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Home My WebLink About1987/01/21 - Agenda Packet - RDAa e rf QTY OF r = S RANCHO CUCAM0NGA ' REDEVELOPMENT AGENCY Z AGENDA 1977 Lions Park Comsnnity Center 9161 Base Line Road RancLo Cu cast Onga, California January 21. 1967 - 7:00 p.m. A. CALL To ORPR 1. Roll Call: Brown _, buquet _, Stsat Ring _, and Wright R. CNEW CALow The following Cpaat Calendar itar are aapeetd to be routine and auea-r.ntrwarsial. They will be ■ctd mpa by the RIDE at one tics wit►at diswuia. Amy ita rP be resand by as Agnepmembet w member of the "Aimee for 1. Approval to receive and file current Redevelopment Agency Investment Schedule Report as of December 31, 1956. C. EMIC RARIM MO ITEMS SUBMITTED D. STAY? NUPMT 1. AMENDMENT TO ETEIBIT "Ae OF REIMBURSEMENT ACRIMIXT PIRTAINIMC TO ROUSING SET ASIDE FUNDS V 3 1 t- �`i I CITY OF RANCHO CUCAMO REDEVELOPMENT AGENC MEMORANDUM I DATE: January 21, 1987 TO: Chairrsn and Members of the Redevelopment Agency FROM: Jim Bart, Treasurer SUBJECT: Receive and File — Rancho Curamosla Redevelopment Agency Investment Schedule Status Report as of December 31, 1986 SIWCRO CUCAMOBCA 1EDVUOFMaT AGERCT 7NFEBTMT BCINUMI STATUS RSFORT PUICIASE MATURITY INTIRUT INSTITUTION MTE VATS_ AMOUNT RATE LAIF 02/28/86 as needed 5,000,000.00 07.512 Great Western 12129/86 01/28/87 1,188,291.25 06.500 Great Western 10106/86 07/07/87 500,000.00 05.800 First Trust Bank 04/07/86 04/07/67 500,000.00 06.600 Royal Oats S A L 11/19/86 11119/87 100,000.00 06.750 Coast S&L 10/20/86 01/20/87 100,000.00 06.000 Westport Savings 10120/86 10/70/87 100,000.00 06.900 Security Federal 10/20/86 10/20/87 100,000.00 06.600 Eastern 861. 10/20/86 10120187 100,000.00 07.000 Mercury S&L 04/21/^9 11/24/87 100,000.00 07.250 Mutual S&L 04124/86 01/17/87 100,000.00 07.000 Secure SGL 04/24186 04124187 100,000.00 08.000 County Sevings Bank 04/24 -86 04124/87 100,000.00 07.875 Lincoln As SSL 12/19/86 12/21/87 100,000.00 06.400 Bank of America 04/28186 04/28/87 500,000.00 06.775 Glendale Federal 12/12/86 12/11/87 100,000.00 06.500 First Federal Bev Bank 04/30/86 04/30/87 100,000.00 07.700 Centurion Savinga 10/27/86 10127/87 100,000.00 06.600 .S + As of 12/31186 3 Grand Total 42,170,291.25 'd t s # Bel Atr gQ. 09/05/86 07/08187 100,000.00 06.750 Cal America OIL 05/20/86 05/20187 100,000.00 08.150 ° Encino S¢ 05/20/86 05/20/87 100,000.00 07.750 ;•,• Crest Pacific 36L 05/23/86 05/26/87 100,000.00 07.875 Brookside ML 05/23/86 •05/26/87 100,000.00 07.900 - Great Western S&L 12/12/86 01/12/87 500,000.00 06.150 ` -' Great Western S&. 06/16/86 03/13/87 500,000.00 06.950 Pacific Savings Bank 06113/86 06/15/87 500,000.00 07.500 Casaaunity Bank 12/29/86 12/29/87 500,000.00 06.150 Eat link of Catalina 07/11/86 01/07/87 100,000.00 06.250 Soothvest Bank 07/11/86 07/13/67 200,000.00 07.650 i Ban Clemente 86L 07/08/86 04/28/87 100,000.00 07.375 Pacific Coast 66L 10/02/86 10/23187 99,000.00 07.250 f_ Bank of America 10/23/86 01/20/87 500,000.00 05.400 Bank of America 10/23/86 04/21/87 500,000.00 05.450 Centurion Savings 10/27/86 10/27/87 100,000.00 06.600 + Irvine City S&L 10/24/86 05/22/87 100,000.00 06.375 L• <, '• LAID 08129/86 as needed 27,984,000.00 07.512 Dovney