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Home My Public Portal About33 Whitewater Project Area WHITEWATER PROJECT AREA ~~_ - ~;~~ ~,__ " WHITEWATER DEBT SERVICE FUND CITY OF RAtyC O MIRAGE FUND 470 WHITEWATER DEBT SERVICE FUND REDEVELOPMENT AGENCY . , ~~: PROGRAM DESCRIPTION The Whitewater Debt Service Fund accounts for receipt of property tax revenue known as tax increment revenue generated by the Whitewater Project Area of the Redevelopment Agency. Pursuant to redevelopment law, 20% of the tax increment revenue generated is to be expended for low-and moderate- income housing purposes. The remaining 80% is available for debt service on Redevelopment Agency indebtedness, required sharing of tax increment revenue with other taxing agencies pursuant to formal agreements (commonly known as pass-through agreements), Redevelopment Agency operating costs such as 50% of the salary and benefits of the Economic Development Director and Management Analyst (the other 50% is paid by Northside), the Riverside County's fee to collect tax increment revenue, the reimbursement to the General Fund for staff support and capital projects. Budgeted tax increment revenue for the Whitewater Debt Service Fund is reported at gross. Twenty percent (20%) of this gross is transferred to the Redevelopment Agency's Low Cost Housing Fund and subsequently to the Housing Authority. After addressing requirements for debt service, pass-through payments and identified operating costs, available tax increment is transferred to the Whitewater Capital Projects Fund. EXPENDITURE SUMMARY FOIm I~XpEND11U1~ SUMMARY 2001 /02 2002/03 2002/03 2003/04 2004/05 470 WBITEWATFR D~'1' S1~RVI1~ FOND Actual Budget Estimate Budget Budget Professional & Technical Services 152,091 468,602 445,134 460,042 467,012 Debt Service Expenditures 3,171,297 4,374,346 3,400,346 3,393,256 3,499,428 Pass-throughs 5,177,098 6,235,754 6,235,760 6,799,531 7,186,760 20% Transfer to Low & Mod. Fund 2,118,680 2,440,000 2,440,000 2,611,200 2,730,800 Escrowed Bond Proceeds 4,737,865 0 0 0 0 Transfer to Capital Project Fund 553,371 0 0 21,971 0 Total Expenditures 15,910,402 13,518,702 12,521,240 13,286,000. 13,884,000 Change in Budget -1.72% 4.50% BUDGET HIGHLIGHTS FY 2003-04 Total estimated property tax increment for FY 2003-04 is $13,056,000 of which 20% or $2,611,200 is set aside for housing purposes. This assumes a 7% estimated growth in assessed values. Total principal and interest debt service expenditure for the fiscal year is $3,155,256. This is based on the debt service schedules for 1994, 1997, 2001 and 2002 tax allocation bonds. 311 Only $21,971 of tax increment is projected to be available for transfer to Whitewater Capital Projects Fund. This amount will fluctuate based on the size of the ERAF shift. Were there no ERAF shift, the transfer would be $305,543. • In FY 2002-03, the Whitewater Debt Service Fund paid $283,5?2 for the ERAF (Education Revenue Augmentation Fund) shift of tax. increment revenue to K-12 schools and community colleges. For budgeting purposes, it is projected that $283,572 will be paid in FY 2003-04 as well since it is unknown what amount the State will establish. A higher amount will eliminate the $21,971 budgeted transfer to the Whitewater Capital Project Fund. • Staff is currently reviewing the financial feasibility of issuing tax allocation bonds in early FY 2003- 04. Additional debt service costs and revenue from bond proceeds have not been budgeted. FY 2004-05 • Total estimated property tax increment for FY 2004-OS is $13,654,000 of which 20% or $2,730,800 is set aside for housing purposes. This assumes a 4.6% estimated growth