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Item 11 staff Report Adopt Resolution Approving the 1996-97 Annual Report for the Los Gatos Redevelopment AgencyDATE: TO: MEETING DATE: 12/15/97 ITEM NO. / COUNCIL/AGENCY AGENDA REPORT December 2, 1997 MAYOR AND TOWN COUNCIL/CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY FROM: TOWN MANAGER/EXECUTIVE DIRECTOR SUBJECT: ADOPT RESOLUTION APPROVING THE 1996-97 ANNUAL REPORT FOR THE LOS GATOS REDEVELOPMENT AGENCY. RECOMMENDATION: Adopt resolution approving the 1996-97 Annual Report for the Los Gatos Redevelopment Agency. DISCUSSION: California Redevelopment Law requires every redevelopment agency to present a report to its legislative body within six months of the end of the agency's fiscal year. The legislative body is required to review the report and take any action it deems appropriate. The report must contain all the following: 1. An independent financial audit report for the previous fiscal year. 2. A fiscal statement for the previous fiscal year. 3. A description of the agency's activities affecting housing and displacement. 4. Any other information which the agency believes useful to explain its programs. The 1996-97 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 activities of the agency, including all financial activities involving low- and moderate -income housing funds. The Report of Housing Activity (Attachment 1, Exhibit B) consists of forms provided by the State Department of Housing and Community Development. The completed forms describe the Agency's activities affecting housing and displacement. To date, the Agency has not received sufficient revenue to initiate any housing activity. However, the Agency is currently developing specific programs and discussing potential projects with developers to increase the supply of affordable housing in the community. CONCLUSION: Upon approval by the Council, the audit and Annual Report of Housing Activity will be sent to the State Controller and the State Department of Housing and Community Development. PREPARED BY: LEE E. BOWMAN ��-�c�� MICHELE BRAUCHT Planning Director/Redevelopment Deputy Director Finance Director Reviewed by: 1' - Attorney/General Counsel Revised: 12/2/97 4:34 pm Reformatted: 10/23/95 PAGE 2 MAYOR AND TOWN COUNCIL/CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY SUBJECT: ADOPT RESOLUTION APPROVING 1996-97 ANNUAL REPORT December 2, 1997 ENVIRONMENTAL ASSESSMENT: Approval of the Redevelopment Agency Annual Report is not a project subject to CEQA. FISCAL IMPACT: None. ATTACHMENT: 1. Resolution approving the 96-97 Annual Report for the Los Gatos Redevelopment Agency Exhibit A - Redevelopment Agency Audit for Fiscal Year 96-97 Exhibit B - Annual Report of Housing Activity for Fiscal Year 96-97 LEB:BL N:1D E V 1BU D1R DA 12-15. AN N RESOLUTION 1997 - RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS APPROVING THE 1996-97 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 report describing 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 Report of Housing Activity, attached hereto as Exhibit B, consists of forms provided by the State Department of Housing and Community Development and the completed forms describe the Agency's activities affecting housing and displacement. 