08-0318_STRADLING, YOCCA, CARLSON & RAUTH_AgreementAGREEMENT FOR
BOND COUNSEL SERVICES
March 18. 2008
The San Juan Capistrano Community Redevelopment Agency (hereinafter referred to as the
"Agency") and Stradling Yocca Carlson & Rauth, a Professional Corporation, (hereinafter referred to
as "Bond Counsel") hereby agree as follows:
SERVICES
The Agency retains Bond Counsel to provide, and Bond Counsel agrees to provide, legal
services in connection with the Agency's issuance of tax allocation bonds (hereinafter referred to as
the "Bonds") to fund new housing and redevelopment activities, to refund its Series 1997 Tax
Allocation Bonds and/or Series 1998 Tax Allocation Bonds, if deemed appropriate by the Agency, to
fund a reserve fund and to pay related costs of issuance, including but not limited to premium for
municipal bond insurance, if any is purchased with respect to the Bonds. Such services will be
divided into two phases: (a) program planning and development of a financing plan; and (b)
implementation of the financing plan.
In the first phase -- the planning stage -- we would expect:
(a) to research applicable laws and ordinances relating to the proposed program,
including federal and state tax laws, securities laws and other laws that may be applicable;
(b) to attend conferences and consult with the Agency/City staff (including the
Agency Executive Director) and counsel regarding such laws, to participate with any financial
advisors, underwriters, developers, lenders and other experts retained by the Agency in structuring
the financing; and
(c) to consult with other firms active in the bond practice when necessary to
ensure that any novel approaches being considered would be generally accepted in the bond
community.
In the second phase -- the implementation stage -- we would expect:
(d) to supervise and prepare documentation of all steps to be taken through the
issuance of the Bonds including:
(i) drafting all resolutions, rules and regulations of the Agency and all
other basic documents relating to the security of the Bonds, in consultation with the Agency, its
counsel and financial advisors, underwriters and other experts;
(ii) preparing the record of proceedings for the authorization, sale and
issuance of the Bonds by City and Agency as members of the joint powers authority;
(iii) preparing documents relating to the financing, including without
limitation the indenture;
DOCSOC/ I 268618 1 /022299-0084
(iv) assisting in the preparation or review of any description in the official
statement or placement memorandum of California and federal law pertinent to the validity of the
Bonds and tax treatment of interest paid thereon, the terms of the Bonds and our opinion;
(v) reviewing the Bond purchase contracts or the bidding documents and
participating in the related negotiations;
(vi) attending information meetings and other conferences scheduled by
the Agency, the financial advisors or the underwriters;
(vii) consulting with counsel to the Agency concerning any legislation or
litigation during the course of the financing;
(viii) consulting with the trustee and counsel to the trustee;
(ix) preparing the form of the Bonds, and supervising their production or
printing, signing, authentication and delivery; and
(x) rendering any necessary collateral legal opinions as to the
inapplicability of the registration requirements of federal securities laws and other matters related to
the issuance of the Bonds, the joint powers authority and Agency authority with respect to the
financing generally.
(e) to render a final legal opinion pertaining to the issuance of the Bonds to the
effect that:
(i) the Bonds have been properly authorized and issued and are valid and
binding obligations;
(ii) the essential sources of security for the Bonds have been legally
provided; and
(iii) to the extent applicable to a series of Bonds, interest on the Bonds is
excludable from gross income for federal income tax purposes and exempt from California personal
income taxation.
2. INDIVIDUAL RESPONSIBLE FOR PROVIDING SERVICES
The Agency agrees to accept and Bond Counsel agrees to provide the aforementioned
services primarily through Denise E. Hering, Payam Khodadadi and Carol L. Lew.
Should the above attorneys be unable to provide such services due to death, disability, or
similar event, Bond Counsel reserves the right to substitute unilaterally another of its attorneys to
provide such services, and such substitution shall not alter or affect in any way Bond Counsel's other
obligations under this agreement.
2
DOCSOC/ 1268618v 1/022299-0084
(a) Bond Fee
The Agency agrees to pay Bond Counsel a fee in accordance with the schedule attached
hereto as Exhibit 1, provided that payment of such fee is entirely contingent upon the successful sale
of the Bonds, and payment thereof is to be made from the proceeds of the Bonds.
(b) Fee for Preparation of Official Statement
The Agency agrees to pay Bond Counsel a fee of $33,000 for the preparation of the Official
Statement for the Bonds, provided that payment of such fee is entirely contingent upon the successful
sale of the Bonds, and payment thereof is to be made from the proceeds of the Bonds.
(c) Out -of Pocket Expenses
The Agency also agrees to reimburse Bond Counsel for the actual cost of out-of-pocket
expenses reasonably incurred, excluding any indirect cost such as Bond Counsel's overhead, in
connection with the provision of the aforementioned services, including
(i) telephone, telex, and telegram charges,
(ii) messenger and delivery charges,
(iii) traveling expenses, for travel at the Agency's request,
(iv) document production charges, and
(v) similar out-of-pocket expenses.
It is recognized by the parties that Bond Counsel may, from time to time, have clients with
interest adverse to the Agency. Bond Counsel routinely represents other public entities and
underwriter's in connection with public finance matters, and such representation may include the
underwriter eventually selected by the Agency, if any. Bond Counsel reserves the right to represent
said clients, except on matters relating to the issuance and sale of the Agency's Bonds.
Any dispute based upon or arising out of this Agreement and/or the performance or failure to
perform services (including, without limit, claims of professional negligence) shall be subject to
binding arbitration to be held in Orange County, California before a retired Superior Court Judge.
Judgment on the arbitrator's award shall be final and binding, and may be entered in any competent
court. As a practical matter, by agreeing to arbitration, all parties are waiving jury trial.
3
DOCSOC/ 1268618v 1/022299-0084
3. FOLLOW-UP SERVICES
Bond counsel agrees to provide without additional cost normal follow-up consultation and
related services following the sale of the Bonds. Should the Agency require Bond Counsel to
provide extraordinary services after the sale of the Bonds, such services shall be provided at an
additional fee to be agreed upon at a later date.
V
I3.
SAN JUAN CAPISTRANO COMMUNITY
REDEVELOPMENT AGENCY
By i4 t^^^^�—� CAn--
Dave Adams, Executive Director
STRADLING YOCCA CARLSON & RAUTH,
a Professional Corporation
By f '
Denise E. Hering
Approved as to Form:
aw) 6Aid_
Omar Sandoval, City Attorney, 1Y IAL/ OagsQ/
DOCSOC/ 1268618v 1 /022299-0084
EXHIBIT 1
Tax Allocation Bond Fee Schedule
Basic Fee: The fee for the services described in the Agreement to which this Schedule is
attached shall be based upon the total principal amount of Bonds authorized and sold and will be
computed in accordance with the following schedule:
Principal Amount of Bonds
$1,000,000 or less
$1,000,001 to $5,000,000
$5,000,001 to $15,000,000
$15,000,001 or more
Fee
$15,000
$15,000 plus 1/4 of 1% of the excess over
$1,000,000
$25,000 plus 1/5 of 1% of the excess over
$5,000,000
$45,000 plus 1/10 of 1% of the
excess over $15,000,000
Out -of -Pocket Expenses: In addition to the Basic Fee and the Current Fee, Bond
Counsel shall be reimbursed for out-of-pocket expenses incurred pursuant to Section 3(b) of the
Agreement.
Exhibit 1
DOCSOC/1268618v 1 /022299-0084
32400 PASEO ADELANTO
SAN JUAN CAPISTRANO, CA 92675
(949) 493-1171
(949) 493.1053 FAx
www.sanjuancapistrano.org
TRANSMITTAL
TO:
Denise Hering
Stradling Yocca Carlson & Rauth
660 Newport Center Drive, Suite 150
Newport Beach, CA 92660
DATE: March 25, 2008
FROM: Maria Morris, Deputy City Clerk (949) 443-6309
RE: Agreement for Bond Counsel Services
MEMBERS OF THE CITY COUNCIL
SAMALLEVATO
THOMAS W. HRIBAR
MARK NIELSEN
JOE SOTO
DR. LONDRES USO
Enclosed is an original agreement for your records. If you have questions concerning the
agreement, please contact Douglas D. Dumhart, Economic Development Manager
(949)443-6316.
Cc: Douglas D. Dumhart, Economic Development Manager
San Juan Capistrano: Preserving the Past to Enhance the Future
" Printed on 100% recycled paper
CRA 3/18/2008
CRA AGENDA REPORT D1
TO: Dave Adams, Executive Director
FROM: Douglas D. Dumhart, Economic Development Manager
SUBJECT: Consideration of Draft Fiscal Consultant Report for a 2008 Tax Allocation
Bond Issuance and Agreements for Legal and Financial Counsel
(Stradling Yocca Carlson & Rauth/ Fieldman, Rolapp & Associates).
RECOMMENDATION:
By motion,
1.) Receive and approve the Draft Fiscal Consultant Report; and,
2.) Approve the Professional Services Agreement with Fieldman, Rolapp & Associates
as municipal financial advisor for the proposed tax allocation bond issuance paid hourly
for services plus costs as quoted and authorize the Executive Director to sign the
agreement; and,
3.) Approve the Agreement for Bond Counsel Services with Stradling, Yocca, Carlson &
Rauth in the amount of $84,000 plus out-of-pocket expenses and authorize the
Executive Director to sign the agreement.
SUMMARY:
The California Community Redevelopment Law ("redevelopment law") provides for the
creation of a redevelopment agency for the purpose of eliminating blight. To achieve
this purpose, the redevelopment law authorizes redevelopment agencies to receive that
portion of property tax revenue generated from the increase of the current year taxable
values over the base year taxable values that existed at the time of adoption of a
redevelopment project. This portion of the property tax revenue is referred to as tax
increment revenue. The redevelopment law also provides that the tax increment
revenue may be pledged by the Agency for the repayment of Agency indebtedness.
During the preparation of the 2005-2009 Implementation Plan it was identified that the
Agency had bonding capacity that should be evaluated for access during this planning
period. Staff has requested Agency's Financial Consultant; Keyser Marston Associates
("KMA") prepare a projection of tax increment revenues for the Central Redevelopment
Project Area. KMA has completed the Fiscal Consultant Report which identifies
approximately $21M in bonding capacity.
To access a portion of this capital at this time staff is recommending the Board of
Directors approve professional services agreement with Fieldman, Rolapp and
Agenda Report
Page 2
March 18, 2008
Associates as municipal financial advisor and Stradling, Yocca, Carlson and Rauth as
bond and disclosure counsel.
BACKGROUND:
The City is experiencing a flattening of revenues in the sluggish economy. Development
impact fees which typically finance the bulk of capital improvement projects are
stagnant however; the projects themselves still need to be constructed. Tapping into the
Agency's tax increment capacity is a way to keep capital projects moving forward.
Below is a list of projects that could be funded with TAB proceeds financing project
shortfalls or freeing up other funds for to aid other unfunded projects.
Project Name
Possible CRA TAB Eligible Projects
Descri tion
Amount
Lower Rosan Ranch:
Stonehill Drivewa a roach
$ 150,000.
Boundary Adiustment/Annexation
$ 40,000.
OCFCD Land Swap
$ 180,000.
Access Road
$1,200,000.
CIP # 471
Calle Jardin Park Improvements
$ 60,000.
CIP # 407
RxR Quiet Zones
$ 500,000.
Downtown:
Cam. Ca ./Forester St. crosswalk u rade
$ 150,000.
RxR South Platform Reconstruction
$ 125,000.
CIP # 465
Los Rios Public Parkin Lot
$1,250,000.
CIP # 144
HTC Utility Undergrounding
$ 268,000:
CIP # 118
Downtown Lighting Final Phase
$ 232,000.
CIP # 108
ECR curb/ utter & sidewalk
$ 245,000.
CIP # 409
Bus Bench Shelters
$ 175,000.
CIP # R12
Verdu o St. Beautification
$1,050,000.
Downtown Parking Stud Recommendations
$4,300,000.
Traffic Circulation:
CIP # 111
Del Obispo/Camino Capistrano Intersection
$1,076,000.
CIP # 404
J.Serra/Rancho Viejo Road Intersection
$2,600,000.
CIP # 122
Del Obispo Bridge Widenin 3
$ 560,000.
CIP # 406
SJ Creek Rd Widening — Valle to Cam. Cap.
$5,620,000.
CIP # 126
Trabuco Creek Bride @ Del Obispo
$ 260,000.
TCRP # 43
Cam. Ca ./La Zana Left Turn Phase
$ 300,000.
TCRP # 54
R.V. Road/Paseo Espada Traffic Signal
$ 300,000.
Affordable Housing:
Land acquisition
$8,000,000.
A&E and Entitlements.
$ 600,000.
Total:
$29,241,150.
Agenda Report
Page 3 March 18, 2008
A Draft Fiscal Consultant Report has been prepared to identify the Agency's bonding
capacity. The report reflects the tax increment revenues that would be allocable in the
current 2007-2008 fiscal year, based upon reported redevelopment project area
assessed values by the Orange County Auditor -Controller. The projected taxable values
and resulting tax increment revenues for the redevelopment project area are based on
assumptions determined by a review of the taxable value history of the project area;
Agency identified new developments proposed for the redevelopment project area; and
the property tax assessment and property tax apportionment procedures of Orange
County.
The tax increment revenue projection for the Central Redevelopment Project Area is
summarized on Table 7 of the Fiscal Consultant Report. This table identifies
approximately $140M of tax increment available over the life of the Agency. The net
present value of that future revenue stream is over $61 M. Staff in concert with the
Financial Advisors is recommending accessing about a third of this capacity or an
issuance around $21 M which would result in approximately $18M in cash.
COMMISSIONIBOARD REVIEW AND RECOMMENDATIONS:
Not applicable.
FINANCIAL CONSIDERATIONS:
The cost of the independent financial advisor is $45,000 plus an additional $9,500 if the
agency elects to issue Taxable Bonds. The agreement also calls for an additional 6% of
the net fee for verifiable out-of-pocket expenses. The fee and expenses are contingent
upon the successful sale of the bonds.
The cost of bond counsel services is based on a percentage of the bonds upon
successful sale of the Bonds according to the rate schedule below:
Principal Amount of Bonds
Fee
$1,000,000 or less.
$15,000.
$1,000,001 to $5,000,000.
$15,000 plus 1/4 of 1% of the excess over $1M.
$5,000,001 to $15,000,000.
$25,000 plus 1/5 of 1 % of the excess over $5M.
$15,000,000 or more.
$45,000 plus 1/10 of 1% of the excess over
$15M.
The estimate fee based upon a par size of approximately $21.0 million is $51,000. The
cost for disclosure counsel to prepare the Official Statement for the Bonds is a set fee of
$33,000.
Agenda Report
Page 4
NOTIFICATION:
Greg Soo -Hoo, Keyser Marston Associates
James Fabian, Fieldman Rolapp and Associates
Denise Herring, Stradling, Yocca, Carlson & Rauth
David Sundstrom, County of Orange Auditor -Controller Department
A. Woodrow Carter, Capistrano Unified School District
Gary Poertner, South Orange County Community College District
Carl F. Goodwin, Public Economies, Inc.
By motion,
1.) Receive and approve the Draft Fiscal Consultant Report; and,
March 18, 2008
2.) Approve the Professional Services Agreement with Fieldman, Rolapp & Associates
as municipal financial advisor for the proposed tax allocation bond issuance paid hourly
for services plus costs as quoted and authorize the Executive Director to sign the
agreement; and,
3.) Approve the Agreement for Bond Counsel Services with Stradling, Yocca, Carlson &
Rauth in the amount of $84,000 plus out-of-pocket expenses and authorize the
Executive Director to sign the agreement.
