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HomeMy Public PortalAbout10-21-10 TC TOWN OF TRUCKEE REDEVELOPMENT AGENCY California RESOLUTION 2010-05 A RESOLUTION OF THE TOWN OF TRUCKEE REDEVELOPMENT AGENCY APPROVING A PRE.IMINARY REPORT ON A PROPOSED REDEVELOPMENT PLAN AMENDMENT,DIRECTING ITS TRANSMITTAL TO AFFECTED TAXING AGENCIES,AND DIRECTING PREPERATION OF ANY REQUIRED ENVIRONMENTAL DOCUMENTATION REGARDING THE PROPOSED ACTION. WHEREAS, it is necessary to amend the Truckee Redevelopment Plan to insert a legally required provision regarding a maximum dollar limit on the principal amount of bonds outstanding at any one time;and •WHEREAS,California law requires that a preliminary report on any proposed plan amendment be prepared,approved by the Agency,and transmitted to the affected taxing agencies;and WHEREAS,California law requires that environmental impact documentation be prepared with regard to any such proposed action;and WHEREAS,the Agency Board has reviewed and approved the preliminary report included in the administrative record regarding action on the resolution; NOW THEREFORE BE IT RESOLVED AND ORDERED BY THE TOWN OF TRUCKEE REDEVELOPMENT AGENCY THAT: 1.The preliminary report is approved as submitted. 2. The Executive Director or his designee is hereby authorized and directed to transmit the preliminary report to the affected taxing agencies as required by Health and Safety code Section 33344.5. 3.The Executive Director or his designee is directed and authorized to prepare and circulate any documentation required under the California Environmental Quality Act to support the proposed amendment. The foregoing Resolution was introduced by Council Member Green, seconded by Vice Mayor Anderson at a Regular Meeting of the Truckee Redevelopment Agency Board, held on the 21st day of October,2010 and adopted by the following vote: AYES: Council Member Green, Vice Mayor Anderson, Council Member deRyk Jones, Council Member Brown,and Mayor Wallace Dee. NOES: None. ABSENT: None. ATTEST: Carolyn rallace Dee,Chair. Judy Pric ;MMC, evelopment Secretary o 0 i4 TOWN OF n.a � I MEETING DATE: July 15, 2010 TO: Honorable Mayor and FROM: Dennis Crabb, Town J, SUBJECT: Redevelopment Plan APPROVED BY Tony Lashbrook, Town Manager RECOMMENDATION:Adopt Resolution Number 2010-05,amending the Redevelopment Agency Plan. DISCUSSION: During a post-issuance review of the recent Agency financing it was discovered that a legally required component had been omitted during the original plan adoption process in 1998. Then, and now, California redevelopment law requires that there be a maximum dollar limit on the principal amount of bonds that can be outstanding at one time. The proposed plan amendment would place a limit of seventy five million ($75,000,000)dollars of allowed outstanding principal. This figure was established taking into account the current bond issuance and a reasonable estimate of resources which could be necessary for other projects during the remaining life of the plan. Redevelopment law requires that a series of steps be taken to accomplish a plan amendment. First, a preliminary report must be prepared outlining the proposed amendment This report is attached for your review. It has been reviewed by Staff and outside legal counsel after an initial draft was prepared by the consultants, their comments were incorporated into the version before you. Also attached is a sample timeline of the additional steps required to complete the amendment process.As with most redevelopment issues there is an extensive process and multiple notifications to affected agencies and the public. The only action requested at this point is adoption of a resolution approving the preliminary report, referring it to each taxing agency by transmittal letter, and directing preparation of any necessary environmental impact documentation. A proposed resolution is attached. No substantive concerns are anticipated from the other taxing agencies(Nevada County and local special districts)since the amendment has no impact on them,and is in fact,a debt limitation which is to their benefit since it reduces the possible level of demand for property tax revenues to support redevelopment authority. Town Council Staff Report Page 1of1 5 ! a FA FRASER & ASSOCIATES Redevelopment and Financial Consulting 225 Holmfirth Court Phone: (916)791-8958 Roseville CA 95661 FAX: (916)791-9234 Preliminary Report Proposed Amendment to Redevelopment Plan • Truckee Redevelopment Project Area Prepared for Truckee Redevelopment Agency September 2010 FA1 FRASER & ASSOCIATES INTRODUCTION This Preliminary Report deals with the proposed first amendment (Amendment) to the Redevelopment Plan for the Truckee Redevelopment Project (Project Area or Project). The Report has been prepared for the Truckee Redevelopment Agency pursuant to Section 33344.5 and other applicable provisions in Chapter 4 of Part 1 of the California Community Redevelopment Law (CRL), Health and Safety Code Sections 33000 of seq. Project Area History The