in assessed values. • Total principal and interest debt service expenditures of $3,260,428. This is based on debt service schedules for the 1994,1997, 2001 and 2002 tax allocation bonds. • No .tax increment is projected. to be available for transfer to Whitewater Capital Projects Fund. Were there no ERAF shift, the transfer would be $283,572. • At June 30, 2002, the Whitewater Project Area was owed $5,964,000 by the Riverside County Transportation Commission (ROTC) for the prior widening of Highway 111. This amount is currently $6.1 million. Based on information provided by the Coachella Valley Association. of Governments (CVAG), repayment is projected to occur as follows: $1.6 million in FY 2003-04, $1.8 million in FY 2004-05, $1.9 million in FY 2005-06, and $800,000 in FY 2006-07. The first two payments have been budgeted as revenue in the Capital Projects Fund. • At June 30, 2002, the Whitewater Project Area owed the General Fund $5,636,919. By June 30, 2003, this amount is projected to increase to approximately $7.1 million. Above repayments from RCTC through CVAG will be used to repay this debt. Principal repayment ®f $572,681 and $1,075,540 is budgeted in the Capital Project Fund for FYs 2003-04 and 2004-05, respectively. Budgeted interest payments on the debt total $238,000 and $239,000 in FY 2003-04 and FY 2004-05, respectively. 312 RANCHO MIRAGE REDEVELOPMENT AGENCY FOND FINANCIAL SUMMARY FUND 470 - W8ITEWATER DEBT SERVICE FIEND arv of a nc o menace a ~ ~ FY 01-02 FY 02-03 FY 02-03 FY 03-04 FY 04-OS Actual Budget Estimate Bud¢et Budget Beginning Fund Balance $ 4,354,764 1,692,907 4,075,912 4,054,205 4,054,205 Revenues Tax Increment 10,593,402 12,200,000 12,200,000 13,056,000 13,654,000 Interest City Investments 3,898 28,800 4,000 4,000 4,000 Interest Trustee Investments 218,243 201,200 226,000 226,000 226,000 Others -Bond Proceeds 4,745,000 4,809,202 0 0 0 0 erating Transfer In p 71,007 1,013,000 69,533 0 0 Total Revenues 15,631,550 18,252,202 12,499,533 13,286,000 13,884,000 Expenditures Bond Servicing 19,825 27,000 20,000 25,000 25,000 ERAF Shift 0 283,572 283,572. 283,572 283,572 County Property Tax Collection Fee 132,266 158,030 141,562 151,470 158,440 Principal on Bonds 710,000 1,110,000 1, l 10,000 1.,150,000 1,300,000 Interest on Bonds 1,935,023 2,048,346 2.,048,346 2,005,256 1.,960,428 Escrowed Bond Proceeds 4,737,865 0 0 0 0 Pa -off Remainin Com onent of 1992 Bonds y g p 244,577 0 0 0 0 Repayment of Loan to General Fund 0 1,013,000 0 0 0 Interest on Loan from General Fund 281,697 203,000 242,000 238,000 239,000 Pass-Through Payments: Coun Su erintendent of Schools ty P 101,828 132,476 132,464 148,588 159,845 Riverside County 3,836,610 4,644,463 4,644,492 5,075,580 5,370,282 CVWD 743,344 880,702 880,713 952,121 1,001,871 CV Mosquito Abatement 127,347 151,597 1 S 1,607 164,532 173,562 CV Recreation & Park District 24,881 .28,436 28,435 31,896 34.,313 CV Cemetery District 4,083 4,701 4,666 5,234 5,630 PS Cemetery District 7,843 10,500 10,499 11,777 12,670 CV Resource Conservation 303 379 377 423 456 Libra Fund rY 330,860 . 382,500 382,507 409,380 428,131 Transfer to Ca ital Project Fund P 553,371 0 0 21,971 0 Transfer to Low Cost Housing Fund 2,118,680 2,440,000 2,440,000 2,611,200 2,730,800 Total Ex enditures P 15,910,402 13,518,702 12,521,240 13,286,000 13,884,000 Endin Fund Balance $ 4,075,912 6,426,407 4,054,205 4,054,205 4,054,205 g 313 REV6NOE ACI7V17Y DEfA1L For ~7sCel Yean 2003.04 and 2004.05 FUND 470 • WBITEWATER DFBT SERVICE FUND' Budget Budget ACCOUNT ACCOUNT FY 2003-2004 FY 2004-2005 NUMBER NAME DESCRIPTIONS AND ASSUMPTIONS AMOUNT. AMOUNT 4036 Tax Increment Incremental