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Resolution Number SJCOB 13-01-09-01 SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY Independent Accountant’s Report on Applying Agreed-Upon Procedures on the Successor Agency to the San Juan Capistrano Community Redevelopment Agency, Except its Low and Moderate Income Housing Funds As Prescribed in Section 34179.5 of the California Health and Safety Code 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 - Successor Agency, Except Its Low and Moderate Income Housing Funds ................................................................. 3 EXHIBITS A. Former Redevelopment Agency, Excluding Its Low and Moderate Income Housing Funds, Asset Transfers to the City of San Juan Capistrano for the Period from January 1, 2011 through January 31, 2012 ....................................................... 11 B. Successor Agency, Excluding Its Low and Moderate Income Housing Funds, Asset Transfers to the City of San Juan Capistrano for the Period from February 1, 2012 through June 30, 2012 .................................................................................... 13 C. Former Redevelopment Agency, Excluding Its Low and Moderate Income Housing Funds, Asset Transfers to Public Agencies for the Period from January 1, 2011 through January 31, 2012 ................................................................................. 15 D. Condensed Summary of Financial Data ......................................................................................... 17 E. Successor Agency Assets, Excluding Low and Moderate Income Housing Funds Assets, Held by the Successor Agency at June 30, 2012 ................................................. 19 F. Successor Agency Restricted Assets, Excluding Low and Moderate Income Housing Funds Restricted Assets, Held by the Successor Agency at June 30, 2012 .............................................................................................................................. 21 G. Successor Agency Assets Other than Cash and Cash Equivalents, Excluding Low and Moderate Income Housing Funds Assets, Held by the Successor Agency at June 30, 2012……………………………… ............................................................. 23 H. Successor Agency Assets, Excluding Low and Moderate Income Housing Funds Assets, Needed to Satisfy Obligations on the Recognized Obligation Payment Schedules (ROPS) for the Period from July 1, 2012 through June 30, 2013 ............... 25 I. Successor Agency Assets, Excluding Low and Moderate Income Housing Funds Assets, Available to Distribute to Affected Taxing Entities ............................................ 27 This page intentionally left blank. 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, except its Low and Moderate Income Housing Funds, from 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 from the former redevelopment agency to the Successor Agency, excluding its Low and Moderate Income Housing Funds, and the balances 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 January 4, 2013 1 This page intentionally left blank. 2 SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY Attachment A - Agreed-Upon Procedures and Findings Successor Agency, Except Its Low and Moderate Income Housing Funds Our procedures and findings are as follows: 1) Procedure: Obtain from the Successor Agency a listing of all assets that were transferred from the former redevelopment agency to the Successor Agency, except its Low and Moderate Income Housing Funds, 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 that the former community redevelopment agency transferred assets in the amount of $26,575,015, excluding its Low and Moderate Income Housing Funds, 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 former redevelopment agency (excluding payments for goods and services), excluding the Low and Moderate Income Housing Funds, 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 (excluding payments for goods and services) from the Successor Agency, excluding transfers from the Low and Moderate Income Housing Funds 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 the 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 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. Please refer to Exhibits A and B for the results of these procedures. 3 SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY Attachment A - Agreed-Upon Procedures and Findings (Continued) Successor Agency, Except Its Low and Moderate Income Housing Funds 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 (excluding payments for goods and services) from the former redevelopment agency, excluding the Low and Moderate Income Housing Funds, 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 (excluding payments for goods and services) from the Successor Agency, excluding transfers from the Low and Moderate Income Housing Funds 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 that the State Controller’s Office has not completed its review of transfers as of the date of this report. Transfers to other public agencies or private parties, as defined in Health and Safety Code 34179.5 (C)(3), is the “…dollar value of any cash and cash equivalents transferred after January 1, 2011 through June 30, 2012…” For procedures 3A and 3C, we reviewed the legal documents that formed the basis for the enforceable obligations that required any transfers and the language in the documents that required the transfers. The Successor Agency noted no transfers were required to be reported for procedure 3B. Please refer to Exhibit C for the results of procedures 3A and 3C. 4) Procedures: A. Obtain from the Successor Agency a summary of the financial transactions of the Redevelopment Agency and the Successor Agency in the format set forth in the attached schedule for the fiscal periods indicated in the schedule. For purposes of this summary, the financial transactions should be presented using the modified accrual basis of accounting. End of year balances for capital assets (in total) and long-term liabilities (in total) should be presented at the bottom of this summary schedule for information purposes. B. Ascertain that for each period presented, the total of revenues, expenditures, and transfers accounts fully for the changes in equity from the previous fiscal period. 