Item 19 Staff Report Consider Adopting Resolution Approving the 19900 Annual Report for the Los Gatos Redevelopment AgencyMEETING DATE: 12/18/00
ITEM NO.
COUNCIL/AGENCY AGENDA REPORT
DATE: December 15, 2000
TO:
AGENCY
FROM: TOWN MANAGER/EXECUTIVE DIRECTO
/9
MAYOR AND TOWN COUNCIL/CHAIR AND MEMBERS OF THE REDEVELOPMENT
SUBJECT: CONSIDER ADOPTING RESOLUTION APPROVING THE 1999-00 ANNUAL REPORT FOR
THE LOS GATOS REDEVELOPMENT AGENCY.
RECOMMENDATION:
Adopt resolution approving the 1999-00 Annual Report for the Los Gatos Redevelopment Agency. Staff and Town's
auditors, Maze and Associates will provide an in depth review ofthis year's report to the Finance Committee. Council
questions can be referred to that discussion.
DISCUSSION:
Pursuant to California Health and Safety Code §33080.1, the Redevelopment Agency shall present an annual report
to Council within six months ofthe end ofthe fiscal year. The report shall contain: (1) an independent financial audit
report for the previous fiscal year; (2) a fiscal statement for the previous fiscal year including the Agency's revenues,
debts, the amounts of tax increment to be allocated to other districts; (3) a description ofthe Agency's activities in the
previous fiscal year affecting housing; (4) a description of the Agency's progress in alleviating blight during the
previous fiscal year; (5) information about loans made by the Agency at or exceeding $50,000 that were in default or
otherwise not in compliance with the terms of the loan; (6) a description of the total number and nature of properties
owned by the Agency and those acquired during the prior fiscal year; and (7) any other useful information to explain
the Agency's programs.
The 1999-00 audit (Attachment 1, Exhibit A) includes the auditor's opinion of the Agency's operations and financial
position, and the Agency's compliance with laws, regulations and administrative requirements governing the agency,
including all financial activities involving low- and moderate -income housing funds. The Statement of Housing
Activity and the Annual Report of Financial Transactions (Attachment 1, Exhibits B and C) consist of forms provided
by the State Department of Housing and Community Development.
During Fiscal Year 1999-2000, the Agency entered into a Development and Disposition Agreement (DDA) with
Habitat for Humanity for a single-family residence on Charles Street. Other than the one house, the Agency did not
initiate any other redevelopment projects, but did spend $194,879 as part of the agreement with Community Housing
Developers to provide affordable housing on Miles Avenue. However, the Agency is continuing to develop specific
programs and discuss potential projects with developers to increase the supply of affordable housing in the community.
The Town Council/Redevelopment Agency has pledged $250,000 to the Silicon Valley Manufacturers Group Housing
Trust Fund joining other private/public participants in a $20 million funding drive to provide affordable housing in
Santa Clara County.
PREPARED BY: Paul L. Curtis
Community Development Director/Redevelopment Deputy Director ,Q
Reviewed by: Attorney/General Counsel Revised: 12/15/00 4:18 PM
Reformatted: 10/23/95
PAGE 2
MAYOR AND TOWN COUNCIL/CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY
SUBJECT: ADOPT RESOLUTION APPROVING 1999-00 ANNUAL REPORT
December 15, 2000
CONCLUSION:
Upon approval by the Council, the Annual Report will be sent to the State Controller and the State Department of
Housing and Community Development.
ENVIRONMENTAL ASSESSMENT:
Approval of the Redevelopment Agency Annual Report is not a project subject to CEQA.
FISCAL IMPACT: None.
ATTACHMENT:
Resolution approving the 1999-2000 Annual Report for the Los Gatos Redevelopment Agency
Exhibit A - Redevelopment Agency Audit for Fiscal Year 99-00
Exhibit B - Statement of Housing Activity for Fiscal Year 99-00
Exhibit C - Annual Report of Financial Transactions for Fiscal Year 99-00
PLC:mdc
N:IDE V 1PAU L1RDA99-00. A N N
RESOLUTION 2000 -
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
APPROVING THE 1999-00 ANNUAL REPORT FOR
THE LOS GATOS REDEVELOPMENT AGENCY
WHEREAS:
1. The California Community Redevelopment Law (§33080.1) requires every redevelopment
agency to present a report on financial and housing activity to its legislative body within six months
of the end of the agency's fiscal year.
2. The Annual Report for the Redevelopment Agency consists of an independent financial
audit report for the previous fiscal year, a fiscal statement for the previous fiscal year, and a
description of the agency's activities affecting housing and displacement.
3. The audit issued by Maze and Associates, attached hereto as Exhibit A, gives an
unqualified opinion of the Redevelopment Agency's financial activities includes the auditor's opinion
of the agency's operations and financial position, and the agency's compliance with laws, regulations
and administrative requirements governing activities of the agency, including all financial activities
involving low- and moderate -income housing funds.
4. The Statement of Housing Activity and the Annual Report of Financial Transactions,
attached hereto as Exhibits B and C, consist of forms provided by the State Department of Housing
and Community Development.
5. Approval of the 1999-00 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 1999-00 Annual Report
for the Los Gatos Redevelopment Agency, attached hereto as Exhibits A, B and C.
FURTHER RESOLVED, that the Town Council determines the planning and administrative
expenses from the Low and Moderate Income Housing Fund are necessary for the production,
improvement, or preservation of low- and moderate- income housing.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los
Gatos, California, held on thel 8th day of December, 2000 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
RESOLUTION 2000 - 8RD
RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE TOWN OF LOS GATOS
APPROVING THE 1999-00 ANNUAL REPORT FOR
THE LOS GATOS REDEVELOPMENT AGENCY
WHEREAS:
1. The California Community Redevelopment Law (§33080.1) requires every
redevelopment agency to present a report on financial and housing activity to its legislative body
within six months of the end of the agency's fiscal year.
2. The Annual Report for the Redevelopment Agency consists of an independent
financial audit report for the previous fiscal year, a fiscal statement for the previous fiscal year,
and a description of the agency's activities affecting housing and displacement.
3. The audit issued by Maze and Associates, attached hereto as Exhibit A, gives an
unqualified opinion of the Redevelopment Agency's financial activities includes the auditor's
opinion of the agency's operations and financial position, and the agency's compliance with laws,
regulations and administrative requirements governing activities of the agency, including all
financial activities involving low- and moderate -income housing funds.
4. The Statement of Housing Activity and the Annual Report of Financial Transactions,
attached hereto as Exhibits B and C, consist of forms provided by the State Department of
Housing and Community Development.
5. Approval of the 1999-00 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 Member of the Redevelopment Agency hereby approves and adopts
the 1999-00 Annual Report for the Los Gatos Redevelopment Agency, attached hereto as
Exhibits A, B and C.
r
FURTHER RESOLVED, that the Members of the Redevelopment Agency determines
the planning and administrative expenses from the Low and Moderate Income Housing Fund are
necessary for the production, improvement, or preservation of low- and moderate- income
housing.
PASSED AND ADOPTED at a regular meeting of the Redevelopment Agency of the
Town of Los Gatos, California, held on thel8th day of December, 2000 by the following vote:
AGENCY MEMBERS:
AYES: Randy Attaway, Steven Blanton, Sandy Decker, Steve Glickman,
Chair Joe Pirzynski.
NAYS: None
ABSENT: None
ABSTAIN: None
/s/ Joe Pirzynski
SIGNED: CHAIR OF THE REDEVELOPMENT AGENCY
LOS GATOS, CALIFORNIA
ATTEST:
/s/ Marian V. Cosgrove
SECRETARY OF THE REDEVELOPMENT AGENCY
LOS GATOS, CALIFORNIA
RESOLUTION 2000 - 154
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
APPROVING THE 1999-00 ANNUAL REPORT FOR
THE LOS GATOS REDEVELOPMENT AGENCY
WHEREAS:
1. The California Community Redevelopment Law (§33080.1) requires every
redevelopment agency to present a report on financial and housing activity to its legislative body
within six months of the end of the agency's fiscal year.
2. The Annual Report for the Redevelopment Agency consists of an independent
financial audit report for the previous fiscal year, a fiscal statement for the previous fiscal year,
and a description of the agency's activities affecting housing and displacement.
3. The audit issued by Maze and Associates, attached hereto as Exhibit A, gives an
unqualified opinion of the Redevelopment Agency's financial activities includes the auditor's
opinion of the agency's operations and financial position, and the agency's compliance with laws,
regulations and administrative requirements governing activities of the agency, including all
financial activities involving low- and moderate -income housing funds.
4. The Statement of Housing Activity and the Annual Report of Financial Transactions,
attached hereto as Exhibits B and C, consist of forms provided by the State Department of
Housing and Community Development.
5. Approval of the 1999-00 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 1999-00 Annual
Report for the Los Gatos Redevelopment Agency, attached hereto as Exhibits A, B and C.
FURTHER RESOLVED, that the Town Council determines the planning and
administrative expenses from the Low and Moderate Income Housing Fund are necessary for the
production, improvement, or preservation of low- and moderate- income housing.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los
Gatos, California, held on thel8th day of December, 2000 by the following vote:
COUNCIL MEMBERS:
AYES: Randy Attaway, Steven Blanton, Sandy Decker, Steve Glickman,
Mayor Joe Pirzynski.
