program number s HUD construction or rehab financing UDAG - Federal Urban Development Grant
HCD s State Departmbnt of Housing and Community Development financing MRB a Local Mortgage Revenue Bond financing
CHFA California Housing and Finance Agency financing TAXC a Federal Tax Credits
PRIV. a Private sources (i.e. foundation grants, corporate contributions, etc.) OTH a Any other source (explain with note)
r,... 1^....♦ 1 .. .�I 1.1 It 11... .......�.f.... �..• n-1. n ... .. r.n.n a .. 1.. . ....11 .. -..1,t....1- .. ,... /.. ........ ._
IT FOR SUBMISSION IN FUTURE REPORTS.
Redevelopment Agency Huntington Beach COUNTY: Orange
SCHEDULE HCD-A (Continued) for the Main-Pier Project
(information Compiled Pursuant to Health and Safety Code Section 33418)
INVENTORY OF ER NTAl1 ROUSINO UNITS ZN TEIS PROJECT AREA WITH
RESTRICTIONS ON OCCUPANCY/AFFORDABILITY IMPOSED BY
RECORDED AGREEMENTS OR CONDITIONS, COVENANTS, AND RESTRICTIONS
a���=s=aavva�asaaa�aastevaaaavamaas�aaa as4 aaaaa-gags=saa�xa�v�=�_--vava��=-v====v====�
Project Name/ Owner Name/ Total No. Reserved for Restricted by Units Occupied Subsidy Earliest
Address: Address: Units in Elderly Income Only by Ineligible Sources Affordability
(IF AGENCY DEVELOPED Project VLO LOW MOD OTH VIA LOW MOD Households Used Termination
PROJECT, CIRCLE NAME) VLO LOW MOD ELDERLY Date
---------------------------------------------------------------------------------------------------------------------------
None
NOTE: This sheet is to contain information only for RENTAL units. under SOURCES OF SUBSIDIES, use the following codes to
identify sources:
RDA - Redevelopment agency provided financing DB - City provided density bonus
FmHA, followed by program number - Farmers Home Administration. financing CDBG - Federal CDBG financing
HUD, followed by appropriate program number - HUD construction or rehab financing UDAG - Federal Urban Development Grant
HCD - State Department of Housing and Community Development financing MRB - Local Mortgage Revenue Bond financing
CHFA - California Housing and Finance Agency financing TAXC - Federal Tax Credits
PRIV. - Private sources (i.e. foundation grants, corporate contributions, etc.) OTH - Any other source (explain with no*e)
Use "HUD V" or "HUD-C" to indicate units subsidized through federal Section 8 vouchers or certificiates.
REPORT FOR FISCAL YEAR ENDING ON 30 / 9
REDEOEL0PX313rT AMMCY XX=/3DDRE881 COUWrY OT JURISDICTION3
Huntington Beach
2000 Main Street Orange
Huntington Beach, CA 92648
t t
(Name Of Person Preparing Report) (Telephone !lumber of Preparer)
NOMBZR OF ACTIVE "DJECT AREAS ADMINISTERED BY THIS AGENCY:
19S=t IT AGENCY OPERATES KQRE TE" ONE PROJECT AREA, COMPLETS ABOVE PORTION
OF THIS FORK, THEM k= EMODGH COPIES OF PAGES I THROUGH 5 TO PROVIDE 7►
SEPMTE 8CHSDVL•E BCD-A REPORTING PORK FOR EACH PROJECT AREA.
SCHEDULE BCD - A
BCD's reporting mandate, contained in Health and Safety Code Section 33080.6,
refers to,Sections 33080.1, 33334.2, 33413, and 33488. Questions 1 through 6
address the mandates in Sections 33080.1 and 33334.2.
1. Project Name: OAKVIEW If new, give year adopted:
2. Year(s) Merged: , Year(s) areas were added:
, ,
3. Percentage of project's tax increments set aside for housing And
deposited in the 1AM Fund: (Show exact t if possible; otherwise
show 0, 20%, less than tot, or more than 20t.) 20 t
4. If set-aside is being deferred, or is less than 20% of the total tax
increments allocated to the entire project, when were the necessary
: findings adopted? (Show month/day/year)
S. The Health and Safety Code authorizes-types of findings which can be made
to exempt a project from the set-aside requirement. Indicate type(s) of
findings adopted by checking appropriate Health and Safety Code Section
designation(s):
{ ] Section 33334.2(a) (1) (No need in community to increase/improve
supply of low/moderate-income housing.)
{ ] Section 33334.2(a) (2) (Less than 20% set-aside is sufficient to meet
the need.)
] Section 33334.2(a) (3) (Community is making substantial effort
equivalent in value to 20% set-aside.)
{ Section 33334.6(d) (Project was adopted prior to 1977 and tax
increments are needed to meet existing debts.)
i ] Section 33334.6(e) (Project was adopted prior to 1977 and tax
crements are needed for timely completion of projects to which agency
was committed prior to 1986.)
6. A finding pursuant to Section 33334.6(d) or (a) triggers a requirement in
33334.6(g) to create an indebtedness to the L&M Fund representing the
amount of the set-aside being deferred. What is the amount of the
indebtedness resulting from the deferral of all or a portion of the set-
aside during the reporting period?
6A: S
Section 33334.6(g) specifies that the indebtedness due to deferrals of
the set-aside authorized in Sections 33334.6(d) or 33334.6(e) is to be
retroactive to fiscal year 1985-86. Indicate the cumulative total of
that indebtedness (including the amount reported in item 6, above) .
6B: $
(Continued - See Reverse)
agency's annual report to its legislative body (required in Section 33080.1.) • „
Section 33080.5 specifies fiscal information to be included. The following •
questions address that portion of the reporting mandate: �►.
7. If Item 3, above, indicates agency is setting aside tax increments and no
figure is entered in Item 7A, below, please indicate the reason for that
inconsistency:
[ ] Project has not yet generated tax increments.
( ) Tax increments are used to pay debt service on debt proceeds added
to LAM Fund.
( ) Other (explain) :
The following questions relate to this project area only and the actual
(ngt deferred) revenues it has contributed to the.agency's L&M Fund. ps
not include interest. Interest will be shown on SCHEDULE HCD-C. Any
income related to agency-assisted housing located outside project areas
should be reported as "Other Revenues Added" (Item 7C, below) for the
project named as beneficiary in the authorizing resolution.
A. Tax Increments Added: $
B. Debt Proceeds Added: $
C. Other Revenues -Added (excludincr-faterest): S
D. A+B+C a Total Revenues Added (excluding interest) : $
S. Pursuant to Sections 33080.4(a) (1) 'and (a) (3), complete the chart below
to report the number of dwelling units destroyed or removed from this
project area as a result of redevelopment activities during the fiscal
year; the type and .income category of households served by those units;
the number of those units the agency is not required to replace; and the
type and income category of households displaced from the project area
during the fiscal year.
INFORMATION ON UNITS REMOVED INFORMATION ON HOUSEHOLDS
OR DESTROYED DISPLACED
" Household Total Households Lost Units Total Income/Type
Income Units Served not•Required Number Households
and Type Lost (Type) : to be Replaced Displaced Displaced
Very Low 0
Elderly
Family (non-elderly)
Other (not family/ .
not elderly)
Low 0 0 0
Elderly
Family (non-elderly)
Other (not family/
not elderly)
Moderate 0 0 0
Elderly
Family (non-elderly)
f other (not family/
not elderly)
Above Mod 0 0 0
Elderly
Family (non-elderly
other (not family/
not elderly)
2 � .
9. As required in Section 33080.4(a) (2), estiaate the type and number of
households, by income category, to be displaced from this project area
during the next reporting period:
Subtotal for Subtotal for
Total Units Elderly Households Other Households
Very Low 0
Low 0
Moderate 0
Above Mod 0
Sections 33413(d) and 33413.5 specify that project areas adopted or amended to
add areas after 1975 are required to adopt replacement housing plans at least
30 days prior to entering certain agreements affecting properties from which
low- and moderate-income dwelling units will be removed. other project areas
XW adopt such plans.
10. If the agency adopted a replacement housing plan, report the
date it was adopted:
11. Pursuant to Section 33080.4(a) (4) and (a) (5), complete the following
chart to report agency-assisted units with occupancy restrictions based
on househ id type or income level. It asks for information on units
located in this project area, or located outside redevelopment areas for
the benefit of this project area. (Under redevelopment law, "elderly
household" means one in which the head of the household is 60 years of
age or older, or handicapped, as specified in Section 50067.)
NOTE: Report units built or rebabilitated only it the cork ras completed
during the reporting varied.
Income Rehabbed with Built with Receiving Acquired
Level Agency Help Agency Help subsidies by Agency
Total very Low 0 0 0 0
For Elderly
For Other
Total Low 0 0 0 0
For Elderly
For Other
Moderate 0 0 0 0
For Elderly
For Other
Above Moderate 0 0 0 0
For Elderly
For Other
12. Indicate how many of the units listed in item 11 are replacements for
units removed through redevelopment activities, as required in Section
33080.4(d) (4) : -
Income Built with Rehabbed with Receiving Acquired
Level Agency Help Agency Help Subsidies by Agency
Total very Low 0 0 0 0
Subtotal (Elderly)
Subtotal (Other)
Total Low 0 0 0 0
Subtotal (Elderly)
Subtotal (Other)
Total Moderate 0 0 0 0
Subtotal (Elderly)
Subtotal (other)
r 3
13. Tlease use the space below for information you wish to add to furthar
explainthe housing activities conducted by the agency or the use of its
Low and Moderate Income Housing Fund.
This project area is overlayed by a CDBG Neighborhood Enhancement
Area. The CDBG Program has made 30 -single family rehabilitation
and multifamily loans in this area•covering . 45 units. In addition,
there are two Joint Agency-CDBG capital improvement projects in
progress.
14. The attached housing inventory report sheets (pages .5 and 6) were
prepared by BCD to assist your agency in meeting requirements added to
Health and Safety Code Section 33080.4 by AB 2080, .Chapter 1140, Statutes
Of 1989 (Sections 33080.4(a) (7) and 33418). The information is to be
Provided for all housing units in a redevelopment project area which have
occupancy or affordability restrictions imposed by agreements or recorded
conditions, covenants, and restrictions. (Use a separate copy of pages 6
and 7 for each project area.)
NOTE: In the column headed "Units Occupied by Ineligible Households,"
enter the number of units with occupancy or affordability restrictions
which were occupied by households not meeting the criteria for occupancy
imposed by the CCSRs or agreements.
4 �
Ttin "UGVGWFnZ0A: Aubtgk;l nnuuL.0 Ar4KAitl A I:uPI ve' ltlttl_ tlGt;XAUA AF11CR 1T HAS ISIUM l:UtfYI.tTED AND ESTABLISH A PROCEDURE FOR UPDAtINd'
IT FOR SUBMISSION IN FUTURE REPORTS.
Redevelopment Agency Huntington Beach COUNTY:
Orange
SCHEDULE HCD-A (Continued) for the Oakview Project
(Information Compiled Pursuant to Health and Safety Code Section 33418)
INVENTORY OF OWNER-OCCUPIED HOUSING UNITS IN THIS PROJECT AREA
WITH RESTRICTIONS ON OCCUPANCY/AFFORDABILITY IMPOSED BY
RECORDED AGREEMENTS .OR CONDITIONS, COVENANTS, AND RESTRICTIONS
aaa=aaaaaarzaaaa=aaaaaaasaaaaaaaataeteaaasaaaaaaaeeaaaaaaeaaaaaa>xaaaaas�aaaraae=aav=a-Qaaaaaa=a=aaaac=axv=as====m==a======_==
Project Name/ owner Name/ Total No. Reserved for Restricted by Units Occupied Subsidy Earliest
Address: Address: Units in Elderly Income Only by Ineligible Sources Affordability
(IF AGENCY DEVELOPED Project VLO LOW MOD OTH VIA LOW MOD Households Used Termination
PROJECT, CIRCLE NAME) VLO LOW MOD ELDERLY Date
'9850 Garfield Williams 1 N/A. VLO/LOW N/A CDBG 2005
9850 Garfield,Sp.55 Salmond 1 N/A VLO/LOW N/A CDBG 2006
10012 Kamula Lasswell 1 N/A VLO/LOW N/A CDBG 2006
80 Huntington Sisker 1 N/A VLO/LOW N/A CDBG 2005
19391 Mauna South 1 N/A VLO/LOW N/A CDBG 2005
80 Huntington Magee 1 N/A VLO/LOW N/A CDBG 2005
16902 Ross Green 1 N/A VLO/LOW N/A CDBG 2005
20701 Beach Sims 1 N/A VLO/LOW - N/A CDBG 2005
10161 Edye Dr. Florentine 1 N/A VLO/LOW N/A CDBG 2005
17261 Garfield #48 Bowman 1 N/A VLO/LOW N/A CDBG 2005
9850 Garfield #110 Huenger 1. N/A VLO/LOW N/A CDBG 2005
19322 Jerrilun Anthony 1 N/A VLO/LOW N/A CDBG 2005
19071 Swan Dalton 1 N/A VLO/LOW I N/A CDBG 2005
21291 Seasprite Kaplan 1 N/A VLO/LOW N/A CDBG 2006
9850 Garfield #117 Wright 1 N/A VLO/LOW N/A CDBG 2006
7850 Slater Naylor 1 N/A VLO/LOW N/A CDBG 2006
19361 Mauna Dalot 1 N/A VLO/LOW N/A CDBG 2006
9850 Garfield #9 Peck 1 N/A VLO/LOW N/A. CDBG 2006
9850 Garfield #5 Barker 1 N/A VLO/LOW N/A CDBG 2006
9350 Ward Davis 1 N/A VLO/LOW N/A CDBG 2006
6301 Warner #60 Hinkle 1 N/A VLO/LOW N/A CDBG 2006
9850 Garfield #19 Stritzinger 1 N/A VLO/LOW N/A CDBG 2006
9850 Garfield #32 Husson 1 N/A VLO/LOW N/A CDBG 2006
9622 Flounder Files 1-. N/A VLO/LOW . NNN/A�AAA CDBG .222006
NOTEs01 This sheetto contain information only/cor OWNER-OCCUPIED/units. Under SOLMS OF SUBSIDIES, use the follow&g codes to
Identify sources:
RDA s Redevelopment agency provided financing DB a City provided density bonus
FmHA, followed by program number d Farmers Home Administration financing CDBG - Federal CDBG financing
HUD,-followed by appropriate program number - HUD construction or rehab financing UDAG - Federal Urban Development Grant
HCD State Departmbnt of Housing and Community Development financing MRS - Local Mortgage Revenue Bond financing
CHFA California Housing and Finance Agency financing TAXC - Federal Tax Credits
PRIV. a Private sources (i.e. foundation grants, corporate contributions, etc.) OTH - Any other source (explain with note)
It...t..r nF�rl {nnh 11FfAYr�1T��1{f•.• Tnrmtn�l•.Inft nnhn.n ton^ „nrtt fn tv"It., e:tt{+-4nr}• hn rn.-nln �nr•��Mnn!-r•
.. ..... oaunaooavn an LVA;UltB llt:YU!lTB.
---- -. r vn uYUATINd
Redevelopment Agency Huntington Beach COUNTY: Orange
SCHEDULE HCD-A (Continued) for the Oakvew project
(Information Compiled Pursuant to Health and Safety Code Section 33418)
INVENTORY OF RE= HOUSING UNITS JECT AREA WITH
RESTRICTIONS ON OCCUPANCY/AFFORDABILITY IMPOSED BY
RECORDED AGREEMENTS OR CONDITIONS, COVENANTS, AND RESTRICTIONS
s�=nv�xa�aaaatmaas�aassvaa�avaaaaasa�sa ��sLs�aaemaaas��=�----_a==av=e=========�
Project Name/ Owner Name/ Total No. Reserved for Restricted by Units Occupied Subsidy Earliest
Address: Address: Units in Elderly Income Only by Ineligible Sources Affordability
(IF AGENCY DEVELOPED Project VLO LOW MOD OTH VLO LOW MOD Households Used Termination
PROJECT, CIRCLE NAME) VLO LOW MOD ELDERLY Date
7801 Mandrell Baney 4 N/A VIA/LOW N/A CDBG 2005
7811 Mandrell Baney 4 N/A VLO/LOW . N/A CDBG 2005
17381 Jacquelyn Cooley 4 N/A VLO/LOW N/A CDBG 2005
17371 Jacquelyn Qaqundah 4 N/A VIA/LOW N/A CDBG 2005
17362 Queens Bracken 4 N/A VLO/LOW N/A CDBG 2006
NOTE: This sheet is to contain information only for RENTAIe units. under SOURCES OF SUBSIDIES, use the following codes to
identify sources:
RDA - Redevelopment agency provided financing DB a City provided density bonus
FmHA, followed by program number s Farmers Home Administration. financing CDBG s Federal CDBG financing
HUD, followed by appropriate program number a HUD construction or rehab financing UDAG - Federal Urban Development Grant
HCD State Department of Housing and Community Development financing MRB a Local Mortgage Revenue Bond financing
CHFA n California Housing and Finance Agency financing TAXC a Federal Tax Credits
PRIV. s Private sources (i.e. foundatXon grants, corporate contributions, etc.) OTH s Any other source (explain with n&-e)
Use "HUD V" or 11HUD-C" to indicate units subsidized through federal Section 8 vouchers or certificiates. ;
1
• REPORT FOR FISCAL YEAR ENDING ON _ 6 / 30/ 91
3LEDE4EWP2= AGZNCY mma/1DDRE88: COUNTY Or _n7U=6DICTIOX:
Huntington Beach
2000 Main Street Orange
Huntington Beach, CA 92648
L �
(Name Of Person Preparing Report) (Telephone Number of Preparer)
NUMBER OF LCTM PROJECT AREAS ADMI ISTERED BY THIS AGENCY:
MOTE: SF Ammey OPE2ATE8 MORE THAN ONE PROJECT AREA, COMPLETE ABODE PORTION
OF THIS FORM, THEN I= ENOUGH COPrZ8 OF PAO'ES i THROUGH 5 TO PROOIDB 1
832%MTE BCHEDVL•E HCD-A RxPORPING FORK FOR RACE PRWZCT AREA,
SCHEDULE HCD - A
BCD's reporting mandate, contained in Health and Safety Code Section 33080.6,
refers to,Sections 33080.1, 33334.2, 33413, and 33488. Questions 1 through 6
address the mandates in Sections 33080.1 and 33334.2.
1. Project Name: TALBERT-BEACH If new, give year adopted:
2. Year(s) Merged: , Year(s) areas were added:
3. Percentage of project's tax increments set aside for housing A=
deposited in the TAM Pund: (Show exact t if possible; otherwise
show 0, 20%, less than 20%, or more than 20t.) 20 t
4. If set-aside is being deferred, or is less than 20t of the total tax
increments allocated to the entire project, when were the necessary
.- - findings adopted? (Show month/day/year)
S. The Health and Safety Code authorizes types of findings which can be made
to exempt a project from the set-aside requirement. Indicate type(s) of
findings adopted by checking appropriate Health and Safety Code Section
designation(s):
[ ] Section 33334.2(a) (1) (No need in community to increase/improve
supply of low/moderate-income housing.)
( 3 Section 33334.2(a) (2) (Less than 20% set-aside is sufficient to meet
the need.)
[ ] Section 33334.2(a) (3) (Community is making substantial effort
equivalent in value to 20% set-aside.)
[ ] Section 33334.6(d) (Project was adopted prior to 1977 and tax
increments are needed to meet existing debts.)
i ] Section 33334.6(e) (Project was adopted prior to 1977 and tax
crements are needed for timely completion of projects to which agency
was committed prior to 1986.)
6. A finding pursuant to Section 33334.6(d) or (e) triggers a requirement in
33334.6(g) to create an indebtedness to the L&M Fund representing the
amount of the set-aside being deferred. What is the amount of the
indebtedness resulting from the deferral of all or a portion of the set-
aside during the reporting period?
6A: $
Section 33334.6(g) specifies that the indebtedness due to deferrals of
the set-aside authorized in Sections 33334.6(d) or 33334.6(e) is to be
retroactive to fiscal year 1985-86. Indicate the cumulative total of
that indebtedness (including the amount reported in item 6, above) .
6B: $
(Continued - See Reverse)
agency's annual report to its legislative body (required in Section 33080.1.) . •
Section 33080.5 specifies fiscal information to be included. The following y.
questions address that portion of the reporting mandate:
7. If Item 3, above, indicates agency is setting aside tax increments and no
figure is entered in Item 7A, below, please indicate the reason for that
inconsistency:
( ) Project has not yet generated tax increments.
[ ) Tax increments are used to pay debt service on debt proceeds added
to LAM Fund.
[ Other (explain) :
The following questions relate to this project area only and the actual
(Dot deferred) revenues it has contributed to the.agency's LAM Fund. go
not include interest Interest will be shown on SCHEDULE HCD-C. Any
income related to agency-assisted housing located outside project areas
should be reported as "Other Revenues Added" (Item 7C, below) for the
project named as beneficiary in the authorizing resolution.
A. Tax Increments Added: $
B. Debt Proceeds Added: $
C. Other Revenues •Added (excluding•-interest): $
D. A+B+C a Total Revenues Added (excluding interest) : $
8. Pursuant to Sections 33080.4(a) (1) 'and (a) (3) , complete the chart below
to report the number of dwelling units destroyed or removed from this
project area as a result of redevelopment activities during the fiscal
year; the type and .income category of households served by those units;
the number of those units the agency is not required to replace; and the
type and income category of households displaced from the project area
during the fiscal year.
INFORMATION ON UNITS REMOVED INFORMATION ON HOUSEHOLDS
OR DESTROYED DISPLACED
Household Total Households Lost Units Total Income/Type
Income Units served not'Required Number Households
and Type Lost (Type) : to be -Replaced Displaced Displaced
Veit' Lost 0
Elderly
Family (non-elderly)
Other (not family/
not elderly)
0 0 0
Low
Elderly
Family (non-elderly)
Other (not family/
not elderly)
Moderate 0 0
Elderly
Family (non-elderly)
f Other (not family/ ,
not elderly)
Above Mod 0 0 0
Elderly
Family (non-elderly
Other (not family/
not elderly)
2 ,
9. As required in Section 33080.4(a) (2) , estiaate the type and number of
households, by income category, to be displaced from this project area
during the next reporting period:
Subtotal for subtotal for
Total pnits Elderly Households Other Households
Very Low 0
Low n
Moderate 0
Above Mod 0
Sections 33413(d) and 33413.5 specify that project areas adopted or amended to
add areas after 1975 are required to adopt replacement housing plans at least
30 days prior to entering certain agreements affecting properties from which
low- and moderate-income dwelling units will be removed. Other project areas
may adopt such plans.
10. If the agency adopted a replacement housing plan, report the
date it was adopted:
11. Pursuant to Section 33080.4(a) (4) and (a) (5), complete the following
chart to report AUncv-assisted units with occupancy restrictions based
on household tvpe or income level. It asks for information on units
located in this project area, or located outside redevelopment areas for
the benefit of this project area. (Under redevelopment law, "elderly
household" means one in which the head of the household is 60 years of
age or older, or handicapped, as specified in Section 50067.)
31=t Report units built or rehabilitated only if the work ran completed
durina the r000rtina period.
Income Rehabbed with Built with Receiving Acquired
j�evel Agency Help Aaencv Help Subsidies by AaengM
Total Very Low 0 0 0 0
For Elderly
For Other
Total Low 0 0 0 0
For Elderly
For Other
Moderate 0 0 0 0
For Elderly
For Other
Above Moderate 0 0 0 0
For Elderly
For other
12. Indicate how many of the units listed in item 11 are replacements for
units removed through redevelopment activities, as required in Section
33080.4(d) (4) : -
income Built with Rehabbed with Receiving Acquired
1evel Aaencv Help Agency Help Subsidies by Aaency
Total Very Low 0 0 0 0
Subtotal (Elderly)
Subtotal (Other)
Total Low 0 0 0 0
Subtotal (Elderly)
Subtotal (Other)
Total Moderate 0 0 0 0
Subtotal (Elderly)
Subtotal (other)
3
13. -please use the space below for information you wish to add to further
lain the housing activities conducted '• a� by the agency or the use of its -
I,ow and Roderate Income Housing Fund.
Negotiation are still pending on a 92 unit project that will
have 25 affordable units. We provide an annual subsidy to a
164 unit. seniors apartment complex.
14. The attached housing inventory report sheets (pages 5 and 6) were
prepared by BCD to assist your agency in meeting requirements added to
Health and Safety Code Section 33080.4 by AB 2080, Chapter 1140, Statutes
of 1989 (Sections 33080.4(a) (7) and 33418). The information is to be
provided for all housing units in a redevelopment project area which have
occupancy or affordability restrictions imposed by agreements or recorded
conditions, covenants, and restrictions. (Use a separate copy of pages 6
and 7 for each project area.)
NOTE: In the column headed "Units occupied by Ineligible Households,"
enter the number of units with-occupancy. or affordability restrictions
which were occupied by households not meeting the criteria for occupancy
imposed by the CC&Rs or agreements.
