12-21-2010 - Annual Report for Year Ended June 30, 2010M
s
TO: Andrew G. Pasmant, Executive Director,
and the Community Development Commission
FROM: Thomas Bachman, Director
Finance Department
0
Item
Date
City of West Covina
MEMORANDUM
AGENDA
4-
December 21. 2010
SUBJECT: ANNUAL REPORT FOR THE YEAR ENDED JUNE 30, 2010
RECOMMENDATION:
It is recommended that the Commission receive and file this report.
DISCUSSION:
Pursuant to California Redevelopment Law (Health and Safety Code Section 33080), an Annual
Report of the Community Development Commission has been prepared for the fiscal year ended
June 30, 2010. The law specifies that the report include the following:
a) An independent financial audit report, including a compliance opinion;
b) Fiscal statement which includes the Annual Report of Financial Transactions and all
other requirements of Health and Safety Code Section 33080.5;
c) Description of activities affecting housing and displacement as reported on the Schedule
HCD; and
d) Evaluation of the year's achievements and a work program for the coming fiscal year
The financial portion of the report (a, b and
regulatory agencies by December 31, 2010.
Commission and the City Council.
c) will be submitted to the appropriate state
The report is required to be presented to the
The financial statements include the debt service and capital project funds for both the Merged
and Citywide project areas, the low and moderate -income housing fund, and the West Covina
Plaza Community Facilities District. The combined fund balances for all funds decreased by
$4,785,592. The decrease indirectly attributable to the $6.5 million Supplemental Educational
Revenue Augmentation Fund (SERAF) payment to the county school fund as mandated in the
2009-10 state budget. Property tax revenues were stable with a $52,033 (0.3%) decrease in the
Merged Project Area and a $172,173 (6.8%) increase in the Citywide Project Area.
Finance Director
Attachment: CDC Annual Report for fiscal year 2009/2010
#4 - ATTACHMENT
li CDC Annual Report
12/21/10
E T v COMA
COMMUNITY DEVELOPMENT
COMMISSION
Annual Report
For the year ended June 30, 2010
J
1
LJ�
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COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
ANNUAL REPORT
Year ended June 30, 2010
TABLE OF CONTENTS
Page
AND COMPLIANCE REP
Independent Auditors' Report
I
Basic Financial Statements:
Government -wide Financial Statements:
Statement of Net Assets
3
Statement of Activities
4
Fund Financial Statements:
Governmental Funds:
Balance Sheet
6
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Assets
9
Statement of Revenues, Expenditures and Changes in Fund Balances
10
Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balances of Governmental Funds to the Statement of Activities
12
Notes to the Basic Financial Statements
13
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
35
FISCAL STATEMENT
General Information
37
Achievement Information
38
Audit Information
41
Project Area Reports:
Citywide Project Area
42
West Covina Redevelopment Project Area
43
Assessed Valuation Data:
Citywide Project Area
44
West Covina Redevelopment Project Area
45
Pass -Through / School District Assistance:
Citywide Project Area
46
West Covina Redevelopment Project Area
47
Summary of Statement of Indebtedness:
Citywide Project Area 48
West Covina Redevelopment Project Area 49
Detail Summary of Long -Term Debt 50
Balance Sheet 52
Consolidated Statement of Income and Expenditures 56
HOUSING AND DISPLACEMENT ACTIVITIES
Schedule A:
Project Area Summary Report
61
Project Area Financial Information
62
Schedule A/B:
Program Information
64
Schedule C:
Agency Financial Summary
65
Agency Financial and Program Detail
66
Schedule D:
General Project Information
69
Schedule E:
Calculation of Increase in Agency's Inclusionary Obligation for Activities
72
PROGRESS REPORT AND EVALUATION 81
COMMISSION -OWNED PROPERTY 85
o
GOALS & OBJECTIVES 87
Annual, Financial and Compliance Report
Independent Audit
For the year ended June 30, 2010
(Health & Safety Code 33080.1(a))
Mayer Hoff rl an McCann PC,
An Independent CPA Firm
2301 Dupont Drive, Suite 200
' Irvine, California 92612
I 949-474-2020 ph
949-263-5520 fx
www. mhm-pc.com
1 Board of Directors
Community Development Commission of the City of West Covina
1 West Covina, California
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying financial statements of the governmental activities and each major
fund of, the Community Development Commission of the City of West Covina (Commission) as of and
for the year ended June 30, 2010, which collectively comprise the Commission's basic financial
statements; as listed in the table of contents. These financial statements' are the responsibility of the
' management of the Community Development Commission of the City of.West Covina. 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 financial statements of the Community Development Commission
1 of the City of West Covina for the year ended June 30, 2009 and, in our report dated December 7, 2009,
we expressed an unqualified opinion on those financial statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in the Government Auditing
Standards, issued by the, 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
i material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall 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 position of the governmental activities and each major fund of the Community
Development Commission of the City of West Covina as of June 30, 2010, and the respective changes in
financial position of the Community Development Commission of the City of West Covina for the year
then ended in conformity with accounting principles generally accepted in the United States of America.
1 The Community Development Commission of the City of West Covina has not presented Management's
Discussion and Analysis that the Governmental Accounting Standards Board has determined is necessary
to supplement, although not required to be a part of, the basic financial statements.
11
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In accordance with Government Auditing Standards, we have also issued a report dated December 14,
2010 on our consideration of the Commission's internal control over financial reporting and on our tests
of its compliance with certain provisions of laws, regulations, contracts, 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 an 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, Califorma
December 14, 2010
Re raon
1
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST
COVINA
Statement of Net Assets
'
June 30, 2010
Governmental Activities
'
Assets:
2010
2009
Cash and investments (note 2)
$ 22,100,140
27,307,956
Cash and investments with fiscal agents (note 2)
7,370,604
7,477,177
'
-Receivables, net: -
Accounts
8,645
177,217
Taxes
1,133,638
1,624,466
Accrued interest
34,166
93,728
Assessments (note 4)
37,355,000
38,745,376
r Notes and loans (note 3)
23,093,486
25,551,252
'
Due from the City of West Covina
77,050
-
Other assets
209,547
222,31.6
Land held for resale (note 5)
211,860
211,860
Capital assets (note 6):
Land
15,597,560
15,597,560
Construction in progress
59,219
59,004
Other capital assets; net
7,448,877
3,577,757
Total assets
114,699,792
120,645,669
Liabilities:
Accounts payable
305,398
1,042,239
Other accrued liabilities
48,158
88,220
Due to other agencies
1,017,606
984,304
Interest payable
1,124,837
1,159,992
Deposits payable
409,631
404,631
Due to the City of West Covina
833,045
1,290,856
Long-term liabilities (notes 10 to 15):
Due within one year
6,492,297
7,427,959,
Due in more than one year
124,263,249
124,296,170
'
Total liabilities
134,494,221
136,694,371
Net assets (deficits):
Invested in capital assets, net of related debt
319337345
-
Restricted for:
Low and moderate housing
27096,711
237709,519
Unrestricted
(50:824,485)
(39,758,221)
Total net assets (deficits)
$ (197794,429)
(16,048,702)
See accompanying notes to the basic financial statements.
1
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Statement of Activities
For the year ended June 30, 2010
Governmental activities:
Low and moderate.
income housing
Community development
Interest and fiscal charges
Total governmental activities
Program Revenues
Operating Capital
Charges for Contributions Contributions
Expenses Services and Grants and Grants
$ 2,130,029 - - -
10,362,838 97,545 - -
6,488,327 - - -
$ 18,981,194 97,545 - -
General revenues:
Taxes:
Tax increment
Sales tax
Investment income
Rental income
Other revenues
Total general revenues
Change in net assets
Net assets (deficits) at beginning of year, as restated (note 18)
Net assets (deficits) at end of year
See accompanying notes to the basic financial statements.
4
Net Governmental
Activities
2010 2009
(2,130,029) (5,308,537)
(10,265,293) (4,884,687)
(6,488,327) (6,745,794)
(18,893,649) (16,93 9,01 80)
8,545,254
15, 810,182
406,122
440,641
549,724
1,027,043
97,545
75,934
1,291,464
142,726
10,890,109
17,496,526
(7,993,540)
557,508
(11,800,889)
(16,606,210)
$ (19,794,429
(16,048,702)
R,
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Governmental Funds - Balance Sheet
June 30, 2010
Debt Service Funds
Community Redevelopment
Citywide
Facilities Project
Project
Assets District Area
Area
Assets:
Cash and investments
$ 2,670,447
4,218,021
908,334
Cash and investments
with fiscal agents
5,003,665
1,002,450
-
Receivables, net:
Accounts
-
-
-
Taxes
376,051
700,092
57,495
Accrued interest
1,785
13,137
2,173
Assessments
-
-
-
Notes and loans
-
-
-
Due from other funds (note 7)
-
-
-
Due from the City of West Covina
77,050
-
-
Prepaids and other assets
2,080
-
-
Advances to other funds (note 8)
-
-
-
Land held for resale
-
-
-
Total assets
$ 8,131,078
5,933,700
968,002
Liabilities and Fund Balances
Liabilities:
Accounts payable
-
55,180
4,526
Other accrued liabilities
-
-
-
Pass -through payable
178,917
678,216
160,473
Deposits payable
-
-
-
Due to other funds (note 7)
25,000
-
-
Due to the City of West Covina
434,965
296,330
101,750
Deferred revenue
-
-
-
Advances from other funds (note 8)
-
-
6,529,308
Total liabilities
638,882
1,029,726
6,796,057
Fund balances:
Reserved for:
Encumbrances
-
-
-
Low and moderate housing
-
-
-
Debt service requirements
7,490,116
4,903,974
-
Notes and loans receivable
-
-
-
Prepaids and other assets
2,080
-
-
Advances to other funds
-
-
-
Land held for resale
-
-
-
Unreserved, reported in:
Debt service funds
-
-
(5,828,055)
Capital projects funds
-
-
-
Total fund balances
7,492,196
4,903,974
(5,828,055)
Total liabilities and fund balances
$ 8,131,078
5,933,700
968,002
See accompanying notes to the basic fmancial statements
m
Capital Projects Funds
Redevelopment
Citywide
Low and
Project
Project
Moderate
Totals
Area
Area
Income Housing
2010
2009
3,549,187
2,692,421
8,061,730
22,100,140
27,307,956.
-
-
1,364,489
7,370,604
7,477,177
8,645
177,217
-
-
-
1,133,638
1,624,466
5,224
3,443
8,404
34,166
93,728
37,355,000
-
-
37,355,000
38,745,376
13,683
-
23,079,803
23,093,486
25,551,252
25,000
-
-
25,000
-
-
-
-
77,050
-
-
-
207,467
209,547
222,316
-
-
6,529,308
6,529,308
-
67,040
-
144,820
211,860
211,860
41,023,779
2,695,864.
39,396,021
98,148,444
101,411,348
223,835
4,008
17,849
305,398
1,042,239
17,322
4,375
26,461
48,158
88,220
-
-
-
1,017,606
984,304
409,631
-
-
409,631
404,631
-
-
-
25,000
-
-
-
-
833,045
1,290,856
37,355,000
-
23,079,803
60,434,803
64,270,011
-
-
-
6,529,308
-
38,005,788
8,383
23,124,113
69,602,949
68,080,261
34,874
-
33,051
67,925
109,396
-
-
5,070,528
5,070,528
13,966,515
-
-
1,364,489
13,758,579
12,817,868
-
-
-
-
26,617
-
-
207,467
209,547
222,316
-
-
6,529,308
6,529,308
-
67,040
-
144,820
211,860
211,860
-
(5,828,055)
2,916,077
2,687,481
2,922,245
8,525,803
5,976,515
3,017,991
2,687,481
16,271,908
28,545,495
33,331,087
41,023,779
2,695 864
39,396,021
98,148,444
101,411,348
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\
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Governmental Funds
Reconciliation of the Balance Sheet of Governmental Funds to
the Statement of Net Assets
June 30, 2010
Fund balances of governmental funds
Amounts reported for governmental activities in the statement of
net assets are different because:
Capital assets, net of depreciation, have not been included
as financial resources in governmental fund activity.
Capital assets
Accumulated depreciation
Long term liabilities that have not been included in the governmental
fund activity:
Bonds payable
Compensated absences
Advances from City of West Covina
Other long-term liabilities
Accrued interest payable for the current portion of interest due on
Long term debt has not been reported in the governmental funds.
Revenues that are measurable but not available are recorded as deferred
revenue under the modified accrual basis of accounting.
Net assets of governmental activities
See accompanying notes to the basic financial statements.
9
$ 28,545,495
34,156,362
(11,050,706)
(74,395,000)
(210,486)
(25,224,571)
(30,925,489)
(1,124,837)
60,434,803
$ (19,794,429)
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Governmental Funds
Statement of Revenues, Expenditures and Changes in Fund Balances
For the year ended June 30, 2010
Debt Service Funds.
Community Redevelopment Citywide
Facilities Project Project
District Area Area
Revenues:
Property tax increment
$ -
16,855,702
2,708,587
Sales tax
406,122
-
-
Other taxes
2,252,947
210
-
Investment income
318,031
451191
6,209
Rental income
-
-
-
Program note and loan repayments
-
-
-
Other revenues
1,168,524
-
Total revenues
4,145,624
16,901,103
2,714,796
Expenditures:
Low and moderate income housing
-
-
-
Community development
-
-
-
Debt service:
Principal
1,390,000
950,000
-
Interest and fiscal charges
2,314,232
3,365,339
103,330
Repayment of advances to City
-
1,217,469
-
Pass -through payments
-
2,649,379
545,349
SERAF payment
-.
-
6,529,308
Other contractual agreements
38,717
1,963,322
-
Total expenditures
3,742,949.
10,145,509
7,177,986
Excess (deficiency) of
revenues over (under)
expenditures
402,675 -
6,755,594
(4,463,190)
Other financing sources (uses):
Transfers in (note 16)
-
-
-
Transfers out (note 16)
-
(5,371,-140)
(1,341,717)
Transfers to the City of West Covina
-
(105,660)
(650,000)
Proceeds of advances
-
-
-
Total other financing
sources (uses)
-
(5,476,800)
(1,991,717)
Net change in fund balances
402,675
1,278,794
(6,454,907)
Fund balances at beginning of year
7,089,521
3,625,180
626,852
Fund balances at end of year
$ 7,492,196
4,903,974
(5,828,055)
See accompanying notes to the basic financial statements.