growth in property tax revenue generated subsequent to formation of a redevelopment project area. $ 13,056,000 $ 13,654,000 TOTAL $ 13,056,000 $ 13,654,000 5800 Interest Interest earned on cash investments. Assumption: Based on 3.5% interest rate for FY 2003-04 and 3.3 % for FY 2004-05. $ 4,000 $ 4,000 TOTAL $ 4,000 $ 4,000 5810 Interest Trustee Interest earned on cash and investments held by the City's trustee. Assumption: Based on specific reserve fund investments. $ 226,000 $ 226,000 TOTAL $ 226,000 $ 226,000 FUND TOTAL $ 13,28b,000 $ 13,884,000 31.4 EXPENDITURE ACf1VITY DETAIL For Fiscal Years 2003-04 antl 2004-05 FUND 470 • WBITEWATER DEBT SERVICE FUND Budget Budget ACCOUNT ACCOUNT F Y 2003-2004 FY 2004-2005 NUMBER NAME NSTIFICATION FOR STAFF REQUESTS AMOUNT AMOUNT 7440 Bond Servicing Fees for trustee and arbitrage calculation services. $ 25,000 $ 2.5,000 TOTAL $ 25,000 $ 25,000 7590 ERAF Shift Mandated sharing of tax increment with the state for (Educational Revenue K-12 schools and community colleges. Based on FY Augmentation Fund) 02-03 actual payment. $ 283,572 $ 283,572 TOTAL $ 283,572 $ 283,572 7863 County Processing Riverside County charge for collecting property tax. $ 151,470 $ 158,440 Fee- TOTAL $ 151,470 $ 158,440 8200 Principal Payment Amount of scheduled principal payments on outstanding bond issues. $ 1,150,000 $ 1,300,000 TOTAL $ 1,150,000 $ 1,300,000 8205 Interest Payment Amount of scheduled interest payments on outstanding bond issues. $ 2,005,256 $ 1,960,428 TOTAL $ 2,005,256 $ 1,960,428 8245 Interest on Loan Amount of projected interest payments on outstanding loan from the General Fund. Interest rate is based on Cit}~s overall portfolio rate of return. $ 238,000 $ 239,000 TOTAL $ 238,000 $ 239,000 8300 Pass-through - Amount of tax increment passed through pursuant to Co. Superintendent pass through agreement. $ 148,588 $ 159,845 of Schools TOTAL $ 148,588. $ 159,845 8310 Pass-through - Amount of tax increment passed through pursuant to Riverside County pass through agreement. $ 5,075,580 $ 5,370,282 TOTAL $ 5,075,580 $ 5,370,282 8315 Pass-through - Amount of tax increment passed through pursuant to CVWD pass through agreement. $ 952,121 $ 1,001,871 TOTAL $ 952,121 $ 1,001,871 8320 Pass-through - Amount of tax increment passed through pursuant to CV Mosquito pass through agreement. $ 164,532 $ 173,562 Abatement TOTAL $ 164,532 $ 173,562. 315 EXPENDITURE ACTIVITY DETNL For fiscal Years 2003.04 and 200405 FUND 470 • ~WHITEWATER DEBT SERVICE FUND Budget Budget ACCOUNT ACCOUNT F Y 2003-2004 F Y 2004-2005 NUMBER NAME JUSTIFICATION FOR STAFF REQUESTS .AMOUNT AMOUNT 8330 Pass-through - Amount of tax increment passed through pursuant to CV Rec. 8~ Park pass through agreement. $ 31,896 $ 34,313 TOTAL $ 31,896 $ 34,313 8335 Pass-through - Amount of tax increment passed through pursuant to CV Cemetery pass through agreement. $ 5,234 $ 5,630 TOTAL $ 5,234 $ 5,630 8340 Pass-through - Amount of tax increment passed through pursuant to PS Cemetery District pass through agreement. $ l 1,777 $ 12,670 TOTAL $ 11,777 $ 12,670 8345 Pass-through - Amount of tax increment passed through pursuant to CV Resource pass through agreement. $ 423 $ 456 Conservation TOTAL $ 423 $ 456 8360 Transfer to the Amount of tax increment contributed to Library Community Services Fund (through the Community Services District) District for pass- following withdrawal from Riverside City and through to the County Public Library System. $ 409,380 $ 428,131 Library Fund TOTAL $ 409,380 $ 428,131 8815 Transfer to Capital Amount of excess tax increment available for capital Projects Fund projects. $ 21,971 $ - TOTAL $ 21,971 $ - 8825 Transfer to Low Cost 20% of gross tax increment revenue transferred to Housing Fund Low Cost Housing Fund. $ 2,611,200 $ 2,730,800 TOTAL $ 2,611,200 $ 2,730,800 FUND TOTAL $ 13,286,000 $ 13,884,000 31.6 ,: ;~ .