Respectfully submitted, /
Vt—
D:
/ ��GG�rc�a�i
Dou lahart
9
Economic Development Manager
Attachment(s):
1,) Keyser Marston Associates Draft Fiscal Consultant Report dated March 5, 2008.
2.) Professional Service Agreement for Financial Advisor with Fieldman, Rolapp &
Associates.
3.) Agreement for Bond and Disclosure Counsel Services with Stradling, Yocca
Carlson & Rauth.
KEYSER MARSTON ASSOCIATES
FISCAL CONSULTANT REPORT
CENTRAL REDEVELOPMENT PROJECT
Prepared for:
REDEVELOPMENT AGENCY OF THE
CITY OF SAN JUAN CAPISTRANO
March 5, 2008
ATTACHMENT
FISCAL CONSULTANT REPORT
CENTRAL REDEVELOPMENT PROJECT
Prepared for:
REDEVELOPMENT AGENCY OF THE
CITY OF SAN JUAN CAPISTRANO
32400 Paseo Adelanto
San Juan Capistrano, California 92675
Prepared by:
Keyser Marston Associates, Inc.
500 South Grand Avenue, Suite 1480
Los Angeles, California 90071
March 5, 2008
1. INTRODUCTION
Keyser Marston Associates, Inc. (KMA) has been retained as Fiscal Consultant to the San
Juan Capistrano Redevelopment Agency to prepare a projection of tax increment revenues for the
Central Project Area, as amended (the Project Area). The Project Area is comprised of the Original
Area, the 1984 Amendment, and the 1986 Amendment.
The California Community Redevelopment Law (CRL) provides for the creation of a
redevelopment agency for the purpose of eliminating blight. To achieve this purpose, the CRL,
along with Article 16, Section 16 of the California Constitution, authorizes the Agency to receive that
portion of property tax revenue generated from the increase of the current year taxable values over
the base year taxable values that existed at the time of adoption of a redevelopment project. This
portion of property tax revenue is referred to as tax increment revenue. The CRL provides that the
tax increment revenue may be pledged by the Agency for the repayment of Agency indebtedness.
This Fiscal Consultant Report has been prepared to reflect the tax increment revenues that
would be allocable in the current 2007-08 fiscal year, based upon reported Project Area assessed
values by the Orange County Auditor -Controller. The projected taxable values and resulting tax
increment revenues for the Project Area are based on assumptions determined by a review of the
taxable value history of the Project Area; Agency -identified new developments proposed for the
Project Area; and the property tax assessment and property tax apportionment procedures of
Orange County.
2. REVIEW OF THE PROJECT AREA
2.1 Redevelopment Plan Time Limits
Existing redevelopment law requires the Agency to impose specific time
limitations on the incurrence of debt, the redevelopment plan effectiveness and the collection of
tax increment revenue to repay debt. The following time limitations are in effect for the
respective subareas of the Project Area:
Plan Effectiveness Debt Repayment Amendment Action
Original July 12, 2026 July 12, 2036 SB1045/1096
1984 Amendment July 12, 2026 July 12, 2035 SB104511096
1986 Amendment July 12, 2026 July 12, 2036 SB1045/1096
San Juan Capistrano Redevelopment Agency Keyser Marston Associates, Inc.
Fiscal Consultant Report Page t
0501037 SJC GSH 9bC
19055 00C 001/1/25/08
2.2 Redevelopment Plan Dollar Limit
Under the terms of the amended Redevelopment Plan, the Project Area has a
cumulative tax increment revenue cap of $342 million. Tax increment revenues in excess of this
revenue cap are forfeited by the Agency as tax increment revenues and are allocated to the
taxing agencies as property tax revenues. As of June 30, 2007, the Agency has been allocated
approximately $63.2 million. The amended Redevelopment Plan also provides a limit on the
amount of bonded indebtedness that may be outstanding at any time totaling $100 million.
Based upon the new development valuation growth assumptions incorporated in
the attached tax increment revenue projections shown on Table 7, plus the 2% real property
value growth due to Proposition 13 and the amount of revenue allocated through FY 2006-07,
the $342 million tax increment revenue limit is projected to be reached by FY 2033-34.
2.3 Review of Agency Obligations
a. Low and Moderate Income Housing Set Aside Requirement
The CRL requires redevelopment agencies to annually set aside 20% of
all tax increment revenues into a Low and Moderate Income Housing Set Aside Fund. The set
aside requirement could be reduced or eliminated if the redevelopment agency finds that: (1) no
need exists in the community to improve or increase the supply of low and moderate income
housing; (2) that some stated percentage less than 20% of the tax increment is sufficient to
meet the housing need, or (3) that other substantial efforts, including the obligation of funds
from certain local, state or federal sources for low and moderate income housing, of equivalent
impact are being provided for in the community. It is assumed that the Agency will not make
any such findings and will continue to set aside 20% of annual tax increment. The annual
Housing Set Aside has been deducted from the attached tax increment revenue projections for
purposes of this analysis and is factored against the $4.5 million annual revenue cap.
b. Taxing Agency Pass Through Agreement
Orange County Taxing Entities — Amended in September 1987 and
encompassing the Original Area, 1984 Amendment and 1986 Amendment, the Agency agrees
to make annual payments of tax increment revenue to the Orange County General Fund, the
Orange County Flood Control District and the Orange County Harbors, Beaches and Parks
District 17.1 % of the annual gross tax increment revenues generated by the Project Area and
allocated to the Agency. Commencing after the Agency has received $315 million in tax
increment revenue, the Agency will then make annual payments to the Orange County General
Fund, the Orange County Structural Fire Fund, the Orange County Flood Control District, the
Orange County Library Fund, and the Orange County Harbors, Beaches and Parks District
Fund their full respective shares of the property tax increment. KMA has estimated that this wil
result in 36.4% of the annual gross tax increment being allocated to these five County Funds.
San Juan Capistrano Redevelopment Agency Keyser Marston Associates, Inc.
Fiscal Consultant Report Page 2
W01027 sic cse qee
M85 ooVOMe
Based on the assumptions incorporated in the attached projection shown on Table 7, this
additional triggering of payments will commence in FY 2032-33 when the $315 million threshold
is projected to be reached.
South Orange County Community College District—Amended in August
2003 and involving only the Original Area, the Agency agrees to make payments to the
Community College District equal to the District's share of tax increment revenue in excess of
$3 million, but in no event shall the District be allocated more than $5 million for any
consecutive five-year period. KMA has determined that the District share of property taxes is
equal to 9.16%.
Capistrano Unified School District — Amended in May 1997 and involving
only the Original Area and 1984 Amendment, the Agency agrees to make payments to the
School District from aggregated tax increment revenue in excess of $15 million (aggregated for
consecutive five-year periods), but in no event shall the District be allocated more than $5
million in any consecutive five-year period. For purposes of this projection and in conversations
with Agency staff, KMA has therefore assumed an annual $1 million payment to the School
District.
C. Statutory Pass Through Triggered by SB 211
A statutory pass through obligation was triggered when the Agency
adopted a summary ordinance electing to eliminate the debt incurrence time limitation of the
Project Area. This election was allowed under legislation enacted under SB 211 and triggered
the statutory pass through obligations (set forth under Health and Safety Code Section 33607.5)
commencing the first year following the fiscal year in which the repealed debt incurrence time
limit would have taken effect for ttie Project Area, which in the Project Area's case is FY 2003-
04.
Under Health and Safety Code Section 33607.7, any taxing entities that
have existing pass through agreements with the Agency continue to receive their allocations set
forth by the respective agreements. Taxing entities, including the City, that do not have existing
pass through agreements are eligible to receive their allocation of the resulting statutory pass
through generated from increment following the SB 211 enactment. Based upon KMA's
determination of the weighted average tax rate for the Original Area, 1984 Amendment and
1986 Amendment vis-a-vis the respective pass through obligations incurred by each subarea,
the statutory pass through allocations have been projected on Table 7.
d. County Administrative Fees
Chapter 466, Statutes of 1990, (referred to as SB 2557) permits the
County to withhold a portion of annual tax revenues for the recovery of County charges related
to property tax administration services to cities in an amount equal to their property tax
San Juan Capistrano Redevelopment Agency Keyser Marston Associates, Inc.
Fiscal Consultant Report Page 3
0801027 SJC GSH �
,9085 004 001MW3X8
administration costs proportionately attributable to cities. SB 2557, and subsequent legislation
under SB 1559 (Statutes of 1992), permitted counties to charge all jurisdictions, including
redevelopment agencies, on a year-to-year basis. Based upon the actual FY 2006-07 fee
amount of $37,570 (representing 0.57% of the gross tax increment), KMA has assumed that
subsequent year County administrative charges will continue to be based upon this factor. The
Gross Tax Increment Revenue amount shown on Table 7 reflects the debit of this fee.
3. REVIEW OF PROJECT ASSESSED VALUES
3.1 Real and Personal Property
Real Property, as referred to in this Report, is defined to represent land and
improvement assessed values on both the Secured and Unsecured property tax rolls of the County
Assessor. Annual increases in the assessed value of Real Property are limited to an annual
inflationary increase of up to 2%, as governed by Article XIIIA of the State Constitution. Real
Property values are also permitted to increase or decrease as a result of a property's change of
ownership or new construction activity. As discussed below, the assessed value of taxable property
is subject to reduction under certain conditions.
For the 1995-96 and 1996-97 fiscal years, the County Assessor applied a state
mandated factor of 1.19% and a 1.11 % inflationary factor to Real Property values in the
respective fiscal years to reflect the change in the 1994 and 1995 State Consumer Price
Indices. For the 1997-98 and 1998-99 fiscal years, the County Assessor applied the maximum
2% inflationary factor. For FY 1999-2000, the County Assessor applied a 1.8% inflationary
factor and commencing with FY 2000-01, the maximum 2% inflationary factor was used. Based
upon the Consumer Price Index, indices for 2003, Real Property values increased by a factor of
1.867% for FY 2004-05. A 2% inflationary factor was annually applied for FY 2005-06 to FY
2007-08. For purposes of this analysis, a 2% Real Property inflationary factor will be applied in
subsequent fiscal years commencing FY 2008-09.
The assessed value of Personal Property is not subject to the maximum 2%
inflationary increase and is subject to annual appraisal, either upward or downward. State
assessed Non -Unitary properties assessed by the State Board of Equalization (SBE) also may
be revalued annually and such assessments are not subject to the annual 2% inflation limitation
of Article XIIIA.
The Project Area assessed values are prepared by the County Assessor and, until
the 1996-97 fiscal year, have reflected the March 1 st lien date. Commencing with the 1997-98
fiscal year, the property tax lien date was changed to January 1. Each property assessment is
assigned a unique Assessor Parcel Number (APN) which correlates to assessment maps prepared
by the County. The corresponding assessed values for each parcel are then encoded to Tax Rate
Areas (TRAs) which are geographic subareas with common distribution of taxes and which are
contained within the Project Area boundaries.
San Juan Capistrano Redevelopment Agency
Fiscal Consultant Report
Keyser Marston Associates, Inc.
Page 4
W01027 GSM 9bd
19085 004 00IMN03MB
The County Auditor -Controller is responsible for the aggregation of the assessed
values assigned by the Assessor for properties within the boundaries of the Project Area. This
results in the reported total current year assessed value and becomes the basis for determining tax
increment revenues due to the Agency.
Secured properties account for 90% of the total assessed value of the Project
Area and unsecured properties account for nearly 10% of assessed value. Secured Property
includes property on which any property tax levied by the County becomes a lien on that
property.
Unsecured Property typically includes the value of tenant improvements, trade
fixtures, personal property and possessory interest. Unsecured Property values reflect
depreciation factors on the useful life of the tenant improvements, trade fixtures and personal
property of the assessee. Unsecured possessory interest values constitute a private right to the
possession and use of publicly owned property for a period of time less than perpetuity. The
taxes levied on Unsecured Property are levied at the previous year's Secured Property tax rate.
The reported values of the Project Area for the 2007-08 fiscal year are as follows:
Secured
Unsecured
Total Reported Value
Base Year Value
Incremental Value
2007-08 Value % of Value
$751,597,772 90.2%
81,404,634 9.8%
$833,002,406 100.0%
(118.182,010)
$714,820,396
The Orange County Auditor Controller may annually revise the reported Base Year
assessed values to the extent that properties within the Project Area are acquired for public uses by
tax-exempt public taxing agencies. The precedent for this action stems from the 1963 case of
Redevelopment Agency of the City of Sacramento vs. Malaki, 216 Cal.Appl.2d 480, and
subsequent related cases. Therefore, the Base Year assessed values reported for the Project
Area have, from time to time, been adjusted by the County Auditor Controller to reflect such
changes.
3.2 Historic Assessed Values
Aggregated historic values of the Project Area are summarized on Table 1
covering fiscal years 2002-03 to 2007-08. The historic taxable values reported by the County
Auditor -Controller reflect an overall average annual increase of 8.5% for the period. The
Secured values, comprising 90% of the total reported value, increased an average of 8.40/6 over the
period. The Unsecured values comprise a significantly smaller share of the Project Area's total
assessed value. By their nature, Unsecured values reflect declines in value as a result of
depreciation factors or tenant relocations out of the Project Area, as well as increases in value
San Juan Capistrano Redevelopment Agency Keyser Marston Associates, Inc.
Fiscal Consultant Report Page 5
oamov sdc csM cod
,soar ooa wlffimvna
as new tenants move into the Project Area. Unsecured values increased an average of 9.5%
over the period, as summarized on Table 1. Historic values for the Original Area, 1984 Amendment
and 1986 Amendment are summarized on Tables 1.1 to 1.3.
3.3 Land Use Composition
As shown on Table 2, KMA analyzed the composition of land uses within the
Project Area in FY 2007-08 using the County Assessor's tax roll classification system.
Commercial property values from the Secured tax roll constitute the largest land use category
and represent 57% of the reported assessed value. Residential properties account for 17.8% of
the assessed value and industrial properties comprise 11.7% of the assessed value.
3.4 Ten Largest Taxpayers
The ten largest property owners in the Project Area were identified by KMA based
upon a review of the 2007-08 locally assessed secured and unsecured valuations reported by the
County Assessor. The aggregated secured assessed values of the identified ten largest tax payers
are shown on Table 3 and include the assessee name, property use, parcel count, FY 2007-08
assessed value, percentage share of the Project Area value and percentage share of the
incremental value.
The ten identified assesses represent nearly 25%, or $206.4 million, of the total
Project Area value for 2007-08. When compared against the incremental assessed value, the ten
assesses represent 28.9% of the incremental value.
3.5 Assessment Appeals
Property taxable values determined by the County Assessor may be subject to
an appeal by the property owner. Assessment appeals are annually filed with the County
Assessment Appeals Board for a hearing and resolution. The resolution of an appeal may
result in a reduction to the Assessor's original taxable value and a tax refund to the property
owner. The reduction in future Project taxable values and the refund of taxes affects all taxing
entities, including the Agency.
KMA researched the status of assessment appeals filed by property owners in
the Project Area based upon the latest information available from the County Assessment
Appeals Board (AAB) database as of March 3, 2008, reflecting assessment appeal applications
for the 2007-08 fiscal year between July 2 and September 15.
Of the open and pending appeals, KMA found seven secured and thirteen
unsecured appeal filings from FY 2007-08 and four unsecured filings for previous years. As
shown on Table 4, the listing of open appeals identifies the application number, secured parcel
number, unsecured bill number, fiscal year, applicant name, contested value, applicant opinion
San Juan Capistrano Redevelopment Agency Keyser Marston Associates, Inc.
Fiscal Consultant Report Page 6
0801027 5JC GSH 96
19085 004 001103/03
of value, assumed resolved value, the projected value reduction and the resolution assumption
incorporated by KMA.
