Item 14 Staff Report Adopt Resolution Approving the 1998-99 Annual Report for the Los Gatos Redevelopment Agencyrti
MEETING DATE: 12/6/99
ITEM NO. /
COUNCIL/AGENCY AGENDA REPORT
DATE: November 30, 1999
TO:
AGENCY
MAYOR AND TOWN COUNCIL/CHAIR AND MEMBERS OF THE REDEVELOPMENT
FROM: TOWN MANAGER/EXECUTIVE DIRECTOR
SUBJECT: ADOPT RESOLUTION APPROVING THE 1998-99 ANNUAL REPORT FOR THE LOS GATOS
REDEVELOPMENT AGENCY.
RECOMMENDATION:
Adopt resolution approving the 1998-99 Annual Report for the Los Gatos Redevelopment Agency. Authorize revised
budget as outlined in Fiscal Impact.
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 1998-99 audit (Attachment 1, Exhibit A) includes the auditor's opinion of the Agency's operations and fmancial
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 Annual Report of Financial
Transactions of Community Redevelopment Agencies (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 approved a grant of $310,280 for the affordable housing
development at 71 Miles Avenue and conceptually approved a grant of $310,000 for the Habitat for Humanity house
on Charles Street. The Agency is continuing to develop specific programs and 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 Financial Transactions of Community Redevelopment
Agencies will be sent to the State Controller and the State Department of Housing and Community Development.
PREPARED BY: PAUL L. CURTIS
Director of Community Development/ Jl
Redevelopment Deputy Director k
MICHELE BRAUCHc 'A
VT
Director
Reviewed by: oi(, Attomey/General Counsel Revised: 11/30/99 4:13 PM
Reformatted: 10/23/95
PAGE 2
MAYOR AND TOWN COUNCIL/CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY
SUBJECT: ADOPT RESOLUTION APPROVING 1998-99 ANNUAL REPORT
December 2, 1999
ENVIRONMENTAL ASSESSMENT:
Approval of the Redevelopment Agency Annual Report is not a project subject to CEQA.
FISCAL IMPACT:
Authorize the following revision to the organization structure of the Redevelopment Agency which now ties to the State
Controller's reporting structure. Authorize the following year end revisions to the Redevelopment Agency budget,
adjusting for actual activity in 1998-99:
Adopted Revenue Budget (7/1/98):
Fund 420 Redevelopment Agency - Capital Projects Group
Description Amount
Tax Increment $ 1,356,590
Traffic Mitigation $ 165,000
$ 1,521,590
Fund 440 Housing Set Aside Program - Capital Projects Group
Description Amount
20% Pass -through $ 271,320
Interest Income $ 23,190
Below Market Price Contribution $ 10,000
Revised Revenue Budget (6/30/99):
Fund 930- Redevelopment Agency - Capital Projects Group
Description
Operating Transfer In
Fund 950- Redevelopment Agency - Debt Service Group
$ 304,510
Amount
$ 382,900
Description Amount
Tax Increment $ 1,596,590
Interest Income $ 64,800
Operating Transfer - Out $ (702,900)
$ 958,490
Fund 960- Redevelopment Agency -Low and Moderate Housing - Capital Projects Group
Description Amount
Operating Transfer In @ 20% $ 271,320
Interest Income $ 23,190
$ 294,510
PAGE 3
MAYOR AND TOWN COUNCIL/CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY
SUBJECT: ADOPT RESOLUTION APPROVING 1998-99 ANNUAL REPORT
December 2, 1999
Adopted Expense Budget (7/1/98):
Fund 420 Redevelopment Agency - Capital Projects Group
Description Amount
Business Services $ 55,220
Administration $ 64,370
Agreements with Taxing Entities $ 281.120
Housing Set Aside $ 271,320
Debt Service $ 105,000
Interest Expense $ 190,280
Capital Projects $ 635,000
$ 1,602,310
Fund 440 Housing Set Aside Program - Capital Projects Group
Description Amount
Business Services $ 22,000
Administration $ 28,210
Special Projects $ 20,000
$ 70,210
Revised Expense Budget (6/30/99):
Fund 930- Redevelopment Agency - Capital Projects Group
Description Amount
Administration Costs $ 47,860
Professional Services $ 3,650
Capital Projects:
Sidewalk $ 235,230
Concrete Streets $ 49,620
Streetscape $ 5,540
$ 341,900
Fund 950- Redevelopment Agency - Debt Service Group
Description Amount
Pass Through Agreements $ 396,120
Debt for COPS $ 275,280
Interest Expense $ 58,300
$ 729,700
Fund 960- Redevelopment Agency -Low and Moderate Housing - Capital Projects Group
Description Amount
Administration Costs $ 16,010
Professional Services $ 4,200
Affordable Housing Grant $ 115,400
$ 135,610
PAGE 4
MAYOR AND TOWN COUNCIL/CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY
SUBJECT: ADOPT RESOLUTION APPROVING 1998-99 ANNUAL REPORT
December 2, 1999
ATTACHMENT:
Resolution approving the 98-99 Annual Report for the Los Gatos Redevelopment Agency
Exhibit A - Redevelopment Agency Audit for Fiscal Year 98-99
Exhibit B - Annual Report of Financial Transactions of Community Redevelopment Agencies for Fiscal
Year 98-99
PLC:BL:jd
N:VDEVIRDAVCMPFRMS\99ANNRPT. RDA
RESOLUTION 1999 -
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
APPROVING THE 1998-99 ANNUAL REPORT FOR
THE LOS GATOS REDEVELOPMENT AGENCY
WHEREAS:
1. The California Community Redevelopment Law (Health and Safety Code §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 Annual Report of Financial Transactions of Community Redevelopment Agencies,
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 1998-99 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 1998-99 Annual Report
for the Los Gatos Redevelopment Agency, attached hereto as Exhibits A and B.
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 the day of December, 1999 by the following vote:
COUNCIL MEMBERS:
AYES:
NAYS:
ABSENT:
ABSTAIN:
SIGNED: MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
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
n JUNE 30, 1999 AND 1998
0
0
[:1
0
0
J
rn
This Page Left Intentionally Blank
(IEVELOPMENT AGENCY OF THE 1
TOWN OF LOS GATOS
Component Unit Financial Statements
For The Years Ended
June 30, 1999 and 1998
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
This Page Left Intentionally Blank
n� !VJAZE &
ASSOCIAT
INDEPENDENT AUDITOR'S REPORT
To the Governing Board of the Redevelopment Agency
of the Town of Los Gatos
ACCOUNTANCY CORPORATION
1670 Riviera Avenue - Suite 100
Walnut Creek, California 94596
(925) 930-0902 • FAX (925) 930-0135
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, 1999 and 1998 as
listed in the table of contents. These component unit fmancial 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 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.
As discussed in Note 1, the component unit fmancial statements present only the Agency and are not
intended to present fairly the fmancial 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, 1999
and 1998 and the results of operations for the years then ended, in conformity with generally accepted
accounting principles.
As discussed in Note 5 to the fmancial statements, the Town has a project underway to ensure that all
mission critical systems and operations will be Y2K compliant in a timely manner. The project includes
coordinating with significant third parties to assess their Y2K issues. The assessment of the costs of the
Y2K compliance effort, and the timetable for the planned completion of the internal Y2K modifications, are
management's estimates, which were based on assumptions as to future events. There can be no guarantee
that these estimates will prove accurate, and actual results could differ from those estimated if the
assumptions prove inaccurate. Additionally, there can be no guarantee that significant third parties will
successfully and timely convert their systems.
In accordance with Government Auditing Standards, we have also issued reports dated September 23, 1999
on our consideration of the Agency's internal control structure and on its compliance with laws and
regulations.
