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Resolution Number SACRA 12-10-16-01 SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY Independent Accountant’s Report on Applying Agreed-Upon Procedures on the Former Community Redevelopment Agency’s Low and Moderate Income Housing Funds As Prescribed in Section 34179.5 of the California Health and Safety Code EXHIBIT A EXHIBIT A SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY Table of Contents Page Independent Accountant’s Report on Applying Agreed-Upon Procedures ............................................... 1 ATTACHMENT A. Agreed-Upon Procedures and Findings ............................................................................................... 3 EXHIBITS A. Low and Moderate Income Housing Fund Assets Held by the Successor Agency That Were Transferred to the San Juan Capistrano Housing Authority, For the Period February 1, 2012 through June 30, 2012 ............................................................. 11 B. Low and Moderate Income Housing Fund Assets Held by the Successor Agency ....................... 13 C. Low and Moderate Income Housing Fund Restricted Assets Transferred to the Successor Agency ......................................................................................... 15 D. Low and Moderate Income Housing Fund Assets Held by the Successor Agency: Projection of Spending Requirements and Revenues Over the Term of the Obligations ........... 17 E.1. Low and Moderate Income Housing Fund Assets Transferred to the Successor Agency that are Needed to Satisfy Obligations on the Recognized Obligation Payment Schedule, for the Period July 1, 2012 through June 30, 2013 ..................................................... 19 E.2. Low and Moderate Income Housing Fund Assets Transferred to the Successor Agency that are Needed to Satisfy Obligations on the Recognized Obligation Payment Schedule, for the Period July 1, 2012 through June 30, 2013 ..................................................... 20 F. Low and Moderate Income Housing Fund Assets Transferred to the Successor Agency That Are Available to Distribute to Affected Taxing Entities .................................................... 21 EXHIBIT A This page intentionally left blank. EXHIBIT A Sacramento Walnut Creek Oakland LA/Century City San Diego Seattle www.mgocpa.com Newport Beach 4675 MacArthur Court, Suite 600 Newport Beach, CA 92660 949.221.0025 Successor Agency to the San Juan Capistrano Community Redevelopment Agency San Juan Capistrano, California Independent Accountant’s Report on Applying Agreed-Upon Procedures We have performed the procedures in Attachment A, which were agreed to by the Successor Agency to the San Juan Capistrano Community Redevelopment Agency (Successor Agency), California State Controller’s Office and California Department of Finance (collectively referred to as Specified Parties) solely to assist you in determining the balances available for transfer to taxing entities from assets transferred to the Successor Agency from the low and moderate income housing funds of the former redevelopment agency, as prescribed in Section 34179.5 of the California Health and Safety Code (Code). The scope of this engagement was limited to performing the agreed-upon procedures set forth in Attachment A. Attachment A also identifies the findings noted as a result of the procedures performed. Management of the Successor Agency is responsible for the accounting records. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures either for the purpose for which this report has been requested, or for any other purpose. We were not engaged to and did not conduct an audit, the objective of which would be the expression of an opinion on the assets transferred to the Successor Agency from the low and moderate income housing funds of the former redevelopment agency and the balance available for transfer to the taxing entities. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. This report is intended solely for the information and use of the Successor Agency, California State Controller’s Office and the California Department of Finance, and is not intended to be, and should not be used by anyone other than these specified parties. Newport Beach, California October 3, 2012 1 EXHIBIT A This page intentionally left blank. 2 EXHIBIT A Successor Agency to the San Juan Capistrano Community Redevelopment Agency Attachment A - Agreed-Upon Procedures and Findings Low and Moderate Income Housing Fund Our procedures and findings are as follows: 1) Procedure: Obtain from the Successor Agency a listing of all assets that were transferred from the Low and Moderate Income Housing Funds of the former redevelopment agency to the Successor Agency on or about February 1, 2012. Agree the amounts on this listing to account balances established in the accounting records of the Successor Agency. Identify in the Agreed-Upon Procedures (AUP) report the amount of the assets transferred to the Successor Agency as of that date. Finding: We noted the former redevelopment agency transferred assets in the amount of $18,508,152 from the Low and Moderate Income Housing Fund, $423,524 from the related Rental Housing Fund, and long-term assets, net of accumulated depreciation, in the amount of $5,420,307 to the Successor Agency on February 1, 2012. We verified the transfers through a review of the Successor Agency’s accounting records. 2) Procedures: If the State Controller’s Office has completed its review of transfers required under both Sections 34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as an exhibit to the AUP report. If this has not yet occurred, perform the following procedures: A. Obtain a listing prepared by the Successor Agency of transfers of assets from the Low and Moderate Income Housing Funds from the former redevelopment agency (excluding payments for goods and services) to the city, county, or city and county that formed the redevelopment agency for the period from January 1, 2011 through January 31, 2012. For each transfer, the Successor Agency should describe the purpose of the transfer and describe in what sense the transfer was required by one of the Agency’s enforceable obligations or other legal requirements. Provide this listing as an attachment to the AUP report. B. Obtain a listing prepared by the Successor Agency of transfers of assets from the low and moderate income housing funds (excluding payments for goods and services) held by the Successor Agency to the city, county, or city and county that formed the redevelopment agency for the period from February 1, 2012 through June 30, 2012. For each transfer, the Successor Agency should describe the purpose of the transfer and describe in what sense the transfer was required by one of the Agency’s enforceable obligations or other legal requirements. Provide this listing as an attachment to the AUP report C. For each transfer, obtain the legal document that formed the basis for the enforceable obligation that required any transfer. Note in the AUP report the absence of any such legal document or the absence of language in the document that required the transfer. 3 EXHIBIT A Successor Agency to the San Juan Capistrano Community Redevelopment Agency Attachment A - Agreed-Upon Procedures and Findings (Continued) Low and Moderate Income Housing Fund Findings: We noted that the State Controller’s Office has not completed its review of transfers as of the date of this report. As such, we performed procedures 2A through 2C. For procedure 2A, there were no transfers of assets from the low and moderate income housing funds held by the Successor Agency (excluding payments for goods and services) to the City for the period January, 1, 2011 through January 31, 2012. Please refer to Exhibit A for the results of procedure 2B. As all transfers were related to approved housing asset transfers to the San Juan Capistrano Housing Authority, procedure 2C is not applicable. 3) Procedures: If the State Controller’s Office has completed its review of transfers required under both Sections 34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as an exhibit to the AUP report. If this has not yet occurred, perform the following procedures: A. Obtain a listing prepared by the Successor Agency of transfers of assets from the Low and Moderate Income Housing Funds from the former redevelopment agency (excluding payments for goods and services) to any other public agency or to private parties for the period from January 1, 2011 through January 31, 2012. For each transfer, the Successor Agency should describe the purpose of the transfer and describe in what sense the transfer was required by one of the Agency’s enforceable obligations or other legal requirements. Provide this listing as an attachment to the AUP report. B. Obtain a listing prepared by the Successor Agency of transfers of assets from the low and moderate income housing funds (excluding payments for goods and services) held by the Successor Agency to any other public agency or private parties for the period from February 1, 2012 through June 30, 2012. For each transfer, the Successor Agency should describe the purpose of the transfer and describe in what sense the transfer was required by one of the Agency’s enforceable obligations or other legal requirements. Provide this listing as an attachment to the AUP report. C. For each transfer, obtain the legal document that formed the basis for the enforceable obligation that required any transfer. Note in the AUP report the absence of any such legal document or the absence of language in the document that required the transfer. Findings: We noted the Successor Agency did not transfer any assets from the low and moderate income housing funds held by the Successor Agency (excluding payments for goods and services) to any other public agency, other than the San Juan Capistrano Housing Authority, or to private parties for the period January 1, 2011 through June 30, 2012. 