4 ,
]111: riLU6V6WCA GIH .1.r•n .A uiiy Vu4 �♦LA�t A1 LycA v. �iuu YYYAAV.1 nS�Ma1. ^ •uw �.�. �• 5--h-4 •41- a.0�L{tu�y'� •• �w,�y....0 ve�� Xvit U!'UA'l A1fiJ
IT FOR SUBHIBBION IN FUTURE REPORTS.
Redevelopment Agency Huntington Beach COUNTY: Orange
SCHEDULE HCD-A (Continued) for the Talbert Beach Project
(Information Compiled Pursuant to Health and Safety Code Section 33418)
INVENTORY OF OWNER-OCCUPIED HOUSING UNITS Iff THIS PROJECT AREA
WITH RESTRICTIONS ON OCCUPANCY/AFFORDABILITY IMPOSED BY
RECORDAD AGREEMENTS OR CONDITIONS, COVENANT8, AND RESTRICTIONS .
aaa=::n===s�aaasxt-aaaaaaaaaaax�x veaaaavaarZ�ataa�aavateaysfaaaaa=naaaa aarvve=evae=aa�aaasa�aaa�x=e=-=-eee==v=-v=v--e=
Project Name/ owner Name/ Total No. Reserved for Restricted by Units Occupied Subsidy Earliest
Address: Address: Units in Elderly Income Only by Ineligible Sources Affordability
(IF AGENCY DEVELOPED Project VLO LOW MOD OTH VW LOW MOD Households Used Termination
PROJECT, CIRCLE NAME) VLO LOW MOD ELDERLY Date
---------------------------------------------------------------------------------------------------------------------------
None
NOTE: This sheet is to contain information only for OWNER-OCCUPIED units. Under SOURCES OF SUBSIDIES, use the following codes to
Identify sources:
RDA - Redevelopment agency provided financing DO a City provided density bonus
FmHA, followed by program number - Farmers Home Administration financing CDBG a Federal CDBG financing
HUD, followed by appropriate program number - HUD construction or rehab financing UDAG s Federal Urban Development Grant
"CD = state Department of Housing and Community Development financing MRS a Local Mortgage Revenue Bond financing
CIIFA California Housing and Finance Agency financing TAX a Federal Tax Credits
PRIV. - Private sources (i.e. foundation grants, corporate contributions, etc.) OTH = Any other source (explain with note)
t t...t,, ttr�rltn.•� t•f Fnr•1�1,ItiF.• Tw r.w 1..�7-inn 71n F'. it tt•:n •tn* •-•11'-�nr4-
ar RUA 6uvn1bbAUn ♦n rUTURS REPORTS. "" ""••��•`�
Redevelopment Agency Huntington Beach COUNTY: Orange
SCHEDULE HCD-A (Continued) for the Talbert Beach Project
(Information Compiled Pursuant to Health and Safety Code Section 33418)
INVENTORY OF REM HOUSING UNITS ZN T8I8 PROJECT AREA WITH
RESTRICTIONS ON OCCUPANCY/AFFORDABILITY IMPOSED BY
RECORDED AGREEMENTS OR CONDITIONS, COVENANTS, AND RESTRICTIONS
aaaaa�xsaaaaaavvaaaaaavaaazaaaaaansaaaaaexaaaasaa�eaaavvae�eaaaaveas=veavasaaasaaa=aaaaaaaaaaaaaaaaaaaveaaaavanva=vax-xev=v
Project Name/ Owner Name/ Total No. Reserved for Restricted by Units Occupied Subsidy Earliest
Address: Address: Units in Elderly Income Only by Ineligible Sources Affordability
(IF AGENCY DEVELOPED Project VLO LOW MOD OTH VLO LOW MOD Households Used Termination
PROJECT, CIRCLE NAME) VLO LOW MOD ELDERLY Date
Emerald Cove
------------------164------- Elderly/Low-----------N- -------------_.---------------T----------2D'21-----
18111, 18131, & 18151 Jolly Lane Oth*
18142, 18162, & 18222 Parkview Lane
18191, 18201, & 18202 Parktree Circle
Huntington Beach, CA 92648
* Senior Housing Zoning.
NOTEc This sheet is to contain information only for RENTAL units. Under SOURCES OF SUBSIDIES, use the following codes to
identify sources:
RDA a Redevelopment. agency provided financing DB a City provided density bonus
FmHA, followed by program number s Farmers Home Administration. financing CDBG a Federal CDBG financing
HUD, followed by appropriate program number a HUD construction or rehab financing UDAG a Federal Urban Development Grant
HCD Q State Department of Housing and Community Development financing MRB a Local Mortgage Revenue Bond financing
CHFA a California Housing and Finance Agency financing TAXC a Federal Tax Credits
PRIV. s Private sources (i.e. foundation grants, corporate contributions, etc.) OTH a Any other source (explain with note) t
Use "HUD v" or "HUD-C" to indicate units subsidized through federal Section 8 vouchers or certificiates.
REPORT FOR FISCAL YEAR ENDING ON - 6 /__3V 91
MWVVELOP30XT =xxcr 3a30;/ADDRESS: COUNTS OT J RISDICTIO>i:
Huntington Beach
2000 Main Street Orange
Huntington Beach, CA 92648
� t
(Name Of Person Preparing Report) (Telephone Number of Preparer)
KOKM OF ACTH P=ZCT AREAS ADMINISTERED BY THIS AMMCY:
NMI Ty AGENC7 OPERATES MORE TMLV OM PROJECT AREA. COMPLETE ABODE PORTION
OF '1' M8 FORK. TEEN MAZE ENOUGH COP3E8 OF PAGES 1 THROUGH 5 TO PROVIDE a
892 TE SCHEDtW HCD-A R_MPORUNG FORK FOR EACH PROJECT AREA,
SCHEDULE HCD - A
HCD's reporting. mandate, contained in Health and Safety Code Section 33080.6,
refers to,Sections 33080.1, 33334.2, 33413, and 33488. Questions 1 through 6
address the mandates in Sections 33080.1 and 33334.2.
I. ; Project Name: YORKTOWN-LAKE If new, give year adopted:
2. Year(s) Merged: , Year(s) areas were added:
3. Percentage of project's tax increments set aside for housing And
deposited in the L&K Fund: (Show exact 2 if possible; otherwise
show 0, 20%, less than 20%, or more than 20t.) 20 %
4. If set-aside is being deferred, or is less than 202 of the total tax
increments allocated to the entire project, when were the necessary
.-_ findings adopted? (Show month/day/year)
5. The Health and Safety Code authorizes types of findings which can be made
:to exempt a project from the set-aside requirement. Indicate type(s) of
findings adopted by checking appropriate Health and Safety Code Section
designation(s) :
[ ) Section 33334.2(a) (1) (No need in community to increase/improve
supply of low/moderate-income housing.)
( ) Section 33334.2(a) (2) (Less than 20% set-aside is sufficient to meet
the need.)
[ ) Section 33334.2(a) (3) (Cc=unity is making substantial effort
equivalent in value to 20% set-aside.)
[ Section 33334.6(d) (Project was adopted prior to 1977 and tax
increments are needed to meet existing debts.)
[ ) Section 33334.6(e) (Project was adopted prior to 1977 and tax
increments are needed for timely completion of projects to which agency _
vas committed prior to 1986.)
6. A finding pursuant to Section 33334.6(d) or (e) triggers a requirement in
33334.6(g) to create an indebtedness to the L&M: Fund representing the
amount of the set-aside being deferred. What is the amount of the
indebtedness resulting from the deferral of all or a portion of the set-
aside during the reporting period?
6A: 5
Section 33334.6(g) specifies that the indebtedness due to deferrals of
the set-aside authorized in Sections 33334.6(d) or 33334.6(e) is to be
retroactive to fiscal year 1985-86. Indicate the cumulative total of
that indebtedness (including the amount reported in item 6, above) .
6B: $
(Continued - See Reverse)
agency's annual report to its legislative body (required in Section 33080.1.) .
Section 33080.5 specifies fiscal information to be included. The following
questions address that portion of the reporting mandate:
7. If Item 3, above, indicates agency is setting aside tax increments and no
figure is entered in Item 7A, below, please indicate the reason for that
inconsistency:
[ ) Project has not yet generated tax increments.
[ ] Tax increments are used to pay debt service on debt proceeds added
to L&M Fund.
[ ] other (explain) :
The following questions relate to this project area only and the actual
(not deferred) revenues it has contributed to the agency's L&M Fund. P-o
not include interest. Interest will be shown on SCHEDULE HCD-C. Any
income related to agency-assisted housing located outside project areas
should be reported as "Other Revenues Added" (Item 7C, below) for the
project named as beneficiary in the authorizing resolution.
A. Tax Increments Added: $
B. Debt Proceeds Added: $
C. Other Revenues *Added (excludiav-•interestj: $
D. A+B+C - Total Revenues Added (excluding interest) : $
S. Pursuant to Sections 33080.4(a) (1) 'and (a) (3) , complete the chart below
to report the number of dwelling units destroyed or removed from this
project area as a result of redevelopment activities during the fiscal
year; the type and .income category of households served by those units;
the number of those units the agency is not required to replace; and the
type and income category of households displaced from the project area
during the fiscal year.
INFORMATION ON UNITS REMOVED INFORMATION ON HOUSEHOLDS
OR DESTROYED DISPLACED
" Household Total Households Lost Units Total Income/Type
Income Units Served not'Required Number Households
and Type Lost (Type) : to be Replaced Displaced Displaced
Very Low 0 0 0
Elderly
Family (non-elderly)
Other (not family/
not elderly)
Low 0 0 0
Elderly
Family (non-elderly)
Other (not family/
not elderly)
Moderate 0 0 0
Elderly
Family (non-elderly)
j Other (not family/
not elderly)
Above Mod 0 0 0
Elderly
Family (non-elderly
Other (not family/
not elderly)
2 . .
9. As required in Section 33080.4(a) (2), estimate the type and number of
households, by income category, to be displaced from this project area
during the next reporting period:
Subtotal for Subtotal for
Total Units Elderly Households Other Households
Very Low 0
Low 0
Moderate 0
Above Mod 0
Sections 33413(d) and 33413.5 specify that project areas adopted or amended to
add areas after 1975 are required to adopt replacement housing plans at least
30 days prior to entering certain agreements affecting properties from which
low- and moderate-income dwelling units will be removed. other project areas
Dy adopt such plans.
10. If the agency adopted a replacement housing plan, report the
date it was adopted:
11. Pursuant to Section- 33080.4(a) (4) and (a) (5) , complete the following
chart to report agency-assisted units with occupancy restrictions based
on household tyme or income level. It asks for information on units
located in this project area, or located outside redevelopment areas for
the benefit of this project area. (Under redevelopment law, "elderly
household" means one in which the head of the household is 6o years of
age or older, or handicapped, as specified in Section 50067.)
YME: R=rt units built or rehabilitated only if the work was cozzleted
during the reporting period.
Income Rehabbed with Built with Receiving wired
Level Agency Heip Agency Help Subsidies by Acencv
Total Very Low 0 0 0 0
For Elderly
For Other
Total Low 0 0 0 0
For Elderly
For other
Moderate 0 0 0 0
For Elderly
For other
0 0 0 0
Above Moderate
For Elderly
For Other
12. Indicate how many of the units listed in item 11 are replacements for
units removed through redevelopment activities, as required in Section
33080.4(d) (4)
Income Built with Rehabbed with Receiving Acquired
revel Agency Help Agency Help Subsidies by Agency
Total Very Low 0 0 0 0
Subtotal (Elderly)
Subtotal (Other)
Total Low 0 0 0 0
Subtotal (Elderly)
Subtotal (Other)
Total Moderate 0 0 0 0
Subtotal (Elderly)
Subtotal (Other)
' 3
13. -Please use the space below for information you wish to add to furthar
explain the housing activities conducted by the agency or the use of its
Low and Moderate Income Housing Pund.
Fifteen new market rate single family homes were built within
this project area during the reporting period_ An..additional
phase is currently under construction.
The Agency will cause to be built 2 affordable units to meet
the production requirement generated by the first phase.
14. The attached housing inventory report sheets (pages 5 and 6) vere
Prepared by SCD to assist your agency in meeting requirements added to
Health and Safety code Section 33080.4 by AB 2080, Chapter 1140, Statutes
Of 1989 (Sections 33080.4(a) (7) and 33418). The information is to be
Provided for all housing units in a redevelopment project area vhich have
occupancy or affordability restrictions imposed by agreements or recorded
conditions, covenants, and restrictions. (Use a separate copy of pages 6
and 7 for each project area.)
NOTE: In the column headed "Units Occupied by Ineligible Households,"
enter the number of units with occupancy or affordability restrictions
vhich vere occupied by households not meeting the criteria for occupancy
imposed by the CC&Rs or agreements.
4
IT FOR SUBMISSION IN FUTURE REPORTS. _ +
Redevelopment Agency Huntington Beach COUNTY: Orange
SCHEDULE HCD-A (Continued) for the Yorktown-Lake project
(Information Compiled Pursuant to Health and Safety Code Section 33418)
INVENTORY OF Q R1ER-OCCUPIED HOUSING UNITS IN THIS PROJECT AREA
WITH RESTRICTIONS ON OCCUPANCY/AFFORDABILITY IMPOSED BY
RECORDED AGREEMENTS OR CONDITIONS, COVENANTS, AND RESTRICTIONS .
a��vafla=�aaaaaxe=vv=a==aaaaa=es vaaaaaaaavvaaaaaasaaaa aaaaaeaav=aa�ve=vas=ate=aavaaaaav�va=�==v=ev=a=tee=v=====.
Project Name/ Owner Name/ Total No. Reserved for Restricted by Units Occupied Subsidy Earliest
Address: Address: Units in Elderly Income Only by Ineligible Sources Affordability
(IF AGENCY DEVELOPED Project VLO LOW MOD OTH VLO LOW MOD Households Used Termination
PROJECT, CIRCLE NAME) VLO LOW MOD ELDERLY Date
---------------------------------------------------------------------------------------------------------------------------
None.
:6
NOTES This sheet is to contain information only for OWNER-OCCUPIED units. Under SOURCES OF SUBSIDIES, use the following codes to
identify sources:
RDA m Redevelopment agency provided financing DB city provided density bonus
FmHA, followed by progr m number a Farmers Home Administration financing CDBG = Federal CDBG financing
HUD, followed by approptiate program number d HUD construction or rehab financing UDAG a Federal Urban Development Grant
HCD State Departmbnt of Housing and Community Development financing MRB s Local Mortgage Revenue Bond financing
CHFA California Housing and Finance Agency financing TAXC = Federal Tax Credits
PRIV. s Private sources (i.e. foundation grants, corporate contributions, etc.) OTH = Any. other source (explain with note)
trnrinr "Farl {ont AffordAhll ltv TPrr lfwthinn OAtn," "'.r "P11" f n In1tt.of r nnit.z crrhinrt to re+cnln Anr�^m�nf n.
�..v..a.u.:nr,
IT FOR BUBHI88ION IN FUTURE REPORTS. t#JK UPDATING
Redevelopment Agency Huntington Beach COUNTY: Orange
SCHEDULE HCD-A (Continued) for the Yorktown-Lake project
(Information Compiled Pursuant to Health and Safety Code Section 33418)
INVENTORY OF RENTAL HOUSING UNITS IN THIS PROJECT AREA WITH
R89TRICTIONG ON OCCUPANCY/AFFORDABILITY IMPOSED BY
RECORDED AGREEMENTS OR CONDITIONS, COVENANTS, AND RESTRICTIONS
s�sssesasvaesaasssa=sss=sssasa=sasavaysssaasssaessss�aaevasegav�assysassam a s=�s=sss=sassyssasssav==ass=sv=ssv======sue
Project Name/ Owner Name/ Total No. Reserved for Restricted by Units Occupied Subsidy Earliest
Address: Address: Units in Elderly Income Only by Ineligible Sources Affordability
(IF AGENCY DEVELOPED Project VLO LOW MOD OTH VLO LOW MOD Households Used Termination
PROJECT, CIRCLE NAME) VLO LOW MOD ELDERLY Date
---------------------------------------------------------------------------------------------------------------------------
None.
NOTE: This sheet is to contain information only for RENTAL units. Under SOURCES OF SUBSIDIES, use the following codes to
identify sources: I
RDA s Redevelopment agency provided financing DB - City provided density bonus
FmHA, followed by program number s Farmers Home Administration. financing CDBG - Federal CDBG financing
HUD, followed by appropriate program number - HUD construction or rehab financing UDAG - Federal Urban Development Grant
HCD a State Department of Housing and Community Development financing MRB a Local Mortgage Revenue Bond financing
CFKFA s California Housing and Finance Agency financing TAXC - Federal Tax Credits
PRIV. Private sources (i.e. foundation grants, corporate contributions, etc.) OTH s Any other source (explain with nof-e)
Use "HUD V" or "HUD-C" to indicate units subsidized through federal section 8 vouchers or certificiates.
1 REPORT FOR FISCAL YEAR ENDING ON 30/ 91
REDEPELOFYEYT ==CT X2XX/1DDRE88: COUYTS or JQRIBDICTIOY2
Huntington Beach
2000 Main Street Orange
Huntington Beach., CA 92648
1 t
(Name Of Person Preparing Report) (Telephone Number of Preparer)
NUMBER OF ACTH PROJECT AREAS ADMINISTERED BY THIS AGENCY:
Imi IF AG NC! OPERATES MORE TEAK 0JgE :A. COKZLEU ABOVE PORTIO
OF TENS FORK, TEEN MM ENOUGH COPIES OF PAGER i THROUGH S TO PROVIDE A
BEPMTE BCHEDULE HCD-A REPORTING FORK FOR EACH PROJECT AREA,
SCHEDULE BCD - A
BCD's reporting -mandate,. contained in Health and Safety Code Section 33080.6,
refers to,Sections 33080.1, 33334.2, 33423, and 33488. Questions 1 through 6
address the mandates in Sections 33080.1 and 33334.2.
1.= Project Name: HUNTINGTON CENTER ; If nev, give year adopted:
2. Year(s) Merged: , Year(s) areas were added: ,
3. Percentage of project's tax increments set aside for housing And
de2gs1ted in the L&m Pond: (Show exact t if possible; otherwise
show 0, 20%, less than 20%, or more than 20t.) 20 t
4. If set-aside is being deferred, or is less than 20% of the total tax
increments allocated to the entire project, when were the necessary
findings adopted? .(Sbov month/day/year)
S. The Health and Safety Code authorizes types of findings vbieh can be made
--to exempt a project from the set-aside requirement. Indicate type(s) of
findings adopted by checking appropriate Health and Safety Code Section
designation(s):
( ] Section 33334.2(a) (2) (No need in community to increase/improve
supply of low/moderate-income housing.)
( ] Section 33334.2(a) (2) (Less than 20% set-aside is sufficient to meet
the need.)
( ] Section 33334.2(a) (3) (Community is making substantial effort
equivalent in value to 20% set-aside.)
( Section 33334.6(d) (Project was adopted prior to 1977 and tax
increments are needed to meet existing debts.)
in ] Section 33334.6(e) (Project was adopted prior to 1977 and tax
crements are needed for timely completion of projects to which agency
was committed prior to 1986.)
6. A finding pursuant to Section 33334.6(d) or (a) triggers a requirement in
33334.6(g) to create an indebtedness to the L&M Fund representing the
amount of the set-aside being deferred. ghat is the amount of the
indebtedness resulting from the deferral of all or a portion of the set-
aside during the reporting period?
GA: $
Section 33334.6(g) specifies that the indebtedness due to deferrals of
the set-aside authorized in Sections 33334.6(d) or 33334.6(e) is to be
retroactive to fiscal year 1985-86. Indicate the cumulative total of
that indebtedness (including the amount reported in item 6, above).
6B: $
(Continued - See Reverse)
agency's annual report to its legislative body (required in Section 33080.1.) . a l
Section 33080.5 specifies fiscal information to be included. The following
questions address that portion of the reporting mandate:
7. If Item 3, above, indicates agency is setting aside tax increments and no
figure is entered in Item 7A, below, please indicate the reason for that
inconsistency:
[ ] Project has not yet generated tax increments.
[ ] Tax increments are used to pay debt service on debt proceeds added
to L&M Fund.
[ ] other (explain) :
The following questions relate to this project area only and the actual
(not deferred) revenues it has contributed to the. agency's L&M Fund. P-o
not ,include interest. Interest will be shown on SCHEDULE BCD-C. Any
income related to agency-assisted housing located outside project areas
should be reported as "Other Revenues Added" (Item 7C, below) for the
project named as beneficiary in the authorizing resolution.
A. Tax Increments Added: $
B. Debt Proceeds Added: $
C. Other Revenues -Added (excludiperinterest): $
D. A+B+C a Total Revenues Added (excluding interest) : $
S. Pursuant to Sections 33080.4(a) (1) 'and (a) (3) , complete the chart below
to report the number of dwelling units destroyed or removed from this
project area as a result of redevelopment activities during the fiscal
year; the type and .income category of households served by those units;
the number of those units the agency is not required to replace; and the
type and income category of households displaced from the project area
during the fiscal year.
INFORMATION ON UNITS REMOVED INFORMATION ON HOUSEHOLDS
OR DESTROYED DISPLACED
Household Total Households Lost Units Total Income/Type
Zncome Units Served not•Required Number Households
and Type Lost (Type) : to be Replaced Displaced Displaced
Very. Low 0 0 0
Elderly
Family (non-elderly)
Other (not family/
not elderly)
Low 0 0 0
' Elderly
Family (non-elderly)
Other (not family/
not elderly)
Moderate 0 0 0
Elderly -
Family (non-elderly)
f Other (not family/
not elderly)
Above Mod 0 0 0
Elderly
Family (non-elderly
other (not family/
not elderly)
2
9. As required in Section 33080.4(a) (2) , astiaate the type and nuabnr of
r) ' households, by income category, to be displaced from this project area
during the next reporting period:
Subtotal for Subtotal for
Total Units Elderly Households Other Households
Very Low 0
L*w 0
Moderate 0
Above Mod 0
Sections 33413(d) and 33413.5 specify that project areas adopted or amended to
add areas after 1975 are required to adopt replacement housing plans at least
30 days prior to entering certain agreements affecting properties from which
low- and moderate-income dwelling units will be removed. Other project areas
.may adopt such plans.
10. If the agency adopted a replacement housing plan, report the
date it was adopted:
11. Pursuant to Section 33080.4(a) (4) and (a) (5) , complete the following
chart to report agency-assisted units with occupancy restrictions based
on household type or income level. It asks for information on units
located in this project area, or located outside redevelopment areas for
the benefit of this project area. (Under redevelopment law, "elderly
household" means one in which the head of the household is 60 years of
age or older, or handicapped, as specified in Section 50067.)
HOTEs Report units built or rebabilitated eniv it the work was completed
during the reporting period.
Income Rehabbed with Built with Receiving Acquired
javel Aaencv Help Aaencv Help Subsidies by Aaencv
Total very Low 0 0 - 0 0
For Elderly
For Other
Total Low 0 0 0 0
For Elderly
For Other
Moderate
0 0 0 0
For Elderly
For Other
Above Moderate 0 0 0 0
For Elderly
For Other
12. Indicate how many of the units listed in item 11 are replacements for
units removed through redevelopment activities, as required in Section
33080.4(d) (4) :
Income Built with Rehabbed with Receiving Acquired
T-.val Agency Help Agency Help Subsidies by Agency
Total Very Low 0 0 0 0
Subtotal (Elderly)
Subtotal (Other)
Total Low 0 0 0 0
Subtotal (Elderly)
Subtotal (Other)
Total Moderate 0 0 0 0
Subtotal (Elderly)
Subtotal (Other)
3
13. -Please use the space below for information you vish to add to further
explain the housing activities conducted by the agency or the use of its
Low and Moderate Income Housing Fund.
At the time of adoption there was no housing in this
project area.
A potential mixed use opportunity has been identified
and it will be pursued in subsequent years.
otherwise Set Aside Funds generated from this commercial
project area will be used outside the project area.
14. The attached housing inventory report sheets (pages 5 and 6) were
Prepared by BCD to assist your agency in meeting requirements added to
Health and Safety Code Section 33080.4 by AB 2080, Chapter 1140, Statutes
of 1989 (Sections 33080.4(a) (7) and 33418). The information is to be
provided for all housing units in a redevelopment project area which have
occupancy or affordability restrictions imposed by agreements or recorded
conditions, covenants, and restrictions. (Use a separate copy of pages 6
and 7 for each project area.)
NOTE: In the column headed "Units Occupied by Ineligible Households,"
enter the number of units with occupancy or affordability restrictions
which were occupied by households not meeting the criteria for occupancy
imposed by the CC6Rs or agreements.