NAYS: None
ABSENT: None
ABSTAIN: None
/s/ Joe Pirzynski
SIGNED: 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
REDEVELOPMENT AGENCY OF THE
TOWN OF LOS GATOS
COMPONENT UNIT FINANCIAL STATEMENTS
FOR THE YEARS ENDED
DUNE 30, 2000 AND 1999
4AZE &
ASSOCIATES
Exhibit A
ACCOUNTANCY CORPORATION
1tEDEVELOPMENT AGENCY OF Till,
TOWN OF LOS GATOS
Component Unit Financial Statements
For The Years Ended
June 30, 2000 and 1999
TABLE OF CONTENTS
Paae
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 10
Combining Statement of Revenues, Expenditures and Changes
in Fund Balance - Capital Project Funds - Budget and Actual 11
Report On Compliance And On Internal Control Over Financial
Reporting Based On An Audit Of Financial Statements
Performed In Accordance With Government Auditing Standards 13
This Page Left Intentionally Blank
AZE &
ASSOCIATES
ACCOUNTANCY CORPORATION
1670 Riviera Avenue - Suite 100
Walnut Creek, California 94596
INDEPENDENT AUDITOR'S REPORT (925) 930-0902 e FAX (925) 930-0135
E-Mail: maze@mazeassociates.com
Website: www.mazeassociates.com
To the Governing Board of the Redevelopment Agency
of the Town of Los Gatos
We have audited the accompanying financial statements of the Redevelopment Agency of the Town of Los
Gatos, a component unit of the Town of Los Gatos, as of and for the years ended June 30, 2000 and 1999 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 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 fmancial 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 fmancial 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, 2000
and 1999 and the results of operations for the years then ended, in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued reports dated September 14, 2000,
on our consideration of the Agency's internal control structure and on its compliance with laws and
regulations.
/ram a%.
September 14, 2000
1
A Professional Corporation
REI: _ ✓ELOPMENT AGENCY OF THE TOWN OF LOS t,�fOS
COMBINED BALANCE SHEETS
ALL FUND TYPES AND ACCOUNT GROUPS
JUNE 30, 2000
WITH COMPARATIVE AMOUNTS FOR J1NE 30, 1999
TOTALS
(Memorandum Only)
GOVERNMENTAL FUND TYPES ACCOUNT GROUPS
Capital Debt General General Long -
Projects Service Fixed Assets Term Debt 2000 1999
ASSETS
Cash and investments (Note 2) $1,620,163 S1,482,533 $3,102,696 $2,650,534
Restricted cash and investments 440,001 440,001 448,878
Intergovernmental receivable 10,954 51,532 62,486 12,965
Parking Lot # 4 Project (Note 4) $4,067,708 4,067,708 4,696,796
Amount available in debt service fund $286,600 286,600 652,225
Amount to be provided for retirement of
general long-term debt 2.033,400 2.033,400 1,782,775
Total Assets $1,631,117
$1,974,066 $4,067,708
S2,320,000 $9,992,891 $10,244,173
LIABILITIES
Accounts payable $73,255 S73,255 $23,666
Accrued payroll 791
Matured bonds and interest payable $18,278 18,278 37,243
Due to other agencies 433,041 433,041 442,414
Pass through obligations 1,236,147 1,236,147 905,000
Advance from Town of Los Gatos (Note 3) 200,000
Certificates of participation (Note 4) S2,320,000 2,320,000 2,435,000
Total Liabilities 73,255 1,687,466 2,320,000 4,080,721 4,044,114
FUND EQUITY
Investment in general fixed assets $4,067,708 4,067,708 4,696,796
Fund balances:
Reserved for :
Low income housing 1,007,521 1,007,521 807,725
Debt service 440,001 440,001 448,878
Designated for debt services (153,401) (153,401) 203,257
Unreserved, undesignated 550,341 550,341 43,403
Total Fund Equity 1.557,862 286,600 4,067,708 5.912.170 6,200,059
Total Liabilities and Fund Equity $1,631,117 S1,974,066 S4,067,708 S2,320,000 $9,992.891 S10,244,173
See accompanying notes to component unit financial statements
REL_ . ELOPMENT AGENCY OF THE TOWN OF LOS _ JOS
COMBINED STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE FISCAL YEAR ENDED .TUNE 30, 2000
WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30, 1999
TOTALS
GOVERNMENTAL FUND TYPES (Memorandum Only)
Capital Debt
Projects Service 2000 1999
REVENUES
Property tax increment $2,123,043 $2,123,043 $1,597,622
Interest $194,605 155,617 350,222 115,775
Total Revenues 194,605 2,278,660 2,473,265 1,713,397
EXPENDITURES
Capital outlay
Project costs 1,148,050 1,148,050 469,320
Pass through payments 451,380 451,380 396,811
Debt service
Principal (Note 4) 114,583 114,583 113,321
Interest (Notes 3 and 4) 418,143 418,143 218,729
Total Expenditures 1,148,050 984,106 2,132,156 1,198,181
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (953,445) 1,294,554 341,109 515,216
OPERATING TRANSFERS
Operating transfers in
Operating transfers (out)
Total Operating Transfers
1,660,179
(1,660,179)
1,660,179 (1,660,179)
1,660,179
(1,660,179)
EXCESS OF REVENUES AND TRANSFERS
OVER EXPENDITURES 706,734 (365,625) 341,109
Fund balances at beginning of year, as restated (Note 5) 851,128 652,225 1,503,353
Fund balance at end of year $1,557,862 $286,600
See accompanying notes to financial statements
702,424
(702,424)
515,216
988,137
S1,844,462 S1,503,353
3
REDE LOPMENT AGENCY OF THE TOWN OF LL GATOS
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2000
CAPITAL PROJECTS
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES
Interest $216,080 $194,605 ($21.475)
Total Revenues 216,080 194,605 (21,475)
EXPENDITURES
Capital outlay:
Project costs 1,249,131 1,148,050 101,081
Total Expenditures 1,249,131 1,148,050 101,081
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,033,051) (953,445) 79,606
OPERATING TRANSFERS
Operating transfer in
EXCESS OF REVENUES AND TRANSFERS
OVER EXPENDITURES
1,660,800 1,660,179 (621)
$627,749 706,734 $78,985
Fund balances at beginning of year 851,128
Fund balances at end of year $1.557,862
See accompanying notes to component unit financial statements
4
.EDEVELOPMENT AGENCY OF TH.
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 S451,380 for the year
ended June 30, 2000. In addition, as of June 30, 2000 the Agency owed $1,236,147 in pass -through
amounts to other agencies.
The Agency is authorized to finance the Plan from various sources, including assistance from the
Town, the state and federal governments, property tax increments, interest income and the issuance of
Agency debt.
The Agency is an integral part of the Town of Los Gatos and, accordingly, the accompanying
financial statements are included as a component of the general purpose financial statements prepared
by the Town. A component unit is a separate governmental unit, agency or nonprofit corporation
which, when combined with all other component units, constitutes the reporting entity as defined in
the Town's general purpose financial statements.
B. Fund Accounting
In the Combined Financial Statements, these funds are grouped into the fund types and categories
discussed below. The financial statements for each individual fund in each fund type are presented in
the Combining Financial Statements section of this report.
GOVERNMENTAL FUNDS
Capital Projects Funds are used to account for financial resources to be used for the acquisition or
construction of major capital facilities (other than those financed by proprietary and trust funds).
Debt Service Funds are used to account for financial resources to be used for the payment of
principal and interest on long-term obligations.
ACCOUNT GROUPS
Account groups are used to establish accounting control for the Agency's general fixed assets and
principal of its general long-term obligations. Because these assets and liabilities are long-term they
are neither spendable resources nor do they require current appropriation. They are accounted for
separately from governmental fund types.
C. Basis of Accounting - Refers to when revenues and expenditures are recognized in the accounts and
reported in the component unit financial statements. Basis of accounting relates to the timing of the
measurements made, regardless of the measurement focus applied.
5
1DEVELOPMENT AGENCY OF THE
TOWN OF LOS GATOS
Notes To Component Unit Financial Statements
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (Continued)
Governmental fund types are accounted for using the modified accrual basis of accounting, under
which revenues are recognized when received, or accrued when they become available and
measurable as net current assets. Expenditures are recognized when the related fund liability is
incurred. Revenues susceptible to accrual consist principally of intergovernmental revenues.
D. Budgets and Budgetary Accounting - The Agency adopts a budget effective July 1 for the capital
projects fund. During the year ended June 30, 2000 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 had been partially funded by advances from the Town, which bore interest at 10%
and were repayable on demand, provided that sufficient tax increment revenue funds were available.
During the fiscal year ended June 30, 2000 the Agency paid interest in the amount of $20,000 on this
long-term advance, and repaid the advance in full.
Furthermore, the Town advanced $2,790,500 to the Agency in July of 1999; the entire amount, plus
interest of $279,050 was repaid prior to June 30, 2000.
