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ANNUAL REPORT
FIscaL YE.AR 2010 im 2011
COMMUNITY REDEVELOPMENT AGENCY
Annual Report
Table of Contents
December 19, 2011
ANNUAL REPORT OF FINANCIAL TRANSACTIONS ..... ............................... Section I
FICD SCHEDULE — REPORT OF HOUSING ACTIVITIES .. ............................... Section 2
STATEMENT OF INDEBTEDNESS ............................... ............................... Section 3
AUDITED FINANCIAL STATEMENTS ........................... ............................... Section 4
OTHER REQUIRED INFORMATION ...... ............................... ........................Section 5
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Supplement to the Annual Report of Community Redevelopment Agencies
Redevelopment Agency ID Number: 13983083000
Name of Redevelopment Agency: City of Santa Ana Community Redevelopment Agency
Mark the appropriate box below to indicate the ending date of your agency's fiscal year. Report
data for that period only.
� September 2010 F December 2010 V/ June 2011
Return this form to the California State Controller's Office. If you have any questions
regarding this form please contact:
U.S. Bureau of the Census, Shannon Doyle, 1 -800- 242 -4523
A. Personnel Expenditures
Report your government's total expenditures for salaries and wages during the year, including
amounts paid on force account construction projects.
Z00 $ 2,847,465
B. Mortgage Revenue Bond Interest Payments
Report your government's total amount of interest paid on mortgage revenue bonds during the
year.
U20 $
U.S Bureau of the Census — Revised 3/2009
CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
REDEVELOPMENT AGENCY ANNUAL HOUSING ACTIVITY REPORT
FY ENDING: 06 / 30 / 2011
Agency Name and Address: 4 County of Jurisdiction:
.Community Redevelopment Agency of the City of Santa Ana Orange
20 Civic Center Plaza, M -25 ..._ Did the Agency pay SERAF from LNHHF?
Santa Ana, CA 92701 El Yes N No
Health & Safety Code Section 33080.1 requires agencies (RDAs) to annually report on their Low & Moderate Income Housing Fund and
housin activities for the Department of Housing and Community Development (HCD) to report on RDAs" activities in accordance with
Section 33080.6.
Please answer each_ question below. Your answers determine how to complete the HCD report.
1. Check one of the items below to identify the Agency's status at the end of the reporting period:
❑ New (Agency formation occurred during reporting_ year. No financial transactions were completed).
Active (Financial and /orhousing transactions occurred during the reporting year)
❑ Inactive (No financial and /or housiniz.. transactions occurred during. the reporting ear). ONLY COMPLETE ITEM 7
[:1 Dismantled (Agency adopted an ordinance and dissolved itself before start of reporting year). ONLY COMPLETE ITEM 7
2. During reporting year, how many adopted project areas existed? 1 Of these, how many were merged during year? 0
If the agency has one or more adopted .project areas, complete SCHEDULE HCD -A for each project area.
If the agency has no ado ted ro'ect areas DO NOT complete SCHEDULE HCD -A refer to next question .
3. Within an area outside of any adopted project area(s): (a) did the agency destroy or remove any dwelling units or displace any
households over the reporting period, (b) does the agency intend to displace any households over the next reporting period, (c) did
the agency permit the sale of any owner -- occupied unit prior to the expiration of land use controls over the reporting period, and /or
(d) did the agency execute a contract or agreement for the construction of any affordable units over the next two years?
0 Yes (any question). Complete SCHEDULE HCD-B.
❑ No (all questions). DO NOT complete SCHEDULE HCD -B (refer to next question).
4. Did the agency's Low & Moderate Income Housing Fund have any assets during the reporting period?
® Yes. Complete SCHEDULE HCD -C.
❑ No. DO NOT complete SCHEDULE HCD -C.
5. During the reporting period, were housing units completed within a project area and /or assisted by the agency outside a project area?
® Yes. Complete all applicable HCD SCHEDULES D1 -D7 for , eaach housine proiect completed and HCD SCHEDULE E.
El No. DO NOT complete HCD SCHEDULES Dl -D7 or HCD SCHEDULE E.
6. Specify whether method A and /or B was used to report financial and housing activity information to HCD:
El A. Forms. All required HCD SCHEDULES A, B, C., D1-D7, and E are attached.
jK B. On -line (http: / /ivwiv.hcd.ca.govlydal) "Lock Report" date: . HCD SCHEDULES not required.
(loch date is shown under "Admin " Area and "Report Change History'
7. To the best of my knowledge:
December 13, 2011
Date
(a) the representations made above and (b) agency information reported are correct.
Signature of A orized Agency Representative
Interim Execu ' e Director
Title ,
(714) 647 -5360
Telephone Number
• IFNOT REQUIRED TO REPORT, SUBMIT ONLYA PAPER COPY OF THIS PAGE.
• IF-REQUIRED TO REPORT, AND REPORTING BY USING PAPER FORMS (INPLACE OFREPORTING ON- LINE) , SUBMIT
THIS PAGEAND ALL APPLICABLE HCD FORMS (SCHED ULES A E) WITH COPY OFAGENCY'S A UDIT.
• IFREPORTING ON-LINE, PRINTAND SUBMIT "CONFIRMATIONLETTER" UPONLOCK[NGREPORT
MAIL A COPY OF (a) CONFIRMATION LETTER (IF HCD REPORT WAS ELECTRONICALLY FILED) OR (b) COMPLETED
FORMS AND (c) A UDIT REPORT TO B0THHCD AND THE SCO:
Department of Housing & Community Development
Division of Housing Policy
Redevelopment Section
1800 3rd Street, Suite 430
Sacramento, CA 95814
Redevelopment Agency Annual Report - Fiscal Year 2010 -2011
(Revised: 7- 22 -11)
The State Controller
Division of Accounting and Reporting
Local Government Reporting Section
3301 C Street. Suite 500
Sacramento, CA 95816
HCD -Cover
Page 1 of 1
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California Redevelopment Agencies- Fiscal Year 201012011
Project Area Contributions to Low and Moderate Income Housing Fund
Sch A Project Area Financial Information
Agency SANTA ANA
Address 20 Civic Center Plaza, M -25
Santa Ana CA 92701
Project Area
SANTA ANA M RG D REDEV PROJECTS
Interest Income
Type: Inside Project Area
Status: Active
$1,500,000
Other Revenue 1
$386,,787
Plan Expiration Year:
2030
Sale of Real Estate
$238,000
Total Additional Revenue
Amount
Gross Tax
Calculated
Amount Amount
Suspended Total % Cumulative
Increment
De osit
Allocated Exempted
and /or Deferred Deposited Def.
$51,433,689
$10,286,738
$13,675,382 $0
$0 $13,675,382 26.59% $0
Repayment $0
Category
Interest Income
$313,583
Loan Repayments
$1,500,000
Other Revenue 1
$386,,787
Rental /Lease Income
$17,965
Sale of Real Estate
$238,000
Total Additional Revenue
$2,456,335
Total Housing Fund Deposits for Project Area
$16,131,717
Agency Totals For All Project Areas:
Amount
Gross Tax Calculated Amount Amount Suspended Total / Cumulative
Increment Deposit Allocated Exempted and /or Deferred — Def.
Deposited
$51,433,689 $10,286,737.8 $13,675,382 $0 $0 $13,675,382 27% $0
Total Additional Revenue from Project Areas: $2,456,335
Total Deferral Repayments: $0
Total Deposit to Housing Fund from Project Areas: $16,131,717
Page 1 of 1 12/14/11
California Redevelopment Agencies - Fiscal Year 201012011
S c h A/B Project Area Program Inform tion
SANTA ANA
Project Area: OUTSIDE PROJECT AREA
UNITSLOST ------------------------------------------------------
Above
Ver Low
Low
Moderate
Moderate
Total
Reporting Period: Current
Redevelopment
Category Bedrooms Lost - Required to be Replaced
5
2
0
0
7
Category Households Removed - Non Elderly
2
1
0
0
3
Category Units Lost - Required to be Replaced
2
1
0
0
3
REPLACEMENT HOUSING PLAN
Report Period
Custodian Name
Adoption Date
Current Cityof Santa Ana Housing Division
17- AUG -10
FUTURE UNIT CONS TRUCTIOW
Estimated
Execution
Completion
Contract Name Date
Date
Very Low
Low
Moderate
Total
Habitat for Humanity 02/09/11
07/01/13
0
7
10
17
Santa Ana Station District 06/07/10
07/01/13
110
0
6
116
Santa Ana WBBB 10/18/10
07/01/13
50
0
0
50
Vista Del Rio Housing Partners 07/20/09
07/01/13
40
0
0
40
Page 1 of 1 12/14/11
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California Redevelopment Agencies - Fiscal Year 201012011
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
SANTA ANA
Beginning Balance $41,508,944
Adjustment to Beginning Balance $0
Adjusted Beginning Balance $41,508,944
Total Tax Increment From PA(s) $13,675,382 Total Receipts from PA(s) $16,131,717
Other Revenues not reported on Schedule A $0
Sum of Beginning Balance and Revenues $57,640,661
Expenditure
Item Subitem
Debt Service
Debt Principal Payments U. S. State & Other Long -Term Debt
Interest Expense
Subtotal of Debt Service
Housing Rehabilitation
Other
Subtotal of Housing Rehabilitation
Amount Remark
$369,559
$4,558
$374,117
$3,031,697
$3,031,697
$83,559 Cou my Ad m i n Fees
Subtotal of Other $83,559
Planning and A dm inis tra tion Cos is
Administration Costs $1,062,341
Subtotal of Planning and Administration Costs $1,062,341
Property Acquisition
Acquisition Expense $1,414,828
Relocation Payments $21,222
Subtotal of Property Acquisition $1,436,050
Page 1 of 7 12/14/11
California Redevelopment Agencies - Fiscal Year 201012011
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
SANTA ANA
Expenditure
Item Subitem Amount Remark
Total Expenditures $5,987,764
Net Resources Available $51,652,897
Indebtedness For Setasides Deferred $0
Other Housing Fund Assets
Category Amount Remark
SERAF Total Receivable $0
ERAF Loans Receivable(all years) $3,522,814
Value of Land Purchased with Housing Funds $25,823,630
Total Other Housing Fund Assets $33,025,989
Total Fund Equity $84,678,886
200612007 $12880300
200712008 $14256716 sum of 4 Previous Years' Tax Prior Year Ending Excess Surplus for
200812009 $15155347 Increment for 201012011 Unencumbered Balance 201012011
200912010 $14148801 $56441164 $22,071,816 $0
Sum of Current and 3 Previous Years' Tax Increments
Adjusted Balance
Excess Surplus for next year
Net Resources Available
Unencumbered Designated
Unencumbered Undesignated
Total Encumbrances
Unencumbered Balance
Unencumbered Balance Adjusted for Debt Proceeds
Unencumbered Balance Adjusted for Land Sales
Excess Surplus Expenditure Plan
Excess Surplus Plan Adoption Date
Page 2 of 7 12/14/11
$57,236,246
$25,670,348
$0
$51,652,897
$26,027,348
$0
$25,625,549
$26,027,348
$0
$357,000
No
California Redevelopment Agencies - Fiscal Year 201012011
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
SANTA ANA
Site Improvement Activities Benefiting Households
Income Level Low Very Low Moderate Total
Land Held for Future Development
Site Name
Num Of
Zoning Purchase
Estimated
Acres
Date
Start Date
Remark
601 E. 5th St.
.14
Residen 0613012006
0413012012
DDA Executed
tial
607 E. 5th St.
.14
Residen 0613012006
0413012012
DDA Executed
tial
602 -604 E. 6th1511 -517
.28
Residen 0710512006
0413012012
DDA Executed
Minter St.
tial
720 E. 6th Street
.28
Residen 0810312006
0710112013
tial
4030 w. Mcfadden
.35
Residen 1010512007
0710112012
DDA Executed
tial
1126 & 1146 Washington
2.29
Transit 09/05/2007
0710112013
620 E. 5th Street
.14
Residen 0312112008
0710112012
DDA Executed
tial
6151617 E. 5th St
.14
Residen 0313112008
0413012012
DDA Executed
tial
623 N. Garfield St
.17
Residen 0313112008
0710112012
DDA Executed
tial
4809 W. Edinger
.18
Residen 0310412008
0710112012
DDA Executed
tial
1029 McLean
.14
Residen 0310412008
0111512012
DDA Executed
tial
4010 W. McFadden
.47
Residen 0310412008
0710112012
DDA Executed
tial
4018 W. McFadden
.47
Residen 0310412008
0710112012
DDA Executed
tial
4106 W. McFadden
.2
Residen 0310412008
0710112012
DDA Executed
tial
4110 W. McFadden
.17
Residen 0310412008
0710112012
DDA Executed
tial
714 East 6th St.
.14
Residen 0710912008
0710112013
tial
630 N. Garfield
.04
Residen 0712912009
0413012012
DDA Executed
tial
604 N. Lacy
0
Residen 0810712009
12/15/2011
DDA Executed
tial
715 -717 N. Concord
.16
Residen 0712912009
0710112012
DDA Executed
tial
Page 3 of 7 12/14/11
California Redevelopment Agencies - Fiscal Year 201012011
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
SANTA ANA
Land Held for Future Development
Site Name
Num Of
Zoning Purchase
Estimated
Acres
Date
Start Date
Remark
719 N. Concord
.16
Residen 0712912009
0710112012
DDA Executed
tial
217 S. Birch
.16
Residen 0712912009
12/01/2011
DDA Executed
tial
219 S. Birch
.16
Residen 0712912009
12/01/2011
DDA Executed
tial
809, 809 112 E. Santa Ana
.12
Residen 0712912009
0710112012
DDA in Negotiation
Blvd
tial
826 N. Lacy
.17
Residen 0712912009
0710112013
tial
616 E. 5th
.14
Residen 0712912009
0413012012
DDA Executed
tial
612 -622 E. Santa Ana
2.19
Residen 0712912009
12/15/2011
DDA Executed
Blvd
tial
714 E. Santa Ana Blvd
.14
Residen 0712912009
0413012012
DDA Executed
tial
609 E. 6th Street
.13
Residen 0712212010
12/15/2011
DDA Executed
tial
613 E. 6th Street
.13
Residen 0711612010
12/15/2011
DDA Executed
tial
617 E. 6th Street
.1
Residen 0712212010
12/15/2011
DDA Executed
tial
415 & 423 S. Raitt St
1.01
Residen 0613012011
0710112013
tial
2034 -2038 N. Bush
.3
Residen 1112411998
12/01/2011
Sold to Developer
tial
604 Lacy
.04
Residen 0810712009
12/15/2011
DDA Executed
tial
622 Lacy
.1
Residen 0712211999
12/15/2011
DDA Executed
tial
625 N. Garfield
.2
Residen 0610512000
0710112012
DDA Executed
tial
602 N. Garfield
.2
Residen 1112012000
Sold to City
tial
605 -607 Lacy
.1
Residen 0311312011
0413012012
DDA Executed
tial
606 Lacy
.04
Residen 0310712001
0710112012
DDA Executed
tial
614 N. Lacy
.2
Residen 0411312001
12/15/2011
DDA Executed
tial
Page 4 of 7 12/14/11
California Redevelopment Agencies - Fiscal Year 201012011
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
SANTA ANA
Land Held for Future Development
Site Name
Num Of
Zoning Purchase
Estimated
Acres
Date
Start Date
Remark
609 N. Garfield
.2
Residen 0510712001
0710112012
DDA Executed
tial
619 N. Garfield
.17
Residen 0611912001
0710112012
DDA Executed
tial
601 -603 E. 6th, 609
.1
Residen 0610612001
12/15/2011
DDA Executed
Minter
tial
802 N. Concord
.18
Residen 0811012001
0710112012
DDA Executed
tial
1244 W. Martha Lane
.17
Residen 0811012001
0710112012
DDA Executed
tial
611 N. Minter
.29
Residen 1011012001
12/15/2011
DDA Executed
tial
620 Lacy
.2
Residen 1212712001
12/15/2011
DDA Executed
tial
609 Lacy
.13
Residen 0113112002
0413012012
DDA Executed
tial
804 E. Santa Ana Blvd.
.1
Residen 0311112002
0710112012
DDA Executed
tial
Spurgeon and E. 22nd
.68
Residen 1013012002
1013012012
tial
622 N. Garfield
.17
Residen 0912012002
0413012012
DDA Executed
tial
626 -628 N. Garfield
.1
Residen 1011812002
0413012012
DDA Executed
tial
709 E. Sixth St.
.14
Residen 1213012002
12/15/2011
DDA Executed
tial
905 Brown St.
.09
Residen 1112112002
0710112012
DDA Executed
tial
801 E. Santa Ana Blvd.
.11
Residen 0711112003
0710112012
DDA Executed
tial
618 Garfield St.
.17
Residen 0910512003
0413012012
DDA Executed
tial
901 Brown St.
.08
Residen 0511312004
0710112012
DDA Executed
tial
717 E. Third St.
.14
Residen 0412812004
0111512012
DDA Executed
tial
435 -437 S. Birch St.