10
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1
1
1
1
1
1
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1
1
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1
Capital Projects Funds
Redevelopment
Citywide
Low and
Project
Project
Moderate
Totals `
Area
Area
Income Housing
2010
2009
-
-
-
19,564,289
19,444,149
-
-
-
406,122
440,641
-
-
-
2,253,157
1,803,948
32,576
18,264
129,453
549,724
1,027,043
97,545
-
-
97,545
75,934
-
-
399,721
399,721
638,096
220,295
-
200
1,389,009
1,348,595
350,406
18,264
529,374
24,659,567
24,778,406
-
-
2,756,409
2,756,409
5,535,277
2,571,099
224,966
-
2,796,065
4,447,311
-
-
530,000
2,870,000
2,610,000
-
-
740,581
6,523,482
6,785,341
2,500,000
800,000
-
4,517,469
3,635,801
-
-
-
3,194,727
3,468,902
-
-
-
6,529,308
-
-
-
-
2,002,039
2,181,599
5,071,099
1,024,966
4,626,990
31,189,499
28,664,231
(4,720,693)
(1,006,702)
(3,497,616)
(6,529,932)
(3,885,825)
2,000,000
800,000
3,912,857
6,712,857
6,388,830
-
-
-
(6,712,857)
(6,388,830)
-
-
-
(755,660).
(717,020)
2,000,000
500,000
-
2,500,000
3,300,000
4,000,000
1,300,000
3,912,857
1,744,340
2,582,980
(720,693)
293,298
415,241
(4,785,592)
(1,302,845)
3,738,684
2,394,183
15,856,667
33,331,087
34,633,932
3,017,991
2,687,481
16,271,908
28,545,495
33,331,097
11
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Reconciliation of the Statement of Revenues, Expenditures,
and Changes in Fund Balances of Governmental Funds
to the Statement of Activities
For the year. ended June 30, 2010
Net changes in fund balances - total governmental funds $ (4,785,592)
Amounts reported for governmental activities in the statement of
activities are different because:
Governmental funds report capital outlay as expenditures. However, in the
statement of activities, the cost of those assets is allocated over their estimated
useful lives as depreciation expense. This is the amount by which capital
outlays exceeded depreciation in the current period.
Capital outlay 215
Depreciation expense (376,693)
Repayment of bond principal and repayment of Advances to the City of West
Covina are expenditures in the governmental funds, but the repayment reduces
long-term liabilities in the statement of net assets. (7,387,469)
Additions and repayments of other long-term liabilities are recorded as revenues
and expenditures in the governmental funds, but increase or decrease long-term
liabilities in the statement of net assets. 9,373,252
To record as an expense the change in compensated absences in the statement
of activities. (17,200)
The statement of net assets includes accrued interest on long term debt.
The change is reflected in the statement of activities. 35,155
Revenues that are measurable but not available are not recorded as revenues
under the modified accrual basis of accounting. The change is reflected
in the statement of activities. (3,835,208)
Changes in net assets of governmental activities $ (7,993,540)
See accompanying notes to the basic financial statements.
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' COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Notes to the Basic Financial Statements
Year ended June 30, 2010
(1) SummM of Significant Accounting Policies
The following' is a summary of the significant accounting policies of: the. Community
Development Commission of the City of West Covina (Commission):
1 (a) Organization and Tax Increment Financing
Redevelopment Goals and Objectives
The Community Development Commission, formerly the Redevelopment Agency
of the .City of West Covina, was established on August 9, 1971. The general
objective of the Redevelopment Plans adopted by the Commission is redeveloping
certain areas of the City of West Covina to stimulate and attract private investment
and to eliminate physical or economic blight. The Commission has the following
' project areas:
West Covina Redevelopment Project Area — In December 1993, the Commission
' merged the Central Business District Project and the Eastland Project Areas. The
Central Business District Project plan was adopted in December 1971 to acquire
and develop property for commercial use and includes the West Covina Fashion
' Plaza and Civic Center. The plan has ,been amended to expand the project
boundaries and development scope. The Eastland Project plan was adopted in July,
1975 to acquire and develop property for commercial use. The principal
developments in the project area are regional shopping and entertainment centers.
' The plan has been amended to expand the project boundaries and development
scope. The Commission has retained ownership to various parcels of land which it
leases to commercial businesses or holds for resale.
Fashion Plaza Expansion Project — The project plan is part of the West Covina
Redevelopment Project Area, which concentrates on expansion of the leasable
square footage of a regional shopping mall.
' West Covina Citywide Redevelopment Project Area — On July 15, 1999, the West
Covina Citywide Redevelopment Project Area was adopted establishing a new
' redevelopment project area. This new project area was established for the purposes
of carrying out activities related to upgrading public facilities and improving the
quality of life for residents within the territory the project areas. This new project
area consists of approximatelyin
302 acres located in multiple non-contiguous sub-
areas throughout the City.
13
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Notes to the Basic Financial Statements
(Continued)
(1) Summate• of Significant Accounting Policies (Continued)
Tax Increment Financing
The Law 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 paid 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.
Relationship to the City of West Covina
The Commission is an integral part of the City and,. accordingly, the accompanying
component unit financial statements are included as a blended component unit of
the basic financial statements prepared by the City. A component unit is a separate
governmental unit, agency or nonprofit corporation which, when combined with all
other component units, constitutes the reporting entity as defined in the City's basic
financial statements.
(b) Basis of Accounting and Measurement Focus
The basic financial statements of the Commission are composed of the following
S Government -wide financial statements
• Fund financial statements
• Notes to the basic financial statements
Government -wide Financial Statements
Government -wide financial statements display information about the reporting
government as a whole. These statements include separate columns for the
governmental and business -type activities of the primary government. The
Commission - of the City of West Covina has no business -type activities.
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).
14
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COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Notes to the Basic Financial Statements
(Continued)
(1) SummM of Significant Accounting Policies (Continued)
The. accompanying gover7iinent-wide financial statements for the Commission
present negative net assets because the primary activity of the Commission is to
issue debt to assist with economic development • activities and construct
infrastructure that will be owned and maintained by the City.
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 exchange and exchange -like transactions are recognized when the
exchange takes place. Revenues, expenses, gains, losses, assets, and liabilities
resulting' -from nonexchange transaction are recognized in accordance with the
requirements of GASB Statement No. 33.
Program revenues include charges for services 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.
Amounts paid to acquire capital assets are capitalized as assets in the government -
wide financial statements, rather than reported as an expenditure. The issuance of
long-term debt is recorded as a liability in the government -wide financial
statements, rather than as an other financing source. 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.
Fund Financial Statements
The underlying accounting system of the Commission 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 allocated to
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.
15
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies (Continued)
Fund financial statements for the primary government's governmental, proprietary,
and fiduciary funds are presented after the government -wide financial statements.
These statements display information about major funds individually and nonmajor
funds in the aggregate for governmental and enterprise funds. Fiduciary statements
include financial information for fiduciary funds and similar component units.
Fiduciary funds primarily. represent assets held by the Commission in a custodial
capacity for other individuals or organizations. The Commission has no nonmajor
funds, enterprise funds,. or fiduciary funds.
Governmental Funds
In the fund financial statements, governmental funds and agency 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
Commission uses a sixty-day availability period.
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. 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.
n
1
E
1
1
16
1
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
' Notes to the Basic Financial Statements
(Continued)
' (1) Summary of Significant Accounting Policies (Continued)
Non -current 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
assets. 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
governmental fund 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.
iWhen 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.
(c) Activities in Major Funds
The following funds are presented as major funds in the accompanying basic
financial statements:
Community Facilities District Redevelopment Project Area and Citywide Project
' Area Debt Service Funds — To account for the accumulation of resources for the
payment of debt service for bond principal, interest and trustee fees.
Redevelopment Proiect Area and Citywide Project Area Capital Projects Funds —
To account for the bond proceeds, interest and other funding that will be used for
development, planning, construction and land acquisition.
Low and Moderate Income Housing Capital Projects Fund — To account for the
required 20% set aside of property tax increment that is legally restricted for
increasing or improving housing for low and moderate income households.
' (d) Cash and Investments
For financial. reporting purposes, investments are adjusted to their fair value
whenever the difference between fair value and the carrying amount is material.
I
1 17
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Notes to the Basic Financial Statements
(Continued)
(1) Summarof Significant Accounting Policies (Continued)
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) Land Held for Resale
Land held for resale includes land and project costs relating to property acquired or
constructed which will be sold under terms of a disposition and development
agreement or an owner participation agreement between the Commission and
developers. The land held for resale is recorded at the lower of cost or estimated
realizable value.
(fl Capital Assets
Capital assets (including infrastructure) are recorded at cost where historical records
are available and at an estimated historical cost where no historical records exist.
Contributed capital assets are valued at their estimated fair market value at the date
of the contribution. Generally, capital asset. purchases in excess of $5,000 are
capitalized.
Depreciation has been provided using the straight-line method over the estimated
useful life. of the asset in the government -wide financial statements. The
Commission's capital asset useful lives are as follows:
Structures and improvements 50 years
Equipment 5-7 years
(g) Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect certain reported amounts and disclosures. Accordingly, actual results may
differ from those estimates.
(h) Encumbrances
Encumbrance accounting, under which purchase orders, contracts and other
commitments for the expenditure of funds are recorded in order to reserve that
portion of the fund balance, is employed in the governmental funds. Encumbrances
are reported as reservations of fund balances since they do not constitute
expenditures or liabilities. Encumbrances at year-end are re -appropriated in the
following year.
18
H
1
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Notes to the Basic Financial Statements
(Continued)
(1) Summary of Significant Accounting Policies (Continued)
(i) 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 government's prior year
financial statements, from which this selected financial data was derived.
(2) 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 investments
Cash and investments held -by bond trustee
Total cash and investments
J
$22,100,140
7,370,604
29 470 744
Cash and investments as of June 30, 2010 consist of the following:
Deposits $ 1,343,976
Investments 28,126,768
Total cash and investments 29 470 744
Investments Authorized by the California Government Code and the City's Investment
Policy
The table below identifies the investment types that are authorized for the Commission by
the California Government Code and the City's investment policy. The table also
identifies certain provisions of the California Government Code (or the City's investment
policy, if more restrictive) that address. interest rate risk, and concentration of credit risk.
This table does not address investments of debt proceeds held by bond trustee that are
governed by the. provisions of debt agreements of the Commission, rather than the general
provisions of the California Government Code or the City's investment policy.
I
19
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA '
Notes to the Basic Financial Statements
(Continued)
(2) Cash and Investments (Continued) ,
Authorized by Maximum
- Investment Types Investment Maximum Percentage Investment '
Authorized by State Law Policy Maturi * of Portfolio* In One Issuer*
Local Agency Bonds
No 5 years
None
None
,
U.S. Treasury Obligations
Yes 5 years
None
None
U.S. Agency Securities
Yes 5 years
None
None
Banker's Acceptances
Yes 180 days
40%
30%
Commercial Paper
Yes 270 days
40%
10%
'
Negotiable Certificates of Deposit
Yes 5 years
30%
None
Repurchase Agreements
Yes 100 days
20%
None
Reverse Repurchase Agreements
Yes 92 days
20% of base value None
'
Medium -Term Notes
Yes 5 years
30%
None
Mutual Funds
No N/A
20%
10%
Money Market Mutual Funds
Yes N/A
10%
10%
Mortgage Pass -Through Securities
No 5 years
20%
None
'
LA County Pooled Investment Funds
Yes N/A
None
None
Local Agency Investment Fund
Yes N/A
None
None
'
* Based on state law requirements or investment policy
requirements, whichever is more
restrictive.
,
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
City's investment policy. The table
below identifies
the investment
types that are
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.
,
Maximum
Maximum
Authorized
Maximum
Percentage
Investment
Investment Type
Maturi
Allowed
in One Issuer
U.S. Treasury Obligations
None
None
None
U.S. Agency Securities
None
None
None
Banker's Acceptances
180 days
None
None
Commercial Paper
270 days
None
None
Money Market Mutual Funds
N/A
None
None
,
Investment Contracts
30 years
None
None
20
COMMUNITYDEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Notes to the Basic Financial Statements
(Continued)
(2) Cash and Investments (Continued)
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that 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 is to changes in market interest rates. One of the
ways that the Commission 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.
Information about the Commission's exposure to interest rate risk as a result of its equity
'
in the cash and investment pool of the City of West Covina is provided by disclosures in
the notes to the basic financial statements of the City of West Covina that shows the
distribution of the City's investments by maturity.
Information about the sensitivity of the fair values of the Agency's investments to market
interest rate fluctuations is provided by the following table that shows the distribution of
these investments by maturity:
Remaining Maturity (in Months)
12 Months 13 to 24 25-36 More Than
'
Investment Type Or Less Months Months 36 Months
Local Agency Investment
Fund. $17,215,510 17,215,510 - - -
''
Los Angeles County
Investment Pool 3,540,654 3,540,654 - - -
Held by fiscal agent:
Money market funds 123,938 123,938 - - -
Federal Agency
securities 2,243,996 - 799,840 - 1,444,156 -
Investment agreement 5,002,670 5,002,670
Total $28,126,768 21,679,942 - 1,444,156 5,002,670
Disclosures Relating to Credit Risk
iGenerally,
is
credit risk 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 City's
investment policy, or debt agreements, and the actual rating as of year end for each
investment type.
21
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA '
Notes to the Basic Financial Statements
(Continued)
(2) Cash and Investments (Continued) '
Minimum Rating as of Year End
Carrying Legal Not
Investment Type Amount Rating AAA Rated
Local Agency
Investment Fund
$17,215,510
N/A
- 17,215,510
Los Angeles County
Investment Pool
3,540,654
N/A
- 3,540,654
'
Held by bond trustee:
Money market funds
123,938
A
123,938 -
Federal Agency
,
securities
2,243,996
A
2,243,996 -
Investment agreement
5,002,670
N/A
- 5,002,670
Total
28.126.768
2,367.934 25,758,834
Concentration of Credit Risk
Investments in any one issuer (other than U.S. Treasury securities, mutual funds, and
investment pools) that represent 5% or more of total investments for the entire entity are
as follows: 1
Issuer Investment Type Reported Amount
Westdeutsche Landesbank Investment agreement $ 5,002,670
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 r
another party. The California Government Code and the City'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 deposits: The
California Government Code requires that a financial institution securedeposits 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).
22
n
COMMUNITY DEVELOPMENT. COMMISSION OF THE CITY OF WEST COVINA
Notes to the Basic Financial Statements
(Continued)
(2) Cash and Investments (Continued)
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 City deposits by pledging first trust deed mortgage notes having a
value of 150%, of the secured public deposits.
For the investments held by bond trustee, the bond trustee selects the investment under
the terms of the applicable trust agreement, acquires the investment, and holds the
investment on behalf of the reporting government.
(3) Notes and Loans Receivable
The Commission has made housing rehabilitation loans to
qualified applicants using housing set -aside funds. These loans
bear a one time interest of 5% and are repaid when title to the
property changes.
