Item 14 Staff Report Consider Adopting Resolutions Approving the 2001-02 Annual Report for the Los Gatos Redevelopment Agencyn
MEETING DATE: 12/16/02
ITEM NO.
COUNCIL/AGENCY AGENDA REPORT
DATE: DECEMBER 5, 2002
Li
TO: MAYOR AND TOWN COUNCIL/CHAIR AND MEMBERS OF THE
REDEVELOPMENT AGENCY
FROM: TOWN MANAGER/EXECUTIVE DIRECTOR
SUBJECT: CONSIDER ADOPTING RESOLUTIONS APPROVING THE 2001-02 ANNUAL
REPORT FOR THE LOS GATOS REDEVELOPMENT AGENCY.
RECOMMENDATION:
Adopt resolutions approving the 2001-02 Annual Report for the Los Gatos Redevelopment Agency.
DISCUSSION:
Pursuant to California Health and Safety Code §33080.1, the Redevelopment Agency shall present
an annual report to Council within six months of the end of the fiscal year. The report shall contain:
(1) an independent financial audit report for the previous fiscal year; (2) a fiscal statement for the
previous fiscal year including the Agency's revenues, debts, the amounts of tax increment to be
allocated to other districts; (3) a description of the Agency's activities in the previous fiscal year
affecting housing; (4) a description of the Agency's progress in alleviating blight during the previous
fiscal year; (5) information about loans made by the Agency at or exceeding $50,000 that were in
default or otherwise not in compliance with the terms of the loan; (6) a description of the total
number and nature of properties owned by the Agency and those acquired during the prior fiscal
year; and (7) any other useful information to explain the Agency's programs.
The 2001-02 audit (Attachment 1, Exhibit A) includes the auditor's opinion of the Agency's
operations and financial position, and the Agency's compliance with laws, regulations and
administrative requirements governing the agency, including all financial activities involving low -
and moderate -income housing funds. The Statement of Housing Activity and the Annual Report of
(Continued on Page 2)
PREPARED BY: Steve Conway
Finance Director
Marty Woodworth "'"64j
Redevelopment Manager
Reviewed by: /L 3 Assistant Town Manager Oft, Town Attorney Clerk -Finance
Community Development Revised: 12/5/02 10:26 am
Reformatted: 5/30/02
PAGE 2
MAYOR AND TOWN COUNCIL/CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY
SUBJECT: ADOPT RESOLUTIONS APPROVING 2001-02 ANNUAL REPORT
December 5, 2002
Financial Transactions (Attachment 1, Exhibits B and C) consist of forms provided by the State
Department of Housing and Community Development.
A number of major accomplishments were made by the Los Gatos Redevelopment Agency during
the 2001-02 fiscal year. The Agency hired its first full-time employee to manage the Redevelopment
Agency, affordable housing program and economic development activities. A financing plan was
developed that prepared the Agency to issue approximately $11 million in long term debt to finance
infrastructure projects in the Downtown. These COP's were issued at a very attractive interest rate.
Construction, financed by the RDA COP's, commenced on the renovation of the Town Plaza Park
and Santa Cruz Ave. streetscape improvements. These projects have been anticipated for many years
but lacked financing until this time. Furthermore, funding was budgeted for the reconstruction of
the Verizon and Bus Depot parking lots to provide more parking Downtown. The Agency, through
the COP financing, also committed to contributing $300,000 toward the construction of a new Los
Gatos Community Pool at Los Gatos High School. Finally, the Agency began the process of
developing a Redevelopment Agency Affordable Housing Strategy in order to determine projects
suitable for the Agency's 20 percent set -aside funds.
It should be noted that the State, in order to help balance its budget, is proposing to take all
unencumbered funds from the 20 percent set -aside accounts of redevelopment agencies statewide.
It is not known at this time if this will actually occur and staff will inform the Council as more
information is available. However, the Los Gatos Redevelopment Agency has approximately $1.7
million of unencumbered funds in this account, and a take of these funds by the State would severely
impact its affordable housing efforts.
Finally, for the fiscal year 2002-03, the State is taking $75 million from redevelopment agencies
statewide as part of the ERAF shift. The Los Gatos Redevelopment Agency's portion will amount
to about $100,000 from its general (non -housing set -aside) account. The Agency has adequate
resources to make this payment. Although the State had indicated that this ERAF payment would
only occur for fiscal year 2002-03, given the State budget deficit, it is anticipated that ERAF
payments may continue.
CONCLUSION:
Upon approval by the Council, the Annual Report will be sent to the State Controller and the State
Department of Housing and Community Development as required by State law.
PAGE 3
MAYOR AND TOWN COUNCIL/CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY
SUBJECT: ADOPT RESOLUTIONS APPROVING 2001-02 ANNUAL REPORT
December 5, 2002
ENVIRONMENTAL ASSESSMENT:
Approval of the Redevelopment Agency Annual Report is not a project subject to CEQA.
FISCAL IMPACT: None
ATTACHMENTS:
1. Resolutions (1-1 & 1-2) approving the 2001-2002 Annual Report for the Los Gatos
Redevelopment Agency
Exhibit A - Redevelopment Agency Audit for Fiscal Year 01-02
Exhibit B - Statement of Housing Activity for Fiscal Year 01-02
Exhibit C - Annual Report of Financial Transactions for Fiscal Year 01-02
MW:mdc
N:\DE V\MARTY\annualreport\RdaOI-02ANN.rpt
RESOLUTION 2002 -
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
APPROVING THE 2001-02 ANNUAL REPORT FOR
THE LOS GATOS REDEVELOPMENT AGENCY
WHEREAS:
1. The California Community Redevelopment Law (§33080.1) requires every
redevelopment agency to present a report on financial and housing activity to its legislative body
within six months of the end of the agency's fiscal year.
2. The Annual Report for the Redevelopment Agency consists of an independent financial
audit report for the previous fiscal year, a fiscal statement for the previous fiscal year, and a
description of the agency's activities affecting housing and displacement.
3. The audit issued by Maze and Associates, attached hereto as Exhibit A, gives an
unqualified opinion of the Redevelopment Agency's financial activities includes the auditor's opinion
of the agency's operations and financial position, and the agency's compliance with laws, regulations
and administrative requirements governing activities of the agency, including all financial activities
involving low- and moderate -income housing funds.
4. The Statement of Housing Activity and the Annual Report of Financial Transactions,
attached hereto as Exhibits B and C, consist of forms provided by the State Department of Housing
and Community Development.
5. Approval of the 2001-02 Annual Report for the Los Gatos Redevelopment Agency does
not constitute a project for purposes of the California Environmental Quality Act ("CEQA").
RESOLVED, that the Town Council hereby approves and adopts the 2001-02 Annual Report
for the Los Gatos Redevelopment Agency, attached hereto as Exhibits A, B and C.
Attachment 1
FURTHER RESOLVED, that the Town Council determines the planning and administrative
expenses from the Low and Moderate Income Housing Fund are necessary for the production,
improvement, or preservation of low- and moderate- income housing.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los
Gatos, California, held on thel6th day of December, 2002 by the following vote:
COUNCIL MEMBERS:
AYES:
NAYS:
ABSENT:
ABSTAIN:
SIGNED: /s/
MAYOR OF THE TOWN OF LOS
GATOS
LOS GATOS, CALIFORNIA
ATTEST:
CLERK OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
RESOLUTION 2002 -
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS
APPROVING THE 2001-02 ANNUAL REPORT
WHEREAS:
1. The California Community Redevelopment Law (§33080.1) requires every
redevelopment agency to present a report on financial and housing activity to its legislative body
within six months of the end of the agency's fiscal year.
2. The Annual Report for the Redevelopment Agency consists of an independent
financial audit report for the previous fiscal year, a fiscal statement for the previous fiscal year,
and a description of the agency's activities affecting housing and displacement.
3. The audit issued by Maze and Associates, attached hereto as Exhibit A, gives an
unqualified opinion of the Redevelopment Agency's financial activities includes the auditor's
opinion of the agency's operations and financial position, and the agency's compliance with laws,
regulations and administrative requirements governing activities of the agency, including all
financial activities involving low- and moderate -income housing funds.
4. The Statement of Housing Activity and the Annual Report of Financial Transactions,
attached hereto as Exhibits B and C, consist of forms provided by the State Department of
Housing and Community Development. ,
5. Approval of the 2001-02 Annual Report for the Los Gatos Redevelopment Agency
does not constitute a project for purposes of the California Environmental Quality Act
("CEQA").
RESOLVED, that the Redevelopment Agency hereby approves and adopts the 2001-02
Annual Report for the Los Gatos Redevelopment Agency, attached hereto as Exhibits A, B and
C.
FURTHER RESOLVED, that the Redevelopment Agency determines the planning and
administrative expenses from the Low and Moderate Income Housing Fund are necessary for the
production, improvement, or preservation of low- and moderate- income housing.
PASSED AND ADOPTED at a regular meeting of the Town Council/Redevelopment
Agency of the Town of Los Gatos, California, held on thel6th day of December, 2002 by the
following vote:
REDEVELOPMENT AGENCY MEMBERS:
AYES:
NAYS:
ABSENT:
ABSTAIN:
SIGNED: /s/
CHAIR OF REDEVELOPMENT
AGENCY
TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
SECRETARY OF THE REDEVELOPMENT AGENCY
TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
REDEVELOPMENT AGENCY OF THE
TOWN OF LOS GATOS
COMPONENT UNIT FINANCIAL STATEMENTS
FOR THE YEARS ENDED
JUNE 30, 2002 AND 2001
EXHIBIT A
REDEVELOPMENT AGENCY OF THE
TOWN OF LOS GATOS
Component Unit Financial Statements
For The Years Ended
June 30, 2002 and 2001
TABLE OF CONTENTS
Page
Independent Auditor's Report 1
Component Unit Financial Statements:
Combined Balance Sheet - All Fund Types
and Account Groups 2
Combined Statements of Revenues, Expenditures and
Changes in Fund Balances - All Governmental Fund Types 3
Combined Statement of Revenues, Expenditures and Changes
in Fund Balance - Capital Project Funds - Budget and Actual 4
Notes to Component Unit Financial Statements 5
Combining Balance Sheets - Capital Project Funds 9
Combining Statements of Revenues, Expenditures and
Changes in Fund Balances - Capital Project Funds 11
Combining Statement of Revenues, Expenditures and Changes
in Fund Balance - Capital Project Funds - Budget and Actual 12
Report On Compliance And On Internal Control Over Financial
Reporting Based On An Audit Of Financial Statements
Performed In Accordance With Government Auditing Standards 15
AZE do
ASSOCIATES
ACCOUNTANCY CORPORATION
1931 San Miguel Drive - Suite 100
Walnut Creek, California 94596
(925) 930-0902 • FAX (925) 930-0135
INDEPENDENT AUDITOR'S REPORT E-Mail: maze@mazeassociates.com
Website: www.mazeassociates.com
To the Governing Board of the Redevelopment Agency
of the Town of Los Gatos
We have audited the accompanying financial statements of the Redevelopment Agency of the Town of Los
Gatos, a component unit of the Town of Los Gatos, as of and for the years ended June 30, 2002 and 2001 as
listed in the table of contents. These component unit financial statements are the responsibility of the
Agency's management. Our responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards in the United States of
America and the standards for financial audits contained in Government Audit Standards, issued by the
Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance as to whether the financial statements are free of material misstatement. An
audit includes examining on a test basis evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the component unit financial statements referred to above present fairly in all material
respects the financial position of the Redevelopment Agency of the Town of Los Gatos as of June 30, 2002
and 2001 and the results of operations for the years then ended, in conformity with generally accepted
accounting principles in the United States of America.
In accordance with Government Auditing Standards, we have also issued reports dated November 6, 2002,
on our consideration of the Agency's internal control structure and on its compliance with laws and
regulations.