5. Approval of the 1996-97 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 1996-97 Annual Report for the Los Gatos Redevelopment Agency, attached hereto as Exhibits A and B. FUR'1'HER 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. ATTACHMENT PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los Gatos, California, held on the l 5th day of December, 1997 by the following vote: COUNCIL MEMBERS: AYES: NAYS: ABSENT: AB STAIN: SIGNED: ATTEST: MAYOR OF THE TOWN OF LOS GATOS LOS GATOS, CALIFORNIA CLERK OF THE TOWN OF LOS GATOS LOS GATOS, CALIFORNIA REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS COMPONENT UNIT FINANCIAL STATEMENTS FOR THE YEARS ENDED NNE 30,1997 AND 1996 REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS Component Unit Financial Statements For The Years Ended June 30,1997 and 1996 TABLE OF CONTENTS Independent Auditor's Report Component Unit Financial Statements: Page 1 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 - Budget and Actual 4 Notes to Component Unit Financial Statements 6 Compliance Report of Certified Public Accountants on Management's Assertions 9 Compliance Report of Certified Public Accountants 11 INDEPENDENT AUDITOR'S REPORT 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, 1997 and 1996 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. 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. As discussed in Note 1, the component unit financial statements present only the Agency and are not intended to present fairly the financial position and results of operations of the Town of Los Gatos in conformity with generally accepted accounting principles. 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, 1997 and 1996 and the results of operations for the years then ended, in conformity with generally accepted accounting principles. 7-2' September 25, 1997 REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT G.. .UPS NNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR TUNE 30, 1996 TOTALS (Memorandum Only) Housing Redevelopment Set Aside 1997 1996 ASSETS Cacti and investments (Note 2) $633,920 $347,948 $981,868 $719,348 Intergovernmental receivable 82,010 9,219 91,229 48,416 Due from other funds 9,683 Total Assets $715.930 ”17, 7 $1,073,097 $777.447 LIABILITIES Accounts payable $4,656 $250 $4,906 $23,091 Accrued payroll 5,360 1,710 7,070 2,419 Due to other funds 11,426 1,588 13,014 9,683 Due to other governments 263,379 263,879 140,867 Pass through obligations 356,344 356,344 251,345 Advance from Town of Los Gatos (Note 3) 200,000 200,000 200,000 Total Liabilities 841,665 3,548 845,213 627,405 FUND EQUITY Fund balances: Reserved for : Low income housing 353,619 353,619 235,861 Encumbrances 13,191 13,191 2,170 Unreserved, undesigiated (138,926) (138,926) (87,989) Total Fund Equity (Deficit) (125,735) 353,619 227,884 150,042 Total Liabilities and Fund Equity $715,930 $3 7.167 $1.97.097 $777,447 See accompanying notes to component unit financial statements REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS COMBINED STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCEF ALL GOVERNMENTAL FUND TYPES FOR THE FISCAL YEAR ENDED TUNE 30, 1997 WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30, 1996 Redevelopment Housing Set Aside 1997 1996 TOTALS (_Marwrandum Only) REVENUES Incremental property taxes S790,013 3158,003 3948,016 S591,381 Interest 25,442 15,075 40,517 31,595 Total Revenues 815,455 173,078 988533 626.976 EXPENDITURES Capital outlay Project costa 406,864 55,320 462,184 179,396 Paso through paymanth 176,470 176,570 141,708 Principal • Debt service (Note 4) 90,000 90,000 20,000 Interest (Notes 3 and 4) 181,303 18�1,303` 193,419 Total Expenditures 854,737 55,320 910,057 594,523 EXCESS OF REVENUES OVER EXPENDITURES (39,282) 117,758 78,476 32,453 OTHER FINANCING (USES) Operating transfers (out) (634) (634) (10,387) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND OTHER FINANCING USES (39,916) 117,758 77,842 22,066 Rend balances (deficit) at beginning of year (85,819) 235,861 150,042 127,976 Fund balance (deficit) at end of year (125,731), 5333,619 3227 884 3150,042 See accompanying notes to financial statements RED' 'FLOPMENT AGENCY OF THE TOWN OF LOS C CO1 +1INO STATEMENT OF REVENUES, EXPENDI AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUNDS BUDGET