4) Procedure: Obtain from the Successor Agency a listing of all assets of the low and moderate income housing funds that were held by the Successor Agency as of June 30, 2012. Agree the assets so listed to recorded balances reflected in the accounting records of the Successor Agency. The listings should be attached as an exhibit to the AUP report. 4 EXHIBIT A Successor Agency to the San Juan Capistrano Community Redevelopment Agency Attachment A - Agreed-Upon Procedures and Findings (Continued) Low and Moderate Income Housing Fund Finding: No exceptions were noted as a result of the procedure. Please refer to Exhibit B for a listing of the low and moderate income housing fund assets held by the Successor Agency as of June 30, 2012. 5) Procedures: Obtain from the Successor Agency a listing of asset balances transferred from the low and moderate income housing funds, and still held as of June 30, 2012, that are restricted for the following purposes: A. Unspent bond proceeds: i. Obtain the Successor Agency’s computation of the restricted balances (e.g., total proceeds less eligible project expenditures, amounts set aside for debt service payments, etc.) ii. Trace individual components of this computation to related account balances in the accounting records, or to other supporting documentation (specify in the AUP report a description of such documentation). iii. Obtain from the Successor Agency a copy of the legal document that sets forth the restriction pertaining to these balances. Note in the AUP report the absence of language restricting the use of the balances that were identified by the Successor Agency as restricted. B. Grant proceeds and program income that are restricted by third parties: i. Obtain the Successor Agency’s computation of the restricted balances (e.g., total proceeds less eligible project expenditures). ii. Trace individual components of this computation to related account balances in the accounting records, or to other supporting documentation (specify in the AUP report a description of such documentation). C. Obtain from the Successor Agency a copy of the grant agreement that sets forth the restriction pertaining to these balances. Note in the AUP report the absence of language restricting the use of the balances that were identified by the Successor Agency as restricted. Other assets considered to be legally restricted: i. Obtain the Successor Agency’s computation of the restricted balances (e.g., total proceeds less eligible project expenditures). ii. Trace individual components of this computation to related account balances in the accounting records, or to other supporting documentation (specify in the AUP report a description of such documentation). iii. Obtain from the Successor Agency a copy of the legal document that sets forth the restriction pertaining to these balances. Note in the AUP report the absence of language restricting the use of the balances that were identified by Successor the Agency as restricted. D. Attach the above mentioned Successor Agency prepared schedule(s) as an exhibit to the AUP report. For each restriction identified on these schedules, indicate in the report the period of time for which the restrictions are in effect. If the restrictions are in effect until the related assets are expended for their intended purpose, this should be indicated in the report. 5 EXHIBIT A Successor Agency to the San Juan Capistrano Community Redevelopment Agency Attachment A - Agreed-Upon Procedures and Findings (Continued) Low and Moderate Income Housing Fund Findings: We noted the Successor Agency held unspent bond proceeds, as of June 30, 2012, in the amount of $6,633,003, that were transferred from the low and moderate income housing funds. We traced the individual components of the computation to the Indenture of Trust between the San Juan Capistrano Community Redevelopment Agency and U.S. Bank National Association, as Trustee, previously audited financial statements, and the Successor Agency’s accounting records. Additionally, we noted that the Successor Agency held program income, as of June 30, 2012, in the amount of $417,422 that was transferred from the Rental Housing Fund. We traced individual balances to the Successor Agency’s accounting records. The legal restrictions on the unspent bond proceeds and program income are in effect until these funds are spent for their respective purposes. Please refer to Exhibit C for the results of the procedures performed. 6) Procedures: A. Obtain from the Successor Agency a listing of assets transferred from the low and moderate income housing funds, and still held as of June 30, 2012, that are not liquid or otherwise available for distribution (such as capital assets, land held for resale, long-term receivables, etc.) and ascertain if the values are listed at either purchase cost (based on book value reflected in the accounting records of the Successor Agency) or market value, as recently estimated by the Successor Agency. B. If the assets listed at 6A are listed at purchase cost, trace the amounts to a previously audited financial statement (or to the accounting records of the Successor Agency) and note any differences. C. For any differences noted in 6B, inspect evidence of disposal of the asset and ascertain that the proceeds were deposited into the Successor Agency trust fund. If the differences are due to additions (this generally is not expected to occur), inspect the supporting documentation and note the circumstances. D. If the assets listed at 6A are listed at recently estimated market value, inspect the evidence (if any) supporting the value and note the methodology used. If no evidence is available to support the value and/or methodology, note the lack of evidence. Findings: We noted that the Successor Agency held no non-liquid assets, transferred from the low and moderate income housing funds, and still held as of June 30, 2012. 7) Procedures: A. If the Successor Agency believes that asset balances transferred from the low and moderate income housing funds need to be retained to satisfy enforceable obligations, obtain from the Successor Agency an itemized schedule of asset balances (resources) as of June 30, 2012, that are dedicated or restricted for the funding of enforceable obligations and perform the following procedures. The schedule should identify the amount dedicated or restricted, the nature of the dedication or restriction, the specific enforceable obligation to which the dedication or restriction relates, and the language in the legal document that is associated with the enforceable obligation that specifies the dedication of existing asset balances toward payment of that obligation. 6 EXHIBIT A Successor Agency to the San Juan Capistrano Community Redevelopment Agency Attachment A - Agreed-Upon Procedures and Findings (Continued) Low and Moderate Income Housing Fund i. Compare all information on the schedule to the legal documents that form the basis for the dedication or restriction of the resource balance in question. ii. Compare all current balances to the amounts reported in the accounting records of the Successor Agency or to an alternative computation. iii. Compare the specified enforceable obligations to those that were included in the final Recognized Obligation Payment Schedule approved by the California Department of Finance. iv. Attach as an exhibit to the report the listing obtained from the Successor Agency. Identify in the report any listed balances for which the Successor Agency was unable to provide appropriate restricting language in the legal document associated with the enforceable obligation. B. If the Successor Agency believes that future revenues, together with balances transferred from the Low and Moderate Income Housing Fund dedicated or restricted to an enforceable obligation, are insufficient to fund future obligation payments, and thus retention of current balances is required, obtain from the Successor Agency a schedule of approved enforceable obligations that includes a projection of the annual spending requirements to satisfy each obligation and a projection of the annual revenues available to fund those requirements and perform the following procedures: i. Compare the enforceable obligations to those that were approved by the California Department of Finance. Procedures to accomplish this may include reviewing the letter from the California Department of Finance approving the Recognized Enforceable Obligation Payment Schedules for the six month period from January 1, 2012 through June 30, 2012, and for the six month period July 1, 2012 through December 31, 2012. ii. Compare the forecasted annual spending requirements to the legal document supporting each enforceable obligation. a. Obtain from the Successor Agency its assumptions relating to the forecasted annual spending requirements and disclose in the report major assumptions associated with the projections. iii. For the forecasted annual revenues: a. Obtain from the Successor Agency its assumptions for the forecasted annual revenues and disclose in the report major assumptions associated with the projections. C. If the Successor Agency believes that projected property tax revenues and other general purpose revenues to be received by the Successor Agency are insufficient to pay bond debt service payments (considering both the timing and amount of the related cash flows), obtain from the Successor Agency a schedule demonstrating this insufficiency and apply the following procedures to the information reflected in that schedule. i. Compare the timing and amounts of bond debt service payments to the related bond debt service schedules in the bond agreement. ii. Obtain the assumptions for the forecasted property tax revenues and disclose major assumptions associated with the projections. iii. Obtain the assumptions for the forecasted other general purpose revenues and disclose major assumptions associated with the projections. 