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Home My WebLink AboutAG RPTS 1997 0611 RDA SPC ��OPMENT40 � � �O ESTARLISHED MARCH t3.19,7 * ryF4, �* NOTICE AND CALL OF A TIFOR�16- SPECIAL MEETING OF THE REDEVELOPMENT AGENCY ca r OF THE CITY OF MOORPARK TO THE MEMBERS OF THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK: NOTICE IS HEREBY GIVEN that a Special Meeting of the Redevelopment Agency of the City of Moorpark is hereby called to be held on WEDNESDAY, June 11, 1997 commencing at 7 : 00 p.m. Said meeting will convene in the Community Center located at 799 Moorpark Avenue, Moorpark, California. Said Special Meeting shall be for the purpose of considering the following: 1 . CALL TO ORDER: 2. ROLL CALL: 3. PRESENTATIONS/ACTION/DISCUSSION: A. Consider Accounting of Redevelopment Agency Funds . Staff Recommendation: Direct staff as deemed appropriate. B. Consider FY 1997/1998 Moorpark Redevelopment Agency Budget. Staff Recommendation: Schedule for adoption on June 18, 1997 . 4 . ADJOURNMENT: , Dated: June 10, 1997 n orothyJ andaveer, Deputy City Clerk Speakers who wish to address the Council concerning a Public Hearing or Presentations/Discussion/Action item must do so during the Public Hearing or Presentations/Discussion/Action portion of the Agenda for that item. Speaker cards must be received by the City Clerk for Presentations/Discussion/Action items prior to the beginning of the first item of the Presentations/Discussion/Action portion of the Agenda. Speaker Cards for a Public Hearing must be received prior to the beginning of the Public Hearing. Speaker cards for a Closed Session item must be received prior to the beginning of Closed Session. A limitation of three minutes shall be imposed upon each Presentations/ Discussion/Action item speaker. Copies of each item of business on the agenda are on file in the office of the City Clerk and are available for public review. Any questions concerning any agenda item may be directed to the City Clerk/529-6864 . 1 I STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss CITY OF MOORPARK ) AFFIDAVIT OF POSTING SPECIAL MEETING NOTICE I. Dorothy J. Vandaveer, declare as follows: That I am the Deputy City Clerk of the City of Moorpark and that a Special Meeting of the Moorpark Redevelopment Agency was held on Wednesday, June 11, 1997 , commencing at 7:00 p.m. at the Moorpark Community Center, located at 799 Moorpark Avenue, Moorpark, California. A copy of said Notice was posted on June 10, 1997 at a conspicuous place at the Moorpark Community Center, 799 Moorpark Avenue, Moorpark, California. I declare under penalty of perjury that the foregoing is true and correct. Executed on July 23, 1997. l u�ia ; " rGL2 � Dorothy J. an aveer, Deputy City Clerk umv4e AGENDA REPORT MOORPARK REDEVELOPMENT AGENCY TO: Chairman and Members of the Redevelopment Agency Board FROM: Steven Hayes, Economic Development /Redevelopment Man ge DATE: June 6, 1997 (Mtg. 06/11/97) SUBJECT: Accounting of Redevelopment Agency Funds Attached are several tables showing an accounting of Redevelopment Agency funds which also includes Redevelopment Housing Funds. There have been five sources of funding for the Agency which are: (1) Tax Increment Revenues of $6,620,543, (2) 1993 Tax Allocation Bond Proceeds of $8,926,300, (3) Interest income of $1,708,616, (4) Rental income of $258,231, and ( 5 ) Bond Reserve Interest of $153,279. The total revenues received to date (December 31, 1996) are $17,666,969. The Agency also received a loan from the City of Moorpark in the principal amount of $3,500,000 which was invested in land. Table I is a summary showing all Agency revenues and expenditures from the inception of the Agency to December 31, 1996 or mid way through Fiscal Year 1996/1997. It is projected that in the next five years, the Agency will receive $8,366,656 in Tax Increment Revenues. Twenty percent (20% or $1,673,331) of this revenue is required to be set aside for housing projects leaving the Agency $6,693,325. The projected Tax Increment Revenues is shown in Table II. 1 Table III is a statement showing the balance of funds available at the end of Fiscal Year 1995/1996 and projected revenues by accounts over the next five. years. Table IV shows expenditures by funding source projected over the next five years. Tables III and IV are a summary of an annual accounting of five year projected revenues and expenditures. TABLE V Table V is a compilation of all data contained in all attached spreadsheets, exhibits, and other tables. The revenue projections assumes a 5% increase in Tax Increment Revenues annually after Fiscal Year 1996/1997, which may not occur. Further, the timing in providing funds for projects will have a direct effect