September 23, 1999
1
A Professional Corporation
k £VELOPMENT AGENCY OF THE TOWN OF LOS _ _COS
COMBINED BALANCE SHEETS
ALL FUND TYPES AND ACCOUNT GROUPS
NNE 30, 1999
WITH COMPARATIVE AMOUNTS FOR NNE 30, 1998
TOTALS
(Memorandum Only)
GOVERNMENTAL FUND TYPES ACCOUNT GROUPS
Capital Debt General General Long -
Projects Service Fixed Assets Term Debt 1999 1998
ASSETS
Cash and investments (Note 2) $851,359 $3,464,156 $4,315,515 $3,337,885
Restricted cash and investments 448,878 448,878 474,185
Intergovernmental receivable 12,965 12,965 1,971
Parking Lot # 4 Project (Note 4) $4,696,796 4,696,796 4,696,796
Amount available in debt service fund $2,317,116 2,317,116 2,052,273
Amount to be provided for retirement of
general long-term debt 117,884 117,884 497,727
Total Assets $851,359 53,925,999 $4,696,796 $2,435,000 511,909,154 S11,060,837
LIABILITIES
Accounts payable $23,666 $23,666 $32,252
Accrued payroll $231 560 791 340
Matured bonds and interest payable 37,243 37,243 12,883
Due to other governments 442,414 442,414 384,159
Pass through obligations 905,000 905,000 531,379
Advance from Town of Los Gatos (Note 3) 200,000 200,000 200,000
Certificates of participation (Note 4) $2,435,000 2,435,000 2,550,000
Total Liabilities 231 1,608,883 2,435,000 4,044,114 3,711,013
FUND EQUITY
Investment in general fixed assets $4,696,796 4,696,796 4,696,796
Fund balances:
Reserved for :
Low income housing 807,725 807,725 578,294
Debt service 448,878 448,878 474,185
Encumbrances 17,067
Designated for debt services 1,868,238 1,868,238 1,578,088
Unreserved, undesignated 43,403 43,403 5,394
Total Fund Equity 851,128 2,317,116 4,696,796 7,865,040 7,349,824
Total Liabilities and Fund Equity $851,359 $3.925.999 $4,696,796 $2,435,000 S11,909,154 $11.060,837
See accompanying notes to component unit financial statements
2
REDEV PMENT AGENCY OF THE TOWN OF LOS GA•
COMBINED STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED JUNE 30, 1999
WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30, 1998
REVENUES
Property tax increment
Interest
Total Revenues
EXPENDITURES
Capital outlay
Project costs
Pass through payments
Debt service
Principal (Note 4)
Interest (Notes 3 and 4)
Total Expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
TOTALS
GOVERNMENTAL FUND TYPES (Memorandum Only)
Capital Debt
Projects Service 1999 1998
$1,597,622 $1,597,622 $1,359,368
$39,730 76,045 115,775 95,885
39,730 1,673,667 1,713,397 1,455,253
469,320 469,320 542,030
396,811 3 96, 811 248,201
113,321 113,321 103,275
218,729 218,729 168,719
469.320 728,861 1,198,181 1,062,225
(429,590) 944,806 515,216 393,028
OPERATING TRANSFERS
Operating transfers in 702,424 702,424
Operating transfers (out) (702,424) (702,424)
Total Operating Transfers
702,424 (702,424)
EXCESS OF REVENUES AND TRANSFERS
OVER EXPENDITURES 272,834 242,382 515,216 393,028
Fund balances at beginning of year 600,755 2,052,273 2,653,028 2,260,000
Residual equity transfer (out) in (22,461) 22,461
Fund balance at end of year $851,128 $2,317,116 $3,168,244 $2,653,028
See accompanying notes to financial statements
REDE —OPMENT AGENCY OF THE TOWN OF L GATOS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 1999
CAPITAL PROJECTS
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES
Interest $23,190 $39,730 $16,540
Total Revenues 23,190 39,730 16,540
EXPENDITURES
Capital outlay:
Project costs 477,510 469,320 8,190
Total Expenditures 477,510 469,320 8,190
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES ($454,320) (429.590) $24,730
OPERATING TRANSFERS
Operating transfer in 654,220 702,424 48,204
EXCESS OF REVENUES AND TRANSFERS
OVER EXPENDITURES
Fund balances at beginning of year
Residual equity transfer (out)
Fund balances at end of year
S199,900 272,834 $72,934
600,755
(22,461)
$851,128
See accompanying notes to component unit financial statements
4
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 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 $396,811 for the year
ended June 30, 1999. In addition, as of June 30, 1999 the Agency owed $905,000 in pass -through
amounts to other governments.
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.
5
REDEVELOPMENT AGENCY OF Ti_
TOWN OF LOS GATOS
Notes To Component Unit Financial Statements
NOTE 1- SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 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, 1999 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
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,
1999 the Agency paid interest in the amount of $20,000 on this long-term advance.
Furthermore, the Town advanced $382,900 to the Agency in July of 1998; the entire amount, plus
interest of $38,290 was repaid in June of 1999.
6
_DEVELOPMENT AGENCY OF THE
TOWN OF LOS GATOS
Notes To Component Unit Financial Statements
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.
To assist the Town in paying 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 Capitol Projects Fund for the Project Area. Reimbursements under this
agreement commenced in fiscal 1995-96. Effective July 1, 1998 the COPs were transferred from the
Town's General Long -Term Account Group to the Redevelopment Agency's. In addition, the Parking
Lot #4 Project, which was constructed with proceeds of the COPs, has been transferred and included
in the Agency's financial statements.
In order to accomplish the above mentioned transfers, it was necessary for the Redevelopment
Agency to record due to a change in accounting method. As a result, the amounts in the 1998
comparative total column have been revised.
B. Activity
Changes in general long tei ui debt were as follows:
Balance at Balance at
Interest Maturity June 30, June 30,
Rates Date 1998 Retirements 1999
Certificates of Participation 5%-9% 2012 $2,550,000 $115,000 $2,435,000
7
REDEVELOPMENT AGENCY OF TL_
TOWN OF LOS GATOS
Notes To Component Unit Financial Statements
NOTE 4 - GENERAL LONG-TERM DEBT (Continued)
Repayment requirements for general long term debt were as follows at June 30, 1999:
Certificates
of
Year Ending June 30 Participation
2000 $247,611
2001 246,811
2002 246,883
2003 248,738
2004 245,846
Thereafter 2,199,370
Total payments due 3,435,259
Less amount representing interest 1,000,259
Principal amount
$2,435,000
The Agency must maintain required amounts of cash and investments with the trustees under the
terms of the COPs and Special Assessments issues. These funds are pledged as reserves to be used if
the Town fails to meet its obligations under the COPs issue. These reserves totaled $448,878 and
$474,185, respectively, at June 30, 1999 and 1998.
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.
NOTE 5 - YEAR 2000 COMPLIANCE
Like other organizations and individuals around the world, the Agency could be adversely affected if the
computer systems it uses and those used by significant vendors, etc. do not properly process and
calculate date -related information and data. This is commonly known as the "Year 2000 Issue."
The Agency recognizes the potential implications of the Year 2000 issue on systems that may include
date -related transactions, data embedded chips, etc. The Agency has addressed the impact of the Year
2000 issue on its operations and is now in the process of renovating or replacing, as necessary, its
computer applications and business processes to provide for continued services in the year 2000.
The Agency has made inquiries of its significant vendors and has received a variety of responses with
the majority indicating they do not expect to experience any interruption of operations.
The costs of the Agency's internal Year 2000 compliance efforts are being expensed as incurred and are
being funded with cash flow from operations. The costs of these efforts are not expected to be material
to the Agency's financial position or results of operations. The costs of vendor compliance efforts are
the responsibility of the vendors.
Because of the unprecedented nature of the Year 2000 issue and its effects, the success of related
remediation efforts will not be fully determinable until the Year 2000 and thereafter. Management
cannot assure that the Agency is or will be fully Year 2000 ready, that the Agency's remediation efforts
will be successful in whole or in part, or that parties with whom the Agency does business will be Year
2000 ready.
