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Home My WebLink AboutRDA Res 94-3 1994-12-12 RESOLUTION ~ A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH ADOPTING AN IMPLEMENTATION PLAN FOR THE RIVERFRONT REDEVELOPMENT PROJECT AND THE SURFSIDE REDEVELOPMENT PROJECT I. THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. The Redevelopment Plan for the Riverfront Redevelopment Project of the Redevelopment Agency of the City of Seal Beach {the "Agency"} was approved and adopted by Ordinance No. 780 of the City Council of the City of Seal Beach {the .City Council"} on March 3, 1969, and has been amended from time to time. The Redevelopment Plan for the Surf side Redevelopment Project of the Agency was approved and adopted by Ordinance No. 1134 of the City Council on December 20, 1982. Section 2. Health and Safety Code Section 33490 requires that each redevelopment agency that has adopted a redevelopment plan prior to December 31, 1993, adopt, after a public hearing, an implementation plan on or before December 31, 1994 containing the specific goals and objectives of the agency for the project area, the specific I programs (including potential projects), and estimated expenditures proposed to be made during the next five years, and an explanation of how the goals and objectives, programs and expenditures will eliminate blight within the project area and implement the low and moderate income housing requirements of the Community Redevelopment Law (Health and Safety Code Section 33000, ~ ~.). Section 3. The Agency has prepared an implementation plan (the "Implementation Plan") for the Riverfront Redevelopment Project and the Surfside Redevelopment Project (collectively, the .Project Areas") in accordance with the requirements of Health and Safety Code Section 33490. Section 4. On December 12, 1994, the Agency held a duly noticed public hearing on the proposed adoption of the Implementation Plan at which time all persons desiring to comment on or ask questions concerning the Implementation Plan were given the opportunity to do so. Prior to the public hearing on the Implementation Plan, a draft of the Implementation Plan was available for public inspection in the office of the City Clerk. ~- ~. Section 5. The Agency has reviewed and considered all written and oral comments, questions and concerns regarding the Implementation Plan received prior to and at the public hearing on the Implementation Plan. I Section 6. The Agency hereby adopts the Implementation Plan presented to the Agency at this meeting and on file in the office of the City Clerk and incorporated herein by reference as the implementation plan for the Project Areas pursuant to the requirements of Health and Safety Code Section 33490. D:WP511JlES01AB1290.RDAILW\I2-12-94 I I I Resolution Number 94-~ Section 7. The Implementation Plan may be amended from time to time after a public hearing on the proposed amendment. Section 8. Adoption of the Implementation Plan does not constitute an approval of any specific program, project or expenditure and does not constitute a project within the meaning of Section 21000 of the Public Resources Code. Section 9. The Agency hereby directs that the Implementation Plan remain on me in the office of the City Clerk and be open to public inspection. at!- of /i 'AS,SeD, M>PROVED and ADOPTED this (A~~.u-ut;.L;tJ ,1994. __bm iL~LL~.#....h-~ . day AYES: NOES: Agency Members ~SENT: ~ Agency Members an ATTEST: .-,......,.;-:.~\ _'.- , O' tit,. Ill. ..i-r~C..,.=.....~r. C: -1, -' C;j" . .~. '.... I :"t'if' ,,' ~l. .'. '~ :..... jI' "'Or""''J t.r ~. '. C:' t (,... . .... ~ ilaJ t ~~. f :oII!'..l.c: '- "Po. 0 C " Y. 0 1. F::. J': T I.r. :;";:' ~. ~ \ 1:.:1 ..'." II. --; o~,.,to;:, 1,,'10-'. . ,.~ ~- '. ~tt D......a. .If IIII - """"..,,,.., ,'RETARY STATE OF CAliFORNIA COUNTY OF ORANGE CITY OF SEAL BEACH } } SS } I, Joanne M. Yeo, City Clerk of the City of Seal Beach, California, and Secretary to the Seal Beach Redevelopment Ag:C;;;'O hereby certify that the foregoing resolution is the original copy of Resolution Number -::3 on me in the office of the City Clerk, passed, approved, and adopted by the Redev opm',}!1"cy of the City of Seal ~h, at a~ular meeting thereof held on the , _ day of (/ A 11m .JJ' , 1994. J S ( M. Yeo, City Cler1cJSec tary h Redevelopment Agency D:WPSII1lI!SOIABI290.RDA U-W\I2-12-94 2 Resolution Number q~~ FIVE YEAR IMPLEMENT A TION PLAN SEAL BEACH REDEVELOPMENT PROJECTS (Riverfront Redevelopment Project) (Surfs/de Redevelopment Project) Prepared for the SEAL BEACH REDEVELOPMENT AGENCY Prepared by CLAIRE ASSOCIA TES, INC. DECEMBER 1994 I I I I I I Resolution Number 9'~~ ..., 8eecII RaMlIllopment 1mpIsm_.~tIun Plan D.~...". 11N UST OF FIGURES AND TABLES LJSTOFFlGURES FIGURE 1 FIGURE 2 FIGURE 3 FIGURE 4 REGIONAL LOCATION MAP ............................................... 9 COMMUNITY LOCATION MAP ............................................. 10 RIVERFRONT REDEVELOPMENT AREA.................................... 11 SURFSIDE REDEVELOPMENT AREA ...................................... 12 LJST OF TABLES TABLE 1 TABLE 2 TABLE 3 TABLE 4 TABLE 5 TABLE 6 RIVERFRONT REDEVELOPMENT PROJECT CHARACTERISTICS. . . . . . . . . . . . . .. 