Project Area was adopted on October 15, 1998 by the Town of Truckee City Council by Ordinance No. 98-06. There have been no amendments to the Redevelopment Plan. The Project Area includes approximately 1,000 acres of land, including the downtown area, pockets of residential uses, and other commercial and mixed use development. A map of the Project Area is shown on the following.page. Some of the major uses are described below: • The Union Pacific Railroad properties to the east of the downtown area including the balloon track area. This area was the former site of a lumber mill and storage area for lumber products as well as a storage area for. railroad equipment. This site is essentially vacant now with some storage of materials at the site. • The older residential properties in the center of the Town north of Donner Pass Road. This includes all of the properties starting from the extension of Jibboom Street and Church Street on the east to the intersection of High Street and the Interstate 80 underpass on the west. • The residential and industrial properties on East and West River Street north of the Truckee River and the properties on South River Street and East South River Street. • The residential area adjacent to the Hilltop ski area, specifically the properties near Palisades Drive and Hill Top Lodge. • The commercial properties in the center of the Town on Donner Pass Road from Trout Creek Road on the east to the intersection of Donner Pass Road and the Interstate 80 underpass on the west. • The commercial and mixed use areas fronting Donner Pass Road from the Interstate 80 intersection on the west to Cold Stream Road on the east. At the time of adoption of the Project Area, a number of conditions of blight were • found in the Project Area. These included: dilapidation and deterioration; inadequate parcel size; lack of parking; incompatible uses; substandard lots; high business vacancies; and inadequate public improvements. As a means to address these problems, the Project Area was formed. - Truckee Redevelopment Project Page 1 Preliminary Report [FA! 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E�! � tG1M6II./'*e.'�,aVY`.)04' M..`ti=L'liC.....YaW 7 4 '41�It.1{•A�N.411,'' -Q '�._ ;.i g ttlat ''' Y±. .. wa 1!1 .-FS - \ t • . 1 f,tel- - ��a•1i,_.,,,,,.,,,,,,....,.. .1Legend ' _ ,ii .` ..1 Al ®R'edevelopmentArea aim " __ ©n WYE- - I----1 Note a a 25 0.5 1 . •q•luwn rt.mom 2119)21X4MaSDAu+raantwmwmmemo..4.0 awanerpewn 1 Truckee Redevelopment Project Page 2 Preliminary Report • . , E FRASER &ASSOCIATES Purpose of Amendment r The sole purpose for the proposed amendment is to establish a maximum dollar limit on the principal amount of bonds that can be outstanding at one time. The reason for the proposed amendment is further described in Part I of this Report. Purpose of Preliminary Report In accordance with CRL Section 33344.5, the Agency is required to prepare and distribute a Preliminary Report to the governmental agencies that levy ad valorem property taxes in the Project Area. The requirements for a Preliminary Report for a new redevelopment project are: a) The reasons for the selection of the proposed Project Area. b) A description of the proposed Project Area, which is sufficiently detailed for a determination as to whether the proposed Project Area is predominantly urbanized. c) A description of the existing physical and economic conditions in the proposed Project Area. d) A description of the specific project or projects then proposed by the Agency. e) A preliminary assessment of the proposed method of financing the redevelopment of the Project Area, including an assessment of the economic feasibility of the project and the reasons for including the provision for the division of taxes pursuant to CRL Section 33670 in the Redevelopment Plan for the Project Area. f) A description of how the project or projects to be pursued by the Agency in the proposed Project Area will improve or alleviate the conditions described above. CRL Section 33457.1 provides that"To the extent warranted by a proposed amendment to a redevelopment plan... the reports and information required by Section 33352 shall be prepared and made available." Since a Preliminary 'Report is an early version of the Section 33352 report, the same requirement -would apply. Because of the narrow scope of the Amendment, some of the . analysis required to be in a Preliminary Report for a new project area have not been included in this Report. For example, the Project Area was found to be urbanized at the time of adoption, and the Amendment does not make any • changes to the Redevelopment Plan that would call this finding into question. The reasons for including tax increment were documented at the time of adoption and have not changed, so this is not addressed. The focus of this Preliminary Report is to show how the Agency has established the proposed bond limit and how this limit will affect the existing conditions, projects and programs, and economic feasibility of the Project Area. Truckee