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Home My WebLink AboutRDA AG PKT 2011-06-13 #3 REDEVELOPMENT AGENCY AGENDA STAFF REPORT DATE: June 13, 2011 TO: Honorable Chair and Agency Members THRU: Jill R. Ingram, Acting Executive Director FROM: Mark Persico, AICP, Director of Development Services SUBJECT: PUBLIC HEARING TO ADOPT THE FIVE YEAR IMPLEMENTATION PLAN 2009 - 2014 FOR THE RIVERFRONT REDEVELOPMENT PLAN SUMMARY OF REQUEST: Conduct a public hearing to consider adoption of Resolution No. 11 -05 approving the Five Year Implementation Plan 2009 — 2014 for the Riverfront Redevelopment Project Area. • BACKGROUND AND ANALYSIS: Assembly Bill 1290 (AB 1290), entitled the Community Redevelopment Law Reform Act of 1993, took effect on January 1, 1994, and added Section 33490 to the Health and Safety Code. Section 33490 mandates that each redevelopment agency adopt a five -year implementation plan commencing with the initial plan for projects adopted prior to January 1, 1994. The Redevelopment Agency of the City of Seal Beach 2009 -2014 Implementation Plan has been prepared pursuant to Community Redevelopment Law ( "CRL ") Sections 33490(a)(1)(A) and 33413(b)(4) and contains the following: • Agency accomplishments during the Preceding Implementation Plan term; • Agency goals, objectives, programs, and projects for the next five years; • Estimated revenue and expenditures to enable implementation of Agency programs and projects; • An explanation of how the Agency's goals and objectives, programs, and expenditures will eliminate blight within the project areas; • An Affordable Housing Production Plan that outlines how the Agency will meet its affordable housing obligations pursuant to CRL requirements over the next five years Page 2 This Implementation Plan identifies potential Agency - related redevelopment programs and projects, and housing activities targeting low- and moderate - income households, for the Riverfront Redevelopment Project Area (the "Project Area ") during the five -year period beginning in fiscal year 2009 -10, and ending in fiscal year 2013 -14. Implementation Plans are generally intended as policy statements rather than a specific course of action. It identifies priorities for potential programs and projects, and demonstrates how such programs and projects will address essential near -term revitalization objectives for the Project Area. This Implementation Plan is not intended to restrict the Agency to the programs and projects identified in it, since conditions, values, expectations, resources, and the needs of the community may change during the term of the Implementation Plan. It is important to emphasize that the preparation and adoption of an Implementation Plan does not mean that the Agency must undertake a sudden change in direction, set new goals, or discontinue on -going activities and programs. Accordingly, the emphasis of this Implementation Plan is on maintaining a continuity of actions and consistency with established policies while remaining aware of potential activities that may arise or become feasible during the five -year term of this Implementation Plan. Community Development This Plan proposes establishing four Agency goals as follows: Objectives Key Objectives GOAL NO. 1: Physical Blight - Enhance the physical environment by: (1) promoting high quality economic development projects; (2) assist in the redevelopment of the former Los Angeles Department of Water and Power (DWP) site, and (3) developing programs to preserve and rehabilitate aging residential properties. 1.1 Continue to review development proposals to ensure quality and consistency with Redevelopment Plan goals. 1 2 Require that property maintenance and land use controls are incorporated into project approvals. Consistent with state, federal and local laws, encourage and facilitate 1.3 repairs to buildings and structures to meet building code standards for seismic safety, including green building initiative 1.4 Consistent with state, federal and local laws, encourage and facilitate the preservation of historic resources within the Project Area Objectives Key Objectives GOAL NO. 2: Economic Development — Increase parks and recreation opportunities that leads to increased economic activity. 2.1 Collaborate with the private sector and the non - profit sector to increase recreational opportunities and beach access. Page 3 2 2 Where appropriate acquire property for parks and recreational opportunities. 2.3 Encourage the use of vacant parcels and revitalize older developments to achieve the best economic return. Objectives Objectives Key GOAL NO. 3: Public Infrastructure - Contribute to the elimination of physical and economic blight in the Project Area by providing public improvements, facilities and structures. As required, develop, improve and upgrade public facilities and 3.1 infrastructure, including buildings, structures, facilities, parking or other improvements, utilities, sewers, drainage facilities and streets. Objectives Objectives Key GOAL NO. 4: Brownfield remediation — Reduce the physical and economic blight caused by groundwater and soil contamination. 4.1 Work with Orange County Health Care Agency and the Regional Water Control Board to return sites to productive use and improve public health. Housing Compliance This Implementation Plan proposes establishing the following Goals for the - Agency's affordable housing program: 1. Maintain, improve, and develop housing in the community through a good faith, diligent effort as required by state law. 2. Assist in the provision of decent, adequate and affordable housing for all existing residents and for those who choose to become residents of Seal Beach regardless of age, sex, marital status, ethnic background, religion, income, or any other arbitrary factor. 3. Improve housing quality of the existing housing stock through housing rehabilitation assistance and enforcement programs. 4. Promote increased energy efficiency and sustainability through the use of energy conservation measures in all homes, including low and moderate income housing. 5. Implement the goals, policies and programs in this Implementation Plan within the established timeframes and ensure that they remain compatible with the other elements of the City's General Plan. 1 The Agency's Affordable Housing Program during the Preceding Implementation Plan focused on rental assistance for qualified residents of the Seal Beach Trailer Park and on the disbursement of grants and loans for , housing Page 4 rehabilitation. Table 1 depicts the number of units assisted over the previous five years. Table 1 Housing Programs — Previous Implementation Plan Fiscal LMI Housing Fund Rental Assistance: Housing Rehabilitation: Year Expenditures Units Served Units Served 2004 -05 $203,503 21 1 2005 -06 $259,475 21 6 2006 -07 $290,000 21 11 2007 -08 $397,042 21 10 2008 -09 $237,309 21 2 Source: City of Seal Beach Finance Department As required by redevelopment law, the Agency will set aside twenty percent of its gross tax increment toward increasing, improving, and preserving affordable housing in the City of Seal Beach. Table 2 summarizes the amount of Agency tax increment funds that have been deposited into the LMI Housing Fund during the Preceding Implementation Plan period. Table 2 Tax Increment Deposits into LMI Housing Fund Fiscal Year Total Agency Agency Deposits to Tax Increment (Z) LMI Housing Fund (1) 2004 -05 $1,266,263 $253,253 2005 -06 $1,423,047 $284,609 2006 -07 $3,052,045 $610,409 2007 -08 $2,419,673 $483,935 2008 -09 $2,423,711 $484,742 (1) Source: City of Seal Beach Finance Department, General Ledger Trial Balance for Fiscal Years 2004 - 2011 m Reflects 20% of reported LMI Housing Fund Deposits Over the last five years, the Agency has deposited $2,116,948 into the LMI Housing Fund. During that same period, $2,108,563 was spent by the Agency on projects and programs relating to affordable housing. Revenues and Expenditures Although the Agency is continuing to aggressively implement its community development and economic development goals, the success of its programs and projects is largely dependent upon the strength of the national, state, and regional economies. Tax increment revenue in the Project Area is expected to increase slowly. UFI is projecting zero growth in the assessed value of property (and the corresponding tax increment) in the first year, a 1% growth factor in 2010 -11, and a conservative two percent growth rate in the later years of the proposed Five -Year Plan. Page 5 The Projected Income and Expenditure Table (Table 3) summarizes the anticipated revenues and expenditures for the 2010 -14 General Redevelopment Fund. Based on the analysis of these revenues and expenditures, the Agency is projected to have a fund balance of $4.4 million by June 30, 2014. These numbers are not to be used for bonding purposes; they are solely intended to reflect general trends and assumptions. Table 3 General Redevelopment Fund Projected Revenues and Expenditures Fiscal Year Fund Activity 2009 -10 2010 -11 2011 -12 I 2012 -13 2013 -14 Totals Yearly Beginning Balances 4,126,304 3,902,970 4,239,354 4,486,073 4,797,231 4,126,304 Revenues a ; .r' - �r ,£'._'_? • "'�'n .I _ ": r.. ra R.: =t. f,• r -` _ _• +qfi �' 'F - sr J ': n �' �: Fx.r , :Atiu': 1fn'''� w -� 1�i •.n:. °i `vf .k.'o.. Z.. .