- ..~ ~~': ~. r. ., ?~ Y~: .:~~, ~, WHITEWATER CAPITAL PROJECTS FUND CITY OF RAMC O MIRAGE a'~ FUND 370 WHITEWATER CAPITAL PROJECTS FUND !~ REDEVELOPMENT AGENCY ~, .. `.. ~... ~ ,. ._ _ ~_ s ~~ ~. ~ _ PROGRAM DESCRIPTION The Whitewater Capital Projects Fund is one of two capital projects funds of the Redevelopment Agency's five funds; the other is the Northside Capital Projects Fund. This Fund is used to account for resources used to finance a variety of capital projects, an economic incentive program and various operating costs such as the annual reimbursement to the General Fund for staff support. Fifty percent of staff costs related to the Economic Development Director and Management Analyst positions are charged directly to this Fund. The remaining 50% is charged to the Northside Capital Projects Fund. This Fund relies on two sources of funding. The first source is the annual transfer of tax increment from the Whitewater Debt Service Fund. The second source of funding is bond proceeds. In the case of this Fund, all proceeds from the 1997, 2001 and 2002 tax allocation bonds have previously been spent. EXPENDITURE SUMMARY FOND IXPENDITURE SUMMARY 2001 /02 2002/03 2002/03 2003/04 2004/05 370 Wl{ITEWAT~t CAPITAL PROJECT FIEND Actual Budget Estimate Budget Budget Personnel 71,678 98,758 99,176 132,030 150,039 Operations & Maintenance 9,868,705 544,740 544,072 487,514 535,567 General Fund Loan Repayment 2,624,000 0 1,013,020 572,681 1,114,095 Capital 0 0 5,004 0 0 Capital lmpro~nements 7,872, 395 1, 047,088 1, 234, 820 0 0 Total Expenditures 20,436,778 1,690,586 2,896,092 1,192,225 1,799,701 BUDGET HIGHLIGHTS FY 2003-04 • $21,971 of tax increment is projected to be available for transfer from the Whitewater Debt Service Fund. • Budgeted operating expenditures totaling $619,544 are decreasing $23,954 (3.72%) from $643,498 due to the decrease of $39,000 in professional/technical services, a decrease of $11,706 in the reimbursement to the General Fund for staff support offset primarily by the full-year funding of the Management Analyst. • Nothing has been budgeted for bond proceeds from the potentia12003 Whitewater tax allocation bond issue. Staff is currently reviewing the financial feasibility of issuing bonds. • $572,681 is budgeted for partial repayment of the loan from the General Fund. At June 30, 2004, the loan balance is projected to be $6,506,026. 317 FY 2004-OS • $0 tax increment is projected to be available for transfer from the ~hitewater Debt Service Fund. $1,114,095 is budgeted for partial repayment of the loan from the General Fund. At June 30, 2005, the loan balance is projected to be $5,391,931. • Budgeted operating expenditures totaling $685,606 are increasing $66,062 (10.66%) from $619,544 primarily due to a $48,009 increase in the amount budgeted for reimbursement to the General Fund for staff support. 318 RANC80 MIRAGE REDEVELOPMENT AGENCY FUND FINANCIAL SUMMARY uN of a nc o miaace e FUNDS 370 WHITEWATER CAPITAL PROJECTS FUND ~ ~ Beginning .Fund Balance FY 01-02 FY OZ-03 FY 02-03 FY 03-04 FY 04-OS Actual Bud et Est Budget Budget Reserve for encumbrances $ 3,856,435 0 1,429,080 0 0 Reserve for continuing appropriations 4,824,380 0 4,916,650 3,150,024 0 Reserve for Receivable 567,422 560,147 560,147 560,147 560,147 Undesignated fund balance (5,897,059) 0 (2,331,851) (2,008,377) (1,576,531) Total Beginning Fund Balance 3,351,178 560,147 4,574,026 1,701,794 (1,016,384) Revenues