4 SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY Attachment A - Agreed-Upon Procedures and Findings (Continued) Successor Agency, Except Its Low and Moderate Income Housing Funds C. Compare amounts in the schedule relevant to the fiscal year ended June 30, 2010, to the State Controller’s Report filed for the Redevelopment Agency for that period. D. Compare amounts in the schedule for the other fiscal periods presented to account balances in the accounting records or other supporting schedules. Describe in the report the type of support provided for each fiscal period. Findings: No exceptions were noted as a result of applying these procedures. Please refer to Exhibit D for a summary of the financial transactions of the Community Redevelopment Agency and the Successor Agency for the periods ending June 30, 2010, June 30, 2011, January 31, 2012, and June 30, 2012. We agreed the financial transactions of the Community Redevelopment Agency for the period ending June 30, 2010, to the corresponding audited financial statements and State Controller’s Report. We agreed the financial transactions of the Community Redevelopment Agency for the period ending June 30, 2011, to the corresponding audited financial statements. We agreed the financial transactions of the Community Redevelopment Agency for the period ending January 31, 2012 and for the Successor Agency for the period ending June 30, 2012, to the respective agency’s financial records. 5) Procedure: Obtain from the Successor Agency a listing of all assets of all funds of the Successor Agency as of June 30, 2012, excluding assets of its Low and Moderate Income Housing Funds. 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. Finding: No exceptions were noted as a result of applying these procedures. Please refer to Exhibit E for a listing of assets held by the Successor Agency, excluding its Low and Moderate Income Housing Funds assets, as of June 30, 2012. 6) Procedures: Obtain from the Successor Agency a listing of asset balances transferred from the former redevelopment agency, excluding its Low and Moderate Income Housing Funds, held on 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. 5 SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY Attachment A - Agreed-Upon Procedures and Findings (Continued) Successor Agency, Except Its Low and Moderate Income Housing Funds 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. 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 the Successor 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. Findings: No exceptions were noted as a result of applying these procedures. Please refer to Exhibit F for the listing of the Successor Agency’s restricted assets, excluding the Low and Moderate Income Housing Funds assets, held by the Successor Agency at June 30, 2012. 7) Procedures: A. Obtain from the Successor Agency a listing of assets transferred from the former redevelopment agency, excluding its Low and Moderate Income Housing Funds, as of June 30, 2012, that are not liquid or otherwise unavailable 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 7A 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 7B, 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 7A 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. 6 SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY Attachment A - Agreed-Upon Procedures and Findings (Continued) Successor Agency, Except Its Low and Moderate Income Housing Funds Findings: No exceptions were noted as a result of applying these procedures. Please refer to Exhibit G for the listing of Successor Agency’s assets other than cash and cash equivalents, excluding Low and Moderate Income Housing Funds assets, held by the Successor Agency at June 30, 2012. 8) Procedures: A. If the Successor Agency believes that asset balances 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. 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 restrictive language in the legal document associated with the enforceable obligation. B. If the Successor Agency believes that future revenues, together with balances 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. 7 SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY Attachment A - Agreed-Upon Procedures and Findings (Continued) Successor Agency, Except Its Low and Moderate Income Housing Funds 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. D. If procedures 8A, 8B, or 8C were performed, calculate the amount of current unrestricted balances 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 procedures 8A through 8D, we noted the Successor Agency did not believe that asset balances, excluding the Low and Moderate Income Housing Funds assets, held by the Successor Agency pertaining to these procedures are dedicated or restricted for the funding of enforceable obligations. 9) Procedure: If the Successor Agency believes that cash balances as of June 30, 2012, 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 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. 8 SUCCESSOR AGENCY TO THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY Attachment A - Agreed-Upon Procedures and Findings (Continued) Successor Agency, Except Its Low and Moderate Income Housing Funds Finding: The Successor Agency believes that cash balances as of June 30, 2012, in the amount of $4,024,653 need to be retained to satisfy certain obligations for the period of July 1, 2012 through June 30, 2013. Please refer to Exhibit H for the results of these procedures. 10) Procedure: Include a schedule detailing the computation of the Balance Available for Allocation to Affected Taxing Entities from Successor Agency assets, excluding Low and Moderate Income Housing Funds assets. 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 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 I for the calculation of the Balance Available for Allocation to Affected Taxing Entities. 11) 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 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 applying this procedure. 9 This page intentionally left blank 10 As s e t de s c r i p t i o n N a m e o f t h e r e c i p i e n t Da t e o f t r a n s f e r Bo o k v a l u e o f a s s e t at d a 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 ot h e r l e g a l r e 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 a n d t h e d a t e o f s u c h r e q u i r e m e n t . Fi n d i n g 1 C a s h C i t y o f S a n J u a n C a p i s t r a n o J u n e 1 4 , 2 0 1 1 75 0 , 0 0 0 $ T h e p u r p o s e o f t h i s t r a n s f e r w a s t o s a t i s f y t h e p a y m e n t d u e t o t h e C i t y u n d e r a B o n d An t i c i p a t i o n A g r e e m e n t d a t e d J a n u a r y 2 0 , 1 9 8 8 . T h i s l o a n i s p a y a b l e o n d e m a n d f r o m t h e Ci t y a n d w a s s c h e d u l e d i n t h e F Y 2 0 1 0 / 1 1 b u d g e t . T h i s l o a n i s a n e n f o r c e a b l e o b l i g a t i o n un d e r H e a l t h & S a f e t y C o d e S e c t i o n 3 4 1 7 1 ( d ) ( 2 ) a n d w a s s u b s e q u e n t l y a p p r o v e d b y t h e DO F o n 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 ( R O P S ) I . - $ 2 C a s h C i t y o f S a n J u a n C a p i s t r a n o J u n e 1 4 , 2 0 1 1 50 , 0 0 0 T r u l i s A c q u i s i t i o n - L o a n A g r e e m e n t d a t e d O c t o b e r 1 , 1 9 9 8 - T h i s l o a n i s p a y a b l e u p o n t h e sa l e o f L o w e r R o s a n R a n c h ( w h i c h h a s n o t y e t b e e n s o l d ) o r t e n y e a r s a f t e r t h e l o a n d a t e . In 2 0 0 9 , t h e f o r m e r R D A b e g a n m a k i n g p a y m e n t s t o t h e C i t y , p e n d i n g t h e s a l e o f t h e Lo w e r R o s a n R a