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HomeMy Public PortalAboutCRA5AMEMORANDUM Community Redevelopment Agency CRA AGENDA ITEM 5.A. COMMUNITY DEVELOPMENT DEPARTMENT DATE: December 21, 2010 TO: FROM: Jose E. Pulido, Executive Direct I By: Joseph M. Lambert, Assistant Executive Directo /L_ SUBJECT: TEMPLE CITY REDEVELOPMENT AGENCY ANNUAL REPORT FOR JULY 1, 2009 TO JUNE 30, 2010. RECOMMENDATION: 1. That the Agency review the Annual Report, make any modifications desired, and accept the report for filing with the City Council, the California Department of Housing and Community Development, and the Office of the State Controller; and 2. Adopt Resolution No. CRA 10-1011 approving the Annual Report. BACKGROUND: Community Redevelopment Law requires that the Temple City Redevelopment Agency approve and present to the City Council an Annual Report each year. Attached is the Annual Report for the Redevelopment Agency for Fiscal Year 2009-2010. The Report contains a description of the following sections: 1. An overall description of the Agency's activities for the prior year and those programs proposed for the coming year; 2. The Draft Independent Financial Audit prepared by Mayer, Hoffman, McCann P.C.; 3. The Annual Report of Financial Transactions submitted to the State Controller; 4. A description of the Agency's activities affecting housing and displacement; and 5. The Statement of Indebtedness submitted to the State Controller. Community Redevelopment Agency December 21, 2010 Page 2 ANALYSIS: The largest accomplishment in the Community Redevelopment Agency during Fiscal Year 2009-2010 was the continued success of the Handyworker Grant Program. This program is funded with the 20% set aside tax increment monies, which is allocated to the Low/Moderate Housing fund. Individual grants not to exceed $10,000 are available to eligible residents for minor home repairs and/or code violation corrections. During Fiscal Year 2009-10, the Community Redevelopment Agency's Low/Moderate Housing Fund total expenditures for the Handyworker Grant program totaled $249,020. An average grant amount of $8,900 was allocated to 28 residents during this fiscal year. In addition to the Handyworker Grant Program, in Fiscal Year 2009-2010 the Community Redevelopment Agency created an additional home rehabilitation program called the Brush With Kindness program. This program is a partnership with San Gabriel Valley chapter of Habitat for Humanity in which qualified homeowners receive exterior home improvements performed by Habitat for Humanity. The Community Redevelopment Agency funds the improvements, up to $10,000 for each household. Although the program was created in Fiscal Year 2009-2010, the first Brush With Kindness project was funded in September 2010. To date, two Brush With Kindness projects have been funded and improvements are underway. CONCLUSION: At this time, Staff is recommending that the Redevelopment Agency review the Annual Report, make any modifications desired and accept the report for filing with the City Council, the California Department of Housing and Community Development, and the Office of the State Controller by adopting Resolution No. CRA 10-1011. FISCAL IMPACT: This item does not have an impact on the Fiscal Year (FY) 2010-11 City Budget. ATTACHMENTS: A. Draft Resolution No. CRA 10-1011 B. Exhibit "A" (Annual Report) DRAFT RESOLUTION NO, CRA 10-1011 A RESOLUTION OF THE TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY APPROVING THE ANNUAL REPORT FOR FISCAL YEAR 2009-2010 WHEREAS, the Redevelopment Agency of the City of Temple City ("Agency") is required to present an annual report to the City Council on or before December 3151 of each year; and WHEREAS, an annual report has been prepared in accordance with Health and Safety Code Section 33080.1; and WHEREAS, the proposed Fiscal Year 2009-2010 Budget was approved by the Agency in June 2009. NOW, THEREFORE, BE IT RESOLVED by the Temple City Community Redevelopment Agency as follows: 1. The Agency hereby approves the Annual Report for fiscal year 2009-2010 attached hereto as Exhibit "A". 2. The Secretary shall transmit the Annual Report to the City Council and to the State Controller. 3. The Secretary shall certify to the adoption of this Resolution. APPROVED AND ADOPTED this 21st day of December, 2010. Chairman ATTEST: Agency Secretary I hereby certify that the foregoing Resolution was duly passed and adopted by the Temple City Community Redevelopment Agency at its regular meeting held on the 21st day of December, 2010, by the following vote of the members: AYES: Member - NOES: Member - ABSENT: Member - ABSTAIN: Member - Agency Secretary EXHIBIT "A" TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY ANNUAL REPORT JULY 2009 TO JUNE 2010 Pursuant to the Community Redevelopment Law of the State of California, the Temple City Community Redevelopment Agency is required to submit an Annual Report to the legislative body. The report shall contain the following: (A) A brief description of the Agency's overall programs; (B) An independent financial draft audit report for the previous fiscal year; (C) The Annual Report of Financial Transactions which contains the information required pursuant to the Health and Safety Code Section 33080.5; and, (D) A description of the Agency's activities affecting housing and displacement, which contains the information required by Health and Safety Code Section 33080.4. (E) The Statement of Indebtedness The following addresses the above -indicated items: A. Agency Program Description: The primary Agency activities for the year ending June 30, 2010 include the following: • Although the City and CRA granted entitlements for a new mixed -use project at the property included in Block "D" during fiscal year 2005-2006, the City and CRA continued working closely with the developer/property owner during fiscal year 2009-2010. Block "D" was historically improved with a four-plex movie theatre and a two-story office building. These buildings were demolished during fiscal year 2006-2007 and will be replaced with the aforementioned mixed -use project (Piazza). The Piazza will include approximately 125,000 square feet of restaurant/retail space, and 52 residential condominium units. The property now has a mixed use overlay zone classification in order to accommodate the proposal. This project was approved based on the Owner Participation Agreement the Redevelopment Agency entered into with the primary property owner in fiscal year 2004-2005. As a result of the Owner Participation Agreement and aforementioned entitlements, the pending eminent domain proceedings were set aside. In early 2009, the developer of the project indicated to the CRA that he may seek changes to the Piazza project. In fact, on July 30, 2009, the developer filed a formal application to omit the residential component of the project. This application has been pending since that time, and the developer was working with his team to achieve an amended project acceptable to the developer, the City/CRA, and the community. Quite recently, the developer Exhibit"A" of Resolution No. CRA 10-1011 Temple City Community Redevelopment Agency Page 2 Annual Report July 2009 to June 2010 presented these amended plans to the City's Community Development Department proposing to change the previously approved Piazza project from a mixed use development proposal to an all commercial development proposal. It is anticipated that the proposed new Piazza plan will be presented to the Planning Commission, City Council and Community Redevelopment Agency for final approval in the first half of 2011. • • • • • One of the most tangible Agency activities in the recent past has been the effort toward improving the tenant mix within the redevelopment area. Specifically, new tenants were enticed to locate within Block "A" of the redevelopment project area to strengthen the customer base and reduce the level of vacancies. Specifically, Applebee's Family Restaurant, Starbuck's Coffee, Baskin -Robbins -31 Flavors and Togo's have been enticed to the center and are open for business. Block "A" also features a Blockbuster Video, Ono Hawaiian BBQ, and TJ Maxx. The Agency has worked to strengthen the existing commercial centers within the Redevelopment Area by assisting property owners in improving signage and offering facade improvement funds, which would tend to attract more substantial businesses as well as increased patronage. The owner of Block "A" has recently repainted and has made other minor aesthetic improvements to the site. The Agency has also worked very closely with the City in exploring development opportunities as the existing Redevelopment Area abuts the Downtown Specific Plan area. The westernmost commercial area within the Downtown Specific Plan area has been redefined so as to better support the overall objectives of the Redevelopment plan. Within the existing Block "B" shopping center, the Agency has focused on the appearance and functionality of the existing shopping center by taking specific actions to encourage upgrading of the parking lot, new landscaping and facade improvements. The Agency has worked diligently with property owners to further the overall redevelopment objectives. Within the existing Redevelopment Project Area, the following activities occurred: The most significant and high profile project in the project area has occurred in Block "D"; this block was historically improved with an obsolete and antiquated movie theatre and older two-story office building. These buildings were demolished during fiscal year 2006-2007 and will be replaced with the Piazza Las Tunas. The Piazza (as approved) will include approximately 125,000 square feet of restaurant/retail space, and 52 residential condominium units, although there is a chance that the scope of the project will be altered by omitting the residential condominiums. Exhibit "A" of Resolution No. CRA 10-1011 Temple City Community Redevelopment Agency Page 3 Annual Report July 2009 to June 2010 • • • An on -going effort to assist the owners of the Temple City Marketplace, formally known as the Temple City Square Shopping Center, within Block "A" in filling vacancies and maintaining a good tenant mix, which will serve the community and the Redevelopment Agency's objectives. The 110,000 square foot shopping center has a mix of retail, restaurant and service businesses. The CRA has an on -going policy to encourage retail uses in Block "A", and there is a CRA Resolution on file limiting non -retail activity in Block "A". The Agency continues to work with the multiple owners of property within Block "B", with particular emphasis upon maintaining and refurbishing the common reciprocal parking. The Agency has taken a pro -active position to ensure that the existing improvements and parking lot are upgraded and adequately maintained. The Agency has also conducted numerous discussions with the development community, the property owners and citizen participants to explore new development opportunities within Block "B". The possibilities have been explored by replacing certain commercial uses with more vibrant commercial enterprises, which would further improve the Redevelopment Area and inhibit deterioration and obsolescence during fiscal year 2008-2009. Also, during fiscal year 2008-2009, the Albertson's grocery store within Block "B" closed for business, resulting in a significant vacancy. However, a local supermarket chain named "Super A Foods" opened for business in that tenant space in early 2010. The K -Mart store in Block "B" has submitted plans to remodel the store facade and staff is currently working with their representatives. The Agency continues efforts to revitalize Block "C" to augment the improvements that have resulted from the Sizzler shopping center, Pep Boys and the Zen Buffet Restaurant. The property owner of a large lot within Block "C" which is currently improved with non -conforming residential units has submitted an application to allow senior citizen housing. It is anticipated that a portion of any new housing in this Block will be required to accommodate low and moderate -income households. The Agency has funds available in the Housing Set -Aside Account, which could be used to assist in the creation of affordable senior housing. • Efforts continue to effectuate redevelopment activity within Block "E". Specific attention has been devoted to encouraging lot consolidation. As always, individual property owners are encouraged to participate in the redevelopment effort by improving and developing their property in conformance with the Plan. The Redevelopment efforts within the project area will include the following specific projects: Exhibit "A" of Resolution No. CRA 10-1011 Temple City Community Redevelopment Agency Page 4 Annual Report July 2009 to June 2010 1. During fiscal year 2005-2006, one of the most anticipated and exciting projects in the entire City was granted entitlements. The site is at the key intersection of Las Tunas Drive and Rosemead Boulevard. The Piazza Las Tunas was approved based on the Participation Agreement the Redevelopment Agency entered into with the primary property owner of Block "D". The Piazza will include approximately 125,000 square feet of restaurant/retail space, and 52 residential condominium units. It is anticipated that there will be residual benefits to the redevelopment of Block "D", including positive impacts to Blocks "A" and "B", and also along the Las Tunas Drive commercial corridor. In fiscal year 2008-2009, plans for this project were in the Building "plan check" process and that process is still in progress. As of early 2009, the developer of the project indicated to the CRA that he may seek changes to the Piazza project. In fact, it is anticipated that the proposed new Piazza plan will be presented to the Planning Commission, City Council and Community Redevelopment Agency (CRA) for final approval in the first half of 2011. 2. There will be ongoing efforts to assist in attracting desirable tenants to the Temple City Marketplace (Block "A"). This shopping center is situated immediately west of Block "D" and could be positively impacted by the Piazza Las Tunas development. 3. Efforts are underway to ensure better maintenance and management of the public parking lot which serves the Temple City Plaza Shopping Center. There will be a continuation of efforts to transfer the public parking lot areas to individual property owners as set forth in the previously approved Disposition and Development Agreement and a continuing effort to transfer maintenance and management responsibilities to the property owners. In addition to maintenance and ongoing management, there will be a concerted effort to initiate new development within Block "B". New development offers the potential of addressing current maintenance problems by establishing new vibrant tenants, expanding existing businesses, updating the center, and increasing sales tax. Block "B" is large and has the potential to be developed with big box tenant(s), which would allow the City to be more competitive in attracting viable retail tenants. 4. Redevelopment options for Block "E" will be explored. Block "E" is currently improved with several small sized structures, many of which are in a state of deterioration. The large number of individual property owners, existing land use pattern and land cost contribute to the difficulties of bringing about redevelopment. 5. Redevelopment Agency resources will be utilized to eliminate blighted structures within Block "E" and to attract viable businesses to the community. Exhibit "A" of Resolution No. CRA 10-1011 Temple City Community Redevelopment Agency Page Annual Report July 2009 to June 2010 B. Audit Report: A draft Audit report for fiscal year 2009-2010 with respect to the operations and financial position of the Agency was prepared by Mayer, Hoffman, McCann P.C. and is Attachment No. 1. C. The Annual Report of Financial Transactions: The fiscal statement submitted to the State Controller regarding Agency activities in the Rosemead Boulevard Redevelopment Project Area for Fiscal Year 2009- 2010 was prepared by Mayer, Hoffman, McCann P.C. and is Attachment No. 2. D. Agency Activities Affecting Housing and Displacement: During the 2009-2010 reporting period, no properties were acquired. Also, no new Agency -assisted dwelling units have been constructed or acquired. No properties were acquired, no housing was removed and no households were relocated during the reporting period. The Agency utilizes the services of a private relocation firm on an as -needed basis. Additionally, a relocation plan, which is in conformance with Federal, State and City requirements, has been approved by the Temple City Community Redevelopment Agency. The Agency will comply with the uniform relocation assistance and real property acquisition policies of 1970 (Public Law 91- 646) and its subsequent amendments. The Agency has adopted a deficit reduction plan and will be implementing that plan as set forth in the State mandated Implementation Plan. During fiscal year 2005-2006 the Redevelopment Agency refinanced the Agency debt, which has resulted in new funds for low and moderate -income housing. The entire set aside housing fund will continue to be utilized for housing purposes as set forth in the revised and updated Five Year Implementation Plan, which was adopted in January 2010. In keeping with the Implementation Plan as adopted on January 19, 2010, emphasis will continue to be placed upon correcting outstanding Building Code and property maintenance violations using the Agencies Handyworker Assistance Program and Brush With Kindness Program. The City's aging housing stock dictates that priority is placed upon upgrading and maintaining decent, safe and sanitary housing. In addition to the housing rehabilitation and preservation efforts, the Agency may consider assisting in the development of one or more senior citizen housing complexes. As envisioned, high -density residential complexes could be constructed to specifically meet the needs of low and very -low income households. E. Statement of Indebtedness: Exhibit "A" of Resolution No. CRA 10-1011 Temple City Community Redevelopment Agency Page 6 Annual Report July 2009 to June 2010 The Statement of Indebtedness indicates the outstanding debt held by the Community Redevelopment Agency. The Housing Activity Report is provided as Attachment No. 3. Attachments: 1. Draft Audit Report 2. Draft Annual Report of Financial Transactions 3. Housing Activity Report 4. Statement of Indebtedness Exhibit "A" of Resolution No. CRA 10-1011 REDEVELOPMENT AGENCIES FINANCIAL TRANSACTIONS REPORT COVER PAGE Temple City Community Redevelopment Agency Fiscal Year: 2010 ID Number: 13981991800 Jose E. Pulido 11/17/2010 Name (Please Print) Date Per Health and Safety Code section 33080, this report is due within six months after the end of the fiscal year. The report Is to include two (2) copies of the agency's component unit audited financial statements, and the report on the Status and Use of the Low and Moderate Income Housing Fund (HCD report). To meet the filing requirements, all portions must be received by the California State Controller's Office. To file electronically: 1. Complete all forms as necessary. 