16 STATEMENT OF CAPITAL PROJECT FUNDS JUNE 1993-94 . . . . . . . . . . . . . . . . . . .. 19 REDEVELOPMENT FISCAL PROJECTIONS 1993-94 TO 1998-99 ................ 20 FIVE YEAR PROJECT IMPLEMENTATION PLAN PROGRAM. . . . . . . . . . . . . . . . . . .. 22 FIVE YEAR HOUSING IMPLEMENTATION PLAN .............................. 24 ESTIMATED FINANCIAL RESOURCES NEEDED TO SUPPORT HOUSING IMPLEMENTATION PLAN ........................................ 25 Resolution Number ~~ s.I 8eeclrRedanlloprnMl ~ Plan ca.c.u.u 1... I. INTRODUCTION A. PURPOSE AND INTENT It is the purpose of this document to fulfill the requirements of Health and Safety Code Section 33490, added to the Communily Redevelopment law (Health and Safety Code Seellon 33300, Jl HlI.) (the "Redevelopment I8w") by AS 1290, .. amended by sa 732. The effec:IIv8 dal8 for adopllon of the F"lVe Year Implementation Plan required by this legislation is January 1, 1995. 1. FIve Yea, implementation Plen (IPI Section 33490 of the Redevelopment Law requires that every active redevelopment agency in the state WIth acllve redevelopment projects prepare a FIve Year Implementation Plan (IP) for ongoing operations of each eligible redevelopment project The intent of lhls requirement is to 811Ure that progress is being made in the pursuit of the goals, programs and objec:llves of the various active redevelopment projec:ls in the State of California. 2. Housing implementation Plan It Is also the intent of this legislation to assure the timely use of the 20% housing set-aside in meeting the low and modera18 income housing needs of the local community. This requirement for assislIng and providing low and moderate income housing is set forth in SeclIons 33334.2, Jl ug. of the Redevelopment Law. For all project areas (and area added by amendment of the redevelopment plan) for which the redevelopment plan was adopted (or amended to add ten1lDry) after January 1, 1978, unl_ a speclftc finding is made, Section 33334.2 oflhe Redevelopment Law pnMdesthat the redevelopment agency must set aside not I_than 20 percent of the tax increment revenues allocated to the agency pursuant to Section 33870 of the Redevelopment Law (the "20 percent set aside' into a low and moderate income housing fund. The moneys deposited into the low and moderate income housing fund are to be used for the purpose of increasiDg, improving and preseMng the CIly's supply of low and moderate income housing avaiable at an affordable cost to persons and families of low and moderate income. The moneys may be spent outside the project area if such use will benefit the project araa. In 1984, HeaIlh and Safety Code Section 33334.8 was adopted. this seellon applied the 20 percent set aside requirement to project areas adopted prior to 1977. However, in recognition of the fact that retroactive application of this requirement would be dllllcult or imposlllble to meet for those redevelopment agencies which had already commitllld their future tax increment revenues to elCistlng debt, the Legislature allows redevelOpment agancieS to deposit less than the 20 percent set aside amount Into a low and moderate Income housing fund in order to pay pre.existlng obligations until paid, inCluding obligations, the net proceeds of which are used to refinance such obligations. In addition, Health and Safety Code Section 33334.4 states that it shall be the policy of each redevelopment agency to expend, over the duration of the redevelopment plan, the moneys in the low and moderate income housing fund to assist housing for persons of low and very low income in at least the same proportion as the total number of housing units needed for those income groups which are not being provided by other govemmental programs bears to the total number of units needed for persons of moderate. low and very low Income within the community. I I I I .1 I Resolution Number 9~-3 B. RELATIONSHIP TO OTHER PLANS It is also Important to establish the relationship of the IP es hereinafter described to the other plans which govem development policies and programs. These relationships include: 1. Redevelopment Plan The IP does not replace or amend the existing Redevelopment Plan for the particular project under consideration. Preparing the Implementation Plan essentially takes a .snap6hor at the end of 1994 of the status, accomplishments, end effectiveness of Implementation of the existing redevelopment plans. The IP does require that the goals end programs and objectives be cenied forward for a period of 5 years. It does not require a project amendment to adopt and cerry out the IP. 2. Sea' Beach General Plan The IP does not replace or amend the Generel Plan with respect to its policies and programs. In the passage of time between the adoption of the redevelopment plan and the present, adoption of the IP may present the opportunity to datermine whether an amendment to both the redevelopment plan and the general plan Qf nacessery) would be feasible from an economic and polltlcel standpoint to achleva new objectives. 