`(• A. Tax Increment 2,231,790 2,416,500 2,221,740 2,266,523 2,312,202 11,448,755 B. Interest Income 41,271 41,500 41,500 41,500 41,500 207,271 C. Other Income 0 0 0 0 0 0 D Property Rental 875 875 875 875 875 4,375 Total Revenues 2,273,936 2,458,875 2,264,115 2,308,898 2,354,577 1 11,660,401 Total Available 6,400,240 6,361,845 6,503,469 6,794,971 7,151,809 15,786,705 Expenditures /Uses ... ::�•:: . +, :.. : Sti r. }. ;tea ; A. LMI Housing Fund Set - Aside 446,878 483,300 444,348 453,305 - 462,440 2,290,271 B. County Administrative Charge 18,881 20,444 18,796 19,175 19,562 96,858 C. Program Expenditures 0 0 500,000 500,000 1,200,000 2,200,000 D. RDA Administration 2,816 17,000 40,000 45,000 50,000 154,816 E. Legal /Contract Professional Services 52,733 600,000 140,000 100,000 105,000 997,733 F. Lease Payments 21,565 22,300 0 0 0 43,865 G. Bond Debt Service 723,054 726,183 724,465 722,755 724,406 3,620,863 H. Pass - Through Payments (13) 0 0 149,787 157,505 165,377 472,669 I. SERAF Payments 1,231,342 253,264 0 0 0 1,484,606 2,497,270 2,122,491 2,017,396 1,997,740 2,726,785 11,361,682 Revenues in Excess of Expenditures (223,334) 336,384 246,719 311,158 (372,208) 4,425,024 Other Financing Sources/Uses 0 Prior Period Adjustments 0 Yearly Ending Balances 3,902,970 4,239,354 4,486,073 4,797,231 4,425,024 (1) Est. beginning working capital balance, not indus ve of LMI Housing Fund balances, taken from FY2008-09 Financial aatements ending capital balance. Excludes cash held with fiscal agent for debt service and reserve fund balances. (2) 2009 -10 from actual County Tax Charge. R ojeded tax increment forecasted by Urban Futures, Inc (3) Estimated interest earnings for 2010 -11 through 2013 -14. (4) Cbnstitutes 20% of iaoss Tax Increment, deposited in LMI Housing Fund. Sae Table 7. (5) County property tax administrative fee per 932557. Estimated at 0.846 %of tax increment. (6) Reflects proposed Agency contributions to park, street, sewer, and storm drain improvements. (7) Includes debt service from the 2000 &ries A & B Tax Allocation Bonds (8) Ordinance 1605 dated 3/7/2011 approved an 93211 amendment which triggered statutory pass- through paymentsto be paid to affected taxing entities beginning in fiscal year 2011 -12. Proposed State Budget for 2011 -12 As part of its 2011 -12 budget proposal, the Governor has proposed permanently shutting down local redevelopment agencies in order to utilize tax increment revenue to help balance the State's budget. While the Governor's initial proposal and subsequent statewide speculation has caused many agencies to seek ways to protect their tax increment revenues, the absence of any final, definitive legislation makes it very difficult to gauge the actual ramifications to the Seal Beach Redevelopment Agency. Consequently, this proposed Implementation Page 6 Plan has been created under the provisions of the current CRL. Obviously, if any attempt to eliminate redevelopment is successful, this Plan will likely be rendered moot. FISCAL IMPACT: There are no fiscal impacts directly from adoption of the Plan, but the Plan guides future Agency actions and expenditures. RECOMMENDATION: Following the noticed public hearing, the Agency should adopt Resolution No. 11- 05 approving the Five Year Implementation Plan 2009 -10 through 2013 -14. SUBMITTED BY: NOTED AND APPROVED: Mark H. Persico, AIC J . Ingr j Director of Development Services Acting Executive Director Attachments A. Resolution No. 11 -05 B. Five Year Implementation Plan 2009 -10 THROUGH 2013 -14 ATTACHMENT "A" RESOLUTION NO. 11 -05 RESOLUTION NUMBER 1 -05 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH ADOPTING THE FIVE YEAR IMPLEMENTATION PLAN FOR FISCAL YEARS 2009 -10 THROUGH 2013 -14 FOR THE RIVERFRONT REDEVELOPMENT PROJECT AREA THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH HEREBY RESOLVES AS FOLLOWS: Section 1. The Redevelopment Agency of the City of Seal Beach ( "Agency"), under the provision of the California Community Redevelopment Law, is engaged in activities necessary for the execution of the Redevelopment Plan for the Riverfront Redevelopment Project Area ( "Project Area "). Section 2. Section 33490 of the Health and Safety Code (California Community Redevelopment Law) requires the Agency to adopt an Implementation Plan containing specific goals and objectives of the Agency, and the specific programs and expenditures proposed to be made during the next five years. Section 3. Section 33490 (4) (c) of the Health and Safety Code requires the Agency to conduct a public hearing and hear testimony of all interested parties for the purpose of reviewing the Implementation Plan for each redevelopment project area within the jurisdiction and evaluating the progress of the redevelopment project. Section 4. Pursuant to California Health and Safety Code Section 33490, the Agency conducted a public hearing and reviewed and approved the "Redevelopment Agency of the City of Seal Beach Five -Year Implementation Plan 2009/10 Through 2013/14" dated June 2011, attached hereto as Exhibit "A" and incorporated herein by this reference as the Implementation Plan for the Riverfront Redevelopment Project Area. PASSED, APPROVED and ADOPTED by the Seal Beach Redevelopment Agency at a regular meeting held on the 13th day of June , 2011 by the following vote: AYES: Agency Members NOES: Agency Members ABSENT: Agency Members ABSTAIN: Agency Members Chairman ATTEST: Secretary/City Clerk Resolution No. 11 -05 STATE OF CALIFORNIA } COUNTY OF ORANGE } SS CITY OF SEAL BEACH } I, Linda Devine, Secretary/City Clerk of the City of Seal Beach, do hereby certify that the foregoing resolution is the original copy of Resolution Number 11 -05 on file in the office of the City Clerk, passed, approved, and adopted by the Seal Beach City Council at a regular meeting held on the 13th day of June , 2011. Secretary/City Clerk ATTACHMENT "B" FIVE YEAR IMPLEMENTATION PLAN 2009 -10 THROUGH 2013 -14 r r 6 b y v a h�, '' 7 a n s r� _ f FIVE YEA �IMP;L - N P LA N ,_ t =4 .,.,,,,,,..-1, 0 °k9 X 10 `T H R OUG H 2 a REDEVELO AGENCY OF THE CITY OF SEA BEACH ' .4.-43 : , __,____,z— 17(1,4\ i �- • O i _ • i s % ‘p.,•,0"9 I \` c ' gt/FO111:24 V I ncorporated FI U rban Futures Corporate Office: 3111 North Tu, , nge, CA 92865 Phone. (714) 283 -9334 stinSuite Fax. 230 (714) 283 -5465 Northern California Off 1470 Maria Lane Suite 315, Waln Creek CA 94596 Phone (925) 478 7450 Fax (925) ut 658 2583 FIVE YEAR IMPLEMENTATION PLAN FISCAL YEAR 2010 THROUGH 2014 and CCRL SECTION 33413(b) (4) HOUSING COMPLIANCE PLAN SEAL BEACH RIVERFRONT REDEVELOPMENT PROJECT AREA Prepared for the OF SEAL e ( \ � F Redevelopment Agency of the City of Seal Beach v 211 Eighth Street Seal Beach CA 90740 (562) 431 -2527 http://www.ci.seal-beach.ca.us C ' 4 L /POR0 Prepared by: Urban Futures Inc IJ UF L Corporate Office: 3111 North Tustin, Suite 230, Orange, CA 92865 Phone: (714) 283 -9334 Fax: (714) 283 -5465 Northern California Office: 1470 Maria Lane, Suite 315, Walnut Creek, CA 94596 Phone: (925) 478 -7450 Fax: (925) 658 -2583 www.urbanfuturesinc.com In Cooperation with the: City of Seal Beach Redevelopment Agency June 2011 /� S EA�•i Five Year Implementation Plan s � c. , ` 9 FY 2010 through FY 2014 for the j Riverfront Redevelopment Project - , cyt /FORor- Area CITY COUNCIL/ REDEVELOPMENT AGENCY BOARD MEMBERS Emsammemossmassmammus Michael P. Levitt, Mayor /Board Member Ellery Deaton, Council Member/ Board Member Gary A. Miller, Mayor Pro Tem/Board Member Gordon A. Shanks, Council Member /Agency Vice Chair David W. Sloan, Council Member /Agency Chair CITY /REDEVELOPMENT AGENCY STAFF isinsiminiumsziesmosassi Jill Ingram, City Manager /Executive Director Quinn Barrow, City Attorney /Agency Counsel Linda Devine, City Clerk Robbeyn Bird, Administrative Services Director Mark Persico, Development Services Director Sean Crumby, Public Works Director SA['` Five Year Implementation Plan e ( __ ' - '` - _ms`s FY 2010 through FY2014 for the Riverfront Redevelopment Project .eek iti Area TABLE OF CONTENTS misimillimammoi PREFACE 1 EXECUTIVE SUMMARY 3 1.0 INTRODUCTION 5 1.1 Definitions 5 1.2 Overview of Redevelopment Law as it Applies to Implementation Plans 6 1.3 Public Participation in the Implementation Plan Process 8 1.4 Project Areas Locations and Boundaries 8 2.0 REVIEW OF AGENCY ACTIVITIES 11 2.1 Historical Overview 11 2.2 Goals and Objectives Nexus to Blight Elimination 12 2.3 Summary of Historic Implementation Plan Goals and Objectives 12 2.4 Description of How the Agency has Implemented the Goals of the Preceding Implementation Plan 14 3.0 COMMUNITY DEVELOPMENT IMPLEMENTATION PLAN 15 3.1 Goals and Objectives: Fiscal Years 2010 - 2014 15 3.2 Economic and Community Development Projects and Programs 16 3.3 Program Amendments 16 3.4 Projected Agency General Redevelopment Fund Income and Expenditures 17 4.0 HOUSING COMPLIANCE PLAN 21 4.1 Affordable Housing Requirements 21 4.2 Low and Moderate Income Housing Goals 22 4.3 Affordable Housing Program During Previous Implementation Plan Period 23 i Seal Beach Redevelopment Project Area Implenzentation Plan 2010 -2014 4.4 Housing Set Aside Fund 24 4.5 Projected Housing Program 26 4.6 Other Funding Programs 28 4.7 Consistency with General Plan 31 5.0 PLAN ADMINISTRATION 33 5.1 Plan Review 33 5.2 Plan Amendment 33 5.3 Financial Commitments Subject to Available Funds 33 5.4 Redevelopment Plan Controls 33 LIST OF FIGURES amenummisel Figure 1 Riverfront Redevelopment Project Area Boundaries 9 LIST OF TABLES msnammummossisma Table 1 Seal Beach Redevelopment Agency Plan Chronology 11 Table 2 Blight Definitions 12 Table 3 Achievement of Agency Goals and Objectives (2005 — 2009) 14 Table 4 General Redevelopment Fund Projected Revenues and Expenditures 18 Table 5 Housing Programs — Previous Implementation Plan 23 Table 6 Tax Increment Deposits into LMI Housing Fund 24 Table 7 Low and Moderate Income Housing Fund Projected Income and Expenditure 25 Table 8 Seal Beach Fair Share Housing Allocation 26 Table 9 Distribution of Low Income Senior Households (1) 27 Table 10 Affordable Housing Program FY 2009 -10 LMI Funding Allocation 28 Table 11 Financial Resources Available for Housing Activities 28 ii Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 PREFACE This Five -Year Implementation Plan (this "Implementation Plan ") was prepared by the Redevelopment Agency of the City of Seal Beach (the "Agency ") pursuant to Section 33490 et seq. of California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.; the "CCRL "). This Implementation Plan identifies potential Agency - related redevelopment programs and projects, and housing activities targeting low and moderate income households, for the Riverfront Redevelopment Project (the "Project," or the "Project Area," as appropriate) during the five -year period beginning in fiscal year 2009 -10, and ending in fiscal year 2013 -14. This Implementation Plan is generally intended as a policy statement rather than a specific course of action. It identifies priorities for potential programs and projects, and demonstrates how such programs and projects will address essential near -term revitalization objectives for the Project Area. This Implementation Plan is not intended to restrict the Agency to the programs and projects identified herein, since conditions, values, expectations, resources, and the needs of the community may change during the term of this Implementation Plan. It is important to emphasize that the Project Area is fairly mature and it is nearing the end of its time limit on effectiveness. The preparation and adoption of an updated Implementation Plan does not mean that the Agency must undertake a sudden change in direction, set new goals, or discontinue on -going activities and programs. Accordingly, the emphasis of this Implementation Plan is on maintaining a continuity of actions and consistency with established policies while remaining cognizant of potential activities that may arise or become feasible during the five -year term of this Implementation Plan. The Implementation Plan is presented in five sections: 1.0 Introduction: This section includes definitions of the terms used in the Implementation Plan, an overview of redevelopment law as it applies to the Implementation Plan, the public participation process, and project area locations, boundaries, and maps. 2.0 Review of Agency Activities: This section presents an historic overview of plan adoptions and chronology, a discussion of recent CCRL legislation and the Agency's compliance, and a summary of historic goals, objectives, and accomplishments. 