.08
Residen 0511812004
12/01/2011
DDA Executed
tial
611 N. Lacy
.19
Residen 0811212004
0710112012
DDA Executed
tial
Page 5 of 7 12/14/11
California Redevelopment Agencies - Fiscal Year 201012011
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
SANTA ANA
Land Held for Future Development
Site Name
Num Of
Zoning Purchase
Estimated
Acres
Date
Start Date
Remark
809 and 811 Brown St.
.09
Residen 0812512004
Sold to City
tial
505 E. 5th St.
.14
Residen 0811012004
0413012012
DDA Executed
tial
626 -628 E. Santa Ana
.22
Residen 0712912009
12/15/2011
DDA Executed
Blvd
tial
501 E. 5th St.
.14
Residen 0811012004
0413012012
DDA Executed
tial
1600 Garden Grove
2.8
Residen 0112212004
0113112012
DDA Executed
tial
601 N. Lacy St.
.12
Residen 0111012005
0413012012
DDA Executed
tial
712 E. Fifth St.
.13
Residen 0310412005
0413012012
DDA Executed
tial
711 E. Sixth St.
.07
Residen 0612212005
12/15/2011
DDA Executed
tial
621 E. Fifth, 508,510
.14
Residen 0811812005
0413012012
DDA Executed
Porter
tial
610 & 612 E. 5th St
.14
Residen 0811812005
0710112012
DDA Executed
tial
801 Brown St.
.05
Residen 1111612005
0413012012
DDA Executed
tial
710 E. 6th St.
.14
Residen 1112212005
0710112013
tial
902 Brown St.
.1
Residen 1112212005
Sold to City
tial
606 E. 5th St.
.14
Residen 0112712006
0710112012
DDA Executed
tial
511 E. 5th St.
.14
Residen 0310812006
0413012012
DDA Executed
tial
542 E. Central Ave.
.24
Residen 0411012006
0710112013
DDA in Negotiation
tial
Use of the Housing Fund to Assist Mortgagors
Income Adjustment Factors Requirements Completed
Home $35,091 Hope $
Page 6 of 7 12/14/11
California Redevelopment Agencies - Fiscal Year 201012011
Status of Low and Moderate Income Housing Funds
Sch C Agency Financial and Program Detail
SANTA ANA
Non Housing Redevelopment
Funds Usage
LMIHF DepositsMithdrawls
Docudivisburce Needs Document Custodian Custodian Copy
Name Date Name Phone Source
Achievements
Description
Page 7 of 7 12/14/11
California Redevelopment Agencies - Fiscal Year 201012011
Sch D General Project Information
SANTA ANA
Project Area Name: OUTSIDE PROJECT AREA
Project Name: Home buye r Assistance
UNI T I N VEN TOR Y
Very Low Low Moderate Above Mod Became Total
Ineligible
Unit
Acquisition Only
Non - Agency Owner Non - Elderly 0 2 1 0 0 3
Unit Total 0 2 1 0 0 3
PROJECT FUNDING SOURCE
Funding Source Amount
Private Funds $677,320
Federal Funds $59,100
Project Name: Mobile Home Rehab, Outside
Address: Santa Ana
UNIT 1 N VEN TOR Y
Very Low Low Moderate Above Mod Became Total
Ineligible
Unit
M obilehome Owner, Resident
Non - Agency Owner Elderly 2 0 0 0 0 2
Unit Total 2 0 0 0 0 2
PROJECT FUNDING SOURCE
Funding Source Amount
Federal Funds $12,500
Page 1 of 6 12/14/11
California Redevelopment Agencies - Fiscal Year 201012011
Sch D General Project Information
SANTA ANA
Project Area Name: OUTSIDE PROJECT AREA
Project Name: Multifamily Acq./ Rehab 1
UNI T I N VEN TOR Y
Very Low
Low
Moderate
Above Mod
Became
Total
Ineligible
Replacement
Bedroom
Substantial Rehabilitation Post 1993
Non - Agency Rental 1 Bedroom
14
0
0
0
0
14
Bedroom Total
14
0
0
0
0
14
Replacement
Unit
Substantial Rehabilitation Post 1993
Non - Agency Rental Non - Elderly
14
0
0
0
0
14
Unit Total
14
0
0
0
0
14
PROJECT FUNDING SOURCE
Funding Source
Amount
Federal Funds
$1,429,262
Page 2 of 6 12/14/11
California Redevelopment Agencies - Fiscal Year 201012011
Sch D General Project Information
SANTA ANA
Project Area Name: OUTSIDE PROJECT AREA
Project Name: Multifamily Acq. /Rehab 2
Address: Santa Ana
UNI T I N VEN TOR Y
Very Low
Low
Moderate
Above Mod
Became
Total
Ineligible
Replacement
Bedroom
Substantial Rehabilitation Post 1993
Non - Agency Rental 1 Bedroom
9
0
0
0
0
9
Non - Agency Rental 2 Bedroom
2
0
0
0
0
2
Bedroom Total
11
0
0
0
0
11
Replacement
Unit
Substantial Rehabilitation Post 1993
Non - Agency Rental Non - Elderly
11
0
0
0
0
11
Unit Total
11
0
0
0
0
11
PROJECT FUNDING SOURCE
Funding Source
Amount
Redevelopment Funds
$1,365,662
Federal Funds
$545,712
Project Name: NSP Owner Occupied
Address: Santa Ana
UNIT 1 N VEN TOR Y
Very Low Low Moderate Above Mod Became Total
Ineligible
Unit
Acquisition Only
Non - Agency Owner Non - Elderly 1 10 16 0 0 27
Unit Total 1 10 16 0 0 27
PROJECT FUNDING SOURCE
Funding Source Amount
Federal Funds $3,432,024
Private Funds $3,847,164
Page 3 of 6 12/14/11
California Redevelopment Agencies - Fiscal Year 201012011
Sch D General Project Information
SANTA ANA
Project Area Name: OUTSIDE PROJECT AREA
Project Name: Single Family New Construction
UNI T I N VEN TOR Y
Very Low
Low
Moderate
Above Mod
Became
Total
Ineligible
Replacement
Bedroom
New Construction
Non - Agency Owner 3 Bedroom
0
1
0
0
0
1
Non - Agency Owner 4 Bedroom
0
1
0
0
0
1
Bedroom Total
0
2
0
0
0
2
Replacement
Unit
New Construction
Non - Agency Owner Non - Elderly
0
2
0
0
0
2
Unit Total
0
2
0
0
0
2
PROJECT FUNDING SOURCE
Funding Source
Amount
Redevelopment Funds
$453,000
Project Name: Single Family Rehab, Outside
Address: Santa Ana
UNI T I N VEN TOR Y
Very Low Low Moderate Above Mod Became Total
Ineligible
Unit
Non - Substantial Rehabilitation
Non - Agency Owner Non - Elderly 0 4 0 0 0 4
Unit Total 0 4 0 0 0 4
PROJECT FUNDING SOURCE
Funding Source Amount
Federal Funds $169,030
State Funds $135,091
Page 4 of 6 12/14/11
California Redevelopment Agencies - Fiscal Year 201012011
Sch D General Project Information
SANTA ANA
Project Area Name: SANTA ANA MRGD REDEV PROJECTS
Project Name: NSP Owner Occupied
UNI T I N VEN TOR Y
Very Low Low Moderate Above Mod Became Total
Ineligible
Other Provided without LMIHF
Unit
Acquisition Only
Non - Agency Owner Non - Elderly 0 1 4 0 0 5
Unit Total 0 1 4 0 0 5
PROJECT FUNDING SOURCE
Funding Source Amount
Federal Funds $667,556
Private Funds $947,750
Project Name: Non Assisted Units
NON ASSISTED PROJECT UNITS
Category vlow low mod amod Building Permit Number Building Permit Date
New Constructions 0 0 0 1 10166953 04- JAN -11
Page 5 of 6 12/14/11
California Redevelopment Agencies - Fiscal Year 201012011
Sch D General Project Information
SANTA ANA
Page 6 of 6 12/14/11
SCHEDULE HCD E
CA L CULA TION OF INCREA SE IN A GENCY'S INCL USIONA RY OBLIGA TION FOR A CTIVITIES
(This Form is Information Only: Actual Obligation is based on Implementation Plan)
Report Year: 2010/2011
Agency: SANTA ANA
NOTE: This form is a summary of the totals of all new construction or substantial rehabilitation units
from forms HCD -137 which are developed in a project area by any entity (agency or non-agency).
PART I
[H & SC Section 33413(b) (1)]
AGENCYDEVELOPED
1. New Units
0
2. Substantially Rehabilitated Units
0
3. Subtotal - Basel i ne of U nits ( add I i ne 1 & 2)
0
4. Subtotal of I ncl us i onary Obligation Accrued this Year for Units (line 3 x 30 %)
0
5. Subtotal of I ncl us i onary Obligation Accrued this year for Verb Low I ncome Units (I i ne 4 x 50% )
0
PART II
[H & SC Section 33413(b)(2)]
NON - AGENCY DEVELOPED UNITS
6. New Units
1
7. Substantially Rehabilitated Units
0
8. Subtotal - Basel i ne of U nits ( add I i nes 6 & 7)
1
9. Subtotal of I ncl usi onary Obligation Accrued this year for Units (line 8 x 15 %)
0
10. Subtotal of I ncl usi onary Obligation Accrued this year for Very Low Income Units (line 9 x40%)
0
PART III
TOTALS
11. Total Increase in I ncl us i onary Obligations During This Fiscal Year ( add line 4 & 9)
0
12. Total Increase in Very Low Income Units I ncl us i onary Obligations During This Fiscal Year ( add line 5 & 10)
0
California Redevelopment Agencies - Fiscal Year 2010/2011 12/1412011
Schedule E (11/01)
*Totals maybe impacted by rounding
Page 1 of 1
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FINANICE & MANAGEMENT SERVICES AGENCY
20 CIVIC CENTER PLAZA
P.O. BOX 1988 * SANTAANA, CALI FO RN A 92702
County of Orange
Auditor/Controller
P.O. Box 567
630 N. Broadway
Santa Ana, CA 92702
Attn: Frank, Davies
Manager, Property Tax, Section
CITY MANAGER
Paul M. Walters
CITY ATTORNEY
Joseph Straka,
CLERK OF THE COUNCI
Maria, Huizar I
In accordance with Section 33,675(b) of the Health, and, Safety Code and as, prescri*bed by the
State Controller, attached is the Statement of I debtedness for the Merged, Project Area' of the
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City of Santa, Ana Redevelopment Agency for the tax year July, 1,, 201.1 to June 30,2012.
C Intlen"m City Manager
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AGENCY NAME, C4 of Santa Ana Redevelopment Agency
PROJECT AREA Santa Ana Merged Redeveiopment Project
TAX YEAR 2011 -12,
Beginning Balancel Available Revenues
(See Instructions)
Adjustments - Made to financial records, after prev I iou,s,;S01 filed
(For CAFR reclassi ; fications of ERAF]SERAF loan repayments)
Tax Increment Received - Gross
All Tax Increment Revenues, to include and,'Tax Increment
passed through t,o other local taxi'ng agencies
2.1 5114331689
Total amounts paid against indebtedness
in previous year. (D,+� E on Reconciliation Statement) 6. 112,826,593_
Available Revenues. End of Year
FORWARD THIS AMOUNT TO STATEMENT OFINDE II, TEDINIESS
*.I'ER, PAGE, UNE 4. 7 131116,608
Tax Increment Revenues:
The only am,ount(s) to be excluded as, Tax Increment Revenue are any amounts passed through to other local
taxing agencies pursuant to Health and Safety code Section 33676. Tax Increment Revenue set-aside in the
Low and Moderate Income Housing Fund will be washed in the above calculation, and therefore omitted form
Available Revenues at year end,
Item 4 above:
This represents any paymeints fromI any source other than 'Tax Increment OR available revenues. For instance,,
an agency funds a project wit,h a bondissue. The previous SOI. included a Disposition Development Agreement
(DDA) as fully repaid under the other" colum�n (Gol E), but with funds that were neither Tax Increment, or
"Available Revenues" as defined. The amounts used to satisfy this DDA would be included o i4, above in
order to accurately deterrntne ending "Available Revenues".
( Revised 09/01/2010)
IA u nts. Rece iva ble\Ma rilyn\S 0 1 \S 0 1 201'1\S mt of Ind" b d ness 2011 -2012 9-29-2011 Fi nal.As
Sheet Tab, Avail Rev
9/29120112*1 16 PM
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
(A Component Unit of the City of Santa Ana)
Independent Auditor's Reports
For The Fiscal Year Ended June 30, 2011
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Financial Statements
June 30, 2011
Table of Contents
Page
IndependentAuditor's Report .................................................................................... ............................... 1
Management's Discussion and Analysis (Required Supplementary Information - Unaudited) .............. 3
Basic Financial Statements:
Statementof Net Assets ....................................................................................... ............................... 15
Statementof Activities ......................................................................................... ............................... 16
Balance Sheet — Governmental Funds ................................................................. ............................... 17
Reconciliation of the Balance Sheet of Governmental Funds to the
Statementof Net Assets ............................................................................... ............................... 18
Statement of Revenues, Expenditures and Changes in Fund Balances —
GovernmentalFunds .................................................................................... ............................... 19
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities ....... ............................... 20
Notes to the Basic Financial Statements .............................................................. ............................... 21
Supplementary Information:
Computation of Low Income Housing Fund — Excess Surplus ........................... ............................... 44
Independent Auditor's Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed
in Accordance with Government Auditing Standards ............................................. ............................... 45
Independent Auditor's Report on Compliance of California
Redevelopment Agencies and on Internal Control over Compliance ....... .............................47
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n � �rY N" r @ d � V e IF v f'.F "�'+ wN o���rY N I) - � k., . li k-" � , �, ti, ,� r.@ �, rr�:d n F � N M , » � � li IY �:. V B '�... B , N II i ?» i � � �' (i, , 'k .a ,s b;. r9 N � r9 IF v � II b;.. �`: d' G..
n � r � .. � � � u .. _. , ,.z _ � . n ... I �. r ,.. .� ,.rM � A. » u w � ,.. w a. �, � z w � I�... r A. � , � ,. ,.,n �. I p
The Board of Directors of
the Community Redevelopment Agency of the City of Santa Ana
Santa Ana, California
Independent Auditor's Report
A✓ ;r
We have audited the accompanying financial statements of the governmental activities and each major
fund of the Community Redevelopment Agency of the City of Santa Ana (Agency), a component unit of
the City of Santa Ana (City), California, as of and for the year ended June 30, 2011, which collectively
comprise the Agency's basic financial statements as listed in the table of contents. These financial
statements are the responsibility of the Agency's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with the auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Agency's internal control over financial reporting. Accordingly, we
express no such opinion. An audit also includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities and each major fund of the Agency as of June
301 2011, and the respective changes in financial position thereof for the year then ended in conformity
with accounting principles generally accepted in the United States of America.
As explained further in Note 12(b) to the basic financial statements, the California State Legislature has
enacted legislation that is intended to provide for the dissolution of redevelopment agencies in the State of
California. The effects of this legislation are uncertain pending the result of certain lawsuits that have
been initiated to challenge the constitutionality of this legislation.
In accordance with Government Auditing Standards, we have also issued our report dated November
291 2011, on our consideration of the Agency's internal control over financial reporting and on our tests
of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the internal
control over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be considered in assessing the results of our
audit.