November 6, 2002
1
A Professional Corporation
RE. , JELOPMENT AGENCY OF THE TOWN OF LOS W. 3
COMBINED BALANCE SHEETS
ALL FUND TYPES AND ACCOUNT GROUPS
NNE 30, 2002
WITH COMPARATIVE AMOUNTS FOR JUNE 30, 2001
TOTALS
(Memorandum Only)
GOVERNMENTAL FUND TYPES ACCOUNT GROUPS
Capital Debt General General Long -
Projects Service Fixed Assets Term Debt 2002 2001
ASSETS
Cash and investments (Note 2) $3,349,947 $5,707,230 $9,057,177 $7,481,408
Restricted cash and investments (Note 4) 470,431 470,431 442,712
Intergovernmental receivable 7,806 36,646 44,452 90,243
Parking Lot # 4 Project (Note 4) $4,067,708 4,067,708 4,067,708
Amount available in debt service fund $1,925,000 1,925,000 67,235
Amount to be provided for retirement of
general long-term debt 2,002,325
Total Assets $3,357,753 $6,214,307 $4,067,708 $1,925,000 $15,564,768 $14,151,631
LIABILITIES
Accounts payable $928,874 $2,222,398 $3,151,272 $895,804
Advance from Town of Los Gatos (Note 3) 1,968,500 1,968,500 1,968,500
Due to other agencies 16,729 16,729 505,836
Pass through obligations 81,680 81,680 1,560,968
Certificates of participation (Note 4) $1,925,000 1,925,000 2,069,560
Total Liabilities 928,874 4,289,307 1,925,000 7,143,181 7,000,668
FUND EQUITY
Investment in general fixed assets $4,067,708 4,067,708 4,067,708
Fund balances:
Reserved for :
Low income housing 2,075,926 2,075,926 1,418,614
Debt service 470,431 470,431 442,712
Unreserved, designated for:
Debt service 1,454,569 1,454,569
Unreserved, undesignated 352,953 352,953 1,221,929
Total Fund Equity 2,428,879 1,925,000 4,067,708 8,421,587 7,150,963
Total Liabilities and Fund Equity $3,357,753 $6,214,307 $4,067,708 $1,925,000 $15,564,768 $14,151,631
See accompanying notes to component unit financial statements
2
REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS
COMBINED STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED JUNE 30, 2002
WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30, 2001
TOTALS
GOVERNMENTAL FUND TYPES (Memorandum Only)
Capital Debt
Projects Service 2002 2001
REVENUES
Property tax increment $4,079,598 $4,079,598 $3,232,042
Interest $113,678 415,434 529,112 700,856
Other 1,305 1,305 63,161
Total Revenues 114,983 4,495,032 4,610,015 3,996,059
EXPENDITURES
Capital outlay
Project costs 1,991,351 1,991,351 1,477,109
Pass through payments 646,470 646,470 550,657
Debt service
Principal (Note 4) 260,000 260,000 250,440
Interest (Notes 3 and 4) 441,570 441,570 479,060
Total Expenditures 1,991,351 1,348,040 3,339,391 2,757,266
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,876,368) 3,146,992 1,270,624 1,238,793
OPERATING TRANSFERS
Operating transfers in 1,472,481 67,814 1,540,295 2,879,573
Operating transfers (out) (67,814) (1,472,481) (1,540,295) (2,879,573)
Total Operating Transfers
EXCESS (DEFICIENCY) OF REVENUES AND
TRANSFERS OVER EXPENDITURES
Fund balances at beginning of year
Fund balances at end of year
1,404,667 (1,404,667)
(471,701) 1,742,325
1,270,624 1,238,793
2,900,580 182,675 3,083,255 1,844,462
$2,428,879 $1,925,000
See accompanying notes to financial statements
$4,353,879 $3,083,255
REDEVELOPMENT AGENC t OF THE TOWN OF LOS GATOS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2002
CAPITAL PROJECTS
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES
Interest $75,020 $113,678 $38,658
Other 1,305 1,305
Total Revenues 75,020 114,983 39,963
EXPENDITURES
Capital outlay:
Project costs 2,568,487 1,991,351 577,136
Total Expenditures 2,568,487 1,991,351 577,136
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,493,467) (1,876,368) 617,099
OTHER FINANCING SOURCES (USES)
OPERATING TRANSFERS
Operating transfer in 536,300 1,472,481 936,181
Operating transfer (out) (67,814) (67,814)
Total Other financing sources (uses) 536,300 1,404,667 868,367
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND USES ($1,957,167)
(471,701) $1,485,466
Fund balances at beginning of year 2,900,580
Fund balances at end of year $2,428,879
See accompanying notes to component unit financial statements
REDEVELOPMENT AGENCY OF THE
TOWN OF LOS GATOS
Notes To Component Unit Financial Statements
NOTE 1- SIGNIFICANT ACCOUNTING POLICIES
A. Description of the Redevelopment Agency and Redevelopment Plan - The Redevelopment Agency
of the town of Los Gatos (the Agency) was created on December 4, 1989 uuxlei the provisions of the
Redevelopment Law (California Health and Safety Code), for clearance and rehabilitation of areas
determined to be in a declining condition in the Project Area. A Redevelopment Plan was adopted on
November 25, 1991 to provide an improved physical, social and economic environment in the Central
Los Gatos Redevelopment Project Area.
As part of the Redevelopment Plan, the Agency entered into agreements with various taxing
authorities which required the Agency to pass through portions of incremental property taxes to each
taxing authority. Expenditures for these pass -through agreements amounted to $646,470 for the year
ended June 30, 2002. In addition, as of June 30, 2002 the Agency owed $81,680 in pass -through
amounts to other agencies.
The Agency is authorized to finance the Plan from various sources, including assistance from the
Town, the state and federal governments, property tax increments, interest income and the issuance of
Agency debt.
The Agency is an integral part of the Town of Los Gatos and, accordingly, the accompanying
financial statements are included as a component of the general purpose financial statements prepared
by the Town. A component unit is a separate governmental unit, agency or nonprofit corporation
which, when combined with all other component units, constitutes the reporting entity as defined in
the Town's general purpose financial statements.
B. Fund Accounting
In the Combined Financial Statements, these funds are grouped into the fund types and categories
discussed below. The financial statements for each individual fund in each fund type are presented in
the Combining Financial Statements section of this report.
GOVERNMENTAL FUNDS
Capital Projects Funds are used to account for financial resources to be used for the acquisition or
construction of major capital facilities (other than those financed by proprietary and trust funds).
Debt Service Funds are used to account for financial resources to be used for the payment of
principal and interest on long-term obligations.
ACCOUNT GROUPS
Account groups are used to establish accounting control for the Agency's general fixed assets and
principal of its general long-term obligations. Because these assets and liabilities are long-term they
are neither spendable resources nor do they require current appropriation. They are accounted for
separately from governmental fund types.
C. Basis of Accounting - Refers to when revenues and expenditures are recognized in the accounts and
reported in the component unit financial statements. Basis of accounting relates to the timing of the
measurements made, regardless of the measurement focus applied.
5
_.EDEVELOPMENT AGENCY OF TM_
TOWN OF LOS GATOS
Notes To Component Unit Financial Statements
NOTE 1- SIGNIFICANT ACCOUNTING POLICIES (Continued)
Governmental fund types are accounted for using the modified accrual basis of accounting, under
which revenues are recognized when received, or accrued when they become available and
measurable as net current assets. Expenditures are recognized when the related fund liability is
incurred. Revenues susceptible to accrual consist principally of intergovernmental revenues.
D. Budgets and Budgetary Accounting - The Agency adopts a budget effective July 1 for the capital
projects fund. During the year ended June 30, 2002 the Agency incurred encumbrances which are
reported as budgetary expenditures. However, since encumbrances represent commitments on open
purchase orders, they are not included as expenditures reported in conformity with generally accepted
accounting principles.
NOTE 2 - CASH AND INVESTMENTS
Agency cash is included in a Town -wide cash and investment pool. Details of the Town's cash and
investment pool are presented in the Town's general purpose financial statements.
The Town's investment policy and the California Government Code permit investments in obligations
of the U.S. Treasury and its agencies, commercial paper, banker's acceptances, repurchase
agreements, certificates of deposit, medium term notes, passbook savings account demand deposits,
mutual funds and the State of California Local Agency Investment Fund.
NOTE 3 — ADVANCE FROM THE TOWN
The Town advanced $1,968,500 to the Agency to partially fund operations. The advance bears
interest at 10% and is repayable on demand, provided that sufficient tax increment revenue funds are
available. For the fiscal year ended June 30, 2002 the Agency paid the Town $196,850 in interest on
this advance.
NOTE 4 - REIMBURSEMENT AGREEMENT
A. Accounting Treatment
The Town issued Certificates of Participation (COPs) in the original principal amount of
$2,960,000 dated August 1, 1992 to finance certain construction costs of the Town's Parking Lot 4
Project, which was constructed on land within the Central Los Gatos Project Area. The COPs are
similar to debt; they allow investors to participate in a share of guaranteed payments which are made
by the Town. Because they are similar to debt, the present value of the total of the payments to be
made is recorded as long-term debt. Principal payments are due annually on August 1, with interest
payments payable semi-annually on February 1 and August 1. The Town has pledged motor vehicle
license fee revenues as collateral for the repayment of the Certificates.
6
REDEVELOPMENT AGENCY OF THE
TOWN OF LOS GATOS
Notes To Component Unit Financial Statements
NOTE 4 - REI NIBURSEMENT AGREEMENT (Continued)
To assist the Town in payingg the cost of the acquisition and construction of the Parking Lot 4 Project,
the Town and its Redevelopment Agency entered into a Reimbursement Agreement. Under this
agreement, the Agency will use available net tax increment revenues resulting from the Project's
effect on land values to repay the Town for all lease payments made by the Town to the Agency under
the lease agreement for the Project. Net tax increment revenues are all taxes allocated to and paid into
the Redevelopment Agency Capital Projects Fund for the Project Area. Reimbursements under this
agreement commenced in fiscal 1995-96. Accordingly the COPs have been recorded in the Agency's
General Long -Term Debt Account Group. In addition, the Parking Lot #4 Project, which was
constructed with proceeds of the COPs, has been included in the Agency's financial statements.
B. Activity
Changes in general long term debt were as follows:
Balance at Balance at
Interest Maturity June 30, June 30,
Rates Date 2001 Retirements 2002
Certificates of Participation 5%-9% 2012 $2,185,000 $260,000 $1,925,000
Repayment requirements for general long term debt were as follows at June 30, 2002:
Year Ending June 30
Certificates
of
Participation
2003 $249,895
2004 251,795
2005 252,995
2006 248,475
2007 248,500
Thereafter 1,253,500
Total payments due 2,505,160
Less amount representing interest 580,160
Principal amount $1,925,000
The Agency must maintain required amounts of cash and investments with the trustee under the terms
of the COPs issue. These funds are pledged as reserves to be used if the Town fails to meet its
obligations under the COPs issue. These reserves totaled $470,431 and $442,712 respectively, at
June 30, 2002 and 2001.
The California Government Code requires these funds to be invested in accordance with Town
ordinance, bond indentures or State statutes. All these funds have been invested as permitted under
the Code.
7
rcEDEVELOPMENT AGENCY OF THE
TOWN OF LOS GATOS
Notes To Component Unit Financial Statements
NOTE 5 — SUBSEQUENT EVENT
On July 18, 2002, the Town and the Los Gatos Redevelopment Agency issued $10,7250,000 in
Certificates of Participation, 2002 Series A, at 2.5% to 5.0% interest rates, to finance the acquisition,
construction, rehabilitation, equipping and improvement of several capital improvement projects.
Principal payments will be due annually on August 1 with interest payments payable semi-annually on
February 1 and August 1, commencing August 1, 2003 through 2031. The Town has pledged lease
payments for the real property and facilities comprised of the Parks and Public Works Service Center
and Baseball Field and Parking Lots No. 1, 2, and 3, as collateral for the repayment of the Certificate.
8
REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS
COMBINING BALANCE SHEETS
CAPITAL PROJECTS FUNDS
DUNE 30, 2002
WITH COMPARATIVE AMOUNTS FOR JUNE 30, 2001
ASSETS
Cash and investments
Intergovernmental receivable
Total Assets
TOTALS
(Memorandum Only)
Housing
Redevelopment Set Aside 2002 2001
$1,274,888 $2,075,059 $3,349,947 $3,744,497
7,806 7,806 15,816
$1,274,888 $2,082,865 $3,357,753 $3,760,313
LIABILITIES
Accounts payable $921,935 $6,939 $928,874 $859,733
Total Liabilities 921,935 6,939 928,874 859,733
FUND EQUITY
Fund balances:
Reserved for :
Low income housing 2,075,926 2,075,926 1,418,614
Unreserved, undesignated 352,953 352,953 1,481,966
Total Fund Equity 352,953 2,075,926 2,428,879 2,900,580
Total Liabilities and Fund Equity $1,274,888 $2,082,865 $3,357,753 $3,760,313
See accompanying notes to component unit financial statements
9
REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS
COMBINING STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2002
WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30, 2001
TOTALS
(Memorandum Only)
Housing
Redevelopment Set Aside 2002 2UU1
REVENUE
Interest S50,189 $63,489 $113,678 $270,793
Other 1,305 1,305 63,161
Total Revenue 51,494 63,489 114,983 333,954
EXPENDITURES
Capital outlay:
Project costs 1,837,068 154,283 1,991,351 1,477,109
Total Expenditures 1,837,068 154,283 1,991,351 1,477,109
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
OPERATING TRANSFERS
(1,785,574)
(90,794) (1,876,368) (1,143,155)
Operating transfer in 656,561 815,920 1,472,481 2,682,723
Operating transfer (out) (67,814) (67,814) (196,850)
Total other financing sources (uses)
656,561 748,106 1,404,667 2,485,873
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND USES (1,129,013) 657,312 (471,701) 1,342,718
Fund balances at beginning of year 1,481,966 1,418,614 2,900,580 1,557,862
Fund balances at end of year
$352,953 $2,075.926 $2,428,879 $2.900,580
See accompanying notes to financial statements
11
REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2002
REDEVELOPMENT HOUSING SET ASIDE
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget
REVENUE
Interest $50,189 $50,189 $75,020 $63,489 ($11,531) $75,020
Other 1,305 1,305
Total Revenue 51,494 51,494 75,020 63,489 (11,531) 75,020
EXPENDITURES
Capital outlay;
Project costs $2,064,087 1,837,068 227,019 504,400 154,283 350,117 2,568,487
Total Expenditures 2,064,087 1,837,068 227,019 504,400 154,283 350,117 2,568,487
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,064,087) (1,785,574) 278,513 (429,380) (90,794) 338,586 (2,493,467)
OTHER FINANCING SOURCES (USES)
OPERATING TRANSFERS
Operating transfer in 656,561 656,561 536,300 815,920 279,620 536,300
Operating transfer (out) (67,814) (67,814)
656,561 656,561 536,300 748,106 211,806 536,300
Total other financing sources (uses)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES AND USES ($2,064,087) (1,129,013) $935,074 $106,920 657,312 $550,392 ($1,957,167)
Fund balances at beginning of year
Fund balances at end of year
1,481,966 1,418,614
5352,953_ $2.075,926
See accompanying notes to component unit financial statements
12
TOTALS
Variance
Favorable
Actual (Unfavorable)
$113,678 $38,658
1,305 1,305
114,983 39,963
1,991,351 577,136
1,991,351 577,136
(1,876,368) 617,099
1,472,481 936,181
(67,814) (67,814)
1,404,667 868,367
(471,701) $1,485,466
2,900,580
$2.428,879
13
AZE 8r
ASSOCIATES
ACCOUNTANCY CORPORATION
1931 San Miguel Drive - Suite 100
Walnut Creek, California 94596
(925) 930-0902 • FAX (925) 930-0135
E-Mail: maze @mazeassociates.com
Website: www.mazeassociates.com
REPORT ON COMPLIANCE AND ON INTERNAL
CONTROL OVER FINANCIAL REPORTING BASED
ON AN AUDIT OF FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
To the Governing Board of the
Redevelopment Agency of the Town of Los Gatos, California
We have audited the financial statements of the Redevelopment Agency of the Town of Los Gatos as of and for
the year ended June 30, 2002, and have issued our report thereon dated November 6, 2002. We conducted our
audit in accordance with generally accepted auditing standards in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States.