IT MR SUBMISSION IN FUTURE REPOR
r
Redevelopment Agency Huntington Beach COUNTY: Orange
SCHEDULE HCD-A (Continued) for the Huntington Center Project
(Information Compiled Pursuant to Health and Safety Code Section 33418)
INVENTOR? OF OWNER-OCCUPIED HOUSING UNITS IN THIS PROJECT AREA
WITS RESTRICTIONS ON OCCUPANCY/AFFORDABILITY IMPOSED BY
RECORDED AGREEMENTS OR CONDITIONS, COVENANTS, AND RESTRICTIONS
aaaaaaaaavaaaaraaaaaaaaaaaaaaaaaaaaaaaaearsaga asaaaaaa gaga-aaaaaaa>=na=aaa=aaaaaavaaa==a=====�r•v=====ve====a===
Project Name/ Owner Name/ Total No. Reserved for. Restricted by Units Occupied Subsidy Earliest
Address: Address: Units in Elderly Income Only by Ineligible Sources Affordability
(IF AGENCY DEVELOPED Project VLO LOW MOD OTH VLO LOW HOD Households Used Termination
PROJECT, CIRCLE NAME) VLO LOW MOD ELDERLY Date
---------------------------------------------------------------------------------------------------------------------------
None.
NOTE: This sheet is to contain information only for OWNER-OCCUPIED units. Under SOURCES OF SUBSIDIES, use the following codes to
Identify sources:
RDA a Redevelopment agency provided financing DB a City provided density bonus
FmHA, followed by program number a Farmers Home Administration financing CDBG a Federal CDBG financing
HUD, followed by appropriate program number a HUD construction or rehab financing UDAG a Federal Urban Development Grant
tiCD a State Department of Housing and Community Development financing MRB a Local Mortgage Revenue Bond financing
CHFA California Housing and Finance Agency financing TAXC a Federal Tax Credits
PRIV. Private sources (i.e. foundation grants, corporate contributions, etc.) OTH a Any other source (explain with note)
ttnAnr "rnrllent AffnrAAhllity Termtnnf:inn nAtn." i-- "TflN" 1-n ltaf-ntn rrnit� errhier71-. to rncnln
-- - - a......u� :r, t'Jtl UNUATINU
IT FOR SUBMISSION IN FUTURE REPORTS. ..��,�..
Redevelopment Agency Huntington Beach COUNTY: Orange
9
SCHEDULE HCD-A (Continued) for the Huntington Center Project
(Information Compiled Pursuant to Health and Safety Code Sect on 33418)
INVENTORY OF Eft NTAL ROUSING UNZ78 IN HXS PROJECT AREA WITH
RESTRICTIONS ON OCCUPANCY/AFFORDABILITY IMPOSED BY
RECORDED AGREEMEN78 OR CONDITION8, COVENANTS, AND RESTRICTIONS
s���av�aaflas�avaaa�aaaa3aavaaaaaaeva�aaaoa�avasvasa�aea�afs��assaasea=�eeaasa�eanv�v�--a..v�=r_v=�=va-v-��==�============�
Project Name/ Owner Name/ Total No. Reserved for Restricted by Units Occupied Subsidy Earliest
Address: Address: Units in Elderly Income only by Ineligible Sources Affordability
(IF AGENCY DEVELOPED Project VLO LOW MOD OTH VLO LOW MOD Households Used Termination
PROJECT, CIRCLE NAME) VLO LOW MOD ELDERLY Date
---------------------------------------------------------------------------------------------------------------------------
None.
NOTE: This sheet is to contain information Only for RENTAL units. finder SOURCES OF SUBSIDIES, use the following codes to
identify sources:
RDA Q Redevelopment agency provided financing DB a City provided density bonus
FmHA, followed by progra number a Farmers Home Administration. financing CDBG a Federal CDBG financing
HUD, followed by appropriate program number a HUD construction or rehab financing UDAG a Federal Urban Development Grant
HqD s State Department of Housing and Community Development financing MRB a Local Mortgage Revenue Bond financing `
CHFA California Housing and Finance Agency financing TAXC a Federal Tax Credits
PRIV. n Private sources (i.e. foundation grants, corporate contributions, etc.) OTH s Any other source (explain with no*e)Use "HUD V" or "HUD-C" to indicate units subsidized through federal Section 8 vouchers or certificiates.
I '
r
REPORT FOR FY ENDING ON June 30, 19 91
SCHEDULE HCD - B (ONLY ONE COPY NFFnF,n PFR AC-ENCY)
Section 33080.4 requires redevelopment agencies to report on all their
housing activities. Section 33334.2(g) authorizes the use of Low and
Moderate Income Housing Funds in areas outside adopted redevelopment
project areas to assist housing affordable and available to very low-;-,
low-, and moderate-income households. This reporting form solicits
information on the housing and households affected by only redevelopment
housing activities conducted outside adopted project areas.
REPORT ON REDEVELOPMENT ACTIVITIES CONDUCTED OUTSIDE OF ADOPTED PROJECT
AREAS�,IIIRING THIS FISCAL YEAR
1. Sow many households at the following income levels were displaced from
areas outside adopted redevelopment project areas during the reporting
period. as a result of redevelopment activities?
0 Very Low 0 Low 0 Moderate 0 Above Moderate
2. How many units were destroyed or removed from the market in areas
outside of adopted redevelopment project areas during the reporting
period as a result of redevelopment activities? Please indicate
numbers for the following income levels:
0 Very Low 0 Low 0 Moderate 0 Above Moderate
3. How many agency assisted units affordable to households at each of the
following income levels were constructed in areas outside adopted
redevelopment project areas during the reporting period? (Count only
those units which were completed during this reporting period.(
0 Very Low 0 Low 0 Moderate 0 Above Moderate
4. Now many units for households at each of the following income levels
were rehabilitated with agency assistance in areas outside of adopted
redevelopment project areas during the reporting period? (Count only
lbosg units on which the work was completed during this reporting
period.(
0 Very. LOW 0 Low 0 Moderate 0 Above Moderate
S. How many agency assisted units outside of adopted redevelopment
project areas, affordable to each of the following income levels, were
receiving subsidies during the reporting period?
0 0
Very Low 0 Low 0 Moderate Above Moderate
6. If the agency acquired any units of housing in areas outside of
adopted redevelopment project areas durina the reuorting period,
please indicate how many were for each of the following household
income levels:
0 Very Low 0 Low 0 Moderate 0 Above Moderate
7. If the agency anticipates displacing any households from areas that-_-
are not in adopted redevelopment project areas, please indicate the
number of households in each income category:
0 Very Low 0 Low 0 Moderate 0 Above Moderate
PLEASE USE THE SPACE BELOW FOR ANY COMMEM YOU WISH TO MAID? WHICH WILL
FURTHER EXPLAIN YOUR INVOLVEMENT IN HOUSING ACTIVITIES OUTSIDE OF
REDEVELOPMENT PROJECT AREAS.
7
i Huntington Beach Orange
(NAME OF REDEVELOPMENT AGENCY) (COUNTY IN WHICH LOCATED)
REPORT FOR FY ENDING ON June 30, 19 91
(NAME OF PERSON PREPARING REPORT) (PREPARER'S TELEPHONE NUMBER)
SCHEDULE ECD - C
Section 33080.6 requires HCD to report on the "status and use of the
agency's Low and Moderate Income Housing Fund," including information
developed to comply with Section 33080.4(a) (6) and (a) (6) related to its
use for onsite/offsite improvements and for planning and administrative
costs.
STATUS OF IOW AND MODERATE INCOME HOUSING FUND
(INFORMATION SHOULD BE BASED ON THAT REPORTED TO STATE CONTROLLER.)
sym= ONLY ONE COPY OF THIS sm mT, RSGARDLSso OF wumnER Or PRAJSCT ARzu
ADMINIBTERED BY THE REPORTING AGENCY
1. . Beginning Balance:- $
NOTE: IF BEGINNING BALANCE IS NOT THE SAME AS TOTAL ENDING BALANCE
REPORTED FOR LAST FISCAL YEAR, INDICATE REASON:
[ ] Auditor's adjustment (or prior period adjustment)
[ ] Correction of error in agency's calculations of past expenditures
• [ ] Correction of past miscalculation of tax increments received
j ] Correction of HCD's error in prior report
2. Total revenues added during the reporting period: S
(Total of amounts on line D of all SCHEDULE HCD-A forms submitted)
3. Interest added during the reporting period: $
4. Total expenditures during reporting period: $
5. Amount of total in item 4, above, representing
expenditures for onsite/offsite improvements:
S
Humber of very low-, low-, and moderate-income
households directly benefitted by expenditures
for onsite/offsite improvements:
6. Amount of total in Item 4, above, representing.
expenditures for planning and administrative costs
as defined in Section 33334.3(d) and (a):
$. None
7. Balance at end of reporting period: $
S. Amount included in Item 7, above, representing
accounts receivable: $.
8. Amount of balance shown in Item 7,- above,
representing commitments made by the agency
through written agreements or contracts for
which payment has not yet been made: $
9. Amount included in Item 7, above, representing funds
reserved for special purposes which prohibit '~
their use in the immediate future: $
Purpose(s) for which reserved:
10. Amount included in Item 7, above, representing
the value of land held for development of housing 395,185
for low- and moderate-income households: $
• 8 � ,
L.I. Number or housing units alroraable ror each oS the iollowir1y •+�"a�""��
income levels assisted by expenditures from the L&M fund during the
reporting period: (Newly constructed or rehabilitated units should be
reported only in the year in which they are completed. They may be
included here as well as in other sections of the report.)
0 very Low 0 Low 0 Moderate 0 Above Moderate
12. Agencies with an identified "excess surplus" (as defined in Health and
Safety Code Section 33334.12) are required, pursuant to Health and
Safety Code Section 33080.7, to report the amount of the excess to BCD.
If your agency had an "excess surplus" in the L&M Pund at the end of
the 1990-91 fiscal year, please report the amount of the excess here:
$ 745,573
13. If you reported an excess surplus in item 12, please briefly summarize
the agency's plan (authorized in Section 33334.10) for encumbering that
amount:
On November 18, 1991 the Agency Board approved a project
for 164 senior units of which 48 will be affordable. The
Agency contribution to the project is a $500,000 grant and
a $250,000 loan. This eliminates the excess surplus.
14. If the plan described in Item 13, above, vas adopted, please report the
date of the adoption.
N/H
Health and Safety Code Section 33334.13 requires agencies which have used
the Lida Fund to assist mortgagors in a homeownership mortgage revenue bond
program, or home financing program described in that Section, to provide
the following information:
1S. Has your agency used the authority related to definitions of income or
family size adjustment factors provided in Section 33334.13(a)?
Yes [ ] No C{X] Not Applicable ( J
16. Has the agency complied with requirements in Section 33334.13(b)
related to assistance for very low-income households equal to twice
that provided for above moderate-income households?
Yes [ ] No ( ] Not Applicable JXXJ
9
e.
' r
FILE GUIDE
Please file this document in:
.Category: Label :
V
Established file
New file — see
Other:
0846I
oe CITY OF HUNTINGTON BEACH
Lo.
COUNCIL - ADMINISTRATOR COMMUNICATION
HUNTINGTON BEACH
Honorable Mayor and City Michael T. Uberuaga /j (�
To Council Members From City Administrator V `
Second Round of May 28, 1991
Subject Redevelopment Budget Review/ Date
City Council Work Study Session
On May 28, 1991, staff will present its second-round of budget information related to the
Redevelopment Agency. As you may recall, City Council Members had several questions
after the first-round presentation on February 25, 1991. Information to be presented
includes the following:
1) A review of the "impact" of redevelopment on the General Fund, and listing the
indirect overhead charges to the Agency by other city departments.
2) An assessment of the debt repayment capacity of the Agency under three different
scenarios.
This presentation is intended to show in three different scenarios how soon the Agency can
repay its debt to the city. It should be noted that the Agency needs to have debt to
continue to collect tax increment revenue. In addition, it should be noted that the Agency
is now self sufficient and is no longer borrowing funds from the city.
MTU/BAK/MJG:ls
9059r
{
RECEVELOF)hEXTJ AGENCY CF TIE CITY OF HFJTINGTON BEACH
ANALYSIS OF I'OEBTEDtfSS (9"ARY OF EIGHT YEARS ACTIVITY)
JILY 1, 1982 .0 JUNE 3), 1990
MAIN/PIER TALBERT/BEACH OAKVIEW YORKTOWN/LAKE HNNTINGTON CTR LOW INC HSG TOTAL
PROJECT FUC ,
CASH ADVANCES 5,686,893 1,051,344 108,958 541,755 7,388,950
LAM SALES 32,902,917 37,902,917
DEFERRED DE:E_OPh£ FEES 0 48,548 48,548
ACCRUED INTExST 8,341,789 32,190 463,332 235,100 115,268 0 9,187,679
INDIRECT LOSS 4,351,471 248,337 1,7(4,877 335,768 820,510 7,520,963
TOTAL PROJECT FWD 51,283,070 280,527 3,328,101 679,826 1,477,533 0 57,049,057
OTHY FURS
CDBG .108,094 1,048,845 15,638 1,172,577
WATER FUZ 1,523,862 33,623 2,528 1,560,213
SERER FUND 192,500 61,151 5,435 259,086
DRAINAGE FUND 332,750 86,404 18,748 437,902
GAS TAX FUND 605.000 605,000
PARK ACQ AND DEVELOP�ENT 2,395,273 2,395,273
CAPITAL IFPRCVE4 NT 0 0 0 220,000 0 0 220,000
PARKING STRLCC;RE 17,043,426 17,043,426
TOTAL OTHER PN)S 19,805,632 3,625,497 42,349 220,000 0 0 23,693,478
TOTAL DLE TO CITY 71,088,702 3,906,024 3,370,450 899,826 1,477,533 0 80,742,535
DUE TO OUTSIDE PARTIES
WATERFROM LOAN 1,775,549 1,775,549
H.HT NATIONAL BANK 830,000 830,000
OMAAgM TRUST DEED 597,500 597,500
GOS EY TRUST DEED 1,035,000 1,035,000
FEPFA 6,848,927 1,385,391 2,450,982 0 6,582,730 4,850,278 24,118,298
EhERALD COVE 4,600,000 4,600,000
TOTAL DUE TC _UTSIDE ?ART 11,OB6,976 5,985,331 2,450,982 0 8,582,730 4,850,278 32,956,347
TOTAL PROJECT AREA DEBT 82,175,678 9,891,405 5,821,432 899,826 10,060,263 4,850,278 U3,698,882
REDEVELOPMENT AGENCY
Indirect Charges From City By Project Area
Fiscal Year 1989-90
Main-Pier $ 1 ) 159,318
Oakview 595,956
Huntington Center 229,941
Talbert/Beach 138,053
Yorktown/Lake 462532
$231695800
REDEVELOPMENT AGENCY
Indirect Charges From City By Department
Fiscal Year 1989 - 90
City Council $ 51 ,586
Building Usage 2,766
City Administration 2982437
City Attorney 5962776
Non-Departmental 13,435
City Treasurer 1 ,718
City Clerk 117;068
Administrative Services Administration 150,607
Accounting 117,638
Budget & Research 79043
Purchasing 89603
Real Property Management 147,087
Central Warehouse 11687
Civic Center Building Maintenance 5,851
Claims Processing 14,369
Development Services Administration 115,546
Current Planning 150,206
Public Works Engineering Services 53,457
Public Works Engineer Inspection 832223
Engineering Design 184,951
Traffic Engineering 471746
TOTAL $2,1692800
REDEVELOPMENT AGENCY
INDIRECT CHARGES FROM CITY
1986 — 87 $ 1,709,000
1987 — 88 2,148,151
1988 — 89 2,370,560
1989 — 90 2,169,800
1990 — 91 2,186,136
TOTAL (1986 — 1990) $ 10,583,647*
* Accrues interest at 10% per year.
OPTION 1
Assumptions:
1) Shut down all operations on June 30, 1991.
2) All debt carries interest at 8%
3) All tax increment revenue is used to repay debt.
4) Emerald Cove debt (Talbert-Beach Project Area), will be reduced $4.6 million in 1994,
when COP issue becomes due.
5) Land held by the Agency in the Main-Pier Project Area is transferred back to the city
on June 30, 1991:
Main Promenade $20 Million
Waterfront $22.4 Million
Other land $ 5.3 Million
TOTAL: $47.7 Million
6) Potential Waterfront bond debt and potential increased assessed valuation (tax
increment revenue) not included in this analysis.
OPTION 1
TOTAL AGENCY
120 DEBT IN MILLIONS
100
80
60
40
20
0
1991 1995 1999 2003 2007 2011 2015 2019
FISCAL YEAR
OPTION 2
Assumptions:
1) Shut down all operations on June 30, 2000.
2) Agency operating costs will increase by 5% per year.
3) All tax increment used to repay debt.
4) Emerald Cove debt (Talbert-Beach Project Area), will be reduced by $4.6 million in
1994 when COP issue becomes due.
5) Land held by the Agency in the Main-Pier Project Area is transferred back to the city
on June 30, 1991.
Main Promenade $20 Million
Waterfront Commercial Parcel $13.8 Million
Other land $ 5.3 Million
TOTAL: $39.1 Million
6) Potential Waterfront bond debt and potential increased assessed valuation (tax
increment revenue) not included in this analysis.
OPTION 2
TOTAL AGENCY
DEBT IN MILLIONS
140
120
100
80
60
40
20
0
1991 1995 1999 2003 2007 2011 2015 2019
FISCAL YEAR
OPTION 3
Assumptions:
1) Shut down all operations on June 30, 2019.
2) Agency operating costs will increase 5% per year.
3) All tax increment revenue is used to repay debt.
4) Emerald Cove debt (Talbert-Beach Project Area), will be reduced $4.6 million in 1994,
when COP issue becomes due.
5) Land held by the Agency in the Main-Pier Project Area is transferred back to the city
on June 30, 1991:
Main Promenade $20 Million
Waterfront Commercial Parcel $13.8 Million
Other land $ 5.3 Million
TOTAL: $39.1 Million
6) Tax increment revenue will increase by 5% per year after 2019.
7) Potential Waterfront bond debt and potential increased assessed valuation (tax
increment revenue) not included in this analysis.
OPTION 3
TOTAL AGENCY
500 DEBT IN MILLIONS
450
400
350
300
250
$ 200
150 ---
100
50
1991 1996 2001 2006 2011 2016 . 2021 2026 2031 2036 2041
FISCqL;YEAR
HCITY OF HUNTINGTON BEACH �f /
COUNCIL - ADMINISTRATOR COMMUNICATION
HUNTINGTON BEACH
To Honorable Mayor/Chairman From Michael T. Uberuaga �-
and Council/Agency Members City Administrator
l
REDEVELOPMENT February 25, 1991
Subject AGENCY BUDGET Date
PRESENTATION
On February 25, 1991, staff will present its first-round of budget information regarding
the Redevelopment Agency. Information to be presented includes the following:
1) A definition of tax increment financing and an explanation as to why debt is
important to the Agency.
2) A review of the tax increment growth in redevelopment areas, including housing
set-aside funds.
3) Analysis of current Agency indebtedness by General Fund, other funds, and funds
generated by outside parties. Details will be available for some expenditures, such as
land sales.
4) A review of the budget detail of each redevelopment area for the next three fiscal
years.
This presentation is intended to explain past, current, and future budget information as it
relates to the redevelopment areas. Additional funds generated to the city, such as sales
tax, are not included. General community benefits, such as revitalization and job
creation, are also not addressed.
It should be noted that there are insufficient resources available to be complete all
proposed projects.
MTU/BKK:ls
Attachment: Budget Information
8526r
,� R
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
• The Redevelopment Agency of the City of Huntington Beach
was created by City Council Ordinance No. 1785, adopted on
January 1 , 1967.
• The primary purpose of the Redevelopment Agency is to iden-
tify deteriorated areas within a city and encourage private rede-
velopment of property for residential, commercial and industrial
uses. The Agency may assist by providing financial assistance,
acquiring property, providing public improvements, etc.
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
• The Agency's primary source of revenue comes from property
taxes collected within a project area, referred to as "tax incre-
ment revenue."
• The assessed valuation of all property within the project area is
determined on the date of adoption of the Redevelopment
Plan. This is known as the base year assessed valuation.
Property taxes related to the incremental increase in assessed
values after the adoption of the Redevelopment Plan are allo-
cated to the Redevelopment Agency; all taxes on the "frozen"
assessed valuation of the property are allocated to the city and
other districts.
Before tax revenues are paid to the Redevelopment Agency,
the County Auditor-Controller must certify for each project area
that the amount of tax increment does not exceed bonded in-
debtedness.
Existing legislation requires that all redevelopment agencies
set aside 20% of tax increment revenues for a low and moder-
ate-income housing fund, unless certain findings are made.
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
• The Redevelopment Agency has five project areas and a low-
income housing program:
- The Talbert-Beach Project Area includes approximately
50 acres and its anticipated use is an industrial park.
- The Main-Pier Project Area includes approximately 300
acres within the downtown area adjacent to the pier and
beach. The anticipated land uses include commercial,
office and residential mixed-use projects and a variety of
public facilities.
- The Oakview Project Area, comprising 68 acres, includes
the Guardian Centre office building, a commercial theatre
complex and rehabilitation of existing residential proper-
ties.
- The Yorktown-Lake Project Area includes 30 acres of
single-family housing and public facilities.
- The Huntington center Project Area provides parking and
traffic circulation improvements.
K
ti
Y
�. REVIEW OF TAX INCREMENT REVENUE
1984 TO PRESENT
EXPRESSED IN THOUSANDS
YEAR INCREMENT TOTAL
1984 17
Y 1985 87
1986 572
1987 1,126
C. 1988 1,774
1989 2,189
i
1990 2,917
TOTAL INCREMENT 8,682
C. RECEIVED TO DATE
f.
f
I
f
PROJECTIONS OF TAX INCREMENT REVENUE
1990 TO 2021
EXPRESSED IN THOUSANDS
1990 2,916
1991 4,002
�. 1992 5,038
1993 6,444
1994 8,103
1995 9,810
f 1996 10,096
1997 10,297
�. 1998 10,504
1999 10,714
2000 10,925
¢: 2005 12,066
2010 13,321
2015 15,002
2020 16,238
t
" - -. i_s •4.- tY+ ,:.��' ���" :5=.;-.-.�, '-a�xFt+rr"'e""�`�."�"3`�'sdrv�,��`�,��a-,�..'.,a^�-':'�?'..",5::.-.__..... ..,:
20% SET-ASIDE FUNDS AVAILABLE
AT YEAR END
EXPRESSED IN THOUSANDS
1984 $15
1985 $40
1986 $124
1987 $366
1988 $3,747
1989 $5,273
1990 $6,717
t:
f:
E
f
f.
C
(
r
r REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH
ANALYSIS OF INDEBTEDNESS (SUMMARY OF EIGHT YEARS ACTIVITY)
JULY 1, 1982 TO JUNE 30, 1990
r
TALBERT YORKTOWN HUNTINGTON LOW INC TOTAL
MAIN/PIER BEACH OAKVIEW LAKE CENTER HSG
PROJECT FUND
CASH ADVANCES 5,686,893 1,051,344 108,958 541,755 7,388,950
LAND SALES 32,902,917 32,902,917
DEFERRED DEVELOPMENT FEES 0 48,548 48,548
ACCRUED INTEREST 8,341,789 32,190 463,332 235,100 115,268 0 9,187,679
INDIRECT COSTS 4,351,471 248,337 1,764,877 335,768 820,510 7,520,963
TOTAL GENERAL FUND 51,283,070 280,527 3,328,101 679,826 1,477,533 0 57,049,057
OTHER FUNDS
CDBG 108,094 1,048,845 15,638 1,172,577
WATER FUND 1,523,862 33,823 2,528 1,560,213
SEWER FUND 192,500 61,151 5,435 259,086
DRAINAGE FUND 332,750 86,404 18,748 437,902
GAS TAX FUND 605,000 605,000
PARK ACQ AND DEVELOPMENT 2,395,273 2,395,273
CAPITAL IMPROVEMENT 0 0 0 220,000 0 0 220,000
PARKING STRUCTURE 17,043,426 17,043,426
TOTAL OTHER FUNDS 19,805,632 3,625,497 42,349 220,000 0 0 23,693,478
TOTAL DUE TO CITY 71,088,702 3,906,024 3,370,450 899,826 1,477,533 0 80,742,535
DUE TO OUTSIDE PARTIES
WATERFRONT LOAN 1,775,549 1,775,549
HUNT NATIONAL BANK 830,000 830,000
OMAHANDRO TRUST DEED 597,500 597,500
GOSNEY TRUST DEED 1,035,000 1,035,000
HBPFA 6,848,927 1,385,381 2,450,982 0 8,582,730 4,850,278 24,118,298
EMERALD COVE 4,600,000 4,600,000
TOTAL DUE TO OUTSIDE PARTIES 11,086,976 5,985,381 2,450,982 0 8,582,730 4,850,278 32,956,347
TOTAL PROJECT AREA DEBT 82,175,678 9,891,405 5,821,432 899,826 10,060,263 4,850,278 113,698,882
Analysis of Main-Pier Redevelopment Funds
(inthousands)
Income 90/91 91/92 92/93
Tax Increment (80%) 918 1 ,280 1 ,793
Rental 50 75 75
Interest 500 300 300
Property Sales:
Town Square 0 1 ,100
Terry Body Shop 500
Project Advances:
Third Block West 4,620
Third Block West (contingency) 250 250
Driftwood Mobilehome Buyouts 1,125
Restricted Income
Certificates of Participation 8,742
Koury 1 ,235
Redevelopment Bond Proceeds 3,320
13,297
TOTAL INCOME 7,463 3,505 2,168
Page 1
i
Analysis of Main-Pier Redevelopment Funds
Budgeted Expenses 90/91 91/92 92/93
Operating Costs 700 917 962
Property Acquisition 400
Main Street Rehabilitation
6th Street/Walnut Storm Drain 300
Ocean View Mobile Home (Phase II) 55
Beach Maintenance Facility 250
Second Block Rehab Relocation, etc. 200
Driftwood Mobilehome Buyouts 1 ,125
Main Street Improvements 200
Debt Service Bond Debt 692 692 692
Debt Service General Fund 250 250 250
June 30, 1990 Encumbrances:
Main Street Improvements 41
Ocean View Mobilhome Park 327
Contract Services 230
Second Block Rehab 598
Second Block Parking Structure 4,400
PCH Sewer 157
North of the Pier Design 250 835
Walnut Extension 37
Gosney Trust 1,035
Projects:
Third Block West 4,620
Third Block West (cont.) 108
Pierside Restaurants (to city) 400 400
Terry (Huntington National Bank) 830
Terry Body Shop 200
Omahundro Trust 600
Phase I Offsites 200
North of Pier Parking Structure 11,500
Total Expenses 16,017 31894 29412
Excess of Rev. over Exp. -8,554 -389 -244
Funds Available, Beginning of Year 9,336 782 393
Funds, End of Year 782 393 149
Page 2
Analysis of Redevelopment Funds
PROPOSED PROJECTS
(in thousands)
Restricted Income:
Certificates of Participation 8,742
Koury Proceeds 1,235
Redevelopment Bond Proceeds 3,320
Total Income 13,297
Proposed Projects:
Third Block West Parking/Contingencies 3,000
Pierside Restaurants 6,000
Pier 2,000
Pier Plaza 3,350
Phase II -
Site Acquisition -
Block 101 -
Main Street Improvements 1,000
Post Office 170
Celebration Plaza 625
Art Center 350
Sub-Total (Main-Pier) 16,495
*Hoover/Gothard Extension 8,000
*Edinger Corridor 7,000
*McFadden Overpass 6,000
Sub-Total (Transportation/Huntington Center) 219000
Proposed Projects - Total 379495
*Transportation improvements may be eligible
for Measure M funds.