2. Transmit the completed output file using a File Transfer Protocol (FTP) program or via diskette, 3. Sign this cover page and mail to either address below with 2 audits and the HCD report. Report will not be considered filed until receipt of this signed cover page. Mailing Address: State Controller's Office Division of Accounting and Reporting Local Government Reporting Section P. O. Box 942850 Sacramento, CA 94250 To file a paper report: 1. Complete all forms as necessary. 2. Sign this cover page, and mail complete report to either address below with 2 audits and the HCD report. Express Mailing Address: State Controller's Office Division of Accounting and Reporting Local Government Reporting Section 3301 C Street, Suite 700 Sacramento, CA 95816 Supplement to the Annual Report of Community Redevelopment Agencies Redevelopment Agency ID Number: Name of Redevelopment Agency: 1314 olcilgoo C tr' COMMtQN n n/glOr'ME13T MOO( Mark the appropriate box below to indicate the ending date of your agency's fiscal year. Report data for that period only. r September 2009 i— December 2009 June 2010 Return this form to the California State Controller's Office. If you have any questions regarding this form please contact: U.S. Bureau of the Census, Shannon Doyle, 1-800-242-4523 A. Personnel Expenditures Report your government's total expenditures for salaries and wages during the year, including amounts paid on force account construction projects. B. Mortgage Revenue Bond Interest Payments Z00 sO Report your governient's total amount of interest paid on mortgage revenue bonds during the year. U.S Bureau of the Census Revised 3/2009 U20 s Temple City Community Redevel opment Agency Rede vel opment Agencie s Fin ancial Transactions Report General Information Fisca l Year 2010 Members of the Governing B ody Last Name Cha irperso n 'Vizarra Member Member Member M ember Member Membe r M ember Member Member Yu — Chavez Sternquist Wong 1 First Name (Fernando 'Vincent Tom Middle Initial Cynthia Judy U Mailing Addre ss Stree t 1 Stre et 2 City Pho ne 9701 Las Tunas Drive Temple City 1 State CA Zip 91780- 1(626) 285-2171 E Is Address Changed? G eneral Information Agen cy Officials E xecutive Director Fiscal Officer Secretary Last Name IPulido Molina Flandrick Fir st Name [Jose LMonic a Middle Phone Initial M ary Firm Nam e Last Fir st Middle Initial Street E ;(626) 285 2171 1 L 1 [(626)285-2171 IR ((626) 285 -2171 l Report Prepared By I ndepende nt Audit or Cowarang (Cynthia J 2301 Dupont Drive City ' yvine • -- J State [CA Zip Code [92612 - Phone (949) 263-5520 Il Mayer Hoffman McCann P.C. Harrison Michael [2301 Dupont Drive Irvine • 11 CA 92612- x949)263-5520 Page 1 11/15/2010 Templ e City Commu nity Redevelopment Agency Redevel opment Agen cies Financi al Transacti ons Report Achie vement information (Un audited) Fiscal Year 2010 indicate Only Those Achie vements Compl eted During the Fiscal Year of this Report as a Direct F _suit of th e Activities of the Redevelopment Agency . Please provide a description of th e agency's activ ities/accomplishments during the past year. (Please be specific, as this information will be the basis for possible in clusio n in the publica tion.) Activity Report The largest accomplishment in the Community Redevelopment Agency during fisca l year 2009/2010 wa s the c ontinued success of the Handywork er Gr ant Pro gram. This program is funded with the 20% se t aside tax Increment m onies, which is allocate d to the Lo w/Mo derate Housing Fund. Individual gr ants, not to exceed $10,000 are av ailable to eligible residents fo r minor home repairs and/or code violation corrections. During fiscal year 2009/2010, the total expenditures for the Handyworker Grant Program was $249,020. An average amount of $9,577 was allocated to 26 residents . Enter the amount of square footage completed this year by building type and segregat ed by n ew or rehabilitated construction. C ommercial Buildings Industrial Buildings Public Buildings Other Buildings Total Squ are Foot age Enter the Number of Jobs Cre ated from the Activiti es of the Agency Types Completed A=Utilities B=Recreation C=Landscaping F=BuslTranslt Squ are Footage C ompleted New C onstruction i. Rehabilit at ed 0 I D=Sewer/ Storm E=Streets) Roads Achievement Information (Unaudited) Page 1 11/15/2010 Temple City Community Redevel opment Agency Redevelopment Agencies Financial Transactio ns Rep ort Audit Information Fisca l Ye ar 2010 Was the Report Prepared from Audited Financial Data, and Did Yo u Submit a Copy of the Audit? Indicate Financial Audit Opinion If Financial Audit is not yet Completed, What is the Expected Completion Date? If the Audit Opinion was O ther than Unqualified, State Briefly the Reason Given Was a Compliance A udit Performed in Accordance with Health and Safety Co de Sec tio n 33080. 1 and the State Contro llers Guidelines for Compliance Audits, and Did You Submit a Copy of the Audit? Indicate Compliance Audit Opinion IF Co mpliance Audit is not yet Co mpleted, What is the Expected Completion Date? Ye Unqualified) L Y es Unqualified If compliance opinion includes exceptions, state the areas of non-complia nce, and describe the agency's efforts to correct. See footnote . Audit Information Page 1 11/15!2010 Templ e City Community Redevelopment Ag ency Redevelopment Agencies Fina ncial Transactions Report Pr oject Area Report Fiscal Year 2010 Please Provide a Brief Description of the Activities for this Project Area During the Reporting Year. A ctivity Report { The CRA has co ntinue d to work with the developer/property owner of block "D" to replace the existing fourpiex movie thea tre and a two - story building with a mixed -use project. The Agency has also worked closely with the City in exploring development oppo rtunities as the existing Redevelopment Area abates the Downtown Spec ific Plan area. Project Area Name Forwarded From Prior Year 7 Rosemead Boulevard Pr oject Area Enter Code for Type of Project Area Report P = Standard Pr oject Area Report L = Low and Moderate In come Housing Fund 0 = Other Miscell aneous Funds or Programs Does the Pl an Include Tax Increment Pro visions? Date Project Area w as Established (MM-DD-YY) Most Recent Date Project Area was Amended Did this Amendment Add New Territory? Most Recent Dale Project Area was Merged Will this Project Area be Carried Forward to Next Year? Established Time Limit : Repayment of Indebtedness (Year Only) Effectiveness of Plan (Year Only) Ne w Indebtedness (Year Only) Size of Pro ject Area in Acres Percentage of Land Vacant at the inception of the Project Area Health and Safety Code Se ction 33320.1 (xx .x%) Percentage of Land Developed at the Inception of the Project Area Health and Safety Code Section 33320.1 (xx.x%) O bjectives of the Project Area as Set Forth in the Project Ar ea Pla n (Enter the Appropriate Code(s) in Sequence as Shown) Y es' A = Administrative Fund M = Mortgage Revenue Bond Program S = Proposed (Survey) Project Area Yes 5(16/1972 9/1/2005 No Yes 2026 012 2006 691 1 .0� 99 .0 C R = Residential 1 = Industrial C = Co mmercial P = Public 0 = Other Project A rea Report Page 1 11/15/2010 T emple City Community Redevel opment Agency Red evelopment Ag encies Financial Transacti ons Rep ort Assessed Val uation Data Fiscal Year 2010 Projec t Area Name Rosemead Boulev ard Pr oject Area Frozen Base Assessed Valuation L — 7,464,120 Increment Assessed Valuation 94,497,635 Total Assessed Valu ation 101,961,755] A ssessed Valuation Data Page 1 11/1512010 Templ e City Community Rede vel opm ent Agency Redev el opment Agen ci es Financial Transacti ons Report Pass -Through I Scho ol District Assistance Fis cal Year 2010 Projec t Area Name 'Rosem ead Boulevard Project Area Ta x Increment Pass Thr ough Detail Amo unts Paid To Taxing H & S C od e H & S C ode H & S Cod e A gencies Pursuant To: Secti on 33401 Secti on 33676 Section 33607 Other Payments Total H & S Code H & S C ode Section 33445 Secti on 33445.5 County Cities School Districts Community Co llege District Special Districts To tal PaitSto Taxin g Age ncies Net Amount to Agency Gross Tax Increment Generated T so — $0 1 50 $0 so I so 1r 50 0 5811,024 811,024 •50 Pass -Through / School District Assistance Page 1 11/15/2010 Temple City Commu nity R ed evel opment Agency Redevelopment Agencies Financial Transacti ons Rep ort Summary of the Statement of Indebtedness - Proj ect Area Fisca l Year Project Area Name 2010 Tax Allocation Bond Debt Re venue Bonds Othe r Lon g Term Debt City/County Debt Low and M oderate In come Housing Fund Other Total Available Revenues Net Tax Increment R equirements Roseme ad Boule vard Proj ect Area —} 9,831,695 I 4,549,2371 3,353,691 1,151,23fi $18,885,859 317,25 $18,568,606 d Summary of the Statement of Indebtedness - Project Area Page 1 11/15/2010 T emple City Community Red ev elopment Age ncy Redevelopment Agencies Financial Tr ansactio ns R ep ort Agency Long -T erm Debt Fiscal Year Project Area Name 2010 (Rosemead Boulevard Project Area Forward from Prior Year Bond Type Year of Authorization Principal A mount Authorized Principal Amount Issued Purpose of Issue Maturity Date Be ginning Year M aturity Date Ending Year Principal Amount Unmatured Beginning of Fiscal Year Adjustment Made During Year Adjustment Explanation Interest A dded to Principal Principal Amo unt Issue d During Fiscal Year Principal Amount Matured During Fiscal Year Principal Amount Defeased During Fiscal Year Prin cipal Amount Unmatu red En d of Fiscal Year Principal Amount In Default Inte rest In Default Yes 1 [City/County Debt C 19721 4,927,912 i 4,927,912 ;Project Funding 1998 2017 $4,245,337 127,8891 300,000 1 $4,073,226 Bond Types Allo wed: Tax Allocatio n Revenue Bonds; Certificates of Participation; Tax Allo ca tio n No tes; Financing Auth ority Bonds; City/County Debt; US;State; Loans; Lease Obligations; Note s; Deferre d Pass-Throughs; Deferred Compensation; Other A gency Long -Te rm De bt Page 1 11/15/2010 Temple City Community R ede vel opment Ag ency Redevelopment Agencies Financial Transactions Rep ort Age ncy Long -Term Debt Fiscal Year 2010 Project Area Name Rosemead Boule vard Project Area Forward from Prior Year Bond Type Year of Authorization Principal Amount Authorized Principal Amount Issued Purpose of Issue Maturity Date Beginning Year Maturity Date Ending Year Principal Amount Unmatured Beginning of Fiscal Year Adjustment Made During Year Adjustme nt Explanation Interest Added to Principal Principal Amo unt Is sued During Fisca l Year Principal Amount Matured During Fiscal Year Principal Amount Deceased During Fiscal Year Prin cipal Amount Un mature d End of Fisc al Year Principal Amount In Default Intere st In Default Les rTax Allocation Bonds 2006j 8,000,000 8,000,000 ;Project Funding 2007 2026 $7,195,000 L 295,000 f $6,900,000 1 Bo nd Type s A llo wed: Tax Bonds; Revenue Bonds; Certificates of Participation; Tax Allocation Notes; Financing Auth ority Bonds; City/County Debt; US;Slate; Loans; Lease Obligations; Notes; Deferred Pass-Throughs; Deferre d Compe nsation; Other Agency Long -Term Debt Page 2 11/1512010 Temple City Community Redevelopm ent Agency Redevel opm ent Agenci es Fi nancial Tr ansa cti ons Rep ort St atement of income and Expenditures - R evenu es Fiscal Year Project Area Name 2010 (Rosemead Boulevard Project Area Low/ Moderate Special Capital Project Debt Service Inc om e Housing Revenue/Other Funds Funds Fu nds Funds Tax Increment Gross (include Al) Apportion ments) Special Supplemental Subvention Pro perty Assessments Sales and Use Tax Trans ient Occupancy Tax Interest Income Rental Income Lease Income Sale of R eal Estate Gain on Land Held for Resale Federal Grants Grants From Other Agencies Bo nd Administrative Fees Other Revenues Total Revenues 648,819 162,205 Total $811,024 $0 so L 1 ' $0 $o 40,699 673 4,365 $45,737 1i • $0 1 $0 1,000 $0 $1,000 $41,699 5649,492 $166,570 $0 J $857,761 Statement of Income and Expenditures - Revenues Page 1 11/15/2010 Temple City Community Redevel opment Age ncy R edev elopm ent Ag encies Fin ancial Tra nsacti ons Report Statement of I ncome and Expenditures - Expenditures Fiscal Year 12010 Project Area Name Rosemead Boulevard Project Area Capital Pr oject Debt Service LowlModerate Special Funds F und s I ncome H ousing R even ue/Other T otal Administration Costs Professional Services Planning, Survey, and Design Real Estate Purchases Ac quisition Expense Operation of Acquired Property Relocation Costs Re location Payments Site Clearance Costs Project Improvement / Construction Costs Disposal Co sts Loss on Disposition of Land Held fo r Resale 370,8681 81,054 34,762 $486,684 79,946 15,533 1,278 1 596 ,757 $0 50 $0 $0- 50 - $Q $0 $0 50 Statement of Income and Expenditures - Expenditures Page 1 11/15/2010 Templ e City Community R ede velopment Ag ency R edevelopment Ag enci es Financial Tr ansactio ns Report Statem ent of Income and E xpenditures - Expenditures Fiscal Year .2010 1 Project Area Name Ro semead Boulevard Proje ct Area Capital Project Debt Service Lowl Moderate Spe cial F unds Fu nds Income Ho using Revenue/Other T otal Decline in Value of Land Held for Resale Rehabilitation Costs Rehabilitation Grants Interest Expense Fixed Asset A cquisitions Subsidies to Low and Mo dera te Income Housing Debt Issuance Costs Other Expenditures Including Pass - Thro ugh Payme nt(s) De bt Principal Payme nts: Ta x Allo catio n Bonds and Notes Revenue Bonds, Certificates of Participation, Financing Authority Bonds City/Co unty Advance s and Loans All Other Lo ng -Term Debt To tal Expe nditures Excess (Deficiency) Reve nues over 1 (5409,472) (5410,263) ($242,534)" 50 (under) Expenditures $0 r 357_L 387,122 249,120F 64 ,944 $0 $249,120 5452,423 $0 L 1 J a L 40,046 236,0001 59,000 $0 scl 540,046 1 5295,000 300,000 1 1 5451,171 1 51,059,755 I 5409,104 50 j 5300,000 50 51,920,030 (51,062,269) Statement of Income and Expenditures - Expe nditures Page 2 11/15/2010 Fiscal Year Temple City C ommunity Red evelopment Agency Redevelopment Ag encies Financial Transactions Report Statem ent of Income and Expenditures - Other Fina ncing Sources 12010 Pro ject Area Name Rosemead Boulevard Project Area Capital Project Debt Service Low/M oderate Special Funds Funds I nc ome Housi ng Revenue/Other Total Proceeds of Long -Term Debt Proceeds of Refunding Bonds Pa yment to Refunded Bond Escrow Agent Advances from City/Co unty Sale of Fixed Assets M iscellaneous Financing Sources (Uses) Operating Transfers In Tax Increment Transfers In Operating Transfers Out Tax Increment Transfers Out (To the Low and Modera te In come Housin g Fun d) Total Other Financin g Sou rces (Uses) $0 $127,889 127,8891 1 r r r $0 $0 $0 $127,889 $0 $0 $0 $0 r $0 $0 $0 .1-f — $127,889 Statement of Income and Expenditures - Other Financing Sources Page 1 11/15/2010 Fiscal Year Temple City C ommunity Redevelopment Agency Redev el opm ent Agencies Fin an cial Tr ansactions Rep ort Statement of Income and Expenditures - Other Fi nancing Sources :2010 Pro ject Area Name [Ros emead Boulevard Project Area Capital Pr oject Debt Servi ce Low/M oderate Sp ecial Funds Fu nds Income Housing Revenue/Other Excess (Deficiency) of Revenues and O ther Finan cing Sources o ver Expenditures and O ther Financ ing Uses Equity, Be ginning of Period Prior Perio d Adjustments Residual Equity Transfers ($409,472) I) ($282,374) 1 ($242,534) Tot al $0 1 ($934,380) $2,729,324 1 $931.208 1 $865,268 1 $0 1 $4,525,800 T Equ ity, End of Period 1 $2,319,852 $648,834 I $622,734 1 $0 $0 $3591,420 Statement of Income and Expenditures - Other Financing Sources Page 2 11/15/2010 Temple City Community Rede vel opment Agency Redevel opment Ag encies Financial Transactions Rep ort Balanc e Sheet - Ass ets and Other Debits Fiscal Year 2010 L ow/M oderate Special Capital Proje cts Debt S ervice Income H ousing Reven ue/Other Ge neral Long- General Fi xed Fu nds Fu nds Funds Funds Term Debt Assets Assets a nd Other Debits Cash and Impresl Cash Cash with Fiscal Agent Tax increments Receivable Acco unts Receivable Accrued Interest Receivable Loans Receivable Contracts Receivable Lease Payments Receiv able Unearned Finance Charge Due from Capital Pro jects Fund Due from Debt Service Fund Due from Low/M oderate Inco me Housing Fund Due from Special Revenue/Other Funds 2,423,6331 22,5841 658 ,006 Total re — 627,225 3521 10f2 ;WgtiftialiNNOO 12,660 $3,104,223 $627,225 $1,490 1 11 $1,513 $1,062 $12,660 INORMIONNoal L_ $0 $a j J $0 $0 so Balance Sheet - Assets and Other Debits Pa ge 1 11/15/2010 Temple City Comm unity Rede velopment Ag en cy Redevelopment Ag en cies Financial Transacti ons R ep ort Balance Sheet - Assets and Other D ebits Fisca l Year 2010 Investments Other Assets Investments: Land Held for Resale Allo wanc e for Decline In Value of Land Held for Resale Fixed Asse ts: Land, Structures, and Improvements Equipment Low/ Moderate Special Capital Projects D ebt Service Income Ho using Re venue/Other General Long- General Fi xed Funds Funds Funds Funds Term Debt Assets Total so 7 so $0 120,925'. $120,925 Amount A vailable In Debt I l� Service Fund A mount to be Provided for Payment of Lon g -Term De bt Total Assets and Other Debits (Must Equal Total Liabilities, Other Credits, and E quities) 1 _! 