AND ACTUAL FOR THE YEAR ENDED JUNE 30, 1997 -OS ES REDEVELOPMENT HOUSING SET ASIDE Variance Vari a_ n. rai Favorable Favorable Budget Aotnal (Unfavorable) Budget Actual (Unfavorable) REVENUES Incremental property taxes S878,390 S790,013 (S88,377) S158,110 SIS8,003 ($107) Ituoreat 6,000 � a� 42 19,442 3,400 15,075 11,675 Total Revenues 824,390 S15,455 (68,935) 161.710 173,078 11,368 PX!'ENDITURES Capes outlay: Project costs 419,006 406,864 12,142 35.347 55,320 27 Pace through payments 164,000 176,570 (12,370) Debt service . principal 95,000 90,000 5,000 Debt service - interest 174.840 181,303 (6,463) TotalExpenditurra 352,846 854,737 (1,891) 55,347 55,370 27 EXCESS (DEFICIENCY) OF REVENUES OVERr"XPENDITtSRES 31,544 (39.282) (70,826) 106,363 117,758 11395 , OTHER FINANCING (USES) Operating transfers (out) (634) (634) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND OTHER MIANCINO USES 530,910 (39,916) (570,826) S10 ,363 117,758 S11,395 Fund balances (deficit) at beginning of year Fund balances (defloit) at end of year (83.819) 235,861 ($125,735) S353,619 Sce accompanying notes to component unit financial statements TOTALS Variance Favorable Budget Actual (Unfavorable) $1.036,500 $948,016 088,484) 9,600 40,517 30,917 1,046,100 988,533 (57,567) 474,333 462,184 12,169 164,000 176,370 (12,570) 93,000 90,000 3,000 174,840 181,303 (6,463) 9_ 093 910,057 (1,864) 137,907 78,476 (39,431Z. (634) (634) $137,273 77,842 (S59,431) 150,042 5727. 84 REDEVELOPMENT AGENCY OF TE7 TOWN OF LOS GATOS Notes To Component Unit Financial Statements 11)11 �Ir"x"5 �tbieK$&t+tg0,v l sly g 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 under 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 $ 176,570 for the year ended June 30, 1997. 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. Description of Funds - The accounts of the Agency are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self -balancing accounts which comprise its assets, liabilities, fund equity, revenues and expenditures, The Agency uses a capital projects fund, which is used to account for all resources used in the acquisition and construction of capital facilities and other fixed assets under the Redevelopment Plan. 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. Governmental fund types are accounted for u3ing 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 i for the capital projects fund. During the year ended June 30, 1997 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. REDEVELOPMENT AGENCY OF THE TOWN OF LOS GATOS IS .es To Component Unit Financial Statements �.nNYfMM.JS 'K `°wb"JF.t' el t 3�,��N 1 7"l ,, yfNff7,7754�ri< 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. y td r c�"�aLz�%» Re Agency operations have been partially funded by advances from the Town, which bear interest at 10% and are repayable on demand, provided that sufficient tax increment revenue funds are available. These advances are not expected to be repaid in the current fiscal year. For fiscal year ended June 30, 1997 the Agency paid interest in the amount of SS20,000. The Town issued Certificates of Participation (COPs) in the original principal amount of S2,960,000 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 by the Town is recorded as long-term debt. Principal payments are due annually on August I, with interest payments payable semi-annually on February I and August 1. The Town has pledged motor vehicle license fee revenues as collateral for the repayment of the Certificates. COMPLIANCE REPORT OF CERTIFIED PUBLIC ACCOUNTANTS ON MANAGEMENT'S ASSERTIONS To the Governing Board of the Redevelopment Agency of the Town of Los Gatos We have examined the Redevelopment Agency of the Town Los Gatos management's assertion, included in its representation letter dated September 