3.0 Community Development Implementation Program: This section discusses the Agency's plan to eliminate blight in the project area, presents the goals and objectives nexus to blight elimination, and projects revenues and expenditures for the Agency's community development program. 4.0 Housing Compliance Plan and Implementation Program: This section demonstrates the Agency's compliance with housing requirements and presents the housing programs and projects that the Agency anticipates implementing over the next five years in the project area in correlation to projected revenues and expenditures. 1 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 5.0 Plan Administration: This section describes the Implementation Plan process including a general description of financial resources that will be used to fund the housing and non - housing activities over the term of the Implementation Plan. k 2 • Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 EXECUTIVE SUMMARY Introduction Assembly Bill 1290 (AB 1290), entitled the Community Redevelopment Law Reform Act of 1993, took effect on January 1, 1994, and added CCRL Section 33490 to the Health and Safety Code. Section 33490 mandates that each redevelopment agency adopt a five -year implementation plan commencing with the initial plan for projects adopted prior to January 1, 1994; to be adopted that calendar year. CCRL Section 33490(b) allows one implementation plan for more than one project area. To date, the Agency has adopted four Implementation Plans. The most recent Preceding Implementation Plan was adopted in November 2005. The 2010 -2014 Implementation Plan, prepared pursuant to CCRL Sections 33490(a)(1) and 33413(b)(4), contains the following: • Agency accomplishments during the preceding Implementation Plan term; • Agency goals, objectives, programs, and projects for the next five years; • Estimated revenue and expenditures to enable implementation of Agency programs and projects; • An explanation of how the Agency's goals and objectives, programs, and expenditures will eliminate blight within the project areas; • An Affordable Housing Compliance Plan that outlines how the Agency will meet its affordable housing obligations pursuant to CCRL requirements over the next five years. Agency Accomplishments through June 30, 2009 Since adoption of the Redevelopment Plans, the Agency has facilitated a number of successful projects and programs aimed at economic revitalization, blight reduction, and affordable housing production. Key accomplishments during the Preceding Implementation Plan period include: • Affordable Housing: The Agency continued to provide direct rental assistance to very -low and low income tenants of the Seal Beach Trailer Park and assist qualified homeowners with home improvement and rehabilitation loans and grants. • Community Development/Public Improvements: In addition to Capital Improvement Program funding for street and sidewalk projects, the Agency also participated in the Marina Drive Bridge Rehabilitation and West End Pump Station Projects. Community Development and Housing Programs for 2010 -2014 The success of Agency programs and projects during the Implementation Plan term are largely dependent on the strength of the national, state, and regional economies. Tax increment revenue is estimated for purposes of this report at minimal or neutral growth rates. In July 2009, the State legislature again voted to balance the State budget with the taking of redevelopment funds. The adopted State budget added a Supplemental Educational Revenue Augmentation Fund (SERAF) payment of $1.7 billion statewide in 2009 -10 and re- instated the 3 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 $350 million for payment in 2010 -11. Although the Community Redevelopment Association (CRA), a professional advocacy group, again challenged this taking in court, the State's actions were upheld in Sacramento Superior Court on May 4, 2010. Consequently, the Agency made its involuntary 2009 -10 SERAF payment of $1,231,342. Pending any change in the current SERAF law, the Agency will also have to make an involuntary payment of $253,264 by May 10, 2011. During the five -year period of the proposed Implementation Plan, the Agency will continue to seek opportunities to fund public infrastructure improvements that support the City's Capital Improvement Program in the Project Area. The Agency will also continue to make scheduled principal and interest payments on its bonded debt obligations. The Agency's 2010 -2014 Affordable Housing Program includes: • Continuation of Seal Beach Trailer Park Rental Assistance. • Continuation of Housing Rehabilitation Grants and Loans Program to qualified homeowners. Conclusions Since 1969, the Agency has pursued a number of housing and non - housing programs to achieve its goal of eliminating blight. At this point, the statutory time limits on the Riverfront Project Area are rapidly approaching with the original Area set to expire on March 3, 2012 and the Amended Area set to expire on March 3, 2017. While the Plan itself will expire on these dates, the tax increment derived from the Original and Amended Areas will continue for another 10 years to make principal and interest payments on bonded debt (which are scheduled to continue through 2023). To date, the primary focus has been on supporting the improvement and maintenance of public infrastructure and assisting income - qualified residents with rent subsidies and home improvements. The current projections of tax increment revenue and expenditures indicates that the Agency still has ample resources to address potential economic and community development issues in the Project Area and to respond to opportunities as they arise. Likewise, the projected balances in the Agency's LMI Housing Fund afford a degree of flexibility in the development of any new housing programs that may be needed. • 4 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 ZO /NTRODUCr /Onr 1.1 DEFINITIONS The following bold terms shall have the following meanings unless the context in which they are used clearly requires otherwise: "Added Territory" means the 90 acres of land added to the original Project Area in 1975. "Agency" means the Redevelopment Agency of the City of Seal Beach. "Agency Board" means the Board of Directors of the Agency. The members of the Agency Board are also the members of the City Council. "Riverfront Redevelopment Project" means the Redevelopment Plan adopted by Ordinance Number 780 on March 3, 1969 and amended from time to time. "Surfside Redevelopment Project" means the Redevelopment Plan adopted by Ordinance Number 1134 on December 20, 1982 and effectively terminated by Ordinance Number 1544 on April 26, 2004. "Seal Beach Redevelopment Project Area" or "Project Area" means the area included within the boundaries of the Riverfront Redevelopment Project, as amended. "CCRL" means the California Community Redevelopment Law, Section 33000 et seq. of the Health and Safety Code as currently drafted or as it may be amended from time to time. "City" means the City of Seal Beach. "HCD" means the Housing and Community Development Department of the State of California. "Implementation Plan" means this 2010 -2014 Implementation Plan for the Riverfront Redevelopment Project covering the time period of July 1, 2009 through June 30, 2014. "LMI Housing Fund" means the Low and Moderate Income Fund of the Agency established pursuant to CCRL Section 33334.3 as it presently exists and as it may be increased or decreased by future Agency actions. "Original Territory" means the original 104 acre Riverfront Redevelopment Project Area established in 1969. "Preceding Implementation Plan" means the 2005 -2009 Implementation Plan covering the period July 1, 2004 through June 30, 2009. "SERAF" means the two -year, $1.48 million Supplemental Educational Revenue Augmentation Fund payment for fiscal years 2009 -10 and 2010 -11 which was authorized by the state of California in order to help balance the state budget. 5 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 "Tax Increment" means the funds allocated to the Agency from the Project Area pursuant to CCRL Section 33670. "UFI" means Urban Futures, Inc., redevelopment consultants, retained by the Agency to assist it to complete the adoption of the Implementation Plan. 1.2 OVERVIEW OF REDEVELOPMENT LAW AS IT APPLIES TO IMPLEMENTATION PLANS The City Council of the City of Seal Beach established the Seal Beach Redevelopment Agency on February 20, 1967 and adopted the original Riverfront Redevelopment Plan on March 3, 1969. The Riverfront Redevelopment Project Area was amended on December 29, 1975 through the addition of 90 acres of land. On January 1 1994, Assembly Bill 1290 (AB 1290), entitled the Community Redevelopment Law Reform Act of 1993, took effect and added CCRL Section 33490 to the Health and Safety Code. Section 33490 mandates that each agency adopt a five - year implementation plan commencing with the initial plan for projects adopted prior to January 1, 1994 to be adopted that calendar year. To date, the Agency has adopted four Implementation Plans. The Preceding Implementation Plan was adopted in November 2005. CCRL Section 33490, among other things, requires an implementation plan to contain: • Specific goals and objectives of the agency for the project area(s) for the next five years; • Specific programs, including potential projects, and estimated expenditures proposed to be made during the next five years; • An explanation of how the goals and objectives, programs, and expenditures will eliminate blight within the project area(s); • An explanation on how the Agency's goals, objectives and expenditures will implement its affordable housing obligations pursuant to CCRL requirements over the next five years; • An explanation of how the LMI Housing Fund will be used annually over the term of the implementation plan, along with the amounts now available in the LMI Housing Fund, and projected deposits thereto. Also included shall be estimates of the number of units to be assisted in each of the five years; • An estimate of the number of units to be provided over the next five and ten years to meet the Agency's 15% inclusionary housing requirements, if applicable; • An estimate of the number of units to be provided at the end of the Plan's effectiveness to meet the Agency's inclusionary housing requirements, if applicable; 6 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 • The number of qualifying very-low, low, and moderate income units that have been produced in the project area or outside the project area and the number of additional units that will be required to meet the