Redevelopment Project Page 3 Preliminary Report +FA1 FRASER & ASSOCIATES PART I— REASONS FOR AMENDING THE REDEVELOPMENT PLAN As stated in the introduction to this Report, the sole purpose for amending the Redevelopment Plan is to establish a maximum dollar limit on the principal • amount of bonds that can be outstanding at one time. The Redevelopment Plan currently authorizes the Agency to issue bonds, but places no limit on the principal amount of bonded indebtedness to be repaid with tax increment that can be outstanding at one time. Section 33334.1 of the CRL requires that a Redevelopment Plan include such a limitation. The Redevelopment Plan was inadvertently adopted without such a limit, and so the Agency is proposing to add a bond limit of$75 million to the Plan. • • Truckee Redevelopment Project Page 4 Preliminary Report FA FRASER & ASSOCIATES PART II- EFFECT OF AMENDMENT ON PHYSICAL AND ECONOMIC CONDITIONS EXISITING IN THE PROJECT AREA Blighting Conditions at the Time of Project Adoption When the Redevelopment Plan was adopted in 1998, the Project Area was found • to be conclusively blighted as defined by Health and Safety Code Sections 33031 and 33032. According to the Report to the City Council prepared in 1998 as part of the process for adopting the Plan, numerous conditions of physical and economic blighting conditions were found to exist in the Project Area. The extent of these blighting conditions represented a physical and economic burden on the City which could not be reversed or alleviated by the City and/or the private sector acting alone or in concert. • Except for the projects which the Agency has completed to date (that are described in the following section), the blighting conditions found in 1998 continue to exist. These conditions are briefly summarized below and are based on the Report to City Council prepared by the Agency at the time the Project Area was adopted. Physical Conditions of Blight Buildings that are Unsafe or Unhealthy in which to Live and Work: These conditions can be caused by serious building code violations, dilapidation and deterioration, defective design or physical construction, or faulty or inadequate utilities. The field survey conducted at the time of adoption showed that numerous buildings did not meet building code requirements. In addition, dilapidation and deterioration were apparent in buildings interspersed in the Project Area with the "blighting" effect extending to properties throughout the Project Area. The results of the field survey demonstrated that buildings in the Project Area required some degree of maintenance or improvement. This was especially the case with both commercial and residential structures in the Downtown area and the properties adjacent to the Truckee River along East River Street,West River Street and along Donner Pass Road, where numerous buildings were considered in need of substantial rehabilitation or repair. These conditions also were found in the Hilltop area. Generally, blighting conditions included the following: • Broken and boarded windows Truckee Redevelopment Project Page 5 Preliminary Report Fill FRASER & ASSOCIATES • Unreinforced masonry walls • _Broken_concrete driveways or deteriorated gravel driveways • Broken or cracked sidewalks • Absence of surface drainage facilities • Rotting or sagging roofs • Additions or garage conversions not meeting building code requirements • Junk or abandoned vehicles stored on property • Buildings appearing to be abandoned • Buildings and fences needing repainting • Large vacant areas previously in industrial use • • General blighting adjacent to the railroad right-of-way . • Factors which Hinder Economic Viability: This condition can be caused by substandard design, inadequate size given present standards and market conditions, lack of parking, or similar factors. In the commercially zoned area facing Donner Pass Road, most parcels were found to be either too narrow or too shallow to meet current market requirements for new development. Some of the parcels were as small as 6,500 square feet with frontage of approximately 50 feet. These same conditions existed along Jibboom Street in the Downtown Area. While many of the buildings are historically significant and are being protected, other buildings are not and can be improved with redevelopment assistance. This condition severely hindered or eliminated the ability of the properties to meet current lender requirements for . new commercial development. The insufficiency of parking was observable in the shallow depth, which does not allow parking on site. Particularly along Donner Pass Road, the shallow setback and limited lot depth created significant parking deficiencies. There was also an inadequate pedestrian circulation system in the commercial portions of the Project Area, which further hindered business activity. Incompatible Uses: This condition involves adjacent or nearby uses that are incompatible with each other and prevent the economic development of those parcels or other