25, 1997 that the Agency complied with laws, regulations and administrative requirements of the State of California, based on the criteria set forth in Guidelines For Cgmallance Audits of California Redevelopment Agencies issued by the State Controller's Office, Division of Local Government Fiscal Affairs, during the fiscal year ended June 30, 1997. As discussed in the representation letter, Agency management is responsible for the Agency's compliance with those requirements. Our responsibility is to express an opinion on the Agency's management's assertion as to the Agency's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and included examining on a test basis evidence as to the Agency's compliance with the State's requirements and performing such other procedures as we considered necessary in the circumstances, We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination of the Agency's compliance with specific requirements. In our opinion, the assertion of Agency management that the Agency has complied with laws, regulations and administrative requirements of Section 33080.1 of the Health and Safety Code of the State of California during the fiscal year ended June 30, 1997 is correct in all material respects, based on the criteria set forth in the Guidelines for Compliance Audits of California Redevelopment Agencies issued by the State Controller's Office, Division of Local Government Fiscal Affairs. 77r- September 25, 1997 COMPLIANCE REPORT OF CERTIFIED PUBLIC ACCOUNTANTS To the Governing Board of the Redevelopment Agency of the Town of Los Gatos 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, 1997, and have issued our opinion thereon dated September 25, 1997. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatements. Compliance with laws and regulations applicable to the Agency is the responsibility of management. As part of obtaining reasonable assurance as to whether the financial statements are free of material misstatement, we performed tests of the Agency's compliance with provisions of laws and regulations contained in the Guidelines For Compliance Audits of California Redevelopment Agencies issued by the State Controller's Office, Division of Local Government Fiscal Affairs. The results of our tests indicated that with respect to the items tested the Agency complied in all material respects with the provisions referred to on the preceding paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Agency had not complied in all material respects with those provisions. V September 25, 1997 cr) ioloa.IiQ aAilnoax 1 m co Signature of Authorized Agency Representative rD O co o CD o 00 a a' cr 0 ro R. , 0 C7 rn cr alnpagos ltuigns lou oQ Prepare and submit one copy of SCHEDULE HCD-C for the agency. Did the agency have any adopted project areas, or any funds in the Low & Moderate Income Housing Fund? 11-U3H ainPauoS l!tugns lou oQ Prepare and submit one copy of SCHEDULE HCD-B for the agency. Did the agency conduct any housing activity outside of adopted redevelopment project areas? If none, do not submit Schedule HCD-A. If one or more, prepare and submit a separate copy of SC DULE HCD-A for each adopted project area. How many adopted project areas did the agency have during the reporting period? 1 ^p CDO C GC) CID B. 4. " <o x ao 6 c o o g d o b co § m C a 7 O z7 G7 sy, aq cr fl A( 0 EL Z£OS6 VD `soir9 so'l Paa;S uleyv a on Los Gatos Redevelopment Agency ,flunoa 'Banta muss :ssaippy pug amgN buo2y :uotlotpstmfJo AlunoD w 0 J SaI3NHOV IN Other: Specify code section, reasons: Do CD a a' O w 0 00 w o S B O. 0) a. m w ° 00 "(7 00 00 a (�D a X G 0 0) 0 G a. O 0 o' o. 0 0 ^a 0 z Section 33334.6(d): Project was adopted before 1977 and tax increments are needed to meet existing debts. If you are deferring the setaside, indicate the reason(s). Check the appropriate Health and Safety Code Section designation. When were the necessary findings adopted? (Show month/day/year.) z Other: Specify code section, reasons: 8 0 C/� CDC 0 0 . a a w w w w w w o• cr CTON N� G .