Estimated Value Reductions
Unless a particular pattern from parcel -specific prior year filings is seen, it is
difficult to project with any degree of certainty which appeal filings would ultimately be
withdrawn, denied, invalidated or revoked due to non-appearance. Therefore, the projected tax
refunds and valuation reductions shown on Table 4 assume that all outstanding appeals will be
reduced based upon one of several methods listed below:
1. If the parcel assessment was reduced by prior stipulation or Appeals Board
action, the contested value was reduced to the reported resolved value.
2. If the applicant, in prior fiscal year appeal Flings, withdrew an appeal or failed to
appear for a scheduled hearing or was denied the appeal request by the Appeals
Board, it was assumed that the same would occur with respect to the open
appeals being filed by the applicant. For all other appeal records, the following
assumptions listed below were incorporated in the analysis.
3. For contested Secured Property values greater than $5 million, a reduction to the
greater of either the applicant's opinion of value or 81 % of the contested value
was used (this 19% reduction was determined from the average percentage
reduction experienced by a sampling of 6 stipulated commercial appeals in the
City whose contested secured values were greater than $5 million).
4. For contested Secured Property values less than $5 million, a reduction to the
greater of either the applicant's opinion of value or 89% of the contested value
was used (this 11% reduction was determined from the average percentage
reduction experienced by a sampling of 5 stipulated commercial appeals in the
City whose contested secured values were less than $5 million).
5. For contested Unsecured Property values greater than $500,000, a reduction to
the greater of either the applicant's opinion of value or 78% of the contested
value was used (this 22% reduction was determined from the average
percentage reduction experienced by a sampling of 12 stipulated appeals in the
City whose contested unsecured values were greater than $500,000).
6. For contested Unsecured Property values less than $500,000, a reduction to the
greater of either the applicant's opinion of value or 84% of the contested value
was used (this 16% reduction was determined from the average percentage
reduction experienced by a sampling of 38 stipulated appeals in the City whose
contested unsecured values were less than $500,000).
San Juan Capistrano Redevelopment Agency Keyser Marston Associates, Inc.
Fiscal Consultant Report Page 7
0801037 SJC GSH gCE
19085 000 00110W/ W
Estimated Fiscal Impact
Tax refunds payable from resolved appeals (to the extent applicants are not
delinquent in their property tax payments) are deducted by the County Auditor -Controller from
current year tax increment allocations. As shown on Table 4, the projected tax refunds and
projected future year reductions to value are as follows:
Estimated Value
Tax Refund Reduction'
Projected Tax Refund in FY 2007-08 $12,300
Secured Value Reductions FY 2008-09 $910,000
Unsecured Value Reductions FY 2008-09 $323.000
Projected Totals $12,300 $1,233,000
The actual reductions to tax increment and Project Area taxable values may
likely be higher or lower than what has been incorporated in the attached projection. Resolution
of appeals are determined by a number of factors including vacancy and rental rates,
circumstances of hardship and other real estate comparables, all of which are unique to the
individual assessment. Therefore, actual reductions, if any, may be higher or lower than the
reductions incorporated in the projection. An appeal may be withdrawn by the applicant, the
Appeals Board may deny or modify the appeal at hearing or by stipulation, or the final value
may be adjusted to an amount other than the stated opinion of value.
Actual Appeal Filing Outcomes
The database extraction of assessment appeal records for the Project Areas
totaled to 134 records for the period from FY 2002-03 to FY 2006-07. Based upon the
distribution of Project Area appeals shown on the table below, historic statistical patterns
between FY 2002-03 and FY 2006-07 indicate that an average of 40% of all filed appeals were
reduced or stipulated, while nearly 57% of all filed appeals subsequently were withdrawn,
denied, deemed invalid or the applicant fails to appear (the remaining 3% are open and
pending). The filing outcomes over the past 5 years are shown on the following table:
' Reflects only unique appeals. In cases where an applicant has filed an appeal on the same parcel for multiple years,
only the most recent value impact is reflected in the estimated valuation reduction.
San Juan Capistrano Redevelopment Agency Keyser Marston Associates, Inc.
Fiscal Consultant Report Page 8
O 1027 SJC GSH ped
19085004001/09JOJ
Denied, Invalid,
Stipulated or Withdrawn or Open
Fiscal Year Total Filings Reduced Non-appearance Appeals'
2007-08 20 --- --- 20
100%
2006-07
15
2
12
1
2005-06
15
6
8
1
2004-05
40
23
16
1
2003-04
40
15
24
1
2002-03
24
8
16
---
Combined 134 54 76 4
2002-2006 40.3% 56.7% 3.0%
Actual Overall Net Value Impact
A secondary analysis was conducted from the Project Area parcel extraction to
determine the average percentage reduction experienced from all prior year secured and
unsecured resolved appeal filings(excluding appeals with an 'open" status designation which
therefore would exclude FY 2007-08 filings). The average percentage reductions considered all
secured and unsecured resolved appeals, including those withdrawn, denied, deemed invalid or
not heard because of the non-appearance by the applicant. The corresponding contested and
resolved values' were then aggregated and the average percentage reductions were
determined. The resulting historic percentage reductions experienced for the period analyzed
are as follows:
Total Number of
Total Number of
Aggregate
Aggregate
Fiscal
Resolved
Aggregate
Contested
Resolved %
Year
Records
Records
Value
Value Reduction
Secured
2006-07
0
10
$60,563,482
$60,563,482
0.0%
2005-06
1
6
50,738,484
47,938,394
5.5%
2004-05
2
12
69,102,548
65,024,984
5.9%
2003-04
2
18
79,946,633
78,686,130
1.6%
2002-03
2
11
18,249,738
17,684,325
3.1%
Combined
7
57
$278,600,885
$269,897,315
3.1%
Unsecured
2006-07
2
4
$2,910,682
$2,897,426
0.5%
2005-06
5
8
9,419,012
8,530,489
9.4%
2004-05
18
27
21,602,892
21,207,608
1.8%
2003-04
13
21
3,836,270
3,775,994
1.6%
2002-03
6
13
1,838,110
1.360.424 26.0%
Total
44
73
$39,606,966
$37,771,941
4.6%
applications, including appeals on Supplemental Roll and Assessor Roll Change values.
' All categories of appeal
' The resolved value of appeals withdrawn, denied,
invalid or a no show is the same as the
value contested since no
reduction was approved by the Assessment Appeals Board.
San Juan Capistrano Redevelopment Agency
Keyser Marston Associates, Inc.
Fiscal Consultant Report
Page 9
O 1d 7 SX GSH gbd
IW85o wilomwoa
For the period reviewed, properties that were the subject of assessment appeal
filings in the Project Area only resulted in an overall average net secured value reduction of
3.1 % and an overall average net unsecured value reduction of 4.6%.
4. TAX ALLOCATION AND DISBURSEMENT
4.1 Tax Rates
The tax rates which are applied to incremental taxable values consist of two
components: the General Tax Rate of $1.00 per $100 of taxable values and the Override Tax
Rate which is levied to pay voter approved indebtedness. The basic levy tax rate may not
exceed 1% ($1.00 of $100 taxable value) in accordance with Article XIIIA. An amendment to
the Constitution prohibits redevelopment agencies from receiving taxes generated by new
Override Tax Rates, which are reflective of debt approved after December 31, 1988. Based
upon the County remittance of tax increment attributable to the override debt levy, the FY 2006-
07 override tax rate was 0.00323% for the Original Area, 0.00342% for the 1984 Amendment
and 0.00373% for the 1986 Amendment, all of which are very low override tax rates. Therefore,
for purposes of the tax increment revenue projection in future fiscal years, KMA has assumed
that projected tax increment revenues will only reflect the basic 1% tax rate.
4.2 Allocation of Taxes
Secured taxes are due in two equal installments. Installments of taxes levied
upon secured property become delinquent on December 10 and April 10. Taxes on unsecured
property are due March 1 and become delinquent August 31. The County Auditor -Controller is
responsible for the aggregation of the taxable values assigned by the Assessor as of the lien
date for property within the boundaries of the Project Area. This results in the reported total
current year Project Area taxable value and becomes the basis for determining tax increment
revenues due to the Agency. Although adjustments to taxable values for property within the
Project Area may occur throughout the fiscal year, such adjustments are not assumed in the tax
increment projection prepared by KMA.
Tax increment revenue is disbursed to the Agency based upon actual collections
within the Project TRAs. Secured tax increment revenues are typically disbursed by the County
in eight monthly payments beginning in November. Approximately 50% of the total tax
increment revenues due to the Agency are allocated through January, reflecting the first
installment of Secured property tax collections. By the end of April, approximately 80% of the
total Tax Increment Revenues are allocated to the Agency, reflecting second installment
collections of Secured property taxes. Final reconciliation payments related to the secured
increment are made in July. Approximately 90% of the annual Unsecured tax increment
revenue is disbursed in September. Two additional unsecured reconciliation payments are then
made in January and June.
San Juan Capistrano Redevelopment Agency Keyser Marston Associates, Inc.
Fiscal Consultant Report Page 10
0001027 SJC GSH 9EE
19085 00a OOIM310WW
4.3 Tax Receipts to Tax Levy
Tax increment revenues are allocated to the Agency based upon actual tax
collections received in the Project Area. Computed tax increment revenues are based on the
actual historic tax rates applied by the County to determine the annual tax increment revenues
to the Agency. These tax rates will include the basic 1 % tax levy plus any additional "override'
levies reflecting voter -approved taxing agency indebtedness approved before January 1, 1989.
The actual computed tax rates vary slightly from year-to-year because of the rates applicable to
the overrides.
To estimate the percentage of unpaid taxes, a comparison of computed tax levy
to actual tax receipts was conducted by KMA. This comparison, summarized on Table 5, was
reviewed for FY 2002-03 through FY 2006-07 based on the County's year end tax ledgers. The
partial collections for the current FY 2007-08 (as of March 2008) are shown for memo purposes
only. For purposes of this comparison, the Secured and Unsecured Tax Increment amounts
shown under IV., do not include supplemental taxes, prior year redemption payments and tax
refunds, and are before reductions for County administrative fees and pass through payments.
The historic allocation ratio during this five-year period (FY 2002-03 to FY 2006-
07) averaged 96% of computed levy. If the reported redemption payments are included in the
tax receipts, the average collections rate increases to 97.8% for the period analyzed.
5. TAX INCREMENT REVENUE PROJECTION
5.1 Tax Increment Revenues
Property tax revenues in excess of the amount resulting from the valuation
shown on the assessment roll for the base year value of the Project Area are referred to as tax
increment. The base year for a project area represents the fiscal year in which taxable property
was last equalized prior to the effective date of the ordinance approving the redevelopment
plans for the respective redevelopment projects.
The projections of tax increment revenues shown on Table 7 are based upon the
fiscal year 2007-08 assessed values and base year assessed values reported by the County
Auditor -Controller. The application of the Proposition 13 inflationary increase to Real Property
values, plus any anticipated values added from new developments identified by Agency staff
and summarized on Table 6, results in the estimate of future project area values.
5.2 New Development Value Added
New developments occurring in the Project Area have been identified by Agency
staff for inclusion in the tax increment revenue projection. The projects included in the tax
San Juan Capistrano Redevelopment Agency Keyser Marston Associates, Inc.
Fiscal Consultant Report Page 11
0W102. SJL GSH g8E
19095W W1A8 M8
increment projection and their corresponding estimates of taxable value are presented on
Tables 6.1 (Real Property) and 6.2 (Personal Property). The amount of new development
values anticipated to be added to the future property tax rolls are assumed to be as of the
January 1st lien date of each year. The valuation estimates for each project are based on cost
estimates provided by Agency staff and only reflect significant Agency -identified projects
anticipated to be built. Additional new development value would be added for small scale
projects and transfers of ownership that may occur throughout the Project Area but not
assumed in the projection. The developments assumed by Agency staff are as follows:
Agency Identified
New Development
Ventanas Industrial Park
Centra Pointe Office
Total Real Property Value
5.3 Unitary Tax Revenue
Real Property
Value Added
70, 800, 000
12.250.000
$83,050,000
Tax Year
Value May Appear
2010-11
2011-12
Commencing in 1988-89, the reporting of public utility values assessed by the
SBE was modified pursuant to legislation enacted in 1986 (Chapter 1457) and 1987 (Chapter
921). Previously, property assessed by the SBE was assessed State-wide and was allocated
according to the location of individual components of a utility in a TRA. Hence, public utility
values located within a project area were fully reflected in the Project Area's annual taxable
value. Since the County no longer included the taxable value of unitary properties as part of the
reported taxable values in a redevelopment project, base year reductions were made equal to
the amount of unitary taxable value that existed originally in the base year. The values of most
public utility properties are now assessed as a single unit on a Countywide basis (referred to as
unitary values). Railroad properties and utility owned parcels not included by SBE in the unitary
assessment are referred to as Non -Unitary assessments.
Unitary tax revenues are distributed by the County in the following manner: (1)
each taxing entity will receive the same amount as in the previous year plus an increase for
inflation of up to 2%; (2) if utility tax revenues are insufficient to provide the same amount of
revenue as in the previous year, allocation of the taxes would be reduced pro -rata Countywide;
and (3) any increase in revenue above 2% would be allocated in the same proportion as the
taxing entity's local secured taxable values are distributed to the local secured taxable values of
the County. According to the County Auditor -Controller, the Agency will receive approximately
$30,215 in Unitary tax revenues in FY 2007-08. For purposes of this projection, it is assumed
that the Unitary tax revenues will stabilize at this amount thereafter and have been included in
the Gross Tax Increment revenue amounts shown on Table 7.
San Juan Capistrano Redevelopment Agency Keyser Marston Associates, Inc.
Fiscal Consultant Report Page 12
a 1027 SJC csr gbd
190850 oolro3 xo8
5.4 Supplemental Assessments
Supplemental assessments are authorized under Chapter 498 of the Statutes of
1983, which provides that property may be reassessed upon the occurrence of a change of
ownership or completion of new construction. The supplemental assessment reflects the
difference between the new value and old value. Prior to the enactment of Chapter 498,
property reassessments occurred only on the lien date next following the change in ownership
or new construction. The supplemental tax (if there is a resulting increase in value) or the
supplemental refund (if there is a resulting decrease in value) is determined by applying the
current year tax rate to the amount of supplemental assessment and prorating the resulting tax
based upon the number of months remaining in the current fiscal year and, in certain instances,
in the forthcoming fiscal year."
The tax revenues or refunds derived from supplemental assessments are
allocated to redevelopment agencies on a monthly basis and incorporated in the tax payments
prepared by the County Auditor -Controller. Future new developments or property transfers
occurring in the Project Area could likely result in supplemental tax revenues being allocated to
the Agency. However, due to their nature as one-time occurring revenues, supplemental taxes
can be a relatively minimal revenue source to the Agency to the extent no new developments or
transfers of ownership are occurring in the Project Area. In addition, pursuant to conversations
with County Tax Collector staff, the receipt of supplemental taxes by the Agency can be delayed
by as much as six to nine months after a property transfer or construction.
Supplemental taxes are prorated by the number of months that remain in the
fiscal year. However, the City's projection of future new developments occurring in the Project
Area did not contain specific completion months, making an annual supplemental tax estimate
difficult to project. Therefore, for'pu"rposes of the projection, KMA has not included any
revenues in the tax increment projection resulting from future supplemental assessments.
Supplemental tax revenues are subject to the annual tax increment revenue limits imposed by
the Redevelopment Plan.
5.5 Tax Increment Revenue Projection
The tax increment revenue projection for the Project Area is summarized on
Table 7 commencing with the 2007-08 fiscal year. The projection is separated into Real
Property and Personal Property values for purposes of increasing Real Property values allowed
under Proposition 13. The trended percentage growth assumptions above the Proposition 13
2% inflationary increase are incorporated into the revenue projection to reflect anticipated Real
Property increases resulting from future transfers of ownership and new development and
renovation activities not identified by Agency staff on Tables 6.1 and 6.2. The impact of value
" Two supplemental assessments would occur in instances where a change in ownership or a new construction
occurs between the January 1 lien date and May 31".