n c h P r o p e r t y , a n d t h i s p a y m e n t w a s t h e s c h e d u l e d p a y m e n t i n t h e F Y 20 1 0 / 1 1 b u d g e t . - 3 C a s h C i t y o f S a n J u a n C a p i s t r a n o S e p t e m b e r 8 , 2 0 1 1 60 , 6 9 5 T h i s t r a n s f e r s a t i s f i e s t h e f o r m e r R D A ' s A B 1 3 8 9 s t a t u t o r y p a s s - t h r o u g h p a y m e n t ob l i g a t i o n f o r F Y 2 0 1 0 / 1 1 . - 86 0 , 6 9 5 $ CI T Y O F 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 - F O R M E R R E D E V E L O P M E N T A G E N C Y , E X C L U D I N G I T S 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 S , A S S E T T R A N S F E R S TO T H E C I T Y O F S A N J U A N C A P I S T R A N O F O R T H E P E R I O D F R O M J A N U A R Y 1 , 2 0 1 1 T H R O U G H J A N U A R Y 3 1 , 2 0 1 2 11 This page intentionally left blank 12 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 T r a n s f e r Bo o k v a l u e o f a s s e t at d a 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 ob l i g a t i o n o r o t h e r l e g a l r e 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 a n d th e d a t e o f s u c h r e q u i r e m e n t Fi n d i n g 1 C a s h Ci t y o f S a n J u a n C a p i s t r a n o J u n e 2 9 , 2 0 1 2 2, 0 0 0 , 0 0 0 $ Co o p e r a t i o n A g r e e m e n t b e t w e e n f o r m e r R D A a n d t h e C i t y - Ca p i s t r a n o P o i n t e P r o j e c t ( A p p r o v e 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 o n R O P S I , p e r l e t t e r d a t e d M a y 2 8 , 2 0 1 2 ) . - $ 2 C a s h Ci t y o f S a n J u a n C a p i s t r a n o J u n e 2 9 , 2 0 1 2 25 0 , 0 0 0 B o n d A n t i c i p a t i o n A g r e e m e n t d a t e d J a n u a r y 2 0 , 1 9 8 8 - sc h e d u l e d p a y m e n t , p e r 2 0 1 0 / 2 0 1 1 b u d g e t ( A p p r o v e d 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 o n R O P S I , p e r l e t t e r d a t e d Ma y 2 8 , 2 0 1 2 ) . - La n d H e l d f o r R e s a l e : 3 H i s t o r i c T o w n C e n t e r P a r k Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 1, 7 5 3 , 3 5 5 - 4 B l a s A g u i l a r A d o b e Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 36 2 , 9 5 7 - 5 L o s R i o s P a r k - P h a s e I I Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 1, 2 0 0 , 0 0 0 - 6 K i n o s h i t a F a r m l a n d Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 68 6 , 1 8 3 - 7 F o r m e r P a c i f i c B e l l Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 62 0 , 7 2 3 - 8 R e m n a n t p r o p e r t y a l o n g P a s e o Ad e l a n t o Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 - - 9 K o r d / H e r r e r a Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 28 2 , 4 6 4 - 10 T e x a c o P a r k i n g L o t Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 1, 0 2 7 , 8 6 2 - 11 L o v e P a r k i n g L o t Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 34 8 , 7 8 8 - 12 M i t c h e l l P a r k i n g L o t Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 45 5 , 9 5 6 - 13 V e t e r a n ' s P a r k a n d P o r t i o n o f Mi t c h e l l P a r k i n g L o t Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 - - 14 L i b r a r y P a r k i n g L o t Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 62 9 , 3 4 2 - 15 P r o p e r t y a d j a c e n t t o t h e R e g i o n a l Li b r a r y Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 - - Ca p i t a l A s s e t I m p r o v e m e n t s : 16 R e s t r o o m I m p r o v e m e n t s Ci t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 16 6 , 0 6 5 - 17 L o s R i o s P a r k - P h a s e I C i t y o f S a n J u a n C a p i s t r a n o M a y 1 6 , 2 0 1 2 1 8 7 , 9 4 7 - 9, 9 7 1 , 6 4 2 $ CI T Y O F 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 - S U C C E S S O R A G E N C Y , E X C L U D I N G I T S 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 S , AS S E T T R A N S F E R S TO T H E C I T Y O F S A N J U A N C A P I S T R A N O F O R T H E P E R I O D F R O M 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 Fo r I t e m s 3 - 1 7 , t h e S u c c e s s o r A g e n c y p r o p e r t y w a s d e s i g n a t e d as g o v e r n m e n t a l u s e b y t h e O v e r s i g h t B o a r d ( O B ) o n M a y 1 6 , 20 1 2 ( R e s o l u t i o n 1 2 - 0 5 - 1 6 - 0 1 ) , a n d t h e r e f o r e w a s t r a n s f e r r e d to t h e C i t y . T h e D e p a r t m e n t o f F i n a n c e ( D O F ) d i d n o t r e q u e s t re v i e w o f t h i s a c t i o n , a n d t h e a s s e t s w e r e d e e m e d a p p r o v e d a n d tr a n s f e r r e d t o t h e C i t y e f f e c t i v e M a y 1 6 , 2 0 1 2 . U n d e r A B 14 8 4 , t h e O B c o n f i r m e d i t s a c t i o n ( R e s o l u t i o n 1 2 - 0 9 - 1 9 - 0 1 ) un d e r A B 1 4 8 4 g u i d e l i n e s a n d s u b m i t t e d t h e l i s t a g a i n o n Se p t e m b e r 2 1 , 2 0 1 2 . T h e D O F d i d n o t r e q u e s t r e v i e w w i t h i n fi v e ( 5 ) b u s i n e s s d a y s , s o t h e l i s t i s d e e m e d a p p r o v e d . Ho w e v e r , t h e D O F r e q u e s t e d r e v i e w o f f o u r ( 4 ) i t e m s o n Oc t o b e r 3 , 2 0 1 2 ( e i g h t b u s i n e s s d a y s a f t e r s u b m i t t a l ) . T h e Su c c e s s o r A g e n c y p r o v i d e d i n f o r m a t i o n r e g a r d i n g t h e b a s i s f o r th e t r a n s f e r f o r i t s r e c o r d s . T h e a c t i o n o f t h e O B w a s f i n a l o n mu l t i p l e o c c a s i o n s b a s e d o n A B 1 X 2 6 a n d A B 1 4 8 4 , t h e l a s t su c h f i n a l i z a t i o n b e i n g t h e " n o a c t i o n " b y t h e D O F t o ch a l l e n g i n g t h e O B w i t h i n 6 0 d a y s a f t e r t h e O B a p p r o v a l o n Se p t e m b e r 1 9 , 2 0 1 2 , a s r e q u i r e d b y H e a l t h & S a f e t y C o d e Se c t i o n 3 4 1 8 1 ( f ) . 13 This page intentionally left blank 14 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 T r 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 en 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 r e q u i r e m e n t r e q u i r i n g su c h t r a n s f e r a n d t h e d a t e o f s u c h r e q u i r e m e n t . Fi n d i n g 1 C a s h Co u n t y o f O r a n g e Ma r c h 1 0 , 2 0 1 1 25 2 , 3 6 5 $ P a s s - T h r o u g h A g r e e m e n t s d a t e d 1 9 8 3 , 1 9 8 4 , a n d 1 9 8 6 - $ 2 C a s h Or a n g e C o u n t y F i r e A u t h o r i t y Ma r c h 1 0 , 2 0 1 1 43 6 , 7 2 4 P a s s - T h r o u g h A g r e e m e n t s d a t e d 1 9 8 3 , 1 9 8 4 , a n d 1 9 8 6 - 3 C a s h Co u n t y o f O r a n g e Se p t e m b e r 8 , 2 0 1 1 23 0 , 6 6 7 P a s s - T h r o u g h A g r e e m e n t s d a t e d 1 9 8 3 , 1 9 8 4 , a n d 1 9 8 6 - 4 C a s h Or a n g e C o u n t y F i r e A u t h o r i t y Se p t e m b e r 8 , 2 0 1 1 38 4 , 4 4 2 P a s s - T h r o u g h A g r e e m e n t s d a t e d 1 9 8 3 , 1 9 8 4 , a n d 1 9 8 6 - 5 C a s h Ca p i s t r a n o U n i f i e d S c h o o l D i s t r i c t Se p t e m b e r 8 , 2 0 1 1 1, 0 5 2 , 1 7 8 Pa s s - T h r o