3. Environmental Documentation The adoption of an IP pursuant to Section 33490 of the Redevelopment Law is not considered a .project" under the California Environmental Quality Act (CECA). Therefore. the IP is categorically exempt. However, individual projects and programs undertaken in fulllllment of the Implementation Plan are not necesserily exempt and CECA requirements must be met, if applicable. C. APPUCATlON OF BUGHT AND HOUSING REQUIREMENTS TO SEAL BEACH REDEVELOPMENT PROJECTS 1. Background and Perspective The Agency has ac:tively pursued the redevelopment of tha Riverfront Redevelopment Project and the Surfside Redevelopment Project. However, despite the Agency's efforts, portions of the Riverfront Redevelopment Project remain blighted. As set forth on page 7, the Riverfront Redevelopment Project continues to be characJarizad by ~ndIIIons of blight These conditions Include the exlstance of Inadequate public facilities and properties which suffer from economic maladjustment and depreciated or stagnant property values. Since the beginnings of redevelopment In California, low and moderate income housing hes been viewed In tha law as an important component of redevelopment projec:fll. From tha early 1950's, the existing replacement hou&Ing requirements hava existed In the Redevelopment Law. The early requirements Included the setting aside of lax increment for supporting the provision of low and modarate income housing and a funding mechanism for the replacement housing. If no replacement housing was required, there was no need to set aside lax Increment to pay for it. The need for low and moderate income housing while pressing, was not a "front bumer" issue until the early 1980's when interest rates for housing skyrocketed. Latar. the 20% housing set-aside portion of lax increment revenues genereted by a project area became a mandated requirement. Resolution Number q~...~ Riverfront Redeveloament Proleet On March 3, 1969, the City Council of the CIty of Seal Beach, pursuant to Ordinance No. 780 of the City, approved and adopted the Redevelopment Plan for the Riverfront Redevelopment Project. On August 12, 1974, the City Council, pursuant to Ordinance No. 937 of the City. approved and adopted an amendment to the Redevelopment Plan, making certain changes to the text of the Redevelopment Plan. On December 29, 1975, the City Council, pursuant to Ordinance No. 983 of the City, approved and adopted an amendment to the Redevelopment Plan which made certain changes to the text of the Redevelopment Plan and added I tenitorytothe Project Area. On September 14,1981, the City Council. pursuant to Ordinance No. 1103 of the City, approved and adopted an amendment to the Redevelopment Plan which made certain changes to the text of the RedeveJopment Plan. On December 8, 1988, the City Council, pursuant to Ordinance No. 1235 of the City, established certain limitations in connection with the Redevelopment t Plan for the Riverfront Redevelopment Project pursuant to Health and Safety Code Section 33333.4. On March 8, 1989, the City Council, pursuant to Ordinance No. 1278 of the City, approved and adopted an amendment to the Redevelopment Plan which made certain changes to the text of the Redevelopment Plan. Surfslde RedeveloDment Proiect On December 20, 1982, the City Council, pursuant to Ordinance No. 1134 of the City, approved and adopted the Redevelopment Plan for the Surfside Redevelopment Project. D. EVALUATION OF PROGRESS AND AMENDMENTS 1. Requirementto Evaluate Progress I' The Community Redevelopment Law as amended by AB 1290 and SB 732. clearly requires on-going accountebillty for reporting on progress In meeting both the original objectives for undertaking each redevelopment project area and Its success in meeting each project's objectives. Further, Section 33490 of the Redevelopment Law requires that an evaluation of the progress will be undertaken by the Agency for each project within the live year Implementation planning period. Section 33490 of the Redevelopment Law provides that the Agency must hold at least one public hearing to receive commenlll and testimony regarding the progress of Implementing this Implemenlallon Plan. This hearing will be held no sooner than 2 years from the date of the adoption of this Implementation Plan, and no later than three years from its adoption. The Agency may amend this Implementation Plan anytime during Its term If the Agency daems an amendmant to be necessary. In addlllon, the Agency mll5l review and update this Implementation Plan every five years following a publiC hearing. The parta of the Implementation Plan which addr_ Secllons 33334.2, 33334.4, 33334.6 and 33413 may be adopted every five years either In conjunction with the housing element cycle or the implementation plan cycle. 2. integrating tile IP willi tile HOusing element Update Succ-'ul policy and planning Integration anllcipates that thare will be close correlation between the I Implementation of the Housing Element of the General Plan and the housing implemenlation plans for redevelopment projeclll required by AB 1290. This correlation anticipates that 88ch City and Agency work lDgelher lD pool opportunilles and resources lD complate the requiremants placed upon each by their respective laws. I I 1.0 'Resolution Number t/4,3 Scna IIaIIXJa . 