7 EXHIBIT A Successor Agency to the San Juan Capistrano Community Redevelopment Agency Attachment A - Agreed-Upon Procedures and Findings (Continued) Low and Moderate Income Housing Fund D. If procedures 7A, B, or C were performed, calculate the amount of current unrestricted balances of assets transferred from the low and moderate income housing funds necessary for retention in order to meet the enforceable obligations by performing the following procedures. i. Combine the amount of identified current dedicated or restricted balances and the amount of forecasted annual revenues to arrive at the amount of total resources available to fund enforceable obligations. ii. Reduce the amount of total resources available by the amount forecasted for the annual spending requirements. A negative result indicates the amount of current unrestricted balances that needs to be retained. iii. Include the calculation in the AUP report. Findings: For procedure 7A, we noted the Successor Agency did not believe that asset balances transferred from the low and moderate income housing funds as of June 30, 2012 are legally or contractually dedicated or restricted to satisfy enforceable obligations. However, for procedures 7B and 7D, the Successor Agency identified future net deficits related to certain enforceable obligations. As a result, the Successor Agency believes retention of current balances is necessary to cover such future net deficits related to certain enforceable obligations, in the amount of $342,129. Please refer to Exhibit D for the results of procedures 7B and 7D. For procedure 7C, the Successor Agency did not believe that future net deficits related to debt service payments exist as of June 30, 2012. 8) Procedure: If the Successor Agency believes that, as of June 30, 2012, cash balances transferred from the low and moderate income housing funds need to be retained to satisfy obligations on the Recognized Obligation Payment Schedule (ROPS) for the period of July 1, 2012 through June 30, 2013, obtain a copy of the final ROPS for the period of July 1, 2012 through December 31, 2012, and a copy of the final ROPS for the period January 1, 2013 through June 30, 2013. For each obligation listed on the ROPS, the Successor Agency should add columns identifying (1) any dollar amounts of existing cash transferred from the low and moderate income housing funds that are needed to satisfy that obligation and (2) the Successor Agency’s explanation as to why the Successor Agency believes that such balances are needed to satisfy the obligation. Include this schedule as an attachment to the AUP report. Finding: The Successor Agency believes that, as of June 30, 2012, cash balances in the amount of $1,428,810 transferred from the low and moderate income housing funds, need to be retained to satisfy obligations for the period of July 1, 2012 through June 30, 2013. Please refer to Exhibit E.1 for ROPS 2 obligations totaling $750,929, and Exhibit E.2 for ROPS 3 obligations totaling $677,881. 9) Procedure: Include a schedule detailing the computation of the Balance Available for Allocation to Affected Taxing Entities from assets transferred to the Successor Agency from the low and moderate income housing funds. Amounts included in the calculation should agree to the results of the procedures performed in each section above. The schedule should also include a deduction to 8 EXHIBIT A Successor Agency to the San Juan Capistrano Community Redevelopment Agency Attachment A - Agreed-Upon Procedures and Findings (Continued) Low and Moderate Income Housing Fund recognize amounts already paid to the County Auditor-Controller on July 12, 2012, as directed by the California Department of Finance. The amount of this deduction presented should be agreed to evidence of payment. Finding: Please refer to Exhibit F for the results of this procedure. 10) Procedure: Obtain a representation letter from Successor Agency management acknowledging their responsibility for the data provided to the practitioner and the data presented in the report or in any attachments to the report. Included in the representations should be an acknowledgment that management is not aware of any transfers (as defined by Section 34179.5) from assets of the Low and Moderate Income Housing Fund from either the former redevelopment agency or the Successor Agency to other parties for the period from January 1, 2011 through June 30, 2012, that have not been properly identified in the AUP report and its related exhibits. Management’s refusal to sign the representation letter should be noted in the AUP report as required by attestation standards. Finding: No exceptions were noted as a result of this procedure. 9 EXHIBIT A This page intentionally left blank 10 EXHIBIT A As s e t D e s c r i p t i o n Na m e o f t h e r e c i p i e n t Da t e o f Tr a n s f e r Bo o k v a l u e o f a s s e t a t da t e o f t r a n s f e r De s c r i b e t h e p u r p o s e o f t h e t r a n s f e r a n d s p e c i f y t h e e n f o r c e a b l e o b l i g a t i o n o r o t h e r l e g a l re q u i r e m e n t r e q u i r i n g s u c h t r a n s f e r . Fi n d i n g La n d - J i m e n e z A c q u i s i t i o n Sa n J u a n C a p i s t r a n o H o u s i n g A u t h o r i t y 5 / 1 6 / 2 0 1 2 $ 2 1 4 , 5 6 8 $ - La n d - J i m e n e z A c q u i s i t i o n Sa n J u a n C a p i s t r a n o H o u s i n g A u t h o r i t y 5 / 1 6 / 2 0 1 2 38 9 , 4 4 0 - La n d - P e i n a d o A c q u i s i t i o n Sa n J u a n C a p i s t r a n o H o u s i n g A u t h o r i t y 5 / 1 6 / 2 0 1 2 18 0 , 0 0 0 - 26 5 0 8 M i s s i o n S t . 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L o a n Sa n J u a n C a p i s t r a n o H o u s i n g A u t h o r i t y 5 / 1 6 / 2 0 1 2 15 , 6 2 5 - Fo r m e r C o m m u n i t y H o u s i n g C o r p . L o a n Sa n J u a n C a p i s t r a n o H o u s i n g A u t h o r i t y 5 / 1 6 / 2 0 1 2 15 , 5 0 0 - De v e l o p e r L o a n R e p a y m e n t Sa n J u a n C a p i s t r a n o H o u s i n g A u t h o r i t y 5 / 1 6 / 2 0 1 2 58 , 8 5 0 - Te n a n t R e n t P a y m e n t s Sa n J u a n C a p i s t r a n o H o u s i n g A u t h o r i t y 5 / 1 6 / 2 0 1 2 10 4 , 3 3 5 - 11 , 3 4 8 , 4 6 8 $ SU C C E S S O R A G E N C Y T O T H E S A N J U A N C A P I S T R A N O C O M M U N I T Y R E D E V E L O P M E N T A G E N C Y EX H I B I T A - L O W A N D M O D E R A T E I N C O M E H O U S I N G F U N D AS S E T S H E L D B Y T H E S U C C E S S O R A G E N C Y T H A T W E R E T R A N S F E R R E D T O T H E S A N J U A N C A P I S T R A N O H O U S I N G A U T H O R I T Y FO R T H E P E R I O D FE B R U A R Y 1 , 2 0 1 2 T H R O U G H J U N E 3 0 , 2 0 1 2 Pu r s u a n t t o H e a l t h a n d S a f e t y C o d e s e c t i o n 3 4 1 7 6 ( a ) ( 1 ) , " T h e c i t y , c o u n t y , o r c i t y a n d co u n t y t h a t a u t h o r i z e d t h e c r e a t i o n o f a r e d e v e l o p m e n t a g e n c y m a y e l e c t t o r e t a i n t h e ho u s i n g a s s e t s a n d f u n c t i o n s p r e v i o u s l y p e r f o r m e d b y t h e r e d e v e l o p m e n t a g e n c y . " T h e Su c c e s s o r A g e n c y s u b m i t t e d t h e H o u s i n g A s s e t T r a n s f e r F o r m t o t h e D e p a r t m e n t o f Fi n a n c e a n d o b t a i n e d a p p r o v a l t o r e t a i n t h e h o u s i n g a s s e t s l i s t e d w i t h i n . 11 EXHIBIT A This page intentionally left blank 12 EXHIBIT A As s e t s 6/ 3 0 / 2 0 1 2 Ca s h - L o w a n d M o d e r a t e I n c o m e H o u s i n g F u n d ( F u n d 2 1 ) 12 , 7 2 6 , 0 0 9 $ Ca s h - R e n t a l H o u s i n g F u n d ( F u n d 2 2 ) 41 7 , 4 2 2 To t a l A s s e t s 13 , 1 4 3 , 4 3 1 $ SU C C E S S O R A G E N C Y T O T H E S A N J U A N C A P I S T R A N O C O M M U N I T Y R E D E V E L O P M E N T A G E N C Y EX H I B I T B - L O W A N D M O D E R A T E I N C O M E H O U S I N G F U N D A S S E T S H E L D B Y T H E S U C C E S S O R A G E N C Y 13 EXHIBIT A This page intentionally left blank 14 EXHIBIT A A. U n s p e n t B o n d P r o c e e d s As s e t s 6 / 3 0 / 2 0 1 2 Co m p u t a t i o n o f t h e Re s t r i c t e d B a l a n c e So u r c e f o r t h e c o m p u t a t i o n o f t h e re s t r i c t e d b a l a n c e ( i . e . a c c o u n t i n g re c o r d s o r o t h e r s u p p o r t i n g do c u m e n t a t i o n ) Id e n t i f y t h e d o c u m e n t r e q u i r i n g t h e r e s t r i c t i o n . F o r e a c h r e s t r i c t i o n i d e n t i f i e d o n t h e s e s c h e d u l e s , i n d i c a t e th e p e r i o d o f t i m e f o r w h i c h t h e r e s t r i c t i o n i s i n e f f e c t . N o t e w h e t h e r t h e r e s t r i c t i o n i s i n e f f e c t u n t i l t h e re l a t e d a s s e t s a r e e x p e n d e d f o r t h e i r i n t e n d e d p u r p o s e . Bo n d P r o c e e d s - 2 0 0 8 T A B s , S e r i e s B 6 , 6 3 3 , 0 0 3 $ $ 6 , 6 0 7 , 8 4 1 B a l a n c e a s o f J u n e 3 0 , 2 0 1 1 n o t e d in t h e C o m p r e h e n s i v e A n n u a l Fi n a n c i a l R e p o r t . (2 , 0 5 6 ) A m o u n t r e p r e s e n t s a c o r r e c t i n g jo u r n a l e n t r y f o r n o n - h o u s i n g ac t i v i t y a s n o t e d i n t h e a c c o u n t i n g re c o r d s . 