Compliance
As part of obtaining reasonable assurance about whether the Agency's financial statements are free of material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and
grants, noncompliance with which could have a direct and material effect on the determination of financial
statement amounts. Those provisions include provisions of laws and regulations identified by in the Guidelines
for Compliance Audits of California Redevelopment Agencies, issued by the State Controller. However,
providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly,
we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are
required to be reported under Government Auditing Standards.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Agency's internal control over financial reporting in
order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements
and not to provide assurance on the internal control over financial reporting. Our consideration of the internal
control over financial reporting would not necessarily disclose all matters in the internal control over financial
reporting that might be material weaknesses. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce to a relatively low level the risk
that misstatements in amounts that would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal course of performing their
assigned functions. We noted no matters involving the internal control over financial reporting and its
operation that we consider to be material weaknesses.
This report is intended for the information of the Agency Board, management and federal awarding agencies
and pass -through entities. However, this report is a matter of public record and its distribution is not limited.
7 �
November 6, 2002
15
A Professional Corporation
HCD ANNUAL REPORT OF HOUSING ACTIVITY OF COMMUNITY REDEVELOPMENT AGENCIES
FOR THE FISCAL YEAR THAT ENDED 6 / 30 / 02
Agency Name and Address: County of Jurisdiction:
Town of Los Gititos Redevelopment Agelney —
Santa Clara
HO E. Main St. Los Gatos, 95031
California Redevelopment law (Health and Safety Code Section 33080.1) requires agencies to annually report their housing activities and
maintenance and use of the Low & Moderate Income Housing Fund (LMIHF) to enable the Department of Housing and Community
Development (HCD) to compile and annually publish a report on redevelopment agencies' housing activities in accordance with Section
33080.6. (Note: Pursuant to Section 33080.3, submit this form and, if applicable, all completed HCD Schedules, to the State Controller.)
Please answer each question below. Your answers determine which HCD SCHEDULES must be completed in order for the agency to
fulfill the statutory requirement to report LMIHF housing activity and fund balances for the reporting period.
1. Check one of the items below to identify the Agency's status at the end of the reporting period:
❑ New (Agency formation occurred during reporting year. No financial transactions were completed).
Active (Financial and/or housing transactions occurred during the reporting year)
❑ Inactive (No financial and/or housing transactions occurred during the reporting year).
❑ Dismantled (Agency adopted an ordinance to dissolve itself).
2. How many adopted proiect areas did the agency have during the reporting period? 1
How many project areas were merged during the reporting period? Q
If the agency has one or more adopted project areas, complete SCHEDULE HCD-A for each project area.
If the agency has no adopted project areas, DO NOT complete SCHEDULE HCD-A.
3. Within an area outside of any adopted redevelopment project area(s): (1) did the agency destroy or remove any dwelling units
or displace any households over the reporting period, (2) will the agency displace any households over the next reporting period,
(3) did the agency permit the sale of any owner -occupied unit prior to the expiration of land use controls, and/or (4) did the agency
execute a contract or agreement for the construction of any affordable units over the next two years?
O Yes (any question). Complete SCHEDULE HCD-B.
No (all questions). DO NOT complete SCHEDULE HCD-B.
4. Did the agency have any funds in the Low & Moderate Income Housing Fund during the reporting period?
Yes. Complete SCHEDULE HCD-C.
❑ No. DO NOT complete SCHEDULE HCD-C.
5. During the reporting period, were housing units completed within a project area and/or assisted by the agency outside a project area?
❑ Yes. Complete all applicable HCD SCHEDULES DI-D7 for each housing project completed and HCD SCHEDULE E.
No. DO NOT complete HCD SCHEDULES D1-D7 or HCD SCHEDULE E.
6. HCD financial and housing activity information has been reported using the method checked below:
❑ Electronic. Report was completed on-line. "Lock Report" date was: . HCD SCHEDULES are not required.
Note: "Lock Report" date is shown under "Administrative Area" and "Form History" (https://appl.hcd.ca.gov/rda).
Forms. All required HCD SCHEDULES A, B, C, D1-D7, and E are attached.
To the best of my knowledge, the representations made above and all HCD information reported are correct.
Date
Signature of Authorized Agency Representative
Finance Director
Title
Telephone Number
IF NOT REQUIRED TO REPORT BASED ON ABOVE ANSWERS, ONLY SUBMIT THIS PAGE. IF REQUIRED
TO REPORT, SUBMIT THIS PAGE AND EITHER: ALL HCD SCHEDULES (APPLICABLE SCHA-E)
OR PROOF OF ELECTRONIC REPORTING (accessible at: httn://www.hcdca.zov/rda6
SUBMIT TO THE STATE CONTROLLE:R
Division of Accounting and Reporting
Local Government Reporting Section
P.O. Box 942850, Sacramento, CA 94250
California Redevelopment Agencies - Fiscal Year 2001-2002
Cover (7/ 1//02)
HCD-Cover
Page 1 of 1
EXHIBIT B
SCHEDULE HCD-A
Inside Project Area Activity
for Fiscal Year that Ended 6 / 30 / 02
Agency Name: Town of Los Gatos RDA Project Area Name: Central Los Gatos
Preparer's Name, Title: Steve Conway, Finance D. Preparer's E-Mail Address: sconway@town.los—gatos.ca.us
Preparer's Telephone No: (40R) 354-6828
Preparer's Facsimile No: (408) 199-5786
GENERAL INFORMATION
1. Project Area Information
a, 1. Year IS' plan for project area was adopted: 1991
2. Year that plan was last amended (if applicable):
3. Current expiration of plan: 12 / 31 / 31
mo day yr
b. If project area name has changed, give previous name(s) or number: N/A
c. Year(s) of any mergers of the project area: N/A
Identify former project areas that merged:
d. Year(s) project area plan was amended and real property was either:
(1) added:
(2) removed: ,
2. Affordable Housing Replacement and/or Inclusionary or Production Requirements (Section 33413).
Pre-1976 project areas not subsequently amended after 1975: Pursuant to Section 33413(d), only Section 33413(a) replacement
requirements apply to dwelling units destroyed or removed after 1995. The Agency can choose to apply all or part of Section
33413 to a project area plan adopted before 1976. If the agency has elected to apply all or part of Section 33413, provide the
date of the resolution and the applicable Section 33413 requirements addressed in the scope of the resolution.
Date: N//A / Resolution Scope (applicable Section 33413 requirements):
mo day yr
Post-1975 project areas and geographic areas added by amendment after 1975 to pre-1976 project areas: Both the replacement
and inclusionary or production requirements of Section 33413 apply.
NOTE:
Amounts to report on HCD-A lines 3a(1), 3b-3f, and 3i. can be taken from what is reported to the State Controller's
Office (SCO) on the Statement of Income and Expenditures as part of the Redevelopment Agency's Financial
Transactions Report, except for the reclassifying of Transfers -In from Internal Funds and the reporting of Other
Sources as discussed below:
Transfers -In from other internal funds: Report the amount of transferred funds on applicable HCD-A,
lines 3a-j. For example, report the amount transferred from the Debt Service Fund to the Housing Fund
for the deposit of the required set -aside percentage/amount by reporting gross tax increment on HCD-A,
Line 3a(1) and report the Housing Fund's share of expenditures for debt service on HCD-C, Line 4c. Do
not report "net" funds transferred from the Debt Service Fund on HCD-A, Line 3a(3) when reporting debt
service expenditures on HCD-C, Line 4c.
Other Sources: Non-GAAP (Generally Acceptable Accounting Principles) revenues such as from land sales for
those agencies using the Land Held for Resale method to record land sales should be reported on HCD-A Line
3d. Housing fund receipts for the repayment of loan principal should be included on HCD-A Line 3h.
Califomia Redevelopment Agencies — Fiscal Year 2001-2002 HCD-A
Sch A (7/1/02)
Page 1 of 6
Agency Name: Town of Los Gatos RDA Project Area Name: Central Los Gatos
Project Area Housing Fund Revenues and Other Sources
3. Report all revenues and other sources of funds from this project area which accrued to the Housing Fund over the reporting
year. Any income related to agency -assisted housing located outside the project area(s) should be reported as "Other
Revenue" on Line 3j. (of this Schedule A), if this project area is named as beneficiary in the authorizing resolution. Any
other revenue sources not reported on lines 3a.-3i., should also be reported on Line 3j.
Enter on Line 3a(1) the full 100% of gross Tax Increment allocated prior to applicable pass through of funds and deductions
for fees (refer to Sections 33401, 33446, & 33676). Compute 20% of gross Tax Increment and enter the amount on Line
3a(2). Next, report the amount of Tax Increment set -aside before any exemption and/or deferral (if amount set -aside is less
than 20%, explain the difference). If any amount of Tax Increment was exempted or deferred, in addition to completing
lines 3a(4) and/or 3a(5), complete Line 4 and/or Line 5. To determine the amount of Tax Increment deposited to the
Housing Fund [Line 3a(6)], subtract allowable amounts exempted [Line 3a(4)] or deferred [Line 3a(5)] from the actual
amount allocated to the Housing Fund [Line 3a(3)].
a. Tax Increment:
(1) 100% of Gross Allocation:
$ 4,079,598
(2) Required 20% Housing Fund set -aside (Line 3a(1) x 20%): $ 815,920
(3) Actual amount allocated to Housing Fund S 815,920
* If less than 20% of the Gross Tax Increment (see 3a(2) above) is being
set -aside in this project area in accordance with Section 33334.3(i), identify
the project area(s) contributing the difference. Explain any other reason(s):
(4) Amount Exempted [Health & Safety Code Section 33334.2]
(if there is an amount exempted, also complete question #4, next page): ($ )
(5) Amount Deferred [Health & Safety Code Section 33334.6]
(if there is an amount deferred, also complete question #5, next page): ($ )
(6) Total deposit to the Housing Fund [result of Line 3a(3) through 3a(5)]: $ 815,920
b. Interest Income: $ 63,489
c. Rental/Lease Income (combine amounts separately reported to the SCO): $
d. Sale of Real Estate: $
e. Grants (combine amounts separately reported to the SCO): $
f. Bond Administrative Fees: $
g. Deferral Repayments (also complete Line 5c(2) on the next page): $
h. Loan Repayments: $
i. Debt Proceeds: $
j. Other Revenue(s) [Explain and identify amount(s)]:
k. Total Project Area Receipts Deposited to Housing Fund (add lines 3a(6). through 3j.): $ 879,409
Califomia Redevelopment Agencies — Fiscal Year 2001-2002
Sch A (7/1/02)
HCD-A
Page 2 of 6
SCHEDULE HCD-E
CALCULATION OF INCREASE IN AGENCY'S INCLUSIONARY OBLIGATION
BASED ON SPECIFIED HOUSING ACTIVITY DURING THE REPORTING YEAR
Agency: Town of i.nn Caton RpirlPirco lnpmpur At pncy
Name of Project or Area (if applicable, list "Outside" or "Summary": Central Los Gatos
Complete this form to report activity separately by project or area or to summarize activity for the year.
Report all new construction and/or substantial rehabilitation units from Forms D2 through D7 that were:
(a) developed by the agency and/or (b) developed only in a project area by a nonagency person or entity.