- ^ O 0 o 0 • .r bC ¢' �•G c o cA A. n . c R g. 3 0 'o (D 0 co 0 0 < 0 b CD - P 0 cn 0) O 0 N o =; 0 0. 8 a o G ........ CA 0 � N q rt a 4 o o ()F'. -I Zr. ?. c . - Cn Cn 0) R a0 0 y 0' X ••J. O co S _0 Z �Rcq a. w G R m .' 0 o- F..,.. O O •• X' Z n Z R. 4 R5. a" co R N.)co O o o a, x Z 'o F. 0 Do o S 'Q c. o. Sli FIT h 'Z W (D rO (,y R („ CD 0) .yam m W O .^1 ( O 0- co ep• o Co a Do b o 0 .n • 60 . 0 Do x m a :(anoge `a-e '£ ppe) Total Housing Fund Deposits for this Project Area (co tip EA qr9 a a U U v p- soo o CD E a,b C m QO R I.I p? 0 CD M O n cn < Co G Debt or Bond Proceeds (including principal & interest): 5.; a Tax Increment Deposit to Housing Fund: CO 0 O cD co co a :palduioxa;unouwy :ssoiD 3o %0Z 6 Y A 00 O0 :;uauialouI xes G CM 0 (9.5. a - CD 2) o 80 sapisg-;aS ;uamaaaul N Izo�b .bo. 0 -00 cr " Do co O� 0' m O co o c g a C) � � O ag cn O 0 O • C gi -.a •0) R. O W 0 5. 9.) 0) cr G G .v CD B N 0 a t/i 0) •W " ao �o 4 N 5'�O co .o a 0 G G w 0 Q, z .- 0) 0 0 w 0 ^• o in n n'O a. m a at) o yyy O) m t 6 0 o G 0 n o• o °CD sCD0. Year(s) real property was added or removed: N/A v/N :pa8iatu seale laafoid Year(s) project areas merged: N/A If project area name has changed, give previous name(s) or number: N/A 1661 :poldope ease ;oafo.cd .teaA Duration of redevelopment plan: UOI;B W.103UI ICdau4-9 :al;iy `aUIBN s,aa.redatd olanopag '�1-toi PnH Preparer's Telephone No: (408) 354-6867 :oLuuN ,Coua2y olanapaa so;eD so -I 5 a a 0 0 w (2 0 m 0 CA 0 Co 0 0 L6/0£/9 Papua ivaA leost,3 io3 .{line;oy eaty l0010.1d aaelapoyA anogV A, m CD 0 Iana'I awooul O. splogasnoH Ielo.L O. Cr tr1 co 0 iaglO IElolgnS O y t CD rp a 5- CM r 0 0 /.... CD CD C ▪ N Oq � CD CD 0 "0 m o. Er .. M 0 0 0 iD w 0 0 O O 'rr '63' ti * O il. (0 SO SOS. Q 0. 0. 00 Cr O Cr O 0 0 0 Cr co O 0 O O t0i O 0 0 �o 0 Total Above Moderate Subtotal Elderly Subtotal Other Total Moderate Subtotal Elderly Subtotal Other Total Low Subtotal Elderly Subtotal Other Total Very Low Subtotal Elderly Subtotal Other Household Income and Type O O O O Households Displaced Total No. Lost (Removed or Destroyed) Units / Bedrooms Number Lost Not Required to be Replaced Units / Bedrooms * rn oyasnoH pue 0 CD a A If yes, by what date is the deficit to be eliminated? CD ° '0 0. N C rn p: • 0 a• Pa • 0 co 0 N a x m y 'b z o C�D 0 C7 A * The cumulative amount of deferred setaside should also be shown on Line 7b of Schedule HCD-C. rn 0 v, 0 m y�y b9 O. 0' Ci Arct 0 'i7 m a Ad loud 30 lunowy 0 * EA 0' a O (a9 ry� cD R. a 0 ac 1I• CD o 0 8 C ° 0 0 0. co 0 cr O . C?D 6• 1' • y ao 0 actx 5 o 8 CM CAD a o a2 0 05. When were the necessary findings adopted? (Show month/day/year.) Iz Agency Name: Los Gatos Redevelopmen. _ .gency Project Area Name: Central _ A Gatos Redevelopment Agency Agency Name: Los Gatos Redevelopment Agency Current Housing Activity Project Area Name: Central Los Gatos Redevelopment Agency 8. Pursuant to Section 33080.4(a)(4) and (5), report (by project name) the number of affordable units constructed, substantially rehabilitated, or for which affordability covenants were acquired, in this project area, during the reporting period. Report only those units, within specific development projects, that are subject to a regulatory agreement in accordance with Section 33334.3(f)(2). Report all such units assisted by the agency or by persons or entities other than the agency. Report only those units that were completed (available for occupancy) during the reporting period. Also specify whether the units are being used to satisfy an inclusionary housing requirement in accordance