u g h A g r e e m e n t d a t e d M a r c h 5 , 1 9 8 6 , r e s t a t e d Ja n u a r y 7 , 1 9 8 6 , a n d M a y 1 9 , 1 9 9 7 - 6 C a s h So u t h O r a n g e C o u n t y C o m m u n i t y C o l l e g e D i s t r i c t S e p t e m b e r 8 , 2 0 1 1 17 2 , 8 1 7 P a s s - T h r o u g h A g r e e m e n t d a t e d O c t o b e r 6 , 1 9 8 3 - 7 C a s h So u t h O r a n g e C o u n t y C o m m u n i t y C o l l e g e D i s t r i c t S e p t e m b e r 8 , 2 0 1 1 73 , 8 2 6 P a s s - T h r o u g h , S t a t u t o r y ( A B 1 3 8 9 ) - 8 C a s h Or a n g e C o u n t y O f f i c e o f E d u c a t i o n Se p t e m b e r 8 , 2 0 1 1 11 , 8 1 6 P a s s - T h r o u g h , S t a t u t o r y ( A B 1 3 8 9 ) - 9 C a s h Or a n g e C o u n t y C e m e t e r y D i s t r i c t Se p t e m b e r 8 , 2 0 1 1 26 8 P a s s - T h r o u g h , S t a t u t o r y ( A B 1 3 8 9 ) - 10 C a s h Or a n g e C o u n t y V e c t o r C o n t r o l D i s t r i c t Se p t e m b e r 8 , 2 0 1 1 60 3 P a s s - T h r o u g h , S t a t u t o r y ( A B 1 3 8 9 ) - 11 C a s h Or a n g e C o u n t y T r a n s p o r t a t i o n A u t h o r i t y Se p t e m b e r 8 , 2 0 1 1 1, 5 1 7 P a s s - T h r o u g h , S t a t u t o r y ( A B 1 3 8 9 ) - 2, 6 1 7 , 2 2 3 $ CI T Y O F 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 C - F O R M E R R E D E V E L O P M E N T A G E N C Y , E X C L U D I N G I T S 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 S , AS S E T T R A N S F E R S T O P U B L I C A G E N C I E S F O R T H E P E R I O D F R O M J A N U A R Y 1 , 2 0 1 1 T H R O U G H J A N U A R Y 3 1 , 2 0 1 2 15 This page intentionally left blank 16 Redevelopment Redevelopment Redevelopment Successor Agency Agency Agency Agency 12 Months Ended 12 Months Ended 7 Months Ended 5 Months Ended 6/30/2010 6/30/2011 1/31/2012 6/30/2012 Assets: Cash and investments 26,871,805$ 23,502,095$ 22,983,164$ 19,542,129$ Cash and investments with fiscal agent 1,774,618 1,774,619 2,407,647 1,774,619 Tax increment receivable 161,654 136,024 - - Accounts receivable 141,212 106,212 71,212 36,783 Accrued interest receivable 184,025 15,482 7,845 17,656 Notes receivable 9,246,919 6,215,919 6,158,974 827,646 Land held for resale 14,180,606 13,877,849 13,877,849 6,510,119 Total Assets 52,560,839$ 45,628,200$ 45,506,691$ 28,708,952$ Liabilities: Accounts payable 1,891,731$ 2,356,072$ 571,051$ 37,153$ Amounts due to taxing entities - - - 4,322,067 Other liabilities 970,718 436,305 776,936 542,761 Total Liabilities 2,862,449 2,792,377 1,347,987 4,901,981 Equity 49,698,390 42,835,823 44,158,704 23,806,971 Total Liabilities + Equity 52,560,839$ 45,628,200$ 45,506,691$ 28,708,952$ Total Revenues 9,212,438$ 8,401,137$ 4,604,330$ 122,094$ Total Expenditures/Expenses (11,504,937) (15,263,704) (3,281,449) (7,740,021) Transfers from the City of San Juan Capistrano 665,750 - - - Extraordinary Gain - - - 31,424,898 Net change in equity (1,626,749) (6,862,567) 1,322,881 23,806,971 Beginning Equity 51,325,139 49,698,390 42,835,823 - Ending Equity 49,698,390$ 42,835,823$ 44,158,704$ 23,806,971$ Reconciliation of Redevelopment Agency Ending Equity at January 31, 2012, to Successor Agency Beginning Equity at February 1, 2012 Redevelopment Agency Ending Equity 44,158,704$ Transfer to San Juan Capistrano Housing Successor (5,366,176) * Transfer of Land Held for Resale to the City of San Juan Capistrano (7,367,630) Extraordinary gain on RDA dissolution (31,424,898) Successor Agency Beginning Equity -$ Other Information (show year end balances for all three years presented) Capital Assets at year-end, gross 7,111,055$ 6,302,042$ -$ Long term debt at year-end, gross 47,897,937 47,970,464 44,859,574 *At February 1, 2012, all assets and liabilities of the former RDA were initially transferred to the Successor Agency; subsequently, on May 16, 2012, the assets and related liabilities of the Low and Moderate Income Housing Funds of the former RDA were transferred to the Housing Successor in the amount of $5,366,176. CITY OF SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY EXHIBIT D - CONDENSED SUMMARY OF FINANCIAL DATA 17 This page intentionally left blank 18 Assets 6/30/2012 Cash and investments 6,339,849$ Cash and investments with fiscal agent 1,774,619 Accounts receivable 36,783 Accrued interest receivable 17,656 Notes receivable 827,646 Land held for resale 6,510,119 Total Assets 15,506,672$ EXHIBIT E - SUCCESSOR AGENCY ASSETS, EXCLUDING LOW AND MODERATE INCOME HOUSING FUNDS ASSETS, HELD BY THE SUCCESSOR AGENCY AT JUNE 30, 2012 CITY OF SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY 19 This page intentionally left blank 20 As s e t s 6/ 3 0 / 2 0 1 2 C o m p u t a t i o n o f t h e R e 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 th e r e s t r i c t e d b a l a n c e ( i . e . ac c o u n t i n g r e c o r d s o r o t h e r su p p o r t i n g d o 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 id 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 t h e p e r i o d o f t i m e f o r w h i c h t h e re s t r i c t i o n s a r e 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 s a r e 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 . A. U n s p e n t B o n d P r o c e e d s Ca s h a n d i n v e s t m e n t s 1, 9 5 6 , 6 7 8 $ Un s p e n t b o n d p r o c e e d s , l e s s r e s t r i c t e d c a s h , pl u s i n t e r e s t e a r n e d , a t J u n e 3 0 , 2 0 1 2 A c c o u n t i n g R e c o r d s P a g e 1 4 - 1 5 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 a n d In d e n t u r e o f T r u s t , S e r i e s A , r e s t r i c t i o n s i n e f f e c t u n t i l t h e r e l a t e d a s s e t s ar 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 . Ca s h a n d i n v e s t m e n t s w i t h f i s c a l a g e n t 1, 7 7 4 , 6 1 9 Re s e r v e F u n d A c c o u n t i n g R e c o r d s T h e O f f i c i a l S t a t e m e n t r e q u i r e s t h e r e s e r v e u n t i l t h e r e l a t e d a s s e t s a r e ex 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 . To t a l A s s e t s 3, 7 3 1 , 2 9 7 $ 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 To t a l A s s e t s - $ 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 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 3, 7 3 1 , 2 9 7 $ CI T Y O F 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 F - S U C C E S S O R A G E N C Y R E S T R I C T E D A S S E T S , E X C L U D I N G 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 S R E S T R I C T E 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 A T J U N E 3 0 , 2 0 1 2 21 This page intentionally left blank 22 As s e t 6/ 3 0 / 2 0 1 2 Ba s i s (i . e . B o o k V a l u e / Fa i r M a r k e t V a l u e ) De s c r i p t i o n o f t h e r e c o r d s p r o v i d e d s u p p o r t i n g t h e b o o k v a l u e l i s t e d ( i . e . p r e v i o u s l y a u d i t e d fi n a n c i a l s t a t e m e n t s o r t h e a c c o u n t i n g r e c o r d s ) a n d a n y d i f f e r e n c e s n o t e d . I f d i f f e r e n c e s p e r t a i n