8
REDEVL—?MENT AGENCY OF THE TOWN OF LOS TOS
COMBINING BALANCE SHEETS
CAPITAL PROJECTS FUNDS
JUKE 30, 1999
WITH COMPARATIVE AMOUNTS FOR JUNE 30, 1998
ASSETS
Cash and investments
Intergovernmental receivable
Total Assets
TOTALS
(Memorandum Only)
Housing
Redevelopment Set Aside 1999 1998
$43,403 $807,956 $851,359 $1,746,914
1,971
$43,403 $807.956 $851.359 $1.748,885
LIABILITIES
Accounts payable $32,252
Accrued payroll $231 $231 340
Due to other governments 384,159
Pass through obligations 531,379
Advance from Town of Los Gatos 200,000
Total Liabilities 231 231 1,148,130
FUND EQUITY
Fund balances:
Reserved for :
Low income housing 807,725 807,725 578,294
Encumbrances 17,067
Unreserved, undesignated $43,403 43,403 5,394
Total Fund Equity 43,403 807,725 851,128 600,755
Total Liabilities and Fund Equity $43,403 $807.956 $851.359 $1.748.885
See accompanying notes to component unit financial statements
9
This Page Left Intentionally Blank
REVENUE
REDE(.OPMENT AGENCY OF THE TOWN OF LOS Gr,S
COMBINING STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 1999
WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30, 1998
Housing
Redevelopment Set Aside 1999 1998
Property tax increment
$1,359,368
Interest
$39,730 $39,730 75,730
Total Revenue
39,730 39,730 1,435,098
EXPENDITURES
Capital outlay:
Project costs $339,497
129,823 469,320 542,030
Pass through payments
248,201
Principal - Debt service
103,275
Interest
168,719
Total Expenditures 339,497
129,823 469,320 1,062,225
OPERATING TRANSFERS
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 339,497
( ) (90,093) (429,590) 372,873
TOTALS
(Memorandum Only)
Operating transfer in 382,900 319,524
702,424
EXCESS OF REVENUES AND TRANSFERS
OVER EXPENDITURES 43,403
229,431 272,834 372,873
Fund balances at beginning of year 22,461
578,294 600,755 227,882
Residual equity transfer (out) (22,461)
(22,461)
Fund balance at end of year $43,403
$807.725 8851.128 $600,755
See accompanying notes to financial statements
11
DEVELOPMENT AGENCY OF THE TOWN OF .i GATOS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 1999
REVENUE
Interest
Total Revenue
EXPENDITURES
Capital outlay:
Project costs
Total Expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OPERATING TRANSFERS
Operating transfer in
REDEVELOPMENT
Budget
Variance
Favorable
Actual (Unfavorable)
HOUSING SET ASIDE
Budget
$23,190
23,190
$341,900 $339,497 $2,403 135.610
341,900 339,497 2,403 135,610
($341,900) (339,497) $2,403 ($112,420)
382,900 382,900
EXCESS OF REVENUES AND TRANSFERS $at,000
OVER EXPENDITURES
Fund balances at beginning of year
Residual equity transfer (out)
Fund balances at end of year
43,403 $2,403
22,461
(22,461)
$43 403
Variance
Favorable
Actual (Unfavorable)
$39,730 $16,540
39,730 16,540
129,823 5,787
129,823 5,787
(90,093) $22,327
271,320 319,524 48,204
$158,900 229,431 $70,531
See accompanying notes to component unit financial statements
12
578,294
$807 725
C
fl
0
i
Budget
$23,190
23,190
TOTALS
Variance
Favorable
Actual Jtlnfavorable)
$39,730 $16,540
39,730
477,510 469,320
477,510 469,320
$454,320 (429,590)
654,220 702,424
$199,900 272,834
600,755
22,461
$851.128
16,540
8,190
8,190
$24,730
48,204
$72,934
13
This Page Left Intentionally Blank
MAZE &
ASSOCIATES
ACCOUNTANCY CORPORATION
1670 Riviera Avenue - Suite 100
Walnut Creek, California 94596
(925) 930-0902 • FAX (925) 930-0135
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, 1999, and have issued our report thereon dated September 23, 1999. We
conducted our audit in accordance with generally accepted auditing standards 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.
777-e-
September 23, 1999
15
A Professional Corporation
This Page Left Intentionally Blank
ANNUAL REPORT OF HOUSING ACTIVITY
OF COMMUNITY REDEVELOPMENT AGENCIES
FOR FISCAL YEAR ENDED 6 / 30 / 99
Agency Name and Address: County of Jurisdiction:
LOS GATOS REDEVELOPMENT AGENCY SANTA CLARA COUNTY
110 EAST MAIN STREET
LOS GATOS, CA 95030
Redevelopment agencies must report annually on their housing activities and maintenance and use of the Low & Moderate Income Housing Fund
(Health and Safety Code Section 33080.1). A copy of this report must be filed with the Department of Housing and Community Development
(HCD) (Section 33080.3). HCD must compile and publish annually a report of redevelopment agencies' housing activities (Section 33080.6).
Please answer each of the following questions in order to determine which HCD Schedules your agency must prepare to provide a complete
report of housing activity and fund balances for the reporting period.
1. How many adopted project areas did the agency have during the reporting period? 1
If one or more, prepare and submit a separate copy of SCHEDULE HCD-A for each adopted project area.
If none, do not submit Schedule HCD-A.
2. Did the agency conduct any housing activity outside of adopted redevelopment project areas during the reporting period?
O Yes. Prepare and submit one copy of SCHEDULE HCD-B for the agency.
x No. Do not submit Schedule HCD-B.
3. Did the agency have any adopted project areas, or any funds in the Low & Moderate Income Housing Fund during the reporting
period?
x Yes. Prepare and submit one copy of SCHEDULE HCD-C for the agency.
❑ No. Do not submit Schedule HCD-C.
4. Were any housing projects completed during the reporting period?
O Yes. Prepare and submit all applicable HCD Schedules DI-D7 for each housing project completed and an HCD Schedule El
summarizing all housing projects completed.
x No. Do not submit HCD Schedules Dl-D7 or HCD Schedule El.
To the best of my knowledge the representations made in the above statement and the disclosures contained in the HCD
Schedule(s) submitted herewith are true and correct.
Date Signature of Authorized Agency Representative
Executive Director
Title
408/354-6832
Telephone Number
California Redevelopment Agencies - Fiscal Year 1998-99
Cover (11 / 15/99)
HCD-Cover
Page 1 of 1
EXHIBIT 4
SCHEDULE HCD-A
Project Area Activity
for Fiscal Year Ended 6 / 30 / 99
Agency Name: LOS GATOS REDEVELOPMENT AGENCY
Preparer's Name, Title: Bud Lortz, Redevlopment Manger
Preparer's Telephone No: 408/354-6867
General Information
I. a Year plan for project area was adopted: 1991
Project Area Name: CENTRAL LOS GATOS REDEVELOPMENT
AREA
Preparer's E-Mail Address: blortz @,, town.los-gatos.ca.us
Preparer's Facsimile No: 408/354-7593
Current expiration of redevelopment plan: 11 / 25 / 2031
b. If project area name has changed, give previous name(s) or number:
c. Year(s) project areas merged: N/A
Project areas merged: N/A
mo day
N/A
Yr
d. Year(s) real property was: (1.) added: N/A (2.) removed: N/A
2. Project areas adopted, and areas added by amendment, after 12/31/75 are subject to section 33413. All other project areas are
subject to Section 33413(a), effective 1/1/96, with respect to housing activity specified in Section 33413(d). An agency may elect to
make all or part of Section 33413 apply to a project area for which a plan was adopted before 1/1/76. If the redevelopment plan for
the subject project area was adopted before 1/1/76, and the agency has elected to apply all or part of Section 33413, provide the date
and scope of the resolution. N/A
Date:
mo day yr
Scope:
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 agency's Housing Fund this 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 the full 100% of gross tax increment allocated (prior to any pass through and deduction for fees) on line 3a(1). Calculate 20%
of gross tax increment and enter the amount on line 3a(2). To determine the amount of Tax Increment deposited to the Housing
Fund (line 3a(6)), subtract allowable exempted (line 3a(4)) or deferred (line 3a(5)) amounts from the Tax Increment Allocated to
Housing Fund (line 3a(3)).