The Commission has also made loans to first-time home buyers.
Loans are secured by second trust deeds and bear interest at 5%.
Principal and interest are deferred for five years and due monthly
in years 6 through 30. The Commission has 38 individual loans
'
outstanding ranging from $5,500 to $25,000.
The Commission has made housing preservation program loans to
'
qualified applicants using housing set -aside funds. Principal and
interest are deferred for ten years. After the tenth year, loans bear
interest at 5%. Loans are repaid after the tenth year or when title to
the property changes. The Commission has 126 individual loans
'
outstanding ranging from $5,000 to $10,050.
In May 1997, the Commission loaned $4,270,000 to Lark Ellen
Towers. The loan is .secured by a deed of trust. The loan accrues
interest at 3% per annum and requires annual payments equal to the
maximum of $35,000 or 50% of net profits earned by the project.
'
In April 1998, the Commission loaned $5,622,300 to Executive
Lodge Apartments Limited Partnership (Promenade Apartments
project). The loan is secured by. a deed of trust. The loan accrues
interest at 3% per annum requires annual payments equal to 80% of
net profits earned by the project.
' In April 2006, the Commission entered into a settlement agreement
with Hassen Imports Partnership and West Covina Motors, Inc.
where the Commission will receive $700,000 as resolution of a
dispute of prior amounts due to the Commission.
Outstanding
Balance at
June 30, 2010
$ 454,524
753,762
1,328,199
5,742,029
6,137,391
700,000
23
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Notes to the Basic Financial Statements
(Continued)
Outstanding
(3) Notes and Loans Receivable (Continued) Balance at
June 30, 2010
In May 2002, the Commission loaned $4,250,000 to West Covina
Senior Villas, LLC. The loan is secured by a deed of trust. The loan
does not accrue interest. The note requires annual payments of
$141,667 through May 2032 that are forgiven by. the City unless
the borrower defaults on the agreement. $ 3,116,666
In May 2009, the Commission entered into an agreement with
West Covina Senior Villas II, L.P. to provide $8,600,000 for the
acquisition of real property in the City of West Covina and
construction and maintenance of an approximately 65-Lunt
apartment complex to be rented to low income and very low
income senior citizens. The loan is secured by a deed of trust. The
loan does not accrue interest so long as the borrower does not
default on the loan. The note requires annual payments of $86,869
through ninety-nine years of the note's commencement date. 3,964,952
Clippinger notes receivable bearing interest of 7% collateralized by
a promissory note and sales tax guarantees. 675,269
Other notes receivable 4,092,944
Allowance for doubtful accounts (3,872,250)
Total notes and loans receivable $23,093,486
(4) Assessments Receivable
In connection with the Commission's issuance of its $51,220,000 1996 Special Tax
Bonds (see note 10), the Commission has recorded $37,355,000 in assessments
receivable, of which $37,355,000 has been recorded as deferred revenue in the fund
financial statements because the tax assessments earned in conjunction with reporting this
receivable do not meet the "availability" criteria under the modified accrual basis of
accounting. These amounts will be reduced as the principal on the underlying debt
matures.
(5) Land Held for Resale
Land held for resale is comprised of the following at June 30, 2010:
ROP Site $ 144,820
BKK_ Project 67,040
Total land held for resale 211 860
CI'
r]
24
1
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Notes to the Basic Financial Statements
(Continued).
(6) Capital Assets
Capital asset activity for the year ended June 30, 2010 was as follows:
Balances at
Balances at
June 30, 2009*
Additions Deletions
June 30, 2010
Structures and improvements
$ 18,403,608
- -
18,403,608
Equipment and vehicles s
95,975
- -
95,975
Total cost of depreciable assets
18,499,583
- -
18,499,583
Less accumulated depreciation for:
Structures and improvements
(10,612,353)
(368,072) -
(10,980,425)
Equipment and vehicles
(61,660)
(8,621) -
(70,281)
Total accumulated depreciation
(10,674,013)
(376,693) -
(11,050,706)
Net depreciable assets
7,825,570
(376,693) - "
7,448,877
Capital assets not depreciated:
Land
15,597,560
- -
15,597,560
Construction in progress
59,004
215 -
59,219
Capital assets, net
23,482,134
(3Z,4781 -
23,105,656
* Adjustments were made to
the beginning balance , of certain capital
asset categories to
reflect the prior period adjustment to record the
value of the Lakes Parking structure.
Depreciation expense was
charged in the
following function of
the Statement of
Activities:
' Community development $376,693
(7) Due from. and to Other Funds
Interfi nd receivables and payables at June 30, 2010 are as follows:
Due From Other Funds Due to Other Funds
Capital Projects Fund: Debt Service Fund:
Redevelopment Project Area Community Facilities District
Amount
25
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA ,
Notes to the Basic Financial Statements
(Continued)
(8) Interfund Advances '
Interfund advances at June 30, 2010 are as follows:
Advances to Other Funds Advances from Other Funds Amount '
Capital Projects Fund: Debt Service Fund: '
Low and Moderate Income Housing Citywide Project Area 6 529 308
In February 2010 the Low and Moderate Income Housing Fund made an advance of ,
$6,529,308 to the Citywide Project Area Fund to satisfy the Commission's Supplemental
Educational Revenue Augmentation Fund (SERAF) obligation as required by Assembly
Bill ABX4-26. The advance bears no interest and must be repaid by June 30, 2015.
(9) Propel y Taxes '
Under California law, property taxes are assessed and collected by the counties up to 1 %
of the 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 City of West Covina accrues only those taxes that are received
from the County within sixty days after year-end.
Lien date January 1
Levy date July 1
Due dates November 1 and February. I
Collection dates December 10 and April 10
The Commission's primary source of revenue comes from property taxes. Property taxes
allocated to the Commission are computed in the following manner:
(a) The assessed valuation of all property within the project area is determined on the '
date of adoption of the Redevelopment Plan.
(b) Property taxes related to the incremental increase in assessed values after the ,
adoption of the Redevelopment Plan are allocated to the Commission; all taxes on
the "frozen" assessed valuation of the property are allocated to the City and other
taxing agencies.
(c) Property taxes allocated to the Commission above certain thresholds are subject to
statutory pass -through requirements to the City and other taxing agencies.
The Commission has no power to levy and collect taxes and any legislative property tax
shift might reduce the amount of tax revenues that would otherwise be available to pay
the principal of, and interest on, debt. Broadened property tax exemptions could have a
similar effect. Conversely, any increase in the tax rate or assessed valuation, or any
reduction or elimination of present exemptions would increase the amount of tax
revenues that would be available to pay principal and interest on debt. '
26
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Notes to the Basic Financial Statements
(Continued)
(10) Long -Term Liabilities
Long-term liability, activity for the year ended June 30, 2010 was as follows:
Balance at Balance at Due within Due in more
June 30, 2009 Additions Deletions June 30, 2010 one yea than one year
' Bonds Payable:
1988 Lease Revenue Bonds $ 4,875,000 - (335,000) 4,540,000 365,000 4,175,000
' 1996 Special Tax Bonds 38,745,000 - (1,390,000) 37,355,000 1,485,000 35,870,000
1998 Housing Set -Aside Bonds 4,760,000 (175,000) 4,585,000 190,000 4,395,000
1999 Tax Allocation Bonds 3,915,000 - (115,000) 3,800,000 125,000 3,675,000
2001 Housing Set -Aside Bonds 8,960,000 - (355,000) 8,605,000 370,000 8,235,006
' 2002 Tax Allocation Bonds 10,530,000 - (500.000) 10,030,000 520,000 9,510,000
Total Bonds Payable 71,785,000 - (2,870,000) 68,915,000 3,055,000 65,860,000
' Advances from the City of. WC 27,242,040 2,500,000 (4,517,469) 25,224,571 3,403,162 21,821,409
Due to the County of Los Angeles .9,021,839 1,077,146 (472,365) 9,626,620 - 9,626,620
' Developer agreement payable 23 481 964 3 296 905 - 26 778 - P , ,869 26,778,869.
' Compensated absences 193,286 48,546 (31,346) 210,486 34,135 176,351
Total long-term liabilities $131, 724,129 6,922,597 (7,891,180) 130,755,546 6,492,297 124,263,249
(11) Bonds Payyable
1.988 Lease Revenue Refunding Bonds (The Lakes Public Parking Project)
In 1988, the- Commission issued $7,750,000 of Lease Revenue Bonds .for the purpose of
constructing two multi -story parking structures. The bonds consist of $7,350,000 of current
interest bonds and $400,000 of compound interest bonds. The bonds carried interest rates
of 6.625% and 7.50% respectively, until January 1, 1994. On February 1, 1994, the bonds
' were converted to variable rate bonds. The interest rates vary based on the prevailing
financial market conditions beginning on February 1, 1994, to a maximum of 12% over the
tern of the bonds and are payable monthly. The bonds are subject to mandatory
redemption beginning August 1, 1994, and annually thereafter through August 1, 2018.
The bonds are secured b the facilities and lease rentals to be received ved pursuant to a lease
agreement between the Commission and the City. The reserve requirement of $688,492
' was fully funded at June 30, 2010. The principal balance of outstanding bonds at June 30,
2010 is $4,540,000.
' 27
I
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA '
Notes to the Basic Financial Statements
(Continued)
(11) Bonds Payable, (Continued) '
The annual principal requirements to amortize the Lease Revenue Bonds as of June 30,
2010 are as follows:
,
June 30
Principal
Interest
2011
$ 365,000
125,304
'
2012
390,000
.115,230
2013
425,000
104,466
2014
460,000
92,736
,
2015
495,000
80,040
2016-2020
2,405,000
172,224
Totals
4 540 000
690.000
'
1996 Special Tax Bonds (The Fashion Plaza Project
In 1996, the Commission issued $51,220,000 of Special Tax Refunding Bonds comprised ,
$9,980,000 of serial bonds and $41,240,000 of term bonds. The serial bonds matured
during the fiscal year ended June 30, 2007. The term bonds bear interest at a rate from '
5.75% to 6.0% payable semiannually and are due September 1, 2022. The term bonds are
not subject to optional redemption; mandatory redemption begins September 1, 2007, then
annually thereafter through September 1, 2022. Interest is payable semiannually on March
1 and September 1 of each year. The bonds are secured by and payable from a portion of '
therevenues derived from an annual special tax to be levied against all taxable real
property within the Special Assessment District. In addition, the Commission has pledged
certain other incremental revenues generated within the District consisting of property
taxes and sales taxes.
Cash and investments held by the fiscal agent, including the guaranteed investment
contract at June 30, 2010 totaled $5,003,665. The required reserve at June 30, 2010 was
$5,122,000 resulting in a deficit of $118,335. The outstanding principal balance of the
bonds at June 30, 2010 is $37,355,000. .
Debt service requirements on these bonds at June 30, 2010 are as follows: ,
June 30
Principal
Interest'
2011
$ 1,485,000
2,196,750
2012
1,580,000
2,104,800
2013
1,770,000
2,004,300
'
2014
2,055,000
1,8895550
2015
2,340,000
1757,700
2016-2020
155215,000
6:310,950
'
2021-2023
12,010,000
1,233,600
Totals
37,355,000
17,497,650
28 ,
I
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA.
Notes to the Basic Financial Statements
(Continued)
01) Bonds Pa, able, (Continued)
1998 Housing Set -Aside Tax Allocation Bonds
In 1998 the Commission issued $4 945 000 of Series A Tax Allocation Bonds and
$1,200,000 of Taxable Series B Tax Allocation Bonds to provide funds for the acquisition
' and rehabilitation of a multi -family housing project. The bonds mature annually through
September 1, 2025 in amounts ranging from $175,000 to $325,000, with interest rates
varying from 4.5% to 7.0%. Interest is payable semiannually on March 1, and September 1,
' of each year. The bonds are payable solely from and secured by a pledge of that portion of
the tax increment revenues receivable by the Commission with respect to the merged
redevelopment project area and are required to be deposited into the Commission's Low
' and Moderate Income Housing Fund. At June 30, 2010 the required reserve of $439;430
was fully funded. The principal balance .of outstanding bonds at June 30, 2010 is
$4,585,000.
2001 Housing Set -Aside Tax Allocation Revenue Bonds
On December 1, 2001, the Commission issued $11,275,000 of Housing Set -Aside Tax
' Allocation Revenue Bonds. The proceeds of the bonds were used to fund a grant for the
acquisition and development of a senior housing apartment complex and finance the
implementation of a certain number of the Commission's low and moderate income
housing programs. The bonds are payable from and secured. by certain, tax increment
revenues. The interest on the bonds is payable on March 1 and September 1 of each year.
The interest rate of the bonds ranges from 2.25% to 5.00%. The principal of the bonds is
due annually through September 1, 2031 in amounts ranging from $355,000 to $600,000.
The bonds are subject to optional and mandatory redemption provisions. At June 30, 2010
the required reserve of $733,333 was fully. funded. The principal balance of outstanding
bonds at .Tune 30, 2010 is $8,605,000.
The annual requirements to amortize housing tax allocation bonds as of June 30, 2009 are
as follows:
Year Ending 1998 Housing Bonds 2001 Housing Bonds
June 30 Principal Interest Principal Interest
201.1 $ 190,000
249,430
370,000
399,716
2012 195,000
239,516
385,000
384,376
2013 210,000
228,908
.400,000
367,935
2014
215,000
217,683
420,000
350,195
'
2015
230,000
205,715
435,000
331,167
2016-2020
1,350,000
818,632
2,505,000
1,324,595
2021-2025
2026-2030
1,775,000
420,000
381,951
11,938
1,930,000
1,500,000
720,419
397,000
2031-2033
-
-
660,000
26,250
Totals
$4-585 00
2,353,773
8,605,000
4.301.653
29
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA . 1
Notes to the Basic Financial Statements
(Continued)
�11) Bonds Payable (Continued)
1999 Tax Allocation Bonds
On November 1, 1999, the Community Development Commission issued $3,945,000 of
Taxable Variable Rate Tax Allocation bonds. The proceeds of the bonds were used to fund
a loan to the Commission, which was used. by the Commission to finance certain '
redevelopment capital projects within the West Covina Merged Project Area. The bonds
are payable from and secured by certain tax revenues payable to the Commission. The
interest on the 1999 Bonds is payable monthly at an adjustable interest rate with a '
maximum of 12%. Principal is due annually through November 1, 2029, in_ amounts
ranging from $5,000 to $165,000.