52,425,856 1 5650,974 $671,343 $0 3[6 }o 10,973,226 J -A $10,973,226 $0 J 510,973,226 f $120,925 1 514,842,324 Balance Sheet - Assets and Other Debits Page 2 11/15/2010 Temple City Community Redevelopment Agency Rede velopment Agencies Fi nancial Trans acti on s Report Bal ance Sheet - Liabiliti es a nd Oth er Credits Fiscal Year 2010 Liabilitie s and Other Credits Accounts Payable interest Payable Tax Anticipation Note s Payable Loa ns Payable O ther Liabilities Due to Capital Projects Fund Due to De bt Service Fund Due to Low/Mode ra te Income Housing Fund Due to Special Revenue/Other Funds Tax Allo cation Bonds Pa yable Lease Revenue, Certificates of Participation Payable , Financing Authority Bonds All Other Long -Te rm Debt Low/Moderate Spe cial Capital Proje cts Debt Service Income Housing R ev enu e/ Other General L ong- G eneral Fix ed Funds Funds Funds Funds Term Debt Assets 9411 2,140 951 1 105,063 47,6581 Total $4,032 $0 $0 $0 $152,721 $a $0 $0 L wry Total Liabilitie s an d Other I $106,004 Credits r 6,'300,004' $0 1 56,900,000 $0 4,073,22 7 $4,073,226 $2,140 $48,609 1 $0 { $10,973,226 1 1 $11,129,979 Balance Sheet - Liabilities and Other Credits Page 1 11/15/2010 Templ e City Comm unity Redevelopment Ag ency Red evelopment Agencies Fi nancial Tran sactions Report Balance Sheet - Liabilities and Other Credits Fiscal Year 2010 Equities Inv estment In General Fixed Assets Fund Balance Reserved Lowl Moderate Special Capital Proje cts Debt Ser vice Income H ousing R evenu e/Other G eneral L ong- G eneral Fixed Fund s Funds F unds Fu nds Term Debt Assets Fund Balance 2,319,852 Unreserved -Designated Fund Balance Unreserved-Undesigna led To tal Equities To tal Liabilities, Other Credits, and Equities i 648,834 522,734 Total 120,9251 $120,925 $2,319,852 $648,834 i $622,734 I so $0 $3,591,420 $120,925 1 $3,712,345 • 1 • $2,425,856 1• $650,974 ¢1 $671;343 1 $0 1 • $10,973,226 " 1 $120,925 1 $14;842 ,324 Balance Sheet - Liabilitie s a nd Other Credits Page 2 11/15/2010 TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY BASIC FINANCIAL STATEMENTS Year End June 30, 2010 (With Independent Auditors' I rt Thereon) ti (This page intentionally left blank) 4 TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY BASIC FINANCIAL STATEMENTS Year Ended June 30, 2010 TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS (Required Supplementary Information) BASIC FINANCIAL STATEMENTS: Page 1 3 Government -wide Financial Statements: Statement of Net Assets 12 Statement of Activities 13 Fund Financial Statements: Governmental Funds: Balance Sheet 16 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets 17 Statement of Revenues, Expenditures and Changes in Fund Balances 18 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 19 Notes to Basic Financial Statements REQUIRED SUPPLEMENTARY INFORMATION: Note to Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balances — Budget and Actual: 21 40 Low and Moderate Income Housing Special Revenue Fund 41 SUPPLEMENTARY SCHEDULES: Schedule of Revenues, Expenditures and Changes in Fund Balances — Budget and Actual: CRA Debt Service Fund 44 CRA Capital Improvements Capital Projects Fund 45 TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY BASIC FINANCIAL STATEMENTS Year Ended June 30, 2010 TABLE OF CONTENTS, (CONTINUED) COMPLIANCE SECTION: Report on Compliance and Other Matters and on Internal Control over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 47 (This page intentionally Ie-t...blank) 4 Board of Directors Temple City Community Redevelopment Agency Temple City, California INDEPENDENT AUDITORS' REPORT We have audited the accompanying financial statements cif 'the governmental activities and each major fund of the Temple City Community Redevelopment Agency ("Agency"), a component unit of the City of Temple City, California, as of and for the year ended June 30, 2010, which collectively comprise the Agency's basic financial statements as listed in the table of contents. These financial statements are the 'responsibility of the management of the Agency. Our responsibility is to express opinions on these financial statements based on our audit. The prior year partial comparative information has been derived from the Agency's financial statements for the year ended June 30, .2009 and, in our report dated December 16, 2009, we expressed an unqualified opinion on those financial statements. We conducted our audit in accordancRiiith auditing standards generally accepted in the United States of America and the standards applicable 'to financial audits contained in Government Auditing Standards, issued bythe Comptroller General of the United States. Those standards require that we plan and perform.the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supportiri .:t�%e:.amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial posticn of the governmental activities and each major fund of the Agency, as of June 30, 2010, and the respective changes in financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America. The information identified in the accompanying table of contents as management's discussion and analysis and required supplementary information are not a required part of the basic financial statements, but are supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. _1_ Board of Directors Temple City Community Redevelopment Agency Page Two Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Agency's basic financial statements. The supplementary schedules listed in the accompanying table of contents are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplementary schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance with Government Auditing Standards, we have also issued our report dated November 19, 2010 on our consideration of the Agency's internal control over financial reporting and our tests of its compliance with certain provisipns of laws, regulations, contracts, and grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide art opinion on the internal control ,over financial reporting or on compliance. That report is an integral part of:'an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. Irvine, California November 19, 2010 -2- GOVERNMENT -WIDE FINANCIAL STATEMENTS - 1 1 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Statement of Net Assets June 30, 2010 (With Comparative Totals for June 30, 2009.) Governmental Activities 2010 2009 Assets: Cash and investments (note 3) Cash and investments with fiscal agent (note 3) Due from the City of Temple City Due from other governments Interest receivable Loans receivable Capital assets (note 5): Land Improvements, net of accumulated depreciation Total assets Liabilities: Accounts payable Accrued interest payable Due to the City of Temple City Long-term liabilities: Portion due ithin-one year: Bonds payable (notes 6 and 7) Advances from City (notes 6 and 8) Portion due beyond one year: Bonds payable (notes 6 and 7) Advances from City (notes 6 and 8) Total liabilities Net assets (deficit): Invested in capital assets Unrestricted Total net assets (deficit) $ 3,104,223 627,225 1,513 1,490 1,062 12,660 106,732 14,193 3,869,098 4,052 106,268 140,061 $ 3,973,239 627,364 91,818 14,018 12,660 106,732 16,376 4,842,207 69,318 109,759 111,321 305,000 295,000 300,000 200,000 6,595,000 6,900,000 3,773,226 4,045,337 11,223,607 11,730,735 120,925 (7,475,434) $ (7,354,509) See accompanying notes to basic financial statements. 123,108 (6,886,528) (6,763,420) - 12 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Statement of Activities Year Ended June 30, 2010 (With Comparative Totals for Year Ended June 30, 2009) Program Revenues Operating Capital Charges for Contributions Contributions Net Governmental Activities Expenses Services and Grants and Grants 2010 2009 Governmental activities: Community services $ 251,303 Low and moderate income housing 253,301 Interest on long-term debt 448,932 Total governmental activities $ 953,536 (251,303) (325,675) General revenues; Property taxes Investment inco Other e Total generalrevettries Change in net assets Netassets (deficit) at beginning of year Net assets.(de.icit) at end of year See accompanying notes to basic financial statements. -13- (253,301) (299,409) (448,932) (468,098) (953 536) (1,093 182) 440,818 878,420 45,737 85,892 1,000 1,579 487,555 965,891 (465,981) (127,291) (6,888,528) (6,761.237) $ (7,354,509) (6,888,528) (This page intentionally left blank) _14_ FUND FINANCIAL STATEMENTS - 15 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Governmental Funds Balance Sheet June 30, 2010 (With Comparative Totals for June 30, 2009) Special Revenue Debt Capital Low and Service 7 Projects Moderate CRA CRA Income ,Debt Capital Totals Housing Service Improvements 2010 2009 Assets Cash and investments $ 658,006 22,584 2,423,633 3,104,223 3,973,239 Cash and investments with fiscal agent - '627,225 - 627,225 627,364 Due from the City of Temple City 352 1,161 1,513 - Due from other governments 325 1,1-6,5 - 1,490 91,818 interest receivable , - 1,062 1,062 14,018 Loans receivable 12,660 - 12,660 12,660 Total assets Liabilities and Fund Bfflahoes 671,343 550,974 2,425,856 3,748,173 4,719,099 Liabilities: Accounts payable $ � 951 2,160 941 4,052 69,318 Due to the City of Temple City 34,998 105,063 140,061 111,321 Deferred revenue 12,660 12,660 12,660 Total liabilities 48,609 2,160 106,004 156,773 193,299 Fund balances: Unreserved, reported in: Special revenue fund 622,734 622,734 865,268 Debt service fund - 648,814 648,814 931,208 Capital projects fund - 2,319,852 2,319,852 2,729,324 Total fund balances Total liabilities and fund balances 622,734 648,814 2,319,852 3,591,400 4,525,800 $ 671,343 650,974 2,425,856 3,748,173 4,719,099 See accompanying notes to basic financial statements. -16- TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Governmental Funds Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets June 30, 2010 Fund balances of governmental funds $ 3,591,400 Amounts reported for governmental activities in the Statement of Net Assets are different because: When capital assets (land and improvements) that are to be used in governmental activities are purchased or constructed, he cost of those assets are reported as expenditures in governmental funds. However, the Statement of Net Assets includes those capital assets among the assets of the Agency as a whole. Capital assets not being depreciated Capital assets being depreciated Accumulated depreciation Long-term liabilities applicable to theAgency`s giv,rnmental activities are not due and payable in the.current period and;; accordingly, are not reported as governrrre_ ntal fund.iabilies. Ail liabilities (both current and long-term) are reported in the:Statement of Net Assets. 106,732 87,327 (73,134) Bonds payed*. (6,900,000) Advances payable (4,073,226) Accrued interest payable in,the Statement of Net Assets differs from the amount reported in governmental funds due to accrued interest on long-term liabilities. (106,268) Deferred revenue balances relating to housing rehabilitation loans are not reported as liabilities in the Statement of Net Assets. 12,660 Net assets (deficit) of governmental activities $ (7,354,509) See accompanying notes to basic financial statements. - 17 TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances Year Ended June 30, 2010 (With Comparative Totals for Year Ended June 30, 2009) Revenues: Tax increment Investment income Low income grant and loan repayments Other Total revenues Expenditures: Administration Professional fees Community services Debt service: Principal Interest Pass -through payments SERAF payment -to State Total expenditures Excess (deficiency) ofrevenues over (under) expenditures Other financing sources: Proceeds of advances from City Total other financing sources (uses) Net changes in fund balances Fund balances at beginning of year Fund balances at end of year Special Revenue Debt Low and Service Moderate CRA Income Debt Housing Service $ 162,205 648,819 4,365 673 166,570 649,492 34,762 1,278 .249,12(3 59;000 64,944 15,022 15,553 536,000 367,122 40,046 66,032 409,104 1,059,775 Capital Projects CRA Capital Improvements 201.0 40,699 1,000 Totals 811,024 45,737 1,000 2009 930,032 85,892 3,979 1,000 '41,699 857,761 1,020,903 106,740 79,946 357 264,128 156,524 96,777 249,120 595,000 452,423 40,046 330,160 124,555 174,854 323,492 535,000 471,281 51,612 451,171 1,920,050 1,680,794 (242,534) (410,283) (409,472) (1,062,289) (659,891) 127,889 127,889 134,889 - 127,889 127,889 134,889 (242,534) (282,394) (409,472) (934,400) (525,002) 865,268 931,208 2,729,324 4,525,800 5,050,802 622,734 648,814 2,319,852 3,591,400 4,525,800 See accompanying notes to basic financidi statements. - 18 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Governmental Funds Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year Ended June 30, 2010 Net change in fund balances - total governmental funds $ (93.4,400) Amounts reported for governmental activities in the Statement of Activities are different because: When capital assets that are to be used in governmental activities are purchased or constructed, the resources expended for those assets are reported as expenditures in governmental funds. However, in the Statement of Activities, the cost of those assets' is allocated aver their estimated useful lives and reported as� depreciation expense. As a result, fund balance decreases by the amount of financial resources expended, whereas net assets decreased by the amount of depreciation expense dharged.fttr the year. Depreciation expense Repayment of long-term liabilities are expend resn overnmental funds and, thus, has the effect of reducing the findYalarice� because current financial resources=haixe.been used. For the Agency as a whole, however, the principal payments reduce the liabilities in the Statement of Net Assets::And do.A ot'resiult ,n an expense in the Statement of Activities. Debt service principal - bonds _payable 295,000 Debt service principal - advan ;es payable 300,000 When new advances are issued:;the funds received from the issuance of advances are recorded as proceedsuf.advances in the governmental funds and an increase in a liability in the Statement of Net Assets. (127,889) (2,183) Accrued interest expense related to long-term liabilities. This amount is the difference between the amount of interest paid and the amount of interest incurred on long-term liabilities, 3,491 Changes in net assets of governmental activities $ (465,981) See accompanying notes to basic financial statements. -19 (This page intentional& ieft blank) - 20 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements Year Ended June 30, 2010 (1) Summary of Significant Accounting Policies The following is a summary of the significant accounting policies of the Temple City Community Redevelopment Agency ("Agency"): (a) Fund Accounting The basic accounting and reporting entity is a "fund": A fund is defined as an independent fiscal and accounting entity with a self -balancing set of accounts, recording resources, related liabilities, obligations. reserves and equities segregated for the purpose of carrying out specific activities or attaining certain objectives in accordance with special regulations, restrictions or limitations, The accounting records of the Agency are organized on the basis of funds classified for reporting purposes desCi1bed below. Management has determined and elected that all funds of the Agency are classified as major funds. Governmental Funds Special Revenue Fund The Low and Moderate Income Housing Fund is used to account for the portion of the Agency's:tax increment revenue that is legally restricted for increasing or improving housing for low or mode fate income households. Debt Servi a kind The4CRA Debt Service Fund accounts for tax increment revenues and bond proceeds. required to be set aside for future debt service and related interest income. the fund is used to repay principal and interest on indebtedness of the Agency. Under provisions of the Health and Safety Code and the Agency's bond resolutions, this fund is referred to as a `Special Fund." Capital Projects Fund The CRA Capital Improvements Fund accounts for project improvements, interest income on invested funds and certain other income. The funds are expended primarily for redevelopment project costs and administrative expenses. Under provisions of the Health and Safety Code and the Agency's bond resolutions, this fund is referred to as a "Redevelopment Fund." - 21 TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (1) Summary of Significant Accounting Policies, (Continued) (b) Basis of Accounting and Measurement Focus The basic financial statements of the Agency are composed of the following: • Government -wide financial statements • Fund financial statements • Notes to basic financial statements Financial reporting is based upon all GASB pronouncements, as well as the FASB Statements and Interpretations, APB Opiriions, and Accounting Research Bulletins that were issued on or before 'November 30, 1989 that do not conflict with or contradict GASB pronouncements. FASB Pronouncements issued after November 30, 1989 are not:=followed in the preparation of the accompanying financial statements. Government -wide Financial Statements Govemment-wide. financial statements display information about the reporting government as .,a whole. -.Eliminations have been made in the Statement of Activities so that certain allocated expenses are recorded only once (by the function to, which they.were allocated). However, general government expenses have not been allocated as indirect expenses to the various functions of the Agency. Government -wide financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. Under the economic resources measurement focus, all (both current and long-term) economic resources and obligations of the reporting government are reported in the government -wide financial statements. Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements. Under the accrual basis of accounting, revenues, expenses, gains, losses, assets and liabilities resulting from nonexchange transactions are recognized in accordance with the requirements of GASB Statement No. 33. Program revenues include charges for services, special assessments, and payments made by parties outside of the reporting government's citizenry if that money is restricted to a particular program. Program revenues are netted with program expenses in the statement of activities to present the net cost of each program. - 22 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (1) Summary of Significant Accounting Policies, (Continued) (b) Basis of Accounting and Measurement Focus, (Continued Amounts paid to acquire capital assets are capitalized assets in the government - wide financial statements, rather than reported as an expenditure. Proceeds of long-term debt are recorded as a liability in the .government -wide financial statements, rather than as an other financing sourbe, Amounts paid to reduce long-term indebtedness of the reporting government are reported as a reduction of the related liability, rather than as an expenditure. Interfund balances are eliminated in the government -wide statements. Fund Financial Statements 4.. The underlying accounting system of the Agency is organized and operated on the basis of separate funds, each of which is considered to be a separate accounting entity. The operations of each fund .are accounted for with a separate set of self -balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures Or expenses; as appropriate. Governmental resources are allocate 1b and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. Fund financial statements for the Agency's governmental funds are presented after the government -wide financial statements. These statements display information about governmental major funds individually. Goveminental Funds In the fund financial statements, governmental funds are presented using the modified -accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Measurable means that the amounts can be estimated, or otherwise determined. Available means that the amounts were collected during the reporting period or soon enough thereafter to be available to finance the expenditures accrued for the reporting period. The Agency generally considers revenues collected within ninety days after the fiscal year-end to be available. Revenue recognition is subject to the measurable and availability criteria for the governmental funds in the fund financial statements. Exchange transactions are recognized as revenues in the period in which they are earned (i.e., the related goods or services are provided). Locally imposed derived tax revenues are recognized as revenues in the period in which the underlying exchange transaction upon which they are based takes place. - 23 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) 11) Summary of Significant Accounting Policies, (Continued) (b) Basis of Accounting and Measurement Focus, (Continued) Imposed non -exchange transactions are recognized as revenues in the period for which they were imposed, If the period of use is not specified, they are recognized as revenues when an enforceable legal claim to the revenues arises or when they are received, whichever occurs first. ,Government -mandated and voluntary non -exchange transactions are recognized as revenues when all applicable eligibility requirements have been met.. In the fund financial statements, governmental funds are presented using the current financial resources measurement. focus. This means that only current assets and current liabilities are generally included on their balance sheets. The reported fund balance (net current assets) is considered to be a measure of "available spendable resources." Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. Noncurrent portions of long-term receivables due to governmental funds are reported on their.balance :sheets in spite of their spending measurement focus. Special reporting treatments are used to indicate, however, that they should not be considered "available spendable resources," since they do not represent net current assetts.Recognition of governmental fund type revenues represented by noncurrent receivables are deferred until they become current receivables. Noncurrent portions .of other long-term receivables are offset by fund balance reserve -accounts. Because of their spending measurement focus, expenditure recognition for govemmentalfund types excludes amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities. Amounts expended to acquire capital assets are recorded as expenditures in the year that resources were expended, rather than as fund assets. The proceeds of long-term debt are recorded as an other financing sources rather than as a fund liability. Amounts paid to reduce long-term indebtedness are reported as fund expenditures. When both restricted and unrestricted resources are combined in a fund, expenses are considered to be paid first from restricted resources, and then from unrestricted resources. - 24 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (1) Summary of Significant Accounting Policies, (Continued) (c) Relationship to the City of Temple City The Agency is an integral part of the reporting entity of the City of Temple City. The funds of the Agency have been included within the scope of the financial statements of the City because the City Council of the City of Temple City has financial accountability over the operations of the Agency. Only the funds of the Agency are included herein and these financial statements, therefore, do not purport to represent the financial position or _results of operations of the City of Temple City, California. (d) Cash and Investments Investments are reported in the accompanying balance sheet at fair value. Changes in fair value that occur during a fiscal year are recognized as investment income reported ;for..that fiscal year. Investment income includes interest earnings, changes in fair Value, and any gains or losses realized upon the liquidation or sale of investments. (e) Capital Assets (f) Capital assets are valued at cost where historical records are available and at an estimated historical cost where rib historical records exists. Donated capital assets are valued at their estimated fair market value on the date received. Generally, the Agency capitalizes purchases in excess of $500. Capital assets usedIn operations are depreciated over their estimated useful lives using the straight-line method in the government -wide financial statements. Depreciation expense is charged as an expense against operations and accumulated depreciation is reported on the Statement of Net Assets. The useful life used for depreciation purposes is as follows: Improvements 40 years Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses, during the reporting period. Actual results could differ from those estimates. - 25 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (1) Summary of Significant Accounting Policies, (Continued) (g) Prior Year Data Selected information regarding the prior year has been included in the accompanying financial statements. This information has been included for comparison purposes only and does not represent a complete presentation in accordance with generally accepted accounting principles. Accordingly, such information should be read in conjunction with the .Agency's prior year financial statements, from which this selected financial date was derived. (h) Subsequent Events Management has evaluated subsequent events .ttkrough November 19, 2010 (the date the financial statements were- available to be issued). Management believes no events have occurred subsequent to the statement of financial position date and through November 19, 2010 that would require adjustments to or disclosure in the Agency's financial statements. (2) Organization and Tax lncreiet•Financiinq Redevelopment Goals and Objectives The Agency was created by Ordinance No. 72-350 of the Temple City City Council, adopted on May_ 1Z, 1072. The Agency was established in pursuant to the Community Redevelopment Law as codified in Section 33000 of the State of California's Health and Safety Code. The general objective of the Redevelopment Plan adopted by the Agency is to promote commercial redevelopment and strengthen the City's retail sales tax base. The Redevelopment Plan provides for the demolition of buildings and improvements, the relocation of any displaced occupants, and the construction of streets, parking facilities, utilities and other public improvements. - 26 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (2) Organization and Tax Increment Financing, (Continued) The Rosemead Boulevard Redevelopment Project is the only project area established by the Agency. The project area was established in 1972 and consists of 69 acres on the western edge of Temple City. The project area is divided into five blocks as follows: Block A: The Block A project is a 110,000 square -foot community shopping center on an eight -acre site, completed in late 1992. The center is anchored by TJ Maxx. The Agency assisted in site assembly and public improvements. Block B: Completed in 1975, Block B is composed of approximately 230,000 square feet of retail space, including a 95,000 square -foot K -Mart. The Agency financed land acquisition and the improvement of a 900 -space public parking facility. The City of Temple City leasesarnd maintains the parking facility with the exception of a few parking pads which have recently been purchased by the associated businesses. Block C: This is a retail development' site on 3.8 acres. A portion of the site was developed in the early 1980`s and a. Pep Boys .automotive related retail and service center was constructed and opened in July 1994. Block D: The former Edwards Theater and an adjacent commercial building were demolished in 2007 to accommodate the Piazza Las Tunas project which was approved by the City/Agency in 2006. This mixed -use project would consist of approximately 125,000 square feet of retail and restaurant space, 52 residential condominium units, and a multi -story parking structure. Although the entitlements for this project were approved in 2006, the developer has not yet started construction due to financial difficulties. Currently, the developer is considering constructing a smaller, scaled down version of the approved project, without a residential component. However, at this time, no action has been taken by the City/Agency regarding the contemplated amended plans. Block E: A site with significant potential for large-scale promotional retail development, a nine -acre portion of the block within the project area is being reviewed for possible development. The Agency may assist with [and acquisition. -27- TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (2) Organization and Tax Increment Financing, (Continued} Tax Increment Financing The taw provides a means for financing redevelopment projects based upon an allocation of taxes collected within a redevelopment project. The assessed valuation of a redevelopment project last equalized' prior to adoption of a redevelopment plan or amendment to such redevelopment plan, or "base roll", is established and, except for any period during which the assessed valuation drops below the base year level, the taxing bodies thereafter receive the taxes produced by the levy of The current tax rate upon the base roll, Taxes collected upon any increase in assessed valuation over the base roll ("tax increment") are pald and may be pledged by a redevelopment agency to the repayment of any indebtedness incurred in financing or refinancing a redevelopment project. Redevelopment agencies themselves have no authority to levy property taxes. (3) Cash and Investments Cash and investments as of June 30, 2010 .are classified in the accompanying financial statements as follows: Statement of Net Assets:..:: Cash and iriratmentS $3,104,223 Cash and investments with fiscal agent 627.225 Total cash and investments $3,731.448 Cash and investments as of June 30, 2010 consist of the following: Deposits with financial institutions Investments $1,745,086 1.986.362 Total cash and investments $3.731,448 -28- TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (3) Cash and Investments, (Continued) Investments Authorized by the California Government Code and the Agency's Investment Policy The table below identifies the investment types that are authorized for the Agency by the California Government Code and the Agency's investment policy, The table also identifies certain provisions of the California Government' Code (or the Agency's investment policy, if more restrictive) that address interest rate risk and concentration of credit risk. This table does not address investments of Aebt proceeds held by bond trustee that are governed by the provisions of debt agreements of the Agency, rather than the general provisions of the California .Government Code or the Agency's investment policy. Authorized by Maximum Maximum Investment Types Investment Maximum Percentage Investment Authorized by State Law Prnlicy Maturity* of Portfolio* In One Issuer* Local Agency Bonds U.S. Treasury Obligations U.S. Agency Securities State of California Obligation Local Agency Obligations Banker's Acceptances Commercial Paper_ .. .. Negotiable Certificates of Deposit Repurchase Agreements Reverse Repurchase Agreements Medium -Term Notes Mutual Funds Money Market Mutual Funds Mortgage Pass -Through Securities County Pooled Investment Funds Local Agency Investment Fund JPA Pools (other investment pools) Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No 5 years 5 years 5 years 5 years 5 years 180 days 270 days 5 years 1 year 92 days 5 years N/A N/A 5 years N/A N/A N/A None None None None None 40% 25% 30% None 20% of base value 30% 20% 20% 20% None None None None None None None None 30% 10% None None None None 10% 10% None None $40,000,000 None * Based on state law requirements or investment policy requirements, whichever is more restrictive. - 29 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (3) Cash and Investments, (Continued) Investments Authorized by Debt Agreements Investment of debt proceeds held by bond trustee are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the Agency's investment policy. The table below identifies the investment types that are generally authorized for investments held by bond trustee. The table also identifies certain provisions of these debt agreements that address interest rate risk and concentration of credit risk. Authorized Investment Type Local Agency Bonds U.S. Treasury Obligations U.S. Agency Securities Banker's Acceptances Commercial Paper Negotiable Certificates of D asit Repurchase Agreements Money Market Mutual Funds Local Agency Investment Furid Investment Agreements Maximum Maturity 5 years 5 years 5 -years 1 'year 1year 1 year 30 days N/A N/A NIA MaxiMium Percentage Allowed None None None None 25% 30% None 20% None None Maximum Investment In One Issuer None None None None 10% None None 10% None None Disclosures Relating to interest Rate Risk Interest rate risk is the riskthat changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value will be to changes in market interest rates. One of the ways that the Agency manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations. - 30 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (3) Cash and Investments, (Continued) Disclosures Relating to Interest Rate Risk, (Continued) Information about the sensitivity of the fair values of the Agency's investments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the Agency's investments by maturity: Investment Type State investment pool Federal agencies securities Held by fiscal agent: Money market mutual funds Total Total $ 209,137 1,150,00 627.225 $ 1.986,362 Remaining Maturing (in Months) 12 Months Or 55 - 60 Less Months 209,137 627.225 836.362 Investments with Fair Values Highly Sensitive to Interest Rate Fluctuations 1,150,000 1,150.QQ0 The Agency's investments, (including investments held by trustees) include the following investments that are highly sensitive fo :interest rate fluctuations (to a greater degree than already indicated in the -information provided above): Mortgage -backed securities: These securities are subject to early payment in a period of declining interest rates. The resulting reduction in expected total cash flows affects the fair value of thesesecurities; making them highly sensitive to change in interest rates. At fiscal year end, the fair value of investments in mortgage -backed securities totaled $1,150,000. -31 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (3) Cash and Investments, (Continued) Disclosures Relating to Credit Risk Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the minimum rating required by (where applicable) the California Government Code, the Agency's investment policy, or debt agreements, and the actual rating as of year end for each investment type. Rating as of Year End Investment Type State investment pool Federal agencies securities Held by fiscal agent: Money market mutual funds Total Concentration of Credit Risk Total $ 209,137 1,150, 000 627,225 1.986,362 Minimum Legal