50 ,. - -...._rlmlJl_rIonPf... Oec__,... FIGURE 1 REGIONAL LOCATION MAP N PI Santa Barbara County . Ventura County I . I Point Conception ota . , , . .. . , Los Angeles Coun1y I'lIalIna . , , , , , , , . lcs Angeles . . Orange Coun1y Pacific Ocean Miles ..- San Dleg~ Coun1y Resolution Number $7~-.;r S.., Beech _........., """,_1Ion 1'1.. Dec__1H4 FIGURE 2 COMMUNITY LOCATION MAP L.c::rnpsotI Avenue San Diego Freeway Clll w.tnwut. Avwnue N A ) ~ " I I I . Resolution Number 91..~ I SMI _ Rodev.Io_, 1III,wm_1IoII filM o.c..""...1.1U RGURE 3 RIVERFRONT REDEVELOPMENT AREA I N A I II Riverfront Redevelopment Area Resolution Number ~~~ SMI 1IaKII_...........' IlIIp/Im__"'" I Dec...llw11H FIGURE 4 SURFSIDE REDEVELOPMENT AREA N A San DIego Freeway 1.1 " :a Wesrmns,. Avenue I II Surfside Redevelopment Area I I I I Resolution Number 94"'.9 SUI Beach RedA IIop.Jnenr 1m",...h.1Ion Plan ~11N U. SEAL BEACH REDEVELOPMENT PROJECTS A. INTRODUCTION The Redevelopment Agency of the City of Seal Beach was established by the City Council In 1967 pursuant to the Redevalopment Law. The five members of the City Council sillS the Redevelopment Agency IInd exercise aU the rights. powers, duties and privileges of the Agency. The Agency is charged with the authority and responslblllty of revitalizing and upgrading blighted arees of the City. FIgure 1 locates the City of Sell Beach in the Los Angeles Region, whila F"llJure 2 locates the two redevalopment projects with respect to the community. B. PROJECT DESCRIPTIONS The City of Seal Beach has, It present. one IIctive (Riverfront Redevalopment Project) and one inactive (Surfside Redevalopment Project) redevelopment project area. These are individually described below and the IP Is combined for the projects areas. 1. Riverfront Redevelopment Project The Riverfront Redevelopment Project was eslabJished by Ordinance No. 780 in March 1969. The Project Area Originally contained approximately 104 acres. See Figure 3. The bulk of the Project Area lies along San Gabriel River Channel. an Imporlant river channel serving a large area of the San Gabriel Valley and the San Gabriel Mountains watershed. The most prominent feature of the project Area was a strip of approximately 8 acres stretching northwast-southeast through the Old Town portion of Seal Beach. The Riverfront Redevalopment Project currenUy contains 20 designated parcels containing some 205 acres. Some of these parcels are already developed and complete, and others are awaiting enllllement, agreemants or bettar market conditions to devalop. Table 1 below Identifies the parcels in IlInd use terms, status of development and their ultimata I'lMl88 in accordance with tha Redevalopment Plan. Approximately 160 IIcres are designated for residential uses, including single family and multi-family housing. Approximately 40 acres are devoted to commercial uses which include a hotel site and retail businesses. The balance of the Project Area has been set aside for public use , including pUblic facility Improvements. e. Blighting Cherac:tllrlstlcs The Project Arall was (and is) charecterized by conditions of blight, including undevaloped and unproductive raw land, insufIk:ient slreet systems and vehicular lICCllSIl, inadequate slreet lighting, sbsence of utility services, IInd inadequete flood control facilities. The area had suffered 10_ In III1S_ed valuations by virtue of the relocallon and removal of the Los Angeles Water IInd Power Staam Plant, and the Oow Chemical Company Plant. b. Project Amendments As set forth on pages 6-7, the Agency's initial Project Area, was established in March 1969 and amended in Augusl1974, December 1975. August 1981, and November 1986. The Redevelopment Plan was amended agllin in 1989 to incorporete necessary text changes in thll Plan. Resolution Number ~~~ c. Project Objectives and Re-Uses (1) Completed Projects and Developments The goals and objactives of the Agency with respect to the RIverfront Redevelopment Project are to: 1. Eliminate the conditions of blight 8lCisllng In the Project Area. 2. Insure, as far as possible, that the ceuses of blighting conditions will be either eliminated or protected against. 3. Encourage participation of owners and tenants in the Redevelopment of the Project Area. 4. Encourage and insure the rehabilitation, rabuildlng and development of the Project Area. 5. Encourage and foster the economic rBlritallzatlon of the project Area. 6. Redevelop and rebuild the public facilities in the Project Area to provide safer and more efficient public services. 