Interest on investments 0 0 17,562 0 0 Interest on bond proceeds 217,585 72,000 72-,000 0 0 Transfer from Debt Service Fund 553,371 0 0 21,971 0 Reimbursements for Capital Projects 0 486,000 695,100 1,600,000 1,800,000 Bond Proceeds 10,170,000 5,377,810 0 0 0 Miscellaneous 2,100 0 2,100 2,100 2,100 General Fund Loan Proceeds 4,691,010 1,120,000 2,454,808 0 0 Operating Transfer In 6,025,560 0 8,970 0 0 Total Revenues 21,659,626 .7,055,810 3,250,540 1,624,071 1,802.,100 Expenditures Capital improvements proj ects from loan proceeds/fund balance: Current year's budget Reserve for encumbrances/ continuing appropriations 1991 & 1992 Tax Allocation Bonds Bond Issuance Costs General Fund loan repayment Other expenditures Total Expenditures Ending Fund Balance Reserve for encumbrances Reserve for continuing appropriations Reserve for Receivable Undesignated fund balance Total Ending Fund Balance 1,561,327 1,047,088 1,016,114 0 0 6,311,068 6,345,730 3,226,680 3,150,024 0 7,942,916 0 0 0 0 688,117 0 0 0 0 2,624,000 0 1,013,020 572,681 1,114,095 1,309,350 643,498 866,958 619,544 685,606 20,436,778 8,036,316 6,122,772 4,342,249 1,799,701 1,429,080 0 0 0 0 4,916,650 0 3,150,024 0 0 560,147 560,147 560,147 560,147 560,147 (2,331,851) (980,506) (2,008,377) (1,576,531) (1,574,132) $ 4,574,026 (420,359) 1,701,794 (1.,016,384) (1,013,985) 319 REVENGE ACf1VITY DEfA1L FoI Fiscal YPalx 2003-04 antl 200405 FUHD 370 ~ W8ITEWATER CAPITAL PRO]ECTS FUND Budget Budget ACCOUNT ACCOUNT FY 2003-2004. FY 2004-2005 NUMBER NAME DESCRIPTIONS AND ASSUMPTIONS AMOUNT AMOUNT 5335 Reimbursement from Reimbursement from RCTC for Highway 111 Other Agencies widening project. Amount owed is $6.1 million; $1.6 million will be repaid in FY 2003-04 and $1.8 million in FY 2004-05. $ 1,600,000 $ 1,800,000 TOTAL $ 1,600,000 $ 1,800,000 6140 Rent Monthly rental ($175) from Fairway Outdoor Advertising. $ 2,100 $ 2,100 TOTAL $ 2,100 $ 2,100 6435 Transfer from Debt Amount of excess tax increment transferred from the Service. whitewater Debt .Service Fund. Assumption: Residual balance of available tax increment revenue $ 21,971 $ - TOTAL $ 21,971 $ - FUND TOTAL $ 1,624,071 $ 1,802,100 320 EXPENDI7'ORE ACf1VITY DEfA1L For FfsCal YPars 2003.04 enU 200405 FUND 370 • WHITEWATER CAPITAL PROJECTS FUND Budget Budget ACCOUNT ACCOUNT FY 2003-2004 FY 2004-2005 NUMBER NAME NSTIFICATION FOR STAFF REQUESTS AMOUNT AMOUNT 7100 Salaries - Redevelopment Agency Board of Directors $ 1,800. $ 1,800 Full Time YZ of Economic Development Director's salary 58,401 62,559 %2 of Management Analyst's salary 30,421 33,220 TOTAL $ 90,622 $ 97,579 7200 Benefits Benefits paid by City including group insurance, retirement and other benefits ('/2 of Economic Development's benefits). $ 39,077 $ 50,089 TOTAL $ 39,077 $ 50,089 7250 Workers' Premium for Redevelopment Agency employees. $ 2,331 $ 2,371 Compensation TOTAL $ 2,331 $ 2,371 7400 Professional/ ~ Costs for professional services; such as legal and Technical financial advisory services. $ 50,000 $ 50,000 TOTAL $ 50,000 $ 50,000 7432 Auditing Services Annual financial audit of the Redevelopment Agency. $ 2,200 $ 2,244 TOTAL $ 2,200 $ 2,244 7803 Car Allowance % of $300/month for use of Economic Development Director's car for attendance at local meetings, $ 1,80.0 $ 1,800 TOTAL $ 1,800 $ 1,800 7806 Meetings & Travel Workshops and conferences for groups such as International Council of Shopping Centers (ICSC), League of California Cities, California Redevelopment Association- (CRA), International City Management Association (ICMA), and Coachella Valley Economic Partnership (CVEP). $ 5,000 $ 5,000 TOTAL $ 5,000 $ 5,000 321 EXPENDI'NRE