27 , 2 1 8 A m o u n t r e p r e s e n t s t h e f i s c a l y e a r 20 1 2 a c c r u e d i n t e r e s t a s n o t e d i n t h e Ci t y ' s I n t e r e s t A l l o c a t i o n Sp r e a d s h e e t . 6, 6 3 3 , 0 0 3 $ To t a l A s s e t s 6 , 6 3 3 , 0 0 3 $ B. G r a n t P r o c e e d s a n d P r o g r a m I n c o m e As s e t s 6 / 3 0 / 2 0 1 2 Co m p u t a t i o n o f t h e Re s t r i c t e d B a l a n c e So u r c e f o r t h e c o m p u t a t i o n o f t h e re s t r i c t e d b a l a n c e ( i . e . a c c o u n t i n g re c o r d s o r o t h e r s u p p o r t i n g do c u m e n t a t i o n ) Id e n t i f y t h e d o c u m e n t r e q u i r i n g t h e r e s t r i c t i o n . F o r e a c h r e s t r i c t i o n i d e n t i f i e d o n t h e s e s c h e d u l e s , i n d i c a t e th e p e r i o d o f t i m e f o r w h i c h t h e r e s t r i c t i o n i s i n e f f e c t . N o t e w h e t h e r t h e r e s t r i c t i o n i s i n e f f e c t u n t i l t h e re l a t e d a s s e t s a r e e x p e n d e d f o r t h e i r i n t e n d e d p u r p o s e . Li t t l e H o l l y w o o d R e n t a l H o u s i n g - P r o g r a m I n c o m e , T e n a n t R e n t s 4 1 7 , 4 2 2 $ N o t A p p l i c a b l e A c c o u n t i n g r e c o r d s H & S C o d e S e c t i o n 3 4 1 7 6 ( e ) ( 4 ) r e s t r i c t s " [ a ] n y f u n d s d e r i v e d f r o m r e n t s o r o p e r a t i o n o f p r o p e r t i e s a c q u i r e d fo r l o w - a n d m o d e r a t e - i n c o m e h o u s i n g p u r p o s e s b y o t h e r p a r t i e s t h a t w e r e f i n a n c e d w i t h a n y s o u r c e o f fu n d s , i n c l u d i n g … . p r i n c i p a l a n d i n t e r e s t p a y m e n t s f r o m h o m e b u y e r s s u b j e c t t o e n f o r c e a b l e i n c o m e l i m i t s . " Th i s r e s t r i c t i o n i s i n e f f e c t u n t i l t h i s p r o g r a m i n c o m e i s e x p e n d e d f o r h o u s i n g r e l a t e d a c t i v i t i e s . To t a l A s s e t s 4 1 7 , 4 2 2 $ C. O t h e r A s s e t s C o n s i d e r e d L e g a l l y R e s t r i c t e d As s e t s 6 / 3 0 / 2 0 1 2 Co m p u t a t i o n o f t h e Re s t r i c t e d B a l a n c e So u r c e f o r t h e c o m p u t a t i o n o f t h e re s t r i c t e d b a l a n c e ( i . e . a c c o u n t i n g re c o r d s o r o t h e r s u p p o r t i n g do c u m e n t a t i o n ) Id e n t i f y t h e d o c u m e n t r e q u i r i n g t h e r e s t r i c t i o n . F o r e a c h r e s t r i c t i o n i d e n t i f i e d o n t h e s e s c h e d u l e s , i n d i c a t e th e p e r i o d o f t i m e f o r w h i c h t h e r e s t r i c t i o n i s i n e f f e c t . N o t e w h e t h e r t h e r e s t r i c t i o n i s i n e f f e c t u n t i l t h e re l a t e d a s s e t s a r e e x p e n d e d f o r t h e i r i n t e n d e d p u r p o s e . No n e n o t e d To t a l A s s e t s - $ Su m m a r y o f R e s t r i c t e d A s s e t s L i s t e d i n T a b l e s A , B a n d C 7, 0 5 0 , 4 2 5 $ Pa g e 2 3 o f t h e O f f i c i a l S t a t e m e n t , 2 0 0 8 T a x A l l o c a t i o n B o n d s , S e r i e s B , I n d e n t u r e o f T r u s t l e g a l l y r e s t r i c t s th i s a s s e t . T h e r e s t r i c t i o n i s i n e f f e c t u n t i l t h e b o n d p r o c e e d s a r e e x p e n d e d " t o i n c r e a s e o r i m p r o v e t h e su p p l y o f l o w a n d m o d e r a t e i n c o m e h o u s i n g w i t h i n , o r o f b e n e f i t t o , t h e P r o j e c t A r e a . " EX H I B I T C - L O W A N D M O D E R A T E I N C O M E H O U S I N G F U N D R E S T R I C T E D A S S E T S T R A N S F E R R E D T O T H E S U C C E S S O R A G E N C Y SU C C E S S O R A G E N C Y T O T H E S A N J U A N C A P I S T R A N O C O M M U N I T Y R E D E V E L O P M E N T A G E N C Y 15 EXHIBIT A This page intentionally left blank 16 EXHIBIT A En f o r c e a b l e O b l i g a t i o n To t a l O b l i g a t i o n Pr o j e c t e d s p e n d i n g re q u i r e m e n t o v e r t h e te r m o f t h e o b l i g a t i o n As s u m p t i o n s u t i l i z e d i n t h e s p e n d i n g pr o j e c t i o n s Pr o j e c t e d r e v e n u e s ov e r t h e t e r m o f t h e ob l i g a t i o n As s u m p t i o n s u t i l i z e d i n t h e r e v e n u e pr o j e c t i o n s (D e f i c i t ) / S u r p l u s MD M A s s o c i a t e s P e r s o n a l S e r v i c e s A g r e e m e n t Ju l y 1 , 2 0 1 3 t h r o u g h J u n e 3 0 , 2 0 1 4 - R e n t a l Su b s i d y P r o g r a m 43 , 1 5 5 $ 43 , 1 5 5 $ - $ (4 3 , 1 5 5 ) $ MD M A s s o c i a t e s P e r s o n a l S e r v i c e s A g r e e m e n t Ju l y 1 , 2 0 1 3 t h r o u g h J u n e 3 0 , 2 0 1 4 - R e n t a l Ho u s i n g M a n a g e m e n t P r o g r a m 12 5 , 9 4 0 12 5 , 9 4 0 - (1 2 5 , 9 4 0 ) Re n t a l S u b s i d y A g r e e m e n t - J u l y 1 , 2 0 1 3 t h r o u g h Ja n u a r y 1 , 2 0 1 5 ( B h a t i a ) 31 , 5 0 0 31 , 5 0 0 7, 5 2 4 (2 3 , 9 7 6 ) Re n t a l S u b s i d y A g r e e m e n t - J u l y 1 , 2 0 1 3 t h r o u g h Au g u s t 3 1 , 2 0 1 6 ( H u g h e s ) 72 , 2 0 0 72 , 2 0 0 20 , 4 0 6 (5 1 , 7 9 4 ) Re n t a l S u b s i d y A g r e e m e n t - J u l y 1 , 2 0 1 3 t h r o u g h Ma y 1 , 2 0 1 6 ( K a s h a n i ) 54 , 4 0 0 54 , 4 0 0 15 , 5 7 2 (3 8 , 8 2 8 ) Re n t a l S u b s i d y A g r e e m e n t - J u l y 1 , 2 0 1 3 t h r o u g h Ju n e 6 , 2 0 1 4 ( M c C o r k e l l ) 17 , 6 0 0 17 , 6 0 0 7, 2 2 7 (1 0 , 3 7 3 ) Re n t a l S u b s i d y A g r e e m e n t - J u l y 1 , 2 0 1 3 t h r o u g h De c e m b e r 3 1 , 2 0 1 3 ( A l a n i z ) 12 , 0 6 0 12 , 0 6 0 3, 0 3 6 (9 , 0 2 4 ) Re n t a l S u b s i d y A g r e e m e n t - J u l y 1 , 2 0 1 3 t h r o u g h Ma r c h 3 1 , 2 0 1 6 ( M e a d o r s ) 57 , 7 5 0 57 , 7 5 0 18 , 7 1 1 (3 9 , 0 3 9 ) To t a l P r o j e c t i o n s / N e t P r o j e c t i o n s 41 4 , 6 0 5 $ 72 , 4 7 6 $ (3 4 2 , 1 2 9 ) $ No t e 1 - B a s e d o n t h e R P T T F p r o j e c t i o n s f r o m t h e C o u n t y A u d i t o r - C o n t r o l l e r , f o r F Y 1 2 / 1 3 , m a n a g e m e n t p r o j e c t e d R P T T F f o r f u t u r e y e a r s w i t h a n a n n u a l i n c r e a s e o f 2 % . A d d i t i o n a l l y , d e b t s e r v i c e a n d e n f o r c e a b l e o b l i g a t i o n pa y m e n t s w e r e p r o j e c t e d t h r o u g h F Y 2 0 1 9 - 2 0 2 0 . B a s e d o n t h e s e p r o j e c t i o n s , t h e r e i s n o t s u f f i c i e n t R P T T F r e m a i n i n g a f t e r t h e p a y m e n t o f C o u n t y A d m i n i s t r a t i v e c o s t s , p a s s - t h r o u g h p a y m e n t s , b o n d p a y m e n t s , n o n - h o u s i n g en f o r c e a b l e o b l i g a t i o n p a y m e n t s a n d a d m i n i s t r a t i v e c o s t s t o p r o v i d e f u n d i n g f o r t h e s e o b l i g t i o n s . SU C C E S S O R A G E N C Y T O T H E S A N J U A N C A P I S T R A N O C O M M U N I T Y R E D E V E L O P M E N T A G E N C Y EX H I B I T D - L O W A N D M O D E R A T E I N C O M E H O U S I N G F U N D A S S E T S H E L D B Y T H E S U C C E S S O R A G E N C Y : P R O J E C T I O N O F S P E N D I N G R E Q U I R E M E N T S AN D R E V E N U E S O V E R T H E T E R M O F T H E O B L I G A T I O N S Th e p r o j e c t e d s p e n d i n g r e q u i r e m e n t i s ca l c u l a t e d b a s e d o n t h e t o t a l r e n t d u e as n o t e d w i t h i n t h e e x e c u t e d r e n t a l su b s i d y a g r e e m e n t m u l t i p l i e d b y t h e du r a t i o n o f t h e a g r e e m e n t s . Th e p r o j e c t e d s p e n d i n g r e q u i r e m e n t i s ca l c u l a t e d b a s e d o n t h e t e r m s n o t e d wi t h i n t h e e x e c u t e d p r o f e s s i o n a l se r v i c e s a g r e e m e n t s f o r t h e d u r a t i o n of t h e a g r e e m e n t s . Ma n a g e m e n t d o e s n o t b e l i e v e t h a t t h e r e w i l l be s u f f i c i e n t R P P T F p r o v i d e d t o t h e Su c c e s s o r A g e n c y t o s a t i s f y t h e s e en f o r c e a b l e o b l i g a t i o n s f o r t h e p e r i o d o f J u l y 1, 2 0 1 3 t h r o u g h J u n e 3 0 , 2 0 1 4 . Th e p r o j e c t e d r e v e n u e s a r e c a l c u l a t e d b a s e d on t h e t e n a n t ' s m o n t h l y s h a r e o f t h e r e q u i r e d re n t a s n o t e d w i t h i n t h e t e r m s o f t h e ex e c u t e d r e n t a l s u b s i d y a g r e e m e n t mu l t i p l i e d b y t h e d u r a t i o n o f t h e a g r e e m e n t s . 17 EXHIBIT A This page intentionally left blank 18 EXHIBIT A It e m # Pr o j e c t N a m e / D e b t O b l i g a t i o n Pa y e e De s c r i p t i o n Da t e N o t e s Ju l y - 1 2 A u g u s t - 1 2 S e p t e m b e r - 1 2 O c t o b e r - 1 2 N o v e m b e r - 1 2 De c e m b e r - 1 2 To t a l 1 1 9 9 7 S u b o r d i n a t e d T a x a b l e T a x Al l o c a t i o n B o n d s Ba n k o f N e w Y o r k A f f o r d a b l e H o u s i n g Pr o j e c t s 19 9 7 8 3 0 , 0 0 0 $ 18 0 , 4 1 3 $ C - $ 1 4 7 , 1 6 3 $ - $ - $ - $ - $ 1 4 7 , 1 6 3 $ 14 7 , 1 6 3 $ 2 1 9 9 8 T a x A l l o c a t i o n R e f u n d i n g Bo n d s U. S . B a n k , N . A . A d v a n c e R e f u n d i n g o f t h e 19 9 1 T a x A l l o c a t i o n Bo n d s 19 9 8 2, 2 8 0 , 0 0 0 51 4 , 5 1 2 C - 4 6 9 , 5 5 4 - - - - 4 6 9 , 5 5 4 93 , 9 1 1 4 2 0 0 8 T a x A l l o c a t i o n B o n d s , Se r i e s B ( T a x a b l e ) U. S . B a n k , N . A . F i n a n c e A g e n c y Af f o r d a b l e H o u s i n g Pr o j ec t s 20 0 8 9, 8 2 5 , 0 0 0 66 1 , 0 8 5 C - 3 5 8 , 6 4 8 - - - - 3 5 8 , 6 4 8 35 8 , 6 4 7 7 P e r s o n a l S e r v i c e s A g r e e m e n t da t e d J u n e 7 , 2 0 1 1 MD M A s s o c i a t e s R e n t a l S u b s i d y P r o g r a m Ma n a g e m e n t 06 - 0 7 - 1 1 3 - 4 3 , 1 5 5 A 3 , 5 9 6 3 , 5 9 6 3, 5 9 6 3, 5 9 6 3, 5 9 6 3, 5 9 6 2 1 , 5 7 8 21 , 5 7 8 8 P e r s o n a l S e r v i c e s A g r e e m e n t da t e d J u n e 7 , 2 0 1 1 MD M A s s o c i a t e s L i t t l e H o l l y w o o d P r o g r a m Ma n a g e m e n t 06 - 0 7 - 1 1 3 - 1 2 5 , 9 4 0 A 1 0 , 4 9 5 1 0 , 4 9 5 10 , 4 9 5 10 , 4 9 5 10 , 4 9 5 10 , 4 9 5 62 , 9 7 0 62 , 9 7 0 9 R e n t a l S u b s i d y A g m t D e c . 