PART I IH&SC Section 33413(b)(1)]
AGENCY DEVELOPED UNITS DURING THE REPORTING YEAR
0
BOTH INSIDE AND OUTSIDE OF A PROJECT AREA
1. New Units Developed by the Agency
0
2. Substantially Rehabilitated Units Developed by the Agency
0
3. Subtotal - Baseline of Agency Developed Units (add lines 1 & 2)
0
4. Subtotal of Increased Inclusionary Obligation (Line 3 x 30%) (see Notes 1 and 2 below)
0
5. Very -Low Inclusionary Obligation Increase Units (Line 4 x 50%)
0
PART II IH&SC Section 33413(b)(2)]
NONAGENCY DEVELOPED UNITS DURING THE REPORTING YEAR
ONLY INSIDE A PROJECT AREA
6. New Units Developed by Any Nonagency Person or Entity
0
7. Substantially Rehabilitated Units Developed by Any Nonagency Person or Entity
0
8. Subtotal - Baseline of Nonagencv Developed Units (add lines 6 & 7)
0
9. Subtotal of Increased Inclusionary Obligation (Line 8 x 15%) (see Notes 1 and 2 below)
0
10. Very -Low Inclusionary Obligation Increase (Line 9 x 40%)
0
PART III REPORTING YEAR TOTALS
11. Total Increase in Inclusionary Obligation (add lines 4 and 9)
0
12. Very -Low Inclusionary Obligation Increase (add lines 5 and 10) (Line 12 is a subset of Line
I 0
11)
******************************************************************************************************************************
NOTES:
1. Section 33413(b)(1), (2), and (4) require agencies to ensure that applicable percentages (30% or 15%) of
all (market -rate and affordable) "new and substantially rehabilitated dwelling units" are made available
at affordable housing cost within 10 year planning periods. Market -rate units: units not assisted with
low -mod funds and jurisdiction does not control affordability restrictions. Affordable units: units
generally restricted for the longest feasible time beyond the redevelopment plan's land use controls and
jurisdiction controls affordability restrictions. Agency developed units: market -rate units can not exceed
70 percent and affordable units must be at least 30 percent; however, all units assisted with low -mod
funds must be affordable. Nonagencv developed (project area) units: market -rate units can not exceed
85 percent and affordable units must be at least 15 percent.
2. Production requirements may be met on a project -by -project basis or in aggregate within each 10 year
planning period. The percentage of affordable units relative to total units required within each 10 year
planning period may be calculated as follows:
AFFORDABLE units = Market -rate x (.30 or .15) TOTAL units = Market -rate or Affordable
(.70 or .85) (.70 or .85) (.30 or .15)
California Redevelopment Agencies - Fiscal Year 2001-2002
Sch E-I (7/1/02)
HCD-E
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
General Information
Fiscal Year
0
a
'E
First Name
Last Name
Agency Officials
(408) 354-6832
(408) 354-6828
m
0
0)
iL
Executive Director
T
cc
0
Fiscal Officer
(408) 354-6830
0
c
0
dependent Auditor
Report Prepared By
m
0
oZi
f6
5
Firm Name
0
N
E
1-
c
a>
a0i
0)
J LL
Middle Initial
1931 San Miguel Drive Suite 100
110 E. Main Street
Walnut Creek
U
0
0)
(925) 930-0902
(408)354-6828
a)
o m
d :) V c
v) U to N • a
Members of the Governing Body
First Name
N
E
co
z
y
co
O
C)
0
0)
c
g
C
co
m
c
(C
E
N 6) 6) 6) N d d N - d
EEEEEEEEE
Mailing Address
PO Box 949
❑ Is Address Changed?
(408)354-6828
d
c
0
a
12/11/2002
General Information
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
Achievement Information (Unaudited)
\
Fiscal Year
Indicate Only Those Achievements Completed During the Fiscal Year of this Report as a Direct Result
of the Activities of the Redevelopment Agency.
Square Footage Completed
Rehabilitated
Commercial Buildings
/
Industrial Buildings
Public Buildings
E
Other Buildings
Total Square Footage
w
Types Completed
12/11/2002
&
a
Achievement Information (Unaudited)
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
Audit Information
Fiscal Year
ƒ
0
To
cu
ƒ e
-o
@ J/
csJ
k/
7/
ft co
/�
/
00
Q�
n fl
7
Ta
Indicate Financial Audit Opinion
0
2
k
E
a)kk§ a)
a) ) om=
Cr) (±g j
F j\/ 4
/ \ <eJ /
% ± /0 CD
J
a * /22� § {
E ooE » e
3g / }\/\ / .
k0 \§ §/)/ ca
�o !� �0\/ ) /$
f\ 0= S>5\ _\
c}2g • J=
•= 5§ 2,= - of
/3 /± /2/2 0 °0
h 72 /G${ ° �0
}\ <> (�f+ § E
// /j /})\ % //
/
0
Audit Information
0
o m
0 c
cn
0
v- V
3 1
O E'
H To
O .v
c
H
> N
0
,
Q
tja
E
C
a)
0 E
d Q
> O
d
d
CD ci)
CL
a)
Project Area Report
Project Area Name
N
O
N
Fiscal Year
co
}
Forwarded from Prior Year ?
0
O N
as
tU
o•
as tkro.
0 0 0
0a-,_
cn Ol
E
N L.. O
0 0 Q
'O 0
Oci
4. 0
- > -c
a
-
O a) j
CL
Enter Code for Type of Project Area Report
A = Administrative Fund
P = Standard Project Area Report
0
O.
co
}
Does the Plan Include Tax Increment Provisions?
rn
O
Date Project Area was Established
Most Recent Date Project Area was Amended
Did this Amendment Add New Territory?
N
C
h
`
ca
E g c
1- > d E
o 2 O >
c Q U O
O 0 Q
U a> N E
2 8
i) O O O
U oaj 0 0
C N d TA
CO N
m co CL
Most Recent Date Project Area was Merged
Will this Project Area be Carried Forward to Next Year?
Established Time Limit :
v
O
Repayment of Indebtedness
0
0
N
Effectiveness of Plan
0
New Indebtedness
7
Size of Project Area in Acres
0
0
O
0
0
a
as c
co
a a a
a
Q a�i N
o Q
a` 7.5 3
.s o .sr
L.., k O x as co
as
O O C o
c .- a .- t CD
U
Q d C C J LL
CO
c c's 0 C') c
o a�
c _ c CO
LO O N .Q N to
_ 17 CO
@ Q N CO CD CO CO 0
0
cco a Ts)b Q U
>o
U 0 U a> c
-o -o o a.
c c d
J 0 J U) LO. Q
0 a 0 w 0 0
o) (1 Q1 c° y -•
CO w CO -c > L.
U Z U z N ILI
li li 0
R = Residential
0
0
C
0-
Project Area Report
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
Assessed Valuation Data
N
0
O
N
Fiscal Year
Los Gatos Project Area
Project Area Name
Frozen Base Assessed Valuation
3i
Increment Assessed Valuation
Total Assessed Valuation
CD
O
CO
d
Assessed Valuation Data
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
Pass -Through / School District Assistance
O
O
Fiscal Year
Project Area Name
Other Payments
Ie)
en
434
e)
M
° c
o
w
w
a)
o
U c
0, O
.)
2 d
3
0
co
0
School Districts
Community College District
Special Districts
Net Amount to Agency
C
0
E
0
0
C
co co cu
N
N N
o
0 0
N
0
0
N
CD
0)
a
Pass -Through / School District Assistance
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
Summary of the Statement of Indebtedness - Project Area
Fiscal Year
Project Area Name
Tax Allocation Bond Debt
Revenue Bonds
Other Long Term Debt
City/County Debt
Low and Moderate Income Housing Fund
0)
O)
co
CO
CV
L_
0
N
CO N 0
w
M O 00)
v_ CD LO
O ce;
O) CO
4, 472
O
H
Available Revenues
Net Tax Increment Requirements
12/11/2002
Summary of the Statement of Indebtedness - Project Area
Redevelopment Agency Of The Town Of Los Gatos
Agency Long -Term Debt
Fiscal Year
Los Gatos Project Area
Project Area Name
0)
}
Forward from Prior Year
Certificates of Participation
a)
O
0
CO
Year of Authorization
O
O
CO
O
0)
N
Principal Amount Authorized
0
O
O
0
CO
0)
N
Principal Amount Issued
Project Funding
Purpose of Issue
0)
O
Maturity Date Beginning Year
N
0
Maturity Date Ending Year
Principal Amount Unmatured Beginning of Fiscal Year
0
0
Adjustment Made During Year
Adjustment Explanation
Interest Added to Principal
Principal Amount Issued During Fiscal Year
0
0
Principal Amount Defeased During Fiscal Year
Principal Amount Unmatured End of Fiscal Year
Principal Amount In Default
Interest In Default
Bond Types Allowed:
co
a
Agency Long -Term Debt
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures - Revenues
Fiscal Year
Project Area Name
O
H
(Include All Apportionments)
664
69 LL
$529,112
64
44
CD 664
$O
$0
$0
0
M
44
T-
i O
O
1-
(D
69.
50,189 415,434 I 63,489
69
CO
0
69
N
0
0
1C)
Co
..
69
LO
0
M
O0)
d'
69
69
Special Supplemental Subvention
Property Assessments
Sales and Use Tax
Transient Occupancy Tax
Interest Income
Rental Income
Lease Income
Sale of Real Estate
Gain on Land Held for Resale
Federal Grants
Grants from Other Agencies
Bond Administrative Fees
Other Revenues
Total Revenues
12/11/2002
Statement of Income and Expenditures - Revenues
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
C1
0)
O.
x
w
d
L
7
m
a
x
w
c
G1
E
O
v
c
O
c
d
E
R
(
O'
!0
Fiscal Year
Project Area Name
0
0
L
.410
3
c) v
G1
m O
C
as N
-a • O
o
E
oE
O
V
0
O
0
41*
Administration Costs
O
CO
Professional Services
O
69
Planning, Survey, and Design
Real Estate Purchases
Acquisition Expense
0
69
Operation of Acquired Property
0
49
Relocation Costs
E9
Relocation Payments
E9
Site Clearance Costs
Project Improvement / Construction Costs
Disposal Costs
0
m
c
cJ
J
O
0
O
N
0
O.
O
ocn
0 a,
CC
Statement of Income and Expenditures - Expenditures
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
Statement of Income and Expenditures - Expenditures
Fiscal Year
Los Gatos Project Area
Project Area Name
71)
0
f
c
c
y 3
0)
U
N c
� W
a)
0
0
m
O y
CL
— c
_ c
R
!" LL
0.
(0
C)
CA
0 ', C , 0 uoo 9 CO
O
u7
in tfi
Ca
Decline in Value of Land Held for Resale
Rehabilitation Costs
Rehabilitation Grants
Interest Expense
Fixed Asset Acquisitions
Debt Principal Payments:
0
Tax Allocation Bonds and Notes
0
CO
LO
O
co
o
Efl
3 a -c
CO 0
C) y 0
U
8 E
c
c co a)
D iL ->a
m
c
O T J
CD co CO O
a 0 N 3
O L
> t c >. O
CO
U Q
Total Expenditures
64
12/11/2002
N
0)
O)
CO
a
Statement of Income and Expenditures - Expenditures
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
N
i
O
a►
ca
Li:
d
0
d
d
Q
X
W
as
a>
E
O
O
C o! O
E iN L�,
Fiscal Year
Project Area Name
Proceeds of Long -Term Debt
O
E9
1
1
1
1
Proceeds of Refunding Bonds
0
E9
1
1
1
Payment to Refunded Bond Escrow Agent
0
69
1
1
1
Advances from City/County
0
iA
1
1
1
Sale of Fixed Assets
1
1
1
1
Miscellaneous Financing Sources (Uses)
0
rn
1)
0)
Operating Transfers In
Tax Increment Transfers In
m
co
Operating Transfers Out
Tax Increment Transfers Out
(To the Low and Moderate Income Housing Fund)
0)
Total Other Financing Sources (Uses)
0
O
Statement of Income and Expenditures - Other Financing Sources
Redevelopment Agency Of The Town Of Los Gatos
O
O. o
16
N N
C c
o
V
N • •c_
C LL
d
— 0
l0 �
• V N
C
CD
C'"'
a
C
Q)
N a
O w
c� a
c
a) m
a
C ▪ ci
a> C
n
NNa R
CD L.L. y
Los Gatos Project Area
0
H
N
uO
CO
EA
v
CO
v
LO
n
N
OD
69
CO
CO
CO
4,
Equity, Beginning of Period
Prior Period Adjustments
Residual Equity Transfers
W
G
V
Other(Specify)
1
1
1
16
H
Other Total
m
0
N
co
Equity, End of Period
12/11/2002
Statement of Income and Expenditures - Other Financing Sources
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
Balance Sheet - Assets and Other Debits
N
0
O
N
Fiscal Year
O
H
Assets and Other Debits
0
N
0
0
1
10
Cash and Imprest Cash
M
d'
O
ti
Cash with Fiscal Agent
Tax Increments Receivable
Accounts Receivable
Accrued Interest Receivable
Loans Receivable
Contracts Receivable
Lease Payments Receivable
0
e»
Uneamed Finance Charge
0
1
1
1
1
Due from Capital Projects Fund
49
Due from Debt Service Fund
0
1
1
1
1
1
1
1
1
1
a)
io -a cn
• C
7 C
o Li.. To lL
2 m
3C o
. rn
o = n.
J o cnp
E1 E�
o • E o c o
No a)>
a 0 CC
N
O
0
N
a)
0)
0
Balance Sheet - Assets and Other Debits
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
Balance Sheet - Assets and Other Debits
N
O
Fiscal Year
is
0
Investments
Other Assets
0
1
1
1
1
0
0
0
N
O
LC)
CD
O
N
OD
0
N
69
CO
CO
co_
• .
m C
!Eli
c °
o co
a� E ❑a . :'
-o �� > 0 �E O a�
2 C� �Q Q ) -a ;°W
C E > f- C
co 02 J-0 1] d C) N • O N
J p C (0 O d
to O C ... f6 J U) +..
tI
C 8J co 0) QLL O N o-4) inEy �a Qc E cg caw) is2. lu0
�m c -00 CL
7.— of d �`m
m u� p— E 12 C C
ccc Q> it w Qv) Qa ZO
Balance Sheet - Assets and Other Debits
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
Balance Sheet - Liabilities and Other Credits
1
a)
L_
cash
v
c
acu_
u) a)
m
a) Q1
c
i N
• 0 0
0 = c
2 a)
O 0
J V
0
o
v
c
LL
0
0
O 0
d
A LT.