ACf1VITY DETAIL For flscai Years 200304 antl 2004.05 FUND 370 • WHITEWATER CAPITAL PROJECTS FUHD Budget Budget ACCOUNT ACCOUNT FY 2003-2004 FY 2004-2005 NUMBER NAME JUSTIFICATION FOR STAFF REQUESTS AMOUNT AMOUNT 7818 Dues & Subscriptions Memberships and subscriptions with International Council of Shopping Centers (ICSC), International City Management Association (ICMA), California Redevelopment Association (CRA), Municipal Management Assistants of Southern, California (MMASC), Wheeler's Desert Letter and Shopping Centers Today. $ 8,000 $ 8,000 TOTAL $ 8,000 $ 8,000 7824 Communication For hand held radios, pagers and cell phones. $ 500 $ 500 Maintenance/Service TOTAL $ 500 $ 500 7839 Reproduction & Printing for special projects. $ 4,000 $ 4,000 Printing TOTAL $ 4,000 $ 4,000 8000 Supplies Miscellaneous office supplies. $ 1,200 $ 1,200 TOTAL $ 1,200 $ 1,200 8215 Interfund Loan Repayment of General Fund advance. $ 572,681 $ 1,114,095 Repayment TOTAL $ 572,681 $ 1, l 14,095 8500 General Fund Reimbursement for General Fund, staff support Reimbursement + 15% overhead. $ 414,814 $ 462,823, TOTAL $ 414,814 $ 462,823 FUND TOTAL $ 1,192,225 $ 1,799,701 322 CITY QF RAnC O MIRAGE ,, ~~° WHITE WATER ECONOMIC DEVELOhMENT FUND FUND 371 WHITEWATER ECONOMIC DEVELOPMENT FUND REDEVELOPMENT AGENCY PROGRAM DESCRIPTION The Economic Development Department is a major component of the City's redevelopment efforts aimed at actively pursuing new quality commercial and retail development to diversify and strengthen Rancho Mirage's economic base. Several years ago, the activities of economic development were transferred from the City Manager's office to the Redevelopment Agency to better focus redevelopment resources on securing business opportunities to assist with revitalizing the local economy. Under the direction of the Economic Development Director, this important function of the Redevelopment Agency is responsible for the overall management of the City's efforts towards business retention, business expansion and business attraction. In FY 2002-03, the Redevelopment Agency expanded the economic development program by adding a new staff position - a Redevelopment Analyst. FY 2001-02 ACCOMPLISHMENTS • Facilitated the opening of the $50 million River at Rancho Mirage project. The upscale 30-acre entertainment/retail center started opening in phases beginning in fall 2001, at the key commercial intersection of Bob Hope Drive and Highway 111. • Initiated the implementation of three Disposition and Development Agreements ("DDA") that enabled construction to start on new development projects at the Monterey Marketplace. Linens N Things, Pacific Sales Kitchen & Bath Center, McDonald's, Wendy's, and two 8,000 s.f. multi-tenant buildings are included in the initial phases. • Supported the completion of a $1 million renovation project at the Rancho Las Palmas Shopping Center, as well as the opening of two new restaurants at the Shopping Center -Chili's Bar & Grill and Thai Smile. • Facilitated the completion of all but the last phase of the $18 million redevelopment project for Electric Car Distributors and Desert European Motorcars. • Oversaw the implementation of an Owner Participation Agreement ("OPA") with VIP's Industries that produced the opening of the new 121-room Hilton Garden Inn & Suites. • Provided development support in the construction of new commercial development projects on the Highway 111 corridor including Roy's from Hawaii, City Centre, and White Brothers Investment. • Undertook the implementation of an OPA with Northern Trust Company to enable the $3 million rehabilitation project for the reuse of the old Security Pacific Bank building at Highway 111 and Frank Sinatra. 