on interest earned projections. The data prepared and collected for this report is valid as of December 31, 1996. Direct staff as deemed appropriate. C: \M \IMCREMEN \86H.001- 08/28/96 -June 10, 1997 2 TABL E _ FUNDS REMAINING AS OF DECEMBER 31, 1996 FUND ACCOUNT AGENCY HOUSING 1. Bond Proceeds Public: $3,701,595 $ 0 2. Bond Proceeds Private: 410,815 0 3. Bond Proceeds Housing: 0 155,661 4. Tax Increment Redevelopment: 994,548 0 5. Tax Increment Housing: 0 694,540 6. Interest Redevelopment: 2,765 0 7. Interest Housing: 0 0 8. Rental Income: 0 0 9. Bond Reserve Interest: 0 0 BALANCE: $5,109,723 $850,201 COMBINED AGENCY AND BMSING: $5,959,924 3 TABL E Z = FIVE YEAR PROJECTED TAX INCREMENT REVENUES TAX INCREMENT REMAINING YEAR REVENUE FOR AGENCY 1996/1997* 1997/1998 1998/1999 1999/2000 2000/2001 $ 624,566 1,609,184 1,819,640 2,040,619 2,272,647 $ 499,653 1,287,347 1,455,712 1,632,495 1,818,118 HOUSING 20% $ 124,913 321,837 363,928 408,124 454,529 REVELRIES: $8,366,656 $6,693,325 $1,673,331 * Second half of Fiscal Year 96/97 4 I," TABL E = Z = FIVE YEARS PROJECTED REVENUES REVENUE AGENCY HOUSING 1. Tax Increment Revenues 80% Agency: $6,693,325 $ 0 2. Tax Increment Revenues 20% Housing: 0 1,673,331 3. Interest Income Agency: 471,090 0 4. Bond Reserve Interest: 199,788 0 5. Interest Income Housing: 0 158,212 6. Rental Income Agency: 339,144 0 7. Rental Income Housing: 0 43,200 8. Gisler Field Land Proceeds: 0 1,500,500 RLVSNUES: $7,703,347 $3,375,243 Agency and Housing Total: $11,078,590 5 TABLE = V FIVE YEAR PROJECTED EXPENDITURES EXPENDITURES AGENCY HOUSING 1. Pass Through Payments: ($ 1,134,261) $ 0 2. Bond Debt Service Agency 80%: (2,447,889) 0 3. Bond Debt Service Housing 20%: 0 (735,358) 4. Debt Service Interest Expense: (199,788) 0 4. Operations Agency: (1,576,019) 0 5. Operations Housing: 0 (284,439) 6. City Loan Interest: (1,750,000) 0 7. Capital Improvement Projects Agency A. Bond Proceeds Public: (3,701,595) 0 B. Tax Increment Revenues 1. Downtown Parking Facilities: (140,000) 0 2. Building Demolition: (102,703) 0 3. Street Improvements a. Streets: (850,000) 0 b. Sidewalks: (350,000) 0 c. Curbs, Gutters, Drainage: (150,000) 0 6 TAE3LE =V FIVE YEAR PROJECTED EXPENDITURES CONTINUED 8. Housing Projects A. Bond Proceeds: 0 (1,500,500) B. Tax Increment Revenue: 0 (705,475) 9. Redevelopment Business Loan Program: (410,815) l*4 4 ..,10 rU: VA ($12,813,070) ($3,225,772) F TAB L E V PROJECTED FUNDS AVAILABLE END OF FISCAL YEAR 2000/2001 AGENCY HOUSING AGENCY/ HOUSING 1. Funds Available December 31, 1996: $ 5,109,723 $ 850,201 $ 5,959,924 2. Projected Five Year Revenues: 7,703,347 3,375,243 11,078,590 3. Projected Five Year Expenditures: (12,813,070) (3,225,772) (16,038,842) 4. Funds Remaining End Of Fiscal Year 2000/2001: $ 0 $ 999,672 $ 999,672 8 FY 1996/97 Capital Projects Proj No. Project Name - - - -- ------------------------------------ 8001 Alley reconstruction 8002 AVP Pod Bridge 8003 AVP Bike Path 8004 A/C Overlay 1995 8005 A/C Overlay 1996 8006 Bonnie View 8007 Everett Basin 8008 L A Ave But Widening 8009 L A Ave / New L A Ave WIdening 8010 Maureen Lane 8011 Hoorpark Ave / Spring Rd Storm Drain 8012 New L A Ave Bridge 8013 New L A Ave / Rt 23 Ramps 8014 Gisler Street 8015 Poindexter Rt Turn 8016 Sidewalks 8017 Spring Road Bridge 8018 Spring Ad Conceptual Design 8019 Valley Road 8020 Wicks Aced A/C PAvemenmt 8021 Wilts Aosd Slope Restoration 6022 E: Paint Sprayer 3023 E: Crane 3024 E: Confined Space 3025 E: Shed for storage 3026 E: Skip Loader 3027 E: Sidewalk Grinder 3028 E: Digital Camera 1029 Painted Sky Subsidence Repair X030 Peach Bill Road WIdening E/0 Spring 201 203 211 -900 211-901 212 240 241 242 244 245 246 410 TSN LTF T R AOC L A AOC -- Parks --- - -- - -- Gas Tax ---- - - - - -- STA ---- - -- - -- SB -821 --- - - - - -- Fed STP --- - - - - -- CDBG ---- - - - - -- SLTPP ---- - - - - -- NRA ---- - - - - Total 200,000 300,000 60,000 -- 240,000 300,000 130,000 16,000 100,000 54,000 500,000 300,000 820,000 800,000 480,000 100,000 1,400,000 800,000 40,000 15,000 60,000 75,000 1,500,000 80,000 120,000 300,000 1,500,000 300,000 996,000 182,500 127,200 30,000 120,000 682,300 150,000 1,988,000 500,000 1,200,000 500,000 1,200,000 5,000 300,000 300,000 15,000 5,000 50,000 15,000 50,000 30,000 30,000 70,000 100,000 170,000 41,000 99,000 140,000 21,050 120,000 30,000 150,000 2,000 21,050 11,500 2,000 1,000 11,500 32,500 1,000 3,500 32,500 600 3,500 600 0 0 -- -- - - - - -- ---- - -- - -- ---- - - - --- --- - - - - -- ------- ---- - - - - -- ---- 130,000 1,665,000 200,000 4,862,000 100,000 269,650 - - - - -- -- 127,200 - - - --- 54,000 - - - - -- 480,000 --- - - - - -- 311,000 - - -- - - -- -- 105,000 ---- - - - - -- 1,761,300 ---- - - - - -- 10,065,150