.a
l9
U
O
N
Fiscal Year
Liabilities and Other Credits
rn
CO
M
O)
Accounts Payable
Interest Payable
O
69
Tax Anticipation Notes Payable
O
O
O
0)
co
rn
Loans Payable
1
1
1
1
0
M
0.
co
N
(V
1
Other Liabilities
O
0
1
1
1
1
1
1
Due to Capital Projects Fund
Due to Debt Service Fund
O
a) 12
c
in
• LL
'0 0)
O c
2
3 oo
O
J
E
a) o
p• c
1
1
1
Tax Allocation Bonds Payable
O
to
1
1
1
1
All Other Long -Term Debt
00
M
V!
Balance Sheet - Liabilities and Other Credits
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
Balance Sheet - Liabilities and Other Credits
Q)
L_
Ts
LI C
CL cn
C LL
m
R TA
Ts O-p
o 2 c
E co
O 0
J C
N
V
c C
aLL
C
N
U
d
a.o
c
TO IL
c
us
U
N
O
O
Fiscal Year
•a
ti
O
M
co-
49
N
f0
O)
0
O
CV
V
O
1
O
63
1
1
1
1
1
0)
O
co
sr)
co
N
69
D
• a▪ ) c
@ L coo) c
c N
• C O
a) a)� a)to a)• N c r )oT
=
c co 8 Ua Ua 0
C C-6 C- C CO L N
Tn Nco m ma mz w �� E.
a) _E Q m m a) m m ) an d
7 CD CD
c c,- 1-Ow
> x
W ELL. u TiD TiD
N
0
O
N
SV
N
0)
co
Balance Sheet - Liabilities and Other Credits
Redevelopment Agency Of The Town Of Los Gatos
Redevelopment Agencies Financial Transactions Report
0
c
l0
E
o
V
f0
E
E
H '
dI
rr
C
w
Q
x
W
co
E'
O
46
E
.r
N
O
O
Fiscal Year
Operating Transfers In
O69.
Tax Increment Transfers In
LC)
0)
N
O
69
Operating Transfers Out
O
69
Tax Increment Transfers Out
E
E
0,
0
a)
a
x
W
7- O
r7)
m
a�
O N
c c
N
O F—
C
a
E�
E
u)
FILED FOR THE 2002-03 TAX YEAR 1
FINANCE & ADMIN SERVICES DIR.
Current
Principal/Interest
Due During Tax
Year
0
OD
N
0
EA-
0,
c
ti
0
ER
N
0001
c
Ti
Total
Outstanding
Debt
$ 190,430,716 1
190,430,716
F-
i o
o
BALANCES CARRIED FORWARD FROM:
,-
CV
C,)
•ztIn
a)
v
U
indebtedness into post June 30 of the Fiscal Year, pursuant to Health and Safety Code Section 33675 (C)(2), this is
optional for each agency and is not a requirement for filing the Statement of Indebtedness. The Reconciliation Statement
STEPHEN D. CONWAY
Fiscal Period -Totals (From Form A, Page 1 Totals) T j
I(Optional) Post Fiscal Period -Totals (From Form B Totals) ! j
Grand Totals 1
Available Revenues (From Calculation of Available Revenues -Line 7)
'Consolidate on this form all of the data contained on Form A and B (including supplemental pages). Form A is to i
Ilk
Name
S' attire
Pursuant to Section 33675 (b) of the Health and Safety Code,
I hereby certify that the above is a true and accurate Statement
of indebtedness for the above named agency.
Net Requirement
ILOS GATOS REDEVELOPMENT AGENCY
is to include indebtedness from Form A only.
Certification of Chief Financial Officer
CENTRAL PROJECT AREA
}
J
Z
0
(n
❑
Z
❑
W
F-
m
W
❑Q
zW
W
}I-
J (0
<
0 N
(A
tL N }
Z ~ 0
❑ 0
~ W Z
W WCD 2
Z w 0
J
0
w
W
Cn <
0
0 CC
Cl
0 4
Z I-
z
O0
STATEMENTS OF
For Indebtedness Entered Into as of June 30, 2002
(C)
❑
c0
C
0
c
_ a)
Ca Zr,
0 c
Q) 0)
t0
E
O
1-
(0
0
U
a_
0)
(0
0
Debt Identification
h -Short Term
Annual Pass Throu
O N N O N (0
O COO CT) N 0
10 N V N 1�
N O N N
C)
69
O N N 0 N(0
00 CO t I,- V C-
O CO .d' CO N O
V 10 N 7 N f-
N O N (n N
E9
(U 0) N a) 0 0)
c c c c c c
000000
c c c C c C
O N N O N (h
c000 �d'r
O CO V' Cn N
V U5 N .4 (V N-
N O N (0 N
(0 .-
N N N N N N
OOOOOO
0 0 0 0 0 0
N N N N N N
0 0 0 0 0 0
N) () () (0(0 (h
CO (0 (O CO co (o
00 t0 () 00 't7'
N �0
0
(O
ct CO V) N tf)
00 N N N Ch
(0 (0 00 I- 0 .t
10 CO (O (O t0 co
(V 00 N V O
N (0 M
C C C C C C
cc000000
cccc
cANNNNN
c7 c) (0 (0 (0 00
000000
N N N N N N
0 0 O O O 0
- - d-
CC CC CC CC CZ CC
}>->-}}}
00 to � (0 03
N (0O 1.0 CO
a0 (0 ti (n
a0 N N N M
co c7 00 N- O d'
(0 00 CO O t() c0
N 00 N (0
M c)
N N N N N N
c0 c0 (h () M C7
0 0 0 0 0 0
N N N N N N
0 0 0 0 0 0
�t d'
CC CC CC rY Ct
} } } } } }
U U
to U fn U (+)
❑ 1,2 0 o c6
o- w 00 _ ai
a)
CD C n O (n O L_
0 a) L U❑ t- _Q Co'CD •_rn 00 0 .LO
co
U 0. _ a-• 0 O U (1 = 0 '6
co O C
O O
W C C7 C O C t W C O) C O C L.L co
CI) O 0) (A a) O a) (/)CL
O O' 12 E `) O O O @ E u O (n O}
0) 0 co 0) . O N (9 0 rG U L @ Ti
U_ co (/) W j, f6 H U_ (0 CO W j, co I- 2 O
0 c 0 0 co- o C 0 0 0 O jy
> a) (0 io > ( ) a >, a) (o is > U 0 lL
c a (7 C7 0 A c W (3 0 (o F u) cr
>c CO CO
0, J J, (n < O 2 J J 7 (!) CI) I- I-
g m 0 0 w u
C7 S ^ =) Y J
L.0 _O.0.O
00000 ❑
EEEEEE
I-FO1-HI-H
0) 0) 0) 0) 0 0)
000000
J J J J J J
L L L L L L
Co 0) CO 0) 0) 07)
000000
L L L L L L
iTf-
(I) (n (n (O Q) U)
0 0 0 (v 0 0
aaaan.a
7 7 7 7 7 7
000000
aaaaa¢
a) d a) 00 N 0
00000 ❑
EEEEEE
000000
N L L L L L .L
C Cn Cfl (n (n (n Cn
-0 L L L L L L
0) CO 0) 0) 0) a7) 0)
.0 0 0 0 77777
0 0
L
0 1- I- 1- F- I- F
O co CO CONCO 0 co cn co 0 (0
a,0aaao_a.
cn
Q co
DCO 03 al CO CO
L c C c C C c
a¢¢a¢¢Q
< EE OCWlt
N
< O
N
EC 8,
u_a
0)
7
U
J
Z
0
U)
co
0
Z
W
CO
❑wCC
Z uJ
w
>-
I-
<
U N
CO O
LL O
W Z
w
W0
CO 1-
❑
Lij
❑ J
Z Il
0 0
co
1- W
Z
w W
U)
co ow
co 0
Oc
J 0_.
O
Z
1-1-1OU
For Indebtedness Entered Into as of June 30, 2002
E
U
0
0
co
❑
Debt Identification
Deferred Pass Throu
(
CO
(ten CO � � 0)
co r- O
N O CO CO CO V
N N U)
0) 0)
C C
O O
C C
0 0
CO
O 0
N N
-0 0
CO O
CO CO
r— CO.
LO CO
N N N N
0) 0) 0) O) 0)
0) 0) O) O) 0)
00N-r;�
aaaa7--
U
i i 9
Tii VI CO in"
0
❑ ❑ ❑ ❑ 00
O O O O c
O O O O (-1)
(/)U)U)U) _rn io ` 7
.c (O 03 CO CO (o U 0 09 E U) O EO 0 2
Dolt C C C C O E T O) O co
0) a) O1 0) O (0 otl N O) O) a- LL 00) -C H
E E E E 2 LL 0) 3 Q c N 0>
0 O) 0) N (0 y c p w 0) t 'O O O
W W W W co n w :° o .L U) F 0 U 0) (CO
(n u) in N v) O) m c G p d 0 p LL
0 0 0 0 0 ° a c O) O u.. a 'O
CO 0 (0 0 0 U a O c00000 ¢ A a) U ♦o (n vi d 2
0 0 CO Cl) 0 m .eaL. cc 0 o 0 0.) m
J J J J J o 0 U< W F- 0 N U) I- F- a. ❑❑
v ' CO O
0')) 0 CO
CO- (Ii ((')
c0 CO CO
(D N
N (O (4
CO
O
O
CO
M N e}' (n
0) (O (D V
CON 0
r O)
CO CO
n O N N
M (n
CO
0 rt
LL) (D
0D
(O
0)
O) 0) 0)
o c c C 0
O O O O O
C C C
Currecnt Yr
O O co co
O 0 0 0 0
I-- co N c (n
M M O (o 0p
O r� 0 (0 (D
CO M N O)
('3
O) 0)
O O
C C
0) 0) 0 O 0) O 0 c7.1 co
O co N coN co coN
0
r I� : ti N 'O=
it
}
(M) 2002 COP'S RDA Capital Projects
0
C C
7
LL LL
O) 0)
C c
y 7
00
U 0) (3)
�o a)
2. 2 0
d oel
0o 3 3
CO.) J
o O
m
p p
C
.O
Q N .to
C O) p)
I O O
Y
<c000 W
a
LT: 0 2 ^ -) 2
01
O) O
< 03 0 0 W LL
Page 1 of 2
REMAINING
BALANCE A
+ B - C - D-E
24,080 1
CONY
(Q
r
NI:
N
O
M
124,970
52,242
127,073
2,538,428
LO
N
M
CO
28,682,804
37,671,553 I
4,502,768
(n
M
V
M
O
CO
105,217,671 I
85,213,045
190,430,716
RECON DATES: From July 1, 2001 to June 30, 2002
AMOUNTS PAID AGAINST
INDEBTEDNESS FROM
OTHER
111111W
ince the reconciliation period is
limited by law to a July 1- June 30 fiscal year period, only those items included on the SOI Form A is to be included on this document. To assist
O
TAX
INCREMENT
CO
CO
N
259,665
U
N
Cr)
.-
N
rn
N
r
N
C
G)
O
(p
O
00
547,883
1,338,907 I
I 1,886,790
in following each item of indebtedness from one SOI to the next, use page and line number references from each SOI that the item of
indebtedness is listed on. If indebtedness is new to the fiscal year, enter "new" in the "Prior Yr' one and line columns. Column F must
equal the current SOI, Form A Total Outstanding Debt Column. I 1
0r-
ADJUST 1
DECREASE
(ATTACH
EXPLAN.)
466,411
486,868
6,652,918
O
(D
r
O
N
r
6,333,240
r
Q )
O
(O
m.-r
V
CO
in
N
N
co-
(V
N-
N
CO
r
CO
m,.-
ADJUST
INCREASE
(ATTACH
EXPLAN.)
24,080
302,442
124,970
N
N
N.
1n
L 127,073
i
f 15,187,027
•
O
NI-
CO
UJ
I.35,992,398
1 51,825,894
NOTE: This form is to reconcile the previous Statement of Indebtedness to the current one being filed. However, s
Q
OUTSTANDING
DEBT ALL BEG.
INDEBTEDNESS
CO
C)
r-
N
11,017 1
259,665
In
N
CO
N
•-
0)
N
1f)
NI'
O)
O
O
Q)
CO
3,004,839
1,319,003
N
N
r
In
M
CO
)t)
M
r 22,484,526
5,223,528
36,676,754
N
m
(Il
73,444,903
178,037,158
Reconciliation Statement -Changes in Indebtedness
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
BRIEF
DESCRIPTION
+
ILos Gatos -Saratoga High School District
Los Gatos Elementary School District 1
West Valley/Misson CCD
Santa Clara County I
County Office of Education
Mid-Pensula Open Space
Los Gatos -Saratoga High School District
'Los Gatos Elementary School District
1 West Valley/Misson CCD
Santa Clara County
'CENTRAL PROJECT AREA 1
'TAX YEAR 2002-03 1
(DEBT IDENTIFICATION
CURRENT YR 1
Pg 1 Line A
Pg 1 Line B
Pg 1 Line C
Pg 1 Line D
Pg 1 Line E
IPg 1 Line G
Pg 1 Line H 1
IPg 1 Line J
Pg 1 Line K
Pg 1 Line L
( TOTAL -THIS PAGE
TOTALS FORWARD
GRAND TOTALS
SOI PAGE & LINE 1
PRIOR YR
Pg 1 Line A
IPg 1 Line B
Pg 1 Line C
I 1 Line D
1Pg 1 Line E
U.