2 0 0 8 - De c . 2 0 1 3 Gu l a b B h a t i a Re n t a l S u b s i d y P r o g r a m D e c , 2 0 0 8 4 3 1 , 5 0 0 21 , 0 0 0 A 1 , 7 5 0 1 , 7 5 0 1, 7 5 0 1, 7 5 0 1, 7 5 0 1, 7 5 0 1 0 , 5 0 0 10 , 5 0 0 10 R e n t a l S u b s i d y A g m t S e p t . 2 0 1 1 - Ju n e 2 0 1 6 Vi n c e H u g h e s R e n t a l S u b s i d y P r o g r a m S e p t . 2 0 1 1 4 4 0 , 8 0 0 20 , 4 0 0 A 1 , 7 0 0 1 , 7 0 0 1, 7 0 0 1, 7 0 0 1, 7 0 0 1, 7 0 0 1 0 , 2 0 0 11 , 4 0 0 Ba s e d o n o u r r e v i e w o f t h e c o r r e s p o n d i n g Re n t a l S u b s i d y A g r e e m e n t , w e n o t e d t h a t th e t e r m s o f t h e A g r e e m e n t w e r e in c o r r e c t , a s l i s t e d o n R O P S 2 . T h i s re s u l t e d i n t h e S u c c e s s o r A g e n c y in c r e a s i n g t h i s o b l i g a t i o n b y $ 1 , 2 0 0 . 11 R e n t a l S u b s i d y A g m t - M a y 2 0 1 1 - M a y 2 0 1 6 H. K a s h a n i Re n t a l S u b s i d y P r o g r a m M a y 2 0 1 1 4 9 5 , 0 0 0 22 , 8 0 0 A 1 , 9 0 0 1 , 9 0 0 1, 9 0 0 1, 9 0 0 1, 9 0 0 1, 9 0 0 1 1 , 4 0 0 9, 6 0 0 Ba s e d o n o u r r e v i e w o f t h e c o r r e s p o n d i n g Re n t a l S u b s i d y A g r e e m e n t , w e n o t e d t h a t th e t e r m s o f t h e A g r e e m e n t w e r e in c o r r e c t , a s l i s t e d o n R O P S 2 . T h i s re s u l t e d i n t h e S u c c e s s o r A g e n c y de c r e a s i n g t h i s o b l i g a t i o n b y $ 1 , 8 0 0 . 12 R e n t a l S u b s i d y A g m t - J u n e 2 0 0 9 - Ju n e 2 0 1 4 To m M c C o r k e l l R e n t a l S u b s i d y P r o g r a m J u n e 2 0 0 9 4 3 6 , 0 0 0 18 , 0 0 0 A 1 , 5 0 0 1 , 5 0 0 1, 5 0 0 1, 5 0 0 1, 5 0 0 1, 5 0 0 9, 0 0 0 9, 0 0 0 Th e D e p a r t m e n t o f F i n a n c e a p p r o v e d RO P S 2 w h i c h i n d i c a t e d t h e n e e d t o u s e lo w a n d m o d e r a t e i n c o m e h o u s i n g f u n d mo n i e s f o r t h e p r o f e s s i o n a l s e r v i c e s a n d re n t a l s u b s i d y a g r e e m e n t s f o r t h e p e r i o d of J u l y 1 , 2 0 1 2 - D e c e m b e r 3 1 , 2 0 1 2 . 13 R e n t a l S u b s i d y A g m t - J u l y 2 0 0 8 - Ju l y . 2 0 1 3 Lo m a W e b b e r R e n t a l S u b s i d y P r o g r a m J u l y 2 0 0 8 4 2 1 , 6 0 0 21 , 6 0 0 A 1 , 8 0 0 1 , 8 0 0 1, 8 0 0 1, 8 0 0 1, 8 0 0 1, 8 0 0 1 0 , 8 0 0 3, 6 0 0 Ba s e d o n o u r r e v i e w o f t h e c o r r e s p o n d i n g Re n t a l S u b s i d y A g r e e m e n t , w e n o t e d t h a t th e t e r m s o f t h e A g r e e m e n t w e r e in c o r r e c t , a s l i s t e d o n R O P S 2 . T h i s re s u l t e d i n t h e S u c c e s s o r A g e n c y de c r e a s i n g t h i s o b l i g a t i o n b y $ 7 , 2 0 0 . 15 R e n t a l S u b s i d y A g m t - D e c . 2 0 1 0 - De c . 2 0 1 5 An g e l A l a n i z R e n t a l S u b s i d y P r o g r a m D e c . 2 0 1 0 4 8 4 , 4 2 0 24 , 1 2 0 A 2 , 0 1 0 2 , 0 1 0 2, 0 1 0 2, 0 1 0 2, 0 1 0 2, 0 1 0 1 2 , 0 6 0 12 , 0 6 0 16 R e n t a l S u b s i d y A g m t - O c t . 2 0 0 8 - Oc t . 2 0 1 3 Mr . M e a d o r s R e n t a l S u b s i d y P r o g r a m O c t . 2 0 0 8 4 2 8 , 0 0 0 21 , 0 0 0 A 1 , 7 5 0 1 , 7 5 0 1, 7 5 0 1, 7 5 0 1, 7 5 0 1, 7 5 0 1 0 , 5 0 0 10 , 5 0 0 - - - - - - - - - 75 0 , 9 2 9 $ So u r c e : (A ) (C ) T a x I n c r e m e n t Lo w a n d M o d e r a t e I n c o m e H o u s i n g F u n d Th e D e p a r t m e n t o f F i n a n c e a p p r o v e d RO P S 2 w h i c h i n d i c a t e d t h e n e e d t o u s e lo w a n d m o d e r a t e i n c o m e h o u s i n g f u n d mo n i e s f o r t h e p r o f e s s i o n a l s e r v i c e s a n d re n t a l s u b s i d y a g r e e m e n t s f o r t h e p e r i o d of J u l y 1 , 2 0 1 2 - D e c e m b e r 3 1 , 2 0 1 2 . SU C C E S S O R A G E N C Y T O T H E S A N J U A N C A P I S T R A N O C O M M U N I T Y R E D E V E L O P M E N T A G E N C Y EX H I B I T E . 1 - L O W A N D M O D E R A T E I N C O M E H O U S I N G F U N D A S S E T S T R A N S F E R R E D T O T H E S U C C E S S O R A G E N C Y T H A T A R E N E E D E D T O S A T I S F Y O B L I G A T I O N S O N T H E R E C O G N I Z E D O B L I G A T I O N P A Y M E N T S C H E D U L E FO R T H E P E R I O D J U L Y 1 , 2 0 1 2 T H R O U G H J U N E 3 0 , 2 0 1 3 Pa y m e n t s b y M o n t h T o t a l Ou t s t a n d i n g De b t o r Ob l i g a t i o n To t a l D u e Du r i n g F i s c a l Ye a r S o u r c e Th e D e p a r t m e n t o f F i n a n c e a p p r o v e d RO P S 2 w h i c h i n d i c a t e d t h e n e e d t o u s e lo w a n d m o d e r a t e i n c o m e h o u s i n g f u n d mo n i e s f o r t h e p r o f e s s i o n a l s e r v i c e s a n d re n t a l s u b s i d y a g r e e m e n t s f o r t h e p e r i o d of J u l y 1 , 2 0 1 2 - D e c e m b e r 3 1 , 2 0 1 2 . Th e S u c c e s s o r A g e n c y d i d n o t r e c e i v e a n y RP T T F f o r R O P S 2 ( J u l y 1 , 2 0 1 2 - De c e m b e r 3 1 , 2 0 1 2 ) , t h u s r e q u i r i n g c a s h re s e r v e s f o r t h e b o n d p a y m e n t s i n A u g u s t 20 1 2 . H o u s i n g b o n d s a r e p a i d f r o m l o w an d m o d e r a t e i n c o m e h o u s i n g f u n d s a n d th e r e f o r e w o u l d b e p a i d f o r f r o m s u c h ca s h r e s e r v e s . RE C O G N I Z E D O B L I G A T I O N P A Y M E N T S C H E D U L E Ju l y 1 , 2 0 1 2 t h r o u g h D e c e m b e r 3 1 , 2 0 1 2 Ex i s t i n g c a s h ne e d e d t o s a t i s f y th e o b l i g a t i o n Su c c e s s o r A g e n c y r a t i o n a l e f o r r e t a i n i n g ca s h b a l a n c e s t o s a t i s f y t h e o b l i g a t i o n To t a l e x i s t i n g c a s h n e e d e d t o s a t i s f y o b l i g a t i o n s f r o m R O P S 2 19 EXHIBIT A It e m # P r o j e c t N a m e / D e b t O b l i g a t i o n De s c r i p t i o n / Pr o j e c t S c o p e Pr o j e c t A r e a 1 19 9 7 S u b o r d i n a t e d T a x a b l e T a x Al l o c a t i o n B o n d s 1 9 9 7 I n d e f i n i t e B a n k o f N e w Y o r k Af f o r d a b l e H o u s i n g Pr o j e c t s C e n t r a l 8 3 0 , 0 0 0 $ 1 8 0 , 4 1 3 $ - $ - $ - $ 2 7 , 7 0 6 $ - $ 2 7 , 7 0 6 $ 27 , 7 0 6 $ 2 19 9 8 T a x A l l o c a t i o n R e f u n d i n g Bo n d s 19 9 8 I n d e f i n i t e U S B a n k , N . A . Ad v a n c e R e f u n d i n g o f t h e 19 9 1 T a x A l l o c a t i o n B o n d s C e n t r a l 2, 2 8 0 , 0 0 0 5 1 4 , 5 1 2 - - - 4 4 , 9 5 8 - 4 4 , 9 5 8 8 , 9 9 2 4 20 0 8 T a x A l l o c a t i o n B o n d s , Se r i e s B ( T a x a b l e ) 20 0 8 I n d e f i n i t e U S B a n k , N . A . Fi n a n c e A g e n c y A f f o r d a b l e Ho u s i n g P r o j e c t s C e n t r a l 9, 8 2 5 , 0 0 0 6 6 1 , 0 8 5 - - - 3 0 2 , 4 3 8 - 3 0 2 , 4 3 8 3 0 2 , 4 3 8 5 Ta x A l l o c a t i o n B o n d R e s e r v e S e t - As i d e ( S e e N o t e s ) Va r i o u s - S e e It e m s 1 - 4 Va r i o u s - S e e It e m s 1 - 4 N o t A p p l i c a b l e Re s e r v e s e t - a s i d e f o r Au g u s t 1 , 2 0 1 3 d e b t s e r v i c e pa y m e n t - H & S C o d e Se c t i o n 3 4 1 7 1 ( b ) C e n t r a l - - - - - - 7 9 7 , 8 6 4 - 7 9 7 , 8 6 4 1 9 1 , 1 3 7 33 P e r s o n a l S e r v i c e s A g r e e m e n t 6 / 7 / 2 0 1 1 6 / 3 0 / 2 0 1 4 M D M A s s o c i a t e s Re n t a l S u b s i d y P r o g r a m Ma n a g e m e n t Ce n t r a l 86 , 3 1 0 43 , 1 5 5 21 , 5 7 8 - - - - - 2 1 , 5 7 8 2 1 , 5 7 8 34 P e r s o n a l S e r v i c e s A g r e e m e n t 6 / 7 / 2 0 1 1 6 / 3 0 / 2 0 1 4 M D M A s s o c i a t e s Li t t l e H o l l y w o o d P r o g r a m Ma n a g e m e n t C e n t r a l 25 1 , 8 8 0 12 5 , 9 4 0 62 , 9 7 0 - - - - - 6 2 , 9 7 0 6 2 , 9 7 0 35 R e n t a l S u b s i d y A g m t De c e m b e r - 0 8 D e c e m b e r - 1 3 G u l a b B h a t i a R e n t a l S u b s i d y P r o g r a m C e n t r a l 31 , 5 0 0 21 , 0 0 0 10 , 5 0 0 - - - - - 1 0 , 5 0 0 1 0 , 5 0 0 36 R e n t a l S u b s i d y A g m t Se p t e m b e r - 1 1 J u n e - 1 6 V i n c e H u g h e s R e n t a l S u b s i d y P r o g r a m C e n t r a l 68 , 4 0 0 22 , 8 0 0 11 , 4 0 0 - - - - - 1 1 , 4 0 0 1 1 , 4 0 0 37 R e n t a l S u b s i d y A g m t Ma y - 1 1 M a y - 1 6 H . K a s h a n i Re n t a l S u b s i d y P r o g r a m C e n t r a l 75 , 2 0 0 19 , 2 0 0 9, 6 0 0 - - - - - 9, 6 0 0 9 , 6 0 0 39 R e n t a l S u b s i d y A g m t Ju n - 0 9 J u n e - 1 4 T o m M c C o r k e l l R e n t a l S u b s i d y P r o g r a m C e n t r a l 36 , 0 0 0 18 , 0 0 0 9, 0 0 0 - - - - - 9, 0 0 0 9 , 0 0 0 42 R e n t a l S u b s i d y A g m t De c e m b e r - 1 0 D e c e m b e r - 1 5 A n g e l A l a n i z R e n t a l S u b s i d y P r o g r a m C e n t r a l 84 , 4 2 0 24 , 1 2 0 12 , 0 6 0 - - - - - 1 2 , 0 6 0 1 2 , 0 6 0 43 R e n t a l S u b s i d y A g m t Ju n e - 1 1 M a r c h - 1 6 M r . M e a d o r s Re n t a l S u b s i d y P r o g r a m C e n t r a l 78 , 7 5 0 21 , 0 0 0 10 , 5 0 0 - - - - 1 0 , 5 0 0 1 