NOTE 4 - REIMBURSEMENT AGREEMENT
A. Accounting Treatment
The Town issued Certificates of Participation (COPs) in the original principal amount of
$2,960,000 dated August 1, 1992 to finance certain construction costs of the Town's Parking Lot 4
Project, which was constructed on land within the Central Los Gatos Project Area. The COPs are
similar to debt; they allow investors to participate in a share of guaranteed payments which are made
by the Town. Because they are similar to debt, the present value of the total of the payments to be
made is recorded as long-term debt. Principal payments are due annually on August 1, with interest
payments payable semi-annually on February 1 and August 1. The Town has pledged motor vehicle
license fee revenues as collateral for the repayment of the Certificates.
6
EDEVELOPMENT AGENCY OF TILL
TOWN OF LOS GATOS
Notes To Component Unit Financial Statements
NOTE 4 - REIMBURSEMENT AGREEMENT (Continued)
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 Capital 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 Debt 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.
B. Activity
Changes in general long term debt were as follows:
Interest Maturity
Rates Date
Certificates of Participation 5%-9% 2012
Balance at
June 30,
1999 Retirements
Balance at
June 30,
2000
$2,435,000 $115,000 $2,320,000
Repayment requirements for general long term debt were as follows at June 30, 2000:
Year Ending June 30
2001
2002
2003
2004
2005
Thereafter
Total payments due
Less amount representing interest
Principal amount
Certificates
of
Participation
$246,811
246,883
248,738
245,846
247,396
1,951,974
3,187,648
867,648
$2,320,000
The Agency must maintain required amounts of cash and investments with the trustee under the terms
of the COPs issue. These funds are pledged as reserves to be used if the Town fails to meet its
obligations under the COPs issue. These reserves totaled $440,001 and $448,878 respectively, at
June 30, 2000 and 1999.
The California Government Code requires these funds to be invested in accordance with Town
ordinance, bond indentures or State statutes. All these funds have been invested as permitted under
the Code.
7
EDEVELOPMENT AGENCY OF TIL
TOWN OF LOS GATOS
Notes To Component Unit Financial Statements
NOTE 5 — PRIOR PERIOD ADJUSTMENT
During the fiscal year ended June 30, 2000 the agency recorded an adjustment to correct an error
made in the prior year within the Debt Service Fund and the General Long -Term Debt Account
Group. The prior period adjustment, as of June 30, 1999, reduced the Cash and Investment balance by
$1,664,981 and correspondingly, the Fund Balance at the end of the year by the same amount. This
adjustment caused the Amount Available in Debt Service Fund to decrease by $1,664,981 and the
balance in the Amount to be Provided for Retirement of General Long -Terns Debt to increase by the
same amount. These adjustments are properly reflected within the accompanying Combined Balance
Sheets and Statements of Revenue, Expenditures and changes in Fund Balance.
8
REDE` ,OPMENT AGENCY OF THE TOWN OF Lc. 3ATOS
COMBINING BALANCE SHEETS
CAPITAL PROJECTS FUNDS
NNE 30, 2000
WITH COMPARATIVE AMOUNTS FOR JUNE 30, 1999
Housing
Redevelopment Set Aside
TOTALS
(Memorandum Only)
2000 1999
ASSETS
Cash and investments $623,596 $996,567 $1,620,163 $851,359
Intergovernmental receivable 10,954 10,954
Total Assets S623.596 S 1.007.521 $1,631.117 S851.359
LIABILITIES
Accounts payable
Accrued payroll
Total Liabilities
$73,255 S73,255
73,255
$231
73,255 231
FUND EQUITY
Fund balances:
Reserved for :
Low income housing $1,007,521 1,007,521 807,725
Unreserved, undesignated 550,341 550,341 43,403
Total Fund Equity 550,341 1,007,521 1,557,862 851.128
Total Liabilities and Fund Equity $623.596 $1.007,521 $1.631.117 $851.359
See accompanying notes to component unit financial statements
9
REI 3LOPMENT AGENCY OF THE TOWN OF LOS TOS
COIvI srNING STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2000
WITH COMPARATIVE AMOUNTS FOR THE FISCAL YEAR ENDED JUNE 30, 1999
Redevelopment
TOTALS
(Memorandum Only)
Housing
Set Aside 2000 1999
REVENUE
Interest $140,415 $54,190 $194,605 $39,730
Total Revenue 140,415 54,190 194,605 39,730
EXPENDITURES
Capital outlay:
Project costs 869,044 279,006 1,148,050 469,320
Total Expenditures 869,044 279,006 1,148,050 469,320
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (728,629) (224,816) (953,445) (429,590)
OPERATING TRANSFERS
Operating transfer in 1,235,567 424,612 1,660,179 702,424
EXCESS OF REVENUES AND TRANSFERS
OVER EXPENDITURES 506,938 199,796 706,734 272,834
Fund balances at beginning of year 43,403 807,725 851,128 600,755
Residual equity transfer (out)
(22,461)
Fund balance at end of year $550.341 $1,007,521 S1.557.862 S851,128
See accompanying notes to financial statements
10
RT VELOPMENT AGENCY OF THE TOWN OF LC ATOS
C( iv1BINING STATEMENT OF REVENUES, EXPENDI FUR.ES
AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2000
REDEVELOPMENT HOUSING SET ASIDE
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
REVENUE
Interest $160,000 $140,415 ($19,585) S56,080 S54,190 (S1,890)
Total Revenue 160,000 140,415 (19,585) 56,080 54,190 (1,890)
EXPENDITURES
Capital outlay:
Project costs 884,041 869,044 14,997 365,090 279,006
Total Expenditures 884,041 869,044 14,997 365,090 279,006
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (724,041) (728,629) (4,588) (309,010) (224,816)
OPERATING TRANSFERS
Operating transfer in
EXCESS OF REVENUES AND TRANSFERS
OVER EXPENDITURES
Fund balances at beginning of year
Fund balances at end of year
1,235,800 1,235,567 (233) 425,000 424,612
$511,759 506,938
(54,821) $115,990
86,084
86,084
84,194
(388)
199,796 S83,806
43,403 807,725
S550.341 S 1,007.521
See accompanying notes to component unit financial statements
11
TOTALS
Variance
Favorable
Budget Actual (Unfavorable)
$216,080 $194,605 ($21,475)
216,080 194,605 (21,475)
1,249,131 1,148,050 101,081
1,249,131 1,148,050 101,081
(1,033,051) (953,445) 79,606
1,660,800 1,660,179 (621)
8627,749
706,734 $78,985
851,128
$1.557,862
12
AZE &
ASSOCIATES
ACCOUNTANCY CORPORATION
1670 Riviera Avenue - Suite 100
Walnut Creek, California 94596
(925) 930-0902 o FAX (925) 930-0135
E-Mail: maze@mazeassociates.com
Website: www.mazeassociates.com
REPORT ON COMPLIANCE AND ON INTERNAL
CONTROL OVER FINANCIAL REPORTING BASED
ON AN AUDIT OF FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
To the Governing Board of the
Redevelopment Agency of the Town of Los Gatos, California
We have audited the financial statements of the Redevelopment Agency of the Town of Los Gatos as of and for
the year ended June 30, 2000, and have issued our report thereon dated September 14, 2000. 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.
September 14, 2000
13
A Professional Corporation
This Page Left Intentionally Blank
k c AOCO- i5
ANNUAL REPORT OF HOUSING ACTIVITY
OF COMMUNITY REDEVELOPMENT AGENCIES
FOR FISCAL YEAR ENDED 6 / 30 / 00
Agency Name and Address:
Los Gatos Redevelopment Agency
110 F.._ Main StrPPt
P.O. Box 949
Los Gatos. CA 95031
County of Jurisdiction:
Santa Clara
California Redevelopment law (Health and Safety Code Section 33080.1) requires agencies to annually report their housing activities
and maintenance and use of the Low & Moderate Income Housing Fund (LMIHF). Pursuant to Section 33080.3, a copy of this report
must be sent to the State Controller and filed with the Department of Housing and Community Development (HCD) in order for HCD
to compile and annually publish a report of redevelopment agencies' housing activities in accordance with Section 33080.6.
Please answer each of the following questions in order to determine which HCD Schedules your agency must prepare in order to
provide a complete report of housing activity and fund balances for the reporting period.
1. Check one of the items below to identify the Agency's status at the end of the reporting period:
❑ New (Agency was formed during the reporting year but no financial transactions were completed)
® Active (Agency completed financial transactions during the reporting year)
❑ Inactive (Agency did not complete any financial transactions during the reporting year)
O Dismantled (Agency is dissolved)
2. How many adopted project areas did the Agency have during the reporting period?
If the Agency has one or more project areas, submit a separate copy of SCHEDULE HCD-A for each adopted project area.
How many project areas were merged during the reporting period? O
If the Agency has no adopted project areas, do not submit Schedule HCD-A.
3. Did the Agency conduct any housing activity outside of adopted redevelopment project areas during the reporting period?
❑ Yes. Prepare and submit one copy of SCHEDULE HCD-B.
® No. Do not submit Schedule HCD-B.
4. Did the Agency have any funds in the Low & Moderate Income Housing Fund during the reporting period?
® Yes. Prepare and submit one copy of SCHEDULE HCD-C.