with Section 33413(b)(1) or (2), a replacement housing need in accordance with Section 33413(a), or are otherwise use restricted in accordance with Section 33334.3(f). Project Name Project Type Rent Own Total Units Assisted New Cons.l Sub Rehab.2 Cov. Acq.3 Income Groups Targeted Very Low Low Moderate Household Type Elderly Other Replacement Units Provided4 Inclusionary Units Provided Agency Dev.5 Other Dev.6 Other Units Provided? Use Res Termination Date Sample Project R 80 40 40 80 80 6/1/40 N/A ' New Construction. z Substantial Rehabilitation (see Section 33413(b)(2)(A)(iii) and (iv) for a definition). 'Affordability Covenant Acquisition (see Section 33413(b)(2)(B) for a definition). ' New construction or rehabilitation in accordance with Section 33413(a). 'Agency developed units per Section 33413(b)(1). 6 Units developed by persons or entities other than the agency (but may have included agency assistance) per Section 33413(b)(2). 7 Agency assisted construction or substantial rehabilitation not used to meet inclusionary or replacement housing requirements per Section 33334.3(1). Use restriction terms should correspond to Sections 33413(c), 33413(b)(2)(C), or 33334.3(1) as applicable. 96/97 HCD-A Page 3 of 5 r a Name of Contract or Agreement Execution Date Est. Date of Completion Numbers of Units to be Built Total Very Low Low Mod Other IAbove Moderate A y m 0 Very Low Household Income 0 0 1 0 1 0 1 Mobilehomes Maintained i Units Rehabbed (not substantial) 0 0 0 0 1 1 1 Households Receiving Rental Assistance or Subsidies 0 1 0 1 0 1 0 i 1 1 1 1 Households Received Home- ownership Assistance 0 0 0 0 1 1 1 o • I Other Households Assisted (Specify) 0 0 0 0 1 1 1 Current Housing Activity Agency Name: Los Gatos Redevelopmen...gency Agency Name: Los Gatos Redevelopment Agency Project Area Name: Central Los Gatos Redevelopment Agency Project Type O/R* N/A TOTALS: Project Name/ Owner Name/ Address Address * Specify Owner or Rental Project Inventory of Housing Units in Project Area with Restrictions on Occupancy or Affordability per Recorded Agreements, or Conditions, Covenants and Restrictions Total No. Units in Proi ect for Fiscal Year Ended / / Units Reserved for Elderly VL L M AM ** Abbreviations for financing or subsidy sources: RDA = redevelopment agency HUD # = Housing and Urban Development construction or rehab. program (list program number) HUD V or C = HUD Section 8 Voucher or Certificate subsidy, respectively FmHA # = Farmers Home Administration program number (list program number) CDBG = federal Community Development Block Grant UDAG = federal Urban Development Grant TAXC = federal Tax Credits 96/97 Units Restricted Units Occupied by by Income Only Ineligible Households VL L M AM VL L M Elderly HCD = CA Dept. of Housing & Comm. Dev. (specify program) CHFA = Calif. Housing Finance Agency MRB = local Mortgage Revenue Bonds DB = local Density Bonus provided PRIV = Private source (e.g., foundations, corporations) OTH = any other source (explain in a footnote) Financing/ Subsidy Sources** Earliest Afford. Term Date HCD-A Page 5 of 5 a S31aadS) s;assu aa11;0 .0. . a 6A 6A 6A 6A Other Housing Fund Assets (not included on Line 4, above): Unencumbered Balance (4-5): 0 o= c re e C re a O re A O ►.' rtz A 3 0 C7 9 O a o=0 A O 7 Net Resources Available (1+2a+2b-3): EA 6A Transfers Out: The specific use of transferred funds should be reported in items a-1, above. SjpadS) .yaw, Indirect nonprofit costs (33334.3(e)(1)(B)): Planning and admin. costs (33334.3(e)(1)(A)): Preservation of at -risk units (33334.2(e)(11): Maintenance of mobilehome parks (33334.2(e)(10)): 6A 6A 6A 6A 6A U 14.