Page 3
Analysis of Huntington Center
Redevelopment Funds
(in thousands)
Income 90/91 91/92 92/93.
Tax Increment (80%) 1,089 1 ,152 1 ,231
Interest 340 496 456
Berge (Lease Option)
Total Income 19429 19648 19687
Budgeted Expenses
Operating Costs 166 174 183
Hoover/Gothard (R.O.W. Acq.) 500 $8,000K
Edinger Corridor 75 200 $7,000K
McFadden Overpass $6,000 K
Beach/405 Landscaping 450
Beach/405 Signage 200
Center Avenue 400
Center Avenue Signal 11
Debt Service General Fund 250 864 864
June 30, 1990 Encumbrances
Hoover/Gothard Design 308
Edinger Underground Utilities 56
Total Expenses 2,130 29663 11380
Excess of Rev. over Exp. -701 -1 ,015 1 ,380
Funds Available, Beginning of Year 5,132 4,431 3,416
Funds, End of Year 49431 39416 31723
Analysis of Yorktown-Lake
Redevelopment Funds
(in thousands)
Income 90/91 91/92 92/93
Tax Increment (80%) 36 200 200
Interest 30 38 52
Total income 66 238 252
Budgeted Expenses
Operating Costs 33 75 36
Civic Center Parking 75 75 75
June 30, 1990 Encumbrances:
Contractual Services 22
Civic Center Parking 32
Total Expenses 162 '150 111
Excess of Rev. over Exp. -96 88 141
Funds Available, Beginning of Year 348 252 340
Funds, End of Year 252 340 481
Analysis of Talbert-Beach
Redevelopment Funds
(in thousands)
Income 90/91. 91/92 92/93
Tax Increment (80%) 163 336 385
Interest 58 68 82
Total Income 221 404 467
Budgeted Expenses
Operating Costs 66 69 73
Debt Service City 100 100 100
Debt Service Bonds 142 142 142
June 30, 1990 Encumbrances:
Contractual Services 2
Total Expenses 310 311 315
Excess of Rev. over. Exp. -89 93 152
Funds Available, Beg. of Year 1,137 1,048 1,141
Funds, End of Year 19048 19141 11293
I.
Analysis of Oakview Redevelopment Funds
(in thousands)
Income 90/91 91/92 92/93
Tax Increment (80%) 699 - 737 818
Interest 94 113 136
Zisakis (Land Payment) 250
Total Income 19043 850 954
Budgeted Expenses
Operating Costs 133 140 147
Elm Keelson Street Improvements 175
Land Acquisitions 800
Debt Service Bonds 256 256 256
June 30, 1990 Encumbrances
Warner/Ash Traffic Signal 106
Contract Services 18
Total Expenses 495 11371 403
Excess of Rev. over Exp. 548 -521 551
Funds Available, Beginning of Year 1,952 2,500 1 ,979
Funds, End of Year 29500 19979 23531
3 11 "vv. 33
�` REQUEST FC REDEVELOPMENT aENC TION
' RH 86-85
Date November 21, 1986
Submitted to: Honorable Chairman and Redevelopment Agency M[gfnbers
Charles W. Thompson, Chief Executive Officer vED gy GITY CO
CIL
Submitted by: A�PRO
Prepared by: glas N. La Belle, Deputy City Administrator/Redevel pment
Subject: 1APROVAL OF ANNUAL REPORT OF THE HU TINGTON B ITY' Cyi:•�
REDEVELOPMENT AGENCY FOR FISCAL YEAR 1985/8
Consistent with Council Policy? Yes [ ] New Policy or Exception
Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments:
STATEMENT OF ISSUE:
In accordance with provisions of Section 33080.1 of the State of California's Health and
Safety Code, the Redevelopment Agency is required to prepare an Annual Report to be-
forwarded to the State of California Department of Housing and Community
Development. Attached for your review is the Annual Report for Fiscal Year 1985/86.
RECOMMENDATION:
It is recommended that the attached Annual Report be received and filed and that staff
be directed, in accordance with provisions of the Healthy and Safety Code, to forward
necessary copies of both the Agency's Annual Report and Audit to the State of
California Department of Housing and Community Development.
ANALYSIS:
In accordance with the State Redevelopment Law, the Redevelopment Agency is
required to submit an Annual Report pursuant to the provisions of Section 33080.1 of
the State of California Health and Safety Code.
State Law dictates that the' Annual Report contain an independent financial audit
report for the previous fiscal year; a work program for the coming year including goals;
an examination of the previous year's achievements; and a comparison of the
achievements with the goals of the previous year's work program's recommendations
for needed legislation to carry on properly a program of.housing and community
development in California, and a description of the Agency's activities affecting
housing and displacement.
The Annual Report outlines and analyzes Main-Pier, Oakview, Talbert-Beach,
Yorktown-Lake, and Huntington Center Redevelopment Project Areas in terms of the
above-mentioned reporting requirements.
Pf O/1/85
1
RH 86-85
November 21, 1986
Page Two
FUNDING SOURCE:
Previously budgeted Redevelopment funds to reimburse the State Department of
Housing and Community Development for the cost of processing and reviewing the
report as required by Setion 33080.
ALTERNATIVE ACTION:
The Annual Report is a mandatory requirement of the State of California and must be
submitted to the Department of Housing and Community Development no later than
December 31, 1986.
ATTACHMENTS:
1. 1985/86 Annual Report.
C WT/DLB/SJH:sar
0 500r
ANNUAL REPORT OF THE
HUNTINGTON BEACH REDEVELOPMENT AGENCY
1985/1986
In accordance with the provision of Section 33080.1 of the State of
California Health and Safety Code, this report has been prepared for
the Huntington Beach Redevelopment Agency for Fiscal Year
1985/86. The "Audit .Report," as defined in subsection (a) 33080.1,
was prepared by the Agency's independent financial auditors, Diehl
Eva ns.
At the closing of fiscal year 1985/86, the Huntington Beach
Redevelopment Agency had five project areas: Talbert-Beach,
Yorktown-Lake, Oakview, Main-Pier, and Huntington Center. The
Main-Pier Redevelopment Project Area was amended on June 20,
1983.
The following are reports for each of the above mentioned project
areas.
- 1 -
MAIN-PIER REDEVELOPMENT PROJECT AREA
I. MAIN-PIER REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR
FISCAL YEAR 1985/86
The work program for the Main-Pier Redevelopment Project Area for fiscal
year 1986/87 represents the fifth year of a multi-year program of
implementation and reinvestment for the downtown area. Activity generated
by the 1986/87 work program consists mostly of the preparation of several
master plans and the consolidation of properties by private developers.
The Main-Pier Redevelopment Project Area is broken down into seven subareas:
Town Square, Main-Pier, Downtown Core, Beach-City, Blufftop,
Huntington-Lake and Atlanta-Beach. It is anticipated that the majority of
activity for fiscal year 1986/87 will occur in the Town Square and Main-Pier
subareas.
The following is a summary of the Agency's work program for the Main-Pier
Redevelopment Project Area for 1986/87:
PROJECT DESCRIPTION ESTIMATED COST
Legal Services and
Master Plan Preparation $ 200,000.00
Audit $ 18,000.00
Appraisals $ 100,000.00
Printing $ 7,400.00
Public Improvements Preliminary
Estimates/Phase I $ 10,000,000.00
DDA for Main-Pier $ 20,000.00
DDA for Town Square $ 2,200.00
H. MAIN-PIER REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1985/86
A work program budget was adopted by the Huntington Beach Redevelopment
Agency in June, 1985. This budget outlined several projects for the Main-Pier
Redevelopment Project Area to facilitate the initial development activity.
The following is a review of the goals and achievements for the 1985/86
Fiscal Year.
- 2 -
PROJECT DESCRIPTION STATUS COST
Exclusive Negotiation Completed
Agreement/Town Square
Exclusive Negotiation Completed
Agreement/Main-Pier (Site 1)
Exclusive Negotiation Completed
Agreement/Main-Pier (Site 2)
Planning Study/Tax Completed
Increment Financing
Precise Plan of Street Completed
Alignments
Establish Appropriate Completed
Relocation Plan
Land Acquisition Completed $ 405,536
Interest Debt Ongoing
Request for Developer To be Completed
Proposals (Main-Pier FY 1985/86
Site 3)
Exclusive Negotiation To be Completed
Agreement (Main-Pier FY 1985/86
Site 3)
Downtown Parking Study Completed
and Implementation
Recommendations
Historic Resources To be Completed $ 15,000
Survey FY 1986/87
Appraisal To be Completed
Contracts FY 1986-87
3DI Master Plan To be Completed $ 90,000
FY 1986-87
- 3 -
OAKVIEW REDEVELOPMENT PROJECT AREA
I. OAKVIEW REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR
FISCAL YEAR 1986/87:
The work program for the Oakview Redevelopment Project Area for fiscal year
1986/87 represents the fourth year of a multi-year program of implementation
and reinvestment for the Oakview Neighborhood Activity, generated by the
1986/87 work program, focuses primarily on the implementation of the Oakview
Land Use and Circulation Analysis. Scheduled projects also include a feasibility
study of the remainder of the Oakview neighborhood.
Cypress-Beach.
The following is a summary of the Agency's work program for the Oakview
Redevelopment Project Area for 1986/87:
PROJECT DESCRIPTION ESTIMATED COST
Koledo Lane Offsite Improvements $ 586,000 (CDBG)
Audit $ 1,300
Appraisals $ 2,000
Neighborhood Improvements $ 200,000 (CDBG)
Legal $ 5,500
Property Acquisitions $ 340,000
Street Improvements $ 600,000
Charter Center Debt $ 247,366
Printing $ 2,700
II. OAKVIEW REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1985-86
A work program budget was adopted by the Huntington Beach Redevelopment
Agency in June, 1985.
Construction was completed this fiscal year for the Charter Centre project - a
commercial venture located at the northeast section of the Oakview
Redevelopment Project Area.
- 4 -
The following is a review of the goals and achievements for the 1985/86 Fiscal
Year.
PROJECT DESCRIPTION STATUS COST
Koledo Lane Demonstration Completed
Project
Program to upgrade pro- To be Completed
perty on Jacquelyn and FY 86/87
Queens Streets
Engineering & Planning Completed
Study for Public
Improvements
Cypress/Beach Develop- To be Completed
ment Plan FY 86/87
Secure Development Pro- To be Completed
posals Cypress/Beach FY 86/87
Acquisition of Completed $141,393
Robertson parcel
Acquisition of Completed $249,558
Walker parcel
- 5 -
TALBERT-BEACH REDEVELOPMENT PROJECT AREA
I. TALBERT-BEACH REDEVELOPMENT PROJECT AREA: WORK PROGRAM
FOR FISCAL YEAR 1986/87:
The work program for the Talbert-Beach Redevelopment Project Area
represents the fourth year of a multi-year program of implementation and
reinvestment in that area. Located within this project area are three subareas:
Conventional Housing, Terry Park, and the Industrial Park. Development within
the Conventional Housing subarea and the Terry Park subarea has commenced.
The Industrial Park subarea will be developed with light industrial users.
The success that the Agency has had in bringing about redevelopment in this
area and the use of the Industrial Site as stated are reflective of what can and
will be accomplished through public-private cooperation.
The following is a summary of the Agency's work program for the
Talbert-Beach Redevelopment Project Area of 1986/87:
PROJECT DESCRIPTION ESTIMATED COST
Contractual Services $ 10,250.00
Appraisal $ 2,000.00
Legal Services $ 10,250.00
Property Acquisition $ 225,000.00
Interest Payment $ 306,000.00
Development Agreements $ 3,000.00
II. TALBERT-BEACH REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS
AND ACHIEVEMENTS FOR FISCAL YEAR 1985/86:
A work program budget was adopted by the Huntington Beach Redevelopment
Agency for fiscal year 1985/86. The budget outlines several projects for the
Talbert-Beach Redevelopment Project area, primarily focusing on the Emerald
Cove Senior Housing Project which provides 164 units of low-and-moderate
income housing for seniors. Emerald Cove was officially dedicated on
May 3, 1985.
- 6 -
The following is a review of the goals and achievements for the 1985/86 Fiscal
Year:
PROJECT DESCRIPTION STATUS COST
Land Acquisition To be Completed
FY $ 286,632
Legal Fees Completed $ 9,800
Solicited Request for Ongoing N/A
Qualifications for
Industrial Site
Acquisition of To be Completed $ 121,408
Ara nda property 86/87
Acquisition of To be Completed $133,000
Warner property 86/87
- 7 -
YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA
I. YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA: WORK PROGRAM
FOR FISCAL YEAR 1986/87:
The work program for the Yorktown-Lake Redevelopment Project Area for
fiscal year 1986/87 represents the fifth year of a multi-year program of
implementation. Projects for the coming fiscal year detail planning and
feasibility studies to determine possible development alternatives.
The following is a summary of the Agency's work program for the
Yorktown-Lake Redevelopment Project Area of 1986/87:
PROJECT DESCRIPTION ESTIMATED COST
Appraisals $ 1,000.00
Legal Services/Land Exchange $ 12,500.00
Agreement with Huntington Beach Co.
Implementation of Private Improve. N/A
II, YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS
AND ACHIEVEMENTS FOR FISCAL YEAR 1985/86:
A work program budget was adopted by the Huntington Beach Redevelopment
Agency for this upcoming fiscal year. This budget called for planning studies
concerning the development of the Yorktown-Lake Redevelopment Project
Area. The City has been working closely with the Huntington Beach Company
in the coordination of a suitable plan.
The following is a review of the goals and achievements for the 1985/86 fiscal
year:
PROJECT DESCRIPTION STATUS COST
Development Proposals To be Completed -0-
FY 86/87
- 8 -
HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA
I. HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA: WORK
PROGRAM FOR FISCAL YEAR 1986/87:
The Work Program for the Huntington Center Redevelopment Project Area for
fiscal year 1986/87 represents the second year of a multi-year program of
implementation projects for the coming fiscal year, including a planning study
to determine potential development alternatives.
The following is a summary of the Agency's work program for the Huntington
Center Redevelopment Project Area of 1986/87.
PROJECT DESCRIPTION ESTIMATED COST
Appraisals $ 500.00
Legal Services $ 15,000.00
Planning Study $ 30,000.00
Feasibility Study $ 82,000.00
DDA and OPA Private
and Public Improvements N/A
IWA Engineers $ 30,000.00
II. HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA: REVIEW OF
GOALS AND ACHIEVEMENTS FOR FISCAL.YEAR 1985/86:
The following is a review of the goals and achievements for the 1985/86 fiscal
year:
PROJECT DESCRIPTION STATUS COST
Traffic Engineering Analysis Complete $30,000
Gothard-Hoover, Center Drive,
and I-40 5 of f-ramp.
Council approved Precise Plan Preparing for N/A
of Street Alignment for appraisal of
Gothard Ave. between needed right-of-way.
McFadden Ave. & Center Dr.
RECOMMENDATION FOR NEEDED LEGISLATION TO ENHANCE REDEVELOPMENT:
The Huntington Beach Redevelopment Agency, through its participation in various
statewide organizations, is currently assessing and reviewing the need for legislation.
- 9 -
DESCRIPTION OF THE HUNTINGTON BEACH REDEVELOPMENT AGENCY'S
ACTIVITIES AFFECTING HOUSING AND DISPLACEMENT;
HUNTINGTON BEACH REDEVELOPMENT AGENCY
1) During the 1985/86 fiscal year, three (3) households were relocated from any
project area.
2) During the 1986/87 fiscal year, no households are expected to be relocated from
the Talbert-Beach Project Area. It is not anticipated that any other area will
experience any displacement.
3) During the 1985/86 fiscal year, two (2) housing units for low-and-moderate
income families was destroyed due to redevelopment agency activity.
4) During the 1985/86 fiscal year, 15 units of housing was constructed for citizens
of low-to-moderate income level in the Oakview Redevelopment Project Area.
f
0500r
- 10 -
31
REQUEST FG, REDEV MENT .-..aENCY ACTION &ov
�Y C GO
UN
�� �� 19•�-' 1 RH 85-62
Date December 6, 1985
GI1 r
Submitted to: Honorabl rman and Redevelopment Agency Members
Submitted by: Charles W. Thompson, Chief Executive Officer C'
Prepared by: Douglas N. LaBelle, Deputy Director of Redevelop ent
Subject: APPROVAL OF ANNUAL REPORT OF THE HUNTINGTON BEACH
REDEVELOPMENT AGENCY FOR FISCAL YEAR 1994/85
Consistent with Council Policy? �] Yes [ ] New Policy or Exception
Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments:
STATEMENT OF ISSUE:
In accordance with provisions of Section 33080.1 of the State of California's Health and
Safety Code, the Redevelopment Agency is required to prepare an Annual Report to be.
forwarded to the State of California Department of Housing and Community
Development.
Attached for your review is the Annual Report for Fiscal Year 1984-85.
RECOMMENDATION:
It is recommended that the attached Annual Report be received and filed and that staff
be directed, in accordance with provisions of the Health and Safety Code, to forward
necessary. copies of both the Agency's Annual Report and Audit to the State of
California Department of Housing and Community Development.
ANALYSIS•
In accordance with the State Redevelopment Law, the Redevelopment Agency is
required to submit an Annual Report pursuant to the. provisions of Section 33080.1 of
the State of California Health and Safety Code.
State Law dictates that the Annual Report contain an independent financial audit
report for the previous fiscal year; a work program for the coming year including goals;
an examination of ' the previous year's achievements; and a comparison of the
achievements with the goals of the previous year's work program's recommendations.
for needed legislation to carry on properly a program of housing and community
development in California, and a description of the Agency's activities affecting
housing and displacement.
The Annual Report outlines and analyzes Main-Pier, Oakview, Talbert-Beach,
Yorktown-Lake, and Huntington Center Redevelopment Project Areas in terms of the
above-mentioned reporting requirements.
3
PI O/1/85
RH 85-62
December 6, 1985
Page Two
FUNDING SOURCE:
Previously budgeted Redevelopment funds to reimburse the State Department of
Housing and Community Development for the cost of processing and reviewing the
report as required by Section 33080.
ALTERNATIVE ACTION:
The Annual Report is a mandatory requirement of the State of California and must be
submitted to the Department of Housing and Community Development no later than
December 31, 1985.
ATTACHMENTS:
1. 1984/85 Annual Report
CWT/DLB/SAJ:sar
1638h
ANNUAL REPORT OF THE
HUNTINGTON BEACH REDEVELOPMENT AGENCY
1984/1985
In accordance with the provision of Section 33080.1 of the State of
California Health and Safety Code, this report has been prepared for
the Huntington Beach Redevelopment Agency for Fiscal Year
1984/85. The "Audit Report," as defined in subsection (a) 33080.1,
was prepared by the Agency's independent financial auditors, Diehl
Evans.
At the closing of fiscal year 1984/85, the Huntington Beach
Redevelopment Agency had five project areas: Talbert-Beach,
Yorktown-Lake, Oakview and Main-Pier, and Huntington Center.
The Main-Pier Redevelopment Project Area was amended on June
20, 1983.
The following are reports for each of the above mentioned project
areas.
MAIN-PIER REDEVELOPMENT PROJECT AREA
I. MAIN-PIER REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR
FISCAL YEAR 1985/86
The work program for the Main--Pier Redevelopment Project Area for fiscal
year 1985/86 represents the fourth year of a multi-year program of
implementation and reinvestment for the downtown area. Activity generated
by the 1985/86 work program consists mostly of the preparation of several
master plans and the consolidation of properties by private developers.
The Main-Pier Redevelopment Project Area is broken down into seven subareas-
Town Square, Main-Pier, Downtown Core, Beach-City, Blufftop.
Huntington-Lake and Atlanta-Beach. It is anticipated that the majority of
activity for fiscal year 1985/86 will occur in the Town Square and Main-Pier
subareas.
The following is a summary of the Agency's work program for the Main-Pier
Redevelopment Project Area for 1985/86:
PROJECT DESCRIPTION ESTIMATED COST
Legal Services/Disposition &
Development Agreements other
than Main-Pier $ 30,000.00
Appraisals $ 10.000.00
Public Improvements Preliminary
Estimates/Phase I $ 10,000,000.00
DDA for Main-Pier $ 20,000.00
DDA for Town Square $ 2,200.00
RFP for Lake Street $ 500.00
II. MAIN-PIER REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1984/85
A work program budget was adopted by the Huntington Beach Redevelopment
Agency in June. 1984. This budget outlined several projects for the Main-Pier
Redevelopment Project Area to facilitate the initial development activity.
The following is a review of the goals and achievements for the 1984/85
Fiscal Year.
2.
PROJECT DESCRIPTION STATUS COST
Exclusive Negotiation To be Completed
Agreement/Town Square FY 1985/86
Exclusive Negotiation To be Completed
Agreement/Main-Pier (Site 1) FY 1985/86
Exclusive Negotiation To be Completed
Agreement/Main-Pier (Site 2) FY 1986/87
Planning Study/Tax To be Completed
Increment Financing FY 1985/86
Approval of Circulation Completed $ 32,000
Plan
Precise Plan of Street To be Completed
Alignments FY 1986/87
Establish Appropriate To be Completed
Relocation Plan FY 1985/86
Blufftop Park Improvements Completed $ 358,000
Land Acquisition Completed $ 405,536
Interest Debt Ongoing $ 14,351
Request for Developer To be Completed
Proposals (Main-Pier FY 1985/86
Site 3)
Exclusive Negotiation To be Completed
Agreement (Main-Pier FY 1985/86
Site 3)
Downtown Parking Study To be Completed
and Implementation FY 1985/86
Recommendations
Historic Resources To be Completed
Survey FY 1985/86
3.
OAKVIEW REDEVELOPMENT PROJECT AREA
I. OAKVIEW 'REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR
FISCAL YEAR 1985/86:
The work program for the Oakview Redevelopment Project Area for fiscal year
1985/86 represents the third year of a multi-year program of implementation
and reinvestment for the Oakview Neighborhood Activity, generated by the
1985/86 work program, focuses primarily on the second phase of the Koledo
Lane Demonstration Project. Scheduled projects also include a feasibility study
of the remainder of the Oakview neighborhood.
Plans for the Charter Centre project are underway, with construction already
commencing.
The following is a summary of the Agency's work program for the Oakview
Redevelopment Project Area for 1985/86:
PROJECT DESCRIPTION ESTIMATED COST
Koledo Lane Offsite Improvements $ 586,000 (CDBG)
Planning Study $ 40,000 (CDBG)
Appraisals $ 3,300
Neighborhood Improvements $ 188.410 (CDBG)
Property Acquisitions $ 340,000
Street Improvements $ 600.000
-H. OAKVIEW REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1984-85
A work program budget was adopted by the Huntington Beach Redevelopment
Agency in June, 1984. This budget outlines several projects for the Oakview
Redevelopment Project Area, primarily focusing on the second phase of the
Koledo Lane Demonstration Project which called for the street and landscape
improvements.
Construction commenced this fiscal year for the Charter Centre project - a
commercial venture located at the northeast section of the Oakview
Redevelopment Project Area.
4.
The following is a review of the goals and achievements for the 1984/85 Fiscal
Year.