inclusionary housing requirements, if applicable; • The number of units that will be developed by the Agency, if any, including the number of units that will be available for very -low, low, and moderate income households; and • The Project Area Affordable Housing Production Plan required by Health & Safety Code Section 33413 (b) (4). Under current law, agencies that administer redevelopment project areas or portions of project areas established on or after January 1, 1976, have an obligation to ensure that specified percentages of new or substantially rehabilitated housing are available at affordable cost to very- low, low, and moderate - income households. Because the Riverfront Project Area was adopted in 1969 and amended in 1975, this provision is not applicable to the Agency. In addition, under Section 33413.5 of the CCRL, whenever dwelling units housing persons of very- low, low or moderate - incomes are destroyed or removed from the affordable housing inventory as part of a redevelopment project, the Agency is required to replace those units with an equal number of units within four years after the units were removed. The replacement dwelling units must have an equal or greater number of bedrooms as those units destroyed or removed and all must be affordable to very low, low or moderate income households. In the event that suitable land cannot be found within a project area to build the replacement housing, the CCRL permits an Agency to count affordable housing units outside a project area towards the Agency's requirements on a two- for -one basis; that is, two affordable housing units will count the same towards the Agency's inclusionary housing requirements as one unit created inside the project area. Affordable housing developed outside of a project area can be of direct benefit to the redevelopment projects by accomplishing project objectives regarding affordable housing thus redevelopment agencies adopt findings at the time of plan adoption that create this nexus for future implementation. Implementation Plans also address a number of financial issues as they apply to affordable housing per Section 33334.2 of the CCRL. Of particular importance in regards to the Implementation Plan are the following: • Section 33334.2: establishes Agency obligation to use not less than 20% of its tax increment revenue to increase, improve and preserve the community's supply of very -low, low, and moderate income housing. • Section 33334.4(b): Specifies that the amount of money that can be spent from the Agency's 20% tax increment set -aside for senior housing is limited to the proportion of low income senior citizen households to the total number of low income households. • Section 33334.6: sets forth various requirements for management of the LMI Housing Fund. 7 Seal Beach Redevelopment Project Area Implenzentation Plan 2010 -2014 The financial section of the Plan must address the amount available in the LMI Housing Fund and the estimated amounts which will be deposited into the LMI Housing Fund during each of the next five years as well as estimates of the expenditures of monies from the LMI Housing Fund during each of the five years. Historic information contained in this Implementation Plan is based on a review of Agency reports and budgets, the Preceding Implementation Plan, and discussions with Agency staff. Information for FY 2009 -10 is based on the Agency's budget. Projections for FY 2010 -11, FY 2011 -12, FY 2012 -13 and FY 2013 -14 are based upon discussions with Agency staff and UFI's calculations and projections. 1.3 PUBLIC PARTICIPATION IN THE IMPLEMENTATION PLAN PROCESS Pursuant to CCRL Section 33490, the adoption of an Implementation Plan must be preceded by a duly noticed public hearing. Notice of the public hearing was published in the local paper with a minimum three week notice and posted in four places in the Project Area not less than ten days prior to the public hearing. In addition, CCRL Section 33490 (c) states that between two and three years after adoption of an implementation plan, an Agency must conduct a public hearing to review the redevelopment plan and implementation plan. The purpose of the mid -term review is to assess the extent to which an Agency's actual activities conform to the activities described in the preceding implementation plan. Therefore, the Agency will need to conduct a mid -term review of this Implementation Plan during 2011 or 2012. 1.4 PROJECT AREAS LOCATIONS AND BOUNDARIES The location and boundaries of the Riverfront Redevelopment Project Area are shown in Figure 1. 8 e) <t QO v O p O L. N ti p o ° % Z 1 3 @ Es i l ei . 1 Et IA E S VA V 2 1 a ili ce R a 1-?.;.':.' t I I OH Li H. L , gq Z.) 1/ ■1 /( COD Ul i•+ \\ N 11I1JIllt m l / at .��rrnllr�lnuq■ i Ilrrllurrl Ili■ me .. Minimums f Q _ CC Hlllru m me# �� • a / C ° inlrtnnnrr it •' / r . = irinullrllulu:�t� -�i`� i a. 4 „ ulnlrllrru�ai f r 41 r.. _ =i : . a 111111rlrllll ,, _ C ��". �IIII +� `" f f l • ° � In s . O \ is. P.' V AC " i I� , ....1.,L=.....4„,„, 40, 02„,,...04„..,- 0 .' - • l►' );(4-)7/A.:1',/ ' ` T ' Z wnS re; if '1 / L ` y L 1 \ +r•,{,4i• r `•'^ "�' . . t c @ 1 �, //1 4 `' i ` r : ' 4 1. 4 'f .. ,- ,ems . � 9 !/ .. / 410. , P ar �'e - � I ' � / j / f l / ~' i"` ,, , „..;„,,,,,„, ,....,,..., ... 1° \ 411r ,/ ..==e"I Z m 1- U_ w J } J J •4 Q • :• y'+ Z ••. W F- Z W d 2 1— C:) • ti ar N " (S 4 • N O ' ZS ' mil 1 ti • E cea Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 20 REV /EWOFAGE/VCYACT /V /T /ES 2.1 HISTORICAL OVERVIEW The City of Seal Beach established its Redevelopment Agency for the primary purpose of eliminating blight and stimulating the City's economic base. Establishment of a redevelopment plan authorizes the collection of tax increment funds for the purpose of financing programs that eliminate physical blight and economic blight, and the production, preservation and improvement of affordable housing. Table 1 shows the history of the Agency, the Redevelopment Plan (along with the 1975 amendment where territory was added), and certain time limits associated with the Plan. Table 1 Seal Beach Redevelopment Agency Plan Chronology Rivertront Riverfront Original Amended Proj. Area Proj. Area PIan3 Ado .torn . , _ :.. ' :. . _ _ • Date of Adoption 3/3/1969 12/29/1975 Ordinance Number 780 983 Same as Original Plan Effectiveness (years) (1) 45 Original Project Area Size (acres) 104 90 Time Lirnitsy " For Commencement of Eminent Domain Ex.ired For Incurring Debt (2) Eliminated For Effectiveness of Plan (1) 3/3/2012 3/3/2017 For Repayment of Indebtedness (3) 3/3/2022 3/3/2027 Financial ,Limits ' - Maximum Lifetime Tax Increment $80,000,000 Maximum Bonded Debt Outstanding No Limit (1) Ordinance 1392 (12/12/94) changed the plan effectiveness dates to 3/3/09 for the Original P roject Area and 3/3/14 for the Amended Project Area. These effective dates were extended l.y one year pursuant to Ordinance 1602 (12/13/10) and another two years pursuant to Ordinance 1604(1/17/11). (2) The time limit for incurring debt was eliminated pursuant to Ordinance 1605 on March 7, + 011 (SB 211 amendment). (3) Ordinance 1392 (12/12/94) established the limit for repayment of indebtedness to 10 years -fter the plan effective date. This limit was extended when the plan effective dates were extended (see footnote 1 above). The Seal Beach Redevelopment Agency also established the Surfside Project Area in December 1982 for the purpose of funding a rock revetment to protect beachfront properties from flooding and erosion. This project was completed and all debt associated with its funding was retired. Consequently, the Agency terminated the Surfside Project Area with the adoption of Ordinance Number 1544 on April 24, 2006. 11 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 2.2 GOALS AND OBJECTIVES NEXUS TO BLIGHT ELIMINATION CCRL Section 33490(a)(1)(A) requires that each implementation plan contain an "...explanation of how the goals and objectives...will eliminate blight within the project area... ". While the current definition of blight for consistency with state law has changed since the preparation of the preceding Implementation Plan, the physical and economic conditions addressed by the previous plan remain accurate (see Table 2). Table 2 Blight Definitions Blight Definition Definition Key A. Physical Blight: CCRL Section 33031(a) • Unsafe buildings • Sub - standard, defective or obsolete design or construction • Incompatible land uses • Irregular and inadequate lots under multiple ownership B. Economic Blight: CCRL Section 33031(b) • Depreciated or stagnant property values Abnormally high business vacancies, abnormally low lease rates, • or abnormally high number of abandoned buildings • Serious lack of commercial facilities • Serious residential overcrowding • High crime rate C. Public Infrastructure: CCRL 33030(C) • Inadequate public improvements • Inadequate water or sewer facilities 2.3 SUMMARY OF HISTORIC IMPLEMENTATION PLAN GOALS AND OBJECTIVES Redevelopment plans are long -term documents and, accordingly, include generalized goals and objectives over the term of their effectiveness. The purpose and objective of the Redevelopment Plan as Amended was to eliminate the conditions of blight that existed in the Project Area and to prevent the recurrence of blighting conditions. As described above, implementation plans span a period of five years; consequently, the goals and objectives set forth in these "short- term" implementation plans are more specific and are intended to be modified over time as they are met and /or events require their modification. The goals contained in the Preceding Implementation Plan are as follows: The Agency's Preceding Implementation Plan focused on maintaining a continuity of actions and consistency with established policy while looking ahead at projects that may arise or become feasible within the five -year period of 2004- 05 through 2008 -09. The principal goals for the Redevelopment Project Area emphasized economic development, public facilities and improvements, and affordable housing in order to alleviate conditions of blight. The Agency's goals (and the criteria by which programs and activities were to be evaluated) included the following: 12 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 Goal Number Description Encourage the development of the Riverfront Project Area in a manner 1 consistent with the City's General Plan and /or specific development plans as may be adopted from time to time through cooperation of private enterprise and public agencies 2. Enhance the economic well -being of the community. 