NOTE:
Expenditures for debt service should be reported on Schedule HCD-C (Page 2, Line 3c.).
Dollar amounts for items HCD-A lines 3a: 3f. and 3i. (where an italicized line number is noted in parentheses) can be taken
directly from that line number on the State Controller's Annual Report of Financial Transactions of Community
Redevelopment Agencies, Project Area Income Statement, 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: The specific sources of transferred funds must be reported in items HCD-A lines
3a.-j. For example: transfers into the Housing Fund from the Debt Service Fund for the deposit of the 20% setaside should
be reported on line 3a(3).
Other Sources: Non-GAAP revenues such as land sales for those Agencies using the Land Held for Resale method to record
land sales should be reported on HCD-A tine 3d. Money received for the repayment of loan principal to the Housing Fund
should be included on HCD-A line 3h.
California Redevelopment Agencies - Fiscal Year 1998-99
Sch A (11/15/99)
HCD-A
Page 1 of 5
Agency Name: Los Gatos Redevelopment Agency Project Area Name: Central Los Gatos Redevelopment
3. a. Tax Increment:
(1) 100% of Gross (line 1E): $ 1,597,622
(2) Minimum Deposit to Housing Fund (Line 3a(1) x 20%): $ 319,524
(3) Tax Increment Allocated to Housing Fund * $ 319,524
Less:
(4) Amount Exempted (if there is an amount exempted, also
complete question #4 (HCD-A, Page 3 of 5): ($ 0 )
(5) Amount Deferred (if there is an amount deferred, also
complete question #5 (HCD-A, Page 3 of 5): ($ 0 )
(6) Tax Increment Deposited to Housing Fund [actual amount deposited, Lines 3a: (3) - (4) - (5)]
* 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 below if less than 20% is being set aside for any other reason:
$ 319,524
b. Interest Income (line 5 ): $ 39,730
c. Rental/Lease Income (lines 6 + 7): $
d. Sale of Real Estate (line 8 ): $
d. Grants (lines 9 + 10 ): $
e. Bond Administrative Fees (line 11):
f. Deferral Repayments: $
g. Loan Repayments: $
h. Debt Proceeds (line 39): $
i. Other Revenue (Specify) $
k. Total Housing Fund Deposits for this Project Area
(add 3a(6). through 3j.): $ 359,254
California Redevelopment Agencies - Fiscal Year 1998-99
Sch A (11/15/99)
HCD-A
Page 2 of 5
Agency Name: Los Gatos Redevelopment Agency Project Area Name: Central Los Gatos Redevelopment
Exemption(s)
4. a. If you are claiming an exemption from making the minimum 20% set -aside, indicate the reason. Check only one of the below Health
and Safety Code Section boxes: N/A
❑ 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.
❑ 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 I, 1991 requiring continued use of this funding.
When was the initial finding adopted? / /
mo day yr
Identify Resolution #
Date Resolution sent to HCD: / /
Note: Pursuant to Section 33334.2(a)(3)(C), this exemption expired on June 30, 1993.
O Other: Specify code section and reason:
b. When was current year finding adopted for any exemption claimed in 4.a.? N/A / /
mo day
Identify Resolution # Date Resolution sent to HCD: / /
mo day yr
Yr
mo day yr
Deferral(s)
5. a. If you are deferring the set -aside, indicate the reason. Check only one of the below Health and Safety Code Section boxes: N/A
O Section 33334.6(d): Project was adopted before 1977 and tax increments are needed to meet existing debts.
When was the initial finding adopted? / /
mo day yr
Identify Resolution #
Date Resolution sent to HCD: / /
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. When was current year fmding adopted for any deferral claimed in 5.a.? N/A / /
mo day yr
Date Resolution sent to HCD: / /
mo day yr
c. A deferred set -aside pursuant to Section 33334.6(d) constitutes an indebtedness to the Housing Fund equal to the amount of
the set -aside being deferred. Summarize the amount(s) of set -aside deferred during this fiscal year and cumulatively: N/A
Identify Resolution #
mo day yr
Fiscal Year
Amount Deferred
During FY
Amount of Prior FY
Deferrals Repaid
During FY
Cumulative Amount
Deferred (Less Any
Amount Repaid)
97/98
98/99
*
* The cumulative amount of deferred set -aside should also be shown on Line 5b. of Schedule HCD-C, Page 3 of 8.
If the FY 97/98 cumulative deferral shown here differs from what was reported on the last HCD report, indicate the
amount of difference and the reason: N/A
Difference: $ Reason:
California Redevelopment Agencies - Fiscal Year 1998-99
Sch A (11/15/99)
HCD-A
Page 3 of 5
Agency Name: Los Gatos Redevelopment Agency Project Area Name: Central Los Gatos Redevelopment
Deferral(s) Line 5 (continued)
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? N/A Yes 0 No 0
If yes, by what date is the deficit to be eliminated?
If yes, when was the original plan adopted for the deferral claimed?
/ /
mo day yr
/ /
mo day yr
Identify Resolution # Date Resolution sent to HCD / /
mo day yr
When was the last amended plan adopted for the deferral claimed? / /
mo day yr
Identify Resolution # Date Resolution sent to HCD / /
mo day yr
Housing Units Lost and Households Displaced
6. a. Pursuant to Sections 33080.4(a)(1) and (a)(3), report the number of dwelling units and bedrooms destroyed or removed from this
project area as a result of redevelopment activities; the number of above moderate units or bedrooms the agency is not required to
replace; and the income category and type of households permanently displaced from the project area during the fiscal year.
Income Level
VL
L
M
AM
Total
Households Permanently Displaced -Elderly
0
Households Permanently Displaced - Non Elderly
- 0
Households Permanently Displaced - Total
0
Units Lost (Removed or Destroyed, and Required to be Replaced)
0
Bedrooms Lost (Removed or Destroyed, and Required to be
Replaced)
0
Units Lost (Above Moderate: Not Required to be Replaced)
0
Bedrooms Lost (Above Moderate: Not Required to be Replaced)
0
b. Pursuant to Sections 33080.4(a)(1) and (a)(3), report the number of households permanently displaced as a result of redevelopment
activities other than the destruction or removal of dwelling units and bedrooms from this project area; and the income category and
type of households displaced from the project area during the fiscal year.
Income Level
VL
L
M
AM
Total
Households Permanently Displaced -Elderly
0
Households Permanently Displaced - Non Elderly
0
Households Permanently Displaced - Total
0
c. Identify each replacement housing plan adopted that is related to permanent displacement, destruction or removal of dwelling units
or bedrooms during the fiscal year and identified in paragraphs in 6a. and 6b. as follows: N/A
Date _ / /
mo
Date / /
mo day
Date / /
mo day
Yr
Yr
Yr
Name of Agency Custodian
Name of Agency Custodian
Name of Agency Custodian
Please attach a separate sheet of paper listing any additional housing plans adopted.
California Redevelopment Agencies - Fiscal Year 1998-99
Sch A (11/17/99)
HCD-A
Page 4 of 5
Agency Name: Los Gatos Redevelopment Agency
Project Area Name: Central Los Gatos Redevelopment
7. a. As required in Section 33080.4(a)(2), estimate the type and number of households, by income category, to be permanently displaced
from this project area during the next reporting period (Fiscal Year 1999-2000):
Income Level
VL
L
M
AM
Total
Households Permanently Displaced -Elderly
0
Households Permanently Displaced - Non Elderly
0
Households Permanently Displaced - Total
0
b. Identify each replacement housing plan adopted that is related to permanent displacement, destruction or removal of dwelling units
or bedrooms during the next reporting period and identified in paragraph 7a. as follows: N/A
Date / / Name of Agency Custodian
mo day yr
Date / / Name of Agency Custodian
mo day yr
Date / / Name of Agency Custodian
mo day yr
Please attach a separate sheet of paper listing any additional housing plans adopted.