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis, as listed in the table of contents, be presented to supplement the basic financial
statements. Such information, although not a part of the basic financial statements, is required by the
Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting
30.00 S 0,.: �Are . � ' f � fl Pi J. n� �r� n a �� � �9�� u� ��� .�, 1 2 A I n_�s ,� �:����e� 0 1 � rnGtV.ir y . Park E . p12011 11 Da) , ve S C �reW k.
rumu
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00 S,,.Jte I ,i ul:nnt tl'" 1750
SacSac,r �nn7in.:��n to "� a n-��,it nun..��� I., ��a l�aN i� A I ,e n >�::rir�g le,5 pu U s Nevi���� o�rt ���^��. a ���~il �������~il C one II N��:��
, � � N n s� d v J' it � �u uul° 0. TM.,k °� ����fN u° rniv� ;w �'.. �"
9-461 i I��06 ,� ,n ° r e � . A 92660 ("A,92 ff .1
for placing the basic financial statements in an appropriate operational, economic, or historical context.
We have applied certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management's responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Agency's basic financial statements. The accompanying computation of low income
housing fund — excess surplus (Computation) is presented for purposes of additional analysis and is not
required to be part of the basic financial statements. The Computation has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, is the responsibility of management
and was derived from and relate directly to the underlying accounting and other records used to prepare
the financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the financial
statements or to the financial statements themselves, and other additional procedures in accordance with
auditing standards generally accepted in the United States of America. In our opinion, the Computation is
fairly stated, in all material respects, in relation to the financial statements as a whole.
We also have previously audited, in accordance with auditing standards generally accepted in the United
States, the Agency's financial statements as of and for the years ended June 30, 2008, 2009 and 2010,
which are not presented with the accompanying financial statements. In our reports dated December 4,
2008, December 2, 2009, and November 30, 2010, we expressed unqualified opinions on the financial
statements of the governmental activities and each major fund of the Agency for the years ended June 30,
20081 2009 and 2010, respectively. Those audits were conducted for the purpose of forming opinions on
the financial statements that collectively comprise the Agency's financial statements as a whole. We did
not audit the financial statements of the Agency for the year ended June 30, 2007. Those financial
statements were audited by other auditors whose reports thereon have been furnished to us, and our
opinion, insofar as it relates to the amounts included for those financial statements, is based on the report
of the other auditor. The accompanying schedule of excess surplus determination information related to
the years ended June 30, 2007, 2008, 2009, and 2010 financial statements is presented for purposes of
additional analysis and is not a required part of the financial statements. Such information is the
responsibility of management and was derived from and relates directly to the underlying accounting and
other records used to prepare the years ended June 30, 2007, 2008, 2009, and 2010 financial statements.
The information has been subjected to the auditing procedures applied by us and other auditors in the
audit of those financial statements and certain additional procedures, including comparing and reconciling
such information directly to the underlying accounting and other records used to prepare the financial
statements or to the financial statements themselves, and other additional procedures in accordance with
auditing standards generally accepted in the United States of America. In our opinion, based on our audit
and the report of other auditors, the schedule of excess surplus determination information for the years
ended June 30, 20071 20081 2009, and 2010, is fairly stated in all material respects in relation to the
financial statements from which they have been derived.
Newport Beach, California
November 29, 2011
2
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Management's Discussion and Analysis
Year Ended June 30, 2011
(Unaudited)
The information presented in the "Management's Discussion and Analysis" is intended to be a narrative
overview of the Community Redevelopment Agency of the City of Santa Ana's (Agency) financial
activities for the fiscal year which ended June 30, 2011. This information is presented in conjunction
with the accompanying financial statements, footnotes, and supplementary information.
The financial statements provide reporting that is similar to private sector companies by showing
government -wide (i.e., company -wide) financial statements with a "Net Assets" bottom line approach.
However, government agencies are mandated to account for certain resources and activities separately,
thereby necessitating a fund -by -fund financial format as shown in the governmental funds statements and
supplementary information.
FINANCIAL HIGHLIGHTS
• During the fiscal year, the Agency's governmental activities with respect to taxes and other
governmental revenues exceeded expenses (change in net assets) by $26.6 million. This is an
increase from $22.37 million in the prior fiscal year. The total revenues from all sources
decreased $6.95 million from the prior fiscal year due in part to decreases in property tax
increment revenues and program revenues. The total expenses for the fiscal year decreased by
$29.28 million, primarily a result of the decrease in the payment to the State of California
Supplemental Educational Revenue Augmentation Fund (SERAF). Additionally, the Agency
issued the 2011 Series A Merged Project Tax Allocation Bonds for the defeasance and
refinancing of the 1998 Santa Ana Financing Authority Refunding Revenue Bonds Series A, B, C
and D (SAFA), and for the financing of $6.1 million in capital improvements. The SAFA bonds
were an obligation of the City, the proceeds from which were used to purchase the 1989 Tax
Allocation Refunding Bonds Series A, B, C and E (1989). The 1989 bonds were an obligation of
the Agency, and this transaction resulted in the retirement of those bonds.
• The Agency continues to use the Low and Moderate Income Housing Fund to develop properties
that increase the availability of affordable housing throughout the City. Current projects
underway during the 2010 -2011 fiscal year include the Santa Ana Station District, LLC for 112
rental units and 32 for -sale units; Habitat for Humanity for 17 homes; Santa Ana WBBB, LP for
51 rental units; and the Vista Del Rio project for a 41 -unit rental housing development for special
needs residents.
FINANCIAL STATEMENT OVERVIEW
This discussion and analysis is intended to serve as an introduction to the Community Redevelopment
Agency of the City of Santa Ana's basic financial statements. The Agency's basic financial statements
consist of three components: 1) government -wide financial statements, (2) fund financial statements, and
3) notes to the basic financial statements.
3
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Management's Discussion and Analysis (Continued)
Year Ended June 30, 2011
(Unaudited)
Government -wide Financial Statements: The government -wide financial statements are
designed to provide readers with a broad overview of the Agency's finances. These statements
include all assets and liabilities using the full accrual basis of accounting, which is similar to the
accounting used by most private- sector companies. All of the fiscal year's revenues and expenses
are included, regardless of when monies are received or paid.
• The statement of net assets presents all of the Agency's assets and liabilities, with the difference
reported as net assets. Over time, increases or decreases in net assets may serve as a useful
indicator to determine whether the financial position of the Agency is improving or deteriorating.
• The statement of activities presents information showing the Agency's revenues and expenses for
the fiscal year. All revenues and expenses are reported as soon as the underlying event giving
rise to them occurs, regardless of the timing of related cash flows. Thus, revenues and expenses
are reported in this statement for items that will result in cash flows in future fiscal periods (e.g.,
uncollected taxes and incurred but unpaid interest expense).
The basic services of the Agency are considered to be governmental activities, including community
redevelopment, low and moderate income housing, and interest expense on long -term debt. All Agency
activities are financed with property tax increment, operating grants and contributions, transfers from the
City of Santa Ana and investment income.
Fund Financial Statements: A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The Agency uses fund
accounting to ensure and demonstrate compliance with legal requirements. The Agency only has
governmental fund types.
Governmental funds — All of the Agency's services are reported in governmental funds. These
funds are reported using the modified accrual basis of accounting, which measures cash and all
other financial assets that can readily be converted to cash. The governmental funds statements
provide a detailed view of the Agency's operations. The governmental funds information helps
to determine the amount of financial resources used to finance the Agency's programs.
• We describe the differences between government -wide governmental activities (reported in the
statement of net assets and the statement of activities) and governmental funds (segregated by
major fund) in a reconciliation shown on the page following each of the fund financial statements.
This reconciliation identifies the differences between the "modified" accrual basis of accounting
and "full" accrual accounting. The major differences include recognition of accrued expenses,
capital assets, and long -term debt liabilities, shown in the statement of net assets and statement of
activities, which are not shown in the fund financial statements.
Notes to the Basic Financial Statements: The notes provide additional information that is essential for
a full understanding of the data provided in the government -wide and fund financial statements.
11
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Management's Discussion and Analysis (Continued)
Year Ended June 30, 2011
(Unaudited)
AGENCY -WIDE FINANCIAL ANALYSIS
Our government -wide analysis focuses on the net assets (Table 1) and changes in net assets (Table 2) for
the Agency's governmental activities. Comparative data is shown for the prior fiscal year.
Table 1
Net Assets
(in Millions)
Governmental Activities
2011 2010
Current and other assets $ 171.81 $ 152.90
Total Assets 171.81 152.90
Other liabilities 10.53 13.76
Noncurrent liabilities 112.31 116.77
Total Liabilities 122.84 130.53
Net assets:
Invested in capital assets 0.69 -
Restricted 88.49 78.46
Unrestricted (40.21) (56.09)
Total Net Assets $ 48.97 $ 22.37
The Agency's net assets from governmental activities increased $26.6 million, from $22.37 million to
$48.97 million.
5
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Management's Discussion and Analysis (Continued)
Year Ended June 30, 2011
(Unaudited)
Table 2
Change in Net Assets
(in Millions)
Revenues:
Program revenues:
Operating grants and contributions
General revenues:
Taxes - property taxes
Investment income
Rental income
Other income
Total Revenues
Expenses:
Community redevelopment
Low and moderate income housing
Interest expense on long -term debt
Total Expenses
Increase (decrease) in Net Assets
Net assets at beginning year
Net assets
Governmental Activities
2011 2010
$ 1.76 $
5.34
51.43
54.32
0.62
0.86
0.24
0.15
1.76
2.09
55.81
62.76
20.68
41.79
4.98
8.92
3.55
7.78
29.21
58.49
26.60
4.27
22.37
18.10
$ 48.97 $
22.37
The Agency's total revenues decreased by $6.95 million (11.07 %), while the total costs of all programs
and services decreased by $29.28 million (50.06 %). The decrease in revenue is due to decreased property
taxes as a result of the economic recession, and reduced revenues from the Low and Moderate Income
Housing Program. The decrease in expenses is mostly due to the lower payment of $3.68 million to the
State of California Supplemental Educational Revenue Augmentation Fund (SERAF) paid in 2011
compared to $17.89 million paid in 2010. The decrease in revenues and expenses resulted in an increase
in net assets of $26.6 million.
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Management's Discussion and Analysis (Continued)
Year Ended June 30, 2011
(Unaudited)
FUND FINANCIAL ANALYSIS
The Agency's governmental funds reported combined ending fund balances of $124.69 million at year
end. The Agency's combined fund balances increased by $19.62 million, mainly due to the decrease in
the SERAF payment and bond proceeds from refunding bonds. Listed below are significant variances in
revenues and expenditures between fiscal year 2009 -10 and 2010 -11.
• The Merged Project Area Debt Service Fund revenues decreased slightly by $0.86 million
(1.55 %) mainly due to decrease in tax increment revenues as a result of the economic recession.
As a result of the retirement of the 1989 Tax Allocation Refunding Bonds, expenditures increased
by $55.71 million (167.29 %).
• The Merged Project Area Capital Projects Fund revenues decreased by $1.76 million (74.91%)
from decreased rental income and expense reimbursements. The Merged Capital Projects Fund
project and administrative costs decreased overall by $0.19 million (3.78 %), which is partially
due to the land purchase for future development, and an Agency obligation that was previously
budgeted as a Merged Capital Proj ect obligation was paid directly from the Debt Service Fund.
Pass - through payments decreased by $14.2 million (79.4 %) due to the reduced payment to
SERAF in 2010 -11.
• The Low and Moderate Income Housing Fund transfers in from the Debt Service Fund decreased
by $0.47 million (3.3 %) due to decreased property tax revenues. The Low and Moderate Income
Housing Fund expenditures decreased by $3.92 million (44.4 %) primarily due to the completion
of the Wilshire and Minnie (144 units) and Townsend and Raitt (5 apartment buildings)
development projects in the prior fiscal year.
Community Redevelopment Highlights
• Santa Ana Auto Mall: The Auto Mall currently has 6 dealerships including BMW, Mini Cooper
(Mini), Honda, Volkswagen, Audi, and Volvo. The Penske Group recently expanded its
VW /Audi operations to the prior Saturn site, and a further expansion onto the former Saab site is
in the planning stages. Penske is also nearing completion of its new Audi showroom at the
former Kia site. The Audi plans feature building renovation, along with a 10,000 sq. ft.
expansion. Plans are also in the works for the new Mini showroom at the former Jaguar site,
across from BMW. The building will be renovated inside and out to conform to Mini and City
requirements for the Auto Mall. Additionally, Honda just received Planning Commission's
approval to proceed with its 5,000 sq. ft. showroom expansion and overall facility enhancement
to give it a more updated appearance consistent with Honda standards.
• South Main Facade Improvement Rebate Program: In 2000, the Redevelopment Agency
reinstituted the Facade Improvement Rebate Program for South Main Street between First and
Warner. The purpose of the program is to improve the exterior appearance of commercial
buildings within a specific area. The program provides financial assistance in the form of a cash
rebate based upon level of private contribution, subject to pre- approval by a committee made up
of City staff and members of the South Main Merchants Association. In 2002, the program was
7
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Management's Discussion and Analysis (Continued)
Year Ended June 30, 2011
(Unaudited)
revised to accommodate adoption of SB 975, which mandated prevailing wage for construction
work paid for, in whole or in part, with public funds. Since 2000, the Agency has funded 23
rebates. For fiscal year 2010 — 2011, two applications were approved for reimbursement of over
$25,404. Currently, we are investigating improved ways to provide assistance to the businesses
on South Main Street.
South Main Building Renovation Program: On February 24, 2011, the Agency released a
Request for Proposals (RFP) for a consultant to assist in the development of a South Main
Building Renovation Program. The program will consist of the Agency funding all of the
necessary exterior building improvements in a targeted area, including design, construction and
oversight for the South Main Corridor. The first phase of the program is to develop the initial
program design, including data collection, initial community outreach, program parameters and
drafting an initial program design document. The RFP selection process was completed, and on
June 21, 2011, a consultant agreement with ABACUS Project Management, Inc. was presented to
the Community Redevelopment and Housing Commission for recommendation. The next step
will be to present the consultant agreement to the Agency Board for approval, once the Agency
can legally take formal action.
• Public Parking Lot Acquisition - 301 S. Sycamore and 300 S. Main Street: Shortly upon
adoption of the South Main Project Area, the Agency pursued the creation of several public
parking lots along the South Main Street Corridor. Having leased property for one of the parking
lots for many years, the Agency attempted (unsuccessfully) to acquire the property. However, in
2009, the subject property owner approached the Agency regarding purchasing their property.
The Agency acquired the property in early 2011, with the purpose to continue providing off street
parking that services the local businesses along the corridor.
Santa Ana Lofts: Located in Downtown and adjacent to the Artists Village, developer City
Ventures completed construction on a 16 unit for -sale development on a .55 acre site, within the
framework of two buildings. The new development consists of a collection of artists' lofts and
live /work residences. All 16 units have been completed and sold. The unique project focused on
the arts community and will bolster the success and growth of the Artists Village.
• Downtown Facade Improvement Rebate Program:. The Santa Ana Downtown Facade
Improvement Rebate Program was approved by the Redevelopment Agency in July 2008, to
encourage economic revitalization and to promote urban renewal in the Downtown area, while
maintaining its historic and cultural traditions. The program provides financial assistance based
on a sliding scale and is capped at $75,000 per business within the designated target area to
improve storefronts. For fiscal year 2010 -2011, the Pacific Building facade improvement project
was completed. This building, located at the corner of Broadway and 3rd Street, rehabilitated
approximately 6,000 sq. ft. of commercial space that is completely leased to three different
businesses, including the Chapter One restaurant. The East End project (formerly known as
Fiesta Market Place) was also under construction for a significant part of this fiscal year, with
approximately 75% of the project completed. This project is scheduled for completion in
November 2011.
E'?
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Management's Discussion and Analysis (Continued)
Year Ended June 30, 2011
(Unaudited)
• Enterprise Zone: On September 30, 2010, the Community Development Agency's Economic
Development Division hosted an Enterprise Zone (EZ) Workshop at the Heritage Museum of
Orange County. ELLS, a Santa Ana CPA firm, assisted Agency staff in providing information
about California State Tax incentives available through the EZ program and the benefits to over
38 local businesses.
• Broker Forums: Economic Development staff conducted five broker forums with local Santa
Ana brokers to inform and educate them on the benefits of locating their clients to Santa Ana and
its Enterprise Zone. Over 100 brokers attended these informative events, and as a result, over 25
new companies invested in improving their vacant properties.
• Business Retention and Attraction Activities: Economic Development staff continued to target
top sales tax producers for retention visits and monitored the largest businesses in the City for any
changes that would cause them to relocate out of the City. A retention visit with Corinthian
Colleges spurred the College into opening Everest College, a subsidiary of Corinthian, in
downtown Santa Ana.
Staff identified over 50 "green" businesses in the City on which to focus retention efforts.