323 • Facilitated lease negotiations and occupancy requirements to enable the reuse of two vacant restaurants at the University Executive Park. The two new restaurants, Le Basil and Zurr's Bar ~ Grill opened Fall 2002. • Participated in the development of a commercial rehabilitation project and loan program to assist in the renovation of the Rancho Mirage Plaza at Highway 111 and Indian Trail. • Formulated two OPA's to assist in the redevelopment of the southwest corner of Highway 111 and Peterson Road. • Managed the master planning efforts, along with the Public Work's .Department in identifying and correcting deficiencies in sanitary sewer and water main infrastructure on the West Highway 111 business corridor. • Provided support in the planning and design of Country Club Village, a new 10-acre neighborhood shopping center presently being developed in a joint venture by Albertson's Inc. and Laurich Retail Properties. • Actively participated with the Rancho Mirage Restaurant Association in promoting the restaurant industry with special events such as Bit's & Bite's of Rancho Mirage and the implementation of the final phase of the Restaurant Row Directional Sign & Banner Program. • Continued to work with the Charriber of Commerce on promoting the Ranch® Mirage business environment, including. assuming a lead role in several Mayor's Breakfast programs. FY 2002-03 • Provided administration of the DDA with the J.H. Snyder Company to carryout the continued opening of the River project. • Managed the implementation of several DDA's at the Monterey Marketplace that facilitated 17 acres of new retail/restaurant development. • Oversaw the completion of the last phase of the $15 million Desert European Motorcars redevelopment proj ect. • Initiated the implementation of two DDA's that started the redevelopment of the SW corner of Highway 111 and Peterson Road into the Desert Square Shopping Center. • Facilitated project management that enabled the upgrade of water/sewer infrastructure on the south side of Highway 111, between Country Club Drive and Via Florencio. • Provided support in the upgrade of the Northern Trust Plaza, including the implementation of a Commercial Rehabilitation Agreement with Northern Trust Bank, as well as the reuse of two vacant buildings by new restaurants - Zurr's Sports Bar & Grill and Le Basil. • Provided a rehabilitation. loan that helped with the renovation of the Rancho Mirage Plaza, at Highway 111 and Indian Trail Road. • Initiated planning and design to assist in the development of City owned parking lot on Agency owned property located at Highway 111 /East Veldt. 324 • Provided development support in the construction. of several new commercial development projects on the Highway 111 corridor including, White Brothers Center, City Centre, Plaza Agua Blanca and Indian Trail Plaza. • Facilitated planning and entitlement to enable construction of new 10-acre neighborhood shopping center, Country Club Village, to be anchored by Albertson's/Sav-On Drugs. • .Began to study a possible plan amendment for the City's two Redevelopment Plans. • Actively participated with the Rancho Mirage Restaurant .Association and Chamber of Commerce in special projects such as Bit's & Bite's,, updating the City Restaurant Guide, and restarting the Rancho Mirage Business Expo. • Reworked and expanded the City's PR/Marketing program for economic development. GOALS AND OBJECT'I VES FY 2003-2004 • Ensure the continued opening of the 30-acre River at Rancho Mirage. • Pursue development of the final 12-acre phase of the Monterey Marketplace. • Facilitate