8. Pursuant to Section 33080.4(a)(10), report the number of very low, low, and moderate income units financed by any federal, state, local,
or private source to be constructed inside the project area, within the next two years pursuant to an executed contract or agreement. Also
include the estimated completion dates of the units. N/A
DO NOT REPORT ANY UNITS SHOWN ON SCHEDULE HCD-B #3 OR SCHEDULE HCD-Ds.
Name of Contractor/Project
Execution Date
Estimated Date of Completion
VL
L
M
Total
Lexor Builders
8/2/99
6/2001
3
3
Community Housing
4/14/99
6/2000
12
12
Developers
Please attach a separate sheet of paper listing any additional housing plans adopted.
California Redevelopment Agencies - Fiscal Year 1998-99
Sch A (11/17/99)
HCD-A
Page 5 of 5
SCHEDULE HCD-C
Agency -wide Activity
for Fiscal Year Ended 6 / 30 / 99
Agency Name: LOS GATOS REDEVELOPMENT AGENCY
Preparer's Name, Title: Bud Lortz, Redevelopment Manger
Preparer's Telephone No: 408/354-6867
Low & Moderate Income Housing Funds
Preparer's E-Mail Address: blortz cr town.los-Qatos.ca.us
Preparer's Facsimile No: 408/354-7593
Report on the "status and use of the agency's Low and Moderate Income Housing Fund," including information developed to comply with
Sections 33080.4(a)(6) and (a)(8). Information reported here should be based on that reported to the State Controller.
1. Beginning Balance
(Must equal line 4, "Net Resources Available" from last year's HCD-C form):
If Beginning Balance is not the same as Line 4 from Schedule HCD-C, Page 2 of 5, for FY 97/98,
indicate the:
Amount of the adjustment (indicate whether positive or negative):
Reason(s) for each difference:
Adjusted Beginning Balance (Beginning Balance plus or minus the adjustment):
2. Resources:
$ 578,295
$ 578,295
a. Total Resources From Project Areas:
(Sum of amount(s) from line 3k. on Schedule HCD-A(s)): $ 359,254
b. Other resources not reported on Schedule HCD-A(s)
(Specify: ): $
3. Subtotal of Expenditures and Other Uses (total of HCD-C, pages 2-3, lines 3a: k. below): ($ 129,823 )
NOTE:
The line items below were expanded to include specific line items from the State Controller's Annual Report of Financial
Transactions of Community Redevelopment Agencies to facilitate preparation of the report.
Dollar amounts for items where an italicized line number is noted in parentheses can be taken directly from the line
number(s) on the State Controller's Annual Report of Financial Transactions of Community Redevelopment Agencies,
Consolidated Income Statement, except for reclassifying of Transfers -Out to Internal Funds and the reporting of Other Uses
as discussed below.
Transfers -out to other internal funds: The specific use of transferred funds must be reported on HCD-C lines 3a.-k. For
example: transfers from the Housing Fund to the Debt Service Fund for the repayment of debt should be reported in line 3c.
Any transfers out of the Agency (for example: the transfer of excess surplus funds to the Housing Authority) should be
reported in line 3j(3).
Other Uses: Non-GAAP expenditures such as land purchases for those Agencies using the Land Held for Resale method to
record land purchases should be reported on HCD-C line 3a(1). Money spent on loans from the Housing Fund should be
included in lines 3b., 3f., 3g. and 3h. as appropriate.
ALWAYS REFER TO THE COMMUNITY REDEVELOPMENT LAW TO DETERMINE THE APPROPRIATENESS
OF EXPENDITURES FROM THE LOW AND MODERATE INCOME HOUSING FUND. HCD IS NOT
REPRESENTING THAT ALL IDENTIFIED EXPENDITURES ARE ALLOWABLE EXPENDITURES OR USES
California Redevelopment Agencies - Fiscal Year 1998-99
Sch D (9/21/99)
HCD-C
Page lof8
Agency Name: LOS GATOS REDEVELL IENT AGENCY
3. Subtotal of Expenditures and Other Uses (continued)
a. Property Acquisition:
Acquisition of Property/Building Sites (33334.2(e)(1)) & Housing Acquisition (33334.2(e)(6)):
(1) Real Estate Purchases (Line 17): $ 0
(2) Acquisition Expense (Line 20): $ 0
(3) Operation of Acquired Property (Line 21): $ 0
(4) Relocation Costs (Line 22): $ 0
(5) Relocation Payments (Line 23): $ 0
(6) Site Clearance Costs (Line 24): $ 0
(7) Disposal Costs (Line 26): $ 0
(8) Other (Specify) $ 0
Property Acquisition Subtotal:
b. Subsidies from the LMIHF:
(1) 1st Time Homebuyer Down Payment Assistance:
(2) Rental Subsidies:
(3) Purchase of Affordability Cov. (33413(b)2(B):
(4) Other (Specify): CHD GRANT
Subsidies Subtotal to LMIHF (line 31):
$ 0
$ 0
$ 0
$ 0
$ 110,121
c. Debt Service (33334.2(e)(9)):
(1) Debt Principal Payments:
(a) Tax Allocation, Bonds & Notes: $ 0
(b) Revenue Bonds & Certificates of Participation: $ 0
(c) City/County Advances & Loans: $ 0
(d) U. S. State & Other Long -Term Debt: $ 0
(2) Interest Expense (Line 29): $ 0
(3) Debt Issuance Costs (Line 31.1): $ 0
(4) Other (Specify) $ 0
$ 110,121
Debt Service Subtotal: $ 0
d. Plannins? and Administration Costs (33334.3(e)(1)):
(1) Administration Costs (Line 14c): $ 16,071
(2) Professional Services (not project based) (Line 15c): $ 3,631
(3) Planning, Survey/Design (not project based) (Line 16c): $ 0
(4) Indirect Nonprofit Costs (33334.3(e)(1)(B)): $ 0
(5) Other (Specify) $ 0
Planning and Administration Costs Subtotal:
California Redevelopment Agencies - Fiscal Year 1998-99
Sch C (9/21/99)
$ 19,702
HCD-C
Page 2 of 8
Agency Name: LOS GATOS REDEVELG. _.TENT AGENCY
3. Subtotal of Expenditures and Other Uses (continued)
e. On/Off-Site Improvements (33334.2(e)(2)): $ 0
f Housing Construction (33334.2(e)(5)): $ 0
g. Housing Rehabilitation (33334.2(e)(7)), (Line 27c):
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 Use Outside Community (33334.17) $ 0
$ 0
$ 0
$ 0
(2) For Transit Village Development Plan (33334.19): $ 0
(3) Excess Surplus (33334.12(a)(1)(A)): $ 0
(4) Other (cite code section authorizing the transfer): $ 0
Code Section
Total Transfer Out of Agency: $ 0
k. Other (Specify): $ 0
4. Net Resources Available (End of Year [1.+2a.+2b.-3a-k.]): $ 807,726
5. Other Housing Fund Assets (not included on Line 4, above):
a. Value of Land Purchased with Housing Funds and Held for
Development of Affordable Housing
b. Indebtedness for Set -asides Deferred (Sec. 33334.6):
c. Loans Receivable for Housing Activities
d. Residual Receipt Loans
e. ERAF Loans Receivable (all years) (Sec. 33681):
f. Other Assets (Specify):
$ 0
$ 0
$ 0
$ 0
$ 0
$ 0
6. Total Fund Equity (4.+5a. through 5f.): $ 807,726
This line must equal line 39c. of the Balance Sheet on the State Controller's Annual Report of Financial Transactions of
Community Redevelopment Agencies.
7. Total Equities
(Enter line 39c. from the State Controller's Balance Sheet): THIS LINE MUST EQUAL LINE 6. $ 807,726
Excess Surplus
Pursuant to Section 33080.7, report any excess surplus funds (as defined in Section 33334.12(G)(1)). Excess surplus exists for the
current reporting year if the Adjusted Balance (Schedule HCD-C, Page 3 of 5, line item 9b.(3)) of your agency's 1997/98 reporting
forms exceeds the greater of $1,000,000 or the aggregate amount of tax increments deposited into the Fund during the prior four fiscal
years. (See the table in Schedule HCD-C, Page 4 of 8, line 8a., for this reporting year).