The Commission has a letter of credit to pay the principal and interest due; on the bonds to ,
the extent that other funds are not available. In May 2010, as the result of a failed`
remarketing, the trustee made a tender draw against the letter of credit in the amount of
$3,802,967 at an interest rate of 3.25% per annum. The outstanding principal balance of
the bonds at June 30, 2010 is $3,800,000. Subsequent to year end, a replacement letter of
credit was issued and the bonds were successfully remarketed.
2002 Tax Allocation Revenue Refundiny, Bonds
On June 4, 2002 the Community Development Commission issued $12,200,000 of Tax
Allocation Refunding Bonds. The proceeds of the Bonds were used to prepay the
outstanding 1993 Tax Allocation Bonds. The 2002 Bonds are payable from tax revenues
of the Commission. The interest on the bonds is payable semiannually on September 1 and
March 1 of each year. The interest rate on the bonds ranges from 1.75% to 5.10%. The
principal of the bonds is due annually through September 1, 2025, in amounts ranging
from $500,000 to $800,000. At June 30, 2010 the required reserve of $986,413 was fully
funded. The principal balance of outstanding bonds at June 3 01 2010 is. $10,030,000. ,
Debt service requirements on the tax allocation bonds as of June 30, 2010 are as follows:
Year Ending 1999 Tax Allocation Bonds 2002 Tax Allocation Bonds ,
June 30 Principal Interest Principal Interest
2011
$ 125,000
123,500
520,000
466,413
2012
130,000
119,438
540,000
446,003
2013
135,000
115,213
560,000
424,273
2014
140,000
1105825
580,000
401,110
2015
150,000
106,275
6055000
'
376,291
2016-2020
8305000
454,513
3,470,000
1,4145516
2021-2025
1,025,000
308,425
3,105,000
546,083
2026-2030
1,265,000
126,100
650,000
16,575
3 8 000
1 4. 64.289
10.030.000
4.091.264
30
d
' COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF _WEST COVINA
' Notes. to the Basic Financial Statements
(Continued)
' (12) Pledged Revenue
The Commission has debt issuances outstanding that are collateralized by the pledging of
' certain 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 asa percentage of the pledged gross revenue (or net of certain expenses where
so required by the debt agreement) are indicated in the table below. These percentages
' also approximate the relationship of debt service to pledged revenue for the remainder of
the term of the. commitment:
'
Annual Debt
Service Payments
Debt Service as a
Description of Annual Amount (of all debt secured
Percentage of
Pledged Revenue of Revenue by this revenue)
Pledged Revenue
'
Special tax —
Special assessment district $ 3,827,593 3,704,23 i'
96.8%
Tax increment —
Merged Project Area 13,484,562 4,315,340
32.0%
Tax increment —
Low and Moderate
1
Income Housing 3,912,858 l X0,581
32.5%
(13) Advances from the City of West Covina
The City has authorized several advances to be used for the
operations of the
Commission. At June 30, 2010 the outstanding advances are:
Outstanding
at June 30, 2010
1
Redevelopment Project Area Debt Service Fund
$ 17,124,571 (a)
Redevelopment Project Area Capital Projects Fund
7,000,000 (b)
Citywide Project Area Capital Projects Fund
1,100,000 (c)
'
Totals
25.224.571
'
(a) The City of West Covina has made the following advances to the Commission:
Administrative and construction costs
$ 10,564,091
Capital project costs
19597743
Revolving credit
4,600,737
Totals
$17,124571
1
31
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA '
Notes to the Basic Financial Statements
(Continued)
(13) Advances from the City of West Covina (Continued)
The outstanding advances are comprised of original principal of $16,160,358 and
accumulated interest of $964,213. The advances accrue interest at 10.5% per ,
annum and will be paid off in 2025.
(b) In July 2000, the Commission entered into a line of credit agreement with the City ,
in the amount of $5,600,000. The Community Development Commission Capital
Projects Fund withdrew $5,000,000 in the fiscal year ended June 30, 2004. The
line of credit accrues interest at the LAIF interest rate plus 2% and has no ,
stipulated repayment date. In June 2010, the City advanced $2,000,000 to the
Redevelopment Project Area Capital Projects Fund.. The advance accrues interest
at 6.25% per annum and is due in June 2011.
(c) In June 2003, the City advanced $600,000 to the Citywide Project Area Capital '
Projects Fund under the $5,600,000 line of credit. The advance accrues interest at
the LAIF interest rate plus 2% and has no stipulated repayment rate. In June '
2010, the City advanced another .$500,000 to the Citywide Project Area Capital
Projects Fund. The advance accrues interest at 6.25% and is due June 2011.
0 4) Due to the County of Los Angeles ,
Based on an agreement dated June 19, 1990 between the Commission and the County,
during the first .twenty years beginning in 1990, the Commission will retain from the
County 50% of the County portion of tax increment. Per the agreement, the Commission
must- repay all amounts withheld from the County beginning in 2011. Repayment terms
twenty years and is 7% thereafter..The balance at June 30, 2010 is $9,626,620. a
(15) Developer Agreement Payable ,
Outstanding
. at June 30, 2010
The Commission entered into an agreement with a developer to
-share certain future tax revenues .generated by the Community
Facilities District. Since 1992, the developer's share of revenues
totaled $41,612,844. The Commission has made payments to the
developer totaling $14,833,975. 26.778.869
11
32 '
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Notes to the Basic Financial Statements
(Continued)
(16) Transfers In and Out
'
The following transfers were made during the year ended June 30, 2010:
Transfer In Transfer Out
Amount
Capital Projects Funds: Debt Service Funds:
Redevelopment Project Area Redevelopment Project Area
$2,000,000 (a)
City-wide Project Area Citywide Project Area
800,000 (a)
Low and Moderate Income Housing Redevelopment Project Area
3,371,140 (b)
'
Low and Moderate Income Housing Citywide Project Area
541,717 (b)
6 712 857
(a) The Redevelopment Project Area and Citywide Project Area Debt Service Funds
transferred $2,000,000 and $800,000 to the Redevelopment Project Area and
' Citywide Project Area Capital Projects. Funds, respectively. The transfers were made
to provide funding for the repayment of advances made by the City to the Capital
Project Funds.
(b) The Redevelopment Project Area Debt Service Fund and the Citywide Project Area
Debt Service Fund transferred $3,371,140 and $541,717, respectively, to the Low and
Moderate Income Housing Fund. This transfer represents 20% of property tax
increment •received during the year that is restricted for low and moderate income
housing projects.
' (17) Low and Moderate Income Housing Fund Excess Surplus
Section 33334.12 (g)(1) of the Health and Safety Code defines Excess/Surplus applicable
to Low and Moderate Income Housing Fund. This section allows community
development commissions to maintain only a certain amount of monies within these
funds without incurring penalties. The amount which can be retained is specified by this
section as "any unexpended and unencumbered amount in a Commission's Low and
i Moderate Income Housing Fund that exceeds the greater of one million dollars
($1,000,000) or the aggregate amount deposited into the Low and Moderate Income
Housing Fund pursuant to Sections 33334.3 and 33334.6 during the Commission's
preceding four fiscal years".
A computation of the requirements of this section of the code has indicated that as of June
' 30, 2010, there is no excess/surplus.
1
33
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF WEST COVINA
Notes to the Basic Financial Statements
(Continued)
L18) Prior Period Adjustment
The accompanying financial statements reflect an adjustment to value the capitalization
and related accumulated depreciation of the Lake Public Parking structure that was
constructed with funds issued as part of the 1988 Lease Revenue Refunding Bonds. The
following schedule summarizes the effect of the prior period adjustment on beginning net
assets as of July 1, 2009: .
Governmental
Activities
Net assets at the beginning of the year, as
previously reported $ (16,048,702)
To record the addition of the Lake Public
Parking structure and related accumulated
depreciation 4,247,813
Net assets at the beginning of the year, as
restated (11, 809,8 89)
u
34
[I
J
I
11
Mayer Hoffman McCann PC.
An Independent CPA Firm
2301 Dupont Drive, Suite 200
Irvine, California 92612
949-474-2020 ph
949-263-5520 fx
www.mhm-pc.com.
Board of Directors
Community Development Commission of the City of West Covina
West Covina, 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 STANDARDS
We have audited the financial statements of the Community Development Commission of the
City of West Covina (Commission), as of and for the year ended June 30, 2010, and have issued
our report thereon dated December 14, 2010. We conducted our audit in accordance with
auditing standards generally accepted in the United States of America and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Commission's financial statements
are free of material misstatement, we performed tests of its compliance with certain provisions of
laws, regulations, contracts and grant agreements, noncompliance with which could have a direct
and material effect on the determination of financial statement amounts. Such provisions
included those provisions of laws and regulations identified in the Guidelines for Compliance
Audits of California Redevelopment Agencies, issued by the State Controller and as interpreted in
the Suggested Auditing Procedures for Accomplishing Compliance Audits of California
Redevelopment Agencies, issued by the Governmental Accounting and Auditing Committee of
the California Society of 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. The results of our tests disclosed no instances of noncompliance or other matters that
are required to be reported under Government Auditing Standards.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Commission's internal control over
financial reporting as a basis for designing our auditing procedures for the purpose of expressing
our opinions on the financial statements, but not for the purpose of expressing an opinion on the
effectiveness of the Commission's internal control over financial reporting. Accordingly, we do
not express an opinion on the effectiveness of the Commission'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 a timely 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 entity's financial statements will not be prevented,
or detected and corrected on a timely basis.
Board of Directors
35
1
Community Development Commission of the City of West Covina
West Covina, California
Page Two
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 identify all the
deficiencies in the 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.
However, we identified during our audit the following matter that provides you an opportunity to ,
enhance your existing controls:
The Health and Safety Code §3334.3(d) requires that the Low and Moderate Income Housing
Fund be used to the maximum extent possible to defray the costs of production, improvement,
and preservation of low- and moderate -income housing and that the amount of money spent for
planning and general administrative activities associated with the development, improvement,
and preservation of that housing not be disproportionate to the amount actually spent for the costs
of production, improvement, or preservation of that housing. The Health and Safety Code also
requires agencies to annually determine the planning and administrative expenses that are
necessary for the production, improvement, or preservation of low- and moderate -income
housing. ,
We noted that management has memorialized an annual written determination regarding eligible
planning and general administrative costs that may be paid from the Low.and Moderate Income
Housing Fund. However, as a best practice, we recommend that the written determination be '
presented and approved by the Commission's Board of Directors on an annual basis.
This report is intended solely for the information and use of the Board of Directors, management, ,
and the State Controller and is not intended to be and should not be used by anyone other than .
these specified parties.
A.
Re 64n
Irvine, California
December 14, 2010 ,
1
36 1
Fiscal Statement
' For the year ended June 30, 2010
Health & Safety Code 33080.1 b
1
III
w
West Coyina Redevelopment Agency
Redevelopment'Agenc,iesfinancial Transactions Report . .
General Information
Fiscal Year 2010
Members
of the Governing Body
Middle
Last Name
First Name
Middle
Initial
Last Name
First Name Initial Phone
Chairperson Sanderson
Shelly
Executive Director
Pasmant i
Andrew I� (626) 939-8401
Member
isteve 1
F
}Fiscal Officer
Bachman
Thomas (626) 939-8438
l 1� I•
Member
Hernandez - Roger
Secretary
Rush
Sue (626) 939-8433
Member
Lane
�-
(Sherri
—=--
Report Prepared By
_ ... .. ._ ..
Independent Auditor
Member
Touhey
1Mike
F-
Firm Name
Mayer Hoffman McCann P.C.
Member
-,
Last
Farr
Swink
Member
First
Dennis
Jennifer
Member
Middle Initial
Member
Street
1444 W. Garvey Ave
1 2301 Dupont Drive, Ste 200 1 .
Member
city
West Covina
Irvine
Mailing Address
'. State
-�
CA
CI A
Zip Code
—
91793-
192612-
Street 1
P.O. Box 1440 _
- —
Phone
(626) 939-8438
(949) 474-2020
Street 2
city
lwest Covina State
ICA —1 Zip 91793-
Phone
❑ Is Address Changed?
(626) 939-8438
General Information
Page 1
12115/2010
of the Activities of the Redevelopment Agency.
Please provide a description of the agency's
activities/accomplishments during the past
Enter the amount of square
year.
footage completed this year by
(Please be specific, as this information will
building type and segregated by
new or rehabilitated construction.
be the basis for possible inclusion in the
publication.)
Activity Report
) Commercial Buildings
Administered a Disposition and Development Agreement (DDA) with McIntyre
Companies for the development of a two-phase project at the comer of Citrus
W Street and Workman Avenue. Phase I consisted of a 50,518 sq. ft. first-class
00 Nissan Dealership and Phase II consists of a 30,400 sq. ft. first-class commercial
retail center, the Citrus Grove. Monitored completion of construction pursuant to
the DDA and issued a Certificate of Completion for the project. Provide marketing
assistance to the property owner and entitlement assistance to Citrus Grove
tenants (e.g., Buffalo Wild Wings).
Administered the DDA with West Covina Heights LLC for the development of a.
1340,000 sq. ft. commercial center at the southern portion of the Sportsplex site.
Monitored completion of construction pursuant to the DDA and issued a Certificate
of Completion for the project. Project is now completed.
Administered a Purchase & Sale Agreement with Charles Company to develop the
700 & 750 pads at the West Covina Sportsplex site into a mixed -use (general and
medical) corporate office plaza on the approximately 5.87acre site.
Assisted Westfield with Phase II and III of the Westfield mall development. Phase
II of the development includes a new building for a 46,089 sq. ft. Best Buy and
additional 130,000 sq. ft. of retail and restaurant area. Phase III will include the
addition of 32,000-35,000 sq. ft of additional new retail space.
Provided entitlement assistance for the relocation of the Best Buy store to the
former Macy's location at 112 Plaza Drive. Project is now completed.
Provided entitlement assistance to XXI Forever in opening a new 30,337 sq. ft.
Achievement Information (Unaudited)
Industrial Buildings
Public Buildings
Other Buildings
Total Square Footage
Enter the Number of Jobs Created
from the Activities of the Agency
Types Completed
Square Footage Completed
New
Construction
121,8691
I �
121,869
547
ACDE j
Rehabilitated
258,933
258,933
A=Utilities B=Recreation C=Landscaping D=Sewer/ Storm E=Streets/ Roads
F=Bus/Transit
Page 1
12/15/2010
MI M M M M m m m M m m = M m m r m m m
flagship store. Project is now completed
Assisted Norm Reeves Honda through the entitlement process for the expansion
of existing Honda dealership and showroom, which includes a two-story 56,360 sq.
ft. auto dealership. Project is now completed.
Assisted DC Corporation in the entitlement process of a 20,518 sq. ft. office space
and 135,043 sq. ft. of industrial condominiums on San Bernardino Road. Project
is now completed.