7. To increasa, improve and preserve the community's supply of low and moderate housing available at an affordable cost to persons and families of low or moderate income. (2) Completed Projects and Developments The ProjectAraa includes a number of developed or existing projects including Bridgeport (Parcel # 4 and 7), a planned residential community of 176 homes, Riverbeach Condominiums, an 80 unit residential project (Parcel # 5), Seal Beach Trailer Park, (a 125 space facility with a high percentage of senior citizens and households with a need for affordable housing). and Oakwood apartments, a 549 unit complex (parcel #3). Completed commercial projects consisl of the Bay City Center, a neighborhood commercial center with 45,000 square feet of gross leasable space (Parcel # 18) and a highway commercial center (Parcel #8) at Pacific Coast Highway and Fifth Street. Marina Park is located on Parcal6, in accordance with the Redevelopment Plan. The Graenbelt, a city-owned open space area described earlier contains a senior citizen facility, new main public library, and Museum devoted to the PIICIftc Eledric Railroad Red Cars which once used the Graenbelt as rail right-of-way (#11-17). A police facility, new City Maintenance yard, and work on a major sewage treatment problem completed the pUblic improvements for the Project Area. See figura 3. (3) Projects Awaiting Completion Table 1 identifies the proposed private and public re-uses by parcel In the Project Area, their current status of blight elimination and project descriptions. This development may not occur as described without Agency assistance. Because of the small amount of tax Increment revenues expected to be generated from the Riverfront Redevelopment Project and the dedicetion of available revenues to existing obligations, no tax Increment revenues are anllclpated to be available over the live year period covered by this Implementetlon Plan to fund Agency programs or projects. I I I I I I Resolution Number 9~-~ Saal8Mch Red.,. WO,..,., ImplMl_AlIwt",." Dee_1IN TABLE 1 RNERFRONTREDEVELOPMENTPROJECTCHARACTER~nCS PARCEL DESIGNATED CURRENT BLIGHT PROJECT DESCRIPTION LAND RE~I! STATUS LAND RE-USE I COMMERCIAL VACANT -aLIGHTED HOTEL AND RETAIL PROJECT ENTITLEMENT BEING SOUGHT 2 COMMERCIAL BLIGHTED, EXISTING CURRENTLY BEING CONSIDERED FOR FUTURE OllJGAS USE LOW DENSITY RESIDENTIAL 3 RESIDENTIAL ON-GOING BLIGHT EXISTING RESIDENTIAL APARTMENT PROJECT AND ELIMINATION IN TRAILER TRAILER PARK (131 UNrrs FOR LOWIMOD FAMILIES) PARK 4 RESIDENTIAL ELIMINATED DEVELOPED WITH LOW DENSITY RESIDENTIAL 5 RESIDENTIAL ELIMINATED eo UNrr CONDO PROJECT COMPLETED IN 1_ 8 PUBLIC ELIMINATED DEVELOPED 7 RESIDENTIAL ELIMINATED RESIDENTIAL COMMUNITY 8 COMMERCIAL ELIMINATED RETAIL USES 9 COMMERCIAL VACANT.BLlGHTED? HOTEL PROJECT WAITING FOR BETTER MARKET /PARK CONDITIONS 10 COMMERCIAL VACANT BLIGHTED SAME AS' 9 ABOVE /PARK II PUBLIC ELIMINATED PUBLIC PARK 12 PUBLIC ELIMINATED PUBLIC LIBRARY, SENIOR crrlZENS' FACILITY AND MUSEUM 13-17 PUBLIC ELIMINATED PUBLIC PARK 18 COMMERCIAL ELIMINATED RETAIL USES 19 COMMERCIAL -ABANDONED OllJGAS USES HOTEL AND SUPPORT COMMERCIAL ENTITLEMENT BEING SOUGHT 31 RESIDENTIAL VACANT OllJGAS FIELDS MIXED DENSITY PLANNED RESIDENTIAL AND FARMING COMMUNITY/PARK SOURCE: City of Seal Beach and Claire Associates. Inc. 1994. Resolution Number ~~~ Seal8Mch Ra*l ~t ImpIIJlNftt.lfloft Plan Dee_".... 2. Surfside Redevelopment Project The Surfside Redevelopment Pllljectwas eslablished In December 1982. The boundaries included the beach community of Surfside and tile ocean out to tile tllree mile limit. The limited purpose of the Agency in adopting the RedllV8lopment Plan for this project area (which was pennissible under the Redevelopment Law at that time), was to eliminate conditions of blight in the Plllject Area by building a seawall to protect the ocean front I8SidenliIII uses from inundation during he8YY storms and high lIdes. The wall was constructed at a cost of $ 250,000, the amount which was advanced by the City of Seal Seach to accomplish the actual construction. All of the debt was peid beck within a few years and at the present time the project is inactive from the standpoint of further public involvement or generetlon of tax increment from the Project Area. Without an amendment to tile Redevelopment Plan, the Agency's authonty to establish loans. advances and indebtedness wiIh respect to this Project Area expired in 1987. Since the Project Area no longer has any debt outsllnding. the tax increment revenues have been retumed to the other taxing agencies. SInce the Project Area did not generete any need for affordable housing by displacement of persons living in the Project Area, there is no obligation to provide any housing. In addition, since the Agency Is not receiving any taxes pursuent to SeclIon 33870 of tile Redevelopment Law from the Project Aree, tIIere Is also no obIigalion to provide any housing set-aside funds pursuant to Seellon 33334.2 of the RedllV8lopment Law for this pwpose. Therefore, the Project Area will not be further considered es having any need for inclusion in the FIV8 Vear Implementation Plan for Project acllvilies or replacement hOusing. '. I I I I I I ~esolution Number ~~-~ $aa/ s.cII RNe...,..", IIrrpl.lmM~1JGn PIlIn Dee_11N III. AGENCY RNANCJAL CONDITIONS A. BACKGROUND AND TAX INCREMENT GENERATION The Agency's primary source of revenue other than loans and advances from the City and bond proceeds comes from property texas, referred to as tax increment revenue. Property taxes allocated to the Agency are calculated In the following manner. ,. The assessed valuation of all property within the Project Area is determined on the day date of adoption of the redevelopment Plan. 2. The assessed valuations of property in the Project Area are "frozen" at the level In effect at the time of project edoption. The taxes continue