"Encumber" means committing funds pursuant to a legally enforceable contract or agreement for expenditure for authorized
redevelopment housing activities (Section 33334.12(g)(2)). In accordance with Section 33334.12(g)(3)(A) and (B), the unencumbered
California Redevelopment Agencies - Fiscal Year 1998-99
Sch C (9/21/99)
HCD-C
Page 3 of 8
Agency Name: LOS GATOS REDEVELC ./IENT AGENCY
balance may be adjusted to account for any remaining revenue added from debt proceeds and the difference between the sales price of
land for affordable housing and its fair market value.
8. Excess Surplus (continued):
a. Fill in the following table to calculate and track your agency's excess surplus amounts for each fiscal year since FY 94/95.
Fiscal
Year
Total Tax
Increments
Deposited in
Housing Fund
Sum of Deposited
Tax Increment in
Housing Fund
From Previous
Four FYs
Adjusted Balance
as of 7/1/98 *
Excess Surplus
Balance for Each
Fiscal Year as of
7/1/98
Amount Expended
and Encumbered in
FY 98/99 Against
Each Fiscal Year's
Excess Surplus as of
6/30/99
Remaining
Excess Surplus
for Each Fiscal
Year as of
6/30/99
94-95
$ 68,552
$ 0
$ 0
$ 0
95-96
96-97
97-98
98-99
$ 118,200
$ 158,000
$ 226,561
$ 571,313
$ 585,113
$ 0
$ 0
$ 0
$ 0
$ 0
$ 0
$ 0
$ 0
$ 0
$ 0
$ 0
$ 0
* Adjusted Balance at the beginning of FY 98-99 is equal to the amount reported last year on HCD-C, Page 3 of 5, line 9b(3).
b. Are you eligible to adjust the Unencumbered Balance (End of Year)? If yes, identify the type and amount of the adjustment below
in lines (4)(a). and (4)(b).:
(1) Net Resources Over (Under) Expenditures and Uses (from line 4 on previous page):
(2) Total Encumbrances (End of Year) -see Section 33334.12(g)(2) for a definition. (Amount of line
8b(1) (above)) encumbered per agreement or contract):
(3) Unencumbered Balance (End of Year [8b(1) - 8b(2)])
Breakdown of Unencumbered Balance (End of Year):
(a) Unencumbered Designated (portion of line 8b(3)) $ 807,726
(b) Unencumbered Undesignated (portion of line 8b(3)) $ 0
$ 807,726
$ 0
$ 807,726
(4) Less Adjustments:
(a) Debt Proceeds (33334.12(g)(3)(B)): $ 0
NOTE: ONLY INCLUDE THE UNSPENT PORTION OF DEBT PROCEEDS AND INCOME RELATED
THERETO REMAINING IN THE HOUSING FUND AT THE END OF THE REPORTING YEAR.
(b) Land Saks (33334.12(g)(3)(A)): $ 0
(5) Adjusted Balance: This will be the 7/1/99 adjusted balance used to calculate next year's excess
surplus.
$ 807,726
c. If you reported an excess surplus for the current reporting year, briefly summarize the agency's plan (authorized in Section
33334.10) for encumbering or expending that amount: N/A
d. If plan described in 8c. was adopted, enter the date the plan was adopted: / / mo/day/ yr
California Redevelopment Agencies - Fiscal Year 1998-99
Sch C (9/21/99)
HCD-C
Page 4 of 8
Agency Name: LOS GATOS REDEVELI .ENT AGENCY
Miscellaneous Uses of Funds
9. If an amount is reported in 3e., pursuant to Section 33080.4(a)(6), report the total number of very low-, low-, and moderate -income
households directly benefited from expenditures for onsite/offsite improvements, which resulted in new construction, rehabilitation, or
the elimination of health and safety hazards. (If line 3e. of this schedule does not show expenditures for improvements, no units should
be reported here.) N/A
Income
Level
Construction
Rehabilitation
Health and Safety
Duration of Deed Restriction
Very Low
Low
Moderate
1
10. If the agency is holding land for future housing development (see 5a., above), summarize here the sites held, including acreage, date
of purchase, zoning, and anticipated start date for the housing development. N/A
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.
11. 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 0 Not Applicable x
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?
California Redevelopment Agencies - Fiscal Year 1998-99
Sch C (9/21/99)
Yes 0 No 0 Not Applicable x
HCD-C
Page 5 of 8
Agency Name: LOS GATOS REDEVELOPMENT AGENCY
12. Did the Agency use non-LMIHF funds as matching funds for the Federal HOME or HOPE program during the
reporting period?
YES 0 NO x
If yes, please indicate the amount of non-LMIHF funds that were used for either HOME or HOPE program support.
HOME $ HOPE $
13. Pursuant to Section 33080.4(a)(11), the description of the agency's activities shall include the date and amount of all deposits and
withdrawals of moneys deposited to and withdrawn from the LMIHF during the reporting period. The deposit and withdrawal
information must be kept and promptly submitted to HCD upon request and made available to any member of the public upon request.
Has your agency made any deposits to or withdrawals from the LMIHF?
Yes x No 0
If yes, identify the document(s) describing the agency's deposits and withdrawals by listing for each document, the following (attach
additional pages as necessary):
Name of document: General Ledger Transaction Analysis
Date of document: 6 / 30 / 99
Name of Agency Custodian:
Custodian telephone number:
Where to obtain a copy:
Name of document:
Date of document:
Name of Agency Custodian:
Custodian telephone number:
Where to obtain a copy:
Achievements
mo day yr
Town of Los Gatos -Finance
(408) 354-6885
110 E. Main Street, Los Gatos, CA
mo day yr
14. Please briefly describe one outstanding or innovative project, practice, or program the agency participated in during this reporting
period to increase, improve or preserve the community's affordable housing supply. Provide the following information along with the
program or project description:
a.
b.
c.
d.
Name of Project or Program:
Contact Person:
Telephone Number (contact person)
Description:
Owner/Developer:
Management Entity:
Architect:
Contractor:
on Utilized: (So ces) aLIconstrchion Permanent Loan/Grant
0 Land Lease
0 Other
California Redevelopment Agencies - Fiscal Year 1998-99
Sch C (9/21/99)
HCD-C
Page 6 of 8
Agency Name: LOS GATOS REDEVELI IENT AGENCY
Development Type:
❑ Rental New Construction,
❑ Rental Rehabilitation Only
0 Rental Acquisition & Rehabilitation
❑ New Construction of For Sale Units
❑ Owner Occupied Rehabilitation
❑ Mortgage Assistance of For Sale Units:
❑ 1" Time Homebuyers
❑ Other Assistance
❑ Other
Resident Profile (State Income Levels) and Special Needs Designations: Income Range
Very -low Income $ $
Low Income $
Moderate Income $
Above Moderate Income $
$
#
DISABLED (MENTAL)
#
FARMWORKER (PERMANENT)
#
TRANSITIONAL HOUSING
#
DISABLED (PHYSICAL)
#
FEMALE HEAD OF HOUSEHOLD
#
ELDERLY
#
FARMWORKER (MIGRANT)
#
LARGE HOUSEHOLDS
(4 or more Bedrooms)
#
EMERGENCY SHELTERS
Density (units per Acre):
Development /Residential (Income Levels) Profile
Type
1 BR
Size (sf)
Rental Rate
2 BR
3 BR
4 BR
TOTAL
Number of Units:
VLOW
LOW
MOD
AMOD
Total No/Units
Funding:
Source = CDBG, HOME, LIHTC, MRB (Specify)
Type = Construction, Permanent Loan/Grant Land Lease or Other (Specify)
Source
Amount
Type
Construction Type: (e.g., conventional. family. two story, manufactured housing etc.)