PROJECT DESCRIPTION STATUS COST
Koledo Lane Demonstration To be Completed
Project FY 85/86
Execute the DDA with Completed $ 2,000
Mola Development Corp.
for Charter Centre
Program to upgrade pro- To be Completed
perty on Jacquelyn and FY 85/86
Queens Streets
Engineering & Planning To be Completed
Study for Public FY 85/86
Improvements
Cypress/Beach Develop- To be Completed
ment Plan FY 85/86
Secure Development Pro- To be Completed
posals Cypress/Beach FY 85/86
Charter Centre Completed $ 80,572
Administrative Costs FY 84/85
5.
TALBERT-BEACH REDEVELOPMENT PROJECT AREA
I. TALBERT-BEACH REDEVELOPMENT PROJECT AREA: WORK PROGRAM
FOR FISCAL YEAR 1985/86:
The work program for the Talbert-Beach Redevelopment Project Area
represents the third year of a multi-year program of implementation and
reinvestment in that area. Located within this project area are three subareas:
Conventional Housing, Terry Park, and the Industrial Park. Development within
the Conventional Housing subarea and the Terry Park subarea has commenced.
The Industrial Park subarea will be developed with light industrial users.
The success that the Agency has had in bringing about redevelopment in this
area and the use of the Industrial Site as stated are reflective of what can and
will be accomplished through public-private cooperation.
The following is a summary of the Agency's work program for the
Talbert-Beach Redevelopment Project Area of 1985/86:
PROJECT DESCRIPTION ESTIMATED COST
Appraisal/Industrial Site $ 3,300.00
Legal Services $ 9,800.00
Property Acquisition $ 225,000.00
Interest Payment $ 306,000.00
Development Agreements $ 3,000.00
H. TALBERT-BEACH REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS
AND ACHIEVEMENTS FOR FISCAL YEAR 1984/85:
A work program budget was adopted by the Huntington Beach Redevelopment
Agency for fiscal year 1984/85. The budget outlines several projects for the
Talbert-Beach Redevelopment Project area, primarily focusing on the Emerald
Cove Senior Housing Project which provides 164 units of low-and-moderate
income housing for seniors. Emerald Cove was officially dedicated on May 3,
1985.
6.
The following is a review of the goals and achievements for the 1984/85 Fiscal
Year:
PROJECT DESCRIPTION STATUS COST
Land Acquisition To be Completed
FY 85/86 $ 286,632
Legal Fees Completed $ 9,000
Solicited Request for Ongoing N/A
Qualifications for
Industrial Site
7.
REDEVELOPME Rr AGENCY OF THE
CTTY OF HUNrINGr0N BEACH
NC7rES TO FINANCIAL STATEZUIM
(Continued)
June 30, 1989
5: CHANGES IN LONG-TERM DEBT (CONTINUED) :
D. In 1984 the Agency sold $4,600,000 of Certificates of Participation at a
discount of $126,500 to finance the construction of the Emerald Cove
senior citizens housing project. The certificates bear interest at 9.5%
per annum, which is payable semi-annually. Principal is payable at
maturity on May 1, 1994.
The land upon which the project was built was sold to the Agency by the
City. The City is leasing back the project and is operating it as an
enterprise. Lease payments, of $40,250, equal to interest and insurance
are payable monthly until the final payment, equal to principal of
$4,600,000, is due May 1, 1994. The holders of the certificates have a
proportionate interest in the lease payments to be made by the City.
The certificates are secured by the land and the buildings constructed,
an assignment of rents, and an irrevocable letter of credit issued by a
bank. A discount of $126,500 on the sale of the certificates is being
amortized through maturity. The unamortized discount at June 30, 1989 _
is $63,982.
The assets of the Emerald Cove Housing project are recorded by the City
and not the Agency, as the Agency is only involved in "pass-through"
financing, except for the cash with fiscal agent of $322,474 which
represents amounts reserved to pay the debt.
Below is a schedule of -debt service requirements to maturity on the
Certificates of Participation:
Year
Ending
June 30, Principal Interest Tbtal
1990 $ - $ 437,000 $ 437,000
1991 - 437,000 437,000
1992 - 437,000 437,000
1993 - 437,000 437,000
1994 4,600,000 400,583 5,000,583
Totals $ 4,600,000 $ 2,148,583 $ 6,748,583
See independent auditors' report.
-10-
REDEVELOPMDIT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NUTES TO FINANCIAL STA EMM
(Continued)
June 30, 1989
6. IDANS-'rO-IEMER REVENUE BONDS:
The Agency has issued through the City of Huntington Beach Loans-to-Lenders
•� Revenue Bonds of $16,000,000 for the purpose of providing the issuer with
funds to make a deposit with Home Federal Savings and Lean Association, San
Diego, California. The proceeds of the deposit have been used by the Lender
to make a mortgage loan to the developer at the Huntington Breakers
Apartment Project. These Bonds are not an obligation of the Agency or City,
and are payable solely fram the deposit and certain other funds, all pledged
under the indenture. Accordingly, the bonds are not reflected in the
acccupanying financial statements.
7. OWNER PARTICIPATION AND DISPOSITION AND DEVELOPMENT .
A. 1988 Owner Participation Agreement - Mola Development Corporation:
In July, 1988, the Redevelopment Agency, the City and Mola Development
Corporation (Mola) entered into an owner participation agreement for the
Townsquare project (a residential and commercial development in the
Maip/Pier project area of the Redevelopment Agency) . Certain property
which was owned by -third parties was acquired by both the Agency and
Mola. This property was combined with adjacent property owned by Mola,
property owned by the Agency and property sold to the Agency by the City
for $1,956, 000. The resultant configuration was used for the
development.
During the year, Mola obtained a land draw to construct the project.
The Agency received $1,250,094 of this land draw representing its share
of the total proceeds which was computed based upon the relative value
of the Redevelopment Agency's land to the total land value in the
project. This amount is recorded as an "other financing source" in the
Redevelopment Agency's Capital Projects Fund. The total value of
Redevelopment Agency owned land in the project is $1,956,000 which is
recorded as "Land Held for Resale" on the balance sheet of the Agency's
Capital Projects Fund.
Chien the individual residential units are completed and sold, proceeds
will be distributed which will reimburse the Redevelopment Agency for
the. remaining value of its land which was not reimbursed by the land
draw ($1,250,000) and pay a 9% developers fee to Mola. The remaining
proceeds will be divided between the Agency and Mola based on the value
of the respective land contributed by each party.
One year after the commercial units are completed, Mola will be
obligated to pay to the Agency 50% of the net operating income of the
commercial units for the proceeding year and on a monthly basis
thereafter.
See independent auditors' report.
-11-
REDEVELOPMENT AGENCY OF THE
C1TrY OF HUNTINGTON BEACH
NOTES TO FINANCIAT, STATEMENTS
(Continued)
June 30, 1989
7. OWNER PARTICIPATION AND DISPOSITION AND DEVELOPMENT AG=4ENTS (COVrINUED) :
B. 1983 Owner Participation Agreement - Mola Development Corporation:
In 1983, the City, the Redevelopment Agency and Mola entered into an
owner participation agreement relating to certain improvements in the
Oakview project area of the Redevelopment Agency. The Agency agreed to
purchase certain public improvements from Mola for $1,408,047 plus
interest at 11% per annum. The purchase price was to be paid by a
pledge of certain tax increment revenues in the project area. The
Agency agreed to advance to the City $211,394 plus interest at 11% per
annum of building fees normally due at the time of occupation.
In July; 1988, the Agency and Mola agreed that the Agency would pay Mola
$1,200,000 to settle the liability for the public improvements. It was
also agreed that the amount of deferred development fees plus interest
was $300,000. Mola paid $100,000 in July, 1988 and agreed to pay
$81,843 annually on June 30th 1989, 1990 and 1991 to settle the deferred
development fees. The $81,843 due at June 30, 1989 was not paid until a
later date and is reported as an account receivable in the accompanying
financial statements.
C. Owner Participation Agreement - Koury:
In November, 1988, the City, the Redevelopment Agency and Robert Koury,
an individual, entered into an owner participation agreement which will
provide for the development of a parking structure and related
commercial and retail space in the Main/Pier project area of the
Redevelcp ment Agency.
The Redevelopment Agency purchased land from the City valued at
$3,133,500. This sales price will be paid to the City by future tax
increment revenues of the Main/Pier project area. This land was
combined with other Redevelopment Agency owned land and land owned by
Koury to provide the space for the development. The Agency purchased
the land held by Koury for $1,235,000 and secured the performance of the
agreement by issuing Koury a deed of trust. The Agency agreed to
construct a parking garage and 32,000 square feet of retain/commercial
space. When the construction is completed the Agency will sell interest
in the retail/commercial space for $1,235,000. The Agency will retain
title to the parking structure.
See independent auditors' report.
-12-
REDEVELOPMENT AGENCY OF THE
C1TTY OF-HUNTINGTON BEACH
NOTES TO F'INANC kL STAT!EMEN S
(Continued)
June 30, 1989
7. OWNER PARTICIPATION AND DISPOSITION AND DEVEIIJPMENT (OONTINUED) :
D. Disposition and Development Agreement - Robert L. Mayer Corporation:
In August, 1988, the Redevelopment Agency, the City and Robert L. Mayer
Corporation (Mayer) entered into a disposition and development agreement
for the development of hotels, residential and ccaniercial parcels in the
Main/Pier project area. The development will take place in three
different residential and six different ammercial phases.
Mayer agreed to loan to the Agency $4,800,000 to relocate residents of a
mobilehcme park in the area. As of. June 30, 1989, $2,730,332 of the
costs have been incurred and $461,535 cash has been received from Mayer.
Mayer will be repaid by the Agency pledging a portion of the tax
increment and transient occupancy tax revenues that the improvements
generate. After the indebtedness is repaid, the Agency will also be
liable to rebate to Mayer additional tax increment and transient
occupancy tax revenue generated by the project when the project is
ccupleted.
The Agency purchased land from the City for $22,400,000. This purchase
price will be repaid to the City by future tax increment revenues of the
Main/Pier project area. The land purchased from the City which will be
used for the commercial portion of the development will be leased by the
Agency to Mayer for 99 years. The remaining land will be used for the
residential development. When the residential units are sold, the
Agency will receive revenue based on a specific schedule in the
agreement.
At June 30, 1989, $8,377,000 of the land representing the residential
Portion is recorded as "Land Held for Resale" on the balance sheet of
the Redevelopment Agency's Capital Projects Fund.
3
E. Disposition and Development Agreement - California Resorts:
In August, 1988, the Redevelopment Agency, the City and California
Resorts entered into a disposition and development agreement. The City
sold the Redevelopment Agency certain land for $1,512,500. This will be
j repaid from future tax increment revenues. This land was combined with
land owned by California Resorts and other third parties to construct a
hotel.
See independent auditors' report.
-13-
REDEVELOPMENT AGENCY OF THE
CITY OF HL9?Ir1 1Gr`ON BEACH
NOTES TO FINANCIAL STATEMENM
(Continued)
June 30, 1989
8. CONTINGENCY:
Commencing with fiscal year 1990-91, and each year thereafter, the
Redevelopment Agency will pay the Orange County Superintendent of Schools
one-fourth of the tax increment revenues received by the Huntington Center
Redevelopment Project Area.
9. RESERVES: o
Under generally accepted accounting principles, a municipal entity may set
up "reserves" of fund equity to segregate fund balances which are not
appropriable for expenditure in future periods, or which are legally set
aside for a specific future use.
Reserved for Debt Service
This reserve sets aside fund balance to meet debt service for long-tern debt
(See Note 5) .
Reserved for Low Income Housirx�
This reserve represents 20% of tax revenue increment received to be set
aside to finance low income housing, as per California State Health and
Safety Code Section 33334.2.
Reserved for Capital B ojects
These funds are reserved for future capital improvements of the Agency.
Reserved for Land Held for Resale
The reserve represents land held by the Agency that is legally =matted for
resale, and will not be converted into cash or other liquid assets soon
enough after year end to be considered "available" to meet current
expenditures.
See independent auditors' report.
-14-
7
�l
SUPPIEMENnW INTURMATION
i
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
CIMBINING BALANCE SHEET
ALL DEBT SERVICE FUNDS
June 30, 1989
Talbert -
Beach
Project
ASSETS
Cash and investments $ 355,959
Cash with fiscal agent 322,474
Interest receivable 1,545
Taxes receivable 2,757
TOTAL ASSETS $ 682,735
LSABII1fiIFS AND FUND BALANCES
LIABILITIES $ -
FUND BALANCES:
Reserved for debt service 682,735
TOTAL LIABILITIES AND FUND BALANCES $ 682,735
See independent auditors' report.
-15-
Main - Yorktown - Huntington
Pier Oakview Lake Center
Project Project Project Project Totals
$ 1,096,726 $ 643,410 $ 157,119 $ 1,460,565 $ 3,713,779
- - - - 322,474
5,957 2,887 803 5,775 16,967
11,746 - 15,879 3,680 34,062
$ 1,114,429 $ 646,297 $ 173,801 $ 1,470,020 $ 4,087,282
7 1,114,429 646,297 173,801 1,470,020 4,087,282
$ 1,114,429i 646,297 $ 173,801 $ 1,470,020 $ 4,087,282
-16-
i
REDEVELOPMENT AGENCY OF THE
CITY OF HUN rI NGTON BEACH
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - ALL DEBT SERVICE FUNDS
For the year ended June 30, 1989
Talbert -
Beach
Project
REVENUES:
Property taxes $ 138,342
Fran use of money and property 55,390
Lease payments and.related fees 58,326
Interest incmv-- 64,111
TOTAL REVENUES 316,169
E)a)ENDrIURES:
Interest and letter of credit fees 609,471
Repayment of advances from City 16,000
TOTAL EXPENDITURES 625,471
EXCESS OF REVENUE OVER (UNDER) EXPENDITURES (309,302)
OTHER FINANCING SOURCES:
Advances fran Public Financing Authority 23,319
EXCESS OF REVENUES AND OTHER SOURCES
OVER (UNDER) EXPENDITURES (285,983)
FUND BALANCES - JULY 1, 1988 968,718
FUND BALANCES - JUNE 30, 1989 682,735
See independent auditors' report.
-17-
Main - Yorktown - Huntington
-� Pier Oakview Lake Center
Project Pro-jeat . Project Project Totals
$ 471,350 $ 279,777 $ 15,871 $ 1,061,022 $ 1,966,362
313,241 76,130 19,275 181,037 645,073
- - - - 58,326
- - - - 64,111
784,591 355,907 35,146 1,242,059 2,733,872
617,618 227,951 - 772,403 2,227,443
:. 76,000 28,000 - 92,000 212,000
693,618 255,951 - 864,403 2,439,443
90,973 991956 35,146 377,656 294,429
139,808 - - 299,501 462,628
230,781 99,956 35,146 677,157 757,057
883,648 546,341 138,655 792,863 3,330,225
$ 1,114,429 646 297 $ 173,801 $ 1,4701020 $ 4,087,282
J
-18-
:_t
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTING ON BEACH
COMBINING BALANCE SHEET
ALL CAPITAL PROTECT FUNDS
June 30, 1989
Talbert -
Beach
Project
ASSETS
Cash and investYnents $ 546,456
Taxes receivable -
Accounts receivable -
Interest receivable 2,182
Land held for resale -
TOTAL. ASSETS $ 548,638
LIABILSTIFS AND FUND BALANCES
LIABILITIESS:
Accounts payable $ -
Accrued payroll 572
TONAL LIABILI'I'IFS 572
FUND BALANCES:
Reserved for low-income housing -
Reserved for land held for resale -
Resexved for capital projects 548,066
TOTAL FUND BALANCES 548,066
TOTAL LIABILITIES AND FUND BALANCES $ 548,638
See independent auditors' report.
-19-
Main - Yorktown - Huntington IOW
Pier Oakview Lake Center Income
^' Project Project Project Project Housing Total
$ 6,430,583 $ 686,189 $ 114,283 $ 5,150,936 $ 5,250,688 $ 18,179,135
8,515 - - - - 8,515
81,843 - - - 81,843
33,137 1,647 - 22,295 22,587 81,848
16,187,301 395,185 - 2,966,716 - 19,549,202
$ 22,741,379 $ 1,083,021 $ 114,283 $ 8,139,947 5,273,275 $ 37,900,543
$ . 981,722 $ - $ - $ - $ - $ 981,722
5,261 2,745 388 2,470 - 11,436
986,983 2,745 388 2,470 - 993.,158
- - - - 5,273,275 5,273,275
16,187,301 395,185 - 2,966,716 - 19,549,202
5,567,095 685,091 113,895 5,170,761 - 12,084,908
21,754,396 1,080,276 113,895 8,137,477 5,273,275 36,907,385
$ 22,741,379 $ 1,083,021 $ 114,283 $ 8,139,947 $ 5,273,215 $ 37,900,543
-20-
REDEVELOPNEN'r AGENCY OF TE
CITY OF HUNLING` ON BEACH
M4BINING STATEMENT' OF REVENUES, EXPENDITURES AND
C!F�S IN FUND BALANCES - ALL CAPITAL PRQTECT FUNDS
For the year ended June 30, 1989
Talbert -
Beach
Project
REVENUES:
Tax increment revenue $ -
Fran use of money and property 31,149
TOTAL REVENUES 31,149
EXPENDITURES:
Housing and ocnunity development 1620,801
Capital outlay -
Repayment of advances 933,584
Interest expense -
Principal payments -
TOTAL EXPENDITURES 1,096,385
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (1,065,236)
OTHER FINANCING SOURCES:
Advances from City of Huntington Beach 191,301
Advances from Public Financing Authority 187,155
Proceeds from joint venture loan (Note 7A) -
Proceeds from long-term debt -
TOTAL OTHER FINANCING SOURCES 378,456
EXCESS (DEFICIENCY) OF REVENUES AND OTHER
SOURCES OVER EXPENDITURES (686,780)
FUND BALANCE - JULY 1, 1988 1,234,846
FUND BALANCE - JUNE 30, 1989 $ 548,066
See independent auditors' report.
-21-
l
Main - Yorktown - Huntington Iaw
Pier Oakview Lake Center Income
Project Project Proj eat Project Housing 'Ibtal
$ - $ - $ - $ - $ 493,015 $ 493,015
712,353 144,006 47,789 145,689 423,240 1,504,226
712,353 144,006 47,789 145,689 916,255 1,997,241
1,940,011 790,312 - 113,684 350,530 496,413 3,853,751
29,351,291 - - 25,225 - 29,376,516
1y557,016 1,174,609 - 2,529,066 53,000 6,247,275
155,051 - - - - 155,051
6,793 1,200,000 - - - 1,206,793
33,010,162 3,164,921 .113,684 2,904,821 549;413 40,839,386
(32,297,809) (3,020,915) (65,895) (2,759,132) 366,842 38 842 145)
38,833,594 703,433 88,265 193,190 - 40,009,783
1,841,531 - - 2,608,499 1,159,296 5,796,481
1,711,629 - - - - 1,711,629
5,604,832 - - - - 5,604,832
47,991,586 703,433 88,265 2,801,689 1,159,296 53,122,725
15,693,777 (2,317,482) 22,370 42,557 1,526,138 14,280,580
6,060,619 3,397,758 91,525 8,094,920 3,747,137 22,626,805
$ 21,754,396 $ 1,080,276 $ 113,895 $ 8,137,477 $ 5,273,275 $ 36,907,385
-22-
REDEVELOPMENT AGENCY OF THE
CITY OF HUN INGTON BEACH
September 14, 1989
INDEPENDENT AUDITORS' REPORT ON
=aDIZANCE WITH AUDIT GUIDELINES FOR
CA121ORNIA REDEVELOPMENT AGENCIES
In connection with our audit of the financial statements of the Redevelopment
Agency of the City of Huntington Beach as of and for the year ended June 30,
1989, we have performed, to the extent applicable, the tests of compliance as
required by Health and Safety Code Section 33080.1 and Sections I through V of
the "Guidelines for Compliance Audits of California Redevelopment Agencies"
published by the State Controller's Office.
Based on the above procedures, we noted no instances of noncompliance with the
laws, regulations and administrative requirements governing special activities
of the Agency for the year ended June 30, 1989.
-23-
REQUEST FC 7 REDEVELOPMENT " GEN CTIOQNN_T ,
' off/•� �,� L e�- Fi)vawe E
Date January 27, 1988
--- CITY Cod ® L
Submitted to: Mayor and City Council Appg'®�F1�BY
Submitted by: Donald L. Watson, City Treasurer
Prepared by: Donald L. Watson, City Treasurer CITY
Subject: AUTHORIZATION TO ESTABLISH LOCAL AGENCY INVESTMENT FUND. (LAIF)
Consistent with Council Policy? [ X[ Yes [ ] New Policy or Exception
Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments:
STATEMENT OF ISSUE
The State of California, Local Agency Investment Fund (LAIF) ; has an investment maximum-
of $5,000,000 per agency. The City is frequently .•at .this maximum with our General Fund
account and we are forced to use other lower interest paying investments. However, there
is a provision for the City to authorize a separate account for .the Redevelopment Agency.
RECOMMENDATION
Authorize the City Treasurer to set up a separate account for the Redevelopment Agency.
ANALYSIS
By adopting this Resolution, the City Treasurer can optimize the return to the City by
having another option for short term investments. Our maximum investment and number of
transactions allowed will be doubled.
FUNDING SOURCE
Not required.
ALTERNATIVE ACTIONS
Reject resolution.
ATTACHMENT
New Resolution.
• RESOLUTION 148
.'
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH AUTHORIZING INVESTMENT OF
REDEVELOPMENT AGENCY MONIES IN THE LOCAL AGENCY
INVESTMENT FUND
WHEREAS, Pursuant to California Government Code § 16429 . 1, a
Local Agency Investment Fund was established in the State Treasury
for the deposit of money of a local agency for purposes of
investment by the State Treasurer. ; and
The Redevelopment Agency hereby finds that the deposit and
withdrawal of money in the Local Agency Investment Fund for the
purpose of investment as stated in California Government Code
§ 16429 . 1 is in the best interest of the Redevelopment Agency of
the City of Huntington Beach,
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency
of the City of Huntington Beach does hereby authorize the deposit
and withdrawal of Redevelopment Agency monies in the Local Agency
Investment Fund in the State Treasury in accordance with
California Government Code § 16429 . 1 for the purpose of investment
as stated therein.
BE IT FURTHER RESOLVED that the Agency Treasurer- of the
Redevelopment Agency of the City of Huntington Beach shall be
authorized to order the deposit or withdrawal of monies in the
Local Agency Investment Fund .
PASSED AND ADOPTED by the Redevelopment Agency of the City of
Huntington Beach at a regular meeting thereof held on this 16th
day of February , 1988 .
Chairman
ATTEST : A /VED S TO FORM:
Agency Clerk/City Clerk Agency to V
ey/City Attorney
R E ND�PPROVED: INITIATED AND APPROVED:
� J
Executive Director./City Agency Treasurer/City Tr. easur- er.
Administrator
rf
►._ �. No. 148
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF HUNTINGTON BEACH)
I , ALICIA M. WENTWORTH, 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 meeting of said Redevelopment Agency held on the
16th day of February 19 88 , and that it was so adopted
by the following vote:
AYES: Members:
Kelly, Green, Finley, Erskine, Mays. winnhall
NOES: Members:
None
ABSENT: Members:
Bannister
01
�
erk of t e Re eve opment gen
the City of Huntington Beach, Ca.
REQUEST FO" REDEVELOPMENT A9ENCY ACTION
RH 89-05
January 3, 1989
Date
Submitted to: Honorable Chairman and Redevelopment Agency Members
Paul E. Cook, Chief Executive Officer
Submitted by:
Douglas N. La Belle, Deputy City Administrator/Economic Develop n
Prepared by: 4
APPROVAL OF ANNUAL REPORT OF THE HUNTINGTON BEACH
Subject: REDEVELOPMENT AGENCY FOR FISCAL YEAR 1987/88
Consistent with Council Policy? K Yes [ ] New Policy or Exception
Statement of Issue, Recommendation, Analysis, Funding Source, Alte L
19=.
STATEMENT OF ISSUE: CITY CLI.
In accordance with provisions of Section 33080.1 of the State of California's Health and
Safety Code, the Redevelopment Agency is required to prepare an Annual Report to be
forwarded to the State of California Department of Housing and Community
Development. Attached for your review is the Annual Report for Fiscal Year 1987/88.
RECOMMENDATION:
It is recommended that the attached Annual Report be received and filed and that staff
be directed, in accordance with provisions of the Health and Safety Code, to forward
necessary copies of both the Agency's Annual Report and Audit to the State of
California Department of Housing and Community Development.
ANALYSIS:
In accordance with the State Redevelopment Law, the Redevelopment Agency is
required to submit an Annual Report pursuant to the provisions of Section 33080.1 of
the State of California Health and Safety Code.
State Law dictates that the Annual Report contain an independent financial audit
report for the previous fiscal year; a work program for the coming year including goals;
an examination of the previous year's achievements; and a comparison of the
achievements with the goals of the previous year's work program's recommendations
for needed legislation to carry on properly a program of housing and community
development in California, and a description of the Agency's activities affecting
housing and displacement.