3 Provide for the rehabilitation of commercial and industrial structures and residential dwellings. Provide public infrastructure improvements and community facilities, ' including the installation, construction, and /or reconstruction of streets, 4 utilities, public buildings, and facilities (i.e., pedestrian circulation and parking facilities), storm drains, utility undergrounding, street lighting, landscaping and other improvements, which are necessary for the effective redevelopment of the Riverfront Area Provide avenues for participation in the redevelopment of property in the 5. Riverfront Project Area, where feasible. Said redevelopment will conform with the Redevelopment Plan. Encourage cooperative efforts among property owners, businesses and 6 public agencies to achieve the economic development goals of the City and Agency, and develop programs aimed at preventing or eliminating existing blighting conditions. 7. Increase, improve and preserve the community's supply of affordable housing. Refer to Table 3 for a description of how the Agency's programs and activities have addressed these goals during the Preceding Implementation Plan period. Since the adoption of the 2005 -09 Implementation Plan the Agency has been actively pursuing a number of projects aimed at stimulating community and economic development, and affordable housing. The following are highlights of the Agency's 2005 -09 activities: Affordable Housing • Trailer Park Rental Assistance: Direct rental assistance to very -low and low income tenants of the Seal Beach Trailer Park. • Housing Rehabilitation Loans & Grants: Ongoing home improvement and rehabilitation loans and grants to qualifying homeowners. Community Development /Public improvements The Agency provided funding for the following public improvements as part of its Community Development efforts: • West End Pump Station • Ocean Avenue Street Project 13 Seal Beach Redevelopment Project Area bnplenzentation Plan 2010 -2014 2.4 DESCRIPTION OF HOW THE AGENCY HAS IMPLEMENTED THE GOALS OF THE PRECEDING IMPLEMENTATION PLAN To accomplish its goals, the Agency has worked diligently with community leaders, private sector businesses, and other governmental agencies. The economic downtown that began in late 2006 negatively impacted the Agency's ability to execute its economic development program. Nonetheless, the Agency continued to actively promote its economic development programs. Key achievements during the Preceding Implementation Plan time period (2005 -2009) are highlighted in Table 3. This table also illustrates how the various programs and activities relate to the Agency's stated goals and how they address the conditions of blight in the Project Area as defined by statute (i.e., physical blight, economic blight, and lack of capital improvements /public infrastructure). Table 3 Achievement of Agency Goals and Objectives (2005 — 2009) .GOAL'•,`.SATISFACTION�,, -�••� � -: ° BLIGHT ,CONDITIONS'i4DDRESSED�.`:� c . c,�, �'+�. i, ' °: a'ss' " +.s..�. r � af$ ,4'.. R s y '�; a :; , .•E,T a a .� ��•: Goals :1 throiugFi 7'as identified' in,Peceding } Plan:'• f A ' PhysicalBliglt y s Z, •• Y. 'ri r ..;k . a• ° t . j • y rt - t n.. ,+yi.'3i....."�at. : s`_ • ,�.`'s q,} " -! , •� � �•_ ( . ° B'= Econom�c�BligFit� �. : ,r h � �g G � :� "+ .4+; C� = i s ; .�: % . � �A�tt " .s ^, :h';',° a E ° fi+k'�'k°S'• i at ;'l,#=,1, » V s `�'' :s °fir 7 '.• x `+.rY C� Rublic.lnfrastructu "e �"° b;� :q .• = ° , �';: T. -' : a - -a :::r_ �_ ..tidal; "; ` " ' r:VI Blighf •` � a• ^� • d e" ,'' _.• ' , «�..� .�.° w 3,•-:- , 18 L F' x �. �:.'�.•%,{ b �' t. �• r- .rC "� Programs/Pr ject ; K . '"� ' ;, -„� : Sat'isfactigni F, � •� �Conctition :; - �'. a,. . F 4id. i.a ai r...:..t �... ch•i 3 -. s s...' l:.iY.� ''S5 Trailer Park Rental Assistance 3, 7 B Housin• Rehabilitation Loans & Grants 3, 7 A, B West End Pum • Station 2, 4 A, C Ocean Avenue Improvements 2, 4 A, C As shown above, the Agency has focused on goals and objectives as set forth in the 2005 -2009 Implementation Plan which relates directly to the provision, improvement, and rehabilitation of public infrastructure to lessen conditions of blight and to improve the overall economic and physical condition of the Project Area. However, while the Agency has spent substantial numbers of dollars on blight remediation, the projects identified above have not been able to fully ameliorate the conditions of blight described in CCRL Sections 33031(a), 33031(b), and 33030(c) and conditions of blight continue to detract from more positive aspects of the Project Area. Available Agency resources will continue to play an integral role in the City's ability to remedy negative physical and economic conditions still affecting the Project Area. 14 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 80 COM/ 1MUN/ TYDE VELOPMENT//19PLEMENTAT/ONPLAN 3.1 GOALS AND OBJECTIVES: FISCAL YEARS 2010 - 2014 CCRL Section 33490(a)(1)(A) states that an implementation plan shall contain an Agency's specific goals and objectives for the project area(s). These goals and objectives are divided into two distinct categories: programs related to the provision or replacement of affordable housing, and all other non - housing programs that the Agency may pursue under the adopted redevelopment plan. This chapter focuses specifically on the Agency's potential non - housing activities during the ensuing five -year period. The chapter will describe specific projects and expenditures and explain how said projects and expenditures will address conditions of blight in the Project Area. Potential housing activities are discussed in Chapter 4. During the five -year period covered by this Implementation Plan, the Agency will pursue the following goals and objectives: Objectives Key - Objectives GOAL NO. 1: Physical Blight - Enhance the physical environment by: (1) promoting high quality economic development projects; (2) assist in the redevelopment of the former Los Angeles Department of Water and Power (DWP) site, and (3) developing programs to preserve and rehabilitate aging residential properties. 1.1 Continue to review development proposals to ensure quality and consistency with Redevelopment Plan goals. 12 Require that property maintenance and land use controls are incorporated into project approvals. Consistent with state, federal and local laws, encourage and facilitate 1.3 repairs to buildings and structures to meet building code standards for seismic safety, including green building initiative 1 4 Consistent with state, federal and local laws, encourage and facilitate the preservation of historic resources within the Project Area Objectives Key Objectives GOAL NO. 2: Economic Development — Increase parks and recreation opportunities that leads to increased economic activity. 2 1 Collaborate with the private sector and the non - profit sector to increase recreational opportunities and beach access. 2.2 Where appropriate acquire property for parks and recreational opportunities. 2.3 Encourage the use of vacant parcels and revitalize older developments to achieve the best economic return. 15 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 Objectives Objectives Key GOAL NO. 3: Public Infrastructure - Contribute to the elimination of physical and economic blight in the Project Area by providing public improvements, facilities and structures. As required, develop, improve and upgrade public facilities and 3.1 infrastructure, including buildings, structures, facilities, parking or other improvements, utilities, sewers, drainage facilities and streets. Objectives (---- Objectives Key GOAL NO. 4: Brownfield remediation — Reduce the physical and economic blight caused by groundwater and soil contamination. 4.1 Work with Orange County Health Care Agency and the Regional Water Control Board to return sites to productive use and improve public health. 3.2 ECONOMIC AND COMMUNITY DEVELOPMENT PROJECTS AND PROGRAMS - Since 1969, the Agency has pursued a number of housing and non - housing programs to achieve its goal of eliminating physical and economic blight. In recent years, the primary focus has been on supporting the improvement of public infrastructure and assisting income - qualified residents with rent subsidies and home improvements. The current projections of tax increment revenue and expenditures indicates that the Agency still has ample resources to address potential economic and community development issues in the Project Area and to respond to opportunities as they arise. Likewise, the projected balances in the Agency's LMI Housing Fund afford a degree of flexibility in the development of any new housing programs that may be needed. During the five -year period of the proposed Implementation Plan, the Agency will continue to seek opportunities to fund public infrastructure improvements. To this end, the Plan envisions committing an average of $500,000 per year in fiscal years 2011 -12 through 2013 -14 to support the City's Capital Improvement Program in the Project Area. The Agency will also continue to make scheduled principal and interest payments on its bonded debt obligations. 3.3 PROGRAM AMENDMENTS During the next five -year period, various public and private projects that are not foreseen today may become feasible and preferential in eliminating blight. Consequently, it may be necessary from time to time for the Agency to make changes to programs and activities. 16 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 Whether or not listed herein, specific projects and programs may be constructed or funded by the Agency during the period covered by this Implementation Plan, if the Agency finds that: 1. The goals and objectives of the Redevelopment Plan are furthered; 2. Specific conditions of physical or economic blight within the Project Area will be mitigated in whole or in part through implementation of the project; and 3. Specific conditions relative to a development project, including the financial feasibility thereof, require that the public improvement project be constructed at the time in question. 3.4 PROJECTED AGENCY GENERAL REDEVELOPMENT FUND INCOME AND EXPENDITURES Although the Agency is continuing to aggressively implement its community development and economic development goals, the success of its programs and projects is largely dependent upon the strength of the national, state, and regional economies. Tax increment revenue in the Project Area is expected to increase slowly. UFI is projecting zero growth in the assessed value of property (and the corresponding tax increment) in the first year, a 1% growth factor in 2010 -11, and a conservative two percent growth rate in the later years of the proposed Five -Year Plan. The Projected Income and Expenditure Table (Table 4) summarizes the anticipated revenues and expenditures for the 2010 -14 General Redevelopment Fund. Based on the analysis of these revenues and expenditures, the Agency is projected to have a fund balance of $4.4 million by June 30, 2014. These numbers are not to be used for bonding purposes; they are solely intended to reflect general trends and assumptions. The following summarizes some of the key assumptions and observations regarding the figures shown in Table 4: 17 • Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 Table 4 General Redevelopment Fund Projected Revenues and Expenditures Fiscal Year Fund Activity 2009 -10 2010 -11 I 2011 -12 2012 -13 I 2013 -14 Totals Yearly Beginning Balances " 4,126,304 3,902,970 4,239,354 4,486,073 4,797,231 4,126,304 Revenues . - . . 