Development Costs:
California Redevelopment Agencies - Fiscal Year 1998-99
Sch C (9/21/99)
HCD-C
Page 7 of 8
116103
TO: STATE CONTROLLER
DIVISION OF ACCOUNTING AND REPORTING
Santa Clara
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P. O. BOX 94
of Los Gatos
SACRAMENTO, CA 94250
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AGENCY'S FISCAL YEAR END.
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IGNATURE OF EXECUTIVE DIRECTOR
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SQUARE FOOTAGE COMPLETED
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ENTER THE AMOUNT OF SQUARE
FOOTAGE COMPLETED THIS YEAR
BY BUILDING TYPE AND
SEGREGATED BY NEW OR
REHABILITATED CONSTRUCTION.
•,4
ENTER THE NUMBER OF JOBS
CREATED FROM THE ACTIVITIES
OF THE AGENCY, EITHER
ACTUAL OR ESTIMATED. L6
ENTER THE APPROPRIATE CODES
TO INDICATE EACH TYPE OF
PUBLIC FACILITY COMPLETED
THIS YEAR.
TYPES COMPLETED (A-F ONLY) I 7
COMMERCIAL BUILDINGS
INDUSTRIAL BUILDINGS
•
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OTHER BUILDINGS
TOTAL SQUARE FOOTAGE
PAST YEAR. USE ADDITIONAL FORMS
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PLEASE BE SPECIFIC, AS THIS INFO
FOR POSSIBLE INCLUSION IN THE P
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A = UTILITIES
ACCT-LGRS 80 (REV 7/9
STATE USE ONLY
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ASSETS & OTHER DEBITS PROJECTS
FUNDS
CASH & IMPREST CASH 1.0 S 43.403
CASH WITH FISCAL AGENT 2.0
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(MUST EQUAL PAGE 04, LINE 40) 21.0 k 43 , 403 I!
ACCT. LGRS 80 (REV 7/96)
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DUE FROM CAPITAL
PROJECTS FUND
DUE FROM DEBT
SERVICE FUND
DUE FROM LOW/MODERATE
INCOME HOUSING FUND
DUE FROM SPECIAL
REVENUE/OTHER FUNDS
OTHER ASSETS•
1 [
ALLOWANCE FOR DECLINE IN
VALUE OF LAND HELD FOR RESALE
FIRED ASSETS: LAND.
STRUCTURES & IMPROVEMENTS
w :
AMUUN I AVALLAHLE IN•
DEBT SERVICE FUND
AMOUNT TO BE PROVIDED FOR
PAYMENT OF LONG-TERM DEBT
et
Los Gatos Redevelopment Agency
69
6A
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69
69
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et V1 vO
N N N
LOANS PAYABLE
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69
69
CREDITS & EQUITIES
0
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Los Gatos Redevelopment
FISCAL YEAR ENDED
TOTAL
01
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104,553
CD
<`
%;. ..
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5 $ 43,378
21,666
S 65,044
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F SPECIAL
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.REVENUE/OTHER
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L INCOME HOUSING
*FUNDS
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SERVICE
FUNDS
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1 64,823
.
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EXPENDITURES SUB -TOTAL (CARRY TO LINE 19) I I
(18.01S 4 5, 3 4 2 Is
REVENUES I CAPITAL
PROJECTS
FUNDS
s 27,307 I
18,035
TAX INCREMENT - GROSS
(INCLUDE ALL APPORTIONMENTS) 1.0
SPECIAL SUPPLEMENTAL SUBVENTION 2.0
PROPERTY ASSESSMENTS 3.0
0
'
TRANSIENT OCCUPANCY TAX 4.1
INTEREST INCOME 5.0
RENTAL INCOME 6.0
0
[-.
SALE OF REAL ESTATE 8.0
GAIN ON LAND
HELD FOR RESALE 8.1
0
Qi
GRANTS FROM OTHER AGENCIES 10.0
BOND ADMINISTRATIVE FEES ILO
OTHER REVENUES 12.0
TOTAL REVENUES 13.0
EXPENDITURES
ADMINISTRATION COSTS 14.0
PROFESSIONAL SERVICES 15.0
PLANNING, SURVEY & DESIGN 16.0
REAL ESTATE PURCHASES 17.0
$
ACCT- LGRS 80 (REV 7/96)
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In order to ensure consistency, the amounts reported in the Low and Moderate Income Housing F
data reported to the Department of Housinr and Community Develonmenr srr•n_ e
IB
DEBT
SERVICE
FUNDS
H
332,050
396,811 I
VD
CO
00
N
IA
EXPENDITURESCAPITAL
(CO(CONY) PROJECTS
FUNDS
SUB -TOTAL (FROM LINE 1 B) (19.0) S 45,342
I
ACQUISITION EXPENSE 20.0
OPERATION OF ACQUIRED PROPERTY 21.0
RELOCATION COSTS 22.0
RELOCATION PAYMENTS 23.0
Ln
,-1
w
v.
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339,497 11
SITE CLEARANCE COSTS 24.0
PROJECT IMPROVEMENT/
CONSTRUCTION COSTS 25.0
DISPOSAL COSTS 26.0
LOSS UN DISPOSITION OF
LAND HELD FOR RESALE 26.1
DECLINE IN VALUE OF
LAND HELD FOR RESALE 26.2
O
t:
N
O
00
N
INTEREST EXPENSE 29.0
FIXED ASSET ACQUISITIONS 30.0
SUBSIDIES TO LOW &
MODERATE INCOME HOUSING 31.0
DEBT ISSUANCE COSTS 31.1
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KEVENUE 1IUNUS & CERTIFICATES
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CI IY/COUN I Y
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U. S., STATE, & OTHER
LONG-TERM DEBT
TOTAL EXPENDITURES
•
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TOTAL
rn
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319,524
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• 319 2 5 4
s- 229,432
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SERVICE
FUNDS
s 933,584
;
t 319,524 ).
s 319,524) 9 5 4
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.,•::_:rho:<2' i..�...t.....::. �".. : rf ��:`%C:
s 614,060
0
1.0
(382,900)
253,620
rnt.caa tur.CII,II ra..Y) KEVEIVUES
OVER (UNDER) EXPENDITURES 38.0 s (339,497)
v.{{'.}:i{+:v :}iii tii:\u i%:}.. iiS'f'nt: ..1..
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OTHER FINANCING SOURCES ~' r-•..•""
PROCEEDS OF LONG-TERM DEBT 39.0
PROCEEDS OF REFUNDING BONDS 39.1
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382,900
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EMENT TRANSFERS OUT
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TOTAL -
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EXCESS (DEFICIENCY) OF REVENUES
& OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING
USES (LINE 39 + LINE 44)
EQUITY,
BEGINNING OF PERIOD
ADJUSTMENTS:
PRIOR PERIOD ADJUSTMENTS
RESIDUAL EQUITY TRANSFERS
OTHER - (FJO'LAJH)
EQUITY, END OF PERIOD
(MUST EQUAL PAGE 04, LINE 39)
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AGENCY NAME
FISCAL YEAR ENDED
LEI
341,082,448
N
FROZEN BASE ASSESSED VALUATION
0
0
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TOTAL ASSESSED VALUATION
PASS THROUGH/SCHOOL DISTRICT ASSISTANCE
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Total Indebtedness
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As of 6/30/99
I
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6/30/99 55,663 none 55,663
6/30/99 49,115 none 49,115
due
2/18/92 50,401 00-01 none 50,401
6/30/99 634,055 none 634,055
F
2/18/92 58,736 01e02 none 58,736
{
937,381`]
s
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Debt Identification
(A) Los Gatos Elementary
(B) West Valley/Mission District
(c) Santa Clara County
(D) Los Gatos Elem. — Deferred
(E) Other Liabilities
l(F) Los Gatos Elem. — Deferred
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0
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(Attach Explanation)
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01
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TOTAL— THIS PAGE
TOTALS FORWARD
GRAND TOTALS
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TOTAL— THIS PAGE
CALCULATION OF AVAILABLE REVENUES
AGENCY NAME Redevelopment Agency of the Town of Los Gatos
PROJECT AREA Central Los Gatos Project Area
TAX YEAR 1998-99
RECONCILIATION DATES: JULY 1, 19 98 TO JUNE 30, 19 99
1. Beginning Balance, Available Revenues
(See Instructions)
2. Tax Increment Received — Grog
All Tax increment Revenues, to include any Tax Increment
passed through to other local taxing agencies.