Assisted Sunset/Francisquito Center through the entitlement process for fagade
renovations of the existing shopping center and construction of 29,000 sq. ft. of
new retail.space. New tenants include Melrose Store, China Bowl, Hawaiian BBQ,
LA Pizza Loca, Flavor Fresh Ice Cream and Access Dental.
Provided marketing and entitlement assistance to QuailRidge Shopping Center,
located on Nogales Street. New tenants include Food Mart International,
Taekwondo Studio, Jogurt, Chai Cafe, a dental office, and Shaolin Temple.
Provided marketing and entitlement assistance to Golden Eda Properties in
opening a new 31,000 sq. ft. HK2 supermarket at Hong Kong Plaza.
Successfully completed applications and received the following additional awards
for the West Covina Commercial Center and Sportsplex project:
1.D2009 Regional Phoenix Award for Excellence in Brownfields Redevelopment —
Environmental Protection Agency (EPA) Region 9
2.02009 Phoenix Award for Excellence in Brownfields _Redevelopment — National
Grand Prize
3.[]League of California Cities (LCC) 2009 Helen Putnam Award for Planning and
Environmental Quality
Adopted a new 5-year Redevelopment Implementation Plan for the years 2010-
2014, as required by the California Health & Safety Code Section 33490.
Prepared affordable housing database of units that were built or substantially
rehabilitated using CDC Housing Set -Aside funds, in compliance with Assembly
Bill 987.
(During fiscal year 2009-2010, the CDC processed 55 loans under the Home
Achievement Information (Unaudited) Page 2 12/15/2010
0
Achievement Information (Unaudited)
0
Page.3
12/15/2010
M M i M M M w M r M M M M M r M s M r
r� ire r � � it r � r r■ r r rr r r it rr rr it
West Covina Redevelopment Agency
Redevelopment Agencies Fin'anc'iafTransactions Report
Audit Information
Fiscal Year 2010
Was the Report Prepared from Audited Financial Data,
and Did You 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 Other than Unqualified, State
Briefly the Reason Given
Was a Compliance Audit Performed in Accordance with
Health and Safety Code Section 33080.1 and the State
Controller's Guidelines for Compliance Audits, and Did
You Submit a Copy of the Audit?
Indicate Compliance Audit Opinion
If Compliance Audit is not yet Completed, What is the
Expected Completion Date?
-- If compliance opinion includes exceptions,
Yes i state the areas of non-compliance, and
describe the agency's efforts to correct.
j Unqualified
I
Yes
i
Unqualified
- i
Audit Information Page 1 12/15/2010
West`Co�ina,Redevelopment Agency
Redevelopment`Agencliesi-inanctal Transactions Report
Project Area Report .
Fiscal Year 2010 Project Area Name 1Citywide, Project Area
Please Provide a Brief Description of
the Activities for this Project Area
During the Reporting Year.
Forwarded from Prior Year ? _
___.._:_r _Yes
Enter Code for Type of Project Area Report
P
Activity Report
P = Standard Project Area Report A = Administrative Fund
L = Low and Moderate Income Housing Fund M = Mortgage Revenue Bond Program
Provided marketing and entitlement
assistance to QuailRidge Shopping
O = Other Miscellaneous Funds or Programs S = Proposed (Survey) Project Area
Center, located on Nogales Street.
Does the Plan Include Tax Increment Provisions?
Yes
New tenants include Food Mart
International, Taekwondo Studio,
Date Project Area was Established (MM-DD-YY)
=-_-
6/15/1999
Jogurt, Chai Cafe, a dental office,
Most Recent Date Project Area was Amended
and Shaolin Temple.
_.
Did this Amendment Add New Territory?
No
Provided marketing and entitlement
assistance to South Hills Plaza,
Most Recent Date Project Area was Merged
_
-
I
located on 1414 S. Azusa Avenue.
Maintained and distributed the
`
Will this Project Area be Carried Forward to Next Year?
Yes
NJ
available property listing to potential
Established Time Limit:
tenants and businesses.
— --
Repaymentoflndebtedness (Year Only)
2045
Maintained and distributed the
expanding tenant list to commercial
Effectiveness of Plan (Year Only) -_-__-----
2030
property owners.
New Indebtedness (Year Only)
2030
Administered and marketed the use
Size of Project Area in Acres
302
of $7.9 million in private tax-exempt
Percentage of Land Vacant at the Inception of the Project Area
0.0
bond allocation for private projects
-
Health and Safety Code Section 33320.1 (xx.x%)
under the Recovery Zone Bonds.
Percentage of Land Developed at the Inception of the Project Area
_
100.0
Adopted a new 5-year
Redevelopment Implementation
Health and Safety Code Section 33320.1 (xx.x%)
Plan for the years 2010-2014, as
Objectives of the Project Area as Set Forth in the Project Area Plan
RCPO
required by the California Health &
(Enter the Appropriate Code(s) in Sequence as Shown)
Safety Code Section 33490.
R = Residential I = Industrial C = Commercial P = Public O = Other
Project Area Report: :: _r; a : Page 1 12/15/2010
rr r� rr r� r� r r� r r r� rr rir rr �r r� rr r r r
.A
W
Please Provide a Brief Description of
the Activities for this Project Area
During the Reporting Year.
Activity Report , 1
Administered a Disposition and
Development Agreement (DDA) with
McIntyre Companies for the
development of a two-phase project
at the corner of Citrus Street and
Workman Avenue. Phase I
consisted of a 50,518 sq. ft. first-
class Nissan Dealership and Phase
II consists of a 30,400 sq. ft. first-
class commercial retail center, the
Citrus Grove. Monitored completion
of construction pursuant to the DDA .
and issued a Certificate of
Completion for the project. Provide
marketing assistance to the property
owner and entitlement assistance to
Citrus Grove tenants (e.g., Buffalo
Wild Wings).
Administered the DDA with West
Covina Heights LLC for the
development of a 340,000 sq. ft.
commercial center at the southern
coition of the Sportsplex site.
Monitored completion of
construction pursuant to the DDA
and issued a Certificate of
Completion for the project. Project
s now completed.
Forwarded from Prior Year ? Yes:
Enter Code for Type of Project Area Report —
P = Standard Project Area Report A = Administrative Fund
L = Low and Moderate Income Housing Fund M = Mortgage Revenue Bond Program
0 = Other Miscellaneous Funds or Programs S = Proposed (Survey) Project Area
Does the Plan Include Tax Increment Provisions? Yes;
Date Project Area was Established (MM-DD-YY) 12/20/1971 j
Most Recent Date Project Area was Amended ! 6/17/2008
Did this Amendment Add New Territory? Nod
Most Recent Date Project Area was Merged 12/21/19973
Will this Project Area be Carried Forward to Next Year? Yes
Established Time Limit:
Repayment of Indebtedness (Year Only)
20391
Effectiveness of Plan (Year Only)
2029
New Indebtedness (Year Only)
2029,
Size of Project Area in Acres
1,942 1
Percentage of Land Vacant at the Inception of the Project Area
15.01
Health and Safety Code Section 33320.1 (xx.x%)
Percentage of Land Developed at the Inception of the Project Area
85.0
Health and Safety Code Section 33320.1 (xx.x%)
Objectives of the Project Area as Set Forth in the Project Area Plan
RICPO)
(Enter the Appropriate Code(s) in Sequence as Shown)
R = Residential I = Industrial C = Commercial P = Public
O = Other
Project Area. Report.;, , :
12/15/2010
West Covina Redevelopment Agency`
Redevelopment Agencies Financial ;°Transacttoris Report ,
Assessed Valuation Data
Fiscal Year 2010
Project Area Name
Frozen Base Assessed Valuation
Increment Assessed Valuation
Total Assessed Valuation
Assessed Valuation Data
,Cit d Project Area -- —
165,200,988
262,152,193
427,353,1811
Page 1 12/15/2010
r r rr r r� rr �r r� rr rr r r r r r r wi rr r
Assessed Valuation Data Page 2 12/15/2010
County
Cities
School Districts
Community College District
Special Districts
Total Paid to Taxing
Agencies
Net Amount to Agency
Gross Tax Increment
Generated
Pass -Through / School District Assistance
�- --- $2,163,239
2,708,587
Page 1
12/15/2010
r ® M M MMM r M MM i Mao M
West Covina Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Pass -Through / School District Assistance
Fiscal Year 2010
Project Area Name West Covina Redevelopment Project Area
Tax Increment Pass Through Detail Other Payments
Amounts Paid To Taxing H & S Code H & S Code H & S Code Total H & S Code H & S Code
Agencies Pursuant To: Section 33401 Section 33616 Section 33607 Section 33445 Section 33445.5
County
_. -- -- — —
33,4201 1,756,874 $1,790,294 L
Cities
_ 160,869 $160,869
School Districts
j L_ 543,746 $543,746
Community College District
— - 85.682 $85,682 L
v
Special Districts
68,788 $68,788
Total Paid to Taxing
r— $0�$33,426-1 $2,615,95rl $2,649,379 $0 $0
Agencies
Net Amount to Agency
$14,206,323
Gross Tax Increment
i ._ _.,;_ 16 855,702
--' -= — - —
Generated
Pass -Through / School District Assistance Page 2 12/15/2010
West Covina Redevelopment Agency
Redevelopment Agencies Financial Transactions Repoilt
Summary of the Statement of Indebtedness -Project Area
Fiscal Year 2010
Project Area Name
Tax Allocation Bond Debt
Revenue Bonds
Other Long Term Debt
City/County Debt
Low and Moderate Income Housing Fund
Other
Total
Available Revenues
00
Net Tax Increment Requirements
17,902,000 i
2,882,449
7,112,591
583,2831
............ _ .._....... .
M,480,323
704,861 11
M,775,462
Summary of the Statement of Indebtedness - Project Area Page 1 12/15/2010
M M M M M*0 r M M r M M r M M M M m
r r r rr rr rr rr � r r r ri rr r r rr rr it rr
Summary of the Statement of Indebtedness - Project Area Page 2 12/15/2010
West Covina Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Detail Summary of Long -Term Debt
Fiscal Year 2010
!City/County Debt I
Citywide Project Area '
Principal Amount
Year Amount Amount Unmatured End
Purpose of Issue Authorized Authorized Issued of Fiscal Year
Line Of Credit 2003 2,900,000 2,900,000 1,100,000
IWest Covina Redevelopment Project Area
Principal Amount
Year Amount Amount Unmatured End
Purpose of Issue Authorized Authorized Issued of Fiscal Year
Refund Bonds 1971 43,905,131 43,905,131 24,124,571
(Deferred Pass-Throughs
West Covina Redevelopment Project Area
Principal Amount
Year Amount Amount Unmatured End
Purpose of Issue Authorized Authorized Issued of Fiscal Year
Deferred Pass-throughs - 1990 11,077,146 11,077,146 9,626,620
County
(Other
west Covina Redevelopment Project Area
Principal Amount
Year Amount Amount Unmatured End
Purpose of Issue Authorized Authorized Issued of Fiscal Year
Developer Agreement 1971 27,066,652 27,066,652 26,778,869
Compensated Absences 1971 15,580,497 15,580,497 210,486
Long Term Debts Page 1
12/15/2010
50
'
West Covina Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
'
Detail Summary of Long -Term Debt
Fiscal Year 2010
Revenue Bonds
IWes1 Covina Redevelopment Project Area
L
Principal Amount
Year
Amount Amount
Unmatured End
Purpose of Issue
Authorized
Authorized Issued
of Fiscal Year
Fashion Plaza Project
1997
51,220,000 51,220,000
37,355,000
'
Parking Project
1988
7,750,000 7,750,000
4,540,000
Tax Allocation Bonds
CWest Covina Redevelopment
Project Area
L
Principal Amount
Year
Amount Amount
Unmatured End
Purpose of Issue
Authorized
Authorized Issued
of Fiscal Year
Refund 1993 Tabs
2002
12,200,000 12,200,000
10,030,000
L/m Income & Senior
2001
11,275,000 11,275,000
8,605,000
Housing Programs
West Covina Project Area
1999
3,945,000 3,945,000
3,800,000
Executive Lodge Project
1998
6,145,000 6,145,000
4,585,000
1
Long Term Debts
Page 2
12/15/2010
51.
14
�rt
General Long- General Fixed
Term Debt Assets Total
Assets and Other Debits
Cash and Im rest Cash-6,241,608
P
Cash with Fiscal Agent
7 796,802 8,061,730
- - — —.
r- -- ----6,006,1 -..__�5 ---------
---- $22,100,140
$7,370 ,604
Tax Increments Receivable
T
---
1,133,638
Accounts Receivable
37,363,645
77,0501
- --
__�$37,440,695
Accrued Interest Receivable
8,667 —
17-095 8,404 _
$34,166
Loans Receivable
L— 13,683 —
_.. _._. 23,079,803 __�--- —
$23;093,486
Contracts Receivable
$0 '
Lease Payments Receivable
Unearned Finance Charge
Due from Capital Projects Fund �_L
Due from Debt Service Fund I 25,000 _
_
6,529,308]$6,554,308
-
$0
Due from Low/Moderate
Income Housing Fund
�-
$0 _
Due from Special,
�'' > . j ,
$0
Revenue/Other Funds
M
I t - A nd 0 et itt 1'/" !" ' `j Pag 12/16/2010
n M M A" = r fin = M M M M
Low/Moderate Special
Fiscal Year 2010 Capital Projects oout Senxxo Income Housing Revenue/Other General Long- General Fixed
Funds Funds Funds Funds Term Debt Assets Total
Fixed Assets: Land,
15, 6,779m5�5O.778
Structures, and Improvements
u"
LIU
Equipment
�1o�ue.00a
' Amount Available |nDebt
Service Fund
Amount mbaProvided for
i�`__
°
124,187,431 $124.187.431
Payment orLong-Term Debt
Total Assets and Other
u43./19.643 1 »15.M,/80 | $39356,02T | $u | *130.759.5*o | *3*.156,362 | ~265.660.352
Debits
.
(must Equal Total Liabilities,
Balance Sheet-'Liabilities.and Other Credits
Low/Moderate Special
Fiscal Year 2010 Capital Projects Debt Service Income Housing Revenue/Other General Long- General Fixed
Funds Funds Funds Funds Term Debt Assets Total
Liabilities and Other Credits
Accounts Payable
1 227,8421 59,706 17,849
_ ._�_
I $305,397
Interest Payable
— --
— --
- _
$0
Tax Anticipation Notes Payable
�—
' _'
J $0
Loans Payable
$0
Other Liabilities
37,786,329 1,850,651 " 23,106,264
$62,743,244
Due to Capital Projects Fund
25,0001
$25,000
Due to Debt Service Fund
--- —` -- --- —
- ...