The Annual Report outlines and analyzes Main-Pier, Oakview, Talbert-Beach,
Yorktown-Lake, and Huntington Center Redevelopment Project Areas in terms of the
above-mentioned reporting requirements.
PIO/1/85
RH 89-05
January 3, 1989
Page Two
FUNDING SOURCE:
No funding source is required to submit this report.
ALTERNATIVE ACTION:
The Annual Report is a mandatory requirement of the State of California and must be
submitted to the Department of Housing and Community Development no later than
December 31, 1988.
ATTACHMENTS:
1. 1987/88 Annual Report.
2. Annual Audit of Redevelopment Agency.
PEC/DLB/EN:jar
4060r
ANNUAL REPORT OF THE
HUNTINGTON BEACH REDEVELOPMENT AGENCY
1987/1988
In accordance with the provision of Section 33080.1 of the State of
California Health and Safety Code, this report has been prepared for
the Huntington Beach Redevelopment Agency for Fiscal Year
1987/88. The "Audit Report," as defined in subsection (a) 33080.1, was
prepared by the Agency's independent financial auditors, Diehl Evans.
At the closing of fiscal year 1987/88, the Huntington Beach
Redevelopment Agency had five project areas: Talbert-Beach,
Yorktown-Lake, Oakview, Main-Pier, and Huntington Center. The
Main-Pier Redevelopment Project Area was amended on June 20, 1983.
The following are reports for each of the abovementioned project
areas.
-1-
MAIN-PIER REDEVELOPMENT PROJECT AREA
I. MAIN-PIER REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR FISCAL
YEAR 1988/89:
The Work Program for the Main-Pier Redevelopment Project Area for Fiscal Year
1988/89 represents the second year of a five year redevelopment program of
implementation and reinvestment for the downtown area. Activity generated by the
1988/89 work program consists of the preparation of several development plans and
the consolidation and acquisitions of properties by private developers.
The Main-Pier Redevelopment Project Area is broken down into seven (7) subareas:
Town Square, Main-Pier, Downtown Core, Beach-City, Blufftop, Huntington-Lake,
and Atlanta-Beach. It is anticipated that the majority of activity for Fiscal Year
1988/89 will occur in the Town Square and Main-Pier Subareas.
The following is a summary of the Agency's Work Program for the Main-Pier
Redevelopment Project Area for 1988/89:
Project Description/Goals
Prepare a marketing study and commence a marketing
program for downtown.
Complete north of the pier resource documentation and
State Beach General Plan.
Implement concepts identified in the Historic Resources
Survey.
In conjunction with the developer, complete Pierside
Village Development Plan with substantial alterations.
Continue downtown property acquisitions and owner/tenant
relocations.
Complete engineering and design of parking structure at
north side of pier.
Begin construction of:
Second Block Parking Structure.
Townsquare Project
Complete construction of:
Huntington Bayshore.
-2-
II. MAIN-PIER REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1987/88:
A Work Program for Fiscal Year 1987/88 was adopted by the Huntington Beach
Redevelopment Agency in December of 1987. This program outlined several goals
and objectives which consists mostly of the preparation of several master plans and
the consolidation of properties by private developers. The following is a review of
the goals and achievements for the Fiscal Year 1987/88:
Project Description Status
DDA for Main-Pier Complete
DDA for Town Square Complete
Historic Resources Survey On-going
Villas Del Mar
(64 unit condominium project) Complete
Huntington Bayshore
(159 unit condominium project) Under construction
-3-
OAKVIEW REDEVELOPMENT PROJECT AREA
I. OAKVIEW REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR FISCAL
YEAR 1988/89:
The Work Program for the Oakview Redevelopment Project Area for Fiscal Year
1988/89 represents the second year of a five year redevelopment plan of
implementation and reinvestment for the Oakview Neighborhood. The work program
focuses primarily on the implementation of the Oakview Land Use and Circulation
analysis.
The following is a summary of the Agency's Work Program for the Oakview
Redevelopment Project Area for Fiscal Year 1988/89:
Project Description/Goals
Rehabilitate 10 to 12 existing 4-plexes in the southern
Oakview neighborhood using Community Development
Block Grant Funds.
Implement the Oakview Neighborhood Plan for circulation
and land use within the project area.
Implement Zone changes in the northern Oakview
neighborhood.
Initiate implementation of Charter Centre Phase III (south
of Charter Centre to Cypress Avenue) for construction of
additional office use and parking.
Amend the Redevelopment Plan to raise the tax increment
limit.
Complete Jacquelyn Lane Enhancement Project.
II. OAKVIEW REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1987/88:
The project area goal has been primarily to maximize the economic potential of
commercial areas along Beach Boulevard and Warner Avenue; to protect the
integrity of Oakview's residential areas; and to implement street and public
improvements for the area.
-4-
Project Description Status
Neighborhood Improvements (CDBG) On-going
Legal On-going
Property acquisitions On-going
Street improvements Pending completion of plans
and specifications
Charter Centre Debt On-going
Alley Reconstruction in South Oakview Complete
-5-
TALBERT-BEACH REDEVELOPMENT PROJECT AREA
I. TALBERT-BEACH REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR
FISCAL YEAR 1988/89:
The Work Program for the Talbert-Beach Redevelopment Project Area represents
the second year of a five year program of implementation and reinvestment in that
area. Located within this project area are three subareas: Conventional Housing,
Terry Park, and the Industrial Park. Development within the Conventional Housing
subarea and the Terry Park subarea has commenced. The Industrial Park subarea
will be developed with light industrial uses.
The success that the Agency has had in bringing about redevelopment in this area
and the use of the Industrial site as stated are reflective of what can and will be
accomplished through public-private cooperation.
The following is a summary of the Agency's Work Program for the Talbert-Beach
Redevelopment Project Area for 1988/89:
Project Description/Goals
Develop a specific design plan for the assembled
residential site which is architecturally compatible with
the adjacent residential projects.
Construction to commence on the residential development
project.
II. TALBERT-BEACH REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1987/88:
A Work Program budget was adopted by the Huntington Beach Redevelopment
Agency for Fiscal Year 1987/88. The budget outlines several projects for the
Talbert-Beach Redevelopment Project Area, primarily focusing on the acquisition of
property as establishment of development agreements.
The following is a review of the goals and achievements for the 1987/88 fiscal year:
Project Description Status
Contractual services On-going
-6-
Project Description Status
(Continued)
Legal services On-going
Property acquisition Complete
120,00 square foot industrial building Complete
-7-
a
HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA
I. HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA: WORK PROGRAM
FOR FISCAL YEAR 1988/89:
The Work Program for the Huntington Center Redevelopment Project Area for
Fiscal Year 1988/89 represents the second year of a five year plan. The focus of the
Work Program is essentially planning elements which will lead to better traffic
circulation within the project area.
The following is a summary of the Agency's Work Program for the Huntington
Center Redevelopment Project Area for 1988/89:
Project Description
Gothard-Hoover:
Revise O.C. Master Plan of Arterial Highways to
include Gothard extension.
Obtain approval from City of Westminster on Gothard
extension.
Acquire parcels from 1-405 to Bolsa for Gothard
extension.
Traffic signal installation at Center Drive and One Pacific
Plaza/Huntington Center (cost of $85,000 to be shared by
two developers and Redevelopment Agency).
Prepare Specific Plan including traffic circulation
improvements for future development within project area.
Work with OCTD to implement a joint development project
for the Goldenwest Transportation Center located at
Gothard and Center Drive.
Establish underground utility district on Edinger between
Beach and Holt. Project construction in 1988-89.
Begin planning for Beach-Edinger intersection widening.
Estimated cost is $1 million, which is to be funded via
Super Streets Program. Schedule for construction is 1990.
-8-
II. HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS
AND ACHIEVEMENTS FOR FISCAL YEAR 1987/88:
The following is a review of the goals and achievements for the 1987/88 fiscal year:
Project Description Status
Gothard-Hoover Extension:
Seek approval from Westminster On-Going
for Gothard extension.
Revise O.C. Master Plan of Arterial Pending
Highways as joint effort with Westminster.
IWA Gothard extension engineering Complete
feasibility.
PBQ & D Gothard Extension Traffic Study. Complete
Discuss right-of-way needs with property Ongoing
owners (Southern Pacific, Edison, OCTD).
IWA Contract for concept and feasibility for Complete
additional westbound through lane on Center
Drive at I-405 off-ramp.
Construction continuing on One Pacific Plaza Complete
Holiday Inn.
Construction continuing on One Pacific Tower Complete
in One Pacific Plaza.
Work with OCTD to implement a joint On-Going
development project for Goldenwest
Transportation Center located at Gothard
and Center Drive with developer selection
scheduled for 1988-89.
-9-
YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA
I. YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR
FISCAL YEAR 1988/89:
The Work Program for the Yorktown-Lake Redevelopment Project Area for Fiscal
Year 1988/89 represents the second year of a five year plan of implementation.
Projects for the coming fiscal year include detail planning studies for the
implementation of a development plan for the entire project area.
The following is a summary of the Agency's Work Program for the Yorktown-Lake
Redevelopment Project Area for 1988/89:
Project Description/Goals
Complete Conceptual Plan for Civic Center and additional
parking facilities.
Prepare and approve a joint development plan for the
entire project area in cooperation with the Huntington
Beach Company for residential uses.
II. YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS
AND ACHIEVEMENTS FOR FISCAL YEAR 1987/88:
A Work Program for the past fiscal year was adopted in December of 1987. This
budget called for various actions which would result in possible development
alternatives.
The following is a summary of the goals and achievements for the 1987/88 fiscal
year:
Project Description Status
Legal services/land exchange agreement Pending
with Huntington Beach Company.
Implementation of private improvements. Pending
-10-
RECOMMENDATION FOR NEEDED LEGISLATION TO ENHANCE REDEVELOPMENT:
The Huntington Beach Redevelopment Agency, through its participation in various
statewide organizations, is currently assessing and reviewing the need for new legislation
that would assist the City in its redevelopment activity.
DESCRIPTION OF THE HUNTINGTON BEACH REDEVELOPMENT AGENCY'S
ACTIVITIES AFFECTING HOUSING AND DISPLACEMENT:
HUNTINGTON BEACH REDEVELOPMENT AGENCY
1) During the 1987/88 fiscal year, two households were relocated from all project areas.
2) During the 1988/89 fiscal year, approximately eighty households are expected to be
relocated from all project areas.
3) During the 1987/88 fiscal year, two housing units for low and moderate income
families were destroyed due to Redevelopment Agency activity.
4) During the 1988/89 fiscal year, it is anticipated that twenty units for low and
moderate income households will be destroyed due to Redevelopment Agency
activity.
5) The Huntington Beach Redevelopment Agency has completed a comprehensive
Replacement Housing Plan for the Main-Pier Project Area which has recently been
approved by the Project Area Committee and approved by the Agency.
0253R
-11-
ANNUAL REPORT OF THE
HUNTINGTON BEACH REDEVELOPMENT AGENCY
1987/1988
In accordance with the provision of Section 33080A of the State of
California Health and Safety Code, this report has been prepared for
the Huntington Beach Redevelopment Agency for Fiscal Year
1987/88. The "Audit Report," as defined in subsection (a) 33080A_ was
prepared by the Agency's independent financial auditors, Diehl Evans.
At the closing of fiscal year 1987/88, the Huntington Beach
Redevelopment Agency had five project areas: Talbert-Beach,-
Yorktown-Lake, Oakview, Main-Pier, and Huntington Center. The
Main-Pier Redevelopment Project Area was amended on June 20, 1983.
The following are reports for each of the abovementioned project
areas.
-1-
MAIN-PIER REDEVELOPMENT PROJECT AREA
I. MAIN-PIER REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR FISCAL
YEAR 1988/89:
The Work Program for the Main-Pier Redevelopment Project Area for Fiscal Year
1988/89 represents the second year of a five year redevelopment program of
implementation and reinvestment for the downtown area. Activity generated by the
1988/89 work program consists of the preparation of several development plans and
the consolidation and acquisitions of properties by private developers.
The Main-Pier Redevelopment Project Area is broken down into seven (7) subareas:
Town Square, Main-Pier, Downtown Core, Beach-City, Blufftop, Huntington-Lake,
and Atlanta-Beach. It is anticipated that the majority of activity for Fiscal Year
1988/89 will occur in the Town Square and Main-Pier Subareas.
The following is a summary of the Agency's Work Program for the Main-Pier
Redevelopment Project Area for 1988/89:
Project Description/Goals
Prepare a marketing study and commence a marketing
program for downtown.
Complete north of the pier resource documentation and
State Beach General Plan.
Implement concepts identified in the Historic Resources
Survey.
In conjunction with the developer, complete Pierside
Village Development Plan.
Continue downtown property acquisitions and owner/tenant
relocations.
Complete engineering and design of parking structure at
north side of pier.
Begin construction of:
Second Block Parking Structure.
Complete construction of:
Huntington Bayshore.
-2-
II. MAIN-PIER REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1987/88:
A Work Program for Fiscal Year 1987/88 was adopted by the Huntington Beach
Redevelopment Agency in December of 1987. This program outlined several goals
and objectives which consists mostly of the preparation of several master plans and
the consolidation of properties by private developers. The following is a review of
the goals and achievements for the Fiscal Year 1987/88:
Project-Description Status
DDA for Main-Pier Complete
DDA for Town Square Complete
Historic Resources Survey On-going
Villas Del Mar
(64 unit condominium project) Complete
Huntington Bayshore
(159 unit condominium project) Under construction
-3-
OAKVIEW REDEVELOPMENT PROJECT AREA
I. OAKVIEW REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR FISCAL
YEAR 1988/89:
The Work Program for the Oakview Redevelopment Project Area for Fiscal Year
1988/89 represents the second year of a five year redevelopment plan of
implementation and reinvestment for the Oakview Neighborhood. The work program
focuses primarily on the implementation of the Oakview Land Use and Circulation
analysis.
The following is a summary of the Agency's Work Program for the Oakview
Redevelopment Project Area for Fiscal Year 1988/89:
Project Description/Goals
Rehabilitate 10 to 12 existing 4-plexes in the southern
Oakview neighborhood using Community Development
Block Grant Funds.
Implement the Oakview Neighborhood Plan for circulation
and land use within the project area.
Implement Zone changes in the northern Oakview
neighborhood.
Initiate implementation of Charter Centre Phase III (south
of Charter Centre to Cypress Avenue) for construction of
additional office use and parking.
Amend the Redevelopment Plan to raise the tax increment
limit.
Complete Jacquelyn Lane Enhancement Project.
II. OAKVIEW REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1987/88:
The project area goal has been primarily to maximize the economic potential of
commercial areas along Beach Boulevard and Warner Avenue; to protect the
integrity of Oakview's residential areas; and to implement street and public
improvements for the area.
-4-
Project Description Status
Neighborhood Improvements (CDBG) Ongoing
Legal Ongoing
Property acquisitions Ongoing
Street improvements Pending completion of plans
and specifications
Charter Centre Debt Ongoing
Alley Reconstruction in South Oakview Complete
-5-
TALBERT-BEACH REDEVELOPMENT PROJECT AREA
I. TALBERT-BEACH REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR
FISCAL YEAR 1988/89:
The Work Program for the Talbert-Beach Redevelopment Project Area represents
the second year of a five year program of implementation and reinvestment in that
area. Located within this project area are three subareas: Conventional Housing,
Terry Park, and the Industrial Park. Development within the Conventional Housing
subarea and the Terry Park subarea has commenced. The Industrial Park subarea
will be developed with light industrial uses.
The success that the Agency has had in bringing about redevelopment in this area
and the use of the Industrial site as stated are reflective of what can and will be
accomplished through public-private cooperation.
The following is a summary of the Agency's Work Program for the Talbert-Beach
Redevelopment Project Area for 1988/89:
Project Description/Goals
Develop a specific design plan for the assembled
residential site which is architecturally compatible with
the adjacent residential projects.
Construction to commence on the residential development
project.
II. TALBERT-BEACH REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS AND
ACHIEVEMENTS FOR FISCAL YEAR 1987/88:
A Work Program budget was adopted by the Huntington Beach Redevelopment
Agency for Fiscal Year 1987/88. The budget outlines several projects for the
Talbert-Beach Redevelopment Project Area, primarily focusing on the acquisition of
property as establishment of development agreements.
The following is a review of the goals and achievements for the 1987/88 fiscal year:
Project Description Status
Contractual services On-going
-6-
Project Description Status
(Continued)
Legal services On-going
Property acquisition Complete
120,00 square foot industrial building Complete
-7-
HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA
I. HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA: WORK PROGRAM
FOR FISCAL YEAR 1988/89:
The Work Program for the Huntington Center Redevelopment Project Area for
Fiscal Year 1988/89 represents the second year of a five year plan. The focus of the
Work Program is essentially planning elements which will lead to better traffic
circulation within the project area.
The following is a summary of the Agency's Work Program for the Huntington
Center Redevelopment Project Area for 1988/89:
Project Description
Gothard-Hoover:
Revise O.C. Master Plan of Arterial Highways to
include Gothard extension.
Obtain approval from City of Westminster on Gothard
extension.
Acquire parcels from I-405 to Bolsa for Gothard
extension.
Traffic signal installation at Center Drive and One Pacific
Plaza/Huntington Center (cost of $85,000 to be shared by
two developers and Redevelopment Agency).
Prepare Specific Plan including traffic circulation
improvements for future development within project area.
Work with OCTD to implement a joint development project
for the Goldenwest Transportation Center located at
Gothard and Center Drive.
Establish underground utility district on Edinger between
Beach and Holt. Project construction in 1988-89.
Begin planning for Beach-Edinger intersection widening.
Estimated cost is $1 million, which is to be funded via
Super Streets Program. Schedule for construction is 1990.
-8-
II. HUNTINGTON CENTER REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS
AND ACHIEVEMENTS FOR FISCAL YEAR 1987/88:
The following is a review of the goals and achievements for the 1987/88 fiscal year:
Project Description Status
Gothard-Hoover Extension:
Seek approval from Westminster On-Going
for Gothard extension.
Revise O.C. Master Plan of Arterial Pending
Highways as joint effort with Westminster.
IWA Gothard extension engineering Complete
feasibility.
PBQ & D Gothard Extension Traffic Study. Complete
Discuss right-of-way needs with property On-going
owners (Southern Pacific, Edison, OCTD).
IWA Contract for concept and feasibility for Complete
additional westbound through lane on Center
Drive at I-405 off-ramp.
Construction continuing on One Pacific Plaza Complete
Holiday Inn.
Construction continuing on One Pacific Tower Complete
in One Pacific Plaza.
Work with OCTD to implement a joint On-Going
development project for Goldenwest
Transportation Center located at Gothard
and Center Drive with developer selection
scheduled for 1988-89.
-9-
YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA
I. YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA: WORK PROGRAM FOR
FISCAL YEAR 1988/89:
The Work Program for the Yorktown-Lake Redevelopment Project Area for Fiscal
Year 1988/89 represents the second year of a five year plan of implementation.
Projects for the coming fiscal year include detail planning studies for the
implementation of a development plan for the entire project area.
The following is a summary of the Agency's Work Program for the Yorktown-Lake
Redevelopment Project Area for 1988/89:
Project Description/Goals
Complete Conceptual Plan for Civic Center and additional
parking facilities.
Prepare and approve a joint development plan for the
entire project area in cooperation with the Huntington
Beach Company for residential uses.
II. YORKTOWN-LAKE REDEVELOPMENT PROJECT AREA: REVIEW OF GOALS
AND ACHIEVEMENTS FOR FISCAL YEAR 1986/87:
A Work Program for the past fiscal year was adopted in December of 1987. This
budget called for various actions which would result in possible development
alternatives.
The following is a summary of the goals and achievements for the 1987/88 fiscal
year:
Project Description Status
Legal services/land exchange agreement Pending
with Huntington Beach Company.
Implementation of private improvements. Pending
-10-
RECOMMENDATION FOR NEEDED LEGISLATION TO ENHANCE REDEVELOPMENT:
The Huntington Beach Redevelopment Agency, through its participation in various
statewide organizations, is currently assessing and reviewing the need for new legislation
that would assist the City in its redevelopment activity.
DESCRIPTION OF THE HUNTINGTON BEACH REDEVELOPMENT AGENCY'S
ACTIVITIES AFFECTING HOUSING AND DISPLACEMENT:
HUNTINGTON BEACH REDEVELOPMENT AGENCY
1) During the 1987/88 fiscal year, two households were relocated from any project area.
2) During the 1988/89 fiscal year, three to six households are expected to be relocated
from any project area.
3) During the 1987/88 fiscal year, two housing units for low and moderate income
families were destroyed due to Redevelopment Agency activity.
4) During the 1988/89 fiscal year, it is anticipated that three to six units for low and
moderate income households will be destroyed due to Redevelopment Agency
activity.
5) The Huntington Beach Redevelopment Agency has completed a comprehensive
Replacement Housing Plan for the Main-Pier Project Area which has recently been
approved by the Project Area Committee and approved by the Agency.
0130R
-11-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
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FOR THE FISCAL YEAR ENDED JUNE 30, 1988
•
•
•
BEDEVEXAMMBNT AGENCY OF THE
CITY OF HUMNGTON BEACH
FINANCIAL STATEMENTS
oil
WITH REPORT ON EXAMINATION BY
CBRTIFISD PUBLIC ACCOUNTANTS
JUNE 30, 1988
•
•
•
•
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
FINANCIAL STATEMENTS
June 30, 1988
•
TABLE OF CONTENTS
f
Page
Number
Accountants' Report 1
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Group 2
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types 3
Notes to Financial Statements 4 - 11
Supplementary Information:
Combining Balance Sheet - All Debt Service Funds 12 - 13
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances - All Debt Service Funds 14 - 15
Combining Balance Sheet - All Capital Project Funds 16 - 17
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances - All Capital Project Funds . 18 - 19
Accountants' Report on Compliance with Audit Guidelines for
California Redevelopment Agencies 20
CALLA
DTEHT 7A NS DONALD E.HERER, PA CPA
1 L,��/L"1L v L.PETER SCHERER,CPA
&COMPANY RODNEY K.MCDANIEL,CPA
RALPH H.WEINTRAUB,CPA
CERTIFIED PUBLIC ACCOUNTANTS MICHAEL R.LUDIN.CPA
ROBER
• A PARTNERSHIP INCLUDING ACCOUNTANCY CORPORATIONS PHILIP R.WINE,CPA
-
HILIP H.HOLTKAMP,CPA
1910 NORTH BUSH STREET THOMAS M.PERLOWSKI,CPA
SANTA ANA•CALIFORNIA 92706-2894
PHONE(714)542-4453
FAX(714)5424218
September 9, 1988
ACCOUNTANTS' REPORT
Agency Members
Redevelopment Agency of the
City of Huntington Beach
Huntington Beach, California
We have examined the general purpose financial statements of the Redevelopment
Agency of the City of Huntington Beach, as of and for the year ended June 30,
1988, as listed in the table of contents . Our examination was made in
accordance with generally accepted auditing standards and, accordingly, included
such tests of the accounting records and such other auditing procedures as we
considered necessary in the circumstances.
In our opinion, the general purpose financial statements referred to above
present fairly the financial position of the Redevelopment Agency of the City of
Huntington Beach at June 30, 1988, and the results of its operations for the
year then ended, in conformity with generally accepted accounting principles
applied on a basis consistent with that of the preceding year.
Our examination was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole. The supplementary information
listed in the table of contents is presented for purposes of additional analysis
and is not a required part of the general purpose financial statements of the
Redevelopment Agency of the City of Huntington Beach. The information has been
subjected to the auditing procedures applied in the examination of the general
purpose financial statements and, in our opinion, is fairly stated in all
material respects in relation to the general purpose financial statements taken
as a whole.
-1-
• OTHER OFFICES AT: 2%5 ROOSEVELT ST. 120 WEST WOODWARD AVE.
CARLSBAD,CA 92008-2399 ESCONDIDO,CA 92025.9990
(619)729-2343 (619)74W141
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINED BALANCE SHEET - ALL FUND
TYPES AND ACCOUNT GROUP
June 30, 1988
•
Account
Group
Lease
Payments
Governmental Receivable
Fund Types and
Debt Capital General Totals
Service Projects Long-term (Memorandum
ASSETS Funds Funds Debt Only)
Cash and investments
(Notes 1B and 3) $ 2,527,634 $ 18,579,161 $ - $ 21,106,795
Cash with fiscal agent
(Notes 1B, 3 and 5B) 682,806 - - 682,806
Interest receivable 19,390 82,574 - 101,964
Taxes receivable 100,395 23,621 - 124,016
Land held for resale - 4,854,111 - 4,854,111
Lease payments receivable (Note 5B) - - 6,426,000 6,426,000 .
Unearned finance charges (Note 5B) - - (2,585,583) (2,585,583)
Amount available in debt
service funds - - 3,330,228 3,330,228
Amount to be provided for
repayment of debt - - 35,755,065 3557555065
TOTAL ASSETS $ 3,330,225 $ 23,539,467 $ 42,925,710 $ 69,795,402 .