1 z • - t.. .;r A. Tax Increment 2,231,790 2,416,500 2,221,740 2,266,523 2,312,202 11,448,755 B. Interest Income 41,271 41,500 41,500 41,500 41,500 207,271 C. Other Income 0 0 0 0 0 0 D. Property Rental 875 875 875 875 875 4,375 Total Revenues 2273,936 2,458,875 2,264,115 2,308,898 2,354,577 11,660,401 Total Available 6,400,240 6,361,845 6,503,469 6,794,971 _ 7,151,809 15,786,705 Expenditure /Uses • - - t _ A. LMI Housing Fund Set-Aside 446,878 483,300 444,348 453,305 462,440 2,290,271 B. County Administrative Charge 18,881 20,444 18,796 19,175 19,562 96,858 C. Program Expenditures 0 0 500,000 500,000 1,200,000 2,200,000 D. RDA Administration 2,816 17,000 40,000 45,000 50,000 154,816 E. Legal /Contract Professional Services 52,733 600,000 140,000 100,000 105,000 997,733 F. Lease Payments 21,565 22,300 0 0 0 43,865 G. Bond Debt Service 723,054 726,183 724,465 722,755 724,406 3.620,863 H. Pass - Through Payments 0 0 149,787 157,505 165,377 472,669 I. SERAF Payments 1,231,342 253,264 0 0 0 1,484,606 2,497,270 2,122,491 2,017,396 1,997,740 2,726,785 11,361,682 Revenues in Excess of Expenditures (223,334) 336,384 246,719 311,158 (372,208) 4,425,024 Other Financing Sources/Uses 0 Prior Period Adjustments 0 Yearly Ending Balances 3,902,970 4,239,354 4,486,073 4,797,231 4,425,024 PI!I;II•I1j'lll';I111Th (1) Est. beginning working capital balance, not inclusive of LMI Housing Fund balances, taken from FY 2008 -09 Financial Statements ending capital balance. Excludes cash held with fiscal agent for debt service and reserve fund balances. (2) 2009 -10 from actual County Tax Charge. Projected tax increment forecasted by Urban Futures, Inc. (3) Estimated interest earnings for 2010 -11 through 2013 -14. (4) Constitutes 20% of Gross Tax Increment, deposited in LMI Housing Fund. See Table 7. (5) County property tax administrative fee per SB 2557. Estimated at 0.846% of tax increment. (6) Reflects proposed Agency contributions to park, street, sewer, and storm drain improvements. (7) Includes debt service from the 2000 Series A & B Tax Allocation Bonds. (8) Ordinance 1605 dated 3/7/2011 approved an SB 211 amendment which triggered statutory pass- through payments to be paid to affected taxing entities beginning in fiscal year 2011 -12. 18 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 • SERAF - In July 2009, the State legislature again voted to balance the State budget with the taking of redevelopment funds. The adopted State budget added a Supplemental Educational Revenue Augmentation Fund (SERAF) payment of $1.7 billion statewide in 2009 -10 and re- instated the $350 million for payment in 2010 -11. Although the CRA again challenge this taking in court, the State's actions were upheld in Sacramento Superior Court on May 4, 2010. Consequently, the Agency made its involuntary 2009 -10 SERAF payment of $1,231,342. Pending any change in the current SERAF law, the Agency will also have to make an involuntary payment of $253,264 by May 10, 2011. • Plan Limits — The statutory time limits on the Riverfront Project Area are rapidly approaching. The original Area is set to expire on March 3, 2012 and the Amended Area is set to expire on March 3, 2017. While the Plan itself will expire on these dates, the tax increment derived from the Original and Amended Areas will continue for another 10 years to make principal and interest payments on bonded debt (which are scheduled to continue through 2023). • Recovery of Overhead and Indirect Costs — Redevelopment agencies are permitted to reimburse the City for all costs incurred in support of Agency activities and functions. This typically includes an allocation of payroll expense for the time that City staff devotes to Agency operations (unless charged directly to the Agency). Such administrative charges to the Agency must be based on a reasonable and defensible assessment of the time spent on these functions. The City of Seal Beach has not recently assessed administrative charges to the Agency. The City and Agency are examining options so that the City recovers its costs associated with Redevelopment Agency activities. 19 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 THIS PAGE INTENTIONALLY LEFT BLANK • 20 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 40 HOUSING COMPL /ANCEPLAN CCRL Section 33413(b)(4) requires each redevelopment agency to adopt a compliance plan as part of the implementation plan required by CCRL Section 33490 indicating how the agency will comply with the requirements set forth in CCRL Section 33413(b). This section of the Implementation Plan complies with this requirement and is the Agency's Housing Compliance Plan (the "Compliance Plan "). It describes how the Agency intends • to expend monies in the LMI Housing Fund consistent with the provisions of CCRL Section 33334.4 as amended by Assembly Bill 637 and made effective on January 1, 2002 and Senate Bill 701 (Torlakson) effective January 1, 2003. These bills clarified and added housing compliance plan requirements. This Compliance Plan update takes into account all residential construction or substantial rehabilitation that has occurred within the Project Area since adoption of the Compliance Plan, in order to determine whether the Agency is still meeting its affordable housing obligations. New construction and substantial rehabilitation statistics were obtained via a review of the City's building permits, previously prepared documents, and discussions with City staff. The CCRL defines and limits assisted income categories as follows (the CCRL does not separate the extremely low and very -low income categories; the federal housing programs do make a distinction): Very Low Income — persons or households whose gross income does not exceed 50% of the area's median income; Low Income — persons or households whose gross income is greater than 50 %, but does not exceed 80% of the area's medium income; and Moderate Income — persons or households whose gross income is greater than 80 %, but does not exceed 120% of the area's median income. Affordable housing cost is defined as: Very Low Income — Not more than 30% of 50% of the County median household income; Low Income — Not more than 30% of 70% (or 60% for rental projects) of the County median household income; and Moderate Income — Not more than 35% of 110% (or 30% of 120% for rental projects) of the County median household income. 4.1 AFFORDABLE HOUSING REQUIREMENTS One of the fundamental goals of redevelopment in California is the production, improvement and preservation of the supply of affordable housing for very-low, low, and moderate income households. This goal is accomplished, in part, through the execution of four different, but interrelated requirements imposed on redevelopment agencies by the CCRL. These requirements are: 21 Seal Beach Redevelopment Project Area Iinplenaentation Plan 2010 -2014 1. Housing Set -Aside Fund: An agency must use at least 20 percent of its tax increment revenue to increase, improve and preserve the supply of low and moderate income housing in the community (CCRL Section 33334.2); 2. Replacement Housing: An agency must replace, in equal or greater number, very-low, low, and moderate income housing units and bedrooms which are destroyed or removed as a result of a redevelopment project (the "replacement rule," CCRL Section 33413(a)); 3. Inclusionary Housing: Project areas that are established on or after January 1, 1976 must ensure that a fixed percentage of all new or substantially rehabilitated dwelling units are affordable to very -low, low and moderate income persons and families. The Agency formed the Riverfront Project Area in 1969 and adopted a plan amendment adding territory in 1975. Consequently, the Agency is not obligated to fulfill the inclusionary housing obligation contained in CCRL. The Agency formed the Riverfront Project Area in 1969 and adopted a plan amendment adding territory in 1975. Consequently, the Agency is not obligated to fulfill the inclusionary housing obligation contained in CCRL. 4.2 LOW AND MODERATE INCOME HOUSING GOALS This Implementation Plan proposes to establish the following Goals for the Agency's affordable housing program: 1. Maintain, improve, and develop housing in the community through a good faith, diligent effort as required by state law. 2. Assist in the provision of decent, adequate and affordable housing for all existing residents and for those who choose to become residents of Seal Beach regardless of age, sex, marital status, ethnic background, religion, income, or any other arbitrary factor. 3. Improve housing quality of the existing housing stock through housing rehabilitation assistance and enforcement programs. 4. Promote increased energy efficiency and sustainability through the use of energy conservation measures in all homes, including low and moderate income housing. 5. Implement the goals, policies and programs in this Implementation Plan within the established timeframes and ensure that they remain compatible with the other elements of the City's General Plan. Because the Riverfront Project Area was adopted (and amended) prior to 1976, no Agency goals relating to inclusionary housing have been proposed. 