portions of the area. • While Town policy encourages mixed land use patterns, specific incompatible uses were noted in the Project Area. Existing site design patterns did not accommodate the mix of uses. These uses included commercial uses in residential areas, single family homes in commercial areas, and storage of vehicles and equipment in residential areas. Scattered throughout the Project Area were inadequate storage facilities for heavy construction equipment, trucks . and other construction equipment. • Truckee Redevelopment Project Page 6 Preliminary Report Z FRASER &ASSOCIATES • Lots of Irregular Shape and Inadequate Size: This condition reflects the existence of subdivided Pots of irregular form and shape and inadequate size for proper usefulness and development that are in multiple ownership. Parcels of irregular shape and inadequate size existed throughout the Project Area at the time of adoption. There were 382 parcels totaling 159 acres that were irregular in shape and in multiple ownership. These irregular parcels existed in the area north of PC-1 along Deerfield Drive, on the north side of Donner Pass Road adjacent to Northwoods Boulevard, west of the Gateway Shopping Center, the Downtown Area, the properties along East River Street and West River Street, and in the Mil[site Area. Economic Conditions of Blight The primary indicators of economic blight included depreciated or stagnant property values, impaired investments, abnormally high business vacancies, abnormally low lease rates, high turnover , rates, and abandoned buildings or excessive vacant lots within an area developed for urban use. In addition, the level of private redevelopment activity in the Project Area had slowed as the number of viable opportunities available to private developers was further limited. This was largely attributable to the problems associated with the assembly of sites that are economically efficient based on current market standards. Principal impediments to site assemblage • included multiple ownerships of numerous irregular parcels. Redevelopment Activities from Project Adoption to Present • Up until the past few years, the tax increment revenues of the Project Area were limited and placed a financial constraint on the Agency's ability to implement its program of redevelopment. Due to this, there has only been limited project activities. The projects completed included: • Railyard Mill Site Master Plan: The Agency has managed the sale of the mill site to a private developer, and the Agency has participated in the preparation of a master planning effort. • Nevada County West River Street Former Corporation Yard Cleanup: The Agency acquired the site from Nevada County in May 2004. The Agency • intends to facilitate the site's redevelopment through environmental clean up and business attraction. (Note to staff:Please Add to the above list) In 2009, the Agency sold its first bond issue in the amount of$12.7million. The proceeds of the bond issue will be used to fund a number of projects and improvements, as described in the next section of this report. Truckee Redevelopment Project Page 7 Preliminary Report • FA FRASER & ASSOCIATES Remaining Blight Conditions and Effect of the Amendment on Such Conditions With the exception of the projects mentioned above, the blighting conditions found in 1998 continue to persist. Such conditions are so prevalent and substantial that they continue to constitute a serious physical and economic burden on the community. - The Amendment to the Redevelopment Plan would have no impact on the Agency's ability to alleviate blighting conditions in the Project Area. it will simply bring the Redevelopment Plan into conformance with the requirements of state law. The bond limit has been established to take into account potential future growth in tax increment revenues and the potential to issue new bonds, and , . should not impede the Agency's ability to implement the Redevelopment Plan. • • Truckee Redevelopment Project Page 8 Preliminary Report - FA FRASER &ASSOCIATES PART Ill —EFFECT OF AMENDMENT ON PROJECT AREA PROGRAMS The Agency recently completed its Five Year Implementation Plan for the period • through 2013-14. It provides the most recent statement of the projects and programs the Agency intends to undertake. Those projects and programs are described briefly below. Summary of Agency Projects and Programs Economic Development Program The purpose of this program is to foster and implement projects and programs that will enhance the local economy. Activities may include: job creation and retention efforts; marketing, promotion and implementation of projects, events, or activities; enforcing or modifying zoning and land use policies; designing and constructing public improvement•projects; establishing loan and grant programs; and developing and implementing other strategies to advance economic . development efforts through both the public and private sectors. Examples of the types of activities the Agency may undertake under this program