to lIow to the other lalCing entilles at the "frozen rata" with an escalation of 2% per year. The Incrementallncre_ above the frozen base year are allocated to the Redevelopment Agency as tax increment The Agency has no power to levy or collect taxes. and any legislative property tax de-emphasis might necessarily reduce revenues which could be available to repay project Indebtedness. Revenue generetion is solely dependent on the Incremental increases in assessed valuations expressed In property taxes generated within the Project Area. B. FINANCIAL OVERVIEW The Agency began as many redevelopment agencies in California with a project area and Intarlm financing generated with promissory tax notes soon after project Idopllon. Th_ notes were replaced with a $ 4,000,000 issue ofTaxAllocalion Bonds in March 1978. The intareet rata varied from 5.75 % to 7.10 % at maturlly in the year 2003. The bonds were issued to financa the Agency's actlvllles relating to the Riverfront Redevelopment Project Including payment and redemption of $ 3,250,000 In Tax Allocation Promissory Notes. Reserves equal to annual debt service peyment were maintained. A new issue of tax allocation bonds in the amount of $ 2,000,000 wes sold In September of 1986. The interest rates varied with the maturity data and ranged from 5.75 to 8.9 " with the normal early redemption (September 1996) and other provisions. A plIItion of the proceeds of the bonds wes used to repay. In part, the City for funds advanced for construction cos1s associated with RIverfront Redevelopment Project Area Improvements. Resolution Number 9~-=, SMI s.ch R.ov lIapnent lmpIamanfatlGn PIM Decwnber 11N Reserves equel to the meximum annual debt service payment were set aside. ;. In October 1991, Subordinate Uen Tax Allocation Bonds, Series A totaling $ 4,900,000 were sold. Part of the proceeds were used to repay the 1978 bonds then outstanding described above. The bonds bear Interest at the rate of 6.7% with various maturity datas between 1992 and 2004. A reserve again equal to one year of I maximum debt service has been maintained. TABLE 2 PREUMINARY DRAFT STATEMENT OF CAPITAL PROJECTS FUNDS - JUNE 111113-1994 DESCRIPTION RIVERFRONT RIVERFRONT SURfSIDI! SET. TOTALS SI!T -ASIDI! ASIDE REVENUES . . . . I- . 38.810 4.741 41,551 ~"""I.da 183,335 . . 183,335 Tllllncrwnenl 3,750 . . 3,750 TOTAL REVENUES 117 .au 31,11. 6,741 lDU3I . EXPENDITURES AdmInIIlrIllve exp... 8,069 . . 8.069 ~",r . III s.rvas 17,522 . - 17.522 1- EllpIllM 7,094 - - 7.094 GRAF P8ymenI ~.2llO . . ~.2llO TOTAL EXPENDITURES 7I.8U1 . . 71'- EXCESS OF REVENUES OVER EXPENDITURES 11,120 31,11. 4,741 1'1.171 FUND BALANCE. JIlL Y 311. 1.871 1.24l1.4D1 120.1" 1.371,2ll1 FUND BALANCE JUNE 31, 11M . .:z.... 1 1,211,21. 1 121M2 . 1,102.HI I AI indIcaled, the lIIlovII_ Is prsIImInIry _lIUIljecl to IInII .- for the 1IIlClIlI"ll pIlICld. SOURCE: Seal Beach Redevelopment Agency, Preliminary Draft Audit Report June 1994. I I I I Resolution Number ~~~ SMI &tech Redl1I'IIIopnnurt IInpl8lJllfJtatIan Plan ~lIN C. CURRENT AND PREDICTED FINANCIAL CONDmONS As illustrated by Table 3 below. the Riverfront Redevelopment Project Area is not generating very much lax increment revenues III the ~nt lime. SInce June 1993. the 20% houslng set-eslde for this Project Arae has not been mllde due fIl pre.exIsting debt retlrament obligations. It is not anticipated thet the Agency will be able fIl make the 20% set aside payments for the Riverfront Redevelopment Project for the 5-year period covered by this Implementation Plan. The Surfslde Redevelopment Project is not generallng eny ravenues. except for that from the Interest being generated by the Investment proceeds of the 20% houslng set-aside. The CIly Indlcetes it expects to subsidize the debt service of the current indebtedness in the next live years to more than $419.000 or an everage of almost $ 70.000 per year. These figures do not include the deferred 20% housing set-aside. estimated fIl fIllal approximately $1.045,585 between 1993-94 and 1998-99. TABLE 3 REDEVELOPMENT PROJECT FISCAL PROJECTION 1993-94 to 1998-99 YEAR TAll DEBT SEIMCI! LEASI! INTEREST TOTAL DEBT gaLA""! UNFUNDED INCREMENr PRINCIPAL PAYMENTS SET-ASIDE I Il83-ll4 II I S 853,401 S lSO,ooo S 111.334 S ll84,111O S 1135,_ .a:z,ClI3 S -170,880 11ll14-ll5121 . 850.7011I 165,000 114,340 845,590 924,930 .74.181 .170.1SO I llll6-88 882,869 170,000 117,334 lI4O.OOO 827,334 084,875 .172,531 11l1&97 874,738 185.000 124,334 lI4O,OOO 944.334 ..,- .174,1147 1897-88 888.ll83 200,000 128,334 lI4O,OOO 853,334 -81,351 .177,397 1- 888,401 210,000 132,334 lI4O.OOO ll82.334 -62.933 .179,880 TOTAL S -411,a1 S .1.lM1.... IlEFICrr SOURCE: City of Seal Beach. December 1994. As set forth in the above table, all available tax increment revenues are required for debt service for existing obligations. Therefore no tax increment revenues are anllcipated fIl be evellable for Agency programs or projects. or to make deposits to the Agency's low and moderate income houslng fund. Resolution Number t1~-iJ Se1118McII....\ .tllpm~lII. IInpIlfllh .bll H"'" Dec_.4~ '* No PROJECT IMPI.EMENTA nON PLAN A. INTRODUCTlON Insofar as implem...