$0
Due to Low/Moderate
_
_ 6,529,308
�—
_ $6,529,308
Income Housing Fund---'—"=
Ln Due to Special
A Revenue/Other Funds
Tax Allocation Bonds Payable
Lease Revenue, Certificates
of Participation Payable,
Financing Authority Bonds
All Other Long -Term Debt
Total Liabilities and Other
Credits
---- ----- --TT —
__.____ _--�-._4 ... ..]i�o
14,171 P,464,969_1 $23,124,113
27,020,000 _ $27,020,000
$41,895,000
61,840,546 L $61
130,755,546 $200
Balance Sheet - Liabilities and Other Credits Page 1. 12/16/2010:
® M = M = = = ='. = = = M M m m
Low/Moderate Special
Fiscal Year 2010 Capital Projects Debt Service Income Housing Revenue/Other General Long- General Fixed
Funds Funds Funds Funds Term Debt Assets Total
Equities
Investment In General Fixed r I 34,156,362 $34,156,362
Assets -- -- -- ---- ----
Fund Balance Reserved-37,239,404 6,568,115 16,271,908 ($14,399,381)
------- - _--
Fund Balance $0 _
Unreserved -Designated ---"-
Fund Balance 42,94876 - > $42,944,876
Unreserved-Undesignated f - - ----�---— -- - 1 -- - -- -�
Total Equities $5,705,472 $6,568,115 I $16,271,908 $0 934,156,362 $62,701,857
Total Liabilities,
Other Credits, and
Equities
$43,719,643 $15,032,786-1 $39,396,021 1 $0 $130,755,546- $34,156,36F-1 $263,060,352
Balance Sheet - Liabilities and Other Credits Page 2 12/16/2010
West Covina Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Revenues - Consolidated
Fiscal Year 2010
Low/Moderate Special
Captial Project Debt Service Income Housing Revenue/Other
Funds Funds Funds Funds Total
Tax Increment Gross
$0 $19,564,289 $0 1 $0 $19,564,289
Special Supplemental Subvention
�— $0 $0 $0 $0 $0
Property Assessments
$0 $2,253,157 1 $0 $0 $2,253,157
Sales and Use Tax
$0 �$406,122 $0 $0 1— $406,122
Transient Occupancy Tax
$0 $0 $0 $0 $0
Interest Income
$148,385-1 $369,431 $129,452 �— $0 $647,268
rn Rentallncome
�— $0
Lease Income
$0 r— $0
Sale of Real Estate
$0 $0 $0 $0 $0
Gain on Land Held for Resale
$0 $0 $0 1$0 $0
Federal Grants
$0 $0 $0 $0 $0
Grants from Other Agencies
$0 $0 $0 1 $0
Bond Administrative Fees
$0 I $0 $0 $0 $0
Other Revenues
1 $220,285 $1,168,524 1 $399,921 $0�1 $1,788,730
Total Revenues
$368,670 1 $23,1767523 $529,37T-1 $0 $24,659,56F—
Revenues - Consolidated
Page 1 12/15/2010
l� it M 1=1 r M IMI = 1=11 M = = 1=1 M its M 1=1 it
rr r rr r r r r r r r r r r r� r® r r
West Covina Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Expenditures - Consolidated
Fiscal Year 2010
Low/Moderate Special
Capital Projects Debt Service Income Housing Revenue/Other
Funds Funds Funds Funds Total
Administration Costs ; $1,291,980 $324,697-1 $1,405,382 1 — $0 1 $3,022,055
Professional Services $1,382,049 $0 $24,480 $0 $1,406,529 .
Planning, Survey, and Design r� $5,852 $O r .$98,215 .$j'—J $104,067
Real Estate Purchases $0 $0 $0 �— $0 '�—$0
Acquisition Expense $0 $0 $Q $0 $0
Operation of Acquired Property $2;530 $0 r— $0 $0 $2,530
Relocation. Costs r $0 $0 $0 $0 $0
4 Relocation Payments $0 $0 $0 $0 'r $0
Site Clearance Costs r $0 $0 �— $0� $0 1 $0 _
Project improvement / Construction $113,654 $1,996,291 $755,371 1 $5-1 $2,865,316
Costs
Disposal Costs $0 r $0 $0 $0 $0
Loss on Disposition of Land Held
for Resale
Expenditures - Consolidated Page 1 12/15/2010
West Covina Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Expenditures - Consolidated
Fiscal Year 2010
Capital Projects Debt Service Low/Moderate Special Total
Funds Funds Income Housing Revenue/Other
Funds Funds
A' B C D E
Decline in Value of Land Held for
—$0 1 $0 $0 1 $0 1 $0
Resale
Rehabilitation Costs
$0 I $0 $540,833 '' $0 $540,833
Rehabilitation Grants
$0 r— $0 1 $0 $0
Interest Expense
$0 $5,425,238 $672,709 r $0 $6,097,947
Fixed Asset Acquisitions
$0 �— $0 $0 �r $0—$0
Subsidies to Low and Moderate
$0 $0 $0 $0 $0
ap Income Housing Fund
Debt Issuance Costs
$0 $0 $0 $0 1 $0
Other Expenditures Including Pass
$0 1 $9,255,0Z-1 $0 �— $0 $9,259,042
Through Payment(s)
Debt Principal Payments:
Tax Allocation Bonds and Notes
$0 1 $615,000 1 $530:000 1 .$5-1 $1,145,000
Revenue Bonds and
$0 . $1,725,080 $0 r $0 $1,725,000.
Certificates of Participation
City/County Advances and Loans $3,300,000 $1,217,469 $0 �_ $0 $4,517,469
U.S., State and Other Long -Term Debt $0 $503,711 $0 $0 $503,711
Total Expenditures $6,096,065 $21,066,444 1 $4,026,990 1 $0 $31,169,499
Excess (Deficiency) Revenues ($5,727,395) $2,695,079 ($3,497,617) �— $0 ($6,529,933)
Over (Under) Expenditures
Expenditures - Consolidated -
Page 2
12/15/2010
i
M= M M r r r r M M M M M M M M M =11 I=1
Fiscal Year 2010
West Covina Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Other Financing Sources (Uses) - Consolidated
Low/Moderate Special
Capital Projects Debt Service Income Housing Revenue/Other
Funds Funds Funds Funds Total
Proceeds of Long -Term Debt $0
Proceeds of Refunding Bonds $0,$0 $0 $0 $0
Payment to Refunded Bond Escrow $0 $0 $0 $0 $0
Agent
Advances from City/County $2,500,000 $0 $0 $2,500,000
Ln
�p Sale of Fixed Assets �— $0 $71 $0 $0 r $0,
Miscellaneous Financing Sources (Uses) $0 ($755,660) $0 �_ $0 ($755,660)
Operating Transfers In $2,800,000 �— , $0 $0 $0 $2,800,000
Tax Increment Transfers In $3,912,857 ( $3,912,857
Operating Transfers Out $0 1 $2,800,000 1 $0 1 $0 $2,800,0 00
Tax Increment Transfers Out $0 1 $3,912,857 $3,912,857
(To the Low and Moderate Income
Housing Fund)
g (Uses) ($7,468,517) $3,912,8 77 I $0 $1,744,340
Total Other Financing Sources Uses $5,300,000
Other Financing Sources (Uses) - Consolidated Page 1 12/15/2010
West Covina Redevelopment Agency
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures
Other Financing Sources (Uses) - Consolidated
Excess (Deficiency) of Revenues and
Other Financing Sources over
Expenditures and Other Financing Uses
Equity Beginning of Period
rn Prior Year Adjustments
C
Residual Equity Transfers
Other (Explain)
Equity, End of Period
Other Financing Sources (Uses) - Consolidated
Capital Projects Debt Service Low/Moderate - Special Total
Funds Funds Income Housing Revenue/Other
Funds Funds
A B C D E
($427795) ($4,773,438) $415,240 $0 ($4,785,593)
$6,132,867 $11,341,553 $15,856,6 88 $0 1 $33,331,088
_$o (— _ $o r $o $o $o
........ .....
$0 $0 $0 $0_ $0
$5,705,472 1 $6,568,115 $16,271,908 $0 $28,545,495
Page 2
12/15/2010
M= a. r it M M r M M M M1=1 i i111111111111 M M M IM
Housing and Displacement Activities
For the year ended June 30, 2010
(Health & Safety Code 33080.1(c))
rr �r rr rr
�r r� r rr ar rr rr �r r�
r�
rr
�r
r� rr rr
California Redevelopment Agencies -Fiscal Year 2009/2010
Project Area Contributions to Low and Moderate Income Housing Funds
Sch A Project Area Summary Report
WEST COVINA
Project Area
Taxlncr.
100% of Tax 20% Set Aside Tax Increment Amount Amount Deposited to
Percent
of Tax
Repayment
Other
Total
Deposited to
Increment Requirement Allocated Exempted Deferred- Hsng Fund
Incr Dep
Deferrals
Income Housing
WEST COVINA CITYWIDE
$2,708,587, $541,717 $541,717 $0 $0 $541,717
20.00% .
$0
$0
$541;717
WEST COVINA
$16,855,702 $3,371,140 $3,371,140 $0 $0 $3,371,140
20.00%
$0
$529,374
$3,900,514
REDEVELOPMENT PROJECT
AREA
Agency Totals: $19,564,289 $3,912,858 0,912,857 $0 $0 $3,912,857 20.00% $0 $529,374 $4,442,231
rn '
Note: Print this report in Landscape Orientation (Use the Print Icon just above, then Properties then Landscape)
Page 1 of 1 12/15/10
California Redevelopment Agencies- Fiscal Year 2009/2010
Project Area Contributions to Low and Moderate Income Housing Fund
Sch A Project Area Financial Information
Agency WEST COVINA
Address 1444 WEST GARVEY AVENUE
P.O. BOX 1440
WEST COVINA CA 91793
Project Area WEST COVINA CITYWIDE
Type: Inside Project Area
Status:
Active
Plan Adoption: 1999
Plan Expiration
Year:
2030
Gross Tax Calculated
Amount
Amount
Amount Total % Cumulative
Increment Deposit
Allocated
Exempted
Deferred Deposited Def.
$2,708,587 $541,717
$541,717
$0
$0 $541,717 20.00% $0
Repayment $0
Category
Total Additional Revenue $0
Total Housing Fund Deposits for Project Area $541,717
Project Area WEST COVINA REDEVELOPMENT PROJECT
-
--AREA- - --
- - -- -- - - - - - --- -- --
Type: Inside Project Area Status: Active
Plan Adoption: 1971 Plan Expiration Year: 2031
Gross Tax Calculated Amount Amount Amount Total Cumulative
Increment Deposit Allocated Exempted Deferred Deposited Def.
$16,855,702 $3,371,140 $3,371,140 $0 $0 $3,371,140 20.00% $0
Repayment $0
Category
Interest Income $129,453
Loan Repayments $399,721
Other Revenue $200
Total Additional Revenue $529,374
Total Housing Fund Deposits for Project Area $3,900,514
Agency Totals For All Project Areas:
Gross Tax Calculated Amount Amount Amount Total off, Cumulative
Increment Deposit Allocated Exempted Deferred Deposited Def.
$19,564,289 $3,912,857.8 $3,912,857 $0 $0 $3,912,857 20% $0
Page 1 of 2 12/15/10
62
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
California Redevelopment Agencies- Fiscal,Year 2009/2010
Project Area Contributions to Low and Moderate Income Housing Fund
Sch A Project Area Financial Information
Total Additional Revenue from Project Areas: $529,374
Total Deferral Repayments: $0
Total Deposit to Housing Fund from Project Areas: $4,442,231
Page 2 of 2
63
12/15/10
California Redevelopment Agencies - Fiscal Year 2009/2010
Sch A/B Project Area Program Information
WEST COVINA
'roject Area: WEST COVINA REDEVELOPMENT PROJECT AREA
FUTURE UNIT CONSTRUCTION
Estimated
-Execution Completion
Contract Name Date Date Very Low Low Moderate Total
Senior Villas II 05/05/09 09/15/11 13 51 0 64
Page 1 of 1
12/15/10
64
California Redevelopment Agencies - Fiscal Year 2009/2010
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial Summary
WEST COVINA
Adjusted
Project
Agency
Net Other Total
* Unen-
Unen-
Unen-
Beginning
Area
Other
Total Resources Housing Housing Encum-
cumbered
cumbered
cumbered
Balance
Receipts
Revenue
Expenses Available Fund Assets Fund Assets brances
Balance
Designated
Not Dsgntd
$15,856,667
$4,442,231
$0
$4,026,990 $16,271,908 $0 $16,271,908 $33,051
$16,238,857-
$13,316,612
$2,922,245
0)
Un
Expenses
2009l201(
Debt Service
Housing
On/Off-Site
Planning and
Total
Rehabilitation
Improvements
Administration
Costs
$1,202,709
$540,507
$755,371
$1,528,403
$4,026,990
*The Unencumbered Balance is equal to Net Resources Available minus Encumbrances
Note: Print this report in Landscape Orientation (Use the Print Icon just above, then Properties then Landscape)
Page 1 of 1 12/16/10
California Redevelopment Agencies - Fiscal Year 2009/2010
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
WEST COVINA
Beginning Balance
Adjustment to Beginning Balance
Adjusted Beginning Balance
Total Tax Increment From PA(s) $3,912,857 Total Receipts from PA(s)
Other Revenues not reported on Schedule A
Sum of Beginning Balance and Revenues
Expenditure
Item Subitem
Debt Service
Debt Principal Payments Tax Allocation, Bonds & Notes
Interest Expense
Subtotal of Debt Service
Housing Rehabilitation
Subtotal of Housing Rehabilitation
On/Off-Site Improvements
Subtotal of On/Off-Site Improvements
Planning and Administration Costs
Administration Costs
Planning, Survey/Design
Professional Services
Subtotal of Planning and Administration Costs
Total Expenditures
Net Resources Available
Indebtedness For Setasides Deferred
Page 1 of 3 12/16/10
$15,856,667
$0
$15,856,667
$4,442,231
$0
$20,298,898
Amount Remark
$530,000
$672,709
$1,202,769
$540,507
$540,507
$755,371
$755,371
$1,405,382
$98,541
$24,480
$1,528,403
$4,026,990
$16,271,908
$0
California Redevelopment Agencies - Fiscal Year 2009/2010
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
. WEST COVINA
Other Housing Fund Assets
Category Amount Remark
Total Other Housing Fund Assets
Total Fund Equity $16,271,908
2005/2006 $3044288
2006/2007 $3351063 sum of 4 Previous Years' Prior Year Ending Excess Surplus for
2007/2008 $3717107 Tax Increment for 2009/2010 Unencumbered Balance 2009/2010
2008/2009 $3888830 $14001288 $9,790,019 $0
Sum of Current and 3 Previous Years' Tax Increments
Adjusted Balance
Excess Surplus for next year
Net Resources Available
Unencumbered Designated
Unencumbered Undesignated
Total Encumbrances
Unencumbered Balance
Unencumbered Balance Adjusted for Debt Proceeds
Unencumbered Balance Adjusted for Land Sales
Excess Surplus Expenditure Plan
Excess Surplus Plan Adoption Date
$14,869,857
$11,598,296
$0
$16,271,908
$13,316,612
$2,922,245
$33,051
$16,238,857
$4,640,561
$0
No
Site Improvement Activities Benefiting Households
Income Level Low Very Low Moderate Total
Land Held for Future Development
Site Name Num Of Zoning Purchase Estimated
Acres Date Start Date Remark
Use of the Housing Fund to Assist Mortgagors
Income Adjustment Factors Requirements Completed
Page 2 of 3 12/16/10
Me
California Redevelopment Agencies - Fiscal Year 2009/2010
Status of Low and Moderate Income Housing Funds.