San Juan Capistrano Redevelopment Agency Keyser Marston Associates, Inc.
Fiscal Consultant Report Page 13
0801027 SJG GSH qee
t9 s 001/03/0
reductions resulting from identified assessment appeals has been incorporated into the
projection based only upon current open appeals identified.
The projected growth in Real Property taxable values has been limited to
anticipated value added from the identified new developments discussed above, the maximum
annual inflationary factor allowed under Proposition 13. This projection assumes that future
inflationary growth commencing in 2008-09 will be at least 2% per year. Future Personal
Property values are assumed to stabilize at the previous year level with the addition of value
assumed from Table 6.2. Net tax increment revenue represents the gross tax increment
revenue less the sum of the County's collection fee authorized under SB 2557, estimated tax
refunds due to appeals, the 20% housing set aside, pass through payments to affected taxing
agencies, and triggered statutory pass through payments set forth under Health and Safety
Code Section 33607.7.
A "no growth" projection of the tax increment revenues has been prepared as
Appendix Table A to reflect how current tax increment revenues decline over time as the plan
limitations for the respective project areas become effective. The "no growth" projection does
not assume any valuation growth from new developments or inflationary increases after FY
2007-08.
6. CAVEATS
The projection reflects KMA's understanding of the assessment and tax apportionment
procedures employed by the County. The County procedures are subject to change as a
reflection of policy revisions or legislative mandate. While we believe our estimates to be
reasonable, taxable values resulting from actual appraisals may vary from the amounts
assumed in the projections. Assumptions have also beeli made that Unitary tax revenues will
continue to be allocated in the manner discussed herein and that legislatively -mandated
payments to the State will not be required in future fiscal years. These assumptions reflect
existing State policies and are subject to future legislative changes.
No assurances are provided by KMA as to the certainty of the projected tax increment
revenues shown on Table 7. Actual revenues may be higher or lower than what has been
projected and are subject to valuation changes resulting from new developments or transfers of
ownership not specifically identified herein, actual resolution of outstanding appeals, future filing
of appeals, or the non-payment of taxes due. The accuracy or completeness of assessment
appeals identified in the attached table are based solely upon information provided by the
County Assessor's office as of the original review of said data.
Attachments
San Juan Capistrano Redevelopment Agency
Fiscal Consultant Report
Keyser Marston Associates, Inc.
Page 14
MD1027 SJC GSH gM
15 ONOOtMMM
m d c p d a c g E
E o u E o- ti E
i
c n o^ y c n" x d 9¢@ u 1° v n �° m L^
E
tip EawF � a wF =� EaL' 1p- �� Ea"3i0
n
p m
O m m m
m O O O O
O mO r r1
M N O
m
e t
O O N O
r1 O O O O
O r d ry
w INN rl
Q
O
m
a e a e
oe e e
o e a a a
e e e e e
e
W N pl N
17 O O O O
O O m O m
(7 OI 1p Q N
A
p1
d O m A
e t
r1 m pl m
O O O O O
O O m �7 N
U
N N
O O O
O d N N
n N
�-
ry N N m
N O O O O
O w m
d m m O
w
m
N O O m
I
1p
R
r) Q O
N m ry O
d h t7 O
N
r
M- d
o w n
w w
O m m m
O N m N
W
O
o
o
Q
m pi o.-
d
N mom
.-nm rim
d_ n w d d
m ri riN
o
ri
ry n o d
n d d v o
d m m r
d n ono
m
e m
1� m r m
N [7 t7 17 O
Cl O (7 O
W1.00
m
N
dm w
m m Q m o
o m m e
o r o n
w
mo AAo
m m m
m r wmN
w w�nNmvi
n
m m O t7
d N r1 m
m O O Q th
N N N N m
O
O
n O m O
m m m m
m N N w n
M mN d n
m
N w w w
m
o r ry .-
ry d n r o
m m mW w
N N
�
m w
M
n piw ori
mava
� r piQ e
N
� m ��
d -w
mrmimrn
o e a
s e e v o
o v e ee o
o e e e e
o and on
ww mo
w mr�m wm
nr� oro
m
� N ry m
n m m m o
m w m ry m
m m m w m
m r m O
O ."NOW
r1 m o m
N r n m m
O
m m
Ol
m N N m p
m r) m n
m
m
Q n n m
O m n
w .- N m Yf
n m m--
d
w n' m
N d Q r
n m NR m
O w l7 Q Q
O
m
m Q
CO m n d
' m
N NN - S
w w O N m
O
o
O
m m m n
_
�
m w N 11pp y
N
s a v e
e e e e
e s a ;eo
e e oa e,
m
m r1 t7
m m m O
m m m r)
N N N O
n
e U
� vi ri miu
Y'Y 90
IT Qa.d�rN,
�rinm�o
'
v
o-m�
m � m mo
n rrmm �m
d o mNd
m
m
m N m m
n .� n
m n d d o
� ry m A in
n
R
0
N m N d
N w m m N
ry
0 1I N
n d m d
mO N
w
N N
w m O A d
"
mw A n m-
O
m N w N
m
rl
n N 17 O N
d
O m N
m m m O
m N N Qr)
N w N m
m
t
m Q r M
m Yf m m O
m N O O
m A O m O
r)
e
m mw,Q
n t� m
m m m
m e mmmm
d
4
u] N n m
Q O m r)
m m O m
m r m O m
N
o
i
m � n N w
0
m m m m
Q d r m o
m mo m v vl
M n
m
M o n n
e n o n
n Y
v
o_
M
N C
m 0 0
b
R
t7
N
_m
r 01 O
A
om
vi is mai
N vin _.N
a ommui
m d c p d a c g E
E o u E o- ti E
i
c n o^ y c n" x d 9¢@ u 1° v n �° m L^
E
tip EawF � a wF =� EaL' 1p- �� Ea"3i0
n
d e V
d m 'd O
m N N N O
N O d m N
N d m r dm
m
o a e o
e e o o o
e o a e o
e e o a e
e
m d m N
N m 1+f
m O O O O
m O O O O
O N O m m
O m m r N
N O m n
Y Y1 a1 b d
m
e L
N N
m O o OO
M
O m O
(7 N O n n
m
V
w (7
OOO
O O 1+)
N
m
N
b m O n
m b m m
b
m
d Kl n b
O d b m
NO n N
d m I d b
n
m
m
o
n ov
n n d . m
m m
M.o
m mm.
N vnwom
p n N n m
m
r
o CO m q
,nom
m N b mmm
m
`-'N
O
e o a e
o e o o o
0 o e o 0
o a e e e
e
m
b m m t`9
m WO m 0.
m m m W
m O m n
m
n m m d
m m m m
m O d d d
d .D m N
m m [7 O m
n O m N
Nf
0
o
p
N N O
m m m m
m O 17 d
.- m N m m
m
b m N d
t+l � m O
n N
m N N S
N m m m m
m M RN e-
m O O m
m O m n N
m
m
m
O
N
ry
eeeeo
e91
eoeee
eeeee
m d b
m m O
b mN
m n 0 0
m m m O m
LN
m m
Oi m m O
N m m m O
m ---o-
m m m O N
m� d 0�
m O N n m
M O
m
M
�-
V
d d n O
d O d
m ."low
m m
n m y m m
m d N r
d .0"
m m O d N
-
O
m
p
N m b
m m r
m d d r
m
n n b N m
pi N ch N b
M
m m O m
m m d N
m O m O m
O m O m N
Q
O
O
WN
N y
M N V�
o a e o
e e o e e
e e e o e
e o o a o
e
m
,N N O
m m m n
O N N N O
O m m m O
N m [7 d O
m (O m b m
m m d m O
m N O n
m
d
o
d o NI d
N v g O
O O
r
v
q n N N N
n N N
d
- m. O
n o o n m
m d m t7
m
N n O
m N c]
m N
r O IT y
m
b
p
m� n
o
m elO �b
oadb mr
eeeee
eeeee
I81 e
eeeee
O m m N
N m m m O
m m N [7
N O N n
N
o V
m n d m
m m O
N 17 m N2 O
b O lD b
t2 N 1? If N
o Ii m m O
T
d
on
dmdeo
d od"lr
�.
Y
gmmnvoi
o mm. -m
Inrn
m mm
m d mmNm
o o momma
m,ndon
o ry ��-m
C
O
N O m
b m N �-
w10 Q Yf
N m n
n
y
o mom
m o m m
m m mmm
rn m b m
b
om
m Q
n m N
b m m Q
d, m b
o
Q
m n b
O
N p � N
N - m � n
Q
y
N
� C
N dd
E
i
d d N 0
N d n m O
m d m m
Q
0
m m N
m_ D! O n
m n m m
m n O m
N b m b
N m n m �
0 n r d
d d m n
�
y d
m
Oi
m m
r N N
m O b Q
m
m Q m n
N
n
y >
N b m m
y m m b
m O m N m
N n y N m
m
d y
O
tV d ,lf
N
N D N
N m m m m
m
mo
�-_�
E- o
a E a
o
O` m
- E m 8
0
:-o
m
U
i > c nen
nS
>
i s nj
E-&
a Q C
E
2 qq*
E
v a u
0 E
c a L°
Eawr
'S c C
c n
:?
!- 20N
D e a o e a i o o i o e e c o o e i e i
o W - I M o 0 0 0 0 0 0 n M M o 0 o m m O o
L W m Q O N O O O O O O N Ip O W m b N O h
d o () N d m O n O O O O O YI A N O N N N m O m
e
r
4
e t
b
b
O
O
o t
b
S
N
g. L
E m c o
E -0
-c oE d
oEfl4cooE n > c
na >m m> om> oonEL m n L m L u
E 0LnZ
_d`o
Eau'jr a� Eawr
Y1
N O O O O
O 1n O 10
b W O
r�Nis nio
00000
�o�e
vi eco iso
m N m m`
b O O O O
O Q M M b
N O m m 17
b W N M
m
m W' Ip
m N W O O
y
O
M m m
M
� �
N
v e o v
e e 0 o e
o e s o
e a pe v e
O O O O
O m M M
m N N m N
m � M Q
M O O O O
O
oi�00ri
000 00
vmn e.-
ri�ui ai
N
r N
N
N M
O O
N
O N n t0
N b !3
d n m W W
b b Q h O
N b N Q
b
'
O_ m O
m M Yl 1� b
W W M W
N
m N M
m B O N N
m O m
M
M m 10
m
m N W M
b W Q b
d
Q^ v
<p M N b
N
o o
0 o e ao
a o o e ao
e v ae
W
t0 m O
Vl Q M m
M O O O O
O N A b
M h W O
M O O O O
O m O M d
W b N m
M d m W
Q
P
M m N mm
F O b W
M m O m
:!,M"
W N b
N
O
^ M MN
m M N m m
m O Q IA
m
M b v
OI d O Yl
1
n N N
v e o v
e e e o 0
o e e e 2°
a e e e2 e
� N O
WO.
O O O O O
O O m m W
d m W O b
b W b O
M O O O O
O M N D
O ID M M Nm
b
O O O 00
M W M N
M Q N h W
W N N O
M
m m N
W N W M N
e e o
e o o v o
a o 0 o a
a e e o e
m O 1� O
Q O O O O
O W 1A M O
V1 N m Q O
N M N O
O O O O O
O f Q pi O
m N N O O
m W b O
M O O O O
O m M Q M
N<p N O M
b m W W
N O m Q W
W
m m W
b 1 n1 n W
h r
b
N
r N
N
' M N '-'
N N
b m d Q
b i b
Q
m
M
o.w0
w O O O O
O O
0
N O m
'•�-
Y n^
m w m
m o
o n w
o
w a omi
e o
E m c o
E -0
-c oE d
oEfl4cooE n > c
na >m m> om> oonEL m n L m L u
E 0LnZ
_d`o
Eau'jr a� Eawr
Y1
� c 2
mp�LD
o > c n m0 - > c o.�
vaEiaEi :9
N E a w rm- E if ) r a w r a E a w r
e<a
Iesoe
°000e
eves°
o 0 m o
m O
a
0 o e s
e e e ap e
a a: s o o
e o e e e
e
m
oFc? on
00000
00mo�o
mmMoo
o U
y Wo o
n 0 0 0 0
0 00 19 o o
ry o y a o
n
O M m
m 0
n
m
m
m e W e
0 o a W
n
o.
W
o
c o
cli
e v
o n o
n
n
n
W O m
r
N
b m
N W O N
Y
o
N
M
M
M m b O
O O O O
O N m m O
O b O Y O
M
O m O
M M M
m
m
N W M
b M Of
W N n O
W W n N
V
W
n
p
Owi tmD m
vl
m Omi C
m � b N
N
N
M
M
v e e
o v e o az
e o a" o v
o v e v
a
O m V O
O O O o O
OO W n O
O O b< O
N
o 0 o o
0 o r m o
�n 0r --r
o V
N F O
N OOOOO
O ai m O
b N n m O
N
W m N O
.O p O
O O C m O
M W N O
r
O Ol O
m
ON
W O b m
N O W N
W
m
N
e e
e aE a e v
o
m
n N Y O
O F M O
p O O O O
tp .0000
OO bO
O O m. O
m n W W O
N O O N O
n
O
O O O O
O O
m m< O
N O O O O
O 00.01
m W N Om
b
p
m W
0"o
N b
O
W b
V N
b m o b
b Vpf N W
b
1
<
O m M
M
W O
IU O V M
W
O m M O
O O O O O
O O N N O
M O r M O
m
m
O b N O
m O O O O
O O m W O
N O O m O
O
W mu+
m
o�v
n m
b mar
10 fp O N
b
m
4
0
N mO
M
m
m m
W N r
m m m
m
�
p
ONS
O
ter'
(V O'lV
n
N
N
N
O
V
m
T
cn �- N
W
tpp Opl
W m m
M
N
m m W
r
W b
N m .- N
O
� c 2
mp�LD
o > c n m0 - > c o.�
vaEiaEi :9
N E a w rm- E if ) r a w r a E a w r
Table 2
Values by Use
Central Redevelopment Project Area
San Juan Capistrano Redevelopment Agency
Use
Count
Total AV
Percentage
Residential
165
148, 578, 855
17.8%
Commercial
240
476,217,964
57.2%
Industrial
39
97 480,841
11.7%
Miscellaneous
4
96,381
0.0%
Rural
36
29,223,731
3.5%
Exempt
86
-
0.0%
Public Utility - 0.0%
Unsecured 81,404,634 9.8%
Total AV 570 833,002,406 100.0%
Source: Orange County Assessor and CD Data
Prepared by: Keyser Marston Associates, Inc.