to d i s p o s a l o f a s s e t s , n o t e w h e t h e r t h e p r o c e e d s w e r e d e p o s i t e d i n t o t h e S u c c e s s o r A g e n c y . De s c r i p t i o n o f t h e m e t h o d o l o g y u s e d t o s u p p o r t t h e m a r k e t va l u e l i s t e d . I f n o e v i d e n c e i s a v a i l a b l e t o s u p p o r t t h e v a l u e an d / o r t h e m e t h o d o l o g y u s e d , n o t e a s a f i n d i n g i n t h e r e p o r t . Ac c o u n t s R e c e i v a b l e 3 6 , 7 8 3 $ B o o k V a l u e A c c o u n t i n g R e c o r d s n / a Ac c r u e d I n t e r e s t R e c e i v a b l e 1 7 , 6 5 6 B o o k V a l u e A c c o u n t i n g R e c o r d s n / a No t e s R e c e i v a b l e 8 2 7 , 6 4 6 B o o k V a l u e A c c o u n t i n g R e c o r d s n / a La n d H e l d f o r R e s a l e 6 , 5 1 0 , 1 1 9 B o o k V a l u e A c c o u n t i n g R e c o r d s n / a To t a l A s s e t s 7 , 3 9 2 , 2 0 4 $ CI T Y O F 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 G - S U C C E S S O R A G E N C Y A S S E T S O T H E R T H A N C A S H A N D C A S H E Q U I V A L E N T S , E X C L U D I N G 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 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 T J U N E 3 0 , 2 0 1 2 23 This page intentionally left blank 24 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 Ju l - 1 2 A u g - 1 2 S e p - 1 2 O c t - 1 2 N o v - 1 2 D e c - 1 2 T o t a l RO P S I I 1) 1 9 9 7 S u b o r d i n a t e d 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 Af f o r d a b l e H o u s i n g T a x A l l o c a t i o n Bo n d s $ 8 3 0 , 0 0 0 $ 1 8 0 , 4 1 3 $ - $ 1 4 7 , 1 6 3 $ - $ - $ - $ - $ 1 4 7 , 1 6 3 $ 1 4 7 , 1 6 3 T h 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 R P T T F ( f o r m e r l y t a x i n c r e m e n t ) f o r t h e p e r i o d fr o m J u l y 1 , t h r o u g h D e c e m b e r 3 1 , 2 0 1 2 , d u e 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 ' s o f f i c e pa y i n g 1 0 0 % o f p a s s t h r o u g h p a y m e n t s , i n c l u d i n g t h o s e d u e f o r t h e p e r i o d J a n u a r y 1 , th r o u g h J u n e 3 0 , 2 0 1 2 . T h e r e f o r e , a l l o b l i g a t i o n s a p p r o v e d b y t h e D O F o n R O P S I I ( J u l y 1 , th r o u g h D e c e m b e r 3 1 , 2 0 1 2 ) r e q u i r e R P T T F p r e v i o u s l y r e c i e v e d ( c a s h r e s e r v e s ) f o r pa y m e n t s . A m o u n t s f o r t h e s e h o u s i n g b o n d s p a y m e n t s w e r e p r e v i o u s l y r e q u e s t e d t o b e p a i d fr o m R P T T F ( f o r m e r l y t a x i n c r e m e n t ) o n d e p o s i t i n t h e 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 Fu n d , h o w e v e r t h e y w e r e d e n i e d b y t h e D O F . T h e s e a m o u n t s n o w n e e d t o b e r e t a i n e d f r o m RP T T F p r e v i o u s l y r e c e i v e d a n d n o t d e p o s i t e d i n t h e 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 Fu n d ( c a s h r e s e r v e s ) . 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 . Ad v a n c e R e f u n d i n g o f t h e 1 9 9 1 T a x Al l o c a t i o n B o n d s 2 , 2 8 0 , 0 0 0 5 1 4 , 5 1 2 - 4 6 9 , 5 5 4 - - - - 4 6 9 , 5 5 4 4 6 9 , 5 5 4 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 R P T T F ( f o r m e r l y t a x i n c r e m e n t ) f o r t h e p e r i o d f r o m J u l y 1, t h r o u g h D e c e m b e r 3 1 , 2 0 1 2 , d u e 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 ' s o f f i c e p a y i n g 1 0 0 % o f p a s s th r o u g h p a y m e n t s , i n c l u d i n g t h o s e d u e f o r t h e p e r i o d J a n u a r y 1 , t h r o u g h J u n e 3 0 , 2 0 1 2 . T h e r e f o r e , al l o b l i g a t i o n s a p p r o v e d b y t h e D O F o n R O P S I I ( J u l y 1 , t h r o u g h D e c e m b e r 3 1 , 2 0 1 2 ) r e q u i r e pr e v i o u s l y r e c i e v e d R P T T F ( c a s h r e s e r v e s ) f o r p a y m e n t , i n c l u d i n g $ 9 3 , 9 1 1 f o r t h e h o u s i n g p o r i t o n o f th i s b o n d p a y m e n t t h a t w a s p r e v i o u s l y r e q u e s t e d t o b e p a i d f r o m R P T T F o n d e p o s i t i n t h e L o w a n d Mo d e r a t e I n c o m e H o u s i n g F u n d , b u t d e n i e d b y t h e D O F . 3) 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 A U. S . B a n k , N . A . Fi n a n c e A g e n c y P r o j e c t s i n t h e C e n t r a l Pr o j e c t A r e a c o n s i s t e n t w i t h t h e Re d e v e l o p m e n t P l a n 8 , 9 9 0 , 0 0 0 6 4 1 , 4 9 4 - 4 5 8 , 1 0 9 - - - - 4 5 8 , 1 0 9 4 5 8 , 1 0 9 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 R P T T F ( f o r m e r l y t a x i n c r e m e n t ) f o r t h e p e r i o d f r o m J u l y 1, t h r o u g h D e c e m b e r 3 1 , 2 0 1 2 , d u e 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 ' s o f f i c e p a y i n g 1 0 0 % o f p a s s th r o u g h p a y m e n t s i n c l u d i n g t h o s e d u e f o r t h e p e r i o d J a n u a r y 1 , t h r o u g h J u n e 3 0 , 2 0 1 2 . T h e r e f o r e , a l l ob l i g a t i o n s a p p r o v e d b y t h e D e p a r t m e n t o f F i n a n c e o n R O P S I I ( J u l y 1 , t h r o u g h D e c e m b e r 3 1 , 2 0 1 2 ) re q u i r e R P T T F p r e v i o u s l y r e c i e v e d ( c a s h r e s e r v e s ) f o r p a y m e n t s . 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 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 H o u s i n g Pr o j e c t s i n t h e C e n t r a l P r o j e c t A r e a co n s i s t e n t w i t h t h e R e d e v e l o p m e n t P l a n 9 , 8 2 5 , 0 0 0 6 6 1 , 0 8 5 - 3 5 8 , 6 4 8 - - - - 3 5 8 , 6 4 8 3 5 8 , 6 4 8 A m o u n t s f o r t h e s e h o u s i n g b o n d s p a y m e n t s w e r e p r e v i o u s l y r e q u e s t e d t o b e p a i d f r o m RP T T F ( f o r m e r l y t a x i n c r e m e n t ) o n d e p o s i t i n t h e 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 , ho w e v e r t h e y w e r e d e n i e d b y t h e D O F . T h e s e a m o u n t s n o w n e e d t o b e r e t a i n e d f r o m pr e v i o u s l y r e c e i v e d R P T T F ( c a s h r e s e r v e s ) , t o m a k e t h e s e p a y m e n t s . 