O No. Do not submit Schedule HCD-C.
5. During the reporting period, were housing projects completed within a project area or assisted by the agency outside a project
area?
O Yes. Prepare and submit all applicable HCD Schedules DI-D7 and El for each housing project completed.
In No. Do not submit HCD Schedules DI-D7 or HCD Schedule El.
To the best of my knowledge, the representations made uytihy above statement and the disclosures contained in the HCD Schedule(s)
submitted herewith are true and correct.
Date
California Redevelopment Agencies - Fiscal Year 1999-2000
Cover (7/1//00)
ignature o
utho
Agency Representativ"e`--
Title
Telephone Number
HCD-Cover
Page 1 of 1
Exhibit B
SCHEDULE HCD-A
Inside Project Area Activity
for Fiscal Year Ended 6 / 30 / 00
Agency Name: LOS GATOS REDEVELOPMENT AGF jcYct Area Name: Central Los Gatos Redevelopment Proj ec
Prepares Name, Title: Bud N. Lortz, Preparer's E-Mail Address: blortz@town.los—gatos.ca.us
Redevelopment. Manager
Preparer's Telephone No: 40R/154-6867 Preparer's Facsimile No: 408/354-7593
General Information
1. a Year that plan for project area was adopted: 1991 Current expiration of redevelopment plan: 12 / 31/ 31
mo day yr
b. If project area name has changed, give previous name(s) or number: N/A
c. Year(s) project areas merged: N/A
Project areas merged:
d. Year(s) project area plan was amended and real property was:
(1) added: N/A
(2) removed:
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.
Date: IVA / ; Scope:
mo day yr
NOTE:
Expenditures for debt service should be reported on Schedule HCD-C, Line 4c.
Dollar amounts for items HCD-A lines 3a: 3f. and 31. (where an italicized line number is noted In parentheses) can be
taken directly from that line number on the State Controller Office's (SCO) 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% set -
aside should be reported on Line 3a(3).
Other Sources: Non-GAAP (Generally Acceptable Accounting Principles) 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 Line 3d. Money
received for the repayment of loan principal to the Housing Fund should be included on HCD-A Line 36.
California Redevelopment Agencies — Fiscal Year 1999-00
Sch A (7/1/00)
HCD-A
Page 1 of 6
Agency Name: LOS GATOS REDEVELOPMENT AGENCY Project Area Name: Central Los Gatos Redevelopment
Proiect Area Housine Fund Revenues and Other Sources
3. Report all revenues and other sources of funds from this project area which accrued to the Housing Fund over the
reporting year. Any income related to agency -assisted housing located outside the project area(s) should be reported as
"Other Revenue" on Line 3j. (of this Schedule A), if this _project area is named as beneficiary in the authorizing
resolution. Any other revenue sources not reported on lines 3a.-3i., should also be reported on Line 3j.
Enter the full 100% of gross Tax Increment allocated (prior to any pass through and deduction for fees) on Line 3a(1).
Compute 20% of gross Tax Increment and enter the amount on line 3a(2). Next, report the amount of Tax Increment set -
aside before any exemption and/or deferral (if amount set -aside is less than 20%. exoLain the difference). If any amount
of Tax Increment was exempted or deferred, in addition to completing lines 3a(4) and/or 3a(5). complete Line 4 and/or
Line 5. To determine the amount of Tax Increment deposited to the Housing Fund [Line 3a(6)], subtract allowable
exempted [Line 3a(4)] or deferred [Line 3a(5)] amounts from the Tax Increment Allocated to Housing Fund [Line 3a(3)].
a. Tax Increment:
(1) 100% of Gross (SCO Line 1E): $ 2,123,043
(2) Minimum Deposit to Housing Fund (Line 3a(1) x 20%): $ 424,609
(3) Tax Increment Allocated to Housing Fund $ 424,612 •
* If less than 20% of the Gross Tax Increment (see 3a(2) above) is being
set -aside in this project area in accordance with Section 33334.3(i), identify
the project area(s) contributing the difference. Explain any other reason(s):
Proj ect
(4) Amount Exempted [Health & Safety Code section 33334.2]
(if there is an amount exempted, also complete question #4 (HCD-A): ($ —0— )
(5) Amount Deferred [Health & Safety Code section 33334.6] _
(if there is an amount deferred, also complete question #5 (HCD-A): ($ —0 )
(6) Tax Increment Deposited to Housing Fund (actual amount deposited) [Lines 3a (3) - (4) - (5)] $ 424,612
b. Interest Income (SCO Lne 5 ): $ 54.190
c. Rental/Lease Income (SCO lines 6 + 7): $
d. Sale of Real Estate (SCO Line 8 ): $
e. Grants (SCO lines 9 + 10 ): $
f. Bond Administrative Fees (SCO Line 11 ): $
g. Deferral Repayments (also complete Line 5c on the next page): $
h. Loan Repayments: $
i. Debt Proceeds (SCO Line 39 ): $
j. Other Revenue(s) [Explain and identify amount(s)]:
$
k. Total Housing Fund Deposits for this Project Area (add lines 3a(6). through 3j.): $ 478,802
California Redevelopment Agencies — Fiscal Year 1999-2000
Sch A (7/1/00)
HCD-A
Page 2 of 6
Exemption(s)
4. If an exemption was claimed on Line 3a(4) to deposit less than the required amount, complete the following information: N/A
Current Resolution # Resolution Date: / / Date Resolution with facts sent to HCD: / /
mo day yr mo day yr
Check only one of the Health and Safety Code Sections below providing a basis for the exemption:
❑ Section 33334.2(a)(1): No need in community to increase/improve supply of lower or moderate income housing.
O 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 1, 1991 requiring continued use of this funding.
Agency Name: LOS GATOS REDEVELOPMENT AGENCY Project Area Name: Central Los Gatos Redevelopment
Project
Note: Pursuant to Section 33334.2(a)(3)(C), this exemption expired on June 30, 1993.
Contracts entered Into prior to May 1, 1991 may not be subject to the exemption
sunset.
Date initial finding was adopted: / / Resolution # _ Date sent to HCD / /
mo day yr mo day yr
❑ Other: Specify code section and reason:
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:
❑ Section 33334.6(d): Project was approved before 1986 and tax increments are needed to meet existing obligations.
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.
Date initial finding was adopted: / / Resolution # Date sent to HCD
mo day yr
0 Other: Specify code section and reason:
b. When was current year finding adopted for any deferral claimed in 5.a.? / N/A
mo day
Identify Resolution # 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
mo day yr
N/A
Yr
Fiscal Year
Amount Deferred This
Reporting FY
Amount of Prior FY
Deferrals Repaid
During Reporting FY
Cumulative Amount
Deferred (Net of Any
Amount(s) Repaid)
98/99
99/00
$
$*
*
* The cumulative amount of deferred set -aside should also be shown on Schedule C, Line 66.
If the FY 98/99 cumulative deferral shown above differs from what was reported on the last HCD report, indicate the
amount of difference and the reason:
Difference: $
Reason:
California Redevelopment Agencies — Fiscal Year 1999-2000
Sch A (7/1/00)
HCD-A
Page 3 of 6
Agency Name: LOS GATOS RED);VRLOPMENT AGENCY Project Area Name: Central Los Gatos Redevel oopment
Deferral(s) (continued)
5.
d. Section 33334.6(g) requires any agency which defers set -asides to adopt a plan to eliminate the deficit in subsequent years. If
this agency has deferred set -asides, has it adopted such a plan? Yes ❑ No ❑
If yes, by what date is the deficit to be eliminated? N/A
mo day yr
If yes, when was the original plan adopted for the claimed deferral? / /
mo day yr
Identify Resolution # Date Resolution sent to HCD _ _J /
mo day yr
When was the last amended plan adopted for the claimed deferral? _� /
mo day yr
Identify Resolution # Date Resolution sent to HCD
mo day yr
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 Lot
required to replace; and the income category and type of households permanently displaced from the project area during the
fiscal year. N/A
Number
Income Level
VL
L
M
v
AM
Total
Households Permanently Displaced —Elderly
Households Permanently Displaced - Non Elderly
Households Permanently Displaced — Total
Units Lost (Removed or Destroyed, and Required to be Replaced)
Bedrooms Lost (Removed or Destroyed, and Required to be Replaced)
Above Moderate Units Lost That Agency is Not Required to Replace
Above Moderate Bedrooms Lost That Agency is Not Required to Replace
1
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. N/A
Number
Income Level
VL
L
M
AM
Total
Households Permanently Displaced - Elderly
Households Permanently Displaced - Non Elderly
Households Permanently Displaced - Total
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 day yr
Date / /
mo day yr
Date
mo
day 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 1999-2000
Sch A (7/1/00)
HCD-A
Page 4 of 6
Agency Name: LOS GATOS REDEVELOPMENT AGENCY
Housing Units Lost and Households Displaced (continued)
Project Area Name:
Central Los Gatos Redevelopment
Project
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 1999-2001): N/A
Number of Hou
Income Level
VL
L
M
AM
Total
Households Permanently Displaced -Elderly
Households Permanently Displaced - Non Elderly
Households Permanently Displaced - Total
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 /
mo day yr
Date
mo day yr
Date
mo day 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.