Additionally, staff met with several green companies looking to relocate to Santa Ana. As a
result, five new solar companies opened their doors in the City.
• WayfindingSiignage Program: In the past few years, Santa Ana has undergone several new urban
design efforts in the downtown area. To complement these efforts, the City undertook a plan to
design a new wayfinding sign system to help reinforce the City's identity and character, and serve
as a framework to implement an attractive and effective signage system throughout the entire
City. This wayfinding sign program in the downtown area is the first application for establishing
a uniform signage and branding program for the entire City.
Low and Moderate Income Housing Highlights
• Station District Development: A lawsuit tiled by Friends of Lacy on the Environmental Impact
Report for the Station District housing project and larger Transit Zoning Code area put this
proj ect on hold. This lawsuit was recently resolved in FY 2010 -11, allowing for the proj ect to
move forward, with some minor changes in scope. The project now calls for development of
approximately 113 rental units and 24 for -sale units on a total of approximately six acres of land.
Construction on the first phase of the Station District affordable housing project (74 podium
apartment units, including retail and child care components) is anticipated to commence in late
November 2011. Plans for the second phase of the rental project include an anticipated
construction start date of February 2012, and the 24 for -sale unit project is anticipated to
commence construction in 2011 as well, and be completed within 18 months.
9
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Management's Discussion and Analysis (Continued)
Year Ended June 30, 2011
(Unaudited)
• Development of Infill Scattered Sites: On October 9, 2009, the Agency released a Request for
Qualifications (RFQ) for the selection of qualified developers for 13 Agency -owned parcels. On
December 21, 2009, the Agency selected three developers for the project. Habitat for Humanity
of Orange County (Habitat) was selected as developer for seven of these sites where single family
homes are to be developed, while Hope Builders, a Division of Taller San Jose, was selected as
developer for two single family sites. Habitat is processing its plans through the City.
Also approved was the team of Orange Housing Development Corporation and C & C
Development for the development of multi - family housing on the remaining sites. It is expected
that construction will commence by the end of 2011.
• Birch, Birch and Bush: Through the same RFQ mentioned above, the partnership of Santa Ana
WBBB, LP was selected as the developer for multi - family housing at sites identified as 217, 219,
435, and 437 South Birch Street, and 2034 -2038 Bush Street. Plans have been approved and all
necessary financing obtained for the Birch, Birch and Bush Street sites. A total of twenty rental
units will be developed, and all will be rented to very low - income households. They anticipate
construction to start by the middle of November 2011, and completed within a year.
• Vista Del Rio: The Vista Del Rio project is a 41 -unit affordable rental housing development,
geared toward special needs residents. The project includes a partnership between A Community
of Friends, Goodwill of Orange County, Santa Ana's Redevelopment Agency and a variety of
funders. Subsidies to achieve long term affordability of rents have been secured through the
Federal Low - Income Tax Credit, Federal Home Loan Bank AHP, City of Santa Ana HOME
Program and Santa Ana Housing Authority Project Based Housing Vouchers. Vista Del Rio has
also been designed to provide amenities and on -site services for residents. The property will also
incorporate numerous green building features, with an energy efficiency that will exceed Title 24
energy standards at the LEER Silver certified level. Construction is expected to commence in
early 2012.
• Washington Avenue Courtyard: The Washington Avenue Courtyard is a 36 -unit affordable rental
housing development, geared toward families with modest incomes. The project combines
multiple objectives associated with the Federal Neighborhood Stabilization Program (NSP) and
Santa Ana's Community Redevelopment Agency. The site was previously subject to a bank
foreclosure, and construction is expected to commence in December 2011. Like Vista Del Rio,
the project will incorporate numerous green features. The developer anticipates that its energy
efficiency will exceed Title 24 energy standards at the LEER Gold certified level. The
Washington Avenue Courtyard is expected to be ready for occupancy in early 2013.
10
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Management's Discussion and Analysis (Continued)
Year Ended June 30, 2011
(Unaudited)
FINANCIAL FORECAST
State Legislation Affecting California Redevelopment Agencies
On June 29, 2011, the Governor of the State of California signed Assembly Bills X1 26 and 27 as part of
the State's budget package, which directly impacts the future of redevelopment agencies. The new
legislation and potential impacts to the Agency are discussed in the Notes to the Basic Financial
Statements, Note 12(b).
DEBT ADMINISTRATION
Long -Term Debt
On June 30, 2011, the Agency has the following debt outstanding: $20.96 million in tax allocation
refunding bonds, $84.28 million in tax allocation bonds and $6.22 million in loans. The Agency issued
the 2011 Series A Merged Project Tax Allocation Bonds for the defeasance and refinancing of the 1998
SAFA bonds, and for the financing of $6.1 million in redevelopment activities related to the Agency's
Merged Redevelopment Project. The SAFA bonds were an obligation of the City, the proceeds from
which were used to purchase the 1989 bonds, which were an obligation of the Agency. This transaction
resulted in the retirement of the 1989 bonds. The changes in debt outstanding are the result of the new
bond refunding, in addition to principal payments on existing debt during the fiscal year.
Table 3
Outstanding Debt at Year -End
(in Millions)
Governmental Activities
2011 2010
Refunding tax allocation bonds payable $ 20.96 $ 91.10
Tax allocation bonds payable 84.28 18.01
Loans payable 6.22 6.67
Totals $ 111.46 $ 115.78
CONTACTING THE AGENCY'S FINANCIAL MANAGEMENT
These financial statements are designed to provide our citizens, taxpayers, investors, and creditors with a
general overview of the Agency's finances. If you have any questions about this report or need additional
information, please contact the Agency's Finance Department at the City of Santa Ana, 20 Civic Center
Plaza, Santa Ana, California 92701, (714) 647 -5433.
11
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12
BASIC FINANCIAL STATEMENTS
13
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14
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Statement of Net Assets
June 30, 2011
Assets:
Cash and investments
Investments with fiscal agent
Receivables:
Tax increment
Interest
Loans and notes
Land held for resale
Capital assets, nondepreciable
Deferred issuance costs, net
Deposits
Total assets
Liabilities:
Accounts payable
Interest payable
Due to other governments
Deposits
Long -term liabilities:
Due within one year
Due in more than one year
Total liabilities
Net assets (deficit):
Invested in capital assets
Restricted for:
Low and moderate income housing
Debt service
Capital projects
Unrestricted
Total net assets
Governmental
Activities
$ 9713011614
6,746,113
1,116,633
266,718
38,690,133
26,253,330
6851382
745,891
100
17118051914
5,317,379
3,176,720
2,009,770
14,000
2,619,646
10916951143
12218321658
6851382
26,027,348
14,543,738
4719241137
(40,207,349)
$ 4819731256
See accompanying notes to the basic financial statements.
15
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Statement of Activities
For the Year Ended June 30, 2011
Functions/Programs
Governmental activities:
Community redevelopment
Low and moderate income housing
Interest expense on long -term debt
Total governmental activities
Expenses
$ 2016811845 $
4,983,819
3,547,806
Net (Expense)
Revenue and
Program Changes in
Revenues Net Assets
Operating
Grants and Governmental
Contributions Activities
117591778 $ (18,922,067)
- (4,983,819)
- (3,547,806)
$ 2912131470 $ 117591778 (27,453,692)
General revenues:
Property taxes
Investment income
Cost recoveries and donations
Rental income
Miscellaneous income
Gain on sale of land held for resale
Total general revenue
Change in net assets
Net assets, beginning of year
Net assets, end of year
See accompanying notes to the basic financial statements.
16
51,433,689
6221133
907,225
2351475
616,523
2381000
54,053,045
26,599,353
22,373,903
$ 4819731256
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Balance Sheet
Governmental Funds
June 30, 2011
See accompanying notes to the basic financial statements.
17
Debt Service
Capital Projects
Merged
Merged
Low and Moderate
Project
Project
Income
Area
Area
Housing
Total
Assets:
Cash and investments
$
20,768,230
$
25,414,997
$
51,118,387
$ 97,301,614
Investments with fiscal agents
6,733,829
12,284
6,746,113
Receivables:
Tax increment
1,062,687
53,946
-
1,116,633
Interest
179,274
25,947
61,497
266,718
Loans and notes
-
-
38,690,133
38,690,133
Due from other funds
-
-
254,283
254,283
Advances to other funds
-
7,202,359
7,202,359
Deposits for eminent
domain proceedings
-
100
-
100
Land held for resale
-
429,700
25,823,630
26,253,330
Total assets
$
28,744,020
$
25,924,690
$
123,162,573
$ 177,831,283
Liabilities and fund balances:
Liabilities:
Accounts payable
$
5,078,726
$
109,099
$
129,554
$ 5,317,379
Due to other funds
254,283
-
-
254,283
Due to other governments
1,664,914
344,856
-
209,770
Advances from other funds
7,202,359
-
-
7,202,359
Deferred revenue
-
-
38,340,133
38,340,133
Deposits
-
-
1400
1400
Total liabilities
14,200,282
453,955
38,48307
53,137,924
Fund balances:
Nonspendable:
Deposits
-
100
-
100
Restricted:
For community redevelopment
-
21,670,807
26,027,348
47,698,155
For debt service
14,543,738
-
-
14,543,738
Land held for resale
-
429,700
25,823,630
26,253,330
Advances to other funds
-
-
7,202,359
7,202,359
Committed:
For contractual obligations
-
3,370,128
25,625,549
28,995,677
Total fund balances
14,543,738
25,470,735
84,67806
124,693,359
Total liabilities and fund balances
$
28,744,020
$
25,924,690
$
123,162,573
$ 177,831,283
See accompanying notes to the basic financial statements.
17
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets
June 30, 2011
Fund balances for governmental funds $ 124,693,359
Amounts reported for governmental activities in the Statement of Net Assets are
different because:
Capital Assets used on governmental activities are not financial resources and,
therefore, are not reported in the governmental funds. 685,382
Long -term liabilities, including tax allocation bonds, loans payable,
compensated absences, and other postemployment benefits (OPEB) are not
due and payable in the current period and, therefore, are not reported in the
governmental funds.
Tax allocation bonds and loans payable $ (111,050,142)
Compensated absences (738,585)
Other postemployment benefits obligation (526,062) (112,314,789)
Deferred issuance costs are reported as assets and amortized over the life of
the associated issued debt, reported net of amortization.
Deferred issuance costs 778,321
Amortized amount (32,430)
745,891
Accrued interest payable for the current portion of interest due on long -term
liabilities has not been reported in the governmental funds. (3,176,720)
Long -term receivables are not available to pay for current period expenditures
and, therefore, are deferred on the modified accrual basis in governmental
funds. 38,340,133
Net assets of governmental activities $ 48,973,256
See accompanying notes to the basic financial statements.
18
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the Year Ended June 30, 2011
Revenues:
Tax increment
Intergovernmental revenue
Investment income
Gain on sale of land held for resale
Cost recoveries and donations
Rental income
Miscellaneous
Total revenues
Expenditures:
Current:
Project costs
Administrative
Pass - through payments
Payments to the State (SERAF)
County adminstration fee
Reimbursement to City
Debt service:
Principal:
Retirement of debt
Interest and fiscal charges
Cost of issuance and other bond charges
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Transfers in
Transfers out
Proceeds from refunding bonds
Bond discount
Total other financing sources (uses)
Net change in fund balances
Fund balances, beginning of year
Fund balances, end of year
Debt Service
Capital Projects
Merged
Merged
Low and Moderate
Project
Project
Income
Area
Area
Housing
Total
$ 51,43309 $
-
$ - $
51,43309
2,250,974
-
-
2,250,974
190,583
117,967
313,583
622,133
-
-
23800
23800
882,914
22
24,289
907,225
-
217,510
17,965
235,475
-
254,025
362,498
616,523
54,758,160
589,524
956,335
56,304,019
389,351
3,350,877
3,837,919
7,578,147
-
1,615,211
1,062,341
2,677,552
9,07600
-
-
9,07600
-
30302
-
30302
441,537
-
83,559
525,096
2,537,690
-
-
2,537,690
700500
78,306
369,560
71,112,866
5,124,640
4,781
4,558
5,133,979
778,321
-
-
778,321
89,013,199
8,732,257
5,357,937
103,103,393
(34,255,039)
(8,142,733)
(4,401,602)
(46,799,374)
-
7,488,042
13,675,382
21,163,424
(21,163,424)
-
-
(21,163,424)
66,79000
-
-
66,79000
(373,843)
-
-
(373,843)
45,252,733
7,488,042
13,675,382
66,416,157
10,997,694
(654,691)
9,273,780
19,616,783
3,546,044
26,125,426
75,405,106
105,076,576
$ 14,543,738 $
25,470,735
$ 84,67806 $
124,693,359
See accompanying notes to the basic financial statements.
19
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of
Governmental Funds to the Statement of Activities
For the Year Ended June 30, 2011
Net change in fund balances - total governmental funds $ 19,616,783
Amounts reported for governmental activities in the Statement of Activities are
different because:
Governmental funds report capital outlays as expenditures. However, in the
Statement of Activities, the costs of those assets, such as land, are capitalized.
This is the amount by which capital outlay was used to purchase land. 685,382
Revenues in the statement of activities that do not provide current financial
resources are reported as deferred revenue in the fund. This is the amount
by which deferred revenues decreased in the current period. (491,196)
The issuance of long -term debt provides current financial resources to
governmental funds, while the repayment of the principal of long -term debt
consumes the current financial resources of governmental funds. Neither
transaction, however, has any effect in the net assets. This is the net effect of
these differences in the treatment of long -term debt and related items.
Principal payments
700500
Proceeds from bond issuance
(66,790,000)
Bond discount, net of amortization
358,266
Bond premium amortization
190,850
Deferred amounts for refunding and
amortization of discounts
(196,760)
Payments on loans
44706
4,675,222
Deferred issuance costs are reported as assets and amortized over the life of
the associated issued debt, reported net of amortization.
Deferred issuance costs 778,321
Amortized amount (32,430)
745,891
Accrued interest for long -term bonds and loans is not reported in the
governmental funds. This is the net change in accrued interest for the current 1,586,173
period.
Compensated absences and other postemployment health benefits expenses
reported in the Statement of Activities do not require the use of current
financial resources and, therefore, are not reported as expenditures in
governmental funds. (218,902)
Change in net assets of governmental activities $ 26,599,353
See accompanying notes to the basic financial statements.
20
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements
Year Ended June 30, 2011
(1) REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Organization and Tax Increment Financing
The Community Redevelopment Agency of the City of Santa Ana (Agency) was established in January
1973 pursuant to the California Community Redevelopment Law. Financial activity of the Agency
commenced in mid -1974. The Agency's redevelopment activity involves one merged redevelopment
project area encompassing about 5,105 acres. This project area includes residential, commercial,
industrial, and public areas. The general objectives of the Agency's redevelopment activities are to
eliminate and arrest further establishment of blighted conditions in the project areas, to eliminate mixed
and incompatible land uses, and to develop residential, residential /professional and
commercial /industrial areas.
The Agency is an integral part of the reporting entity of the City of Santa Ana (City) and is a blended
component unit of the City.
The Agency's primary source of revenue comes from property taxes, referred to in the accompanying
fund financial statements as "tax increment revenue ". Property taxes allocated to the Agency are
computed in the following manner:
The assessed valuation of all property within the project area is determined on the date of
adoption of the Agency's redevelopment plan for such areas.
Property taxes related to the incremental increase in assessed values after the adoption of the
Agency's redevelopment plan are allocated to the Agency, while all taxes on the "frozen"
assessed valuation of the property are allocated to the City and other districts.
The Agency has no power to levy and collect taxes, and any legitimate property tax reduction might
correspondingly reduce the amount of tax revenues that would otherwise be available to pay the
principal of, and interest on, bonds or loans. Broadened property tax exemptions could have a similar
effect. Conversely, any increase in the tax rate or assessed valuation, or any reduction or elimination of
present exemptions, would not necessarily increase the amount of tax revenues that would be available
to pay principal and interest on bonds or loans.
(b) Basis of Accounting and Measurement Focus
The basic financial statements of the Agency are composed of the following:
• Government -wide financial statements
• Fund financial statements
• Notes to the basic financial statements
21
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
Government- -wide Financial Statements
Government -wide financial statements display information about the reporting government as a whole.
These statements include the governmental activities of the Agency. Eliminations have been made in
the statement of activities so that certain allocated expenses are recorded only once (by the function to
which they were allocated).