N
-J
r
a
Pg 1 Line G
1Pg 1 Line H
Pg 1 Line l
Pg 1 Line J
Pg 2 Line A
m
N
C
J
N
a
Reconciliation Statement -Changes in Indebtedness
0
Z
w
0
Z
w
a
0
-J
w
W
W
CC W
(j) Q
0�
QU
r W
o°
J a
LL
0�
Z
Ow
F-
RECON DATES: From July 1, 2001 to June 30, 2002
TAX YEAR 2002-03
+ i°aoouU) otonrnCOccoo
ZQ h CO 0) O M a0 N
W w 07 C� tr tr N:Z 0 ❑' to co 00 CO CO cc) Ch
CO N ,- r-ON
QZ
20 N M`"
W
LL m
I m
U)
z2
0 Q w
Q W 1
F-
wQw 0
a Z I- o o to
F— W W O ? N 0000 M
Z 00 W N to a) N
0 w c N CO❑< ❑ 0
Z F-Z
W00 rn o o
U) co co a)N O)
w w 0 Z r o o
Ct Ocr) co-=)UQa ce OD
C Q ❑ Q W
w o to co CO`r
cn co O
W Q O0")(0 N
❑ U n a_
0 O0) 4
m Q Z Q W
o� mor-ooc0ootn
U) O r. O coO CM O O 0) Cn N O
Z CO W W tf) N O O O C`7 O ti tf) alO)
O CD Z N d to O co 0~0 a) N co cc) N CON
J N 0) r CV
Fco-Qm O
F-
Cu
Q 00❑
DEBT IDENTIFICATION
SOI PAGE & LINE
CURRENT YR DESCRIPTION
O co
O O O` O }_ }
O O 0 C O N N
N 3
O O O N a) a>
NON}O 3 ULL
} } LL._ O
LL a) LL O L O Cn Q)
} CO (6 C O O
O LL O S a 7 2
7 ro CJ 0
7>>❑m't E 06 ers m
a O ° co a)Q 3 3 m
a'a'�'CD Nd U.0 ,- a)JJ
CD CO C66 lLl (n ° a) C O O U)
aC) aa)) aa)) v) Cn O. li > c c O
E E E° °i6a0 c-0 0 00
CD CI) ro Ia. id 0_ m m 0 Q '� .� O
WWW00f`" a 0 c 0) .0)
to u)f Qc 3--0
J JJ J J000 El I-000 oN
Qm0❑wLL0I_--)YJ2
a) a) a) a) 0 a) a) a) a) a) a) a) a)
C C C C C C C C C C C C C
J J J J J J J J J J J J J
N N N N N N N N N N N N N
0) a) 0) a) CD O) 0) o) o) 0) 0) a) a)
a a a a a a a a a a a a
ctU❑ W u_01--)Y JQ
} a) Q) a) a) a) a) ro a) a) (1) a)
CCCCCCCCC Cc
.J J J J J J J J J J
N N N N N N N N N N M
M 0) 61 0) 0) 6) 0) CO CJ) 0) Q a) a)
a a a a a n_ a a a a Z a a Z
0
rn
O
CO
M
0)
If)
N
CN
C6)
N
CO
CA
0)
N
O)
0)
t)
r)
O
cc
ti
v
C+)
CO
CALCULATION OF AVAILABLE REVENUES
TOWN OF LOS GATOS REDEVELOPMENT AGENCY
CENTRAL PROJECT AREA
TAX YEAR 2002-03
RECONCILIATION DATES: July 1, 2001 to June 30 , 2002
1. Beginning Balance, Available Revenues
2. Tax Increment Received -Gross
All Tax Increment Revenues , to include any Tax Increment
pass through to other local taxing agencies
$ 3,335,377
4,079,598
3. All Other Available Revenues Received 1,306,037
4. Revenues from any other source, included
in column E of the Reconciliation
Statement, but not included in (1-3) above
5. Sum of lines 1 through 4 8,721,012
6. Total amounts paid against indebtedness
in previous year. (D + E on Reconciliation Statement) 1,886,790
7. Available Revenues, End of Year (5-6)
FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS,
COVER PAGE, LINE 4
NOTES
6,834,222
Tax Increment Revenues:
The only amount(s) to be excluded as Tax Increment Revenue are any amounts pass through to other local taxing
agencies pursuant to Health and Safety Code Section 33676. Tax Increment Revenue set -aside in the Low and
Moderate Income Housing Fund will be washed in the above calculation, and therefore omitted from Available
Revenues at year end.
Item 4 above:
This represents any payments form any source other than Tax Increment OR available revenues. For instance, an
agency funds a project with a bond issue. The previous SOI included a Disposition and Development Agreement (DDA)
which was fully satisfied with these bond proceeds. The DDA would be shown on the Reconciliation Statement
as fully repaid under the "other" column (Col E), but with funds that were neither Tax Increment, nor "Available Revenue:
as defined. The amounts used to satisfy this DDA would be included on line 4 above in order to accurately
determine ending "Available Revenues".
Agency Name: Town of Los Gains RDA Project Area Name: Central Los Gatos
Exemption(s)
4. a. If an exemption was claimed on Page 2, Line 3a(4) to deposit less than the required amount, complete the following information:
Check only one of the Health and Safety Code Sections below providing a basis for the exemption:
❑ Section 33334.2(a)(1): No need in community to increase/improve supply of lower or moderate income housing.
❑ Section 33334.2(a)(2): Less than 20% set -aside is sufficient to meet the need.
N/A ❑ Section 33334.2(a)(3): Community is making substantial effort equivalent in value to 20% set -aside and has specific
contractual obligations incurred before May 1, 1991 requiring continued use of this funding.
Note: Pursuant to Section 33334.2(a)(3)(C), this exemption expired on June 30,1993 but
contracts entered into prior to May 1, 1991 may not be subject to the exemption sunset.
❑ Other: Specify code section and reason(s):
b. For any exemption claimed on Page 2, Line 3a(4) and/or Line 4a above, identify:
Date that initial (1s') finding was adopted: / / Resolution # Date sent to HCD: / /
mo day yr mo day yr
Adoption date of reporting year finding: / / Resolution # Date sent to HCD: / /
mo day yr mo day yr
Deferral(s)
5. a. Specify the authority for deferring any set -aside on Line 3a(5). Check only one Health and Safety Code Section boxes:
❑ Section 33334.6(d): Applicable to project areas approved before 1986 in which the required resolution was sent to HCD
before September 1986 regarding needing tax increment to meet existing obligations. Existing obligations can include those
incurred after 1985, if net proceeds were used to refinance pre-1986 listed obligations.
N/A
Note: The previous allowable deferral under Section 33334.6(e) expired. It was
only allowable in each fiscal year prior to July 1,1996 with certain restrictions.
❑ Other: Specify code Section and reason:
b. For any deferral claimed on Page 2, Line 3a(5) and/or Line 5a above, identify:
Date that initial (1') finding was adopted: / / Resolution # Date sent to HCD: / /
mo day yr
Adoption date of reporting year finding: / / Resolution #
mo day yr
mo day yr
Date sent to HCD: / /
mo day yr
c. A deferred set -aside pursuant to Section 33334.6(d) constitutes an indebtedness to the Housing Fund. Summarize the
amount(s) of set -aside deferred over the reporting year and cumulatively as of the end of the reporting year:
Fiscal Year
Amount Deferred
Amount of Prior
Deferrals Repaid
Cumulative Amount
Deferred (Net of Any
Amount(s) Repaid)
This Reporting FY
During Reporting FY
(1) Last Reporting FY
(2) This Reporting FY
$
$
$
$ *
* The cumulative amount of deferred set -aside should also be shown on HCD-C, Line 8a.
If the prior FY cumulative deferral shown above differs from what was reported on the last HCD report (HCD-A and
HCD-C), indicate the amount of difference and the reason:
Difference: $
Reason(s):
California Redevelopment Agencies — Fiscal Year 2001-2002
Sch A (7/1/02)
HCD-A
Page 3 of 6
Agency Name: Town of Los Gatos RDA Project Area Name: Central Los Gatos
Deferral(s) (continued)
5.
N/A
d. Section 33334.6(g) requires any agency which defers set -asides to adopt a plan to eliminate the deficit in subsequent years. If
this agency has deferred set -asides, has it adopted such a plan? Yes 0 No ❑
If yes, by what date is the deficit to be eliminated? / /
mo day yr
If yes, when was the original plan adopted for the claimed deferral? / /
mo day yr
Identify Resolution # Date Resolution sent to HCD / /
mo day yr
When was the last amended plan adopted for the claimed deferral? / /
mo day yr
Identify Resolution # Date Resolution sent to HCD / /
mo day yr
Actual Project Area Households Displaced and Units and Bedrooms Lost Over Reporting Year:
6. a. Redevelopment Protect Activity. Pursuant to Sections 33080.4(a)(1) and (a)(3), report by income category the number of
elderly and nonelderly households permanently displaced and the number of units and bedrooms removed or destroyed, over the
reporting year, (refer to Section 33413 for unit and bedroom replacement requirements).
N/A
mber of Households/Units/Bedrooms
Project Activity
VL
L
M
AM
Total
Households Permanently Displaced - Elderly
Households Permanently Displaced - Non Elderly
Households Permanently Displaced -Total
Units Lost (Removed or Destroyed) and Required to be Replaced
Bedrooms Lost (Removed or Destroyed) and Required to be Replaced
Above Moderate Units Lost That Agency is Not Required to Replace
Above Moderate Bedrooms Lost That Agency is Not Required to Replace
b. Other Activity. Pursuant to Sections 33080.4(a)(1) and (a)(3) based on activities other than the destruction or removal of
dwelling units and bedrooms reported on Line 6a, report by income category the number of elderly and nonelderly households
permanently displaced over the reportingyear:
N/A
ouseholds
Other Activity
VL
L
M
AM
Total
Households Permanently Displaced - Elderly
Households Permanently Displaced - Non Elderly
Households Permanently Displaced - Total
c. As required in Section 33413.5, identify, over the reporting year, each replacement housing plan required to be adopted
before the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households
reported on lines 6a. and 6b.
Date / / Name of Agency Custodian
mo day yr
Date / /
mo day yr
Name of Agency Custodian
Please attach a separate sheet of paper listing any additional housing plans adopted.
California Redevelopment Agencies — Fiscal Year 2001-2002
Sch A (7/1/02)
HCD-A
Page 4 of 6
Agency Name: Town of Los Gatos RDA Project Area Name: Central Los Gatos
Estimated Proiect Area Households to be Permanently Displaced Over Current Fiscal Year:
7. a. As required in Section 33080.4(a)(2) for a redevelopment project of the agency, estimate, over the current fiscal year, the
number of elderly and nonelderly households, by income category, expected to be permanently displaced. (Note: actual
displacements will be reported for the next reporting year on Line 6).
N/A
Number of Households
Project Activity
VL
L
M
AM
Total
Households Permanently Displaced - Elderly
Households Permanently Displaced - Non Elderly
Households Permanently Displaced - Total
b. As required in Section 33413.5, for the current fiscal year, identify each replacement housing plan required to be adopted before
the permanent displacement, destruction, and/or removal of dwelling units and bedrooms impacting the households reported in 7a.
Date / /
mo day yr
Date / /
mo day yr
Name of Agency Custodian
Name of Agency Custodian
Please attach a separate sheet of paper listing any additional housing plans adopted. I
Units Developed Inside the Project Area to Fulfill Requirements of Other Project Area(s)
8. Pursuant to Section 33413(b)(2)(A)(v), agencies may choose one or more project areas to fulfill another project area's requirement to
construct new or substantially rehabilitate dwelling units, provided the agency conducts a public hearing and finds, based on
substantial evidence, that the aggregation of dwelling units in one or more project areas will not cause or exacerbate racial, ethnic, or
economic segregation.
Nil/ere any dwelling units in this project area developed to partially or completely satisfy another project area's requirement to
construct new or substantially rehabilitate dwelling units?
❑ No.
❑ Yes. Date initial finding was adopted? / / Resolution # Date sent to HCD: / /
mo day yr
mo day yr
Number of Dwelling Units
Name of Other Project Area(s)
VL
Total
California Redevelopment Agencies — Fiscal Year 2001-2002
Sch A (7/1/02)
HCD-A
Page 5 of 6
N/A
N/A
AgencyName:Name: Town of Los Gatos RDA Project Area Name: Central Los Gatos
Sales of Owner -Occupied Units Inside the Project Area Prior to the Expiration of Land Use Controls
9. Section 33413(c)(2)(A) specifies that pursuant to an adopted program, which includes but is not limited to an equity sharing program,
agencies may permit the sale of owner -occupied units prior to the expiration of the period of the land use controls established by the
agency. Agencies must deposit sale proceeds into the Low and Moderate Income Housing Fund and within three (3) years from the
date the unit was sold, expend funds to make another unit equal in affordability, at the same income level, to the unit sold.
a. Sales. Did the agency permit the sale of any owner -occupied units during the reporting year?
❑No
Dyes
$ Total Proceeds From Sales Over Reporting Year
Number of Units
SALES INCOME LEVEL
VL
L
M
Total
Units Sold Over Reporting Year
b. Equal Units. Were reporting year funds spent to make units equal in affordability to units sold over the last three reporting years?