New or Substantially Rehabilitated Dwelling Units Developed Within This Protect Area From Activities of Other Proiect
Area(sl
8. Pursuant to Section 33413(b)(2)(A)(v), agencies may choose one or more project areas to fulfill another project area's requirement
to construct new or substantially rehabilitate dwelling units, provided the agency conducts a public hearing and finds, based on
substantial evidence, that the aggregation of dwelling units in one or more project areas will not cause or exacerbate racial, ethnic,
or economic segregation. Were any dwelling units in this Project Area developed to partially or completely satisfy another project
area's requirement to construct new or substantially rehabilitate dwelling units? N/A
❑ No.
❑ Yes. Date initial finding was adopted? _(_/ Resolution # Date sent to HCD: / /
mo day yr
Name of Other Project Area(s)
VL
mo day yr
Number of Dwelling Units
AM
Total
California Redevelopment Agencies — Fiscal Year 1999-2000
Sch A (7/1/00)
HCD-A
Page 5 of 6
Agency Name: LOS GATOS REDEVELOPMENT AGENCY Project Area Name: Central Los GatosARedevelopment
eny
Sales of Owner -Occupied Units Prior to the Expiration of Land Use Controls
9. Section 33413(c)(2)(A) specifies that pursuant to an adopted program, which includes but is not limited to an equity sharing
program, agencies may permit the sales of owner -occupied units prior to the expiration of the period of the land use controls
established by the agency. Agencies must deposit sale proceeds into the Low and Moderate Income Housing Fund and within
three (3) years from the date of unit sales, expend funds to make affordable an equal number of units at the same income level as
the units sold. N/A
a. Did the agency permit the sale of any owner -occupied units during the reporting year?
❑ No.
❑ Yes.
Total Proceeds of Sales Deposited
Units
Number of
Income Level
VL
L
Total
Number of Units
b. Did the agency expend funds in the reporting year to make affordable an equal number of units sold within three years?
❑ No.
❑ Yes.
Total LMIFIF Funds Expended $
Number of Units
Income Level
VL
L
M
Total
FY 98-99 Sold Units Equally Made Affordable
FY 97-98 Sold Units Equally Made Affordable
FY 96-97 Sold Units Equally Made Affordable
Affordable Units to be Constructed Within the Next Two Years
10. Pursuant to Section 33080.4(a)(I0), report the number of very low, low, and moderate income units to be financed by any federal,
state, local, or private source and constructed inside the project area, within the next two years, pursuant to an executed contract or
agreement. Also include the estimated completion date of these future units and the amount of funds, if any, that have been
designated and budgeted.
DO NOT REPORT ANY UNITS SHOWN ON HCD-A, Line 9, HCD-B, Line 3 OR SCHEDULE HCD-
Ds.
Name of
Project and/or Contractor
Execution
Date
Estimated
Completion Date
Amount Designated
[Sch C, Line Sb(31(a)]
VL
L
M
Total
flahitat for Humanity
6/19/00
Fall 2001
: 310,OQ0
1
1
Please attach a separate sheet of paper listing any additional housing plans
adopted.
California Redevelopment Agencies — Fiscal Year 1999-2000
Sch A (7/1/00)
HCD-A
Page 6 of 6
SCHEDULE HCD-C
Agency -wide Activity
for Fiscal Year Ended 6 / 30 / 00
Agency Name: Los Gatos Redevelopment Ageagty. Santa Clara
Preparer's Name, Title: Bud N. Lortz, Redev. Mg>aparer's E-Mail Address: blortz@town.los—gatos. ea.us
Preparer's Telephone No: (408) 354-6867
Low & Moderate Income Housing Funds
Preparer's Facsimile No: (408) 354-7593
Report on the "status and use of the agency's Low and Moderate Income Housing Fund." Most information reported here should be
based on that reported to the State Controller. When applicable, use <$> for negative amounts or amounts to be subtracted.
1. Beginning Balance (Use "Net Resources Available" from last year's Line 4 on HCD-C)
a. If Beginning Balance requires adius_tment(s), identify the reason and amount for each adjustment:
Rounding $ (1)
$
b. Total Adjustment(s) (indicate whether positive or <negative>)
$ (1 _nn)
c. Adjusted Beginning Balance [Beginning Balance plus + or minus <-> Total Adjustment(s)]
$ 807,726
$ 807, 725
2. Project Area(s) Receipts and Agency Other Revenues
a. All Project Areas. Total Housing Fund Deposits [Sum of amount(s) from Line 3k.,HCD-A(s)] $ 478,802
b. Other revenues not reported on Schedule HCD-A(s) [Identify source(s) and amount(s)]:
$
$
c. Total Agency Other Revenues $ —0-
3. Total Resources (Line lc. + Line 2a + Line 2c.) $ 1,286,527
NOTES:
Many amounts to report as Expenditures and Other Uses (beginning on the next page) should be taken from the Annual Report
of Financial Transactions of Community Redevelopment Agencies that is submitted to the State Controller's Office (SCO). Line
items shown on the SCO report are shown as italicized line numbers within parenthesis (SCO Line #) at the end of applicable
HCD-C line items comprising Expenditures and Other Uses.
Transfers -out to other internal funds: Report the specific use of any transferred funds on applicable HCD-C lines 4a.-k. For
example, transfers from the Housing Fund to the Debt Service Fund for the repayment of debt should be reported on the
applicable item comprising Line 4c. Any transfers out of the Agency (for example: the transfer of excess surplus funds to a
county Housing Authority) should be reported in line 4j(3).
Other Uses: Non-GAAP (Generally Accepted Accounting Principles) recording of expenditures such as land purchases for
certain agencies using the Land Held for Resale method to record land purchases shduld be reported on HCD-C Line 4a(1).
Money spent on loans from the Housing Fund should be included in lines 4b., 4f., 4g. and 4h. as appropriate.
The statutory cite pertaining to Community Redevelopment Law is provided for preparers to review to determine the
appropriateness of Low and Moderate Income Housing Fund (LMIHF) expenditures and other uses. HCD does not
represent that line items identifying any expenditures and other uses are allowable. CRL is accessible on the Internet
[website: http://www.leginfo.ca.gov/ (California Law)J beginning with Section 33000 of the Health and Safety Code.
California Redevelopment Agencies - Fiscal Year 1999-2000
Sch C (7/1/00)
HCD-C
Page 1 of 8
Agency Name: LOS GATOS REDEVISLOPMENT AGENCY
4. Expenditures and Other Uses
a. Acauisition of Property/Building Sites [33334.2(e)(1)] & Housing Acquisition [33334.2(e)(6)]:
(1) Real Estate Purchases (SCO Line 17) $
(2) Acquisition Expense (SCO Line 20) $
(3) Operation of Acquired Property (SCO Line 21) $
(4) Relocation Costs (SCO Line 22) $
(5) Relocation Payments (SCO Line 23) $
(6) Site Clearance Costs (SCO Line 24) $
(7) Disposal Costs (SCO Line 26) $
(8) Other [Explain and identify amount(s)]:
$
$
(9) Subtotal Acquisition of Property/Building Sites (Sum of Lines 1 — 8) $
b. Subsidies from Low and Moderate Income Housing Fund (LMIHF):
(1) 1" Time Homebuyer Down Payment Assistance $
(2) Rental Subsidies $
(3) Purchase of Affordability Covenants [33413(b)2(B)] $
(4) Other [Explain and identify amount(s)]:
Miles Avenue Affordable $i94,879
Housing Project $
$ $
—0—
(5) Subtotal Subsidies from LMIHF (Sum of Lines I — 4) $ 194,879
c. Debt Service [33334.2(e)(9)1:
(1) Debt Principal Payments $
(a) Tax Allocation, Bonds & Notes $
(b) Revenue Bonds & Certificates of Participation $
(c) City/County Advances & Loans $
(d) U. S. State & Other Long —Term Debt $
(2) Interest Expense (SCO Line 29) $
(3) Debt Issuance Costs (SCO Line 31.1) $
(4) Other [Explain and identify amount(s)]:
(5) Subtotal Debt Service (Sum of Lines 1 — 4)
$
d. Planning and Administration Costs [33334.3(e)(1)h
(1) Administration Costs (SCO Line I4c) $ 83.508
(2) Professional Services (non project specific) (SCO Line 15c) $ 619
(3) Planning, Survey/Design (non project specific) (Line 16c) $
(4) Indirect Nonprofit Costs [33334.3(e)(1)(B)] $
(5) Other [Explain and identify amount(s)):
$
$ $
(6) Subtotal Planning and Administration (Sum of Lines 1 — 5) $ 84, 127
Califomia Redevelopment Agencies - Fiscal Year 1999-2000
Sch C (7/1/00)
HCD-C
Page 2 of 8
Agency Name: LOS GATOS REDEVELOPMENT AGENCY
4. Expenditures and Other Uses (continued)
e. On/Off-Site Improvements [33334.2(e)(2)] $
f. Housing Construction [33334.2(e)(5)] $
g. Housing Rehabilitation [33334.2(e)(7)], (Line 27c) $
h. Maintenance of Mobilehome Parks [33334.2(e)(10)J $
i. Preservation of At -Risk Units [33334.2(e)(11)J $
J•
Transfers Out of Agency
(1) For Use Outside Community (33334.17) $
(2) For Transit Village Development Plan (33334.19) $
(3) Excess Surplus [33334.12(a)(1)(A)] $
(4) Other (code section authorizing the transfer and amount)
A. Section $
B. Section $
C. Section $ $
(5) Subtotal Transfers Out of Agency (Sum of Lines 1-3 and 4A. — 4C.) $ —0—
k. Other Expenditures and Uses [Explain and identify amount(s)]:
$
$
Uses
Subtotal Other Expenditures and $
—0-
1. Total Expenditures and Other Uses (Sum of lines 4a.-k.) S 279,006
5 Net Resources Available [End of Year] [Line 3. (Total Resources) minus Line 4.1. (above)] $
1,007,521
6. Other Housing Fund Assets (not included as part of Line 5, above)
a. Value of Land Purchased with Housing Funds and Held for Development
of Affordable Housing $ —0—
b. Indebtedness from Deferrals of Tax Increment Set -asides (Sec. 33334.6) $
[refer to Line 5c of Sch-A(s)]).