Rating AAA Not Rated NIA AAA AAA 209,137 1,150,000 627,225 1,777 225 209,137 The investment policy of. the Agency contains no limitations on the amount that can be invested in ariy one issuer beyond that stipulated by the California Government Code. Investments .in any one issuer (other than U.S. Treasury securities, mutual funds, and external investment pools)•tnat represents 5% or more of total Agency investments are as follows: " Issuer Investment Type Federal National Mortgage Association Federal agency securities Federal Home Loan Mortgage Corp. Federal agency securities Federal Home Loan Bank Federal agency securities - 32 - Reported Amount $650,000 300,000 200,000 TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (3) Cash and Investments, (Continued) Custodial Credit Risk Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the -event of the failure of the counterparty (e.g., broker -dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the Agency's investment policy do not contain legal or policy requirements that would -limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposit. The California Government Code requires that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The market value of the pledged securities In the collateral pool must equal at least 110% of the total amount deposited by the public agencies. California law also allows financial institutions to secure Agency: deposits by pledging first trust deed mortgage notes having a value of 150% of -the secured public deposits. As of June 30, 2010, the Agency's investments iri the following investment types were held by the same broker -dealer (counter -party) that was used by the Agency to buy the securities: Investment Type Reported Amount Federal agencies securities $1,150,000 For investments identified herein as held by bond trustee, the bond trustee selects the investment under -the terns of the applicable trust agreement, acquires the investment, and holds the investment on behalf of the reporting government. Investment in State investment Pool The Agency is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by the Califomia Government Code under the oversight of the Treasurer of the State of California. The fair value of the Agency's investment in this pool is reported in the accompanying financial statements at amounts based upon the Agency's pro -rata share of the fair value provided by LAIF for the entire LA1F portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LA1F, which are recorded on an amortized cost basis. - 33 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (4) Property Taxes Under California law, property taxes are assessed and collected by the counties up to 1% of assessed value, plus other increases approved by the voters. The property taxes are recorded initially in a pool, and are then allocated to the cities based on complex formulas. Accordingly, the Agency accrues only those taxes which are received from the County within thirty days after year end. Lien date Levy date Due dates Collection dates March 1 June SO November 1 and February 1 December 40 and April 10 The Agency's primary source of revenue cosines from property taxes. Property taxes allocated to the Agency are computed in the fotlowing manner: (a) The assessed valuation of allproperty within the project area is determined on the date of adoption of the Redevelopment (b) Property taxes related to the incremental crease in assessed values after the adoption of the Redevelprnent Plan are allocated to the Agency. The Agency has no power to levy and .collect taxes and any legislative property tax shift might reduce the amount .of tax revenOes.,that would otherwise be available to pay the principal of, and interest of, :debt. Broadened property tax exemptions could have a similar effect. Cori ersely, any increase in the tax rate or assessed valuation, or any reduction of elimination of present exemptions would increase the amount of tax revenues that would be available td pay principal and interest on debt. -34- TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) 15) Capital Assets The following is a summary of changes in capital assets for the year ended June 30, 2010: Governmental Activities: Balance at Balance at July 1, 2009 Additions Deletions June 30, 2010 Capital assets being depreciated: Improvements $ 87,327 - 87,327 Less accumulated depreciation for: Improvements (73,134) 14,193 (70,950 (2,183) Capital assets being depreciated, net 16,376 {2,183) Capital assets not being depreciated: Land 106.732 Total capital assets, ne $123.'108 106.732 120.925 Depreciation expense was charged community services in the Statement of Activities. (6) Long -Term Liabilf st: Changes in4ang-term liabilities for the year ended June 30, 2010 were as follows: Additions Portion Due Portion Due Balance at and other Balance at Within Beyond ,July 1, 2009 Ad'ustments`Rei ayments June 30, 20100ne Year One Year Governmental Activities: Bonds payable $ 7,195,000 (295,000) 6,900,000 305,000 6,595,000 Advance payable to City - 1998 4.245.337 127 889 1300,000) 4.073 300.000 3.773.226 Total long-term liabilities $11.440,337 127.889 15.95 1Q0) 10 973226 605,0011 1.1,3 fl225 The Agency accrues unpaid interest on original principal balances of the 1998 City advance at the rate of 7% per year as stipulated in the loan agreement. - 35 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (7) Bonds Payable Refunding Revenue Bonds, Series 2005 in September 2005, the Temple City Community Redevelopment Agency (Agency) issued $5,780,000 of Serial Bonds and $2,220,000 of Terrn Bonds for a total amount of $8,000,000 to be paid from future tax increment revenues. The Series 2005 bonds were issued to refund $3,600,000 of outstanding Temple City Financing Authority (Authority) 1993 Revenue bonds and to provide the Agency with additional funds for redevelopment activities. Interest is payable semi-annually on March 1 and September 1 of each year, commencing March 1, 2006. Interest rates range from. .3.0% to 4.9% on the serial bonds and 4.875% on the term bonds in amounts rangirigg::from $240,000 to $495,000. The bonds maturing on or after September 1, 2015 are subject to redemption prior to maturity in whole or in part at the option of the .Agency in amount of 100% of the principal amount. The Term Bonds maturing on September 1, 2025 will be subject to mandatory redemption, on September 1, 2022 and each September 1 thereafter at a redemption price equal to the principal amount.thereof together with accrued interest thereon to the redemption date without premiurtt. Under terms of the issue, a minimum of $627,225 is to be set aside in reserve funds. The balance in the reserve account at June 30, 2010 was $627,225. The outs nding bonds payable balance on June 30, 2010 is $6,900,000. Annual debt service requirerna to maturity for the bonds payable are as follows: Year Ending. June 30 .Principal Interest Total < 2011 $ -°:.305,000 313,086 618,086 ` 2012 315,000 301,096 616,096 2013 330,000 286,575 616,575 20'14_ 345,000 271,080 616,080 2015 .a:: 360,000 256,095 616,095 2016 375,000 240,105 615,105 2017 395,000 222,968 617,968 2018 410,000 204,650 614,650 2019 430,000 185,223 615,223 2020 450,000 164,650 614,650 2021 470,000 143,030 613,030 2022 495,000 120,105 615,105 2023 515,000 95,672 610,672 2024 540,000 69,956 609,956 2025 570,000 42,900 612,900 2016 595.000 14.503 609,503 Total $6,900.000 2.931.694 9.831.694 - 36 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (8) Advances from the City of Temple City All the notes previously made by the Agency for debt existing owed to the City as of October 1, 1998 and the unpaid accrued interest on these notes through June 30, 1998 were consolidated on October 6, 1998. The following represents the principal balances and accrued interest less repayments from the dates of issue through June 30, 2010 for advances from the City of Temple City: Note payable, dated October 6, 1998, with entire balance due June 15, 2017, plus interest on unpaid balance at 7%.._ The outstanding balance includes advances on the following dates: January 2, 1990, July 11, 1990, November 6, 199©,.December' 18, 1990, October 28, 1993, and January 31, 1996. Total $4,073,226 $4.073 226 Advances are repaid from excess tax _increment revenues, if any, after payments of bonds are made. If tax increment revenue is not available to make annual interest payments, interest is accrued and increases the balance of the advances. Annual debt service requirements to maturdr.for the advances are not presented since there are no set repayment schedules. (9) Pledged Revenue The Agency has one debt issuafice outstanding that is collateralized by the pledging of future tax ;:increment revenues. The amount and term of the remainder of these commitments are indicated in the debt service to maturity tables presented in the accompanying notes. The purposes for which the proceeds of the related debt issuances were utilized are disclosed in the debt descriptions in the accompanying notes. For the current 'year, debt service payments as a percentage of the pledged gross revenue (or net of certain expenses where so required by the debt agreement) are indicated in the table below. This percentage also approximates the relationship of debt service to pledged revenue for the remainder of the term of the commitment: Description of Pledged Revenue Tax increment Annual Amount of Pledged Revenue $ 811,024 - 37 - Annual Debt Service Payments (of all debt secured. by this revenue) 618,086 Debt Service as a Percentage of Pledged Revenue 76.21% TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Notes to Basic Financial Statements (Continued) (10) Commitments and Contingencies Liabilities Deferred Low/Moderate Set Aside Under State law, the Agency is required to set aside as portion of its property tax increment revenue for low and moderate income housing. The Agency . has made findings that, for fiscal years ended 1986 through 1996, it was exempt from funding any of the set -aside. As of June 30, 2010, .the accumulated set -aside amount not yet funded was approximately $573,000. The law requires the Agency to devise a plan to fund the accumulated deferred set -aside amount. Such a plan was adopted for deferrals made through the 1995-96 fiscal year., (11) Unrestricted Net Assets GASB Statement No. •34 requires that a local government record in the statement of net assets, the local government's liability for debt issued to finance the construction of infrastructure and other assets owned 'by otherparties. This is an integral part of the normal operations of a redevelopment agency and is necessary to produce the redevelopment benefits for which the Agency was established. GASB Statement No. 33 and 34 dornat.permit the recognition of assets for future tax increment revenues that are pledged for the annual retirement of bonded debt issuances. The negative equity resulting from the Agency's liability far this debt is required by GASB No. 34 has been reported in the accompanying financial statements as unrestricted net assets. (12) Expenditures in Excess of Appropriations Expenditures exceeded appropriations in the following fund: Variance Actual Positive Final Budget Expenditures (Negative) CRA Debt Service Fund $791,610 1,059,775 (268,165) Actual expenditures exceed appropriations in the CRA Debt Service Fund due to a $300,000 loan repayment that was made to the City. The repayment to the City was not budgeted and is only paid if excess tax increment revenues are available. - 38 - (This page intentionally left blank) - 39 - REQUIRED SUPPLEMENTARY INFORMATION - 40 TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Note to Required Supplementary Information Year Ended June 30, 2010 (1 ) Budgets and Budgetary Accounting The Agency adopts an annual budget prepared on the modified accrual basis for all of its governmental funds. The Executive Director or his designee is authorized to transfer budgeted amounts between the accounts of any program. Revisions that alter the total appropriations of any department or fund are approved by the Board. Prior year appropriations lapse unless they are reappropriated through the formai budget process. Expenditures may not legally exceed appropriations at the fund level. Reserves for encumbrances are not recorded by the Agency. -41 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY Low and Moderate Income Housing Special Revenue Fund Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Year Ended June 30, 2010 (With Comparative Totals for Year Ended June 30, 2009) Variance with Final Budget Prior Original Final Positive Year Budget Budget Actual (Negative) Actual Revenues: Tax increment $ 130,000 1.78,000 162,205 (15,795) 186,006 Investment income 15,000 15,000 4,365 (10,635) 20,870 Low income grant and loan repayments - - 3,979 Total revenues 145;00.0 193,000 166,570 (26,430) 210,855 Expenditures: Administration 27,000 27,000 34,762 (7,762) 25,562 Professional fees 5,000 5,000 1,278 3,722 355 Community services ,252,500 252,500 249,120 3,380 323,492 Debt service; Principal 59,000 59,000 59,000 57,000 Interest 66,310 66,310 64,944 1,366 67,257 Total expenditures 409,810 409,810 409,104 706 473,666 Net change in fund balances (264,810) (216,810) (242,534) (25,724) (262,811) Fund balances at beginning of year 865,268 865,268 865,268 1,128,079 Fund balances at end of year $ 600,458 648,458 622,734 (25,724) 865,268 -41 - 4 (This page intentionally:eft blank), - 42 - SUPPLEMENTARY INFORMATION 4 -43 1 TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY CRA Debt Service Fund Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Year Ended June 30, 2010 (With Comparative Totals for Year Ended June 30, 2009) Variance with Final Budget Prior Final Positive Year Budget Actual (Negative) Actual Revenues: Tax increment $ 712,000 648,819. (63,181) 744,026 Investment income 1,500 673 (827) 3,758 Total revenues 713,500 649,492 (64,008) 747,784 Expenditures: " ' Administration 18,000 15:022 2,978 14,921 Professional fees 17,250 15,553 1,697 14,308 Debt service: Principal 236,000 536,000 (300,000) 478,000 Interest 388,525 387,122 1,403 400,984 Pass -through payments 65,800 40,046 25,754 51,612 SERAF payment to State 66,035 66,032 3 - Total expenditures 791,610 1,059,775 (268,165) 959,825 Excess (deficiency) of revenues over (under) expenditures (78,110) (410,263) (332,173) (212,041) Other financing sources: Proceeds of advances from City 127,889 127,889 134,889 Total other financing sources 127,889 127,889 134,889 Net change in fund balances (78,110) (282,394) (204,284) (77,152) Fund balances at at beginning of year 931,208 Fund balances at end of year 931,208 1,008,360 $ 853,098 648,814 (204.284) 931.208 - 44 - TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY CRA Capital Improvements Capital Projects Fund Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Year Ended June 30, 2010 (With Comparative Totals for Year Ended June 30,'2009) Variance With Final Budget Prior Final Positive Year Budget Actual (Negative) Actual Revenues: Investment income $ 60,000 40,699 (19,301) 61,264 Other 1,000 .1,000 - 1,000 Total revenues 61,000 41,699 (19,301) 62,264 Expenditures: Administration 113,300 106;740 6,560 84,072 Professional fees 1 57;200 79,946 77,254 160,191 Debt service: Interest 4,000 357 3,643 3,040 SERAF payrnent.to.the State 264,130 264,128 2 - Total expenditures 538,630 451,171 87,459 247,303 Excess (deficiency). of revenues over (under) expenditures (477,630) (409,472) 68,158 (185,039) Net change in fund balances (477,630) (409,472) 68,158 (185,039) Fund balances at beginning of year 2,729,324 2,729,324 2,914,363 Fund balances at end of year $ 2,251,694 2,319,852 68,158 2,729,324 - 45 - (This page intentionafly.Ieft blank) - 46 - Board of Directors Temple City Community Redevelopment Agency Temple City, California REPORT ON COMPLIANCE AND OTHER MATTERS AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARD$- . We have audited the financial statements of the governmental:adiiities and each major fund of the Temple City Community Redevelopment Agency ("Agencjl"), a component unit of the City of Temple City, as of and for the year ended June 30, 201,4.and have issued our report thereon dated November 19, 2010. We conducted our audit-tn accordance wt%h_:auditing standards generally accepted in the United States of Americt* d the,,,Standards applicable to financial audits contained in Government Auditing Standards, 'issued -by the Comptroller General of the United States. =...., Compliance land 'Other Matters; As part of obtaining reasonable assurance aboi : wlaether't ae Agency's financial statements are free of material misstatements, we.