the redevelopment of the old blighted strip center at Highway 111 CRancho Las Palmas with new retail/office development. • Coordinate planning of the redevelopment of area on south side of Highway 111 /Bob Hope Drive, including the old furniture store, the old nursery site and several undeveloped properties. • Adoption of a Plan Amendment for Whitewater and Northside project areas. • Pursue .the development of special projects aimed at furthering economic development efforts, including preparation of an Available Commercial Property System, and implementing a Commercial Broker education program to more effectively- inform real estate professionals about the opportunities available in Rancho Mirage. • Continue to promote business retention efforts by exploring cost-effective ways of expanding. and bettering Rancho Mirage businesses. • Continue to actively pursue the reuse of vacant buildings located along the Highway 1.11 corridor. • Remain active partners with the Chamber of Commerce and Restaurant Association. ~v ~nn,~ ~nnc • Pursue potential developers to undertake a new mixed-use project for the 17-acre site next to the animal hospital, across from the new library site. • Assist with the marketing of large properties on West Highway 111 corridor for potential development ofmixed-use projects. 325 • Pursue the creation of special projects including, the formulation of a ~'arade Enhancement program initial tar et would be the frontage road area on the north .side of Highway. 1:11, between San ~ g JacintoButton Drive). • Seek out quality commercial development opportunities to further enhance the revitalization of the Highway 111 corridor, but also enhance the community's economic prosperity. • Strive to further diversify the City's economy by facilitating quality office development. • Continue to work with the Chamber of Commerce and Restaurant Association on promoting Rancho Mirage as a quality place to do business. 326 RANC90 MIRAGE REDEVELOPMENT AGENCY FOND FRIANCIAL SOMIMARY FUNDS 371 WHITEWATER ECONOMIC DEVELOPMENT FUND $ 0 205,000 205,000. 0 0 1,267,770 1,530,282 1,530,282 752,569 376,285 608,684 .608,684 653,199 729,794 649,784 195,063 SSb,300 (492,118) 0 104,510 2,071,517 3,200,266 1,896,363 1,482,363 1,130,579 67,519 50,000 40,000 24,500 20,000 67,519 50,000 40,000 24,500 20,000 FY 01-02 FY 02-03 FY 02-03 FY 03-04 FY 04-05 Ac...-: Bud et Est= Bu_ dget Budget Beginning Fund Balance Reserve for encumbrances Reserve for continuing appropriations Reserve for receivable Undesignated fund balance Total Beginning Fund Balance Revenues Interest on investments Total Revenues Expenditures Capital improvements proj ects from loan proceedslfund balance: Current year's budget Reserve for encumbrances/ continuing appropriations Total Expenditures Ending Fund Balance Reserve for encumbrances Reserve for continuing appropriations Reserve for receivable Undesignated fund balance Total Ending Fund Balance o ~~ 0 906,300 0 0 0 242,672 1,735,282 454,000 376,284 376,285 242,672 2,641,582 454,000. 376,284 376,285 205,000 0 0 0 0 1,530,282 0 752,569 376,2.85 0 653,199 608,684 729,794 649,784 568,219 (492, l 18) 0 0 104,510 206,075 $ 1,896,363 608,684 1,482,363 1,130,579 774,294 327 REVENGE ACI7VITY DETAIL FOI FISC81 Y¢8fS 200304 ~11tl 2004.05 FUND 371 ~ WBITEWATER ECONOMIC DEVELOPMENT FUND Budget Budget ACCOUNT ACCOUNT FY 2003-2004 FY 2004-2005 NUMBER NAME DESCRIPTIONS AND ASSUMPTIONS AMOUNT AMOUNT 5800 Interest Interest earned on cash investments. Assumption: Based on 3.5% interest rate for FY 2003-04 and 3.3 % for FY 2004-OS $ 24,500 $ 20,000 TOTAL $ 24,500 $ 20,000 FUND TOTAL $ 24,5.00 S 20,000 328