Government -wide financial statements are presented using the economic resources measurement focus
and the accrual basis of accounting. Under the economic resources measurement focus, all (both
current and long -term) economic resources and obligations of the reporting government are reported in
the government -wide financial statements. Basis of accounting refers to when revenues and
expenditures are recognized in the accounts and reported in the financial statements. Under the accrual
basis of accounting, revenues, expenses, gains, losses, assets, and liabilities resulting from exchange
and exchange -like transactions are recognized when the exchange takes place. Revenues, expenses,
gains, losses, assets, and liabilities resulting from nonexchange transactions are recognized in
accordance with the requirements of Governmental Accounting Statements Board (GASB) Statement
No. 33.
Program revenues include operating grants and contributions made by parties outside of the reporting
government's citizenry if that money is restricted to a particular program. Program revenues are netted
with program expenses in the statement of activities to present the net cost of each program.
Amounts paid to acquire capital assets are capitalized as assets in the government -wide financial
statements, rather than reported as an expenditure. Proceeds of long -term debt are recorded as a
liability in the government -wide financial statements, rather than as an other financing source.
Amounts paid to reduce long -term indebtedness of the reporting government are reported as a
reduction of the related liability, rather than as an expenditure.
Fund Financial Statements
The underlying accounting system of the Agency is organized and operated on the basis of separate
funds, each of which is considered to be a separate accounting entity. The operations of each fund are
accounted for with a separate set of self - balancing accounts comprised of assets, liabilities, fund equity,
revenues and expenditures. Governmental resources are allocated to and accounted for in individual
funds based upon the purposes for which they are to be spent and the means by which spending
activities are controlled.
Fund financial statements for the Agency are presented after the government -wide financial statements.
These statements display information about major funds individually.
22
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
Governmental Funds
In the fund financial statements, governmental funds are presented using the modified accrual basis of
accounting. Their revenues are recognized when they become measurable and available as net current
assets. Measurable means that the amounts can be estimated, or otherwise determined. Available
means that the amounts were collected during the reporting period or soon enough thereafter to be
available to finance the expenditures accrued for the reporting period. For this purpose, the Agency
considers revenues to be available if they are collected within 60 days of the end of the current fiscal
period.
Revenue recognition is subject to the measurable and available criteria for the governmental funds in
the fund financial statements. Exchange transactions are recognized as revenues in the period in which
they are earned (i.e., the related goods or services are provided).
In the fund financial statements, governmental funds are presented using the current financial
resources measurement focus. This means that only current assets and current liabilities are generally
included on their balance sheets. The reported fund balance (net current assets) is considered to be a
measure of "available spendable resources." Governmental fund operating statements present
increases (revenues and other financing sources) and decreases (expenditures and other financing uses)
in net current assets. Accordingly, they are said to present a summary of sources and uses of "available
spendable resources" during a period.
Noncurrent portions of long -term receivables due to governmental funds are reported on their balance
sheets in spite of their spending measurement focus. Special reporting treatment is used to indicate,
however, that they should not be considered "available spendable resources," since they do not
represent net current assets. Recognition of governmental fund type revenues represented by
noncurrent receivables are deferred until they become current receivables. Noncurrent portions of
other long -term receivables are offset by deferred revenues.
When both restricted and unrestricted resources are combined in a fund, expenses /expenditures are
considered to be paid first from restricted resources, and then from unrestricted resources.
(c) Major Funds
The major funds of the Agency are as follows:
Debt Service Fund
The Merged Project Area Debt Service Fund is used to account for the receipt of tax increment
revenue generated by the Merged Project Area, the payment of interest and principal on the
Agency's outstanding debt, and pass- through payments.
23
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
Capital Projects Funds
The Merged Project Area Capital Projects Fund is used to account for the capital project
expenditures and related administrative costs of the Merged Project Area.
The Low and Moderate Income Housing Capital Projects Fund is used to account for the capital
project expenditures, residential rehabilitation loans, and related administrative costs of the
housing activities within the Agency. Revenues are generated from the transfer of housing set
aside funds from the Merged Project Area Debt Service Fund and the repayment of housing
rehabilitation loans.
(d) Cash and Investments
Investments are reported in the accompanying financial statements at fair value. Changes in fair value
that occur during the fiscal year are recognized as investment income reported for that fiscal year.
Investment income includes interest earnings, changes in fair value, and any gains or losses realized
upon the liquidation or sale of investments.
The City pools cash and investments of all funds and component units, except for assets held by fiscal
agents. The Agency's share in this pool is displayed in the accompanying financial statements as cash
and investments. Investment income earned by the pooled investments is allocated monthly to the
various funds and component units based upon daily average cash and investment balances.
The Agency's investments held by fiscal agents are pledged for repayment or as security for certain
long -term debt issuances. The California Government Code provides that these monies, in the absence
of specific statutory provisions governing the issuance of bonds, may be invested in accordance with
the ordinance, resolutions or indentures specifying the types of investments made by its trustee or fiscal
agents.
(e) Receivables and Payables
Intra- agency current receivables and payables are classified as amounts "due from" and "due to" other
funds. The Agency considers intra- agency long -term loans to be advances. Interest on such loans is
recorded only when due. This treatment is in accordance with generally accepted accounting principles
and is consistently applied.
(fl Property Taxes
Secured property taxes attach as an enforceable lien on property as of January 1. Taxes are levied in
September and are due in two installments on November 1 and February 1 and are considered
delinquent after December 10 and April 10, respectively. The County of Orange, California, bills and
collects the property taxes and remits them to the Agency in installments during the year. Property tax
increments are recognized in the period for which they are levied and to the extent that they are
available within 60 days.
24
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
(g) Capital Assets
Capital assets, which include computers, office furniture, equipment and land are reported in the
government -wide financial statements. The current threshold for recording capital assets is $10,000.
Such assets are recorded at historical cost, or estimated historical cost, if purchased or constructed.
Donated capital assets are valued at their estimated fair market value on the date received.
Depreciable assets are depreciated using the straight -line method over the following estimated useful
lives:
Computer equipment 3 years
Office furniture and equipment 5 years
Land, except for land held for resale as discussed below, is capitalized regardless of cost. The
Agency's depreciable capital assets are fully depreciated at June 30, 2011.
(h) Project Costs
The Agency may construct or purchase capital assets for the City and developers. The Agency does
not retain ownership of these assets; therefore, these costs are recorded as community
redevelopment and low and moderate income housing expenses on the statement of activities, and
as project costs on the statement of revenues, expenditures, and changes in fund balance. Project
costs include salaries and benefits, contractual services, capital outlay, and residential rehabilitation
loans.
(i) Disposition and Development Agreements
The Agency may enter into disposition and development agreements with entities, in which the
Agency may sell parcels to the developer for improvement. The developer maintains the capital
asset associated with the development and disposition agreement. Therefore, the asset is not
capitalized by the Agency. All other improvement of the City's assets are capitalized by the City
under the City's capitalization policy as noted in the City's notes to the basic financial statements.
(j) Land Held for Resale
Land held for resale is carried at the lower of cost or estimated net realizable value, as determined by
appraisal prior to the execution of a sale or transfer agreement.
(k) Compensated Absences
The Agency is allocated amounts to accumulate earned but unused vacation and sick pay benefits for
City employees who provide services to the Agency. A liability for unpaid accumulated sick leave is
accrued for employees who have attained ten (10) years or more of continuous service equivalent to
one -third (1/3) the total accumulated sick leave benefit credited to the employee, to a maximum of 200
hours for each employee. Vacation, compensated time, and vested sick leave pay is accrued when
incurred in the government -wide financial statements. A liability for these amounts is reported in the
governmental funds only if they have matured, for example, as a result of employee resignations and
retirements.
25
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
(Z) Long -Term Obligations
Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of
the bonds using the effective interest method. Bonds payable are reported net of the applicable bond
premium or discount.
In the fund financial statements, governmental fund types recognize bond premiums and discounts,
as well as bond issuance costs, during the current period. The face amount of debt issued is reported
as other financing sources. Premiums received on debt issuances are reported as other financing
sources while discounts on debt issuances are reported as other financing uses. Issuance costs,
whether or not withheld from the actual debt proceeds received, are reported as debt service
expenditures.
(m) Fund Equity/Net Assets
In March 2009, GASB issued Statement No. 54, Fund Balance Reporting and Governmental Fund
Type Definitions. The objective to this Statement is to enhance the usefulness of fund balance
information by providing clearer fund balance classifications that can be more consistently applied and
by clarifying the existing governmental fund type definitions. This Statement establishes fund balance
classifications that comprise a hierarchy based primarily on the extent to which a government is bound
to observe constraints imposed upon the use of the resources reported in governmental funds.
At June 30, 2011, the Agency's governmental funds' fund balances include the following
classifications:
Nonspendable Fund Balance — includes amounts that are (a) not in spendable form, or (b) legally or
contractually required to be maintained intact. The "not in spendable form" criterion includes items that
are not expected to be converted to cash, for example: inventories, prepaid amounts, and long -term
notes receivable.
Restricted Fund Balance — includes amounts that can be spent only for the specific purposes stipulated
by external resource providers, constitutionally or through enabling legislation. Restrictions may
effectively be changed or lifted only with the consent of resource providers.
Committed Fund Balance — includes amounts that can only be used for the specific purposes
determined by a formal action of the Agency's highest level of decision- making authority, the Board of
Directors. Commitments may be changed or lifted only by the Agency taking the same formal action
that imposed the constraint originally.
Assigned Fund Balance — comprises amounts intended to be used by the Agency for specific purposes
that are neither restricted nor committed. Intent is expressed by (1) the Board of Directors or (b) a
official to which the Board of Directors has delegated the authority to assign amounts to be used for
specific purposes.
26
(Z)
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
In the government -wide statements, net assets represent the difference between assets and liabilities. Net
assets invested in capital assets consist of capital assets, net of accumulated depreciation, reduced by the
outstanding balances of any borrowings used for the acquisition, construction or improvement of those
assets. Net assets invested in capital assets, net of related debt, excludes unspent debt proceeds. At June
301 2011, all of the Agency's depreciable capital assets were fully depreciated, and land had no related
debt associated. Net assets are reported as restricted when there are limitations imposed on their use
either through the enabling legislation adopted by the Agency or through external restrictions imposed
by creditors, grantors or laws or regulation of other governments. Restricted resources are used first to
fund appropriations. Unrestricted net assets are not restricted for use through legislation or external
restrictions.
(n) Use of Estimates
The preparation of these financial statements requires management to make estimates and assumptions.
Those estimates and assumptions affect the reported amount of assets, liabilities, revenues, and
expenses, as well as contingent assets and liabilities and note disclosures. Actual results could differ
from those estimates. Management also determines the accounting principles to be in used in the
preparation of financial statements.
(o) Pass - Through Payments
Under the California Redevelopment Law (Health and Safety Code Section 33607.5), the Agency is
obligated to pass - through tax increment received from the Project Area, after deducting a minimum of
20% for Housing Set Aside funds (Health and Safety Code Section 33334.2), to other agencies within
the Project Area. In addition, the Agency is obligated to pass - through an additional amount of tax
increment to districts within the Project Area as basic aid payments pursuant to California
Redevelopment Law (Health and Safety Code Section 33676).
CASH AND INVESTMENTS
Cash and investments as of June 30, 2011, are classified in the accompanying financial statements
as follows:
Statement of Net Assets:
Cash and investments
Investments with fiscal agent
Total cash and investments
27
$ 9713011614
6,746,113
$ 10410471727
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
Cash and investments as of June 30, 2011, consist of the following:
Equity in City investment pool $ 4712761184
Local Agency Investment Fund (LAIF) 5010251430
Investments with fiscal agent
Money market fund 617461113
Total cash and investments $ 10410471727
Equity in the Cash and Investment Pool of the City of Santa Ana
The Agency is a voluntary participant in the City's investment pool. The City's investment pool
includes demand deposit accounts, certificates of deposit, commercial paper, and investments in U.S.
Agency Securities. At June 30, 2011, the Agency had invested $47,276,184 in the City's investment
pool. The pool is governed by and under the regulatory oversight of the Investment Policy adopted
by the City Council of the City.
The Agency has not adopted an investment policy separate from that of the City. The fair value of
the Agency's investment in this pool is reported in the accompanying financial statements at
amounts based upon the Agency's pro -rata share of the fair value calculated by the City for the
entire City portfolio. The balance available for withdrawal is based on the accounting records
maintained by the City, which are recorded on an original cost basis.
Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustee are governed by provisions of the debt
agreements, rather than the general provisions of the California Government Code or the City's
investment policy. The table below identifies the investment types that are authorized for
investments held by bond trustee. The table also identifies certain provisions of these debt
agreements that address interest rate risk and concentration of credit risk.
28
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
Authorized Maximum
Investment Type Maturity
Maximum
Percentage
of Portfolio
Maximum
Investment
in Onp Icc»pr
U.S. Treasury Obligations
None
None
None
Federal Agency Securities
None
None
None
Banker's Acceptance
180 days
None
None
Certificates of Deposit
None
None
None
Commercial Paper
270 days
None
None
Municipal Obligations
None
None
None
Corporate Bonds and Notes
3 years
None
None
Money Market Mutual Funds
N/A
None
None
State of California Investment Pool
N/A
None
None
Investment Contracts
30 years
None
None
Disclosures Relating to Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value
of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of
its fair value to changes in market interest rates. One of the ways that the City manages its
exposure to interest rate risk for its cash and investment pool is by purchasing a combination of
shorter term and longer term investments and by timing cash flows from maturities so that a portion
of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide
the cash flow and liquidity needed for operations of the City and the Agency.
Information about the Agency's exposure to interest rate risk as a result of its equity in the cash and
investment pool of the City is provided by disclosures in the notes to the basic financial statements
of the City that shows the distribution of the City's investments by maturity. The weighted average
maturity of the investments of the City is 170 days.
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the
holder of the investment. This is measured by the assignment of a rating by a nationally recognized
statistical rating organization. The City investment pool is not rated. Presented below is the
minimum rating required by debt agreements, where applicable, and the actual rating as of year end
for each investment type.
WE
(3)
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
Minimum Rating as of
Legal Year End
Investment Type Rating Aa
Held by Fiscal Agent:
Money Market Funds A $ 6,746,113
Concentration of Credit Risk
The investment policy of the City contains no limitations on the amount that can be invested in any
one issuer beyond that stipulated by the California Government Code. At June 30, 2011, the
Agency had no investments in any one issuer (other than U.S. Treasury securities, mutual funds,
and external investment pools) that represent 5% or more of total Agency investments.
Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial
institution, a government will not be able to recover its deposits or will not be able to recover
collateral securities that are in the possession of an outside party. The custodial credit risk for
investments is the risk that, in the event of the failure of the counterparty (e.g., broker - dealer) to a
transaction, a government will not be able to recover the value of its investment or collateral
securities that are in the possession of another party. The California Government Code and the
City's investment policy do not contain legal or policy requirements that would limit the exposure
to custodial credit risk for deposits or investments, other than the following provision for deposits:
The California Government Code requires that a financial institution secure deposits made by state
or local governmental units by pledging securities in an undivided collateral pool held by a
depository regulated under state law (unless so waived by the governmental unit). The market
value of the pledged securities in the collateral pool must equal at least 110% of the total amount
deposited by the public agencies. California law also allows financial institutions to secure City
deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public
deposits.
For investments identified herein as held by bond trustee, the bond trustee selects the investment
under the terms of the applicable trust agreement, acquires the investment, and holds the investment
on behalf of the Agency.
LOANS AND NOTES RECEIVABLE
During April 1993, the Agency implemented a self - funding residential loan program. The program
makes direct loans to qualifying persons for both single- family and multiple units. Generally, all
loans are due upon transfer of ownership and are secured by a trust deed. The program is funded by
the Low and Moderate Income Housing Capital Projects Fund. At June 30, 2011, amounts totaling
$34,180,689 were recorded as loans receivable, of which $350,000 is due within one year and
deferred revenue of $33,830,689 in the fund financial statements to indicate that this asset is not
available for expenditures.
30
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
In May 2006, the Agency entered into two loan agreements in the amount of $3,006,920 and
$2,043,924 with Ross & Durant, L.P. for the acquisition and rehabilitation of certain real properties
for low income households. Interest on these loans is at 0.5 % through May 10, 2012 and 3%
thereafter. Ross & Durant, L.P. is to repay these loans to the Agency based on the terms stipulated
in these agreements. At June 30, 2011, a total of $4,509,444 has been disbursed and recorded as a
loan receivable and deferred revenue in the fund financial statements to indicate that this asset is
not available for expenditures.