5) OP A - F l u i d m a s t e r F l u i d m a s t e r , I n c . El i m i n a t i o n o f B l i g h t / E c o n o m i c De v e l o p m e n t 2 7 4 , 7 6 0 4 0 , 0 0 0 - - - - - - - 4 0 , 0 0 0 6) OP A - C a p i s t r a n o V o l k s w a g e n M i l e s B r a n d o n E l i m i n a t i o n o f B l i g h t / B u s i n e s s R e t e n t i o n 2 8 6 , 7 8 3 3 5 , 0 0 0 - - - - - - - 6 , 8 4 4 8) A g r e e m e n t - T C A G F o r d T u t t l e C l i c k A u t o m o t i v e G r o u p (T C A G , I n c . ) El i m i n a t i o n o f B l i g h t / B u s i n e s s R e t e n t i o n 1 , 8 5 0 , 0 0 0 1 5 0 , 0 0 0 - - 7 5 , 0 0 0 - - 7 5 , 0 0 0 1 5 0 , 0 0 0 7 6 , 0 4 7 9) A g r e e m e n t - O C C h r y s l e r C h r y s l e r G r o u p R e a l t y C o . , L L C E l i m i n a t i o n o f B l i g h t / E c o n o m i c De v e l o p m e n t 1 , 6 2 5 , 0 0 0 7 5 , 0 0 0 - - 3 7 , 5 0 0 - - 3 7 , 5 0 0 7 5 , 0 0 0 7 6 , 2 2 0 10 ) L o w e r R o s a n R a n c h - L o a n Pa y a b l e Fa r m e r ' s & M e r c h a n t s B a n k P r o p e r t y A c q u i s i t i o n / E c o n o m i c De v e l o p m e n t 3 , 9 2 0 , 0 0 0 3 9 5 , 0 0 0 3 3 , 1 2 9 3 3 , 1 2 9 3 3 , 1 2 9 3 3 , 1 2 9 3 3 , 1 2 9 3 3 , 1 2 9 1 9 8 , 7 7 6 1 9 8 , 7 7 6 11 ) K i n o s h i t a A c q u i s i t i o n - N o t e Ex t e n s i o n Ki n o s h i t a E n t e r p r i s e s , L . P . P r o p e r t y A c q u i s i t i o n / P a r k s & A g . Pr e s e r v a t i o n 3 , 9 1 6 , 4 5 0 2 1 5 , 4 0 5 - - 1 0 7 , 7 0 3 - - - 1 0 7 , 7 0 3 9 3 , 0 1 6 12 ) K i n o s h i t a A c q u i s i t i o n - N o t e Ex t e n s i o n Bo b b y K i n o s h i t a I n v e s t m e n t En t e r p r i s e s , L . P . Pr o p e r t y A c q u i s i t i o n / P a r k s & A g . Pr e s e r v a t i o n 4 , 0 8 0 , 2 4 7 2 2 4 , 4 1 4 - - 1 1 2 , 2 0 7 - - - 1 1 2 , 2 0 7 9 6 , 9 0 6 13 ) C o o p e r a t i o n A g r e e m e n t - Ca p i s t r a n o P o i n t e Ci t y o f S a n J u a n C a p i s t r a n o D e v e l o p e r A s s i s t a n c e / A f f o r d a b l e Ho u s i n g 1 , 5 0 0 , 7 4 7 5 0 0 , 0 0 0 - - - - - 5 0 0 , 0 0 0 5 0 0 , 0 0 0 - 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 R P T T F ( f o r m e r l y t a x i n c r e m e n t ) f o r t h e p e r i o d f r o m J u l y 1, t h r o u g h D e c e m b e r 3 1 , 2 0 1 2 , d u e 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 ' s o f f i c e p a y i n g 1 0 0 % o f p a s s th r o u g h p a y m e n t s i n c l u d i n g t h o s e d u e f o r t h e p e r i o d J a n u a r y 1 , t h r o u g h J u n e 3 0 , 2 0 1 2 . T h e r e f o r e , a l l ob l i g a t i o n s a p p r o v e d b y t h e D O F o n R O P S I I ( J u l y 1 , t h r o u g h D e c e m b e r 3 1 , 2 0 1 2 ) r e q u i r e p r e v i o u s l y re c i e v e d R P T T F ( c a s h r e s e r v e s ) f o r p a y m e n t . 17 ) A d m i n i s t r a t i v e C o s t s - A g e n c y Su p p o r t S t a f f Ci t y o f S a n J u a n C a p i s t r a n o C o s t s i n c u r r e d b y t h e C i t y f o r s t a f f t i m e in s u p p o r t o f A g e n c y a c t i v i t i e s , p r i o r t o Ju n e 3 0 , 2 0 1 2 . - 1 5 6 , 2 0 7 - - - - - 7 8 , 1 0 4 7 8 , 1 0 4 - Th i s a m o u n t w a s a p p r o v e d f o r p a y m e n t o n R O P S I , h o w e v e r i t w a s n o t p a i d u n t i l a f t e r J u n e 3 0 , 2 0 1 2 . Th e D O F i s s u e d F r e q u e n l y A s k e d Q u e s t i o n s , d a t e d A u g u s t 2 1 , 2 0 1 2 , i n d i c a t i n g t h i s o b l i g a t i o n c o u l d no t b e i n c l u d e d o n t h e p r i o r p e r i o d p a y m e n t p a g e a n d t h e r e f o r e R P T T F r e c e i v e d f o r R O P S I c o u l d n o t be u s e d . R P T T F p r e v i o u s l y r e c e i v e d ( c a s h r e s e r v e s ) , i s r e q u i r e d t o s a t i s f y t h i s o b l i g a t i o n s i n c e i t w a s no t a l l o w e d t o b e i n c l u d e d a s p a y m e n t a g a i n s t R P T T F r e c e i v e d f o r R O P S I a s e x p e c t e d , a n d n o RP T T F w a s r e c e i v e d f o r R O P S I I . 19 ) A d m i n i s t r a t i v e C o s t A l l o w a n c e C i t y o f S a n J u a n C a p i s t r a n o 3 % a l l o w a n c e f o r a d m i n i s t r a t i v e c o s t s in c u r r e d - 2 5 0 , 0 0 0 - - - - - 1 2 5 , 0 0 0 1 2 5 , 0 0 0 - T h e D O F l e t t e r d a t e d D e c e m b e r 1 5 , 2 0 1 2 , i n d i c a t e d t h a t R P T T F i s n o w a u t h o r i z e d f o r t h e ad m i n i s t r a t i v e c o s t a l l o w a n c e u n d e r R O P S I I I . T h e r e f o r e , n o a d m i n i s t r a t i v e c o s t a l l o w a n c e wi l l n e e d t o b e f u n d e d f r o m R P T T F o n d e p o s i t ( c a s h r e s e r v e s ) f o r t h e p e r i o d J u l y 1 , 2 0 1 2 , th r o u g h D e c e m b e r 3 1 , 2 0 1 2 . 20 ) L e g a l S e r v i c e s A g r e e m e n t d a t e d Au g u s t 2 0 , 1 9 9 1 St r a d d l i n g , Y o c c a , C a r l s o n & Ra u t h Le g a l s e r v i c e s - r e d e v e l o p m e n t a c t i v i t i e s - 6 0 , 0 0 0 - - - 5 , 0 0 0 5 , 0 0 0 2 0 , 0 0 0 3 0 , 0 0 0 2 8 , 9 3 5 21 ) 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 F e b r u a r y 5 , 1 9 9 7 Wo o d r u f f , S p r a d l i n & S m a r t L e g a l s e r v i c e s - r e d e v e l o p m e n t a c t i v i t i e s - 3 0 , 0 0 0 - - - 2 , 5 0 0 2 , 5 0 0 1 0 , 0 0 0 1 5 , 0 0 0 - 22 ) 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 M a y 3 , 2 0 1 1 Ro g e r s , A n d e r s o n , M a l o d y a n d Sc o t t Au d i t S e r v i c e s - F Y e n d i n g J u n e 3 0 , 20 1 2 - 6 , 9 4 0 - - - - 3 , 4 7 0 1 , 7 3 5 5 , 2 0 5 4 , 0 8 5 35 ) M i s c . A d m i n i s t r a t i v e C o s t s V a r i o u s V e n d o r s Va r i o u s a d m i n c o s t s t o m a i n t a i n m i n i m a l ex i s t i n g a c t i v i t i e s , i n c l u d i n g b o n d ad m i n i s t r a t i o n , p o s t a g e , e t c . - 2 2 , 9 1 5 1 , 9 1 0 1 , 9 1 0 1 , 9 1 0 1 , 9 1 0 1 , 9 1 0 1 , 9 1 0 1 1 , 4 5 7 5 5 , 1 5 7 T h 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 R P T T F f o r t h e p e r i o d f r o m J u l y 1 , t h r o u g h De c e m b e r 3 1 , 2 0 1 2 , d u e 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 ' s o f f i c e p a y i n g 1 0 0 % o f p a s s th r o u g h p a y m e n t s i n c l u d i n g t h o s e d u e f o r t h e p e r i o d J a n u a r y 1 , t h r o u g h J u n e 3 0 , 2 0 1 2 . Th e r e f o r e , a l l o b l i g a t i o n s a p p r o v e d b y t h e D e p a r t m e n t o f F i n a n c e o n R O P S 2 ( J u l y 1 , t h r o u g h De c e m b e r 3 1 , 2 0 1 2 ) r e q u i r e c a s h r e s e r v e s f o r p a y m e n t s . E l i g i b l e a d m i n i s t r a t i v e c o s t s al l o c a t e d t o v a r i o u s c o s t s s u c h a s b o n d a d m i n i s t r a t i o n , p o s t a g e , e t c . T h i s a m o u n t n o w in c l u d e s $ 4 3 , 7 0 0 f o r t h e c o s t o f t h e r e q u i r e d d u e d i l i g e n c e r e v i e w s f o r b o t h L o w a n d Mo d e r a t e I n c o m e H o u s i n g F u n d s ( L M I H F ) a n d O t h e r A s s e t s . 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 u n d e r R O P S I I 2 , 1 0 9 , 4 6 0 $ Th e s e a m o u n t s w e r e a p p r o v e d f o r p a y m e n t o n R O P S I , h o w e v e r t h e y w e r e n o t p a i d u n t i l af t e r J u n e 3 0 , 2 0 1 2 . D O F i s s u e d F r e q u e n l y A s k e d Q u e s t i o n s , d a t e d A u g u s t 2 1 , 2 0 1 2 , in d i c a t i n g t h a t t h e s e o b l i g a t i o n s c o u l d n o t b e i n c l u d e d o n t h e p r i o r p e r i o d p a y m e n t p a g e a n d th e r e f o r e R P T T F r e c e i v e d f o r R O P S I c o u l d n o t b e u s e d . R P T T F p r e v i o u s l y r e c e i v e d ( c a s h re s e r v e s ) , i s r e q u i r e d t o s a t i s f y t h e s e o b l i g a t i o n s s i n c e t h e y w e r e n o t a l l o w e d t o b e i n c l u d e d as p a y m e n t s a g a i n s t R P T T F r e c e i v e d f o r R O P S I a s e x p e c t e d , a n d n o R P T T F w a s r e c e i v e d fo r R O P S I I . 