0 , 5 0 0 To t a l e x i s t i n g c a s h n e e d e d t o s a t i s f y o b l i g a t i o n s f r o m R O P S 3 67 7 , 8 8 1 $ To t a l O u t s t a n d i n g De b t o r Ob l i g a t i o n To t a l D u e Du r i n g Fi s c a l Y e a r 20 1 2 - 1 3 Fu n d i n g S o u r c e RE C O G N I Z E D O B L I G A T I O N P A Y M E N T S C H E D U L E Ja n u a r y 1 , 2 0 1 3 t h r o u g h J u n e 3 0 , 2 0 1 3 Th e p r o j e c t e d R P T T F a v a i l a b l e fo r R O P S 3 ( J a n u a r y 1 , 2 0 1 3 th r o u g h J u n e 3 0 , 2 0 1 3 ) i s $2 , 7 2 6 , 9 9 4 . A f t e r f u n d i n g b o n d de b t s e r v i c e ( i n c l u d i n g h o u s i n g bo n d s ) a n d o t h e r n o n - h o u s i n g en f o r c e a b l e o b l i g a t i o n s , t h e r e i s no R P T T F r e m a i n i n g t o f u n d th e o b l i g a t i o n s f o r m e r l y f u n d e d fr o m t h e L o w a n d M o d e r a t e In c o m e F u n d ( L M I H F ) f o r t h e pe r i o d f r o m J a n u a r y 1 , 2 0 1 3 th r o u g h J u n e 3 0 , 2 0 1 3 . Th e r e f o r e , r e s e r v e s f r o m t h e LM I H F a r e n e c e s s a r y t o m e e t th e s e e n f o r c e a b l e o b l i g a t i o n s . EX H I B I T E .2 - LO W AN D MO D E R A T E IN C O M E HO U S I N G FU N D AS S E T S TR A N S F E R R E D TO TH E SU C C E S S O R AG E N C Y TH A T AR E NE E D E D TO SA T I S F Y OB L I G A T I O N S ON TH E RE C O G N I Z E D OB L I G A T I O N PA Y M E N T SC H E D U L E FO R T H E P E R I O D J U L Y 1 , 2 0 1 2 T H R O U G H J U N E 3 0 , 2 0 1 3 SU C C E S S O R A G E N C Y T O T H E S A N J U A N C A P I S T R A N O C O M M U N I T Y R E D E V L O P M E N T A G E N C Y Co n t r a c t / Ag r e e m e n t Ex e c u t i o n D a t e Co n t r a c t / Ag r e e m e n t Te r m i n a t i o n D a t e P a y e e Si x - M o n t h To t a l LM I H F Bo n d Pr o c e e d s Re s e r v e Ba l a n c e Ad m i n Al l o w a n c e R P T T F O t h e r Ex i s t i n g C a s h ne e d e d t o sa t i s f y t h e ob l i g a t i o n Pr i o r t o t h e J a n u a r y 3 1 , 2 0 1 2 , 20 % o f a l l t a x i n c r e m e n t re c e i v e d ( $ 8 7 6 , 9 9 4 ) w a s s e t - as i d e i n t h e L o w a n d M o d e r a t e In c o m e H o u s i n g F u n d a s re q u i r e d . O f t h a t a m o u n t , $3 4 6 , 7 2 1 w a s u s e d t o p a y ho u s i n g b o n d d e b t s e r v i c e o n Fe b r u a r y 1 , 2 0 1 2 , u n d e r R O P S 1 ( J a n u a r y 1 , 2 0 1 2 t h r o u g h J u n e 30 , 2 0 1 2 . T h e r e m a i n i n g c a s h re s e r v e s o f $ 5 3 0 , 2 7 3 i s n o w re q u i r e d b y t h e D e p a r t m e n t o f Fi n a n c e t o s a t i s f y o b l i g a t i o n s o n th e R O P S . 3 ( J a n u a r y 1 , 2 0 1 3 th r o u g h J u n e 3 0 , 2 0 1 3 ) . Su c c e s s o r A g e n c y r a t i o n a l e f o r re t a i n i n g c a s h b a l a n c e s t o sa t i s f y t h e o b l i g a t i o n 20 EXHIBIT A To t a l a m o u n t o f a s s e t s h e l d b y t h e S u c c e s s o r A g e n c y a s o f J u n e 3 0 , 2 0 1 2 ( p r o c e d u r e 4 ) 13 , 1 4 3 , 4 3 1 $ Ad d t h e a m o u n t o f a n y a s s e t s t r a n s f e r r e d t o t h e c i t y o r o t h e r p a r t i e s f o r w h i c h a n e n f o r c e a b l e o b l i g a t i o n w i t h a t h i r d p a r t y r e q u i r i n g s u c h t r a n s f e r a n d o b l i g a t i n g t h e u s e o f t h e t r a n s f e r r e d a s s e t s d i d n o t e x i s t ( p r o c e d u r e s 2 a n d 3 ) - Le s s a s s e t s l e g a l l y r e s t r i c t e d f o r u s e s s p e c i f i e d b y d e b t c o v e n a n t s , g r a n t r e s t r i c t i o n s , o r r e s t r i c t i o n s i m p o s e d b y o t h e r g o v e r n m e n t s ( p r o c e d u r e 5 ) (7 , 0 5 0 , 4 2 5 ) Le s s a s s e t s t h a t a r e n o t c a s h o r c a s h e q u i v a l e n t s ( e . g . , p h y s i c a l a s s e t s ) - ( p r o c e d u r e 6 ) - Le s s b a l a n c e s t h a t a r e l e g a l l y r e s t r i c t e d f o r t h e f u n d i n g o f a n e n f o r c e a b l e o b l i g a t i o n ( n e t o f p r o j e c t e d a n n u a l r e v e n u e s a v a i l a b l e t o f u n d t h o s e o b l i g a t i o n s ) - ( p r o c e d u r e 7 ) (3 4 2 , 1 2 9 ) Le s s b a l a n c e s n e e d e d t o s a t i s f y R O P S f o r t h e 2 0 1 2 - 1 3 f i s c a l y e a r ( p r o c e d u r e 8 ) (1 , 4 2 8 , 8 1 0 ) Le s s t h e a m o u n t o f p a y m e n t s m a d e o n J u l y 1 2 , 2 0 1 2 t o t h e C o u n t y A u d i t o r - C o n t r o l l e r a s di r e c t e d b y t h e C a l i f o r n i a D e p a r t m e n t o f F i n a n c e - A m o u n t t o b e r e m i t t e d t o c o u n t y f o r d i s b u r s e m e n t t o t a x i n g e n t i t i e s 4, 3 2 2 , 0 6 7 $ EX H I B I T F - L O W A N D M O D E R A T E I N C O M E H O U S I N G F U N D A S S E T S T R A N S F E R R E D T O T H E S U C C E S S O R A G E N C Y T H A T A R E A V A I L A B L E T O D I S T R I B U T E T O AF F E C T E D T A X I N G E N T I T I E S SU C C E S S O R A G E N C Y T O T H E S A N J U A N C A P I S T R A N O C O M M U N I T Y R E D E V E L O P M E N T A G E N C Y SU M M A R Y O F B A L A N C E S A V A I L A B L E F O R A L L O C A T I O N T O A F F E C T E D T A X I N G E N T I T I E S 21 EXHIBIT A This page intentionally left blank 22 EXHIBIT A Successor Agency Contact Information Name of Successor Agency: Successor Agency to the San Juan Capistrano Community Redevelopment Agency County:Orange Primary Contact Name:Cindy Russell Primary Contact Title:Finance Officer Address 32400 Paseo Adelanto, San Juan Capistrano, CA 92675 Contact Phone Number:949-443-6301 Contact E-Mail Address:crussell@sanjuancapistrano.org Secondary Contact Name:Michelle Bannigan Secondary Contact Title:Assistant Finance Director Secondary Contact Phone Number:949-443-6307 Secondary Contact E-Mail Address:mbannigan@sanjuancapistrano.org EXHIBIT B - Page 1 of 6 SUMMARY OF RECOGNIZED OBLIGATION PAYMENT SCHEDULE Filed for the January 1, 2013 to June 30, 2013 Period Name of Successor Agency:Successor Agency to the San Juan Capistrano Community Redevelopment Agency Total Outstanding Debt or Obligation Outstanding Debt or Obligation 63,264,915$ Current Period Outstanding Debt or Obligation Six-Month Total A 1,787,380$ B 2,476,994 C 250,000 D 2,726,994 Total Current Period Outstanding Debt or Obligation (A + B + C = E) Should be same amount as ROPS form six-month total 4,514,374$ E 2,726,994 F -$ Prior Period (January 1, 2012 through June 30, 2012) Estimated vs. Actual Payments (as required in HSC section 34186 (a)) (See Notes Tab) G 4,384,423 H 3,467,230 I Enter Actual Administrative Expenses Paid with RPTTF 250,000 J Adjustment to Redevelopment Obligation Retirement Fund (G - (H + I) = J)667,193 K Adjusted RPTTF (The total RPTTF requested shall be adjusted if actual obligations paid with RPTTF are less than the estimated obligation amount.)2,059,801$ Certification of Oversight Board Chairman:Laura S. Freese CHAIR Pursuant to Section 34177(m) of the Health and Safety code,Name Title I hereby certify that the above is a true and accurate Recognized Obligation Payment Schedule for the above named agency.See Attached Resolution # OB 12-08-29-01 August 29, 2012 Signature Date Available Revenues Other Than Anticipated RPTTF Funding Enforceable Obligations Funded with RPTTF Administrative Allowance Funded with RPTTF Enter Estimated Obligations Funded by RPTTF (Should be the lesser of Finance's approved RPTTF amount including admin allowance or the actual amount distributed) Enter Actual Obligations Paid with RPTTF Enter Total Six-Month Anticipated RPTTF Funding (Obtain from county auditor-controller) Variance (D - E = F) Maximum RPTTF Allowable should not exceed Total Anticipated RPTTF Funding Total RPTTF Funded (B + C = D) E X H I B I T B - P a g e 2 o f 6 Name of Successor Agency:Successor Agency to the San Juan Capistrano Community Redevelopment Agency County:Orange Oversight Board Approval Date: Item #Project Name / Debt Obligation Contract/Agreement Execution Date Contract/Agreement Termination Date Payee Description/Project Scope LMIHF Bond Proceeds Reserve Balance Admin Allowance RPTTF Other Six-Month Total 63,264,915$ 4,654,110$ 176,468$ 287,912$ 1,248,000$ 250,000$ 2,476,994$ 75,000$ 4,514,374$ 1 1997 Subordinated Taxable Tax Allocation Bonds May 6, 1997 August 1, 2017 Bank of New York Affordable Housing Projects Central 1,034,541 174,868 27,706 27,706 2 1998 Tax Allocation Refunding Bonds June 24, 1998 August 1, 2016 U.S. Bank, N.A.Advance Refunding of the 1991 Tax Allocation Bonds Central 2,565,509 514,512 44,958 44,958 3 2008 Tax Allocation Bonds, Series A June 3, 2008 August 1, 2033 U.S. Bank, N.A. Finance Agency Projects in the Central Project Area consistent with the Redevelopment Plan Central 13,995,897 641,494 183,384 183,384 4 2008 Tax Allocation Bonds, Series B (Taxable)June 3, 2008 August 1, 2033 U.S. Bank, N.A.Finance Agency Affordable Housing Projects Central 18,925,788 661,085 302,438 302,438 5 Tax Allocation Bond Reserve Set-Aside (See Notes)Various - See Items 1-4 Various - See Items 1-4 Not Applicable Reserve set-aside for August 1, 2013 debt service payment - H&S Code Section 34171(b)797,864 797,864 6 OPA-Fluidmaster June 17, 1997 Upon completion of all obligations.Fluidmaster, Inc.Elimination of Blight/Economic Development Central 314,760 40,000 - - 7 OPA-Capistrano Volkswagen April 17, 2001 Upon completion of all obligations, however no longer than 22 years.Miles Brandon Elimination of Blight/Business Retention Central 321,783 35,000 - - 8 OPA-Sierra Vista April 1, 2003 Upon completion of all obligations.Sierra Vista Partners Elimination of Blight/Economic Development Central 