(4) CAPITAL ASSETS
Changes in capital assets for the year ended June 30, 2011, were as follows:
Balance at Balance at
July 1, 2010 Additions Deletions June 30, 2011
Capital Assets, not being depreciated:
Land $ - $ 6851382 $ - $ 6851382
Total capital assets, not being depreciated - 6851382 - -
Capital Assets, being depreciated:
Equipment 611444 - - 611444
Less: accumulated depreciation (61,444) - - (61,444)
Capital assets, being depreciated, net - - - -
Capital assets, net $ - $ 685,382 $ - $ 685,382
Depreciation expense was $0 for the fiscal year ended June 30, 2011.
31
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
(5) LONG -TERM LIABILITIES
Changes in long -term liabilities for the year ended June 30, 2011, were as follows:
Balance at Balance at Due within
June 30, 2010 Additions Retirements June 30, 2011 one year
Tax Allocation Bonds:
1989 Tax Allocation Refunding:
Bonds Series A
$ 512701000
$ -
$ 512701000
$ -
$ -
Bonds Series B
4113401000
-
4113401000
-
-
Bonds Series C
910451000
-
910451000
-
-
Bonds Series E
1216751000
-
1216751000
-
-
2003 Tax Allocation Bonds
Series A
1810101000
-
5251000
1714851000
5451000
2003 Tax Allocation Refunding
Bonds Series B
2217701000
-
118101000
2019601000
118901000
2011 Tax Allocation Bonds
Series A
6617901000
6617901000
-
Add:
Bond premium
117171646
-
(190,850)
115261796
-
Less:
Deferred amounts for
refunding and discounts
(11770,835)
-
1961760
(11574,075)
Bond discount
-
(373,843)
151577
(358,266)
Loans Payable:
Santa Ana Venture Loan
612201687
-
-
612201687
-
County of Orange Loan
781306
-
781306
-
-
CHFA Loan
3691560
-
3691560
-
Compensated absences
6141962
3351183
2111560
7381585
1841646
Postemployment benefits obligation
4301683
951379
-
5261062
-
Governmental activities
long -term liabilities
$ 11617711009
$ 6618461719
$ 7113451913
$ 11213141789
$ 216191646
(6) TAX ALLOCATION BONDS
1989 Tax Allocation Refunding Bonds
The 1989 Tax Allocation Refunding Bonds (1989 Bonds) in- substance defeased the 1985 Tax
Allocation Bonds (1985 Bonds) on November 9, 1989. The 1989 Bonds are special obligations of the
Agency. Each series of bonds is secured by pledged revenues, consisting of a portion of the taxes
levied on all taxable property within the project and relating to that series of bonds. The outstanding
balance as of June 30, 2011, of the 1989 defeased bond issues was $0.
32
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
1989 Series A Refunding Bonds
The 1989 Series A Refunding Bonds were issued in the amount of $8,985,000 to retire the 1985 Series
A Tax Allocation Bonds issued to fund the Santa Ana Intercity Commuter Station Project. $1,160,000
of the bonds matured serially through September 1, 1999; $2,555,000 are term bonds which matured
September 1, 2009, in annual installments ranging from $180,000 to $345,000; and $5,270,000 are
term bonds maturing on September 1, 2019, in annual installments ranging from $370,000 to $715,000.
Interest rates vary from 4.25% to 5.375 %. Bonds maturing on September 1 in the years 2009 and 2019
are subject to mandatory redemption from sinking account payments. The Agency paid the remaining
outstanding principal balance of $5,270,000 during the fiscal year ended June 30, 2011.
1989 Series B Refunding Bonds
The 1989 Series B Refunding Bonds were issued in the amount of $70,000,000 to retire the 1985
Series B Tax Allocation Bonds Redevelopment Project Area. $10,325,000 of the bonds matured
serially through September 1, 2000; $18,335,000 are term bonds which matured September 1, 2009, in
annual installments ranging from $1,490,000 to $2,685,000; $25,670,000 are term bonds maturing on
September 1, 2016, in annual installments ranging from $2,895,000 to $4,540,000; and $15,670,000
are term bonds maturing on September 1, 2019, in annual installments ranging from $4,850,000 to
$5,580,000. Interest rate is 5.125% on bonds maturing on September 1 in the years 2009, 2016 and
2019 are subject to mandatory redemption from sinking account payments. The Agency paid the
remaining outstanding principal balance of $41,340,000 during the year ended June 30, 2011.
1989 Series C Refunding Bonds
The 1989 Series C Refunding Bonds were issued in the amount of $15,425,000 to retire the 1985
Series C Tax Allocation Bonds issued to fund the South Harbor Redevelopment Project. $1,995,000 of
the bonds matured serially through September 1, 2009, in annual installments ranging from $165,000
to $285,000; $4,385,000 are term bonds which matured September 1, 2009, in annual installments
ranging from $310,000 to $595,000; $6,685,000 are term bonds maturing on September 1, 2017, in
annual installments ranging from $640,000 to $1,060,000; $2,360,000 are term bonds maturing
September 1, 2019, in annual installments ranging from $1,140,000 to $1,220,000. Interest rates vary
from 4.4% to 5.6 %. Bonds maturing on September 1 in the years 2009, 2017, and 2019 are subject to
mandatory redemption from sinking account payments. Payment of the principal and interest on the
bonds is guaranteed by a municipal bond guarantee insurance policy issued by Municipal Bond
Investors Assurance Company (MBIA). The Agency paid the outstanding principal balance of
$9,045,000 during the year ended June 30, 2011.
33
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
1989 Series E Refunding Bonds
The 1989 Series E Refunding Bonds were issued in the amount of $21,000,000 to retire the 1985
Series E Tax Allocation Refunding Bonds Redevelopment Project (Main Place Project). $4,880,000
are term bonds which matured September 1, 2004; $3,445,000 are term bonds which matured
September 1, 2009, in annual installments ranging from $585,000 to $800,000; $12,675,000 are term
bonds maturing on September 1, 2019, in annual installments ranging from $865,000 to $1,805,000.
Interest rates vary from 6.4% to 7.25 %. Bonds maturing on September 1 in the years 2009, and 2019
are subject to mandatory redemption from sinking account payments. The Agency paid the outstanding
principal balance of $12,675,000 during the fiscal year ended June 30, 2011.
2003 Series A Tax Allocation Bonds
The 2003 Series A Tax Allocation Bonds were issued in the amount of $20,945,000 to fund
redevelopment activities in the Agency's South Main Street Redevelopment Project Area. Bonds
totaling $13,295,000 mature serially beginning on September 1, 2004 through 2024 in amounts ranging
from $475,000 to $910,000 and pay interest at rates varying from 1.1% to 4.5 %. Bonds totaling
$4,075,000 mature on September 1, 2028, and pay interest at 4.50 %; bonds totaling $3,575,000 mature
on September 1, 2031, and also pay interest at 4.50 %. The outstanding principal balance at June 30,
2011, is $17,485,000.
Payment of the principal and interest on the bonds is guaranteed by the municipal bond guarantee
insurance policy issued by Financial Guaranty Insurance Company (FGIC) under a Municipal Bond
New Issue Insurance Policy. As of March 25, 2009, Moody's withdrew its credit rating of FGIC.
2003 Series B Tax Allocation Refunding Bonds
The 2003 Series B Tax Allocation Refunding Bonds were issued in the amount of $34,145,000 to
refund the 1993 South Main Tax Allocation Refunding Bonds. The proceeds were used to purchase
U.S. Treasury securities that were deposited with an escrow agent to provide for the retirement of the
1993 bonds on September 1, 2003. The bonds mature serially starting on September 1, 2003 through
2019 in amounts ranging from $1,730,000 to $2,820,000 and pay interest at rates varying from 2% to
5 %. The outstanding principal balance at June 30, 2011, is $20,960,000.
Payment of the principal and interest on the bonds is guaranteed by the municipal bond guarantee
insurance policy issued by Financial Guaranty Insurance Company (FGIC) under a Municipal Bond
New Issue Insurance Policy. As of March 25, 2009, Moody's withdrew its credit rating of FGIC.
The 2003 Tax Allocation Bonds are secured and to be serviced from tax increment revenues of the
project area. All project tax increment revenues except dedicated housing tax increment allocation
are the security for bonds. The revenues have been pledged until the year 2031 for the Series A
bonds and 2019 for the Series B bonds. The total debt service amount outstanding for the Series A
bonds is $26.7 million, and the total debt service amount outstanding for the Series B bonds is
$26.0 million. Pledged tax increment revenue recognized during the year ended June 30, 2011, was
$37.8 million against the total debt service payments of $4.2 million.
34
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
The debt service requirements to maturity (including interest) on the bonds are as follows:
Series A
Year Ending June 30
Principal
Interest
Total
2012
$
5451000
$
7291566
$ 112741566
2013
5601000
7111260
112711260
2014
5801000
6911660
112711660
2015
6051000
6701620
112751620
2016
6251000
6481168
112731168
2017 -2021
315151000
218461520
613611520
2022 -2026
413551000
210121948
613671948
2027 -2031
514551000
9151863
613701863
2032
112451000
281013
112731013
Total
$
1714851000
$
912541618
$ 2617391618
Series B
Year Ending June 30
Principal
Interest
Total
2012
$
118901000
$
110001750
218901750
2013
119901000
9031750
218931750
2014
210851000
8011875
218861875
2015
212001000
6941750
218941750
2016
213101000
5821000
218921000
2017 -2020
1014851000
110811125
1115661125
Total
$
2019601000
$
510641250
$ 2610241250
2011 Series A Tax Allocation Refunding Bonds
The 2011 Series A Tax Allocation Refunding Bonds were issued in the amount of $66,790,000 for the
defeasance and refinancing of the 1998 Santa Ana Financing Authority Refunding Revenue Bonds
Series A, B, C and D (SAFA), and for the financing of $6.1 million in redevelopment activities,
including certain public parking and infrastructure improvements. The SAFA bonds were an obligation
of the City, the proceeds from which were used to purchase the 1989 Tax Allocation Refunding Bonds
Series A, B, C and E (1989). The 1989 bonds were an obligation of the Agency, and this transaction
resulted in the retirement of those bonds. The bonds mature serially starting on September 1, 2017
through 2028, in amounts ranging from $ 805,000 to $10,820,000, and pay interest at rates varying
from 5% to 6.75 %. The outstanding principal balance at June 30, 2011, is $66,790,000.
35
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
The 2011 Tax Allocation Bonds are secured by a first pledge of and lien on tax revenues, excluding all
other amounts of taxes, such as those which are required to be deposited into the Low and Moderate
Income Housing Fund of the Agency, taxes which constitute supplemental subventions payable by the
State to the Agency, taxes which constitute amounts to be paid by the Agency pursuant to certain Pass -
Through Agreements described in the official statement, except and to the extent such amounts so
payable are payable on a basis subordinate to the payment of the 2011 Bonds and any Parity Debt,
taxes which constitute amounts payable by the Agency under former Section 33676 of the
Redevelopment Law for payments to affected taxing entities, taxes to the extent required for the
payment of debt service on the 2003 Bonds, and taxes pledged and annually allocated to the South
Main Street Redevelopment Plan. The economic gain on refunding was $1.98 million. The total debt
service amount outstanding for the bonds is $122.8 million. Pledged tax revenue recognized during the
year ended June 30, 2011, was $33.6 million against the total debt service payments of $0.
The debt service requirements to maturity (including interest) on the bonds are as follows:
Year Ending June 30 Principal
Interest Total
2012
$ - $ 415251589
$ 415251589
2013
- 412091850
412091850
2014
- 412091850
412091850
2015
- 412091850
412091850
2016
- 412091850
412091850
2017 -2021
1011601000 2013901931
3015501931
2022 -2026
3810501000 1218921419
5019421419
2027 -2028
1815801000 114001963
1919801963
Total $ 6617901000 $ 5610491302 $ 12218391302
(7) LONGTERM LOANS
Santa Ana Venture Loan
In April 1984, the Agency entered into a Participation Agreement with Santa Ana Venture, a joint
venture between JMB/Federated Realty Association and Henry Segerstrom (Participants) to provide
for rehabilitation and redevelopment of the Main Place Project. This agreement provides resources for
the Agency to acquire land within the project area and to sell it to the Participants subject to restrictive
terms, conditions, and provisions set forth in the agreement.
To provide for the Agency's acquisition of land and other related costs, the Participants agreed to make
available an unsecured loan of up to $13,500,000 plus additional advances equal to the amount by
which total Agency costs exceed $29,000,000. This loan accrues interest at 10% per annum and is to
be repaid solely from the annual tax increment accruing to the Agency from the project site each year
that is in excess of the tax increment accruing in fiscal year 1984. As of June 30, 2011, the balance of
the loan advanced by the participants was $6,220,687.
36
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
County of Orange Loan
During the fiscal year ended June 30, 2011, the Redevelopment Agency paid the County of Orange the
remaining balance of $78,306, for a property in the Central City Project Area.
CHFA Loan
On August 21, 2002, the Agency and the California Housing Finance Agency (CHFA) entered into a
commitment and loan agreement for Housing Enabled by Local Partnership (HELP) loan program, in
connection with the Cornerstone Village Facade Courtyard Improvement Project. CHFA has made
available to the Agency the amount of $2.6 million. Interest accrued at 3% per annum on the balance
outstanding, and repayment, including accrued interest, was deferred until 2012. However, during the
current year the Agency paid the remaining balance of $369,560.
(8) COMPENSATED ABSENCES
Accrued vacation of $576,559 represents total vested vacation benefits for all City employees allocated
to the Agency. Sick leave benefits are payable to employees for illnesses during employment; or upon
termination after 10 years, the employee is entitled to payment equal to 1/3 of up to 200 hours of
accrued sick leave. The sick leave liability of $162,026 represents those amounts payable to
employees with more than 10 years of employment as of June 30, 2011.
(9) PENSION AND POSTEMPLOYMENT HEALTH BENEFITS
The City contributes to the California Public Employees Retirement System (CalPERS), an agent
multiple- employer public employee defined benefit pension plan. CalPERS provides retirement and
disability benefits, annual cost -of- living adjustments, and death benefits to plan members and
beneficiaries. CalPERS acts as a common investment and administrative agent for participating
public entities within the State of California. The City employees allocated to the Agency participate
in the City's pension plan and are included in the City's plan provisions. The plan information,
eligibility and funding status can be found in the City's notes to the basic financial statements included
in its Comprehensive Annual Financial Report. Three -year trend information for the Agency is as
follows:
Annual Pension Annual Pension
June 30 Cost Cost Contributed Obligation
2009 1561042 100% -
2010 1591943 100% -
2011 1201202 100% -
37
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
During fiscal year 2001 -02, the City expanded the other postemployment health benefits to include the
represented associations of the City such as the Santa Ana City Employee's Chapter 1939 /SEIU Local
347 (SEIU), the Santa Ana Management Association (SAMA), and the Unclassified employees (UC).
These plans are single- employer defined benefit plans and are considered the Subsidy Plan. In addition,
the City contracted CalPERS Health Benefits under Public Employees' Medical and Hospital Care Act
(PEMCHA) to provide health care coverage to the retirees. The City employees allocated to the
Agency participate in the City's retirement health benefit plans and are included in the City's Subsidy
Plan and the CalPERS Health Benefits Plan under PEMCHA. The City employees allocated to the
Agency were included in the City's actuarial valuation dated June 30, 2010, the most recent actuarial
valuation. The Agency's portion of the liability is determined based on the percent of payroll
applicable to the Agency. The Agency's portion of the City's obligation under the plans has been
recorded as the other postemployment benefits (OPEB) obligation on the Agency's statement of net
assets. The plan information, eligibility and funding status can be found in the City's notes to the basic
financial statements. Three -year trend information for the Agency is as follows:
Fiscal Year Ended
Annual Required
Percentage of Annual
Net OPEB
June 30
Contribution
OPEB Cost Contributed
Obligation
2009
2271380
20.59%
3231208
2010
1341217
19.99%
4301683
2011
1211654
17.39%
5261062
(10) INTERFUND RECEIVABLES, PAYABLES, TRANSFERS.
The composition of interfund balances as of and for the year ended June 30, 2011, was as follows:
Due TolFrom Other Funds
Due From Other Funds
(Receivable)
Capital Projects
Low and Moderate
Due To Other Funds (Payable) Income Housing
Merged Project Area Debt Service Fund $ 254,283
The Merged Project Area Debt Service Fund owed $254,283 to the Low and Moderate Income
Housing Capital Projects Fund representing its share of tax increment monies received in July 2011.