Sch C Agency Financial and Program Detail
WEST COVINA
Home $ Hope $
Non Housing Redevelopment
Funds Usage
Resource Needs
LMIHF Deposits/Withdrawls
Document Document Custodian Custodian COPY
Name Date Name Phone Source
General Ledger 30-JUN-10 Finance Director (626) 939-8438 City Hall
Achievements
Description
Page 3 of 3
12/16/10
California Redevelopment Agencies - Fiscal Year 2009/2010
Sch D General Project Information
WEST COVINA
Project Area Name: OUTSIDE PROJECT AREA
Project Name: HOME IMPROVEMENT LOAN
UNIT INVENTORY ---- -.. ----
--- ------
----_._...._._.,.--
—
-- -
Very Low
Low
Moderate
Above Mod
Became
Total
Ineligible
Other Provided without LMIHF
Unit
Non -Substantial Rehabilitation
Non -Agency Owner Non -Elderly
3
40
0
0
0
43
Non -Agency Owner Elderly
5
7
0
0
0
12
Unit Total
8
47
0
0
0
55
Project Name: HSG PRESERVATION PRG
UNIT INVENTORY
Very Low Low Moderate Above Mod Became Total
Ineligible
Other Provided with LMIHF
Unit
Non -Substantial Rehabilitation
Non -Agency Owner Non -Elderly 0 0 4 0 0 4
Unit Total 0 0 4 0 0 4
Page 1 of 3 12/15/10
California Redevelopment Agencies - Fiscal Year 2009/2010
Sch D General Project Information
WEST COVINA
Project Area Name: WEST COVINA CITYWIDE
Project Name: Pacific Communities
Address: West Covina 91791
Owner Name: CP West Homes
NON ASSISTED PROJECT UNITS
Category vlow low mod amod Building Permit Number
New Constructions 0 0 0 5 B10-0026
B09-0429
B09-0425
B09-0423
B09-0433
Page 2 of 3
12/15/10
Building Permit Date
13-APR-10
22-JAN-10
12-MAY-10
05-MAR-10
13-JAN-10
70
California Redevelopment Agencies - Fiscal Year 2009/2010
Sch D General Project Information
WEST COVINA .
Page 3 of 3 12/15/10
71
SCHEDULE HCD E
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
Report Year: 2009/2010
Agency: WEST COVINA
NOTE: This form is a summary of the totals of all new construction or substantial rehabilitation units
from forms HCD-D7 which are developed in a project area by any entity (agency or non -agency).
PART
[H & SC Section 33413(b)(1)] .
AGENCY DEVELOPED
1. New Units
0
2. Substantially Rehabilitated Units
0
3. Subtotal - Baseline of Units (add line 1 & 2)
0
4. Subtotal of Inclusionary Obligation Accrued this Year for Units (line 3 x 30%)
0
5. Subtotal of Inclusionary Obligation Accrued this year for Very -Low Income Units (line 4 x 50%)
0
PART II
[H & SC Section 33413(b)(2)]
NON -AGENCY DEVELOPED UNITS
6. New Units
5
7. Substantially Rehabilitated Units
0
8. Subtotal - Baseline of Units (add lines 6 & 7)
5
9. Subtotal of Inclusionary Obligation Accrued this year for Units (line 8 x 15%)
1
10. Subtotal of Inclusionary Obligation Accrued this year for Very Low Income Units (line 9 x 40%)
0
PART III
TOTALS
11. Total Increase in Inclusionary Obligations During This Fiscal Year (add line 4 & 9)
1
12. Total Increase in Very Low Income Units .Inclusionary Obligations During This Fiscal Year (add line 5 & 10)
0
California Redevelopment Agencies -Fiscal Year 2009/2010
Schedule E (11/01)
'Totals may be impacted by rounding
Page 1 of 1
12/15/2010
72
ISCHEDULE HCD E1
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
Report Year: 2009/2010
' Agency: WEST COVINA
Project Area: WEST COVINA REDEVELOPMENT PROJECT
' AREA
Project: EXECUTIVE LODGE
'
NOTE: This form is a summary of the totals of all new construction or substantial rehabilitation units
from forms HCD-D7 which are developed in a project area by any entity (agency or non -agency).
PART
[H & SC Section 33413(b)(1)]
AGENCY DEVELOPED
1. New Units
0
2. Substantially Rehabilitated Units
0
3. Subtotal - Baseline of Units (add line 1 & 2)
0
4. Subtotal of Inclusionary Obligation Accrued this Year for Units (line 3 x 30%)
0
5. Subtotal of Inclusionary Obligation Accrued this year for Very -Low Income Units (line 4 x 50%)
0
PART II
[H & SC Section 33413(b)(2)]
NON -AGENCY DEVELOPED UNITS
'6.
New Units
0
7. Substantially Rehabilitated Units
0
8. Subtotal - Baseline of Units (add lines 6 & 7)
0
9. Subtotal of Inclusionary Obligation Accrued this year for Units (line 8 x 15%)
0
'
10. Subtotal of Inclusionary Obligation Accrued this year for Very Low Income Units (line 9 x 40%)
0
PART III
TOTALS
0
11. Total Increase in Inclusionary Obligations During This Fiscal Year (add line 4 & 9)
12. Total Increase in Very Low Income Units Inclusionary Obligations During This Fiscal Year (add line 5 & 10) 0
California Redevelopment Agencies -Fiscal Year 2009/2010 12/15/2010
Schedule E )
be impacted may be impacted by rounding
Page 1 of 7
' 73
SCHEDULE HCD E1
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
Report Year: 2009/2010
Agency: WEST COVINA
Project Area: WEST COVINA REDEVELOPMENT PROJECT
AREA
--Project: LARK ELLEN VILLAGE
NOTE: This form is a summary of the totals of all new construction or substantial rehabilitation units
from forms HCD-D7 which are developed in a project area by any entity (agency or non -agency).
PART
[H & SC Section 33413(b)(1)]
AGENCY DEVELOPED
1. New Units
0
2. Substantially Rehabilitated Units
0
3. Subtotal - Baseline of Units (add line 1 & 2)
0
4. Subtotal of Inclusionary Obligation Accrued this Year for Units (line 3 x 30%)
0
5. Subtotal of Inclusionary Obligation Accrued this year for Very -Low Income Units (line 4 x 50%)
0
PART II
[H & SC Section 33413(b)(2)]
NON -AGENCY DEVELOPED UNITS
6. New Units
0
7. Substantially Rehabilitated Units
0
8. Subtotal - Baseline of Units (add lines 6 & 7)
0
9. Subtotal of Inclusionary Obligation Accrued this year for Units (line 8 x 15%)
0
10. Subtotal of Inclusionary Obligation Accrued this year for Very Low Income Units (line 9 x 40%)
0
PART III
TOTALS
11. Total Increase in Inclusionary Obligations During This Fiscal Year (add line 4 & 9) I 0
12. Total Increase in Very Low Income Units Inclusionary Obligations During This Fiscal Year (add line 5 & 10) 0
California Redevelopment Agencies -Fiscal Year 2009/2010
Schedule E (11/01)
'Totals may be impacted by rounding
Page 2 of 7
12/15/2010
74
SCHEDULE HCD Et
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
' Report Year: 2009/2010
Agency: WEST COVINA
Project Area: WEST COVINA REDEVELOPMENT PROJECT
' AREA
Project: SUNSET WALK
i
NOTE: This form is a summary of the totals of all new construction or substantial rehabilitation units
from forms HCD-D7 which are developed in a project area by any entity (agency or non -agency).
PARTI
[H & SC Section 33413(b)(1)]
AGENCY DEVELOPED
1. New Units
0
2. Substantially Rehabilitated Units
p
3. Subtotal -Baseline of Units (add line 1 & 2)
0
4. Subtotal of Inclusionary Obligation Accrued this Year for Units (line 3 x 30%
0
5. Subtotal of Inclusionary Obligation Accrued this year for Ve ry-Low Income Units (line 4 x 50%)
0
PART II
[H & SC Section 33413(b)(2)]
NON -AGENCY DE VELOPED UNITS
6. New Units
0
7. Substantially Rehabilitated Units
0
8: Subtotal -Baseline of Units (add lines 6 & 7)
0
9. Subtotal of Inclusionary Obligation Accrued this year for Un its (line 8 x 15%)
0
10. Subtotal of Inclusionary Obligation Accrued this year for Ve ry Low Income Units (line 9 x 40%)
0
PART III
TOTALS
al Year (add line 4 & 9) 0
11. Total Increase in Inclusionary Obligations During This FiscI
12. Total Increase in Very Low Income Units Inclusionary Obligati 0
be impacted by rounding
i
Page 3 of 7
75
California Redevelopment Agencies -Fiscal Year 2009/2010 12/15/2010
Schedule E )
'Totals may be impacted
SCHEDULE HCD E1
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
Report Year: 2009/2010
Agency: WEST COVINA
Project Area: WEST COVINA REDEVELOPMENT PROJECT
AREA
Project: WEST COVINA SENIOR VILLAS
NOTE: This form is a summary of the totals of all new construction or substantial rehabilitation units
from forms HCD-D7 which are developed in a project area by any entity (agency or non -agency).
PART
[H & SC Section 33413(b)(1))
AGENCY DEVELOPED
1. New Units
0
2. Substantially Rehabilitated Units
0
3. Subtotal - Baseline of Units (add line 1 & 2)
0
4. Subtotal of Inclusionary Obligation Accrued this Year for Units (line 3 x 30%)
0
5. Subtotal of Inclusionary Obligation Accrued this year for Very -Low Income Units (line 4 x 50%)
0
PART II
[H & SC Section 33413(b)(2))
NON -AGENCY DEVELOPED UNITS
6. New Units
0
7. Substantially Rehabilitated Units
0
8. Subtotal - Baseline of UvAs (add lines 6 & 7)
0
9. Subtotal of Inclusionary Obligation Accrued this year for Units (line 8 x 15%)
0
10. Subtotal of Inclusionary Obligation Accrued this year for Very Low Income Units (line 9 x 40%)
0
PART III
TOTALS
11. Total Increase in Inclusionary Obligations During This Fiscal Year (add line 4 & 9)
0
12. Total Increase in Very Low Income Units Inclusionary Obligations During This Fiscal Year (add line 5 & 10)
0
California Redevelopment Agencies -Fiscal Year 2009/2010
Schedule E (11/01)
'Totals may be impacted by rounding
Page 4 of 7
12/15/2010
76
d
SCHEDULE HCD E1
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
Report Year: 2009/2010
' Agency: WEST COVINA
Project Area: WEST COVINA CITYWIDE
' Project: PACIFIC COMMUNITIES
This form is a summary of the totals of all new construction or substantial rehabilitation units
'NOTE:
from forms HCD-D7 which are developed in a project area by any entity (agency or non -agency).
PART
[H & SC Section 33413(b)(1)]
'
AGENCY DEVELOPED
1. New Units
0
'2.
Substantially Rehabilitated Units
0
3. Subtotal - Baseline of Units (add line 1 & 2)
0
4. Subtotal of Inclusionary Obligation Accrued this Year for Units (line 3 x 30%)
0
'
5. Subtotal of Inclusionary Obligation Accrued this year for Very -Low Income Units (line 4 x 50%)
0
PART II
[H & SC Section 33413(b)(2)]
'
NON -AGENCY DEVELOPED UNITS
1
6. New Units
7. Substantially Rehabilitated Units
5
0
8. Subtotal - Baseline of Units (add lines 6 & 7)
5
'
9. Subtotal of Inclusionary Obligation Accrued this year for Units (line 8 x 15%)
1
10. Subtotal of Inclusionary Obligation Accrued this year for Very Low Income Units (line 9 x 40%)
0
PART III
TOTALS
I11.
Total Increase in Inclusionary Obligations During This Fiscal Year (add line 4 & 9) I
1
12. Total Increase in Very Low Income Units Inclusionary Obligations During This Fiscal Year (add line 5 & 10)
0
California Redevelopment Agencies -Fiscal Year 2009/2010 12/15/2010
I
Schedule E )
be impacted
*Totals may be impacted by rounding
Page 5 of 7
I,
L
M
77
SCHEDULE HCD E1
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
Report Year: 2009/2010
Agency: WEST COVINA
Project Area: WEST COVINA CITYWIDE
Project: PACIFIC PARK
NOTE: This form is a summary of the totals of all new construction or substantial rehabilitation units
from forms HCD-D7 which are developed in a project area by any entity (agency or non -agency).
PART
[H & SC Section 33413(b)(1)]
AGENCY DEVELOPED
1. New Units
0
2. Substantially Rehabilitated Units
0
3. Subtotal - Baseline of Units (add line 1 & 2)
0
4. Subtotal of Inclusionary Obligation Accrued this Year for Units (line 3 x 30%)
0
5. Subtotal of Inclusionary Obligation Accrued this year for Very -Low Income Units (line 4 x 50%)
0
PART II
[H & SC Section 33413(b)(2)]
NON -AGENCY DEVELOPED UNITS
6. New Units
0
7. Substantially Rehabilitated Units
0
8. Subtotal - Baseline of Units (add lines 6 & 7)
0
9. Subtotal of Inclusionary Obligation Accrued this year for Units (line 8 x 15%)
0
10. Subtotal of Inclusionary Obligation Accrued this year for Very Low Income Units (line 9 x 40%)
0
PART III
TOTALS
11. Total Increase in Inclusionary Obligations During This Fiscal Year (add line 4 & 9)
0
12. Total Increase in Very Low Income Units Inclusionary Obligations During This Fiscal Year (add line 5 & 10)
0
California Redevelopment Agencies -Fiscal Year 2009/2010
Schedule E (11/01)
'Totals may be impacted by rounding
Page 6 of 7
12/15/2010
M
SCHEDULE HCD E1
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION FOR ACTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
Report Year: 2009/2010
' Agency: WEST COVINA
Project Area: WEST COVINA CITYWIDE
' Project: SUNSET WALK
This form is a summary of the totals of all new construction or substantial rehabilitation units
'NOTE:
from forms HCD-D7 which are developed in a project area by any entity (agency or non -agency).