❑No
❑Yes
$ Total Proceeds From Sales Over Reporting Year
Number of Units
SALES INCOME LEVEL
VL
L
M
Total
Units Made Equal This Reporting Yr to Units Sold Over This Reporting Yr
Units Made Equal This Reporting Yr to Units Sold One Reporting Yr Ago
Units Made Equal This Reporting Yr to Units Sold Two Reporting Yrs Ago
Units Made Equal This Reporting Yr to Units Sold Three Reporting Yrs Ago
Affordable Units to be Constructed Inside the Project Area Within Two Years
10. Pursuant to Section 33080.4(a)(10), report the number of very low, low, and moderate income units to be financed by any federal,
state, local, or private source in order for construction to be completed within two years from the date of the agreement or contract
executed over the reporting year. Identify the project and/or contractor, date of the executed agreement or contract, and estimated
completion date. Specify the amount reported as an encumbrance on HCD-C, Line 6a. and/or any applicable amount designated on
HCD-C, Line 7a. such as for capital outlay or budgeted funds intended to be encumbered for project use within two years from the
reporting year's agreement or contract date.
TS ON THIS SCHEDULE A THAT ARE REPORTED ON OTHER HCD-As, B, OR Ds.
Col A
Col B
Col C
Col D
Col E
VL
L
M
Total
Name of
Project and/or
Contractor
Agreement
Execution
Date
Estimated
Completion Date
(w/in 2 yrs of Col B)
Sch C Amount
Encumbered
[Line 6a]
Sch C Amount
Designated
[Line 7a]
$
$
$
$
$
$
Please attach a separate sheet of paper to list additional information.
California Redevelopment Agencies — Fiscal Year 2001-2002
Sch A (7/1/02)
HCD-A
Page 6 of 6
SCHEDULE HCD-C
Agency -wide Activity
for Fiscal Year Ended 06 / 30 / 02
Agency Name: Town of Los Gatos RDA County: Santa Clara
Preparer's Name, Title: Steve Conway, FinanrP Di r Preparer's E-Mail Address: sconwav@town.los—gatos.ca.us
Preparer's Telephone No: (408) 354-6828 Preparer's Facsimile No:
Low & Moderate Income Housing Funds
(408) 399-5786
Report on the "status and use of the agency's Low and Moderate Income Housing Fund." Most information reported here should
be based on information reported to the State Controller.
1. Beginning Balance (Use "Net Resources Available" from last year's report to HCD)
a. If Beginning Balance requires adiustment(s), identify the reason and amount for each adjustment:
Use < $ > for negative amounts or amounts to be subtracted
b. Total Adjustment(s) (indicate whether positive or <negative>)
c. Adjusted Beginning Balance [Beginning Balance plus + or minus <-> Total Adjustment(s)]
2. Project Area(s) Receipts and Housing Fund Revenues
a. All Project Areas. Total Deposits [Sum of amount(s) from Line 3k.,HCD-A(s)]
b. Other revenues not reported on Schedule HCD-A(s) [Identify source(s) and amount(s)]:
c. Total Housing Fund Revenues $
3 • Total Resources (Line lc. + Line 2a + Line 2c.)
$ 1,418,614
s 1,418,614
$ 879,409
s 2,298,023
NOTES:
Many amounts to report as Expenditures and Other Uses (beginning on the next page) should be taken from amounts reported
to the State Controller's Office (SCO). Review the SCO's Redevelopment Agencies Financial Transactions Report.
Transfers -out to other internal funds: Report the specific use of all transferred funds on applicable lines 4a.-k of Schedule C.
For example, transfers from the Housing Fund to the Debt Service Fund for the repayment of debt should be reported on the
applicable item comprising HCD-C Line 4c, providing gross tax increment was reported on Sch-As. Any transfers out of
the Agency (for example: the transfer of excess surplus funds to a county Housing Authority) should be reported on HCD-C
Line 4j(2).
Other Uses: Non-GAAP (Generally Accepted Accounting Principles) recording of expenditures such as land purchases for
certain agencies using the Land Held for Resale method to record land purchases should be reported on HCD-C Line 4a(I).
Money spent on loans from the Housing Fund should be included in HCD-C lmes 4b., 4f., 4g., 4h., and 4i as appropriate.
The statutory cite pertaining to Community Redevelopment Law (CRL) is provided forpreparers to review to determine
the appropriateness of Low and Moderate Income Housing Fund (LMIHF) expenditures and other uses. HCD does
not represent that line items identifying any expenditures and other uses are allowable. CRL is accessible on the Internet
[website: http://www.leginfo.ca.govi (California Law)/ beginning with Section 33000 of the Health and Safety Code.
California Redevelopment Agencies - Fiscal Year 2001-2002
Sch C (7/1/02)
HCD-C
Page 1 of 8
Agency Name: Town of Los Gatos RDA
4. Expenditures and Other Uses
a. Acquisition of Property & Building Sites [33334.2(e)(1)1 & Housing [33334.2(e)(6)1:
(1) Land Assets (Investment — Land Held for Resale) * $
(2) Housing Assets (Fixed Asset) * $
(3) Acquisition Expense $
(4) Operation of Acquired Property $
(5) Relocation Costs $
(6) Relocation Payments $
(7) Site Clearance Costs $
(8) Disposal Costs $
(9) Other [Explain and identify amount(s)]:
* Reported to SCO as part of Assets and Other Debts
(10) Subtotal Property/Building Sites/Housing Acquisition (Sum of Lines I — 9) $
b. Subsidies from Low and Moderate Income Housing Fund (LMIHF):
(1) 1" Time Homebuyer Down Payment Assistance $
(2) Rental Subsidies $
(3) Purchase of Affordability Covenants [33413(b)2(B)] $
(4) Other [Explain and identify amount(s)]:
(5) Subtotal Subsidies from LMIHF (Sum of Lines 1 — 4) $
c. Debt Service [33334.2(e)(9)]. Report LMIHF's share of debt service. If paid from
Debt Service Fund, ensure "gross" tax increment is reported on HCD-A(s) Line 3a(1).
(1) Debt Principal Payments
(a) Tax Allocation, Bonds & Notes $
(b) Revenue Bonds & Certificates of Participation $
(c) City/County Advances & Loans $
(d) U. S. State & Other Long —Term Debt $
(2) Interest Expense $
(3) Debt Issuance Costs $
(4) Other [Explain and identify amount(s)]:
0
0
(5) Subtotal Debt Service (Sum of Lines 1 — 4) $ 0
d. Planning and Administration Costs 133334.3(e)(1)J:
(1) Administration Costs
(2) Professional Services (non project specific)
(3) Planning/Survey/Design (non project specific)
(4) Indirect Nonprofit Costs [33334.3(e)(1)(B)]
(5) Other [Explain and identify amount(s)]:
$ 149,103
(6) Subtotal Planning and Administration (Sum of Lines 1 — 5)
149,103
Califomia Redevelopment Agencies - Fiscal Year 2001-2002
Sch C (7/1/02)
HCD-C
Page 2 of 8
Agency Name: Town of Los Gatos RDA
4. Expenditures and Other Uses (continued)
e. On/Off-Site Improvements [33334.2(e)(2)] Complete item 13 $
f. Housing Construction [33334.2(e)(5)] $
g. Housing Rehabilitation [33334.2(e)(7)] $
h. Maintenance of Mobilehome Parks [33334.2(e)(10)] $
i. Preservation of At -Risk Units [33334.2(e)(11)] $
j. Transfers Out of Agency
(1) For Transit village Development Plan (33334.19) $
(2) Excess Surplus [33334.12(a)(1)(A)] $
(3) Other (specify code section authorizing transfer and amount)
A. Section $
B. Section $
Other Transfers Subtotal $
(4) Subtotal Transfers Out of Agency (Sum of j(1) through j(3)) $
k. Other Expenditures and Uses [Explain and identify amount(s)]:
Transfers out to RDA Debt Service $ 67,814
$
0
Subtotal Other Expenditures and Uses $ 67,814
I. Total Expenditures and Other Uses (Sum of lines 4a.-k.) $
5. Net Resources Available [End of Reporting Fiscal Year]
[Page 1, Line 3, Total Resources minus Total Expenditures and Other Uses on Line 4.1.] S 2 ,075 ,926
222,097
6. Encumbrances and Unencumbered Balance
a. Encumbrances. Amount of Line 5 reserved for future payment of legal contract(s)
or agreement(s). See Section 33334.12(g)(2) for definition.
Refer to item 10 on Sch-A(s) and item 4 on Sch-B.
b. Unencumbered Balance (Line 5 minus Line 6a). Also enter on Page 4, Line 1 la. $ 2 , 075.926
7• Designated/Undesignated Amount of Available Funds
A Designated Amount of Line 6b. budgeted/planned to use near -term
Refer to item 10 on Sch-A(s) and item 4 on Sch-B
b. Undesignated Amount of Line 6b. not yet budgeted/planned to use
8. Other Housing Fund Assets (not included as part of Line 5)
a. Indebtedness from Deferrals of Tax Increment (Sec. 33334.6)
[refer to Sch-A(s), Line 5c (2)]. $
b. Value of Land Purchased with Housing Funds and Held for
Development of Affordable Housing. Complete Sch-C item 14. $
c. Loans Receivable for Housing Activities $
d. Residual Receipt Loans (periodic/fluctuating payments) $
e. ERAF Loans Receivable (all years) (Sec. 33681) $
f. Other Assets [Explain and identify amount(s)]:
$
$
g• Total Other Housing Fund Assets (Sum of lines 8a.-f.)
$ 0
9. TOTAL FUND EQUITY[Line 5 (Net Resources Available) +8g (Total Other Housing Fund Assets]$ 2 ,075 ,926
Compare Line 9 to the below amount reported to the SCO (Balance Sheet of Redevelopment Agencies
Financial Transactions Report. [Explain differences and identify amount(s)]:
ENTER LOW -MOD FUND TOTAL EQUITIES (BALANCE SHEET) REPORTED TO SCO
California Redevelopment Agencies - Fiscal Year 2001-2002
Sch C (7/1/02)
HCD-C
Page 3 of 8
Agency Name: Town of Los Gatos RDA
Excess Surplus Information
Pursuant to Section 33080.7 and Section 33334.12(g)(1), report on Excess Surplus that is required to be determined on the first day
of a fiscal year. Excess Surplus exists when the Adjusted Balance exceeds the greater of: (1) $1,000,000 or (2) the aggregate amount
of tax increment deposited to the Housing Fund during the four prior fiscal years. Section 33334.12(g)(3)(A) and (B) provide that
the Unencumbered Balance can be adjusted for: (1) any remaining revenue generated in the reporting year from unspent debt proceeds
and (2) if the land was disposed of during the reporting year to develop affordable housing, the difference between the fair market value
of land and the value received.
The Unencumbered Balance is calculated by subtracting encumbrances from Net Resources Available. "Encumbrances" are funds
reserved and committed pursuant to a legally enforceable contract or agreement for expenditure for authorized redevelopment housing
activities [Section 33334.12(g)(2)].
For Excess Surplus calculation purposes, carry over the prior year's HCD Schedule C Adjusted Balance as the Adjusted Balance on the
first day of the reporting fiscal year. Determine which is larger: (1) $1 million or (2) the total of tax increment deposited over the prior
four years. Subtract the largest amount from the Adjusted Balance and, if positive, report the amount as Excess Surplus.
10. Excess Surplus:
Complete Columns 2, 3, 4, & 5 to calculate Excess Surplus for the reporting year. Columns 6 and 7 track prior years' Excess Surplus.
Column 1
Column 2
Column 3
Column 4
Column 5
Column 6
Column 7
Prior and
Current
Reporting
Years
Total Tax
Increment
Deposits to
Housing Fund
Sum of Tax
Increment
Deposits Over
Prior Four
FYs
Current
Reporting Year
1st Day
Adjusted
Balance
Current
Reporting Year
1S` Day
Excess Surplus
Balances
Amount
Expended/Encumbered
Against FY Balance of
Excess Surplus as of
End of Reporting Year
Remaining Excess
Surplus for Each
Fiscal Year as of
End of Reporting Year
4 Rpt Yrs Ago
$226,560
$
$
$
3 Rpt Yrs Ago
$319,524
$
$
$
2 Rpt Yrs Ago
$424, 612
$
S
$
l Rpt Yr Ago
$ 714, 223
S
$
S
Current
Reporting
Yearma
Sum of Column 2
Last Year's Sch C
Co14 minus: larger
$
S
$ 1,684,919
Adjusted Balance
of Col 3 or $ l mm
$ 1,418,614
(report positive $)
$ 0
11. Reporting Year Ending Unencumbered Balance and Adjusted Balance:
a. Unencumbered Balance (End of Year) [Page 3, Line 6b]
b. if eligible, adjust the Unencumbered Balance for:
(1) Debt Proceeds [33334.12(g)(3)(B)]:
Identify unspent debt proceeds and related income remaining at end of reporting year $
(2) Land Conveyance Losses [(33334.12(g)(3)(A))]:
Identify reporting year losses from sales/grants/leases of land acquired with low -mod funds,
if 49% or more of new or rehabilitated units will be affordable to lower -income households $
12. Adjusted Balance (for next year's determination of Excess Surplus) [Line 11a minus sum of 11b(1) and 1 lb(2)] $ 2,075.926
5
,1175_9?6
Note: Do not enter Adjusted Balance in Col 4. It is to be reported as next year's 1st day amount to determine Excess
Surplus
a. If there is remaining Excess Surplus from what was determined on the first day of the reporting year, describe
the agency's plan (as specified in Section 33334.10) for transferring, encumbering, or expending excess surplus:
b. If the plan described in 12a. was adopted, enter the plan adoption date: / /
mo day yr
California Redevelopment Agencies - Fiscal Year 2001-2002
Sch C (7/1/02)
HCD-C
Page 4 of 8
Agency Name: Town of Los Gatos RDA
Miscellaneous Uses of Funds
13. If an amount is reported in 4e., pursuant to Section 33080.4(a)(6), report the total number of very low-, low-, and moderate -income
households that directly benefited from expenditures for onsite/offsite improvements which resulted in either new construction,
rehabilitation, or the elimination of health and safety hazards. (Note: If Line 4e of this schedule does not show expenditures for
improvements, no units should be reported here.)