38
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
Advances from/Advances to Other Funds
Advances To
(Receivable)
Capital Projects
Low and Moderate
Advances From (Payable) Income Housing
Merged Project Area Debt Service Fund $ 712021359
The Low and Moderate Income Housing Capital Projects Fund loaned $7,202,359 to the Merged
Project Area Debt Service Fund, of which $191,920 was for the Agency's 2004 -05 Educational
Revenue Augmentation Fund (ERAF) payments to the State of California, $3,330,894 was for the
Agency's 2005 -06 ERAF payments, and $3,679,545 was for the 2009 -10 Supplemental Educational
Revenue Augmentation Fund (SERAF) payments to the State of California. The loans are expected to
be repaid as follows: $1,634,045 each fiscal year from 2012 to 2015 and $666,179 in fiscal year 2016.
Interfund Transfers
Transfers Out
Debt service:
Merged Project Area
Merged
Project
Area
Capital Projects
Low and
Moderate
Income
Housing
Totals
$ 714881042 $ 1316751382 $ 2111631424
The Low and Moderate Income Housing Capital Projects Fund received a transfer of $13,675,382 from
the Merged Project Area Debt Service Fund for the low and moderate housing share of tax increment
set -aside monies.
The Merged Project Area Capital Projects Fund received a transfer of $7,488,042 from the Merged
Project Area Debt Service Fund consisting of: 1) $85,277 for the 1989 Tax Allocation Bond payments;
2) $1,594,070 for debt payment related to the South Main Commercial Corridor Capital Projects
settlement agreement and 3) $5,808,695 for the funding of operating activities of the Merged Project
Area Capital Project.
(11) RELATED PARTY TRANSACTIONS
In prior years, the City has transferred monies to the Agency to fund redevelopment project costs. An
obligation for the accumulated transfers has not been reported in the Agency's financial statements,
because repayment is not expected within a reasonable period of time, and it is unlikely that the
Agency will have sufficient resources to provide repayment after other obligations of the Agency have
WE
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
been met. The balance of this obligation, as of June 30, 2011, is $430,254,279, which includes accrued
interest of $108,403,782. During the year ended June 30, 2011, the Agency paid to the City
$2,537,690 for interest.
(12) COMMITMENTS AND CONTINGENCIES
(a) Legal Matters
The Agency is a party as defendant to various legal actions arising in the normal course of business. In
the opinion of management of the Agency, ultimate resolution of such matters will not have a material
adverse effect on the financial statements of the Agency.
(b) Recent Changes in Legislation Affecting California Redevelopment Agencies
On June 29, 2011, the Governor of the State of California signed Assembly Bills X1 26 (AB X1 26)
and 27 (AB X1 27) as part of the State's budget package. AB X1 26 requires each California
redevelopment agency to suspend nearly all activities except to implement existing contracts, meet
already - incurred obligations, preserve its assets and prepare for the impending dissolution of the
agency. AB X1 27 provides a means for redevelopment agencies to continue to exist and operate by
means of a Voluntary Alternative Redevelopment Program. Under this program, each city would adopt
an ordinance agreeing to make certain payments to the County Auditor Controller in fiscal year 2011-
12 and annual payments each fiscal year thereafter. AB X1 27 indicates that the city "may use any
available funds not otherwise obligated for other uses" to make this payment. The City intends to use
available monies of its redevelopment agency for this purpose, and the City and Agency will be
executing a reimbursement agreement to accomplish that obj ective. The amounts to be paid after fiscal
year 2012 -13 have yet to be determined by the state legislature.
AB X1 26 directs the State Controller of the State of California to review the propriety of any transfers
of assets between redevelopment agencies and other public bodies that occurred after January 1, 2011.
If the public body that received such transfers is not contractually committed to a third party for the
expenditure or encumbrance of those assets, the State Controller is required to order the available
assets to be transferred to the public body designated as the successor agency by AB X1 26.
In the event that AB X1 26 is upheld, the interagency receivable recognized by funds of the City that
had previously loaned or advanced funds to the redevelopment agency may become uncollectible
resulting in a loss recognized by such funds. The City might additionally be impacted if
reimbursements previously paid by the redevelopment agency to the City for shared administrative
services are reduced or eliminated.
The League of California Cities and the California Redevelopment Association (CRA) filed a lawsuit
on July 18, 2011, on behalf of cities, counties and redevelopment agencies petitioning the California
Supreme Court to overturn AB X1 26 and 27 on the grounds that these bills violate the California
Constitution. On August 11, 2011, the California Supreme Court issued a stay of all of AB X 127 and
most of AB X1 26. The California Supreme Court stated in its order that "the briefing schedule is
designed to facilitate oral argument as early as possible in 2011, and a decision before January 15,
2012." A second order issued by the California Supreme Court on August 17, 2011 indicated that
certain provisions of AB X1 26 and 27 were still in effect and not affected by its previous stay,
including requirements to file an appeal of the determination of the community remittance payment by
40
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
August 15, the requirement to adopt an Enforceable Obligations Payment Schedule ( "EOPS ") by
August 29, 2011, and the requirement to prepare a preliminary draft of the initial Recognized
Obligation Payment Schedule ( "ROPS ") by September 30, 2011.
Because the stay provided by AB X1 26 only affects enforcement, each agency must adopt an
Enforceable Obligation Payment Schedule and draft Recognized Obligation Payment Schedule prior to
September 30, as required by the statute. Enforceable obligations include bonds, loans and payments
required by the federal or State government; legally enforceable payments required in connection with
agency employees such as pension payments and unemployment payments, judgments or settlements;
legally binding and enforceable agreements or contracts; and contracts or agreements necessary for the
continued administration or operation of the agency that are permitted for purposes set forth in AB X1
26.
On September 19, 2011, City Ordinance No. NS -2823 was adopted, indicating that the City will
comply with the Voluntary Alternative Redevelopment Program in order to permit the continued
existence and operation of the agency, in the event AB X1 26 and /or 27 are upheld as constitutional.
The initial payment by the City is estimated to be $20.5 million with one half due on January 15, 2012,
and the other half due May 15, 2012. Thereafter, an estimated $5 million will be due annually. The
amounts to be paid after fiscal year 2012 -13 have yet to be determined by the State Legislature. The
semi - annual payments will be due on January 15 and May 15 of each year and would increase or
decrease with changes in tax increment. Additionally, an increased amount would be due to schools if
any "new debt" is incurred. AB X1 27 allows a one -year reprieve on the agency's obligation to
contribute 20% of tax increment to the low - and - moderate - income housing fund so as to permit the
Agency to assemble sufficient funds to make its initial payments. Failure to make these payments
would require agencies to be terminated under the provisions of AB X1 26.
Management believes that the Agency will have sufficient funds to pay its obligations as they become
due during the fiscal year ending June 30, 2012. The nature and extent of the operation of
redevelopment agencies in the State of California beyond that time frame are dependent upon the
outcome of litigation surrounding the actions of the state. In the event that AB X1 26 and/or 27 are
specifically found by the courts to be unconstitutional, there is a possibility that future legislative acts
may create new challenges to the ability of redevelopment agencies in the State of California to
continue in view of the California State Legislature's stated intent to eliminate California
redevelopment agencies and to reduce their funding.
41
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Notes to the Basic Financial Statements (Continued)
Year Ended June 30, 2011
(c) Disposition and Development Agreements
On October 9, 2009, the Agency released a Request for Qualifications (RFQ) for the selection of
qualified developers for Agency -owned parcels. On December 21, 2009, the Agency selected Habitat
for Humanity of Orange County (Habitat) as developer for seven sites where single family homes are
to be developed. The Agency entered into a disposition and development agreement with Habitat for
Humanity of Orange County, Inc., to redevelop Agency owned sites at various locations. The Agency
disposes sites to the developer at no cost. Under the terms of the disposition and development
agreement, the Agency shall distribute to the developer a developer fee in an amount equal to $50,000
per affordable unit payable to the developer upon close of escrow with a qualified homebuyer.
The Agency entered into a disposition and development agreement with the partnership of Santa Ana
WBBB, LP. Santa Ana WBBB, LP was selected as the developer for multi - family housing at sites
identified as 217, 2191 435, and 437 South Birch Street, and 2034 -2038 Bush Street. Plans have been
approved and all necessary financing obtained for the Birch, Birch and Bush Street sites. A total of
twenty rental units will be developed, and all will be rented to very low - income households. They
anticipate construction to start by the middle of November 2011, and completed within a year.
The Agency entered into a disposition and development agreement with Santa Ana Station District
LLC. Construction on the first phase of the Station District affordable housing project (74 podium
apartment units, including retail and child care components) is anticipated to commence in late
November 2011. Plans for the second phase of the rental project include an anticipated
construction start date of February 2012, and the 24 for -sale unit project is anticipated to commence
construction in 2011 as well, and be completed within 18 months. The Agency is to establish a
$200,000 Lacy Neighborhood Housing fund to encourage home owners in the Lacy Neighborhood to
make exterior home improvements by providing grants for qualifying eligible property owners on the
state or local historic register.
(13) UNRESTRICTED NET DEFICIT
GASB Statement No. 34 requires that local governments record in the statement of net assets the local
government's liability for debt issued to finance the construction of infrastructure and other assets
owned by other parties. This is an integral part of normal operations of a redevelopment agency and is
necessary to produce the redevelopment benefits for which the Agency was established. GASB
Statements No. 33 and 34 do not permit the recognition of assets for future tax increment revenues that
are pledged for the annual retirement of bonded debt issuances. The net deficit results from the
Agency's liability for this debt.
(14) SUBSEQUENT EVENT
On August 5, 2011, Standard & Poor's lowered its long -term credit rating on debt of the U.S.
government from AAA to AA +. That action affected Standard & Poor's view of U.S. public
finance debt instruments that are directly or indirectly backed by the U.S. government. As a result,
on August 8, 2011, Standard & Poor's lowered its long -term credit ratings of U.S. government -
sponsored enterprises and public debt issues that have credit enhancement guarantees by those
government- sponsored enterprises to AA +. These credit downgrades relate to the credit risk
associated with the Agency's investment in the City's investment pool which includes U.S. treasury
securities, federal home loan bank, federal national mortgage association, federal home loan
mortgage corporation, and federal farm credit bank.
42
SUPPLEMENTARY INFORMATION
43
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA
Computation of Low Income Housing Fund - Excess Surplus
June 30, 2011
Fund Balance - June 30, 2011
Less Unavailable Amounts:
Advances to other funds
Community development
Land held for resale
Contractual obligations
Available Low Income Housing Funds
Limitation (Greater of $1,000,000 or Four Years Set - Aside):
Set -aside for the preceding four fiscal years
2009-2010 1411481801
2008-2009 1511551347
2007-2008 1412561716
2006-2007 12.880.300
Total set -aside for the preceding four fiscal years 5614411164
Base limitation 1,000,000
Greater Amount
Computed Excess Surplus - June 30, 2011
44
(7,202,359)
(26,027,348)
(25,823,630)
(25,625,549)
56,441,164
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The Board of Directors of
the Community Redevelopment Agency of the City of Santa Ana
Santa Ana, California
Independent Auditor's Report on Internal Control Over
Financial Reporting and on Compliance and Other Matters
Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards
We have audited the financial statements of the governmental activities and each major fund of the
Redevelopment Agency of the City of Santa Ana (Agency), a component unit of the City of Santa Ana
(City), California, as of and for the year ended June 30, 2011, which collectively comprise the Agency's
basic financial statements, and have issued our report thereon dated November 29, 2011. Our report
includes an emphasis of matter regarding the enacted legislation that is intended to provide for the
dissolution of redevelopment agencies in the State of California. We conducted our audit in accordance
with auditing standards generally accepted in the United States of America and the standards applicable to
financial audits contained in Government Auditing Standards, issued by the Comptroller General of the
United States.
Internal Control Over Financial Reporting
Management of the City is responsible for establishing financial reporting and maintaining effective
internal control over financial reporting. In planning and performing our audit, we considered the City's
internal control over financial reporting related to the Agency as a basis for designing our auditing
procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose
of expressing an opinion on the effectiveness of the City's internal control over financial reporting related
to the Agency. Accordingly, we do not express an opinion on the effectiveness of the City's internal
control over financial reporting related to the Agency.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material weakness is a deficiency, or combination of
deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of
the Agency's financial statements will not be prevented, or detected and corrected on a timely basis.
Our consideration of internal control over financial reporting was for the limited purpose described in the
first paragraph of this section and would not necessarily identify all deficiencies in internal control over
financial reporting that might be deficiencies, significant deficiencies or material weaknesses. We did not
identify any deficiencies in internal control over financial reporting that we consider to be material
weaknesses, as defined above.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Agency's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those
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45
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards. This report is intended solely for the information and use
of the Agency's Board of Directors, management, pass- through entities, and the State Controller's Office
and is not intended to be and should not be used by anyone other than these specified parties.
Newport Beach, California
November 29, 2011
46
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The Board of Directors of
the Community Redevelopment Agency of the City of Santa Ana
Santa Ana, California
Independent Auditor's Report on Compliance of
California Redevelopment Agencies and on
Internal Control over Compliance
Compliance
A✓ ;r
We have audited the Community Redevelopment Agency (Agency) compliance with the requirements
specified in the State of California's Guidelines for Compliance Audits of California Redevelopment
Agencies issued by the State Controller's Office, applicable to the Agency's statutory requirements
identified below for the year ended June 30, 2011. Compliance with the requirements referred to above is
the responsibility of the Agency's management. Our responsibility is to express an opinion on the
Agency's compliance based on our audit.
We conducted our compliance audit in accordance with auditing standards generally accepted in the
United States of America; the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States; and the State of California's
Guidelines for Compliance Audits of California Redevelopment Agencies (Guidelines), issued by the State
Controller's Office. Those standards and the Guidelines require that we plan and perform the audit to
obtain reasonable assurance about whether noncompliance with the compliance requirements referred to
above that could have a material effect on the statutory requirements listed below occurred. An audit
includes examining on a test basis, evidence about the Agency's compliance with those requirements and
performing such other procedures as we considered necessary in the circumstances. We believe that our
audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination of the
Agency's compliance with those requirements.
In connection with the audit referred to above, we selected and tested transactions and records to
determine the Agency's compliance with the state laws and regulations applicable to Financial Disclosure
and Reporting; Affordable Housing; Five -Year Implementation Plans; Redevelopment Plans; Public
Notification; and Conflict of Interest identified in the Guidelines.
In our opinion, the Agency complied, in all material respects, with the compliance requirements referred
to above that are applicable to the statutory requirements of the Agency for the year ended June 30, 2011.
Internal Control Over Compliance
Management of the Agency is responsible for establishing and maintaining effective internal control over
compliance and with the compliance requirements referred to above. In planning and performing our
audit, we considered the Agency's internal control over compliance to determine the auditing procedures
for the purpose of expressing our opinion on compliance, but not for the purpose of expressing an opinion
on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on
the effectiveness of the Agency's internal control over compliance.
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, � � N n s� d v � it '� �u uul° 0. TM.,k °� ��n�fN. u•; rniv� ;w �'.. �"
� _ i I��06 , ,n ' �' r � r , . A 92660 (_ A 9 ff ..1
47
A deficiency in internal control over compliance exists when the design or operation of a control does not
allow management or employees, in the normal course of performing their assigned functions, to prevent
or detect and correct, noncompliance on a timely basis. A material weakness in internal control over
compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that
there is a reasonable possibility that material noncompliance with a compliance requirement will not be
prevented, or detected and corrected, on a timely basis.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control that might be
deficiencies, significant deficiencies or material weaknesses.
We did not identify any deficiencies in internal control over compliance that we consider to be material
weaknesses, as defined above.
This report is intended solely for the information and use of the Agency's Board of Directors,
management, and the State Controller's Office, Division of Accounting and Reporting and is not intended
to be and should not be used by anyone other than these specified parties.
Newport Beach, California
November 29, 2011
48
Mr. Jay Trevino Executive D'i ector
Planning and Building Agency
CO
ity of Santa Ana
20 Civic Center Plaza,
Santa, Ana, CA 927021
llq�lllll� iiiii pill r
Mr. Jay Trevino,, Executive Director
Page 2
The Department appreciates the, effort and cooperation provided, by Ms,. McCann
Santa
throughout the course of the review and looks forward to receiving, Ana s adopted
I f -*taff'
housing element. If you have any questions, pleas ",ontact Brett Arriaga, oT our s at
at ('916) 4451-5888.