PART
[H & SC Section 33413(b)(1)]
'
AGENCY DEVELOPED
1. New Units
0
'2.
Substantially Rehabilitated Units
0
3. Subtotal - Baseline of Units (add line 1 & 2)
0
4. Subtotal of Inclusionary Obligation Accrued this Year for Units (line 3 x 30%)
0
'
5. Subtotal of Inclusionary Obligation Accrued this year for Very -Low Income Units (line 4 x 50%)
0
PART II
[H & SC Section 33413(b)(2)]
NON -AGENCY DEVELOPED UNITS
'
6. New Units
7. Substantially Rehabilitated Units
0
0
8. Subtotal - Baseline of Units (add lines 6 & 7)
0
9. Subtotal of Inclusionary Obligation Accrued this year for Units (line 8 x 15%)
0
10. Subtotal of Inclusionary Obligation Accrued this year for Very Low Income Units (line 9 x 40%)
0
'
PART III,
TOTALS
11. Total Increase in Inclusionary Obligations During This Fiscal Year (add line 4 & 9) I
0
12. Total Increase in Very Low Income Units Inclusionary Obligations During This Fiscal Year (add line 5 & 10)
0
California Redevelopment Agencies -Fiscal Year 2009/2010 12✓1 5/2010
' Schedule E ) be impacted
-
'Totals may be impacted by rounding
Page 7 of 7
Ll
' 79
Q
Page Intentionally Left Blank
80
�
Progress Report and Evaluation
Fiscal Year 2009-2010
(Health & Safety Code 33080.1(d))
1
1
CDC ANNUAL REPORT
FY 2009-2010 ACCOMPLISHMENTS
REDEVELOPMENT
• . 700/750 Pad
Administered a Purchase & Sale Agreement with Charles Company to develop the 700 &
750 pads at the West Covina Sportsplex site into a mixed -use (general and medical)
corporate office plaza on the approximately 5.8-acre site.
• Citrus Grove
Administered a Disposition and Development Agreement (DDA) with McIntyre Companies
for the development of a two-phase project at the corner of Citrus Street and Workman
Avenue. Phase I consisted of a 50;518 sq. ft. first-class Nissan Dealership and Phase II
consists of a 30,400 sq. ft. first-class commercial retail center, the Citrus Grove. Monitored
completion of construction pursuant to the DDA and issued a Certificate of Completion for
the project. Provide marketing assistance to the property owner and entitlement assistance to
Citrus Grove tenants (e.g., Buffalo Wild Wings).
• West Covina Heights
Administered the DDA with West Covina Heights LLC for the development of a 340,000 sq.
ft. commercial center at the southern portion of the Sportsplex site. Monitored completion of
construction pursuant to the DDA and issued a Certificate of Completion for the project.
Project is now completed.
ECONOMIC DEVELOPMENT
' • HK2 Supermarket
Provided marketing and entitlement assistance to Golden Eda Properties in opening a new
31,000 sq. ft. HK2 supermarket at Hong Kong Plaza.
• Norm Reeves Honda Expansion
' Assisted Norm Reeves Honda through the entitlement process for the expansion of existing
Honda dealership and showroom, which includes a two-story 56,360 sq. ft. auto dealership.
Project is now completed.
' • Prosperity,Business Park
Assisted DC Corporation in the entitlement process of a 20,518 sq. ft. office space and
' 135,043 sq. ft. of industrial condominiums on San Bernardino Road. Project is now
completed.
I
' 81
• QuailRidge Shopping Center
Provided marketing and entitlement assistance to QuailRidge Shopping Center, located on
Nogales Street. New tenants include Food Mart International, Taekwondo Studio, Jogurt,
Chai Cafe, a dental office, and Shaolin Temple.
• Sunset/Francisquito Center
Assisted Sunset/Francisquito Center through the entitlement process for fagade renovations
of the existing shopping center and construction of 29,000 sq. ft. of new retail space. New
tenants include Melrose Store, China Bowl, Hawaiian BBQ, LA Pizza Loca, Flavor Fresh Ice
Cream and Access Dental.
Westfield Expansion
Assisted Westfield with Phase I, II and III of the Westfield mall development. Westfield is
currently developing a three-phase development plan for the mall. Phase I consisted of
expanding the former Robinsons/May building by 30,000 sq. ft. and relocating Macy's to the
space (completed). Phase Il of the development includes a new building for a 46,089 sq. ft.
Best Buy and additional 130,000 sq. ft. of retail and restaurant area. Phase III will include the
addition of 32,000-35,000 sq. ft of additional new retail space.
o Provided entitlement assistance for the relocation of the Best Buy store to the former
Macy's location at'l 12 Plaza Drive. Project is now completed.
o Provided entitlement assistance to XXI Forever in opening a new 30,337 sq. ft. flagship
store. Project is now completed.
o Provided entitlement assistance for G by Guess (5,055 sq. ft.), Michelle D (3,000 sq. ft),
Lee's Sandwiches (2,861 sq. ft), and California Crepe and Pasta (2,800 sq. ft.)
• Awards for Sportsplex Project
Successfully completed 11 applications and received the following 13 awards for the West
Covina Commercial Center and Sportsplex project:
1: Southern California Association of Governments (SLAG) 2008 Compass Blueprint
Award for Sustainability
2. Southern California Real Estate and Construction Review "The Building of America"
2008 Gold Medal Award
3. National Electrical Contractors Association 2008 Electrical Excellence Award
4. California Parks and Recreation Society 2008 Award of Excellence
5. National League of Cities (NLC) 2008 Silver Award for Municipal Excellence
6. International Economic Development Council (IEDC) 2008 Excellence in Economic
Development (Public -Private Partnerships) Award
7. IEDC 2008 Excellence in Economic Development (Website and New Media) -
Honorable Mention for the "Landfill to Landmark" video
0
1
1
L
it
Ir1
I
8. American Planning Association- California Chapter (APACA) 2008 Hard -Won Victories
Award
9. San Gabriel Valley Economic Partnership (SGVEP) 2008 City Beautification Award
10.2009 Regional Phoenix Award for Excellence in Brownfields Redevelopment —
Environmental Protection Agency (EPA) Region 9
11. 2009 Phoenix Award for Excellence in Brownfields Redevelopment National Grand
Prize
12. California Redevelopment Association (CRA) 2009 Award of Excellence for Community
Revitalization
13. League of California Cities (LCC) 2009 Helen Putnam Award for Planning and
Environmental Quality
HOUSING
• Home Improvement Program
During fiscal year 2009-2010, the CDC processed 55 loans under the Home
Improvement Loan Program (HILP).
• Housing Preservation Program
During fiscal year 2009-2010, the CDC processed 4 loans under. the Housing Preservation
Program (HPP).
ADMINISTRATION
• Adopted a new 5-year Redevelopment Implementation Plan for the years 2010-2014, as
required by the California Health & Safety Code Section 33490.
• Prepared affordable housing database of units that were built or substantially rehabilitated
using CDC Housing Set -Aside funds, in compliance with Assembly Bill 987.
' 83
Page Intentionally Left Blank
n
Commission -Owned Property
For the year ended June 30, 2010
1
(Health & Safety Code 33080.1(f))
1
1
M M M M M r M M Ir i r M M Ili I! M M s M
West Covina Community Development Commission
Commission -Owned Property
As of June 30, 2010
# of
Parking
Site
Notes
Address
Zoning
Current Use
Land
Buildings
Spaces
West Covina Redevelopment Project Area Capital Projects Fund:
BKK PROJECT:
AAA Pad 2210 S. Azusa Ave.
PARKING:
Westfield Shoppingtown (parking structure)
Westfield Shoppingtown (surface parking)
LnThe Lakes
OS Vacant
1200 W. West Covina Pkwy. WC 9, R-C Parking Structure
(3) no site address" R-C Surface Parking
(4) 1000 E. Garvey Ave. WC 91790 R-C Parking Structures
Low/Moderate Income Housing Fund:
ROP Site R-1 1420 S. Willow
Vacant
2.1 acres None None
308,405 sq. ft. n/a 2,121
7.08 acres
704,633 sq. ft. n/a
16.18 acres
175,982 sq. ft. n/a
4.04 acres
9,750 sq. ft. n/a
1,416
476 (structure parking)
219 (surface parking)
None
Notes:
(1) - Per Real Property Exchange Agreement, parking for "Parcel D" is dedicated to Westfield Corporation, Inc. Number of parking spaces verified through visual count.
(2) - Number of parking spaces verified through visual count.
(3) - Per Owner Participation Agreement (OPA)/Reciprocal Easement Agreement (REA), Agency grants developer rights to operate, manage and maintain the surface parking area.
(4) - Per Parking Facility Sublease Agreement, all parking spaces are for patrons and tenants of the commercial office building.
1
Page Intentionally Left Blank
i
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86
t
' Goals & Objectives
' Fiscal Year 2010-2011
CDC ANNUAL REPORT .
' FY 2010-2011
GOALS AND OBJECTIVES
REDEVELOPMENT
' • 700/750 Pads
o Monitor construction pursuant to the Purchase and Sale Agreement.
o Assist and facilitate in the developer entitlement process.
' o Provide marketing assistance to attract office tenants.
• . AAA Pad
o Negotiate and execute a DDA.
' o Monitor construction pursuant to the DDA.
' • CGM Medical Office
o Continue to assist prospective office and medical use tenants through the entitlement
process.
' o Continue to provide marketing. assistance to attract tenants to the site.
• Citrus Grove Center
o Continue to provide marketing assistance to attract retail tenants to the site.
• Civic Center Site
' o Continue to market site for the potential development of an upscalemix-use
development on the site.
o Continue to provide marketing assistance to attract upscale entertainment and retail
' tenants to the site.
• Golf Course
' o Pursue golf course development and/or alternative use at the West Covina Sportsplex
site.
o Continue to monitor environmental compliance with regulatory agencies on site.
' • K-M art Site
o Execute an Owner Participation Agreement for the potential redevelopment of the
tK-mart site.
o Encourage rehabilitation of site.
ECONOMIC DEVELOPMENT
' • Business Assistance, Attraction, and Retention
o Pursue funding from Federal Economic Development Stimulus Plan for grant to assist
' 87
n
with Economic Development.
o Provide assistance to property owners in filling vacancies of retail centers.
o Continue to manage the Auto Plaza Business Improvement District.
o Attend International Council of Shopping Centers (ICSC) conferences in San Diego
and Las Vegas.
o Coordinate ground breaking and grand opening ceremonies.
o Continue to assist various developments through the entitlement process.
o Continue updating and maintaining available property listing database.
o Continue updating and maintaining database of expanding retail tenants.
o Continuously monitor, update, and administer CDC pages on the City website.
o Continue preparing articles for the City's Discover newsletter.
• Entitlement Assistance
o Continue to market and provide development/entitlement assistance for various projects
including but not limited to:. Westfield Mall expansion, Westfield Eastland, Citrus
Grove, McIntyre Square (former Country Club Center), South Hills Plaza, Hong Kong
Plaza, Marketplace II, Fairfield Inn and Suites by Marriott, Quailridge Shopping
Center, Sunset/Francisquito Shopping Center, Corona Grill Restaurant, 501 S. Vincent,
and West Covina Parkway Plaza.
• 501 S. Vincent Avenue
o Continue to assist and facilitate in the entitlement process for new tenants.
o Continue to provide marketing assistance to attract retail tenants to the site.
• Corona Grill Restaurant
o Continue to assist and facilitate in the property owner entitlement process.
• Eastland Shopping Center
o Continue to work closely with Westfield in re -tenanting vacancies at the site (Circuit
City, Levitz, Mervyns, Hollywood Video).
o Continue to assist and facilitate in the developer entitlement process.
o Continue to provide marketing assistance to attract retail tenants to the site.
• Fairfield Inn and Suites
o Continue to assist and facilitate in the developer entitlement process.
• Former Wickes Site
o Continue to work closely with property owner in re -tenanting vacancies at the site.
o Continue to provide marketing assistance to attract retail tenants to the site.
o Continue to explore land use alternatives with the developer on the site.
Marketplace II (former DSW/Best Buy Center)
o Continue to work closely with property owner in re -tenanting vacancies at the site.
o Continue to provide marketing assistance to attract retail tenants to the site.
o. Continue to explore land use alternatives on the site.
1
Ell
11
11
I
11
::
' • McIntyre Square (former Country Club Center)
o Continue to assist developer/tenant through entitlement process.
' o Continue to provide marketing assistance to attract retail tenants to the site.
• Quail Ridge Shopping Center
' o Continue to assist and facilitate in the entitlement process for new tenants.
o Continue to provide marketing assistance to attract retail tenants to the site.
' • South Hills Plaza
o Continue to work closely with property owner in re -tenanting vacancies at the site.
o Continue to assist and facilitate in the entitlement process for new tenants.
' o Continue to provide marketing assistance to attract retail tenants to the site.
• Sunset/Francisquito Center
' o Continue to assist and facilitate in the entitlement process for new tenants.
o Continue to provide marketing assistance to attract retail tenants to the site.
• Westfield Mall Expansion
o Continue to work with Westfield in providing assistance in developing a lifestyle
commercial and retail development at the Mall.
o Continue to assist in providing entitlement assistance to tenants at the site.
o Continue to provide marketing assistance to attract retail tenants to the site.
IHOUSING
H
L
• Affordable Housing
o Continue to pursue the potential development of affordable housing projects.
o Pursue acquisition of land for future affordable housing developments.
• Home Improvement Loan Program (HILP)
o Review and approve applicants and provide funding for qualified homeowners.
o Administer existing loans.
o Continue marketing the program to maximize its utilization.
• Housing Preservation Program (HPP)
o Review and approve applicants and provide funding for qualified homeowners.
o Administer existing loans.
o. Continue marketing the program to maximize its utilization.
• West Covina Senior Villas II
o Administer the Owner Participation Agreement (OPA) and provide entitlement
assistance.
1
89
ADMINISTRATION
• Continue to monitor and analyze state bill and statutes pertaining to redevelopment.
• Prepare annual redevelopment reporting requirements (Statement of Indebtedness, State
Controller's Report) in compliance with California Redevelopment Law.
0