Filename: Top Ten 8 Use Values 2006-03-05.xis T2 Use: 12114107: nym
C
C
V
X
x
x
Q
x
x
x
x
Q
x
O N
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
a`
a`
N
N
O
m
�
C
O N
O
o
0
0
0
o
e
o
o
e
o
m
u;
Q
M
M
N
N
N
N
N
N
N
N
o
0
0
0
0
0
o
e
o
O
N
M
N
N
N
N
N
N
N
N
N
N
O
N
N
I�
O
W
1n
N
In
M
OJ
O
m
r
N
O
N
ap
n
of
c�
T
O
N
O
N
O
OI
M
m
w
O
N
Q
m
O
6
O
m
M
—7
co
O N
O
N
h
O
O
N
m
M
oD
M
(O
QM
O
M
O
N
O
M
M
oD
tD
O J
N
N
N
N
N
{{Mpp
O
N
N
b
O
O
N
O
y
O y
O
rMj
N
w
Z N
a
o
n
y
o
N
N
�
f0
m
t0
(0
t0
w
m
.y
.N
E
'E
E
E
E
E
`E
v>
E
E
E
E
E
v
E
LL
E
E
E
E
E
E
O
O
C
O
O
O
Q
n
v
c
c
u
E
d
N
V
Y
N
Q
B E
y
p
Q
Q
m x x
p
Q
N
Q
U
m
U
v
o c o
NCL
4 O
Q)
E
p
G
o
'o
O of o
N
W
C
N
a
a`
L) . m
LL
d
Z
@
N
o
o
u o
a d
N
O1
C
N
'd
V
LL
O N N
v
N
Q
O
-
F_
O
N
O
N
N
V
n
C
E G
NO
J
O
J
U
LL
LL
N P 7
y
C
w
Q
O(0
p
r
w
M
O
3
d
a m H
O
u
o
o
F
W
c
y
O
N
W
v
v
N
a V
CU)
2'
.E
m u F
C
E
o
Eof
o
N
y
a`
m
p
r
A
C
>
LL
U
Jm
U
VJ
fn
m
m
i� m
C
F
C
N
th
O
O
n
aO
O)
O
m
m
w
o y y
F
U N
N d I L
�I - - - - - - - - - - - - - - - - - - - - - - -
a- a aaz1 a Rsena s
A A fr n a e 4 p p p 4 P 4 e p 9 4 4 9 L p o
t E p E E
8- 8 8 x 8 8- 0 8- 8 8 8 3 d&
B. $ 8 8 „ A a a Q m 8 n n
.......e nn
80' eo _ry
3
� Q V
2 2 2 V U
W ?
K K¢ W 6 Q V . . . . . U . . . .
p U
~~~ F¢ W W 2 2 Z z Z z
a6 < Q O U Q N W
F J 2 w U E f N W W Lu w w w w w w w
N N N w N N
0
o 0
V I U Y Y Y Y 3 a a X%% X X a< o z a oz a u u u o o W o 0 0 0 0 0 0 0 0
z z z z z a e a
N N N~ Q~ J J J J U V Z W W W w W W W
< N U 6 N w m w N�� J X X%% X%% X X%
T W w w R W W 9 W w w W W 9 "w R
E a, �uuuuifr..v uu u u.. u.uciuc°iuu�+c">io
E rc> 8 8 8 8 8 8 8 8 �0 8 8 8 8 8 8 8 8 8 8 6 8 8 8
u, g m n 8i R m m $i
n a z w o ry v__ n ry ry ry ry ry n« n r ry
v d
n � o
Sd�S 8ry .8�- 8A � J8 �S �8 8N 8 S0. S S S 8 8 8 S S
F3 8
0
vrvi S $$ "�
9 9 9 0$$$$$ 9 x 4 4
ry m q W O o 0 0 0 0 0 0 0 0
A M
O
m
m
M N
m rn
A
m
m m
t0
m
N
n m
Q O
M
A
C4 M
O
.M... 0
n Q
N m
m
Q
N N
Q O
A
A
N N
A
A
rn
m O
O m
M
Q
Q m
M
m
N
rn
N
.
Em
W
h
M
Q
Q V
Q
N
n
m
n
CL
n O
m m
0
m
m N
m
o
e
n
N fh
o
o
O
N
omm
Nmm
m
Nn
Nm
W
m
nom
m
mrn
Q M N
O N
n
m
(6
n rn
N
O
n
m
_m
n
N
A
N
W N M
i0 �O
m
0
6
O m
m M
n
m
W
m w
W
A
N
n
Ip
O N m
m l()
M rn
m
M
nO
M
n N
N
N
m
rn
M
m-
N �
m
m
N
"V
n
O
M M
A n
m
m
N
m `"
m
m
N
m
A i
m
O m N
O m
Q
N
m Q
M w
e
p
m_
N O
o
AO
m
m
m m
Q m M
m m
Q N
rn
rn
Q
o rn
A
o m
rn
M
O
W
m
O
rn o
rn N
m
(O
Q
CO
M
m
r O
V
N
N
m
ONM
N
m
m
rn Q
m
}LL
m N
N
OM
>vO
m
N m
N W
M
N
N
i[
O
O
VI
OfV
N
N
N
m �
umi
M
M
O
O
O
O
MQ rn
m m
m
V
n n
Q W
�O
u-
m
Q m
Q
LL
rn
M
M m L6
M N
O
O
N
Q m
m
C
N
O M
m
C
Q
m
p
N Q W
N
W
M n O
M N
m
9
m
N Q
m
0
M
Q
m m m
Q
m
Q
m m
N
y
M
y
Q
W
OLo
W
m
Q
N
N
O
r
tQ0
O
0
Y
Y
rn
m
R
R
B M W
10 rn
t0
m
O �O
N
Q
Q
m
Q N
N
Q
Q
m
N O M
m N
C'l
O n
A Q
N
m_
m l0
m
N
Q
Q
A W O
Q m rn
N
N m
0
m
0)
A th
rn 0
O m
0
n
m
IO
N m
N (p
W
m
th
m
m
.-
M
m m m
Q Q
rn
W
N Q
n
A
N
O
O
W
OW
Q
Q
Q v
Q
i0
O
M N
m
N
N
N V
Q
Q m M
m m
o
m
m W
A N
o
N
m 0
o
rn
m
m N W
O W
N
m
m M
M M
n
W
i0N
M
m
O
m
M
n
M
'N iD
Q
to m M
A M
Q
m
N m
N
rn
m
A rn
rn
M
N
n A Ln
m O
m
m
rn M
M M
Q '-
N
n
01
Q
M
v
Q
Q v
Q
O
N N
m
v
C
d
Q
c
N
v O
O i
v
J
N p J
d
y E
=1 E
o
VO`
0
a
m
N N
O.
c E d d
m a
a
Y Y
>
v i
E v. n
Y� a
E
HF
ie 0
Y
v E
CL E
o
S
y
y
c
o
Q lC0
m v
> a
_ x F U
o± U
c
O D
H m
u> ?'
E
—� E+
fi
�
Y o
E.
ns o
c
J d
¢ N?
o m m E
!- Y c li
o
C LL
o
n
a m
v Q v
mQ v
v
no
09UmQ
_o u'
O
Q
C
O U R N
N V
Q U N N N
LL' W
fn
a"
to 7
Vim- J
N
W 7 H>
¢
Q
F
Q H>
Q 10-
>
>
Fes -WUu)
>
Table 6.1
Real Property Added
Central Project
San Juan Capistrano Redevelopment Agency
Gross Sq Feet:
Unit Value:
Value Added:
84 Annx
236,000
300
70,800
84 Annx
35,000
350
12,250
Total
Real Prop
Value
Added
Cumulative
Increased at
2%
2007-08
0
0
0
0
2008-09
0
0
0
0
2009-10
0
0
0
0
2010-11
70,800
0
70,800
70,800
2011-12
0
12,250
12,250
84,466
2012-13
0
0
0
86,155
2013-14
0
0
0
87,878
2014-15
0
0
0
89,636
2015-16
0
0
0
91,429
2016-17
0
0
0
93,257
2017-18
0
0
0
95,122
2018-19
0
0
0
97.025
2019-20
0
0
0
98,965
2020-21
0
0
0
100,945
2021-22
0
0
0
102,964
2022-23
0
0
0
105,023
2023-24
0
0
0
107,123
2024-25
0
0
0
109,266
2025-26
0
0
0
111,451
2026-27
0
0
0
113,680
2027-28
0
0
0
115,954
2028-29
0
0
0
118,273
2029-30
10
0
0
120,638
2030-31
0
0
0
123,051
2031-32
0
0
0
125,512
2032-33
0
0
0
128,022
2033-34
0
0
0
130,583
2034-35
0
0
0
133,194
2035-36
0
0
0
135,858
2036-37
0
0
0
138,575
Source: San Juan Capistrano Redevelopment Agency
Prepared oy Keyser Marston Associates, Inc.
Filename: SanJuanCapistrano_2008-03-05.xis: Real: 3/5/2008: GSH: Page 1 of 1
Table 6.2
Personal Property Added
Central Project
San Juan Capistrano Redevelopment Agency
Gross Sq Feel:
Unit Value:
Value Added:
84 Annx
236,000
15
3,540
84 Annx
35,000
20
700
Total
Per Prop
Value
Added
Cumulative
Increased
0%
2007-08
0
0
0
0
2008-09
0
0
0
0
2009-10
0
0
0
0
2010-11
0
0
0
0
2011-12
3,540
0
3,540
3,540
2012-13
0
700
700
4,240
2013-14
0
0
0
4,240
2014-15
0
0
0
4,240
2015-16
0
0
0
4,240
2016-17
0
0
0
4,240
2017-18
0
0
0
4,240
2018-19
0
0
0
4,240
2019-20
0
0
0
4,240
2020-21
0
0
0
4,240
2021-22
0
0
0
4,240
2022-23
0
0
0
4,240
2023-24
0
0
0
4,240
2024-25
0
0
0
4,240
2025-26
0
0
0
4,240
2026-27
0
0
0
4,240
2027-28
0
0
0
4,240
2028-29
0
0
0
4,240
2029-30
0
0
0
4,240
2030-31
0
0
0
4,240
2031-32
0
0
0
4,240
2032-33
0
0
0
4,240
2033-34
0
0
0
4,240
2034-35
0
0
0
4,240
2035-36
0
0
0
4,240
2036-37
0
0
0
4.240
Source: San Juan Capistrano Redevelopment Agency
Prepared by Keyser Marston Associates, Inc.
Filename: SanJuanCapistrano_2008-03-05.x15: PerP: 3/52008: GSH: Page 1 of 1
- Np � E r r n W W W m O) O) Ol W W 0 0 0--- '!- N`^ M M- M WO
c
75
h M M d n r W O m 0 n m M N •- 01 d W N M W h 0) N N O) W Q
N N M N M M d N W h O) W
mr; Q d d O N 4 t0 O W d h m W N r d W M N N d N (O
O J • M W Q7 N O tM m W h Q Q h 0) d !A W W
O m n Q h
E ry pp h 01 M N r rn N Q W O) d W O) Q n OI N
y> y r r n W W W m m W W W W 0 0 0 0 0 r r N N N N M M M M Q
T M M T M N M N N N O O h N M w (NO N N O N W W M
6 h O h m W - h d W Q m
p R N p �- W l�O �m W NM NNNNMd Apr OiN W W 6 mM M-
Z, W hNmnW
W C '� M Q W Q m W r M N r W r M N r O) •- M W W O M N W O M m Q
E
M
n n n N N N N N N N N N N N N N N N- N N N N N N N N N
ta d d d d O n r n r h r r n r n n n r n r r n r r r r n n N J h N 'd01 IO OI W 6 06 O) W T W O) Ol O) W O m p) mO] W O) A c; O m Q6
a� m rn m m m m m m rn rn m m rn rn rn m rn m rn m rn m m rn rn rn rn m rn
O � >
a
0 0 o a o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
p N N N N N N N N N N N N N N N N N N N N N N N N
d a 3 M vi d d d d Q d d d d d d d d Q d d d d d d Q d
Z d >
a
NN (+I N ---------------------
lcrcc<I t1 h h rccI �
M M M M M M M MMM M M M m M M M M M M M M M M m
N ¢
¢ ¢ ¢
m �i �irnrnw �imrnm �irnrnrn rnmrnrnm�irnmrn Wrnmrnrn �irnrn
L N d
N m W W W N N N Ip N 16 N N '() Nm N N W N N W N N N N In N m
o m o
rnrnmmmrnmrnpl rnrnrnmrnmmmm rnmmaam moan mrnmm
O >
a
N
O
N O O Q O O V N N N V O M m N M O N m r W
_ W
N N
�r-- fW0 O
W •- t0 fV O> r N Y M N N N m d m n O M t0 O d m V OI vi N m r W
_J
d p
M W N W O) M
O>
n r n W W W OI 0) OI O 01 0 0 0 0 0 r N N N N M M M t7 d V
O O O O W N W W OI r N YI N d[p M M W r O d M W r N N M Q W W
ao
p
{m{pp
O W Nh M V N .N- O W W OI O N d tWO OWI N tM0 O m O N Or m N
OD lq� _
N
L 3�
¢d N
z
n m W m W O1 W A W W 0 0 0— 0— --- N-- M--
r r
M
a>
r r
W
F
M—N— Ag
N m O N O W O M r N R n O N M rn M V—
p A L
d aND tmO Ila O O oWD
y
V Q ¢
O
o S
N
ry
r .-oo W W Inrnmo d W m MrrM ornn�� W m W u>m
OOf M r N M W n
¢ c
M N N N W N W m m O O m W h N OI W
0
O)OI M W OI N m n 0 W W OI W n r O N m m Q M h v> n d m M Q
O
10 N g o
h W N r M O W tM �- W W Q M fV N N N N t7 m r Ol N h O> M W M O>
H
2;
Y �
ry
W OI O �^ N M Q h W r m OI O r N M d Itl W n W Ol O 6 N M Q
O O M n
H ry � r � r � � � N N N N N N N N N N M M th M N M
a W
� M�
O W N fA O N fp
v F
11 }
O O O O O O O O O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o O
n c
a LL
y
F
V
r
h
N
W
H
W W o o pcnmv o oN ino W �n inmNoo�u�ornmm000
GI % .0
C1 C) C) Cl CI 'Q O 7 It Y V O <'O O O ,6 W N N Y1 i0 N 10 iO C) to
Z Q ~ L
N
0 N mN
w
x 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
7 h o ui
0
Z
N V t7 0 0 01 41 m OD W T W O N O if1 F Q7 N V 0 0 p n O O O
v
H
U U N
o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o m v� x 0 0
rn
c w 'E
n
,
J O
SS
F C N m
O W C M
U Q
.% N J o
N N N V O 1O
N N N N N
r
O W `O `-
U N
m
O O O
N
W c
N m M m OD O O M V CO n ONi O V N (Wn0 m . N W m O N� m
Z E w y
u>vi grim mnnr rem W mm w w of m of m of oo oo
Z V Q
O
c S
N V O w W O O O
d
V
WF
N In W N N m O) N m O
m w g O W N (O O O' t� N cN'1 M O O N it tN0 w
0 0 7 W A n n W Oct 0) OI Orn O
d= Q O
... ... ... �. — v z. .. ... .... � N... v .N... .N.. N .N.. .N.. .N.. u U! -,t .N.. .N...
J O N
W
0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 M 0 0 0
v
3 woo
r m e
e(om
m vo
U
ri ai
t K N
H M
......
o W
LL c Vf
m m n p O O N h W O •- N n W O W O W m N m r n N Y O O
O m n O m W O C) N Q m W O O A m m' O) m a
n m a m m C4 C) {O m m
~O
A n r m c0 w.6 O> m O) O) W 0 0 0 0 ----- N N— M -
d 0 m 6
O y
--
C
W O N O 10 W n W W O N N O N W r
�p
c m
q q �" N N N N N N N N N N M t7 t? t? t? I? c? C?