„04d.tpied test of its compliance with certain provisions of laws, regulations, contracts, and trent agreements, noncompliance with which could have a direct and material effect on the:determinaf dirpf financial statements amounts. Such provisions included those provisions of laws and°;i-egulat'idps identified in the Guidelines for Comptroller Audits of California Redevelnpment:Agencies, issued by the State Controller and as interpreted in the Suggested AudifihrPivcethkosfor Accomplishing Compliance Audits of California Redevelopment Agenpies, issued: by the Governmental Accounting and Auditing Committee of the California Society of Certifie0 Public Accountants. However, providing an opinion on compliance with those': provisions was not an objective of our audit and, accordingly, we do not express such an opinion`:=a:;. The results of our tests indicated that, with respect to the items tested, the Agency complied, in all material respects, with the provisions referred to in the preceding paragraph except as follows: • Previously, the Agency was not in compliance with Health and Safety Code Section 33302 in that the City's Housing Element was not in compliance with Government Code Section 65300. On June 20, 2000, the City adopted an updated housing element. This updated document was provided to the State Housing and Community Development Department and was returned with comments. In October 2001, a revised housing element was resubmitted to the State and was also retumed with additional comments. The updated Housing Element specifically notes that the City has implemented a Housing Rehabilitation Program utilizing 20% set -aside and CDBG funds, Since 1995, -47- Board of Directors Temple City Community Redevelopment Agency Page Two the City has proactively offered housing rehabilitation assistance to eligible homeowners. The Agency has been working on a new -Housing Element since 2008. In October 2009, the second draft of the Housing '.Element was sent to the State Department of Housing and Community Development (HCD), Additional comments were received in December 2009. Agency staff is working with HCD to achieve a certified Housing Element. Internal Control Over Financial Reporting In planning and performing our audit, we considered the Agency's internal control over financial reporting as a basis for designing our auditing :procedures for the purpose of expressing our opinions on the basic financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Agency's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Agency's internal control over financial reporting. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the .normal. 'course of performing their assigned functions, to prevent, or detect and correct misstatements on atimely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the Agency's financial statements will not be prevented, or detected and corrected an a timely basis. Our consideration of the .internal control over financial reporting was for the limited purpose described in, the first paragraph of this section and would not necessarily disclose all deficiencies in Internal control that might be deficiencies, significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we. consider to be material weaknesses, as defined above. This report is intended.: solely for the information and use of the Board of Directors, management of Temple City Community Redevelopment Agency and the State Controller and is not intended to be and should not be used by anyone other than these specified parties. Irvine, California November 19, 2010 - 50 - Agency Name and Address: eo l ie Ct Cavn I Redeye loFtmevr4 Ageri c y 701 Las t muv2 AviaG b{it}e' "Cew 'k COI, CA gi7g° Health & Safety Code Section 33080.1 requires agencies (RDAs) to annually report on their Low & Moderate Income Housing Fund and housing activities for the Department of I lousing and Community Development (14CD) to report on RDAs' activities in accordance with Section 33080.6. Please answer each question below. Your answers determine how to complete the HCD report. 1. Check one of the items below to identify the Agency's status at the end of the reporting period: ❑ New (Agency formation occurred during reporting year. No financial transactions were completed). g Active (Financial and/or housing transactions occurred during the reporting year) ❑ Inactive (No financial and/or housing transactions occurred during the reporting year). ONLY COMPLETE ITEM 7 ❑ Dismantled (Agency adopted an ordinance and dissolved itself before start of reporting year). ONLY COMPLETE ITEM 7 2. During reporting year, how many adopted project areas existed? 1 Ofthese, how many were merged during year? jel If the agency has one or more adopted project areas, complete SCHEDULE HCD-A for each project area. If the agency has no adopted project areas, DO NOT complete SCHEDULE 11CD-A (refer to next question). 3. Within an area outside of any adopted project area(s): (a) did the agency destroy or remove any dwelling units or displace any households over the reporting period, (b) does the agency intend to displace any households over the next reporting period, (c) did the agency permit the sale of any owner -occupied unit prior to the expiration of land use controls over the reporting period, and/or (d) did the agency execute a contract or agreement for the construction of any affordable units aver the next two years? ❑ Yes (any question). Complete SCHEDULE HCD-I3. Fj. No (all questions). DO NOT complete SCHEDULE HCD-B (refer to next question). 4. Di vthe agency's Low & Moderate Income Housing Fund have any assets during the reporting period? id Yes. Complete SCHEDULE HCD-C. ❑ No. DO NOT complete SCHEDULE HCD-C. 5. During the reporting period, were housing units completed within a project area and/or assisted by the agency outside a project area? ❑ Yes. Complete all applicable 11CD SCHEDULES D I -D7 for each housing project completed and HCD SCI {EDUCE. E. Er No. DO NOT complete HCD SCIEDULES DI -D7 or E{CD SCHEDULE E. 6. Specify whether method A and/or B was used to report financial and housing activity information to HCD: [✓� A. Forms. All required HCD SCHEDULES A, 13, C, DI -D7, and E are attached. ❑ B. On-line (hup://www.hcd.ca.gov'rda/) "Lock Report" date: . HCD SCHEDULES not required. (lock date is shown under "Admin"Area and "Report Change History") 7. To the best of my knowledge: (a) the representations made above and (b) agency in formation reported are correct. 12- I4-2010 — j0Ge . 7ulid0 Date Signature of Authorized Agency Representative CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT REDEVELOPMENT AGENCY ANNUAL HOUSING ACTIVITY REPORT FY ENDING: June / 3Q / a010 County of Jurisdiction: jcecu%Ve Pireci,Y x_05 AtAe, le Did the Agency pay SERA From LMIHF? ❑ Yes [J No Title (26.23;-2111 Telephone Number • IF NOT REQUIRED TO REPORT, SUBMI7'ONLY.4 PAPER COPY OF THIS PAGE • IF REQUIRED TO REPORT; AND REPORTING BY USING PAPER FORMS (IN PLACE OF REPORTING ON-LINE), SUBMIT THIS PAGE AND ALL APPLICABLE IIC'D FORMS (SCHEDULES A -E) WITH A COPY OFAGENCY'S A UDI7: • IF REPORTING ON-LINE, PRINT AND SUBMIT "CONFIRMATION LETTER" UPON LOCKING REPORT • MAIL A COPY OF (a) CONFIRMATION LETTER (1FIiCD REPORT WAS ELECTRONICALLY FILED) OR (6) COMPLETED FORMS AND (c) AUDIT REPORT 70 BOTH /ICD AND THE SCO: Department of Housing & Comnnrnity Development Division of Housing Policy Redevelopment Section 1800 3' Street, Suite 430 Sacramento, CA 95814 The State Controller Division of Accounting and Reporting Local Government Reporting Section 3301 CStreet. Suite 500 Sacramento, CA 95816 Redevelopment Agency Annual Report - Fiscal Year 2009-2010 (Revised 10-13-10) HID -cover Pace 1 of I SCHEDULE HCD-A Inside Project Area Activity for Fiscal Year that Ended 6 13 b / 10 Agency Name: I_CnIpe Ci ComfmiyL-_ Ede BVt4- Project Area Name: _FileMead II Vet• Preparer's Name, Title:MoV)ic M4,lv1a Preparers E -Mail Address: 1/V11n1011v -1 l p(et •us• 'tvt 5rUc M . Preparer's Telephone No: VA). - 2171 Preparer's Facsimile No: 614 fig i 72 GENERAL INFORMATION 1. Project Area Information a. I. Year 1" plan for project area was adopted: 1611- 2. Year that plan was last amended (if applicable): 200+ 3. Was plan amended after 2001 to extend time limits per Senate Bill 211 (Chapter 741, Statutes of 2001)? YcsX. No_ 4. Current expiration of plan: Ob / 15 / 15 mo day yr b. If project area name has changed, give previous name(s) or number: 0 X_ c. Ycar(s) of any mergers of the project area: Identify Conner project areas that merged: d. Year(s) project area plan was amended involving real property that either: (1 ) Added property to plan: (2) Removed property from plan: 2. Affordable Mousing Replacement and/or Inclusionary or Production Requirements (Section 33413). Pre -1976 project areas not subsequently amended after 1975: Pursuant to Section 33413(d), only Section 33413(a) replacement requirements apply to dwelling units destroyed or removed after 1995. The Agency can choose to apply all or part of Section 33413 to a project area plan adopted before 1976. If the agency has elected to apply all or part of Section 33413, provide the date of the resolution and the applicable Section 33413 requirements addressed in the scope of the resolution. Date: / / Resolution Scope (applicable Section 33413 requirements): mo day yr Post -1975 project areas and geographic areas added by amendment after 1975 to pre -1976 project areas: Both replacement and inclusionary or production requirements of Section 33413 apply. NOTE: Amounts to report on IICD-A lines 3a(1), 3b -3f, and 3i. can be taken from what is reported to the State Controller's Office (SCO) on the Statement of Income and Expenditures as part of the Redevelopment Agency's Financial Transactions Report, except for the reclassifying or Transfers -In from Internal Funds and the reporting of Other Sources as discussed below: Transfers -1n from other internal funds: Report the amount of transferred funds on applicable HCD-A, lines 361 j. For example, report the amount transferred from the Debt Service Fund to the Housing Fund for the deposit of the required set -aside percentage/amount by reporting gross tax increment on I[CD-A, Line 3a(1) and report the Ilousing Fund's share of expenditures for debt service on IICD-C, Line 4c. Do not report "net" funds transferred from the Debt Service Fund on HCD-A, Line 3n(7) when reporting debt service expenditures on HCI)-C, Line 4c. Other Sources: Non-GAAP (Generally Acceptable Accounting Principles) revenues such as from land sales for those agencies using the Land Held for Resale method to record land sales should be reported on HCD-A Line 3d. Housing fund receipts for the repayment of loan principal should be included on HCD-A Line 3h(1) or on Line 3h(2) if the repayment of loan principal is a result of the FY2009-10 and/or FY2010-I I SERAF. California Redevelopment Agencies - Fiscal Year 2009-2010 Sch A (Revised; 9-28-2010) HCD-A Page 1 of 7 Agency Name: lempletRaley Govwi Aan Project Area Name: se 1ry'l ea.cL- J• Project Area Housing Fund Revenues and Other Sources 3. Report all revenues and other sources of funds from this project area which accrued to the Housing Fund over the reporting year. Any income related to agency -assisted housing located outside the project area(s) should be reported as "Other Revenue" on Line 3j. (of this Schedule A), if this project area is named as beneficiary in the authorizing resolution. Any other revenue sources not reported on lines 3a. -3i., should be reported on Line 3j. Enter on Line 3a(1) the full 100% of gross Tax Increment allocated prior to applicable pass through of funds and deductions for fees (refer to Sections 33401, 33446, & 33676). Compute the required minimum percentage (%) of gross Tax Increment and enter the amount on Line 3a(2)(A) or 3a(2)(B). Report SERAF on Line 3a(3). Next, on Line 3a(4), report the amount of Tax Incrernent set -aside allotted before any exemption and/or deferral. To determine the amount of Tax Increment deposited to the Housing Fund [Line 3a(7)], subtract allowable amounts exempted [Line 3a(5)1 and/or deferred [Line 3a(6)] from the net amount allocated to the Housing Fund [Line 3a(4)1. a. Tax Increment: (1) 100% of Gross Allocation: (2) Calculate only 1 set -aside amount: either (A) or (B) below: (A) 20% required by 33334.2 (Line 3a(1) x 20%): (I3) 30% required by 33333.10(g) (Line 3a(1) x 30%e): (Senate Bill 211, Chapter 741, Statutes of 2001) (3) Supplemental Education Revenue Augmentation Fund (SERAF): (A) SUSPENSION: Only allowed in FY2009-10. MSC Section 33334.2(k) allows agencies to suspend all or part of the set -aside allocation on line 3a(2) to pay FY2009-10 SERAF (complete Sch A, page 3, #4 and Sch-C, page 9) (I3) SERAF REPAYMENT of FY2009-10 SUSPENDED amount (complete Sch A, page 3, #4 and Sch-C, page 3, 8e and page 9). (4) Net amount of tax increment allocated to Housing Fund If the net amount of set -aside allocated is less than the required minimum, identify the project area(s) making up any difference and explain on page 4, box ii5 [per 33334.3(i)1. (5) Amount Exempted (H&SC Section 33334.2) [if there is an amount exempted, also complete page 3, #5a(1) - (2)1: (6) Amount Deferred (H&SC Section 33334.6) [if there is an amount deferred, also complete pages 4-5. #5b(1) - (4)]: (7) Total deposit to the Housing Fund [Net result of Line 3a(4) through 3a(6)1: 21 2-0 ri $ Si1,O2'l $ I �212a5 S $ $ 621 20r� b. Interest Income: c. Rental/Lease Income (combine amounts separately reported to the SCO): d. Sale of Real Estate: e. Grants (combine amounts separately reported to the SCO): f. Bond Administrative Fees: Deferral Repayments [also complete, page 4, Line 5b(3)J: (1) Loan Repayments (other than SERAF): (2) SERAF LOAN Repayments (also complete Sch-C, page 3, 8e and page 9) i. Debt Proceeds: Other Revenue(s) [Explain and identify amount(s)J: g- h. $ ($ k. Total Project Area Receipts Deposited to Housing Fund (add lines 3a(7) and 3b - 3j.): $ 5b California Redevelopment Agencies - Fiscal Year 2009-2010 Sch A (Revised: 9-28-10) FICD-A Page 2 of 7 Agency Name: _ .421fct Redoe 1 � GY1C y Project Area Name: FOGemea d.. 131 ud. Supplemental Educational Revenue Augmentation Fund (SERAF) Suspension of Property Tax Revenue Deposit 4. Check box below and provide information only if the agency, between July 1, 2009 and June 30, 2010, exercised suspension option (Sch A, page 2, Line 3a(3)(A) and did not make the required minimum allocation and deposit of tax increment to the Housing Fund for the purpose of using suspension funds to meet the Fiscal Year 2009-10 SERAF obligation. Note, pursuant to Health and Safety Section 33334.2(k), repayment is required before June 30, 2015. ❑ SERAF [H&SC Section 33334.2(k)]. In FY2009-10 the agency exercised option to suspend allocating and depositing a portion of the minimum 20% of gross property tax increment. Instructions: Please include amounts for ALL fiscal years between FY2009-10 and FY2014-15 (in addition to the current reporting fiscal year) to record agency compliance with repayment requirements as referenced in H&SC Section 33334.2(k)(1)(2)(3). Also report the cumulative total suspended and repaid amounts (Prom all project areas) in Schedule 'C', page 9, box 23. Fiscal Years Applicable to SERAF Suspension and Repayment Deposit Col I identify SERAF Amount Suspended Col 2 Identify any SERAF Repayment (Deposit) Made in Fiscal Year Col 3 Remaining SERAF Balance (Prior year Col 3 minus Current year Repayment Col 2) FY 2009-2010 2009 - 2010 2010-2011 = `.: $ $ $ 201 1 - 2012 $ $ 2012-2013 $ $ 2013 -- 2014 All si::pended I'ilnds: $ $ 2014 - 2015 must'be repaid by• $ fil;30f2015 $ Exemption(s) and Deferral(s) 5. a.(l) If an exemption was claimed on Page 2, Line 3a(5) to deposit less than the required amount, complete the following information: Check only one of the Health and Safety Code Sections below (Note: An Annual Finding is required to be submitted to HCD) ❑ Section 33334.2(a)(1): No need in community to increase/improve supply of lower or moderate income housing. El Section 33334.2(a)(2): Less than the minimum set -aside % (20% or 30%) is sufficient to meet the need. ❑ Section 33334.2(a)(3): Community is making substantial effort equivalent in value to minimum set -aside % (20% or 30%) and has specific contractual obligations incurred before May 1, 1991 requiring continued use of this funding. Note: Pursuant to Section 33334.2(a)(3)(C), this exemption expired on June 30, 1993 hut contracts entered into prior to May 1, 1991 may not be subject to the exemption sunset. El Other: Specify code section and reason(s): (2) For any exemption claimed on Page 2, Line 3a(5) and Line 5a(1) above, identify: Date that initial (I") findi g was adopted: / _ I- - _ _ Resolution # Date sent to FICD: / / mo day yr mo day yr Adoption date of reporting year finding: / 1 Resolution # Date sent to HCD: _ / / mo day yr mo day yr California Redevelopment Agencies - Fiseal Year 21)09-201(1 Sch A (Revised: 9-28- 101 HCD-A Page 3 of 7 Agency Name: TC,YY17 eG �'�Pecteo EIt YL .VI`f ev1 Project Area Name: INe m&.4! 11UGt ' Exemptions and Deferrals continued BOX #5 Identification of Project area and explanation if set -aside deposit is LESS THAN the required minimum Refer to Sch A, page 2, Line 3(a)(4): I)cferral(s) 5. b.