22 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 4.3 AFFORDABLE HOUSING PROGRAM DURING PREVIOUS IMPLEMENTATION PLAN PERIOD This section presents an analysis of the Agency's compliance with CCRL Sections 33490, 33413, 33334.2 or 33334.6, 33334.3, and 33334.4 regarding the Agency's housing production program for Preceding Implementation Plan time period. The information provided through fiscal year 2008 -09 is factual, based on several empirical data sources such as the Agency's annual reports to HCD of housing activity, the Preceding Implementation Plan, the Housing Element, and building permit data. Replacement Housing During the five -year period covered by the Preceding Implementation Plan, there were no units destroyed or removed in the Riverfront Project Area as a result of an Agency project. Housing Programs The Agency's Affordable Housing Program during the Preceding Implementation Plan focused on rental assistance for qualified residents of the Seal Beach Trailer Park and on the disbursement of grants and loans for housing rehabilitation. Table 5 depicts the number of units assisted: Table 5 Housing Programs Previous Implementation Plan LMI Housing Housing Fiscal Fund Rental Assistance: Rehabilitation: Year Ex • enditures Units Served Units Served 2004 -05 $203,503 21 1 2005 -06 $259,475 21 6 2006 -07 $290,000 21 11 2007 -08 $397,042 21 10 2008 -09 $237,309 21 2 Source: Ci of Seal Beach Finance De. - rtment 23 Seal Beach Redevelopment Project Area Inzplenzentation Plan 2010 -2014 4.4 HOUSING SET ASIDE FUND Funding for the Agency's housing program comes primarily from tax increment financing. The purpose of the Implementation Plan is to document compliance with state redevelopment law; therefore, this section of the Implementation Plan only analyzes tax increment financing as it relates to housing compliance. As required by redevelopment law, the Agency will set aside twenty percent of its gross tax increment toward increasing, improving, and preserving affordable housing in the City of Seal Beach. Table 6 summarizes the amount of Agency tax increment funds that have been deposited into the LMI Housing Fund during the Preceding Implementation Plan period. Table 6 Tax-Increment Deposits into LMI Housing Fund Total Agency ,. Deposits to Fiscal Year Tax Increment () LMI Housin• Fund (1) 2004 -05 $1,266,263 $253,253 2005 -06 $1,423,047 $284,609 2006 -07 $3,052,045 $610,409 2007 -08 $2,419,673 $483,935 2008 -09 $2,423,711 $484,742 Source: City of Seal Beach Finance Department, General Ledger Trial Balance for Fiscal Years 2004 - 2011 (2) Reflects 20% of re••rted LMI Housin_ Fund De.osits Over the last five years, the Agency has deposited $2,116,948 into the LMI Housing Fund. During that same period, $2,108,563 was spent by the Agency on projects and programs relating to affordable housing. Table 7 summarizes the anticipated revenues and expenditures in the LMI Housing Fund. These projections are based on the Agency's financial reports, the annual budget, and discussions with Agency staff. The numbers should not to be used for bonding purposes as they are solely intended to reflect general trends and assumptions. "Other Revenues" includes interest income and use of property (rental income). "Community Development" includes general and administration expenditures allocated to the LMI Housing Fund as well as projections of affordable housing program budgets. The affordable housing programs projected to continue are the Trailer Park Rental Assistance Program and the Housing Rehabilitation Grants /Loans Program. Table 7 shows that the LMI Housing Fund is projected to experience positive fund balances through 2013 -14. 24 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 Table 7 Low and Moderate Income Housing Fund Projected Income and Expenditures Fiscal Year Fund Activi 2009 -10 2010 -11 2011 -12 2012 -13 2013 -14 Totals Year! B- .innin. Balances 1 705 003 1 338 626 1 035 426 824 773 621 078 1 705 003 Revenues '. _' . • ' • , : _`" a _ :. •' R ;:- "/„.. 2 A. Tax Increment 446 878 483 300 444 348 453 305 462 440 2 290 271 B. Interest Income 9 541 10 000 10 000 10 000 10 000 49 541 C. Other Revenus 0 0 0 0 0 0 Total Revenues 456,419 493,300 454,348 463,305 472,440 2,339,812 Total Available 2,161,422 1,831,926 1,489,773 1,288,078 1,093,519 4,044,815 Ex • enditures/Uses .:: W _ A. LMI Administration 0 1 500 15 000 17 000 20 000 53 500 B. L- .al /Contract Professional Services 128 637 170 000 150 000 150 000 150 000 748 637 C. L. /Mod Housin.a41111111111111111111111 694159 625 000 500 000 500 000 500 000 2 819 159 D. Debt Service 0 0 0 0 0 0 Total Ex.enditures 822,796 796,500 665,000 667,000 670,000 3,621,296 Revenues in Excess of Ex.enditures 366,377 303,200 210,652 203,695 197,560 1,281,484 Other Financin. Sources /Uses - - - -- 0 Prior Period Adjustments - - - -- 0 Yearly Ending Balances 1 338 626 1 035 426 824 773 621 078 423 519 423 519 Excess Stir .IUS Arial srs° "_ _. - ,[' . ?' . A. Maximum Allowable Fund Balance 2 045 938 1 878 318 1 835 928 1 797 756 1 790 463 B. Year! Ad•ustedB- .innin. Fund Balance 1 705 003 1 338 626 1 035 426 824 773 621 078 C. Less: Bond Proceeds Held b Fiscal . ent 0 0 0 0 0 D. Ad•usted Endin. Balance 1 705 003 1 338 626 1,035 426 824 773 621 078 E. Excess su .lus 0 0 0 0 0 (1)LMI Housing Fund estimated beginning working capital balance taken from FY 2008 -09 Financial Statements ending capital balance. (2) Constitutes 20% of Gross Tax Increment transferred into the LMI Housing Fund from the General Redevelopent Fund. (3) Estimated interest earnings for 2010 -11 through 2013 -14. (4) Includes Trailer Park Rental Assistance and Residential Rehab Grants & Loans. Excess Surplus is defined and calculated based on provisions in Health & Safety Code Section 33334.12. Excess Surplus is determined on the first day of each fiscal year. The calculation requires comparing the sum of property tax increment deposited over the previous four fiscal years against the agency's adjusted beginning balance (prior year's ending adjusted unencumbered balance) to determine which amount is greater. Agencies are allowed to adjust their unencumbered balance to exclude the amount of unspent proceeds from the sale of bonds and the difference between the price of land sold during the reporting period compared to the land's fair market value. By statutory definition, Excess Surplus exists when the adjusted unencumbered balance exceeds the greater of: (1) $1 million or (2) the combined amount of property tax increment revenue deposited over the preceding four fiscal years. As shown in Table 7, the LMI Housing Fund is shown as expending all of its annual resources. Consequently, there will be no projected buildup of unencumbered LMI Housing Fund balance leading to excess surplus over the next five years. 25 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 4.5 PROJECTED HOUSING PROGRAM The same analysis applies to projected housing production for the current Implementation Plan to anticipate the Agency's continued compliance with CCRL Sections 33490, 33413, 33334.2 or 33334.6, 33334.3, and 33334.4. The data is estimated based upon staff discussions, the Housing Element, and other empirical data. 4.5.1 Replacement Housing The Agency does not anticipate that any housing units will be demolished during the five -year Implementation Plan period. 4.5.2 Planning — Targeting LMI Housing Fund Expenditures CCRL Section 33334.4(a) requires that an agency must expend its LMI Housing Fund monies towards assisting housing for persons of very-low, low and moderate income in at least the same proportion as the total number of housing units needed for each of these income groups bears to the total number of units needed for very -low, low, and moderate income households within the community, as those needs have been determined by the most recent Regional Housing Needs Assessment (RHNA). This requirement must be met over the same 10 -year implementation plan period as the requirements of CCRL Section 33413(b). Table 8 depicts the Regional Housing Needs Assessment (RHNA) issued by the Southern California Association of Governments establishing the fair share for • the City of Seal Beach for period ending on June 30, 2014 at 57 units. Table 8 Seal Beach Fair Share Housing Allocation No. of Percent of Total Percent of Income Group Units Housing Units Affordable Housing Units Affordable Housing Units - Very-Low (0 - 50% County Median Income) 11 19.3% 33.3% Low (50 - 80% County Median Income) 10 17.5% 30.3% Moderate (80 - 120% County Median Income) 12 21.1% 36.4% Total Affordable Housing Units 33 - -- 100.0% Above Moderate (Market rate units) 24 42.1% - -- Total Units* 57 100.0% - -- Source: Southern California Association of Govemments Final Regional Housing Need Allocation Plan - Planning Period (January 1, 2006 - June 30, 2014) for Jurisdictions within the Six -County SCAG Region (approved by the SCAG Re•ional Council on Jul 12, 200 Table 8 also identifies the City's estimated housing need by income limits for very-low, low, moderate and above - moderate income households within the community by percentage of total housing units. Per CCRL Section 33334.4(a), these percentages are to be applied to Agency LMI Housing Fund spending. Based on the housing needs determined through the Fair Share Allocation process, at least 33.3 percent of all LMI Housing Fund expenditures must be 26 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 made towards assisting very -low income households and at least 30.3 percent must be made towards assisting low income households. Approximately 36.4 percent of all LMI Housing Fund expenditures can be used to assist moderate income households. 4.5.3 Planning - Senior Housing Need Assessment CCRL Section 33334.4(b) limits the amount of money an agency can utilize from its LMI Housing Fund to assist senior, affordable housing. An agency must spend LMI Funds in the same proportion as senior low income households bear to the total low income households in the community, as determined in the most recent U.S. Census.' Prior to 2005, the agency limitation was based on the proportion that the senior population represented in the entire community. In 2005, SB 527 shifted the emphasis to low income households due to the fact that in many communities, the senior population has a greater proportion of low income earners and, therefore, a greater need for housing assistance than the general population. For example, seniors could represent only 10% of the overall population of a community, but constitute 25% of the low income population of the community. In such a circumstance, SB 527 allows an agency to provide assistance to a greater proportion of senior housing than the previous law allowed. In order to compute the ratio of low income senior households, 2000 Census data is used. Table 9 summarizes the calculation for Seal Beach's LMI Housing Fund. Table 9 Distribution of Low Income Senior Household s (' ) Total Number of Low Income Households 6,005 Number of Low Income Senior Households (2) 4,607 Ratio of Senior Households to Total 76.7% (1) Source: U.S. Census Bureau - 2000 Census CHAS Data Book (2) Includes both renters and owners According to the 2000 Census, 76.7% of the City's 6,005 low income households were occupied by low income seniors. Therefore, in carrying out the requirements of CCRL Section 33334.4(a), no more than 76.7% percent of LMI Housing Fund expenditures may be allocated towards exclusively assisting senior restricted housing. 4.5.4 Low and Moderate Income Housing Program As noted previously, the national financial crisis has significantly impacted both the private and the public sector's ability to construct and maintain decent and affordable housing. In order to address its housing requirements, the Agency It should be noted that the Census data considers age 62 and over to be "senior" whereas the CCRL utilizes age 65 and over. Also, the income levels in the Census are based on "Median Family Income" rather than the "Area Median Income" specified in the CCRL. These discrepancies are not addressed in 33334.4 and no case law currently exists to provide clarity. The approach used to compute the ratio of senior households reflects best industry practices. 