include: implementation/expansion of general economic development program activities; local economic development assessments/analyses; property acquisition or improvements to enhance the public right-of-way or to expand public parking opportunities; property acquisition or assembly for development purposes in accordance with the Redevelopment Plan; site planning and pre- development activities for development purposes; public signage and street furniture improvements; loan and/or grant programs targeting downtown historic building preservation, streetscape improvement, housing and possibly building façade improvements; and general pedestrian and vehicular public infrastructure improvements related to economic development activities. The historic downtown area is a high priority for activities, but some activities may also occur in other parts of the Project Area. Potential redevelopment opportunities under this program may include, but are not limited to: the Railyard Master Plan area, the Hilltop Master Plan area, the Agency-owned West River Site, the Hotel Avery site, and other developable areas or infill sites within the Project Area. Public Improvement and Infrastructure Program The purpose of this program is to provide those public improvement and infrastructure projects and activities necessary to provide safe pedestrian and vehicular access/circulation, adequate utilities, open space, and park and recreational facilities, and adequate parking. Agency activities under this program may include: streetscape improvements (sidewalks, landscaping, lighting, parking, utility undergrounding and drainage improvements), Truckee Redevelopment Project Page 9 Preliminary Report • • (Fi4I FRASER & ASSOCIATES new/renovated park and recreation facilities, or hazardous waste remediation activities. Specific projects may include, but are not limited to: • Streetscape improvements in the downtown area. • Truckee River and Trout Creek restoration projects; • Trout Creek Pocket Park improvements; • general historic downtown and other commercial area streetscape improvements; • hazardous waste remediation and monitoring at various sites; . • pre-development/development activities at the Agency-owned West River Site (former Nevada County corporation yard property). Site Acquisition and Assembly Program The purpose of this program is to acquire land, sites or other property rights such as leases or easements, for redevelopment purposes in order to reduce blight and encourage Project Area revitalization. Potential project sites under this program may include, but are not limited to: various infill sites located throughout the Project Area; and several Union Pacific Railroad right-of-way property sites in the historic downtown area, including the Truckee Diner parking lot site and other parking lot areas for the purpose of providing adequate public parking . opportunities for economic development purposes. - Housing Program . The purpose of this program is to assist in providing decent, safe and sanitary housing within the Project Area and, in particular, to assist in increasing, improving and preserving affordable housing for low and moderate income persons throughout the community. This program may include the provision of incentives to property owners, developers or investors to develop new low and moderate income housing within the community and, if needed, to provide incentives to property owners of existing housing to participate in this program by agreeing to restrict their rents to an "affordable rent," as well as to improve and preserve existing affordable housing. Examples of the types of activities the Agency may undertake under this program include: acquisition of property to assemble adequate-sized parcels for development in accordance with the Redevelopment Plan; site clearance and preparation costs; the provision of • certain public improvements; the provision of grants, loans or subsidies as may be required and as permitted under the CRL; the purchase of affordability • covenants to restrict the price or rental of dwelling units; and the purchase of existing housing for conversion to affordable rental or sale units. In addition, this program specifically includes the Agency's newly developed First-Time Homebuyer Down Payment Assistance Program and participation in the Town's Inclusionary Housing Ordinance, which mandates affordable housing for certain Truckee Redevelopment ProjectPage 10 Preliminary Report FA FRASER & ASSOCIATES • residential project types, and the Town's Workforce Housing Ordinance, which mandates affordable housing for certain commercial project types. Impact of Amendment on Projects and Programs Adoption of the proposed Amendment will not affect the ability of the Agency to continue to implement its redevelopment efforts. As stated previously, the bond limit has been set at a level to insure that the Agency can take advantage of the future growth of tax increment revenues. • Truckee Redevelopment ProjectPage 11 ' Preliminary Report . FA FRASER &ASSOCIATES --P-ART IV— EFFECT OF AMENDMENT ON METHOD OF FINANCING AND CONTINUED FEASIBILITY OF PROJECT This section of the Report deals with the impact of the proposed Amendment on . - the method of financing the Project Area. Two major areas are analyzed: the methodology used to establish the maximum principal amount of bonds that can be outstanding at one time; and the impact of the Amendment on economic feasibility. Tax Increment Revenues, Bonds and Limitations Table 1 provides an estimate of the tax increment revenues that could be generated forthe Project Area between now and.2020-21. The tax increment revenue projections are based on the following assumptions: • The Proposition 13 allowable inflationary adjustment of up to 2 percent • annually; . • An additional 2 percent adjustment to taxable values to reflect changes of ownership; and - • New development activity shown below that is assumed to occur based on .. Agency activities, as contained in the Downtown Specific Plan: Square Footage Units Single Family Residential 148 Multi Family Residential 516 . Commercial 206,000 Office 44,000 . Lodging 552 Table 1 shows that total tax increment could equal $9.3 million in 2020-21. After reductions for property tax administrative fees, the housing set-aside, and mandatory tax sharing payments, net tax increment is estimated at$4.0 million. Housing set-aside funds are estimated at$1.9 million. The projected net tax increment and housing tax increment in 2020-21 have . been used to set the limit on the principal amountiof bonds that can be outstanding at one time. The current Agency time limit on the incurring of new • debt is October 15, 2018 (2018-19 fiscal year). We have assumed that the Agency would issue a final bond issue during that fiscal year. We have further assumed that the Agency would issue bonds that would include an escrow component that would be sized in accordance with the amount of net tax Truckee Redevelopment Project Page 12 Preliminary Report J FA FRASER & ASSOCIATES increment and housing set-aside revenues in 2020-21. Under an escrow ' structure, a portion of the bonds are held in a fund and cannot be released until tax increment has grown sufficiently to provide coverage. Table 2 shows our calculation of the bond limit. Using an assumption of a 5.5 percent interest rate and a 30 year term, we have estimated that the Agency could issue $40 million of tax increment bonds and $22 million of housing bonds. When combined with the currently outstanding bonds from 2010 of$12.7 million, the total bond amount, when rounded, would total $75 million. This is the principal amount of bonds that can be outstanding that will be included in the Redevelopment Plan. Impact of Amendment on Economic Feasibility The Amendment will have no impact on the economic feasibility of the Project Area. The bond limit has been set in a manner to take into account future growth in the Project Area. The bond limit should therefore have no impact on the ability , of the Agency to finance projects and programs in the Project Area and continue to eliminate blight. Truckee Redevelopment Project Page 13 Preliminary Report • Table 1 Truckee Redevelopment Agency Truckee Project Area TAX INCREMENT PROJECTION (000's Omitted) (4) (5) Net (1) (2) (3) Value Total Property (6) (7) Sub.Tax Sharing(8) Tax - Fiscal Real New Other Total Over Base Of Tax Tax Admin Housing Senior Tax To To increment Year Property Development Property Value 110,918 Increment Fees Set-Aside Tax Shanng Revenues City Others Revenue 2010 - 2011 $287,434 N/A $32,416 $319,850 $208,933 $2,089 $43 $418 $43 $1,585 $57 $361 $1,167 2011 - 2012 290,309 0 32,416 322,725 211,807 2,118 44 424 44 1,606 58 371 1,178- 2012 - 2013 296,115 0 32,416 328,531 217,613 2,178 45 435 45 1,651 59 391 1,201 2013 - 2014 307.959 59,039 32,416 399,415 288,497 2,885 60 577 59 2,189 78 632 1,478 2014 - 2015 381,678 60,810 32,416 474,905 363,987 3,640 76 728 74 2,762 99 889 1,774 2015 - 2016 460,188 62,635 32,418 555,239 444,321 4,443 92 889 90 3,372 121 1,163 2,088 2016 - 2017 543,736 84,514 32,416 640,665 529,747 5,297 110 1,059 107 4,021 144 1,454 2,422 2017 - 2018 632,579 66,449 32,416 731,444 620,528 6,205 129 1;241 125 4,710 169 1,764 2,777 2018 - 2019 726,989 68,442 32,416 827,848 716,930 7,169 149 1,434 144 5,442 195 2,092 3.155 2019 - 2020 827,249 70,496 32,418 930,161 819,243 8,192 170 1.638 165 6,219 223 2,441 3,555 2020 - 2021 933,655 72,611 32,416 1,038,681 927,764 9,278 193 1,856 186 7,043 252 2,811 3,980 Footnotes (1) Prior Year Real Property increased by 2 percent in 2011-12,and then by 4%per year. (2) New Development based on Specific Plan buildout figures. (3) Includes the value of secured and unsecured personal property,and state-assessed railroad and non-unitary property, (4) Based on the application of the 1 percent tax rate to incremental value. (5) Estimated based on 2.05 percent of tax increment (6) Calculated at 20 percent of tax increment. (7) Payments per the provisions of CRL Section 33678. (8) Payments per the provisions of CRL Section 33607.5 • r Fraser Associates ti roj(2) Truckee Tiproj 11 for Plan Amd P 8131/2010 • • Table 2 Truckee Redevelopment Agency Truckee Project Area Bonded Debt Limit (000's Omitted) Tax Revenues(1) 7,043 Less:Subordinate Obligations 3,063 Net Tax Revenues 3,980 Less: Current MAIDS 1,217 Tax Revenues for Parity 2,763 Assumptions: Interest Rate 5.5% Term 30 Gross Bond Proceeds 40,000 Housing Revenue(1) 1,856 Less: Coverage . 