S 6 L 10/31/96 04/29/87 100,000.00 06.700 Casino Beal S&L 10/31/86 12/03/87 100,000.00 05.750 Coerce Beings 11/06/96 11/09/97 99,000.00 06.625 •, Calif Fed S4L 11/07/86 11/09/87 100.000.00 05.950 BanL of iAmerica 12103186 12/03/97 500,000.00 05.750 Bev America Savings 12/93/86 12/03/97 100,000.00 06.625 :& 'Trans Pacific 12112/16 12/19/87 100,000.00 07.125 As of 12/31186 3 Grand Total 42,170,291.25 'd t J" i� CITY OF RANCHO CUCAMOD REDEVELOPMENT AGENCI STAFF REPORT DATE: January 21, 1987 TO: Chairman and Hembera of the Redevelopment Agency FROH: Jack Lam, AICP, Deputy Executive Director BY: Linda D. Daniels, Senior Redevelopment Analyst SUBJECT: AHENDWIT TO EXHIBIT "A" OF EEIHBURSENENT AGREDUM BETWM THE CITY WID THE REDEPELOPHENT AGENCI P03 USE OF THE HOUSING SET ASIDE FUNDS gecoameodatim: Amend Exhibit "A" of the Reimbursement Agreement between the City a.:d the Agency, dated June 18, 1986, to include the Baker /Arrow atom drain project. Background: In fiscal year 1986/87 a subcommittee of the Agency was appointed to study various programs for use of the restricted Rousing Set Aside Funds. The subcommittee determined that a major use of the Housing Fund could be,that of a neighborhood conservation program. Because of the many State restrictions for use of the Roca .ng Funds, a Housing Study was prepared to verify that specific neighborhood conservation programs were of benefit to qualified residential areas. The Study identified a total of 13 projeote totaling over $14.7 million for development by the Ag3noy. It is the anticipation of the Agency to sell a tax allocation bond issue which will provide the funds to develop the neighborhood conservation programe. Until such tine as the Agency is able to do a bond issue, the program will be supported annually by the tax increment allocated to the Housing Fund. Becauae the program may :pan a number of years, the Agency also filed a validation suit which fixes the findings of the Housing Study so that the projects that benefit qualifying n*igoborhoode can be developed *von if economic markets change in tha future. In order for the program ezpenses to be considered debt of the Agency, a Reimbursement Agreement between the Agency and the City was approved on June 18, 1986. This Agreement authorized the Housing Funds to be used to carry out the program on a pay-a3-you-Sc basic. Included as part of the Agreement was Exhibit "A" which describes the first two projects targeted by the ;Fund. These projects consisted of the Lower Turner atom drain, which insludes the development of a sewer line on Humboldt Avenue, and the Turner/Henoea :torn drain. rt)CQlkl,. _ 3 S i1'�{v ^��l � `��4Yr�'l��i °, +Y, a.,- e � i• , - � 1�YVte+!l�'�M° ` •. Redavelopm ant Agency Staff ROPort ;. �•`;; ' AMENDMENT TO EZNffiT •A• /ROUSING SET ASIDE PONDS January 21, 198T Page 2 }` itKiy L` • Analysis: At the present time the Lower Turner storm drain project is not .; anticipated to begin construction` until March 1988 due to constraints of design. In order to effectively oont�.nus with the neighborhood conservation H' program staff is proposing that the 1.6 million originally pledged Ito thin - 3 project be re- programmed to another qualifying