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable $ - $ 78,104 $ - $ 78,104
Accrued payroll - 16,841 - 16,841
Current note payable - 817,717 - 817,717
Due to City of Huntington Beach
and Public Financing Authority
(Note 5) - - 36,917,663 36,917,663
Owner participation agreement
(Notes 5, 7 and 10) - - 1,408,047 1,407,047
Certificates of participation
payable (Note 5B) - - 4,600,000 4,600,000
TOTAL LIABILITIES - 912,662 42,925,710 43,838,372
FUND BALANCES (NOTE 10):
Reserved for debt service 3,330,225 - - 3,330,225
Reserved for low-income housing - 3,747,137 - 3,747,137
Reserved for capital projects - 14,025,557 - 14,025,557
Reserved for land held for
resale - 4,854,111 - 4,854,111
TOTAL FUND BALANCES 3,330,225 22:626,805 - 25,957,030
TOTAL LIABILITIES AND
FUND BALANCES $ 3,330,225 $ 23,539,467 $ 42.925,710 $ 69,795,402
See accountants' report and notes to financial statements.
-2-
• REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
• For the year ended June 30, 1988
Debt Capital Totals
Service Projects (Memorandum
Fund Fund Only)
REVENUES:
Tax increment revenue (Note 40 $ 1,573,300 $ 393,325 $ 1,966,625
• From use of money and property 226,981 523,182 750,163
Lease payments and related fees (Note 5B) 483,000 - 483,000
TOTAL REVENUES 2,283,281 916,507 391999788
EXPENDITURES:
Interest and letter of credit fees (Note 5) 743,763 - 743,763
Housing and community development - 2,983,836 2,983,836
Capital outlay - 1,118,208 1,118,208
Repayment of advances from City 674,500 1,690,788 21365,288
TOTAL EXPENDITURES 1,418,263 5,792,832. 7,211,095
• EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 865,018 (4,876,325) (49011,307)
OTHER FINANCING SOURCES (USES):
Advances from City of Huntington Beach
(Note 5) - 6,238,896 6,238,896
Advances from Public Financing Authority
debt (Note 5) - 14,869,123 14,869,123
Gain on sale of land - 726,864 7269864
TOTAL OTHER FINANCING SOURCES - 21,834,883 21,834,883
EXCESS OF REVENUES AND OTHER
SOURCES OVER EXPENDITURES 865,018 16,958,558 17,823,576
FUND BALANCES - BEGINNING OF YEAR 2,465,207 5,668,247 8,133,454
FUND BALANCES - ENDING OF YEAR $ 3,330,225 $ 22,626,805 $ 25,957,030
•
See accountants' report and notes to financial statements.
-3-
•
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
June 30, 1988
1. SIGNIFICANT ACCOUNTING POLICIES:
A. Basis of Accounting:
The modified accrual basis of accounting is followed by the
Redevelopment Agency of the City of Huntington Beach (the Agency) .
Revenues are recognized when they become measurable and available to
finance expenditures of the current period. Expenditures are recorded
at the time liabilities are incurred, except that principal and interest
payments on long-term debt are recorded as expenditures when due.
B. Investments:
Investments are stated at cost, which was equal to market value at
June 30, 1988. If market value declines below cost, no loss is recorded
if such declines are considered temporary.
C. General Fixed Assets:
The Agency has no capitalized general fixed assets . Project costs
incurred such as roads and streets, curbs , gutters, drainage systems,
lighting systems and other similar project costs are recorded as
expenditures of the Capital Projects Fund.
D. Financial Reporting:
Total columns in the accompanying financial statements are captioned
"Memorandum Only" to indicate that they are presented only to facilitate
financial analysis. The totals are not comparable to a consolidation in
that interfund eliminations have not been made in combining the data.
E.. Budgetary Reporting:
The budgets of the Agency are primarily "long-term" budgets which
emphasize capital outlay plans extending over one year. Because of the
long-term nature of redevelopment projects, "annual" budget comparisons
are not considered meaningful and accordingly, no budgetary information
is included in the accompanying financial statements.
F. Administrative and Overhead Charges: •
Pursuant to the California Community Redevelopment Law, Chapter 6,
Article 2, Section 33610, a city may elect to allocate administrative
and overhead expenses to a redevelopment agency, either as a grant or a
loan. During the fiscal year ended June 30, 1988 , the City of
Huntington Beach incurred certain salary and overhead expenses in behalf
of the Agency and elected to allocate these expenses to the Agency.
See accountants' report.
-4-
• REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
2. DESCRIPTION OF FUNDS:
A. Debt Service Funds - Tax increment revenue and related interest income
are placed in these funds. The funds are then used to repay principal
• and interest on indebtedness of the Agency. Any fund balance is
reserved for debt retirement. Under provisions of .the Health and Safety
Code, such a fund is referred to as a "Special Fund".
B. Capital Projects Funds - A separate capital projects fund is used to
account for all revenues and expenditures, other than those related to
• debt service of each project, including costs of site improvements and
an allocation at administrative expenditures incurred in sustaining
Agency activities. Under provisions of the Health and Safety Code such
a fund is referred to as a "Redevelopment Fund".
C. Lease Payments Receivable and General Long-Term Debt Account Group -
• Agency debt which is not payable from currently held assets is recorded
for memorandum purposes in this account group. As more fully described
at Note 5, the terms of repayment on debt to the City are indefinite.
Thus, all debt to the City is classified as long-term, even though it
may be repaid shortly after balance sheet date. The account group is
also used to account for lease payments receivable (See Note 5).
3. CASH AND INVESTMENTS:
The following disclosures are made in accordance with GASB Statement No. 3:
Cash and investments at June 30, 1988 consisted of the following:
Cash and investments $ 21,106,795
Cash with fiscal agent 682,806
Total $ 21,789,601
The Agency's investments are categorized as follows:
Market
Cost Value
Category 1: Insured or unregistered, or securities
held by the Agency or its agent in the
Agency's name $ - $
Category 2: Uninsured and unregistered with
• securities held by the counterparty's
trust department or agent in the
Agency's name - -
Category 3: Uninsured and unregistered with
securities held by the counterparty,
or by its trust department or agent,
but not in the Agency's name 682,806 682,806
Cash and investments pooled with the City of
Huntington Beach 21,106,795 21,106,795
Total $ 21,789,601 $ 21,789,601
See accountants' report.
-5-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
3. CASH AND INVESTMENTS (CONTINUED) :
Safekeeping Arrangements:
First Interstate Bank acts as fiscal agent for the Certificates of
Participation holders and holds all revenues received in trust . All
securities and demand deposits held by the trustee are in the trustee's name
and are held in their trust department.
The Agency does not own specifically identifiable securities in the City of
Huntington Beach Pool.
Allocation of Interest Among Funds:
Interest income is allocated monthly on the various funds based on the
month-end cash balances. Interest income .from restricted cash is recorded •
directly in the fund earning the income.
See the City of Huntington Beach annual report as of and for the year ended
June 30, 1988 for additional GASB 3 disclosures on investments.
4. ORGANIZATION AND TAX INCREMENT FINANCING:
The Redevelopment Agency of the City of Huntington Beach was created by City
Council Ordinance Number 1785 adopted on January 1, 1967 . The primary
purpose of the Agency is to encourage private redevelopment of property and
to rehabilitate those areas suffering economic disuse arising from poor and
inadequate planning, inadequate street layout and street access, lack of .
open space or landscaping, and provide other improvements and facilities
necessary to establish and maintain the economic growth of the City.
The Agency's primary source of revenue comes from property taxes, referred
to in the accompanying financial statements as "tax increment revenue".
The assessed valuation of all property within the project area is determined 0
on the date of adoption of the Redevelopment Plan.
Property taxes related to the incremental increase in assessed values after
the adoption of the Redevelopment Plan are allocated to the Agency; all
taxes on the "frozen" assessed valuation of the property are allocated to
the City and other districts.
The Agency currently has five project areas and a low income housing
program. The Talbert-Beach project includes approximately 50 acres and its
anticipated land use is an industrial park. The Main Pier project includes
approximately 300 acres within the downtown area adjacent to the pier
and beach. The anticipated land uses includes commercial, office and
See accountants' report.
-6-
•
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
4. ORGANIZATION AND TAX INCREMENT FINANCING (CONTINUED):
• residential mixed use projects and a variety of public facilities. The
Oakview project, comprising 68 acres, includes the Charter Centre Office
building, a commercial and theatre complex and rehabilitation of existing
residential properties. The Yorktown-Lake project includes 30 acres of
single-family housing and public facilities. The Huntington Center project
provides parking and traffic circulation improvements.
5. CHANGES IN LONG-TERM DEBT:
Net
Balance Additions Balance
July 1, 1987 (Repayments) June 30, 1988
Due to the City of Huntington
• Beach and Public Financing
Authority:
From sale of land to the
Agency by the City's Park
Acquisition and Development
Fund for $1,917,570 plus
interest at 10% per annum $ 2,807,551 $ (698,224) $ 2,109,327
From sale of land to the
Agency by the City's General
Fund for $405,536, plus
interest at 10% per annum 593,745 59,375 653,120
From sale of land by the City
General Fund for $1,228,381
plus interest at 10% per
annum 1,228,381 122,838 1,351,219
Cash advances from the City's
General Fund plus accrued
interest at 10% per annum 9,448,419 4,596,142 14,044,561
Cash advances from the
City's Other Grants Fund 1,064,483 - 1,064,483
Cash advances from the City's
Water Fund plus accrued
interest at 10% per annum 144,900 1,114,490 1,259,390
Unpaid developers fees payable
to various City funds, to be
subsidized by the Agency
plus accrued interest at
10% per annum 835,298 88,527 923,825
See accountants' report.
-7-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
5. CHANGES IN LONG-TERM DEBT (CONTINUED) :
Net
Balance Additions Balance •
July 1, 1987 (Repayments) June 30, 1988
Cash advances from the Public
Financing Authority in June
1988 totalling $14,869,123
plus accrued interest of
$367,615 computed at
varying rates $ - $ 15,236,738 $ 15,236,738
Cash advances from the Drainage
Fund totaling $250,000 plus
interest of $25,000 computed
at 107. per annum - 275,000 275,000
Total Amount Due to the •
City of Huntington Beach
and Public Financing
Authority 16,122,777 20,794,886 36,917,663
Amount due under "Owner
Participation Agreement"
(See Note 7) 1,408,047 - 1,408,047
Certificates of Participation 4,600,000 - 4,600,000
Total Long-Term Debt $ 22,130,824 $ 20,794,886 $ 42,925,710
A. Since payment by the Agency to the City and Public Housing Authority on
the various transactions will be made from tax increment revenues in
future years, the debt is classified as long-term.
B. In 1984 the Agency sold $4,600,000 of Certificates of Participation at a
discount of $126,500 to finance the construction of the Emerald Cove
senior citizens housing project. The certificates bear interest at 9.5%
per annum, which is payable semi-annually. Principal is payable at
maturity on May 1, 1994.
The land upon which the project was built was sold to the Agency by the
City. The City is leasing back the project and is operating it as an
enterprise. Lease payments, of $40,250, equal to interest and insurance
are payable monthly until the final payment, equal to principal of
$4,600,000, is due May 1, 1994. The holders of the certificates have a
proportionate interest in the lease payments to be made by the City.
The certificates are secured by the land and the buildings constructed,
an assignment of rents, and an irrevocable letter of credit issued by a
bank. A discount of $126,500 on the sale of the certificates is being
amortized through maturity. The unamortized discount at June 30, 1988
is $76,777.
See accountants' report.
-8-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
5. CHANGES IN LONG-TERM DEBT (CONTINUED):
The assets of the Emerald Cove Housing project are recorded by the City
and not the Agency, as the Agency is only involved in "pass-through"
financing, except for the cash with fiscal agent .of $682,806 which
represents amounts reserved to pay the debt.
C. Below is a schedule of debt service requirements to maturity on the
Certificates of Participation:
Year
Ending
June 30, Principal Interest Total
1988 $ - -
1989 - 437,000 437,000
1990 - 437,000 437,000
1991 - 437,000 437,000
1992 - 437,000 437,000
1993 - 437,000 437,000
1994 4,600,000 400,583 5,000,583
Totals $ 4,600,000 $ 2,585,583 $ 7,185,583
6. LOANS-TO-LENDER REVENUE BONDS:
The Agency has issued through the City of Huntington Beach Loans-to-Lenders
Revenue Bonds of $16,000,000 for the purpose of providing the issuer with
funds to make a deposit with Home Federal Savings and Loan Association, San
Diego, California. The proceeds of the deposit have been used by the Lender
to make a mortgage loan to the developer at the Huntington Breakers
Apartment Project. These Bonds are not an obligation of the Agency or City,
and are payable solely from the deposit and certain other funds, all pledged
under the indenture. Accordingly, . the bonds are not reflected in the
accompanying financial statements.
7. OWNER PARTICIPATION AGREEMENT:
The Agency and City have entered into an agreement with the owner-developer
of the Charter Centre Project in the Oakview Redevelopment Project Area,
whereby the Agency purchased capital improvements from the owner in the
amount of $1,408,047. Under this agreement, the City has deferred its
receipt of normal building permit, plan check and similar fees which would
be payable from the Charter Centre construction. The Agency has agreed to
be responsible to make payment of these fees to the City, constituting an
See accountants' report.
-9-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
7. OWNER PARTICIPATION AGREEMENT (CONTINUED) :
Agency debt. (See Note 5) . The developer will repay this advance of fees •
to the Agency over five years including interest at 11%. The Agency, in
turn, is obligated to pay the developer from tax increment revenues the
lesser of 65% of the tax increment revenues attributable to the Charter
Centre for the first 10 years after the issuance of a Certificate of
Occupancy, or the purchase price of $438,930 and the cost of improvements
plus interest at 11% per annum.
The Agency has the right to offset the deferred development fees described
above against the amounts due to Mola Development Corporaiton for the public
improvements and right of way. On July 1, 1987 the Agency paid $125 ,000 to
Mola Development Corporation as the first installment payment. The amount
represented interest on the $1,408,047 cost of public improvements and right
of way.
On July 6, 1988, subsequent to year-end, the City and Mola Development
Corporation entered into agreeement which discharged the prior financial
commitments of both the City and the Agency (see Note 10) .
8. CONTINGENCY:
Commencing with fiscal year 1990-91 , and each year thereafter , the
Redevelopment Agency will pay the Orange County Superintendent of Schools
one-fourth of the tax increment revenues received by the Huntington Center
Redevelopment Project Area.
9. RESERVES:
Under generally accepted accounting principles, a municipal entity may set
up "reserves" of fund equity to segregate fund balances which are not
appropriable for expenditure in future periods , or which are legally set
aside for a specific future use.
Reserved for Debt Service
This reserve sets aside fund balance to meet debt service for long-term debt
(See Note 5).
Reserved for Low Income Housing
This reserve represents 20% of tax revenue increment received to be set
aside to finance low income housing, as per California State Health and
Safety Code Section 33334.2.
See accountants' report.
-10-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
9. RESERVES (CONTINUED) :
Reserved for Capital Projects
These funds are reserved for future capital improvements of the Agency.
Reserved for Land Held for Resale
The reserve represents land held by the Agency that is legally committed for
resale, and will not be converted into cash or other liquid assets soon
enough after year end to be considered "available" to meet current
expenditures.
10. SUBSEQUENT EVENTS:
On July 6, 1988, the Redevelopment Agency and Mola Development Corporation
agreed on terms that satisfied the Owner Participation Agreement which
originated in 1983. The terms of the agreement are described in Note 7. The
agreed upon payment for the construction of right-of-way and public
improvements was $1,200,000 which was paid on July 7, 1988. The agreed upon
amount of deferred development fees due to the City was $300,000. Mola
advanced the Agency $100,000 on July 7, 1988 for its first installment on
the deferred development fees. The balance of $200,000 will be paid in
three installments of $81,843 beginning June 30, 1989 at 11% interest. Both
the Agency and Mola agreed that this would satisfy all financial terms of
the Owner Participation Agreement.
See accountants' report.
-11-
•
•
•
•
SUPPI NTABY INFORMATION
•
•
•
•
•
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINING BALANCE SHEET
ALL DEBT SERVICE FUNDS
June 30, 1988
Talbert
Beach •
Project
ASSETS
Cash and investments $ 268,708
Cash with fiscal agent 682,806
Interest receivable 7,492
Taxes receivable 9,712
TOTAL ASSETS $ 968,718
LIABILITIES AND FUND BALANCES
LIABILITIES $ -
FUND BALANCES.
Reserved for debt service 968,718
TOTAL LIABILITIES AND FUND BALANCES $ 968,718
See accountants' report.
-12-
•
•
Main - Yorktown - Huntington
• Pier Oakview Lake Center
Project Project Project Project Totals
$ 860,388 $ 543,352 $ 128,901 $ 726,285 $ 2,527,634
• - - - 682,806
4,515 2,989 777 3,617 19,390
18,745 - 8,977 62,961 100,395
$ 883,648 $ 546,341 $ 138,655 $ 792,863 $ 3,330,225
•
• 883,648 546,341 138,655 792,863 3,330,225
$ 883,648 $ 546,341 $ 138,655 $ 792,863 $ 3,330,225
•
•
•
•
-13-
•
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - ALL DEBT SERVICE FUNDS
For the year ended June 30, 1988
Talbert
Beach
Project •
REVENUES:
Property taxes $ 133,608
From use of money and property 17,607
Lease payments and related fees 483,000
Interest income 64,558
TOTAL REVENUES 698,773
EXPENDITURES:
Project improvements 135,763
Interest and letter of credit fees 483,000 •
Repayment of advances from City 100,000
TOTAL EXPENDITURES 718,763
EXCESS OF REVENUE OVER (UNDER) EXPENDITURES (19,990)
FUND BALANCES - JULY 1, 1987 988,708
FUND BALANCES - JUNE 30, 1988 $ 968,718
•
•
See accountants' report.
-14- •
Main - Yorktown - Huntington
. Pier Oakview Lake Center
Project Project Project Project Totals
$ 369,683 $ 280,000 $ - $ 790,009 $ 1,573,300
55,146 42,002 3,160 44,508 162,423
- - - - 483,000
- - - - 64,558
424,829 322,002 3,160 834,517 2,283,281
- - - - 135,763
- 125,000 - - 608,000
- - 574,500 674,500
125,000 - 574,500 1,418,263
424,829 197,002 3,160 260,017 865,018
458,819 349,339 135,495 532,846 2,465,207
$ 883,648 $ 546,341 $ 138,655 $ 792,863 $ 3,330,225
•
•
•
A
-15-
REDEVELOPMENT AGENCY OF THE •
CITY OF HUNTINGTON BEACH
COMBINING BALANCE SHEET
ALL CAPITAL PROJECT FUNDS
June 30, 1988
Talbert
Beach •
Project
ASSETS -
Cash and investments $ 1,249,165
Taxes receivable -
Interest receivable 4,069 •
Land held for resale -
TOTAL ASSETS $ 1,253,234
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable $ 17,559
Accrued payroll 829
Note payable - •
TOTAL LIABILITIES 18,388
FUND BALANCES:
Reserved for low-income housing -
Reserved for capital projects 1,234,846
Reserved for land held for resale -
TOTAL FUND BALANCES 1,234,846
TOTAL LIABILITIES AND FUND BALANCES $ 1,253,234
•
a
See accountants' report.
-16- •
•
•
Main - Yorktown - Huntington Low
Pier Oakview Lake Center Income
Project Project Project Project Housing Total
r�
$ 4,767,097 $ 2,989,675 $ 91,091 $ 5,773,199 $ 3,708,934 $ 18,579,161
• - - - - 23,621 23,621
22,755 15,358 856 23,973 15,563 82,574
2,156,793 395,185 - 2,302,133 - 4,854,111
$ 6,946,645 $ 3,4009218 $ 91,947 $ 8,099,305 $ 32748,118 $ 23,539,467
$ 60,125 $ - $ - $ - $ 420 $ 78,104
8,184 2,460 422 4,385 561 16,841
817,717 - - - - 817,717
886,026 2,460 422 4,385 981 912,662
- - - - 3,747,137 3,747,137
3,903,826 3,002,573 91,525 5,792,787 - 14,025,557
2,156,793 395,185 - 2,302,133 - 4,854,111
6,060,619 3,3979758 91,525 8,094,920 3,747,137 22,626,805
$ 6,946,645 $ 3,400,218 91 947 $ 8,099,305 $ 3,748,118 $ 23,539,467
r'
•
•
-17-
REDEVELOPMENT AGENCY OF THE •
CITY OF HUNTINGTON BEACH
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - ALL CAPITAL PROJECT FUNDS
For the year ended June 30, 1988 •
Talbert
Beach
Project •
REVENUES:
Tax increment revenue $From use of money and property 12,279
TOTAL REVENUES 12,279
•
EXPENDITURES:
Housing and community development 155,668
Capital outlay
Repayment of advances 1,690,788
TOTAL EXPENDITURES 1,846,456
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (1,834,177)
OTHER FINANCING SOURCES:
Advances from City of Huntington Beach 137,105 •
Advances from Public Financing Authority 973,583
Gain on sale of land 726,864
TOTAL OTHER FINANCING SOURCES 1,837,552 .
EXCESS OF REVENUES AND OTHER SOURCES
OVER EXPENDITURES 3,375
FUND BALANCE - JULY 1, 1987 1,231,471
FUND BALANCE - JUNE 30, 1988 $ 1,234,846
i
•
See accountants' report.
-18-
Main - Yorktown - Huntington Low
• Pier Oakview Lake Center Income
Project Project Project Project Housing Total
$ - $ - $ 393,325 $ 393,325
291,456 89,519 12,483 70,703 46,742 523,182
291,456 89,519 12,483 70,703 440,067 916,507
1,643,252 675,258 85,391 391,865 32,462 2,983,836
1,116,532 - - 1,676 - 1,118,208.
- - - - 1,690,788
• 2,759,784 675,258 85,391 393,481 32,462 5,792,832
2,463,328 (585,739) (72,908) (32,778) 407,605 (4,876,325)
4,281,782 938,027 123,488 758,494 - 6,238,896
2,707,016 2,478,878 - 5,735,821 2,973,825 14,869,123
- - - - - 726,864
6,988,798 3,416,905 123,488 6,494,315 2,973,825 21,834,883
4,520,470 2,831,166 50,580 6,171,537 3,381,430 16,958,558
1,540,149 566,592 40,945 1,923,383 365,707 5,668,247
$ 6,060,619 $ 3,397,758 $ 91,525 $ 8,094,920 $ 3,747,137 $ 22,626,805
ti
d
-19-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
ACCOUNTANTS' REPORT ON COMPLIANCE WITH AUDIT GUIDELINES
FOR CALIFORNIA REDEVELOPMENT AGENCIES
September 9, 1988
In connection with our examination of the financial statements of the Huntington
Beach Redevelopment Agency as of and for the year ended June 30, 1988, we have •
performed, to the extent applicable, the tasks contained in Section I through V
of the "Guidelines for Compliance Audits of California Redevelopment Agencies"
published by the State Controller.
Based on the above procedures, we are of the opinion that the Agency complied in
all material respects with criteria established in the State Controller's
guidelines referred to above.
-20-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
FINANCIAL STATEMENTS
WITH REPORT ON ESAffiINATION BY
CERTIFIED PUBLIC ACCOUNTANTS
JUNE 30, 1981
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
FINANCIAL STATEMENTS
June 30, 1988_
TABLE OF CONTENTS
1
` Page
Number
Accountants' Report 1
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Group 2
Combined Statement of Revenues, Expenditure, and Changes
in Fund Balances - All Governmental Fund Types 3
Notes to Financial Statements 4 - 11
Supplementary Information:
Combining Balance Sheet - All Debt Service Funds 12 - 13
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances - All Debt Service Funds 14 - 15
Combining Balance Sheet - All Capital Project Funds 16 - 17
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances - All Capital Project Funds 18 - 19
Accountants' Report on Compliance with Audit Guidelines for
California Redevelopment Agencies 20
•
DIEH FMANC DO PETER
S ERER, PA CPA
1L1 1L)j� �J L.PETER SCHERER,CPA
u` &COMPANY RODNEY K.McDANIEL,CPA
RALPH H.WEINTRAUB,CPA
CERTIFIED PUBLIC ACCOUNTANTS MICHAEL R.LUDIN,CPA
ROBER• A PARTNERSHIP INCLUDING ACCOUNTANCY CORPORATIONS PHILIP R.WINE,CPA
HILtP H.HOLTKAMP,CPA
1910 NORTH BUSH STREET THOMAS M.PERLOWSKI,CPA
SANTA ANA•CALIFORNIA 92706-2894
PHONE(714)%24453
FAX(714)5424218
September 9, 1988
r
ACCOUNTANTS' REPORT
•
Agency Members
• Redevelopment Agency of the
City of Huntington Beach
Huntington Beach, California
We have examined the general purpose financial statements of the Redevelopment
Agency of the City of Huntington Beach, as of and for the year ended June 30,
1988, as listed in the table of contents . Our examination was made in
accordance with generally accepted auditing standards and, accordingly, included
such tests of the accounting records and such other auditing procedures as we
considered necessary in the circumstances.