1.25 371 Net Tax Revenues 1,484 Less:Current MADS 0 Tax Revenues for Parity 1,484 Assumptions: Interest Rate 5.5% Term 30 Gross Bond Proceeds 22,000 Total Gross Bond Procees 62,000 Plus: 2010 Bonds 12,740 Total Bond Limit(Rounded) • 75,000 (1)Based on Tax Revenues in 2020-21,assuming Agency sells bonds in 2018-19 that include an escrow feature. Fraser Associates 8/31/2010 • cash! Page 2 Truckee Tiproj 11 for Plan Amd TIME SCHEDULE AND PROCEDURAL GUIDE FOR ADOPTION OF AN AMENDMENT TO TRUCKEE REDEVELOPMENT PLAN' Financial Changes With a Negative Declaration) Scheduled Action Date October 21,2010 1. AGENCY approves Preliminary Report and refers it to each affected taxing entity. [H&SC §33344.5]" Action or document required: Agency Resolution No. ; Preliminary Report;Transmittal Letter. Ongoing 2. AGENCY staff and consultants commence preparation of an Amendment to the Redevelopment Plan("Amendment"),a Negative Declaration(based on an Initial Study)and applicable amendments to the H&SC Section 33352 Report. Action or document required: The Amendment;Negative Declaration;Amendments to Section 33352 Report. _ October 22,2010 3. AGENCY provides notice of the availability of Negative Declaration. (Notice may be by mail,posting or publication.) A copy of the notice and negative declaration shall be sent to every "Responsible Agency" and "Trustee Agency," and any other public agency with jurisdiction by law over resources affected by the Amendment. If any of these agencies are state agencies,a copy must be sent to the State . Clearinghouse[CEQA Guidelines§§15072 and 15073],and to all affected taxing entities[H&SC§33333.3]. The Notice must be posted • with the County Clerk for 20 days [Public Resources Code §21092.3]. [Notice must state whether any portion of the Project Area is on the hazardous waste lists compiled under Government Code§65962.5 (Public Resources Code §21092.6).] Action or document required: Notice of Preparation. For the purposes of this illustration,the following assumptions have been made: (1)Agency and Council meet on first and third Thursdays of each month;(2)the Planning Commission holds its regular meetings on the third Wednesday of each month. "All references are to the Health and Safety Code unless otherwise noted. October 25,2010 4. Affected taxing entities receive Preliminary Report. After 5. AGENCY staff begins consultation with each taxing agency that October 25,2010 receives taxes from property in the Project Area and prepares a summary of the consultation. [H&SC §§33328 and 33352] - NOTES: • This must occur prior to publication of the notice of public hearing on adoption of the Amendment to the Redevelopment Plan. The summary of this consultation must be included as part of the Agency's Section 33352 Report to the City Council. November 4,2010 6. AGENCY refers proposed Amendment to Planning Commission. [H&SC §§33385.5 and 33453] Action or document required: Agency Resolution No. • November 17, 2010 7. PLANNING COMMISSION reviews proposed Amendment and Negative Declaration and submits report and recommendations concerning Amendment to Agency within 30 days of referral. [H&SC §33347] Action or document required: Planning Commission Resolution No. • December 2,2010 8. AGENCY adopts its Report to the Council on the Amendment, submits Report,proposed Amendment and Negative Declaration to Council, and requests holding joint public hearing on Amendment and Negative Declaration. [H&SC §33458] Action or document required: Agency Resolution No. December 2,2010 9. CITY COUNCIL receives documents from Agency and calls joint public hearing on Amendment and Negative Declaration. [H&SC §33458] Action or document required: Council Resolution No. . December 16,2010 10. AGENCY staff sends to newspaper notice of joint public hearing on Amendment and Negative Declaration. The notice must contain: 2 (a) a legal description of the boundaries of the Project Area by ._reference to the recorded description; and (b) a general statement of the purpose of the Amendment. Newspaper publishes notice once a week for four(4)successive weeks on December 23 and 30,2010 and January 6 and 13,2011. [H&SC §33452] Action or document required: Notice of Joint Public Hearing. December 20,2010 11. AGENCY staff mails copies of notices of joint public hearing to all property owners within the Project Area by first-class mail. Notice is mailed to last known assessee of each parcel of land at his last known address as shown on the last equalized assessment roll of the county,or to the owner of each parcel of land as shown on the records of the