9
U
a
n m W O N A O h 6 14. w m d � N cel d� tb 1L w 6 d
O O O
LL}
N N N N N N N
N N N N N N N N N N N N N N N N N N N N N N N
N
W
H
p
A
C O g N
ry d
d m m
N
> Q w
W m Yl h N In N m m r m W '- M In n Q) N m m
P Q Q Q Q Q Q m W W N N m Y1 m W m m m tp
W W A W r 1n M
M Q ID m n W a7 0 n N n Ip(t m n m Ol p N M N
N m OI Q m M W P O
m m W r n r r n n
W r Ot O N M N lm0 m 01
m
n o
O
O
d
U
d
-
O N m P M m W m N W m r N P M n r
N N O n m M r Of Q O N Ol N O M m W m O�
Q W O O 0q
m M m a> Vl W W Q M m
'C
j N y
E
W
O � N M Q to m n W O N M Q N n m O O N
M P m n df O N M N r
7
O
r r r r n r n r r r r r r r n n r r r r
r r r n n r r r r r
u
N N N N N N N N N N
Q
N N N 1n N
d
1Q() IP 1A Iv N m m N 1(1 N
m m N m N
9
�
r
0
N
O O O O O O O O O O O O O O O O O O O O
O O O O O O O O O O
y
O d
LL
n
a �
Q Z d>
p
a
d
d
o
m
O O O O O O O O O O O O O O O O O O O O
O O O O O O O O O O
q
N
`o
P P e P P Q e Q Q Q P Q e P Q P P Q Q P
m m W m W W m W m m m m m m m m m m W
Q Q P P Q Q sT Q Q
m m W m m m m W m
d
y y d
MM oi irivi 'i C6 of oiM oiMriM of oiM cnMMoi
of oiM Mo'i ni oiM
o
m
0
O a`>
z'
n
c
7
om
y
rn �o W m M MmopM Nr m NinmMmmQ
N ornmo
a
m - �
mNP o v e v e m,o not or P<em N vi��mmv
oic oivo�
-p
a
U e
o_o`
o p o 0 0 0 0 o poo O o 0 0 0 0 0 0 0
o Opo 0 0 0 0 0 0
o
P�
a
_
c
M
a Z -Q
d
----------- Q
�
a
Op
m m r n m OI O o N M Q W m r r m m O
N M IA m n W m O N M
N
N
d a
d
y d
7 W
V<?
J a a a
E
0
O
y m
y
N M O m m O> O r P m r m m m Q m m n of
m D• m n m r m r n m
�
O M m m Q m m M OM Of � Q O m N r 1(I m OOII
f- O W T O M
m M m m m P
N
y
_£
d n
m n t0 W O N M Q Vl m n O N M
Of m
O m"
V y
C y Qr
p_' O N
O) m m r
Q Q Q P m In m N Yl m IA m m m m W m m m m
Ol N M Q m n N
m r r n n n n n m m
y
q a
Q
a`
1 C
m
Q
E
CL
-uqi
�_ N M N m r m m 0 N M Q m m M1
�- N N N N N N N N
m m O N M Q m m n
N M o? N [7 M 12 to M
di t�
C
Q q
d N � N N
C1
0 N
N
61 y+
E O U
d
LL Y
r m Ol m ('� (p
O O O (' N N N N N N N
n W O N M? m
N N N M M M M M M M
X
N
N N N N N N N N
�-
A V` 00
N N N N N N N N N N N N
N N N N N N N N N N
rO N
o�
N N
n o 7
y K C C 0
d (p
q
Y
Q m m n m m O N M P m m r m O O N M
N N N N N N M M M M M M M M M M P P Q Q
Q m {p r m Ol O N M
P Q V Q Q P N W 10 In
N q
`p
F i�UN=
a
H LL r
X
O
M
W[t
N r r O N N 0 0 0
M m N r tW0 �O O O N O t00 trO N OWi
P
a
�n u>1��r m W mrno o� m N Nmm d_v
N CJ N N N N N N N 1`9 m m m m m m m m m
m m m m m N N
Z Q F L
W
---------------------------
Nm00ihMNN+OMh0M0OOmZ`t
2,2d
N N N N N N
N` m til M M
P
q N O W
r y - a
a
N V M -n-
N d r O P n n 0 0 0
E of W m
0
U c
0 o O o 0 o O o 0 o O O o 0 0 o O o o o
o 0 0 0 o O O O O
r m
U W c
{p 47 (O M O h N NI N o O O O m
W O V O O O O O
N N J
O
O
V w m
m
O O t0 m N N P W m m W W O �n O W W Ol m W
n n Ol P O O O� 0 0 0
d N t0 r W W T 0 �- N m m P Yl W r W W O
N Q h W r W r
ro
-y E
d d P d d Q vl W
N N W N N N N
Q O
C =
r rn m N n m m Yl r 1.2 N P r m d r O)
N N W O m W
W p
O`..J
W W d7 W Of 01 OI 0 0 0 0
z::. z:::,
NJ Q
v v
.....: ..J Z,v
J O N
d �
= W
0 o p o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 o a <v o
e
W P O
U 'd u
ci
o
h W m
1O W I(1 10 10 W l0 W W n W Ql m N r OI N 10 W
N W pI P W m W P O
c
0 ovov'n
�n vi ui vi ui vi vi Ln to �tim W
�c co W nrrnnn
C
Wmo� mP�nW r W W o�NmP W nmwo�NmP1nW
r
-
O 1n
G� r N N N N N N N
N N m m M (h m m m
n N
n w W d N A O N O p 0) O W N th O h ID
O O O N N N N N N N
t� m m O
N NN m m m m m m m
LL 1
ON N N ON N N ON
ON
N N N N N N N N N N N N N
N (OY N N N N N N�
O
� Ox E E
C
m
m N mW
> m m
E
N N N M m m m M M M M 4v d Q d d d d d d O
r N m N n m m O O m O m m N d m m m N A A
O
m m m m pp
n d O
Wm m Q W Q m m N O m m d N O m r W W W Q
m m m m m m N
m A Q N Q m m h
Q d d Q W m n
ry
N
O
O
-
Y
o vin mo mm M m m mmm mmm No.-�noo
moA Jnr n rnm
'A
o m W d m m O m d A W mmm Q W n W N r 0
m m Q W A O W
mu
W n N CO m Q N W N m N d h A W m N m N O
t0 Q Q m O m m 1(l
m W J
W O W M m' N O r W m W m W W Q M N N
" N N m'
c
m
fO
N N N N N N N N N .........
U
T
N N N N W W W W W W W W W W c0W W W W W W
m m m Oct M 0 0 0 0 0 0 0 0 0 0 0 0 0o 0
W W W W W W W W
0 0 0 0 0 0 0 0
m
W
W j
p
t0 l0 W �G O
2 >
m
a
q
0
O O O O O O O O O O O O O O O O O O O O O O
O O O O O O O O
0
N
2
W N N N N N N N N N N N N N N N N N
N N N N N N N N
LL
r
a a3i a�
¢ Z j
t7 V at Q p y p V d Q Q Q Q V O Q O V
0 'C O Q Q Q Q V
o
a
a
t
0
^., 1. ^. ......... ... ...... � � .-. ^..-..-. � ^......-..-.
n n h r r n r r r A n n r n r r n A n r n r
.-. ^. , .-. � .-, ^..-.
r r r n r r n r
m
R
O ou
W
O¢
d
Q
O
y
m m
m m m m m m m m m m m m m M m m M m m m m m
m m m m m m m m m m m m m m m m m m m m m m
m M m m m M m M
m m m m m m m m
>u
N
W W W W m W W W W W W W W W W m W W W W W W
W W W W W W W W
o
� a >
�
0
0 0
O O O O m m m W m r N W W VI Q m M W o d m
m N N m d m W
a o
m
Q Z
� N
p
m a
Cm
N
Q W h m O N d r m N m m m r � m- W N W d O
n Q N m m W W Q
v
E
m o m ¢
U q
C
o
CL
dd
O
�
m N N O m m m O N N OW Q m W m N d m r O
m m W W W r O d O W M N N Q r N m W m m YJ
n m m n V W N O
A A Q m m W m
dy
y
y
G b N m W N m� M
tt Q W m m r r W W Oi m N N m Q d m W
O m m t7 m' ui
A A m m O O N
m�
a y
E ar
a' O N N
N N N N N N N N N N N N M m m m m m M m m m
m M M m d d d d
m y
m
q Cy
Ca C
�. y
ry
m m O- H m Q! m- m m O N m Q 1n W r W m
Q fV N [V [V N N N N N lV
O N m Q N W n
C7 (`� (? m m m m
y G
N A
Q ...
O N n N O p m
M
A
N_
�"
V
N y
A fU m N M' m W [V (� Ih (p n
m O N Q W W
x
E
1L T
O O N N N N N N N N N
O O S O O O O O O O O O O O O O O O O O O O
N m m m m m M m
p 0 O 0 n 0 o 0
Q F
.......... N N N N N N N N N N N N
N N N N N N N N
m y
m �S� q
m ot7
a% C C O
o
m
T
N m d m m n m m o
ry -
1- I- U N
a
N N N N N N N N m c'� m M m m m m M O Q Q Q
d d Q Q Q Q W m
f LL F
O
m
a
S
n
ri
n
m
W
N
n
0
N
m
O mr
0 0 0
r
pai N N (Mp adp N tMp Omi M n d � N�� N� V � C1
N N y N
DI- N
W m
r e- N N N N N N N N N N N N N N N N N N
N N N �-
Z Q F L
N
O N 01 ---------------------------
m N O W m W m N m m O N M N r m
Q n O W O O O
vm
i mm
_m
o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 o e n o 0 0
t
x m E
e
M o
m m
o
Q
-------------------------
M N O m r O N d m m N N m N m O N m N O W N
m N N O O O O O
N M d W O N M d N m W m O N M N m r m N Q
N n m
m
m m N m O N N O m O Q m M O m m m O M m
N M M d M 0 0 0
0
n N N m M O N n N m N r d n d m m M
0
m r N m
y` C
m O O m m m m 0 � N M M Q N N m 1� n m m
O O � N
y C
Z
p Q o
c S
G- n Q' m n W N
pp M M M m O O O
P d
m 0 m 1 N M N m m m N d m r m N d m m
N
O N d m d
a
Q- — r` n-- r- m W m m W m m m m m m
O O O O O
N
m
y 0 O
u
m N M
IQ 10
�
�
f W
Q N N M N W m n m m m O N M M Q N n m m
O N M d N m
0 x E
N N N M M M M M C) M M Q d d d d d Q Q Q a d
v
N N N N6 N N
p o m
~ i~ ti
n m m
O N M d N m n
jp
O Cp
Q � � � r r N N [V N N N N N N
M M M� M M M t?
"
N
N M M M Mm M M M
N N N N N N N N N N N N N N N N N N N N N N
N N N N N N N N
n
ri
n
m
W
N
n
0
N
m
MomMm�oMor dNm�cdN^mmrin �nQ
N N N N N M M M M M M M M M M M M M d d Q Q
w x E
o � y
C7 ~ U
C O O O Q r Q O n Q m N M^ m l0 d M O OI r r m
Of N N N N M M M M M M M M M M M M M Q d Q Q d
C O
d c O m d M Q r
O m O M O m M W N m O m m N
Q O1 m r m N
O
2L.2 m r r m m m 0^^ N M d d m m r m m m O N
m C O QM M M M M M d Q d d Q d d Q d d d d d 1(1 H 1I1
M
T
u
c
d
C N
E
s
d
d
°Es
9 0
_ c c
E E
aQy�
C tD C y
E°r'V
A V q
a x c c o
F Fp-UN �
M M M d Q 0 ^
m r m m o n
Q d d Q m OI
0
O N O m r
V m m N m
m N m m m
m r m Of O
d d O Q m
d N m m n
Q Q m m m
N to r m W
m m N u] YI
M M M M M M M M M M M M M M M M M M M M M M [7 M M M M M M
m m m N m ul m N N m m m m N m m N N l i N m N N 1(1 m ,O t0 m N
O O O O O O o o O O O O O o O o p O O o O O O
m'n ,m i3aFG ,n F.13� N m N h'^.,N h, �FFF 0 n -&'.r.'i'.. q 0 �i N
W W W W m W W W W m W W W W W W W W W W W m m W W m m W m
m 16,616 N m m 16 N N m N m m 1n Vl N N m ,n N m m m 6
M g m N m m N O) n O^ O) n 10 M Of m n m Yl d d M M M d_ d 10
M M CN') M vMi M M� M M n M n O Q O J O O O d Q P O� m h N udi
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o p O 0 0 0 0 010 O O o 0 0
O O O O O O O O O O O O O O O O O O O O O O 010 O O O O O
M m m O N M d O O d N m m m O m Ql Ol m^ Q m
N Q m Q O m r m O M m d N M 10 D) 10 M M d n
[; m m N OI 10 N O n d �- m n N M �- m m n m m d
10 10 n CM] n n M n m n n� Wi a c v v v o 0 o a
m m O^ N 12 Q m r W O, ON N M d � m r m m
!ry! N IV ry N N (V N N N
•' 0 0 0 6^ N^ d YS m r m N N N N N N N (rV N
LL Y N N N N N N N N N N N N N N N N N N N N N lOV
z m m d d
n�Q v1Mn
O lV n O
N m 10 m m
N M d N m
M M
- N M 4 m
M M M M M
0 0 0 0 0
N N N N N
� YI N N N N N N N N N (Ol M M [M7 Idyl M M M M� d Q d dIQ d Q Q d d
a
C3
O
Z.
on
d X
Q t
N
m m n m Of O N d .O m O N Q 10 01 - d .O W. a n-
N m m m O O O
t, 2 V
N N N M M M ` M < O v N. 1n N, 1(1
10 ID 10 10
t d
--------------------------
. ... .N.. .N..
N NOI
ON
Na1-a
O O o 0 0 0 0 0 0 0 0 0 0 0 0 opo O O O O O
O O N O 0 0 0
x
x m E
n n
U W x
Q
n m Ol O N 1l N tp n m O N Q m UJ m 0 t7 Q {O
n Of O O O O O
x N .E
ry N J e
= m
^
0
O p
U W �
m
N 0 C
m E m m
2 LD 4 0
c =
O N
�- i/I N 1O m m .O ID m 10 - A n n n N m m m m m m
O. OI O) Of
N N p
¢
J p N
y
=
om
X N
c �^
0 N M d
N N N N N M t7 t7 N m M M M p N p .+] M m p d d Q d d
m m n m A O
d d d Q Q m
m N x E
~ 7
c
mm O— d m mn mm o� N17 Qmmnmrn
mmn
jp
� � -� -
O — — —
C7 1 � N N NCV N N N N N NC? C? 7
c c M
M� M O M (7
N J lO
N N
O o 0 N N N N N N N N N
(7 m
m M m m M m M
LL
C3
O
Z.