27 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 intends to implement a series of affordable housing programs, subject to funding availability. Affordable housing programs that the Agency plans to continue are listed in Table 10 below along with the budget allocations proposed by the 2009- 10 Agency budget for LMI Housing Fund: Table 10 Affordable Housing Program FY 2009 -10 LMI Funding Allocation Housing Program Budget Seal Beach Trailer Park Rental Assistance $180,000 Housing Rehabilitation Grants and Loans $514,159 Total $694,159 4.6 OTHER FUNDING PROGRAMS Table 11 outlines other funding sources that may be available to the City and the Agency to further implement its Housing Program. Table 11 Financial Resources Available for Housing Activities Pro • ram T A• a Pro • ram Name Descri • tion Eli • Ible Activities 1. Federal Community Annual grants awarded to • Acquisition Programs Development Block the City on a formula basis • Rehabilitation Grant (CDBG) for housing & community • Homebuyer Assistance development activities. • Homeless Assistance Administered by HUD. • Public Services Home Investment Formula grants to states • New Construction Partnership Act and localities that • Acquisition (HOME) communities use -often in • Rehabilitation partnership with local • Tenant -Based Rental nonprofit groups -to fund a Assistance wide range of activities to low income people. Section 8 Rental Rental assistance payments • Rental Assistance Assistance Program to owners of private market rate units on behalf of very - low income tenants. Administered b HUD. Section 202 Grants to non - profit • Acquisition developers of supportive • Rehabilitation housing for the elderly. • New Construction Administered by HUD. • Rental Assistance • Su • •ort Services 28 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 Table 11 Financial Resources Available for Housing Activities Program Type Program Name Description Eligible Activities 2. State California Housing CHFA sells tax exempt • Homebuyer Assistance Programs Finance Agency bonds for below market rate (CHFA) Home loans to first -time Mortgage Purchase homebuyers. Program Program operates through participating lenders who originate loans for CHFA purchase. California Housing Below market rate financing • New Construction Finance Agency offered to builders & • Rehabilitation (CHFA) Multiple Rental developers of multi - family • Acquisition Housing Programs and elderly rental housing. Tax - exempt bonds provide below- market mortgage money. Low Income Housing Tax credits available to • New Construction Tax Credit (LIHTC) individuals & corporations • Rehabilitation that invest in low income • Acquisition of Properties from rental housing. Tax credits 20 to 150 Units sold to people with high tax liability, & proceeds are used to create housing. Multi - Family Housing Deferred payment loans for • New Construction Program (MHP) new construction, • Rehabilitation rehabilitation & preservation • Preservation of rental housing. Administered by HCD. CalHome Program Provides low- interest loans • Homebuyer Assistance to first -time homebuyers • Rehabilitation and rehabilitation loans to income - qualified owner - occupants. 3. Local /County Redevelopment 20 percent of Agency tax • New Construction Program Housing Set -Aside increment funds are set- • Rehabilitation Funds aside for affordable housing Acquisition activities. Mortgage Credit Income tax credits available • Homebuyer Assistance Certificate (MCC) to first -time home buyers for Program the purchase of new or existing single - family housing. Eligible participating city's or unincorporated areas. Mortgage Assistance Deferred payment down • Homebuyer Assistance Program (MAP) payment assistance loan. Subject to availability by county for participating cities and unincorporated areas of a county. 29 Seal Beach Redevelopment Project Area Inzplementation Plan 2010 -2014 Table 11 Financial Resources Available for. Housing Activities Program Type Program Name Description Eligible Activities 4. Private Federal National Loan applicants apply to • Homebuyer Assistance Resources/ Mortgage Association participating lenders for the • Refinancing Financing (Fannie Mae) following programs: fixed • Loan Modification Programs rate mortgages issued by • Foreclosure Prevention private mortgage insurers; And related foreclosure prevention programs in underserved low income & minority communities. California Community Non - profit mortgage • New Construction Reinvestment banking consortium • Rehabilitation Corporation (CCRC) designed to provide tax- • Acquisition exempt private placement • Permanent Financing bond program financing for affordable multi - family & senior rental housing. Federal Home Loan Provides grants and • New Construction Bank Affordable subsidized loans to support Housing Program affordable rental housing and homeownership opportunities. Grants are awarded on a competitive basis. Low Income Housing Non - profit lender offering • Redevelopment Costs Fund (LIHF) below market interest, short • Site Acquisition term loans for affordable • Construction housing in both urban & • Rehabilitation rural areas. Eligible • Planning Grants applicants include non- • Energy Efficiency Grants profits & government • Child Care Centers agencies. Grant • Quality Improvement Grants opportunities are also Expansion Grants • available. Renovation & Repair Grants • • Technical Assistance Grants Private Lenders The Community • Varies (depending on Reinvestment Act (CRA) individual program offered by requires certain regulated bank) financial institutions to achieve goals for lending in low & moderate income neighborhoods. As a result, most of the larger private lenders offer one or more affordable housing programs, including first - time homebuyer, housing rehabilitation, or new construction assistance. 30 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 4.7 CONSISTENCY WITH GENERAL PLAN CCRL Section 33413(b) (4) requires that each agency, "...as part of the implementation plan required by Section 33490, shall adopt a [Housing Production] plan...." Section 33413 (b)(4) requires that "[t]he plan shall be consistent with. ..the community's housing element." The general rule of consistency outlined in the State's General Plan Guidelines of 2003 is that "[a]n action, program, or project is consistent with the general plan if, considering all its aspects it will further the objectives and policies of the general plan and not obstruct their attainment ". The following Goals and Policies are contained within the City's current Housing Element: 1. To facilitate the development of a variety of housing types for all income levels on the limited amount of remaining vacant or redevelopable land in the City. 2. To assist in and facilitate the development of housing affordable to low and moderate income households. 3. To assist lower income households in continuing to afford their existing housing. 4. To assist and facilitate the conservation, preservation, and improvement of the City's housing stock, which serves the existing and projected housing needs of all economic segments of the community. 5. To promote equal housing opportunities for all persons regardless of race, religion, sex, marital status, ancestry, national origin or color. In compliance with CCRL Section 33490, the Agency has developed, and included in Section 4.2 of this Implementation Plan, various goals specific to the development and implementation of Agency- sponsored affordable housing programs in the City. These goals, and the programs developed to accomplish them, are consistent with the goals contained in the City's Housing Element. Therefore, the Agency determines that the housing goals and related ongoing activities included in this Implementation Plan are consistent with the Housing Element of the City's General Plan. 31 Seal Beach Redevelopment Project Area Implementation Plan 2010 -2014 THIS PAGE INTENTIONALLY LEFT BLANK • 32 Seal Beach Redevelopment Project Area �+ Implementation Plan 2010 -2014 50 PLANA®M /N/ TRATI®N The Agency shall be responsible for administering the Implementation Plan and for monitoring redevelopment activities or programs undertaken pursuant to it. 5.1 PLAN REVIEW At least once within the five year Implementation Plan term, the Agency shall conduct a public hearing and hear testimony of all interested parties for the purpose of reviewing the adopted Redevelopment Plan, the Implementation Plan, and evaluating the progress of the Project. The public hearing shall be held no earlier than two years and no later than three years after the date of adoption of this Plan. Notice of public hearing to review the Redevelopment Plan and Implementation Plan shall be published pursuant to Section 6063 of the Government Code and posted in at least four permanent places within the Project Area for a period of at least three weeks. Publication and posting must be completed not Tess than ten days prior to the date set for hearing. 5.2 PLAN AMENDMENT Pursuant to CCRL 33490, the Implementation Plan may be amended from time to time after holding a public hearing. 5.3 FINANCIAL COMMITMENTS SUBJECT TO AVAILABLE FUNDS The Agency is authorized to utilize a wide variety of funding sources for implementing the Redevelopment Plan. Such funding sources include, but are not limited to, financial assistance from the City, State of California, federal government, property tax increment, interest income, Agency bonds secured by tax increment or other revenues or other legally available revenue source. Although the sources of revenue used by the Agency are generally deemed to be reliable from year to year, such funds are subject to legislative, program, or policy changes that could reduce the amount or the availability of the funding sources upon which the Agency relies. In addition, with regard to the Agency's primary revenue source, tax increment revenues, it must be noted that revenue flows are subject to diminution caused by events not controlled by the Agency, which reduce the taxable value of land or improvements in the Project Area. Moreover, the formulas governing the amount or percentage of tax increment revenues payable to the Agency may be subject to legislative changes that directly or indirectly reduce the tax increment revenues available to the Agency. Due to the above - described uncertainties in Agency funding, the projects described herein and the funding amounts estimated to be available are subject to modification, changes in priority, replacement with another project, or cancellation by the Agency. 5.4 REDEVELOPMENT PLAN CONTROLS If there is a conflict between the Implementation Plan and the Redevelopment Plan or any other City or Agency plan or policy, the Redevelopment Plan shall control. 33