County Recorder 30 days prior to the date the notice is published. [H&SC §33452] - Action or document required: Notice;Affidavit of mailing. December 20,2010 12. AGENCY staff mails,certified mail,return receipt requested, copies of the notice of joint public hearing to the governing body of each of the taxing agencies which receives taxes from property in the Project Area. [H&SC §33452] Action or document required: . Notice;Affidavit of mailing. No later than 13. AGENCY staff mails,by first class mail,copies of notice of joint December 20, 2010 public hearing to all residents and businesses in the Project Area at least thirty(30)days prior to hearing(if cost is reasonable). [H&SC §33349(c)] Action or document required: Notice. NOTES: • Notice may be addressed to "occupant." January 6,2011 14. AGENCY obtains court reporter for public hearing transcript. 3 January 6, 2011 15. AGENCY staff prepares Procedural Outline and attaches certified ' copies of exhibits for the joint public hearing,including Affidavit of Publication,Affidavit of Mailing Notice to Property Owners,Affidavit of Mailing Notice to Taxing Agencies,Affidavit of Mailing Notice to Residents and Businesses(if applicable),Certification of Certain Official Actions,Report of the Agency,Negative Declaration, Amendment,and Written Comments Received. Action or document required: Procedural Outline with exhibits listed above. January 6, 2011 16. AGENCY staff reminds all scheduled speakers of hearing and sends them copies of the Procedural Outline. • January 6,2011 17. AGENCY staff prepares Agenda and form for speakers at hearing. Action or document required: Agenda;Speaker Form. Action or document required: Project Area Committee report and recommendations,if any. January 20,2011 18. COUNCIL and AGENCY hold joint public hearing on Amendment and Negative Declaration and hear all evidence and testimony for and against adoption of Amendment and approval of Negative Declaration. [NOTE: ALTERNATE DATES ARE GIVEN FOR ACTIONS 20-28;IF WRITTEN OBJECTIONS TO THE PROPOSED AMENDMENT ARE RECEIVED AT OR PRIOR TO THE JOINT PUBLIC HEARING,THE ALTERNATE DATES APPLY.] January 20, 2011 20. AGENCY acts on adoption of Amendment and approval of or Negative Declaration. February 3,2011 (a) AGENCY adopts resolution approving the Negative Declaration. [CEQA Guidelines 15085(g)] Action or document required: Agency Resolution No. January 20 21. CITY COUNCIL acts on adoption of Amendment and Negative or Declaration. February 3,2011 4 • 99999.91556\53529153 J (a) COUNCIL considers Report of Agency,Negative Declaration, report and recommendations of Planning Commission,report and recommendations of Project Area Committee,if any,and all evidence for and against the proposed Amendment and adopts written findings in response to each written objection of affected taxing entities and property owners. [H&SC §33363] Action or document required: Written Findings;Council Resolution No. (b) COUNCIL adopts resolution approving the Negative Declaration. Action or document required: ' Council Resolution No. . (c) After consideration of all objections and adoption of written findings in response to the objections,then COUNCIL introduces Ordinance adopting the proposed Amendment for first reading. [H&SC §33364] Action or document required: Ordinance No. February 3,2011 22. COUNCIL has second reading and adopts Ordinance adopting or Amendment. [H&SC §33365] February 17,2011 Action or document required: • Ordinance No. Febriaru 4,2011 23. AGENCY Secretary/City Clerk files Notice of Determination re (No later than February Negative Declaration with County Clerk and, if necessary,the Office of 10,2011) Planning and Research within 5 working days [Public Resources Code or §21152;CEQA Guidelines§§15094 and 15096(i)],with payment of February 18,2011 Department of Fish and Game fees required,if any. [Public Resources (No later than February Code§21089] 24,2011) Action or document required: Notice of Determination;payment of fee(if applicable). NOTES: • Make sure Notice of Determination is filed on behalf of both the Agency(as the lead agency)and the City(as a responsible agency). • Make sure the County Clerk posts this Notice (Public Resources Code§21152), as the 30-day statute of limitations doesn't run unless and until it is posted in the County Clerk's office. • 5 99999.91556\53529153 February 4,2011 24. CITY CLERK sends Ordinance to newspaper for publication. or - - February 18,2011 February 4, 2011 25. CITY CLERK sends copy of Ordinance adopting Amendment to or the Agency. [H&SC §33372] February 18,2011 Action or document required: Letter from Clerk transmitting Ordinance. February 4, 2011 26. CITY CLERK records notice of Amendment with County or Recorder. [H&SC §33456] February 18,2011 Action or document required: Letter from Clerk filing documents;Notice. By 27. Ordinance is published. [Government Code §36933] February 18,2011 or March 4,2011 • March 6,2011 28. Ordinance adopting Amendment becomes effective 30 days after or adoption. March 21,2011 6 • l