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 R P T T F ( f o r m e r l y t a x i n c r e m e n t ) f o r t h e p e r i o d fr o m J u l y 1 , t h r o u g h D e c e m b e r 3 1 , 2 0 1 2 , d u e 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 ' s o f f i c e pa y i n g 1 0 0 % o f p a s s t h r o u g h p a y m e n t s , i n c l u d i n g t h o s e d u e f o r t h e p e r i o d J a n u a r y 1 , th r o u g h J u n e 3 0 , 2 0 1 2 . T h e r e f o r e , a l l o b l i g a t i o n s a p p r o v e d b y t h e D O F o n R O P S I I ( J u l y 1 , th r o u g h D e c e m b e r 3 1 , 2 0 1 2 ) r e q u i r e p r e v i o u s l y r e c e i v e d R P T T F ( c a s h r e s e r v e s ) f o r t h e s e pa y m e n t s . T h e s e a m o u n t s h a v e b e e n a d j u s t e d b a s e d o n p a y m e n t s m a d e t h r o u g h D e c e m b e r 21 , 2 0 1 2 , a n d a m o u n t s a v a i l a b l e . 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 R e d e v e l o p m e n t P r o p e r t y T a x T r u s t F u n d s ( R P T T F ) f o r t h e p e r i o d f r o m J u l y 1 , t h r o u g h D e c e m b e r 3 1 , 2 0 1 2 , d u e 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 ' s o f f i c e p a y i n g 1 0 0 % o f p a s s t h r o u g h p a y m e n t s i n c l u d i n g t h o s e d u e f o r t h e p e r i o d J a n u a r y 1 , t h r o u g h J u n e 3 0 , 2 0 1 2 . T h e r e f o r e , al l o b l i g a t i o n s a p p r o v e d b y t h e D e p a r t m e n t o f F i n a n c e ( D O F ) o n R O P S I I ( J u l y 1 , t h r o u g h D e c e m b e r 3 1 , 2 0 1 2 ) r e q u i r e c a s h r e s e r v e s f o r p a y m e n t s . T h e r e f o r e , R P T T F ( f o r m e r l y t a x i n c r e m e n t ) o n d e p o s i t ( c a s h r e s e r v e s ) a t J u n e 3 0 , 2 0 1 2 , n e e d e d s t o b e r e t a i n e d , a n d h a s b e e n u s e d t o s a t i s f y D O F a p p r o v e d o b l i g a t i o n s (I t e m s 1 - 1 3 ) d u r i n g t h e R O P S I I p e r i o d , t o t h e e x t e n t a v a i l a b l e . CI T Y O F 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 H - S U C C E S S O R A G E N C Y A S S E T S , E X C L U D I N G 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 S , 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 ON 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 S ( R O P S ) F O R T H E P E R I O D F R O M 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 T o t a l O u t s t a n d i n g De b t o r O b l i g a t i o n T o t a l D u e Du r i n g Fi s c a l Y e a r E x 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 S u 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 c a s h b a l a n c e s t o s a t i s f y o b l i g a t i o n s P a y m e n t s b y M o n t h 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 R P T T F ( f o r m e r l y t a x i n c r e m e n t ) f o r t h e p e r i o d fr o m J u l y 1 , t h r o u g h D e c e m b e r 3 1 , 2 0 1 2 , d u e 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 ' s o f f i c e pa y i n g 1 0 0 % o f p a s s t h r o u g h p a y m e n t s , i n c l u d i n g t h o s e d u e f o r t h e p e r i o d J a n u a r y 1 , th r o u g h J u n e 3 0 , 2 0 1 2 . T h e r e f o r e , a l l o b l i g a t i o n s a p p r o v e d b y t h e D O F o n R O P S I I ( J u l y 1 , th r o u g h D e c e m b e r 3 1 , 2 0 1 2 ) r e q u i r e c a s h r e s e r v e s f o r p a y m e n t . T h e s e a m o u n t s h a v e b e e n ad j u s t e d b a s e d o n a c t u a l p a y m e n t s m a d e t h r o u g h D e c e m b e r 2 1 , 2 0 1 2 , a n d a m o u n t s av a i l a b l e . 25 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 / P r o j e c t S c o p e LM I H F B o n d Pr o c e e d s R e s e r v e Ba l a n c e A d m i n Al l o w a n c e RP T T F O t h e r S i x - M o n t h To t a l RO P S I I I 1 1 9 9 7 S u b o r d i n a t e d 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 Af f o r d a b l e H o u s i n g T a x A l l o c a t i o n Bo n d s $ 1 , 0 3 4 , 5 4 1 $ 1 7 4 , 8 6 8 $ - $ - $ - $ - $ 2 7 , 7 0 6 $ - $ 2 7 , 7 0 6 $ 2 7 , 7 0 6 R P P T F ( f o r m e r l y t a x i n c r e m e n t ) r e m a i n i n g f r o m R O P S I i s r e q u i r e d t o b e r e t a i n e d a n d u s e d to s a t i s f y o b l i g a i t o n s o n R O P S I I I . T h i s a m o u n t w a s p r e v i o u s l y r e q u e s t e d f r o m R P T T F o n de p o s i t i n t h e 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 , h o w e v e r i t w a s d e n i e d b y t h e D O F . It i s n o w i n c l u d e d o n t h i s r e p o r t . 3 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 . Ad v a n c e R e f u n d i n g o f t h e 1 9 9 1 T a x Al l o c a t i o n B o n d s 2, 5 6 5 , 5 0 9 5 1 4 , 5 1 2 - - - - 4 4 , 9 5 8 - 4 4 , 9 5 8 4 4 , 9 5 8 R P P T F ( f o r m e r l y t a x i n c r e m e n t ) r e m a i n i n g f r o m R O P S I i s r e q u i r e d t o b e r e t a i n e d a n d u s e d to s a t i s f y o b l i g a i t o n s o n R O P S I I I . A p o r t i o n o f t h i s a m o u n t w a s p r e v i o u s l y r e q u e s t e d f r o m RP T T F o n d e p o s i t i n t h e 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 , h o w e v e r i t w a s d e n i e d by t h e D O F . I t i s n o w i n c l u d e d o n t h i s r e p o r t . 3 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 A U. S . B a n k , N . A . Fi n a n c e A g e n c y P r o j e c t s i n t h e C e n t r a l Pr o j e c t A r e a c o n s i s t e n t w i t h t h e Re d e v e l o p m e n t P l a n 13 , 9 9 5 , 8 9 7 6 4 1 , 4 9 4 - - - - 1 8 3 , 3 8 4 - 1 8 3 , 3 8 4 1 8 3 , 3 8 4 R P P T F ( f o r m e r l y t a x i n c r e m e n t ) r e m a i n i n g f r o m R O P S I i s r e q u i r e d t o b e r e t a i n e d a n d u s e d to s a t i s f y o b l i g a i t o n s o n R O P S I I I . A p o r t i o n o f t h i s a m o u n t w a s p r e v i o u s l y r e q u e s t e d f r o m RP T T F o n d e p o s i t i n t h e 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 , h o w e v e r i t w a s d e n i e d by t h e D O F . I t i s n o w i n c l u d e d o n t h i s r e p o r t . 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 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 H o u s i n g Pr o j e c t s i n t h e C e n t r a l P r o j e c t A r e a co n s i s t e n t w i t h t h e R e d e v e l o p m e n t P l a n 18 , 9 2 5 , 7 8 8 6 6 1 , 0 8 5 - - - - 3 0 2 , 4 3 8 - 3 0 2 , 4 3 8 3 0 2 , 4 3 8 R P P T F ( f o r m e r l y t a x i n c r e m e n t ) r e m a i n i n g f r o m R O P S I i s r e q u i r e d t o b e r e t a i n e d a n d u s e d to s a t i s f y o b l i g a i t o n s o n R O P S I I I . T h i s a m o u n t w a s p r e v i o u s l y r e q u e s t e d f r o m R P T T F o n de p o s i t i n t h e 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 , h o w e v e r i t w a s d e n i e d b y t h e D O F . It i s n o w i n c l u d e d o n t h i s r e p o r t . 