HomeMy WebLinkAbout- - CMRDA 2011 Annual Report - 12/6/2011CITY COUNCIL AGENDA REPORT
MEETING DATE: 12/06/11
ITEM NUMBER: Item Number
SUBJECT: COSTA MESA REDEVELOPMENT AGENCY'S 2011 ANNUAL REPORT
DATE: NOVEMBER 18, 2011
FROM: FINANCE DEPARTMENT/ FINANCE ADMINISTRATION
PRESENTATION FINANCE DEPARTMENT/ BOBBY YOUNG, FINANCE & I.T. DIRECTOR
BY:
FOR FURTHER INFORMATION CONTACT: BOBBY YOUNG, FINANCE & I.T. DIRECTOR
714-754-5243
RECOMMENDATION:
Receive and file Costa Mesa Redevelopment Agency's 2011 Annual Report.
BACKGROUND:
Pursuant to Health and Safety Code Section 33080.1 "Every redevelopment agency
shall present an annual report to its legislative body within six months of the end of the
agency's fiscal year." The annual report shall contain; 1) an independent financial audit
report for the previous fiscal year; 2) a fiscal statement for the previous fiscal year; 3) a
description of the agency's activities in the previous fiscal year affecting housing and
displacement; 4) a description of the agency's progress, including specific actions and
expenditures, in alleviating blight in the previous fiscal year; 5) a list and status of all
loans made by the redevelopment agency that are fifty thousand ($50,000) or more,
that in the previous fiscal year were in default; 6) a description of the total number and
nature of the properties that the agency owns and those properties the agency has
acquired in the previous fiscal year; and, 7) any other information that the agency
believes useful to explain its programs.
ANALYSIS:
To comply with these requirements, the following documents are attached:
1) Agency's Annual Financial Report as of June 30, 2011.
2) Agency's Financial Transactions Report as of June 30, 2011.
3) A description of the agency's activities in the previous fiscal year affecting
housing and displacement.
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During the reporting period the Lions Park Lighting project proceeded with the purchase
of lights, completion of design work and the advertising of the project. The project was
then awarded for construction of park improvements on June 21, 2011 with construction
projected to begin July 2011.
Also during the reporting year, funds continued to be appropriated to a new senior
housing construction project ("Harpers -Pointe") which was in the process of applying for
a tax -credit allocation. The project was unsuccessful in obtaining a tax credit allocation
after two rounds and returned to the Agency to request additional funding in FY11-12.
This request was denied.
In process during the FY10-11 was the continued implementation of the Neighborhood
Stabilization Program (NSP) I, an American Recovery and Reinvestment Act (ARRA)
grant. This grant was combined with Low -Mod funds to develop an
acquisition/rehabilitation/disposition program for foreclosed vacant properties within the
City. Two properties in the City were purchased and rehabilitated in FY10-11 and are
anticipated to be sold on the open market to low and moderate income homebuyers in
FY11-12.
The Single Family Rehabilitation Program, in conjunction with the City's HOME Rehab
Program, assisted 55 units with the rehabilitation of their owner -occupied units.
The Redevelopment Agency does not have any loans that are fifty thousand dollars
($50,000) or more, or any amount, that were in default during the previous fiscal year.
Also, the Redevelopment Agency does not own nor did it acquire any property in the
previous fiscal year.
The attached documents fully satisfy the aforementioned Health and Safety Code
requirements. These documents may be acted upon by the City Council on a "receive
and file basis".
ALTERNATIVES CONSIDERED:
None.
FISCAL REVIEW:
Fiscal review is not required for this item.
LEGAL REVIEW:
Legal review is not required for this item.
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CONCLUSION:
Transmittal of the attached documents to the City Council (Legislative Body for the
Redevelopment Agency) is required pursuant to the Health and Safety Code. This
requirement may be satisfied by acting upon the recommended motion on a "receive
and file" basis. Staff will then submit the report to the State Controller as prescribed
under Health and Safety Code 33080.
BOBBY YOUNG
Finance & I.T. Director
CHRISTINE TSAO
Accounting Supervisor
TOM HATCH MURIEL ULLMAN
Agency Executive Director Neighborhood Improvement Manager
ATTACHMENTS: 1 Basic Financial Statements, Year Ended June 30, 2011
2 Agency's Financial Transaction Report as of June 30, 2011
3 Description of Agency's Activities for Fiscal Year 2010-2011
Appendix 1 — List of all deposits to Low -Mod Housing Fund for
Fiscal Year 2010-2011
Appendix 2 — List of all withdrawals from Low -Mod Housing
Fund for Fiscal Year 2010-2011
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