Appendix Table A
No Growth Revenue Projection
Central Redevelopment Project
San Juan Capistrano Redevelopment Agency
Srn----------------------------
- -------.- ------ o
3
m 0 x E
1
r ri n n n r n n n ri n r n n ri r r r n
o ° 0 m
~
O
C7
C
n n n n n n n n n n n r n r r n n n n n n n n n r n n n n n
O
C
m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m
N t0 N N N
m
N N N m N N m 4) N N N N m N m N N N N m N m O N In
Zo
E �m�
c�i oi��niM of vi�oi oiN�niM M[� �' mmm
Ulm `y °'
n n nn nnnnn n nnn rrnn n nnn rr-nnrl�hnn
c O �
rn rn rn rn rn rn rn rn rn m rn rn rn m m m rn rn rn rn rn rn rn rn rn rn rn rn m rn
co m m m m m m m m m m m m m m m m m m m m m m m m m m m m m
m v
a
�
[7 M [h t7 i7 t7 n � M M f7 � � t7 t7 M f7 t7 M i7 t+1 t7 t7 t7 M l7 t7 n t7 M
c F >
m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m
¢ a
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
n r n n r n n n r n n n n n n n n r n n n n n r n n n n n n
m o 0 n m rn rn rn rn rn rn rn rn rn rn m rn rn rn rn rn rn rn rn rn rn rn rn m rn rn rn rn rn rn
I- O 2>
a
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
n
m
m >
a
�nci�n��Mri i� rin��nc'»� t7 in nc%��n �inc»c%>c%in
m v v n¢
J QU Q Q
Qmi � A W Oml W i m W a rn Om] � WOmi W N W m� A�� W Omi rn Omi � m W
N n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n
o 6,6
rn mrnrnO�1T O�1 Oml A� TmAAOmlmm mOmLd l rn rnrnm rnO6l rn m rn rn
p
2; O
a
n n r n n n n r n n n n r n n n n r n n n n n n r r n n r n
rn rn m m m rn rn rn rn rn m rn rn rn rn m rn rn rn,rn m rn rn rn rn rn rn rn rn rn
N N J m m m m m m m m m m m m m m m m m m m m m m m m m m m m
-i-
3: v w
¢ z a` >
u
C
m:a rnrn- - -arn-airnmwrnarnmwo��wmrnrno>rnrnmmmrn
m
cNdcgn>
E J¢¢a
n
O
Z`ar n n n n n n n r n r n n n r n n r n n r n r n n n n n n r n
G? e- M Cl t7 M til t7 M N [7 M M til N N lh N N M M t7 N N t") N N N N t7 t")
ry N n n n n n n n n n n n n n n n n r n n r n n n n n n n n r r
0 y c a >
C
Q O d �
= a c
d •� m m O '�^ _m m' m rn O N c+! d u� m n m T O N m d ih {{pp r
C E y N O 9— N N N N N N N N N N C? t7 N C? t7 M f7 N
H d O (� v y. 1� m dl O N �A (O I� OD W O .- N t7 Yl tD 1� OD W O N lh 1 A
O O N N N N N N N N N f1 N N M M t7
x y V� E i�. > o o g o 0 0 0 0 0 0 0 0 0 0 0 o No 0 0 0 0 0 0 0 0 0 0 0 0 0
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
4F V to 0-
W
E
F
tEl
a
rn
0
N
a)
tv
c�
M
0
W,
N
f-
rn rn m m m rn m rn o
m rn m rn w m m m rn rn rn rn rn m rn rn rn rn m w rn
m �
mai m
x
ai c� ai ai ai ai ai ai ai ai ai ai ai ai ai ai ai c� ai ai ai ai ai ai ai ai
Z Q ~ L
O
m
o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o g o 0 0
p
o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0
Z
EN w
p O L
U U N
c w E
e
_
C
p W � a)
U Q
rn .E
m m m m m of m m m m m m m m m m m m m m m m m m m m m m m o
C Vi
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
0 LU
r h r r h h h h h h r h r r r h h r r r r r h h r r h h r 0
�
W rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn rn
y p
W tD W (O tD (O (p W W W W W W W (O <p W W W <p tp W W W tp W
v E v'm
n L
� ui vi � �ci vi iri in � to Lo � La L6 6 L6ui L6� Lnvi vi ui L6 o o Ld ui ui
Z Ur
Q O
C =
d
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
v
v a a e v o o v v< o e v a v v_1
Q
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
d O
« N
t0 p
U
x N
o w
� C �
O
NN N N N N` N N NNN N N ` N
m vi x E
r�nn r�r"r r� nnrir;rrin r r�n�r�rn �rnn �� r;
~ � U
C
g 0 N N N N N N N N N N a a M a a
r m di d—�fiv u �tb mdi d- ch��mtZ. 6o—
Y
O O O N N N N N N N'N N N N a) N al M al a)
LL
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
rn
0
N
a)
tv
c�
M
0
W,
N
f-
PROFESSIONAL SERVICES AGREEMENT
FOR FINANCIAL ADVISOR
This agreement has been entered into this 18th day of March, 2008 by and between the City of
San Juan Capistrano Community Redevelopment Agency, California (the "Agency") and
Fieldman, Rolapp & Associates, (herein, the "Consultant").
WHEREAS, the Agency desires independent financial advisory services to be performed in
connection with Funding of Redevelopment Projects (herein, the "Project"); and
WHEREAS, the Agency desires to retain the professional and technical services of the
Consultant for the purpose of debt issuance, (herein, the "Services");
WHEREAS, the Consultant is well qualified to provide professional financial advice to public
entities such as the Agency;
NOW, THEREFORE, in consideration of the above recitals and the mutual covenants and
conditions hereinafter set forth, it is agreed as follows:
Section I Financial Advisory Services
As directed by the Agency, Consultant will provide services in connection with
the Funding of Redevelopment Projects as such Services are fully described in
Exhibit A attached to this Agreement. Consultant is engaged in an expert
financial advisory capacity to the Agency only. It is expressly understood that
the Services rendered hereunder are rendered solely to the City of San Juan
Capistrano Community Redevelopment Agency, Consultant does not undertake
any responsibility to review disclosure documents on behalf of owners or
beneficial owners of bonds or debt which may arise from the Consultant's work
hereunder.
Section 2 Additional Services.
Services performed for the Agency by Consultant that are not otherwise
specifically identified in Exhibit A to this Agreement, shall be additional
services. Additional services include, but are not limited to, the following:
2.01 Assisting the Agency in obtaining enabling legislation or conducting referendum
elections.
2.02 Extraordinary services and extensive computer analysis in the structuring or
planning of any debt issue or financing program.
2.03 The repeat of any element of a service described in Exhibit A to this Agreement
which is made necessary through no fault of Consultant.
2.04 Financial management services, including development of financial policies,
capital improvement plans, economic development planning, credit analysis or
review and such other services that are not ordinarily considered within the scope
of services described in Exhibit A to this Agreement.
City of San Juan Capistrano Community RedevelopmenUFieldman, Rolapp & Associates Page I
Project No. 07181
FRA099280 v4_O.doc
ATTACHMENT
2.05 Services rendered in connection with any undertaking of the Agency relating to a
continuing disclosure agreement entered into in order to comply with Securities
and Exchange Commission Rule 15c2-12 or other similar rules.
2.06 Services rendered to the Agency in connection with calculations or determination
of any arbitrage rebate liability to the United States of America arising from
investment activities associated with debt issued to fund the Project.
Section 3 Compensation.
3.01 For Consultant's performance of Services as described in Section 1 of this
Agreement the Consultant's compensation will be as provided in Part 1 of Exhibit
B attached to this Agreement, plus Consultant's expenses incurred in rendering
such Services. Consultant's expenses may include, but are not limited to travel,
telephone/conference calls, postage, courier, database access services, and
printing.
3.02 For Consultant's performance of additional services as described in Section 2 of
this Agreement, the Consultant's compensation will be as provided in Part 2 of
Exhibit B attached to this agreement, plus Consultant's expenses incurred in
rendering such services. Consultant's expenses may include, but are not limited
to travel, telephone/conference calls, postage, courier, database access services
and printing.
3.03 Payment for Consultant's Services rendered pursuant to Section I of this
Agreement shall be as provided for in Exhibit B to this Agreement, unless
specified to the contrary elsewhere in this Agreement. The Consultant may
submit monthly invoices for payment for services provided pursuant to Section 2
of this Agreement unless an alternate date or dates have been specifically agreed
to in writing. Unless otherwise specified, payment of Consultant's compensation
and expenses is due thirty (30) days after submission of Consultant's invoice for
services.
3.04 In the event the Services of the Consultant are abandoned prior to completion of
Consultant's work, Consultant shall be compensated for Services performed to
the point of abandonment as if such Services were an additional service pursuant
to Section 2 of this Agreement. An act of abandonment shall be deemed to have
occurred when no action has been taken by the Agency relative to the services of
the Consultant for a period of three (3) months from the date of the initial
performance of a service, or there has been a written notification to the
Consultant of an abandonment of the Project by the Agency.
3.05 Consultant fees set forth in this Agreement and Exhibits are guaranteed by
Consultant for a period of twelve (12) months from the date of this Agreement.
Section 4 Personnel.
Consultant has, or will secure, all personnel required to perform the services
under this Agreement. Consultant shall make available other qualified personnel
of the firm as may be required to complete Consultant's services. The Agency
City of San Juan Capistrano Community Redevelopment/Fieldman, Rolapp & Associates Page 2
Project No. 07181
FRA099280.doc
has the right to approve or disapprove any proposed changes in Consultant's staff
providing service to the Agency. The Agency and Consultant agree that such
personnel are employees only of Consultant and shall not be considered to be
employees of the Agency in any way whatsoever.
Section 5 Term of Agreement.
This Agreement shall continue in full force and effect for a period of thirty-six
(36) months from the date hereof unless terminated by either party by not less
than thirty (30) days written notice to the other party except that the Agreement
shall continue in full force and effect until completion of Consultant's services or
until an abandonment shall have occurred as described in Section 3.04 hereof.
This Agreement may be extended from time to time as agreed by the Agency and
the Consultant.
Section 6 Modification.
This Agreement contains the entire agreement of the parties. It may be amended
in whole or in part from time to time by mutual consent of the parties. This shall
not prohibit the Agency and Consultant from entering into separate agreements
for other services.
Section 7 Assignment.
The rights and obligations of the Agency under this Agreement shall inure to the
benefit of and shall be binding upon the successors and assigns of the Agency.
This agreement may not be assigned by the Consultant without the consent of the
Agency except for compensation due Consultant.
Section 8 Disclosure.
Consultant does not assume the responsibilities of the Agency, nor the
responsibilities of the other professionals and vendors representing the Agency,
in the provision of services and the preparation of the financing documents,
including initial and secondary market disclosure, for financings undertaken by
the Agency. Information obtained by Consultant and included in any disclosure
documents is, by reason of experience, believed to be accurate; however, such
information is not guaranteed by Consultant.
Section 9 Confidentiality.
The Consultant agrees that all financial, statistical, personal, technical and other
data and information designated by the Agency as confidential shall be protected
by the Consultant from unauthorized use or disclosure.
Section 10 Indemnification.
The Agency and Consultant shall each indemnify and hold harmless the other
from and against any and all losses, claims, damages, expenses, including legal
fees for defense, or liabilities, collectively, damages, to which either may be
subjected by reason of the other's acts, errors or omissions, except however,
City of San Juan Capistrano Community RedevelopmenttFietdman, Rolapp & Associates Page 3
Project No. 07181
FRA099280.doc
neither will indemnify the other from or against damages by reason of changed
events and conditions beyond the control of either or errors of judgment
reasonably made.
Section 11 Insurance.
11.01 Consultant shall maintain workers' compensation and employer's liability
insurance during the term of this Agreement.
11.02 Consultant, at its own expense, shall obtain and maintain insurance at all times
during the prosecution of this contract. Such insurance must be written with a
Best Guide "A" -rated or higher insurance carrier admitted to write insurance in
the state where the work is located.
11.03 Certificates of insurance naming the Agency as an additional insured shall be
submitted to the Agency evidencing the required coverages, limits and locations
of operations to which the insurance applies, and the policies of insurance shall
contain a 30 day notice of cancellation or non -renewal.
11.04 Insurance coverages shall not be less than the following:
A. Workers' Compensation
1. State worker's compensation statutory benefits
2. Employer's Liability -policy limits of not less than $1,000,000.
B. Comprehensive General Liability coverage with policy limits of not less than
$1,000,000 combined single limit for bodily injury and property damage and
including coverage for the following:
1. Premises operations
2. Contractual liability
3. Products
4. Completed operation
C. Errors and omissions with policy limits of $1,000,000.
Section 12 Permits/Licenses.
The Consultant shall obtain any permits or licenses, as may be required for it to
complete the services required under this Agreement.
Section 13 Binding Effect.
13.01 A waiver or indulgence by the Agency of a breach of any provision of this
Agreement by the Consultant shall not operate or be construed as a waiver of any
subsequent breach by the Consultant. .
13.02 All agreements and covenants contained herein are severable and in the event any
of them shall be held to be invalid by any competent court, this Agreement shall
City of San Juan. Capistrano Community P-edevelopment/Fieldman, Rolapp & Associates Page 4
Project No. 07181
FRA099280.doc
be interpreted as if such invalid agreements or covenants were not contained
herein, and the remaining provisions of this Agreement shall not be affected by
such determination and shall remain in full force and effect. This Agreement
shall not fail because any part or any clause hereof shall be held indefinite or
invalid.
13.03 Each party hereto represents and warrants that this Agreement has been duly
authorized and executed by it and constitutes its valid and binding agreement,
and that any governmental approvals necessary for the performance of this
Agreement have been obtained.
13.04 The validity, interpretation and construction of this Agreement and of each part
hereof shall be governed by the laws of the State of California. Venue for any
lawsuit concerning this agreement is Orange County, California.
IN WITNESS Whereof, the parties have duly executed this Agreement as of the day and year
first above set forth.
CITY OF SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY
0
Dave Adams
Date: March 1$„ 2008
FIELDMAN, ROLAPP & ASSOCIATES
19900 MacArthur Boulevard, Suite 1100
Irvine, A 92612f 0
By: r `� /l • 4r✓ ,
Dat •,//'I- 17-0�7
7 TRP Mi AP •�, 1TO FORM
Title: FYPr,11'l Vp Dirprtnr
Title: Ar1f")ZI
I Oft t -'-S4
City of San Juan Capistrano Community RedeveloprrknUFieldman, Rolapp & Associates Page 5
Project No. 07181
FRA099280.doc
EXHIBIT A
TO
PROFESSIONAL SERVICES AGREEMENT FOR FINANCIAL ADVISOR
BY AND BETWEEN
THE CITY OF SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT
AND
FIELDMAN, ROLAPP & ASSOCIATES
Scope of Services
A. General Services.
The Consultant shall perform all the duties and services specifically set forth herein and shall
provide such other services as it deems necessary or advisable, or are reasonable and necessary to
accomplish the intent of this Agreement in a manner consistent with the standards and practice of
professional financial advisors prevailing at the time such services are rendered to the Agency.
The Agency may, with the concurrence of Consultant, expand this Agreement to include any
additional services not specifically identified within the terms of this Agreement. Any additional
services may be described in an addendum to this Exhibit A and are subject to fees described in
Exhibit B to this Agreement.
B. Debt Issuance Services.
The Consultant shall assume primary responsibility for assisting the Agency in coordinating the
planning and execution of each debt issue relating to the Project. Insofar as the Consultant is
providing Services which are rendered only to the Agency, the overall coordination of the
financing shall be such as to minimize the costs of the transaction coincident with maximizing the
Agency's financing flexibility and capital market access. The Consultant's proposed debt
issuance Services may include, but shall not be limited to, the following:
• Establish the Financing Objectives
• Develop the Financing Schedule
• Monitor the Transaction Process
• Review the Official Statement, both preliminary and final
• Procure and Coordinate Additional Service Providers
• Provide Financial Advice to the Agency Relating to Financing
Documents
• Compute Sizing and Design Structure of the Debt Issue
• Plan and Schedule Rating Agency Presentation and Investor Briefings
• Conduct Credit Enhancement Procurement and Evaluation
• Conduct Market Analysis and Evaluate Timing of Market Entry
• Recommend Award of Debt Issuance
• Provide Pre -Closing and Closing Assistance
City of San Juan Capistrano Community Redevelopment/Fieldman, Rolapp & Associates Exhibit A, Page 1
Project No. 07181
FRA099280.doc
Specifically, Consultant will:
1. Establish the Financing Objectives.
At the onset of the financing transaction process for the Project, the Consultant shall
review the Agency's financing needs and in conjunction with the Agency's management,
outline the objectives of the financing transaction to be undertaken and its proposed form.
Unless previously determined, Consultant shall recommend the method of sale of debt
and outline the steps required to achieve efficient market access.
2. Develolthe Financing Timetable.
The Consultant shall take the lead role in preparing a schedule and detailed description of
the interconnected responsibilities of each team member and update this schedule, with
refinements, as necessary, as the work progresses.
3. Monitor the Transaction Process.
The Consultant shall have primary responsibility for the successful implementation of the
financing strategy and timetable that is adopted for each debt issue relating to the Project.
The Consultant shall coordinate (and assist, where appropriate) in the preparation of the
legal and disclosure documents and shall monitor the progress of all activities leading to
the sale of debt. The Consultant shall prepare the timetables and work schedules
necessary to achieve this end in a timely, efficient and cost-effective manner and will
coordinate and monitor the activities of all parties engaged in the financing transaction.