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Fiscal Statement as required under Health & Safety Code Section 33080.1 (b)
Community Redevelopment Agency of the City of Santa Ana
FY 2010 -11
A fiscal statement for the previous fiscal year that contains the information required pursuant to Section
33080.5.
(a) Amount of outstanding indebtedness of the agency and each project area. (As shown in the
Financial Transactions Report, Summary of the Statement of Indebtedness — Project Area, page 2)
0 Merged Project Area - $1,931,675,945
(b) Amount of tax increment property tax revenues generated in the agency and in each project area.
(As shown in the Financial Transactions Report, Statement of Income and Expenditures - Revenues,
page 2)
0 Merged Project Area - $51,433,689
(c) Amount of tax increment revenues paid to, or spent on behalf of, a taxing agency, other than a
school or community college district, pursuant to subdivision (b) of Section 33401 or Section 33676.
Merged Project Area - $0 (Financial Transactions Report, Capital Improvement Detail not
applicable)
(d) Financial transactions report required pursuant to Section 53891 of the Government Code.
0 See the State Controller Financial Transactions Report section of the annual report.
(e) Amount allocated to school or community college districts pursuant to each of the following
provisions: (1) Section 33401; (2) Section 33445; (3) Section 33445.5; (4) paragraph (2) of subdivision
(a) of Section 33676; and (5) Section 33681. (Amounts also include Section 33607 as shown in the
Financial Transactions Report, Pass - Through /School District Assistance, page 1)
Merged Project Area
• School Districts — $2,674,366
• College Districts — $1,819,303
(f) The amount of existing indebtedness, as defined in Section 33682, and the total amount of
payments required to be paid on existing indebtedness for that fiscal year. (As shown in the
Statement of Indebtedness Filed for the 2011 -12 Tax Year Cover Page)
Merged Project Area
• Total Debt — $1,931,675,945
• Payments — $ 75,704,069
(g) Any other fiscal information which the agency believes useful to describe its programs.
0 See Other Required Information section of the annual report.
Page 1 of 1
Blight Progress Report as required under Health & Safety Code Section 33080.1 (d)
Community Redevelopment Agency of the City of Santa Ana
FY 2010 -11
California Redevelopment Law under Section 33080.1 (d) requires that the Annual Report include "a
description of the agency's progress, including specific actions and expenditures in alleviating blight in
the previous fiscal year." The following actions were taken to alleviate blight in the Merged
Redevelopment Project Area during the previous fiscal year:
• Neighborhood Stabilization Downpayment Assistance Program
The Agency continues to administer activities with its NSP 1, 2, and 3 funds in areas of greatest
need: acquisition, rehabilitation, resale of foreclosed singled family homes for low, moderate and
middle income households, downpayment assistance, acquisition and rehabilitation of rental
housing including foreclosed or abandoned properties. Eligible borrowers are offered a deferred
loan that may only be used to help meet downpayment and closing cost requirements associated
with the purchase of an eligible home. These activities helped to stabilize neighborhoods by
focusing in distressed neighborhoods and were performed by intermediaries working on behalf of
the City. During FY 2010 -2011, Santa Ana's Neighborhood Stabilization Program (NSP) acquired and
renovated 20 single family homes and 2 condominiums affected by foreclosures. Down payment
assistance was provided to 2 households as part of the rehabilitation of these properties and
subsequent affordable resales. Land and building acquisitions, through NSP, during this period are
anticipated to bring in 76 units of affordable rental housing over the coming year.
• Wayfindin_g Si_gnage Program
In the past few years, Santa Ana has undergone several new urban design efforts in the downtown
area. To complement these efforts, the City undertook a plan to design a new wayfinding sign
system to help reinforce the City's identity and character, and serve as a framework to implement
an attractive and effective signage system throughout the entire City. This wayfinding sign program
in the downtown area is the first application for establishing a uniform signage and branding
program for the entire City.
• Downtown Facade Improvement Rebate Program
The Santa Ana Downtown Fagade Improvement Rebate Program was approved by the
Redevelopment Agency in July 2008, to encourage economic revitalization and to promote urban
renewal in the Downtown area, while maintaining its historic and cultural traditions. The program
provides financial assistance based on a sliding scale and is capped at $75,000 per business within
the designated target area to improve their storefronts. For fiscal year 2010 -2011, the Pacific
Building fagade improvement project was completed. This building, located at the corner of
Broadway and 3rd Street, rehabilitated approximately 6,000 sq. ft. of commercial space that is
completely leased to three different businesses, including the Chapter One restaurant. The East End
project (formerly known as Fiesta Marketplace), was also under construction for a significant part of
this fiscal year with approximately 75% of the project completed. This project is scheduled for
completion in November 2011.
Page 1 of 4
Blight Progress Report as required under Health & Safety Code Section 33080.1 (d)
Community Redevelopment Agency of the City of Santa Ana
FY 2010 -11
• South Main Facade Improvement Rebate Program
In 2000, the Redevelopment Agency reinstituted the Fagade Improvement Rebate Program for the
South Main Street between First and Warner. The purpose of the program is to improve the
exterior appearance of commercial buildings within a specific area. The program provides financial
assistance in the form of a cash rebate based upon level of private contribution, subject to pre -
approval by a committee made up of City staff and members of the South Main Merchants
Association. In 2002, the program was revised to accommodate adoption of SB 975, which
mandated prevailing wage for construction work paid for in whole or in part with public funds.
Since 2000, the Agency has funded 23 rebates. For fiscal year 2010 -2011, two applications were
approved for reimbursement of over $25,404. Currently, we are investigating improved ways to
provide assistance to the businesses on South Main Street.
• South Main Building Renovation Program
On February 24, 2011, the Agency released a Request for Proposals (RFP) for a consultant to assist in
the development of a South Main Building Renovation Program. The program will consist of the
Agency funding all of the necessary exterior building improvements in a targeted area, including
design, construction and oversight for the South Main Corridor. The first phase of the program is to
develop the initial program design including data collection, initial community outreach, program
parameters and draft an initial program design document. The RFP selection process was
completed and on June 21, 2011 a consultant agreement with ABACUS Project Management, Inc.
was presented to the Community Redevelopment and Housing Commission for recommendation.
The next step will be to present the consultant agreement to the Agency Board for approval once
the Agency can legally take formal action.
• Public Parking Lot Acquisition - 301 S. Sycamore and 300 S. Main Street
Shortly upon adoption of the South Main Project Area, the Agency pursued the creation of several
public parking lots along the South Main Street Corridor. Having leased property for one of the
parking lots for many years, the Agency attempted (unsuccessfully) to acquire the property.
However, in 2009, the subject property owner approached the Agency regarding purchasing their
property. The Agency acquired the property in early 2011 with the purpose to continue providing
off street parking that services the local businesses along the corridor.
• Santa Ana Lofts
Located in Downtown and adjacent to the Artists Village, developer City Ventures completed
construction on a 16 unit for -sale development on a .55 acre site, within the framework of two
buildings. The new development consists of artists' lofts and live /work residences. All 16 units have
been completed and sold. The unique project focused on the arts community and will bolster the
success and growth of the Artists Village.
Page 2of4
Blight Progress Report as required under Health & Safety Code Section 33080.1 (d)
Community Redevelopment Agency of the City of Santa Ana
FY 2010 -11
• Santa Ana Auto Mall
The Auto Mall currently has 6 dealerships including BMW, Mini Cooper, Honda, Volkswagen, Audi,
and Volvo. The Penske Group recently expanded its VW /Audi operations to the prior Saturn site,
and a further expansion onto the former Saab site is in the planning stages. Penske is also nearing
completion of its new Audi showroom at the former Kia site. The Audi plans feature building
renovation along with a 10,000 sq. ft. expansion. Plans are also in the works for the new Mini
showroom at the former Jaguar site, across from BMW. The building will be renovated inside and
out to conform to Mini and City requirements for the Auto Mall. Additionally, Honda just received
Planning Commission's approval to proceed with its 5,000 sq. ft. showroom expansion and overall
facility enhancement to give it a more updated appearance consistent with Honda standards.
• Station District Development
A lawsuit filed by Friends of Lacy on the Environmental Impact Report for the Station District
housing project and larger Transit Zoning Code area put this project on hold. This lawsuit was
recently resolved in FY 2010 -11, allowing for the project to move forward, with some minor changes
in scope. The project now calls for development of approximately 113 rental units and 24 for sale
units on a total of approximately six acres of land.
Construction on the first phase of the Station District affordable housing project (74 podium
apartment units including retail and child care components) is anticipated to commence in late
November 2011. Plans for the second phase of the rental project include an anticipated
construction start date of February 2012, and the 24 for - sale -unit project is anticipated to
commence construction in 2011 as well, and be completed within 18 months.
• Development of Infill Scattered Sites
On October 9, 2009, the Agency released a Request for Qualifications (RFQ) for the selection of
qualified developers for 13 Agency -owned parcels. On December 21, 2009, the Agency selected
three developers for the project. Habitat for Humanity of Orange County (Habitat) was selected as
developer for seven of these sites where single family homes are to be developed, while Hope
Builders, a Division of Taller San Jose, was selected as developer for two single family sites. Habitat
is processing its plans through the City.
Also approved was the team of Orange Housing Development Corporation and C & C Development
for the development of multi - family housing on the remaining sites. It is expected that construction
will commence by the end of 2011.
• Birch, Birch and Bush
Through the same RFQ mentioned above, the partnership of Santa Ana WBBB, LP was selected as
the developer for multi - family housing at sites identified as 217, 219, 435, and 437 South Birch
Street, and 2034 -2038 Bush Street. Plans have been approved and all necessary financing obtained
for the Birch, Birch and Bush Street sites. A total of twenty rental units will be developed, and all
Page 3 of 4
Blight Progress Report as required under Health & Safety Code Section 33080.1 (d)
Community Redevelopment Agency of the City of Santa Ana
FY 2010 -11
will be rented to very low- income households. They anticipate construction to start by the middle
of November 2011, and completed within a year.
•
Washington Avenue Courtyard
The Washington Avenue Courtyard is a 36 -unit affordable rental housing development, geared
toward families with modest incomes. The project combines multiple objectives associated with the
federal Neighborhood Stabilization Program (NSP) and Santa Ana's Community Redevelopment
Agency. The site was previously subject to a bank foreclosure and construction is expected to
commence in December 2011. Like Vista Del Rio, the project will incorporate numerous green
features. The developer anticipates that its energy efficiency will exceed Title 24 energy standards
at the LEED Gold certified level. The Washington Avenue Courtyard is expected to be ready for
occupancy in early 2013.
• victn npi Rin
The Vista Del Rio project is a 41 -unit affordable rental housing development, geared toward special
needs residents. The project includes a partnership between A Community of Friends, Goodwill of
Orange County, Santa Ana's Redevelopment Agency and a variety of funders. Subsidies to achieve
long term affordability of rents have been secured through the Federal Low - Income Tax Credit,
Federal Home Loan Bank AHP, City of Santa Ana HOME Program and Santa Ana Housing Authority
Project Based Housing Vouchers. Vista Del Rio has also been designed to provide amenities and on-
site services for residents. The property will also incorporate numerous green building features with
an energy efficiency that will exceed Title 24 energy standards at the LEED Silver certified level.
Construction is expected to commence in early 2012.
Page 4 of 4
Loan Report as required under Health & Safety Code Section 33080.1 (e)
Community Redevelopment Agency of the City of Santa Ana
FY 2010 -11
A list of, and status report on, all loans made by the redevelopment agency that are fifty thousand
dollars ($50,000) or more, that in the previous fiscal year were in default, or not in compliance with the
terms of the loan approved by the redevelopment agency.
The Community Redevelopment Agency of the City of Santa Ana has one loan receivable reportable for
Fiscal Year 2010 -2011 under Health & Safety Code Section 33080.1 (e). This loan to a non - profit agency
is not in full compliance with the terms of the loan. However, the borrower is making regular payments
on the loan balance and the Agency continues to work with this non - profit developer to bring the loan
current.
Page 1 of 1
Property Report as required under health & Safety Code Section 33080.1 (f)
Community Redevelopment Agency of the City of Santa Ana
FY 2010 -11
California Redevelopment Law under Section 33080.1 (f) requires that the Annual Report include "a
description of the total number and nature of the properties that the Agency owns and those properties
the agency has acquired in the previous fiscal year.
The Community Redevelopment Agency of the City of Santa Ana owns the following properties:
Address
Property Use
Parcel Number
1802 N. Main Street
Leased to a non - profit organization
002 - 163 -30
No Street Address
Remnant parcel due to roadway imp.
002 - 221 -25
2011 N. Main Street
Surface Parking Lot
003 - 113 -27
830 N. Parton Street
Surface Parking Lot
005- 142 -21
921 N. Flower Street
Vacant Lot
005 - 142 -35
842 N. Garnsey Street
Vacant Lot
005 - 142 -47
915 N. Flower Street
Vacant Lot
005- 142 -58
1022 S. Main Street
Surface Parking Lot
010 - 234 -13
1413 S. Bristol Street
Surface Parking Lot
013- 054 -06
1302 W. Elder Avenue
Remnant parcel due to roadway imp.
109 - 276 -18
No Street Address
Remnant parcel due to roadway imp.
198 - 342 -63
410 N. Main Street
Parking Structure
398 - 258 -09
No Street Address- 5th & Main
Parking Structure
398 - 258 -10
420 N. Main Street
Parking Structure
398 - 258 -12
308 N. Main Street
Surface Parking Lot
398- 264 -14
301 S. Sycamore Street
Surface Parking Lot
398 - 288 -01
300 S. Main Street
Surface Parking Lot
398 - 288 -09
No Street Address - 5th & Spurgeon
Parking Structure
398 - 326 -11
Street Address Pending -5th /Bush
Parking Structure
398 - 327 -01
212 E. Fifth Street
Parking Structure
398 - 327 -07
No Street Address - 5th & Spurgeon
Parking Structure
398 - 327 -08
526 E. Fourth Street
Vacant Lot
398- 481 -04
523 E. Third Street
Leased to a non - profit organization
398 - 481 -29
430 E. Third Street
Leased to a non - profit organization
398 - 482 -32
No Street Address - 2nd near Lacy
Remnant parcel due to roadway imp.
398 - 491 -40
314 N. Bush Street
Public Alley /Lot
398 - 501 -10
No Street Address - 3rd & Bush
Surface Parking Lot
398 - 503 -11
310 N. Birch Street
Parking Structure
398 - 593 -07
108 W. Third Street
Surface Parking Lot
398- 601 -02
No Street Add ress — Edinger /AutoMalI Dr
Auto Mall Landscape Entryway
402 - 101 -43
Note: Refer to the California Department of Housing and Community Development, Redevelopment Agency
Annual Housing Activity Report, Schedule C for the number and listing of properties owned by the Agency
for low and moderate income housing projects (Pages 3 — 6).
Page 1 of 1
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Other Information as required under Health & Safety Code Section 33080.1 (h)
Community Redevelopment Agency of the City of Santa Ana
FY 2010 -11
Any other information that the agency believes useful to explain its programs, including, but not limited
to, the number of jobs created and lost in the previous fiscal year as a result of its activities.
Enterprise Zone
Agency staff submitted an application to the California Department of Housing and Community
Development to expand the Enterprise Zone by 1,346 acres. The application was approved and the
expanded Enterprise Zone area became effective on February 25, 2010. Now even more companies
doing business in the City of Santa Ana can lower their cost of doing business by reducing their state tax
burden.
The Santa Ana Enterprise Zone (EZ) is one of 42 EZ's statewide and the only one in Orange County. The
EZ program is designed to promote business growth and job generation by offering state tax credits and
highly valuable incentives to businesses of all types and sizes. The Santa Ana EZ encompasses over
11,790 acres, which covers 98 percent of the total industrial and commercial property within the city
and over 10,000 businesses. EZ benefits apply to existing businesses as well as new businesses
relocating or expanding into the EZ.
During fiscal year 2010 -11, 3,369 Enterprise Zone Hiring Credit Vouchers were issued. Each voucher
represents a job for an economically disadvantaged individual along with the potential of over $37,000
in State Tax Credits to the employer.
Agency staff continues to provide outreach to local businesses to assist them in taking advantage of this
business - friendly program. Outreach efforts include individual presentations, workshops, website
information, marketing materials and manuals.
Page 1 of 1