5 T a 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 No 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 A u g u s t 1 , 2 0 1 3 d e b t se r v i c e p a y m e n t - H & S C o d e S e c t i o n 34 1 7 1 ( b ) - - - - 7 9 7 , 8 6 4 - 7 9 7 , 8 6 4 1 0 8 , 7 0 7 R P P T F r e m a i n i n g f r o m R O P S I i s r e q u i r e d t o b e r e t a i n e d a n d u s e d t o s a t i s f y o b l i g a i t o n s o n RO P S I I I . A p o r t i o n o f t h i s a m o u n t w a s p r e v i o u s l y r e q u e s t e d f r o m R P T T F o n d e p o s i t i n t h 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 , h o w e v e r i t w a s d e n i e d b y t h e D O F . I t i s n o w in c l u d e d o n t h i s r e p o r t . 1 9 O P A - P a s e o D e V e r d u g o ( S e e no t e s ) 26 7 5 5 V e r d u g o , L L C El i m i n a t i o n o f B l i g h t / E c o n o m i c De v e l o p m e n t 1 , 2 4 8 , 0 0 0 - - - 1 , 2 4 8 , 0 0 0 - - - 1 , 2 4 8 , 0 0 0 1 , 2 4 8 , 0 0 0 T h e p r o j e c t e d R P T T F a v a i l a b l e o n R O P S I I I 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 d e b t s e r v i c e an d o t h e r e n 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 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 t o f u n d t h i s en f o r c e a b l e o b l i g a t i o n . T h i s o b l i g a t i o n w a s a p p r o v e d b y t h e D e p a r t m e n t o f F i n a n c e t o b e fu n d e d f r o m c a s h r e s e r v e s b y i t s R O P S I I I a p p r o v a l l e t t e r d a t e d O c t o b e r 1 5 , 2 0 1 2 . 2 8 A d m i n i s t r a t i v e C o s t A l l o w a n c e C i t y o f S a n J u a n C a p i s t r a n o 3 % a l l o w a n c e f o r a d m i n i s t r a t i v e c o s t s in c u r r e d . $ - $ 2 5 0 , 0 0 0 $ - $ - $ - $ 2 5 0 , 0 0 0 $ - $ - $ 2 5 0 , 0 0 0 $ - T h e D O F l e t t e r d a t e d D e c e m b e r 1 5 , 2 0 1 2 , i n d i c a t e d t h a t R P T T F i s n o w a u t h o r i z e d f o r t h e ad m i n i s t r a t i v e c o s t a l l o w a n c e u n d e r R O P S I I I . T h e r e f o r e , n o a d m i n i s t r a t i v e c o s t a l l o w a n c e wi l l n e e d t o b e f u n d e d f r o m R P T T F o n d e p o s i t ( c a s h r e s e r v e s ) f o r t h e p e r i o d f r o m J a n u a r y 1 , th r o u g h J u n e 3 0 , 2 0 1 3 . 3 0 D o w n t o w n M a s t e r P l a n / T h e Gr o v e s - S p e c i f i c P r o j e c t Im p l e m e n t a t i o n Ci t y o f S a n J u a n C a p i s t r a n o S e c t i o n 3 4 1 7 1 ( b ) - s t a f f t i m e f o r p r o j e c t ma n a g e m e n t a n d i n s p e c t i o n - - - 7 5 , 0 0 0 - - - - 7 5 , 0 0 0 - 3 2 L e g a l C o s t s a s s o c i a t e d w i t h as s e t s , o b l i g a t i o n s a n d p r o p e r t y St r a d d l i n g , Y o c c a , C a r l s o n & Ra u t h Se c t i o n 3 4 1 7 1 ( b ) - c o s t o f m a i n t a i n i n g as s e t s p r i o r t o d i s p o s i t i o n - 1 1 0 , 0 0 0 - 3 0 , 0 0 0 - - - 2 5 , 0 0 0 5 5 , 0 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 u n d e r R O P S I I I 1 , 9 1 5 , 1 9 3 $ 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 o r t h e p e r i o d f r o m 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 4 , 0 2 4 , 6 5 3 $ Be t w e e n J u l y 1 , a n d J a n u a r y 3 1 , 2 0 1 2 , t a x i n c r e m e n t r e c e i v e d ( $ 4 , 3 8 4 , 4 2 3 ) w a s u s e d t o p a y $ 3 , 7 1 7 , 2 3 0 o f e n f o r c e a b l e o b l i g a t i o n s o n R O P S I ( J a n u a r y 1 , t h r o u g h J u n e 3 0 , 2 0 1 2 ) . T h e r e m a i n i n g R P T T F o f $ 6 6 7 , 1 9 3 i s n o w c o n s i d e r e d a n a d j u s t m e n t ( r e d u c t i o n ) t o R P T T F o n R O P S I I I ( J a n u a r y 1 , t h r o u g h J u n e 3 0 , 2 0 1 2 ) th a t h a s b e e n a p p r o v e d f o r e n 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 B 1 4 8 4 a n d t h e D O F r e q u i r e t h i s a m o u n t b e r e t a i n e d a n d u s e d t o s a t i s f y e n f o r c e a b l e o b l i g a t i o n s o n R O P S I I I . T h e $ 6 6 7 , 1 9 3 r e m a i n i n g u n s p e c t i s n e e d e d t o s a t i s f y R O P S I I I i t e m s 1 - 5 . Th e s e a m o u n t s w e r e a p p r o v e d b y t h e D O F i n i t s O c t o b e r 1 5 , 2 0 1 2 , a p p r o v a l l e t t e r . B o n d pr o c e e d s a r e u n a v a i l a b l e , p e n d i n g t h e S u c c e s s o r A g e n c y o b t a i n i n g a F i n d i n g o f C o m p l e t i o n . Th e r e f o r e , a n y c o s t s w o u l d n e e d t o b e f u n d e d b y r e s e r v e s u n t i l t h a t t i m e . T h e s e a m o u n t s ha v e b e e n w i t h d r a w n b a s e d o n t h e n e e d t o u s e R P T T F ( f o r m e r l y t a x i n c r e m e n t ) p r e v i o u s l y re c e i v e d ( c a s h r e s e r v e s ) t o f i r s t p a y d e b t s e r v i c e . CI T Y O F 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 H - S U C C E S S O R A G E N C Y A S S E T S , E X C L U D I N G 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 , 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 ON 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 S F O R T H E P E R I O D F R O M 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 ( C O N T I N U E D ) T o t a l O u t s t a n d i n g De b t o r O b l i g a t i o n F u n d i n g S o u r c e T o 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 E x 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 S u 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 c a s h b a l a n c e s t o s a t i s f y o b l i g a t i o n s 26 SUMMARY OF BALANCES AVAILABLE FOR ALLOCATION TO AFFECTED TAXING ENTITIES Total amount of assets held by the Successor Agency as of June 30, 2012 (procedure 5)15,506,672$ Add the amount of any assets transferred to the city or other parties for which an enforceable obligation with a third party requiring such transfer and obligating the use of the transferred assets did not exist (procedures 2 and 3) - Less assets legally restricted for uses specified by debt covenants, grant restrictions, or restrictions imposed by other governments (procedure 6)(3,731,297) Less assets that are not cash or cash equivalents (e.g., physical assets) - (procedure 7)(7,392,204) Less balances that are legally restricted for the funding of an enforceable obligation (net of projected annual revenues available to fund those obligations) - (procedure 8) - Less balances needed to satisfy ROPS for the 2012-13 fiscal year (procedure 9)(4,024,653) Less the amount of payments made on July 12, 2012 to the County Auditor-Controller, as directed by the California Department of Finance - Amount to be remitted to the County for disbursement to taxing entities 358,518$ CITY OF SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY EXHIBIT I - SUCCESSOR AGENCY ASSETS, EXCLUDING LOW AND MODERATE INCOME HOUSING FUND ASSETS, AVAILABLE TO DISTRIBUTE TO AFFECTED TAXING ENTITIES 27 This page intentionally left blank 28 EXHIBIT B - Page 1 of 8 EXHIBIT B - Page 2 of 8 EXHIBIT B - Page 3 of 8 EXHIBIT B - Page 4 of 8 EXHIBIT B - Page 5 of 8 EXHIBIT B - Page 6 of 8 EXHIBIT B - Page 7 of 8 EXHIBIT B - Page 8 of 8