79,421 6,844 - - 9 Agreement-TCAG Ford October 19, 2010 Upon completion of all obligations, expected 27 years from the date of opening. Tuttle Click Automotive Group (TCAG, Inc.)Elimination of Blight/Business Retention Central 1,917,539 160,000 10,000 10,000 10 Agreement-OC Chrysler January 7, 2011 Upon completion of all obligations, expected 20 years from the date of opening.Chrysler Group Realty Co., LLC Elimination of Blight/Economic Development Central 1,664,493 120,000 60,000 60,000 11 Lower Rosan Ranch - Loan Payable (See Notes) Agmt Approved 05-27-11; executed July 6, 2011.July 6, 2016 Farmer's & Merchants Bank Property Acquisition/Economic Development Central 1,391,435 397,553 198,777 198,777 12 Kinoshita Acquisition - Note Extension (interest payments through March 1, 2021)February 28, 2011 March 1, 2021 Kinoshita Enterprises, L.P.Property Acquisition/parks & Ag. Preservation Central 5,855,093 215,405 107,703 107,703 13 Kinoshita Acquisition - Note Extension (interest payments through March 1, 2021)February 28, 2011 March 1, 2021 Bobby Kinoshita Investment Enterprises, L.P.Property Acquisition/parks & Ag. Preservation Central 6,099,969 224,414 112,207 112,207 14 Kinoshita Note Principal Payment Set-aside February 28, 2011 March 1, 2021 See Items 12-13 above Reserve set-aside for March 1, 2021 principal payment on both notes - $7,996,697.Central 631,957 631,957 15 Cooperation Agreement - Capistrano Pointe (See Notes)March 5, 1985 Upon payoff City of San Juan Capistrano Developer Assistance/Affordable Housing Central 1,500,747 500,000 - 16 Tax Anticipation Agreement (See Notes) January 20, 1988; amended January 1, 1990 Upon payoff City of San Juan Capistrano Elimination of Blight/Economic Development Central 3,210,329 250,000 - 17 Trulis Acquisition - Loan Agreement October 1, 1998 Upon payoff City of San Juan Capistrano Property Acquisition/Elimination of Blight Central 401,468 - 18 Administration Loan Agreement June 1, 2004 Upon payoff City of San Juan Capistrano Administration/Project Costs Central 1,628,411 - 19 OPA - Paseo De Verdugo (See notes) February 20, 2009; amended March 15, 2011 Upon completion of all obligations.26755 Verdugo, LLC Elimination of Blight/Economic Development Central 1,248,000 1,248,000 - 1,248,000 20 The Groves Affordable Housing August 3, 2010 Upon completion of work under contract.RRM Design Group Land Planning and Environmental Svcs.Central 157,041 157,041 157,041 21 Downtown Master Plan February 11, 2010 June 30, 2011 Perkowitz & Ruth, DBA Studio One Land Planning and Environmental Svcs.Central 3,936 3,936 3,936 22 Del Obispo/Camino Capistrano Imp.June 14, 2011 May 1, 21012 RBF Consulting Engineering Services - Camino Capistrano Central 2,258 2,258 2,258 23 Del Obispo/Camino Capistrano Imp.June 16, 2011 May 1, 2012 RBF Consulting Engineering Services - Forster Street Central 1,900 1,900 1,900 24 J. Serra/Rancho Viejo Rd. Improvements (CRA Share)November 16, 2010 Peterson-Chase Intersection Improvements Central COMPLETED 25 Ortega Highway Sidewalk Expansion December 7, 2010 Boghassian Engineering Engineering Services Central COMPLETED 26 The Groves Affordable Housing June 6, 2011 Until services are no longer required.Scientific Resource Survey Archaeological Services Central 4,825 4,825 4,825 27 The Groves Affordable Housing June 27, 2011 Until services are no longer required.Leighton & Associates Soils Testing Central 12,952 12,952 12,952 28 Administrative Cost Allowance May 2, 2012 Upon completion of dissolution City of San Juan Capistrano 3% allowance for administrative costs incurred.Central 250,000 250,000 250,000 29 Administrative Costs from other sources Various Various Various Vendors Section 34171(b) - Costs from other sources - Bond Administration, postage, audits, etc. Central 28,000 28,000 30 Downtown Master Plan/The Groves - Specific Project Implementation May 2, 2012 Upon completion of dissolution City of San Juan Capistrano Section 34171(b) - staff time for project management and inspection Central 75,000 75,000 31 Property Maintenance Various Various Various Vendors Section 34171(b) - cost of maintaining assets prior to disposition Central 22,000 22,000 32 Legal Costs associated with assets, obligations and property.August 20, 1991 Ongoing, unless terminated by the parties.Straddling, Yocca, Carlson & Rauth Section 34171(b) - cost of maintaining assets prior to disposition Central 110,000 30,000 25,000 55,000 33 Personal Services Agreement June-11 June-14 MDM Associates Rental Subsidy Program Management Central 86,310 43,155 21,578 21,578 34 Personal Services Agreement June-11 June-14 MDM Associates Little Hollywood Program Management Central 251,880 125,940 62,970 62,970 35 Rental Subsidy Agmt December-08 December-13 Gulab Bhatia Rental Subsidy Program Central 31,500 21,000 10,500 10,500 36 Rental Subsidy Agmt September-11 June-16 Vince Hughes ****Rental Subsidy Program Central 68,400 22,800 11,400 11,400 37 Rental Subsidy Agmt May-11 May-16 H. Kashani Rental Subsidy Program Central 75,200 19,200 9,600 9,600 38 Rental Subsidy Agmt December-06 December-11 Kahedi Rental Subsidy Program Central COMPLETED 39 Rental Subsidy Agmt June-09 June-14 Tom McCorkell Rental Subsidy Program Central 36,000 18,000 9,000 9,000 40 Rental Subsidy Agmt July-08 July-13 Loma Webber Rental Subsidy Program Central 23,400 21,600 10,800 10,800 41 Rental Subsidy Agmt May-11 May-16 Stacey Kennedy Rental Subsidy Program Central 94,000 24,000 12,000 12,000 42 Rental Subsidy Agmt December-10 December-15 Angel Alaniz Rental Subsidy Program Central 84,420 24,120 12,060 12,060 43 Rental Subsidy Agmt June-11 March-16 Mr. Meadors***Rental Subsidy Program Central 78,750 21,000 10,500 10,500 44 Rental Subsidy Agmt December-10 December-20 Carol Etlin Rental Subsidy Program Central 96,960 12,120 6,060 6,060 45 Little Hollywood Rental Various Various Various Vendors Various maintenance costs to maintain rental housing funded by rents - utilities, plumbing, electrical, landscaping, cleaning, repairs, pest control, possessory interest tax, etc. Central COMPLETED - August 29, 2012 RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS III) January 1, 2013 through June 30, 2013 Grand Total Project Area Total Outstanding Debt or Obligation Funding Source Total Due During Fiscal Year 2012-13 E X H I B I T B - P a g e 3 o f 6 Name of Successor Agency:Successor Agency to the San Juan Capistrano Community Redevelopment Agency County:Orange Item # 1 2 3 4 5 6 Total obligation outstanding at June 30, 2012. Actual payments on this obligation are made in August of each year, applicable to the prior fiscal year. 7 8 9 Total obligation outstanding at June 30, 2012. 10 Total obligation outstanding at June 30, 2012. 11 12 13 14 15 Total obligation outstanding at June 30, 2012. 16 Total obligation outstanding at June 30, 2012. 17 This City/Agency loan was previously disallowed by DOF. It has been included anticipating the Finding of Completion and approval of the loan as provided by AB 1484. 18 This City/Agency loan was previously disallowed by DOF. It has been included anticipating the Finding of Completion and approval of the loan as provided by AB 1484. 19 20 Total obligation outstanding at June 30, 2012. 21 Total obligation outstanding at June 30, 2012. 22 Total obligation outstanding at June 30, 2012. 23 Total obligation outstanding at June 30, 2012. 24 Project Completed - Obligation Paid Off (Peterson Chase) 25 Project Completed - Obligation Paid Off (Boghassian Engineering) 26 Total obligation outstanding at June 30, 2012. 27 Total obligation outstanding at June 30, 2012. 28 29 Administrative Costs (Estimated) - Bond Administration, audit, postage, etc. - H&S Section 34171(b) - Funding Source is interest, rent, and loan repayment. 30 Project Specific Implementation Staff Time (Estimated) - project management costs for the Downtown Master Plan and The Groves- H&S Section 34171(b) - Funding Source is bond proceeds. 31 Property Maintenance (Estimated) - costs to maintain property prior to disposition - H&S Section 34171(b) - Funding Source is interest, rent and loan repayment. 32 Legal Costs associated with property, assets, and obligations (Estimated) - H&S Section 34171(b) - Funding Source is interest, rent, and loan repayment. 33 Total obligation outstanding at June 30, 2012. 34 Total obligation outstanding at June 30, 2012. 