c. Loans Receivable for Housing Activities $
d. Residual Receipt Loans (structured for periodic and fluctuating
payments)
e. ERAF Loans Receivable (all years) (Sec. 33681) $
f. Other Assets [Explain and identify amount(s)]:
$
g. Total Other Housing Fund Assets (Sum of lines 6a.-f.) $ -0_
7 TOTAL FUND EQUITY [Line 5 (Net Resources Available) + 6g (Total Other Hsg Fund $
•Assets] 1,007,521
Compare Line 7 to the amount below from SCO Line 39c (Balance Sheet of Annual Report of
Financial Transactions of Community Redevelopment Agencies. [Explain differences and identify
amount(s)]:
ENTER AMOUNT FROM LINE 39c FROM THE SCO's BALANCE SHEET
$
$
$
California Redevelopment Agencies - Fiscal Year 1999-2000
Sch C (7/1/00)
HCD-C
Page 3 of 8
Agency Name: LOS GATOS REDEVELOPMENT AGENCY
Excess Surplus Determination
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, Line 8b.(5)] of the agency's prior year 1998/99 reporting forms
exceeds the greater of: (1) $1,000,000 or (2) the aggregate amount of tax increment deposited into the Fund during the prior four
fiscal years. [See the below Table (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 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:
a. Fill in the below table to calculate and track your agency's excess surplus amount(s) for applicable fisca years.
Fiscal
Year
Total Tax
Increment
Deposits to
Housing
Fund
Sum of Tax
Increment
Deposits in
Housing Fund in
Prior Four FYs
Adjusted
Balance
as of
7/1/99*
Excess Surplus
Balance for Each
FY as of 7/1/99
FY 99-00 Amount
Expended/Encumbere
d Against Each FY's
Excess Surplus as of
6/30/00
Remaining
Excess Surplus
for Each Fiscal
Year as of
6/30/00
95-96
$
118 20 �
7
h � k fis-.
h 5-4�� �G ._
iF..t [r.�,'it�,R
rah `
4 x '
t.r
$
$
96-97
$
158,00
it Y t,
a -
° � �ri r .q
b
a'
y�
$
$
$
97-98
$r
226,60�
�:.,� �t
kcyr"
,
$
$
$
98-99
$571 301
7
'' ,, .�
.�.,;E''^„
a.4"y P
�f
$
$
$
99-00
• `%':
R_. _.i ...
�'' tt r
074 100
7 f
$807 700
7
$
$
$
* Adjusted Balance at the beginning of FY 99-00 is equal to the amount reported last year on HCD-C, Line
8b(5).
b. Reporting Year End Unencumbered Balance and Excess Surplus Determination:
(1) Net Resources Available (from Line 5 on previous page): $ 1,007,521
(2) Total Encumbrances (End of Year). See Section 33334.12(g)(2) for a definition. Identify the amount of
Line 8b(1) that was encumbered per agreement or contract by the end of the reporting year): $
(3) Unencumbered Balance (End of Year) [Line 8b(1) minus Line 8b(2)] $ 1,007,521
Detail of Unencumbered Balance [Line 8b(3)1. No designation results in all of Line 8b(3) as undesignat
(a) Designated Amount of Line 8b(3). Portion budgeted for intended project use
Refer to item 10 on applicable HCD Sch-A(s) and item 3 on HCD Sch-B
(b) Undesignated Amount of Line 8b(3). Portion not budgeted and currently available
$310,000
$697,521
(4) If eligible to adjust the Unencumbered Balance (End of Year) complete the applicable Adjustment(s) below:
(a) Debt Proceeds [33334.12(g)(3)(B)]:
Note: Only include unspent portion of debt proceeds and related income remaining at reporting year
end
(b) Land Conveyance [Sale/Grant/Lease loss from fair market value of LM13-ff acquired land, if 49% or $
more of built or rehabilitated units are affordable to lower -income households (33334.12(g)(3)(A))]:
(5) Adjusted Balance [Line 8b(3) minus 8b(4) and 8b(5)] $1, 007 , 521
Note: Adjusted Balance is the 7/1/2000 amount to use in the calculation of next year's excess
surplus
c. If you reported an excess surplus for the current reporting year, briefly summarize the agency's plan
(specified in Section 33334.10) for transferring, encumbering, or expending excess surplus:
d. If the plan described in 8c. was adopted, enter the date the plan was adopted:
mo
California Redevelopment Agencies - Fiscal Year 1999-2000
Sch C (711100)
day Yr
HCD-C
Page 4 of 8
Agency Name: Los Gatos Redevelopment Agency
Miscellaneous Uses of Funds
9. If an amount is reported in 4e., pursuant to Section 33080.4(a)(6), report the total number of very low-, low-, and moderate -
income households that directly benefited from expenditures for onsite/offsite improvements which resulted in either new
construction, rehabilitation, or the elimination of health and safety haiards. (Note: If line 4e. of this schedule does not show
expenditures for improvements, no units should be reported here.)
Income
Level
Households
Constructed
(being)
Households
Rehabilitated
Households Benefiting
from Elimination of
Health and Safety
Hazard
Duration of Deed Restriction
Very Low
12
50 years
Low
Moderate
10. If the agency is holding land for future housing development (refer to Line 6a), summarize the acreage (round to tenths, do not
report square footage), zoning, date of purchase, and the 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 ❑ Not Applicable [I
b. Has the agency complied with requirements in Section 33334.13(b) related to assistance for very low-income households
equal to twice that provided for above moderate -income households?
Yes ❑ No ❑ Not Applicable 51
California Redevelopment Agencies - Fiscal Year 1999-2000
Sch C (7/1/00)
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 NO[j
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 must include the date and amount of all LMIHF
deposits and withdrawals during the reporting period. To satisfy this requirement, the Agency should keep deposit and
withdrawal information on hand to be submitted, upon request, to HCD or any member of the public.
Has your agency made any deposits to or withdrawals from the LMIHF? Yes ❑ No ❑
If yes, identify the document(s) describing the agency's deposits and withdrawals by listing for each document, the following
(attach additional pages of similar information as necessary):
Name of document:
Date of document:
Name of Agency Custodian:
Custodian telephone number:
Where to obtain a copy:
Name of document:
�—J
mo day yr
Date of document: /
mo day yr
Name of Agency Custodian:
Custodian telephone number:
Where to obtain a copy:
14. Use of Other Redevelopment Funds for Housing
Please briefly describe the use of any non-LMIHF redevelopment funds (i.e., contributions from the other 80% of tax increment
revenue) to construct, improve, assist, or preserve housing in the community. N/A
15. Sueeestions/Resource Needs
Please provide suggestions to simplify and improve future agency reporting and identify any training, information, and/or other
resources, etc. that would help your agency to more quickly and effectively use its housing or other funds to increase, improve,
and preserve affordable housing? None
Califomia Redevelopment Agencies - Fiscal Year 1999-2000
Sch C (7/U00)
HCD-C
Page 6 of 8
Supplement to the Annual Report of Community Redevelopment Agencies
Redevelopment Agency ID Number
43493000
Name of Redevelopment Agency
Los Gatos Redevelopment Agency
Address
110 E. Main Street
City, State, Zip
Los Gatos. CA 95010
The U. S. Bureau of the Census requests the following information about the fiscal activities of
your government for the 1999-00 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
Jeff Little
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
B. Mortgage Revenue Bond Interest Payments
$ 953.171.00
Report your government's total amount of interest paid on mortgage revenue bonds during the
year.
U20
$ 0.00
C. Cash and Investments held at the End of the Fiscal Year
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 -governmental 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
$1,482,533.00
2. Bond funds - Unexpended proceeds from the sale of bond
issues held pending disbursement.