• In our opinion, the general purpose financial statements referred to above
present fairly the financial position of the Redevelopment Agency of the City of
Huntington Beach at June 30, 1988, and the results of its operations for the
year then ended, in conformity with generally accepted accounting principles
applied on a basis consistent with that of the preceding year.
Our examination was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole. The supplementary information
listed in the table of contents is presented for purposes of additional analysis
and is not a required part of the general purpose financial statements of the
Redevelopment Agency of the City of Huntington Beach. The information has been
subjected to the auditing procedures applied in the examination of the general
• purpose financial statements and, in our opinion, is fairly stated in all
material respects in relation to the general purpose financial statements taken
as a whole.
•
-1-
• OTHER OFFICES AT: 2965 ROOSEVELT ST. 120 WEST WOODWARD AVE.
CARLSBAD,CA 92008-2389 ESCONDIDO,CA 92025-9990
(619)729-2343 (619)741-3141
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH •
COMBINED BALANCE SHEET - ALL FUND
TYPES AND ACCOUNT GROUP
June 30, 1988
•
Account
Group
Lease
Payments
Governmental Receivable
Fund Types and
Debt Capital General Totals
Service Projects Long-term (Memorandum
ASSETS Funds Funds Debt Only)
Cash and investments
(Notes 1B and 3) $ 2,527,634 $ 18,579,161 $ - $ 21,106,795
Cash with fiscal agent
(Notes 1B, 3 and 5B) 682,806 - - 682,806
interest receivable 19,390 82,574 - 101,964
Taxes receivable 100,395 23,621 - 124,016
Land held for resale - 4,854,111 - 4,854,111
Lease payments receivable (Note 5B) - - 6,426,000 6,426,000
Unearned finance charges (Note 5B) - - (2,585,583) (2,585,583) •
Amount available in debt
service funds - - 3,330,228 3,330,228
Amount to be provided for
repayment of debt - - 35,755,065 3517551065
TOTAL ASSETS $ 3,3309225 $ 23,539,467 $ 42,925,710 $ 69,795,402
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable $ - $ 78,104 $ - $ 78,104
Accrued payroll - 16,841 - 16,841
Current note payable - 817,717 - 817,717
Due to City of Huntington Beach
and Public Financing Authority
(Note 5) - - 36,917,663 36,917,663
Owner participation agreement
(Notes 5, 7 and 10) - - 1,408,047 1,407,047
Certificates of participation
payable (Note 5B) - - 4,600,000 4,600,000
TOTAL LIABILITIES - 912,662 42,925,710 43,838.372
FUND BALANCES (NOTE 10):
Reserved for debt service 3,330,225 - - 3,330,225
Reserved for low-income housing - 3,747,137 - 3,747,137
Reserved for capital projects - 14,025,557 - 14,025,557
Reserved for land held for
resale - 4,854,111 - 4,854,111
TOTAL FUND BALANCES 3,330,225 22,626,805 - 25,957,030
TOTAL LIABILITIES AND
FUND BALANCES $ 3,330,225 $ 23,539,467 $ 42,925,710 $ 69,795,402
See accountants' report and notes to financial statements.
-2-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
For the year ended June 30, 1988
l� Debt Capital Totals
Service Projects (Memorandum
Fund Fund Only)
REVENUES:
Tax increment revenue (Note 4I) $ 1,573,300 $ 393,325 $ 1,966,625
From use of money and property 226,981 523,182 750,163
t' Lease payments and related fees (Note 5B) 483,000 - 483,000
TOTAL REVENUES 2,283,281 916,507 3,199,788
EXPENDITURES:
Interest and letter of credit fees (Note 5) 743,763 - 743,763
Housing and community development - 2,983,836 2,983,836
Capital outlay - 1,118,208 1,118,208
Repayment of advances from City 674,500 1,690,788 2,365,288
TOTAL EXPENDITURES 1,418,263 5,792,832 7,211,095
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 865,018 (4,876,325) (4,011,307)
OTHER FINANCING SOURCES (USES):
Advances from City of Huntington Beach
(Note 5) - 6,238,896 6,238,896
Advances from Public Financing Authority
debt (Note 5) - 14,869,123 14,869,123
Gain on sale of land - 726,864 726,864
TOTAL OTHER FINANCING SOURCES - 21,834,883 21,834,883
EXCESS OF REVENUES AND OTHER
SOURCES OVER EXPENDITURES 865,018 16,958,558 17,823,576
FUND BALANCES - BEGINNING OF YEAR 2,465,207 5,668,247 8,133,454
FUND BALANCES - ENDING OF YEAR $ 3,330,225 $ 22,626,805 $ 25,957,030
See accountants' report and notes to financial statements.
-3-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS �--=
June 30, 1988 •
1. SIGNIFICANT ACCOUNTING POLICIES:
A. Basis of Accounting:
The modified accrual basis of accounting is followed by the
Redevelopment Agency of the City of Huntington Beach (the Agency) .
Revenues are recognized when they become measurable and available to
finance expenditures of the current period. Expenditures are recorded
at the time liabilities are incurred, except that principal and interest
payments on long-term debt are recorded as expenditures when due.
B. Investments:
Investments are stated at cost, which was equal to market value at
June 30, 1988. If market value declines below cost, no loss is recorded
if such declines are considered temporary.
C. General Fixed Assets:
The Agency has no capitalized general fixed assets . Project costs
incurred such as roads and streets, curbs , gutters , drainage systems,
lighting systems and other similar project costs are recorded as
expenditures of the Capital Projects Fund.
D. Financial Reporting:
Total columns in the accompanying financial statements are captioned
"Memorandum Only" to indicate that they are presented only to facilitate
financial analysis. The totals are not comparable to a consolidation in
that interfund eliminations have not been made in combining the data.
E. Budgetary Reporting:
The budgets of the Agency are primarily "long-term" budgets which
emphasize capital outlay plans extending over one year. Because of the
long-term nature of redevelopment projects, "annual" budget comparisons
are not considered meaningful and accordingly, no budgetary information
is included in the accompanying financial statements.
F. Administrative and Overhead Charges:
Pursuant to the California Community Redevelopment Law, Chapter 6,
Article 2, Section 33610, a city may elect to allocate administrative
and overhead expenses to a redevelopment agency, either_ as a grant or a
loan. During the fiscal year ended June 30, 1988 , the City of
Huntington Beach incurred certain salary and overhead expenses in behalf
of the Agency and elected to allocate these expenses to the Agency.
See accountants' report.
-4-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
2. DESCRIPTION OF FUNDS:
A. Debt Service Funds - Tax increment revenue and related interest income
are placed in these funds. The funds are then used to repay principal
and interest on indebtedness of the Agency. Any fund balance is
reserved for debt retirement. Under provisions of the Health and Safety
Code, such a fund is referred to as a "Special Fund".
B. Capital Projects Funds - A separate capital projects fund is used to
account for all revenues and expenditures, other than those related to
debt service of each project, including costs of site improvements and
an allocation at administrative expenditures incurred in sustaining
Agency activities. Under provisions of the Health and Safety Code such
a fund is referred to as a "Redevelopment Fund".
C. Lease Payments Receivable and General Long-Term Debt Account Group -
Agency debt which is not payable from currently held assets is recorded
for memorandum purposes in this account group. As more fully described
at Note 5, the terms of repayment on debt to. the City are indefinite.
Thus, all debt to the City is classified as long-term, even though it
may be repaid shortly after balance sheet date. The account group is
also used to account for lease payments receivable (See Note 5).
3. CASH AND INVESTMENTS:
The following disclosures are made in accordance with GASB Statement No. 3:
Cash and investments at June 30, 1988 consisted of the following:
Cash and investments $ 21,106,795
Cash with fiscal agent 682,806
Total $ 21,789,601
The Agency's investments are categorized as follows:
Market
Cost Value
Category 1: Insured or unregistered, or securities
held by the Agency or its agent in the
Agency's name $ - $
Category 2: Uninsured and unregistered with
securities held by the counterparty's
trust department or agent in the
Agency's name -
Category 3: Uninsured and unregistered with
securities held by the counterparty,
• or by its trust department or agent,
but not in the Agency's name 682,806 682,806
Cash and investments pooled with the City of
Huntington Beach 21,106,795 21,106,795
Total $ 21,789,601 $ 21,789,601
See accountants' report.
-5-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
3. CASH AND INVESTMENTS (CONTINUED) :
Safekeeping Arrangements:
First Interstate Bank acts as fiscal agent for the Certificates of
Participation holders and holds all revenues received in trust . All
securities and demand deposits held by the trustee are in the trustee's name
and are held in their trust department.
The Agency does not own specifically identifiable securities in the City of
Huntington Beach Pool.
Allocation of Interest Among Funds:
Interest income is allocated monthly on the various funds based on the
month-end cash balances. Interest income from restricted cash is recorded
directly in the fund earning the income.
See the City of Huntington Beach annual report as of and for the year ended
June 30, 1988 for additional GASB 3 disclosures on investments.
4. ORGANIZATION AND TAX INCREMENT FINANCING:
The Redevelopment Agency of the City of Huntington Beach was created by City
Council Ordinance Number 1785 adopted on January 1, 1967 . The primary
purpose of the Agency is to encourage private redevelopment of property and
to rehabilitate those areas suffering economic disuse arising from poor and
inadequate planning, inadequate street layout and street access, lack of
open space or landscaping, and provide other improvements and facilities
necessary to establish and maintain the economic growth of the City.
The Agency's primary source of revenue comes from property taxes, referred
to in the accompanying financial statements as "tax increment revenue".
The assessed valuation of all property within the project area is determined
on the date of adoption of the Redevelopment Plan.
Property taxes related to the incremental increase in assessed values after
the adoption of the Redevelopment Plan are allocated to the Agency; all
taxes on the "frozen" assessed valuation of the property are allocated to
the City and other districts.
The Agency currently has five project areas and a low income housing
program. The Talbert-Beach project includes approximately 50 acres and its
anticipated land use is an industrial park. The Main Pier project includes
approximately 300 acres within the downtown area adjacent to the pier
and beach. The anticipated land uses includes commercial, office and
See accountants' report.
-6-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
—� NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
4. ORGANIZATION AND TAX INCREMENT FINANCING (CONTINUED):
residential mixed use projects and a variety of public facilities. The
Oakview project, comprising 68 acres, includes the Charter Centre Office
building, a commercial and theatre complex and rehabilitation of existing
residential properties. The Yorktown-Lake project includes 30 acres of
single-family housing and public facilities. The Huntington Center project
provides parking and traffic circulation improvements.
5. CHANGES IN LONG-TERM DEBT:
Net
Balance Additions Balance
July 1, 1987 (Repayments) June 30, 1988
Due to the City of Huntington
Beach and Public Financing
Authority:
From sale of land to the
Agency by the City's Park
Acquisition and Development
Fund for $1,917,570 plus
interest at 10% per annum $ 2,807,551 $ (698,224) $ 2,109,327
From sale of land to the
Agency by the City's General
Fund for $405,536, plus
interest at 10% per annum 593,745 59,375 653,120
From sale of land by the City
General Fund for $1,228,381
plus interest at 10% per
annum 1,228,381 122,838 1,351,219
Cash advances from the City's
General Fund plus accrued
interest at 10% per annum 9,448,419 4,596,142 14,044,561
Cash advances from the
City's Other Grants Fund 1,064,483 - 1,064,483
Cash advances from the City's
Water Fund plus accrued
interest at 10% per annum 144,900 1,114,490 1,259,390
Unpaid developers fees payable
to various City funds, to be
subsidized by the Agency
plus accrued interest at
10% per annum 835,298 88,527 923,825
See accountants' report.
-7-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
5. CHANGES IN LONG-TERM DEBT (CONTINUED) :
Net
Balance Additions Balance
July 1, 1987 (Repayments)_ June 30, 1988
Cash advances from the Public
Financing Authority in June
1988 totalling $14,869,123
plus accrued interest of
$367,615 computed at
varying rates $ - $ 15,236,738 $ 15,236,738
Cash advances from the Drainage
Fund totaling $250,000 plus
interest of $25,000 computed
at 10% per annum - 275,000 2751000
Total Amount Due to the
City of Huntington Beach
and Public Financing
Authority 16,122,777 20,794,886 36,917,663
Amount due under "Owner
Participation Agreement"
(See Note 7) 1,408,047 - 1,408,047
Certificates of Participation 4,600,000 - 4,600,000
Total Long-Term Debt $ 22,130,824 $ 20,794,886 $ 42,925,710
A. Since payment by the Agency to the City and Public Housing Authority on
the various transactions will be made from tax increment revenues in
future years, the debt is classified as long-term.
B. In 1984 the Agency sold $4,600,000 of Certificates of Participation at a
discount of $126,500 to finance the construction of the Emerald Cove
senior citizens housing project. The certificates bear interest at 9.5%
per annum, which is payable semi-annually. Principal is payable at
maturity on May 1, 1994.
The land upon which the project was built was sold to the Agency by the
City. The City is leasing back the project and is operating it as an
enterprise. Lease payments, of $40,250, equal to interest and insurance
are payable monthly until the final payment, equal to principal of
$4,600,000, is due May 1, 1994. The holders of the certificates have a
proportionate interest in the lease payments to be made by the City.
The certificates are secured by the land and the buildings constructed,
an assignment of rents, and an irrevocable letter of credit issued by a
bank. A discount of $126,500 on the sale of the certificates is being
amortized through maturity. The unamortized discount at June 30, 1988
is $76,777.
See accountants' report.
-8- •
• REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
5. CHANGES IN LONG-TERM DEBT (CONTINUED):
The assets of the Emerald Cove Housing project are recorded by the City
and not the Agency, as the Agency is only involved in "pass-through"
financing, except for the cash with fiscal agent of $682,806 which
represents amounts reserved to pay the debt.
C. Below is a schedule of debt service requirements to maturity on the
Certificates of Participation:
•
Year
Ending
June 30, Principal Interest Total
1988 $ - $ - $ -
• 1989 - 437,000 437,000
1990 - 437,000 437,000
1991 - 437,000 437,000
1992 - 437,000 437,000
1993 - 437,000 437,000
1994 4,600,000 400,583 5,000,583
•
Totals $ 4,600,000 $ 2,585,583 $ 7,185,583
6. LOANS-TO-LENDER REVENUE BONDS:
• The Agency has issued through the City of Huntington Beach Loans-to-Lenders
Revenue Bonds of $16,000,000 for the purpose of providing the issuer with
funds to make a deposit with Home Federal Savings and Loan Association, San
Diego, California. The proceeds of the deposit have been used by the Lender
to make a mortgage loan to the developer at the Huntington Breakers
Apartment Project. These Bonds are not an obligation of the Agency or City,
• and are payable solely from the deposit and certain other funds, all pledged
under the indenture. Accordingly, the bonds are not reflected in the
accompanying financial statements.
7. OWNER PARTICIPATION AGREEMENT:
The Agency and City have entered into an agreement with the owner-developer
• of the Charter Centre Project in the Oakview Redevelopment Project Area,
whereby the Agency purchased capital improvements from the owner in the
amount of $1,408,047. Under this agreement, the City has deferred its
receipt of normal building permit, plan check and similar fees which would
be payable from the Charter Centre construction. The Agency has agreed to
be responsible to make payment of these fees to the City, constituting an
•
See accountants' report.
-9-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
June 30, 1988
7. OWNER PARTICIPATION AGREEMENT (CONTINUED) :
Agency debt. (See Note 5) . The developer will repay this advance of fees
to the .Agency over five years including interest at 11%. The Agency, in
turn, is obligated to pay the developer from tax increment revenues the
lesser of 65% of the tax increment revenues attributable to the Charter
Centre for the first 10 years after the issuance of a Certificate of
Occupancy, or the purchase price of $438,930 and the cost of improvements
plus interest at 11% per annum.
The Agency has the right to offset the deferred development fees described
above against the amounts due to Mola Development Corporaiton for the public
improvements and right of way. On July 1, 1987 the Agency paid $125 ,000 to
Mola Development Corporation as the first installment payment. The amount
represented interest on the $1,408,047 cost of public improvements and right
of way.
On July 6, 1988, subsequent to year-end, the City and Mola Development
Corporation entered into agreeement which discharged the prior financial
commitments of both the City and the Agency (see Note 10) .
8. CONTINGENCY:
Commencing with fiscal year 1990-91 , and each year thereafter , the
Redevelopment Agency will pay the Orange County Superintendent of Schools
one-fourth of the tax increment revenues received by the Huntington Center
Redevelopment Project Area.
9. RESERVES:
Under generally accepted accounting principles, a municipal entity may set
up "reserves" of fund equity to segregate fund balances which are not
appropriable for expenditure in future periods , or which are legally set
aside for a specific future use.
Reserved for Debt Service
This reserve sets aside fund balance to meet debt service for long-term debt
(See Note 5).
Reserved for Low Income Housing
This reserve represents 20% of tax revenue increment received to be set
aside to finance low income housing, as per California State Health and
Safety Code Section 33334.2.
See accountants' report.
-10-
• REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
NOTES TO FINANCIAL STATEMENTS
(Continued)
• June 30, 1988
9. RESERVES (CONTINUED) :
Reserved for Capital Projects
These funds are reserved for future capital improvements of the Agency.
Reserved for Land Held for Resale
The reserve represents land held by the Agency that is legally committed for
• resale, and will not be converted into cash or other liquid assets soon
enough after year end to be considered "available" to meet current
expenditures.
10. SUBSEQUENT EVENTS:
• On July 6, 1988, the Redevelopment Agency and Mola Development Corporation
agreed on terms that satisfied the Owner Participation Agreement which
originated in 1983. The terms of the agreement are described in Note 7. The
agreed upon payment for the construction of right-of-way and public
improvements was $1,200,000 which was paid on July 7, 1988. The agreed upon
amount of deferred development fees due to the City was $300,000. Mola
• advanced the Agency $100,000 on July 7, 1988 for its first installment on
the deferred development fees. The balance of $200,000 will be paid in
three installments of $81,843 beginning June 30, 1989 at 11% interest. Both
the Agency and Mola agreed that this would satisfy all financial terms of
the Owner Participation Agreement.
•
•
•
•
See accountants' report.
• -11-
L
•
SUPPI NTABY INFORMATION
REDEVELOPMENT AGENCY OF THE •
CITY OF HUNTINGTON BEACH
COMBINING BALANCE SHEET
ALL DEBT SERVICE FUNDS
June 30, 1988
Talbert -
Beach
Project •
ASSETS
Cash and investments $ 268,708
Cash with fiscal agent 682,806
Interest receivable 7,492 •
Taxes receivable 9,712
TOTAL ASSETS $ 968,718
LIABILITIES AND FUND BALANCES
LIABILITIES $ -
FUND BALANCES:
Reserved for debt service 968,718 •
TOTAL LIABILITIES AND FUND BALANCES $ 968,718
•
•
•
•
See accountants' report.
-12-
•
•
Main - Yorktown - Huntington
Pier Oakview Lake Center
• Project Project Project Project Totals
$ 860,388 $ 543,352 $ 128,901 $ 726,285 $ 7,527,634
- - - 682,806
• 4,515 2,989 777 3,617 19,390
18,745 - 8,977 62,961 100,395
$ 883,648 $ 546,341 $ 138,655 $ 792,863 $ 3,330,225
•
rr
• 883,648 546,341 138,655 792,863 3,330,225
$ 883,648 $ 546,341 $ 138,655 $ 792,863 $ 3,330,225
•
•
•
•
-13-
•
REDEVELOPMENT AGENCY OF THE •
CITY OF HUNTINGTON BEACH
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - ALL DEBT SERVICE FUNDS
For .the year ended June 30, 1988 •
Talbert
Beach
Project •
REVENUES:
Property taxes $ 133,608
From use of money and property 17,607
Lease payments and related fees 483,000
Interest income 64,558
•
TOTAL REVENUES 698,773
EXPENDITURES:
Project improvements 135,763
Interest and letter of credit fees 483,000
Repayment of advances from City 100,000
TOTAL EXPENDITURES 718,763 _
EXCESS OF REVENUE OVER (UNDER) EXPENDITURES (19,990)
FUND BALANCES - JULY 1, 1987 988,708 •
FUND BALANCES - JUNE 30, 1988 $ 968,718
Al
•
•
•
See accountants' report.
-14-
Main - Yorktown - Huntington
Pier Oakview Lake Center
Project Project Project Project Totals
$ 369,683 $ 280,000 $ - $ 790,009 $ 1,573,300
55,146 42,002 3,160 44,508 162,423
- - - - 483,000
- - - - 64,558
424,829 322,002 3,160 834,517 2,283,281
- - - - 135,763
125,000 - - 608,000
- - - 574,500 674,500
- 125,000 - 574,500 1,418,263
424,829 197,002 3,160 260,017 865,018
458,819 349,339 135,495 532,846 2,465,207
$ 883,648 $ 546,341 $ 138,655 $ 792,863 $ 3,330,225
-15-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINING BALANCE SHEET
ALL CAPITAL PROJECT FUNDS
June 30, 1988
Talbert -
Beach
Project
ASSETS
Cash and investments $ 1,249,165
Taxes receivable -
Interest receivable 4,069
Land held for resale -
TOTAL ASSETS $ 1,253,234
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable $ 17,559 -ka
Accrued payroll 829
Note payable -
TOTAL LIABILITIES 18,388
FUND BALANCES:
Reserved for low-income housing -
Reserved for capital projects 1,234,846
Reserved for land held for resale -
TOTAL FUND BALANCES 1,234,846
TOTAL LIABILITIES AND FUND BALANCES $ 1,253,234 `
See accountants' report.
-16- •
•
•
Main - Yorktown - Huntington Low
Pier Oakview Lake Center Income
• Project Project Project Project Housing Total
$ 4,767,097 $ 2,989,675 $ 91,091 $ 5,773,199 $ 3,708,934 $ 18,579,161
- - - - 23,621 23,621
• 22,755 15,358 856 23,973 15,563 82,574
2,156,793 395,185 - 2,302,133 - 4,854,111
$ 6,946,645 $ 3,400,218 $ 91,947 $ 8,099,305 $ 3,7489118 $ 23,539,467
•
•" $ 60,125 $ - $ - $ - $ 420 $ 78,104
8,184 2,460 422 4,385 561 16,841
817,717 - - - - 817,717
•
886,026 2,460 422 4,385 981 912,662
- - - - 3,747,137 3,747,137
3,903,826 3,002,573 91,525 5,792,787 - 14,025,557
2,156,793 395,185 - 2,302,133 - 4,854,111
6,060,619 3,397,758 91,525 8,094,920 3,747,137 22,626,805
$ 6,946,645 3,400,218 $ 91,947 $ 8,099,305 $ 3,748,118 $ 23,539,467
•
•
•
• =17-
I
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - ALL CAPITAL PROJECT FUNDS
For the year ended June 30, 1988
Talbert -
Beach
Project
REVENUES:
Tax increment revenue $
From use of money and property 12,279
TOTAL REVENUES 12,279
EXPENDITURES:
Housing and community development 155,668
Capital outlay -
Repayment of advances 1,690,788
TOTAL EXPENDITURES 1,846,456
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (1,834,177) _
_4
OTHER FINANCING SOURCES:
Advances from City of Huntington Beach 137,105
Advances from Public Financing Authority 973,583
Gain on sale of land 726,864
TOTAL OTHER FINANCING SOURCES 1,837,552
EXCESS OF REVENUES AND OTHER SOURCES
OVER EXPENDITURES 3,375
FUND BALANCE - JULY 1, 1987 1,231,471
FUND BALANCE - JUNE 30, 1988 $ 1,234,846
See accountants' report.
-18-
Main - Yorktown - Huntington Low
Pier Oakview Lake Center Income
Project Project Project Project Housing Total
$ - $ - $ - $ - $ 393,325 $ 393,325
291,456 89,519 12,483 70,703 46,742 523,182
291,456 89,519 12,483 70,703 440,067 916,507
1,643,252 675,258 85,391 391,865 32,462 2,983,836
1,116,532 - - 1,676 - 1,118,208
- - - - - 1,690,788
2,759,784 675,258 85,391 393,481 32,462 5,792,832
2,463,328 (585,739) (72,908) (325778) 407,605 (4,876,325)
1
4,281,782 938,027 123,488 758,494 - 6,238,896
2,707,016 2,478,878 - 5,735,821 2,973,825 14,869,123
- - - - - 726,864
6,988,798 3,416,905 123,488 6,494,315 2,9735825 21,834,883
4,520,470 2,831,166 50,580 6,1715537 3,381,430 16,958,558
1,540,149 566,592 40,945 1,923,383 365,707 5,668,247
$ 6,060,619 $ 3,397,758 $ 915525 $ 8,094,920 $ 3,747,137 $ 22,626,805
-19-
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH
ACCOUNTANTS' REPORT ON COMPLIANCE WITH AUDIT GUIDELINES
FOR CALIFORNIA REDEVELOPMENT AGENCIES
September 9, 1988
In connection with our examination of the financial statements of the Huntington
Beach Redevelopment Agency as of and for the year ended June 30, 1988, we have
performed, to the extent applicable, the tasks contained in Section I through V
of the "Guidelines for Compliance Audits of California Redevelopment Agencies"
published by the State Controller.
Based on the above procedures, we are of the opinion that the Agency complied in
all material respects with criteria established in the State Controller' s •
guidelines referred to above.
-20-