~l far pu.,.,.. of AS 1290 is concerned, lIle Riverfront Redevelopment Project is lIle only active and ..bill project for which a plan is needed. All ouUlned in lIle previous section. lIle Surfside Redavalopment Project is now complete and no lIIIl increment is being generated from lIle Project Area. See Table 2. Tbttrefore. this Implementation Plan does not Include any implemenlalion acllons for lIle Surfside Redevelopment Project. Because of lIle lack of funding avaHable for Agency progrems or projects, lIle Implementation Plan keys on lIle remaining d-'opment pan:els in the RMKfront Redevelopment Project. See Table 4. M.lIle present time lIlere is no plan to amend lIle Redevelopment Plan to incorporate aclditlonal area. B. FIVE YEAR PROGRAM FOR RNERFRONT REDEVELOPMENT PROJECT Much of the pubic imprlMlllllllllll hava been completed In lIle Project Area. AclIvilIes are arrayed below in lIle matrix table far parcels which are slIII subjec:t to ftnaJ ~ d8wIopment Table 4 recapitulalellllle information on lIle parcels in lIle Project Area and lIle expected aclions over lIle coming years. Since all of these projects are now depandent on lIle tum-eround of lIle economy and lIle real estate market for lIle ~ it is not possible to accurately predlc:lllle 8llIIct schedule for each development parcel. The above ouUlned objectives. hllW8V8r, appear to be reasonable over lIle next five years. TABLE 4 FIVE YEAR PROJECT IMPLEMENTATION PUN PROGRAM PAR. DESlGNAT1!D CURRENT BLIGHT PROJECT DESCAIP1l0N PROGRAM TO I!UMINATE CB. LAND u.use STATUS LAND RE-4lSE STATUS BLIGHT AND ACHII!VE PROJECT OB.lI!CTNES 1 COMMERCIAL VACANT -BUGHTED HOTEL AND RETAIL PROJECT COMPLETE PLANNING AND ENTITLEMENT BEING ENTITLEMENT PROCESS AND SOUGHT CONSTRUCT HOTEL AND RETAIL USES Z COMMERCIAL BUGHTED, EXISTING FUTURE LOW DENSITY COMPLETE DEVELOPMENT OF OIL/GAS USE RESIDENTIAL THIS PARCEL BY I.. 3 RESIDENTIAL ON-GOING BUGHT EXISTING RESIDENTIAL CONTINUE IMPROVEMENT AND EUMINATION IN APARTMENT PROJECT AND REHABIUTATION OF TRAILERS TRAILER PARK TRAILER PARK AND MOBILE HOMES 9 COMMERCIAL VACANT -8UGHTED HOTEL PROJECT WAITING COMPLETE PLANNING AND /PARK FOR BETTER MARKET DEVELOPMENT BY I.. CONDmoNS 10 COMMERCIAL VACANT BUGHTED SAME AS' 9 ABOVE COMPLETE PLANNING AND /PARK DEVELOPMENT BY I.. I. COMMERCIAL -ABANDONED OILIGAS HOTEL AND SUPPORT SAME AS PARCEL 1 USES COMMERCIAL ENTITLEMENT BEING SOUGHT 211 RESIDENTIAL VACANT OIL/GAS MIXED DENSITY PlANNED COMPLETE PLANNING AND FIELDS AND FARMING RE~DENTlALCOMMUNITY ENTITLEMENT PROCESS SOURCE: City of Seal Beach and Claire Associates. Inc. 1994. I I I I 'I I Resolution Number ~~,;3 SMlIJMch RNM..kJpmmt Imp.__.....""", OK..,.. ,IN V. HOUSING IMPLEMENTATION PLAN A. INTRODUCTION The Housing Implementation Plan can expect to receive project and program funding up to S 1,500,000 between January 1,1995 and January 1,1999. There are two possible locations for the use of the funding. One Is the Riverfront Redevelopment Project Area and the other Is elsewhere in the City. There are two opportunities to further meet the low and moderate income housing needs of the community within the Project Area. These are included in Teble 5 below. B. USE OF REDEVELOPMENT LOW/MODERATE INCOME HOUSING FUNDS The Redevelopment Law permits the Agency to expend its low and moderate income funds at any location wilhin the CIty as long as such use will benefit the Project Area. Also. the funds can be used for a wide range of programs and projeds which meet the requirements of Sections 333342 and 33334.4 of the Redevelopment Law. The integration of the redevelopment funding wilh the need for funding for projects or programs included In the Housing Element of the Seal Beach General Plan offer a collaboration of planning policy and funding which can achieve sub5tantlal gains in assisllng housing affordability. The City and Agency can marshal considerable resources to assist In provision of affordable housing in Seal Beach. These resources Include land, enabling legislation, political leverage, housing expertise and funding. The CIty In the Housing Element has identified three high priority criteria for the allocation of resources. These include Priority One: Expansion of local housing supply In terms of both market-rate and affordable hou~ng. Priority Two: Maintenance and improvement of existing housing stock. Priority Three: Preservation of existing affordable housing opportunity. C. HOUSING IMPLEMENTATION PLAN The following FN8 Year Housing Implementation Program meets all of these priorities In at least some respect. Again, a matrix Is selecllld to present the programs and projects for implementation. This allows an allocation Resolution Number S?~~ . , Ii II I J ! z j ~ z ~ ~ Z III :E 1011I ~~ 1lIi!i ~Cl z ! o :c Ill: i:i >- ~ II. .. .. ~ i ~ I ~.U. ~ I ~ Ii! n~ ~ - .. .. .. .. .. .. >1-' .. .. ~ z E ~ ~ i_i1 i r:i o-,w ~h' ;; --' Cl Ol"C .. .0. . . ..z~ ~ ~~ Z;:) . ~G' ~i ~~o~ .. ..!i IE w-zz .. ;:)!ic i~ ;:: !:~ -,zzO Z .. !::::J~cn " ~_o w Z . -'::E ;:)&1 ..'" w ~ ::::l . ZO w lClllllCl ~: .... W&lo.D.."" Ww 1 1 1 I I !I - i i ~ i ~ ~ Z .. ... '" ",z -' ",z ~ Z Ow ~~ ;:)2 OOl ,,2 ~ .. 0" >"'. ~5 0 I~ 1II::::l -' U lSO ~g 0 IIIU lo: 0 .. i Z .. ow w if-, Ii! Z::! U w~ Ol c'" ! 