W31
$ 0.00
3. All other funds - Exclude employee retirement funds.
W61
$1,620,163.00
US Bureau of Census - Revised 6/00
FISCAL OFFICER PHONE
Michelle Braucht (408 354-6828
AGENCY OFFICIALS
EXECUTIVE OFFICER PHONE
Debra Figone (408 354-6832
MEMRFR
Steve Glickman
MEMBER
Sandy pecker
MEMBER
Randy Attaway
Q!
or
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MEMBERS OF THE GOVERNING BODY
CHAIRPERSON MEMBER
Steve Blanton
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1670 Riviera Avenue, #100
(CONTACT PERSON PHONE- (CONTACT PERSON)
FIRM NAME INDEPENDENT AUDITOR
MAZE & ASSOCIATES
NAME U -- --- TITLE
Debra Figone Executive Director
SIC DIRECTOR DATE
CITY STATE Zip CODE
Los Gatos CA 95031
STREET ADDRESS
110 E. Main Street PO Box 949
REPORT PREPARED (CONTACT PERSON) PHONE -(CONTACT PERSON)
BY;Bud N. Lortz (+08) 354-6867
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AMOUNT AVAILABLE N
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o
EDGED ASSETS LAND.
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ALLOWANCE FOR DECLINE IN
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UNEARNED FINANCE CHARGE
1
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LOANS RECEIVABLE
CONTRACTS RECEIVABLE
ACCRUED INTEREST
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ASSETS & OTHER DEBITS
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ADMINISTRATION COSTS
TOTAL REVENUES
�Yr • .,t%�.+G" ux ��sa~7ixu.:tr:ra�dr
EXPENDITURES
OTHER REVENUES
BOND ADMINISTRATIVE FEES
GRANTS FROM OTHER AGENCIES
FEDERAL GRANTS
;)
($
/
(�
SALE OF REAL ESTATE
LEASE INCOME
RENTAL INCOME
R
]
/
TRANSIENT OCCUPANCY TAX
SALES & USE TAX
PROPERTY ASSESSMENTS
SPECIAL SUPPLEMENTAL SUBVENTION
TAX INCREMENT -GROSS
(INCLUDE ALL APPORTIONMENTS)
o=_
•
\;
c
_\
-
b
0
0-
0
0
0
0
6
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I234,939
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0
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140,415
-
0
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2,278,660
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/
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0
,
4
o
LOW/MODERATE
INCOME DOUSING
*FUNDS
_
_
\
:
/
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-..,,
4w
_ }}
_
§
\ /
`/!
_
c
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234,939
Q
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_
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!.
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,
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1
1
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f
,
1
350,222
I
f
i
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_
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TOTAL
/
t
§
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F
o
$
TOTAL EXPENDITURES
U. S., STATE, & OTHER
LONG-TERM DEBT
cITV/COUNTY
ADVANCES & LOANS !,
REVENUE BONDS & CERTIFICATES
OF PARTICIPATION
DEBT PRINCIPAL PAYMENTS:
TAX ALLOCATION BONDS & NOTES
OTHER EXPENDITURES INCLUDING
PASS THROUGH PAYMENT(S)
DEBT ISSUANCE COSTS
SUBSIDIES TO LOW &
MODERATE INCOME HOUSING
FIXED ASSET ACQUISITIONS
N
m
REHABILITATION GRANTS
REHABILITATION COSTS
DECLINE IN VALUE OF
LAND HELD FOR RESALE
LOSS ON DISPOSITION OF
LAND FIELD FOR RESALE
DISPOSAL COSTS
PROJECT IMPROVEMENT/
CONSTRUCTION COSTS
SITE CLEARANCE COSTS
RELOCATION PAYMENTS
RELOCATION COSTS
OPERATION GE ACQUIRED PROPERTY
ACQUISITION EXPENSE
SUB -TOTAL (FROM LINE 18)
EXPENDITURES (CONT)
`In order to ensure consistency, the amounts reported in the Lou' and Moderate Income Housing Fund should forin the basis for the
[data reported to the Department of Housing and Community Development on Schdedules HCD-A and HCD-C.
W
•••1
O
W
CT
O
W
CH
O
W
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O
W
w
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O
O
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N
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N
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223,432
H
CAPITAL
PRQTECIS
FUNDS
H
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1-+
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r
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W
H
DEBT
SERVICE
FUNDS
H
v
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u
CO
H
LOW/MODERATE
INCOME HOUSING
*FUNDS
H
H
P
Vi
o �
N
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tr
N
N
1✓
N
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451,380
,..D
1-+
kb
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418,143
N
N
w
Y
W
N
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TOTAL
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(�rTM
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MISCELLANEOUS FINANCING
cnl ,PrPC R IcrC1
t
'
n
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>
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j
>
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yn
PAYMENT TO REFUNDED BOND 1
rcronw ARPNT I
a
�_
n
n
ay
o
n
z°
EXCESS (DEFICIENCY) REVENUES
OVER (TINDER EXPENDITURES
OTHER FINANCING SOURCES (USES)
PRnc1PRS nr 1 f]NG-TERM DEBT
EXPENDITURE'S (CONT)
u
O
N
O
O
A
vO
O
A
fw
O
A
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O
A
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O
A
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CO
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CAPITAL
PROJECTS
FUNDS
COo.
0
O
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s 652,225
H�••.
rya} v
0
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N
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N
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0
w
r
0
v
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Nl.
Y
F
'
•
•
(224,816)
LOW/MODERATE
INCOME HOUSING
FUNDS
n
H
H
a:.
Alt_
.
•St+f
✓^
I 4�'
��•. ri
4y,�,.:/�
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SPECIAL
REVENUE/OTHER
FUNDS
CVrej:v
H
w
A
'.'r•
H
.
z
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1424,612
(1,235,567
1,235,567
424,612
TOTAL
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OBJECTIVES OF THE PROJECT AREA
AS SET FORTH IN THE PROJECT
AREA PLAN.
(ENTER THE APPROPRIATE CODES)
IN SEQUENCE AS SNOWN).
PERCENTAGE OF LAND DEVELOPED AT
THE INCEPTION OF THE PROJECT AREA.
HEALTH AND SAFETY CODE SECTION 33320.1 (X1LX%)
PERCENTAGE OF LAND VACANT AT THE
INCEPTION OF THE PROJECT AREA.
HEALTH AND SAFETY CODE SECTION 33320.1 (XX.X%)
SIZE OF PROJECT AREA IN ACRES.
ESTABLISHED TIME LIMIT:
NEW INDEBTEDNESS (YEAR ONLYJ
ESTABLISHED TIME LIMIT:
EFFECTIVENESS OF PLAN (YEAR ONLY)
ESTABLISHED TAKE LIMIT: REPAYMENT OF INDEBTEDNESS (YEAR ONLY/
MOST RECENT DATE PROJECT AREA
WAS MERGED. (w oD- ')
DID THIS AMENDMENT ADD NEW TERRITORY?
MOST RECENT DATE PROJECT AREA
WAS AMENDED. (1.AMDo-YY)
DATE PROJECT AREA WAS ESTABLISHED
Central Los Gatos Redevelopment Project 1
Los Gatos Redevelopment Agency
PLEASE AFFIX LABEL AND CORRECT IF NECESSARY
AGENCY AND PROJECT AREA NAME
o v n - 7e
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C
P'sA
W
N
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c
o
441
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D
2041
z
-
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....
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EXPENDITURES SUB -TOTAL
(CARRY TO LINE l9)
REAL ESTATE PURCHASES
PLANNING, SURVEY & DESIGN
PROFESSIONAL SERVICES
to
Z
jd
y
..
M
-
TOTAL REVENUES
OTHER REVENUES
z
o
yo
E
z
rn
N
GRANTS FROM OTHER AGENCIES
FEDERAL GRANTS
GAIN ON LAND
HELD FOR RESALE
SALE OF REAL ESTATE
LEASE INCOME
tom'
z
n
o0
INTEREST INCOME
TRANSIENT OCCUPANCY TAX
SALES & USE TAX
PROPERTY ASSESSMENTS
SPECIAL SUPPLEMENTAL SUBVENTION
REVENUES.
TAX INCREMENT -GROSS
(INCLUDE ALL APPORTIONMENTS) 1.0
In order to ensure consistency, the amounts reported in the Low and Moderate Income housing Fund should form the basis for the
data reported to the Department ofHousinp and Community Dewtnnn.ent .....Cebdorb. . tote urn_e _ r tt"n i'
T'w:tttt-II
6
6
6
to
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234,939
•
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00
N
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00
V
r
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if ,4i:
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t : P•
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140,415
CAPITAL
PROJECTS
FUNDS
N
N
V
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1—,
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N
W
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DEBT
SERVICE
FUNDS
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OTHER EXPENDITURES INCLUDING
PASS THROUGH PAYMENT(S)
DEBT PRINCIPAL PAYMENTS:
TAX ALLOCATION BONDS & NOTES
REVENUE BONDS & CERTIFICATES
OF PARTICIPATION
CITY/COUNTY
ADVANCES & LOANS
U. S.. STATE, & OTHER
LONG-TERM DEBT
TOTAL EXPENDITURES
DEBT ISSUANCE COSTS
SUBSIDIES TO LOW &
MODERATE INCOME HOUSING
FIXED ASSET ACQUISITIONS
INTEREST EXPENSE
REHABILITATION GRANTS
REHABILITATION COSTS
DECLINE IN VALUE OF
LAND HELD FOR RESALE
LOSS ON DLSPOSMON OF
LAND HELD FOR RESALE
DISPOSAL COSTS
PROJECT IMPROVEMENT!