▪ 1 :((6)(a)Z'p££££) "Was u s ;qaG Housing subsidies (33334.2(e)(8)): Housing rehabilitation (33334.2(e)(7)): 6A 6A 6A Housing acquisition (33334.2(e)(6)): Housing construction (33334.2(e)(5)): On/off-site improvements (33334.2(e)(2)): Acquisition of property/building sites (33334.2(e)(1)): Subtotal of Expenditures and Uses (combine a-1 below): A JI 0 eo re re Nt A 2 C 6A 6A W 0 a U fD 0 ce re (Should equal Line 4, "Total Available Balance" from last year's HCD-C form): Beginning Cash and Investment Balance Low & Moderate Income Housing Funds Preparer's Telephone No: (408) 354-6867 Los Gatos Redevelopment Agency papu31E3A lsas13 aoj c: to Os D-aDH Gana HDS 9,0 a 9 m m q 1 Income Level e Construction O O O 11 1 1 1 1 Rehabilitation O 0 0 1 e Health and Safety O O O i e e Duration of Deed Restriction O O 0 1 e en co o' 'TJ oCD Ch 5 -,• 0 o 0 ct, < • 0 co cD � �• • w a 4 o en en GO ((DD * A � o a CD •O CD E. co 0 cn oN N 0 cn a CD en 0 •0 0 0 G O" `-1 spun4Jo sash .osryni If plan described in 9.c. was adopted, give adoption date: z w w'"' w w p 0 co O 0 ti .. • a CD Cr el • CD ao 0 X co O CD 5 O (D cn 0 CD n C 5co p� N. co cD 0 b v 0 5 n p :aauelrg pa;snfpy •£ Land Sales (33334.12(g)(3)(A): Bond Proceeds (33334.12(g)(3)(B): :s;uaui;snfpy •z 1. Unencumbered balance from line 6 on previous page: GA Are you eligible to adjust the total unencumbered balance? If yes, identify the type and amount of the adjustment below: * Unencumbered balance for FY 96-97 should equal item 6 on previous page unless adjustments are made per 9.b., below. '0 U '° A W N '0 U A w oL oL x EA EA EA o ON - ►o to 1—, U N © © © EA b9 0 0 snlduts ssaaxa Y Y ara CD CD ce rat EA EA � Y s o m m m =0s40 ▪ -= iD a n .i ft 5� 0 a .• °, A RCA � aaa A so ▪ S. ?�. O A D e ao w S .. ID ▪ wEt A et • p C A w a•N" �UvQ w aC e G 0C Cr m A G o eo b a cf a 3 D - a ID G S eti. O r• co lSD . To eD .7 ; C C el, A eGD'o eD . m on . G 9-„ a.CD :i 0 es es w co - a do w _; w ta m .Ci Cr! A A 0 S .! — G it • 0 e 0" c• A 7 O eD eD A °Q © ems o eo 9 o ID r) CD 4' eD f7 (D G 0 0 o.° m A n Ge� :i OQ 4E. E• 2. O "S .* QQ OQ A 9 • sniclans ssaaxa Current Plus Future Fund Resources (4+7a through 7d): Agency Name: Los Gatos Redevelopment agency a. e9 C b 7., 0 eT,m a° et •� b��x ." '�Z•45 � �9co0Z`�"o' o a It to C 7 m m E. .o.y o C 7 e4 r^<j• C m O et c m m 2 y De �••E w .�C rt O. �• a Sep A A C ° ° OQ C 'S7 aC A .C, .A. 4• 0 m. rAD A Ae A ▪ -ee _a O A A 2 `A -, e°o o e a. 2 ). ., < O uQ t7 .�, a p: o et 2 G ,t ti TA A ..• Ft7 e° a .A°. a 17 2 c3 0 eo mD ' C. O 3 O. tt VI et o eo De De O. v; A)C a G. CD • a ;Q ° 2. -°e 5 eg- � Tm o - A.A IQ Z 3 A c s • 2 a 1a° m a aea2. O 0 IQ b V 9 " A a°. ; ° ea e a A 7' et A e<e A 'C • c te m cit rD .° � Sa eron 5 2 el, - 5 ? C 10 C C s;uawanaplad A W N o m 2 O ° 0 a A 0 ni GO ° G. :pasn spun; 2ulsnoq-ii :pasn spund SuIsnog FA CA 0 0 CA Cot X alquallddy iou — oN — saA X alquallddy ;o. — oN — saA C ? e.D V] • ° o x COD oW et .. C De ea 0 to 0 F. C W -o oo eeo C C. W m 4 et A Wee m C AD t't � C 9 e0 m cro 0 3 �., 0-et a. 3 n • A eD A c• 4 .C. to ? .. 74 S c 7, S 0 p' °' o a << so ▪ S . E.'a -e 9 el rb 2. o c.A m IQ o et a 3 Et m o • ° �. ett > 0 A V) 0 • C 2 ..+ ▪ o. c .CfQ ro ° 0 - 5 eil w ▪ c a� o S ° f9 w 0to a 5' o vi g o 2 • so B W A � a cet: m 0• .. A .m. I� 2 C G GO a 0 c �' c O. OD I m m a e ° w' C "., m 7 0 - S E. O eAe o 1i O '0 • .. °Q ° 9 m _' el Cr 0 04 4 A 1g 9 _S 3 ▪ IX a o `° < B o ° es: , x A ICIA O. Al 2 o °° A * Please attach a separate sheet of paper listing any additional sites not reported above. Site Name/Location* No. of' Acres S. 74 Purchase Date att m r- e d Fr A Comments • A eg m ft eD C. 0 Ato el C Aw c o o 0 S. 9 crIto c C o. A Lo ..4 c b d m aQ eD A to0 2 aA m ° 0De fiD et eo c?' m u°Q o A e°. cofO O A 2 S A A A be et .A. C a d4 Agency Name: Los Gatos Redevelopment agency Project Area Name: k,.,iitral Los Gatos Redevelopment Agency 0\ C get m o O IQ E. ci am. o 0 7. w ' reD At 5 a m eDCr m O A 't S A A O O 00 C. -s n m o 0C Er. 7, S IQ el, •, OC IQ 0 ri o n to C7 a spaau aaanosag 0 olanapaH aaq;p Jo as spun3 ;um e. Contact Person and Telephone Number: Agency Name: Los Gatos Redevelopment Agency . O 0.., p m C A Ft O =4 cm G 3 17 0 C. A A IQ !'47 a. e9 aQ. eeD '' eet .A. A c 7 7 0< 7 0'' "0 et fD m . C 3 AC A 0 d 8D 5• "7'.