0 .. ~Ol ::Ez ~w~ Z Ol .. Ow ;:) -,i iii u :'" "'Ol~ .. 8;:) ~ w !!Ic ffi;:) Z i _Z w _w -' lllC 00-' i! :~ ~ Oz cZIi! ::Eo ~S~", '" Uu Z Oi=w if Zz w -i .. ~- '" ~~u ::E z C cj!! .. -,z 0....;1::::::1 i Z wZ>w 6~c "'-~ zl!l"'::E 0 ~I!Q z-!Jo!o i= >w.. ~ '" IIICc ~w18 Sl3lQu i3 ~iili "'c La::: i!: '" w ::::l ..cz .. ::E .. .. z!Jo! '" w-, ~ z i~cw z ;:) ~ "oC w 0 l!: ::E -"'", 4!i=w ~!iw ~ a. o~!i!w -' a:i!U DeiS Wwu g.. -' "0 ::::l::JZ iliz~ c"'z a. !Jo!ul ~~~h ~-i! ..c", iw~ u~'" ~~!!l wu ;:) - zCo 0.. I&I~Mio '" Ol ww... UOl wc ..w~ =Ulu. -,3:~ "'''' II:Q.U) CD "'''' ",cc I~~ an .. .. .. c 0 c z z z C C C N - N - .. I ;r; G> - Ji .. E G 0 'C J - c .. E Cl. 0 1 I al 15 Ill: I c ~ I .!; Ill: 'C II. c III t - I c .. e 1 .. w j 01 c '!/l '& 0 f :c c III ii: I 1! .. c .. J Cl '5 III .. CD 'ii - .. - II) '0 ~ 0 w 0 Ill: :J 0 II) I I I I Resolution Number 91~ ,;s TABLE 6 ESTIMATED FINANCIAL RESOURCES NEEDED TO SUPPORT THE HOUSING IMPLEMENTATION PLAN PROORAMIPROJECT ,.....,... ,....,.. '....'..7 '"7-1"' ,....,... TOTALS REDEVELOPMENT PAR 5 0 eo,ooo eo,ooo eo,ooo 60,000 2<<1,000 REDEVELOPMENT PAR 20 0 0 0 0 50,000 50,000 BIXBY OLD RANCH LIMOD 0 50,000 50,000 550,000 550,000 1,200,000 APARTMENT 0 eo,ooo eo.ooo 80000 80000 2<<1,000 REHABIUTAnON ASSISTANCE RENTAL ASSISTANCE 0 eo,ooo eo,ooo 80000 80000 2Cl,ooo TOTALS . 0 . 230.000 . 230.000 . no.GOO . 710,000 S ',170.000 SOURCE: City of Seal Beach and ClaJra Associates, Inc. 1994 of programs, funding and projects to raasonable and anticipated time periods. The low and moderate housing support projects and programs outside of the Project Araa ara mora varied. The proposed programs and projects oulllned above contain the major opportunitles for meeting the affordable housing needs of the City of Seal Beach. Table 8 above distributes the available resources as they are known to exist and projects a raasonable lavaraglng of the existing $ 1,500,000 available from the 20% Housing set- aside. Since debt service requirements on pra-existlng indebtedness over the next five years is expected to exceed the tax Increment revenues to be received, the Agency does not anticipate making the 20% housing set-aside deposit between 1993-94 and 1998-99. See Table 3. On the other hand the existing, available funds can be leveraged through various county and state mortgage loan and housing programs to increase the effectiveness of the amount that does exist. Resolution Number 9~=, PROOF OF PUBLICATION (2015.5 C.C.P.) STATE OF CALIFORNIA, County of Orange I am a citizen of the United States and a resident of the County afore- said; I am over the age of eighteen years, and not a party to or inter- ested in the above-entitled matter. I am the principal clerk of the printer of the SEAL BEACH SUN. a newspaper of general circulation, printed and published weekly in the City of S!m! Beach, County of Orange and which newspaper has been adjudged a newspaper of general circulation by the Superior Court of the County of Orange, State of California, under the date of 2124n5. Case Number A82583; that the notice of which the annexed is a printed copy (set in type not smaller than nonpareil), has been published in each regular and entire issue of said .newspaper and not in any supplement thereof on the following dates, to-wit: \\/1(')11\/1"1."\0<l\. all in the year 19JM,.. I certify (or declare) under penalty of perjury that the foregoing is true and correct. Dated at Seal Beach, Ca9fornia, lhi'~~ ~t:::;r~. Signature PUBLICATION PROCESSED BY: THE SUN NEWSPAPERS 216 Main Street P.O. Box 755 Seal Beach, CA 90740 (310)430-7555 This space for for the County Clerk's Filing Stamp I Proof of Publication of I\lOIlCE OF tt,f>\....\C ............................ . .....~.\~'="'............... . .. NOTICE OF ~ PUBLIC HEARING . . "MmCE__Y_1IIot :..... Redl....... Aaencv of the CIlyal__.._i..- . tIMrtng on Mandl" U .~ 12. ,,1- .. ,,., p.m. In Ih._ City ,_~211"'_ 2-- -. ~,--"' -to the adoption of . propo..d . '1~I.m.nt.tlon plan bY Ihe . - IIC- ..., aI "'" CIIy rat S." h In ....._ wltn ~ lb. S'.I Bllch Riverfront :. Redevelopment ProJlct anclthe F~rfIIde RedI.......... PqecI. ~c1: ~tlt~.~"'J~': _adOpt an Impllmlntlltlon .n In j;COnnlCllon _lIh the abovI ~____Io . Hutlh arill S.tety Cod. Section ~_90. Among ofh.r thlnga. Ihe ~lmpIememaUan plan mull con1Iln ,Wel:...... -J: I'" : gooII .... aIljocIIvao 01 .... ......,..... Aaonoy at 1110 . City 01 S'.I Belch. Ihl eplclflc Lprogrlma. I"cludlng potlntlll :PrDJICII. and I.tlmlled ............. _ .. be .- clu~11ll tIIo .... Itva ""'.. ond an =ralfan 01 .... tIIo goaIo ond "ob .CII.... prognlml Ind ,_ wi! oRmlnalo IIIlg/1l :wltl'lln Ute project arel .and rlmptemlnt thl requlr..nt. 0' ,_ ond BaIlly ~__ .lI3334.2, 33334... 33333.. .nd '33413 (,.I.lIng 10 .!Iord.bI. . hauling lUll 1111'1. ._III'1au11ng). I ~"'be"'''In'''_ . aI ... car CIoItlal ... CIty aI _ '-.,2f1I111lSllaol,_-. _lI0740, ond __ fa, ,,-~ual_2, _1_ " AIIh. .bo........~bad PUblic lIaoItng,aI___ralo "ii. he.rd wlll'l re:'CI 10 Ii'll r- ...,A.'1IIiII plan mar _, _ra ... _......... ,'Agoncy aI tIIo car aI SIal _ l8lidbe_- J DATED1l1Io7llldaJaI_,. n.. - (......11. y."CllyCloltl .Cllyal__ . liPub. Bun "_ra _. 10, 1!7."'!~ __ .... I I