(1) if a Defen•al was claimed on Page 2, Line 3a(6) to deposit less than the required amount. complete the following inlorrnation: Check only one of the Health and Safety Code Sections below ❑ Section 33334.6(d): Applicable to project areas approved before 1986 in which the required resolution was sent to HCD before September 1986 regarding needing tax increment to meet existing obligations. Existing obligations can include those incurred after 1985, if net proceeds were used to refinance pre -1986 listed obligations. Note: The deferral previously authorized by Section 33334.6(e) expired. It was only allowable in each fiscal year prior to July I, 1996 with certain restrictions. ❑ Other Health & Safety Code Section here: (2) For any deferral claimed on page 2, Line 3a(6) and Line 5b(1) above, identify: Date that initial (1 ") finding was adopted: / / Resolution # Dale sent In I-ICD: / / mo day yr Adoption date of reportingyear finding: / / Resolution # Date sent to 1-1CD: mo day yr mo day yr mo day yr (3) A deferred set -aside per to Section 33334.6(d) constitutes indebtedness to the Housing Fund. Summarize the amount(s) of set -aside deferred and repayments made during the reporting year and the cumulative amount deferred as of end of FY: REPAYMENTS Fiscal Year Amount Deferred REPAYMENTS of Deferrals During Cumulative Amount This Reporting FY Deferred (Net of Any Amount(s) Repaid *) Reporting FY (1) Last Reporting FY $ 572 t 414- (2) This Reporting FY $ * 5721414 * * The cumulative amount o/ deferred set -aside should also he shown on HCD-C, page 3, Line 8a. If the prior FY cumulative deferral shown above differs from what was reported on the last HCD report (HCD-A and IICD-C), indicate the amount of difference and the reason (use box above if needed): Difference: $ Reason(s): California Redevelopment Agencies — Fiscal Year 2009-2010 Sch A (Revised: 9-28-10) HCD-A Page 4 of 7 Agency Name:] fl1pLe C _FeaeveIopmetr" ie Project Area Name: Fsemead Bkid • I)cferral(s) continued (4) Section 33334.6(1;) requires any agency which defers set -asides to adopt a plan to eliminate the deficit in subsequent years. If this agency has deferred set -asides, has it adopted such a plan? Yes ® No ❑ If yes, by what date is the delicit to be eliminated? If yes, when was the original plan adopted for the claimed deferral? Identify Resolution # CFA 2 C0 Date Resolution sent to HCD When was the last amended plan adopted for the claimed deferral? Identify Resolution # P2A q1-452 Date Resolution sent to HCD 05/ I6/ b_ mo day yr o1/IS/53b mo day yr 07/Ib/86 mo day yr 06115 /91 mo day yr / / mo day yr Actual Project Area Households Displaced and Units and Bedrooms Lost Over Reporting Year: 6. a. Redevelopment Project Activity. Pursuant to Sections 33080.4(a)( I ) and (a)(3), report by income category the number of elderly and nonelderly households permanently displaced and the number of units and bedrooms removed or destroyed, over the reporting year, (refer to Section 33413 for unit and bedroom replacement requirements). Number of Ho eh Project Activity VL L M AM Total Households Permanently Displaced — Elderly Households Permanently Displaced - Non Elderly Households Permanently Displaced —Total Units Lost (Removed or Destroyed) and Required to be Replaced I 1 Bedrooms Lost (Removed or Destroyed) and Required to be Replaced I jE Above Moderate Units Lost That Agency is Not Required to Replace Above Moderate Bedrooms Lost That Agency is Not Required to Replace b. Other Activity. Pursuant to Sections 33080.4(a)(I) and (a)(3) based on activities other than the destruction or removal of dwelling units and bedrooms reported on Line 6a, report by income category the number of elderly and nonelderly households permanently displaced over the reporting year: Number of Households Other Activity VL L M AM Total Households Permanently Displaced — Elderly Households Permanently Displaced - Non Elderly Households Permanently Displaced — Total c. As required in Section 33413.5, identify, over the reporting year, each replacement housing plan required to be adopted before the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported on lines 6a. and 6b. Date / / mo day yr Date / /_ mo day yr Name of Agency Custodian Name of Agency Custodian Please attach a separate sheet of paper listing any additional housing plans adopted. California Redevelopment Agencies - Fiscal Year 2009-2010 Sch A (Revised: 9-28-10) HCD-A Page 5 of 7 Agency Name:T emp) e C+ Fed erieicr vtev4 Ajtvl G Project Area Name: Rosemead 131 vd Estimated Project Area Households to be Permanently Displaced Over Current Fiscal Year: 7. a. As required in Section 33080.4(a)(2) for a redevelopment project of the agency, estimate, over the current fiscal year, the number of elderly and nonelderly households, by income category, expected to be permanently displaced. (Note: actual displacements will be reported for the next reporting year on Line 6). Number of Households Project Activity VL L M AM Total Households Permanently Displaced - Elderly ,C2' Households Permanently Displaced - Non Elderly 0 Households Permanently Displaced - Total li b. As required in Section 33413.5, for the current fiscal year, identify each replacement housing plan required to be adopted before the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported in 7a. Date / / Name of Agency Custodian mo day yr Date / / mo day yr Name of Agency Custodian Please attach a separate sheet of paper listing any additional housing plans adopted. Units Developed Inside the Project Area to Fulfill Requirements of Other Project Area(s) 8. Pursuant to Section 33413(b)(2)(A)(v), agencies may choose one or more project areas to fulfill another project area's requirement to construct new or substantially rehabilitate dwelling units, provided the agency conducts a public hearing and finds, based on substantial evidence, that the aggregation of dwelling units in one or more project areas will not cause or exacerbate racial, ethnic. or economic segregation. Were any dwelling units in this project area developed to partially or completely satisfy another project area's requirement to construct new or substantially rehabilitate dwelling units? ❑ No. ❑ Yes. Date initial finding was adopted? / / Resolution # Date sent to HCD: / / mo day yr mo day yr Number of Dwelling Units Name of Other Project Area(s) VL L M Total California Redevelopment Agencies - Fiseal Year 2009-2010 Seh A (Revised: 9-28-10) HCD-A Page 6 of 7 Agency Name: fiel'Y1 eVe I t?j evt U Project Area Name: �l. `PAWL Sales of Owner -Occupied Units Inside the Project Area Prior to the Expiration of Land Use Controls 9. Section 33413(c)(2)(A) specifies that pursuant to an adopted program, which includes but is not limited to an equity sharing program, agencies may permit the sale of owner -occupied units prior to the expiration of the period of the land use controls established by the agency. Agencies must deposit sale proceeds into the Low and Moderate Income 1 -lousing Fund and within three (3) years from the date the unit was sold, expend funds to make another unit equal in affordability, at the same income level, to the unit sold. a. Sales. Did the agency permit the sale of any owner -occupied units during the reporting year? %No ❑Yes 4— Total Proceeds From Sales Over Reporting Year Number of Units SALES VL L M Total Units Sold Over Reporting Year b. Equal Units. Were reporting year funds spent to make units equal in affordability to units sold over the last three reporting years? NNo Yes $ 4— Total LMIIIF Spent On Equal Units Over Reporting Year Number of Units SALES VL L M Total Units Made Equal This Reporting Yr to Units Sold Over This Reporting Yr ,6 Units Made Equal This Reporting Yr to Units Sold One Reporting Yr Ago 1' Units Made Equal This Reporting Yr to Units Sold Two Reporting Yrs Ago Ij Units Made Equal This Reporting Yr to Units Sold Three Reporting Yrs Ago 0. Affordable Units to be Constructed Inside the Project Area Within Two Years 10. Pursuant to Section 33080.4(a)(10), report the number of very low, low, and moderate income units to be financed by any federal, state, local, or private source in order for construction to be completed within two years from the date of the agreement or contract executed over the reporting year. Identify the project and/or contractor, date of the executed agreement or contract, and estimated completion date. Specify the amount reported as an encumbrance on HCD-C, Line 6a. and/or any applicable amount designated on HCD-C, Line 7a. such as for capital outlay or budgeted funds intended to be encumbered for project use within two years from the reporting year's agreement or contract date. DO NOT REPORT ANY UNITS ON THIS SCHEDULE A THAT ARE REPORTED ON OTHER IICI)-As, B, OR Its. Col A Col B CoI C CoI D CoI E VL L M Total Name of Project and/or Contractor Agreement Execution Date Estimated Completion Date (w/in 2 yrs of Col B) Sch C Amount Encumbered [Line 6a] Sch C Amount Designated [Line 7a] $ $ X $ $ gr $ $ of Please attach a separate sheet of paper to list additional information. California Redevelopment Agencies - Fiscal Year 2009-2010 Sch A (Revised: 9-28-10) HCD-A Page 7 of 7 SCHEDULE IICD-C Agency -wide Activity for Fiscal Year Ended 06 / / 10 Agency Name: Le Ct Co 04 'mum t�` ttQlleoe[op'C kunjt~y: Los M L' l fS ` l U evl Pre arcr'sName,Title: I4OMICL. MO 1144, U 5 VV1'1/1Q lIiGi 4e1'4'l'pl c p• I reparers E -Mail Address: _., e stn- Srv5 Mgr. Prcparer's Telephone No: k14- 2915 2111 Preparcr's Facsimile No: 24 `2 5 -151'2 Low & Moderate Income [lousing Funds us Report on the "status and use of the agency's Low and Moderate Income Housing Fund." Most information reported here should he based on information reported to the State Controller. 1. Beginning Balance (Use "Net Resources Available" From last fiscal year report to 1-lCD) s I 13 8113 3 a. If Beginning l3alance requires adjustment(s),dcscribe and provide dollar amount (positive/negative) making up total adjustment: Use < $ > for negative amounts or amounts to be subtracted. b. Adjusted Beginning Balance [Beginning Balance plus + or minus <-> Total Adjustment(s)) 2. Project Area(s) Receipts and Housing Fund Revenues a. Total Project Arca(s) Receipts. Total Summed amount of HCD-Schedule A(s) (from Line 3k) $ I t 3381 R 33 b. Housing Fund Resources not reported on HCD Schedule -A(s) Describe and Provide Dollar Amount(s) (Positive/Negative) Making Up Total Housing Fund Resources $ c. Total Housing Fund Resources $ 3• Total Resources (Line lb. + Line 2a + Line 2c.) ( 571 $ I t50 5, ,r0 NOTES: Many amounts to report as Expenditures and Other Uses (beginning on the next page) should be taken from amounts reported to the State Controller's Office (SCO). Review the SCO's Redevelopment Agencies Financial Transactions Report. Housing Fund "transfers -out" to other internal Agency funds: Report the specific use of all transferred funds on applicable lines 4a. -k of Schedule C. For example, transfers from the Housing Fund to the Debt Service Fund for the repayment of principal and interest of debt proceeds deposited to the Housing Fund should he reported on the applicable item comprising HCD-C Line 4c, providing tax increment (gross and deposit amounts) were reported on Sch-As. External transfers out of the Agency should be reported on HCD-C Line 4j (e.g.: transfer of excess surplus to the County Housing Authority). Other Uses: Non-GAAP (Generally Accepted Accounting Principles) recording of expenditures such as land purchases for agencies using the Land Held for Resale method to record land purchases should be reported on HCD-C Line 4a(1). Funds spent resulting in loans to the Housing Fund should be included in HCD-C lines 4b., 4f., 4g., 4h., and 4i as appropriate. The statutory cite pertaining to Community Redevelopment Law (CRL) is provided for preparers to review to determine the appropriateness of Low and Moderate Income [lousing Fund (LMIIIF) expenditures and other uses. NCI) does not represent that line items identifying any expenditures and other uses are allowable. CRL is accessible on the Internet ]website: http://www.leainfo.ca.gov/ (California Law)] beginning with Section 33000 of the Health and Safety Code. California Redevelopment Agencies - fiscal Year 2009-201 0 Sch C (Revised: 9-28-10) HCD-C Page 1of11 Agency Name: rem 4. Expenditures, Loans, and Other Uses aedeveloywitnk-- A5011 a. Acquisition of Property & I3uilding Sites I33334.2Ce)(1)1 & 1lousing133334.2( (�]: ( I) Land Purchases (Investment • Land Held .117r Resale) * $ (2) !lousing Assets (Fixed Asset) * $ (3) Acquisition Expense $ (4) Operation of Acquired Property $ (5) Relocation Costs $ (6) Relocation Payments $ (7) Site Clearance Costs $ (S) Disposal Costs $ (9) Other [Explain and identify amount(s)]: $ $ $ * Reported to SCO as part of Assets and Other Debts (10) Subtotal Property/Building Sites/Housing Acquisition (Sum of Lines 1 - 9) $ b. Subsidies from Low and Moderate Income Housing Fund (LMII IF): (1) 1'Time Homebuyer Down Payment Assistance (2) Rental Subsidies (3) Purchase of Affordability Covenants [334I3(b)2(B)I (4) Other [I'sxplain and identify amount(s)1: $ $ $ (5) Subtotal Subsidies from LMIIIF (Sum of Lines I - 4) , 3/ $ l( c. Debt Service (33334.2(c( h If paid from LMII IF. report LM1lIF's share or debt service. If paid from Debt Service Fund, ensure "gross" tax increment is reported on I-ICD-A(s) Line 3a(1). (1) Debt Principal Payments (a) Tax Allocation, Bonds & Notes $ (b) Revenue Bonds & Certificates of Participation $'59,000 (c) City/County Advances & Loans $ (d) U. S. State & Other Long -Term Debt $ (2) Interest Expense $ 61.x-1 Rt-14 (3) Debt Issuance Costs $ (4) Other [Explain and identify amount(s)]: (5) Subtotal Debt Service (Sum of Lines 1 - 4) d. Planning and Administration Costs 133334.3(e)(1)1; (1) Administration Costs (2) Professional Services (non project specific) (3) Planning/Survey/Design (non project specific) (4) Indirect Nonprofit Costs [33334.3(c)(I )(B)] (5) Other [Explain and identify amount(s)I: $ $ $ $ $ (6) Subtotal Planning and Administration (Sum of Lines 1 - 5) California Redevelopment Agencies - fiscal Year 2009-2010 5ch C (Revised: 9-28-101 $ 34,1e2- $ 12;1gL1L- $ 3b 10 L -D FICD-C Page 2 of 11 Agency Name:10110f C (Om Wltdnl Redev 1o4wlev k jG rn P 4 Expenditures, Loins and Othe ses (continued) c. On/Off-Site improvements (33334.2(e)(2)] Complete item 13 f. Housing Construction [33334.2(e)(5)] g. Housing Rehabilitation [33334.2(c)(7)] h. Maintain Supply of Mobilehome Parks [33334.2(e)(1O)] i. Preservation of At -Risk Units [33334.2(0(11)] j. Transfers Out of Agency (1) For Transit village Development Plan (33334.19) $ (2) Excess Surplus [33334.12(a)(1)(A)] 51— (3) Other (specify code section authorizing transfer and amount) A. Section $ 13. Section $ Other Transfers Subtotal $ k. I. $ 20.12-a (4) Subtotal Transfers Out of Agency (Sum of j(1) through j(3)) SERAF loan [33334.2 (k)] Also complete Line 8c (below) and Box 23, pg 9. Other Expenditures, Loans, and Uses [Explain and identify amount(s)]: $ Subtotal Other Expenditures, Loans, and Uses $ m. Total Expenditures, Loans, and Other Uses (Sum of lines 4a.-1.) 5. Net Resources Available [End of Reporting Fiscal Year] [Page 1, Line 3, Total Resources minus Total Expenditures, Loans. and Other Uses on Line 4.1.1 6. Encumbrances and Unencumbered Balance a. Encumbrances. Amount of Line 5 reserved for future payment of legal contract(s) or agreemcnt(s). See I1&SC Section 33334.12(8)(2) for definition. Refer to item 10 on Sch-A(s) and item 4 on Sch-B. b. Unencumbered Balance (Line 5 minus Line 6a). Also enter on Page 4, Line 1 I a. 7- DesignatedlUndesignated Amount of Available Funds a. Designated From Line 6b- Iudgeted/planned to use near -term Refer to item 10 on Sch-A(s) and item 4 on Sch-B b. Undesignaled From Line 6b- Portion not yet budgeted/planned to use $4001,104 $I,ocib14-0D $ I , 01614-00 $ -0- $ 8. Other Housing Fund Assets (non recurrent receivables) not included as part of Line 5 a. Indebtedness from Deferrals of Tax Increment (33334.6) [refer to Sch-A(s), Line 5c (2)]. $ 57214-14 b. Value of Land Purchased with Housing Funds and Held for Development of Affordable Housing. Complete Sch-C item 14. $ c. Loans Receivable for Housing Activities $ d. Residual Receipt Loans (periodic/fluctuating payments) $ c. SERAF Total Receivable [Sec 33334.2 (k)] (Also report in Sch C, Box 23, pg 9.) $ f. ERAF Loans Receivable (all years) (33681) $ g. Other Assets [Explain and identify amount(s)]: h Total Other Housing Fund Assets (Sum of lines 8a. -g.) 9. TOTAL FUND EQUITY [Line 5 (Net Resources Available) +8g (Total Other Housing Fund Assets)] $ Compare Line 9 to the below amount reported to the SCO (Balance Sheet of Redevelopment Agencies Financial Transactions Report. [Explain differences and identify amount(s)]: (572, 1+14) b (572-41 IP ENTER LOW -MOD FUND'1"OTAL EQUITIES (BALANCE SHEET) REPORTED sco 5 It Del Li -00 California Redevelopment Agencies Fiscal Year 20tt9-201 tt Sch C (Revised; 9.28-10) HCD-C Page 3 of 11 Agency Name:Ter([ ? e Ctj Comm Excess Surplus Information Pursuant to Section 33080.7 and Section 33334.12(g)( I ), report on Excess Surplus that is required to be determined on the first day of a fiscal year. Excess Surplus exists when the Adjusted Balance exceeds the greater of: (1) $1,000,000 or (2) the aggregate amount of tax increment deposited to the Housing Fund during the prior four fiscal years. Section 33334.12(g)(3)(A) and (B) provide that the Unencumbered Balance can be adjusted for: (1) any remaining revenue generated in the reporting year from unspent debt proceeds and (2) if the land was disposed of during the reporting year to develop affordable housing, the difference between the fair market value of land and the value received. The Unencumbered I3alancc is calculated by subtracting encumbrances from Net Resources Available. "Encumbrances" are funds reserved and committed pursuant to a legally enforceable contract or agreement for expenditure for authorized redevelopment housing activities [Section 33334.12(8)(2)]. For Excess Surplus calculation purposes, carry over the prior year's HCD Schedule C Adjusted Balance as the Adjusted Balance on the first day of the reporting fiscal year. Determine which is larger: (1) $ I million or (2) the total of tax increment deposited over the prior four years. Subtract the largest amount from the Adjusted Balance and, if positive, report the amount as Excess Surplus. 10. Excess Surplus: vet armevv Complete Columns 2, 3, 4, & 5 to calculate Excess Surpiris for the repur m yearr. Columns 6 and 7 track prior years' Excess Surplus. Column ! Column 2 Column 3 Column 4 Column 5 [ Column 6 Column 7 4 Prior and Current Reporting Total Tax Increment Deposits m HousingFund Sum of Tax Increment Deposits Over Prior Four FYs Current Reporting Year Current Reporting Year ' Amount Expended/Encumbered Against FY Balance of Excess Surplus as of End of Reporting Year Remaining Excess Surplus for Each Fiscal Year as of End of Reporting Year I" Day I Adjusted Balance I" Day Excess Surplus Balances Years 411p1Yrs Ago FY $ $ $ $ 3jYrsAgo FY $ $ $ $ 2 Rpt Yrs Ago $ $ $ $ FY I Rot Yr Ago $ $ $ $ FY CURRENT Reporting ; ) Sum of Column 2 List Year's )1.,C Ca14 minus:largcr $ $ _ , Masted 1344unw of Col 3 or $ l mm Year FY $ Import positive $) $ 1 1. Reporting Year Ending Unencumbered Balance and Adjusted Balance: a. Unencumbered Balance (End of Year) [Page 3, Line 6b] b. If eligible, adjust the Unencumbered Balance for: (1) Debt Proceeds [33334.12(g)(3)(B)]: Identify unspent debt proceeds and related income remaining at end of reporting year $ (2) Land Conveyance Losses [(33334.12(g)(3)(A))J: Identify reporting year losses from sales/grants/leases of land acquired with low -mod funds, if 4970 or more of new or rehabilitated units will be affordable to lower -income households $ $ 12. Adjusted Balance (next year's determination of' Excess Surplus) [Line 1 l a minus sum of I lb(1) & 11b(2)) 1 Note: Do not enter Adjusted Balance in Col 4. 