- "r0 vrt "t • re m to r a D m. o 7 m 'O '0 u 0 a� to ``�OQ � i O m 4 4 n r m z .r, mm�;°Q CCd A 7t 0 C. W. 4 Lam" a 7 A C. eo eeb 0 O `° 'C to 0 eeD oe 0.' am) 'it fD A.D. R m. w '2 4I =eo es tot RESOLUTION 1997 - 141 RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS APPROVING THE 1996-97 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 report describing 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 Report of Housing Activity, attached hereto as Exhibit B, consists of forms provided by the State Department of Housing and Community Development and the completed forms describe the Agency's activities affecting housing and displacement. 5. Approval of the 1996-97 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 1996-97 Annual Report for the Los Gatos Redevelopment Agency, attached hereto as Exhibits A and B. 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 the 15th day of December, 1997 by the following vote: COUNCIL MEMBERS: AYES: Randy Attaway, Joanne Benjamin, Steven Blanton, Jan Hutchins, Mayor Linda Lubeck NAYS: None ABSENT: None ABSTAIN: None SIGNED: /s/ Linda Lubeck 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 Town Council Redevelopment Agency ..inutes of December 15, 1997 Los Gatos, California LOS GATOS BOULEVARD PLAN AND DESIGN STANDARDS (08B.46) LANE WIDTHS/AMENDMENT #1/RESOLUTION 1997-138 Motion by Mrs. Benjamin, seconded by Mr. Hutchins, that Council adopt Resolution 1997-138 entitled, RESOLUTION OF THE TOWN OF LOS GATOS APPROVING AMENDMENT #1 TO THE LOS GATOS BOULEVARD PLAN REGARDING LANE WIDTHS. Carried by a vote of three ayes from Mr Attaway, Mr. Hutchins and Mrs. Lubeck. Mrs. Benjamin and Mr. Blanton voted no for reasons noted in prior record. SILICON VALLEY SMART CORRIDOR AGREEMENT/RESOLUTION 1997-139 (09.40) Motion by Mrs. Benjamin, seconded by Mr. Hutchins, that Council adopt Resolution 1997-139 entitled, RESOLUTION OF THE TOWN OF LOS GATOS AUTHORIZING THE TOWN MANAGER TO EXECUTE AN AGREEMENT WITH THE CITY OF SAN JOSE, COUNTY OF SANTA CLARA, CITY OF CAMPBELL, CITY OF SANTA CLARA, CITY OF MILPITAS, SANTA CLARA VALLEY TRANSPORTATION AUTHORITY, AND THE CALIFORNIA DEPARTMENT OF TRANSPORTATION (HEREINAFTER "CONTRACTING AGENCIES") FOR IMPLEMENTATION OF SILICON VALLEY SMART CORRIDOR Carried unanimously. SANTA ROSA DRIVE 550/SINGLE FAMILY RESIDENCE/RESOLUTION 1997-140 (10.09) Motion by Mrs. Benjamin, seconded by Mr. Hutchins, that Council adopt Resolution 1997-140 entitled, RESOLUTION OF THE TOWN OF LOS GATOS DENYING AN APPEAL OF A PLANNING COMMISSION DECISION DENYING AN APPEAL OF AN ARCHITECTURE AND SITE APPROVAL TO CONSTRUCT A NEW SINGLE FAMILY RESIDENCE IN THE HR-1 ZONE. Carried unanimously. REDEVELOPMENT AGENCY'S ANNUAL REPORT/RESOLUTION 1997-141 (11.49) Motion by Mrs. Benjamin, seconded by Mr. Hutchins, that Council adopt Resolution 1997-141 entitled, RESOLUTION OF THE TOWN OF LOS GATOS APPROVING THE 1996-1997 ANNUAL REPORT FOR THE LOS GATOS REDEVELOPMENT AGENCY. Carried unanimously. HEARINGS WOOD ROAD 110/LOS GATOS MEADOWS/ABC LICENSE REQUEST (12.09) Mayor Lubeck stated that this was the time and place duly noted for public hearing to consider appeal of a decision of the Planning Commission, denying an alcoholic beverage control license to sell beer and wine to Los Gatos Meadows residents and their guest on property in the RPD Zone. Property Location: 110 Wood Road. Appellant: James P. Hempler. The following person from the audience spoke to Council: TC:D9:MM121597 5