Project. In reviewing the .1 qualifying projects the Baker -Arrow atom drain appears to be the most viable ` alternative since it is of comparable cost'nnd can begin construction in this fiscal year.2; This substitution will not cause any delay to the development of the Lower Turner project. The Lower Turner project, sins it will not be candy for development until fiscal year 1987/88, will be, funded from mast Moll- ytar's .:- anticipated tax Increment revenues allocated to the Brueing Fund.• ♦Staff has , .• Y. estimated that there will be surficient revenues to complete the Lowsr�Turser 'C and Baker /Arrow atom drains as well as contribute a substantial portion of - y. the ccet of the Turner/Reriona atom drain. �� Aegpect 1 y submitted ;F Jack Las, AIC Deputy Executive Director '�. JL /LD /kap - attsabaents Amended Exhibit •A• 0 ' Location Maps for Exhibit •A• Projects o , �yyn • r. F � i`•. \ +Ui ��lr��...;..��.. -;_�,: _tom' ..Mit• � .v , ♦� " 2. Lever Turner Avenue Drainage System severally located as follows: beginning at Deer Creek .xt of Turner ,,f;,. °r Avenue and north of 8th Street follow Humboldt Avenue to Turner Avenue, go nor tb on Turner Avenue to Feron Street, go west on Feron to Rancho �•' Cucamonga Middle School, go north through the school to Ramona Avenue i, than north on Macon Avenue until it intersects with Arrow Route. This 'v Draine System work could also include the insWlatlon of w ewer lies ag and connection on Humboldt Avenue in the vioinity of Turner Avenue. ..i a %'v 3. Baker /Arrow Drainage System: ' generally located am follows: beginning on the mouth side of�Foothill kR`y Boulevard at Baker Avenue and extending south to Arrow Highway, then seat,;';? ti k Ut- :ty to the existing Cucamonga Creek chan.al (went of Vineyard avenue). kid ++ , 1 ` • ",may �i1 Y `.r REMU9t'QM AOREEKENT ,1 Between the Rancho Cucamonga Redevelopment Agency z' and the City of Rancho Cucamonga , a P {0.. f EXHIBIT IA' r� i, Capital Iaprovemont Projects: 1. Turner Avenue /Hermosa Avenue Storm Drain generally located as follows: beginning at Foothill Boulevard go north on Turner Avenue, orossing Baseline Road and ending Just north or 19th Street at the existing Alta Loma Channel. " 2. Lever Turner Avenue Drainage System severally located as follows: beginning at Deer Creek .xt of Turner ,,f;,. °r Avenue and north of 8th Street follow Humboldt Avenue to Turner Avenue, go nor tb on Turner Avenue to Feron Street, go west on Feron to Rancho �•' Cucamonga Middle School, go north through the school to Ramona Avenue i, than north on Macon Avenue until it intersects with Arrow Route. This 'v Draine System work could also include the insWlatlon of w ewer lies ag and connection on Humboldt Avenue in the vioinity of Turner Avenue. ..i a %'v 3. Baker /Arrow Drainage System: ' generally located am follows: beginning on the mouth side of�Foothill kR`y Boulevard at Baker Avenue and extending south to Arrow Highway, then seat,;';? ti k Ut- :ty to the existing Cucamonga Creek chan.al (went of Vineyard avenue). kid ++ , 1 ` • ",may �i1 Y !' HILLSIDE �t BANE a y i W, i 0 I L sum i �•�� SAN iy7i:.'; tiJ., �" a,'•• rby "rT�':'v,{..,r.- ti. % "tt�,ai+r• -h:.�, `kR 7 #L "r "1 r. 7^