4. Review the Official Statement.
a. Generally, SEC, MSRB, and GFOA guidelines encourage full disclosure so
that potential investors have sufficient data to analyze each proposed
financing. Upon direction of the Agency, the Consultant shall take the lead
in review of the official statement for each debt issue relating to the Project
to insure that the Agency's official statement is compiled in a manner
consistent with industry standards, typically including the following matters:
• Legal Authority for the Financing
• Security for the Financing
• Restrictions on Additional Financings
• Purpose and Funds for which the Financing is Being Issued
• Governmental System
• Financial Management System
• Revenue Sources: Historic, Current and Projected
• Outstanding Financings
• Planned Future Financings
• Labor Relations and Retirement Systems
• Economic Base
• Annual Financial Statements
• Legal Opinions Regarding Tax Exemption
• Such Other Matters as the Context May Require.
City of San Juan Capistrano Community Redevelopment/Fieldman, Rolapp & Associates Exhibit A, Page 2
Project No. 07181
FRA099280.doc
b. The Consultant shall maintain and update the official statement on its word
processing system until such time as it is near final and suitable for transfer
to the financial printer, in order to minimize the costs of revisions made by
the printer.
5. Procure and Coordinate Additional Service Providers.
Should the Agency desire, the Consultant may act as Agency's representative in
procuring the services of financial printers for the official statement and related
documents, and for the printing of any securities. In addition, the Consultant may act as
the Agency's representative in procuring the services of trustees, paying agents, fiscal
agents, feasibility consultants, redevelopment consultants, or escrow verification agents
or other professionals, if the Agency directs.
6. Provide Financial Advice to the Agency Relating to Financing Documents.
Simultaneous with assisting in the preparation of official statements for each debt issue
relating to the Project, the Consultant shall assist the managing underwriters, bond
counsel and/or other legal advisors in the drafting of the respective financing resolutions,
notices and other legal documents. In this regard, the Consultant shall monitor document
preparation for a consistent and accurate presentation of the recommended business terms
and financing structure of each debt issue relating to the Project, it being specifically
understood however that the Consultant's services shall in no manner be construed as the
Consultant engaging in the practice of law.
7. Compute Sizing and Design Structure of Debt Issue.
The Consultant shall work with the Agency's staff to design a financing structure for each
debt issue relating to the Project that is consistent with the Agency's objectives, that
coordinates each transaction with outstanding issues and that reflects current conditions
in the capital markets.
8. Plan and Schedule Rating Agency Presentation and Investor Briefings.
The Consultant shall develop a plan for presenting the financing program to the rating
agencies and the investor community. The Consultant shall schedule rating agency visits,
if appropriate, to assure the appropriate and most knowledgeable rating agency personnel
are available for the presentation and will develop presentation materials and assist the
Agency officials in preparing for the presentations.
9. Conduct Credit Enhancement Evaluation and Procurement.
Upon the Agency's direction, the Consultant will initiate discussions with bond insurers,
letter of credit providers and vendors of other forms of credit enhancements to determine
the availability of and cost benefit of securing financing credit support.
City of San Juan Capistrano Community Redevelopment/Fieldman, Rolapp & Associates Exhibit A, Page 3
Project No. 07181
FRA099280.doc
10. Conduct Market Analysis and Evaluate Timin¢ of Market Entry.
The Consultant shall provide regular summaries of current municipal market conditions,
trends in the market and how these may favorably or unfavorably affect the Agency's
proposed financing.
a. Competitive Sales.
For all types of competitive sale of debt, the Consultant shall undertake such
activities as are generally required for sale of securities by competitive bid
including, but not limited to the following:
• Review and comment on terms of Notice of Sale Inviting Bids
• Provide advice on debt sale scheduling
• Provide advice on the use of electronic bidding systems
• Coordinate bid opening with the Agency officials
• Verify bids received and make recommendations for acceptance
• Provide confirmation of issue sizing, based upon actual bids received,
where appropriate
• Coordinate closing arrangements with the successful bidder(s)
b. Negotiated Sales.
In the case of a negotiated sale of debt, the Consultant shall perform a thorough
evaluation of market conditions preceding the negotiation of the terms of the sale
of debt and will assist the Agency with the negotiation of final issue structure,
interest rates, interest cost, reoffering terns and gross underwriting spread and
provide a recommendation on acceptance or rejection of the offer to purchase the
debt. This assistance and evaluation will focus on the following areas as
determinants of interest cost:
• Size of financing
• Sources and uses of funds
• Terns and maturities of the debt issue
• Review of the rating in pricing of the debt issue
• Investment of debt issue proceeds
• Distribution mix among institutional and retail purchasers
• Interest rate, reoffering terms and underwriting discount with comparable
issues
• Redemption provisions
11. Recommend Award of Debt Issuance.
Based upon activities outlined in Task 10(a) and 10(b) above, the Consultant will
recommend accepting or rejecting offers to purchase the debt issue. If the Agency
elects to award the debt issue, the Consultant will instruct all parties and help
facilitate the actions required to formally consummate the award.
City of San Juan Capistrano Community RedevelopmentlFieldman, Rolapp & Associates Exhibit A, Page 4
Project No. 07181
FRA099280.doc
12. Provide Pre -Closing and Closing Activities.
The Consultant shall assist in arranging for the closing of each financing. The
Consultant shall assist counsel in assuming responsibility for such arrangements as
they are required, including arranging for or monitoring the progress of bond
printing, qualification of issues for book -entry status, signing and final delivery of the
securities and settlement of the costs of issuance.
City of San Juan Capistrano Community Redevelopment/Fieldman, Rolapp & Associates Exhibit A, Page 5
Project No. 07181
FRA099280.doc
EXHIBIT B
TO
FINANCIAL ADVISORY SERVICES AGREEMENT
BY AND BETWEEN
CITY OF SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT
AND
FIELDMAN, ROLAPP & ASSOCIATES
Fees and Expenses
Part l: Fee for Services
Financial Advisory Services performed pursuant to Section 1 of this Agreement, and as more
fully described in the Scope of Services set forth in Exhibit A, will be billed for at the amounts set
forth below:
Transaction Size Fees
$1 to $25,000,000 $45,500
$25,000,001 to $50,000,000 $55,500
$50,000,001 and above to be negotiated
Payment of fees earned by Consultant pursuant to this Part I shall be contingent on, and payable
at the closing of the debt issue(s) undertaken to finance the Project. If the Agency elects to issue
Taxable Bonds or to issue Housing Set Aside Bonds, an additional $9,500 will be added to the fee
amounts listed above.
Part 2: Other Services
Unless agreed to otherwise, financial advisory services performed pursuant to Section 2 of this
Agreement will be billed at the then current hourly rates. The table below reflects the rates in
effect as of the date of execution of this Agreement.
Personnel
Hourly Rate
Executive Officers............................................................
$300.00
Principals..........................................................................
$290.00
Senior Vice President.......................................................
$275.00
Vice Presidents.................................................................
$225.00
Assistant Vice President ...................................................
$195.00
Senior Associate...............................................................
$150.00
Associate...........................................................................
$125.00
Analyst................................................................................
$85.00
Administrative Assistants ...................................................
$65.00
Clerical...............................................................................
$35.00
City of San Juan Capistrano Community Redevelopment/Fieldman, Rolapp & AssociatesExhibit B, Page 1
Project No. 07181
FRA099280.doc
Expenses
Expenses will be billed for separately and will cover, among other things, travel, lodging,
subsistence, overnight courier, computer, internet posting and fax transmission charges.
Advances made on behalf of the Agency for costs of preparing, printing or distributing disclosure
materials or related matter whether by postal services or electronic means, may also be billed
through to the Agency upon prior authorization. Additionally, a surcharge of 6% of the net fee
amount is added to verifiable out-of-pocket costs for recovery of costs such as telephone, postage,
document reproduction and the like.
Limiting Terms and Conditions
The above fee is based on completion of work orders within six months of the Agency's
authorization to proceed, and assumes that the Agency will provide all necessary information in a
timely manner.
The fee shown above in Part I presumes attendance at up to 8 meetings in the Agency's offices or
such other location within a 25 -mile radius of the Agency place of business as the Agency may
designate. Preparation for, and attendance at Board of Directors meetings on any basis other than
"by appointment" may be charged at our normal hourly rates as shown in Part 2, above.
Abandonment
If, once commenced, the services of the Consultant are terminated prior to completion of our final
report for any reason, we are to be reimbursed for professional services and direct expenses
incurred up to the time we receive notification of such termination at the standard hourly rates
shown in Part 2.
City of San Juan Capistrano Community Redevelopment/Fieldman, Rolapp & Associates Exhibit B, Page 2
Project No. 07181
FRA099280.doc
AGREEMENTFOR
BOND COUNSEL SERVICES
March 18, 2008
The San Juan Capistrano Community Redevelopment Agency (hereinafter referred to as the
"Agency") and Stradling Yocca Carlson & Rauth, a Professional Corporation, (hereinafter referred to
as "Bond Counsel") hereby agree as follows:
SERVICES
The Agency retains Bond Counsel to provide, and Bond Counsel agrees to provide, legal
services in connection with the Agency's issuance of tax allocation bonds (hereinafter referred to as
the "Bonds") to fund new housing and redevelopment activities, to refund its Series 1997 Tax
Allocation Bonds and/or Series 1998 Tax Allocation Bonds, if deemed appropriate by the Agency, to
fund a reserve fund and to pay related costs of issuance, including but not limited to premium for
municipal bond insurance, if any is purchased with respect to the Bonds. Such services will be
divided into two phases: (a) program planning and development of a financing plan; and (b)
implementation of the financing plan.
In the first phase -- the planning stage -- we would expect:
(a) to research applicable laws and ordinances relating to the proposed program,
including federal and state tax laws, securities laws and other laws that may be applicable;
(b) to attend conferences and consult with the Agency/City staff (including the
Agency Executive Director) and counsel regarding such laws, to participate with any financial
advisors, underwriters, developers, lenders and other experts retained by the Agency in structuring
the financing; and
(c) to consult with other firms active in the bond practice when necessary to
ensure that any novel approaches being considered would be generally accepted in the bond
community.
In the second phase -- the implementation stage -- we would expect:
(d) to supervise and prepare documentation of all steps to be taken through the
issuance of the Bonds including:
(i) drafting all resolutions, rules and regulations of the Agency and all
other basic documents relating to the security of the Bonds, in consultation with the Agency, its
counsel and financial advisors, underwriters and other experts;
(ii) preparing the record of proceedings for the authorization, sale and
issuance of the Bonds by City and Agency as members of the joint powers authority;
(iii) preparing documents relating to the financing, including without
limitation the indenture;
DOCSOCI 1268618v 11022299-0084
ATTACHMENT
(iv) assisting in the preparation or review of any description in the official
statement or placement memorandum of California and federal law pertinent to the validity of the
Bonds and tax treatment of interest paid thereon, the terms of the Bonds and our opinion;
(v) reviewing the Bond purchase contracts or the bidding documents and
participating in the related negotiations;
(vi) attending information meetings and other conferences scheduled by
the Agency, the financial advisors or the underwriters;
(vii) consulting with counsel to the Agency concerning any legislation or
litigation during the course of the financing;
(viii) consulting with the trustee and counsel to the trustee;
(ix) preparing the form of the Bonds, and supervising their production or
printing, signing, authentication and delivery; and
(x) rendering any necessary collateral. legal opinions as to the
inapplicability of the registration requirements of federal securities laws and other matters related to
the issuance of the Bonds, the joint powers authority and Agency authority with respect to the
financing generally.
(e) to render a final legal opinion pertaining to the issuance of the Bonds to the
effect that:
(i) the Bonds have been properly authorized and issued and are valid and
binding obligations;
(ii) the essential sources of security for the Bonds have been legally
provided; and
(iii) to the extent applicable to a series of Bonds, interest on the Bonds is
excludable from gross income for federal income tax purposes and exempt from California personal
income taxation.
2. INDIVIDUAL. RESPONSIBLE FOR PROVIDING SERVICES
The Agency agrees to accept and Bond Counsel agrees to provide the aforementioned
services primarily through Denise E. Hering, Payam Khodadadi and Carol L. Lew.
Should the above attorneys be unable to provide such services due to death, disability, or
similar event, Bond Counsel reserves the right to substitute unilaterally another of its attorneys to
provide such services, and such substitution shall not alter or affect in any way Bond Counsel's other
obligations under this agreement.
DOC S OC/ 1268618v I /022299-0084
(a) Bond Fee
The Agency agrees to pay Bond Counsel a fee in accordance with the schedule attached
hereto as Exhibit 1, provided that payment of such fee is entirely contingent upon the successful sale
of the Bonds, and payment thereof is to be made from the proceeds of the Bonds.
(b) Fee for Preparation of Official Statement
The Agency agrees to pay Bond Counsel a fee of $33,000 for the preparation of the Official
Statement for the Bonds, provided that payment of such fee is entirely contingent upon the successful
sale of the Bonds, and payment thereof is to be made from the proceeds of the Bonds.
(c) Out -of Pocket Expenses
The Agency also agrees to reimburse Bond Counsel for the actual cost of out-of-pocket
expenses reasonably incurred, excluding any indirect cost such as Bond Counsel's overhead, in
connection with the provision of the aforementioned services, including
(i) telephone, telex, and telegram charges,
(ii) messenger and delivery charges,
(iii) traveling expenses, for travel at the Agency's request,
(iv) document production charges, and
(v) similar out-of-pocket expenses.
It is recognized by the parties that Bond Counsel may, from time to time, have clients with
interest adverse to the Agency. Bond Counsel routinely represents other public entities and
underwriter's in connection with public finance matters, and such representation may include the
underwriter eventually selected by the Agency, if any. Bond Counsel reserves the right to represent
said clients, except on matters relating to the issuance and sale of the Agency's Bonds.
Any dispute based upon or arising out of this Agreement and/or the performance or failure to
perform services (including, without limit, claims of professional negligence) shall be subject to
binding arbitration to be held in Orange County, California before a retired Superior Court Judge.
Judgment on the arbitrator's award shall be final and binding, and may be entered in any competent
court. As a practical matter, by agreeing to arbitration, all parties are waiving jury trial.
DOCSOC/ 1 268618 V 11022299-0084
3. FOLLOW-UP SERVICES
Bond counsel agrees to provide without additional cost normal follow-up consultation and
related services following the sale of the Bonds. Should the Agency require Bond Counsel to
provide extraordinary services after the sale of the Bonds, such services shall be provided at an
additional fee to be agreed upon at a later date.
ATTEST:
LZ
Margaret R. Monahan, Agency Secretary
DOCS00 1268618v 1/022299-0084
SAN JUAN CAPISTRANO COMMUNITY
REDEVELOPMENT AGENCY
QI
Dave Adams, Executive Director
STRADLING YOCCA CARLSON & RAUTH,
a Professional Corporation
By
Denise E. Hering
n
EXHIBIT 1
Tax Allocation Bond Fee Schedule
Basic Fee: The fee for the services described in the Agreement to which this Schedule is
attached shall be based upon the total principal amount of Bonds authorized and sold and will be
computed in accordance with the following schedule:
Principal Amount of Bonds
$1,000,000 or less
$1,000,001 to $5,000,000
$5,000,001 to $15,000,000
$15,000,001 or more
Fee
$15,000
$15,000 plus 1/4 of 1% of the excess over
$1,000,000
$25,000 plus 1/5 of 1% of the excess over
$5,000,000
$45,000 plus 1110 of 1% of the
excess over $15,000,000
Out -of -Pocket Expenses: In addition to the Basic Fee and the Current Fee, Bond
Counsel shall be reimbursed for out-of-pocket expenses incurred pursuant to Section 3(b) of the
Agreement.
Exhibit 1
DOCSOC/ 1268618v 11022299-0084