11 is to be reported as next year's lst day amount to determine Excess Surplus a. If there is remaining Excess Surplus from what was determined on the first day of the reporting year, describe the agency's plan (as specified in Section 33334.10) for transferring, encumbering, or expending excess surplus: b. If the plan described in 12a. was adopted, enter the plan adoption date: California Redevelopment Agencies - Fiscal Year 20(19-2111(1 Sch C (Revised' 9 -28 -It ) / / mo day yr HCD-C Page4of 11 Agency Name: __Wari +k dey melt+ Miscellaneous Uses of Funds 13. If an amount is reported in 4c., pursuant to Section 33080.4(a)(6), report the total number of very low-, low-, and moderate - income households that directly benefited from expenditures for onsite/offsitc improvements which resulted in either new construction, rehabilitation, or the elimination of health and safety hazards. (Note: If Line 4e of this schedule does not show expenditures for improvements, no units should be reported here.) Income Level Households Constructed Households Rehabilitated Households Benefiting from Elimination of Health and Safety Hazard Duration of Deed Restriction Very Low Low Moderate 14. If the agency is holding land for future housing development (refer to Line 8h}. summarize the acreage (round to tenths, do not report square footage). zoning, date of purchase. and the anticipated start date for the housing development. Site Name/Location* No. of Acres Zoning Purchase Date Estimated Date Available Comments Please attach a separate sheet of paper listing any additional sites not reported above. 15. Section 33334.13 requires agencies which have used the Housing Fund to assist mortgagors in a homeownership mortgage revenue bond program, or home financing program described in that Section, to provide the following information: a. Has your agency used the authority related to definitions of income or family size adjustment factors provided in Section 33334.13(a}? Yes ❑ No ❑ Not Applicable b, Has the agency complied with requirements in Section 33334.I3(b) related to assistance for very low-income households equal to twice that provided for above moderate -income households? Yes ❑ No ❑ Not Applicable California Redevelopment Agencies - Fiscal Year 2009-2010 Sch C (Revised: 9-28-10) HCD-C Page 5 of I 1 Agency Narnele94 C Cornmuni _R e}l vn 4' Ile U 16. Did the Agency use non-LMILIP funds as matching funds for the Federal I IOME or HOPE program during the reporting period? YES ❑ NO If yes, please indicate the amount of non-LMIHF funds that were used for either HOME or HOPE program support. HOME $ HOPE $ 17. Pursuant to Section 33080.40)(11 ). the agency shall maintain adequate records to identify the date and amount of all LMIHF deposits and withdrawals during the reporting period. To satisfy this requirement, the Agency should keep and make available upon request any and all deposit and withdrawal information. DO NOT SUBMIT ANY DOCUMENTS/RECORDS. Ilas your agency made any deposits to or withdrawals from the LMIHF? Yes ❑ No ❑ If yes, identify the document(s) describing the agency's deposits and withdrawals by listing for each document, the following (attach additional pages of similar information below as necessary): Name of document (e.g. ledger, journal, etc.): Name of Agency Custodian (person): Custodian's telephone number: Place where record can be accessed: Name of document (e.g. ledger. journal, etc.): Name of Agency Custodian (person): Custodian's telephone number: Place where record can be accessed: 18. Use of Other (non Low -Mod Funds) Redevelopment Funds for Housing Please briefly describe the use of any non-LMIHF redevelopment funds (i.c., contributions from the other 80% of tax increment revenue or other non Low -Mod funds) to construct, improve, assist, or preserve housing in the community. 19. Suggestions/Resource Needs Please provide suggestions to simplify and improve future agency reporting and identify any training, information, and/or other resources, etc. that would help your agency to more quickly and effectively use its housing or other funds to increase, improve, and preserve affordable housing? 20. Annual Monitoring Reports of Previously Completed AlTordabIe Housing Projects/Programs (II&SC 33418) Were all Annual Monitoring Reports received for all prior years' affordable housing projects/programs? Yes ❑ No ❑ California Redevelopment Agencies - I•isca] Year 2009-2011) Sch C (Revised 9-28-10) IICD-C Page 6 of 11 Agency Name7Tertyte Cl CoYYIY!] An Reaetictomerh cnc 21. Excess Surplus Expenditure Ilan (H&SC 33334.10(a) N �p ('aliforma Redevelopment Agencies - l fiscal Year 2009-2010 Sch C (Revised: 9-28.101 1-1CD-C 1'age 7 of 11 Agency Name:T 1�--Gba Commons 4eucio Alen+ Arrg. 22, Footnote area to provide additional information. California Redevelopment Agencies - pascal Year 2009-2010 Sch C (Revised. 9-28-101 HCD-C Page 8 of 11 Agency Name:-Te Y]FVeld IO-rnmln TeclasicynyriF Alert. 23. Accounting for SERAF REPAYMENTS - AGENCY WIDE, ALL YEARS Instructions: • For FY2009-10: Add amounts suspended & loaned then enter total in Col 4. • For FY2010-11: Add the amount loaned (for SERAF payment only) to the remaining balance in Co14 from FY2009-10., then subtract any amount repaid, and enter the net total in Col 4. • For all other fiscal years (up to June 30, 2016): subtract the amount of SERAF repaid during each fiscal year from the prior year's remaining balance in Col 4. Continue repaying the Low Mod Fund until the entire amount of any SERAF suspended and/or loaned has been repaid in full, pursuant to the repayment timeframes listed in the Health and Safety Code Sections cited below. Specify Fiscal Year of any repayment Col 1 Amount Suspended ONLY in FY 2009-10 or In FY20 I 0-11 Col 2 2009 - 2010 2010- 2011 2011 - 2012 2012 -- 2013 2013--2014 2014-2015 2015-2016 Amount Loaned for SERAF payment In FY2009-10 Funds srrsprrrrfed & baned F Y20119-1111 must be re aid b 6130/2015 Funds loaned in 1 Y201.0.11 must in repaid by 613012016 Col 3 Amount SERAF REPAID in each Reporting Fiscal Year Col 4 SERAF Balance Remaining Suspending Funds to pay SERAF in FY2009-10 : - H&SC Section 33334.2(k)(1)(2)(3) Pursuant to the !MSC Section 33334.2 (k)(I)(2)(3) agencies are authorized to make SERAF payments by suspending tax increment revenue from being deposited into the Low Mod Funds. Any suspension of funds is limited to Fiscal Year 2009-10 and must be paid back in full to the Low Mod Fund no later than .tune 30, 2015. Borrowing Funds to pay SERAF in FY2009-10 : - 11&SC Section 33690(c)(1)(2) Pursuant to FI&SC Section 33690(c)(1)(2), For Fiscal Year 2009-10, agencies can pay the SERAF by borrowing funds from the Low Mod Housing Fund, but must pay back all of the borrowed funds no later than .tune 30, 2015. Borrowing Funds to pay SERAF in FY2010-11 : - I1&SC Section 33690.5(e)(1)(2) Pursuant to H&SC Section 33690.5(c)(1)(2), For Fiscal Year 2010-11, agencies can pay the SERAF by borrowing funds from the Low Mod !lousing Fund, but must pay back all of the borrowed funds no later than June 30, 2016. Penalties exist for not repaying SERAF to Low Mod Fund: Refer to I1&SC Sections 33020.5, 33331.5, 33334.2, 33688, 33690, 33690.5, 33691 and 33692. California Redevelopment Agencies - Fiscal Year 2009-2010 Sch C (Revised! Y-28- I Ili FICD-C Page 9 of I 1 Agency Name: Ci rn m(,4t'm ed eU . o'I'Ie04. Alma 24 . Project Achievement and HCD Director's Award for Housing Excellence Project achievement information is optional but can serve important purposes: Agencies' achievements can inform others of successful redevelopment projects and provide instructive information for additional successful projects. Achievements may be included in HCD's Annual Report of Housing Activities of California Redevelopment Agencies to assist other local agencies in developing effective and efficient programs to address local housing needs. In addition, FICD may select vanous projects to receive the Director's Award for Housing Excellence, Projects may be selected based on criteria such as local affordable housing need(s) met, resources utilized, barriers overcome, and project innovation/complexity, etc. Project achievement information should only be submitted for one affordable residential project that was completed within the reporting year as evidenced by a Certificate of Occupancy. The project must not have been previously reported as an achievement. To publish agencies' achievements in a standard format, please complete information for each underlined category below addressing suggested topics in a narrative format that does not exceed two pages (see example, next page). In addition to submitting information with other HCD farms to the State Controller. please submit achievement information on a 3.5 inch diskette and identifj• the software type and version. For convenience, the diskette can be separately mailed in: HCD Policy Division, 1800 3rd Street, Sacramento, CA 45811 or data can he attached to an entail and sent to appropriate staff by inquiring of appropriate staff's name and email address by calling 916.445-4728. AGENCY INFORMATION Project "Type (Choose one of the categories below and one kind New/Additional Units (Previously Unoccupied/Uninhabitable): - New Construction to own - New Construction to rent Rehabilitation to own Rehabilitation to rent Adaptive Re -use Mixed Use lnfill Mobilehomcs/Manufactured Homes Mortgage Assistance Transitional Housing Other (describe) of assistance representing the primary project type): Existing Units (Previously Occu - Rehabilitation of Owner -Occupied Rehabilitation of Tenant -Occupied Acquisition and Rehabilitation to Own Acquisition and Rehabilitation to Rent Mobilehomes/Manufactured Homes Payment Assistance for Owner or Renter Transitional Housing Other (describe) • Agency Name: • Agency Contact and Telephone Number for the Project: DESCRIPTION • Project Name • Clientele served [owner, renter, income group, special need (e.g. large family or disabled). etc.] • Number and type of units and location, density, and size of project relative to other projects, etc. • Degree of affordability/assistance rendered to families by project, etc. • Uniqueness (land use, design features, additional services/amenities provided, funding sources/collaboration, before/after project conversion such as re -use, mixed use, etc.) • Cost (acquisition. clean-up, infrastructure, conversion, development, etc.) IIISTORY • Timeframe from planning to opening • Barriers/resistance (legal/financial/community, etc.) that were overcome • Problems and creative solutions found • Lessons learned and/or recommendations for undertaking a similar project AGENCY ROLE AND ACHIEVEMENT • Degree of involvement with concept, design, approval, financing, construction, operation, and cost, etc. • Specific agency and/or community goals and objectives met, etc. California Redevelopment Agencies - Fiscal Year 2009-2uu10 5ch C (Revised 9.28-10) HCD-C Page 10 of 11 C over Page STATEMENT OF INDEBTEDNESS - CONSOLIDATAED FILED FOR THE 2010- 2011 TAX YEAR Name of Redevelopm ent Age ncy: Temple City C omm unity Red evelopm ent Na me of Project Area: 270.02 Temple City Rosemead Boule vard R.P . Account No. : 270.02 Current Balances Carried Forw ard From: Total Principal Int erest Li ne Outsta nding D ebt Due During Ta x Year Fiscal Perio d -Tota ls From Form A, Pa•e 1 Totals 1 18,886,762 1,356,139 (O ptional) Post Fiscal Period - Totals (From Form B Totals) (2) Grand Totals (3 18,886,762 1,356 .139 Available Rev enu es From Calculation of Available Rev enues, Line 7 (4) 317,253 Net (5) 18.569,509 : .. ... ... .. .. ..... .... . Requiremen t Consolidate on this form all of the data contained on Form A and B (including supplemental pages) . Form A is to include all ind ebtedness entered into as of June 30 of the Fiscal Year, Fo rrn B may be filed at the option of the agency, and is to include indebtedness entered into post June 30 of the Fiscal Year, pursuant to Health and Sa fety Co de Section 33675(c)(2). This is optional for each agency and is not a requirement for filing the Statement of Indebtedness. The Reconciliation Statement is to include indebtedness from Form A only. Certification of Chief Financial Officer: Pursuant lo Section 33675 (b) of the Health and Safety Code. hereby certify that the above is a true and accurate Statement of indebtedness for the above named agency. Rev 613194 Titl e: City Manager Dal e: 09/24/2010 STATEMENT OF INDEBTEDNESS - FISCAL YEAR INDEBTEDNESS FILED FOR THE 2010 - 2011 T AX YEAR Name of Redevelopment Agency: Temple City Community Rede vel opment Name of Project Area: 270 .02 Temple City Rosem ead Boule vard R .P. Fo r Indebtedness Entered int o as of June 30, 2010 Form A Pag e 1 of 1 Ac ct. # 270.02 Debt Identification Original Data Current Date Principal Term Interest Rate Total Interest Total Outstanding Debt Principalllnterest Due During Tax Year (A) Advance from City - 1998 1016/1998 2.681,191 6/15/2017 7% 3 .827,565 4,073.226 300,000 (B) Advance from City - 2003 1/7/2003 115.824 6/15/2017 7% - - - (C) Low/Mod Set Aside FY 1985/86 - FY 2025/26 2,994.134 n/a n/a N one 3,353.691 165.483 (0) Los A ngele s County 9/2005 342.123 FY 2005106 - FY 2025/26 n/a None 259,982 17.000 (E) City Administrative Fee 6/2003 76,105 FY 2005/06 - n/a None 215,570 215,570 (F) 2005 Refunding Revenue Bonds 9/15/2005 8,000 ,000 9/1/2025 3% - 5% 4,447,066 9,833,127 618,086 (G) Pass Throughs 9/2005 1.269 ,625 FY 2005/06 - FY 2025/26 Ma None 1 .151.166 40 .000 Total This Page 18.886.762 1,356 .139 Purpose of Indebtedness: (A) Consolidation of various advance s for acquisition of property (B) Advance from City for Agency's obligation under a DOA (C) Estimate of 20% set -aside over life of bonds (D) Estimate of Los A ngeles County administrative fee over life of bonds (E) City of Temple City administrative fee estimate (F) Refund O /S 1993 Revenue Bonds, provide funds for project area projects (G) Estimate of pass-throughs to other agencies over life of bonds RECONCILIATION STATE MENT - CHANGES IN INDEBTEDNESS Page 1 of Name of Agency: Name of Project Area: Account No.: Tax Year: 2010-2011 Rec onciliation Dates: From July 1, 2009 TO June 30, 2010 . 9 13 S JZ E E Debt Identification: Outstanding Debt Adjustments Am ounts P aid Ag ai nst Remaining . SOI, page and line. Brief Description All Beginning Indebtedness Increases (Attach E xplanation) Decreases (Attach Explanation) indebtedness. from: Balance (A+B-C-D-E) Prior Yr Current Yr Tax Increment Other Funds Pg 1 Line A Pg 1 Line A Advance from City- 1998 4,245.337 - - 172,111 - 4,073,226 Pg 1 Line B Pg 1 Line B Advance from City - 2003 - - - - - - Pg 1 Line C Pg 1 Line C Low/Mod Set -Aside Deferred 572,474 - - - - 572,474 Pg 1 Line C Pg 1 Line C Low/Mod Set -Aside 2,943,801 - 379 162205 - 2.781 ,217 Pg 1 Line 0 Pg 1 Line D Los Angeles County 274,573 431 - 15.022 - 259 ,982 Pg 1 Line E Pg 1 Line E City Administrative Fee 90,000 228,840 - 103,270 - 215.570 Pg 1 Line F Pg 1 Line F 2005 Refunding Revenue Bonds 10,452.168 - - 619,041 - 9.833.127 Pg 1 Line G Pg 1 Line G PassThroughs 1,181,962 9,250 - 40,046 - 1.151.166 TOTAL- THIS PAGE 19,760,315 238.521 379 1,111.695 - 18,886,762 TOTALS FORWARD GRAND TOTALS 19,760,315 238,521 379 1,111,695 - 18.886,762 NOTE: This form Is to reconcile the previous Statement of Indebtedness to the current one being filed . However, since the reconciliation period is limited by la w to a Ju ty 1 - Ju ne 30 fisca l yea r pe riod, on ly tho se ite ms Inc lu de d on the 50 1 Form A is to be i ncluded on this docume nt. To assist in foll owing each item of indebtedness from one SOI to the next, use page and line number references from each SOI that the item of indebtedness is listed on. If the indebtedness Is new to this fiscal year, enter "new" In the "Prio r Yr" page and line columns. Column F must equal the current SOI, Form A Total Outstanding Debt co lumn. Rev, 6/3/94 CALCULATION OF AVAILABLE REVENUES AGENCY NAME PROJECT AREA TAX YEAR: 2010-2011 RECONCILIATION DATES JULY '1, 2009 NOTES Temple City Community Redevelopment Agency 270.02 Temple City Rosemead Boulevard R.P. TO JUNE 30, 2010 1. Beginning Balance, Available Revenues (See instructions) $ 482,897 2. Tax Increment Received - Gross All Tax Increment Revenues, to include any Tax Increment passed through to other local taxing agencies 811,024 3. All other Available Revenues Received (See Instructions) 135,027 4. Revenues from any other source, included in Column E of the Reconciliation Statement, but not included in (1-3) above 5. Sum of Lines 1 through 4 1,428,948 6. Total amounts paid against indebtedness in previous year. (D t E on Reconciliation Statement) 1,111 695 7. Available Revenues, End of Year (5 - 6) FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS, COVER PAGE, LINE 4 317,253 Tax Increment Revenues: The only amount(s) to be excluded as Tax Increment Revenue are any amounts passed through to other focal taxing agencies pursuant to Health and Safety Code Section 33676 Tax Increment Revenue set -aside in the Low and Moderate Income Housing Fund will be washed in the above calculation, and therefore omitted from Available Revenues at year end. Item 4. above. This represents any payments from any source other than Tax Increment OR available revenues For instance, an agency funds a project with a bond issue. The previous 801 included a Disposition Development Agreement (DDA) which was fully satisfied with these bond proceeds. The DDA would be shown on the Reconciliation Statement as fully repaid under the "other" column (Col E), but with funds that were neither Tax Increment, nor "Available Revenues" as defined. The amounts used to satisfy this DDA would be included on line 4 above in order to accurately determine ending "Available Revenues."