CONSTRUCTION COSTS
n
Y
n
m
0
n
RELOCATION PAYMENTS
c
c
z
d
OPERATION OF ACQUIRED PROPERTY
2
o
z
k
m
—,_,
N
O
.0
SUB -TOTAL (FROM LINE 18) 19.0)
-i
n
0
z
a
"1
In order to ensure consistency, the amounts reported in the Low and Moderate Income Housing Fun4
data reported to the Department of Housing and Community Development on Schdedules HCD-A an
37.0 s 869,044
w
O\
O
w
to
O
w
A
O
to..
w
O
W
N
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—
w
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N
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5984,106
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1 451,380
I.
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tom,
H
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N
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LOWIMODERATE
INCOME HOUSING
* FUNDS
--r,i
should form the basis for the
d HCD-C
H
r
—
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--
--
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v�
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N
1
tat
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1 451,380
4•••
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^D
1418,143
sot TEi1.1103
rP
0
N
a[Old :namdoIaeapax
*
EQUITY, END OF PERIOD
(MUST EQUAL PAGE 04, LINE 39) I 51.0 550,341 s' 286,600 1,007,521 1 $1,844,462
OTHER - (EXPLAIN)
RESIDUAL EQUITY TRANSFERS
ADJUSTMENTS:
PRIOR PERIOD ADIUSTMENTS
EQUITY,
BEGINNING OF PERIOD
EXCESS (D.EFICIENCi7 OF REVENUES
& OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING
USES (LINE 38 + LINE 44)
TOTAL -
OTHER FINANCING SOURCES (USES)
TAX INCREMENT TRANSFERS OUT
(TO LOW & MOD HOUSING FUND)
OPERATING TRANSFERS OUT
OPERATING TRANSFERS IN
TAX INCREMENT TRANSFERS IN
(LOW & MOD HOUSING FUND)
MISCELLANEOUS FINANCING
SOURCES (USES)
SALE OF FIXED ASSETS
ADVANCES FROM CITY/COUNTY
PAYMENT TO REFUNDED BOND
ESCROW AGENT
PROCEEDS OF REFUNDING BONDS
EXCESS (DEFICIENCY) REVENUES
OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
PROCEEDS OF LONG-TERM DEBT
EXPENDITURES (CONT)
In order to ensure consistency, the amounts reported in the Low and Moderate Income Housing Fund should form the basis for the
data reported to the Department of Housing and Community Development on Schdedules HCD-A and HCD-C
lA
0
O
A
SO
O
A
OC
O
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143,403
506,938
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$ (224,816)
LOW/MODERATE
INCOME HOUSING
__.. •FUNDS
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NET REQUIREMENT
AVAILABLE REVENUES
TOTAL
0
I
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m
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cn
LOW & MODERATE FUND
CITY/COUNTY DEBT
OTHER LONG-TERM DEBT
REVENUE BONDS
TAX ALLOCATION BOND DEB
Types of Debts
co-i
CI
a
A
w
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199,758,297
q
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_
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I$ 200,134,426
Q/LC
IV%
LO
42-
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.
$
w
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/
Total Indebtedness
Outstanding
As of 6/30/00
papu3 JeaA leosu
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SUMMARY OF THE STATEMENT OF INDEBTEDNESS - Agency Totals
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Net
Requirement (5)
Grand Totals (3)
Available Revenues
From Calculation of Available Revenues, Line 7 (4)
(Optional)
Post Fiscal Period — Totals (From Form B, Page 1 Totals) (2)
Fiscal Period - Totals (From Form A, Page 1 Totals) (1)
Balances Carried Forward From:
Line
$199,758,297.00
$200,134,426.00
$376,129.00
$200,134,426.00
Total
Outstanding Debt
n
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ro
ri-
$6,459,648.00tAl'AS
. ..e.,-.,1t40
iik
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$6,459,648.00
Principalftnterest
Due During Tax Year
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Totals, Fiscal Year Indebtedness
(I)Los Gatos —Saratoga HSD
(l41id—Peninsula Open Space
(Gcounty Office Education
(Fpanta Clara County
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(0..os Gatos —Saratoga HSD
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$18,827,843.00
$51,471,724.00
$148,662,702.00
$200,134,426.00
$28,641,510.00
$1,174,858.00
$2,378,907.00
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$6,459,648.00
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(L) Current Fiscal Year
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1 (I) Capitol Projects
(H)Certificate Participation
(G)Los Gatos -Saratoga HSD
1(F)Los Gatos Elementary SD
(E) Los Gatos Elementary SD
(p) Los Gatos Elementary SD
(C)Los Gatos Elementary SD
1(B)Santa Clara County
!(Ablest Valley/Mission CCD
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NOTE: This form is to reconcile the previous Statement of Indebtedness to the current one being filed. However, since the reconciliation period is
limited by law to a July 1 - June 30 fiscal year period, only those items included on the SOI Form A is to be included on this document. To assist
in following each item of indebtedness from one SOI to the next, use page and line number references from each SOI that the item of
indebtedness is listed on. If the indebtedness is new to this fiscal year, enter "new" In the "Prior Yr" page and Tine columns. Column F must
equal the current SOI, Form A Total Outstanding Debt column.
GRAND TOTALS $�
TOTALS FORWARD
TOTAL -THIS PAGE
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County Office of
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Annual Pass Through
Long Term Debt
Santa Clara County
est Valley/Mission 1
CCD
Los Gatos Elementary,
School District
Los Gatos —Saratoga
High School District.
Mid —Peninsula
Open Space
County Office of
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0,082,340.00 i,
;8,688,304.00
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00 `0£ aunt of
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RECONCILIATION STATEMENT - CHANGES IN INDEBTEDNESS
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Los Gatos Elementar'
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Supplement to the Annual Report of Community Redevelopment Agencies
Redevelopment Agency ID Number
43493000
Name of Redevelopment Agency
Los Gatos Redevelopment Agency
Address
110 E. Main Street
City, State, Zip
Los Gatos. CA 95030
The U. S. Bureau of the Census requests the following information about the fiscal activities of
your government for the 1999-00 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
Jeff Little
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
B. Mortgage Revenue Bond Interest Payments
$ 953.171.00
Report your government's total amount of interest paid on mortgage revenue bonds during the
year.
U20
$ 0.00
C. Cash and Investments Held at the End of the Fiscal Year
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 -governmental 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
$1,482,533.00
2. Bond funds - Unexpended proceeds from the sale of bond
issues held pending disbursement.
W31
$ 0.00
3. All other funds - Exclude employee retirement funds.
W61
$1,620,163.00
US Bureau of Census - Revised 6/00
CERTIFIED MAIL # 7000 0600 0026 1781 0426
RETURN RECEIPT REQUESTED
December 27, 2000
State Controller
Division of Local Governments
Community Redevelopment
Reporting Unit
P.O. Box 942850
Sacramento, CA 94250-5876
RE: ANNUAL REPORT OF HOUSING ACTIVITY
ANNUAL REPORT OF FINANCIAL TRANSACTIONS
Dear Sirs:
Enclosed please find the original fully executed documents regarding the following:
1) Annual Report of Financial Transactions of Community Redevelopment Agencies
(Town of Los Gatos);
2) Annual Report of Housing Activity of Community Redevelopment Agencies for
Fiscal year ended 6/30/00;
3) Two (2) copies of the Maze and Associates Accountancy Corporation document
entitled: Redevelopment Agency of the Town of Los Gatos Component Unit
Financial Statements for the Years Ended June 30, 2000 and 1999.
If you require any additional information, or if we can be of any further service, please do not
hesitate to contact us at (408)354-6834.
Sincerely
MarLyn J. Rasmussen, CMC
Executive Assistant
MJR: slc
Enc.
cc: Bud Lortz, Interim Director of Community Development.
TOWN OF LOS GATOS
CALIFORNIA
REDEVELOPMENT AGENCY
December 18, 2000
Minutes
Agency Meeting
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 7:30 p.m., Monday, December 18, 2000, in
joint regular session.
ROLL CALL
Present: Randy Attaway, Steven Blanton, Sandy Decker,
Steve Glickman and Chairman/Mayor Joe Pirzynski.
Absent: None.
MINUTES OF DECEMBER 4, 2000 (01.V)
Motion by Mr. Blanton, seconded by Mr. Glickman, that the Agency approve the Joint Town
Council/Redevelopment Agency Minutes of December 4, 2000, as submitted. Carried
unanimously.
ANNUAL REPORT/REDEVELOPMENT AGENCY/RESOLUTION 8RD & 2000-154 (19.09.27)
Motion by Mr. Attaway, seconded by Mr. Blanton, that The Agency adopt Resolution 2000-
8RD entitled, RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE TOWN
OF LOS GATOS APPROVING THE 1999-00 ANNUAL REPORT FOR THE LOS
GATOS REDEVELOPMENT AGENCY. Carried unanimously
ADJOURNMENT
Motion by Mr. Blanton, seconded by Mrs. Decker, to adjourn this evening's meeting at
11:27p.m. Carried unanimously.
ATTEST
Marian V. Cosgrove
Secretary to the Redevelopment Agency
TCD12:RA121800