3. All other Available Revenues Received
(See Instructions)
4. Revenues from any other source, included
in Column E of the Reconciliation
Statement, but not included in (1-3) above
1,597,622
104,553
400,598
5. Sum of Lines 1 through 2,102,773
6. Total amounts paid against indebtedness
in previous year, (D + E on Reconciliation Statement)
7. Available Revenues, End of Year (5 — 6)
FORWARD THIS AMOUNT TO STATEMENT OF INDEBTEDNESS,
COVER PAGE, LINE 4
NOTES
2,102,773
0
Tax Increment Revenues:
The only amount(s) to be excluded as Tax increment Revenue are any amounts passed 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 therefor omitted from Available
Revenues at year end.
Item 4, above:
This represents any -payments —from —any source other-than-T-ex-Increment-OR available revenues. For instance, an
agency funds a project with a bond issue. The previous SOI included a Disposition 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 Revenues'
as defined. The amounts used to satisfy thik pDA would be included on line 4 above in order to accurately
determine ending 'Available Revenues,"
Rev. (6/3/94)
Supplement to the Annual Report of Community Redevelopment Agencies
Redevelopment Agency ID Number
43493040
Name of Redevelopment Agency
Redevelopment Agency of the Town of Los Gato
Address
P.O. Box 949
City, State, Zip
Los Gatos, CA 95031
The U. S. Bureau of the Census requests the following information about the fiscal activities of
your government for the 1998-99 fiscal year. Governments furnishing this information will no
longer receive U. S. Bureau of the Census Form F-32, Survey of Local Government Finances. If
you have any questions, please contact:
U. S. Bureau of the Census
Chris Kubacld
1-800-242-4523
A. Personnel Expenditures
Report your government's total expenditures for salaries and wages during the year, including
amounts paid on force account construction projects.
ZOO
$ 359,199
B. Mortgage Revenue Bond Interest Payments
Report your government's total amount of interest paid on mortgage revenue bonds during the
year.
U20
C. Cash and Investments Held at the End of the Fiscal Year
$ 0
Report separately for each of the three types of funds listed below, the total cash on hand and on
deposit and investments in Federal government, Federal agency, State and local government
and non-govemmental securities. Report all investments at par value. Include in the sinking
fund total any mortgages and notes receivable held as offsets to housing and industrial
financing loans. Exclude accounts receivable, value of real property and non -security assets.
1. Sinking funds - Reserve held for redemption of long-term
debt.
WO1
$ 1,812,294
2. Bond funds - Unexpended proceeds from the sale of bond
issues held pending disbursement.
W31
$ 0
3. All other funds - Exclude employee retirement funds.
W61
$ 851,359
US Bureau of Census - Revised 3/99
RESOLUTION 1999 - 1ORD
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
APPROVING THE 1998-99 ANNUAL REPORT FOR
THE LOS GATOS REDEVELOPMENT AGENCY
WHEREAS:
1. The California Community Redevelopment Law (Health and Safety Code §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 Annual Report of Financial Transactions of Community Redevelopment
Agencies, 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 1998-99 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 1998-99 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 6th day of December, 1999 by the following vote:
AGENCY MEMBERS:
AYES: Randy Attaway, Jan Hutchins, Linda Lubeck, Joe Pirzynski,
Mayor Steven Blanton.
NAYS: None
ABSENT: None
ABSTAIN: None
/s/ Steven Blanton
SIGNED: CHAIR OF THE REDEVELOPMENT AGENCY
LOS GATOS, CALIFORNIA
ATTEST:
/s/ Marian V. Cosgrove
CLERK OF THE REDEVELOPMENT AGENCY
LOS GATOS, CALIFORNIA
RESOLUTION 1999 -182
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
APPROVING THE 1998-99 ANNUAL REPORT FOR
THE LOS GATOS REDEVELOPMENT AGENCY
WHEREAS:
1. The California Community Redevelopment Law (Health and Safety Code §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 Annual Report of Financial Transactions of Community Redevelopment
Agencies, 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 1998-99 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 1998-99 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 6th day of December, 1999 by the following vote:
COUNCIL MEMBERS:
AYES: Randy Attaway, Jan Hutchins, Linda Lubeck, Joe Pirzynski,
Mayor Steven Blanton.
NAYS: None
ABSENT: None
ABSTAIN: None
/s/ Steven Blanton
SIGNED: MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
/s/ Marian V. Cosgrove
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
TOWN OF LOS GATOS
CALIFORNIA
REDEVELOPMENT AGENCY
December 6, 1999
Minutes
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 7:35 p.m., Monday, December 6, 1999,
in joint regular session.
ROLL CALL
Present: Randy Attaway, Jan Hutchins, Linda Lubeck, Joe Pirzynski,
and Chairman/Mayor Steve Blanton.
Absent: None
ACCOUNTS PAYABLE RATIFICATION/NOVEMBER 1999 (01.V)
Motion by Mr. Hutchins, seconded by Mr. Attaway, that the Agency ratify the check register
for accounts payable invoices paid on November 19, 1999. The total of the register is
$21,036.36. Carried unanimously.
MINUTES OF NOVEMBER 22, 1999 (02.V)
Motion by Mr. Hutchins, seconded by Mr. Attaway, that the Agency approve the Minutes of
November 22, 1999 as submitted. Carried unanimously.
CONCRETE STREET RECONSTRUCTION/PROJECT 9938/RESOLUTION 1999-9RD (03.35)
Motion by Mr. Hutchins, seconded by Mr. Attaway, that the Agency adopt Resolution 1999-
9RD entitled, RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE TOWN OF
LOS GATOS ACCEPTING WORK OF RIDGELINE CONCRETE CORPORATION -
PROJECT 9938 - CONCRETE STREET RECONSTRUCTION - AND AUTHORIZING THE
EXECUTIVE DIRECTOR TO EXECUTE CERTIFICATE OF ACCEPTANCE AND NOTICE
OF COMPLETION FOR RECORDING BY THE TOWN CLERK.. Carried unanimously.
JOINT REDEVELOPMENT AGENCY /TOWN COUNCIL ACTION
ANNUAL REPORT OF THE REDEVELOPMENT AGENCY/RESOLUTION 1999-10RD (14.V)
Motion by Mr. Hutchins, seconded by Mr. Attaway, that the Agency adopt Resolution 1999-
1ORD entitled, RESOLUTION OF THE TOWN COUNCIL/REDEVELOPMENT AGENCY
OF THE TOWN OF LOS GATOS APPROVING THE 1998-99 ANNUAL REPORT FOR THE
LOS GATOS REDEVELOPMENT AGENCY. Carried unanimously.
TC:D8:RA120699
Minutes of the December 6, 1999
Redevelopment Agency Los Gatos, California
ANNUAL SIDEWALK RECONSTRUCTION/PROJECT 0001/RESOLUTION 1999-11RD (15.V)
Motion by Mr. Hutchins, seconded by Mr. Attaway, that the Agency adopt Resolution 1999-
11RD entitled, RESOLUTION OF THE TOWN COUNCIL/REDEVELOPMENT AGENCY
OF THE TOWN OF LOS GATOS AUTHORIZING THE EXECUTION OF AN AGREEMENT
WITH J.J.R. CONSTRUCTION. INC. FOR THE CONSTRUCTION OF PROJECT 0001 -
ANNUAL SIDEWALK, CURB AND GUTTER RECONSTRUCTION. Carried unanimously.
ADJOURNMENT
Motion by Mr. Pirzynski, seconded by Mr. Attaway, to adjourn this evening's meeting at 9:49
p.m. Carried unanimously.
ATTEST
Marian V. Cosgrove
Secretary to the Redevelopment Agency
TC: D8: RA120699