Income
Level
Households
Constructed
Households
Rehabilitated
Households Benefiting
from Elimination of
Health and Safety Hazard
Duration of Deed Restriction
Very Low
Low
Moderate
14. If the agency is holding land for future housing development (refer to Line 8b), summarize the acreage (round to tenths, do not
report square footage), zoning, date of purchase, and the anticipated start date for the housing development.
Site Name/Location*
No. of
Acres
Zoning
Purchase
Date
Estimated Date
Available
Comments
Please attach a separate sheet of paper listing any additional sites not reported above.
15. Section 33334.13 requires agencies which have used the Housing Fund to assist mortgagors in a homeownership mortgage revenue
bond program, or home financing program described in that Section, to provide the following information:
a. Has your agency used the authority related to definitions of income or family size adjustment factors provided in Section
33334.13(a)?
Yes ❑ No ❑ Not Applicable ,K
b. Has the agency complied with requirements in Section 33334.13(b) related to assistance for very low-income households equal
to twice that provided for above moderate -income households?
Yes ❑ No ❑ Not Applicable i'
California Redevelopment Agencies - Fiscal Year 2001-2002
Sch C (7/1/02)
HCD-C
Page 5 of 8
Agency Name: Town of Los Gatos RDA
16. Did the Agency use non-LMIHF funds as matching funds for the Federal HOME or HOPE program during the reporting period?
YES ❑ NOS.
If yes, please indicate the amount of non-LMIHF funds that were used for either HOME or HOPE program support.
HOME $ HOPE $
17. Pursuant to Section 33080.4(a)(11), the agency shall maintain adequate records to identify the date and amount of all LMIHF
deposits and withdrawals during the reporting period. To satisfy this requirement, the Agency should keep and make available upon
request any and all deposit and withdrawal information. DO NOT SUBMIT RECORDS OF DEPOSITS/WITHDRAWALS.
Has your agency made any deposits to or withdrawals from the LMIHF? Yes gi No ❑
If yes, identify the document(s) describing the agency's deposits and withdrawals by listing for each document, the following (attach
additional pages of similar information as necessary):
Pentamation Financial System Transaction Report
Name of document:
Date of document: 06/ 30/ 02
mo day yr
Name of Agency Custodian (person): Steve Conway, Finance Director
Custodian's telephone number: (408) 354-6878
Place where record can be accessed: 110 E. Main St.. Lo' Gatos, Ca 95030
Name of document:
Date of document:
Name of Agency Custodian (person):
Custodian's telephone number:
Place where record can be accessed:
mo day yr
18. Use of Other Redevelopment Funds for Housing
Please briefly describe the use of any non-LMIHF redevelopment funds (i.e., contributions from the other 80% of tax increment
revenue) to construct, improve, assist, or preserve housing in the community.
N/A
19. Suggestions/Resource Needs
Please provide suggestions to simplify and improve future agency reporting and identify any training, information, and/or other
resources, etc. that would help your agency to more quickly and effectively use its housing or other funds to increase, improve, and
preserve affordable housing?
None
20. Annual Monitoring Reports of Previously Completed Projects/Programs
Were all Annual Monitoring Reports received for all prior years' projects/programs?: Yes,. No ❑
Califomia Redevelopment Agencies - Fiscal Year 2001-2002
Sch C (7/1/02)
HCD-C
Page 6 of 8
RESOLUTION 2002 - 190
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
APPROVING THE 2001-02 ANNUAL REPORT FOR
THE LOS GATOS REDEVELOPMENT AGENCY
WHEREAS:
1. The California Community Redevelopment Law (§33080.1) requires every
redevelopment agency to present a report on financial and housing activity to its legislative body
within six months of the end of the agency's fiscal year.
2. The Annual Report for the Redevelopment Agency consists of an independent financial
audit report for the previous fiscal year, a fiscal statement for the previous fiscal year, and a
description of the agency's activities affecting housing and displacement.
3. The audit issued by Maze and Associates, attached hereto as Exhibit A, gives an
unqualified opinion of the Redevelopment Agency's financial activities includes the auditor's opinion
of the agency's operations and financial position, and the agency's compliance with laws, regulations
and administrative requirements governing activities of the agency, including all financial activities
involving low- and moderate -income housing funds.
4. The Statement of Housing Activity and the Annual Report of Financial Transactions,
attached hereto as Exhibits B and C, consist of forms provided by the State Department of Housing
and Community Development.
5. Approval of the 2001-02 Annual Report for the Los Gatos Redevelopment Agency does
not constitute a project for purposes of the California Environmental Quality Act ("CEQA").
RESOLVED, that the Town Council hereby approves and adopts the 2001-02 Annual Report
for the Los Gatos Redevelopment Agency, attached hereto as Exhibits A, B and C.
FURTHER RESOLVED, that the Town Council determines the planning and administrative
expenses from the Low and Moderate Income Housing Fund are necessary for the production,
improvement, or preservation of low- and moderate- income housing.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los
Gatos, California, held on thel6th day of December, 2002 by the following vote:
COUNCIL MEMBERS:
AYES: Steven Glickman, Diane McNutt, Joe Pirzynski, Mike Wasserman,
Mayor Sandy Decker.
NAYS: None
ABSENT: None
ABSTAIN: None
SIGNED: /s/ Sandy Decker
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
/s/ Marian V. Cosgrove
CLERK OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
RESOLUTION 2002 - 28RD
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS
APPROVING THE 2001-02 ANNUAL REPORT
WHEREAS:
1. The California Community Redevelopment Law (§33080.1) requires every
redevelopment agency to present a report on financial and housing activity to its legislative body
within six months of the end of the agency's fiscal year.
2. The Annual Report for the Redevelopment Agency consists of an independent
financial audit report for the previous fiscal year, a fiscal statement for the previous fiscal year,
and a description of the agency's activities affecting housing and displacement.
3. The audit issued by Maze and Associates, attached hereto as Exhibit A, gives an
unqualified opinion of the Redevelopment Agency's financial activities includes the auditor's
opinion of the agency's operations and financial position, and the agency's compliance with laws,
regulations and administrative requirements governing activities of the agency, including all
financial activities involving low- and moderate -income housing funds.
4. The Statement of Housing Activity and the Annual Report of Financial Transactions,
attached hereto as Exhibits B and C, consist of forms provided by the State Department of
Housing and Community Development.
5. Approval of the 2001-02 Annual Report for the Los Gatos Redevelopment Agency
does not constitute a project for purposes of the California Environmental Quality Act
("CEQA").
RESOLVED, that the Redevelopment Agency hereby approves and adopts the 2001-02
Annual Report for the Los Gatos Redevelopment Agency, attached hereto as Exhibits A, B and
C.
n fl
FURTHER RESOLVED, that the Redevelopment Agency determines the planning and
administrative expenses from the Low and Moderate Income Housing Fund are necessary for the
production, improvement, or preservation of low- and moderate- income housing.
PASSED AND ADOPTED at a regular meeting of the Town Council/Redevelopment
Agency of the Town of Los Gatos, California, held on thel6th day of December, 2002 by the
following vote:
REDEVELOPMENT AGENCY MEMBERS:
AYES: Steve Glickman, Diane McNutt, Joe Pirzynski, Mike Wasserman,
Mayor Sandy Decker.
NAYS: None
ABSENT: None
ABSTAIN: None
SIGNED: /s/ Sandy Decker
CHAIR OF REDEVELOPMENT
AGENCY
TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
/s/ Marian V. Cosgrove
SECRETARY OF THE REDEVELOPMENT AGENCY
TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
Town Council Minutes December 16, 2002
Redevelopment Agency Los Gatos, California
LOS GATOS REDEVELOPMENT AGENCY/ANNUAL REPORT/RESOLUTION 2002-190 (14.27)
Speaker, Ray Davis, asked about funding for advertising of the general business community of Los
Gatos. He noted that the funds were from the Redevelopment Agency but questioned the appropriate
use of public funds in this manner. He also spoke of the funding of the new banner program and its
appropriateness given the upcoming budget limitations.
Motion by Mr. Pirzynski, seconded by Mrs. McNutt, that Council adopt Resolution 2002-190
entitled, RESOLUTION OF THE TOWN OF LOS GATOS APPROVING THE 2001-2002
ANNUAL REPORT FOR THE LOS GATOS REDEVELOPMENT AGENCY. Carried
unanimously.
COMMISSIONS, COMMITTEES AND BOARDS/ATTENDANCE REQUIREMENTS (16.12)
Motion by Mr. Wasserman, seconded by Mr. Glickman, that the guidelines used regarding absences
be uniformly applicable for all Boards, Committees and Commissions. Motion failed with 3 noes
and 2 ayes.
Council Consensus to continue this item, bringing it forward to the Boards and Commissions for
further dialogue and then reporting to the Council/Commission Retreat in April so as to have the full
input from the various Boards and Commissions on the considerations at that time.
WRAIGHT AVENUE/TRAFFIC CALMING PROPOSAL (17.41)
Mayor Decker noted that this was the time and place so noted to consider a proposal for the Wraight
Avenue Traffic Calming proposal and to make suitable budget adjustments for the project.
Speakers from the audience:
Martha Hoffman, Mobile Home resident spoke to the change in the intersection and asked that the
residents of the park be heard about their issues concerning the traffic.
Joyce Byers, also handed in a letter, and addressed the traffic issue.
Melville Bechler, supported the need to address the traffic concerns of the mobile home residents.
Kullar Jit Singh Bhuller, noted that the park's residents must be considered before changes are
made.
David Wilkinson, asked that the park's residents' needs be considered.
Patricia Kaufmann/Pittroff, spoke of the need to use the neighborhood roads rather than pushing
the park's residents out into Highway 9.
Ray Davis spoke of the traffic issues caused by intensification of land use.
Jeff Major, working with Barry Swenson Builders, spoke of permanent changes to the traffic
circulation pattern in this neighborhood.
Bill Krause asked for a show of hands for those residents that would like to keep access to the use
of Wraight to be able to go shopping in that direction. The proposed measures cut the mobile home
residents from the neighborhood. They would like to be part of the neighborhood, part of the traffic
calming methods and part of the voting for these proposals.
Mayor Decker closed the public comments.
N:\CLK\Council Minutes120021M I2-I6-02.wpd 6
n
TOWN OF LOS GATOS
CALIFORNIA
REDEVELOPMENT AGENCY
December 16, 2002
Minutes
n
REDEVELOPMENT AGENCY
The Redevelopment Agency/Town Council of the Town of Los Gatos met in the Council Chambers
of the Town hall, 110 East Main Street, at 7:53 p.m., Monday, December 16, 2002, in joint regular
session.
ROLL CALL
Present: Steve Glickman, Diane McNutt, Joe Pirzynski,
Mike Wasserman and Mayor/Chairman Sandy Decker.
Absent: None.
ACCOUNTS PAYABLE/RATIFICATION/NOVEMBER-DECEMBER 2002 (12.V)
Motion by Mr. Pirzynski, seconded by Mr. Glickman, that Council/Agency ratify the
accompanying check registers for accounts payable invoices paid on November 27, 2002 and
December 6, 2002 in the amount of $3,483.86. Carried unanimously.
MINUTES OF DECEMBER 2, 2002 (13.V)
Agency member Mrs. McNutt noted that her first name is spelled with one "n" as in "Diane."
Agency member Pirzynski asked that a correction be made under the Downtown Streetscape on page
4, speaking about the bulb out on Almendra constricting left hand turns, which should read that the
bulb out would constrict the flow of through traffic.
Motion by Mr. Glickman, seconded by Mr. Pirzynski, that the Agecy approve the Minutes of
December 2, 2002, Joint Council/Redevelopment Agency Meeting as corrected. Carried
unanimously.
REDEVELOPMENT ANNUAL REPORT/RESOLUTION 2002-28RD (14.27)
Speaker, Ray Davis, asked about funding for advertising of the general business community of Los
Gatos. He noted that the funds were from the Redevelopment Agency but questioned the appropriate
use of public funds in this manner. He also spoke of the funding of the new banner program and its
appropriateness given the upcoming budget limitations.
Motion by Mr. Pirzynski, seconded by Mrs. McNutt, that the Agency adopt Resolution 2002-
28RDentitled, RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE TOWN OF
LOS GATOS APPROVING THE 2001-2002 ANNUAL REPORT. Carried unanimously.
ADJOURNMENT
Mayor/Chairman Decker adjourned this evening's meeting at 10:58 p.m.
ATTEST:
Marian V. Cosgrove
Secretary to the Redevelopment Agency
N:\CLK\Council Minutes12002112A I2- I6-02.wpd