35 Total obligation outstanding at June 30, 2012. Total obligation outstanding at June 30, 2012. Actual payments on this obligation are made in August of each year, applicable to the prior fiscal year. Total obligation outstanding at June 30, 2012. Actual payments on this obligation are made in August of each year, applicable to the prior fiscal year. Set-aside reserve for August 1, 2013 debt service payment - H&S Code Section 34171(b). Notes/Comments Total obligation outstanding includes all principal and interest outstanding as of June 30, 2012. On previous ROPS this amount was principal only. Total obligation outstanding includes all principal and interest outstanding as of June 30, 2012. On previous ROPS this amount was principal only. Total obligation outstanding includes all principal and interest outstanding as of June 30, 2012. On previous ROPS this amount was principal only. RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS III) -- Notes (Optional) January 1, 2013 through June 30, 2013 Total obligation outstanding includes all principal and interest outstanding as of June 30, 2012. On previous ROPS this amount was principal only. Total obligation outstanding includes all principal and interest outstanding as of June 30, 2012. On previous ROPS this amount was principal only. Total obligation outstanding includes all principal and interest outstanding as of June 30, 2012. On previous ROPS this amount was principal only. Staff time provided pursuant to the Agreement for Reimbursement of Costs approved by the Oversight Board on May 2, 2012, OB Resolution 12-05-02-01. $250,000 approved on ROPS II, however to RPTTF was available to fund, therefore the amount has been resubmitted on ROPS III Total obligation outstanding includes all principal and interest outstanding as of June 30, 2012. On previous ROPS this amount was principal only. This obligation has an $8 million principal payment due on March 1, 2021. This amount and an amount each year must be set-aside in a reserve in order to make the $8 million dollar payment on March 1, 2021. The source of funding is reserves on deposit at June 30, 2011. These reserves were from prior years' tax increment. The escrow related to the termination agreement dated May 2, 2012 for this OPA has been cancelled, therfore the original agreement terms are still in place. E X H I B I T B - P a g e 4 o f 6 Name of Successor Agency:Successor Agency to the San Juan Capistrano Community Redevelopment Agency County:Orange Item #Notes/Comments RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS III) -- Notes (Optional) January 1, 2013 through June 30, 2013 36 Total obligation outstanding at June 30, 2012. 37 The obligation under this Agreement has been completed. 38 Total obligation outstanding at June 30, 2012. 39 Total obligation outstanding at June 30, 2012. 40 Total obligation outstanding at June 30, 2012. 41 Total obligation outstanding at June 30, 2012. 42 Total obligation outstanding at June 30, 2012. 43 Total obligation outstanding at June 30, 2012. 44 Total obligation outstanding at June 30, 2012. 45 Operations and Maintenance of Rental Housing now a function of the Successor Housing Agency, the San Juan Capistrano Housing Authority. ADDITIONAL INFORMATION: Other Funding Sources - The total is broken down as follows: Interest $8,000 Rents $22,000 Loan Repayment $45,000 Total Other Funding Source $75,000 RPTTF - The estimated amount is the total amount of obligations ($5,000,883) approved by DOF on the ROPS #1 (Jan-June 2012) for payment from RPTTF, and pass-through amounts ($1,596,376) included on the ROPS#1, in order to tie out to the ROPS #1 allowed amounts. The pass through amounts were paid by the County of Orange offset against the June 1, 2012 payment after both ROPS #1 and #2 were approved. PRIOR PERIOD PAYMENTS SUMMARY PAGE Administrative Costs funded from other sources - Costs from lines #6-16, and #30, of the ROPS I in excess of the $250,000 administrative allowance were disallowed to be paid from RPTTF. The costs from other sources were allowed. Accordingly, the estimated columns do not include the disallowed amounts from RPTTF. The estimate columns only included the $250,000 administrative allowance and the $22,000 other sources amount. The actual costs which represent the amounts outstanding at June 30, 2011 from the former Redevelopment Agency, as well as amounts from July 1, 2011 through January 13, 2012 were able to be funded from LMIHF (affordable housing staff time), bond proceeds (specific project staff time), reserves and other sources (other staff time) . The County's estimate of RPTTF available is an estimate only and additionally is based on the County Auditor-Controller making pass-through payments equivalent to 1/2 of the annual determined/estimated pass-through amount for each agency. Any change to these estimates and assumptions resulting in a change to this figure could require a revision to this Recognized Obligation Payment Schedule (ROPS III) in order to correctly set-aside reserve amounts for payments due from July 1, 2012 through December 31, 2012. Therefore, the Successor Agency reserves the right to amend this ROPS III based on the actual RPTTF calculated by the County for distriburtion in January 2013. E X H I B I T B - P a g e 5 o f 6 Name of Successor Agency:Successor Agency to the San Juan Capistrano Community Redevelopment Agency County:Orange Line Project Name / Debt Obligation Payee Description/Project Scope Estimate Actual Estimate Actual Estimate Actual Estimate Actual Estimate Actual Estimate Actual 226,067$ 236,588$ -$ 54,334$ -$ 188,339$ 250,000$ 250,000$ 6,597,259$ 3,467,230$ 22,000$ 98,117$ 1 1 1997 Subordinated Taxable Tax Allocation Bonds Bank of New York Affordable Housing Projects Central 32,163 32,163 1 2 1998 Tax Allocation Refunding Bonds U.S. Bank, N.A. Advance Refunding of the 1991 Tax Allocation Bonds Central 54,555 54,555 1 3 2008 Tax Allocation Bonds, Series A U.S. Bank, N.A. Finance Agency Projects in the Central Project Area consistent with the Redevelopment Plan Central 188,110 188,110 1 4 2008 Tax Allocation Bonds, Series B (Taxable)U.S. Bank, N.A.Finance Agency Affordable Housing Projects Central 303,647 303,647 1 5 OPA-Fluidmaster Fluidmaster, Inc.Elimination of Blight/Economic Development Central 40,000 1 6 OPA-Capistrano Volkswagen Miles Brandon Elimination of Blight/Business Retention Central 35,000 1 7 OPA-Sierra Vista Sierra Vista Partners Elimination of Blight/Economic Development Central 6,800 1 8 Agreement-TCAG Ford p (TCAG, Inc.)Elimination of Blight/Business Retention Central 75,000 82,461 1 9 Agreement-OC Chrysler y p y , LLC Elimination of Blight/Economic Development Central 37,500 35,507 1 10 Lower Rosan Ranch - Loan Payable Farmer's & Merchants Bank Property Acquisition/Economic Development Central 198,776 198,776 1 11 Kinoshita Acquisition - Note Extension Kinoshita Enterprises, L.P.Property Acquisition/parks & Ag. Preservation Central 107,702 99,478 1 12 Kinoshita Acquisition - Note Extension y Enterprises, L.P.Property Acquisition/parks & Ag. Preservation Central 112,207 103,638 2 1 Cooperation Agreement - Capistrano Pointe City of San Juan CapistranoDeveloper Assistance/Affordable Housing Central 2,000,000 2,000,000 2 2 Tax Anticipation Agreement City of San Juan Capistrano Elimination of Blight/Economic Development Central 250,000 250,000 3 1 OPA - Paseo De Verdugo (See Notes)26755 Verdugo St., LLC Elimination of Blight/Economic Development Central 1,248,000 3 3 The Groves Affordable Housing RRM Design Group Land Planning and Environmental Svcs.Central 158,181 3 4 Downtown Master Plan Perkowitz & Ruth, DBA Stu Land Planning and Environmental Svcs.Central 13,144 5,412 3 5 Del Obispo/Camino Capistrano Imp.RBF Consulting Engineering Services Central 2,258 3 6 Del Obispo/Camino Capistrano Imp.RBF Consulting Engineering Services Central 6,580 3 7 j p (CRA Share)Peterson-Chase General EnIntersection Improvements Central 102,533 102,533 3 8 Ortega Highway Sidewalk Expansion Boghossian Engineering Engineering Services Central 10,950 10,950 3 9 The Groves Affordable Housing Scientific Resource Survey Archaeological Services Central 4,825 3 10 The Groves Affordable Housing Leighton & Associates Soils Testing Central 12,952 4 1 Pass-Through Agreement County of Orange Pass-Thru of Tax Increment Central 233,900 2 Pass-Through Agreement Orange County Fire Authority Pass-Thru of Tax Increment Central 411,150 3 Pass-Through Agreement, dated October 6, 1983 SOCCCD Pass-Thru of Tax Increment Central 86,750 4 Pass-Through Agreement, dated March 5, 1986, restated January 7, 1986 and May 19, 1997 Capistrano Unified School District Pass-Thru of Tax Increment Central 766,476 5 Pass-Through, Statutory (AB1389)Various Agencies Pass-Thru of Tax Increment Central 98,100 4 6-16 Administrative Costs Central - 66,344 54,334 188,339 250,000 250,000 22,000 98,117 4 17 Personal Services Agreement dated June 7, 2011 MDM Associates Rental Subsidy Program Management Central 19,803 21,106 4 18 Personal Services Agreement dated June 7, 2011 MDM Associates Little Hollywood Program Management Central 57,577 53,299 4 19 Rental Subsidy Agmt Dec. 2008-Dec Gulab Bhatia Rental Subsidy Program Central 10,500 8,750 4 20 Rental Subsidy Agmt Sept. 2011-June Vince Hughes ****Rental Subsidy Program Central 11,400 9,500 4 21 Rental Subsidy Agmt - May 2011 - May H. Kashani Rental Subsidy Program Central 9,600 8,000 4 22 Rental Subsidy Agmt - Dec. 2006 - Dec. Zahedi Rental Subsidy Program Central - - 4 23 Rental Subsidy Agmt - June 2009-June Tom McCorkell Rental Subsidy Program Central 9,000 7,500 4 24 Rental Subsidy Agmt - July 2008 - July Loma Webber Rental Subsidy Program Central 10,800 9,000 4 25 Rental Subsidy Agmt - May 2011 - May Stacey Kennedy Rental Subsidy Program Central 12,000 10,000 4 26 Rental Subsidy Agmt - Dec. 2010- Dec. Angel Alaniz Rental Subsidy Program Central 12,060 10,050 4 27 Rental Subsidy Agmt - Oct. 2008 - Oct. Mr. Meadors Rental Subsidy Program Central 10,500 8,750 4 28 Rental Subsidy Agmt - Dec. 2010-Dec. Carol Etlin Rental Subsidy Program Central 6,060 5,050 4 29 Little Hollywood Rental Various Vendors Various maintenance costs to maintain rental housing funded by rents - utilities, plumbing, electrical, landscaping, cleaning, repairs, pest control, possessory interest tax, etc.Central 56,767 19,239 4 30 Misc. Administrative Costs Various Vendors Various admin costs to maintain minimal existing activities, incl. bond administration, postage, etc.Central Page/Form Grand Total LMIHF Bond Proceeds Reserve Balance Admin Allowance RPTTF Other Pursuant to Health and Safety Code section 34186 (a) PRIOR PERIOD ESTIMATED OBLIGATIONS vs. ACTUAL PAYMENTS RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS III) January 1, 2012 through June 30, 2012 Project Area E X H I B I T B - P a g e 6 o f 6